<SEC-DOCUMENT>0001752724-22-178076.txt : 20220816
<SEC-HEADER>0001752724-22-178076.hdr.sgml : 20220816
<ACCEPTANCE-DATETIME>20220816121505
ACCESSION NUMBER:		0001752724-22-178076
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220630
FILED AS OF DATE:		20220816
DATE AS OF CHANGE:		20220816
PERIOD START:           	20221231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE GLOBAL VALUE TRUST, INC.
		CENTRAL INDEX KEY:			0001514490
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22532
		FILM NUMBER:		221169158

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		212-508-4500

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <repPdDate>2022-06-30</repPdDate>
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      <totLiabs>4157549.53</totLiabs>
      <netAssets>63599426.30</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
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        <name>Nova Ltd</name>
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        <name>Tarsons Products Ltd</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="Fixed Income Clearing Corp" isCleared="Y"/>
          <isTriParty>N</isTriParty>
          <repurchaseRt>0.24000000</repurchaseRt>
          <maturityDt>2022-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1548000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1554942.02000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FDM Group Holdings PLC</name>
        <lei>213800YR62D7GUZLMZ71</lei>
        <title>FDM Group Holdings PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BLWDVP51"/>
        </identifiers>
        <balance>46800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82149000"/>
        <valUSD>483672.35000000</valUSD>
        <pctVal>0.760497976378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YouGov PLC</name>
        <lei>213800MZGBGCJIPOBB41</lei>
        <title>YouGov PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B1VQ6H25"/>
        </identifiers>
        <balance>18600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82149000"/>
        <valUSD>194719.35000000</valUSD>
        <pctVal>0.306165261745</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>As One Corp</name>
        <lei>N/A</lei>
        <title>As One Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3131300000"/>
        </identifiers>
        <balance>5600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="135.68000000"/>
        <valUSD>220813.68000000</valUSD>
        <pctVal>0.347194452601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Air Lease Corp</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp</title>
        <cusip>00912X302</cusip>
        <identifiers>
          <isin value="US00912X3026"/>
        </identifiers>
        <balance>24861.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>831103.23000000</valUSD>
        <pctVal>1.306777872617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GCM Grosvenor Inc</name>
        <lei>N/A</lei>
        <title>GCM Grosvenor Inc</title>
        <cusip>36831E108</cusip>
        <identifiers>
          <isin value="US36831E1082"/>
        </identifiers>
        <balance>109626.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>750938.10000000</valUSD>
        <pctVal>1.180730933731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>James River Group Holdings Ltd</name>
        <lei>N/A</lei>
        <title>James River Group Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG5005R1079"/>
        </identifiers>
        <balance>11300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>280014.00000000</valUSD>
        <pctVal>0.440277556403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TechnoPro Holdings Inc</name>
        <lei>3538001DJ8I5PJQNHU53</lei>
        <title>TechnoPro Holdings Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3545240008"/>
        </identifiers>
        <balance>7200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="135.68000000"/>
        <valUSD>144180.42000000</valUSD>
        <pctVal>0.226700818526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blue Owl Capital Inc</name>
        <lei>N/A</lei>
        <title>Blue Owl Capital Inc</title>
        <cusip>09581B103</cusip>
        <identifiers>
          <isin value="US09581B1035"/>
        </identifiers>
        <balance>69100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>693073.00000000</valUSD>
        <pctVal>1.089747251383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Transaction Capital Ltd</name>
        <lei>213800LKDMT3FP3FQU40</lei>
        <title>Transaction Capital Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000167391"/>
        </identifiers>
        <balance>344100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.26875000"/>
        <valUSD>776452.46000000</valUSD>
        <pctVal>1.220848213846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vontier Corp</name>
        <lei>549300VVSQLG4P5K4639</lei>
        <title>Vontier Corp</title>
        <cusip>928881101</cusip>
        <identifiers>
          <isin value="US9288811014"/>
        </identifiers>
        <balance>55300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1271347.00000000</valUSD>
        <pctVal>1.998991302221</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Technology One Ltd</name>
        <lei>875500YEWBJIM91P9N12</lei>
        <title>Technology One Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000TNE8"/>
        </identifiers>
        <balance>40400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44875000"/>
        <valUSD>298660.22000000</valUSD>
        <pctVal>0.469595776841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kadant Inc</name>
        <lei>549300K06LNJYBMPYP15</lei>
        <title>Kadant Inc</title>
        <cusip>48282T104</cusip>
        <identifiers>
          <isin value="US48282T1043"/>
        </identifiers>
        <balance>2960.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>539756.00000000</valUSD>
        <pctVal>0.848680611447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kennedy-Wilson Holdings Inc</name>
        <lei>549300MOI1T78144X610</lei>
        <title>Kennedy-Wilson Holdings Inc</title>
        <cusip>489398107</cusip>
        <identifiers>
          <isin value="US4893981070"/>
        </identifiers>
        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>568200.00000000</valUSD>
        <pctVal>0.893404285315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TKC Corp</name>
        <lei>N/A</lei>
        <title>TKC Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3539400006"/>
        </identifiers>
        <balance>25500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="135.68000000"/>
        <valUSD>618329.89000000</valUSD>
        <pctVal>0.972225578078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lindsay Corp</name>
        <lei>549300ZFO0QG5H8TPI61</lei>
        <title>Lindsay Corp</title>
        <cusip>535555106</cusip>
        <identifiers>
          <isin value="US5355551061"/>
        </identifiers>
        <balance>3910.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>519326.20000000</valUSD>
        <pctVal>0.816557994643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Centerra Gold Inc</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold Inc</title>
        <cusip>152006102</cusip>
        <identifiers>
          <isin value="CA1520061021"/>
        </identifiers>
        <balance>39000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28720000"/>
        <valUSD>264504.35000000</valUSD>
        <pctVal>0.415891094288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AutoCanada Inc</name>
        <lei>549300BPCHUK5M1WZS45</lei>
        <title>AutoCanada Inc</title>
        <cusip>05277B209</cusip>
        <identifiers>
          <isin value="CA05277B2093"/>
        </identifiers>
        <balance>26300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28720000"/>
        <valUSD>501808.58000000</valUSD>
        <pctVal>0.789014318514</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WNS Holdings Ltd</name>
        <lei>529900RM7QHUD3W9DM42</lei>
        <title>WNS Holdings Ltd</title>
        <cusip>92932M101</cusip>
        <identifiers>
          <isin value="US92932M1018"/>
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        <balance>10500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>783720.00000000</valUSD>
        <pctVal>1.232275266608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arcosa Inc</name>
        <lei>549300WFHLTCZV7D6V29</lei>
        <title>Arcosa Inc</title>
        <cusip>039653100</cusip>
        <identifiers>
          <isin value="US0396531008"/>
        </identifiers>
        <balance>27500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1276825.00000000</valUSD>
        <pctVal>2.007604587464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEM Holding SA</name>
        <lei>5067008AF2B2C5O7TJ43</lei>
        <title>LEM Holding SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0022427626"/>
        </identifiers>
        <balance>150.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.95465000"/>
        <valUSD>286597.18000000</valUSD>
        <pctVal>0.450628561723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kardex Holding AG</name>
        <lei>529900JKKMQ07D6QZ480</lei>
        <title>Kardex Holding AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0100837282"/>
        </identifiers>
        <balance>2400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.95465000"/>
        <valUSD>398722.04000000</valUSD>
        <pctVal>0.626927101699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hagerty Inc</name>
        <lei>N/A</lei>
        <title>Hagerty Inc</title>
        <cusip>405166109</cusip>
        <identifiers>
          <isin value="US4051661092"/>
        </identifiers>
        <balance>39300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>451557.00000000</valUSD>
        <pctVal>0.710001687546</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Genuit Group PLC</name>
        <lei>2138005IF1N2RKJ6KO18</lei>
        <title>Genuit Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BKRC5K31"/>
        </identifiers>
        <balance>68300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82149000"/>
        <valUSD>318016.65000000</valUSD>
        <pctVal>0.500030689742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DiscoverIE Group PLC</name>
        <lei>213800BMDLQU1VEEAN68</lei>
        <title>DiscoverIE Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0000055888"/>
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        <balance>60800.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.82149000"/>
        <valUSD>458873.51000000</valUSD>
        <pctVal>0.721505737859</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Keystone Law Group PLC</name>
        <lei>213800RTARHELL51S215</lei>
        <title>Keystone Law Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BZ020557"/>
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        <balance>95940.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82149000"/>
        <valUSD>668026.15000000</valUSD>
        <pctVal>1.050365056516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IPH Ltd</name>
        <lei>529900KRTADQ17ANK140</lei>
        <title>IPH Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000IPH9"/>
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        <balance>253881.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44875000"/>
        <valUSD>1429969.95000000</valUSD>
        <pctVal>2.248400706092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOK Financial Corp</name>
        <lei>GRI2NT5QHYW751NMR949</lei>
        <title>BOK Financial Corp</title>
        <cusip>05561Q201</cusip>
        <identifiers>
          <isin value="US05561Q2012"/>
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        <balance>6350.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>479933.00000000</valUSD>
        <pctVal>0.754618442210</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IMAX Corp</name>
        <lei>5493002KS2T1Q0X7VZ21</lei>
        <title>IMAX Corp</title>
        <cusip>45245E109</cusip>
        <identifiers>
          <isin value="CA45245E1097"/>
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        <balance>21100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>356379.00000000</valUSD>
        <pctVal>0.560349394220</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EVI Industries Inc</name>
        <lei>549300RU296J63VW0297</lei>
        <title>EVI Industries Inc</title>
        <cusip>26929N102</cusip>
        <identifiers>
          <isin value="US26929N1028"/>
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        <balance>80373.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>802926.27000000</valUSD>
        <pctVal>1.262474076751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Benefit One Inc</name>
        <lei>N/A</lei>
        <title>Benefit One Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3835630009"/>
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        <balance>13700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="135.68000000"/>
        <valUSD>184174.53000000</valUSD>
        <pctVal>0.289585206525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Stadio Holdings Ltd</name>
        <lei>3789007C8FB26515D966</lei>
        <title>Stadio Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000248662"/>
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        <balance>3541372.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.26875000"/>
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        <pctVal>1.245849398487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sansan Inc</name>
        <lei>N/A</lei>
        <title>Sansan Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3332540008"/>
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        <balance>13200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="135.68000000"/>
        <valUSD>89504.72000000</valUSD>
        <pctVal>0.140731961288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Esker SA</name>
        <lei>969500VMAA9YBAGPU774</lei>
        <title>Esker SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0000035818"/>
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        <balance>1800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95424400"/>
        <valUSD>240127.26000000</valUSD>
        <pctVal>0.377561990681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Restore PLC</name>
        <lei>213800CE3EOGYML9AY08</lei>
        <title>Restore PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B5NR1S72"/>
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        <balance>163396.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82149000"/>
        <valUSD>865223.68000000</valUSD>
        <pctVal>1.360426862844</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOMRA Systems ASA</name>
        <lei>549300J726JCFJU3VT89</lei>
        <title>TOMRA Systems ASA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NO0012470089"/>
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        <balance>12000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.84970000"/>
        <valUSD>222561.09000000</valUSD>
        <pctVal>0.349941977385</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Diodes Inc</name>
        <lei>549300XP2X1ARVH3BX23</lei>
        <title>Diodes Inc</title>
        <cusip>254543101</cusip>
        <identifiers>
          <isin value="US2545431015"/>
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        <balance>7000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>451990.00000000</valUSD>
        <pctVal>0.710682511298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dish TV India Ltd</name>
        <lei>2138007Q88BMK1Q3FJ33</lei>
        <title>Dish TV India Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE836F01026"/>
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        <balance>2577000.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="78.97250000"/>
        <valUSD>419316.22000000</valUSD>
        <pctVal>0.659308179954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chr Hansen Holding A/S</name>
        <lei>549300MKPW8ZF3E8MW37</lei>
        <title>Chr Hansen Holding A/S</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DK0060227585"/>
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        <balance>1800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="7.09755000"/>
        <valUSD>131014.22000000</valUSD>
        <pctVal>0.205999059460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fukui Computer Holdings Inc</name>
        <lei>N/A</lei>
        <title>Fukui Computer Holdings Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3803800006"/>
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        <balance>10800.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="135.68000000"/>
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        <pctVal>0.427410742225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Phoenix Holdings Ltd/The</name>
        <lei>N/A</lei>
        <title>Phoenix Holdings Ltd/The</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IL0007670123"/>
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        <balance>48500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.49295000"/>
        <valUSD>478480.94000000</valUSD>
        <pctVal>0.752335308408</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AIA Engineering Ltd</name>
        <lei>3358009DFG4JFX1O8H85</lei>
        <title>AIA Engineering Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE212H01026"/>
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        <balance>31600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="78.97250000"/>
        <valUSD>885228.15000000</valUSD>
        <pctVal>1.391880715754</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Karnov Group AB</name>
        <lei>549300P7312749LJS754</lei>
        <title>Karnov Group AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0012323715"/>
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        <balance>145381.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="10.22975000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NSD Co Ltd</name>
        <lei>N/A</lei>
        <title>NSD Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3712600000"/>
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        <balance>12200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="135.68000000"/>
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        <pctVal>0.334365877762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Griffon Corp</name>
        <lei>5493000C2SGNC7ZN3242</lei>
        <title>Griffon Corp</title>
        <cusip>398433102</cusip>
        <identifiers>
          <isin value="US3984331021"/>
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        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>700750.00000000</valUSD>
        <pctVal>1.101818114985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Carl Zeiss Meditec AG</name>
        <lei>529900GRL4MZ8NMOOK95</lei>
        <title>Carl Zeiss Meditec AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE0005313704"/>
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        <balance>3400.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.95424400"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Innospec Inc</name>
        <lei>213800SQBACNY5IWJO68</lei>
        <title>Innospec Inc</title>
        <cusip>45768S105</cusip>
        <identifiers>
          <isin value="US45768S1050"/>
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        <balance>6228.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>596580.12000000</valUSD>
        <pctVal>0.938027518024</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fisher &amp; Paykel Healthcare Corp Ltd</name>
        <lei>N/A</lei>
        <title>Fisher &amp; Paykel Healthcare Corp Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NZFAPE0001S2"/>
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        <balance>17000.00000000</balance>
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        <valUSD>212134.63000000</valUSD>
        <pctVal>0.333548024473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IMCD NV</name>
        <lei>724500NSJPNFJPDAUP02</lei>
        <title>IMCD NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NL0010801007"/>
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        <balance>5500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Major Drilling Group International Inc</name>
        <lei>549300O1MNHCX2FUBC21</lei>
        <title>Major Drilling Group International Inc</title>
        <cusip>560909103</cusip>
        <identifiers>
          <isin value="CA5609091031"/>
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        <balance>136100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28720000"/>
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        <pctVal>1.501227959976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lindblad Expeditions Holdings Inc</name>
        <lei>549300GSPW24GZE6R597</lei>
        <title>Lindblad Expeditions Holdings Inc</title>
        <cusip>535219109</cusip>
        <identifiers>
          <isin value="US5352191093"/>
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        <balance>19300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>156330.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ziff Davis Inc</name>
        <lei>5493008OJYGLHD7MXA18</lei>
        <title>Ziff Davis Inc</title>
        <cusip>48123V102</cusip>
        <identifiers>
          <isin value="US48123V1026"/>
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        <balance>16700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1244651.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FormFactor Inc</name>
        <lei>549300YCEEO6SZD1ZR61</lei>
        <title>FormFactor Inc</title>
        <cusip>346375108</cusip>
        <identifiers>
          <isin value="US3463751087"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>387300.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sarantis SA</name>
        <lei>21380078FJXYHFE8KP46</lei>
        <title>Sarantis SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GRS204003008"/>
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        <balance>64500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95424400"/>
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        <pctVal>0.701440792713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RWS Holdings PLC</name>
        <lei>213800YGBGTTSKUVK111</lei>
        <title>RWS Holdings PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BVFCZV34"/>
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        <balance>45100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82149000"/>
        <valUSD>188966.63000000</valUSD>
        <pctVal>0.297120022920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MarketWise Inc</name>
        <lei>N/A</lei>
        <title>MarketWise Inc</title>
        <cusip>57064P107</cusip>
        <identifiers>
          <isin value="US57064P1075"/>
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        <balance>123100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>443160.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hayward Holdings Inc</name>
        <lei>N/A</lei>
        <title>Hayward Holdings Inc</title>
        <cusip>421298100</cusip>
        <identifiers>
          <isin value="US4212981009"/>
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        <balance>58500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>841815.00000000</valUSD>
        <pctVal>1.323620430205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>nLight Inc</name>
        <lei>N/A</lei>
        <title>nLight Inc</title>
        <cusip>65487K100</cusip>
        <identifiers>
          <isin value="US65487K1007"/>
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        <balance>73100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>747082.00000000</valUSD>
        <pctVal>1.174667828725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Transcat Inc</name>
        <lei>54930081E40TSSHUOS40</lei>
        <title>Transcat Inc</title>
        <cusip>893529107</cusip>
        <identifiers>
          <isin value="US8935291075"/>
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        <balance>16377.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>930377.37000000</valUSD>
        <pctVal>1.462870695737</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Diploma PLC</name>
        <lei>2138008OGI7VYG8FGR19</lei>
        <title>Diploma PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0001826634"/>
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        <balance>8200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82149000"/>
        <valUSD>222395.89000000</valUSD>
        <pctVal>0.349682226614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PSG Group Ltd</name>
        <lei>378900CD0BEE79F35A34</lei>
        <title>PSG Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000013017"/>
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        <balance>142400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.26875000"/>
        <valUSD>735337.63000000</valUSD>
        <pctVal>1.156201671586</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STRATEC SE</name>
        <lei>529900ZZJWANAFSPGV30</lei>
        <title>STRATEC SE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000STRA555"/>
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        <balance>3300.00000000</balance>
        <units>NS</units>
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        <pctVal>0.474152217313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LifeWorks Inc</name>
        <lei>N/A</lei>
        <title>LifeWorks Inc</title>
        <cusip>53227W105</cusip>
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          <isin value="CA53227W1059"/>
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        <balance>36500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Esab Corp</name>
        <lei>549300ZNV0SWBXEIWT04</lei>
        <title>Esab Corp</title>
        <cusip>29605J106</cusip>
        <identifiers>
          <isin value="US29605J1060"/>
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        <balance>18666.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>816637.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Learning Technologies Group PLC</name>
        <lei>21380039DW5LJ4FIC214</lei>
        <title>Learning Technologies Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B4T7HX10"/>
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        <balance>342800.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gruppo MutuiOnline SpA</name>
        <lei>8156004E40D6A02C5046</lei>
        <title>Gruppo MutuiOnline SpA</title>
        <cusip>000000000</cusip>
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          <isin value="IT0004195308"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Midas Holdings Ltd</name>
        <lei>529900WQVJ0ZE1ILB637</lei>
        <title>Midas Holdings Ltd</title>
        <cusip>000000000</cusip>
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        <balance>400000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>SG</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Computer Modelling Group Ltd</name>
        <lei>N/A</lei>
        <title>Computer Modelling Group Ltd</title>
        <cusip>205249105</cusip>
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          <isin value="CA2052491057"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CompuGroup Medical SE &amp; Co KgaA</name>
        <lei>529900CUXZGOCJZR7O57</lei>
        <title>CompuGroup Medical SE &amp; Co KgaA</title>
        <cusip>000000000</cusip>
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          <isin value="DE000A288904"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SThree PLC</name>
        <lei>2138003NEBX5VRP3EX50</lei>
        <title>SThree PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB00B0KM9T71"/>
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        <balance>146600.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Descartes Systems Group Inc/The</name>
        <lei>875500NEPA7JI5EOMN45</lei>
        <title>Descartes Systems Group Inc/The</title>
        <cusip>249906108</cusip>
        <identifiers>
          <isin value="CA2499061083"/>
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        <balance>9360.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>580881.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Quaker Chemical Corp</name>
        <lei>549300PJQ1R3WCWCPS54</lei>
        <title>Quaker Chemical Corp</title>
        <cusip>747316107</cusip>
        <identifiers>
          <isin value="US7473161070"/>
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        <balance>2710.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>405199.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Interparfums SA</name>
        <lei>969500SARWF33OPQED48</lei>
        <title>Interparfums SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0004024222"/>
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        <balance>3412.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95424400"/>
        <valUSD>161438.58000000</valUSD>
        <pctVal>0.253836535000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bravida Holding AB</name>
        <lei>549300H88IJGPNNL3T61</lei>
        <title>Bravida Holding AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0007491303"/>
        </identifiers>
        <balance>68900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.22975000"/>
        <valUSD>600111.44000000</valUSD>
        <pctVal>0.943579958047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Onex Corp</name>
        <lei>894500LB8PNE5C7CEN88</lei>
        <title>Onex Corp</title>
        <cusip>68272K103</cusip>
        <identifiers>
          <isin value="CA68272K1030"/>
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        <balance>8300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28720000"/>
        <valUSD>413323.49000000</valUSD>
        <pctVal>0.649885563511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FARO Technologies Inc</name>
        <lei>529900MFEFNOFP3YR823</lei>
        <title>FARO Technologies Inc</title>
        <cusip>311642102</cusip>
        <identifiers>
          <isin value="US3116421021"/>
        </identifiers>
        <balance>6150.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>189604.50000000</valUSD>
        <pctVal>0.298122972219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dometic Group AB</name>
        <lei>549300STIPMK5VSA7Y59</lei>
        <title>Dometic Group AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0007691613"/>
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        <balance>15500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.22975000"/>
        <valUSD>90911.31000000</valUSD>
        <pctVal>0.142943600734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pan American Silver Corp</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
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        <balance>12700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249809.00000000</valUSD>
        <pctVal>0.392784989634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enovis Corp</name>
        <lei>635400OP2DYYYMOIYL17</lei>
        <title>Enovis Corp</title>
        <cusip>194014502</cusip>
        <identifiers>
          <isin value="US1940145022"/>
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        <balance>8666.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>476630.00000000</valUSD>
        <pctVal>0.749424999137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOTVS SA</name>
        <lei>N/A</lei>
        <title>TOTVS SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRTOTSACNOR8"/>
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        <balance>97885.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.23345000"/>
        <valUSD>435048.60000000</valUSD>
        <pctVal>0.684044849630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Altus Group Ltd/Canada</name>
        <lei>54930041VO1EIY4IV355</lei>
        <title>Altus Group Ltd/Canada</title>
        <cusip>02215R107</cusip>
        <identifiers>
          <isin value="CA02215R1073"/>
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        <balance>16400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28720000"/>
        <valUSD>568113.74000000</valUSD>
        <pctVal>0.893268655160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>John Bean Technologies Corp</name>
        <lei>5493007CT6ATBZ2L6826</lei>
        <title>John Bean Technologies Corp</title>
        <cusip>477839104</cusip>
        <identifiers>
          <isin value="US4778391049"/>
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        <balance>2500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>276050.00000000</valUSD>
        <pctVal>0.434044795778</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alamos Gold Inc</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold Inc</title>
        <cusip>011532108</cusip>
        <identifiers>
          <isin value="CA0115321089"/>
        </identifiers>
        <balance>66100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28720000"/>
        <valUSD>463706.49000000</valUSD>
        <pctVal>0.729104831563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Odontoprev SA</name>
        <lei>N/A</lei>
        <title>Odontoprev SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRODPVACNOR4"/>
        </identifiers>
        <balance>171600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.23345000"/>
        <valUSD>306577.88000000</valUSD>
        <pctVal>0.482045040082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Countryside Partnerships PLC</name>
        <lei>213800J3U1EMU8XMB493</lei>
        <title>Countryside Partnerships PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BYPHNG03"/>
        </identifiers>
        <balance>358600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82149000"/>
        <valUSD>1082579.22000000</valUSD>
        <pctVal>1.702183939354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FirstService Corp</name>
        <lei>5493000XUDIV75BCF118</lei>
        <title>FirstService Corp</title>
        <cusip>33767E202</cusip>
        <identifiers>
          <isin value="CA33767E2024"/>
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        <balance>1400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>169680.00000000</valUSD>
        <pctVal>0.266794859437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marlowe PLC</name>
        <lei>213800ZWSR4SBOM6B608</lei>
        <title>Marlowe PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BD8SLV43"/>
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        <balance>112600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82149000"/>
        <valUSD>1014303.28000000</valUSD>
        <pctVal>1.594830864063</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Biotage AB</name>
        <lei>529900SR87NBUKX74L58</lei>
        <title>Biotage AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0000454746"/>
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        <balance>37900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.22975000"/>
        <valUSD>670583.35000000</valUSD>
        <pctVal>1.054385847502</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morningstar Inc</name>
        <lei>529900YGNQPOVAXQ7F29</lei>
        <title>Morningstar Inc</title>
        <cusip>617700109</cusip>
        <identifiers>
          <isin value="US6177001095"/>
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        <balance>5640.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1363921.20000000</valUSD>
        <pctVal>2.144549533460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ProAssurance Corp</name>
        <lei>54930015E5J57R675E89</lei>
        <title>ProAssurance Corp</title>
        <cusip>74267C106</cusip>
        <identifiers>
          <isin value="US74267C1062"/>
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        <balance>55900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1320917.00000000</valUSD>
        <pctVal>2.076932256855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ossur HF</name>
        <lei>213800K2AVTAFWJ4DP64</lei>
        <title>Ossur HF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IS0000000040"/>
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        <balance>51000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="7.09755000"/>
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        <pctVal>0.338945415927</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IS</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Carel Industries SpA</name>
        <lei>815600115DA6E507AE33</lei>
        <title>Carel Industries SpA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0005331019"/>
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        <balance>35800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.95424400"/>
        <valUSD>711314.93000000</valUSD>
        <pctVal>1.118429789986</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CentralNic Group PLC</name>
        <lei>213800M4IINBWMXEKV82</lei>
        <title>CentralNic Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BCCW4X83"/>
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        <balance>137427.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82149000"/>
        <valUSD>194892.77000000</valUSD>
        <pctVal>0.306437937161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank of NT Butterfield &amp; Son Ltd/The</name>
        <lei>549300V8RVM0EMTDPF28</lei>
        <title>Bank of NT Butterfield &amp; Son Ltd/The</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG0772R2087"/>
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        <balance>21000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>654990.00000000</valUSD>
        <pctVal>1.029867780426</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sprott Inc</name>
        <lei>254900QHJAD5TP2JNM15</lei>
        <title>Sprott Inc</title>
        <cusip>852066208</cusip>
        <identifiers>
          <isin value="CA8520662088"/>
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        <balance>32642.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28720000"/>
        <valUSD>1134050.84000000</valUSD>
        <pctVal>1.783114889512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Element Solutions Inc</name>
        <lei>549300FLGN6P5CU20J91</lei>
        <title>Element Solutions Inc</title>
        <cusip>28618M106</cusip>
        <identifiers>
          <isin value="US28618M1062"/>
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        <balance>51100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>909580.00000000</valUSD>
        <pctVal>1.430170133468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PAR Technology Corp</name>
        <lei>549300HYPTHBJQINVG57</lei>
        <title>PAR Technology Corp</title>
        <cusip>698884103</cusip>
        <identifiers>
          <isin value="US6988841036"/>
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        <balance>22241.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>833815.09000000</valUSD>
        <pctVal>1.311041841897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Forrester Research Inc</name>
        <lei>549300UUSFXYLJ80Z897</lei>
        <title>Forrester Research Inc</title>
        <cusip>346563109</cusip>
        <identifiers>
          <isin value="US3465631097"/>
        </identifiers>
        <balance>15000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>717600.00000000</valUSD>
        <pctVal>1.128312064664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Halma PLC</name>
        <lei>2138007FRGLUR9KGBT40</lei>
        <title>Halma PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0004052071"/>
        </identifiers>
        <balance>18700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82149000"/>
        <valUSD>457319.02000000</valUSD>
        <pctVal>0.719061549144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEI Investments Co</name>
        <lei>5LJTIFADGZ6XH1RVOC11</lei>
        <title>SEI Investments Co</title>
        <cusip>784117103</cusip>
        <identifiers>
          <isin value="US7841171033"/>
        </identifiers>
        <balance>26750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1445035.00000000</valUSD>
        <pctVal>2.272088105297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Security Litigation and gains or losses on FX Currency and Gains from Advisor are currently excluded from the gain or loss calculations when applicable." noteItem="B.5.d"/>
      <explntrNote note="Unrealized gain or loss on foreign income receivables and payables are not included when applicable" noteItem="B.5.d"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-07-15</ncom:dateSigned>
      <ncom:nameOfApplicant>ROYCE GLOBAL VALUE TRUST, INC.</ncom:nameOfApplicant>
      <ncom:signature>John Schwartz</ncom:signature>
      <ncom:signerName>John Schwartz</ncom:signerName>
      <ncom:title>Associate General Counsel</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
