<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>
      
      <filer>
        <issuerCredentials>
          <cik>0001018170</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      
      
      <seriesClassInfo>
        <seriesId>S000016295</seriesId>
        <classId>C000045116</classId>
        <classId>C000240396</classId>
        <classId>C000045117</classId>
      </seriesClassInfo>
      
      
    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>HARDING LOEVNER FUNDS INC</regName>
      <regFileNumber>811-07739</regFileNumber>
      <regCik>0001018170</regCik>
      <regLei>549300RX80LYD8D1FL23</regLei>
      <regStreet1>400 Crossing Blvd.</regStreet1>
      <regStreet2>Fourth Floor</regStreet2>
      <regCity>Bridgewater</regCity>
      <regStateConditional regCountry="US" regState="US-NJ"/>
      <regZipOrPostalCode>08807</regZipOrPostalCode>
      <regPhone>877-435-8105</regPhone>
      <seriesName>Harding Loevner International Small Companies Portfolio</seriesName>
      <seriesId>S000016295</seriesId>
      <seriesLei>549300YSPKR5PSX0T348</seriesLei>
      <repPdEnd>2026-10-31</repPdEnd>
      <repPdDate>2026-04-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>188384428.070000000000</totAssets>
      <totLiabs>584333.800000000000</totLiabs>
      <netAssets>187800094.270000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>12.370000000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000045116" rtn1="1.64" rtn2="-7.35" rtn3="7.26"/>
          <monthlyTotReturn classId="C000045117" rtn1="1.66" rtn2="-7.34" rtn3="7.23"/>
          <monthlyTotReturn classId="C000240396" rtn1="1.64" rtn2="-7.30" rtn3="7.20"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="9372973.98" netUnrealizedAppr="-5597764.58"/>
        <othMon2 netRealizedGain="4381088.58" netUnrealizedAppr="-20906628.96"/>
        <othMon3 netRealizedGain="10225422.26" netUnrealizedAppr="2368528.33"/>
      </returnInfo>
      <mon1Flow redemption="30896762.23" reinvestment="0" sales="1104833.57"/>
      <mon2Flow redemption="13578630.5" reinvestment="0" sales="1120367.2"/>
      <mon3Flow redemption="16970679.98" reinvestment="0" sales="448881.11"/>
      
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>DIPLOMA PLC</name>
        <lei>2138008OGI7VYG8FGR19</lei>
        <title>DIPLOMA PLC ORD GBP0.05</title>
        <cusip>G27664112</cusip>
        <identifiers>
          <isin value="GB0001826634"/>
          <ticker value="DPLM"/>
        </identifiers>
        <balance>41288</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7348888"/>
        <valUSD>3908203.62</valUSD>
        <pctVal>2.0810445464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GAMES WORKSHOP GROUP PLC</name>
        <lei>213800RP9QJQYGWHNT41</lei>
        <title>GAMES WORKSHOP GROUP PLC ORD GBP0.05</title>
        <cusip>G3715N102</cusip>
        <identifiers>
          <isin value="GB0003718474"/>
          <ticker value="GMWKF"/>
        </identifiers>
        <balance>8413</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7348888"/>
        <valUSD>2230361.03</valUSD>
        <pctVal>1.1876250854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOA PHAT GROUP JSC</name>
        <lei>549300ODJEFGL5CWKD32</lei>
        <title>HOA PHAT GROUP JSC VND10000</title>
        <cusip>Y3231H100</cusip>
        <identifiers>
          <isin value="VN000000HPG4"/>
          <ticker value="HPG"/>
        </identifiers>
        <balance>4127202</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26355"/>
        <valUSD>4351208.88</valUSD>
        <pctVal>2.3169364727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CELLAVISION AB</name>
        <lei>529900IUBZBZ0HXFJ114</lei>
        <title>CELLAVISION AB NPV</title>
        <cusip>W2128U119</cusip>
        <identifiers>
          <isin value="SE0000683484"/>
          <ticker value="CLVSF"/>
        </identifiers>
        <balance>111735</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275"/>
        <valUSD>1473485.06</valUSD>
        <pctVal>0.7846029395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FERREYCORP SAA</name>
        <lei>529900LVRQMD6PSRZA32</lei>
        <title>FERREYCORP SAA PEN1</title>
        <cusip>P39238103</cusip>
        <identifiers>
          <isin value="PEP736001004"/>
          <ticker value="FRYCF"/>
        </identifiers>
        <balance>1487221</balance>
        <units>NS</units>
        <currencyConditional curCd="PEN" exchangeRt="3.5078"/>
        <valUSD>1606866.87</valUSD>
        <pctVal>0.8556262318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NICE LTD</name>
        <lei>254900YTY4EF5Z4W0A51</lei>
        <title>NICE LTD ADR-EACH REPR 1 ORD ILS1</title>
        <cusip>653656108</cusip>
        <identifiers>
          <isin value="US6536561086"/>
          <ticker value="NICE"/>
        </identifiers>
        <balance>13465</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1373699.3</valUSD>
        <pctVal>0.7314689086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASPEED TECHNOLOGY INC</name>
        <lei>N/A</lei>
        <title>ASPEED TECHNOLOGY INC TWD10</title>
        <cusip>Y04044106</cusip>
        <identifiers>
          <isin value="TW0005274005"/>
          <ticker value="5274"/>
        </identifiers>
        <balance>8000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.6845"/>
        <valUSD>4198435.97</valUSD>
        <pctVal>2.2355877862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA</name>
        <lei>2549009R7KJ38D9RW354</lei>
        <title>SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA RON1</title>
        <cusip>X8T90R107</cusip>
        <identifiers>
          <isin value="ROSNGNACNOR3"/>
          <ticker value="SNG"/>
        </identifiers>
        <balance>387328</balance>
        <units>NS</units>
        <currencyConditional curCd="RON" exchangeRt="4.4266"/>
        <valUSD>1072240.53</valUSD>
        <pctVal>0.5709478124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRAVELSKY TECHNOLOGY LTD</name>
        <lei>5299007TAWP4DZ6QFG73</lei>
        <title>TRAVELSKY TECHNOLOGY LTD CLS'H' CNY1</title>
        <cusip>Y8972V101</cusip>
        <identifiers>
          <isin value="CNE1000004J3"/>
          <ticker value="TSYHF"/>
        </identifiers>
        <balance>2072000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8325"/>
        <valUSD>2572169.74</valUSD>
        <pctVal>1.3696317619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARIAKE JAPAN CO LTD</name>
        <lei>353800PBX8D0J0H60M72</lei>
        <title>ARIAKE JAPAN CO LTD NPV</title>
        <cusip>J01964105</cusip>
        <identifiers>
          <isin value="JP3125800007"/>
          <ticker value="AKEJF"/>
        </identifiers>
        <balance>73000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.555"/>
        <valUSD>2525947.83</valUSD>
        <pctVal>1.3450194686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JCU CORP</name>
        <lei>N/A</lei>
        <title>JCU CORP NPV</title>
        <cusip>J2810V107</cusip>
        <identifiers>
          <isin value="JP3166200000"/>
          <ticker value="4975"/>
        </identifiers>
        <balance>21800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.555"/>
        <valUSD>931449.64</valUSD>
        <pctVal>0.4959793250</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GMO PAYMENT GATEWAY INC</name>
        <lei>353800Q6U21E2PM83F86</lei>
        <title>GMO PAYMENT GATEWAY INC NPV</title>
        <cusip>J18229104</cusip>
        <identifiers>
          <isin value="JP3385890003"/>
          <ticker value="GMYTF"/>
        </identifiers>
        <balance>48000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.555"/>
        <valUSD>2397059.97</valUSD>
        <pctVal>1.2763891197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YOUGOV PLC</name>
        <lei>213800MZGBGCJIPOBB41</lei>
        <title>YOUGOV PLC ORD GBP0.002</title>
        <cusip>G9875S112</cusip>
        <identifiers>
          <isin value="GB00B1VQ6H25"/>
          <ticker value="YUGVF"/>
        </identifiers>
        <balance>473741</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7348888"/>
        <valUSD>1224770.93</valUSD>
        <pctVal>0.6521673670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KINAXIS INC</name>
        <lei>5299009VAZ14K7PFUQ15</lei>
        <title>KINAXIS INC COM NPV</title>
        <cusip>49448Q109</cusip>
        <identifiers>
          <isin value="CA49448Q1090"/>
          <ticker value="KXSCF"/>
        </identifiers>
        <balance>35320</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835"/>
        <valUSD>3649139.62</valUSD>
        <pctVal>1.9430978638</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>S H KELKAR AND COMPANY LTD</name>
        <lei>335800RVWLVBPADSJ448</lei>
        <title>S H KELKAR AND COMPANY LTD INR10</title>
        <cusip>Y7T57W116</cusip>
        <identifiers>
          <isin value="INE500L01026"/>
          <ticker value="SHK"/>
        </identifiers>
        <balance>607090</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.91375"/>
        <valUSD>942907.84</valUSD>
        <pctVal>0.5020805999</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RUBIS SCA</name>
        <lei>969500MGFIKUGLTC9742</lei>
        <title>RUBIS SCA EUR1.25</title>
        <cusip>F7686C152</cusip>
        <identifiers>
          <isin value="FR0013269123"/>
          <ticker value="RUBSF"/>
        </identifiers>
        <balance>134100</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>5535886.64</valUSD>
        <pctVal>2.9477549846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ATOSS SOFTWARE SE</name>
        <lei>529900Q9G9280ADNOA39</lei>
        <title>ATOSS SOFTWARE SE NPV</title>
        <cusip>D0426N101</cusip>
        <identifiers>
          <isin value="DE0005104400"/>
          <ticker value="ATSWF"/>
        </identifiers>
        <balance>23758</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>2215653.86</valUSD>
        <pctVal>1.1797937954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARADOX INTERACTIVE AB</name>
        <lei>529900QNSZUY53R5WW95</lei>
        <title>PARADOX INTERACTIVE AB NPV</title>
        <cusip>W7S83E109</cusip>
        <identifiers>
          <isin value="SE0008294953"/>
          <ticker value="PRXXF"/>
        </identifiers>
        <balance>67321</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275"/>
        <valUSD>984816.74</valUSD>
        <pctVal>0.5243962969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPIRAX GROUP PLC</name>
        <lei>213800WFVZQMHOZP2W17</lei>
        <title>SPIRAX GROUP PLC ORD GBP0.269230769</title>
        <cusip>G83561129</cusip>
        <identifiers>
          <isin value="GB00BWFGQN14"/>
          <ticker value="SPXSF"/>
        </identifiers>
        <balance>28086</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7348888"/>
        <valUSD>2767298.43</valUSD>
        <pctVal>1.4735341006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEXPOL AB</name>
        <lei>549300MN30TBRLYN3465</lei>
        <title>HEXPOL AB SER'B'NPV</title>
        <cusip>W4580B159</cusip>
        <identifiers>
          <isin value="SE0007074281"/>
          <ticker value="HXPLF"/>
        </identifiers>
        <balance>154559</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275"/>
        <valUSD>1264843.24</valUSD>
        <pctVal>0.6735051145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCOUT24 SE</name>
        <lei>5493007EIKM2ENQS7U66</lei>
        <title>SCOUT24 SE NPV</title>
        <cusip>D345XT105</cusip>
        <identifiers>
          <isin value="DE000A12DM80"/>
          <ticker value="SCOTF"/>
        </identifiers>
        <balance>27773</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>2316779.3</valUSD>
        <pctVal>1.2336411805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLARKSON PLC</name>
        <lei>2138007G6BGTEHI3OT22</lei>
        <title>CLARKSON PLC ORD GBP0.25</title>
        <cusip>G21840106</cusip>
        <identifiers>
          <isin value="GB0002018363"/>
          <ticker value="CKNHF"/>
        </identifiers>
        <balance>88686</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7348888"/>
        <valUSD>5845333.27</valUSD>
        <pctVal>3.1125294653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RATHBONES GROUP PLC</name>
        <lei>213800MBTHM6UE8ZQP29</lei>
        <title>RATHBONES GROUP PLC ORD GBP0.05</title>
        <cusip>G73904107</cusip>
        <identifiers>
          <isin value="GB0002148343"/>
          <ticker value="RTBBF"/>
        </identifiers>
        <balance>54390</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7348888"/>
        <valUSD>1462323.48</valUSD>
        <pctVal>0.7786596091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CRANSWICK PLC</name>
        <lei>549300LDZLPU51XOSK43</lei>
        <title>CRANSWICK PLC ORD GBP0.10</title>
        <cusip>G2504J108</cusip>
        <identifiers>
          <isin value="GB0002318888"/>
          <ticker value="CRWKF"/>
        </identifiers>
        <balance>58880</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7348888"/>
        <valUSD>4324380.26</valUSD>
        <pctVal>2.3026507398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BALTIC CLASSIFIEDS GROUP PLC</name>
        <lei>213800I1RPHCFSSQS969</lei>
        <title>BALTIC CLASSIFIEDS GROUP PLC ORD GBP0.01</title>
        <cusip>G07167102</cusip>
        <identifiers>
          <isin value="GB00BN44P254"/>
          <ticker value="BCG"/>
        </identifiers>
        <balance>1344362</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7348888"/>
        <valUSD>3565623.15</valUSD>
        <pctVal>1.8986269223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FUCHS SE</name>
        <lei>529900SNF9E1P5ZO4P98</lei>
        <title>FUCHS SE NPV (REG)</title>
        <cusip>D27462387</cusip>
        <identifiers>
          <isin value="DE000A3E5D56"/>
          <ticker value="FUPEF"/>
        </identifiers>
        <balance>86787</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>3329367.78</valUSD>
        <pctVal>1.7728254040</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAREL INDUSTRIES SPA</name>
        <lei>815600115DA6E507AE33</lei>
        <title>CAREL INDUSTRIES SPA NPV</title>
        <cusip>T2R2A6107</cusip>
        <identifiers>
          <isin value="IT0005331019"/>
          <ticker value="CRL"/>
        </identifiers>
        <balance>63101</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>1927013.15</valUSD>
        <pctVal>1.0260980739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BELIMO HOLDING AG</name>
        <lei>506700339DLX749VEM23</lei>
        <title>BELIMO HOLDING AG CHF0.05 (REGD)</title>
        <cusip>H07171129</cusip>
        <identifiers>
          <isin value="CH1101098163"/>
          <ticker value="BLHWF"/>
        </identifiers>
        <balance>2561</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".78135"/>
        <valUSD>2362426.21</valUSD>
        <pctVal>1.2579472972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BE SEMICONDUCTOR INDUSTRIES NV</name>
        <lei>7245007A1YFLI2GNYX06</lei>
        <title>BE SEMICONDUCTOR INDUSTRIES NV EUR0.01</title>
        <cusip>N13107144</cusip>
        <identifiers>
          <isin value="NL0012866412"/>
          <ticker value="BESVF"/>
        </identifiers>
        <balance>4077</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>1191768.32</valUSD>
        <pctVal>0.6345941010</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DYNAVOX GROUP AB</name>
        <lei>5493008X1XZR4R5R0P66</lei>
        <title>DYNAVOX GROUP AB NPV</title>
        <cusip>W96154104</cusip>
        <identifiers>
          <isin value="SE0017105620"/>
          <ticker value="TDVXF"/>
        </identifiers>
        <balance>114132</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275"/>
        <valUSD>1021265.9</valUSD>
        <pctVal>0.5438047856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEDISTIM ASA</name>
        <lei>5967007LIEEXZXJOX483</lei>
        <title>MEDISTIM ASA NOK0.25</title>
        <cusip>R448B2105</cusip>
        <identifiers>
          <isin value="NO0010159684"/>
          <ticker value="MEDI"/>
        </identifiers>
        <balance>76974</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.2647"/>
        <valUSD>1873271.13</valUSD>
        <pctVal>0.9974814642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KWS SAAT SE &amp; CO. KGAA</name>
        <lei>529900FR2K4P9L9XLV21</lei>
        <title>KWS SAAT SE &amp; CO. KGAA NPV</title>
        <cusip>D39062100</cusip>
        <identifiers>
          <isin value="DE0007074007"/>
          <ticker value="KNKZF"/>
        </identifiers>
        <balance>46439</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>4182735.03</valUSD>
        <pctVal>2.2272273325</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COPA HOLDINGS SA</name>
        <lei>529900BB9UQJV6QQHA59</lei>
        <title>COPA HOLDINGS SA NPV CLASS 'A'</title>
        <cusip>P31076105</cusip>
        <identifiers>
          <isin value="PAP310761054"/>
          <ticker value="CPA"/>
        </identifiers>
        <balance>20991</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2428238.88</valUSD>
        <pctVal>1.2929912998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PFEIFFER VACUUM TECHNOLOGY AG</name>
        <lei>8945004AW6QK8JHNQP69</lei>
        <title>PFEIFFER VACUUM TECHNOLOGY AG NPV</title>
        <cusip>D6058X101</cusip>
        <identifiers>
          <isin value="DE0006916604"/>
          <ticker value="PFFVF"/>
        </identifiers>
        <balance>14168</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>2783556.47</valUSD>
        <pctVal>1.4821911995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEMETSCHEK SE</name>
        <lei>529900R0S2IX1S358J38</lei>
        <title>NEMETSCHEK SE ORD NPV</title>
        <cusip>D56134105</cusip>
        <identifiers>
          <isin value="DE0006452907"/>
          <ticker value="NEMTF"/>
        </identifiers>
        <balance>8986</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>651812.42</valUSD>
        <pctVal>0.3470777917</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IPSOS SA</name>
        <lei>9695002OY2X35E9X8W87</lei>
        <title>IPSOS SA EUR0.25</title>
        <cusip>F5310M109</cusip>
        <identifiers>
          <isin value="FR0000073298"/>
          <ticker value="IPSOF"/>
        </identifiers>
        <balance>35094</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>1485192.35</valUSD>
        <pctVal>0.7908368501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VAISALA OYJ</name>
        <lei>743700RNDD7KU11HW873</lei>
        <title>VAISALA OYJ SER'A'NPV</title>
        <cusip>X9598K108</cusip>
        <identifiers>
          <isin value="FI0009900682"/>
          <ticker value="VAIAF"/>
        </identifiers>
        <balance>55577</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>3261991.82</valUSD>
        <pctVal>1.7369489790</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BECHTLE AG</name>
        <lei>529900HA2QT774RUXW59</lei>
        <title>BECHTLE AG NPV</title>
        <cusip>D0873U103</cusip>
        <identifiers>
          <isin value="DE0005158703"/>
          <ticker value="BHTLF"/>
        </identifiers>
        <balance>66216</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>2254380.21</valUSD>
        <pctVal>1.2004148447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRUPO HERDEZ SAB DE CV</name>
        <lei>4469000001BQVIMOLQ55</lei>
        <title>GRUPO HERDEZ SAB DE CV COM NPV</title>
        <cusip>P4951Q155</cusip>
        <identifiers>
          <isin value="MX01HE010008"/>
          <ticker value="GUZOF"/>
        </identifiers>
        <balance>605593</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4685"/>
        <valUSD>2306789.83</valUSD>
        <pctVal>1.2283219766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BURCKHARDT COMPRESSION HOLDING AG</name>
        <lei>5067004N56DLX7GY3E95</lei>
        <title>BURCKHARDT COMPRESSION HOLDING AG CHF2.50</title>
        <cusip>H12013100</cusip>
        <identifiers>
          <isin value="CH0025536027"/>
          <ticker value="BUKCF"/>
        </identifiers>
        <balance>3787</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".78135"/>
        <valUSD>2535576.72</valUSD>
        <pctVal>1.3501466705</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHANGHAI HANBELL PRECISE MACHINERY</name>
        <lei>N/A</lei>
        <title>SHANGHAI HANBELL PRECISE MACHINERY 'A'CNY1</title>
        <cusip>Y76832107</cusip>
        <identifiers>
          <isin value="CNE1000006J8"/>
          <ticker value="002158"/>
        </identifiers>
        <balance>565100</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.83125"/>
        <valUSD>2298474.67</valUSD>
        <pctVal>1.2238943111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROHTO PHARMACEUTICAL CO LTD</name>
        <lei>353800Q1CW5OS81OUM12</lei>
        <title>ROHTO PHARMACEUTICAL CO LTD NPV</title>
        <cusip>J65371106</cusip>
        <identifiers>
          <isin value="JP3982400008"/>
          <ticker value="RPHCF"/>
        </identifiers>
        <balance>233400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.555"/>
        <valUSD>3437770.19</valUSD>
        <pctVal>1.8305476381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHIFT INC</name>
        <lei>353800HJXMOPLJ7BO262</lei>
        <title>SHIFT INC NPV</title>
        <cusip>J7167W103</cusip>
        <identifiers>
          <isin value="JP3355400007"/>
          <ticker value="SFTTF"/>
        </identifiers>
        <balance>361500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.555"/>
        <valUSD>1533304.77</valUSD>
        <pctVal>0.8164558042</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QINGDAO HAIER BIOMEDICAL CO LTD</name>
        <lei>65560007PZ5ME4672K78</lei>
        <title>QINGDAO HAIER BIOMEDICAL CO LTD 'A' CNY1</title>
        <cusip>Y716D0109</cusip>
        <identifiers>
          <isin value="CNE100003P25"/>
          <ticker value="688139"/>
        </identifiers>
        <balance>617000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.83125"/>
        <valUSD>2838584.66</valUSD>
        <pctVal>1.5114926705</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YANTAI CHINA PET FOODS CO LTD</name>
        <lei>655600CR5H76LMBJYO93</lei>
        <title>YANTAI CHINA PET FOODS CO LTD A CNY1</title>
        <cusip>Y973A9100</cusip>
        <identifiers>
          <isin value="CNE1000032L0"/>
          <ticker value="002891"/>
        </identifiers>
        <balance>258499</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.83125"/>
        <valUSD>1285252.79</valUSD>
        <pctVal>0.6843728141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CRODA INTERNATIONAL PLC</name>
        <lei>2138004WCNBFJEEOXV26</lei>
        <title>CRODA INTERNATIONAL PLC ORD GBP0.10609756</title>
        <cusip>G25536155</cusip>
        <identifiers>
          <isin value="GB00BJFFLV09"/>
          <ticker value="COIHF"/>
        </identifiers>
        <balance>58028</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7348888"/>
        <valUSD>2272836.69</valUSD>
        <pctVal>1.2102425714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LINEA DIRECTA ASEGURADORA SA</name>
        <lei>95980079E2NBJT967T79</lei>
        <title>LINEA DIRECTA ASEGURADORA SA EUR0.04</title>
        <cusip>E7S7AP108</cusip>
        <identifiers>
          <isin value="ES0105546008"/>
          <ticker value="LNDAF"/>
        </identifiers>
        <balance>1458781</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>2040053.94</valUSD>
        <pctVal>1.0862901576</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARTEA BANKAS AB</name>
        <lei>549300TK038P6EV4YU51</lei>
        <title>ARTEA BANKAS AB EUR0.29</title>
        <cusip>X0639R103</cusip>
        <identifiers>
          <isin value="LT0000102253"/>
          <ticker value="ROE1L"/>
        </identifiers>
        <balance>3355598</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>3592363.43</valUSD>
        <pctVal>1.9128656159</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOSSARD HOLDING AG</name>
        <lei>5067001959OEPG6X8016</lei>
        <title>BOSSARD HOLDING AG CHF5 (REGD) A</title>
        <cusip>H09904105</cusip>
        <identifiers>
          <isin value="CH0238627142"/>
          <ticker value="BHAGF"/>
        </identifiers>
        <balance>9955</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".78135"/>
        <valUSD>2042927.15</valUSD>
        <pctVal>1.0878200876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TEAMVIEWER SE</name>
        <lei>3912000FZ0R0KEK9JS42</lei>
        <title>TEAMVIEWER SE NPV</title>
        <cusip>D8T895100</cusip>
        <identifiers>
          <isin value="DE000A2YN900"/>
          <ticker value="TMVWF"/>
        </identifiers>
        <balance>154704</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>862694.63</valUSD>
        <pctVal>0.4593685820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHANGHAI BOCHU ELECTRONIC TECHNOLOGY CO LTD</name>
        <lei>549300YYZ76IVQGGBM98</lei>
        <title>SHANGHAI BOCHU ELECTRONIC TECHNOLOGY CO LTD A CNY1</title>
        <cusip>Y7T83N106</cusip>
        <identifiers>
          <isin value="CNE100003LY6"/>
          <ticker value="688188"/>
        </identifiers>
        <balance>58530</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.83125"/>
        <valUSD>1222281.27</valUSD>
        <pctVal>0.6508416701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RAKUS CO LTD</name>
        <lei>N/A</lei>
        <title>RAKUS CO LTD NPV</title>
        <cusip>J6S879103</cusip>
        <identifiers>
          <isin value="JP3967170006"/>
          <ticker value="RKUSF"/>
        </identifiers>
        <balance>344300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.555"/>
        <valUSD>1898397.46</valUSD>
        <pctVal>1.0108607599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WILCON DEPOT INC</name>
        <lei>N/A</lei>
        <title>WILCON DEPOT INC PHP1</title>
        <cusip>Y9584X105</cusip>
        <identifiers>
          <isin value="PHY9584X1055"/>
          <ticker value="WLCNF"/>
        </identifiers>
        <balance>13965100</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.475"/>
        <valUSD>1413571.43</valUSD>
        <pctVal>0.7527000641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHEIL WORLDWIDE INC</name>
        <lei>N/A</lei>
        <title>CHEIL WORLDWIDE INC KRW200</title>
        <cusip>Y1296G108</cusip>
        <identifiers>
          <isin value="KR7030000004"/>
          <ticker value="CHMMF"/>
        </identifiers>
        <balance>89387</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1483.2"/>
        <valUSD>1212785.12</valUSD>
        <pctVal>0.6457851497</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TIME DOTCOM BHD</name>
        <lei>N/A</lei>
        <title>TIME DOTCOM BHD NPV</title>
        <cusip>Y8839J101</cusip>
        <identifiers>
          <isin value="MYL5031OO009"/>
          <ticker value="TMDMF"/>
        </identifiers>
        <balance>1088300</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="3.9715"/>
        <valUSD>1656201.6</valUSD>
        <pctVal>0.8818960429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BUMRUNGRAD HOSPITAL PCL</name>
        <lei>N/A</lei>
        <title>BUMRUNGRAD HOSPITAL PCL THB1(ALIEN)</title>
        <cusip>Y1002E256</cusip>
        <identifiers>
          <isin value="TH0168A10Z19"/>
          <ticker value="BUHPF"/>
        </identifiers>
        <balance>251900</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.5975"/>
        <valUSD>1394829.36</valUSD>
        <pctVal>0.7427202662</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASAHI INTECC COMPANY LTD</name>
        <lei>353800J3AV2SCNIO8L39</lei>
        <title>ASAHI INTECC COMPANY LTD NPV</title>
        <cusip>J0279C107</cusip>
        <identifiers>
          <isin value="JP3110650003"/>
          <ticker value="AHICF"/>
        </identifiers>
        <balance>154700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.555"/>
        <valUSD>3303361.09</valUSD>
        <pctVal>1.7589773332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIALOG GROUP BHD</name>
        <lei>N/A</lei>
        <title>DIALOG GROUP BHD NPV</title>
        <cusip>Y20641109</cusip>
        <identifiers>
          <isin value="MYL7277OO006"/>
          <ticker value="DGUPF"/>
        </identifiers>
        <balance>1967040</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="3.9715"/>
        <valUSD>1119069.99</valUSD>
        <pctVal>0.5958836146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLEGRO.EU SA</name>
        <lei>222100VRLXV3FPMG4982</lei>
        <title>ALLEGRO.EU SA PLN0.01</title>
        <cusip>L0R67D109</cusip>
        <identifiers>
          <isin value="LU2237380790"/>
          <ticker value="ALEGF"/>
        </identifiers>
        <balance>151950</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.6248"/>
        <valUSD>1248870.98</valUSD>
        <pctVal>0.6650001880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTHERN INSTITUTIONAL FUNDS</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NORTHERN INSTITUTIONAL FUNDS TREAS PRT PRMR</title>
        <cusip>665279873</cusip>
        <identifiers>
          <isin value="US6652798736"/>
          <ticker value="NTPXX"/>
        </identifiers>
        <balance>1003576.33</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1003576.33</valUSD>
        <pctVal>0.5343854240</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>M3 INC</name>
        <lei>3538001UOKRWIODYM055</lei>
        <title>M3 INC NPV</title>
        <cusip>J4697J108</cusip>
        <identifiers>
          <isin value="JP3435750009"/>
          <ticker value="2413"/>
        </identifiers>
        <balance>236700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.555"/>
        <valUSD>2280785.35</valUSD>
        <pctVal>1.2144750826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HARMONIC DRIVE SYSTEMS INC</name>
        <lei>353800XFIX2EUARGOE85</lei>
        <title>HARMONIC DRIVE SYSTEMS INC NPV</title>
        <cusip>J1886F103</cusip>
        <identifiers>
          <isin value="JP3765150002"/>
          <ticker value="HSYDF"/>
        </identifiers>
        <balance>9955</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.555"/>
        <valUSD>335395.38</valUSD>
        <pctVal>0.1785916995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOTUS BAKERIES NV</name>
        <lei>5493004C0K34IFI67I03</lei>
        <title>LOTUS BAKERIES NV NPV</title>
        <cusip>B5783H102</cusip>
        <identifiers>
          <isin value="BE0003604155"/>
          <ticker value="LOTB"/>
        </identifiers>
        <balance>260</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>3148687.25</valUSD>
        <pctVal>1.6766164374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XP INC</name>
        <lei>5493008KDA8NBZRJST80</lei>
        <title>XP INC CL A</title>
        <cusip>G98239109</cusip>
        <identifiers>
          <isin value="KYG982391099"/>
          <ticker value="XP"/>
        </identifiers>
        <balance>90256</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1729304.96</valUSD>
        <pctVal>0.9208222002</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HAITIAN INTERNATIONAL HOLDINGS LTD</name>
        <lei>30030093DDRS825TVP62</lei>
        <title>HAITIAN INTERNATIONAL HOLDINGS LTD HKD0.10</title>
        <cusip>G4232C108</cusip>
        <identifiers>
          <isin value="KYG4232C1087"/>
          <ticker value="1882"/>
        </identifiers>
        <balance>440000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8325"/>
        <valUSD>1188465.18</valUSD>
        <pctVal>0.6328352414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAX FINANCIAL SERVICES LTD</name>
        <lei>335800Y9FX8XGFB64S40</lei>
        <title>MAX FINANCIAL SERVICES LTD INR2</title>
        <cusip>Y5903C145</cusip>
        <identifiers>
          <isin value="INE180A01020"/>
          <ticker value="MFSL"/>
        </identifiers>
        <balance>193273</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.91375"/>
        <valUSD>3252896.17</valUSD>
        <pctVal>1.7321057173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MISUMI GROUP INC</name>
        <lei>353800SJWGE5BEK2V032</lei>
        <title>MISUMI GROUP INC NPV</title>
        <cusip>J43293109</cusip>
        <identifiers>
          <isin value="JP3885400006"/>
          <ticker value="MSUXF"/>
        </identifiers>
        <balance>141000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.555"/>
        <valUSD>3259006.63</valUSD>
        <pctVal>1.7353594218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SANTEN PHARMACEUTICAL COMPANY LTD</name>
        <lei>529900TPT3I7C17MIM03</lei>
        <title>SANTEN PHARMACEUTICAL COMPANY LTD NPV</title>
        <cusip>J68467109</cusip>
        <identifiers>
          <isin value="JP3336000009"/>
          <ticker value="SNPHF"/>
        </identifiers>
        <balance>299400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.555"/>
        <valUSD>3103662.85</valUSD>
        <pctVal>1.6526417956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VISTA ENERGY SAB DE CV</name>
        <lei>549300UDOHP7958KNS89</lei>
        <title>VISTA ENERGY SAB DE CV SPON ADS EA REP 1 ORD SHS</title>
        <cusip>92837L109</cusip>
        <identifiers>
          <isin value="US92837L1098"/>
          <ticker value="VIST"/>
        </identifiers>
        <balance>38755</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2880271.6</valUSD>
        <pctVal>1.5336901780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AIRTEL AFRICA PLC</name>
        <lei>254900ZNZDQL6OWQH623</lei>
        <title>AIRTEL AFRICA PLC ORD USD0.5</title>
        <cusip>G01415101</cusip>
        <identifiers>
          <isin value="GB00BKDRYJ47"/>
          <ticker value="AAFRF"/>
        </identifiers>
        <balance>592269</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7348888"/>
        <valUSD>2874083.44</valUSD>
        <pctVal>1.5303950997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIASORIN SPA</name>
        <lei>8156002878BDF0EE4348</lei>
        <title>DIASORIN SPA EUR1</title>
        <cusip>T3475Y104</cusip>
        <identifiers>
          <isin value="IT0003492391"/>
          <ticker value="DSRLF"/>
        </identifiers>
        <balance>17344</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>1182260.43</valUSD>
        <pctVal>0.6295313294</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SQUARE PHARMA PLC</name>
        <lei>254900R3NU1J5X39Y909</lei>
        <title>SQUARE PHARMA PLC BDT10</title>
        <cusip>Y8132X104</cusip>
        <identifiers>
          <isin value="BD0473SQPH00"/>
          <ticker value="SQPHF"/>
        </identifiers>
        <balance>753636</balance>
        <units>NS</units>
        <currencyConditional curCd="BDT" exchangeRt="123.1"/>
        <valUSD>1300400.75</valUSD>
        <pctVal>0.6924388164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BD</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANKINTER SA</name>
        <lei>VWMYAEQSTOPNV0SUGU82</lei>
        <title>BANKINTER SA EUR0.30(REGD)</title>
        <cusip>E2116H880</cusip>
        <identifiers>
          <isin value="ES0113679I37"/>
          <ticker value="BKIMF"/>
        </identifiers>
        <balance>74258</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>1237428.25</valUSD>
        <pctVal>0.6589071506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SYSMEX CORP</name>
        <lei>5299001ZO4CKWACMZI55</lei>
        <title>SYSMEX CORP NPV</title>
        <cusip>J7864H102</cusip>
        <identifiers>
          <isin value="JP3351100007"/>
          <ticker value="SSMXF"/>
        </identifiers>
        <balance>82800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.555"/>
        <valUSD>728867.62</valUSD>
        <pctVal>0.3881082290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRAFTON GROUP PLC</name>
        <lei>635400BE9SBAG61DJ963</lei>
        <title>GRAFTON GROUP PLC UT (1 ORD EUR0.05) (CDI)</title>
        <cusip>G4035Q189</cusip>
        <identifiers>
          <isin value="IE00B00MZ448"/>
          <ticker value="GROUF"/>
        </identifiers>
        <balance>117976</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7348888"/>
        <valUSD>1410948.42</valUSD>
        <pctVal>0.7513033609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TEMENOS AG</name>
        <lei>5067007NW6550481FH64</lei>
        <title>TEMENOS AG CHF5 (REGD)</title>
        <cusip>H8547Q107</cusip>
        <identifiers>
          <isin value="CH0012453913"/>
          <ticker value="TMNSF"/>
        </identifiers>
        <balance>8398</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".78135"/>
        <valUSD>794514.67</valUSD>
        <pctVal>0.4230640422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TECAN GROUP AG</name>
        <lei>529900CSN9R3BLETSL26</lei>
        <title>TECAN GROUP AG CHF0.10 (REGD)</title>
        <cusip>H84774167</cusip>
        <identifiers>
          <isin value="CH0012100191"/>
          <ticker value="TCHBF"/>
        </identifiers>
        <balance>17416</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".78135"/>
        <valUSD>2629292.25</valUSD>
        <pctVal>1.4000484186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SONY FINANCIAL GROUP INC</name>
        <lei>353800O7BDSU41WOZA60</lei>
        <title>SONY FINANCIAL GROUP INC NPV</title>
        <cusip>J7639Z106</cusip>
        <identifiers>
          <isin value="JP3435350008"/>
          <ticker value="8729"/>
        </identifiers>
        <balance>2865500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.555"/>
        <valUSD>2569940.62</valUSD>
        <pctVal>1.3684447976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FPT CORP</name>
        <lei>N/A</lei>
        <title>FPT CORP VND10000</title>
        <cusip>Y26333107</cusip>
        <identifiers>
          <isin value="VN000000FPT1"/>
          <ticker value="FPT"/>
        </identifiers>
        <balance>623715</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26355"/>
        <valUSD>1785875.5</valUSD>
        <pctVal>0.9509449433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEGACABLE HOLDINGS SAB DE CV</name>
        <lei>N/A</lei>
        <title>MEGACABLE HOLDINGS SAB DE CV PTG SHS COMP 2 ORD'A'SHS</title>
        <cusip>P652AE117</cusip>
        <identifiers>
          <isin value="MX01ME090003"/>
          <ticker value="MHSDF"/>
        </identifiers>
        <balance>655500</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4685"/>
        <valUSD>2294634.63</valUSD>
        <pctVal>1.2218495624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASMPT LTD</name>
        <lei>529900PYFA1HFYKPT360</lei>
        <title>ASMPT LTD HKD0.10</title>
        <cusip>G0535Q133</cusip>
        <identifiers>
          <isin value="KYG0535Q1331"/>
          <ticker value="ASMVF"/>
        </identifiers>
        <balance>83100</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8325"/>
        <valUSD>1751910.3</valUSD>
        <pctVal>0.9328591164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRENNTAG SE</name>
        <lei>NNROIXVWJ7CPSR27SV97</lei>
        <title>BRENNTAG SE NPV</title>
        <cusip>D12459117</cusip>
        <identifiers>
          <isin value="DE000A1DAHH0"/>
          <ticker value="BNTGF"/>
        </identifiers>
        <balance>22449</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>1634191.04</valUSD>
        <pctVal>0.8701758358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SILERGY CORP</name>
        <lei>N/A</lei>
        <title>SILERGY CORP TWD2.5</title>
        <cusip>G8190F102</cusip>
        <identifiers>
          <isin value="KYG8190F1028"/>
          <ticker value="SLEGF"/>
        </identifiers>
        <balance>290000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.6845"/>
        <valUSD>3991168.17</valUSD>
        <pctVal>2.1252216009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AUTOTRADER GP PLC</name>
        <lei>213800QLK9BZILB1DI86</lei>
        <title>AUTOTRADER GP PLC ORD GBP0.01</title>
        <cusip>G06708104</cusip>
        <identifiers>
          <isin value="GB00BVYVFW23"/>
          <ticker value="ATDRF"/>
        </identifiers>
        <balance>147115</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7348888"/>
        <valUSD>992584.71</valUSD>
        <pctVal>0.5285325941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REPLY SPA</name>
        <lei>815600DAEFB0388F3521</lei>
        <title>REPLY SPA EUR0.13(POST SUBD)</title>
        <cusip>T60326112</cusip>
        <identifiers>
          <isin value="IT0005282865"/>
          <ticker value="REY"/>
        </identifiers>
        <balance>23679</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8520427"/>
        <valUSD>2636103.47</valUSD>
        <pctVal>1.4036752645</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-05-26</ncom:dateSigned>
      <ncom:nameOfApplicant>HARDING LOEVNER FUNDS INC</ncom:nameOfApplicant>
      <ncom:signature>Tracy L. Dotolo</ncom:signature>
      <ncom:signerName>Tracy L. Dotolo</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
