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      <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>2026-07-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>282455.780000000000</totLiabs>
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      <assetsInvested>0.000000000000</assetsInvested>
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        <fairValLevel>2</fairValLevel>
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        <name>BANKINTER SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TEMENOS AG</name>
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          <ticker value="TMNSF"/>
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        <fairValLevel>2</fairValLevel>
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        <name>SONY FINANCIAL GROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ASMPT LTD</name>
        <lei>529900PYFA1HFYKPT360</lei>
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        <currencyConditional curCd="HKD" exchangeRt="7.8424"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NORTHERN INSTITUTIONAL FUNDS</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NORTHERN INSTITUTIONAL FUNDS TREAS PRT PRMR</title>
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          <ticker value="NTPXX"/>
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        <assetCat>STIV</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>TECAN GROUP AG</name>
        <lei>529900CSN9R3BLETSL26</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>RATHBONES GROUP PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>YOUGOV PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>KINAXIS INC</name>
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        <title>KINAXIS INC COM NPV</title>
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        <fairValLevel>1</fairValLevel>
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        <name>TEAMVIEWER SE</name>
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        <title>TEAMVIEWER SE NPV</title>
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          <ticker value="TMVWF"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CURVES HOLDINGS CO LTD</name>
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        <title>CURVES HOLDINGS CO LTD NPV</title>
        <cusip>J0845V100</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>BALTIC CLASSIFIEDS GROUP PLC</name>
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        <cusip>G07167102</cusip>
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        <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>75531</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8671898"/>
        <valUSD>3012527.44</valUSD>
        <pctVal>1.7342583390</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>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>4196502</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26300.5"/>
        <valUSD>3453417.17</valUSD>
        <pctVal>1.9880706963</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>100233</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.5222"/>
        <valUSD>1549340.7</valUSD>
        <pctVal>0.8919278189</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>RUBIS SCA</name>
        <lei>969500MGFIKUGLTC9742</lei>
        <title>RUBIS SCA EUR1.25</title>
        <cusip>F7686C152</cusip>
        <identifiers>
          <isin value="FR0013269123"/>
          <ticker value="RUBSF"/>
        </identifiers>
        <balance>121104</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8671898"/>
        <valUSD>4678707.16</valUSD>
        <pctVal>2.6934482987</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>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>57513</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8671898"/>
        <valUSD>1794682.4</valUSD>
        <pctVal>1.0331666616</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>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>133122</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73565"/>
        <valUSD>1610052.07</valUSD>
        <pctVal>0.9268782723</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>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>2268</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".80845"/>
        <valUSD>2364971.6</valUSD>
        <pctVal>1.3614719868</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>FERREYCORP SAA</name>
        <lei>529900LVRQMD6PSRZA32</lei>
        <title>FERREYCORP SAA PEN1</title>
        <cusip>P39238103</cusip>
        <identifiers>
          <isin value="PEP736001004"/>
          <ticker value="FRYCF"/>
        </identifiers>
        <balance>1344535</balance>
        <units>NS</units>
        <currencyConditional curCd="PEN" exchangeRt="3.3985"/>
        <valUSD>1681410.55</valUSD>
        <pctVal>0.9679580770</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>26921</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2659525.59</valUSD>
        <pctVal>1.5310414674</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>7700</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.319"/>
        <valUSD>3379059.57</valUSD>
        <pctVal>1.9452643517</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>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>3624</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8671898"/>
        <valUSD>841125.21</valUSD>
        <pctVal>0.4842207876</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>100735</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.5222"/>
        <valUSD>759345.46</valUSD>
        <pctVal>0.4371416435</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>59694</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.4775"/>
        <valUSD>1423925.67</valUSD>
        <pctVal>0.8197286221</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>40969</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8671898"/>
        <valUSD>3397802.96</valUSD>
        <pctVal>1.9560545871</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>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>236</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8671898"/>
        <valUSD>3034618.45</valUSD>
        <pctVal>1.7469757397</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>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>18788</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2653241.36</valUSD>
        <pctVal>1.5274237482</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>XP INC</name>
        <lei>5493008KDA8NBZRJST80</lei>
        <title>XP INC CL A</title>
        <cusip>G98239109</cusip>
        <identifiers>
          <isin value="KYG982391099"/>
          <ticker value="XP"/>
        </identifiers>
        <balance>130713</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2229963.78</valUSD>
        <pctVal>1.2837503917</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>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>74011</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.75245"/>
        <valUSD>1148280.42</valUSD>
        <pctVal>0.6610445659</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>ALTEN SA</name>
        <lei>969500Y7G9TY7Y24GN07</lei>
        <title>ALTEN SA NPV</title>
        <cusip>F02626103</cusip>
        <identifiers>
          <isin value="FR0000071946"/>
          <ticker value="ABLGF"/>
        </identifiers>
        <balance>33643</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8671898"/>
        <valUSD>2915917.05</valUSD>
        <pctVal>1.6786414599</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>NEMETSCHEK SE</name>
        <lei>529900R0S2IX1S358J38</lei>
        <title>NEMETSCHEK SE ORD NPV</title>
        <cusip>D56134105</cusip>
        <identifiers>
          <isin value="DE0006452907"/>
          <ticker value="NEMTF"/>
        </identifiers>
        <balance>7152</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8671898"/>
        <valUSD>479062.45</valUSD>
        <pctVal>0.2757877116</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>32185</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8671898"/>
        <valUSD>1326468.5</valUSD>
        <pctVal>0.7636242668</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>48459</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8671898"/>
        <valUSD>3076491.73</valUSD>
        <pctVal>1.7710814404</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>60668</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8671898"/>
        <valUSD>2526341.79</valUSD>
        <pctVal>1.4543699282</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>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>21196</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8671898"/>
        <valUSD>2059827.33</valUSD>
        <pctVal>1.1858058707</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>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>3342</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".80845"/>
        <valUSD>1997463.58</valUSD>
        <pctVal>1.1499041717</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>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>356791</balance>
        <units>NS</units>
        <currencyConditional curCd="RON" exchangeRt="4.5521"/>
        <valUSD>1450010.74</valUSD>
        <pctVal>0.8347453318</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>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>316300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.105"/>
        <valUSD>2103271.25</valUSD>
        <pctVal>1.2108157609</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>JAPAN ELEVATOR SERVICE HOLDINGS CO LTD</name>
        <lei>N/A</lei>
        <title>JAPAN ELEVATOR SERVICE HOLDINGS CO LTD NPV</title>
        <cusip>J2S19B100</cusip>
        <identifiers>
          <isin value="JP3389510003"/>
          <ticker value="JPEVF"/>
        </identifiers>
        <balance>63700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.105"/>
        <valUSD>678225.89</valUSD>
        <pctVal>0.3904425533</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>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>500700</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.75245"/>
        <valUSD>1887990.93</valUSD>
        <pctVal>1.0868827188</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>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>76637</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1425.7"/>
        <valUSD>1014900.24</valUSD>
        <pctVal>0.5842599742</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>987000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.0865"/>
        <valUSD>1449232.88</valUSD>
        <pctVal>0.8342975317</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>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>25100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.105"/>
        <valUSD>846406.96</valUSD>
        <pctVal>0.4872613969</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>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>228200</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.3925"/>
        <valUSD>1281350.6</valUSD>
        <pctVal>0.7376506962</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>140400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.105"/>
        <valUSD>3169464.27</valUSD>
        <pctVal>1.8246040742</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>1821240</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.0865"/>
        <valUSD>881410.25</valUSD>
        <pctVal>0.5074121669</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>M3 INC</name>
        <lei>3538001UOKRWIODYM055</lei>
        <title>M3 INC NPV</title>
        <cusip>J4697J108</cusip>
        <identifiers>
          <isin value="JP3435750009"/>
          <ticker value="2413"/>
        </identifiers>
        <balance>208300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.105"/>
        <valUSD>2328644.73</valUSD>
        <pctVal>1.3405592553</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>51700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.105"/>
        <valUSD>1944375.34</valUSD>
        <pctVal>1.1193422184</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>18000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.105"/>
        <valUSD>656287.81</valUSD>
        <pctVal>0.3778131917</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>49600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.105"/>
        <valUSD>3078723.48</valUSD>
        <pctVal>1.7723662191</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>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>393000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8424"/>
        <valUSD>1044212.63</valUSD>
        <pctVal>0.6011345946</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>174385</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.415"/>
        <valUSD>2747207.98</valUSD>
        <pctVal>1.5815186561</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>125400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.105"/>
        <valUSD>3026401.86</valUSD>
        <pctVal>1.7422455953</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>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>211800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.105"/>
        <valUSD>3177568.97</valUSD>
        <pctVal>1.8292698055</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>SANRIO CO LTD</name>
        <lei>3538002Q5JQLOMSPH125</lei>
        <title>SANRIO CO LTD NPV</title>
        <cusip>J68209105</cusip>
        <identifiers>
          <isin value="JP3343200006"/>
          <ticker value="SNROF"/>
        </identifiers>
        <balance>305600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.105"/>
        <valUSD>2443218.17</valUSD>
        <pctVal>1.4065171421</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>265400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.105"/>
        <valUSD>3141982.32</valUSD>
        <pctVal>1.8087832055</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>108804</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7419773"/>
        <valUSD>1415268.57</valUSD>
        <pctVal>0.8147448840</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>SHIFT INC</name>
        <lei>353800HJXMOPLJ7BO262</lei>
        <title>SHIFT INC NPV</title>
        <cusip>J7167W103</cusip>
        <identifiers>
          <isin value="JP3355400007"/>
          <ticker value="SFTTF"/>
        </identifiers>
        <balance>332900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.105"/>
        <valUSD>1838251.43</valUSD>
        <pctVal>1.0582485754</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>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="9.5222"/>
        <valUSD>989022.61</valUSD>
        <pctVal>0.5693626840</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>
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      </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>33614</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2368106.3</valUSD>
        <pctVal>1.3632765777</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>
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      </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>544400</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.75245"/>
        <valUSD>2276535.57</valUSD>
        <pctVal>1.3105609410</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>
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      </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"/>
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        <balance>228899</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.75245"/>
        <valUSD>1129198.8</valUSD>
        <pctVal>0.6500596175</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>
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      </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>570415</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26300.5"/>
        <valUSD>1452355.83</valUSD>
        <pctVal>0.8360953583</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>
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      </invstOrSec>
      <invstOrSec>
        <name>BRENNTAG SE</name>
        <lei>NNROIXVWJ7CPSR27SV97</lei>
        <title>BRENNTAG SE NPV</title>
        <cusip>D12459117</cusip>
        <identifiers>
          <isin value="DE000A1DAHH0"/>
          <ticker value="BNTGF"/>
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        <balance>34560</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8671898"/>
        <valUSD>2436782.18</valUSD>
        <pctVal>1.4028120574</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>875500ADUWHZZOWMOA47</lei>
        <title>SILERGY CORP TWD2.5</title>
        <cusip>G8190F102</cusip>
        <identifiers>
          <isin value="KYG8190F1028"/>
          <ticker value="SLEGF"/>
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        <balance>258000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.319"/>
        <valUSD>3239720.98</valUSD>
        <pctVal>1.8650496096</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>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>24797</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7419773"/>
        <valUSD>2326024.96</valUSD>
        <pctVal>1.3390511005</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>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>130308</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7419773"/>
        <valUSD>923896.35</valUSD>
        <pctVal>0.5318706572</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>
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      </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>137092</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.5222"/>
        <valUSD>1276739.94</valUSD>
        <pctVal>0.7349964214</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>
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      </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>50379</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7419773"/>
        <valUSD>2181084.83</valUSD>
        <pctVal>1.2556116517</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>
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      </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>514195</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7419773"/>
        <valUSD>2310734.33</valUSD>
        <pctVal>1.3302485574</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>
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      </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>25148</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8671898"/>
        <valUSD>2157178.36</valUSD>
        <pctVal>1.2418491231</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>
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      </invstOrSec>
      <invstOrSec>
        <name>RINGKJOBING LANDBOBANK A/S</name>
        <lei>2138002M5U5K4OUMVV62</lei>
        <title>RINGKJOBING LANDBOBANK A/S DKK1</title>
        <cusip>K81980144</cusip>
        <identifiers>
          <isin value="DK0060854669"/>
          <ticker value="RILBA"/>
        </identifiers>
        <balance>10040</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.482"/>
        <valUSD>2692620.15</valUSD>
        <pctVal>1.5500934156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>20545</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8671898"/>
        <valUSD>2620125.63</valUSD>
        <pctVal>1.5083596129</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>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>1349713</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8671898"/>
        <valUSD>1995824.73</valUSD>
        <pctVal>1.1489607150</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-28</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>
  <documents>XXXX</documents>
</edgarSubmission>
