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        <name>Signature Aviation Plc</name>
        <lei>2138001T2QEV5RXMFI32</lei>
        <title>Signature Aviation Plc ORD GBP0.37202380</title>
        <cusip>G8127H114</cusip>
        <identifiers>
          <isin value="GB00BKDM7X41"/>
          <ticker value="BBAVF"/>
        </identifiers>
        <balance>939915</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7719027"/>
        <valUSD>2886038.08</valUSD>
        <pctVal>0.7658067375</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>Network Intl Hldgs Plc</name>
        <lei>213800XVRNKWENNLKK60</lei>
        <title>Network Intl Hldgs Plc ORD GBP0.10</title>
        <cusip>G6457T104</cusip>
        <identifiers>
          <isin value="GB00BH3VJ782"/>
          <ticker value="NWKLF"/>
        </identifiers>
        <balance>1187048</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7719027"/>
        <valUSD>3427480.29</valUSD>
        <pctVal>0.9094777775</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>Northern Inst Fds</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Inst Fds TREAS PRT PRMR</title>
        <cusip>665279873</cusip>
        <identifiers>
          <isin value="US6652798736"/>
          <ticker value="NTPXX"/>
        </identifiers>
        <balance>18126806.77</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18126806.77</valUSD>
        <pctVal>4.8099264005</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>Alicorp SAA</name>
        <lei>549300Z1XH47TTIIJS11</lei>
        <title>Alicorp SAA PEN1</title>
        <cusip>P0161K103</cusip>
        <identifiers>
          <isin value="PEP214001005"/>
          <ticker value="ALICORC1"/>
        </identifiers>
        <balance>1007126</balance>
        <units>NS</units>
        <currencyConditional curCd="PEN" exchangeRt="3.6155"/>
        <valUSD>1949905.13</valUSD>
        <pctVal>0.5174049838</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>Core Laboratories</name>
        <lei>724500MDYY5VBSAF5W50</lei>
        <title>Core Laboratories ORD EUR0.02</title>
        <cusip>N22717107</cusip>
        <identifiers>
          <isin value="NL0000200384"/>
          <ticker value="CLB"/>
        </identifiers>
        <balance>85427</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1234420.15</valUSD>
        <pctVal>0.3275519039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ferreycorp S A A</name>
        <lei>529900LVRQMD6PSRZA32</lei>
        <title>Ferreycorp S A A PEN1</title>
        <cusip>P3924F106</cusip>
        <identifiers>
          <isin value="PEP736001004"/>
          <ticker value="FERREYC1"/>
        </identifiers>
        <balance>6014213</balance>
        <units>NS</units>
        <currencyConditional curCd="PEN" exchangeRt="3.6155"/>
        <valUSD>2911042.11</valUSD>
        <pctVal>0.7724415268</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>Simcorp</name>
        <lei>5299000WVEJNSG42AK88</lei>
        <title>Simcorp DKK1</title>
        <cusip>K8851Q129</cusip>
        <identifiers>
          <isin value="DK0060495240"/>
          <ticker value="SICRF"/>
        </identifiers>
        <balance>23477</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.392"/>
        <valUSD>2806587.55</valUSD>
        <pctVal>0.7447246348</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Emis Group Plc</name>
        <lei>213800K474ZZK76NX913</lei>
        <title>Emis Group Plc ORD GBP0.01</title>
        <cusip>G2898S102</cusip>
        <identifiers>
          <isin value="GB00B61D1Y04"/>
          <ticker value="EMIS"/>
        </identifiers>
        <balance>373100</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7719027"/>
        <valUSD>4821542.4</valUSD>
        <pctVal>1.2793904837</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>Mabanee Co</name>
        <lei>N/A</lei>
        <title>Mabanee Co KWD0.1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KW0EQ0400725"/>
          <ticker value="MABANEE"/>
        </identifiers>
        <balance>1563493</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt=".3058"/>
        <valUSD>3312704.12</valUSD>
        <pctVal>0.8790220587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fuchs Petrolub SE</name>
        <lei>529900SNF9E1P5ZO4P98</lei>
        <title>Fuchs Petrolub SE NPV</title>
        <cusip>D27462130</cusip>
        <identifiers>
          <isin value="DE0005790406"/>
          <ticker value="FUPEF"/>
        </identifiers>
        <balance>221224</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".858627"/>
        <valUSD>8506059.64</valUSD>
        <pctVal>2.2570727071</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>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>74995</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".858627"/>
        <valUSD>5520272.05</valUSD>
        <pctVal>1.4647975569</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>Tomra Systems Asa</name>
        <lei>549300J726JCFJU3VT89</lei>
        <title>Tomra Systems Asa NOK1</title>
        <cusip>R91733114</cusip>
        <identifiers>
          <isin value="NO0005668905"/>
          <ticker value="TMRAF"/>
        </identifiers>
        <balance>189526</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.54665"/>
        <valUSD>7645061.82</valUSD>
        <pctVal>2.0286079698</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>Kernel Holding Sa</name>
        <lei>5493003GR6L4DZOS2U12</lei>
        <title>Kernel Holding Sa NPV</title>
        <cusip>L5829P109</cusip>
        <identifiers>
          <isin value="LU0327357389"/>
          <ticker value="KRNLF"/>
        </identifiers>
        <balance>264198</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.9586"/>
        <valUSD>2570872.19</valUSD>
        <pctVal>0.6821778472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vat Group Ag</name>
        <lei>529900MVFK7NVALR7Y83</lei>
        <title>Vat Group Ag CHF0.10 (REGD)</title>
        <cusip>H90508104</cusip>
        <identifiers>
          <isin value="CH0311864901"/>
          <ticker value="VTTGF"/>
        </identifiers>
        <balance>16391</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".91695"/>
        <valUSD>3072800.32</valUSD>
        <pctVal>0.8153638735</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>Rightmove</name>
        <lei>2138001JXGCFKBXYB828</lei>
        <title>Rightmove ORD GBP0.001</title>
        <cusip>G7565D106</cusip>
        <identifiers>
          <isin value="GB00BGDT3G23"/>
          <ticker value="RTMVF"/>
        </identifiers>
        <balance>445811</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7719027"/>
        <valUSD>3572156.7</valUSD>
        <pctVal>0.9478674891</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>Link Solutions For Industry</name>
        <lei>969500UU4O58BR802Y55</lei>
        <title>Link Solutions For Industry EUR0.40</title>
        <cusip>F5754P105</cusip>
        <identifiers>
          <isin value="FR0000050353"/>
          <ticker value="LSIIF"/>
        </identifiers>
        <balance>107888</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".858627"/>
        <valUSD>1746177.76</valUSD>
        <pctVal>0.4633461709</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>ASM International N.V.</name>
        <lei>7245001I22ND6ZFHX623</lei>
        <title>ASM International N.V. EUR0.04</title>
        <cusip>N07045201</cusip>
        <identifiers>
          <isin value="NL0000334118"/>
          <ticker value="ASMXF"/>
        </identifiers>
        <balance>14980</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".858627"/>
        <valUSD>2143622.68</valUSD>
        <pctVal>0.5688077030</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>Pfeiffer Vac Techn</name>
        <lei>8945004AW6QK8JHNQP69</lei>
        <title>Pfeiffer Vac Techn NPV</title>
        <cusip>D6058X101</cusip>
        <identifiers>
          <isin value="DE0006916604"/>
          <ticker value="PFFVF"/>
        </identifiers>
        <balance>19293</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".858627"/>
        <valUSD>3517176.08</valUSD>
        <pctVal>0.9332784476</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>Alten</name>
        <lei>969500Y7G9TY7Y24GN07</lei>
        <title>Alten NPV</title>
        <cusip>F02626103</cusip>
        <identifiers>
          <isin value="FR0000071946"/>
          <ticker value="ABLGF"/>
        </identifiers>
        <balance>75165</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".858627"/>
        <valUSD>6015417.59</valUSD>
        <pctVal>1.5961838311</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>185254</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".858627"/>
        <valUSD>7714953.82</valUSD>
        <pctVal>2.0471537281</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="BC8"/>
        </identifiers>
        <balance>63134</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".858627"/>
        <valUSD>10878674.91</valUSD>
        <pctVal>2.8866433187</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>Nokian Renkaat Oyj (Nokia Tyres)</name>
        <lei>743700YQIO8Y4L4WKR40</lei>
        <title>Nokian Renkaat Oyj (Nokia Tyres) NPV</title>
        <cusip>X5862L103</cusip>
        <identifiers>
          <isin value="FI0009005318"/>
          <ticker value="NKRKF"/>
        </identifiers>
        <balance>71830</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".858627"/>
        <valUSD>2210242.2</valUSD>
        <pctVal>0.5864851126</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>LEM Hldgs Ag</name>
        <lei>5067008AF2B2C5O7TJ43</lei>
        <title>LEM Hldgs Ag CHF0.50(REGD)</title>
        <cusip>H48909149</cusip>
        <identifiers>
          <isin value="CH0022427626"/>
          <ticker value="LMHDF"/>
        </identifiers>
        <balance>3740</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".91695"/>
        <valUSD>6779976.44</valUSD>
        <pctVal>1.7990586035</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>Grupo Herdez S.A.B. de C.V.</name>
        <lei>4469000001BQVIMOLQ55</lei>
        <title>Grupo Herdez S.A.B. de C.V. COM NPV</title>
        <cusip>P4951Q155</cusip>
        <identifiers>
          <isin value="MX01HE010008"/>
          <ticker value="GUZOF"/>
        </identifiers>
        <balance>2230949</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="21.2115"/>
        <valUSD>3953580.51</valUSD>
        <pctVal>1.0490778389</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>Societatea National De Gaze N Romgaz Sa</name>
        <lei>2549009R7KJ38D9RW354</lei>
        <title>Societatea National De Gaze N Romgaz Sa RON1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ROSNGNACNOR3"/>
          <ticker value="SNG"/>
        </identifiers>
        <balance>200626</balance>
        <units>NS</units>
        <currencyConditional curCd="RON" exchangeRt="4.1743"/>
        <valUSD>1239216.47</valUSD>
        <pctVal>0.3288246016</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>Thule Group AB</name>
        <lei>549300XHHOGBOERKU333</lei>
        <title>Thule Group AB NPV</title>
        <cusip>W9T18N112</cusip>
        <identifiers>
          <isin value="SE0006422390"/>
          <ticker value="THLPF"/>
        </identifiers>
        <balance>60480</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.8984"/>
        <valUSD>1974472.33</valUSD>
        <pctVal>0.5239238608</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>Bank of Georgia Group PLC</name>
        <lei>213800XKDG12NQG8VC53</lei>
        <title>Bank of Georgia Group PLC ORD GBP0.01</title>
        <cusip>G0R1NA104</cusip>
        <identifiers>
          <isin value="GB00BF4HYT85"/>
          <ticker value="BDGSF"/>
        </identifiers>
        <balance>147048</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7719027"/>
        <valUSD>1709770.36</valUSD>
        <pctVal>0.4536855111</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>Cheil Worldwide</name>
        <lei>N/A</lei>
        <title>Cheil Worldwide KRW200</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7030000004"/>
          <ticker value="A030000"/>
        </identifiers>
        <balance>58334</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1134.7"/>
        <valUSD>1075612.69</valUSD>
        <pctVal>0.2854125351</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>
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      </invstOrSec>
      <invstOrSec>
        <name>BML Inc</name>
        <lei>5493003Y6Y1P8HBEL806</lei>
        <title>BML Inc NPV</title>
        <cusip>J0447V102</cusip>
        <identifiers>
          <isin value="JP3799700004"/>
          <ticker value="4694"/>
        </identifiers>
        <balance>103600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="104.695"/>
        <valUSD>2914824.18</valUSD>
        <pctVal>0.7734450946</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>Advantech</name>
        <lei>2549002OSTKE9HB9IY03</lei>
        <title>Advantech TWD10</title>
        <cusip>Y0017P108</cusip>
        <identifiers>
          <isin value="TW0002395001"/>
          <ticker value="ADTEF"/>
        </identifiers>
        <balance>197645</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="28.6035"/>
        <valUSD>2000366.35</valUSD>
        <pctVal>0.5307948079</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>Abc-Mart Inc</name>
        <lei>353800AXWW4CMTSJWL33</lei>
        <title>Abc-Mart Inc NPV</title>
        <cusip>J00056101</cusip>
        <identifiers>
          <isin value="JP3152740001"/>
          <ticker value="AMKYF"/>
        </identifiers>
        <balance>25200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="104.695"/>
        <valUSD>1277303.57</valUSD>
        <pctVal>0.3389309679</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>Time Dotcom Bhd</name>
        <lei>N/A</lei>
        <title>Time Dotcom Bhd NPV</title>
        <cusip>Y8839J101</cusip>
        <identifiers>
          <isin value="MYL5031OO009"/>
          <ticker value="TDC"/>
        </identifiers>
        <balance>910000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.155"/>
        <valUSD>2822746.64</valUSD>
        <pctVal>0.7490124299</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>Discovery Limited</name>
        <lei>378900245A26169C8132</lei>
        <title>Discovery Limited ZAR0.001</title>
        <cusip>S2192Y109</cusip>
        <identifiers>
          <isin value="ZAE000022331"/>
          <ticker value="DCYHF"/>
        </identifiers>
        <balance>176455</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.27375"/>
        <valUSD>1160424.68</valUSD>
        <pctVal>0.3079172948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</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>124100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="104.695"/>
        <valUSD>7965376.97</valUSD>
        <pctVal>2.1136032101</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</name>
        <lei>N/A</lei>
        <title>Dialog Group NPV</title>
        <cusip>Y20641109</cusip>
        <identifiers>
          <isin value="MYL7277OO006"/>
          <ticker value="DLG"/>
        </identifiers>
        <balance>4619340</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.155"/>
        <valUSD>4115379.79</valUSD>
        <pctVal>1.0920110834</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>Chipbond Technology Corp</name>
        <lei>254900AK7VTHB4UYLR40</lei>
        <title>Chipbond Technology Corp TWD10</title>
        <cusip>Y15657102</cusip>
        <identifiers>
          <isin value="TW0006147002"/>
          <ticker value="6147"/>
        </identifiers>
        <balance>1665700</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="28.6035"/>
        <valUSD>3648135.44</valUSD>
        <pctVal>0.9680283565</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>Cosmos Pharmaceuti</name>
        <lei>N/A</lei>
        <title>Cosmos Pharmaceuti NPV</title>
        <cusip>J08959108</cusip>
        <identifiers>
          <isin value="JP3298400007"/>
          <ticker value="CSMYF"/>
        </identifiers>
        <balance>39600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="104.695"/>
        <valUSD>6734255.21</valUSD>
        <pctVal>1.7869265300</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 CORPORATION</name>
        <lei>N/A</lei>
        <title>JCU CORPORATION NPV</title>
        <cusip>J2810V107</cusip>
        <identifiers>
          <isin value="JP3166200000"/>
          <ticker value="4975"/>
        </identifiers>
        <balance>146300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="104.695"/>
        <valUSD>4613381.3</valUSD>
        <pctVal>1.2241551859</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>Eclat Textile Co</name>
        <lei>N/A</lei>
        <title>Eclat Textile Co TWD10</title>
        <cusip>Y2237Y109</cusip>
        <identifiers>
          <isin value="TW0001476000"/>
          <ticker value="1476"/>
        </identifiers>
        <balance>128909</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="28.6035"/>
        <valUSD>1708923.72</valUSD>
        <pctVal>0.4534608562</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>Haitian International Holdings Limited</name>
        <lei>30030093DDRS825TVP62</lei>
        <title>Haitian International Holdings Limited HKD0.10</title>
        <cusip>G4232C108</cusip>
        <identifiers>
          <isin value="KYG4232C1087"/>
          <ticker value="HAIIF"/>
        </identifiers>
        <balance>1820000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7525"/>
        <valUSD>4511221.95</valUSD>
        <pctVal>1.1970473251</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 Limited</name>
        <lei>N/A</lei>
        <title>Max Financial Services Limited INR2</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE180A01020"/>
          <ticker value="MFSL"/>
        </identifiers>
        <balance>963157</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.1075"/>
        <valUSD>7677098.58</valUSD>
        <pctVal>2.0371088856</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>60000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="104.695"/>
        <valUSD>1783898.81</valUSD>
        <pctVal>0.4733554062</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>Pigeon Corp</name>
        <lei>N/A</lei>
        <title>Pigeon Corp NPV</title>
        <cusip>J63739106</cusip>
        <identifiers>
          <isin value="JP3801600002"/>
          <ticker value="PIGEF"/>
        </identifiers>
        <balance>30000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="104.695"/>
        <valUSD>1381743.04</valUSD>
        <pctVal>0.3666438558</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>Rinnai Corp</name>
        <lei>N/A</lei>
        <title>Rinnai Corp NPV</title>
        <cusip>J65199101</cusip>
        <identifiers>
          <isin value="JP3977400005"/>
          <ticker value="RINIF"/>
        </identifiers>
        <balance>13500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="104.695"/>
        <valUSD>1333474.83</valUSD>
        <pctVal>0.3538359442</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>N/A</lei>
        <title>Rohto Pharmaceutical Co Ltd NPV</title>
        <cusip>J65371106</cusip>
        <identifiers>
          <isin value="JP3982400008"/>
          <ticker value="RPHCF"/>
        </identifiers>
        <balance>89100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="104.695"/>
        <valUSD>2789303.15</valUSD>
        <pctVal>0.7401382400</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>Security Bank Corporation</name>
        <lei>549300JSVDZIR2CPTP95</lei>
        <title>Security Bank Corporation PHP10</title>
        <cusip>Y7571C100</cusip>
        <identifiers>
          <isin value="PHY7571C1000"/>
          <ticker value="SYBJF"/>
        </identifiers>
        <balance>303040</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="48.4"/>
        <valUSD>603669.7</valUSD>
        <pctVal>0.1601830297</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>Square Pharma</name>
        <lei>254900R3NU1J5X39Y909</lei>
        <title>Square Pharma BDT10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BD0473SQPH00"/>
          <ticker value="SQURPHARMA"/>
        </identifiers>
        <balance>478190</balance>
        <units>NS</units>
        <currencyConditional curCd="BDT" exchangeRt="84.75"/>
        <valUSD>1119792.35</valUSD>
        <pctVal>0.2971355549</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>Stanley Electric Co Ltd</name>
        <lei>N/A</lei>
        <title>Stanley Electric Co Ltd NPV</title>
        <cusip>J76637115</cusip>
        <identifiers>
          <isin value="JP3399400005"/>
          <ticker value="STAEF"/>
        </identifiers>
        <balance>257400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="104.695"/>
        <valUSD>7333497.93</valUSD>
        <pctVal>1.9459348659</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>Nihon M&amp;A Center I</name>
        <lei>N/A</lei>
        <title>Nihon M&amp;A Center I NPV</title>
        <cusip>J50883107</cusip>
        <identifiers>
          <isin value="JP3689050007"/>
          <ticker value="NHMAF"/>
        </identifiers>
        <balance>128100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="104.695"/>
        <valUSD>7495412.94</valUSD>
        <pctVal>1.9888988193</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>Infomart Corporation</name>
        <lei>N/A</lei>
        <title>Infomart Corporation NPV</title>
        <cusip>J24436107</cusip>
        <identifiers>
          <isin value="JP3153480003"/>
          <ticker value="2492"/>
        </identifiers>
        <balance>668400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="104.695"/>
        <valUSD>5534059.19</valUSD>
        <pctVal>1.4684559579</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>Cyber-Ark Software Limited</name>
        <lei>529900YEXNDM894PWS93</lei>
        <title>Cyber-Ark Software Limited COM ILS0.01</title>
        <cusip>M2682V108</cusip>
        <identifiers>
          <isin value="IL0011334468"/>
          <ticker value="CYBR"/>
        </identifiers>
        <balance>56328</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5584921.2</valUSD>
        <pctVal>1.4819521312</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>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>332763</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.8984"/>
        <valUSD>10288078.25</valUSD>
        <pctVal>2.7299292045</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>Intrum Ab</name>
        <lei>549300UNCO2FCUWXX470</lei>
        <title>Intrum Ab NPV</title>
        <cusip>W4662R106</cusip>
        <identifiers>
          <isin value="SE0000936478"/>
          <ticker value="INTRUM"/>
        </identifiers>
        <balance>184267</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.8984"/>
        <valUSD>4505821.91</valUSD>
        <pctVal>1.1956144309</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>Megacable Holdings</name>
        <lei>N/A</lei>
        <title>Megacable Holdings CERT PART ORD</title>
        <cusip>P652AE117</cusip>
        <identifiers>
          <isin value="MX01ME090003"/>
          <ticker value="MHSDF"/>
        </identifiers>
        <balance>1151100</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="21.2115"/>
        <valUSD>3651675.69</valUSD>
        <pctVal>0.9689677575</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>ASM Pacific Technology Limited</name>
        <lei>529900PYFA1HFYKPT360</lei>
        <title>ASM Pacific Technology Limited HKD0.10</title>
        <cusip>G0535Q133</cusip>
        <identifiers>
          <isin value="KYG0535Q1331"/>
          <ticker value="ASMVF"/>
        </identifiers>
        <balance>209500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7525"/>
        <valUSD>2109012.35</valUSD>
        <pctVal>0.5596238935</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>Jarir Marketing Company</name>
        <lei>N/A</lei>
        <title>Jarir Marketing Company SAR10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SA000A0BLA62"/>
          <ticker value="JARIR"/>
        </identifiers>
        <balance>87234</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7503"/>
        <valUSD>4028378.91</valUSD>
        <pctVal>1.0689255044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Abcam</name>
        <lei>213800B9N83DSNT33F79</lei>
        <title>Abcam ORD GBP0.002</title>
        <cusip>G0060R118</cusip>
        <identifiers>
          <isin value="GB00B6774699"/>
          <ticker value="ABCZF"/>
        </identifiers>
        <balance>484344</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7719027"/>
        <valUSD>9255880.61</valUSD>
        <pctVal>2.4560368007</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>Sarana Menara Nusa</name>
        <lei>N/A</lei>
        <title>Sarana Menara Nusa IDR10</title>
        <cusip>Y71369113</cusip>
        <identifiers>
          <isin value="ID1000128804"/>
          <ticker value="SMNUF"/>
        </identifiers>
        <balance>66007400</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="14625"/>
        <valUSD>4431969.59</valUSD>
        <pctVal>1.1760178065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Keywords Studios Plc</name>
        <lei>2138007VR9ZYCWS7VE12</lei>
        <title>Keywords Studios Plc ORD GBP0.01</title>
        <cusip>G5254U108</cusip>
        <identifiers>
          <isin value="GB00BBQ38507"/>
          <ticker value="KYYWF"/>
        </identifiers>
        <balance>252151</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7719027"/>
        <valUSD>6915941.21</valUSD>
        <pctVal>1.8351366919</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>Silergy Corporation</name>
        <lei>N/A</lei>
        <title>Silergy Corporation TWD10</title>
        <cusip>G8190F102</cusip>
        <identifiers>
          <isin value="KYG8190F1028"/>
          <ticker value="SLRGF"/>
        </identifiers>
        <balance>45000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="28.6035"/>
        <valUSD>2778145.56</valUSD>
        <pctVal>0.7371775869</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>Clicks Group Ltd</name>
        <lei>378900E967958A677472</lei>
        <title>Clicks Group Ltd ZAR0.01</title>
        <cusip>S17249111</cusip>
        <identifiers>
          <isin value="ZAE000134854"/>
          <ticker value="CLS"/>
        </identifiers>
        <balance>76263</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.27375"/>
        <valUSD>1106721.17</valUSD>
        <pctVal>0.2936671329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stratec Se</name>
        <lei>529900ZZJWANAFSPGV30</lei>
        <title>Stratec Se NPV REG</title>
        <cusip>D8T6E3103</cusip>
        <identifiers>
          <isin value="DE000STRA555"/>
          <ticker value="SRBZF"/>
        </identifiers>
        <balance>85637</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".858627"/>
        <valUSD>12562305.1</valUSD>
        <pctVal>3.3333925671</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>Reply Spa</name>
        <lei>815600DAEFB0388F3521</lei>
        <title>Reply Spa EUR0.13(POST SUBD)</title>
        <cusip>T60326112</cusip>
        <identifiers>
          <isin value="IT0005282865"/>
          <ticker value="RPYTF"/>
        </identifiers>
        <balance>101030</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".858627"/>
        <valUSD>10863993.68</valUSD>
        <pctVal>2.8827476720</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>2020-11-16</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>
