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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mouwasat Medical Services Co</name>
        <lei>N/A</lei>
        <title>Mouwasat Medical Services Co SAR10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SA12C051UH11"/>
          <ticker value="MOUWASAT"/>
        </identifiers>
        <balance>51284</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7519"/>
        <valUSD>2714706.41</valUSD>
        <pctVal>1.3174175731</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>Robinsons Retail Hldgs Inc</name>
        <lei>N/A</lei>
        <title>Robinsons Retail Hldgs Inc PHP1</title>
        <cusip>Y7318T101</cusip>
        <identifiers>
          <isin value="PHY7318T1017"/>
          <ticker value="RBNTF"/>
        </identifiers>
        <balance>1366430</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.975"/>
        <valUSD>1510704.43</valUSD>
        <pctVal>0.7331284726</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>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>228909</balance>
        <units>NS</units>
        <currencyConditional curCd="RON" exchangeRt="4.4016"/>
        <valUSD>1973663.77</valUSD>
        <pctVal>0.9577976184</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>Wilcon Depot Inc</name>
        <lei>N/A</lei>
        <title>Wilcon Depot Inc PHP1</title>
        <cusip>Y9584X105</cusip>
        <identifiers>
          <isin value="PHY9584X1055"/>
          <ticker value="WLCNF"/>
        </identifiers>
        <balance>12574600</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.975"/>
        <valUSD>7442359.96</valUSD>
        <pctVal>3.6116965580</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>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>70511</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7435497"/>
        <valUSD>1397372.94</valUSD>
        <pctVal>0.6781299299</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>Jollibee Foods</name>
        <lei>2138009XN3KTAAKUPR35</lei>
        <title>Jollibee Foods PHP1</title>
        <cusip>Y4466S100</cusip>
        <identifiers>
          <isin value="PHY4466S1007"/>
          <ticker value="JBFCF"/>
        </identifiers>
        <balance>1203020</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.975"/>
        <valUSD>5671217.77</valUSD>
        <pctVal>2.7521804655</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>Commercial Bank of Ceylon</name>
        <lei>254900XV5B725ZG6RS07</lei>
        <title>Commercial Bank of Ceylon NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="LK0053N00005"/>
          <ticker value="COMB.N0000"/>
        </identifiers>
        <balance>313399</balance>
        <units>NS</units>
        <currencyConditional curCd="LKR" exchangeRt="202.415"/>
        <valUSD>127670.19</valUSD>
        <pctVal>0.0619569583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Home Product Center Public Company Limited</name>
        <lei>N/A</lei>
        <title>Home Product Center Public Company Limited THB1(ALIEN MARKET)</title>
        <cusip>Y32758115</cusip>
        <identifiers>
          <isin value="TH0661010015"/>
          <ticker value="HPCRF"/>
        </identifiers>
        <balance>2620494</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.295"/>
        <valUSD>1109745.17</valUSD>
        <pctVal>0.5385472931</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>Bank of the Philippine Islands</name>
        <lei>549300UW4UH6XT2X8C50</lei>
        <title>Bank of the Philippine Islands PHP10</title>
        <cusip>Y0967S169</cusip>
        <identifiers>
          <isin value="PHY0967S1694"/>
          <ticker value="BPHLF"/>
        </identifiers>
        <balance>2525334</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.975"/>
        <valUSD>4869321.08</valUSD>
        <pctVal>2.3630287004</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>OIL &amp; Gas Developm</name>
        <lei>N/A</lei>
        <title>OIL &amp; Gas Developm PKR10</title>
        <cusip>Y6448X107</cusip>
        <identifiers>
          <isin value="PK0080201012"/>
          <ticker value="OGDC"/>
        </identifiers>
        <balance>515000</balance>
        <units>NS</units>
        <currencyConditional curCd="PKR" exchangeRt="176.6"/>
        <valUSD>253967.48</valUSD>
        <pctVal>0.1232476631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Maroc Telecom</name>
        <lei>254900LH0G1ZIZ78Y462</lei>
        <title>Maroc Telecom MAD6</title>
        <cusip>V5721T117</cusip>
        <identifiers>
          <isin value="MA0000011488"/>
          <ticker value="MAOTF"/>
        </identifiers>
        <balance>156447</balance>
        <units>NS</units>
        <currencyConditional curCd="MAD" exchangeRt="9.41605"/>
        <valUSD>2293307.28</valUSD>
        <pctVal>1.1129171465</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vietnam Dairy Prod</name>
        <lei>N/A</lei>
        <title>Vietnam Dairy Prod VND10000</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="VN000000VNM8"/>
          <ticker value="VNM"/>
        </identifiers>
        <balance>1614194</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="22650"/>
        <valUSD>5928753.64</valUSD>
        <pctVal>2.8771598296</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>Krka Dd</name>
        <lei>549300H9RLRTRTLRUZ73</lei>
        <title>Krka Dd NPV</title>
        <cusip>X4571Y100</cusip>
        <identifiers>
          <isin value="SI0031102120"/>
          <ticker value="KRKG"/>
        </identifiers>
        <balance>18539</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8901152"/>
        <valUSD>2395552.38</valUSD>
        <pctVal>1.1625355844</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>International Container Terminal Services</name>
        <lei>254900FU1MWK0I0Q4J61</lei>
        <title>International Container Terminal Services PHP1</title>
        <cusip>Y41157101</cusip>
        <identifiers>
          <isin value="PHY411571011"/>
          <ticker value="ICTEF"/>
        </identifiers>
        <balance>780030</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.975"/>
        <valUSD>3071321.26</valUSD>
        <pctVal>1.4904788915</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>MCB Bank</name>
        <lei>2549002SIFOER1TFOK04</lei>
        <title>MCB Bank PKRP10</title>
        <cusip>Y61898105</cusip>
        <identifiers>
          <isin value="PK0055601014"/>
          <ticker value="MCB"/>
        </identifiers>
        <balance>1169700</balance>
        <units>NS</units>
        <currencyConditional curCd="PKR" exchangeRt="176.6"/>
        <valUSD>1066028.97</valUSD>
        <pctVal>0.5173322954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PK</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>1118350</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.975"/>
        <valUSD>2353400.04</valUSD>
        <pctVal>1.1420795110</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>SM Prime Holdings Inc</name>
        <lei>254900SZK83MIAB8CU32</lei>
        <title>SM Prime Holdings Inc ORD PHP1</title>
        <cusip>Y8076N112</cusip>
        <identifiers>
          <isin value="PHY8076N1120"/>
          <ticker value="SPHXF"/>
        </identifiers>
        <balance>10343500</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.975"/>
        <valUSD>7148712.24</valUSD>
        <pctVal>3.4691925048</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>EAST AFRICAN BREWERIES PLC</name>
        <lei>N/A</lei>
        <title>EAST AFRICAN BREWERIES PLC KES2</title>
        <cusip>V3146X102</cusip>
        <identifiers>
          <isin value="KE0000000216"/>
          <ticker value="EABL"/>
        </identifiers>
        <balance>620700</balance>
        <units>NS</units>
        <currencyConditional curCd="KES" exchangeRt="113.6"/>
        <valUSD>900844.39</valUSD>
        <pctVal>0.4371700106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Universal Robina</name>
        <lei>N/A</lei>
        <title>Universal Robina PHP1</title>
        <cusip>Y9297P100</cusip>
        <identifiers>
          <isin value="PHY9297P1004"/>
          <ticker value="UVRBF"/>
        </identifiers>
        <balance>1763240</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.975"/>
        <valUSD>4404498.29</valUSD>
        <pctVal>2.1374552426</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>TBC Bank Group PLC</name>
        <lei>213800T6NS9N2WQ3B328</lei>
        <title>TBC Bank Group PLC ORD GBP0.01</title>
        <cusip>G8705J102</cusip>
        <identifiers>
          <isin value="GB00BYT18307"/>
          <ticker value="TBCCF"/>
        </identifiers>
        <balance>54947</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7435497"/>
        <valUSD>1047639.45</valUSD>
        <pctVal>0.5084080609</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>Sodep Marsa Maroc</name>
        <lei>N/A</lei>
        <title>Sodep Marsa Maroc MAD10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MA0000012312"/>
          <ticker value="MSA"/>
        </identifiers>
        <balance>108889</balance>
        <units>NS</units>
        <currencyConditional curCd="MAD" exchangeRt="9.41605"/>
        <valUSD>3346343.49</valUSD>
        <pctVal>1.6239441964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marel Hf</name>
        <lei>5299008YTLEN09WTHW26</lei>
        <title>Marel Hf ISK1</title>
        <cusip>X5187X105</cusip>
        <identifiers>
          <isin value="IS0000000388"/>
          <ticker value="MRRLF"/>
        </identifiers>
        <balance>363387</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8901152"/>
        <valUSD>2267895.31</valUSD>
        <pctVal>1.1005849931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IS</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>37555</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7519"/>
        <valUSD>2018375.77</valUSD>
        <pctVal>0.9794958670</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>Cementos Argos Sa</name>
        <lei>549300H7BB3SSJRSL735</lei>
        <title>Cementos Argos Sa ADR EACH REPR 5 ORD SHS</title>
        <cusip>151260106</cusip>
        <identifiers>
          <isin value="US1512601063"/>
          <ticker value="CMTOY"/>
        </identifiers>
        <balance>137381</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1121413.63</valUSD>
        <pctVal>0.5442098702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Network International Holdings PLC</name>
        <lei>213800XVRNKWENNLKK60</lei>
        <title>Network International Holdings PLC ORD GBP0.10</title>
        <cusip>G6457T104</cusip>
        <identifiers>
          <isin value="GB00BH3VJ782"/>
          <ticker value="NWKLF"/>
        </identifiers>
        <balance>1121556</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7435497"/>
        <valUSD>4014131.77</valUSD>
        <pctVal>1.9480146049</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>Emaar Properties PJSC</name>
        <lei>N/A</lei>
        <title>Emaar Properties PJSC AED1</title>
        <cusip>M4025S107</cusip>
        <identifiers>
          <isin value="AEE000301011"/>
          <ticker value="EMAAR"/>
        </identifiers>
        <balance>5013686</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67305"/>
        <valUSD>6671312.11</valUSD>
        <pctVal>3.2375154003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EPAM Systems Inc.</name>
        <lei>549300XCR4R530HJP604</lei>
        <title>EPAM Systems Inc. COM USD0.001</title>
        <cusip>29414B104</cusip>
        <identifiers>
          <isin value="US29414B1044"/>
          <ticker value="EPAM"/>
        </identifiers>
        <balance>13669</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6508357.66</valUSD>
        <pctVal>3.1584353733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bupa Arabia For Cooperative Insurance Co.</name>
        <lei>558600B2WJHD5P31XS68</lei>
        <title>Bupa Arabia For Cooperative Insurance Co. SAR10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SA1210540914"/>
          <ticker value="BUPA"/>
        </identifiers>
        <balance>41163</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7519"/>
        <valUSD>1634591.38</valUSD>
        <pctVal>0.7932494656</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>Integrated Diagnostics Holdings Plc</name>
        <lei>2138007JN9NUWKKTS790</lei>
        <title>Integrated Diagnostics Holdings Plc ORD USD0.25</title>
        <cusip>G4836Q115</cusip>
        <identifiers>
          <isin value="JE00BLKGSR75"/>
          <ticker value="IDGXF"/>
        </identifiers>
        <balance>2153737</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2811506.5</valUSD>
        <pctVal>1.3643936068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Saigon Beer Alcohol Beverage Corporation</name>
        <lei>N/A</lei>
        <title>Saigon Beer Alcohol Beverage Corporation VND10000</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="VN000000SAB4"/>
          <ticker value="SAB"/>
        </identifiers>
        <balance>460910</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="22650"/>
        <valUSD>3026296.25</valUSD>
        <pctVal>1.4686287425</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>Safaricom Public Limited Company</name>
        <lei>N/A</lei>
        <title>Safaricom Public Limited Company KES0.05</title>
        <cusip>V74587102</cusip>
        <identifiers>
          <isin value="KE1000001402"/>
          <ticker value="SCOM"/>
        </identifiers>
        <balance>22347550</balance>
        <units>NS</units>
        <currencyConditional curCd="KES" exchangeRt="113.6"/>
        <valUSD>7242033.22</valUSD>
        <pctVal>3.5144801641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KE</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>1785504</balance>
        <units>NS</units>
        <currencyConditional curCd="BDT" exchangeRt="85.925"/>
        <valUSD>4573025.21</valUSD>
        <pctVal>2.2192395288</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>Equity Group Holdings Ltd</name>
        <lei>2549004UU5YYSKKYY479</lei>
        <title>Equity Group Holdings Ltd KES0.50</title>
        <cusip>V3254M104</cusip>
        <identifiers>
          <isin value="KE0000000554"/>
          <ticker value="EQTY"/>
        </identifiers>
        <balance>7704500</balance>
        <units>NS</units>
        <currencyConditional curCd="KES" exchangeRt="113.6"/>
        <valUSD>3415687.26</valUSD>
        <pctVal>1.6575959758</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT Bank Central Asia TBK</name>
        <lei>254900BR956G2OHVOM21</lei>
        <title>PT Bank Central Asia TBK IDR12.50</title>
        <cusip>Y7123P138</cusip>
        <identifiers>
          <isin value="ID1000109507"/>
          <ticker value="PBCRF"/>
        </identifiers>
        <balance>11642200</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="14382"/>
        <valUSD>6207512.34</valUSD>
        <pctVal>3.0124384029</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>Zenith Bank Plc</name>
        <lei>029200268F8M5YI5I629</lei>
        <title>Zenith Bank Plc NGN0.50</title>
        <cusip>V9T871109</cusip>
        <identifiers>
          <isin value="NGZENITHBNK9"/>
          <ticker value="ZENITHBANK"/>
        </identifiers>
        <balance>71417980</balance>
        <units>NS</units>
        <currencyConditional curCd="NGN" exchangeRt="416"/>
        <valUSD>4472364.17</valUSD>
        <pctVal>2.1703898180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grameenphone Ltd</name>
        <lei>N/A</lei>
        <title>Grameenphone Ltd BDT10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BD0001GP0004"/>
          <ticker value="GP"/>
        </identifiers>
        <balance>147326</balance>
        <units>NS</units>
        <currencyConditional curCd="BDT" exchangeRt="85.925"/>
        <valUSD>610783.99</valUSD>
        <pctVal>0.2964068449</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>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>2941851.08</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2941851.08</valUSD>
        <pctVal>1.4276484175</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-02-22</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>
