<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001018170</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000004201</seriesId>
        <classId>C000011821</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>HARDING LOEVNER FUNDS INC</regName>
      <regFileNumber>811-07739</regFileNumber>
      <regCik>0001018170</regCik>
      <regLei>549300RX80LYD8D1FL23</regLei>
      <regStreet1>400 Crossing Blvd.</regStreet1>
      <regStreet2>Fourth Floor</regStreet2>
      <regCity>Bridgewater</regCity>
      <regStateConditional regCountry="US" regState="US-NJ"/>
      <regZipOrPostalCode>08807</regZipOrPostalCode>
      <regPhone>877-435-8105</regPhone>
      <seriesName>Harding Loevner Emerging Markets Portfolio</seriesName>
      <seriesId>S000004201</seriesId>
      <seriesLei>549300WOZ9HVIPDUFJ66</seriesLei>
      <repPdEnd>2022-10-31</repPdEnd>
      <repPdDate>2022-10-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>1404410961.170000000000</totAssets>
      <totLiabs>2254436.900000000000</totLiabs>
      <netAssets>1402156524.270000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>6548291.760000000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000011821" rtn1="-0.94" rtn2="-10.24" rtn3="-0.38"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="-25424987.94" netUnrealizedAppr="9862240.74"/>
        <othMon2 netRealizedGain="-7286712.59" netUnrealizedAppr="-163417485.70"/>
        <othMon3 netRealizedGain="9903391.37" netUnrealizedAppr="-13064357.55"/>
      </returnInfo>
      <mon1Flow redemption="-104025678.03" reinvestment="0" sales="24266503.72"/>
      <mon2Flow redemption="-63918220.55" reinvestment="0" sales="16248706.2"/>
      <mon3Flow redemption="-66079486.46" reinvestment="0" sales="15799410.34"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Novatek Pub Joint Stock Company</name>
        <lei>2138008R6GCRVBDFA581</lei>
        <title>Novatek Pub Joint Stock Company GDR EACH REPR 10 ORD 'REG S'</title>
        <cusip>669888109</cusip>
        <identifiers>
          <isin value="US6698881090"/>
          <ticker value="NOVKY"/>
        </identifiers>
        <balance>342744</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Co Ltd</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co Ltd GDR EACH REP 25 ORD SHS PFD UNITARY</title>
        <cusip>796050201</cusip>
        <identifiers>
          <isin value="US7960502018"/>
          <ticker value="SSNGY"/>
        </identifiers>
        <balance>4928</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4612608</valUSD>
        <pctVal>0.3289652703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Itau Unibanco Holdings S.A.</name>
        <lei>5493002W2IVG62O3ZJ94</lei>
        <title>Itau Unibanco Holdings S.A. ADR EACH REPR 1 PRF NPV</title>
        <cusip>465562106</cusip>
        <identifiers>
          <isin value="US4655621062"/>
          <ticker value="ITUB"/>
        </identifiers>
        <balance>4876136</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28379111.52</valUSD>
        <pctVal>2.0239617353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Midea Group Co Ltd.</name>
        <lei>3003003TRPHLHZD2IF61</lei>
        <title>Midea Group Co Ltd. A CNY1</title>
        <cusip>Y6S40V103</cusip>
        <identifiers>
          <isin value="CNE100001QQ5"/>
          <ticker value="000333"/>
        </identifiers>
        <balance>2737715</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.33705"/>
        <valUSD>14980206.97</valUSD>
        <pctVal>1.0683690951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Country Garden Services Holdings Co Ltd</name>
        <lei>549300P2JRKENZSEBB42</lei>
        <title>Country Garden Services Holdings Co Ltd USD0.0001</title>
        <cusip>G2453A108</cusip>
        <identifiers>
          <isin value="KYG2453A1085"/>
          <ticker value="CTRGF"/>
        </identifiers>
        <balance>2106930</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>1842442.64</valUSD>
        <pctVal>0.1314006395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wuxi Apptec Co Ltd.</name>
        <lei>254900OEPQLZSPLN9175</lei>
        <title>Wuxi Apptec Co Ltd. CNY1 H</title>
        <cusip>Y971B1118</cusip>
        <identifiers>
          <isin value="CNE100003F19"/>
          <ticker value="WUXIF"/>
        </identifiers>
        <balance>1614700</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>12956343.01</valUSD>
        <pctVal>0.9240297203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JD.com Inc</name>
        <lei>549300HVTWB0GJZ16V92</lei>
        <title>JD.com Inc USD0.00002 A CLASS</title>
        <cusip>G8208B101</cusip>
        <identifiers>
          <isin value="KYG8208B1014"/>
          <ticker value="JDCMF"/>
        </identifiers>
        <balance>579964</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>10829605.16</valUSD>
        <pctVal>0.7723535121</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>Tencent Holdings Limited</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>Tencent Holdings Limited HKD0.00002</title>
        <cusip>G87572163</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
          <ticker value="TCTZF"/>
        </identifiers>
        <balance>1139400</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>29897586.36</valUSD>
        <pctVal>2.1322574080</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>Wuxi Apptec Co Ltd.</name>
        <lei>254900OEPQLZSPLN9175</lei>
        <title>Wuxi Apptec Co Ltd. A CNY1</title>
        <cusip>Y971B1100</cusip>
        <identifiers>
          <isin value="CNE1000031K4"/>
          <ticker value="603259"/>
        </identifiers>
        <balance>830200</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.33705"/>
        <valUSD>8649997.37</valUSD>
        <pctVal>0.6169066877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bancolombia S.A.</name>
        <lei>54930052NWJRPNMP1W58</lei>
        <title>Bancolombia S.A. SPON ADS EACH REP 4 PRF SHS</title>
        <cusip>05968L102</cusip>
        <identifiers>
          <isin value="US05968L1026"/>
          <ticker value="CIB"/>
        </identifiers>
        <balance>303300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7694721</valUSD>
        <pctVal>0.5487776056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Financiero Banorte S.A.B. de C.V.</name>
        <lei>N/A</lei>
        <title>Grupo Financiero Banorte S.A.B. de C.V. COM NPV SERIES O</title>
        <cusip>P49501201</cusip>
        <identifiers>
          <isin value="MXP370711014"/>
          <ticker value="GBOOF"/>
        </identifiers>
        <balance>4373374</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.813"/>
        <valUSD>35548977.07</valUSD>
        <pctVal>2.5353073252</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>Fomento Economico Mexicano S A B de C V</name>
        <lei>549300A8MDWDJNMLV153</lei>
        <title>Fomento Economico Mexicano S A B de C V SPON ADR RP 10 UTS(1B&amp;2D-B&amp;</title>
        <cusip>344419106</cusip>
        <identifiers>
          <isin value="US3444191064"/>
          <ticker value="FMX"/>
        </identifiers>
        <balance>247240</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17707328.8</valUSD>
        <pctVal>1.2628639167</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>Grupo Aeroportuario del Sureste S.A.B. de C.V.</name>
        <lei>5299001W7JIDXCUOUC82</lei>
        <title>Grupo Aeroportuario del Sureste S.A.B. de C.V. ADS REP 10 SER'B'NPV</title>
        <cusip>40051E202</cusip>
        <identifiers>
          <isin value="US40051E2028"/>
          <ticker value="ASR"/>
        </identifiers>
        <balance>37781</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8818841.02</valUSD>
        <pctVal>0.6289483997</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>HDFC Bank Ltd</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC Bank Ltd SPON ADS EACH REP 3 ORD SHS</title>
        <cusip>40415F101</cusip>
        <identifiers>
          <isin value="US40415F1012"/>
          <ticker value="HDB"/>
        </identifiers>
        <balance>658575</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41035808.25</valUSD>
        <pctVal>2.9266210683</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tenaris SA</name>
        <lei>549300Y7C05BKC4HZB40</lei>
        <title>Tenaris SA SPONS ADS EA REP 2 ORD SHS</title>
        <cusip>88031M109</cusip>
        <identifiers>
          <isin value="US88031M1099"/>
          <ticker value="TS"/>
        </identifiers>
        <balance>861505</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27068487.1</valUSD>
        <pctVal>1.9304896872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</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>66974073</balance>
        <units>NS</units>
        <currencyConditional curCd="KES" exchangeRt="121.35"/>
        <valUSD>13856320.16</valUSD>
        <pctVal>0.9882149332</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>ASPEED Technology Inc.</name>
        <lei>N/A</lei>
        <title>ASPEED Technology Inc. TWD10</title>
        <cusip>Y04044106</cusip>
        <identifiers>
          <isin value="TW0005274005"/>
          <ticker value="5274"/>
        </identifiers>
        <balance>167109</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.2225"/>
        <valUSD>8639822.14</valUSD>
        <pctVal>0.6161810034</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>Banco Bradesco S.A.</name>
        <lei>549300CTUU1RFXHQJE44</lei>
        <title>Banco Bradesco S.A. SPON ADR EACH REP 1 PRF NPV</title>
        <cusip>059460303</cusip>
        <identifiers>
          <isin value="US0594603039"/>
          <ticker value="BBD"/>
        </identifiers>
        <balance>2237707</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8480909.53</valUSD>
        <pctVal>0.6048475604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kotak Mahindra Bank Ltd.</name>
        <lei>335800E6GTTXKHXE2I75</lei>
        <title>Kotak Mahindra Bank Ltd. INR5</title>
        <cusip>Y4964H150</cusip>
        <identifiers>
          <isin value="INE237A01028"/>
          <ticker value="KOTAKBANK"/>
        </identifiers>
        <balance>1318035</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="82.7775"/>
        <valUSD>30315681.35</valUSD>
        <pctVal>2.1620754049</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>AIA Group Ltd, Hong Kong</name>
        <lei>ZP5ILWVSYE4LJGMMVD57</lei>
        <title>AIA Group Ltd, Hong Kong NPV</title>
        <cusip>Y002A1105</cusip>
        <identifiers>
          <isin value="HK0000069689"/>
          <ticker value="AAIGF"/>
        </identifiers>
        <balance>4111871</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>31051609.73</valUSD>
        <pctVal>2.2145608705</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Magazine Luiza SA</name>
        <lei>N/A</lei>
        <title>Magazine Luiza SA COM NPV</title>
        <cusip>P6425Q109</cusip>
        <identifiers>
          <isin value="BRMGLUACNOR2"/>
          <ticker value="MGLU3"/>
        </identifiers>
        <balance>18000968</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1655"/>
        <valUSD>15577258.15</valUSD>
        <pctVal>1.1109500174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Localiza Rent a Car SA</name>
        <lei>N/A</lei>
        <title>Localiza Rent a Car SA COM NPV 144A/REG</title>
        <cusip>P6330Z111</cusip>
        <identifiers>
          <isin value="BRRENTACNOR4"/>
          <ticker value="RENT3"/>
        </identifiers>
        <balance>2483290</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1655"/>
        <valUSD>33911775.55</valUSD>
        <pctVal>2.4185442184</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lojas Renner SA</name>
        <lei>N/A</lei>
        <title>Lojas Renner SA COM NPV</title>
        <cusip>P6332C102</cusip>
        <identifiers>
          <isin value="BRLRENACNOR1"/>
          <ticker value="LREN3"/>
        </identifiers>
        <balance>3480288</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1655"/>
        <valUSD>20819068.67</valUSD>
        <pctVal>1.4847892022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Komercni Banka AS</name>
        <lei>IYKCAVNFR8QGF00HV840</lei>
        <title>Komercni Banka AS ORD CZK100</title>
        <cusip>X45471111</cusip>
        <identifiers>
          <isin value="CZ0008019106"/>
          <ticker value="KMERF"/>
        </identifiers>
        <balance>328066</balance>
        <units>NS</units>
        <currencyConditional curCd="CZK" exchangeRt="24.768"/>
        <valUSD>9402254.96</valUSD>
        <pctVal>0.6705567315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oil Company Lukoil PJSC</name>
        <lei>549300LCJ1UJXHYBWI24</lei>
        <title>Oil Company Lukoil PJSC RUB0.025(USD)</title>
        <cusip>X6983S100</cusip>
        <identifiers>
          <isin value="RU0009024277"/>
          <ticker value="LKOH"/>
        </identifiers>
        <balance>910483</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Copa Holdings SA</name>
        <lei>529900BB9UQJV6QQHA59</lei>
        <title>Copa Holdings SA NPV CLASS 'A'</title>
        <cusip>P31076105</cusip>
        <identifiers>
          <isin value="PAP310761054"/>
          <ticker value="CPA"/>
        </identifiers>
        <balance>124209</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9344243.07</valUSD>
        <pctVal>0.6664193981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Co Ltd</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co Ltd GDR EACH REP 25 COM STK KRW100(REG S)</title>
        <cusip>796050888</cusip>
        <identifiers>
          <isin value="US7960508882"/>
          <ticker value="SSNHZ"/>
        </identifiers>
        <balance>62505</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>64503698.7</valUSD>
        <pctVal>4.6003208332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Asian Paints Ltd</name>
        <lei>335800HEHXGYRUNERD75</lei>
        <title>Asian Paints Ltd INR1</title>
        <cusip>Y03638114</cusip>
        <identifiers>
          <isin value="INE021A01026"/>
          <ticker value="ASIANPAINT"/>
        </identifiers>
        <balance>382358</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="82.7775"/>
        <valUSD>14377173.08</valUSD>
        <pctVal>1.0253614936</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>Hefei Meyer Optoelectronic Technology Inc.</name>
        <lei>N/A</lei>
        <title>Hefei Meyer Optoelectronic Technology Inc. 'A'CNY1</title>
        <cusip>Y3123L102</cusip>
        <identifiers>
          <isin value="CNE100001JZ1"/>
          <ticker value="002690"/>
        </identifiers>
        <balance>3764534</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.33705"/>
        <valUSD>12201616.03</valUSD>
        <pctVal>0.8702035628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XP Inc.</name>
        <lei>5493008KDA8NBZRJST80</lei>
        <title>XP Inc. COM USD0.00001 CLASS A</title>
        <cusip>G98239109</cusip>
        <identifiers>
          <isin value="KYG982391099"/>
          <ticker value="XP"/>
        </identifiers>
        <balance>621426</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11390738.58</valUSD>
        <pctVal>0.8123728259</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commercial International Bank (Egypt) SAE</name>
        <lei>213800FIIXJAMEVRIH48</lei>
        <title>Commercial International Bank (Egypt) SAE GDR EACH REPR 1 ORD EGP10 REG'S'</title>
        <cusip>201712205</cusip>
        <identifiers>
          <isin value="US2017122050"/>
          <ticker value="CMGGF"/>
        </identifiers>
        <balance>6882441</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8740700.07</valUSD>
        <pctVal>0.6233754876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>EG</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sberbank of Russia</name>
        <lei>549300WE6TAF5EEWQS81</lei>
        <title>Sberbank of Russia RUB3(RUB)</title>
        <cusip>X76317100</cusip>
        <identifiers>
          <isin value="RU0009029540"/>
          <ticker value="AKSJF"/>
        </identifiers>
        <balance>20812636</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="62.05"/>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEG SA</name>
        <lei>N/A</lei>
        <title>WEG SA COM NPV</title>
        <cusip>P9832B129</cusip>
        <identifiers>
          <isin value="BRWEGEACNOR0"/>
          <ticker value="WEGE3"/>
        </identifiers>
        <balance>2565748</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1655"/>
        <valUSD>20007420.28</valUSD>
        <pctVal>1.4269034829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wal-Mart De Mexico</name>
        <lei>N/A</lei>
        <title>Wal-Mart De Mexico COM NPV</title>
        <cusip>P98180188</cusip>
        <identifiers>
          <isin value="MX01WA000038"/>
          <ticker value="WMMVF"/>
        </identifiers>
        <balance>10009915</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.813"/>
        <valUSD>38664452.38</valUSD>
        <pctVal>2.7574990175</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>ZTO Express (Cayman) Inc</name>
        <lei>549300SCJPK3YZJTJR78</lei>
        <title>ZTO Express (Cayman) Inc SPON ADS EA REP 1 SHS CL A</title>
        <cusip>98980A105</cusip>
        <identifiers>
          <isin value="US98980A1051"/>
          <ticker value="ZTO"/>
        </identifiers>
        <balance>688311</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11625572.79</valUSD>
        <pctVal>0.8291208998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shenzhen Inovance Technology Co Ltd.</name>
        <lei>N/A</lei>
        <title>Shenzhen Inovance Technology Co Ltd. 'A'CNY1</title>
        <cusip>Y7744Z101</cusip>
        <identifiers>
          <isin value="CNE100000V46"/>
          <ticker value="300124"/>
        </identifiers>
        <balance>1287800</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.33705"/>
        <valUSD>11711079.73</valUSD>
        <pctVal>0.8352191447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>237594</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".8719916"/>
        <valUSD>5790047.17</valUSD>
        <pctVal>0.4129387176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NCSOFT Corporation</name>
        <lei>N/A</lei>
        <title>NCSOFT Corporation KRW500</title>
        <cusip>Y6258Y104</cusip>
        <identifiers>
          <isin value="KR7036570000"/>
          <ticker value="A036570"/>
        </identifiers>
        <balance>34327</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1424.45"/>
        <valUSD>9372342.42</valUSD>
        <pctVal>0.6684234076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Discovery Limited</name>
        <lei>378900245A26169C8132</lei>
        <title>Discovery Limited ZAR0.001</title>
        <cusip>S2192Y109</cusip>
        <identifiers>
          <isin value="ZAE000022331"/>
          <ticker value="DCYHF"/>
        </identifiers>
        <balance>1211263</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36875"/>
        <valUSD>7933139.9</valUSD>
        <pctVal>0.5657813349</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>LG H&amp;H Co Ltd</name>
        <lei>N/A</lei>
        <title>LG H&amp;H Co Ltd KRW5000</title>
        <cusip>Y5275R100</cusip>
        <identifiers>
          <isin value="KR7051900009"/>
          <ticker value="LGHHF"/>
        </identifiers>
        <balance>45110</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1424.45"/>
        <valUSD>16109131.41</valUSD>
        <pctVal>1.1488825342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coway Co Ltd.</name>
        <lei>N/A</lei>
        <title>Coway Co Ltd. KRW500</title>
        <cusip>Y9694W104</cusip>
        <identifiers>
          <isin value="KR7021240007"/>
          <ticker value="A021240"/>
        </identifiers>
        <balance>216071</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1424.45"/>
        <valUSD>8362866.94</valUSD>
        <pctVal>0.5964289147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NAVER Corp.</name>
        <lei>988400ULUQYDB2HQYJ61</lei>
        <title>NAVER Corp. KRW100</title>
        <cusip>Y62579100</cusip>
        <identifiers>
          <isin value="KR7035420009"/>
          <ticker value="NHNCF"/>
        </identifiers>
        <balance>121387</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1424.45"/>
        <valUSD>14390029.95</valUSD>
        <pctVal>1.0262784290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Techtronic Industries Co. Ltd.</name>
        <lei>549300HZW2SBE758OK89</lei>
        <title>Techtronic Industries Co. Ltd. NPV</title>
        <cusip>Y8563B159</cusip>
        <identifiers>
          <isin value="HK0669013440"/>
          <ticker value="TTNDF"/>
        </identifiers>
        <balance>2897860</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>27335627.36</valUSD>
        <pctVal>1.9495417870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ping An Insurance (Group) Company of China Ltd.</name>
        <lei>529900M9MC28JLN35U89</lei>
        <title>Ping An Insurance (Group) Company of China Ltd. 'H' CNY1</title>
        <cusip>Y69790106</cusip>
        <identifiers>
          <isin value="CNE1000003X6"/>
          <ticker value="PIAIF"/>
        </identifiers>
        <balance>3150500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>12607703.74</valUSD>
        <pctVal>0.8991652160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tata Consultancy Services Ltd.</name>
        <lei>335800ZJKU9GPQRE2U66</lei>
        <title>Tata Consultancy Services Ltd. INR1</title>
        <cusip>Y85279100</cusip>
        <identifiers>
          <isin value="INE467B01029"/>
          <ticker value="TCS"/>
        </identifiers>
        <balance>1421480</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="82.7775"/>
        <valUSD>54788324.98</valUSD>
        <pctVal>3.9074328744</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>Shenzhou International Group Holdings Ltd.</name>
        <lei>529900B4W41TCUKJFM73</lei>
        <title>Shenzhou International Group Holdings Ltd. HKD0.10</title>
        <cusip>G8087W101</cusip>
        <identifiers>
          <isin value="KYG8087W1015"/>
          <ticker value="SZHIF"/>
        </identifiers>
        <balance>1449710</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>10005854.78</valUSD>
        <pctVal>0.7136046944</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>Eclat Textile Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Eclat Textile Co., Ltd. TWD10</title>
        <cusip>Y2237Y109</cusip>
        <identifiers>
          <isin value="TW0001476000"/>
          <ticker value="1476"/>
        </identifiers>
        <balance>1861846</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.2225"/>
        <valUSD>24416426.67</valUSD>
        <pctVal>1.7413481482</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>CSPC Pharmaceutical Group Ltd.</name>
        <lei>529900M3XQCW234H8O91</lei>
        <title>CSPC Pharmaceutical Group Ltd. NPV</title>
        <cusip>Y1837N109</cusip>
        <identifiers>
          <isin value="HK1093012172"/>
          <ticker value="CHJTF"/>
        </identifiers>
        <balance>15524680</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>15966335.68</valUSD>
        <pctVal>1.1386985264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hon Hai Precision Industry Co Ltd.</name>
        <lei>30030004CM3GSZXX7O56</lei>
        <title>Hon Hai Precision Industry Co Ltd. TWD10</title>
        <cusip>Y36861105</cusip>
        <identifiers>
          <isin value="TW0002317005"/>
          <ticker value="HNHAF"/>
        </identifiers>
        <balance>3213146</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.2225"/>
        <valUSD>10196775.36</valUSD>
        <pctVal>0.7272209046</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>Sunny Optical Technology (Group) Co Ltd</name>
        <lei>3003004QIVP0DFVVWM94</lei>
        <title>Sunny Optical Technology (Group) Co Ltd HKD0.10</title>
        <cusip>G8586D109</cusip>
        <identifiers>
          <isin value="KYG8586D1097"/>
          <ticker value="SNPTF"/>
        </identifiers>
        <balance>1094944</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>9498574.96</valUSD>
        <pctVal>0.6774261500</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>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Co., Ltd. TWD10</title>
        <cusip>Y84629107</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
          <ticker value="TSMWF"/>
        </identifiers>
        <balance>4995147</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.2225"/>
        <valUSD>60112102.04</valUSD>
        <pctVal>4.2871178074</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>Housing Development Finance Corp Ltd.</name>
        <lei>335800OX2H9AP7NHLT64</lei>
        <title>Housing Development Finance Corp Ltd. INR2</title>
        <cusip>Y37246207</cusip>
        <identifiers>
          <isin value="INE001A01036"/>
          <ticker value="HDFC"/>
        </identifiers>
        <balance>1042112</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="82.7775"/>
        <valUSD>31068463.79</valUSD>
        <pctVal>2.2157628804</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>Coca-Cola HBC AG</name>
        <lei>549300EFP3TNG7JGVE49</lei>
        <title>Coca-Cola HBC AG ORD CHF6.70(CDI)</title>
        <cusip>H1512E100</cusip>
        <identifiers>
          <isin value="CH0198251305"/>
          <ticker value="CCHBF"/>
        </identifiers>
        <balance>1160636</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".8719916"/>
        <valUSD>25307488.6</valUSD>
        <pctVal>1.8048975390</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>China Tourism Group Duty Free Corp.</name>
        <lei>N/A</lei>
        <title>China Tourism Group Duty Free Corp. 'A'CNY1</title>
        <cusip>Y149A3100</cusip>
        <identifiers>
          <isin value="CNE100000G29"/>
          <ticker value="601888"/>
        </identifiers>
        <balance>833807</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.33705"/>
        <valUSD>18198335.5</valUSD>
        <pctVal>1.2978818830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Longi Green Energy Technology Co Ltd.</name>
        <lei>300300NRGAITUP1EZ248</lei>
        <title>Longi Green Energy Technology Co Ltd. 'A'CNY1</title>
        <cusip>Y9727F102</cusip>
        <identifiers>
          <isin value="CNE100001FR6"/>
          <ticker value="601012"/>
        </identifiers>
        <balance>2741400</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.33705"/>
        <valUSD>17938691.82</valUSD>
        <pctVal>1.2793644297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>B3 S.A. - Brasil, Bolsa, Balcao</name>
        <lei>4GTK5S46E6H318LMDS44</lei>
        <title>B3 S.A. - Brasil, Bolsa, Balcao COM NPV</title>
        <cusip>P1909G107</cusip>
        <identifiers>
          <isin value="BRB3SAACNOR6"/>
          <ticker value="B3SA3"/>
        </identifiers>
        <balance>4312209</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1655"/>
        <valUSD>12555536.42</valUSD>
        <pctVal>0.8954447098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Contemporary Amperex Technology Co., Ltd.</name>
        <lei>300300KINDY1K0E9I032</lei>
        <title>Contemporary Amperex Technology Co., Ltd. 'A' CNY1</title>
        <cusip>Y1R48E105</cusip>
        <identifiers>
          <isin value="CNE100003662"/>
          <ticker value="300750"/>
        </identifiers>
        <balance>288500</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.33705"/>
        <valUSD>14636539.3</valUSD>
        <pctVal>1.0438591588</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CD Projekt SA</name>
        <lei>259400TYO5Q8SH8TL437</lei>
        <title>CD Projekt SA PLN1.00</title>
        <cusip>X0957E106</cusip>
        <identifiers>
          <isin value="PLOPTTC00011"/>
          <ticker value="OTGLF"/>
        </identifiers>
        <balance>194885</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.7741"/>
        <valUSD>5181866.27</valUSD>
        <pctVal>0.3695640380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LI Ning Co Ltd</name>
        <lei>529900T77L2FV3FZ3U81</lei>
        <title>LI Ning Co Ltd HKD0.1</title>
        <cusip>G5496K124</cusip>
        <identifiers>
          <isin value="KYG5496K1242"/>
          <ticker value="LNNGF"/>
        </identifiers>
        <balance>2261000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>11701267.16</valUSD>
        <pctVal>0.8345193249</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>Maruti Suzuki India Ltd.</name>
        <lei>335800D27PBEESKKD357</lei>
        <title>Maruti Suzuki India Ltd. INR5</title>
        <cusip>Y7565Y100</cusip>
        <identifiers>
          <isin value="INE585B01010"/>
          <ticker value="MARUTI"/>
        </identifiers>
        <balance>267752</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="82.7775"/>
        <valUSD>30840460.39</valUSD>
        <pctVal>2.1995019712</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>ASMPT Limited</name>
        <lei>529900PYFA1HFYKPT360</lei>
        <title>ASMPT Limited HKD0.10</title>
        <cusip>G0535Q133</cusip>
        <identifiers>
          <isin value="KYG0535Q1331"/>
          <ticker value="ASMVF"/>
        </identifiers>
        <balance>928945</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>5094587.66</valUSD>
        <pctVal>0.3633394398</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>Bank Central Asia Tbk PT</name>
        <lei>254900BR956G2OHVOM21</lei>
        <title>Bank Central Asia Tbk PT IDR12.50</title>
        <cusip>Y7123P138</cusip>
        <identifiers>
          <isin value="ID1000109507"/>
          <ticker value="PBCRF"/>
        </identifiers>
        <balance>46529964</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15597.5"/>
        <valUSD>26219064.18</valUSD>
        <pctVal>1.8699099370</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>Standard Bank Group Limited</name>
        <lei>2549003PEZXUT7MDBU41</lei>
        <title>Standard Bank Group Limited ZAR0.1</title>
        <cusip>S80605140</cusip>
        <identifiers>
          <isin value="ZAE000109815"/>
          <ticker value="SBGOF"/>
        </identifiers>
        <balance>1841871</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36875"/>
        <valUSD>17225334.86</valUSD>
        <pctVal>1.2284887287</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>Silergy Corporation</name>
        <lei>N/A</lei>
        <title>Silergy Corporation TWD2.5</title>
        <cusip>G8190F102</cusip>
        <identifiers>
          <isin value="KYG8190F1028"/>
          <ticker value="SLEGF"/>
        </identifiers>
        <balance>990200</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.2225"/>
        <valUSD>11388486.12</valUSD>
        <pctVal>0.8122121834</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>Alibaba Group Holding Ltd</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd SPON ADS EACH REP 8 ORD SHS</title>
        <cusip>01609W102</cusip>
        <identifiers>
          <isin value="US01609W1027"/>
          <ticker value="BABA"/>
        </identifiers>
        <balance>55429</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3524175.82</valUSD>
        <pctVal>0.2513396870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zhejiang Sanhua Intelligent Controls Co Ltd.</name>
        <lei>N/A</lei>
        <title>Zhejiang Sanhua Intelligent Controls Co Ltd. 'A'CNY1</title>
        <cusip>Y9890L126</cusip>
        <identifiers>
          <isin value="CNE000001M22"/>
          <ticker value="002050"/>
        </identifiers>
        <balance>6795299</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.33705"/>
        <valUSD>19651919.18</valUSD>
        <pctVal>1.4015496016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>4854276</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".8719916"/>
        <valUSD>18122279.37</valUSD>
        <pctVal>1.2924576576</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>Alibaba Group Holding Ltd</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd USD0.000003125</title>
        <cusip>G01719114</cusip>
        <identifiers>
          <isin value="KYG017191142"/>
          <ticker value="BABAF"/>
        </identifiers>
        <balance>2323300</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>18496889.15</valUSD>
        <pctVal>1.3191743454</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>Wuxi Biologics (Cayman) Inc</name>
        <lei>5493001TD2TH6VDTJU11</lei>
        <title>Wuxi Biologics (Cayman) Inc USD0.0000083</title>
        <cusip>G97008117</cusip>
        <identifiers>
          <isin value="KYG970081173"/>
          <ticker value="WXIBF"/>
        </identifiers>
        <balance>1878250</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>8497212.67</valUSD>
        <pctVal>0.6060102794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</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>23869801.26</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23869801.26</valUSD>
        <pctVal>1.7023635270</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>ENN Energy Holdings Limited</name>
        <lei>549300V7BXPWT6WIPR03</lei>
        <title>ENN Energy Holdings Limited HKD0.10</title>
        <cusip>G3066L101</cusip>
        <identifiers>
          <isin value="KYG3066L1014"/>
          <ticker value="XNGSF"/>
        </identifiers>
        <balance>1356113</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>13451967.75</valUSD>
        <pctVal>0.9593770394</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>Emaar Properties PJSC</name>
        <lei>254900YWYEXYXK1BMP81</lei>
        <title>Emaar Properties PJSC AED1</title>
        <cusip>M4025S107</cusip>
        <identifiers>
          <isin value="AEE000301011"/>
          <ticker value="EMAAR"/>
        </identifiers>
        <balance>13876455</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6731"/>
        <valUSD>22912691.88</valUSD>
        <pctVal>1.6341037169</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>Bank Rakyat Indonesia (Persero) Tbk</name>
        <lei>254900HB6S4B12GBNP64</lei>
        <title>Bank Rakyat Indonesia (Persero) Tbk IDR50</title>
        <cusip>Y0697U112</cusip>
        <identifiers>
          <isin value="ID1000118201"/>
          <ticker value="BKRKF"/>
        </identifiers>
        <balance>72190636</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15597.5"/>
        <valUSD>21482921.75</valUSD>
        <pctVal>1.5321343501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Airtac International Group</name>
        <lei>N/A</lei>
        <title>Airtac International Group TWD10</title>
        <cusip>G01408106</cusip>
        <identifiers>
          <isin value="KYG014081064"/>
          <ticker value="1590"/>
        </identifiers>
        <balance>1209823</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.2225"/>
        <valUSD>27788583.59</valUSD>
        <pctVal>1.9818460428</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>Yandex, NV</name>
        <lei>549300GGZHJ5Q1B18P93</lei>
        <title>Yandex, NV COM USD0.01 CL 'A'</title>
        <cusip>N97284108</cusip>
        <identifiers>
          <isin value="NL0009805522"/>
          <ticker value="YNDX"/>
        </identifiers>
        <balance>968763</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fuyao Glass Industry Group Co Ltd.</name>
        <lei>549300AS5CSLWETN0P64</lei>
        <title>Fuyao Glass Industry Group Co Ltd. 'H' CNY1</title>
        <cusip>Y2680G100</cusip>
        <identifiers>
          <isin value="CNE100001TR7"/>
          <ticker value="3606"/>
        </identifiers>
        <balance>2035096</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>7285498.73</valUSD>
        <pctVal>0.5195923996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Baidu, Inc.</name>
        <lei>254900AL64IANZYI1E02</lei>
        <title>Baidu, Inc. USD0.000000625 A CLASS</title>
        <cusip>G07034104</cusip>
        <identifiers>
          <isin value="KYG070341048"/>
          <ticker value="BAIDF"/>
        </identifiers>
        <balance>466014</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>4471539.44</valUSD>
        <pctVal>0.3189044420</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Trip.com Group Ltd</name>
        <lei>2549004RMYDSRQL4KW41</lei>
        <title>Trip.com Group Ltd USD0.00125</title>
        <cusip>G9066F101</cusip>
        <identifiers>
          <isin value="KYG9066F1019"/>
          <ticker value="TRPCF"/>
        </identifiers>
        <balance>290500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84965"/>
        <valUSD>6577526.74</valUSD>
        <pctVal>0.4691007478</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>SCB X Public Co Ltd.</name>
        <lei>N/A</lei>
        <title>SCB X Public Co Ltd. THB10 (ALIEN)</title>
        <cusip>Y753YV101</cusip>
        <identifiers>
          <isin value="THA790010013"/>
          <ticker value="SCB-F"/>
        </identifiers>
        <balance>2822591</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="38.06"/>
        <valUSD>7861131</valUSD>
        <pctVal>0.5606457527</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>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>97801</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34230350</valUSD>
        <pctVal>2.4412645384</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>Astra International Tbk Pt</name>
        <lei>529900L49TRJOMG4DK47</lei>
        <title>Astra International Tbk Pt IDR50</title>
        <cusip>Y7117N172</cusip>
        <identifiers>
          <isin value="ID1000122807"/>
          <ticker value="PTAIF"/>
        </identifiers>
        <balance>53302607</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15597.5"/>
        <valUSD>22677499.23</valUSD>
        <pctVal>1.6173300796</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-11-29</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>
