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        <name>Cosmos Pharmaceutical Corp.</name>
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        <name>Cyber-Ark Software Limited</name>
        <lei>529900YEXNDM894PWS93</lei>
        <title>Cyber-Ark Software Limited COM ILS0.01</title>
        <cusip>M2682V108</cusip>
        <identifiers>
          <isin value="IL0011334468"/>
          <ticker value="CYBR"/>
        </identifiers>
        <balance>68661</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11398412.61</valUSD>
        <pctVal>1.9634913354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Paradox Interactive AB (publ)</name>
        <lei>529900QNSZUY53R5WW95</lei>
        <title>Paradox Interactive AB (publ) NPV</title>
        <cusip>W7S83E109</cusip>
        <identifiers>
          <isin value="SE0008294953"/>
          <ticker value="PRXXF"/>
        </identifiers>
        <balance>249229</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.5264"/>
        <valUSD>7163300.75</valUSD>
        <pctVal>1.2339506769</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Solasto Corporation</name>
        <lei>N/A</lei>
        <title>Solasto Corporation NPV</title>
        <cusip>J76165109</cusip>
        <identifiers>
          <isin value="JP3436250009"/>
          <ticker value="SLSCF"/>
        </identifiers>
        <balance>838800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.265"/>
        <valUSD>4122838.95</valUSD>
        <pctVal>0.7102005194</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tecan Group AG</name>
        <lei>529900CSN9R3BLETSL26</lei>
        <title>Tecan Group AG CHF0.10 (REGD)</title>
        <cusip>H84774167</cusip>
        <identifiers>
          <isin value="CH0012100191"/>
          <ticker value="TCHBF"/>
        </identifiers>
        <balance>22661</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".87205"/>
        <valUSD>9018527</valUSD>
        <pctVal>1.5535320776</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>Megacable Holdings</name>
        <lei>N/A</lei>
        <title>Megacable Holdings PTG SHS COMP 2 ORD'A'SHS</title>
        <cusip>P652AE117</cusip>
        <identifiers>
          <isin value="MX01ME090003"/>
          <ticker value="MHSDF"/>
        </identifiers>
        <balance>4406100</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="16.745"/>
        <valUSD>11180363.63</valUSD>
        <pctVal>1.9259302032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASMPT Ltd.</name>
        <lei>529900PYFA1HFYKPT360</lei>
        <title>ASMPT Ltd. HKD0.10</title>
        <cusip>G0535Q133</cusip>
        <identifiers>
          <isin value="KYG0535Q1331"/>
          <ticker value="ASMVF"/>
        </identifiers>
        <balance>292200</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7989"/>
        <valUSD>2847110.22</valUSD>
        <pctVal>0.4904434011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jarir Marketing Company</name>
        <lei>N/A</lei>
        <title>Jarir Marketing Company SAR1</title>
        <cusip>M6185P112</cusip>
        <identifiers>
          <isin value="SA000A0BLA62"/>
          <ticker value="JARIR"/>
        </identifiers>
        <balance>632731</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7516"/>
        <valUSD>2614243.34</valUSD>
        <pctVal>0.4503297365</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>Sarana Menara Nusantara Tbk PT</name>
        <lei>N/A</lei>
        <title>Sarana Menara Nusantara Tbk PT IDR10</title>
        <cusip>Y71369113</cusip>
        <identifiers>
          <isin value="ID1000128804"/>
          <ticker value="SMNUF"/>
        </identifiers>
        <balance>128751400</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15080"/>
        <valUSD>8666791.55</valUSD>
        <pctVal>1.4929421049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Keywords Studios PLC</name>
        <lei>2138007VR9ZYCWS7VE12</lei>
        <title>Keywords Studios PLC ORD GBP0.01</title>
        <cusip>G5254U108</cusip>
        <identifiers>
          <isin value="GB00BBQ38507"/>
          <ticker value="KYYWF"/>
        </identifiers>
        <balance>351970</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7792106"/>
        <valUSD>7961091.98</valUSD>
        <pctVal>1.3713782487</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>Tomra Systems ASA</name>
        <lei>549300J726JCFJU3VT89</lei>
        <title>Tomra Systems ASA NOK0.50</title>
        <cusip>R91733155</cusip>
        <identifiers>
          <isin value="NO0012470089"/>
          <ticker value="TMRAF"/>
        </identifiers>
        <balance>432136</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.13505"/>
        <valUSD>6651916.59</valUSD>
        <pctVal>1.1458596065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stratec SE</name>
        <lei>529900ZZJWANAFSPGV30</lei>
        <title>Stratec SE NPV REG</title>
        <cusip>D8T6E3103</cusip>
        <identifiers>
          <isin value="DE000STRA555"/>
          <ticker value="SBS"/>
        </identifiers>
        <balance>97729</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9095043"/>
        <valUSD>5480581.7</valUSD>
        <pctVal>0.9440853783</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Scout24 SE</name>
        <lei>5493007EIKM2ENQS7U66</lei>
        <title>Scout24 SE NPV</title>
        <cusip>D345XT105</cusip>
        <identifiers>
          <isin value="DE000A12DM80"/>
          <ticker value="SCOTF"/>
        </identifiers>
        <balance>53894</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9095043"/>
        <valUSD>3566146.14</valUSD>
        <pctVal>0.6143045779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Reply S.p.A.</name>
        <lei>815600DAEFB0388F3521</lei>
        <title>Reply S.p.A. EUR0.13(POST SUBD)</title>
        <cusip>T60326112</cusip>
        <identifiers>
          <isin value="IT0005282865"/>
          <ticker value="REY"/>
        </identifiers>
        <balance>83550</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9095043"/>
        <valUSD>9060984.02</valUSD>
        <pctVal>1.5608457267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Diploma PLC</name>
        <lei>2138008OGI7VYG8FGR19</lei>
        <title>Diploma PLC ORD GBP0.05</title>
        <cusip>G27664112</cusip>
        <identifiers>
          <isin value="GB0001826634"/>
          <ticker value="DPLM"/>
        </identifiers>
        <balance>256141</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7792106"/>
        <valUSD>10639809.64</valUSD>
        <pctVal>1.8328143360</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>Clarkson PLC</name>
        <lei>2138007G6BGTEHI3OT22</lei>
        <title>Clarkson PLC ORD GBP0.25</title>
        <cusip>G21840106</cusip>
        <identifiers>
          <isin value="GB0002018363"/>
          <ticker value="CKNHF"/>
        </identifiers>
        <balance>216110</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7792106"/>
        <valUSD>7734677.44</valUSD>
        <pctVal>1.3323760646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rathbones Group PLC</name>
        <lei>213800MBTHM6UE8ZQP29</lei>
        <title>Rathbones Group PLC ORD GBP0.05</title>
        <cusip>G73904107</cusip>
        <identifiers>
          <isin value="GB0002148343"/>
          <ticker value="RTBBF"/>
        </identifiers>
        <balance>115698</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7792106"/>
        <valUSD>2671496.1</valUSD>
        <pctVal>0.4601921008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cranswick PLC</name>
        <lei>549300LDZLPU51XOSK43</lei>
        <title>Cranswick PLC ORD GBP0.10</title>
        <cusip>G2504J108</cusip>
        <identifiers>
          <isin value="GB0002318888"/>
          <ticker value="CRWKF"/>
        </identifiers>
        <balance>208801</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7792106"/>
        <valUSD>8936864.76</valUSD>
        <pctVal>1.5394649345</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>Senior PLC</name>
        <lei>5493002HQHWN5JQHKQ51</lei>
        <title>Senior PLC GBP0.10</title>
        <cusip>G8031U102</cusip>
        <identifiers>
          <isin value="GB0007958233"/>
          <ticker value="SNIRF"/>
        </identifiers>
        <balance>6973802</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7792106"/>
        <valUSD>14901216.12</valUSD>
        <pctVal>2.5668845075</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>SMS Co Ltd.</name>
        <lei>N/A</lei>
        <title>SMS Co Ltd. NPV</title>
        <cusip>J7568Q101</cusip>
        <identifiers>
          <isin value="JP3162350007"/>
          <ticker value="SMSZF"/>
        </identifiers>
        <balance>358300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.265"/>
        <valUSD>7601095.63</valUSD>
        <pctVal>1.3093652529</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Teamviewer SE</name>
        <lei>3912000FZ0R0KEK9JS42</lei>
        <title>Teamviewer SE NPV</title>
        <cusip>D8T895100</cusip>
        <identifiers>
          <isin value="DE000A2YN900"/>
          <ticker value="TMVWF"/>
        </identifiers>
        <balance>437670</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9095043"/>
        <valUSD>7435404.78</valUSD>
        <pctVal>1.2808233357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Baltic Classifieds Group PLC</name>
        <lei>213800I1RPHCFSSQS969</lei>
        <title>Baltic Classifieds Group PLC ORD GBP0.01</title>
        <cusip>G07167102</cusip>
        <identifiers>
          <isin value="GB00BN44P254"/>
          <ticker value="BCG"/>
        </identifiers>
        <balance>2056731</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7792106"/>
        <valUSD>5225322.83</valUSD>
        <pctVal>0.9001144679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fuchs SE</name>
        <lei>529900SNF9E1P5ZO4P98</lei>
        <title>Fuchs SE NPV (REG)</title>
        <cusip>D27462387</cusip>
        <identifiers>
          <isin value="DE000A3E5D56"/>
          <ticker value="FUPEF"/>
        </identifiers>
        <balance>307386</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9095043"/>
        <valUSD>10138235.19</valUSD>
        <pctVal>1.7464130869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOA Phat Group Jsc</name>
        <lei>549300ODJEFGL5CWKD32</lei>
        <title>HOA Phat Group Jsc VND10000</title>
        <cusip>Y3231H100</cusip>
        <identifiers>
          <isin value="VN000000HPG4"/>
          <ticker value="HPG"/>
        </identifiers>
        <balance>13851554</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="23687.5"/>
        <valUSD>16489056.54</valUSD>
        <pctVal>2.8404060068</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>Abcam PLC</name>
        <lei>213800B9N83DSNT33F79</lei>
        <title>Abcam PLC ADS</title>
        <cusip>000380204</cusip>
        <identifiers>
          <isin value="US0003802040"/>
          <ticker value="ABCM"/>
        </identifiers>
        <balance>677210</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15873802.4</valUSD>
        <pctVal>2.7344222866</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>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>23744268.31</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23744268.31</valUSD>
        <pctVal>4.0901892823</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>Mabanee Co.</name>
        <lei>N/A</lei>
        <title>Mabanee Co. KWD0.1</title>
        <cusip>M6782J113</cusip>
        <identifiers>
          <isin value="KW0EQ0400725"/>
          <ticker value="MABANEE"/>
        </identifiers>
        <balance>1116588</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt=".3072"/>
        <valUSD>3208404.43</valUSD>
        <pctVal>0.5526799665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KWS SAAT SE &amp; Co KgaA</name>
        <lei>529900FR2K4P9L9XLV21</lei>
        <title>KWS SAAT SE &amp; Co KgaA NPV</title>
        <cusip>D39062100</cusip>
        <identifiers>
          <isin value="DE0007074007"/>
          <ticker value="KNKZF"/>
        </identifiers>
        <balance>104244</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9095043"/>
        <valUSD>6567112.26</valUSD>
        <pctVal>1.1312512069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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="LZRFF"/>
        </identifiers>
        <balance>669900</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.72875"/>
        <valUSD>9522744.49</valUSD>
        <pctVal>1.6403886169</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>Lotus Bakeries</name>
        <lei>5493004C0K34IFI67I03</lei>
        <title>Lotus Bakeries NPV</title>
        <cusip>B5783H102</cusip>
        <identifiers>
          <isin value="BE0003604155"/>
          <ticker value="LOTB"/>
        </identifiers>
        <balance>508</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9095043"/>
        <valUSD>4068557.11</valUSD>
        <pctVal>0.7008499259</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>1479481</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.1476"/>
        <valUSD>5465930.37</valUSD>
        <pctVal>0.9415615392</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>Rightmove PLC</name>
        <lei>2138001JXGCFKBXYB828</lei>
        <title>Rightmove PLC ORD GBP0.001</title>
        <cusip>G7565D106</cusip>
        <identifiers>
          <isin value="GB00BGDT3G23"/>
          <ticker value="RTMVF"/>
        </identifiers>
        <balance>260161</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7792106"/>
        <valUSD>1906317.77</valUSD>
        <pctVal>0.3283824294</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>Shanghai Friendess Electronic Technology Co Ltd.</name>
        <lei>549300YYZ76IVQGGBM98</lei>
        <title>Shanghai Friendess Electronic Technology Co Ltd. A CNY1</title>
        <cusip>Y7T83N106</cusip>
        <identifiers>
          <isin value="CNE100003LY6"/>
          <ticker value="688188"/>
        </identifiers>
        <balance>106697</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.1476"/>
        <valUSD>3324238.22</valUSD>
        <pctVal>0.5726335030</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>Pfeiffer Vacuum Technology AG</name>
        <lei>8945004AW6QK8JHNQP69</lei>
        <title>Pfeiffer Vacuum Technology AG NPV</title>
        <cusip>D6058X101</cusip>
        <identifiers>
          <isin value="DE0006916604"/>
          <ticker value="PFFVF"/>
        </identifiers>
        <balance>26687</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9095043"/>
        <valUSD>4419582.06</valUSD>
        <pctVal>0.7613175078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alten SA</name>
        <lei>969500Y7G9TY7Y24GN07</lei>
        <title>Alten SA NPV</title>
        <cusip>F02626103</cusip>
        <identifiers>
          <isin value="FR0000071946"/>
          <ticker value="ABLGF"/>
        </identifiers>
        <balance>73276</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9095043"/>
        <valUSD>10565502</valUSD>
        <pctVal>1.8200140968</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nemetschek SE</name>
        <lei>529900R0S2IX1S358J38</lei>
        <title>Nemetschek SE ORD NPV</title>
        <cusip>D56134105</cusip>
        <identifiers>
          <isin value="DE0006452907"/>
          <ticker value="NEMTF"/>
        </identifiers>
        <balance>113161</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9095043"/>
        <valUSD>8239093.46</valUSD>
        <pctVal>1.4192668027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Evotec SE</name>
        <lei>529900F9KI6OYITO9B12</lei>
        <title>Evotec SE NPV</title>
        <cusip>D1646D105</cusip>
        <identifiers>
          <isin value="DE0005664809"/>
          <ticker value="EVOTF"/>
        </identifiers>
        <balance>97778</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9095043"/>
        <valUSD>2577688.02</valUSD>
        <pctVal>0.4440327145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vaisala Oyj</name>
        <lei>743700RNDD7KU11HW873</lei>
        <title>Vaisala Oyj SER'A'NPV</title>
        <cusip>X9598K108</cusip>
        <identifiers>
          <isin value="FI0009900682"/>
          <ticker value="VAIAF"/>
        </identifiers>
        <balance>195854</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9095043"/>
        <valUSD>7935896.86</valUSD>
        <pctVal>1.3670381356</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bechtle AG</name>
        <lei>529900HA2QT774RUXW59</lei>
        <title>Bechtle AG NPV</title>
        <cusip>D0873U103</cusip>
        <identifiers>
          <isin value="DE0005158703"/>
          <ticker value="BHTLF"/>
        </identifiers>
        <balance>206421</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9095043"/>
        <valUSD>9083787.29</valUSD>
        <pctVal>1.5647738196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEM Holdings AG</name>
        <lei>5067008AF2B2C5O7TJ43</lei>
        <title>LEM Holdings AG CHF0.50(REGD)</title>
        <cusip>H48909149</cusip>
        <identifiers>
          <isin value="CH0022427626"/>
          <ticker value="LEHN"/>
        </identifiers>
        <balance>5179</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".87205"/>
        <valUSD>12473979.46</valUSD>
        <pctVal>2.1487685546</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Herdez S.A.B. de C.V.</name>
        <lei>4469000001BQVIMOLQ55</lei>
        <title>Grupo Herdez S.A.B. de C.V. COM NPV</title>
        <cusip>P4951Q155</cusip>
        <identifiers>
          <isin value="MX01HE010008"/>
          <ticker value="GUZOF"/>
        </identifiers>
        <balance>2178018</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="16.745"/>
        <valUSD>6355208.09</valUSD>
        <pctVal>1.0947485801</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>Thule Group AB</name>
        <lei>549300XHHOGBOERKU333</lei>
        <title>Thule Group AB NPV</title>
        <cusip>W9T18N112</cusip>
        <identifiers>
          <isin value="SE0006422390"/>
          <ticker value="THLPF"/>
        </identifiers>
        <balance>268023</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.5264"/>
        <valUSD>8372258.78</valUSD>
        <pctVal>1.4422058698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HelloFresh SE</name>
        <lei>391200ZAF4V6XD2M9G57</lei>
        <title>HelloFresh SE NPV</title>
        <cusip>D3R2MA100</cusip>
        <identifiers>
          <isin value="DE000A161408"/>
          <ticker value="HLFFF"/>
        </identifiers>
        <balance>217467</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9095043"/>
        <valUSD>6194100.87</valUSD>
        <pctVal>1.0669962393</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>253155</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7792106"/>
        <valUSD>10573447.97</valUSD>
        <pctVal>1.8213828702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cheil Worldwide Inc.</name>
        <lei>N/A</lei>
        <title>Cheil Worldwide Inc. KRW200</title>
        <cusip>Y1296G108</cusip>
        <identifiers>
          <isin value="KR7030000004"/>
          <ticker value="CHMMF"/>
        </identifiers>
        <balance>477263</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1274.65"/>
        <valUSD>6800547.43</valUSD>
        <pctVal>1.1714627652</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>BML Inc</name>
        <lei>N/A</lei>
        <title>BML Inc NPV</title>
        <cusip>J0447V102</cusip>
        <identifiers>
          <isin value="JP3799700004"/>
          <ticker value="4694"/>
        </identifiers>
        <balance>141600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.265"/>
        <valUSD>2994231.59</valUSD>
        <pctVal>0.5157865384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Advantech Co Ltd.</name>
        <lei>2549002OSTKE9HB9IY03</lei>
        <title>Advantech Co Ltd. TWD10</title>
        <cusip>Y0017P108</cusip>
        <identifiers>
          <isin value="TW0002395001"/>
          <ticker value="ADTEF"/>
        </identifiers>
        <balance>308476</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.4265"/>
        <valUSD>3842882.73</valUSD>
        <pctVal>0.6619752418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NCsoft Corp.</name>
        <lei>N/A</lei>
        <title>NCsoft Corp. KRW500</title>
        <cusip>Y6258Y104</cusip>
        <identifiers>
          <isin value="KR7036570000"/>
          <ticker value="NCSCF"/>
        </identifiers>
        <balance>9648</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1274.65"/>
        <valUSD>2094659.86</valUSD>
        <pctVal>0.3608262507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Time Dotcom Bhd</name>
        <lei>N/A</lei>
        <title>Time Dotcom Bhd NPV</title>
        <cusip>Y8839J101</cusip>
        <identifiers>
          <isin value="MYL5031OO009"/>
          <ticker value="TMDMF"/>
        </identifiers>
        <balance>3877800</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.509"/>
        <valUSD>4618248.37</valUSD>
        <pctVal>0.7955397799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TravelSky Technology Ltd.</name>
        <lei>5299007TAWP4DZ6QFG73</lei>
        <title>TravelSky Technology Ltd. CLS'H' CNY1</title>
        <cusip>Y8972V101</cusip>
        <identifiers>
          <isin value="CNE1000004J3"/>
          <ticker value="TSYHF"/>
        </identifiers>
        <balance>2458000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7989"/>
        <valUSD>4709545.56</valUSD>
        <pctVal>0.8112666401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ariake Japan Co Ltd</name>
        <lei>353800PBX8D0J0H60M72</lei>
        <title>Ariake Japan Co Ltd NPV</title>
        <cusip>J01964105</cusip>
        <identifiers>
          <isin value="JP3125800007"/>
          <ticker value="AKEJF"/>
        </identifiers>
        <balance>259000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.265"/>
        <valUSD>9444430.25</valUSD>
        <pctVal>1.6268982005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dialog Group Berhad</name>
        <lei>N/A</lei>
        <title>Dialog Group Berhad NPV</title>
        <cusip>Y20641109</cusip>
        <identifiers>
          <isin value="MYL7277OO006"/>
          <ticker value="DGUPF"/>
        </identifiers>
        <balance>10852340</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.509"/>
        <valUSD>5533582.17</valUSD>
        <pctVal>0.9532152429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chipbond Technology Corp</name>
        <lei>254900AK7VTHB4UYLR40</lei>
        <title>Chipbond Technology Corp TWD10</title>
        <cusip>Y15657102</cusip>
        <identifiers>
          <isin value="TW0006147002"/>
          <ticker value="CPBTF"/>
        </identifiers>
        <balance>1901700</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.4265"/>
        <valUSD>4205417.76</valUSD>
        <pctVal>0.7244255508</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>Jcu Corporation</name>
        <lei>N/A</lei>
        <title>Jcu Corporation NPV</title>
        <cusip>J2810V107</cusip>
        <identifiers>
          <isin value="JP3166200000"/>
          <ticker value="EBAUF"/>
        </identifiers>
        <balance>261300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.265"/>
        <valUSD>6223225.86</valUSD>
        <pctVal>1.0720133121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eclat Textile Co Ltd.</name>
        <lei>N/A</lei>
        <title>Eclat Textile Co Ltd. TWD10</title>
        <cusip>Y2237Y109</cusip>
        <identifiers>
          <isin value="TW0001476000"/>
          <ticker value="ECLAF"/>
        </identifiers>
        <balance>182909</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.4265"/>
        <valUSD>3158105.64</valUSD>
        <pctVal>0.5440154934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Haitian International Holdings Limited</name>
        <lei>30030093DDRS825TVP62</lei>
        <title>Haitian International Holdings Limited HKD0.10</title>
        <cusip>G4232C108</cusip>
        <identifiers>
          <isin value="KYG4232C1087"/>
          <ticker value="1882"/>
        </identifiers>
        <balance>3657000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7989"/>
        <valUSD>9113843.84</valUSD>
        <pctVal>1.5699513629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Max Financial Services Limited</name>
        <lei>335800Y9FX8XGFB64S40</lei>
        <title>Max Financial Services Limited INR2</title>
        <cusip>Y5903C145</cusip>
        <identifiers>
          <isin value="INE180A01020"/>
          <ticker value="MFSL"/>
        </identifiers>
        <balance>1327169</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="82.24875"/>
        <valUSD>13146548.17</valUSD>
        <pctVal>2.2646252865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Misumi Group Inc.</name>
        <lei>353800SJWGE5BEK2V032</lei>
        <title>Misumi Group Inc. NPV</title>
        <cusip>J43293109</cusip>
        <identifiers>
          <isin value="JP3885400006"/>
          <ticker value="MSUXF"/>
        </identifiers>
        <balance>88900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.265"/>
        <valUSD>1627945.86</valUSD>
        <pctVal>0.2804300651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pigeon Corp</name>
        <lei>N/A</lei>
        <title>Pigeon Corp NPV</title>
        <cusip>J63739106</cusip>
        <identifiers>
          <isin value="JP3801600002"/>
          <ticker value="PIGEF"/>
        </identifiers>
        <balance>259700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.265"/>
        <valUSD>3508414.71</valUSD>
        <pctVal>0.6043597578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rinnai Corp</name>
        <lei>N/A</lei>
        <title>Rinnai Corp NPV</title>
        <cusip>J65199101</cusip>
        <identifiers>
          <isin value="JP3977400005"/>
          <ticker value="RINIF"/>
        </identifiers>
        <balance>127200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.265"/>
        <valUSD>2770887.32</valUSD>
        <pctVal>0.4773132392</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Santen Pharmaceutical Co Ltd.</name>
        <lei>529900TPT3I7C17MIM03</lei>
        <title>Santen Pharmaceutical Co Ltd. NPV</title>
        <cusip>J68467109</cusip>
        <identifiers>
          <isin value="JP3336000009"/>
          <ticker value="SNPHF"/>
        </identifiers>
        <balance>369600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.265"/>
        <valUSD>3225741.24</valUSD>
        <pctVal>0.5556664065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marel Hf</name>
        <lei>5299008YTLEN09WTHW26</lei>
        <title>Marel Hf ISK1</title>
        <cusip>X5187X105</cusip>
        <identifiers>
          <isin value="IS0000000388"/>
          <ticker value="MRRLF"/>
        </identifiers>
        <balance>2382556</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9095043"/>
        <valUSD>7858342.45</valUSD>
        <pctVal>1.3536786077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IS</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yantai China Pet Foods Co.,Ltd.</name>
        <lei>655600CR5H76LMBJYO93</lei>
        <title>Yantai China Pet Foods Co.,Ltd. A CNY1</title>
        <cusip>Y973A9100</cusip>
        <identifiers>
          <isin value="CNE1000032L0"/>
          <ticker value="002891"/>
        </identifiers>
        <balance>1190299</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.1476"/>
        <valUSD>4177142.58</valUSD>
        <pctVal>0.7195548664</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>Prodia Widyahusada Tbk</name>
        <lei>N/A</lei>
        <title>Prodia Widyahusada Tbk IDR100</title>
        <cusip>Y707BK106</cusip>
        <identifiers>
          <isin value="ID1000138001"/>
          <ticker value="PRWDF"/>
        </identifiers>
        <balance>8419700</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15080"/>
        <valUSD>3685254.11</valUSD>
        <pctVal>0.6348221249</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>Airtel Africa PLC</name>
        <lei>254900ZNZDQL6OWQH623</lei>
        <title>Airtel Africa PLC ORD USD0.5</title>
        <cusip>G01415101</cusip>
        <identifiers>
          <isin value="GB00BKDRYJ47"/>
          <ticker value="AAFRF"/>
        </identifiers>
        <balance>2305695</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7792106"/>
        <valUSD>3448757.67</valUSD>
        <pctVal>0.5940832320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Linea Directa Aseguradora S.A.</name>
        <lei>95980079E2NBJT967T79</lei>
        <title>Linea Directa Aseguradora S.A. EUR0.04</title>
        <cusip>E7S7AP108</cusip>
        <identifiers>
          <isin value="ES0105546008"/>
          <ticker value="LNDAF"/>
        </identifiers>
        <balance>7668929</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".9095043"/>
        <valUSD>7445564.13</valUSD>
        <pctVal>1.2825733860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2023-08-23</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>
