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      <regZipOrPostalCode>08807</regZipOrPostalCode>
      <regPhone>877-435-8105</regPhone>
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      <repPdEnd>2026-10-31</repPdEnd>
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        <name>KWS SAAT SE KGAA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GRUPO HERDEZ SAB DE CV</name>
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        <name>ASPEED TECH. INC</name>
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      </invstOrSec>
      <invstOrSec>
        <name>TIME DOTCOM BHD</name>
        <lei>N/A</lei>
        <title>TIME DOTCOM BHD</title>
        <cusip>Y8839J101</cusip>
        <identifiers>
          <isin value="MYL5031OO009"/>
          <ticker value="TMDMF"/>
        </identifiers>
        <balance>1478300</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="3.942"/>
        <valUSD>2239089.9</valUSD>
        <pctVal>0.9119193805</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>BUMRUNGRAD HOSPITAL PCL</name>
        <lei>N/A</lei>
        <title>BUMRUNGRAD HOSPITAL PCL</title>
        <cusip>Y1002E256</cusip>
        <identifiers>
          <isin value="TH0168A10Z19"/>
        </identifiers>
        <balance>339500</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="31.465"/>
        <valUSD>1807285.87</valUSD>
        <pctVal>0.7360575433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASAHI INTECC CO LTD</name>
        <lei>353800J3AV2SCNIO8L39</lei>
        <title>ASAHI INTECC CO LTD</title>
        <cusip>J0279C107</cusip>
        <identifiers>
          <isin value="JP3110650003"/>
          <ticker value="AHICF"/>
        </identifiers>
        <balance>165400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76"/>
        <valUSD>2745777</valUSD>
        <pctVal>1.1182790208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HAITIAN INTL. HLDGS. LTD</name>
        <lei>30030093DDRS825TVP62</lei>
        <title>HAITIAN INTL. HLDGS. LTD</title>
        <cusip>G4232C108</cusip>
        <identifiers>
          <isin value="KYG4232C1087"/>
          <ticker value="1882"/>
        </identifiers>
        <balance>548000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8121"/>
        <valUSD>1700125.93</valUSD>
        <pctVal>0.6924142639</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>MAX FINL. SERVS. LTD</name>
        <lei>335800Y9FX8XGFB64S40</lei>
        <title>MAX FINL. SERVS. LTD</title>
        <cusip>Y5903C145</cusip>
        <identifiers>
          <isin value="INE180A01020"/>
          <ticker value="MFSL"/>
        </identifiers>
        <balance>255830</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="91.9875"/>
        <valUSD>4489669.4</valUSD>
        <pctVal>1.8285181573</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>SANTEN PHARM. CO LTD</name>
        <lei>529900TPT3I7C17MIM03</lei>
        <title>SANTEN PHARM. CO LTD</title>
        <cusip>J68467109</cusip>
        <identifiers>
          <isin value="JP3336000009"/>
          <ticker value="SNPHF"/>
        </identifiers>
        <balance>398600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76"/>
        <valUSD>4482307.73</valUSD>
        <pctVal>1.8255199527</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>CLARKSON PLC</name>
        <lei>2138007G6BGTEHI3OT22</lei>
        <title>CLARKSON PLC</title>
        <cusip>G21840106</cusip>
        <identifiers>
          <isin value="GB0002018363"/>
          <ticker value="CKNHF"/>
        </identifiers>
        <balance>119785</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7308071"/>
        <valUSD>6867428.7</valUSD>
        <pctVal>2.7969137486</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</title>
        <cusip>G2504J108</cusip>
        <identifiers>
          <isin value="GB0002318888"/>
          <ticker value="CRWKF"/>
        </identifiers>
        <balance>78110</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7308071"/>
        <valUSD>5622248.47</valUSD>
        <pctVal>2.2897862840</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>HOA PHAT GRP. JSC</name>
        <lei>549300ODJEFGL5CWKD32</lei>
        <title>HOA PHAT GRP. JSC</title>
        <cusip>Y3231H100</cusip>
        <identifiers>
          <isin value="VN000000HPG4"/>
          <ticker value="HPG"/>
        </identifiers>
        <balance>5429102</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="25937"/>
        <valUSD>5597761.72</valUSD>
        <pctVal>2.2798135081</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>SHANGHAI BOCHU ELECTRONIC</name>
        <lei>549300YYZ76IVQGGBM98</lei>
        <title>SHANGHAI BOCHU ELECTRONIC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE100003LY6"/>
          <ticker value="688188"/>
        </identifiers>
        <balance>77469</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.96055"/>
        <valUSD>1673852.82</valUSD>
        <pctVal>0.6817139529</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 TECH. AG</name>
        <lei>8945004AW6QK8JHNQP69</lei>
        <title>PFEIFFER VACUUM TECH. AG</title>
        <cusip>D6058X101</cusip>
        <identifiers>
          <isin value="DE0006916604"/>
          <ticker value="PFFVF"/>
        </identifiers>
        <balance>18854</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8436326"/>
        <valUSD>3665110.3</valUSD>
        <pctVal>1.4926980441</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>RATHBONES GRP. PLC</name>
        <lei>213800MBTHM6UE8ZQP29</lei>
        <title>RATHBONES GRP. PLC</title>
        <cusip>G73904107</cusip>
        <identifiers>
          <isin value="GB0002148343"/>
          <ticker value="RTBBF"/>
        </identifiers>
        <balance>72536</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7308071"/>
        <valUSD>2193230.96</valUSD>
        <pctVal>0.8932423027</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>GAMES WORKSHOP GRP. PLC</name>
        <lei>213800RP9QJQYGWHNT41</lei>
        <title>GAMES WORKSHOP GRP. PLC</title>
        <cusip>G3715N102</cusip>
        <identifiers>
          <isin value="GB0003718474"/>
          <ticker value="GMWKF"/>
        </identifiers>
        <balance>5664</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7308071"/>
        <valUSD>1323068.08</valUSD>
        <pctVal>0.5388490314</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 GBP0.10</name>
        <lei>5493002HQHWN5JQHKQ51</lei>
        <title>SENIOR PLC GBP0.10</title>
        <cusip>G8031U102</cusip>
        <identifiers>
          <isin value="GB0007958233"/>
          <ticker value="SNIRF"/>
        </identifiers>
        <balance>2975427</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7308071"/>
        <valUSD>9985387.55</valUSD>
        <pctVal>4.0667721419</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>ARTEA BANKAS AB</name>
        <lei>549300TK038P6EV4YU51</lei>
        <title>ARTEA BANKAS AB</title>
        <cusip>X0639R103</cusip>
        <identifiers>
          <isin value="LT0000102253"/>
          <ticker value="ROE1L"/>
        </identifiers>
        <balance>4379314</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8436326"/>
        <valUSD>4982268.25</valUSD>
        <pctVal>2.0291400430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOSSARD HLDG. AG</name>
        <lei>5067001959OEPG6X8016</lei>
        <title>BOSSARD HLDG. AG</title>
        <cusip>H09904105</cusip>
        <identifiers>
          <isin value="CH0238627142"/>
          <ticker value="BHAGF"/>
        </identifiers>
        <balance>13248</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".77305"/>
        <valUSD>2603274.82</valUSD>
        <pctVal>1.0602418246</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>TEAMVIEWER SE</name>
        <lei>3912000FZ0R0KEK9JS42</lei>
        <title>TEAMVIEWER SE</title>
        <cusip>D8T895100</cusip>
        <identifiers>
          <isin value="DE000A2YN900"/>
          <ticker value="TMVWF"/>
        </identifiers>
        <balance>207332</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8436326"/>
        <valUSD>1390912.73</valUSD>
        <pctVal>0.5664802807</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>BALTIC CLASSIFIEDS GRP. P</name>
        <lei>213800I1RPHCFSSQS969</lei>
        <title>BALTIC CLASSIFIEDS GRP. P</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BN44P254"/>
          <ticker value="BCG"/>
        </identifiers>
        <balance>1755698</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7308071"/>
        <valUSD>4889020.89</valUSD>
        <pctVal>1.9911629726</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</title>
        <cusip>D27462387</cusip>
        <identifiers>
          <isin value="DE000A3E5D56"/>
          <ticker value="FUPEF"/>
        </identifiers>
        <balance>116096</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8436326"/>
        <valUSD>4100790.4</valUSD>
        <pctVal>1.6701384974</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>GLOBANT SA</name>
        <lei>2221008DCMSPYS42DS88</lei>
        <title>GLOBANT SA</title>
        <cusip>L44385109</cusip>
        <identifiers>
          <isin value="LU0974299876"/>
          <ticker value="GLOB"/>
        </identifiers>
        <balance>32449</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2170189.12</valUSD>
        <pctVal>0.8838579987</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>BELIMO HLDG. AG</name>
        <lei>506700339DLX749VEM23</lei>
        <title>BELIMO HLDG. AG</title>
        <cusip>H07171129</cusip>
        <identifiers>
          <isin value="CH1101098163"/>
          <ticker value="BLHWF"/>
        </identifiers>
        <balance>3351</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".77305"/>
        <valUSD>3675879.53</valUSD>
        <pctVal>1.4970840536</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>MEDISTIM ASA</name>
        <lei>5967007LIEEXZXJOX483</lei>
        <title>MEDISTIM ASA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NO0010159684"/>
          <ticker value="MEDI"/>
        </identifiers>
        <balance>103566</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.6305"/>
        <valUSD>2409838.09</valUSD>
        <pctVal>0.9814603952</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>LOTUS BAKERIES NV</name>
        <lei>5493004C0K34IFI67I03</lei>
        <title>LOTUS BAKERIES NV</title>
        <cusip>B5783H102</cusip>
        <identifiers>
          <isin value="BE0003604155"/>
          <ticker value="LOTB"/>
        </identifiers>
        <balance>347</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8436326"/>
        <valUSD>4079358.83</valUSD>
        <pctVal>1.6614100118</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>SOCIETATEA NATIONALA DE G</name>
        <lei>2549009R7KJ38D9RW354</lei>
        <title>SOCIETATEA NATIONALA DE G</title>
        <cusip>X8T90R107</cusip>
        <identifiers>
          <isin value="ROSNGNACNOR3"/>
          <ticker value="SNG"/>
        </identifiers>
        <balance>1064494</balance>
        <units>NS</units>
        <currencyConditional curCd="RON" exchangeRt="4.29795"/>
        <valUSD>2802916.38</valUSD>
        <pctVal>1.1415503097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHANGHAI HANBELL A CNY1</name>
        <lei>N/A</lei>
        <title>SHANGHAI HANBELL A CNY1</title>
        <cusip>Y76832107</cusip>
        <identifiers>
          <isin value="CNE1000006J8"/>
          <ticker value="002158"/>
        </identifiers>
        <balance>737500</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.96055"/>
        <valUSD>2634354.39</valUSD>
        <pctVal>1.0728996738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHEIL WORLDWIDE INC</name>
        <lei>N/A</lei>
        <title>CHEIL WORLDWIDE INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7030000004"/>
          <ticker value="CHMMF"/>
        </identifiers>
        <balance>119275</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1439.4"/>
        <valUSD>1821823.53</valUSD>
        <pctVal>0.7419783301</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>TRAVELSKY TECH. LTD</name>
        <lei>5299007TAWP4DZ6QFG73</lei>
        <title>TRAVELSKY TECH. LTD</title>
        <cusip>Y8972V101</cusip>
        <identifiers>
          <isin value="CNE1000004J3"/>
          <ticker value="TSYHF"/>
        </identifiers>
        <balance>2743000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8121"/>
        <valUSD>3734393.61</valUSD>
        <pctVal>1.5209152198</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</title>
        <cusip>J01964105</cusip>
        <identifiers>
          <isin value="JP3125800007"/>
          <ticker value="AKEJF"/>
        </identifiers>
        <balance>95800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76"/>
        <valUSD>3467759.43</valUSD>
        <pctVal>1.4123224937</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 GRP. BHD</name>
        <lei>N/A</lei>
        <title>DIALOG GRP. BHD</title>
        <cusip>Y20641109</cusip>
        <identifiers>
          <isin value="MYL7277OO006"/>
          <ticker value="DGUPF"/>
        </identifiers>
        <balance>2601140</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="3.942"/>
        <valUSD>1082903.23</valUSD>
        <pctVal>0.4410365312</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>JCU CORP</name>
        <lei>N/A</lei>
        <title>JCU CORP</title>
        <cusip>J2810V107</cusip>
        <identifiers>
          <isin value="JP3166200000"/>
          <ticker value="EBAUF"/>
        </identifiers>
        <balance>68100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76"/>
        <valUSD>2490334.03</valUSD>
        <pctVal>1.0142441649</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>MISUMI GRP. INC</name>
        <lei>353800SJWGE5BEK2V032</lei>
        <title>MISUMI GRP. INC</title>
        <cusip>J43293109</cusip>
        <identifiers>
          <isin value="JP3885400006"/>
          <ticker value="MSUXF"/>
        </identifiers>
        <balance>128300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76"/>
        <valUSD>2119934.27</valUSD>
        <pctVal>0.8633905884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROHTO PHARM. CO LTD</name>
        <lei>353800Q1CW5OS81OUM12</lei>
        <title>ROHTO PHARM. CO LTD</title>
        <cusip>J65371106</cusip>
        <identifiers>
          <isin value="JP3982400008"/>
          <ticker value="RPHCF"/>
        </identifiers>
        <balance>307000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76"/>
        <valUSD>5076174.14</valUSD>
        <pctVal>2.0673853145</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>DIASORIN SPA</name>
        <lei>8156002878BDF0EE4348</lei>
        <title>DIASORIN SPA</title>
        <cusip>T3475Y104</cusip>
        <identifiers>
          <isin value="IT0003492391"/>
          <ticker value="DSRLF"/>
        </identifiers>
        <balance>22389</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8436326"/>
        <valUSD>1915630.24</valUSD>
        <pctVal>0.7801832082</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>SQUARE PHARMACEUTICALS</name>
        <lei>254900R3NU1J5X39Y909</lei>
        <title>SQUARE PHARMACEUTICALS</title>
        <cusip>Y8132X104</cusip>
        <identifiers>
          <isin value="BD0473SQPH00"/>
          <ticker value="SQPHF"/>
        </identifiers>
        <balance>1033836</balance>
        <units>NS</units>
        <currencyConditional curCd="BDT" exchangeRt="122.25"/>
        <valUSD>1851853.38</valUSD>
        <pctVal>0.7542086573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BD</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANKINTER SA</name>
        <lei>VWMYAEQSTOPNV0SUGU82</lei>
        <title>BANKINTER SA</title>
        <cusip>E2116H880</cusip>
        <identifiers>
          <isin value="ES0113679I37"/>
          <ticker value="BKIMF"/>
        </identifiers>
        <balance>101188</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8436326"/>
        <valUSD>1732166.77</valUSD>
        <pctVal>0.7054636117</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>
      <invstOrSec>
        <name>SYSMEX CORP</name>
        <lei>5299001ZO4CKWACMZI55</lei>
        <title>SYSMEX CORP</title>
        <cusip>J7864H102</cusip>
        <identifiers>
          <isin value="JP3351100007"/>
          <ticker value="SSMXF"/>
        </identifiers>
        <balance>115100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76"/>
        <valUSD>1091108.65</valUSD>
        <pctVal>0.4443783718</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRAFTON GRP. PLC</name>
        <lei>635400BE9SBAG61DJ963</lei>
        <title>GRAFTON GRP. PLC</title>
        <cusip>G4035Q189</cusip>
        <identifiers>
          <isin value="IE00B00MZ448"/>
          <ticker value="GROUF"/>
        </identifiers>
        <balance>247278</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7308071"/>
        <valUSD>3167303.08</valUSD>
        <pctVal>1.2899549333</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>QINGDAO HAIER BIOMEDICAL</name>
        <lei>65560007PZ5ME4672K78</lei>
        <title>QINGDAO HAIER BIOMEDICAL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE100003P25"/>
          <ticker value="688139"/>
        </identifiers>
        <balance>820100</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.96055"/>
        <valUSD>3929449.48</valUSD>
        <pctVal>1.6003560802</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>YANTAI CHINA PET FOODS CO</name>
        <lei>655600CR5H76LMBJYO93</lei>
        <title>YANTAI CHINA PET FOODS CO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE1000032L0"/>
          <ticker value="002891"/>
        </identifiers>
        <balance>359199</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.96055"/>
        <valUSD>2544329.48</valUSD>
        <pctVal>1.0362350182</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>TEMENOS AG</name>
        <lei>5067007NW6550481FH64</lei>
        <title>TEMENOS AG</title>
        <cusip>H8547Q107</cusip>
        <identifiers>
          <isin value="CH0012453913"/>
          <ticker value="TMNSF"/>
        </identifiers>
        <balance>11963</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".77305"/>
        <valUSD>1058690.71</valUSD>
        <pctVal>0.4311754416</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>TECAN GRP. AG</name>
        <lei>529900CSN9R3BLETSL26</lei>
        <title>TECAN GRP. AG</title>
        <cusip>H84774167</cusip>
        <identifiers>
          <isin value="CH0012100191"/>
          <ticker value="TCHBF"/>
        </identifiers>
        <balance>8220</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".77305"/>
        <valUSD>1447491.29</valUSD>
        <pctVal>0.5895231632</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>SONY FINL. HLDGS. INC</name>
        <lei>353800O7BDSU41WOZA60</lei>
        <title>SONY FINL. HLDGS. INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3435350008"/>
          <ticker value="8729"/>
        </identifiers>
        <balance>3764800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76"/>
        <valUSD>3785812.87</valUSD>
        <pctVal>1.5418568621</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>FPT CORP</name>
        <lei>N/A</lei>
        <title>FPT CORP</title>
        <cusip>Y26333107</cusip>
        <identifiers>
          <isin value="VN000000FPT1"/>
          <ticker value="FPT"/>
        </identifiers>
        <balance>221315</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="25937"/>
        <valUSD>891270.95</valUSD>
        <pctVal>0.3629900044</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>MEGACABLE HLDGS. SAB DE C</name>
        <lei>N/A</lei>
        <title>MEGACABLE HLDGS. SAB DE C</title>
        <cusip>P652AE117</cusip>
        <identifiers>
          <isin value="MX01ME090003"/>
          <ticker value="MHSDF"/>
        </identifiers>
        <balance>878100</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.476"/>
        <valUSD>3073048.52</valUSD>
        <pctVal>1.2515676582</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</title>
        <cusip>G0535Q133</cusip>
        <identifiers>
          <isin value="KYG0535Q1331"/>
          <ticker value="ASMVF"/>
        </identifiers>
        <balance>111000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8121"/>
        <valUSD>1487060.73</valUSD>
        <pctVal>0.6056387015</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>BRENNTAG SE</name>
        <lei>NNROIXVWJ7CPSR27SV97</lei>
        <title>BRENNTAG SE</title>
        <cusip>D12459117</cusip>
        <identifiers>
          <isin value="DE000A1DAHH0"/>
          <ticker value="BNTGF"/>
        </identifiers>
        <balance>30336</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8436326"/>
        <valUSD>1847841.45</valUSD>
        <pctVal>0.7525747092</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>AIRTEL AFRICA PLC</name>
        <lei>254900ZNZDQL6OWQH623</lei>
        <title>AIRTEL AFRICA PLC</title>
        <cusip>G01415101</cusip>
        <identifiers>
          <isin value="GB00BKDRYJ47"/>
          <ticker value="AAFRF"/>
        </identifiers>
        <balance>772998</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7308071"/>
        <valUSD>3385163.29</valUSD>
        <pctVal>1.3786833705</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 SYS. ASA</name>
        <lei>549300J726JCFJU3VT89</lei>
        <title>TOMRA SYS. ASA</title>
        <cusip>R91733155</cusip>
        <identifiers>
          <isin value="NO0012470089"/>
          <ticker value="TMRAF"/>
        </identifiers>
        <balance>159513</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.6305"/>
        <valUSD>2122036.41</valUSD>
        <pctVal>0.8642467319</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>LINEA DIRECTA ASEGURADORA</name>
        <lei>95980079E2NBJT967T79</lei>
        <title>LINEA DIRECTA ASEGURADORA</title>
        <cusip>E7S7AP108</cusip>
        <identifiers>
          <isin value="ES0105546008"/>
          <ticker value="LNDAF"/>
        </identifiers>
        <balance>1943864</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8436326"/>
        <valUSD>2712696.51</valUSD>
        <pctVal>1.1048062523</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>
      <invstOrSec>
        <name>YOUGOV PLC</name>
        <lei>213800MZGBGCJIPOBB41</lei>
        <title>YOUGOV PLC</title>
        <cusip>G9875S112</cusip>
        <identifiers>
          <isin value="GB00B1VQ6H25"/>
          <ticker value="YUGVF"/>
        </identifiers>
        <balance>639503</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7308071"/>
        <valUSD>2095673.54</valUSD>
        <pctVal>0.8535098641</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>KINAXIS INC</name>
        <lei>5299009VAZ14K7PFUQ15</lei>
        <title>KINAXIS INC</title>
        <cusip>49448Q109</cusip>
        <identifiers>
          <isin value="CA49448Q1090"/>
          <ticker value="KXSCF"/>
        </identifiers>
        <balance>18950</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36165"/>
        <valUSD>1913579.11</valUSD>
        <pctVal>0.7793478397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SH KELKAR LTD</name>
        <lei>335800RVWLVBPADSJ448</lei>
        <title>SH KELKAR LTD</title>
        <cusip>Y7T57W116</cusip>
        <identifiers>
          <isin value="INE500L01026"/>
          <ticker value="SHK"/>
        </identifiers>
        <balance>815106</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="91.9875"/>
        <valUSD>1285326.62</valUSD>
        <pctVal>0.5234779787</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>PARADOX INTERACTIVE AB</name>
        <lei>529900QNSZUY53R5WW95</lei>
        <title>PARADOX INTERACTIVE AB</title>
        <cusip>W7S83E109</cusip>
        <identifiers>
          <isin value="SE0008294953"/>
          <ticker value="PRXXF"/>
        </identifiers>
        <balance>94252</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.9075"/>
        <valUSD>1369634.51</valUSD>
        <pctVal>0.5578142503</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>SPIRAX GROUP PLC</name>
        <lei>213800WFVZQMHOZP2W17</lei>
        <title>SPIRAX GROUP PLC</title>
        <cusip>G83561129</cusip>
        <identifiers>
          <isin value="GB00BWFGQN14"/>
          <ticker value="SPXSF"/>
        </identifiers>
        <balance>50613</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7308071"/>
        <valUSD>5040300.85</valUSD>
        <pctVal>2.0527751157</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>HEXPOL AB</name>
        <lei>549300MN30TBRLYN3465</lei>
        <title>HEXPOL AB</title>
        <cusip>W4580B159</cusip>
        <identifiers>
          <isin value="SE0007074281"/>
          <ticker value="HXPLF"/>
        </identifiers>
        <balance>208453</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.9075"/>
        <valUSD>1701683.51</valUSD>
        <pctVal>0.6930486231</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>SCOUT24 SE</name>
        <lei>5493007EIKM2ENQS7U66</lei>
        <title>SCOUT24 SE</title>
        <cusip>D345XT105</cusip>
        <identifiers>
          <isin value="DE000A12DM80"/>
          <ticker value="SCOTF"/>
        </identifiers>
        <balance>36401</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8436326"/>
        <valUSD>3626518.2</valUSD>
        <pctVal>1.4769805492</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>CAREL INDS. SPA</name>
        <lei>815600115DA6E507AE33</lei>
        <title>CAREL INDS. SPA</title>
        <cusip>T2R2A6107</cusip>
        <identifiers>
          <isin value="IT0005331019"/>
          <ticker value="CRL"/>
        </identifiers>
        <balance>85150</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8436326"/>
        <valUSD>2119479.95</valUSD>
        <pctVal>0.8632055564</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>NI TREASURY PORTFOLIO</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NI TREASURY PORTFOLIO</title>
        <cusip>665279873</cusip>
        <identifiers>
          <isin value="US6652798736"/>
          <ticker value="NTPXX"/>
        </identifiers>
        <balance>6444949.51</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6444949.51</valUSD>
        <pctVal>2.6248496608</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>SHIFT INC</name>
        <lei>353800HJXMOPLJ7BO262</lei>
        <title>SHIFT INC</title>
        <cusip>J7167W103</cusip>
        <identifiers>
          <isin value="JP3355400007"/>
          <ticker value="SFTTF"/>
        </identifiers>
        <balance>860400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76"/>
        <valUSD>4073299.33</valUSD>
        <pctVal>1.6589421450</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>CRODA INTL. PLC</name>
        <lei>2138004WCNBFJEEOXV26</lei>
        <title>CRODA INTL. PLC</title>
        <cusip>G25536155</cusip>
        <identifiers>
          <isin value="GB00BJFFLV09"/>
          <ticker value="COIHF"/>
        </identifiers>
        <balance>75444</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7308071"/>
        <valUSD>2819051.4</valUSD>
        <pctVal>1.1481216571</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-02-24</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>
