# EDGAR Filing Document

**Accession Number:** 0001018170
**File Stem:** 0002066578-25-001992
**Filing Date:** 2025-12
**Character Count:** 462208
**Document Hash:** 95f613432a87be082ca87f568be800d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001992.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0002066578-25-001992

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**EFFECTIVENESS DATE**: 20251223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HARDING LOEVNER FUNDS INC
- **CENTRAL INDEX KEY:** 0001018170

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07739
- **FILM NUMBER:** 251600127

**BUSINESS ADDRESS:**
- **STREET 1:** 400 CROSSING BLVD.
- **STREET 2:** FOURTH FLOOR
- **CITY:** BRIDGEWATER
- **STATE:** NJ
- **ZIP:** 08807
- **BUSINESS PHONE:** 8774358105

**MAIL ADDRESS:**
- **STREET 1:** 333 S. WABASH AVENUE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60604

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HLM FUNDS INC/ FA
- **DATE OF NAME CHANGE:** 19960705

## Series and Classes Contracts Data

### Harding Loevner International Equity Portfolio (Series ID: S000004199)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000011817 | Institutional         | HLMIX           |
| C000011818 | Investor              | HLMNX           |
| C000179658 | Institutional Class Z | HLIZX           |

### Harding Loevner Global Equity Portfolio (Series ID: S000004200)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000011819 | Advisor               | HLMGX           |
| C000079785 | Institutional         | HLMVX           |
| C000179659 | Institutional Class Z | HLGZX           |

### Harding Loevner Emerging Markets Portfolio (Series ID: S000004201)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011821 | Advisor      | HLEMX           |

### Harding Loevner Institutional Emerging Markets Portfolio (Series ID: S000004202)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000011822 | Institutional         | HLMEX           |
| C000138298 | Institutional Class Z | HLEZX           |

### Harding Loevner International Small Companies Portfolio (Series ID: S000016295)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000045116 | INSTITUTIONAL         | HLMRX           |
| C000045117 | INVESTOR              | HLMSX           |
| C000240396 | Institutional Class Z | HLRZX           |

### Harding Loevner Frontier Emerging Markets Portfolio (Series ID: S000022393)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000064415 | Institutional Class   | HLFMX           |
| C000064416 | Investor              | HLMOX           |
| C000179660 | Institutional Class Z | HLFZX           |

### Chinese Equity Portfolio (Series ID: S000070285)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000223577 | Institutional Class | HLMCX           |

### Emerging Markets ex China Portfolio (Series ID: S000076791)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000236826 | Institutional Class | HLXCX           |

### International Developed Markets Equity Portfolio (Series ID: S000077702)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000238190 | Institutional Class | HLIDX           |

?xml version='1.0' encoding='ASCII'? e1841245-226e-4c6d-8244-10016f08f13d

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-07739

#### Harding, Loevner Funds, Inc.
(Exact name of registrant as specified in charter)

------

400 Crossing Boulevard

Fourth Floor

Bridgewater, NJ 08807

(Address of principal executive offices)(Zip code)

Andrew E. Oliva

The Northern Trust Company

333 South Wabash Avenue

Chicago, IL 60604

With a copy to:

Stephen H. Bier, Esq.

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(877) 435-8105

#### Date of fiscal year end:

#### 10/31

#### Date of reporting period:

#### 10/31/2025

#### Item 1. Reports to Stockholders.
(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

(b) Not Applicable.

![TSR_Header Logo (updated)](images_7660.jpg)

## Global Equity
Annual Shareholder Report

Advisor Class HLMGX \| October 31, 2025

This annual shareholder report contains important information about the Global Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Global Equity (Advisor Class) | $115 | 1.08% |

---

#### Management's Discussion of Fund Performance
The Global Equity Advisor Class (HLMGX) increased 13.33% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI All Country World Index, increased 22.64% (net of source taxes).

Key Performance Factors

Stocks rose across the major world regions despite shifting US tariff policy. The Information Technology (IT) and Communication Services sectors surged amid enthusiasm for artificial intelligence (AI). Health Care, a sector facing heightened political and regulatory uncertainty in the US, underperformed. The Fund's relative returns were hurt by poor stocks in IT and Financials. Strong performance and an overweight in Communication Services helped.

Sector Analysis

IT-services companies Globant and Accenture faced concerns over weak demand and fears that AI tools might reduce the need for IT consultants. In Financials, shares of Tradeweb, a fixed-income digital trading platform, fell on worries about rising competition. In Communication Services, streaming-entertainment company Netflix enjoyed strong growth in its new ad-supported subscription plan.

Regional Analysis

Returns in the US were hurt by Health Care holdings including Vertex Pharmaceuticals, which reported that its non-opioid pain treatment candidate failed to perform better than a placebo in a phase 2 clinical trial. Chinese social-media and online-gaming company Tencent said revenue rose and margins improved, as AI-powered tools boosted advertising click-through rates.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Netflix | UnitedHealth Group |
| Amphenol | Globant |
| Alphabet | Vertex Pharmaceuticals |
| Sony | Tradeweb |
| Tencent | Accenture |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $10,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $10,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3187130.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 13.33 | 7.46 | 9.66 |
| MSCI All Country World Index | 22.64 | 14.61 | 11.31 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $581.1M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $3.9M |
| Total number of holdings | 63 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 30% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Alphabet Inc., Class A | 4.8 |
| Microsoft Corp. | 4.6 |
| Amazon.com Inc. | 4.2 |
| Tencent Holdings Ltd. | 3.5 |
| Schneider Electric SE | 3.4 |
| Netflix Inc. | 3.2 |
| Meta Platforms Inc., Class A | 2.9 |
| ASML Holding NV | 2.7 |
| Booking Holdings Inc. | 2.6 |
| NVIDIA Corp. | 2.5 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3187135.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3187140.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the 12-month period ended October 31, 2025.

For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at HardingLoevnerFunds.com or upon special request at (877) 435-8105.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

![TSR_Header Logo (updated)](images_7660.jpg)

## Global Equity
Annual Shareholder Report

Institutional Class HLMVX \| October 31, 2025

This annual shareholder report contains important information about the Global Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Global Equity (Institutional Class) | $91 | 0.85% |

---

#### Management's Discussion of Fund Performance
The Global Equity Institutional Class (HLMVX) increased 13.56% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI All Country World Index, increased 22.64% (net of source taxes).

Key Performance Factors

Stocks rose across the major world regions despite shifting US tariff policy. The Information Technology (IT) and Communication Services sectors surged amid enthusiasm for artificial intelligence (AI). Health Care, a sector facing heightened political and regulatory uncertainty in the US, underperformed. The Fund's relative returns were hurt by poor stocks in IT and Financials. Strong performance and an overweight in Communication Services helped.

Sector Analysis

IT-services companies Globant and Accenture faced concerns over weak demand and fears that AI tools might reduce the need for IT consultants. In Financials, shares of Tradeweb, a fixed-income digital trading platform, fell on worries about rising competition. In Communication Services, streaming-entertainment company Netflix enjoyed strong growth in its new ad-supported subscription plan.

Regional Analysis

Returns in the US were hurt by Health Care holdings including Vertex Pharmaceuticals, which reported that its non-opioid pain treatment candidate failed to perform better than a placebo in a phase 2 clinical trial. Chinese social-media and online-gaming company Tencent said revenue rose and margins improved, as AI-powered tools boosted advertising click-through rates.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Netflix | UnitedHealth Group |
| Amphenol | Globant |
| Alphabet | Vertex Pharmaceuticals |
| Sony | Tradeweb |
| Tencent | Accenture |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $100,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3187075.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 13.56 | 7.70 | 9.90 |
| MSCI All Country World Index | 22.64 | 14.61 | 11.31 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $581.1M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $3.9M |
| Total number of holdings | 63 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 30% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Alphabet Inc., Class A | 4.8 |
| Microsoft Corp. | 4.6 |
| Amazon.com Inc. | 4.2 |
| Tencent Holdings Ltd. | 3.5 |
| Schneider Electric SE | 3.4 |
| Netflix Inc. | 3.2 |
| Meta Platforms Inc., Class A | 2.9 |
| ASML Holding NV | 2.7 |
| Booking Holdings Inc. | 2.6 |
| NVIDIA Corp. | 2.5 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3187070.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3187065.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the 12-month period ended October 31, 2025.

For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at HardingLoevnerFunds.com or upon special request at (877) 435-8105.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

![TSR_Header Logo (updated)](images_7660.jpg)

## Global Equity
Annual Shareholder Report

Institutional Class Z HLGZX \| October 31, 2025

This annual shareholder report contains important information about the Global Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Global Equity (Institutional Class Z) | $80 | 0.75% |

---

#### Management's Discussion of Fund Performance
The Global Equity Institutional Class Z (HLGZX) increased 13.69% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI All Country World Index, increased 22.64% (net of source taxes).

Key Performance Factors

Stocks rose across the major world regions despite shifting US tariff policy. The Information Technology (IT) and Communication Services sectors surged amid enthusiasm for artificial intelligence (AI). Health Care, a sector facing heightened political and regulatory uncertainty in the US, underperformed. The Fund's relative returns were hurt by poor stocks in IT and Financials. Strong performance and an overweight in Communication Services helped.

Sector Analysis

IT-services companies Globant and Accenture faced concerns over weak demand and fears that AI tools might reduce the need for IT consultants. In Financials, shares of Tradeweb, a fixed-income digital trading platform, fell on worries about rising competition. In Communication Services, streaming-entertainment company Netflix enjoyed strong growth in its new ad-supported subscription plan.

Regional Analysis

Returns in the US were hurt by Health Care holdings including Vertex Pharmaceuticals, which reported that its non-opioid pain treatment candidate failed to perform better than a placebo in a phase 2 clinical trial. Chinese social-media and online-gaming company Tencent said revenue rose and margins improved, as AI-powered tools boosted advertising click-through rates.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Netflix | UnitedHealth Group |
| Amphenol | Globant |
| Alphabet | Vertex Pharmaceuticals |
| Sony | Tradeweb |
| Tencent | Accenture |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $10,000,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $10,000,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3187159.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 13.69 | 7.79 | 9.97 |
| MSCI All Country World Index | 22.64 | 14.61 | 11.31 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $581.1M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $3.9M |
| Total number of holdings | 63 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 30% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Alphabet Inc., Class A | 4.8 |
| Microsoft Corp. | 4.6 |
| Amazon.com Inc. | 4.2 |
| Tencent Holdings Ltd. | 3.5 |
| Schneider Electric SE | 3.4 |
| Netflix Inc. | 3.2 |
| Meta Platforms Inc., Class A | 2.9 |
| ASML Holding NV | 2.7 |
| Booking Holdings Inc. | 2.6 |
| NVIDIA Corp. | 2.5 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3187154.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3187149.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the 12-month period ended October 31, 2025.

For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at HardingLoevnerFunds.com or upon special request at (877) 435-8105.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

*Performance for periods preceding the inception date of the Institutional Class Z (incepted 8/1/2017) reflects the performance of the Advisor Class (incepted 12/1/1996). Sales charges and expenses, which differ between the Institutional Class Z and Advisor Class have not been restated.*

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

![TSR_Header Logo (updated)](images_7660.jpg)

## International Equity
Annual Shareholder Report

Institutional Class HLMIX \| October 31, 2025

This annual shareholder report contains important information about the International Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| International Equity (Institutional Class) | $91 | 0.83% |

---

#### Management's Discussion of Fund Performance
The International Equity Institutional Class (HLMIX) returned 19.59% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI All Country World ex US Index, increased 24.93% (net of source taxes).

Key Performance Factors

Information Technology (IT) and Communication Services were the best performing sectors during the period, spurred by the continued strength of AI-related companies. Health Care declined, dragged down by the poor performance of pharmaceutical companies. Shares of the highest-quality and most expensive companies underperformed. The Fund's emphasis on high quality companies—which tend to be more highly priced—significantly weighed on its relative performance. The Fund also lagged the index in Industrials, Health Care, Japan, and Europe ex EMU, but benefited from strong returns in IT and Emerging Markets.

Sector Analysis

In Industrials, Hong Kong-based power tool manufacturer Techtronic Industries was pressured by tariff concerns and slowing growth in the US, its core market for its Milwaukee-branded tools. In IT, the share prices of Samsung Electronics and Delta Electronics surged due to strong memory chip and power management demand stemming from soaring AI investment.

Regional Analysis

Japan's Sysmex, a provider of hematology equipment and reagents, reported declining sales due to lower testing volumes and sales in China. Shares of Chinese battery manufacturer CATL surged on accelerating demand for batteries used in commercial energy-storage systems and signs the company has made significant strides developing mass-production solid-state batteries.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Delta Electronics | Sysmex |
| BBVA | Unicharm |
| Novo Nordisk | Alcon |
| Samsung Electronics | Chugai Pharmaceutical |
| DBS Group | Symrise |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $100,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3186962.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 19.59 | 8.64 | 8.08 |
| MSCI All Country World ex US Index | 24.93 | 11.18 | 7.67 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $12,684.8M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $83.7M |
| Total number of holdings | 67 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 25% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | 4.5 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 3.9 |
| ASML Holding NV | 3.1 |
| HDFC Bank Ltd. - ADR | 3.0 |
| DBS Group Holdings Ltd. | 3.0 |
| Shell plc | 2.9 |
| Contemporary Amperex Technology Co., Ltd., Class A | 2.7 |
| AIA Group Ltd. | 2.6 |
| Delta Electronics Inc. | 2.6 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 2.5 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3186967.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3186972.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the 12-month period ended October 31, 2025.

For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at HardingLoevnerFunds.com or upon special request at (877) 435-8105.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

![TSR_Header Logo (updated)](images_7660.jpg)

## International Equity
Annual Shareholder Report

Institutional Class Z HLIZX \| October 31, 2025

This annual shareholder report contains important information about the International Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| International Equity (Institutional Class Z) | $80 | 0.73% |

---

#### Management's Discussion of Fund Performance
The International Equity Institutional Class Z (HLIZX) returned 19.71% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI All Country World ex US Index, increased 24.93% (net of source taxes).

Key Performance Factors

Information Technology (IT) and Communication Services were the best performing sectors during the period, spurred by the continued strength of AI-related companies. Health Care declined, dragged down by the poor performance of pharmaceutical companies. Shares of the highest-quality and most expensive companies underperformed. The Fund's emphasis on high quality companies—which tend to be more highly priced—significantly weighed on its relative performance. The Fund also lagged the index in Industrials, Health Care, Japan, and Europe ex EMU, but benefited from strong returns in IT and Emerging Markets.

Sector Analysis

In Industrials, Hong Kong-based power tool manufacturer Techtronic Industries was pressured by tariff concerns and slowing growth in the US, its core market for its Milwaukee-branded tools. In IT, the share prices of Samsung Electronics and Delta Electronics surged due to strong memory chip and power management demand stemming from soaring AI investment.

Regional Analysis

Japan's Sysmex, a provider of hematology equipment and reagents, reported declining sales due to lower testing volumes and sales in China. Shares of Chinese battery manufacturer CATL surged on accelerating demand for batteries used in commercial energy-storage systems and signs the company has made significant strides developing mass-production solid-state batteries.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Delta Electronics | Sysmex |
| BBVA | Unicharm |
| Novo Nordisk | Alcon |
| Samsung Electronics | Chugai Pharmaceutical |
| DBS Group | Symrise |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $10,000,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $10,000,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3187046.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 19.71 | 8.73 | 8.14 |
| MSCI All Country World ex US Index | 24.93 | 11.18 | 7.67 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $12,684.8M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $83.7M |
| Total number of holdings | 67 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 25% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | 4.5 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 3.9 |
| ASML Holding NV | 3.1 |
| HDFC Bank Ltd. - ADR | 3.0 |
| DBS Group Holdings Ltd. | 3.0 |
| Shell plc | 2.9 |
| Contemporary Amperex Technology Co., Ltd., Class A | 2.7 |
| AIA Group Ltd. | 2.6 |
| Delta Electronics Inc. | 2.6 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 2.5 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3187051.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3187056.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the 12-month period ended October 31, 2025.

For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at HardingLoevnerFunds.com or upon special request at (877) 435-8105.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

*Performance information shown for periods preceding the inception date of the Institutional Class Z (incepted 7/17/2017) reflects the performance of the Institutional Class (incepted 5/11/1994). Sales charges and expenses, which differ between the Institutional Class Z and Institutional Class have not been restated.*

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

![TSR_Header Logo (updated)](images_7660.jpg)

## International Equity
Annual Shareholder Report

Investor Class HLMNX \| October 31, 2025

This annual shareholder report contains important information about the International Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| International Equity (Investor Class) | $126 | 1.15% |

---

#### Management's Discussion of Fund Performance
The International Equity Investor Class (HLMNX) returned 19.22% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI All Country World ex US Index, increased 24.93% (net of source taxes).

Key Performance Factors

Information Technology (IT) and Communication Services were the best performing sectors during the period, spurred by the continued strength of AI-related companies. Health Care declined, dragged down by the poor performance of pharmaceutical companies. Shares of the highest-quality and most expensive companies underperformed. The Fund's emphasis on high quality companies—which tend to be more highly priced—significantly weighed on its relative performance. The Fund also lagged the index in Industrials, Health Care, Japan, and Europe ex EMU, but benefited from strong returns in IT and Emerging Markets.

Sector Analysis

In Industrials, Hong Kong-based power tool manufacturer Techtronic Industries was pressured by tariff concerns and slowing growth in the US, its core market for its Milwaukee-branded tools. In IT, the share prices of Samsung Electronics and Delta Electronics surged due to strong memory chip and power management demand stemming from soaring AI investment.

Regional Analysis

Japan's Sysmex, a provider of hematology equipment and reagents, reported declining sales due to lower testing volumes and sales in China. Shares of Chinese battery manufacturer CATL surged on accelerating demand for batteries used in commercial energy-storage systems and signs the company has made significant strides developing mass-production solid-state batteries.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Delta Electronics | Sysmex |
| BBVA | Unicharm |
| Novo Nordisk | Alcon |
| Samsung Electronics | Chugai Pharmaceutical |
| DBS Group | Symrise |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $10,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $10,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3186991.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 19.22 | 8.29 | 7.73 |
| MSCI All Country World ex US Index | 24.93 | 11.18 | 7.67 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $12,684.8M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $83.7M |
| Total number of holdings | 67 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 25% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | 4.5 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 3.9 |
| ASML Holding NV | 3.1 |
| HDFC Bank Ltd. - ADR | 3.0 |
| DBS Group Holdings Ltd. | 3.0 |
| Shell plc | 2.9 |
| Contemporary Amperex Technology Co., Ltd., Class A | 2.7 |
| AIA Group Ltd. | 2.6 |
| Delta Electronics Inc. | 2.6 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 2.5 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3186986.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3186981.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the 12-month period ended October 31, 2025.

For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at HardingLoevnerFunds.com or upon special request at (877) 435-8105.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

![TSR_Header Logo (updated)](images_7660.jpg)

## International Developed Markets Equity
Annual Shareholder Report

Institutional Class HLIDX \| October 31, 2025

This annual shareholder report contains important information about the International Developed Markets Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| International Developed Markets Equity (Institutional Class) | $86 | 0.80% |

---

#### Management's Discussion of Fund Performance
The International Developed Markets Equity Institutional Class (HLIDX) returned 14.61% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI World ex US Index, increased 23.59% (net of source taxes).

Key Performance Factors

International developed markets rose sharply during the period. Financials led sector performance as higher yields—caused by fading disinflation and tighter fiscal conditions in developed markets—supported better lending margins and growing demand for financing. Health Care declined, dragged down by the poor performance of pharmaceutical companies. Shares of the highest-quality, fastest-growing, and most expensive companies underperformed. The Fund lagged the index due to poor relative returns in Industrials, Health Care, Japan, and Europe ex EMU, but benefited from strong returns in Consumer Discretionary and Emerging Markets.

Sector Analysis

In Industrials, shares of Hong Kong-based power tool manufacturer Techtronic Industries were pressured by tariff concerns and slowing growth in the US, its core market for its Milwaukee-branded tools. In Consumer Discretionary, Japanese electronics and media company Sony reported strong revenue growth in its gaming and image sensors businesses.

Regional Analysis

Japan's Sysmex, a provider of hematology equipment and reagents, declined after it missed consensus sales estimates due to lower testing volumes and sales in China. In South Korea, the share price of Samsung Electronics soared due to strong AI demand.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| BBVA | Sysmex |
| Novo Nordisk | Unicharm |
| DBS Group | Symrise |
| Sony | Alcon |
| TSMC | Chugai Pharmaceutical |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $100,000 initial investment in the Fund with an investment in (i) an appropriate, broad-based securities market index and (ii) an additional index that reflects the market sectors in which the Fund invests.

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3187663.jpg)

Average Annual Total Return (%)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since<br>Inception** |
| Fund | 14.61 | 16.13 |
| MSCI World ex US Index | 23.59 | 21.49 |
| MSCI EAFE Index | 23.03 | 21.72 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $98.2M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $0.5M |
| Total number of holdings | 53 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 28% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| ASML Holding NV | 4.0 |
| DBS Group Holdings Ltd. | 4.0 |
| Shell plc | 3.9 |
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | 3.7 |
| AIA Group Ltd. | 3.6 |
| Sony Group Corp. | 3.4 |
| Allianz SE, Reg S | 3.2 |
| Banco Bilbao Vizcaya Argentaria SA | 2.7 |
| Chugai Pharmaceutical Co., Ltd. | 2.7 |
| Haleon plc | 2.6 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3187658.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3187653.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the 12-month period ended October 31, 2025.

For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at HardingLoevnerFunds.com or upon special request at (877) 435-8105.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

![TSR_Header Logo (updated)](images_7660.jpg)

## International Small Companies
Annual Shareholder Report

Institutional Class HLMRX \| October 31, 2025

This annual shareholder report contains important information about the International Small Companies Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| International Small Companies (Institutional Class) | $117 | 1.13% |

---

#### Management's Discussion of Fund Performance
The International Small Companies Institutional Class (HLMRX) rose 7.66% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI ACWI ex US Small Cap Index, rose 22.58% in the same period (net of source taxes).<sup>1</sup>

Key Performance Factors

International small caps gained, outperforming US small caps. Financials and Materials were the best-performing sectors, while Consumer Staples and Consumer Discretionary lagged. Canada's market surged due to its heavy exposure to Materials and Energy businesses. The Fund significantly underperformed due to weak relative returns across most regions and sectors, especially Information Technology (IT). The weak returns were partially offset by strong Consumer Staples stocks and a lack of Real Estate holdings.

Sector Analysis

IT-services provider Globant was hurt by weak demand and fears that artificial intelligence (AI) could reduce the need for IT consultants. We sold CyberArk, a top contributor, after the cybersecurity software developer received an acquisition offer. In Communication Services, Airtel Africa reported robust growth in mobile data services and mobile-money revenues.

Regional Analysis

In Germany, TeamViewer experienced weak demand for its remote-connectivity software. LEM Holdings, a Swiss maker of transducers used to measure electrical parameters, reported weak results due to pricing pressure and rising competition. Belimo, a Swiss maker of HVAC devices, benefited from growing construction of AI data centers.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Airtel Africa | Globant |
| CyberArk | LEM Holdings |
| Belimo | YouGov |
| Bankinter | TeamViewer |
| Yantai China Pet Foods | Wilcon Depot |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

 *<sup>1</sup> The Fund considers the non-broad-based index most relevant when analyzing the Fund's performance.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $100,000 initial investment in the Fund with an investment in (i) an appropriate, broad-based securities market index and (ii) an additional index that reflects the market sectors in which the Fund invests.

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3187382.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 7.66 | 3.56 | 5.92 |
| MSCI ACWI ex US Index | 24.93 | 11.18 | 7.67 |
| MSCI ACWI ex US Small Cap Index | 22.58 | 10.61 | 7.77 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $267.0M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $3.0M |
| Total number of holdings | 82 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 31% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Senior plc | 3.2 |
| Rubis SCA | 2.8 |
| Clarkson plc | 2.4 |
| Hoa Phat Group JSC | 2.3 |
| Diploma plc | 2.3 |
| Cranswick plc | 2.1 |
| KWS Saat SE & Co. KGaA | 2.0 |
| Rohto Pharmaceutical Co., Ltd. | 2.0 |
| Spirax Group plc | 2.0 |
| Max Financial Services Ltd. | 1.9 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3187387.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3187392.jpg)

#### Material Fund Changes
Harding, Loevner Funds, Inc. approved a reduction in the management fee to 0.85% of average daily net assets effective July 1, 2025. In addition, Harding Loevner LP contractually agreed to lower the expense cap to 1.10% of average daily net assets through February 28, 2027.

This is a summary of certain changes to the Fund since November 1, 2024. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at HardingLoevnerFunds.com or upon special request at (877) 435-8105.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

![TSR_Header Logo (updated)](images_7660.jpg)

## International Small Companies
Annual Shareholder Report

Institutional Class Z HLRZX \| October 31, 2025

This annual shareholder report contains important information about the International Small Companies Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| International Small Companies (Institutional Class Z) | $105 | 1.01% |

---

#### Management's Discussion of Fund Performance
The International Small Companies Institutional Class Z (HLRZX) rose 7.79% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI ACWI ex US Small Cap Index, rose 22.58% in the same period (net of source taxes).<sup>1</sup>

Key Performance Factors

International small caps gained, outperforming US small caps. Financials and Materials were the best-performing sectors, while Consumer Staples and Consumer Discretionary lagged. Canada's market surged due to its heavy exposure to Materials and Energy businesses. The Fund significantly underperformed due to weak relative returns across most regions and sectors, especially Information Technology (IT). The weak returns were partially offset by strong Consumer Staples stocks and a lack of Real Estate holdings.

Sector Analysis

IT-services provider Globant was hurt by weak demand and fears that artificial intelligence (AI) could reduce the need for IT consultants. We sold CyberArk, a top contributor, after the cybersecurity software developer received an acquisition offer. In Communication Services, Airtel Africa reported robust growth in mobile data services and mobile-money revenues.

Regional Analysis

In Germany, TeamViewer experienced weak demand for its remote-connectivity software. LEM Holdings, a Swiss maker of transducers used to measure electrical parameters, reported weak results due to pricing pressure and rising competition. Belimo, a Swiss maker of HVAC devices, benefited from growing construction of AI data centers.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Airtel Africa | Globant |
| CyberArk | LEM Holdings |
| Belimo | YouGov |
| Bankinter | TeamViewer |
| Yantai China Pet Foods | Wilcon Depot |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

 *<sup>1</sup> The Fund considers the non-broad-based index most relevant when analyzing the Fund's performance.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $5,000,000 initial investment in the Fund with an investment in (i) an appropriate, broad-based securities market index and (ii) an additional index that reflects the market sectors in which the Fund invests.

Growth of $5,000,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3187327.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 7.79 | 3.64 | 5.96 |
| MSCI ACWI ex US Index | 24.93 | 11.18 | 7.67 |
| MSCI ACWI ex US Small Cap Index | 22.58 | 10.61 | 7.77 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $267.0M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $3.0M |
| Total number of holdings | 82 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 31% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Senior plc | 3.2 |
| Rubis SCA | 2.8 |
| Clarkson plc | 2.4 |
| Hoa Phat Group JSC | 2.3 |
| Diploma plc | 2.3 |
| Cranswick plc | 2.1 |
| KWS Saat SE & Co. KGaA | 2.0 |
| Rohto Pharmaceutical Co., Ltd. | 2.0 |
| Spirax Group plc | 2.0 |
| Max Financial Services Ltd. | 1.9 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3187322.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3187317.jpg)

#### Material Fund Changes
Harding, Loevner Funds, Inc. approved a reduction in the management fee to 0.85% of average daily net assets effective July 1, 2025.

This is a summary of certain changes to the Fund since November 1, 2024. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at HardingLoevnerFunds.com or upon special request at (877) 435-8105.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

*Performance information shown for periods preceding the inception date of the Institutional Class Z (incepted 4/4/2023) reflects the performance of the Institutional Class (incepted 6/30/2011) or the Investor Class (incepted 3/26/2007), respectively. Sales charges and expenses, which differ between the Institutional Class Z and Institutional Class have not been restated.*

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

![TSR_Header Logo (updated)](images_7660.jpg)

## International Small Companies
Annual Shareholder Report

Investor Class HLMSX \| October 31, 2025

This annual shareholder report contains important information about the International Small Companies Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| International Small Companies (Investor Class) | $136 | 1.31% |

---

#### Management's Discussion of Fund Performance
The International Small Companies Investor Class (HLMSX) rose 7.46% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI ACWI ex US Small Cap Index, rose 22.58% in the same period (net of source taxes).<sup>1</sup>

Key Performance Factors

International small caps gained, outperforming US small caps. Financials and Materials were the best-performing sectors, while Consumer Staples and Consumer Discretionary lagged. Canada's market surged due to its heavy exposure to Materials and Energy businesses. The Fund significantly underperformed due to weak relative returns across most regions and sectors, especially Information Technology (IT). The weak returns were partially offset by strong Consumer Staples stocks and a lack of Real Estate holdings.

Sector Analysis

IT-services provider Globant was hurt by weak demand and fears that artificial intelligence (AI) could reduce the need for IT consultants. We sold CyberArk, a top contributor, after the cybersecurity software developer received an acquisition offer. In Communication Services, Airtel Africa reported robust growth in mobile data services and mobile-money revenues.

Regional Analysis

In Germany, TeamViewer experienced weak demand for its remote-connectivity software. LEM Holdings, a Swiss maker of transducers used to measure electrical parameters, reported weak results due to pricing pressure and rising competition. Belimo, a Swiss maker of HVAC devices, benefited from growing construction of AI data centers.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Airtel Africa | Globant |
| CyberArk | LEM Holdings |
| Belimo | YouGov |
| Bankinter | TeamViewer |
| Yantai China Pet Foods | Wilcon Depot |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

 *<sup>1</sup> The Fund considers the non-broad-based index most relevant when analyzing the Fund's performance.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $10,000 initial investment in the Fund with an investment in (i) an appropriate, broad-based securities market index and (ii) an additional index that reflects the market sectors in which the Fund invests.

Growth of $10,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3187411.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 7.46 | 3.35 | 5.69 |
| MSCI ACWI ex US Index | 24.93 | 11.18 | 7.67 |
| MSCI ACWI ex US Small Cap Index | 22.58 | 10.61 | 7.77 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $267.0M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $3.0M |
| Total number of holdings | 82 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 31% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Senior plc | 3.2 |
| Rubis SCA | 2.8 |
| Clarkson plc | 2.4 |
| Hoa Phat Group JSC | 2.3 |
| Diploma plc | 2.3 |
| Cranswick plc | 2.1 |
| KWS Saat SE & Co. KGaA | 2.0 |
| Rohto Pharmaceutical Co., Ltd. | 2.0 |
| Spirax Group plc | 2.0 |
| Max Financial Services Ltd. | 1.9 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3187406.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3187401.jpg)

#### Material Fund Changes
Harding, Loevner Funds, Inc. approved a reduction in the management fee to 0.85% of average daily net assets effective July 1, 2025.

This is a summary of certain changes to the Fund since November 1, 2024. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at HardingLoevnerFunds.com or upon special request at (877) 435-8105.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

![TSR_Header Logo (updated)](images_7660.jpg)

## Institutional Emerging Markets
Annual Shareholder Report

Institutional Class HLMEX \| October 31, 2025

This annual shareholder report contains important information about the Institutional Emerging Markets Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Emerging Markets (Institutional Class) | $118 | 1.06% |

---

#### Management's Discussion of Fund Performance
The Institutional Emerging Markets Institutional Class (HLMEX) rose 22.14% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI Emerging Markets Index, rose 27.92% in the same period (net of source taxes).

Key Performance Factors

Emerging markets declined by early April—when the Trump administration announced high tariffs on US trading partners—but then rose after policymakers walked back many of them, allowing global growth expectation to recover. Information Technology (IT) and Communication Services led returns, boosted by enthusiasm for artificial intelligence (AI)-related businesses. The Fund had weak relative returns in IT and Financials and good performance in Real Estate and Energy.

Sector Analysis

IT services businesses Globant and Tata Consultancy Services underperformed due to concerns about weak demand and whether AI tools might supplant the need for their expertise. The Fund's underweight in semiconductor manufacturer TSMC also hurt. UAE-based real estate developer Emaar Properties generated strong earnings bolstered by sustained demand for Dubai's real estate.

Regional Analysis

Taiwan's Delta Electronics enjoyed strong demand for its data center power equipment. In India, automaker Maruti Suzuki benefited from a tax cut on small cars, and the Fund's underweight was also helpful. Brazilian industrial equipment manufacturer WEG faced slowing domestic revenue growth and US tariff concerns. The Fund's underweight in South Korea further detracted.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Delta Electronics | Globant |
| Meituan | SK hynix |
| Sanhua Intelligent Controls | Tata Consultancy Services |
| CATL | TSMC |
| Safaricom | Kaspi.kz |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $500,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $500,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3187243.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 22.14 | 3.22 | 4.96 |
| MSCI Emerging Markets Index | 27.92 | 7.46 | 7.69 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $253.6M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $3.0M |
| Total number of holdings | 69 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 25% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 5.9 |
| Tencent Holdings Ltd. | 5.5 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 5.0 |
| Delta Electronics Inc. | 4.1 |
| HDFC Bank Ltd. | 3.9 |
| Alibaba Group Holding Ltd. | 3.8 |
| ASPEED Technology Inc. | 3.1 |
| Trip.com Group Ltd. | 3.0 |
| Maruti Suzuki India Ltd. | 2.8 |
| Contemporary Amperex Technology Co., Ltd., Class A | 2.5 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3187238.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3187233.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the 12-month period ended October 31, 2025.

For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at HardingLoevnerFunds.com or upon special request at (877) 435-8105.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

![TSR_Header Logo (updated)](images_7660.jpg)

## Institutional Emerging Markets
Annual Shareholder Report

Institutional Class Z HLEZX \| October 31, 2025

This annual shareholder report contains important information about the Institutional Emerging Markets Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Emerging Markets (Institutional Class Z) | $107 | 0.96% |

---

#### Management's Discussion of Fund Performance
The Institutional Emerging Markets Institutional Class Z (HLEZX) rose 22.28% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI Emerging Markets Index, rose 27.92% in the same period (net of source taxes).

Key Performance Factors

Emerging markets declined by early April—when the Trump administration announced high tariffs on US trading partners—but then rose after policymakers walked back many of them, allowing global growth expectation to recover. Information Technology (IT) and Communication Services led returns, boosted by enthusiasm for artificial intelligence (AI)-related businesses. The Fund had weak relative returns in IT and Financials and good performance in Real Estate and Energy.

Sector Analysis

IT services businesses Globant and Tata Consultancy Services underperformed due to concerns about weak demand and whether AI tools might supplant the need for their expertise. The Fund's underweight in semiconductor manufacturer TSMC also hurt. UAE-based real estate developer Emaar Properties generated strong earnings bolstered by sustained demand for Dubai's real estate.

Regional Analysis

Taiwan's Delta Electronics enjoyed strong demand for its data center power equipment. In India, automaker Maruti Suzuki benefited from a tax cut on small cars, and the Fund's underweight was also helpful. Brazilian industrial equipment manufacturer WEG faced slowing domestic revenue growth and US tariff concerns. The Fund's underweight in South Korea further detracted.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Delta Electronics | Globant |
| Meituan | SK hynix |
| Sanhua Intelligent Controls | Tata Consultancy Services |
| CATL | TSMC |
| Safaricom | Kaspi.kz |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $5,000,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $5,000,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3187298.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 22.28 | 3.33 | 5.12 |
| MSCI Emerging Markets Index | 27.92 | 7.46 | 7.69 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $253.6M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $3.0M |
| Total number of holdings | 69 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 25% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 5.9 |
| Tencent Holdings Ltd. | 5.5 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 5.0 |
| Delta Electronics Inc. | 4.1 |
| HDFC Bank Ltd. | 3.9 |
| Alibaba Group Holding Ltd. | 3.8 |
| ASPEED Technology Inc. | 3.1 |
| Trip.com Group Ltd. | 3.0 |
| Maruti Suzuki India Ltd. | 2.8 |
| Contemporary Amperex Technology Co., Ltd., Class A | 2.5 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3187303.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3187308.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the 12-month period ended October 31, 2025.

For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at HardingLoevnerFunds.com or upon special request at (877) 435-8105.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

*Performance information shown for periods preceding the inception date of the Institutional Class Z (incepted 3/5/2014) reflects the performance of the Institutional Class (incepted 10/17/2005). Sales charges and expenses, which differ between the Institutional Class Z and Institutional Class have not been restated.*

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

![TSR_Header Logo (updated)](images_7660.jpg)

## Emerging Markets
Annual Shareholder Report

Advisor Class HLEMX \| October 31, 2025

This annual shareholder report contains important information about the Emerging Markets Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Emerging Markets (Advisor Class) | $128 | 1.15% |

---

#### Management's Discussion of Fund Performance
The Emerging Markets Advisor Class (HLEMX) rose 22.67% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI Emerging Markets Index, rose 27.92% in the same period (net of source taxes).

Key Performance Factors

Emerging markets declined by early April—when the Trump administration announced high tariffs on US trading partners—but then rose after policymakers walked back many of them, allowing global growth expectation to recover. Information Technology (IT) and Communication Services led returns, boosted by enthusiasm for artificial intelligence (AI)-related businesses. The Fund had weak relative returns in IT and Financials and good performance in Real Estate and Energy.

Sector Analysis

IT services businesses Globant and Tata Consultancy Services underperformed due to concerns about weak demand and whether AI tools might supplant the need for their expertise. The Fund's underweight in semiconductor manufacturer TSMC also hurt. UAE-based real estate developer Emaar Properties generated strong earnings bolstered by sustained demand for Dubai's real estate.

Regional Analysis

Taiwan's Delta Electronics enjoyed strong demand for its data center power equipment. In India, automaker Maruti Suzuki benefited from a tax cut on small cars, and the Fund's underweight was also helpful. Brazilian industrial equipment manufacturer WEG faced slowing domestic revenue growth and US tariff concerns. The Fund's underweight in South Korea further detracted.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Delta Electronics | Globant |
| Meituan | SK hynix |
| Sanhua Intelligent Controls | Tata Consultancy Services |
| CATL | TSMC |
| Safaricom | Kaspi.kz |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $10,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $10,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3187214.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 22.67 | 3.27 | 4.92 |
| MSCI Emerging Markets Index | 27.92 | 7.46 | 7.69 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $450.1M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $3.8M |
| Total number of holdings | 68 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 16% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6.0 |
| Tencent Holdings Ltd. | 5.5 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 5.0 |
| Delta Electronics Inc. | 4.1 |
| HDFC Bank Ltd. | 3.9 |
| Alibaba Group Holding Ltd. | 3.8 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 3.8 |
| Trip.com Group Ltd. | 3.1 |
| ASPEED Technology Inc. | 3.0 |
| Maruti Suzuki India Ltd. | 2.8 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3187219.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3187224.jpg)

#### Material Fund Changes
On or about December 19, 2025, the Fund and the Institutional Emerging Markets Fund will enter into a transaction (the "Reorganization") as described in the Supplement dated October 8, 2025 to the Summary Prospectus and the Prospectus for Individual Investors, each dated February 28, 2025 (the "Supplement").

This is a summary of certain changes to the Fund since November 1, 2024. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at HardingLoevnerFunds.com or upon special request at (877) 435-8105.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

![TSR_Header Logo (updated)](images_7660.jpg)

## Emerging Markets ex China
Annual Shareholder Report

Institutional Class HLXCX \| October 31, 2025

This annual shareholder report contains important information about the Emerging Markets ex China Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Emerging Markets ex China (Institutional Class) | $112 | 1.04% |

---

#### Management's Discussion of Fund Performance
The Emerging Markets ex China Institutional Class (HLXCX) rose 15.54% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI Emerging Markets ex China Index, rose 25.85% in the same period (net of source taxes).

Key Performance Factors

Emerging markets fell sharply in April—when the Trump administration announced high tariffs on US trading partners—but then rose steadily after policymakers walked back many of them, allowing global growth expectation to recover. The Information Technology (IT) sector led returns, boosted by enthusiasm for artificial intelligence (AI)-related businesses. The Fund had weak relative returns in IT while good stock selection in Real Estate was helpful.

Sector Analysis

IT services businesses Globant and Tata Consultancy underperformed due to concerns about weak demand and speculation that AI tools might supplant the need for IT consulting. The Fund's underweight in Taiwanese semiconductor manufacturer TSMC also hurt.

UAE-based real estate developer Emaar Properties generated strong earnings bolstered by sustained demand for Dubai's real estate.

Regional Analysis

Taiwan's Delta Electronics enjoyed strong demand for its data center power equipment. In India, automaker Maruti Suzuki benefited from a tax cut on small cars, and the Fund's underweight in India was also helpful.

Shares of Kazakhstan-based banking and financial services company Kaspi.kz fell as it reported slowing net profit growth. The Fund's underweight in South Korea further detracted.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Delta Electronics | Globant |
| Emaar Properties | SK hynix |
| Maruti Suzuki | Tata Consultancy Services |
| Grupo Cibest | Kaspi.kz |
| Safaricom | TSMC |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $100,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3187634.jpg)

Average Annual Total Return (%)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since<br>Inception** |
| Fund | 15.54 | 10.11 |
| MSCI Emerging Markets ex China Index | 25.85 | 16.67 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $3.9M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $0.0M |
| Total number of holdings | 1 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 13% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

Northern Institutional Funds - Treasury Portfolio (Premier Shares) 94.2

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3187639.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3187644.jpg)

#### Material Fund Changes
The Fund liquidated on November 19, 2025. For further information, please consult the Supplement filed on September 15, 2025.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

*In anticipation of the Fund's liquidation on November 19, 2025, the Fund closed to new and existing investors on September 15, 2025 and began transitioning its holdings to cash. As of October 31, 2025, the Fund's makeup consisted entirely of cash.*

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

![TSR_Header Logo (updated)](images_7660.jpg)

## Chinese Equity
Annual Shareholder Report

Institutional Class HLMCX \| October 31, 2025

This annual shareholder report contains important information about the Chinese Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Chinese Equity (Institutional Class) | $129 | 1.14% |

---

#### Management's Discussion of Fund Performance
The Chinese Equity Institutional Class (HLMCX) returned 26.01% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI China All Shares Index, increased 29.04% (net of source taxes).

Key Performance Factors

Shares of Chinese tech companies rose sharply as the country pushed for chip self-reliance to support its artificial intelligence (AI) ambitions and internet companies applied AI tools to their operations. Real Estate was the only sector to decline, despite the People's Bank of China's continuing efforts to stimulate the sector, including reducing the cash-reserve requirements for banks and enhancing credit availability to eligible developers. The Fund lagged the index—despite shares of the highest-quality companies outperforming—due to poor stock selection across most sectors. However, strong stocks in Information Technology did positively contribute.

Sector Analysis

In Industrials, shares of Hong Kong-based power tool manufacturer Techtronic Industries were pressured by tariff concerns and slowing growth in the US, its core market for its Milwaukee-branded tools. In IT, Taiwan-based IT company Delta Electronics benefited from AI enthusiasm, reporting strong earnings growth due to surging demand for its data center power equipment.

Regional Analysis

Off-benchmark Hong Kong stocks underperformed. Within Mainland China, food delivery platform Meituan detracted as intense competition in the industry led to a sharp decline in earnings. Alibaba benefitted from AI enthusiasm as its AI-integrated marketing tools have begun to increase sales on its e-commerce platforms.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Delta Electronics | Proya |
| Sanhua Intelligent Controls | ZTO Express |
| NetEase | Techtronic Industries |
| BYD | SF Holding |
| WuXi AppTec | TravelSky |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $100,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3187579.jpg)

Average Annual Total Return (%)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since<br>Inception** |
| Fund | 26.01 | -7.01 |
| MSCI China All Shares Index | 29.04 | -1.50 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $3.5M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $0.0M |
| Total number of holdings | 1 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 25% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

Northern Institutional Funds - Treasury Portfolio (Premier Shares) 100.7

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3187574.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3187569.jpg)

#### Material Fund Changes
The Fund liquidated on November 19, 2025. For further information, please consult the Supplement filed on September 15, 2025.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

*In anticipation of the Fund's liquidation on November 19, 2025, the Fund closed to new and existing investors on September 15, 2025 and began transitioning its holdings to cash. As of October 31, 2025, the Fund's makeup consisted entirely of cash.*

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

![TSR_Header Logo (updated)](images_7660.jpg)

## Frontier Emerging Markets
Annual Shareholder Report

Institutional Class HLFMX \| October 31, 2025

This annual shareholder report contains important information about the Frontier Emerging Markets Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Frontier Emerging Markets (Institutional Class) | $153 | 1.44% |

---

#### Management's Discussion of Fund Performance
The Frontier Emerging Markets Institutional Class (HLFMX) rose 12.74% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI Frontier Emerging Markets Index, rose 30.32% in the same period (net of source taxes).

Key Performance Factors

Frontier emerging markets (FEMs) soared as easing inflationary pressures, expansionary monetary policies, and the limited exposure of most FEMs to US trade disputes sparked gains. Vietnam surged due to the FTSE upgrading the market from frontier to emerging-market status. The Fund significantly underperformed the index due to weak relative returns in Information Technology, Consumer Staples, Financials, and Consumer Discretionary. Strong stocks in Industrials and Communication Services contributed.

Sector Analysis

Latin American IT services company Globant was hurt by weak demand conditions as well as concerns that AI tools might supplant corporate demand for IT consulting. In Communication Services, Airtel Africa experienced robust growth in its data and mobile-money segments. The company fully implemented price increases in Nigeria after receiving regulatory approval, and cost-control initiatives there boosted operating margins.

Regional Analysis

Asian investments detracted the most, particularly Vietnamese holdings, which accounted for nearly half of the Fund's underperformance. In the Philippines, leading home-improvement retailer Wilcon Depot suffered due to weak demand and intense discounting by peers. In Africa, shares of Moroccan port operator Marsa Maroc rose as the company expanded existing terminals and developed new projects.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Marsa Maroc | Globant |
| Airtel Africa | Vingroup |
| Ayala Land | Wilcon Depot |
| Halyk Bank | Agthia Group |
| Emaar Properties | Joint Stock Commercial |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $100,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3187466.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 12.74 | 7.42 | 3.41 |
| MSCI Frontier Emerging Markets Index | 30.32 | 9.43 | 4.94 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $132.6M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $1.4M |
| Total number of holdings | 55 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 29% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Societe d'Exploitation des Ports | 4.6 |
| Credicorp Ltd. | 4.5 |
| International Container Terminal Services Inc. | 4.4 |
| Banca Transilvania SA | 4.3 |
| Grupo Cibest SA - ADR, 2.42% | 3.9 |
| Mobile World Investment Corp. | 3.7 |
| Hoa Phat Group JSC | 3.6 |
| Bank for Foreign Trade of Vietnam JSC | 3.4 |
| Kaspi.KZ JSC - ADR | 3.1 |
| Attijariwafa Bank | 3.1 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3187471.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3187476.jpg)

#### Material Fund Changes
Harding, Loevner Funds, Inc. approved a reduction in the management fee to 1.10% of average daily net assets effective July 1, 2025.

This is a summary of certain changes to the Fund since November 1, 2024. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at HardingLoevnerFunds.com or upon special request at (877) 435-8105.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

![TSR_Header Logo (updated)](images_7660.jpg)

## Frontier Emerging Markets
Annual Shareholder Report

Institutional Class Z HLFZX \| October 31, 2025

This annual shareholder report contains important information about the Frontier Emerging Markets Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Frontier Emerging Markets (Institutional Class Z) | $133 | 1.25% |

---

#### Management's Discussion of Fund Performance
The Frontier Emerging Markets Institutional Class Z (HLFZX) rose 13.06% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI Frontier Emerging Markets Index, rose 30.32% in the same period (net of source taxes).

Key Performance Factors

Frontier emerging markets (FEMs) soared as easing inflationary pressures, expansionary monetary policies, and the limited exposure of most FEMs to US trade disputes sparked gains. Vietnam surged due to the FTSE upgrading the market from frontier to emerging-market status. The Fund significantly underperformed the index due to weak relative returns in Information Technology, Consumer Staples, Financials, and Consumer Discretionary. Strong stocks in Industrials and Communication Services contributed.

Sector Analysis

Latin American IT services company Globant was hurt by weak demand conditions as well as concerns that AI tools might supplant corporate demand for IT consulting. In Communication Services, Airtel Africa experienced robust growth in its data and mobile-money segments. The company fully implemented price increases in Nigeria after receiving regulatory approval, and cost-control initiatives there boosted operating margins.

Regional Analysis

Asian investments detracted the most, particularly Vietnamese holdings, which accounted for nearly half of the Fund's underperformance. In the Philippines, leading home-improvement retailer Wilcon Depot suffered due to weak demand and intense discounting by peers. In Africa, shares of Moroccan port operator Marsa Maroc rose as the company expanded existing terminals and developed new projects.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Marsa Maroc | Globant |
| Airtel Africa | Vingroup |
| Ayala Land | Wilcon Depot |
| Halyk Bank | Agthia Group |
| Emaar Properties | Joint Stock Commercial |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $2,500,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $2,500,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3187550.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 13.06 | 7.73 | 3.66 |
| MSCI Frontier Emerging Markets Index | 30.32 | 9.43 | 4.94 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $132.6M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $1.4M |
| Total number of holdings | 55 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 29% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Societe d'Exploitation des Ports | 4.6 |
| Credicorp Ltd. | 4.5 |
| International Container Terminal Services Inc. | 4.4 |
| Banca Transilvania SA | 4.3 |
| Grupo Cibest SA - ADR, 2.42% | 3.9 |
| Mobile World Investment Corp. | 3.7 |
| Hoa Phat Group JSC | 3.6 |
| Bank for Foreign Trade of Vietnam JSC | 3.4 |
| Kaspi.KZ JSC - ADR | 3.1 |
| Attijariwafa Bank | 3.1 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3187555.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3187560.jpg)

#### Material Fund Changes
Harding, Loevner Funds, Inc. approved a reduction in the management fee to 1.10% of average daily net assets effective July 1, 2025.

This is a summary of certain changes to the Fund since November 1, 2024. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at HardingLoevnerFunds.com or upon special request at (877) 435-8105.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

*Performance information shown for periods preceding the inception date of the Institutional Class Z (incepted 3/1/2017) reflects the performance of the Institutional Class (incepted 5/27/2008). Sales charges and expenses, which differ between the Institutional Class Z and Institutional Class have not been restated.*

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

![TSR_Header Logo (updated)](images_7660.jpg)

## Frontier Emerging Markets
Annual Shareholder Report

Investor Class HLMOX \| October 31, 2025

This annual shareholder report contains important information about the Frontier Emerging Markets Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Frontier Emerging Markets (Investor Class) | $186 | 1.75% |

---

#### Management's Discussion of Fund Performance
The Frontier Emerging Markets Investor Class (HLMOX) rose 12.48% (net of fees and expenses) in the 12-month period ended October 31, 2025. The Fund's benchmark, the MSCI Frontier Emerging Markets Index, rose 30.32% in the same period (net of source taxes).

Key Performance Factors

Frontier emerging markets (FEMs) soared as easing inflationary pressures, expansionary monetary policies, and the limited exposure of most FEMs to US trade disputes sparked gains. Vietnam surged due to the FTSE upgrading the market from frontier to emerging-market status. The Fund significantly underperformed the index due to weak relative returns in Information Technology, Consumer Staples, Financials, and Consumer Discretionary. Strong stocks in Industrials and Communication Services contributed.

Sector Analysis

Latin American IT services company Globant was hurt by weak demand conditions as well as concerns that AI tools might supplant corporate demand for IT consulting. In Communication Services, Airtel Africa experienced robust growth in its data and mobile-money segments. The company fully implemented price increases in Nigeria after receiving regulatory approval, and cost-control initiatives there boosted operating margins.

Regional Analysis

Asian investments detracted the most, particularly Vietnamese holdings, which accounted for nearly half of the Fund's underperformance. In the Philippines, leading home-improvement retailer Wilcon Depot suffered due to weak demand and intense discounting by peers. In Africa, shares of Moroccan port operator Marsa Maroc rose as the company expanded existing terminals and developed new projects.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Marsa Maroc | Globant |
| Airtel Africa | Vingroup |
| Ayala Land | Wilcon Depot |
| Halyk Bank | Agthia Group |
| Emaar Properties | Joint Stock Commercial |

---

*The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.*

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund. It compares a $10,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $10,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3187495.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 12.48 | 7.04 | 3.05 |
| MSCI Frontier Emerging Markets Index | 30.32 | 9.43 | 4.94 |

---

*Performance data quoted represents past performance; past performance does not guarantee future results. Fund performance is shown net of fees. Benchmark performance is shown net of withholding taxes. Returns are annualized for periods greater than one year.* 

Visit HardingLoevnerFunds.com for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

![TSR QR Code](images_7662.jpg)

For additional resources and information about the Fund, scan the QR code or visit HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $132.6M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $1.4M |
| Total number of holdings | 55 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 29% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund's net asset value.

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Societe d'Exploitation des Ports | 4.6 |
| Credicorp Ltd. | 4.5 |
| International Container Terminal Services Inc. | 4.4 |
| Banca Transilvania SA | 4.3 |
| Grupo Cibest SA - ADR, 2.42% | 3.9 |
| Mobile World Investment Corp. | 3.7 |
| Hoa Phat Group JSC | 3.6 |
| Bank for Foreign Trade of Vietnam JSC | 3.4 |
| Kaspi.KZ JSC - ADR | 3.1 |
| Attijariwafa Bank | 3.1 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3187490.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3187485.jpg)

#### Material Fund Changes
Harding, Loevner Funds, Inc. approved a reduction in the management fee to 1.10% of average daily net assets effective July 1, 2025.

This is a summary of certain changes to the Fund since November 1, 2024. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at HardingLoevnerFunds.com or upon special request at (877) 435-8105.

#### Changes in and Disagreements with Accountants
Effective January 31, 2025, KPMG LLP ("KPMG") was dismissed as the independent registered public accounting firm of the Fund. There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years and the subsequent interim period through January 31, 2025. PricewaterhouseCoopers LLP has been appointed as the Fund's independent registered public accounting firm for the fiscal year ending October 31, 2025.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR_Header logo](images_7661.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2025 Harding Loevner

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics for senior officers pursuant to the Sarbanes-Oxley Act of 2002 ("SOX Code") that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

2. Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant.;

3. Compliance with applicable governmental laws, rules, and regulations;

4. The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

5. Accountability for adherence to the code.

(b) During the period covered by this report, there were no amendments to the Fund's SOX Code.

(c) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the SOX Code.

(d) Not applicable.

(e) The Registrant's SOX Code referred to in Item 2(a) above is attached as an Exhibit 19(a)(1), hereto.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
As of October 31, 2025, the Registrant's Board of Directors has determined that the following members of the Audit Committee are audit committee financial experts and independent: Carolyn N. Ainslie and Jill R. Cuniff.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. Principal Accountant Fees and Services.
(a) Audit Fees

For the fiscal year ended October 31, 2025, the Registrant's principal accountant was PricewaterhouseCoopers LLP ("PwC"). For the fiscal year ended October 31, 2025, PwC billed the Registrant $279,250 for the audit of the Registrant's annual financial statements in connection with statutory and regulatory filings.

For the fiscal year ended October 31, 2024, the Registrant's principal accountant was KPMG LLP ("KPMG"). For the fiscal year ended October 31, 2024, KPMG billed the Registrant $289,740 for the audit of the Registrant's annual financial statements in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal year ended October 31, 2025, PwC did not bill the Registrant for audit-related services.

For the fiscal year ended October 31, 2024, KPMG did not bill the Registrant for audit-related services.

(c) Tax Fees

For the fiscal year ended October 31, 2025, PwC billed $71,550 for professional services rendered by for the review of domestic tax returns.

For the fiscal year ended October 31, 2024, KPMG billed $162,175 for professional services rendered by for the review of domestic tax returns.

(d) All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by PwC in 2025 and KPMG in 2024, other than the services reported in paragraphs (a) through (c) of this Item are $0 and $0, respectively.

(e)(1) Disclose the audit committee pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. A copy of the Audit Committee's Pre-Approval Policies and Procedures is incorporated by reference under Item 19(c)

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Not applicable.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. Investments.
(a) Schedule of Investments is included as part of the financial statements filed under Item 7(a) of this report on Form N-CSR.

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) - (b) The Financial Statements and Financial Highlights are included herewith.

------

![](Front.jpg)

------

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_SOI-SOI-TOCHeader_1) | 2 |
| [Global Equity Portfolio](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_SOI-SOI-TOCHeader_1) | 2 |
| [International Equity Portfolio](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_SOI-SOI-TOCHeader_4) | 5 |
| [International Developed Markets Equity Portfolio](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_SOI-SOI-TOCHeader_7) | 8 |
| [International Small Companies Portfolio](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_SOI-SOI-TOCHeader_9) | 10 |
| [Institutional Emerging Markets Portfolio](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_SOI-SOI-TOCHeader_12) | 13 |
| [Emerging Markets Portfolio](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_SOI-SOI-TOCHeader_15) | 16 |
| [Emerging Markets ex China Portfolio](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_SOI-SOI-TOCHeader_18) | 19 |
| [Chinese Equity Portfolio](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_SOI-SOI-TOCHeader_19) | 20 |
| [Frontier Emerging Markets Portfolio](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_SOI-SOI-TOCHeader_20) | 21 |
| [Statements of Assets and Liabilities](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_FS-StatementofAssetsandLiabilities_1) | 24 |
| [Statements of Operations](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_FS-StatementofAssetsandLiabilities_4) | 27 |
| [Statements of Changes in Net Assets](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_FS-StatementofAssetsandLiabilities_6) | 29 |
| [Financial Highlights](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_FS-StatementofAssetsandLiabilities_11) | 34 |
| [Notes to Financial Statements](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_NTF-NotestoFinancialStatements_1) | 52 |
| [Report of Independent Registered Public Accounting Firm](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_AO_Section-AO-TOCHeader_1) | 66 |
| [Supplemental Tax Information](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_STI_Section-STI-TOCHeader_1) | 67 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_CID-CIADA-TOCHeader_1) | 69 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_ProxyDisclosure-ProxyDisclosuresTOCHeader_1) | 70 |
| [Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_4c12ded6-e316-45de-90e2-4b516b6c7d8a_AIA_Section-AIA-TOCHeader_1) | 71 |

---

------

**Harding, Loevner Funds, Inc.**

------

**Global Equity Portfolio**

**Portfolio of Investments**

**October 31, 2025**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.0%** | **COMMON STOCKS - 97.0%** | **COMMON STOCKS - 97.0%** |
| **Canada - 0.9%** | **Canada - 0.9%** | **Canada - 0.9%** |
| Alimentation Couche-Tard Inc. <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 105122 | &nbsp;&nbsp; $5342481<br>|
| **China - 6.2%** | **China - 6.2%** | **China - 6.2%** |
| Shenzhen Inovance Technology <br> Co., Ltd., Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 756300 | &nbsp;&nbsp; 8203323<br>|
| Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 250700 | &nbsp;&nbsp; 7583951<br>|
| Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 250300 | &nbsp;&nbsp; 20345638<br>|
|  |  | &nbsp;&nbsp; 36132912 |
| **Denmark - 0.8%** | **Denmark - 0.8%** | **Denmark - 0.8%** |
| Genmab A/S (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 15210 | &nbsp;&nbsp; 4342052<br>|
| **France - 3.4%** | **France - 3.4%** | **France - 3.4%** |
| Schneider Electric SE (Capital <br> Goods)†<br>| &nbsp;&nbsp; 70040 | &nbsp;&nbsp; 19865466<br>|
| **Germany - 1.3%** | **Germany - 1.3%** | **Germany - 1.3%** |
| SAP SE - Sponsored ADR <br> (Software & Services)<br>| &nbsp;&nbsp; 28839 | &nbsp;&nbsp; 7498428<br>|
| **Hong Kong - 1.6%** | **Hong Kong - 1.6%** | **Hong Kong - 1.6%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 977405 | &nbsp;&nbsp; 9510370<br>|
| **India - 1.3%** | **India - 1.3%** | **India - 1.3%** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp; 206604 | &nbsp;&nbsp; 7483197<br>|
| **Japan - 5.0%** | **Japan - 5.0%** | **Japan - 5.0%** |
| Chugai Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 188100 | &nbsp;&nbsp; 8675958<br>|
| Keyence Corp. (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 14600 | &nbsp;&nbsp; 5416091<br>|
| Sony Financial Group Inc. <br> (Insurance)\*<br>| &nbsp;&nbsp; 513000 | &nbsp;&nbsp; 517294<br>|
| Sony Group Corp. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 513000 | &nbsp;&nbsp; 14357869<br>|
|  |  | &nbsp;&nbsp; 28967212 |
| **Mexico - 0.8%** | **Mexico - 0.8%** | **Mexico - 0.8%** |
| Wal-Mart de Mexico SAB de CV <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 1456900 | &nbsp;&nbsp; 4816471<br>|
| **Netherlands - 2.7%** | **Netherlands - 2.7%** | **Netherlands - 2.7%** |
| ASML Holding NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 14866 | &nbsp;&nbsp; 15740929<br>|
| **Singapore - 1.4%** | **Singapore - 1.4%** | **Singapore - 1.4%** |
| DBS Group Holdings Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 190200 | &nbsp;&nbsp; 7870753<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.0% (continued)** | **COMMON STOCKS - 97.0% (continued)** | **COMMON STOCKS - 97.0% (continued)** |
| **Sweden - 2.6%** | **Sweden - 2.6%** | **Sweden - 2.6%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp; 122287 | &nbsp;&nbsp; $5816107<br>|
| Atlas Copco AB, Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 272893 | &nbsp;&nbsp; 4612936<br>|
| Epiroc AB, Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 223571 | &nbsp;&nbsp; 4734003<br>|
|  |  | &nbsp;&nbsp; 15163046 |
| **Switzerland - 2.0%** | **Switzerland - 2.0%** | **Switzerland - 2.0%** |
| Roche Holding AG, Genusschein <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 19236 | &nbsp;&nbsp; 6211874<br>|
| SGS SA, Reg S (Commercial & <br> Professional Services)†<br>| &nbsp;&nbsp; 49687 | &nbsp;&nbsp; 5595734<br>|
|  |  | &nbsp;&nbsp; 11807608 |
| **Taiwan - 2.7%** | **Taiwan - 2.7%** | **Taiwan - 2.7%** |
| Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 192000 | &nbsp;&nbsp; 6148572<br>|
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. - <br> Sponsored ADR <br> (Semiconductors & <br> Semiconductor Equipment)<br>| &nbsp;&nbsp; 30704 | &nbsp;&nbsp; 9224403<br>|
|  |  | &nbsp;&nbsp; 15372975 |
| **Thailand - 1.5%** | **Thailand - 1.5%** | **Thailand - 1.5%** |
| Fabrinet (Technology Hardware <br> & Equipment)\*<br>| &nbsp;&nbsp; 20121 | &nbsp;&nbsp; 8864709<br>|
| **United Kingdom - 5.1%** | **United Kingdom - 5.1%** | **United Kingdom - 5.1%** |
| Compass Group plc (Consumer <br> Services)†<br>| &nbsp;&nbsp; 205728 | &nbsp;&nbsp; 6802749<br>|
| Diploma plc (Capital Goods)† | &nbsp;&nbsp; 108965 | &nbsp;&nbsp; 8027964<br>|
| Haleon plc (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 1824064 | &nbsp;&nbsp; 8493061<br>|
| Shell plc (Energy)† | &nbsp;&nbsp; 169564 | &nbsp;&nbsp; 6334954<br>|
|  |  | &nbsp;&nbsp; 29658728 |
| **United States - 57.7%** | **United States - 57.7%** | **United States - 57.7%** |
| AbbVie Inc. (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 31227 | &nbsp;&nbsp; 6808735<br>|
| Accenture plc, Class A (Software <br> & Services)<br>| &nbsp;&nbsp; 34624 | &nbsp;&nbsp; 8659462<br>|
| Adobe Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 22540 | &nbsp;&nbsp; 7670587<br>|
| Alphabet Inc., Class A (Media & <br> Entertainment)<br>| &nbsp;&nbsp; 98427 | &nbsp;&nbsp; 27676688<br>|
| Amazon.com Inc. (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 99633 | &nbsp;&nbsp; 24332371<br>|
| AMETEK Inc. (Capital Goods) | &nbsp;&nbsp; 28853 | &nbsp;&nbsp; 5831480<br>|
| Amphenol Corp., Class A <br> (Technology Hardware & <br> Equipment)<br>| &nbsp;&nbsp; 78021 | &nbsp;&nbsp; 10871446<br>|
| Atkore Inc. (Capital Goods) | &nbsp;&nbsp; 62274 | &nbsp;&nbsp; 4312475<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Global Equity Portfolio**

**Portfolio of Investments (continued)**

**October 31, 2025**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.0% (continued)** | **COMMON STOCKS - 97.0% (continued)** | **COMMON STOCKS - 97.0% (continued)** |
| **United States - 57.7% (continued)** | **United States - 57.7% (continued)** | **United States - 57.7% (continued)** |
| Booking Holdings Inc. <br> (Consumer Services)<br>| &nbsp;&nbsp; 2971 | &nbsp;&nbsp; $15085966<br>|
| Broadcom Inc. (Semiconductors <br> & Semiconductor <br> Equipment)<br>| &nbsp;&nbsp; 33303 | &nbsp;&nbsp; 12309788<br>|
| CME Group Inc. (Financial <br> Services)<br>| &nbsp;&nbsp; 50468 | &nbsp;&nbsp; 13398749<br>|
| CoStar Group Inc. (Real Estate <br> Management & <br> Development)\*<br>| &nbsp;&nbsp; 80467 | &nbsp;&nbsp; 5536934<br>|
| Danaher Corp. (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 31644 | &nbsp;&nbsp; 6815485<br>|
| Deere & Co. (Capital Goods) | &nbsp;&nbsp; 11258 | &nbsp;&nbsp; 5197031<br>|
| Elevance Health Inc. (Health <br> Care Equipment & Services)<br>| &nbsp;&nbsp; 19181 | &nbsp;&nbsp; 6084213<br>|
| Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 36141 | &nbsp;&nbsp; 2225563<br>|
| HEICO Corp. (Capital Goods) | &nbsp;&nbsp; 22578 | &nbsp;&nbsp; 7174611<br>|
| Honeywell International Inc. <br> (Capital Goods)<br>| &nbsp;&nbsp; 21819 | &nbsp;&nbsp; 4392819<br>|
| Johnson & Johnson <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 31482 | &nbsp;&nbsp; 5946005<br>|
| Meta Platforms Inc., Class A <br> (Media & Entertainment)<br>| &nbsp;&nbsp; 26278 | &nbsp;&nbsp; 17037341<br>|
| Microsoft Corp. (Software & <br> Services)<br>| &nbsp;&nbsp; 51181 | &nbsp;&nbsp; 26502034<br>|
| Netflix Inc. (Media & <br> Entertainment)\*<br>| &nbsp;&nbsp; 16450 | &nbsp;&nbsp; 18405247<br>|
| Northrop Grumman Corp. <br> (Capital Goods)<br>| &nbsp;&nbsp; 9086 | &nbsp;&nbsp; 5301227<br>|
| NVIDIA Corp. (Semiconductors <br> & Semiconductor <br> Equipment)<br>| &nbsp;&nbsp; 72514 | &nbsp;&nbsp; 14683360<br>|
| Progressive Corp. (Insurance) | &nbsp;&nbsp; 51893 | &nbsp;&nbsp; 10689958<br>|
| ServiceNow Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 7171 | &nbsp;&nbsp; 6592157<br>|
| SLB Ltd. (Energy) | &nbsp;&nbsp; 168765 | &nbsp;&nbsp; 6085666<br>|
| Solstice Advanced Materials Inc. <br> (Materials)\*<br>| &nbsp;&nbsp; 5455 | &nbsp;&nbsp; 245846<br>|
| Synopsys Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 17359 | &nbsp;&nbsp; 7877861<br>|
| Thermo Fisher Scientific Inc. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 12498 | &nbsp;&nbsp; 7091240<br>|
| Trade Desk Inc., Class A (Media <br> & Entertainment)\*<br>| &nbsp;&nbsp; 95770 | &nbsp;&nbsp; 4815316<br>|
| Tradeweb Markets Inc., Class A <br> (Financial Services)<br>| &nbsp;&nbsp; 98431 | &nbsp;&nbsp; 10373643<br>|
| Vertex Pharmaceuticals Inc. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*<br>| &nbsp;&nbsp; 34045 | &nbsp;&nbsp; 14488531<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.0% (continued)** | **COMMON STOCKS - 97.0% (continued)** | **COMMON STOCKS - 97.0% (continued)** |
| **United States - 57.7% (continued)** | **United States - 57.7% (continued)** | **United States - 57.7% (continued)** |
| Visa Inc., Class A (Financial <br> Services)<br>| &nbsp;&nbsp; 14752 | &nbsp;&nbsp; $5026596<br>|
|  |  | &nbsp;&nbsp; 335546431 |
| **Total Common Stocks (Cost $357,020,710)** | **Total Common Stocks (Cost $357,020,710)** | &nbsp;&nbsp; **$563983768** |
| **SHORT TERM INVESTMENTS - 2.0%** | **SHORT TERM INVESTMENTS - 2.0%** | **SHORT TERM INVESTMENTS - 2.0%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.91% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 11506429 | &nbsp;&nbsp; 11506429 |
| **Total Short Term Investments (Cost $11,506,429)** | **Total Short Term Investments (Cost $11,506,429)** | &nbsp;&nbsp; **$11506429** |
| **Total Investments — 99.0%** | **Total Investments — 99.0%** |  |
| **(Cost $368,527,139)** | **(Cost $368,527,139)** | &nbsp;&nbsp; **$575490197** |
| Other Assets Less Liabilities - 1.0% | Other Assets Less Liabilities - 1.0% | &nbsp;&nbsp; 5608421 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$581098618** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *\** | *Non-income producing security.* |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Global Equity Portfolio**

**Portfolio of Investments (continued)**

**October 31, 2025**

------

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Banks | 2.7<br> %<br>|
| Capital Goods | 14.3 |
| Commercial & Professional Services | 0.9 |
| Consumer Discretionary Distribution & Retail | 4.2 |
| Consumer Durables & Apparel | 2.5 |
| Consumer Services | 3.8 |
| Consumer Staples Distribution & Retail | 1.7 |
| Energy | 2.1 |
| Financial Services | 5.0 |
| Health Care Equipment & Services | 2.3 |
| Insurance | 3.5 |
| Materials | 0.0<br> ^^<br>|
| Media & Entertainment | 15.2 |
| Pharmaceuticals, Biotechnology & Life Sciences | 11.9 |
| Real Estate Management & Development | 1.0 |
| Semiconductors & Semiconductor Equipment | 8.9 |
| Software & Services | 11.6 |
| Technology Hardware & Equipment | 5.4 |
| Money Market Fund | 2.0 |
| Total Investments | 99.0 |
| Other Assets Less Liabilities | 1.0 |
| Net Assets | 100.0<br> %<br>|

---

---

| | |
|:---|:---|
| *^^* | *Amount is less than 0.005%.* |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Equity Portfolio**

**Portfolio of Investments**

**October 31, 2025**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.4%** | **COMMON STOCKS - 97.4%** | **COMMON STOCKS - 97.4%** |
| **Canada - 3.7%** | **Canada - 3.7%** | **Canada - 3.7%** |
| Alimentation Couche-Tard Inc. <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 2894904 | &nbsp;&nbsp; $147123994<br>|
| Canadian National Railway Co. <br> (Transportation)<br>| &nbsp;&nbsp; 930185 | &nbsp;&nbsp; 89214043<br>|
| Manulife Financial Corp. <br> (Insurance)<br>| &nbsp;&nbsp; 7261022 | &nbsp;&nbsp; 234984698<br>|
|  |  | &nbsp;&nbsp; 471322735 |
| **China - 9.5%** | **China - 9.5%** | **China - 9.5%** |
| Contemporary Amperex <br> Technology Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 6292557 | &nbsp;&nbsp; 345980170<br>|
| Haier Smart Home Co., Ltd., <br> Class A (Consumer Durables <br> & Apparel)†<br>| &nbsp;&nbsp; 37859588 | &nbsp;&nbsp; 142780697<br>|
| NetEase Inc. - ADR (Media & <br> Entertainment)<br>| &nbsp;&nbsp; 1133995 | &nbsp;&nbsp; 158872699<br>|
| Ping An Insurance Group Co. of <br> China Ltd., Class H <br> (Insurance)†<br>| &nbsp;&nbsp; 18457000 | &nbsp;&nbsp; 133444049<br>|
| SF Holding Co., Ltd., Class A <br> (Transportation)†<br>| &nbsp;&nbsp; 18286400 | &nbsp;&nbsp; 103482127<br>|
| Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 2678964 | &nbsp;&nbsp; 81041611<br>|
| Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 2901410 | &nbsp;&nbsp; 235841135<br>|
|  |  | &nbsp;&nbsp; 1201442488 |
| **Denmark - 2.5%** | **Denmark - 2.5%** | **Denmark - 2.5%** |
| Coloplast A/S, Class B (Health <br> Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 845810 | &nbsp;&nbsp; 76480735<br>|
| Genmab A/S (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 549295 | &nbsp;&nbsp; 156809153<br>|
| Novonesis (Novozymes), Class B <br> (Materials)†<br>| &nbsp;&nbsp; 1444008 | &nbsp;&nbsp; 85910095<br>|
|  |  | &nbsp;&nbsp; 319199983 |
| **France - 5.9%** | **France - 5.9%** | **France - 5.9%** |
| Air Liquide SA (Materials)† | &nbsp;&nbsp; 710811 | &nbsp;&nbsp; 137729699<br>|
| Dassault Systemes SE (Software <br> & Services)†<br>| &nbsp;&nbsp; 3723495 | &nbsp;&nbsp; 105719953<br>|
| L'Oreal SA (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 452196 | &nbsp;&nbsp; 188838440<br>|
| Safran SA (Capital Goods)† | &nbsp;&nbsp; 390188 | &nbsp;&nbsp; 138509666<br>|
| Schneider Electric SE (Capital <br> Goods)†<br>| &nbsp;&nbsp; 625404 | &nbsp;&nbsp; 177383526<br>|
|  |  | &nbsp;&nbsp; 748181284 |
| **Germany - 3.1%** | **Germany - 3.1%** | **Germany - 3.1%** |
| Allianz SE, Reg S (Insurance)† | &nbsp;&nbsp; 729407 | &nbsp;&nbsp; 292902028<br>|
| Symrise AG (Materials)† | &nbsp;&nbsp; 1152657 | &nbsp;&nbsp; 95351901<br>|
|  |  | &nbsp;&nbsp; 388253929 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.4% (continued)** | **COMMON STOCKS - 97.4% (continued)** | **COMMON STOCKS - 97.4% (continued)** |
| **Hong Kong - 3.5%** | **Hong Kong - 3.5%** | **Hong Kong - 3.5%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 33519374 | &nbsp;&nbsp; $326151049<br>|
| Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 10498000 | &nbsp;&nbsp; 122738117<br>|
|  |  | &nbsp;&nbsp; 448889166 |
| **India - 3.0%** | **India - 3.0%** | **India - 3.0%** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp; 10649085 | &nbsp;&nbsp; 385709859<br>|
| **Indonesia - 1.0%** | **Indonesia - 1.0%** | **Indonesia - 1.0%** |
| Telkom Indonesia Persero Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 652251700 | &nbsp;&nbsp; 125586285<br>|
| **Ireland - 1.1%** | **Ireland - 1.1%** | **Ireland - 1.1%** |
| Ryanair Holdings plc - <br> Sponsored ADR <br> (Transportation)<br>| &nbsp;&nbsp; 2170661 | &nbsp;&nbsp; 135622899<br>|
| **Israel - 1.1%** | **Israel - 1.1%** | **Israel - 1.1%** |
| Nice Ltd. - Sponsored ADR <br> (Software & Services)\*<br>| &nbsp;&nbsp; 975299 | &nbsp;&nbsp; 133284361<br>|
| **Japan - 13.5%** | **Japan - 13.5%** | **Japan - 13.5%** |
| Chugai Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 5629000 | &nbsp;&nbsp; 259633014<br>|
| Daifuku Co., Ltd. (Capital <br> Goods)†<br>| &nbsp;&nbsp; 4597500 | &nbsp;&nbsp; 146649069<br>|
| Disco Corp. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 485900 | &nbsp;&nbsp; 162795134<br>|
| Keyence Corp. (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 272434 | &nbsp;&nbsp; 101063511<br>|
| Lasertec Corp. (Semiconductors <br> & Semiconductor <br> Equipment)†<br>| &nbsp;&nbsp; 986000 | &nbsp;&nbsp; 194112911<br>|
| M3 Inc. (Health Care Equipment <br> & Services)†<br>| &nbsp;&nbsp; 8227667 | &nbsp;&nbsp; 115888060<br>|
| Obic Co., Ltd. (Software & <br> Services)†<br>| &nbsp;&nbsp; 3232400 | &nbsp;&nbsp; 100228833<br>|
| Shionogi & Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 7221800 | &nbsp;&nbsp; 121312339<br>|
| Sony Financial Group Inc. <br> (Insurance)\*<br>| &nbsp;&nbsp; 10377800 | &nbsp;&nbsp; 10464669<br>|
| Sony Group Corp. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 10230600 | &nbsp;&nbsp; 286334526<br>|
| Sysmex Corp. (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 10409021 | &nbsp;&nbsp; 114927748<br>|
| Unicharm Corp. (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 15445700 | &nbsp;&nbsp; 95517867<br>|
|  |  | &nbsp;&nbsp; 1708927681 |
| **Mexico - 3.0%** | **Mexico - 3.0%** | **Mexico - 3.0%** |
| Fomento Economico Mexicano <br> SAB de CV - Sponsored <br> ADR (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 2635236 | &nbsp;&nbsp; 248660869<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Equity Portfolio**

**Portfolio of Investments (continued)**

**October 31, 2025**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.4% (continued)** | **COMMON STOCKS - 97.4% (continued)** | **COMMON STOCKS - 97.4% (continued)** |
| **Mexico - 3.0% (continued)** | **Mexico - 3.0% (continued)** | **Mexico - 3.0% (continued)** |
| Grupo Financiero Banorte SAB <br> de CV, Series O (Banks)<br>| &nbsp;&nbsp; 13910100 | &nbsp;&nbsp; $130913744<br>|
|  |  | &nbsp;&nbsp; 379574613 |
| **Netherlands - 4.3%** | **Netherlands - 4.3%** | **Netherlands - 4.3%** |
| Adyen NV (Financial <br> Services)\*^†<br>| &nbsp;&nbsp; 89885 | &nbsp;&nbsp; 154186176<br>|
| ASML Holding NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 375035 | &nbsp;&nbsp; 397107458<br>|
|  |  | &nbsp;&nbsp; 551293634 |
| **Peru - 1.4%** | **Peru - 1.4%** | **Peru - 1.4%** |
| Credicorp Ltd. (Banks) | &nbsp;&nbsp; 679817 | &nbsp;&nbsp; 177432237<br>|
| **Singapore - 3.9%** | **Singapore - 3.9%** | **Singapore - 3.9%** |
| DBS Group Holdings Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 9281518 | &nbsp;&nbsp; 384082721<br>|
| Sea Ltd. - ADR (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 684983 | &nbsp;&nbsp; 107028594<br>|
|  |  | &nbsp;&nbsp; 491111315 |
| **South Korea - 6.0%** | **South Korea - 6.0%** | **South Korea - 6.0%** |
| NAVER Corp. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 1439431 | &nbsp;&nbsp; 269485890<br>|
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 261388 | &nbsp;&nbsp; 487621217<br>|
|  |  | &nbsp;&nbsp; 757107107 |
| **Spain - 1.9%** | **Spain - 1.9%** | **Spain - 1.9%** |
| Banco Bilbao Vizcaya <br> Argentaria SA (Banks)†<br>| &nbsp;&nbsp; 12039713 | &nbsp;&nbsp; 242799960<br>|
| **Sweden - 6.9%** | **Sweden - 6.9%** | **Sweden - 6.9%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp; 4642314 | &nbsp;&nbsp; 220793684<br>|
| Assa Abloy AB, Class B (Capital <br> Goods)†<br>| &nbsp;&nbsp; 4306539 | &nbsp;&nbsp; 163133925<br>|
| Atlas Copco AB, Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 6566396 | &nbsp;&nbsp; 110997215<br>|
| Epiroc AB, Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 7131877 | &nbsp;&nbsp; 151013881<br>|
| Skandinaviska Enskilda Banken <br> AB, Class A (Banks)†<br>| &nbsp;&nbsp; 12143374 | &nbsp;&nbsp; 231795854<br>|
|  |  | &nbsp;&nbsp; 877734559 |
| **Switzerland - 4.8%** | **Switzerland - 4.8%** | **Switzerland - 4.8%** |
| Alcon AG (Health Care <br> Equipment & Services)<br>| &nbsp;&nbsp; 2117626 | &nbsp;&nbsp; 156471385<br>|
| Novartis AG, Reg S <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 989075 | &nbsp;&nbsp; 122397361<br>|
| Roche Holding AG, Genusschein <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 714944 | &nbsp;&nbsp; 230876589<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.4% (continued)** | **COMMON STOCKS - 97.4% (continued)** | **COMMON STOCKS - 97.4% (continued)** |
| **Switzerland - 4.8% (continued)** | **Switzerland - 4.8% (continued)** | **Switzerland - 4.8% (continued)** |
| Sonova Holding AG, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 351962 | &nbsp;&nbsp; $95745063<br>|
|  |  | &nbsp;&nbsp; 605490398 |
| **Taiwan - 7.1%** | **Taiwan - 7.1%** | **Taiwan - 7.1%** |
| Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 10129000 | &nbsp;&nbsp; 324369205<br>|
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. - <br> Sponsored ADR <br> (Semiconductors & <br> Semiconductor Equipment)<br>| &nbsp;&nbsp; 1915042 | &nbsp;&nbsp; 575336068<br>|
|  |  | &nbsp;&nbsp; 899705273 |
| **United Kingdom - 8.1%** | **United Kingdom - 8.1%** | **United Kingdom - 8.1%** |
| BAE Systems plc (Capital <br> Goods)†<br>| &nbsp;&nbsp; 2361307 | &nbsp;&nbsp; 58140043<br>|
| Compass Group plc (Consumer <br> Services)†<br>| &nbsp;&nbsp; 3838864 | &nbsp;&nbsp; 126938628<br>|
| Haleon plc (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 50245828 | &nbsp;&nbsp; 233950598<br>|
| Rio Tinto plc (Materials)† | &nbsp;&nbsp; 3442452 | &nbsp;&nbsp; 246455698<br>|
| Shell plc (Energy)† | &nbsp;&nbsp; 9760914 | &nbsp;&nbsp; 364670230<br>|
|  |  | &nbsp;&nbsp; 1030155197 |
| **United States - 2.1%** | **United States - 2.1%** | **United States - 2.1%** |
| Linde plc (Materials) | &nbsp;&nbsp; 110798 | &nbsp;&nbsp; 46346804<br>|
| MercadoLibre Inc. (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 96427 | &nbsp;&nbsp; 224410700<br>|
|  |  | &nbsp;&nbsp; 270757504 |
| **Total Common Stocks (Cost $7,767,561,830)** | **Total Common Stocks (Cost $7,767,561,830)** | &nbsp;&nbsp; **$12349582467** |
| **SHORT TERM INVESTMENTS - 2.5%** | **SHORT TERM INVESTMENTS - 2.5%** | **SHORT TERM INVESTMENTS - 2.5%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.91% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 319292484 | &nbsp;&nbsp; 319292484 |
| **Total Short Term Investments (Cost** <br> **$319,292,484)** | **Total Short Term Investments (Cost** <br> **$319,292,484)** | &nbsp;&nbsp; **$319292484** |
| **Total Investments — 99.9%** | **Total Investments — 99.9%** |  |
| **(Cost $8,086,854,314)** | **(Cost $8,086,854,314)** | &nbsp;&nbsp; **$12668874951** |
| Other Assets Less Liabilities - 0.1% | Other Assets Less Liabilities - 0.1% | &nbsp;&nbsp; 15879248 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$12684754199** |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Equity Portfolio**

**Portfolio of Investments (continued)**

**October 31, 2025**

------

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. This security, which represents 1.2% of* <br> *net assets as of October 31, 2025, is considered liquid and may* <br> *be resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|

---

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Banks | 12.1<br> %<br>|
| Capital Goods | 12.9 |
| Consumer Discretionary Distribution & Retail | 2.7 |
| Consumer Durables & Apparel | 3.4 |
| Consumer Services | 1.0 |
| Consumer Staples Distribution & Retail | 1.2 |
| Energy | 2.9 |
| Financial Services | 1.2 |
| Food, Beverage & Tobacco | 2.0 |
| Health Care Equipment & Services | 5.0 |
| Household & Personal Products | 2.2 |
| Insurance | 7.9 |
| Materials | 4.8 |
| Media & Entertainment | 5.3 |
| Pharmaceuticals, Biotechnology & Life Sciences | 8.8 |
| Semiconductors & Semiconductor Equipment | 10.4 |
| Software & Services | 2.7 |
| Technology Hardware & Equipment | 7.3 |
| Telecommunication Services | 1.0 |
| Transportation | 2.6 |
| Money Market Fund | 2.5 |
| Total Investments | 99.9 |
| Other Assets Less Liabilities | 0.1 |
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Developed Markets Equity Portfolio**

**Portfolio of Investments**

**October 31, 2025**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.1%** | **COMMON STOCKS - 97.1%** | **COMMON STOCKS - 97.1%** |
| **Canada - 5.4%** | **Canada - 5.4%** | **Canada - 5.4%** |
| Alimentation Couche-Tard Inc. <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 37337 | &nbsp;&nbsp; $1897530<br>|
| Canadian National Railway Co. <br> (Transportation)<br>| &nbsp;&nbsp; 10188 | &nbsp;&nbsp; 977131<br>|
| Manulife Financial Corp. <br> (Insurance)<br>| &nbsp;&nbsp; 75987 | &nbsp;&nbsp; 2459128<br>|
|  |  | &nbsp;&nbsp; 5333789 |
| **Denmark - 3.4%** | **Denmark - 3.4%** | **Denmark - 3.4%** |
| Coloplast A/S, Class B (Health <br> Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 8569 | &nbsp;&nbsp; 774835<br>|
| Genmab A/S (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 5786 | &nbsp;&nbsp; 1651750<br>|
| Novonesis (Novozymes), Class B <br> (Materials)†<br>| &nbsp;&nbsp; 14646 | &nbsp;&nbsp; 871352<br>|
|  |  | &nbsp;&nbsp; 3297937 |
| **France - 8.6%** | **France - 8.6%** | **France - 8.6%** |
| Air Liquide SA (Materials)† | &nbsp;&nbsp; 7506 | &nbsp;&nbsp; 1454394<br>|
| Dassault Systemes SE (Software <br> & Services)†<br>| &nbsp;&nbsp; 40953 | &nbsp;&nbsp; 1162765<br>|
| L'Oreal SA (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 5664 | &nbsp;&nbsp; 2365304<br>|
| Safran SA (Capital Goods)† | &nbsp;&nbsp; 4377 | &nbsp;&nbsp; 1553756<br>|
| Schneider Electric SE (Capital <br> Goods)†<br>| &nbsp;&nbsp; 6615 | &nbsp;&nbsp; 1876214<br>|
|  |  | &nbsp;&nbsp; 8412433 |
| **Germany - 4.2%** | **Germany - 4.2%** | **Germany - 4.2%** |
| Allianz SE, Reg S (Insurance)† | &nbsp;&nbsp; 7821 | &nbsp;&nbsp; 3140615<br>|
| Symrise AG (Materials)† | &nbsp;&nbsp; 11914 | &nbsp;&nbsp; 985569<br>|
|  |  | &nbsp;&nbsp; 4126184 |
| **Hong Kong - 4.9%** | **Hong Kong - 4.9%** | **Hong Kong - 4.9%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 368200 | &nbsp;&nbsp; 3582669<br>|
| Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 109000 | &nbsp;&nbsp; 1274381<br>|
|  |  | &nbsp;&nbsp; 4857050 |
| **India - 0.9%** | **India - 0.9%** | **India - 0.9%** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp; 25233 | &nbsp;&nbsp; 913939<br>|
| **Ireland - 1.5%** | **Ireland - 1.5%** | **Ireland - 1.5%** |
| Ryanair Holdings plc - <br> Sponsored ADR <br> (Transportation)<br>| &nbsp;&nbsp; 22733 | &nbsp;&nbsp; 1420358<br>|
| **Israel - 1.3%** | **Israel - 1.3%** | **Israel - 1.3%** |
| Nice Ltd. - Sponsored ADR <br> (Software & Services)\*<br>| &nbsp;&nbsp; 9539 | &nbsp;&nbsp; 1303600<br>|
| **Japan - 18.4%** | **Japan - 18.4%** | **Japan - 18.4%** |
| Chugai Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 57800 | &nbsp;&nbsp; 2665978<br>|
| Daifuku Co., Ltd. (Capital <br> Goods)†<br>| &nbsp;&nbsp; 48100 | &nbsp;&nbsp; 1534273<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.1% (continued)** | **COMMON STOCKS - 97.1% (continued)** | **COMMON STOCKS - 97.1% (continued)** |
| **Japan - 18.4% (continued)** | **Japan - 18.4% (continued)** | **Japan - 18.4% (continued)** |
| Disco Corp. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 4900 | &nbsp;&nbsp; $1641688<br>|
| Keyence Corp. (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 1038702<br>|
| Lasertec Corp. (Semiconductors <br> & Semiconductor <br> Equipment)†<br>| &nbsp;&nbsp; 9600 | &nbsp;&nbsp; 1889943<br>|
| M3 Inc. (Health Care Equipment <br> & Services)†<br>| &nbsp;&nbsp; 82000 | &nbsp;&nbsp; 1154984<br>|
| Obic Co., Ltd. (Software & <br> Services)†<br>| &nbsp;&nbsp; 36400 | &nbsp;&nbsp; 1128675<br>|
| Shionogi & Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 85400 | &nbsp;&nbsp; 1434556<br>|
| Sony Financial Group Inc. <br> (Insurance)\*<br>| &nbsp;&nbsp; 120200 | &nbsp;&nbsp; 121206<br>|
| Sony Group Corp. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 117900 | &nbsp;&nbsp; 3299791<br>|
| Sysmex Corp. (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 109600 | &nbsp;&nbsp; 1210112<br>|
| Unicharm Corp. (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 156600 | &nbsp;&nbsp; 968431<br>|
|  |  | &nbsp;&nbsp; 18088339 |
| **Netherlands - 5.8%** | **Netherlands - 5.8%** | **Netherlands - 5.8%** |
| Adyen NV (Financial <br> Services)\*^†<br>| &nbsp;&nbsp; 1014 | &nbsp;&nbsp; 1739387<br>|
| ASML Holding NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 3697 | &nbsp;&nbsp; 3914584<br>|
|  |  | &nbsp;&nbsp; 5653971 |
| **Singapore - 5.1%** | **Singapore - 5.1%** | **Singapore - 5.1%** |
| DBS Group Holdings Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 94500 | &nbsp;&nbsp; 3910548<br>|
| Sea Ltd. - ADR (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 7205 | &nbsp;&nbsp; 1125781<br>|
|  |  | &nbsp;&nbsp; 5036329 |
| **South Korea - 2.5%** | **South Korea - 2.5%** | **South Korea - 2.5%** |
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 1310 | &nbsp;&nbsp; 2443814<br>|
| **Spain - 2.7%** | **Spain - 2.7%** | **Spain - 2.7%** |
| Banco Bilbao Vizcaya <br> Argentaria SA (Banks)†<br>| &nbsp;&nbsp; 132746 | &nbsp;&nbsp; 2677034<br>|
| **Sweden - 9.2%** | **Sweden - 9.2%** | **Sweden - 9.2%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp; 45552 | &nbsp;&nbsp; 2166505<br>|
| Assa Abloy AB, Class B (Capital <br> Goods)†<br>| &nbsp;&nbsp; 41013 | &nbsp;&nbsp; 1553594<br>|
| Atlas Copco AB, Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 70225 | &nbsp;&nbsp; 1187071<br>|
| Epiroc AB, Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 75885 | &nbsp;&nbsp; 1606826<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Developed Markets Equity Portfolio**

**Portfolio of Investments (continued)**

**October 31, 2025**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.1% (continued)** | **COMMON STOCKS - 97.1% (continued)** | **COMMON STOCKS - 97.1% (continued)** |
| **Sweden - 9.2% (continued)** | **Sweden - 9.2% (continued)** | **Sweden - 9.2% (continued)** |
| Skandinaviska Enskilda Banken <br> AB, Class A (Banks)†<br>| &nbsp;&nbsp; 133086 | &nbsp;&nbsp; $2540380<br>|
|  |  | &nbsp;&nbsp; 9054376 |
| **Switzerland - 6.5%** | **Switzerland - 6.5%** | **Switzerland - 6.5%** |
| Alcon AG (Health Care <br> Equipment & Services)<br>| &nbsp;&nbsp; 21311 | &nbsp;&nbsp; 1574670<br>|
| Novartis AG, Reg S <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 11846 | &nbsp;&nbsp; 1465935<br>|
| Roche Holding AG, Genusschein <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 7311 | &nbsp;&nbsp; 2360938<br>|
| Sonova Holding AG, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 3486 | &nbsp;&nbsp; 948305<br>|
|  |  | &nbsp;&nbsp; 6349848 |
| **Taiwan - 3.7%** | **Taiwan - 3.7%** | **Taiwan - 3.7%** |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. - <br> Sponsored ADR <br> (Semiconductors & <br> Semiconductor Equipment)<br>| &nbsp;&nbsp; 12103 | &nbsp;&nbsp; 3636104<br>|
| **United Kingdom - 11.3%** | **United Kingdom - 11.3%** | **United Kingdom - 11.3%** |
| BAE Systems plc (Capital <br> Goods)†<br>| &nbsp;&nbsp; 24487 | &nbsp;&nbsp; 602918<br>|
| Compass Group plc (Consumer <br> Services)†<br>| &nbsp;&nbsp; 47791 | &nbsp;&nbsp; 1580292<br>|
| Haleon plc (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 547560 | &nbsp;&nbsp; 2549505<br>|
| Rio Tinto plc (Materials)† | &nbsp;&nbsp; 35197 | &nbsp;&nbsp; 2519861<br>|
| Shell plc (Energy)† | &nbsp;&nbsp; 102286 | &nbsp;&nbsp; 3821431<br>|
|  |  | &nbsp;&nbsp; 11074007 |
| **United States - 1.7%** | **United States - 1.7%** | **United States - 1.7%** |
| Linde plc (Materials) | &nbsp;&nbsp; 3934 | &nbsp;&nbsp; 1645592 |
| **Total Common Stocks (Cost $78,372,180)** | **Total Common Stocks (Cost $78,372,180)** | &nbsp;&nbsp; **$95324704** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT TERM INVESTMENTS - 1.6%** | **SHORT TERM INVESTMENTS - 1.6%** | **SHORT TERM INVESTMENTS - 1.6%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.91% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 1584600 | &nbsp;&nbsp; $1584600 |
| **Total Short Term Investments (Cost $1,584,600)** | **Total Short Term Investments (Cost $1,584,600)** | &nbsp;&nbsp; **$1584600** |
| **Total Investments — 98.7%** | **Total Investments — 98.7%** |  |
| **(Cost $79,956,780)** | **(Cost $79,956,780)** | &nbsp;&nbsp; **$96909304** |
| Other Assets Less Liabilities - 1.3% | Other Assets Less Liabilities - 1.3% | &nbsp;&nbsp; 1297436 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$98206740** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. This security, which represents 1.8% of* <br> *net assets as of October 31, 2025, is considered liquid and may* <br> *be resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|

---

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Banks | 10.2<br> %<br>|
| Capital Goods | 13.6 |
| Consumer Discretionary Distribution & Retail | 1.1 |
| Consumer Durables & Apparel | 3.4 |
| Consumer Services | 1.6 |
| Consumer Staples Distribution & Retail | 1.9 |
| Energy | 3.9 |
| Financial Services | 1.8 |
| Health Care Equipment & Services | 5.8 |
| Household & Personal Products | 3.4 |
| Insurance | 9.4 |
| Materials | 7.7 |
| Pharmaceuticals, Biotechnology & Life Sciences | 12.4 |
| Semiconductors & Semiconductor Equipment | 11.3 |
| Software & Services | 3.6 |
| Technology Hardware & Equipment | 3.5 |
| Transportation | 2.5 |
| Money Market Fund | 1.6 |
| Total Investments | 98.7 |
| Other Assets Less Liabilities | 1.3 |
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Small Companies Portfolio**

**Portfolio of Investments**

**October 31, 2025**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.6%** | **COMMON STOCKS - 98.6%** | **COMMON STOCKS - 98.6%** |
| **Bangladesh - 0.7%** | **Bangladesh - 0.7%** | **Bangladesh - 0.7%** |
| Square Pharmaceuticals plc <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 1126640 | &nbsp;&nbsp; $1966310<br>|
| **Belgium - 1.3%** | **Belgium - 1.3%** | **Belgium - 1.3%** |
| Lotus Bakeries NV (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 392 | &nbsp;&nbsp; 3423365<br>|
| **Canada - 1.0%** | **Canada - 1.0%** | **Canada - 1.0%** |
| Kinaxis Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 21894 | &nbsp;&nbsp; 2651226<br>|
| **China - 6.9%** | **China - 6.9%** | **China - 6.9%** |
| Haitian International Holdings <br> Ltd. (Capital Goods)†<br>| &nbsp;&nbsp; 656000 | &nbsp;&nbsp; 1793871<br>|
| Qingdao Haier Biomedical Co., <br> Ltd., Class A (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 924700 | &nbsp;&nbsp; 4519339<br>|
| Shanghai Friendess Electronic <br> Technology Corp., Ltd., <br> Class A (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 91012 | &nbsp;&nbsp; 1753895<br>|
| Shanghai Hanbell Precise <br> Machinery Co., Ltd., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 859200 | &nbsp;&nbsp; 2948357<br>|
| TravelSky Technology Ltd., <br> Class H (Consumer <br> Services)†<br>| &nbsp;&nbsp; 3090000 | &nbsp;&nbsp; 4065059<br>|
| Yantai China Pet Foods Co., <br> Ltd., Class A (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 404499 | &nbsp;&nbsp; 3251954<br>|
|  |  | &nbsp;&nbsp; 18332475 |
| **Finland - 1.5%** | **Finland - 1.5%** | **Finland - 1.5%** |
| Vaisala OYJ, Class A <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 81002 | &nbsp;&nbsp; 4008150<br>|
| **France - 3.7%** | **France - 3.7%** | **France - 3.7%** |
| Alten SA (Software & Services)† | &nbsp;&nbsp; 30761 | &nbsp;&nbsp; 2534661<br>|
| Rubis SCA (Utilities)† | &nbsp;&nbsp; 204704 | &nbsp;&nbsp; 7430408<br>|
|  |  | &nbsp;&nbsp; 9965069 |
| **Germany - 13.3%** | **Germany - 13.3%** | **Germany - 13.3%** |
| Bechtle AG (Software & <br> Services)†<br>| &nbsp;&nbsp; 100527 | &nbsp;&nbsp; 4246335<br>|
| Brenntag SE (Capital Goods)† | &nbsp;&nbsp; 34511 | &nbsp;&nbsp; 1915065<br>|
| Carl Zeiss Meditec AG (Bearer) <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 53812 | &nbsp;&nbsp; 2724304<br>|
| Evotec SE (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 451355 | &nbsp;&nbsp; 3668876<br>|
| FUCHS SE (Materials)† | &nbsp;&nbsp; 127679 | &nbsp;&nbsp; 4526476<br>|
| KWS Saat SE & Co. KGaA <br> (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 69309 | &nbsp;&nbsp; 5336144<br>|
| Nemetschek SE (Software & <br> Services)†<br>| &nbsp;&nbsp; 12771 | &nbsp;&nbsp; 1471892<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.6% (continued)** | **COMMON STOCKS - 98.6% (continued)** | **COMMON STOCKS - 98.6% (continued)** |
| **Germany - 13.3% (continued)** | **Germany - 13.3% (continued)** | **Germany - 13.3% (continued)** |
| Pfeiffer Vacuum Technology AG <br> (Capital Goods)†<br>| &nbsp;&nbsp; 21575 | &nbsp;&nbsp; $3879866<br>|
| Scout24 SE (Media & <br> Entertainment)^†<br>| &nbsp;&nbsp; 41229 | &nbsp;&nbsp; 4760837<br>|
| STRATEC SE (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 43385 | &nbsp;&nbsp; 1175706<br>|
| TeamViewer SE (Software & <br> Services)\*^†<br>| &nbsp;&nbsp; 239865 | &nbsp;&nbsp; 1760921<br>|
|  |  | &nbsp;&nbsp; 35466422 |
| **Hong Kong - 0.5%** | **Hong Kong - 0.5%** | **Hong Kong - 0.5%** |
| ASMPT Ltd. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 127200 | &nbsp;&nbsp; 1332770<br>|
| **India - 2.8%** | **India - 2.8%** | **India - 2.8%** |
| Max Financial Services Ltd. <br> (Insurance)\*†<br>| &nbsp;&nbsp; 291126 | &nbsp;&nbsp; 5070110<br>|
| SH Kelkar & Co., Ltd. <br> (Materials)^†<br>| &nbsp;&nbsp; 966431 | &nbsp;&nbsp; 2408419<br>|
|  |  | &nbsp;&nbsp; 7478529 |
| **Italy - 3.6%** | **Italy - 3.6%** | **Italy - 3.6%** |
| Carel Industries SpA (Capital <br> Goods)^†<br>| &nbsp;&nbsp; 94568 | &nbsp;&nbsp; 2460319<br>|
| DiaSorin SpA (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 26057 | &nbsp;&nbsp; 2305481<br>|
| Reply SpA (Software & <br> Services)†<br>| &nbsp;&nbsp; 35435 | &nbsp;&nbsp; 4967484<br>|
|  |  | &nbsp;&nbsp; 9733284 |
| **Japan - 12.9%** | **Japan - 12.9%** | **Japan - 12.9%** |
| Ariake Japan Co., Ltd. (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 110300 | &nbsp;&nbsp; 3868036<br>|
| Asahi Intecc Co., Ltd. (Health <br> Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 190900 | &nbsp;&nbsp; 3023132<br>|
| GMO Payment Gateway Inc. <br> (Financial Services)†<br>| &nbsp;&nbsp; 70400 | &nbsp;&nbsp; 3839927<br>|
| JCU Corp. (Materials)† | &nbsp;&nbsp; 111900 | &nbsp;&nbsp; 3295791<br>|
| MISUMI Group Inc. (Capital <br> Goods)†<br>| &nbsp;&nbsp; 137700 | &nbsp;&nbsp; 2156835<br>|
| Rohto Pharmaceutical Co., Ltd. <br> (Household & Personal <br> Products)†<br>| &nbsp;&nbsp; 344600 | &nbsp;&nbsp; 5329128<br>|
| Santen Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 448700 | &nbsp;&nbsp; 4405063<br>|
| SHIFT Inc. (Software & <br> Services)\*†<br>| &nbsp;&nbsp; 401300 | &nbsp;&nbsp; 2766964<br>|
| Sony Financial Group Inc. <br> (Insurance)\*<br>| &nbsp;&nbsp; 4270700 | &nbsp;&nbsp; 4306449<br>|
| Sysmex Corp. (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 131800 | &nbsp;&nbsp; 1455226<br>|
|  |  | &nbsp;&nbsp; 34446551 |
| **Lithuania - 1.8%** | **Lithuania - 1.8%** | **Lithuania - 1.8%** |
| Artea bankas AB (Banks)† | &nbsp;&nbsp; 5048614 | &nbsp;&nbsp; 4707665<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Small Companies Portfolio**

**Portfolio of Investments (continued)**

**October 31, 2025**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.6% (continued)** | **COMMON STOCKS - 98.6% (continued)** | **COMMON STOCKS - 98.6% (continued)** |
| **Malaysia - 1.2%** | **Malaysia - 1.2%** | **Malaysia - 1.2%** |
| Dialog Group Bhd. (Energy)† | &nbsp;&nbsp; 2961040 | &nbsp;&nbsp; $1385653<br>|
| TIME dotCom Bhd. <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 1570200 | &nbsp;&nbsp; 1788283<br>|
|  |  | &nbsp;&nbsp; 3173936 |
| **Mexico - 2.4%** | **Mexico - 2.4%** | **Mexico - 2.4%** |
| Grupo Herdez SAB de CV <br> (Food, Beverage & Tobacco)<br>| &nbsp;&nbsp; 923247 | &nbsp;&nbsp; 3541221<br>|
| Megacable Holdings SAB de CV <br> (Media & Entertainment)<br>| &nbsp;&nbsp; 1008800 | &nbsp;&nbsp; 2886552<br>|
|  |  | &nbsp;&nbsp; 6427773 |
| **Netherlands - 0.9%** | **Netherlands - 0.9%** | **Netherlands - 0.9%** |
| BE Semiconductor Industries NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 14733 | &nbsp;&nbsp; 2507933<br>|
| **Norway - 2.0%** | **Norway - 2.0%** | **Norway - 2.0%** |
| Medistim ASA (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 113965 | &nbsp;&nbsp; 3075424<br>|
| TOMRA Systems ASA (Capital <br> Goods)†<br>| &nbsp;&nbsp; 181382 | &nbsp;&nbsp; 2206347<br>|
|  |  | &nbsp;&nbsp; 5281771 |
| **Panama - 1.5%** | **Panama - 1.5%** | **Panama - 1.5%** |
| Copa Holdings SA, Class A <br> (Transportation)<br>| &nbsp;&nbsp; 31751 | &nbsp;&nbsp; 3975543<br>|
| **Philippines - 1.0%** | **Philippines - 1.0%** | **Philippines - 1.0%** |
| Wilcon Depot Inc. (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 21151700 | &nbsp;&nbsp; 2750688<br>|
| **Poland - 0.8%** | **Poland - 0.8%** | **Poland - 0.8%** |
| Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 233420 | &nbsp;&nbsp; 2178669<br>|
| **Romania - 1.0%** | **Romania - 1.0%** | **Romania - 1.0%** |
| Societatea Nationala de Gaze <br> Naturale ROMGAZ SA <br> (Energy)†<br>| &nbsp;&nbsp; 1202530 | &nbsp;&nbsp; 2604494<br>|
| **South Korea - 0.8%** | **South Korea - 0.8%** | **South Korea - 0.8%** |
| Cheil Worldwide Inc. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 141200 | &nbsp;&nbsp; 2016041<br>|
| **Spain - 2.2%** | **Spain - 2.2%** | **Spain - 2.2%** |
| Bankinter SA (Banks)† | &nbsp;&nbsp; 202782 | &nbsp;&nbsp; 3056683<br>|
| Linea Directa Aseguradora SA <br> Cia de Seguros y Reaseguros <br> (Insurance)†<br>| &nbsp;&nbsp; 2165552 | &nbsp;&nbsp; 2870680<br>|
|  |  | &nbsp;&nbsp; 5927363 |
| **Sweden - 3.8%** | **Sweden - 3.8%** | **Sweden - 3.8%** |
| Cellavision AB (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 169114 | &nbsp;&nbsp; 3204242<br>|
| Hexpol AB (Materials)† | &nbsp;&nbsp; 237678 | &nbsp;&nbsp; 2165585<br>|
| Paradox Interactive AB (Media <br> & Entertainment)†<br>| &nbsp;&nbsp; 103153 | &nbsp;&nbsp; 1794480<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.6% (continued)** | **COMMON STOCKS - 98.6% (continued)** | **COMMON STOCKS - 98.6% (continued)** |
| **Sweden - 3.8% (continued)** | **Sweden - 3.8% (continued)** | **Sweden - 3.8% (continued)** |
| Thule Group AB (Consumer <br> Durables & Apparel)^†<br>| &nbsp;&nbsp; 112331 | &nbsp;&nbsp; $2888391<br>|
|  |  | &nbsp;&nbsp; 10052698 |
| **Switzerland - 6.2%** | **Switzerland - 6.2%** | **Switzerland - 6.2%** |
| Belimo Holding AG, Reg S <br> (Capital Goods)†<br>| &nbsp;&nbsp; 3892 | &nbsp;&nbsp; 4189303<br>|
| Bossard Holding AG, Class A, <br> Reg S (Capital Goods)†<br>| &nbsp;&nbsp; 14913 | &nbsp;&nbsp; 3235849<br>|
| Burckhardt Compression <br> Holding AG (Capital <br> Goods)†<br>| &nbsp;&nbsp; 5582 | &nbsp;&nbsp; 3857128<br>|
| LEM Holding SA, Reg S <br> (Technology Hardware & <br> Equipment)\*†<br>| &nbsp;&nbsp; 3959 | &nbsp;&nbsp; 2252310<br>|
| Tecan Group AG, Reg S <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 9620 | &nbsp;&nbsp; 1754018<br>|
| Temenos AG, Reg S (Software & <br> Services)†<br>| &nbsp;&nbsp; 13768 | &nbsp;&nbsp; 1297544<br>|
|  |  | &nbsp;&nbsp; 16586152 |
| **Taiwan - 1.4%** | **Taiwan - 1.4%** | **Taiwan - 1.4%** |
| ASPEED Technology Inc. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 2656089<br>|
| Eclat Textile Co., Ltd. <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 81909 | &nbsp;&nbsp; 1090698<br>|
|  |  | &nbsp;&nbsp; 3746787 |
| **United Kingdom - 19.9%** | **United Kingdom - 19.9%** | **United Kingdom - 19.9%** |
| Airtel Africa plc <br> (Telecommunication <br> Services)^†<br>| &nbsp;&nbsp; 1377309 | &nbsp;&nbsp; 5013338<br>|
| Baltic Classifieds Group plc <br> (Media & Entertainment)†<br>| &nbsp;&nbsp; 716167 | &nbsp;&nbsp; 2776280<br>|
| Clarkson plc (Transportation)† | &nbsp;&nbsp; 135430 | &nbsp;&nbsp; 6448682<br>|
| Cranswick plc (Food, Beverage <br> & Tobacco)†<br>| &nbsp;&nbsp; 87973 | &nbsp;&nbsp; 5709860<br>|
| Croda International plc <br> (Materials)†<br>| &nbsp;&nbsp; 88529 | &nbsp;&nbsp; 3358954<br>|
| Diploma plc (Capital Goods)† | &nbsp;&nbsp; 81394 | &nbsp;&nbsp; 5996679<br>|
| Grafton Group plc (Capital <br> Goods)†<br>| &nbsp;&nbsp; 281431 | &nbsp;&nbsp; 3520041<br>|
| Rathbones Group plc (Financial <br> Services)†<br>| &nbsp;&nbsp; 80541 | &nbsp;&nbsp; 1890306<br>|
| Rightmove plc (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 230166 | &nbsp;&nbsp; 2021880<br>|
| Senior plc (Capital Goods)† | &nbsp;&nbsp; 3408752 | &nbsp;&nbsp; 8546842<br>|
| Spirax Group plc (Capital <br> Goods)†<br>| &nbsp;&nbsp; 56575 | &nbsp;&nbsp; 5284498<br>|
| YouGov plc (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 717903 | &nbsp;&nbsp; 2466472<br>|
|  |  | &nbsp;&nbsp; 53033832 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Small Companies Portfolio**

**Portfolio of Investments (continued)**

**October 31, 2025**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.6% (continued)** | **COMMON STOCKS - 98.6% (continued)** | **COMMON STOCKS - 98.6% (continued)** |
| **United States - 0.8%** | **United States - 0.8%** | **United States - 0.8%** |
| Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 36029 | &nbsp;&nbsp; $2218666<br>|
| **Vietnam - 2.7%** | **Vietnam - 2.7%** | **Vietnam - 2.7%** |
| FPT Corp. (Software & <br> Services)†<br>| &nbsp;&nbsp; 257715 | &nbsp;&nbsp; 1017404<br>|
| Hoa Phat Group JSC <br> (Materials)\*†<br>| &nbsp;&nbsp; 6151102 | &nbsp;&nbsp; 6241195<br>|
|  |  | &nbsp;&nbsp; 7258599 |
| **Total Common Stocks (Cost $190,632,024)** | **Total Common Stocks (Cost $190,632,024)** | &nbsp;&nbsp; **$263252761** |
| **SHORT TERM INVESTMENTS - 1.3%** | **SHORT TERM INVESTMENTS - 1.3%** | **SHORT TERM INVESTMENTS - 1.3%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.91% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 3554982 | &nbsp;&nbsp; 3554982 |
| **Total Short Term Investments (Cost $3,554,982)** | **Total Short Term Investments (Cost $3,554,982)** | &nbsp;&nbsp; **$3554982** |
| **Total Investments — 99.9%** | **Total Investments — 99.9%** |  |
| **(Cost $194,187,006)** | **(Cost $194,187,006)** | &nbsp;&nbsp; **$266807743** |
| Other Assets Less Liabilities - 0.1% | Other Assets Less Liabilities - 0.1% | &nbsp;&nbsp; 192626 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$267000369** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 8.0%* <br> *of net assets as of October 31, 2025, are considered liquid and* <br> *may be resold in transactions exempt from registration,* <br> *normally to qualified buyers.*<br>|

---

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Banks | 2.9<br> %<br>|
| Capital Goods | 19.5 |
| Consumer Discretionary Distribution & Retail | 1.8 |
| Consumer Durables & Apparel | 1.5 |
| Consumer Services | 1.5 |
| Energy | 1.5 |
| Financial Services | 2.1 |
| Food, Beverage & Tobacco | 9.4 |
| Health Care Equipment & Services | 8.1 |
| Household & Personal Products | 2.0 |
| Insurance | 4.6 |
| Materials | 8.2 |
| Media & Entertainment | 7.1 |
| Pharmaceuticals, Biotechnology & Life Sciences | 4.5 |
| Semiconductors & Semiconductor Equipment | 2.4 |
| Software & Services | 9.2 |
| Technology Hardware & Equipment | 3.0 |
| Telecommunication Services | 2.6 |
| Transportation | 3.9 |
| Utilities | 2.8 |
| Money Market Fund | 1.3 |
| Total Investments | 99.9 |
| Other Assets Less Liabilities | 0.1 |
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Institutional Emerging Markets Portfolio**

**Portfolio of Investments**

**October 31, 2025**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.2%** | **COMMON STOCKS - 94.2%** | **COMMON STOCKS - 94.2%** |
| **Brazil - 3.2%** | **Brazil - 3.2%** | **Brazil - 3.2%** |
| B3 SA - Brasil Bolsa Balcao <br> (Financial Services)\*<br>| &nbsp;&nbsp; 750500 | &nbsp;&nbsp; $1766063<br>|
| Lojas Renner SA (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 364030 | &nbsp;&nbsp; 1004137<br>|
| Raia Drogasil SA (Consumer <br> Staples Distribution & Retail)<br>| &nbsp;&nbsp; 403835 | &nbsp;&nbsp; 1501259<br>|
| WEG SA (Capital Goods) | &nbsp;&nbsp; 489552 | &nbsp;&nbsp; 3830916<br>|
|  |  | &nbsp;&nbsp; 8102375 |
| **China - 25.2%** | **China - 25.2%** | **China - 25.2%** |
| Alibaba Group Holding Ltd. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 455962 | &nbsp;&nbsp; 9687676<br>|
| Contemporary Amperex <br> Technology Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 117179 | &nbsp;&nbsp; 6442788<br>|
| Hefei Meiya Optoelectronic <br> Technology Inc., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 559800 | &nbsp;&nbsp; 1595272<br>|
| Li Ning Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 551000 | &nbsp;&nbsp; 1197450<br>|
| Midea Group Co., Ltd., Class A <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 308749 | &nbsp;&nbsp; 3309360<br>|
| Ping An Insurance Group Co. of <br> China Ltd., Class H <br> (Insurance)†<br>| &nbsp;&nbsp; 521500 | &nbsp;&nbsp; 3770443<br>|
| Sany Heavy Industry Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 755300 | &nbsp;&nbsp; 2353494<br>|
| SF Holding Co., Ltd., Class A <br> (Transportation)†<br>| &nbsp;&nbsp; 483100 | &nbsp;&nbsp; 2733847<br>|
| Shanghai Friendess Electronic <br> Technology Corp., Ltd., <br> Class A (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 203362 | &nbsp;&nbsp; 3918994<br>|
| Shenzhen Inovance Technology <br> Co., Ltd., Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 245800 | &nbsp;&nbsp; 2666107<br>|
| Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 73100 | &nbsp;&nbsp; 2211356<br>|
| Shenzhou International Group <br> Holdings Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 294700 | &nbsp;&nbsp; 2532223<br>|
| Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 170455 | &nbsp;&nbsp; 13855436<br>|
| Trip.com Group Ltd. (Consumer <br> Services)†<br>| &nbsp;&nbsp; 109438 | &nbsp;&nbsp; 7695688<br>|
|  |  | &nbsp;&nbsp; 63970134 |
| **Egypt - 1.3%** | **Egypt - 1.3%** | **Egypt - 1.3%** |
| Commercial International Bank <br> Egypt - GDR, Reg S <br> (Banks)†<br>| &nbsp;&nbsp; 1582711 | &nbsp;&nbsp; 3378851<br>|
| **Hong Kong - 3.2%** | **Hong Kong - 3.2%** | **Hong Kong - 3.2%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 452885 | &nbsp;&nbsp; 4406673<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** |
| **Hong Kong - 3.2% (continued)** | **Hong Kong - 3.2% (continued)** | **Hong Kong - 3.2% (continued)** |
| ASMPT Ltd. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 131979 | &nbsp;&nbsp; $1382843<br>|
| Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 204401 | &nbsp;&nbsp; 2389769<br>|
|  |  | &nbsp;&nbsp; 8179285 |
| **India - 14.3%** | **India - 14.3%** | **India - 14.3%** |
| Asian Paints Ltd. (Materials)† | &nbsp;&nbsp; 25128 | &nbsp;&nbsp; 710814<br>|
| Bajaj Auto Ltd. (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 16016 | &nbsp;&nbsp; 1604127<br>|
| HDFC Bank Ltd. (Banks)† | &nbsp;&nbsp; 890735 | &nbsp;&nbsp; 9889358<br>|
| HDFC Life Insurance Co., Ltd. <br> (Insurance)^†<br>| &nbsp;&nbsp; 371400 | &nbsp;&nbsp; 3059290<br>|
| ICICI Bank Ltd. (Banks)† | &nbsp;&nbsp; 352480 | &nbsp;&nbsp; 5345600<br>|
| MakeMyTrip Ltd. (Consumer <br> Services)\*<br>| &nbsp;&nbsp; 28905 | &nbsp;&nbsp; 2312400<br>|
| Maruti Suzuki India Ltd. <br> (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 38791 | &nbsp;&nbsp; 7061813<br>|
| Supreme Industries Ltd. <br> (Materials)†<br>| &nbsp;&nbsp; 33866 | &nbsp;&nbsp; 1453746<br>|
| Tata Consultancy Services Ltd. <br> (Software & Services)†<br>| &nbsp;&nbsp; 142063 | &nbsp;&nbsp; 4884809<br>|
|  |  | &nbsp;&nbsp; 36321957 |
| **Indonesia - 2.7%** | **Indonesia - 2.7%** | **Indonesia - 2.7%** |
| Astra International Tbk PT <br> (Capital Goods)†<br>| &nbsp;&nbsp; 6342100 | &nbsp;&nbsp; 2351645<br>|
| Bank Central Asia Tbk PT <br> (Banks)†<br>| &nbsp;&nbsp; 2915465 | &nbsp;&nbsp; 1488642<br>|
| Bank Rakyat Indonesia Persero <br> Tbk PT (Banks)†<br>| &nbsp;&nbsp; 8588250 | &nbsp;&nbsp; 2054038<br>|
| Telkom Indonesia Persero Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 4960200 | &nbsp;&nbsp; 955050<br>|
|  |  | &nbsp;&nbsp; 6849375 |
| **Italy - 1.8%** | **Italy - 1.8%** | **Italy - 1.8%** |
| Tenaris SA - ADR (Energy) | &nbsp;&nbsp; 114443 | &nbsp;&nbsp; 4554831<br>|
| **Kazakhstan - 0.8%** | **Kazakhstan - 0.8%** | **Kazakhstan - 0.8%** |
| Kaspi.KZ JSC - ADR (Financial <br> Services)<br>| &nbsp;&nbsp; 27091 | &nbsp;&nbsp; 2026136<br>|
| **Kenya - 1.3%** | **Kenya - 1.3%** | **Kenya - 1.3%** |
| Safaricom plc <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 14266482 | &nbsp;&nbsp; 3342495<br>|
| **Mexico - 3.5%** | **Mexico - 3.5%** | **Mexico - 3.5%** |
| Fomento Economico Mexicano <br> SAB de CV - Sponsored <br> ADR (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 32110 | &nbsp;&nbsp; 3029900<br>|
| Grupo Financiero Banorte SAB <br> de CV, Series O (Banks)<br>| &nbsp;&nbsp; 291755 | &nbsp;&nbsp; 2745828<br>|
| Wal-Mart de Mexico SAB de CV <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 935910 | &nbsp;&nbsp; 3094092<br>|
|  |  | &nbsp;&nbsp; 8869820 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Institutional Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**October 31, 2025**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** |
| **Panama - 0.7%** | **Panama - 0.7%** | **Panama - 0.7%** |
| Copa Holdings SA, Class A <br> (Transportation)<br>| &nbsp;&nbsp; 14943 | &nbsp;&nbsp; $1871013<br>|
| **Poland - 1.2%** | **Poland - 1.2%** | **Poland - 1.2%** |
| Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 329703 | &nbsp;&nbsp; 3077344<br>|
| **Russia - 0.0%^^** | **Russia - 0.0%^^** | **Russia - 0.0%^^** |
| Sberbank of Russia PJSC <br> (Banks)\*‡<br>| &nbsp;&nbsp; 36588248 | &nbsp;&nbsp; — |
| **Saudi Arabia - 2.2%** | **Saudi Arabia - 2.2%** | **Saudi Arabia - 2.2%** |
| Al Rajhi Bank (Banks)† | &nbsp;&nbsp; 98536 | &nbsp;&nbsp; 2780718<br>|
| Bupa Arabia for Cooperative <br> Insurance Co. (Insurance)†<br>| &nbsp;&nbsp; 60941 | &nbsp;&nbsp; 2666392<br>|
|  |  | &nbsp;&nbsp; 5447110 |
| **South Africa - 2.5%** | **South Africa - 2.5%** | **South Africa - 2.5%** |
| Clicks Group Ltd. (Consumer <br> Staples Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 81198 | &nbsp;&nbsp; 1707882<br>|
| Discovery Ltd. (Insurance)† | &nbsp;&nbsp; 159082 | &nbsp;&nbsp; 1996202<br>|
| Standard Bank Group Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 178227 | &nbsp;&nbsp; 2624989<br>|
|  |  | &nbsp;&nbsp; 6329073 |
| **South Korea - 7.1%** | **South Korea - 7.1%** | **South Korea - 7.1%** |
| Coway Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 44075 | &nbsp;&nbsp; 2760520<br>|
| NAVER Corp. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 13841 | &nbsp;&nbsp; 2591270<br>|
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 6743 | &nbsp;&nbsp; 12579115<br>|
|  |  | &nbsp;&nbsp; 17930905 |
| **Taiwan - 17.8%** | **Taiwan - 17.8%** | **Taiwan - 17.8%** |
| Airtac International Group <br> (Capital Goods)†<br>| &nbsp;&nbsp; 105783 | &nbsp;&nbsp; 3125445<br>|
| ASPEED Technology Inc. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 43668 | &nbsp;&nbsp; 7732406<br>|
| Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 323950 | &nbsp;&nbsp; 10374114<br>|
| Eclat Textile Co., Ltd. <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 214181 | &nbsp;&nbsp; 2852030<br>|
| Hon Hai Precision Industry Co., <br> Ltd. (Technology Hardware <br> & Equipment)†<br>| &nbsp;&nbsp; 726545 | &nbsp;&nbsp; 6056834<br>|
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 311527 | &nbsp;&nbsp; 15073170<br>|
|  |  | &nbsp;&nbsp; 45213999 |
| **Thailand - 0.5%** | **Thailand - 0.5%** | **Thailand - 0.5%** |
| Bumrungrad Hospital pcl, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 222555 | &nbsp;&nbsp; 1183840<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** |
| **United Arab Emirates - 1.5%** | **United Arab Emirates - 1.5%** | **United Arab Emirates - 1.5%** |
| Emaar Properties PJSC (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 966507 | &nbsp;&nbsp; $3735710<br>|
| **United Kingdom - 0.8%** | **United Kingdom - 0.8%** | **United Kingdom - 0.8%** |
| Coca-Cola HBC AG - CDI <br> (Food, Beverage & <br> Tobacco)\*†<br>| &nbsp;&nbsp; 46392 | &nbsp;&nbsp; 2105175<br>|
| **United States - 1.0%** | **United States - 1.0%** | **United States - 1.0%** |
| EPAM Systems Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 8523 | &nbsp;&nbsp; 1393852<br>|
| Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 19683 | &nbsp;&nbsp; 1212079<br>|
|  |  | &nbsp;&nbsp; 2605931 |
| **Vietnam - 1.6%** | **Vietnam - 1.6%** | **Vietnam - 1.6%** |
| Mobile World Investment Corp. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 1250800 | &nbsp;&nbsp; 3924507 |
| **Total Common Stocks (Cost $182,486,088)** | **Total Common Stocks (Cost $182,486,088)** | &nbsp;&nbsp; **$239019866** |
| **PREFERRED STOCKS - 2.1%** | **PREFERRED STOCKS - 2.1%** | **PREFERRED STOCKS - 2.1%** |
| **Brazil - 1.2%** | **Brazil - 1.2%** | **Brazil - 1.2%** |
| Itau Unibanco Holding SA - <br> Sponsored ADR, 3.38% <br> (Banks)+<br>| &nbsp;&nbsp; 397521 | &nbsp;&nbsp; 2925755 |
| **Colombia - 0.6%** | **Colombia - 0.6%** | **Colombia - 0.6%** |
| Grupo Cibest SA - ADR, 2.42% <br> (Banks)+<br>| &nbsp;&nbsp; 24224 | &nbsp;&nbsp; 1405961 |
| **South Korea - 0.3%** | **South Korea - 0.3%** | **South Korea - 0.3%** |
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S, 1.80% <br> (Technology Hardware & <br> Equipment)+†<br>| &nbsp;&nbsp; 589 | &nbsp;&nbsp; 857213 |
| **Total Preferred Stocks (Cost $1,654,636)** | **Total Preferred Stocks (Cost $1,654,636)** | &nbsp;&nbsp; **$5188929** |
| **SHORT TERM INVESTMENTS - 2.4%** | **SHORT TERM INVESTMENTS - 2.4%** | **SHORT TERM INVESTMENTS - 2.4%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.91% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 6166658 | &nbsp;&nbsp; 6166658 |
| **Total Short Term Investments (Cost $6,166,658)** | **Total Short Term Investments (Cost $6,166,658)** | &nbsp;&nbsp; **$6166658** |
| **Total Investments — 98.7%** | **Total Investments — 98.7%** |  |
| **(Cost $190,307,382)** | **(Cost $190,307,382)** | &nbsp;&nbsp; **$250375453** |
| Other Assets Less Liabilities - 1.3% | Other Assets Less Liabilities - 1.3% | &nbsp;&nbsp; 3259569 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$253635022** |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Institutional Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**October 31, 2025**

------

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| CDI | Chess Depositary Interest |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *\** | *Non-income producing security.* |
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 2.4%* <br> *of net assets as of October 31, 2025, are considered liquid and* <br> *may be resold in transactions exempt from registration,* <br> *normally to qualified buyers.*<br>|
| *‡* | &nbsp;&nbsp; *Investment categorized as a level 3 security that is effectively* <br> *valued at zero.* <br>|
| *+* | &nbsp;&nbsp; *Current yield is disclosed. Dividends are calculated based on a* <br> *percentage of the issuer's net income.*<br>|
| *^^* | *Amount is less than 0.005%.* |

---

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Automobiles & Components | 3.4<br> %<br>|
| Banks | 13.7 |
| Capital Goods | 9.6 |
| Consumer Discretionary Distribution & Retail | 7.0 |
| Consumer Durables & Apparel | 5.0 |
| Consumer Services | 3.9 |
| Consumer Staples Distribution & Retail | 2.5 |
| Energy | 1.8 |
| Financial Services | 1.5 |
| Food, Beverage & Tobacco | 2.0 |
| Health Care Equipment & Services | 1.4 |
| Insurance | 6.3 |
| Materials | 0.9 |
| Media & Entertainment | 6.5 |
| Real Estate Management & Development | 1.5 |
| Semiconductors & Semiconductor Equipment | 9.6 |
| Software & Services | 2.9 |
| Technology Hardware & Equipment | 13.3 |
| Telecommunication Services | 1.7 |
| Transportation | 1.8 |
| Money Market Fund | 2.4 |
| Total Investments | 98.7 |
| Other Assets Less Liabilities | 1.3 |
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Emerging Markets Portfolio**

**Portfolio of Investments**

**October 31, 2025**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.9%** | **COMMON STOCKS - 94.9%** | **COMMON STOCKS - 94.9%** |
| **Brazil - 3.2%** | **Brazil - 3.2%** | **Brazil - 3.2%** |
| B3 SA - Brasil Bolsa Balcao <br> (Financial Services)\*<br>| &nbsp;&nbsp; 1389409 | &nbsp;&nbsp; $3269532<br>|
| Lojas Renner SA (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 644990 | &nbsp;&nbsp; 1779134<br>|
| Raia Drogasil SA (Consumer <br> Staples Distribution & Retail)<br>| &nbsp;&nbsp; 692800 | &nbsp;&nbsp; 2575488<br>|
| WEG SA (Capital Goods) | &nbsp;&nbsp; 854248 | &nbsp;&nbsp; 6684791<br>|
|  |  | &nbsp;&nbsp; 14308945 |
| **China - 25.4%** | **China - 25.4%** | **China - 25.4%** |
| Alibaba Group Holding Ltd. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 813536 | &nbsp;&nbsp; 17284935<br>|
| Contemporary Amperex <br> Technology Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 203381 | &nbsp;&nbsp; 11182385<br>|
| Hefei Meiya Optoelectronic <br> Technology Inc., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 1014470 | &nbsp;&nbsp; 2890953<br>|
| Li Ning Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 956500 | &nbsp;&nbsp; 2078694<br>|
| Midea Group Co., Ltd., Class A <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 566415 | &nbsp;&nbsp; 6071180<br>|
| Ping An Insurance Group Co. of <br> China Ltd., Class H <br> (Insurance)†<br>| &nbsp;&nbsp; 932500 | &nbsp;&nbsp; 6741972<br>|
| Sany Heavy Industry Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 1332800 | &nbsp;&nbsp; 4152969<br>|
| SF Holding Co., Ltd., Class A <br> (Transportation)†<br>| &nbsp;&nbsp; 861200 | &nbsp;&nbsp; 4873502<br>|
| Shanghai Friendess Electronic <br> Technology Corp., Ltd., <br> Class A (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 363864 | &nbsp;&nbsp; 7012032<br>|
| Shenzhen Inovance Technology <br> Co., Ltd., Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 464101 | &nbsp;&nbsp; 5033942<br>|
| Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 138300 | &nbsp;&nbsp; 4183727<br>|
| Shenzhou International Group <br> Holdings Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 492710 | &nbsp;&nbsp; 4233633<br>|
| Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 303900 | &nbsp;&nbsp; 24702514<br>|
| Trip.com Group Ltd. (Consumer <br> Services)†<br>| &nbsp;&nbsp; 195200 | &nbsp;&nbsp; 13726479<br>|
|  |  | &nbsp;&nbsp; 114168917 |
| **Egypt - 1.4%** | **Egypt - 1.4%** | **Egypt - 1.4%** |
| Commercial International Bank <br> Egypt - GDR, Reg S <br> (Banks)†<br>| &nbsp;&nbsp; 2893268 | &nbsp;&nbsp; 6176695<br>|
| **Hong Kong - 3.3%** | **Hong Kong - 3.3%** | **Hong Kong - 3.3%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 808671 | &nbsp;&nbsp; 7868551<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.9% (continued)** | **COMMON STOCKS - 94.9% (continued)** | **COMMON STOCKS - 94.9% (continued)** |
| **Hong Kong - 3.3% (continued)** | **Hong Kong - 3.3% (continued)** | **Hong Kong - 3.3% (continued)** |
| ASMPT Ltd. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 229445 | &nbsp;&nbsp; $2404067<br>|
| Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 382360 | &nbsp;&nbsp; 4470389<br>|
|  |  | &nbsp;&nbsp; 14743007 |
| **India - 14.4%** | **India - 14.4%** | **India - 14.4%** |
| Asian Paints Ltd. (Materials)† | &nbsp;&nbsp; 43472 | &nbsp;&nbsp; 1229724<br>|
| Bajaj Auto Ltd. (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 28647 | &nbsp;&nbsp; 2869220<br>|
| HDFC Bank Ltd. (Banks)† | &nbsp;&nbsp; 1590324 | &nbsp;&nbsp; 17656524<br>|
| HDFC Life Insurance Co., Ltd. <br> (Insurance)^†<br>| &nbsp;&nbsp; 682463 | &nbsp;&nbsp; 5621572<br>|
| ICICI Bank Ltd. (Banks)† | &nbsp;&nbsp; 629774 | &nbsp;&nbsp; 9550953<br>|
| MakeMyTrip Ltd. (Consumer <br> Services)\*<br>| &nbsp;&nbsp; 53492 | &nbsp;&nbsp; 4279360<br>|
| Maruti Suzuki India Ltd. <br> (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 69331 | &nbsp;&nbsp; 12621551<br>|
| Supreme Industries Ltd. <br> (Materials)†<br>| &nbsp;&nbsp; 56923 | &nbsp;&nbsp; 2443501<br>|
| Tata Consultancy Services Ltd. <br> (Software & Services)†<br>| &nbsp;&nbsp; 254381 | &nbsp;&nbsp; 8746842<br>|
|  |  | &nbsp;&nbsp; 65019247 |
| **Indonesia - 2.7%** | **Indonesia - 2.7%** | **Indonesia - 2.7%** |
| Astra International Tbk PT <br> (Capital Goods)†<br>| &nbsp;&nbsp; 11549500 | &nbsp;&nbsp; 4282545<br>|
| Bank Central Asia Tbk PT <br> (Banks)†<br>| &nbsp;&nbsp; 5070064 | &nbsp;&nbsp; 2588784<br>|
| Bank Rakyat Indonesia Persero <br> Tbk PT (Banks)†<br>| &nbsp;&nbsp; 15224636 | &nbsp;&nbsp; 3641250<br>|
| Telkom Indonesia Persero Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 9609900 | &nbsp;&nbsp; 1850316<br>|
|  |  | &nbsp;&nbsp; 12362895 |
| **Italy - 1.8%** | **Italy - 1.8%** | **Italy - 1.8%** |
| Tenaris SA - ADR (Energy) | &nbsp;&nbsp; 203974 | &nbsp;&nbsp; 8118165<br>|
| **Kazakhstan - 0.8%** | **Kazakhstan - 0.8%** | **Kazakhstan - 0.8%** |
| Kaspi.KZ JSC - ADR (Financial <br> Services)<br>| &nbsp;&nbsp; 50858 | &nbsp;&nbsp; 3803670<br>|
| **Kenya - 1.3%** | **Kenya - 1.3%** | **Kenya - 1.3%** |
| Safaricom plc <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 24758373 | &nbsp;&nbsp; 5800641<br>|
| **Mexico - 3.5%** | **Mexico - 3.5%** | **Mexico - 3.5%** |
| Fomento Economico Mexicano <br> SAB de CV - Sponsored <br> ADR (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 55731 | &nbsp;&nbsp; 5258777<br>|
| Grupo Financiero Banorte SAB <br> de CV, Series O (Banks)<br>| &nbsp;&nbsp; 495474 | &nbsp;&nbsp; 4663112<br>|
| Wal-Mart de Mexico SAB de CV <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 1735315 | &nbsp;&nbsp; 5736903<br>|
|  |  | &nbsp;&nbsp; 15658792 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**October 31, 2025**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.9% (continued)** | **COMMON STOCKS - 94.9% (continued)** | **COMMON STOCKS - 94.9% (continued)** |
| **Panama - 0.7%** | **Panama - 0.7%** | **Panama - 0.7%** |
| Copa Holdings SA, Class A <br> (Transportation)<br>| &nbsp;&nbsp; 25736 | &nbsp;&nbsp; $3222405<br>|
| **Poland - 1.2%** | **Poland - 1.2%** | **Poland - 1.2%** |
| Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 573642 | &nbsp;&nbsp; 5354193<br>|
| **Russia - 0.0%^^** | **Russia - 0.0%^^** | **Russia - 0.0%^^** |
| Sberbank of Russia PJSC <br> (Banks)\*‡<br>| &nbsp;&nbsp; 20812636 | &nbsp;&nbsp; — |
| **Saudi Arabia - 2.1%** | **Saudi Arabia - 2.1%** | **Saudi Arabia - 2.1%** |
| Al Rajhi Bank (Banks)† | &nbsp;&nbsp; 176079 | &nbsp;&nbsp; 4969005<br>|
| Bupa Arabia for Cooperative <br> Insurance Co. (Insurance)†<br>| &nbsp;&nbsp; 100142 | &nbsp;&nbsp; 4381580<br>|
|  |  | &nbsp;&nbsp; 9350585 |
| **South Africa - 2.4%** | **South Africa - 2.4%** | **South Africa - 2.4%** |
| Clicks Group Ltd. (Consumer <br> Staples Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 139193 | &nbsp;&nbsp; 2927722<br>|
| Discovery Ltd. (Insurance)† | &nbsp;&nbsp; 265801 | &nbsp;&nbsp; 3335340<br>|
| Standard Bank Group Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 318741 | &nbsp;&nbsp; 4694528<br>|
|  |  | &nbsp;&nbsp; 10957590 |
| **South Korea - 7.2%** | **South Korea - 7.2%** | **South Korea - 7.2%** |
| Coway Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 80233 | &nbsp;&nbsp; 5025180<br>|
| NAVER Corp. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 25777 | &nbsp;&nbsp; 4825891<br>|
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 12047 | &nbsp;&nbsp; 22473766<br>|
|  |  | &nbsp;&nbsp; 32324837 |
| **Taiwan - 18.0%** | **Taiwan - 18.0%** | **Taiwan - 18.0%** |
| Airtac International Group <br> (Capital Goods)†<br>| &nbsp;&nbsp; 188823 | &nbsp;&nbsp; 5578930<br>|
| ASPEED Technology Inc. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 77309 | &nbsp;&nbsp; 13689305<br>|
| Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 578000 | &nbsp;&nbsp; 18509764<br>|
| Eclat Textile Co., Ltd. <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 394846 | &nbsp;&nbsp; 5257761<br>|
| Hon Hai Precision Industry Co., <br> Ltd. (Technology Hardware <br> & Equipment)†<br>| &nbsp;&nbsp; 1330146 | &nbsp;&nbsp; 11088746<br>|
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 556147 | &nbsp;&nbsp; 26909059<br>|
|  |  | &nbsp;&nbsp; 81033565 |
| **Thailand - 0.5%** | **Thailand - 0.5%** | **Thailand - 0.5%** |
| Bumrungrad Hospital pcl, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 422800 | &nbsp;&nbsp; 2249006<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.9% (continued)** | **COMMON STOCKS - 94.9% (continued)** | **COMMON STOCKS - 94.9% (continued)** |
| **United Arab Emirates - 1.5%** | **United Arab Emirates - 1.5%** | **United Arab Emirates - 1.5%** |
| Emaar Properties PJSC (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 1726222 | &nbsp;&nbsp; $6672136<br>|
| **United Kingdom - 0.9%** | **United Kingdom - 0.9%** | **United Kingdom - 0.9%** |
| Coca-Cola HBC AG - CDI <br> (Food, Beverage & <br> Tobacco)\*†<br>| &nbsp;&nbsp; 89145 | &nbsp;&nbsp; 4045219<br>|
| **United States - 1.1%** | **United States - 1.1%** | **United States - 1.1%** |
| EPAM Systems Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 16338 | &nbsp;&nbsp; 2671916<br>|
| Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 34891 | &nbsp;&nbsp; 2148588<br>|
|  |  | &nbsp;&nbsp; 4820504 |
| **Vietnam - 1.5%** | **Vietnam - 1.5%** | **Vietnam - 1.5%** |
| Mobile World Investment Corp. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 2245700 | &nbsp;&nbsp; 7046103 |
| **Total Common Stocks (Cost $251,413,988)** | **Total Common Stocks (Cost $251,413,988)** | &nbsp;&nbsp; **$427237117** |
| **PREFERRED STOCKS - 2.1%** | **PREFERRED STOCKS - 2.1%** | **PREFERRED STOCKS - 2.1%** |
| **Brazil - 1.2%** | **Brazil - 1.2%** | **Brazil - 1.2%** |
| Itau Unibanco Holding SA - <br> Sponsored ADR, 3.38% <br> (Banks)+<br>| &nbsp;&nbsp; 708386 | &nbsp;&nbsp; 5213721 |
| **Colombia - 0.6%** | **Colombia - 0.6%** | **Colombia - 0.6%** |
| Grupo Cibest SA - ADR, 2.42% <br> (Banks)+<br>| &nbsp;&nbsp; 43467 | &nbsp;&nbsp; 2522825 |
| **South Korea - 0.3%** | **South Korea - 0.3%** | **South Korea - 0.3%** |
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S, 1.80% <br> (Technology Hardware & <br> Equipment)+†<br>| &nbsp;&nbsp; 1057 | &nbsp;&nbsp; 1538327 |
| **Total Preferred Stocks (Cost $3,222,505)** | **Total Preferred Stocks (Cost $3,222,505)** | &nbsp;&nbsp; **$9274873** |
| **SHORT TERM INVESTMENTS - 3.8%** | **SHORT TERM INVESTMENTS - 3.8%** | **SHORT TERM INVESTMENTS - 3.8%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.91% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 17050408 | &nbsp;&nbsp; 17050408 |
| **Total Short Term Investments (Cost $17,050,408)** | **Total Short Term Investments (Cost $17,050,408)** | &nbsp;&nbsp; **$17050408** |
| **Total Investments — 100.8%** | **Total Investments — 100.8%** |  |
| **(Cost $271,686,901)** | **(Cost $271,686,901)** | &nbsp;&nbsp; **$453562398** |
| Liabilities Less Other Assets - (0.8)% | Liabilities Less Other Assets - (0.8)% | &nbsp;&nbsp; (3480415)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$450081983** |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**October 31, 2025**

------

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| CDI | Chess Depositary Interest |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *\** | *Non-income producing security.* |
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 2.4%* <br> *of net assets as of October 31, 2025, are considered liquid and* <br> *may be resold in transactions exempt from registration,* <br> *normally to qualified buyers.*<br>|
| *‡* | &nbsp;&nbsp; *Investment categorized as a level 3 security that is effectively* <br> *valued at zero.* <br>|
| *+* | &nbsp;&nbsp; *Current yield is disclosed. Dividends are calculated based on a* <br> *percentage of the issuer's net income.*<br>|
| *^^* | *Amount is less than 0.005%.* |

---

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Automobiles & Components | 3.4<br> %<br>|
| Banks | 13.7 |
| Capital Goods | 9.7 |
| Consumer Discretionary Distribution & Retail | 6.9 |
| Consumer Durables & Apparel | 5.1 |
| Consumer Services | 4.1 |
| Consumer Staples Distribution & Retail | 2.6 |
| Energy | 1.8 |
| Financial Services | 1.5 |
| Food, Beverage & Tobacco | 2.1 |
| Health Care Equipment & Services | 1.4 |
| Insurance | 6.3 |
| Materials | 0.8 |
| Media & Entertainment | 6.6 |
| Real Estate Management & Development | 1.5 |
| Semiconductors & Semiconductor Equipment | 9.5 |
| Software & Services | 3.0 |
| Technology Hardware & Equipment | 13.5 |
| Telecommunication Services | 1.7 |
| Transportation | 1.8 |
| Money Market Fund | 3.8 |
| Total Investments | 100.8 |
| Liabilities Less Other Assets | &nbsp;&nbsp; (0.8)<br>|
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Emerging Markets ex China Portfolio\***

**Portfolio of Investments**

**October 31, 2025**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT TERM INVESTMENTS - 94.2%** | **SHORT TERM INVESTMENTS - 94.2%** | **SHORT TERM INVESTMENTS - 94.2%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.91% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 3712658 | &nbsp;&nbsp; $3712658 |
| **Total Short Term Investments (Cost $3,712,658)** | **Total Short Term Investments (Cost $3,712,658)** | &nbsp;&nbsp; **$3712658** |
| **Total Investments — 94.2%** | **Total Investments — 94.2%** |  |
| **(Cost $3,712,658)** | **(Cost $3,712,658)** | &nbsp;&nbsp; **$3712658** |
| Other Assets Less Liabilities - 5.8% | Other Assets Less Liabilities - 5.8% | &nbsp;&nbsp; 228396 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$3941054** |

---

*\* See Note 16. Subsequent Events for further information regarding this Portfolio.*

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Money Market Fund | 94.2<br> %<br>|
| Total Investments | 94.2 |
| Other Assets Less Liabilities | 5.8 |
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Chinese Equity Portfolio\***

**Portfolio of Investments**

**October 31, 2025**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT TERM INVESTMENTS - 100.7%** | **SHORT TERM INVESTMENTS - 100.7%** | **SHORT TERM INVESTMENTS - 100.7%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.91% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 3545453 | &nbsp;&nbsp; $3545453 |
| **Total Short Term Investments (Cost $3,545,453)** | **Total Short Term Investments (Cost $3,545,453)** | &nbsp;&nbsp; **$3545453** |
| **Total Investments — 100.7%** | **Total Investments — 100.7%** |  |
| **(Cost $3,545,453)** | **(Cost $3,545,453)** | &nbsp;&nbsp; **$3545453** |
| Liabilities Less Other Assets - (0.7)% | Liabilities Less Other Assets - (0.7)% | &nbsp;&nbsp; (23439)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$3522014** |

---

*\* See Note 16. Subsequent Events for further information regarding this Portfolio.*

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Money Market Fund | 100.7<br> %<br>|
| Total Investments | 100.7 |
| Liabilities Less Other Assets | &nbsp;&nbsp; (0.7)<br>|
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Frontier Emerging Markets Portfolio**

**Portfolio of Investments**

**October 31, 2025**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 93.3%** | **COMMON STOCKS - 93.3%** | **COMMON STOCKS - 93.3%** |
| **Bangladesh - 2.0%** | **Bangladesh - 2.0%** | **Bangladesh - 2.0%** |
| BRAC Bank plc (Banks)† | &nbsp;&nbsp; 2063905 | &nbsp;&nbsp; $1145357<br>|
| GrameenPhone Ltd. <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 198888 | &nbsp;&nbsp; 460097<br>|
| Square Pharmaceuticals plc <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 583241 | &nbsp;&nbsp; 1017923<br>|
|  |  | &nbsp;&nbsp; 2623377 |
| **Colombia - 2.3%** | **Colombia - 2.3%** | **Colombia - 2.3%** |
| Cementos Argos SA - Sponsored <br> ADR (Materials)†<br>| &nbsp;&nbsp; 229449 | &nbsp;&nbsp; 3071496<br>|
| **Egypt - 2.2%** | **Egypt - 2.2%** | **Egypt - 2.2%** |
| Commercial International Bank <br> Egypt - GDR, Reg S <br> (Banks)†<br>| &nbsp;&nbsp; 1340008 | &nbsp;&nbsp; 2860717<br>|
| **Indonesia - 4.2%** | **Indonesia - 4.2%** | **Indonesia - 4.2%** |
| Astra International Tbk PT <br> (Capital Goods)†<br>| &nbsp;&nbsp; 4869900 | &nbsp;&nbsp; 1805755<br>|
| Bank Central Asia Tbk PT <br> (Banks)†<br>| &nbsp;&nbsp; 3771000 | &nbsp;&nbsp; 1925480<br>|
| Map Aktif Adiperkasa PT <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 21764500 | &nbsp;&nbsp; 915306<br>|
| Sumber Alfaria Trijaya Tbk PT <br> (Consumer Staples <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 7220900 | &nbsp;&nbsp; 870333<br>|
|  |  | &nbsp;&nbsp; 5516874 |
| **Kazakhstan - 7.6%** | **Kazakhstan - 7.6%** | **Kazakhstan - 7.6%** |
| Halyk Savings Bank of <br> Kazakhstan JSC - GDR, Reg <br> S (Banks)†<br>| &nbsp;&nbsp; 92990 | &nbsp;&nbsp; 2483022<br>|
| Kaspi.KZ JSC - ADR (Financial <br> Services)<br>| &nbsp;&nbsp; 55570 | &nbsp;&nbsp; 4156080<br>|
| NAC Kazatomprom JSC - GDR, <br> Reg S (Energy)†<br>| &nbsp;&nbsp; 58198 | &nbsp;&nbsp; 3404930<br>|
|  |  | &nbsp;&nbsp; 10044032 |
| **Kenya - 3.4%** | **Kenya - 3.4%** | **Kenya - 3.4%** |
| Equity Group Holdings plc <br> (Banks)†<br>| &nbsp;&nbsp; 2305400 | &nbsp;&nbsp; 1180971<br>|
| KCB Group plc (Banks)† | &nbsp;&nbsp; 1671500 | &nbsp;&nbsp; 795841<br>|
| Safaricom plc <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 11129550 | &nbsp;&nbsp; 2607543<br>|
|  |  | &nbsp;&nbsp; 4584355 |
| **Morocco - 11.3%** | **Morocco - 11.3%** | **Morocco - 11.3%** |
| Akdital Holding (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 15556 | &nbsp;&nbsp; 2409780<br>|
| Attijariwafa Bank (Banks)† | &nbsp;&nbsp; 48827 | &nbsp;&nbsp; 4083686<br>|
| Itissalat Al-Maghrib <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 183998 | &nbsp;&nbsp; 2374652<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 93.3% (continued)** | **COMMON STOCKS - 93.3% (continued)** | **COMMON STOCKS - 93.3% (continued)** |
| **Morocco - 11.3% (continued)** | **Morocco - 11.3% (continued)** | **Morocco - 11.3% (continued)** |
| Societe d'Exploitation des Ports <br> (Transportation)†<br>| &nbsp;&nbsp; 57608 | &nbsp;&nbsp; $6182614<br>|
|  |  | &nbsp;&nbsp; 15050732 |
| **Peru - 6.5%** | **Peru - 6.5%** | **Peru - 6.5%** |
| Alicorp SAA (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 595623 | &nbsp;&nbsp; 1627724<br>|
| Credicorp Ltd. (Banks) | &nbsp;&nbsp; 23081 | &nbsp;&nbsp; 6024141<br>|
| Ferreycorp SAA (Capital Goods) | &nbsp;&nbsp; 1048242 | &nbsp;&nbsp; 1024422<br>|
|  |  | &nbsp;&nbsp; 8676287 |
| **Philippines - 16.0%** | **Philippines - 16.0%** | **Philippines - 16.0%** |
| Bank of the Philippine Islands <br> (Banks)†<br>| &nbsp;&nbsp; 1338450 | &nbsp;&nbsp; 2397564<br>|
| BDO Unibank Inc. (Banks)† | &nbsp;&nbsp; 1156101 | &nbsp;&nbsp; 2621610<br>|
| Century Pacific Food Inc. (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 2038000 | &nbsp;&nbsp; 1212543<br>|
| International Container Terminal <br> Services Inc. <br> (Transportation)†<br>| &nbsp;&nbsp; 647990 | &nbsp;&nbsp; 5830774<br>|
| Jollibee Foods Corp. (Consumer <br> Services)†<br>| &nbsp;&nbsp; 1050290 | &nbsp;&nbsp; 3867061<br>|
| SM Prime Holdings Inc. (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 8698300 | &nbsp;&nbsp; 3304926<br>|
| Universal Robina Corp. (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 984620 | &nbsp;&nbsp; 1221280<br>|
| Wilcon Depot Inc. (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 6208400 | &nbsp;&nbsp; 807376<br>|
|  |  | &nbsp;&nbsp; 21263134 |
| **Poland - 1.7%** | **Poland - 1.7%** | **Poland - 1.7%** |
| Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 242797 | &nbsp;&nbsp; 2266190<br>|
| **Romania - 5.5%** | **Romania - 5.5%** | **Romania - 5.5%** |
| Banca Transilvania SA (Banks)† | &nbsp;&nbsp; 896578 | &nbsp;&nbsp; 5690788<br>|
| Societatea Nationala de Gaze <br> Naturale ROMGAZ SA <br> (Energy)†<br>| &nbsp;&nbsp; 717979 | &nbsp;&nbsp; 1555032<br>|
|  |  | &nbsp;&nbsp; 7245820 |
| **Saudi Arabia - 2.3%** | **Saudi Arabia - 2.3%** | **Saudi Arabia - 2.3%** |
| Al Rajhi Bank (Banks)† | &nbsp;&nbsp; 42020 | &nbsp;&nbsp; 1185818<br>|
| Bupa Arabia for Cooperative <br> Insurance Co. (Insurance)†<br>| &nbsp;&nbsp; 15851 | &nbsp;&nbsp; 693539<br>|
| Mouwasat Medical Services Co. <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 58166 | &nbsp;&nbsp; 1189436<br>|
|  |  | &nbsp;&nbsp; 3068793 |
| **Slovenia - 1.8%** | **Slovenia - 1.8%** | **Slovenia - 1.8%** |
| Krka dd Novo mesto <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 9927 | &nbsp;&nbsp; 2378935<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Frontier Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**October 31, 2025**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 93.3% (continued)** | **COMMON STOCKS - 93.3% (continued)** | **COMMON STOCKS - 93.3% (continued)** |
| **Thailand - 0.6%** | **Thailand - 0.6%** | **Thailand - 0.6%** |
| Bumrungrad Hospital pcl, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 161700 | &nbsp;&nbsp; $860133<br>|
| **United Arab Emirates - 2.5%** | **United Arab Emirates - 2.5%** | **United Arab Emirates - 2.5%** |
| Agthia Group PJSC (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 581568 | &nbsp;&nbsp; 612806<br>|
| Emaar Properties PJSC (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 714809 | &nbsp;&nbsp; 2762856<br>|
|  |  | &nbsp;&nbsp; 3375662 |
| **United Kingdom - 5.6%** | **United Kingdom - 5.6%** | **United Kingdom - 5.6%** |
| Airtel Africa plc <br> (Telecommunication <br> Services)^†<br>| &nbsp;&nbsp; 982440 | &nbsp;&nbsp; 3576034<br>|
| Baltic Classifieds Group plc <br> (Media & Entertainment)†<br>| &nbsp;&nbsp; 734544 | &nbsp;&nbsp; 2847520<br>|
| Helios Towers plc <br> (Telecommunication <br> Services)\*†<br>| &nbsp;&nbsp; 486236 | &nbsp;&nbsp; 957610<br>|
|  |  | &nbsp;&nbsp; 7381164 |
| **United States - 1.7%** | **United States - 1.7%** | **United States - 1.7%** |
| EPAM Systems Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 6127 | &nbsp;&nbsp; 1002010<br>|
| Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 19612 | &nbsp;&nbsp; 1207707<br>|
|  |  | &nbsp;&nbsp; 2209717 |
| **Vietnam - 16.1%** | **Vietnam - 16.1%** | **Vietnam - 16.1%** |
| Bank for Foreign Trade of <br> Vietnam JSC (Banks)†<br>| &nbsp;&nbsp; 1988435 | &nbsp;&nbsp; 4500561<br>|
| FPT Corp. (Software & <br> Services)†<br>| &nbsp;&nbsp; 633775 | &nbsp;&nbsp; 2502008<br>|
| Hoa Phat Group JSC <br> (Materials)\*†<br>| &nbsp;&nbsp; 4713702 | &nbsp;&nbsp; 4782742<br>|
| Mobile World Investment Corp. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 1552100 | &nbsp;&nbsp; 4869866<br>|
| Sai Gon Cargo Service Corp. <br> (Transportation)†<br>| &nbsp;&nbsp; 449594 | &nbsp;&nbsp; 962489<br>|
| Saigon Beer Alcohol Beverage <br> Corp. (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 948920 | &nbsp;&nbsp; 1652761<br>|
| Vietnam Dairy Products JSC <br> (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 926494 | &nbsp;&nbsp; 2027938<br>|
|  |  | &nbsp;&nbsp; 21298365 |
| **Total Common Stocks (Cost $82,615,960)** | **Total Common Stocks (Cost $82,615,960)** | &nbsp;&nbsp; **$123775783** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **PREFERRED STOCKS - 3.9%** | **PREFERRED STOCKS - 3.9%** | **PREFERRED STOCKS - 3.9%** |
| **Colombia - 3.9%** | **Colombia - 3.9%** | **Colombia - 3.9%** |
| Grupo Cibest SA - ADR, 2.42% <br> (Banks)+<br>| &nbsp;&nbsp; 87869 | &nbsp;&nbsp; $5099917 |
| **Total Preferred Stocks (Cost $2,669,275)** | **Total Preferred Stocks (Cost $2,669,275)** | &nbsp;&nbsp; **$5099917** |
| **PARTICIPATION NOTES - 0.7%** | **PARTICIPATION NOTES - 0.7%** | **PARTICIPATION NOTES - 0.7%** |
| **Qatar - 0.7%** | **Qatar - 0.7%** | **Qatar - 0.7%** |
| Qatar National Bank, Issued by <br> HSBC BANK PLC, Maturity <br> Date 5/28/26 (Banks)^†<br>| &nbsp;&nbsp; 171904 | &nbsp;&nbsp; 872980 |
| **Total Participation Notes (Cost $819,398)** | **Total Participation Notes (Cost $819,398)** | &nbsp;&nbsp; **$872980** |
| **SHORT TERM INVESTMENTS - 2.2%** | **SHORT TERM INVESTMENTS - 2.2%** | **SHORT TERM INVESTMENTS - 2.2%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.91% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 2976177 | &nbsp;&nbsp; 2976177 |
| **Total Short Term Investments (Cost $2,976,177)** | **Total Short Term Investments (Cost $2,976,177)** | &nbsp;&nbsp; **$2976177** |
| **Total Investments — 100.1%** | **Total Investments — 100.1%** |  |
| **(Cost $89,080,810)** | **(Cost $89,080,810)** | &nbsp;&nbsp; **$132724857** |
| Liabilities Less Other Assets - (0.1)% | Liabilities Less Other Assets - (0.1)% | &nbsp;&nbsp; (122867)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$132601990** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 5.1%* <br> *of net assets as of October 31, 2025, are considered liquid and* <br> *may be resold in transactions exempt from registration,* <br> *normally to qualified buyers.*<br>|
| *+* | &nbsp;&nbsp; *Current yield is disclosed. Dividends are calculated based on a* <br> *percentage of the issuer's net income.*<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Frontier Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**October 31, 2025**

------

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Banks | 32.5<br> %<br>|
| Capital Goods | 2.2 |
| Consumer Discretionary Distribution & Retail | 6.7 |
| Consumer Services | 2.9 |
| Consumer Staples Distribution & Retail | 0.7 |
| Energy | 3.8 |
| Financial Services | 3.1 |
| Food, Beverage & Tobacco | 6.2 |
| Health Care Equipment & Services | 3.3 |
| Insurance | 0.5 |
| Materials | 5.9 |
| Media & Entertainment | 2.2 |
| Pharmaceuticals, Biotechnology & Life Sciences | 2.6 |
| Real Estate Management & Development | 4.6 |
| Software & Services | 3.6 |
| Telecommunication Services | 7.4 |
| Transportation | 9.7 |
| Money Market Fund | 2.2 |
| Total Investments | 100.1 |
| Liabilities Less Other Assets | &nbsp;&nbsp; (0.1)<br>|
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Assets and Liabilities**

**October 31, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Global**<br> **Equity**<br> **Portfolio**<br>| **International**<br> **Equity**<br> **Portfolio**<br>| **International** <br> **Developed** <br> **Markets Equity** <br> **Portfolio**<br>|
| ASSETS: |  |  |  |
| Investments (cost $368,527,139, $8,086,854,314 and $79,956,780, respectively) | &nbsp;&nbsp; $575490197 | &nbsp;&nbsp; $12668874951 | &nbsp;&nbsp; $96909304 |
| Dividends and interest receivable | &nbsp;&nbsp; 285062 | &nbsp;&nbsp; 7729652 | &nbsp;&nbsp; 70238 |
| Receivable for investments sold | &nbsp;&nbsp; 5211548 | &nbsp;&nbsp; 88803631 | &nbsp;&nbsp; 1791012 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 73163 | &nbsp;&nbsp; 4882856 | &nbsp;&nbsp; 17755 |
| Tax reclaims receivable | &nbsp;&nbsp; 781946 | &nbsp;&nbsp; 28205108 | &nbsp;&nbsp; 198020 |
| Prepaid expenses | &nbsp;&nbsp; 30946 | &nbsp;&nbsp; 120231 | &nbsp;&nbsp; 28453 |
| Total Assets | &nbsp;&nbsp; 581872862 | &nbsp;&nbsp; 12798616429 | &nbsp;&nbsp; 99014782 |
| LIABILITIES: |  |  |  |
| Payable to Investment Adviser | &nbsp;&nbsp; (346826)<br>| &nbsp;&nbsp; (7346010)<br>| &nbsp;&nbsp; (59789)<br>|
| Payable for investments purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; (96297145)<br>| &nbsp;&nbsp; (632360)<br>|
| Payable for Fund shares redeemed | &nbsp;&nbsp; (254920)<br>| &nbsp;&nbsp; (6656881)<br>| &nbsp;&nbsp; (41300)<br>|
| Payable for directors' fees and expenses | &nbsp;&nbsp; (10729)<br>| &nbsp;&nbsp; (235931)<br>| &nbsp;&nbsp; (1849)<br>|
| Payable for distribution fees | &nbsp;&nbsp; — | &nbsp;&nbsp; (78696)<br>| &nbsp;&nbsp; — |
| Other liabilities | &nbsp;&nbsp; (161769)<br>| &nbsp;&nbsp; (3247567)<br>| &nbsp;&nbsp; (72744)<br>|
| Total Liabilities | &nbsp;&nbsp; (774244)<br>| &nbsp;&nbsp; (113862230)<br>| &nbsp;&nbsp; (808042)<br>|
| **Net Assets** | &nbsp;&nbsp; **$581098618** | &nbsp;&nbsp; **$12684754199** | &nbsp;&nbsp; **$98206740** |
| ANALYSIS OF NET ASSETS: |  |  |  |
| Paid in capital | &nbsp;&nbsp; $276700310 | &nbsp;&nbsp; $6524304648 | &nbsp;&nbsp; $75679215 |
| Distributable earnings | &nbsp;&nbsp; 304398308 | &nbsp;&nbsp; 6160449551 | &nbsp;&nbsp; 22527525 |
| **Net Assets** | &nbsp;&nbsp; **$581098618** | &nbsp;&nbsp; **$12684754199** | &nbsp;&nbsp; **$98206740** |
| **Net Assets:** |  |  |  |
| Institutional Class | &nbsp;&nbsp; $350796329 | &nbsp;&nbsp; $10013305293 | &nbsp;&nbsp; $98206740 |
| Institutional Class Z | &nbsp;&nbsp; 212156035 | &nbsp;&nbsp; 2515936857 | &nbsp;&nbsp; — |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 155512049 | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; 18146254 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Shares Outstanding:** |  |  |  |
| Institutional Class (500,000,000, 700,000,000 and 500,000,000, respectively, $.001 par <br> value shares authorized)<br>| &nbsp;&nbsp; 9252575 | &nbsp;&nbsp; 328143663 | &nbsp;&nbsp; 6422967 |
| Institutional Class Z (200,000,000, 300,000,000 and —, respectively, $.001 par value <br> shares authorized)<br>| &nbsp;&nbsp; 5587687 | &nbsp;&nbsp; 82457218 | &nbsp;&nbsp; — |
| Investor Class (—, 100,000,000 and —, respectively, $.001 par value shares authorized) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5102549 | &nbsp;&nbsp; — |
| Advisor Class (400,000,000, — and —, respectively, $.001 par value shares authorized) | &nbsp;&nbsp; 482800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Asset Value, Offering Price and Redemption Price Per Share:** |  |  |  |
| Institutional Class | &nbsp;&nbsp; $37.91 | &nbsp;&nbsp; $30.52 | &nbsp;&nbsp; $15.29 |
| Institutional Class Z | 37.97 | 30.51 | &nbsp;&nbsp; — |
| Investor Class | &nbsp;&nbsp; — | 30.48 | &nbsp;&nbsp; — |
| Advisor Class | 37.59 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Assets and Liabilities (continued)**

**October 31, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **International**<br> **Small**<br> **Companies**<br> **Portfolio**<br>| **Institutional**<br> **Emerging**<br> **Markets**<br> **Portfolio**<br>| **Emerging**<br> **Markets**<br> **Portfolio**<br>|
| ASSETS: |  |  |  |
| Investments (cost $194,187,006, $190,307,382 and $271,686,901, respectively) | &nbsp;&nbsp; $266807743 | &nbsp;&nbsp; $250375453 | &nbsp;&nbsp; $453562398 |
| Dividends and interest receivable | &nbsp;&nbsp; 300041 | &nbsp;&nbsp; 111604 | &nbsp;&nbsp; 193402 |
| Foreign currency (cost $12, $1,071,222 and $57,852, respectively) | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1071222 | &nbsp;&nbsp; 57852 |
| Receivable for investments sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 4095351 | &nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp; 89135 | &nbsp;&nbsp; 13258 | &nbsp;&nbsp; 14714 |
| Tax reclaims receivable | &nbsp;&nbsp; 819173 | &nbsp;&nbsp; 40880 | &nbsp;&nbsp; 2677 |
| Capital gain tax refund receivable | &nbsp;&nbsp; — | &nbsp;&nbsp; 872 | &nbsp;&nbsp; — |
| Prepaid expenses | &nbsp;&nbsp; 37381 | &nbsp;&nbsp; 19754 | &nbsp;&nbsp; 12408 |
| Total Assets | &nbsp;&nbsp; 268053485 | &nbsp;&nbsp; 255728394 | &nbsp;&nbsp; 453843451 |
| LIABILITIES: |  |  |  |
| Payable to Investment Adviser | &nbsp;&nbsp; (200243)<br>| &nbsp;&nbsp; (200254)<br>| &nbsp;&nbsp; (326772)<br>|
| Payable for investments purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; (368)<br>| &nbsp;&nbsp; — |
| Payable for Fund shares redeemed | &nbsp;&nbsp; (226101)<br>| &nbsp;&nbsp; (613867)<br>| &nbsp;&nbsp; (368780)<br>|
| Payable for directors' fees and expenses | &nbsp;&nbsp; (4987)<br>| &nbsp;&nbsp; (4687)<br>| &nbsp;&nbsp; (8340)<br>|
| Payable for distribution fees | &nbsp;&nbsp; (22629)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deferred capital gains tax | &nbsp;&nbsp; (455623)<br>| &nbsp;&nbsp; (1060196)<br>| &nbsp;&nbsp; (2727865)<br>|
| Other liabilities | &nbsp;&nbsp; (143533)<br>| &nbsp;&nbsp; (214000)<br>| &nbsp;&nbsp; (329711)<br>|
| Total Liabilities | &nbsp;&nbsp; (1053116)<br>| &nbsp;&nbsp; (2093372)<br>| &nbsp;&nbsp; (3761468)<br>|
| **Net Assets** | &nbsp;&nbsp; **$267000369** | &nbsp;&nbsp; **$253635022** | &nbsp;&nbsp; **$450081983** |
| ANALYSIS OF NET ASSETS: |  |  |  |
| Paid in capital | &nbsp;&nbsp; $194161606 | &nbsp;&nbsp; $97986254 | &nbsp;&nbsp; $200141493 |
| Distributable earnings | &nbsp;&nbsp; 72838763 | &nbsp;&nbsp; 155648768 | &nbsp;&nbsp; 249940490 |
| **Net Assets** | &nbsp;&nbsp; **$267000369** | &nbsp;&nbsp; **$253635022** | &nbsp;&nbsp; **$450081983** |
| **Net Assets:** |  |  |  |
| Institutional Class | &nbsp;&nbsp; $196529173 | &nbsp;&nbsp; $233582940 | &nbsp;&nbsp; $— |
| Institutional Class Z | &nbsp;&nbsp; 51568731 | &nbsp;&nbsp; 20052082 | &nbsp;&nbsp; — |
| Investor Class | &nbsp;&nbsp; 18902465 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 450081983 |
| **Total Shares Outstanding:** |  |  |  |
| Institutional Class (350,000,000, 500,000,000 and —, respectively, $.001 par value shares <br> authorized)<br>| &nbsp;&nbsp; 10401543 | &nbsp;&nbsp; 11087319 | &nbsp;&nbsp; — |
| Institutional Class Z (350,000,000, 500,000,000 and —, respectively, $.001 par value <br> shares authorized)<br>| &nbsp;&nbsp; 2726649 | &nbsp;&nbsp; 947479 | &nbsp;&nbsp; — |
| Investor Class (200,000,000, — and —, respectively, $.001 par value shares authorized) | &nbsp;&nbsp; 1013442 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class (—, — and 500,000,000, respectively, $.001 par value shares authorized) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9832654 |
| **Net Asset Value, Offering Price and Redemption Price Per Share:** |  |  |  |
| Institutional Class | &nbsp;&nbsp; $18.89 | &nbsp;&nbsp; $21.07 | &nbsp;&nbsp; $— |
| Institutional Class Z | 18.91 | 21.16 | &nbsp;&nbsp; — |
| Investor Class | 18.65 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 45.77 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Assets and Liabilities (continued)**

**October 31, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging** <br> **Markets ex** <br> **China Portfolio**<br>| **Chinese**<br> **Equity**<br> **Portfolio**<br>| **Frontier**<br> **Emerging**<br> **Markets**<br> **Portfolio**<br>|
| ASSETS: |  |  |  |
| Investments (cost $3,712,658, $3,545,453 and $89,080,810, respectively) | &nbsp;&nbsp; $3712658 | &nbsp;&nbsp; $3545453 | &nbsp;&nbsp; $132724857 |
| Dividends and interest receivable | &nbsp;&nbsp; 3265 | &nbsp;&nbsp; 2143 | &nbsp;&nbsp; 53030 |
| Foreign currency (cost $243,682, $902 and $28,299, respectively) | &nbsp;&nbsp; 243677 | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 28447 |
| Receivable for investments sold | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8093 |
| Tax reclaims receivable | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3459 |
| Prepaid expenses | &nbsp;&nbsp; 43116 | &nbsp;&nbsp; 30513 | &nbsp;&nbsp; 32257 |
| Total Assets | &nbsp;&nbsp; 4002724 | &nbsp;&nbsp; 3579011 | &nbsp;&nbsp; 132850143 |
| LIABILITIES: |  |  |  |
| Payable to Investment Adviser | &nbsp;&nbsp; (2433)<br>| &nbsp;&nbsp; (2225)<br>| &nbsp;&nbsp; (121933)<br>|
| Payable for Fund shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3208)<br>|
| Payable for directors' fees and expenses | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2403)<br>|
| Payable for distribution fees | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (14906)<br>|
| Other liabilities | &nbsp;&nbsp; (59237)<br>| &nbsp;&nbsp; (54772)<br>| &nbsp;&nbsp; (105703)<br>|
| Total Liabilities | &nbsp;&nbsp; (61670)<br>| &nbsp;&nbsp; (56997)<br>| &nbsp;&nbsp; (248153)<br>|
| **Net Assets** | &nbsp;&nbsp; **$3941054** | &nbsp;&nbsp; **$3522014** | &nbsp;&nbsp; **$132601990** |
| ANALYSIS OF NET ASSETS: |  |  |  |
| Paid in capital | &nbsp;&nbsp; $3047091 | &nbsp;&nbsp; $5111957 | &nbsp;&nbsp; $193510657 |
| Distributable earnings | &nbsp;&nbsp; 893963 | &nbsp;&nbsp; (1589943)<br>| &nbsp;&nbsp; (60908667)<br>|
| **Net Assets** | &nbsp;&nbsp; **$3941054** | &nbsp;&nbsp; **$3522014** | &nbsp;&nbsp; **$132601990** |
| **Net Assets:** |  |  |  |
| Institutional Class | &nbsp;&nbsp; $3941054 | &nbsp;&nbsp; $3522014 | &nbsp;&nbsp; $56549028 |
| Institutional Class Z | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71614482 |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4438480 |
| **Total Shares Outstanding:** |  |  |  |
| Institutional Class (500,000,000, 500,000,000 and 400,000,000, respectively, $.001 par <br> value shares authorized)<br>| &nbsp;&nbsp; 307273 | &nbsp;&nbsp; 515214 | &nbsp;&nbsp; 6178978 |
| Institutional Class Z (—, — and 200,000,000, respectively, $.001 par value shares <br> authorized)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7715714 |
| Investor Class (—, — and 400,000,000, respectively, $.001 par value shares authorized) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 486650 |
| **Net Asset Value, Offering Price and Redemption Price Per Share:** |  |  |  |
| Institutional Class | &nbsp;&nbsp; $12.83 | &nbsp;&nbsp; $6.84 | &nbsp;&nbsp; $9.15 |
| Institutional Class Z | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 9.28 |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 9.12 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Operations**

**For the Fiscal Year Ended October 31, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global**<br> **Equity**<br> **Portfolio**<br>| **International**<br> **Equity**<br> **Portfolio**<br>| **International** <br> **Developed** <br> **Markets Equity** <br> **Portfolio**<br>| **International**<br> **Small**<br> **Companies**<br> **Portfolio**<br>|
| INVESTMENT INCOME |  |  |  |  |
| Dividends (net of foreign withholding taxes of $128,485, $29,457,696, <br> $234,611 and $832,682, respectively)<br>| &nbsp;&nbsp; $6852662 | &nbsp;&nbsp; $319931631 | &nbsp;&nbsp; $2279325 | &nbsp;&nbsp; $8092159 |
| Non-cash dividends  | &nbsp;&nbsp; 554968 | &nbsp;&nbsp; — | &nbsp;&nbsp; 130033 | &nbsp;&nbsp; — |
| Tax reclaims | &nbsp;&nbsp; 514814 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 7922444 | &nbsp;&nbsp; 319931631 | &nbsp;&nbsp; 2409358 | &nbsp;&nbsp; 8092159 |
| EXPENSES |  |  |  |  |
| Investment advisory fees (Note 3) | &nbsp;&nbsp; 4012151 | &nbsp;&nbsp; 83717467 | &nbsp;&nbsp; 682100 | &nbsp;&nbsp; 3164861 |
| Administration fees (Note 3) | &nbsp;&nbsp; 125045 | &nbsp;&nbsp; 2324263 | &nbsp;&nbsp; 28550 | &nbsp;&nbsp; 80001 |
| Distribution fees, Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 533548 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64666 |
| Custody and accounting fees (Note 3) | &nbsp;&nbsp; 44351 | &nbsp;&nbsp; 1442270 | &nbsp;&nbsp; 19979 | &nbsp;&nbsp; 108560 |
| Directors' fees and expenses | &nbsp;&nbsp; 42235 | &nbsp;&nbsp; 926513 | &nbsp;&nbsp; 7304 | &nbsp;&nbsp; 24247 |
| Transfer agent fees and expenses (Note 3) | &nbsp;&nbsp; 3094 | &nbsp;&nbsp; 109859 | &nbsp;&nbsp; 666 | &nbsp;&nbsp; 1742 |
| Printing and postage fees | &nbsp;&nbsp; 12726 | &nbsp;&nbsp; 304287 | &nbsp;&nbsp; 15579 | &nbsp;&nbsp; 38033 |
| State registration filing fees | &nbsp;&nbsp; 56166 | &nbsp;&nbsp; 105546 | &nbsp;&nbsp; 24761 | &nbsp;&nbsp; 60129 |
| Professional fees | &nbsp;&nbsp; 125930 | &nbsp;&nbsp; 574190 | &nbsp;&nbsp; 35622 | &nbsp;&nbsp; 118121 |
| Shareholder servicing fees (Note 3) | &nbsp;&nbsp; 354895 | &nbsp;&nbsp; 10153138 | &nbsp;&nbsp; 119626 | &nbsp;&nbsp; 265461 |
| Compliance officers' fees and expenses (Note 3) | &nbsp;&nbsp; 2984 | &nbsp;&nbsp; 64548 | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 1783 |
| Other fees and expenses | &nbsp;&nbsp; 67984 | &nbsp;&nbsp; 1155523 | &nbsp;&nbsp; 12738 | &nbsp;&nbsp; 85707 |
| Total expenses | &nbsp;&nbsp; 4847561 | &nbsp;&nbsp; 101411152 | &nbsp;&nbsp; 947431 | &nbsp;&nbsp; 4013311 |
| Less Waiver of investment advisory fee and/or reimbursement of other <br> operating expenses (Note 3)<br>| &nbsp;&nbsp; (126779)<br>| &nbsp;&nbsp; (6832)<br>| &nbsp;&nbsp; (167843)<br>| &nbsp;&nbsp; (174123)<br>|
| Net expenses | &nbsp;&nbsp; 4720782 | &nbsp;&nbsp; 101404320 | &nbsp;&nbsp; 779588 | &nbsp;&nbsp; 3839188 |
| Net investment income | &nbsp;&nbsp; 3201662 | &nbsp;&nbsp; 218527311 | &nbsp;&nbsp; 1629770 | &nbsp;&nbsp; 4252971 |
| REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |
| Net realized gain (loss) |  |  |  |  |
| Investment transactions (net of foreign capital taxes (refunded)/paid of <br> $—, $—, $— and $617,905, respectively)<br>| &nbsp;&nbsp; 116742570 | &nbsp;&nbsp; 1598670978 | &nbsp;&nbsp; 5923222 | &nbsp;&nbsp; 31737071 |
| Foreign currency transactions | &nbsp;&nbsp; (69261)<br>| &nbsp;&nbsp; (396430)<br>| &nbsp;&nbsp; 8005 | &nbsp;&nbsp; (34978)<br>|
| In-kind transactions (See Note 6) | &nbsp;&nbsp; — | &nbsp;&nbsp; 87413776 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; 116673309 | &nbsp;&nbsp; 1685688324 | &nbsp;&nbsp; 5931227 | &nbsp;&nbsp; 31702093 |
| Change in unrealized appreciation (depreciation) |  |  |  |  |
| Investments (net of increase (decrease) in deferred foreign taxes of $—, <br> $—, $— and $756,252, respectively)<br>| &nbsp;&nbsp; (43080488)<br>| &nbsp;&nbsp; 293220261 | &nbsp;&nbsp; 5770133 | &nbsp;&nbsp; (15981319)<br>|
| Translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp; 43582 | &nbsp;&nbsp; 1666357 | &nbsp;&nbsp; 12179 | &nbsp;&nbsp; 70501 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (43036906)<br>| &nbsp;&nbsp; 294886618 | &nbsp;&nbsp; 5782312 | &nbsp;&nbsp; (15910818)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 73636403 | &nbsp;&nbsp; 1980574942 | &nbsp;&nbsp; 11713539 | &nbsp;&nbsp; 15791275 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $76838065 | &nbsp;&nbsp; $2199102253 | &nbsp;&nbsp; $13343309 | &nbsp;&nbsp; $20044246 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Operations (continued)**

**For the Fiscal Year Ended October 31, 2025**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional**<br> **Emerging**<br> **Markets**<br> **Portfolio**<br>| **Emerging**<br> **Markets**<br> **Portfolio**<br>| **Emerging** <br> **Markets ex** <br> **China Portfolio**<br>| **Chinese**<br> **Equity**<br> **Portfolio**<br>| **Frontier**<br> **Emerging**<br> **Markets**<br> **Portfolio**<br>|
| INVESTMENT INCOME |  |  |  |  |  |
| Dividends (net of foreign withholding taxes of <br> $1,045,708, $1,252,182, $12,053, $4,423 and <br> $418,474, respectively)<br>| &nbsp;&nbsp; $9552078 | &nbsp;&nbsp; $11153387 | &nbsp;&nbsp; $95235 | &nbsp;&nbsp; $72170 | &nbsp;&nbsp; $5674013 |
| Total investment income | &nbsp;&nbsp; 9552078 | &nbsp;&nbsp; 11153387 | &nbsp;&nbsp; 95235 | &nbsp;&nbsp; 72170 | &nbsp;&nbsp; 5674013 |
| EXPENSES |  |  |  |  |  |
| Investment advisory fees (Note 3) | &nbsp;&nbsp; 3407756 | &nbsp;&nbsp; 3925674 | &nbsp;&nbsp; 29376 | &nbsp;&nbsp; 25296 | &nbsp;&nbsp; 1476751 |
| Administration fees (Note 3) | &nbsp;&nbsp; 106631 | &nbsp;&nbsp; 103317 | &nbsp;&nbsp; 12168 | &nbsp;&nbsp; 12123 | &nbsp;&nbsp; 38478 |
| Distribution fees, Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11404 |
| Custody and accounting fees (Note 3) | &nbsp;&nbsp; 87049 | &nbsp;&nbsp; 139433 | &nbsp;&nbsp; 4348 | &nbsp;&nbsp; 4703 | &nbsp;&nbsp; 123367 |
| Directors' fees and expenses | &nbsp;&nbsp; 27359 | &nbsp;&nbsp; 33866 | &nbsp;&nbsp; 184 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 9833 |
| Transfer agent fees and expenses (Note 3) | &nbsp;&nbsp; 3314 | &nbsp;&nbsp; 5397 | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 558 | &nbsp;&nbsp; 1551 |
| Printing and postage fees | &nbsp;&nbsp; 7536 | &nbsp;&nbsp; 4825 | &nbsp;&nbsp; 1319 | &nbsp;&nbsp; 1351 | &nbsp;&nbsp; 10676 |
| State registration filing fees | &nbsp;&nbsp; 42954 | &nbsp;&nbsp; 31365 | &nbsp;&nbsp; 32996 | &nbsp;&nbsp; 25930 | &nbsp;&nbsp; 53954 |
| Professional fees | &nbsp;&nbsp; 361008 | &nbsp;&nbsp; 366106 | &nbsp;&nbsp; 52990 | &nbsp;&nbsp; 44880 | &nbsp;&nbsp; 64210 |
| Shareholder servicing fees (Note 3) | &nbsp;&nbsp; 485643 | &nbsp;&nbsp; 819605 | &nbsp;&nbsp; 1184 | &nbsp;&nbsp; 953 | &nbsp;&nbsp; 53008 |
| Compliance officers' fees and expenses (Note 3) | &nbsp;&nbsp; 2082 | &nbsp;&nbsp; 2396 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 681 |
| Other fees and expenses | &nbsp;&nbsp; 81786 | &nbsp;&nbsp; 48756 | &nbsp;&nbsp; 19890 | &nbsp;&nbsp; 15510 | &nbsp;&nbsp; 25170 |
| Total expenses | &nbsp;&nbsp; 4613118 | &nbsp;&nbsp; 5480740 | &nbsp;&nbsp; 154811 | &nbsp;&nbsp; 131484 | &nbsp;&nbsp; 1869083 |
| Less Waiver of investment advisory fee and/or <br> reimbursement of other operating expenses <br> (Note 3)<br>| &nbsp;&nbsp; (403029)<br>| &nbsp;&nbsp; (169538)<br>| &nbsp;&nbsp; (118524)<br>| &nbsp;&nbsp; (97261)<br>| &nbsp;&nbsp; (100322)<br>|
| Net expenses | &nbsp;&nbsp; 4210089 | &nbsp;&nbsp; 5311202 | &nbsp;&nbsp; 36287 | &nbsp;&nbsp; 34223 | &nbsp;&nbsp; 1768761 |
| Net investment income | &nbsp;&nbsp; 5341989 | &nbsp;&nbsp; 5842185 | &nbsp;&nbsp; 58948 | &nbsp;&nbsp; 37947 | &nbsp;&nbsp; 3905252 |
| REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |
| Net realized gain (loss) |  |  |  |  |  |
| Investment transactions (net of foreign capital taxes <br> (refunded)/paid of $2,568,359, $1,009,540, <br> $27,531, $— and $29,690, respectively)<br>| &nbsp;&nbsp; 170129206 | &nbsp;&nbsp; 94570645 | &nbsp;&nbsp; 915422 | &nbsp;&nbsp; 136391 | &nbsp;&nbsp; 8267311 |
| Foreign currency transactions | &nbsp;&nbsp; 59339 | &nbsp;&nbsp; (117048)<br>| &nbsp;&nbsp; (629)<br>| &nbsp;&nbsp; (1369)<br>| &nbsp;&nbsp; (94778)<br>|
| Net realized gain | &nbsp;&nbsp; 170188545 | &nbsp;&nbsp; 94453597 | &nbsp;&nbsp; 914793 | &nbsp;&nbsp; 135022 | &nbsp;&nbsp; 8172533 |
| Change in unrealized appreciation (depreciation) |  |  |  |  |  |
| Investments (net of increase (decrease) in deferred <br> foreign taxes of $644,351, $(592373), $14,949, <br> $— and $774,931, respectively)<br>| &nbsp;&nbsp; (123112759)<br>| &nbsp;&nbsp; (12835279)<br>| &nbsp;&nbsp; (442381)<br>| &nbsp;&nbsp; 559831 | &nbsp;&nbsp; 4172440 |
| Translation of assets and liabilities denominated in <br> foreign currencies<br>| &nbsp;&nbsp; (46937)<br>| &nbsp;&nbsp; 72210 | &nbsp;&nbsp; (164)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (334239)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (123159696)<br>| &nbsp;&nbsp; (12763069)<br>| &nbsp;&nbsp; (442545)<br>| &nbsp;&nbsp; 559831 | &nbsp;&nbsp; 3838201 |
| Net realized and unrealized gain | &nbsp;&nbsp; 47028849 | &nbsp;&nbsp; 81690528 | &nbsp;&nbsp; 472248 | &nbsp;&nbsp; 694853 | &nbsp;&nbsp; 12010734 |
| NET INCREASE IN NET ASSETS RESULTING <br> FROM OPERATIONS<br>| &nbsp;&nbsp; $52370838 | &nbsp;&nbsp; $87532713 | &nbsp;&nbsp; $531196 | &nbsp;&nbsp; $732800 | &nbsp;&nbsp; $15915986 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Changes in Net Assets**

**For the Fiscal Years Ended October 31**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Equity**<br> **Portfolio** | **Global Equity**<br> **Portfolio** | **International Equity**<br> **Portfolio** | **International Equity**<br> **Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $3201662 | &nbsp;&nbsp; $2852608 | &nbsp;&nbsp; $218527311 | &nbsp;&nbsp; $257816188 |
| Net realized gain on investments and foreign currency transactions | &nbsp;&nbsp; 116673309 | &nbsp;&nbsp; 173781174 | &nbsp;&nbsp; 1685688324 | &nbsp;&nbsp; 665275355 |
| Net change in unrealized appreciation (depreciation) on investments <br> and translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; (43036906)<br>| &nbsp;&nbsp; 76577047 | &nbsp;&nbsp; 294886618 | &nbsp;&nbsp; 1882777399 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 76838065 | &nbsp;&nbsp; 253210829 | &nbsp;&nbsp; 2199102253 | &nbsp;&nbsp; 2805868942 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (87416743)<br>| &nbsp;&nbsp; (3900018)<br>| &nbsp;&nbsp; (651626078)<br>| &nbsp;&nbsp; (443283182)<br>|
| Institutional Class Z | &nbsp;&nbsp; (47523885)<br>| &nbsp;&nbsp; (1638342)<br>| &nbsp;&nbsp; (159697146)<br>| &nbsp;&nbsp; (93500543)<br>|
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (13482874)<br>| &nbsp;&nbsp; (7771654)<br>|
| Advisor Class | &nbsp;&nbsp; (6087812)<br>| &nbsp;&nbsp; (74460)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp; (141028440)<br>| &nbsp;&nbsp; (5612820)<br>| &nbsp;&nbsp; (824806098)<br>| &nbsp;&nbsp; (544555379)<br>|
| TRANSACTIONS IN SHARES OF COMMON STOCK |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (106405013)<br>| &nbsp;&nbsp; (348383122)<br>| &nbsp;&nbsp; (1531326684)<br>| &nbsp;&nbsp; (1993400253)<br>|
| Institutional Class Z | &nbsp;&nbsp; 20391754 | &nbsp;&nbsp; (103620221)<br>| &nbsp;&nbsp; (215920615)<br>| &nbsp;&nbsp; (125668836)<br>|
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (90302558)<br>| &nbsp;&nbsp; (15759711)<br>|
| Advisor Class | &nbsp;&nbsp; (4289479)<br>| &nbsp;&nbsp; (3926803)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Decrease in net assets from portfolio share transactions | &nbsp;&nbsp; (90302738)<br>| &nbsp;&nbsp; (455930146)<br>| &nbsp;&nbsp; (1837549857)<br>| &nbsp;&nbsp; (2134828800)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS | &nbsp;&nbsp; (154493113)<br>| &nbsp;&nbsp; (208332137)<br>| &nbsp;&nbsp; (463253702)<br>| &nbsp;&nbsp; 126484763 |
| NET ASSETS |  |  |  |  |
| At beginning of year | &nbsp;&nbsp; 735591731 | &nbsp;&nbsp; 943923868 | &nbsp;&nbsp; 13148007901 | &nbsp;&nbsp; 13021523138 |
| At end of year | &nbsp;&nbsp; $581098618 | &nbsp;&nbsp; $735591731 | &nbsp;&nbsp; $12684754199 | &nbsp;&nbsp; $13148007901 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Changes in Net Assets (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Developed Markets** <br> **Equity Portfolio** | **International Developed Markets** <br> **Equity Portfolio** | **International Small Companies**<br> **Portfolio** | **International Small Companies**<br> **Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1629770 | &nbsp;&nbsp; $1611651 | &nbsp;&nbsp; $4252971 | &nbsp;&nbsp; $5496164 |
| Net realized gain (loss) on investments and foreign currency <br> transactions<br>| &nbsp;&nbsp; 5931227 | &nbsp;&nbsp; (820816)<br>| &nbsp;&nbsp; 31702093 | &nbsp;&nbsp; (433556)<br>|
| Net change in unrealized appreciation (depreciation) on investments <br> and translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 5782312 | &nbsp;&nbsp; 17781660 | &nbsp;&nbsp; (15910818)<br>| &nbsp;&nbsp; 67427636 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 13343309 | &nbsp;&nbsp; 18572495 | &nbsp;&nbsp; 20044246 | &nbsp;&nbsp; 72490244 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (1617645)<br>| &nbsp;&nbsp; (1531614)<br>| &nbsp;&nbsp; (3768609)<br>| &nbsp;&nbsp; (4224880)<br>|
| Institutional Class Z | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1490911)<br>| &nbsp;&nbsp; (1615886)<br>|
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (310415)<br>| &nbsp;&nbsp; (329479)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (1617645)<br>| &nbsp;&nbsp; (1531614)<br>| &nbsp;&nbsp; (5569935)<br>| &nbsp;&nbsp; (6170245)<br>|
| TRANSACTIONS IN SHARES OF COMMON STOCK |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (10323840)<br>| &nbsp;&nbsp; (2822906)<br>| &nbsp;&nbsp; (130667612)<br>| &nbsp;&nbsp; (59814217)<br>|
| Institutional Class Z | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (58772851)<br>| &nbsp;&nbsp; (18976786)<br>|
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (12397730)<br>| &nbsp;&nbsp; (2633989)<br>|
| Net Decrease in net assets from portfolio share transactions | &nbsp;&nbsp; (10323840)<br>| &nbsp;&nbsp; (2822906)<br>| &nbsp;&nbsp; (201838193)<br>| &nbsp;&nbsp; (81424992)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS | &nbsp;&nbsp; 1401824 | &nbsp;&nbsp; 14217975 | &nbsp;&nbsp; (187363882)<br>| &nbsp;&nbsp; (15104993)<br>|
| NET ASSETS |  |  |  |  |
| At beginning of year | &nbsp;&nbsp; 96804916 | &nbsp;&nbsp; 82586941 | &nbsp;&nbsp; 454364251 | &nbsp;&nbsp; 469469244 |
| At end of year | &nbsp;&nbsp; $98206740 | &nbsp;&nbsp; $96804916 | &nbsp;&nbsp; $267000369 | &nbsp;&nbsp; $454364251 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Changes in Net Assets (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Emerging Markets**<br> **Portfolio** | **Institutional Emerging Markets**<br> **Portfolio** | **Emerging Markets**<br> **Portfolio** | **Emerging Markets**<br> **Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $5341989 | &nbsp;&nbsp; $16170887 | &nbsp;&nbsp; $5842185 | &nbsp;&nbsp; $11367097 |
| Net realized gain on investments and foreign currency transactions | &nbsp;&nbsp; 170188545 | &nbsp;&nbsp; 167339802 | &nbsp;&nbsp; 94453597 | &nbsp;&nbsp; 114511531 |
| Net change in unrealized appreciation (depreciation) on investments <br> and translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; (123159696)<br>| &nbsp;&nbsp; 48245543 | &nbsp;&nbsp; (12763069)<br>| &nbsp;&nbsp; 11732332 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 52370838 | &nbsp;&nbsp; 231756232 | &nbsp;&nbsp; 87532713 | &nbsp;&nbsp; 137610960 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (59962327)<br>| &nbsp;&nbsp; (24097827)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class Z | &nbsp;&nbsp; (5215599)<br>| &nbsp;&nbsp; (2219302)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (72941663)<br>| &nbsp;&nbsp; (31151772)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (65177926)<br>| &nbsp;&nbsp; (26317129)<br>| &nbsp;&nbsp; (72941663)<br>| &nbsp;&nbsp; (31151772)<br>|
| TRANSACTIONS IN SHARES OF COMMON STOCK |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (350827508)<br>| &nbsp;&nbsp; (1300168650)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class Z | &nbsp;&nbsp; (35538801)<br>| &nbsp;&nbsp; (112120292)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (141537395)<br>| &nbsp;&nbsp; (529423123)<br>|
| Net Decrease in net assets from portfolio share transactions | &nbsp;&nbsp; (386366309)<br>| &nbsp;&nbsp; (1412288942)<br>| &nbsp;&nbsp; (141537395)<br>| &nbsp;&nbsp; (529423123)<br>|
| NET DECREASE IN NET ASSETS | &nbsp;&nbsp; (399173397)<br>| &nbsp;&nbsp; (1206849839)<br>| &nbsp;&nbsp; (126946345)<br>| &nbsp;&nbsp; (422963935)<br>|
| NET ASSETS |  |  |  |  |
| At beginning of year | &nbsp;&nbsp; 652808419 | &nbsp;&nbsp; 1859658258 | &nbsp;&nbsp; 577028328 | &nbsp;&nbsp; 999992263 |
| At end of year | &nbsp;&nbsp; $253635022 | &nbsp;&nbsp; $652808419 | &nbsp;&nbsp; $450081983 | &nbsp;&nbsp; $577028328 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Changes in Net Assets (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets ex China** <br> **Portfolio** | **Emerging Markets ex China** <br> **Portfolio** | **Chinese Equity**<br> **Portfolio** | **Chinese Equity**<br> **Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $58948 | &nbsp;&nbsp; $50938 | &nbsp;&nbsp; $37947 | &nbsp;&nbsp; $33261 |
| Net realized gain (loss) on investments and foreign currency <br> transactions<br>| &nbsp;&nbsp; 914793 | &nbsp;&nbsp; (54908)<br>| &nbsp;&nbsp; 135022 | &nbsp;&nbsp; (635246)<br>|
| Net change in unrealized appreciation (depreciation) on investments <br> and translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; (442545)<br>| &nbsp;&nbsp; 551148 | &nbsp;&nbsp; 559831 | &nbsp;&nbsp; 819075 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 531196 | &nbsp;&nbsp; 547178 | &nbsp;&nbsp; 732800 | &nbsp;&nbsp; 217090 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (48839)<br>| &nbsp;&nbsp; (122956)<br>| &nbsp;&nbsp; (31290)<br>| &nbsp;&nbsp; (19123)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (48839)<br>| &nbsp;&nbsp; (122956)<br>| &nbsp;&nbsp; (31290)<br>| &nbsp;&nbsp; (19123)<br>|
| TRANSACTIONS IN SHARES OF COMMON STOCK |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (31142)<br>| &nbsp;&nbsp; (241007)<br>| &nbsp;&nbsp; (52305)<br>| &nbsp;&nbsp; (8322)<br>|
| Net Decrease in net assets from portfolio share transactions | &nbsp;&nbsp; (31142)<br>| &nbsp;&nbsp; (241007)<br>| &nbsp;&nbsp; (52305)<br>| &nbsp;&nbsp; (8322)<br>|
| NET INCREASE IN NET ASSETS | &nbsp;&nbsp; 451215 | &nbsp;&nbsp; 183215 | &nbsp;&nbsp; 649205 | &nbsp;&nbsp; 189645 |
| NET ASSETS |  |  |  |  |
| At beginning of year | &nbsp;&nbsp; 3489839 | &nbsp;&nbsp; 3306624 | &nbsp;&nbsp; 2872809 | &nbsp;&nbsp; 2683164 |
| At end of year | &nbsp;&nbsp; $3941054 | &nbsp;&nbsp; $3489839 | &nbsp;&nbsp; $3522014 | &nbsp;&nbsp; $2872809 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Changes in Net Assets (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | |
|:---|:---|:---|
|  | **Frontier Emerging Markets**<br> **Portfolio** | **Frontier Emerging Markets**<br> **Portfolio** |
|  | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |  |  |
| Net investment income | &nbsp;&nbsp; $3905252 | &nbsp;&nbsp; $2925267 |
| Net realized gain on investments and foreign currency transactions | &nbsp;&nbsp; 8172533 | &nbsp;&nbsp; 1517323 |
| Net change in unrealized appreciation on investments and <br> translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 3838201 | &nbsp;&nbsp; 25071245 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 15915986 | &nbsp;&nbsp; 29513835 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |
| Institutional Class | &nbsp;&nbsp; (1086757)<br>| &nbsp;&nbsp; (1090567)<br>|
| Institutional Class Z | &nbsp;&nbsp; (1187430)<br>| &nbsp;&nbsp; (1110072)<br>|
| Investor Class | &nbsp;&nbsp; (72644)<br>| &nbsp;&nbsp; (89444)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (2346831)<br>| &nbsp;&nbsp; (2290083)<br>|
| TRANSACTIONS IN SHARES OF COMMON STOCK |  |  |
| Institutional Class | &nbsp;&nbsp; (11403739)<br>| &nbsp;&nbsp; (8658222)<br>|
| Institutional Class Z | &nbsp;&nbsp; 1126582 | &nbsp;&nbsp; (1256590)<br>|
| Investor Class | &nbsp;&nbsp; (1376739)<br>| &nbsp;&nbsp; (1560290)<br>|
| Net Decrease in net assets from portfolio share transactions | &nbsp;&nbsp; (11653896)<br>| &nbsp;&nbsp; (11475102)<br>|
| NET INCREASE IN NET ASSETS | &nbsp;&nbsp; 1915259 | &nbsp;&nbsp; 15748650 |
| NET ASSETS |  |  |
| At beginning of year | &nbsp;&nbsp; 130686731 | &nbsp;&nbsp; 114938081 |
| At end of year | &nbsp;&nbsp; $132601990 | &nbsp;&nbsp; $130686731 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights**

**For the Fiscal Years Ended October 31**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Equity Portfolio**<br> **Institutional Class**  | **Global Equity Portfolio**<br> **Institutional Class**  | **Global Equity Portfolio**<br> **Institutional Class**  | **Global Equity Portfolio**<br> **Institutional Class**  | **Global Equity Portfolio**<br> **Institutional Class**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $43.65 | &nbsp;&nbsp; $33.96 | &nbsp;&nbsp; $30.85 | &nbsp;&nbsp; $53.93 | &nbsp;&nbsp; $42.41 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> <br>| 0.19 | 0.12 | 0.06 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.14) |
| Net realized and unrealized gain (loss) on <br> investments and foreign currency-related <br> transactions<br>| 4.49 | 9.78 | 3.05 | &nbsp;&nbsp; (15.63) | 14.30 |
| Net increase (decrease) from investment operations | 4.68 | 9.90 | 3.11 | &nbsp;&nbsp; (15.67) | 14.16 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain from investments | &nbsp;&nbsp; (10.27) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) |
| Total distributions | &nbsp;&nbsp; (10.42) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) |
| **Net asset value, end of year** | &nbsp;&nbsp; $37.91 | &nbsp;&nbsp; $43.65 | &nbsp;&nbsp; $33.96 | &nbsp;&nbsp; $30.85 | &nbsp;&nbsp; $53.93 |
| **Total Return** | &nbsp;&nbsp; 13.56% | &nbsp;&nbsp; 29.22% | &nbsp;&nbsp; 10.08% | &nbsp;&nbsp; (33.35)% | &nbsp;&nbsp; 34.57% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $350797 | &nbsp;&nbsp; $497165 | &nbsp;&nbsp; $668735 | &nbsp;&nbsp; $753480 | &nbsp;&nbsp; $1354918 |
| Expenses to average net assets | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.88% |
| Expenses to average net assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.88% |
| Net investment income (loss) to average net <br> assets<br>| &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; (0.10)% | &nbsp;&nbsp; (0.28)% |
| Portfolio turnover rate | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 59% |

---

*(1)* *Net investment income per share was calculated using the average shares outstanding method.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Equity Portfolio**<br> **Institutional Class Z**  | **Global Equity Portfolio**<br> **Institutional Class Z**  | **Global Equity Portfolio**<br> **Institutional Class Z**  | **Global Equity Portfolio**<br> **Institutional Class Z**  | **Global Equity Portfolio**<br> **Institutional Class Z**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $43.73 | &nbsp;&nbsp; $34.02 | &nbsp;&nbsp; $30.88 | &nbsp;&nbsp; $53.95 | &nbsp;&nbsp; $42.39 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> <br>| 0.23 | 0.15 | 0.11 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.10) |
| Net realized and unrealized gain (loss) on <br> investments and foreign currency-related <br> transactions<br>| 4.50 | 9.81 | 3.03 | &nbsp;&nbsp; (15.64) | 14.30 |
| Net increase (decrease) from investment operations | 4.73 | 9.96 | 3.14 | &nbsp;&nbsp; (15.66) | 14.20 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain from investments | &nbsp;&nbsp; (10.27) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) |
| Total distributions | &nbsp;&nbsp; (10.49) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) |
| **Net asset value, end of year** | &nbsp;&nbsp; $37.97 | &nbsp;&nbsp; $43.73 | &nbsp;&nbsp; $34.02 | &nbsp;&nbsp; $30.88 | &nbsp;&nbsp; $53.95 |
| **Total Return** | &nbsp;&nbsp; 13.69% | &nbsp;&nbsp; 29.37% | &nbsp;&nbsp; 10.17% | &nbsp;&nbsp; (33.31)% | &nbsp;&nbsp; 34.66% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $212156 | &nbsp;&nbsp; $212516 | &nbsp;&nbsp; $251781 | &nbsp;&nbsp; $234800 | &nbsp;&nbsp; $379781 |
| Expenses to average net assets | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.81% |
| Expenses to average net assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% |
| Net investment income (loss) to average net <br> assets<br>| &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp; (0.20)% |
| Portfolio turnover rate | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 59% |

---

*(1)* *Net investment income per share was calculated using the average shares outstanding method.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Equity Portfolio**<br> **Advisor Class** | **Global Equity Portfolio**<br> **Advisor Class** | **Global Equity Portfolio**<br> **Advisor Class** | **Global Equity Portfolio**<br> **Advisor Class** | **Global Equity Portfolio**<br> **Advisor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $43.36 | &nbsp;&nbsp; $33.73 | &nbsp;&nbsp; $30.70 | &nbsp;&nbsp; $53.82 | &nbsp;&nbsp; $42.41 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> <br>| 0.11 | 0.01 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.24) |
| Net realized and unrealized gain (loss) on <br> investments and foreign currency-related <br> transactions<br>| 4.46 | 9.73 | 3.04 | &nbsp;&nbsp; (15.60) | 14.29 |
| Net increase (decrease) from investment operations | 4.57 | 9.74 | 3.03 | &nbsp;&nbsp; (15.71) | 14.05 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain from investments | &nbsp;&nbsp; (10.27) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) |
| Total distributions | &nbsp;&nbsp; (10.34) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) |
| **Net asset value, end of year** | &nbsp;&nbsp; $37.59 | &nbsp;&nbsp; $43.36 | &nbsp;&nbsp; $33.73 | &nbsp;&nbsp; $30.70 | &nbsp;&nbsp; $53.82 |
| **Total Return** | &nbsp;&nbsp; 13.33% | &nbsp;&nbsp; 28.91% | &nbsp;&nbsp; 9.87% | &nbsp;&nbsp; (33.50)% | &nbsp;&nbsp; 34.28% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $18146 | &nbsp;&nbsp; $25911 | &nbsp;&nbsp; $23408 | &nbsp;&nbsp; $26934 | &nbsp;&nbsp; $53483 |
| Expenses to average net assets | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.09% |
| Expenses to average net assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.09% |
| Net investment income (loss) to average net <br> assets<br>| &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp; (0.30)% | &nbsp;&nbsp; (0.48)% |
| Portfolio turnover rate | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 59% |

---

*(1)* *Net investment income per share was calculated using the average shares outstanding method.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Portfolio**<br> **Institutional Class**  | **International Equity Portfolio**<br> **Institutional Class**  | **International Equity Portfolio**<br> **Institutional Class**  | **International Equity Portfolio**<br> **Institutional Class**  | **International Equity Portfolio**<br> **Institutional Class**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $27.35 | &nbsp;&nbsp; $23.26 | &nbsp;&nbsp; $21.42 | &nbsp;&nbsp; $30.69 | &nbsp;&nbsp; $23.76 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.47 | 0.48 | 0.40 | 0.41 | 0.34 |
| Net realized and unrealized gain (loss) on <br> investments and foreign currency-related <br> transactions<br>| 4.45 | 4.59 | 2.03 | &nbsp;&nbsp; (8.93) | 6.80 |
| Net increase (decrease) from investment operations | 4.92 | 5.07 | 2.43 | &nbsp;&nbsp; (8.52) | 7.14 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.21) |
| Net realized gain from investments | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.75) | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (0.21) |
| **Net asset value, end of year** | &nbsp;&nbsp; $30.52 | &nbsp;&nbsp; $27.35 | &nbsp;&nbsp; $23.26 | &nbsp;&nbsp; $21.42 | &nbsp;&nbsp; $30.69 |
| **Total Return** | &nbsp;&nbsp; 19.59% | &nbsp;&nbsp; 22.10% | &nbsp;&nbsp; 11.22% | &nbsp;&nbsp; (28.42)% | &nbsp;&nbsp; 30.16% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $10013305 | &nbsp;&nbsp; $10503765 | &nbsp;&nbsp; $10656826 | &nbsp;&nbsp; $11113757 | &nbsp;&nbsp; $18268498 |
| Expenses to average net assets | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% |
| Expenses to average net assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% |
| Net investment income to average net assets | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.17% |
| Portfolio turnover rate | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 14% |

---

*(1)* *Net investment income per share was calculated using the average shares outstanding method.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Portfolio**<br> **Institutional Class Z**  | **International Equity Portfolio**<br> **Institutional Class Z**  | **International Equity Portfolio**<br> **Institutional Class Z**  | **International Equity Portfolio**<br> **Institutional Class Z**  | **International Equity Portfolio**<br> **Institutional Class Z**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $27.35 | &nbsp;&nbsp; $23.26 | &nbsp;&nbsp; $21.42 | &nbsp;&nbsp; $30.69 | &nbsp;&nbsp; $23.76 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.51 | 0.51 | 0.43 | 0.43 | 0.37 |
| Net realized and unrealized gain (loss) on <br> investments and foreign currency-related <br> transactions<br>| 4.43 | 4.59 | 2.02 | &nbsp;&nbsp; (8.93) | 6.79 |
| Net increase (decrease) from investment operations | 4.94 | 5.10 | 2.45 | &nbsp;&nbsp; (8.50) | 7.16 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.23) |
| Net realized gain from investments | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.78) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.23) |
| **Net asset value, end of year** | &nbsp;&nbsp; $30.51 | &nbsp;&nbsp; $27.35 | &nbsp;&nbsp; $23.26 | &nbsp;&nbsp; $21.42 | &nbsp;&nbsp; $30.69 |
| **Total Return** | &nbsp;&nbsp; 19.71% | &nbsp;&nbsp; 22.21% | &nbsp;&nbsp; 11.32% | &nbsp;&nbsp; (28.36)% | &nbsp;&nbsp; 30.25% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $2515937 | &nbsp;&nbsp; $2422980 | &nbsp;&nbsp; $2162679 | &nbsp;&nbsp; $2715026 | &nbsp;&nbsp; $3235428 |
| Expenses to average net assets | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.72% |
| Expenses to average net assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.72% |
| Net investment income to average net assets | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.25% |
| Portfolio turnover rate | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 14% |

---

*(1)* *Net investment income per share was calculated using the average shares outstanding method.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Portfolio**<br> **Investor Class** | **International Equity Portfolio**<br> **Investor Class** | **International Equity Portfolio**<br> **Investor Class** | **International Equity Portfolio**<br> **Investor Class** | **International Equity Portfolio**<br> **Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $27.31 | &nbsp;&nbsp; $23.23 | &nbsp;&nbsp; $21.37 | &nbsp;&nbsp; $30.61 | &nbsp;&nbsp; $23.70 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.40 | 0.39 | 0.32 | 0.33 | 0.24 |
| Net realized and unrealized gain (loss) on <br> investments and foreign currency-related <br> transactions<br>| 4.44 | 4.59 | 2.02 | &nbsp;&nbsp; (8.92) | 6.80 |
| Net increase (decrease) from investment operations | 4.84 | 4.98 | 2.34 | &nbsp;&nbsp; (8.59) | 7.04 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.13) |
| Net realized gain from investments | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.67) | &nbsp;&nbsp; (0.90) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.13) |
| **Net asset value, end of year** | &nbsp;&nbsp; $30.48 | &nbsp;&nbsp; $27.31 | &nbsp;&nbsp; $23.23 | &nbsp;&nbsp; $21.37 | &nbsp;&nbsp; $30.61 |
| **Total Return** | &nbsp;&nbsp; 19.22% | &nbsp;&nbsp; 21.69% | &nbsp;&nbsp; 10.85% | &nbsp;&nbsp; (28.63)% | &nbsp;&nbsp; 29.74% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $155512 | &nbsp;&nbsp; $221263 | &nbsp;&nbsp; $202018 | &nbsp;&nbsp; $196666 | &nbsp;&nbsp; $408864 |
| Expenses to average net assets | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.12% |
| Expenses to average net assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.12% |
| Net investment income to average net assets | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 0.83% |
| Portfolio turnover rate | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 14% |

---

*(1)* *Net investment income per share was calculated using the average shares outstanding method.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Developed Markets Equity Portfolio**<br> **Institutional Class**  | **International Developed Markets Equity Portfolio**<br> **Institutional Class**  | **International Developed Markets Equity Portfolio**<br> **Institutional Class**  | **International Developed Markets Equity Portfolio**<br> **Institutional Class**  |
|  | **2025** | **2024** | **2023** | **2022**<sup>(1)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $13.58 | &nbsp;&nbsp; $11.30 | &nbsp;&nbsp; $10.34 | &nbsp;&nbsp; $10.00 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| Net investment income<sup>(2)</sup> <br>| 0.24 | 0.21 | 0.24 | 0.01 |
| Net realized and unrealized gain (loss) on investments and foreign <br> currency-related transactions<br>| 1.70 | 2.28 | 0.76 | 0.33 |
| Net increase (decrease) from investment operations | 1.94 | 2.49 | 1.00 | 0.34 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — |
| Net realized gain from investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — |
| **Net asset value, end of year** | &nbsp;&nbsp; $15.29 | &nbsp;&nbsp; $13.58 | &nbsp;&nbsp; $11.30 | &nbsp;&nbsp; $10.34 |
| **Total Return** | &nbsp;&nbsp; 14.61% | &nbsp;&nbsp; 22.17% | &nbsp;&nbsp; 9.64% | &nbsp;&nbsp; 3.40%<sup>(A)</sup> <br>|
| **Ratios/Supplemental Data:** |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $98207 | &nbsp;&nbsp; $96805 | &nbsp;&nbsp; $82587 | &nbsp;&nbsp; $1987 |
| Expenses to average net assets | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 23.52%<sup>(B)</sup> <br>|
| Expenses to average net assets (net of fees waived/reimbursed) | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80%<sup>(B)</sup> <br>|
| Net investment income to average net assets | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 1.00%<sup>(B)</sup> <br>|
| Portfolio turnover rate | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 3%<sup>(A)</sup> <br>|

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

*(1)* *For the period from September 28, 2022 (commencement of operations) through October 31, 2022.*

*(2)* *Net investment income per share was calculated using the average shares outstanding method.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Small Companies Portfolio**<br> **Institutional Class**  | **International Small Companies Portfolio**<br> **Institutional Class**  | **International Small Companies Portfolio**<br> **Institutional Class**  | **International Small Companies Portfolio**<br> **Institutional Class**  | **International Small Companies Portfolio**<br> **Institutional Class**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $17.78 | &nbsp;&nbsp; $15.56 | &nbsp;&nbsp; $15.20 | &nbsp;&nbsp; $22.80 | &nbsp;&nbsp; $17.14 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.22 | 0.19 | 0.19 | 0.15 | 0.06 |
| Net realized and unrealized gain (loss) on <br> investments and foreign currency-related <br> transactions<br>| 1.11 | 2.23 | 0.52 | &nbsp;&nbsp; (7.07) | 5.63 |
| Net increase (decrease) from investment operations | 1.33 | 2.42 | 0.71 | &nbsp;&nbsp; (6.92) | 5.69 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.03) |
| Net realized gain from investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (0.03) |
| **Net asset value, end of year** | &nbsp;&nbsp; $18.89 | &nbsp;&nbsp; $17.78 | &nbsp;&nbsp; $15.56 | &nbsp;&nbsp; $15.20 | &nbsp;&nbsp; $22.80 |
| **Total Return** | &nbsp;&nbsp; 7.66% | &nbsp;&nbsp; 15.57% | &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; (31.20)% | &nbsp;&nbsp; 33.16% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $196529 | &nbsp;&nbsp; $320175 | &nbsp;&nbsp; $332794 | &nbsp;&nbsp; $457624 | &nbsp;&nbsp; $549895 |
| Expenses to average net assets | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.16% |
| Expenses to average net assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.14% |
| Net investment income to average net assets | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.29% |
| Portfolio turnover rate | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 13% |

---

*(1)* *Net investment income per share was calculated using the average shares outstanding method.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **International Small Companies Portfolio**<br> **Institutional Class Z**  | **International Small Companies Portfolio**<br> **Institutional Class Z**  | **International Small Companies Portfolio**<br> **Institutional Class Z**  |
|  | **2025** | **2024** | **2023**<sup>(1)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $17.80 | &nbsp;&nbsp; $15.58 | &nbsp;&nbsp; $17.03 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |
| Net investment income<sup>(2)</sup> <br>| 0.23 | 0.21 | 0.24 |
| Net realized and unrealized gain (loss) on investments and foreign currency-related <br> transactions<br>| 1.12 | 2.24 | &nbsp;&nbsp; (1.69) |
| Net increase (decrease) from investment operations | 1.35 | 2.45 | &nbsp;&nbsp; (1.45) |
| **Distributions to Shareholders from:** |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; — |
| **Net asset value, end of year** | &nbsp;&nbsp; $18.91 | &nbsp;&nbsp; $17.80 | &nbsp;&nbsp; $15.58 |
| **Total Return** | &nbsp;&nbsp; 7.79% | &nbsp;&nbsp; 15.73% | &nbsp;&nbsp; (8.51)%<sup>(A)</sup> <br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $51569 | &nbsp;&nbsp; $104359 | &nbsp;&nbsp; $108249 |
| Expenses to average net assets | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.14%<sup>(B)</sup> <br>|
| Expenses to average net assets (net of fees waived/reimbursed) | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.01%<sup>(B)</sup> <br>|
| Net investment income to average net assets | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.41%<sup>(B)</sup> <br>|
| Portfolio turnover rate | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 37%<sup>(A)</sup> <br>|

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

*(1)* *For the period from April 4, 2023 (commencement of class) through October 31, 2023.*

*(2)* *Net investment income per share was calculated using the average shares outstanding method.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Small Companies Portfolio**<br> **Investor Class** | **International Small Companies Portfolio**<br> **Investor Class** | **International Small Companies Portfolio**<br> **Investor Class** | **International Small Companies Portfolio**<br> **Investor Class** | **International Small Companies Portfolio**<br> **Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $17.56 | &nbsp;&nbsp; $15.38 | &nbsp;&nbsp; $15.00 | &nbsp;&nbsp; $22.51 | &nbsp;&nbsp; $16.94 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.20 | 0.16 | 0.16 | 0.10 | &nbsp;&nbsp; —<sup>(2)</sup> <br>|
| Net realized and unrealized gain (loss) on <br> investments and foreign currency-related <br> transactions<br>| 1.08 | 2.20 | 0.52 | &nbsp;&nbsp; (6.99) | 5.58 |
| Net increase (decrease) from investment operations | 1.28 | 2.36 | 0.68 | &nbsp;&nbsp; (6.89) | 5.58 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.01) |
| Net realized gain from investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.01) |
| **Net asset value, end of year** | &nbsp;&nbsp; $18.65 | &nbsp;&nbsp; $17.56 | &nbsp;&nbsp; $15.38 | &nbsp;&nbsp; $15.00 | &nbsp;&nbsp; $22.51 |
| **Total Return** | &nbsp;&nbsp; 7.46% | &nbsp;&nbsp; 15.34% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; (31.39)% | &nbsp;&nbsp; 32.84% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $18902 | &nbsp;&nbsp; $29830 | &nbsp;&nbsp; $28426 | &nbsp;&nbsp; $30361 | &nbsp;&nbsp; $49757 |
| Expenses to average net assets | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.50% |
| Expenses to average net assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.40% |
| Net investment income to average net assets | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.01% |
| Portfolio turnover rate | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 13% |

---

*(1)* *Net investment income per share was calculated using the average shares outstanding method.*

*(2)* *Amount was less than $0.005 per share.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $19.68 | &nbsp;&nbsp; $16.78 | &nbsp;&nbsp; $15.97 | &nbsp;&nbsp; $25.59 | &nbsp;&nbsp; $21.23 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.24 | 0.23 | 0.24 | 0.19 | 0.09 |
| Net realized and unrealized gain (loss) on <br> investments and foreign currency-related <br> transactions<br>| 3.50 | 2.93 | 0.74 | &nbsp;&nbsp; (9.63) | 4.37 |
| Net increase (decrease) from investment operations | 3.74 | 3.16 | 0.98 | &nbsp;&nbsp; (9.44) | 4.46 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.10) |
| Net realized gain from investments | &nbsp;&nbsp; (2.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (2.35) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.10) |
| **Net asset value, end of year** | &nbsp;&nbsp; $21.07 | &nbsp;&nbsp; $19.68 | &nbsp;&nbsp; $16.78 | &nbsp;&nbsp; $15.97 | &nbsp;&nbsp; $25.59 |
| **Total Return** | &nbsp;&nbsp; 22.14% | &nbsp;&nbsp; 18.95% | &nbsp;&nbsp; 6.07% | &nbsp;&nbsp; (37.14)% | &nbsp;&nbsp; 21.03% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $233583 | &nbsp;&nbsp; $597470 | &nbsp;&nbsp; $1709335 | &nbsp;&nbsp; $2302000 | &nbsp;&nbsp; $5774486 |
| Expenses to average net assets | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.22% |
| Expenses to average net assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.15% |
| Net investment income to average net assets | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.33% |
| Portfolio turnover rate | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 13% |

---

*(1)* *Net investment income per share was calculated using the average shares outstanding method.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $19.75 | &nbsp;&nbsp; $16.83 | &nbsp;&nbsp; $16.02 | &nbsp;&nbsp; $25.65 | &nbsp;&nbsp; $21.28 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.25 | 0.27 | 0.24 | 0.21 | 0.11 |
| Net realized and unrealized gain (loss) on <br> investments and foreign currency-related <br> transactions<br>| 3.53 | 2.91 | 0.76 | &nbsp;&nbsp; (9.66) | 4.38 |
| Net increase (decrease) from investment operations | 3.78 | 3.18 | 1.00 | &nbsp;&nbsp; (9.45) | 4.49 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.12) |
| Net realized gain from investments | &nbsp;&nbsp; (2.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (2.37) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.12) |
| **Net asset value, end of year** | &nbsp;&nbsp; $21.16 | &nbsp;&nbsp; $19.75 | &nbsp;&nbsp; $16.83 | &nbsp;&nbsp; $16.02 | &nbsp;&nbsp; $25.65 |
| **Total Return** | &nbsp;&nbsp; 22.28% | &nbsp;&nbsp; 19.07% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; (37.07)% | &nbsp;&nbsp; 21.11% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $20052 | &nbsp;&nbsp; $55338 | &nbsp;&nbsp; $150323 | &nbsp;&nbsp; $362413 | &nbsp;&nbsp; $719400 |
| Expenses to average net assets | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.13% |
| Expenses to average net assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.07% |
| Net investment income to average net assets | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.41% |
| Portfolio turnover rate | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 13% |

---

*(1)* *Net investment income per share was calculated using the average shares outstanding method.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Portfolio**<br> **Advisor Class** | **Emerging Markets Portfolio**<br> **Advisor Class** | **Emerging Markets Portfolio**<br> **Advisor Class** | **Emerging Markets Portfolio**<br> **Advisor Class** | **Emerging Markets Portfolio**<br> **Advisor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $43.43 | &nbsp;&nbsp; $37.92 | &nbsp;&nbsp; $38.69 | &nbsp;&nbsp; $66.93 | &nbsp;&nbsp; $55.48 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.50 | 0.54 | 0.49 | 0.44 | 0.12 |
| Net realized and unrealized gain (loss) on <br> investments and foreign currency-related <br> transactions<br>| 7.78 | 6.25 | 2.20 | &nbsp;&nbsp; (23.60) | 11.55 |
| Net increase (decrease) from investment operations | 8.28 | 6.79 | 2.69 | &nbsp;&nbsp; (23.16) | 11.67 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.22) |
| Net realized gain from investments | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (3.12) | &nbsp;&nbsp; (4.72) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (5.94) | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp; (3.46) | &nbsp;&nbsp; (5.08) | &nbsp;&nbsp; (0.22) |
| **Net asset value, end of year** | &nbsp;&nbsp; $45.77 | &nbsp;&nbsp; $43.43 | &nbsp;&nbsp; $37.92 | &nbsp;&nbsp; $38.69 | &nbsp;&nbsp; $66.93 |
| **Total Return** | &nbsp;&nbsp; 22.67% | &nbsp;&nbsp; 18.18% | &nbsp;&nbsp; 6.53% | &nbsp;&nbsp; (37.18)% | &nbsp;&nbsp; 21.04% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $450082 | &nbsp;&nbsp; $577028 | &nbsp;&nbsp; $999992 | &nbsp;&nbsp; $1397761 | &nbsp;&nbsp; $3813331 |
| Expenses to average net assets | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.31% |
| Expenses to average net assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.28% |
| Net investment income to average net assets | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.18% |
| Portfolio turnover rate | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 15% |

---

*(1)* *Net investment income per share was calculated using the average shares outstanding method.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets ex China Portfolio**<br> **Institutional Class**  | **Emerging Markets ex China Portfolio**<br> **Institutional Class**  | **Emerging Markets ex China Portfolio**<br> **Institutional Class**  | **Emerging Markets ex China Portfolio**<br> **Institutional Class**  |
|  | **2025** | **2024** | **2023** | **2022**<sup>(1)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp; $9.95 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $10.00 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| Net investment income<sup>(2)</sup> <br>| 0.19 | 0.16 | 0.19 | 0.01 |
| Net realized and unrealized gain (loss) on investments and foreign <br> currency-related transactions<br>| 1.53 | 1.53 | 0.03 | &nbsp;&nbsp; (0.24) |
| Net increase (decrease) from investment operations | 1.72 | 1.69 | 0.22 | &nbsp;&nbsp; (0.23) |
| **Distributions to Shareholders from:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — |
| Net realized gain from investments | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — |
| **Net asset value, end of year** | &nbsp;&nbsp; $12.83 | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp; $9.95 | &nbsp;&nbsp; $9.77 |
| **Total Return** | &nbsp;&nbsp; 15.54% | &nbsp;&nbsp; 17.05% | &nbsp;&nbsp; 2.30% | &nbsp;&nbsp; (2.30)%<sup>(A)</sup> <br>|
| **Ratios/Supplemental Data:** |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $3941 | &nbsp;&nbsp; $3490 | &nbsp;&nbsp; $3307 | &nbsp;&nbsp; $3039 |
| Expenses to average net assets | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 4.01% | &nbsp;&nbsp; 5.71% | &nbsp;&nbsp; 13.55%<sup>(B)</sup> <br>|
| Expenses to average net assets (net of fees waived/reimbursed) | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.10%<sup>(B)</sup> <br>|
| Net investment income to average net assets | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 0.99%<sup>(B)</sup> <br>|
| Portfolio turnover rate | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 1%<sup>(A)</sup> <br>|

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

*(1)* *For the period from September 14, 2022 (commencement of operations) through October 31, 2022.*

*(2)* *Net investment income per share was calculated using the average shares outstanding method.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Chinese Equity Portfolio**<br> **Institutional Class**  | **Chinese Equity Portfolio**<br> **Institutional Class**  | **Chinese Equity Portfolio**<br> **Institutional Class**  | **Chinese Equity Portfolio**<br> **Institutional Class**  | **Chinese Equity Portfolio**<br> **Institutional Class**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**<sup>(1)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $5.49 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $5.02 | &nbsp;&nbsp; $9.36 | &nbsp;&nbsp; $10.00 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> <br>| 0.07 | 0.06 | 0.02 | 0.02 | &nbsp;&nbsp; (0.02) |
| Net realized and unrealized gain (loss) on <br> investments and foreign currency-related <br> transactions<br>| 1.34 | 0.26 | 0.19 | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (0.62) |
| Net increase (decrease) from investment operations | 1.41 | 0.32 | 0.21 | &nbsp;&nbsp; (4.31) | &nbsp;&nbsp; (0.64) |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| **Net asset value, end of year** | &nbsp;&nbsp; $6.84 | &nbsp;&nbsp; $5.49 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $5.02 | &nbsp;&nbsp; $9.36 |
| **Total Return** | &nbsp;&nbsp; 26.01% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 4.18% | &nbsp;&nbsp; (46.20)% | &nbsp;&nbsp; (6.40)%<sup>(A)</sup> <br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $3522 | &nbsp;&nbsp; $2873 | &nbsp;&nbsp; $2683 | &nbsp;&nbsp; $2600 | &nbsp;&nbsp; $3942 |
| Expenses to average net assets | &nbsp;&nbsp; 4.36% | &nbsp;&nbsp; 4.18% | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 4.01% | &nbsp;&nbsp; 7.00%<sup>(B)</sup> <br>|
| Expenses to average net assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15%<sup>(B)</sup> <br>|
| Net investment income (loss) to average net <br> assets<br>| &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; (0.23)%<sup>(B)</sup> <br>|
| Portfolio turnover rate | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 17%<sup>(A)</sup> <br>|

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

*(1)* *For the period from December 16, 2020 (commencement of operations) through October 31, 2021.*

*(2)* *Net investment income per share was calculated using the average shares outstanding method.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Frontier Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $8.27 | &nbsp;&nbsp; $6.68 | &nbsp;&nbsp; $6.80 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $6.92 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.24 | 0.16 | 0.15 | 0.14 | 0.06 |
| Net realized and unrealized gain (loss) on <br> investments and foreign currency-related <br> transactions<br>| 0.79 | 1.56 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (2.24) | 2.12 |
| Net increase (decrease) from investment operations | 1.03 | 1.72 | 0.04 | &nbsp;&nbsp; (2.10) | 2.18 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.13) |
| **Net asset value, end of year** | &nbsp;&nbsp; $9.15 | &nbsp;&nbsp; $8.27 | &nbsp;&nbsp; $6.68 | &nbsp;&nbsp; $6.80 | &nbsp;&nbsp; $8.97 |
| **Total Return** | &nbsp;&nbsp; 12.74% | &nbsp;&nbsp; 26.00% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; (23.56)% | &nbsp;&nbsp; 31.74% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $56549 | &nbsp;&nbsp; $61850 | &nbsp;&nbsp; $57367 | &nbsp;&nbsp; $74804 | &nbsp;&nbsp; $96905 |
| Expenses to average net assets | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.64% |
| Expenses to average net assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.64% |
| Net investment income to average net assets | &nbsp;&nbsp; 2.92% | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 0.75% |
| Portfolio turnover rate | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 30% |

---

*(1)* *Net investment income per share was calculated using the average shares outstanding method.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Frontier Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $6.76 | &nbsp;&nbsp; $6.85 | &nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $6.95 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.26 | 0.19 | 0.17 | 0.17 | 0.09 |
| Net realized and unrealized gain (loss) on <br> investments and foreign currency-related <br> transactions<br>| 0.81 | 1.56 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (2.27) | 2.13 |
| Net increase (decrease) from investment operations | 1.07 | 1.75 | 0.07 | &nbsp;&nbsp; (2.10) | 2.22 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.14) |
| **Net asset value, end of year** | &nbsp;&nbsp; $9.28 | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $6.76 | &nbsp;&nbsp; $6.85 | &nbsp;&nbsp; $9.03 |
| **Total Return** | &nbsp;&nbsp; 13.06% | &nbsp;&nbsp; 26.13% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; (23.44)% | &nbsp;&nbsp; 32.18% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $71615 | &nbsp;&nbsp; $63436 | &nbsp;&nbsp; $51828 | &nbsp;&nbsp; $90188 | &nbsp;&nbsp; $117689 |
| Expenses to average net assets | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.55% |
| Expenses to average net assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.35% |
| Net investment income to average net assets | &nbsp;&nbsp; 3.10% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 1.05% |
| Portfolio turnover rate | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 30% |

---

*(1)* *Net investment income per share was calculated using the average shares outstanding method.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Fiscal Years Ended October 31**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Frontier Emerging Markets Portfolio**<br> **Investor Class** | **Frontier Emerging Markets Portfolio**<br> **Investor Class** | **Frontier Emerging Markets Portfolio**<br> **Investor Class** | **Frontier Emerging Markets Portfolio**<br> **Investor Class** | **Frontier Emerging Markets Portfolio**<br> **Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $8.23 | &nbsp;&nbsp; $6.66 | &nbsp;&nbsp; $6.76 | &nbsp;&nbsp; $8.92 | &nbsp;&nbsp; $6.88 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.21 | 0.13 | 0.14 | 0.11 | 0.03 |
| Net realized and unrealized gain (loss) on <br> investments and foreign currency-related <br> transactions<br>| 0.80 | 1.55 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (2.23) | 2.11 |
| Net increase (decrease) from investment operations | 1.01 | 1.68 | 0.02 | &nbsp;&nbsp; (2.12) | 2.14 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.10) |
| **Net asset value, end of year** | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $8.23 | &nbsp;&nbsp; $6.66 | &nbsp;&nbsp; $6.76 | &nbsp;&nbsp; $8.92 |
| **Total Return** | &nbsp;&nbsp; 12.48% | &nbsp;&nbsp; 25.43% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; (23.84)% | &nbsp;&nbsp; 31.14% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $4438 | &nbsp;&nbsp; $5401 | &nbsp;&nbsp; $5743 | &nbsp;&nbsp; $6692 | &nbsp;&nbsp; $9542 |
| Expenses to average net assets | &nbsp;&nbsp; 2.21% | &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 2.36% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 2.14% |
| Expenses to average net assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 2.00% |
| Net investment income to average net assets | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.94% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 0.35% |
| Portfolio turnover rate | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 30% |

---

*(1)* *Net investment income per share was calculated using the average shares outstanding method.*

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements**

**October 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

Harding, Loevner Funds, Inc. (the "Fund") was established as a Maryland corporation on July 31, 1996, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Harding Loevner LP ("Harding Loevner" or the "Adviser") serves as investment adviser to the Fund. The Fund currently has nine separate diversified portfolios, all of which were active as of October 31, 2025 (individually, a "Portfolio", collectively, the "Portfolios").

---

| | | |
|:---|:---|:---|
| <u>Portfolio</u> | <u>Inception Date</u> | <u>Investment Objective</u> |
| Global Equity Portfolio<br> ("Global Equity")<br>| &nbsp;&nbsp; Institutional Class: November 3, 2009<br> Institutional Class Z: August 1, 2017<br> Advisor Class: December 1, 1996<br>| &nbsp;&nbsp; to seek long-term capital appreciation through <br> investments in equity securities of companies <br> based both inside and outside the United States<br>|
| International Equity Portfolio<br> ("International Equity")<br>| &nbsp;&nbsp; Institutional Class: May 11, 1994\*<br> Institutional Class Z: July 17, 2017<br> Investor Class: September 30, 2005<br>| &nbsp;&nbsp; to seek long-term capital appreciation through <br> investments in equity securities of companies <br> based outside the United States<br>|
| International Developed Markets Equity Portfolio<br> ("International Developed Markets Equity")<br>| Institutional Class: September 28, 2022 | &nbsp;&nbsp; to seek long-term capital appreciation through <br> investments in equity securities of companies <br> based in developed markets outside the <br> United States<br>|
| International Small Companies Portfolio<br> ("International Small Companies")<br>| &nbsp;&nbsp; Institutional Class: June 30, 2011<br> Investor Class: March 26, 2007<br> Institutional Class Z: April 4, 2023<br>| &nbsp;&nbsp; to seek long-term capital appreciation through <br> investments in equity securities of small <br> companies based outside the United States<br>|
| Institutional Emerging Markets Portfolio<br> ("Institutional Emerging Markets")<br>| &nbsp;&nbsp; Institutional Class (Formerly Class I): <br> October 17, 2005<br> Institutional Class Z (Formerly Class II): <br> March 5, 2014<br>| &nbsp;&nbsp; to seek long-term capital appreciation through <br> investments in equity securities of companies <br> based in emerging markets<br>|
| Emerging Markets Portfolio<br> ("Emerging Markets")<br>| Advisor Class: November 9, 1998 | &nbsp;&nbsp; to seek long-term capital appreciation through <br> investments in equity securities of companies <br> based in emerging markets<br>|
| Emerging Markets ex China Portfolio<br> ("Emerging Markets ex China")<br>| Institutional Class: September 14, 2022 | &nbsp;&nbsp; to seek long-term capital appreciation through <br> investments in equity securities of companies <br> based in emerging markets<br>|
| Chinese Equity Portfolio<br> ("Chinese Equity")<br>| Institutional Class: December 16, 2020 | &nbsp;&nbsp; to seek long-term capital appreciation through <br> investments in equity securities of Chinese <br> companies<br>|
| Frontier Emerging Markets Portfolio<br> ("Frontier Emerging Markets")<br>| &nbsp;&nbsp; Institutional Class (Formerly Class I): May <br> 27, 2008<br> Institutional Class Z (Formerly Class II): <br> March 1, 2017<br> Investor Class: December 31, 2010<br>| &nbsp;&nbsp; to seek long-term capital appreciation through <br> investments in equity securities of companies <br> based in frontier and smaller emerging markets<br>|

---

\* The International Equity Portfolio is the successor to the HLM International Equity Portfolio of AMT Capital Fund, Inc., pursuant to a reorganization that took place on October 31, 1996.

**2. Summary of Significant Accounting Policies**

The accounting policies of the Fund are in conformity with accounting principles generally accepted in the United States ("GAAP") for investment companies. Accordingly, the Fund follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services - Investment Companies". The following is a summary of the Fund's significant accounting policies:

*Estimates*

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

*Cash and Foreign Currencies*

The books and records of the Portfolios are maintained in U.S. dollars. Cash comprises U.S. Dollar and foreign currency deposits held at a bank(s) or custodian bank(s) which may exceed insured limits. In the event of the financial institution's insolvency, recovery of a Portfolio's cash may be limited to the insurance afforded by Federal Deposit Insurance Corporation ("FDIC") or Securities Investor Protection Corporation ("SIPC").

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**October 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Summary of Significant Accounting Policies (continued)**

*Valuation*

The Board of Directors of the Fund (the "Board" or the "Directors") has approved procedures ("Procedures") to govern the valuation of the securities held by each Portfolio of the Fund in accordance with the 1940 Act and Rule 2a-5 thereunder. The Procedures incorporate principles set forth in relevant pronouncements of the Securities and Exchange Commission ("SEC") and its staff, including guidance on the obligations of the Portfolios and their Directors to determine, in good faith, the fair value of the Portfolios' securities when market quotations are not "readily available", as defined by Rule 2a-5.

In determining a Portfolio's net asset value per share ("NAV"), each equity security traded on a securities exchange, including the NASDAQ Stock Market, and over-the-counter securities, are valued at the closing price on the exchange or market designated by the Fund's accounting agent as the principal exchange (each, a "principal exchange"). The closing price provided by the Fund's accounting agent for a principal exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing auction price or other information, depending on exchange or market convention. Absent closing price information for a security from the principal exchange as of the time of valuation, the security can be valued using (i) the last trade from the current date; (ii) the most recent mean or bid quotation on the principal exchange (dependent upon local exchange or market convention); or (iii) the closing, mean, or bid price on another exchange on which the security is traded (if such price is available from a Fund's accounting agent). Shares of open-end mutual funds including money market funds are valued at NAV. Such securities are typically categorized as "Level 1" pursuant to the hierarchy described below.

Since trading in many foreign securities is normally completed before the time at which a Portfolio calculates its NAV, the effect on the value of such securities held by a Portfolio of events that occur between the close of trading in the security and the time at which the Portfolio prices its securities would not be reflected in the Portfolio's calculation of its NAV if foreign securities were generally valued at their closing prices. To address this issue, the Board has approved the daily use of quantitative models provided by an approved pricing service that may adjust the closing prices of certain foreign equity securities based on information that becomes available after the foreign market closes, through the application of an adjustment factor to such securities' closing price. Adjustment factors may be greater than, less than, or equal to 1. Thus, use of these quantitative models could cause a Portfolio to value a security higher, lower or equal to its closing market price, which in turn could cause the Portfolio's NAV per share to differ significantly from that which would have been calculated using closing market prices. The use of these quantitative models is also intended to decrease the opportunities for persons to engage in ''time zone arbitrage,'' i.e., trading intended to take advantage of stale closing prices in foreign markets that could affect the NAV of the Portfolios. Securities subjected to an adjustment factor due to the use of these quantitative models are not specifically designated on the Portfolios' Portfolio of Investments as being "fair valued". Securities with an adjustment factor greater than or less than 1, which are absent the use of significant unobservable inputs into their valuation, are categorized as "Level 2" and securities with an adjustment factor equal to 1, which are absent the use of significant unobservable inputs into their valuation, are categorized as "Level 1" pursuant to the hierarchy described below.

Any securities for which market quotations are not "readily available", as defined by Rule 2a-5, are priced by the Adviser, as valuation designee, at "fair value as determined in good faith", pursuant to Rule 2a-5 and in accordance with the Procedures and under the general supervision of the Board of Directors. Such securities are identified on the Portfolios' Portfolio of Investments as securities valued at "fair value as determined in good faith" and absent the use of significant unobservable inputs into their valuation, such securities would be categorized as "Level 2" pursuant to the hierarchy described below.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board of Directors. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as "Level 3" in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

GAAP has established a hierarchy for NAV determination purposes in which various inputs are used in determining the value of each Portfolio's assets or liabilities. GAAP defines fair value as the price that the Portfolio would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability including assumptions about risk. Such risks include the inherent risk in a particular valuation technique which is used to measure fair value. This may include the quantitative models and/or the inputs to the quantitative models used in the valuation technique described above. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**October 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Summary of Significant Accounting Policies (continued)**

developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

Level 1 unadjusted quoted prices in active markets for identical assets

Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments)

Valuation levels are not necessarily an indication of the risk associated with investing in those securities.

GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.

The following is a summary of the Portfolios' investments classified by Level 1, Level 2 and Level 3 and security type as of October 31, 2025. Please refer to each Portfolio's Portfolio of Investments to view individual securities classified by industry type and country.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Unadjusted Quoted Prices**<br> **in Active Markets for**<br> **Identical Assets (Level 1)**<br>| **Other Significant**<br> **Observable Inputs**<br> **(Level 2)**<br>| **Significant**<br> **Unobservable Inputs**<br> **(Level 3)**<br>| **Total** |
| **Global Equity** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $379293414 | &nbsp;&nbsp; $184690354 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $563983768 |
| Short Term Investments | &nbsp;&nbsp; 11506429 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11506429 |
| Total Investments | &nbsp;&nbsp; $390799843 | &nbsp;&nbsp; $184690354 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $575490197 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $2961877623 | &nbsp;&nbsp; $9387704844 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12349582467 |
| Short Term Investments | &nbsp;&nbsp; 319292484 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 319292484 |
| Total Investments | &nbsp;&nbsp; $3281170107 | &nbsp;&nbsp; $9387704844 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12668874951 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Developed Markets** <br> **Equity**<br>|  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $17075039 | &nbsp;&nbsp; $78249665 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $95324704 |
| Short Term Investments | &nbsp;&nbsp; 1584600 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1584600 |
| Total Investments | &nbsp;&nbsp; $18659639 | &nbsp;&nbsp; $78249665 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $96909304 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Small Companies** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $19579657 | &nbsp;&nbsp; $243673104 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $263252761 |
| Short Term Investments | &nbsp;&nbsp; 3554982 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3554982 |
| Total Investments | &nbsp;&nbsp; $23134639 | &nbsp;&nbsp; $243673104 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $266807743 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Emerging Markets** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $30342506 | &nbsp;&nbsp; $208677360 | &nbsp;&nbsp; $— <br><sup>‡</sup><br>| &nbsp;&nbsp; $239019866 |
| Preferred Stocks | &nbsp;&nbsp; 4331716 | &nbsp;&nbsp; 857213 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5188929 |
| Short Term Investments | &nbsp;&nbsp; 6166658 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6166658 |
| Total Investments | &nbsp;&nbsp; $40840880 | &nbsp;&nbsp; $209534573 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $250375453 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $54211841 | &nbsp;&nbsp; $373025276 | &nbsp;&nbsp; $— <br><sup>‡</sup><br>| &nbsp;&nbsp; $427237117 |
| Preferred Stocks | &nbsp;&nbsp; 7736546 | &nbsp;&nbsp; 1538327 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9274873 |
| Short Term Investments | &nbsp;&nbsp; 17050408 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17050408 |
| Total Investments | &nbsp;&nbsp; $78998795 | &nbsp;&nbsp; $374563603 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $453562398 |

---

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**October 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Summary of Significant Accounting Policies (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Unadjusted Quoted Prices**<br> **in Active Markets for**<br> **Identical Assets (Level 1)**<br>| **Other Significant**<br> **Observable Inputs**<br> **(Level 2)**<br>| **Significant**<br> **Unobservable Inputs**<br> **(Level 3)**<br>| **Total** |
| **Emerging Markets ex China** |  |  |  |  |
| Short Term Investments | &nbsp;&nbsp; $3712658 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3712658 |
| Total Investments | &nbsp;&nbsp; $3712658 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3712658 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Chinese Equity** |  |  |  |
| Short Term Investments | &nbsp;&nbsp; $3545453 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3545453 |
| Total Investments | &nbsp;&nbsp; $3545453 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3545453 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Frontier Emerging Markets** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $15042084 | &nbsp;&nbsp; $108733699 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123775783 |
| Preferred Stocks | &nbsp;&nbsp; 5099917 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5099917 |
| Participation Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 872980 | &nbsp;&nbsp; — | &nbsp;&nbsp; 872980 |
| Short Term Investments | &nbsp;&nbsp; 2976177 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2976177 |
| Total Investments | &nbsp;&nbsp; $23118178 | &nbsp;&nbsp; $109606679 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $132724857 |

---

---

| | |
|:---|:---|
| *‡* | *Investments categorized as level 3 securities that are effectively valued at zero.*  |

---

As of October 31, 2025, there were investments related to one company held within the Portfolios, all of which were effectively valued at zero due to the inability of the Portfolios to transact in these investments and the lack of visibility on when the Portfolios may do so. All of these factors are related to the Russian invasion of Ukraine and responses to that event. The value of these securities compared to each Portfolio's net assets is not material and therefore, related valuation techniques are not disclosed.

*Securities Transactions and Net Investment Income*

For financial reporting purposes, all securities transactions are recorded on a trade date basis, as of the last business day in the reporting period. Throughout the reporting period, securities transactions are typically accounted for on a trade date – plus one business day basis. Interest income and expenses are recorded on an accrual basis. Dividend income is recorded on the ex-dividend date or as soon as practicable after the Portfolio determines the existence of a dividend declaration after exercising reasonable due diligence. The Portfolios use the specific identification method for determining realized gains or losses from sales of securities.

Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent's fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

*Dividends to Shareholders*

It is the policy of the Portfolios to declare dividends from net investment income annually. Net short-term and long-term capital gains distributions for the Portfolios, if any, are also normally distributed on an annual basis. Dividends and distributions to shareholders of the Portfolios are recorded on the ex-dividend date.

Dividends from net investment income and distributions from net realized gains from investment transactions have been determined in accordance with income tax regulations and may differ from net investment income and realized gains recorded by the Portfolios for financial reporting purposes. Differences result primarily from foreign currency transactions and timing differences related to recognition of income, and gains and losses from investment transactions. In general, to the extent that any differences, which are permanent in nature, result in over distributions to shareholders, the amount of the over distribution is reclassified within the capital accounts based on its federal tax basis treatment and may be reported as return of capital. Temporary differences do not require reclassification.

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**October 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Summary of Significant Accounting Policies (continued)**

*Currency Translation*

Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and asked prices of such currencies against the U.S. dollar. Purchases and sales of the Portfolios' securities are translated at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated at exchange rates prevailing when accrued. The Portfolios do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the "Net realized gain (loss) on investment transactions" and "Change in unrealized appreciation (depreciation) on investments" on the Statements of Operations.

Net realized gains and losses from foreign currency-related transactions arise from sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Portfolios' books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation or depreciation on translation of assets and liabilities denominated in foreign currencies arise from changes in the value of assets and liabilities other than investments in securities at the period end, resulting from changes in the exchange rates.

*Indemnifications*

Under the Fund's organizational document, its officers and Board are indemnified against certain liability arising out of the performance of their duties to the Portfolios. In the normal course of business, the Fund may enter into contracts that contain a variety of representations or that provide indemnification for certain liabilities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**3. Transactions with Affiliates and Significant Agreements**

The Board has approved an investment advisory agreement with the Adviser. Advisory fees are computed daily and paid monthly based on the average daily net assets of each Portfolio. The Adviser has contractually agreed to reduce its fee and/or reimburse the Portfolios for other operating expenses to the extent that total annual fund operating expenses, (excluding taxes, interest, borrowing costs, overdraft charges, litigation and indemnification, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired fund fees and expenses) exceed certain annual rates of the average daily net assets of each class.

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**October 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Transactions with Affiliates and Significant Agreements (continued)**

The following annualized advisory fees and contractual expense limits were in effect for the year ended October 31, 2025. The advisory fees are charged at the Portfolio level as a whole and expense limitations are at the class specific level.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <u>Portfolio</u> | <u>First $1 billion of</u> <br> <u>assets</u><br>| <u>Next $1 billion of</u> <br> <u>assets</u><br>| <u>Next $1 billion of</u> <br> <u>assets</u><br>| <u>Over $3 billion of</u> <br> <u>assets</u><br>| <u>Over $4 billion of</u> <br> <u>assets</u><br>| <u>Over $5 billion of</u> <br> <u>assets</u><br>| <u>Contractual</u> <br> <u>Expense Limit</u><sup>(a)</sup> <br>|
| Global Equity–Institutional Class | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.85% |
| Global Equity–Institutional Class Z | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.75% |
| Global Equity–Advisor Class | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 1.15% |
| International Equity–Institutional Class | 0.75% | 0.73% | 0.71% | 0.69% | 0.67% | 0.65% | 0.85% |
| International Equity–Institutional Class Z | 0.75% | 0.73% | 0.71% | 0.69% | 0.67% | 0.65% | 0.75% |
| International Equity–Investor Class | 0.75% | 0.73% | 0.71% | 0.69% | 0.67% | 0.65% | 1.15% |
| International Developed Markets <br> Equity–Institutional Class<br>| 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.80% |
| International Small Companies–Institutional <br> Class<sup>(b)</sup> <br>| 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 1.10%<sup>(c), (d)</sup> <br>|
| International Small Companies–Institutional <br> Class Z<sup>(b)</sup> <br>| 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 1.00% |
| International Small Companies–Investor <br> Class<sup>(b)</sup> <br>| 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 1.30% |
| Institutional Emerging Markets–Institutional <br> Class<br>| 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 1.05% |
| Institutional Emerging Markets–Institutional <br> Class Z<br>| 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.95% |
| Emerging Markets–Advisor Class | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 1.15% |
| Emerging Markets ex China–Institutional Class | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 1.05% |
| Chinese Equity–Institutional Class | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 1.15% |
| Frontier Emerging Markets–Institutional <br> Class<sup>(e)</sup> <br>| 1.10% | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% | 1.45% |
| Frontier Emerging Markets–Institutional <br> Class Z<sup>(e)</sup> <br>| 1.10% | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% | 1.25% |
| Frontier Emerging Markets–Investor Class<sup>(e)</sup> <br>| 1.10% | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% | 1.75% |

---

*(a)* *Effective through February 28, 2026 for each Portfolio except International Small Companies - Institutional Class.*

*(b)* *Prior to July 1, 2025, International Small Companies advisory fee was 0.95% of all assets.*

*(c)* *Prior to July 1, 2025, the Adviser had contractually agreed to cap the expenses for the International Small Companies Portfolio - Institutional Class at* *1.15%.* 

*(d)* *Effective through February 28, 2027.*

*(e)* *Prior to July 1, 2025, Frontier Emerging Markets advisory fee was 1.15% of all assets.*

For the year ended October 31, 2025, the Investment Adviser Adviser waived and/or reimbursed the following amounts pursuant to the contractual expense limits described above:

---

| | |
|:---|:---|
| <u>Portfolio</u> | <u>Fees waived and/or reimbursed by the Adviser</u> |
| Global Equity-Institutional Class | $61342<br>|
| Global Equity-Institutional Class Z | 65437<br>|
| International Equity-Investor Class | 6832<br>|
| International Developed Markets Equity-Institutional Class | 167843<br>|
| International Small Companies-Institutional Class | 66428<br>|
| International Small Companies-Institutional Class Z | 52451<br>|
| International Small Companies-Investor Class | 55244<br>|
| Institutional Emerging Markets-Institutional Class | 359086<br>|
| Institutional Emerging Markets-Institutional Class Z | 43943<br>|
| Emerging Markets-Advisor Class | 169538<br>|
| Emerging Markets ex China-Institutional Class | 118524<br>|
| Chinese Equity-Institutional Class | 97261<br>|
| Frontier Emerging Markets-Institutional Class | 5436<br>|
| Frontier Emerging Markets-Institutional Class Z | 73800<br>|
| Frontier Emerging Markets-Investor Class | 21086<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**October 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Transactions with Affiliates and Significant Agreements (continued)**

The Fund has an administration agreement with The Northern Trust Company ("Northern Trust"), which provides certain accounting, clerical and bookkeeping services, Blue Sky, corporate secretarial services and assistance in the preparation and filing of tax returns and reports to shareholders and the SEC.

Northern Trust also serves as custodian of each Portfolio's securities and cash, transfer agent, dividend disbursing agent and agent in connection with any accumulation, open-account or similar plans provided to the shareholders of the Portfolios.

Foreside Management Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group), provides compliance support to the Fund's Chief Compliance Officer. Fees paid pursuant to these services are shown as "Compliance officers' fees and expenses" on the Statements of Operations.

The Fund has adopted an Amended Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act ("Distribution Plan"). Under the Distribution Plan, the Investor Class of each of the International Equity, International Small Companies and Frontier Emerging Markets Portfolios may pay underwriters, distributors, dealers or brokers a fee at an annual rate of up to 0.25% of the average daily net assets of the Portfolio's Investor Class shares for services or expenses arising in connection with activities primarily intended to result in the sale of Investor Class shares of the Portfolios or for Shareholder Services (defined below) consistent with those described under the Shareholder Servicing Plan.

The Fund, on behalf of the Portfolios, has agreements with various financial intermediaries and "mutual fund supermarkets", under which customers of these intermediaries may purchase and hold Portfolio shares. These intermediaries assess fees in consideration for providing certain account maintenance, recordkeeping and transactional and other shareholder services (collectively, "Shareholder Services"). With the exception of Institutional Class Z, each Portfolio or class is authorized, pursuant to a Shareholder Servicing Plan, to pay to each intermediary an annual rate of up to 0.25% of its average daily net assets attributable to that intermediary for such Shareholder Services. Payments made by the Fund pursuant to the Distribution Plan or the Shareholder Servicing Plan are subject to the contractual expense limits on certain Portfolios' fees and expenses. Where shareholder servicing fees to a financial intermediary exceed the amounts allowable under the Shareholder Servicing Plan, such excess amounts are paid by the Adviser from its own resources.

The Portfolios may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended October 31, 2025, no Rule 17a-7 transactions were entered into by the Portfolios.

**4. Class Specific Expenses**

The class level expenses for the year ended October 31, 2025, were as follows for each Portfolio:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Distribution** <br> **Fees**<br>| **State Registration** <br> **Filing Fees**<br>| **Printing and** <br> **Postage Fees**<br>| **Transfer Agent** <br> **Fees and Expenses**<br>| **Shareholder** <br> **Servicing Fees**<br>|
| Global Equity–Institutional Class | $—<br>| $19255<br>| $6898<br>| $1478<br>| $311670<br>|
| Global Equity–Institutional Class Z | —<br>| 18544<br>| 2383<br>| 714<br>| —<br>|
| Global Equity–Advisor Class | —<br>| 18367<br>| 3445<br>| 902<br>| 43225<br>|
| International Equity–Institutional Class | —<br>| 60852<br>| 225184<br>| 79560<br>| 9848914<br>|
| International Equity–Institutional Class Z | —<br>| 22313<br>| 39829<br>| 15261<br>| —<br>|
| International Equity–Investor Class | 533548<br>| 22381<br>| 39274<br>| 15038<br>| 304224<br>|
| International Developed Markets Equity–Institutional <br> Class<br>| —<br>| 24761<br>| 15579<br>| 666<br>| 119626<br>|
| International Small Companies–Institutional Class | —<br>| 23075<br>| 29086<br>| 509<br>| 229673<br>|
| International Small Companies–Institutional Class Z | —<br>| 19079<br>| 3247<br>| 508<br>| —<br>|
| International Small Companies–Investor Class | 64666<br>| 17975<br>| 5700<br>| 725<br>| 35788<br>|
| Institutional Emerging Markets–Institutional Class | —<br>| 23353<br>| 4735<br>| 2662<br>| 485643<br>|
| Institutional Emerging Markets–Institutional Class Z | —<br>| 19601<br>| 2801<br>| 652<br>| —<br>|
| Emerging Markets–Advisor Class | —<br>| 31365<br>| 4825<br>| 5397<br>| 819605<br>|
| Emerging Markets ex China–Institutional Class | —<br>| 32996<br>| 1319<br>| 338<br>| 1184<br>|
| Chinese Equity–Institutional Class | —<br>| 25930<br>| 1351<br>| 558<br>| 953<br>|
| Frontier Emerging Markets–Institutional Class | —<br>| 18027<br>| 5340<br>| 822<br>| 45888<br>|
| Frontier Emerging Markets–Institutional Class Z | —<br>| 18108<br>| 2089<br>| 215<br>| —<br>|
| Frontier Emerging Markets–Investor Class | 11404<br>| 17819<br>| 3247<br>| 514<br>| 7120<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**October 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Investment Transactions**

Cost of purchases and proceeds from sales of investment securities, other than short-term investments and in-kind transactions, for the year ended October 31, 2025, were as follows for each Portfolio:

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Purchase Cost of** <br> **Investment Securities**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proceeds from Sales of** <br> **Investment Securities**<br>|
| Global Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $168181510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $404231044 |
| International Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3053020117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5537533812 |
| International Developed Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26553245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38161725 |
| International Small Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104919250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294896355 |
| Institutional Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98638655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538990765 |
| Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74771557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287556480 |
| Emerging Markets ex China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4337609 |
| Chinese Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 669050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4184338 |
| Frontier Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36414817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44535391 |

---

**6. In-Kind Redemptions**

During the year ended October 31, 2025, the International Equity Portfolio delivered portfolio securities rather than cash in exchange for the redemption of shares for certain investors (in-kind redemptions). These investors received readily marketable securities that were valued on the redemption date using the same method employed in calculating the Portfolio's NAV per share. The International Equity Portfolio had in-kind redemptions of approximately $216,253,046 and 7,189,454 shares. The redemption amounts are included in "Net increase (decrease) in net assets from portfolio share transactions" on the Statements of Changes in Net Assets. Net gain of approximately $87,413,776 on the securities resulting from such in-kind redemptions are included under "Net realized gain (loss)" in the Statements of Operations. For financial reporting purposes, these transactions are treated as sales of securities and the resulting gains and losses are recognized based on the market value of the securities on the date of the redemption. For tax purposes, no gains or losses are recognized.

**7. Capital Share Transactions** 

Transactions in capital shares for the year ended October 31, 2025, were as follows for each Portfolio:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares**<br> **Sold** <br>| **Proceeds**<br> **From**<br> **Shares Sold** <br>| **Shares From**<br> **Reinvested**<br> **Dividends** <br>| **Reinvestment**<br> **of**<br> **Dividends**<br>| **Shares**<br> **Redeemed** <br>| **Payments**<br> **for Shares**<br> **Redeemed** <br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Shares**<br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Net Assets**<br>|
| **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** |
| Institutional Class | 934801<br>| $33315403<br>| 2367632<br>| $80239059<br>| (5439319) <br>| $(219959475) <br>| (2136886) <br>| $(106405013) <br>|
| Institutional Class Z | 221605<br>| 7904302<br>| 1281097<br>| 43441993<br>| (774532) <br>| (30954541) <br>| 728170<br>| 20391754<br>|
| Advisor Class | 33310<br>| 1297927<br>| 174118<br>| 5860821<br>| (322161) <br>| (11448227) <br>| (114733) <br>| (4289479) <br>|
| **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** |
| Institutional Class | 46422885<br>| 1248455194<br>| 22306409<br>| 544276393<br>| (124659045) <br>| (3324058271) <br>| (55929751) <br>| (1531326684) <br>|
| Institutional Class Z | 10011946<br>| 269213594<br>| 6286298<br>| 153197073<br>| (22421834) <br>| (638331282) <br>| (6123590) <br>| (215920615) <br>|
| Investor Class | 1988153<br>| 53976491<br>| 534241<br>| 13056838<br>| (5520386) <br>| (157335887) <br>| (2997992) <br>| (90302558) <br>|
| **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** |
| Institutional Class | 1257986<br>| 17561060<br>| 119688<br>| 1536800<br>| (2084940) <br>| (29421700) <br>| (707266) <br>| (10323840) <br>|
| **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** |
| Institutional Class | 2438422<br>| 43434935<br>| 202413<br>| 3339818<br>| (10250640) <br>| (177442365) <br>| (7609805) <br>| (130667612) <br>|
| Institutional Class Z | 1481828<br>| 25078881<br>| 90358<br>| 1490911<br>| (4708918) <br>| (85342643) <br>| (3136732) <br>| (58772851) <br>|
| Investor Class | 293576<br>| 5292743<br>| 18546<br>| 302864<br>| (997059) <br>| (17993337) <br>| (684937) <br>| (12397730) <br>|
| **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** |
| Institutional Class | 4067307<br>| 68779483<br>| 2982969<br>| 49934899<br>| (26329618) <br>| (469541890) <br>| (19279342) <br>| (350827508) <br>|
| Institutional Class Z | 66438<br>| 1240599<br>| 200512<br>| 3368594<br>| (2121244) <br>| (40147994) <br>| (1854294) <br>| (35538801) <br>|
| **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** |
| Advisor Class | 1544896<br>| 57643723<br>| 1908092<br>| 69130169<br>| (6907464) <br>| (268311287) <br>| (3454476) <br>| (141537395) <br>|
| **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** |
| Institutional Class | —<br>|  | 4535<br>| 48839<br>| (7017) <br>| (79981) <br>| (2482) <br>| (31142) <br>|
| **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** |
| Institutional Class | 30669<br>| 212261<br>| 5893<br>| 31290<br>| (44157) <br>| (295856) <br>| (7595) <br>| (52305) <br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**October 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Capital Share Transactions (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares**<br> **Sold** <br>| **Proceeds**<br> **From**<br> **Shares Sold** <br>| **Shares From**<br> **Reinvested**<br> **Dividends** <br>| **Reinvestment**<br> **of**<br> **Dividends**<br>| **Shares**<br> **Redeemed** <br>| **Payments**<br> **for Shares**<br> **Redeemed** <br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Shares**<br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Net Assets**<br>|
| **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** |
| Institutional Class | 788745<br>| $6426756<br>| 132002<br>| $1034891<br>| (2223120) <br>| $(18865386) <br>| (1302373) <br>| $(11403739) <br>|
| Institutional Class Z | 23323<br>| 192567<br>| 149550<br>| 1187431<br>| (32057) <br>| (253416) <br>| 140816<br>| 1126582<br>|
| Investor Class | 82139<br>| 673236<br>| 9096<br>| 71310<br>| (260623) <br>| (2121285) <br>| (169388) <br>| (1376739) <br>|

---

Transactions in capital shares for the year ended October 31, 2024, were as follows for each Portfolio:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares**<br> **Sold** <br>| **Proceeds**<br> **From**<br> **Shares Sold** <br>| **Shares From**<br> **Reinvested**<br> **Dividends** <br>| **Reinvestment**<br> **of**<br> **Dividends**<br>| **Shares**<br> **Redeemed** <br>| **Payments**<br> **for Shares**<br> **Redeemed** <br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Shares**<br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Net Assets**<br>|
| **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** |
| Institutional Class | 742819<br>| $30231236<br>| 95224<br>| $3692780<br>| (9141332) <br>| $(382307138) <br>| (8303289) <br>| $(348383122) <br>|
| Institutional Class Z | 97711<br>| 3999821<br>| 39321<br>| 1526460<br>| (2677643) <br>| (109146502) <br>| (2540611) <br>| (103620221) <br>|
| Advisor Class | 14663<br>| 593089<br>| 1848<br>| 71313<br>| (113046) <br>| (4591205) <br>| (96535) <br>| (3926803) <br>|
| **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** |
| Institutional Class | 52289203<br>| 1363407662<br>| 13906960<br>| 355879114<br>| (140381893) <br>| (3712687029) <br>| (74185730) <br>| (1993400253) <br>|
| Institutional Class Z | 13578166<br>| 354384338<br>| 3547022<br>| 90697342<br>| (21542514) <br>| (570750516) <br>| (4417326) <br>| (125668836) <br>|
| Investor Class | 2095389<br>| 55303602<br>| 294238<br>| 7541313<br>| (2987028) <br>| (78604626) <br>| (597401) <br>| (15759711) <br>|
| **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** |
| Institutional Class | 2138193<br>| 27865797<br>| 113844<br>| 1451505<br>| (2428738) <br>| (32140208) <br>| (176701) <br>| (2822906) <br>|
| **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** |
| Institutional Class | 3969731<br>| 69578867<br>| 223659<br>| 3965468<br>| (7564821) <br>| (133358552) <br>| (3371431) <br>| (59814217) <br>|
| Institutional Class Z | 695030<br>| 12283223<br>| 91138<br>| 1615886<br>| (1868719) <br>| (32875895) <br>| (1082551) <br>| (18976786) <br>|
| Investor Class | 294155<br>| 5120174<br>| 18393<br>| 322619<br>| (462174) <br>| (8076782) <br>| (149626) <br>| (2633989) <br>|
| **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** |
| Institutional Class | 8363033<br>| 150566724<br>| 1110614<br>| 20068811<br>| (80990523) <br>| (1470804185) <br>| (71516876) <br>| (1300168650) <br>|
| Institutional Class Z | 581994<br>| 10468603<br>| 91344<br>| 1655142<br>| (6804089) <br>| (124244037) <br>| (6130751) <br>| (112120292) <br>|
| **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** |
| Advisor Class | 3254963<br>| 130990774<br>| 737461<br>| 29645937<br>| (17078590) <br>| (690059834) <br>| (13086166) <br>| (529423123) <br>|
| **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** |
| Institutional Class | —<br>|  | 11097<br>| 122956<br>| (33735) <br>| (363963) <br>| (22638) <br>| (241007) <br>|
| **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** |
| Institutional Class | 55004<br>| 250272<br>| 3802<br>| 19123<br>| (51147) <br>| (277717) <br>| 7659<br>| (8322) <br>|
| **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** |
| Institutional Class | 1290044<br>| 9990164<br>| 140994<br>| 1039127<br>| (2536042) <br>| (19687513) <br>| (1105004) <br>| (8658222) <br>|
| Institutional Class Z | 325585<br>| 2395896<br>| 139059<br>| 1034600<br>| (560833) <br>| (4687086) <br>| (96189) <br>| (1256590) <br>|
| Investor Class | 40377<br>| 321475<br>| 11985<br>| 88207<br>| (259005) <br>| (1969972) <br>| (206643) <br>| (1560290) <br>|

---

**8. Income Tax**

The cost of investments for federal income tax purposes and the components of net unrealized appreciation (depreciation) on investments at October 31, 2025, for each of the Portfolios were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Gross** <br> **Unrealized** <br> **Appreciation**<br>| **Gross** <br> **Unrealized** <br> **Depreciation**<br>| **Net Unrealized** <br> **Appreciation /** <br> **(Depreciation)**<br>| **Cost** |
| Global Equity | &nbsp;&nbsp; $214746106 | &nbsp;&nbsp; $(11141448)<br>| &nbsp;&nbsp; $203604658 | &nbsp;&nbsp; $371885539 |
| International Equity | &nbsp;&nbsp; 4849802603 | &nbsp;&nbsp; (301918950)<br>| &nbsp;&nbsp; 4547883653 | &nbsp;&nbsp; 8120991298 |
| International Developed Markets Equity | &nbsp;&nbsp; 20823426 | &nbsp;&nbsp; (4300912)<br>| &nbsp;&nbsp; 16522514 | &nbsp;&nbsp; 80386843 |
| International Small Companies | &nbsp;&nbsp; 71414506 | &nbsp;&nbsp; (8260822)<br>| &nbsp;&nbsp; 63153684 | &nbsp;&nbsp; 203654059 |
| Institutional Emerging Markets | &nbsp;&nbsp; 119511764 | &nbsp;&nbsp; (67415102)<br>| &nbsp;&nbsp; 52096662 | &nbsp;&nbsp; 198278835 |

---

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**October 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Income Tax (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Gross** <br> **Unrealized** <br> **Appreciation**<br>| **Gross** <br> **Unrealized** <br> **Depreciation**<br>| **Net Unrealized** <br> **Appreciation /** <br> **(Depreciation)**<br>| **Cost** |
| Emerging Markets | &nbsp;&nbsp; $211781330 | &nbsp;&nbsp; $(38548014)<br>| &nbsp;&nbsp; $173233316 | &nbsp;&nbsp; $280329082 |
| Emerging Markets ex China | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3712658 |
| Chinese Equity | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3545453 |
| Frontier Emerging Markets | &nbsp;&nbsp; 46630899 | &nbsp;&nbsp; (6554003)<br>| &nbsp;&nbsp; 40076896 | &nbsp;&nbsp; 92647961 |

---

It is the policy of each Portfolio to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes; therefore, no federal income tax provision is required.

The Portfolios may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are recorded. Taxes accrued on unrealized gains are reflected as a liability on the Statements of Assets and Liabilities under the caption "Deferred capital gains tax" and as a reduction in "Distributable earnings". When assets subject to capital gains tax are sold, accrued taxes are relieved, and the actual amount of the taxes paid is reflected on the Statements of Operations as a reduction in "Net realized gain (loss) on Investment Transactions". The Portfolios seek to recover a portion of foreign withholding taxes applied to income earned in jurisdictions where favorable treaty rates for US investors are available. The portion of such taxes believed to be recoverable is reflected as an asset on the Statements of Assets and Liabilities under the caption "Tax reclaims receivable".

Management has performed an analysis of each Portfolio's tax positions for the open tax years as of October 31, 2025, and has concluded that no provisions for income tax are required. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by major tax jurisdictions, which include the United States, the State of New Jersey and the State of Maryland. Management is not aware of any events that are reasonably possible to occur in the next twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Portfolios. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

The tax character of distributions paid during the fiscal years ended October 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions From** | **Distributions From** | **Distributions From** | **Distributions From** |
| **Portfolio** | **Ordinary** <br> **Income**<br> **2025**<br>| **Long-Term** <br> **Capital Gains**<br> **2025**<br>| **Ordinary** <br> **Income**<br> **2024**<br>| **Long-Term** <br> **Capital Gains**<br> **2024**<br>|
| Global Equity | &nbsp;&nbsp; $2666728 | &nbsp;&nbsp; $138,361,712\* | &nbsp;&nbsp; $3392927 | &nbsp;&nbsp; $2,219,893\*\* |
| International Equity | &nbsp;&nbsp; 344540028 | &nbsp;&nbsp; 480,266,070\* | &nbsp;&nbsp; 287393635 | &nbsp;&nbsp; 257,161,744\*\* |
| International Developed Markets Equity | &nbsp;&nbsp; 1617645 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 1531614 | &nbsp;&nbsp; — |
| International Small Companies | &nbsp;&nbsp; 5569935 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 6170245 | &nbsp;&nbsp; — |
| Institutional Emerging Markets | &nbsp;&nbsp; 7304466 | &nbsp;&nbsp; 57,873,460\* | &nbsp;&nbsp; 26317129 | &nbsp;&nbsp; —<br> \*\*<br>|
| Emerging Markets | &nbsp;&nbsp; 8081596 | &nbsp;&nbsp; 64,860,067\* | &nbsp;&nbsp; 14419282 | &nbsp;&nbsp; 16,732,490\*\* |
| Emerging Markets ex China | &nbsp;&nbsp; 48839 | &nbsp;&nbsp; — | &nbsp;&nbsp; 121019 | &nbsp;&nbsp; 1937 |
| Chinese Equity | &nbsp;&nbsp; 31290 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19123 | &nbsp;&nbsp; — |
| Frontier Emerging Markets | &nbsp;&nbsp; 2346831 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2290083 | &nbsp;&nbsp; — |

---

*\** *These amounts do not include tax equalization utilized of $15,332,346, $142,752,031, $443,410, $364,767, $59,486,068 and $16,599,898, respectively,* *which the Portfolios designated as being distributed to shareholders on their redemption of shares.* 

*\*\** *These amounts do not include tax equalization utilized of $31,666,506, $83,229,010, $27,187,848 and $35,092,767, respectively, which the Portfolios* *designated as being distributed to shareholders on their redemption of shares.* 

As of October 31, 2025, the components of distributable earnings/(deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed** <br> **Ordinary** <br> **Income**<br>| **Undistributed** <br> **Long-Term** <br> **Capital Gains**<br>| **Accumulated** <br> **Capital and** <br> **Other Losses**<br>| **Unrealized** <br> **Appreciation** <br> **(Depreciation)**<sup>(1)</sup><br>| **Total** <br> **Accumulated** <br> **Earnings/(Deficit)**<br>|
| Global Equity | &nbsp;&nbsp; $6549756 | &nbsp;&nbsp; $94176385 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $203672167 | &nbsp;&nbsp; $304398308 |
| International Equity | &nbsp;&nbsp; 241008450 | &nbsp;&nbsp; 1369705096 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4549736005 | &nbsp;&nbsp; 6160449551 |

---

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**October 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Income Tax (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed** <br> **Ordinary** <br> **Income**<br>| **Undistributed** <br> **Long-Term** <br> **Capital Gains**<br>| **Accumulated** <br> **Capital and** <br> **Other Losses**<br>| **Unrealized** <br> **Appreciation** <br> **(Depreciation)**<sup>(1)</sup><br>| **Total** <br> **Accumulated** <br> **Earnings/(Deficit)**<br>|
| International Developed <br> Markets Equity<br>| &nbsp;&nbsp; $1533735 | &nbsp;&nbsp; $4504917 | &nbsp;&nbsp; $(43541)<br>| &nbsp;&nbsp; $16532414 | &nbsp;&nbsp; $22527525 |
| International Small <br> Companies<br>| &nbsp;&nbsp; 3354315 | &nbsp;&nbsp; 6733685 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62750763 | &nbsp;&nbsp; 72838763 |
| Institutional Emerging <br> Markets<br>| &nbsp;&nbsp; 6106067 | &nbsp;&nbsp; 98505210 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51037491 | &nbsp;&nbsp; 155648768 |
| Emerging Markets | &nbsp;&nbsp; 9341144 | &nbsp;&nbsp; 70093438 | &nbsp;&nbsp; — | &nbsp;&nbsp; 170505908 | &nbsp;&nbsp; 249940490 |
| Emerging Markets ex China | &nbsp;&nbsp; 53465 | &nbsp;&nbsp; 840498 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 893963 |
| Chinese Equity | &nbsp;&nbsp; 35774 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1625717)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1589943)<br>|
| Frontier Emerging Markets | &nbsp;&nbsp; 3314355 | &nbsp;&nbsp; — | &nbsp;&nbsp; (104289366)<br>| &nbsp;&nbsp; 40066344 | &nbsp;&nbsp; (60908667)<br>|

---

<sup>(1)</sup> The difference between book basis and tax basis net unrealized appreciation is attributable primarily to the tax deferral of losses on certain sale of securities. Unrealized Appreciation (Depreciation) includes amounts related to foreign currency and currency translations.

Under the Regulated Investment Company Modernization Act of 2010 (the "Act"), each Portfolio is permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses.

At October 31, 2025, capital losses incurred that will be carried forward indefinitely under provisions of the Act were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Short-Term Capital** <br> **Loss Carryforward**<br>| **Long-Term Capital** <br> **Loss Carryforward**<br>|
| Chinese Equity | &nbsp;&nbsp; $350563 | &nbsp;&nbsp; $1258328 |
| Frontier Emerging Markets | &nbsp;&nbsp; 21286908 | &nbsp;&nbsp; 83002458 |

---

Primarily as a result of differing book/tax treatment of foreign currency transactions and foreign capital gain tax expenses, the Portfolios made reclassifications among certain capital accounts. The reclassifications have no impact on the net assets of the Portfolios. As of October 31, 2025, the following reclassifications were made to the Statements of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Distributable Earnings** | **Paid-in Capital** |
| Global Equity | &nbsp;&nbsp; $(15332346)<br>| &nbsp;&nbsp; $15332346 |
| International Equity | &nbsp;&nbsp; (227805497)<br>| &nbsp;&nbsp; 227805497 |
| International Developed Markets Equity | &nbsp;&nbsp; (443410)<br>| &nbsp;&nbsp; 443410 |
| International Small Companies | &nbsp;&nbsp; (364768)<br>| &nbsp;&nbsp; 364768 |
| Institutional Emerging Markets | &nbsp;&nbsp; (59486068)<br>| &nbsp;&nbsp; 59486068 |
| Emerging Markets | &nbsp;&nbsp; (16599898)<br>| &nbsp;&nbsp; 16599898 |

---

During the fiscal year ended October 31, 2025, the capital loss carryforward utilized by the Portfolios were as follows:

---

| | |
|:---|:---|
| **Portfolio** | **Capital Loss** <br> **Carryforward Utilized**<br>|
| International Developed Markets Equity | &nbsp;&nbsp; $1240850 |
| International Small Companies | &nbsp;&nbsp; 13677171 |
| Emerging Markets ex China | &nbsp;&nbsp; 60438 |
| Chinese Equity | &nbsp;&nbsp; 62342 |
| Frontier Emerging Markets | &nbsp;&nbsp; 7631037 |

---

**9. Foreign Exchange Contracts**

The Portfolios do not generally hedge foreign currency exposure, however, the Portfolios may enter into forward foreign exchange contracts in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings. Each Portfolio will conduct its currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market, or by entering into forward contracts to purchase or sell currency. Foreign currency transactions entered into on the spot markets serve to pay for foreign investment purchases or to

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**October 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. Foreign Exchange Contracts (continued)**

convert to dollars, the proceeds from foreign investment sales or dividend and interest receipts. The Portfolios will disclose open forward currency contracts, if any, on the Portfolios of Investments. The Portfolios do not separately disclose open spot market transactions on the Portfolios of Investments. Such realized gain (loss) and unrealized appreciation (depreciation) on spot market transactions is included in "Net realized gain (loss) on foreign currency transactions" and "Change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies", respectively, on the Portfolios' Statements of Operations. The Portfolios held no open forward currency contracts as of or during the fiscal year ended October 31, 2025.

**10. Participation Notes**

Each Portfolio may invest in participation notes. Participation notes are promissory notes that are designed to replicate the return of a particular underlying equity or debt security, currency or market. Participation notes are issued by banks or broker-dealers or their affiliates and allow a Portfolio to gain exposure to common stocks in markets where direct investment may not be allowed. Participation notes are generally traded over-the-counter. In addition to carrying the same risks associated with a direct investment in the underlying security, participation notes are subject to the risk that the broker-dealer or bank that issues them will not fulfill its contractual obligation to complete the transaction with a Portfolio. Participation notes constitute general unsecured contractual obligations of the banks or broker-dealers that issue them, and a Portfolio would be relying on the creditworthiness of such banks or broker-dealers and would have no rights under a participation note against the issuer(s) of the underlying security(ies). Participation notes may be more volatile and less liquid than other investments held by the Portfolios.

**11. Concentration of Ownership**

At October 31, 2025, the percentage of total shares outstanding held by record shareholders each owning 10% or greater of the aggregate shares outstanding of each Portfolio were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No. of**<br> **Shareholders**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **%**<br> **Ownership**<br>|
| Global Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59.37<br> %\*<br>|
| International Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45.86<br> %\*<br>|
| International Developed Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83.37<br> %\*<br>|
| International Small Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35.99<br> %\*<br>|
| Institutional Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57.68<br> %\*<br>|
| Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86.80<br> %\*<br>|
| Emerging Markets ex China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85.46<br> %\*<br>|
| Chinese Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78.24<br> %\*<br>|
| Frontier Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69.43<br> %\*<br>|

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*\** *Includes omnibus positions of broker-dealers representing numerous shareholder accounts.*

Investment activities of these shareholders may have a material effect on the Portfolios.

**12. Concentration of Risk**

Investing in securities of foreign issuers and currency transactions may involve certain considerations and risks not typically associated with investments in U.S. issuers. These risks include revaluation of currencies; adverse fluctuations in foreign currency values; and possible adverse political, social and economic developments, including those particular to a specific industry, country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. These risks are greater with respect to securities of issuers located in emerging market countries in which the Portfolios are authorized to invest.

The Frontier Emerging Markets Portfolio is permitted to invest up to 35% of its total assets in companies in the same industry, if, at the time of investment, that industry represents 20% or more of the Frontier Emerging Markets Portfolio's benchmark index. During periods when the Frontier Emerging Markets Portfolio has invested more than 25% of its total assets in companies in the same industry, it will operate as a concentrated portfolio and be subject to additional risks and greater volatility. Such additional risks include increased competition within the industry, or changes in legislation, or government regulations affecting the industry. The value of the Frontier Emerging Markets Portfolio's shares may be particularly vulnerable to factors affecting the banking industry, such as the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, extensive government regulation, and price competition. Such risks may be magnified with respect to securities of issuers in Frontier Emerging Markets. At October 31, 2025, the Frontier Emerging Markets Portfolio's investment in the Banking industry amounted to 32.50% of its total assets.

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**Harding, Loevner Funds, Inc.**

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**Notes to Financial Statements (continued)**

**October 31, 2025**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12. Concentration of Risk (continued)**

The operations and financial results of the Fund may be impacted adversely by a decline in the market value of the Fund's assets under management caused by conditions outside of the Fund's control, including, but not limited to; financial crises, political or diplomatic developments in the U.S. or globally, including rising trade tensions, pandemics or other public health crises, trade wars, economic sanctions, social or civil unrest, insurrection, war, terrorism, natural disasters, or risks associated with global climate change, and other factors that are difficult to predict.

Investing in securities issued by companies located in Russia involves significant risks, including legal, regulatory, currency and economic risks that are specific to Russia. In addition, investing in securities issued by companies located in Russia involves risks associated with the settlement of portfolio transactions and loss of a Portfolio's ownership rights in its portfolio securities as a result of the system of share registration and custody in Russia. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. A number of jurisdictions may also institute broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. Additionally, Russia is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies, or Russian individuals, including politicians, may impact Russia's economy and Russian issuers of securities in which a Portfolio invests. Actual and threatened responses to such military action may also impact the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such sectors globally. Such responses have resulted in the immediate freeze of certain Russian securities, and have impaired (and may continue to impair) the ability of a Portfolio to buy, sell, receive or deliver those securities, or dividend income related to those securities. In addition, the removal of economic sanctions that have previously been in place, may decrease a Portfolio's liquidity, cause a Portfolio to violate certain regulatory limitations or otherwise disrupt the management of a Portfolio.

The political reunification of China and Taiwan, over which China continues to claim sovereignty, is a highly complex issue and is unlikely to be settled in the near future. There is the potential for future political or economic disturbances that may have an adverse impact on the values of investments in either China or Taiwan, or make investments in China and Taiwan impractical or impossible. Any escalation of hostility between China and/or Taiwan would likely distort Taiwan's capital accounts, as well as have a significant adverse impact on the value of investments in both countries and the region.

The imposition of tariffs or other trade barriers by the U.S. or foreign governments on Chinese exports and other restrictions on or barriers to investment in China may adversely impact Chinese companies. There is also the risk that U.S. government or foreign governments may sanction Chinese issuers or otherwise prohibit U.S. persons (such as a Portfolio) from investing in certain Chinese issuers, which may negatively affect the liquidity and price of their securities and cause the government of China to take retaliatory measures.

**13. Line of Credit**

The Fund has a $300 million line of credit agreement with Northern Trust, which is scheduled to expire on March 20, 2026, unless renewed. Borrowings are made solely to facilitate the handling of redemptions or unusual or unanticipated short-term cash requirements. Because several Portfolios participate and collateral requirements apply, there is no assurance that an individual Portfolio will have access to the entire $300 million at any particular time. Interest is charged to each Portfolio based on its borrowings at an amount above the Federal Funds rate, subject to a minimum rate. In addition, a facility fee is computed at an annual rate of 0.25% on the line of credit and is allocated among the Portfolios.

For the year ended October 31, 2025, Global Equity had an outstanding balance for one day with a maximum balance of $11,500,000 at an average weighted interest rate of 5.83%. International Developed Markets Equity had an outstanding balance for one day with a maximum balance of $300,000 at an average weighted interest rate of 5.58%. International Small Companies had an outstanding balance for forty eight days with a maximum balance of $41,900,000 at an average weighted interest rate of 5.58%. Institutional Emerging Markets had an outstanding balance for forty days with a maximum balance of $17,200,000 at an average weighted interest rate of 5.62%. Frontier Emerging Markets had an outstanding balance for seven days with a maximum balance of $3,700,000 at an average weighted interest rate of 5.37%.

**14. Recent Accounting Pronouncement and Regulatory Developments**

In December 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-09, Income Taxes (Topic 740) – "Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects the adoption of the guidance will not have a material impact on the Funds' financial statements.

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**Harding, Loevner Funds, Inc.**

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**Notes to Financial Statements (continued)**

**October 31, 2025**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**15. Segment Reporting**

In this reporting period, the Fund adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - "Improvements to Reportable Segment Disclosures". Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Executive Committee of the Adviser of the Fund acts as the Fund's CODM. Each Portfolio represents a single operating segment, as the CODM monitors the operating results of each individually. The financial information in the form of each Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the performance of each Portfolio and to make resource allocation decisions for the Portfolios, is consistent with that presented within the financial statements. Each Portfolio's assets are reflected on the accompanying Statements of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the accompanying Statements of Operations.

**16. Reorganization**

At a meeting held on March 7, 2025, the Board approved an Agreement and Plan of Reorganization providing for the upcoming reorganization of the Harding Loevner Emerging Markets Portfolio into the Harding Loevner Institutional Emerging Markets Portfolio, subject to certain conditions.

**17. Subsequent Events** 

Subsequent events occurring after the date of this report have been evaluated for potential impact, for purposes of recognition or disclosure in the financial statements, through the date the report was issued.

The Emerging Markets ex China and Chinese Equity Portfolios liquidated on November 19, 2025.

The Emerging Markets Portfolio (Advisor Class) (the "Acquired Portfolio") and the Institutional Emerging Markets Portfolio (the "Acquiring Portfolio") intends to complete a transaction after the close of business on December 19, 2025 whereby the Acquired Portfolio will transfer all of its transferable assets to the Acquiring Portfolio in exchange for shares of the Acquiring Portfolio.

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**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Harding, Loevner Funds, Inc. and Shareholders of Global Equity Portfolio, International Equity Portfolio, International Developed Markets Equity Portfolio, International Small Companies Portfolio, Institutional Emerging Markets Portfolio, Emerging Markets Portfolio, Emerging Markets ex China Portfolio, Chinese Equity Portfolio and Frontier Emerging Markets Portfolio

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Global Equity Portfolio, International Equity Portfolio, International Developed Markets Equity Portfolio, International Small Companies Portfolio, Institutional Emerging Markets Portfolio, Emerging Markets Portfolio, Emerging Markets ex China Portfolio, Chinese Equity Portfolio and Frontier Emerging Markets Portfolio (constituting Harding, Loevner Funds, Inc., hereafter collectively referred to as the "Portfolios") as of October 31, 2025, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of October 31, 2025, and the results of each of their operations, changes in each of their net assets and each of the financial highlights for the year ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Portfolios as of and for the year ended October 31, 2024 and the financial highlights for each of the periods ended on or prior to October 31, 2024 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated December 13, 2024 expressed an unqualified opinion on those financial statements and financial highlights.

***Basis for Opinions***

These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 17, 2025

We have served as the auditor of one more investment companies in Harding, Loevner Funds, Inc. since 2025.

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**Harding, Loevner Funds, Inc.** 

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**Supplemental Tax Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

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*Foreign Tax Credit*

During the fiscal year ended October 31, 2025, the Fund below paid qualifying foreign taxes and earned foreign source income as follows:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Foreign Tax Credit ($)** | **Foreign Source**<br> **Income ($)**<br>|
| International Equity | &nbsp;&nbsp; 28873207 | &nbsp;&nbsp; 240256577 |
| International Developed Markets Equity | &nbsp;&nbsp; 234612 | &nbsp;&nbsp; 1796794 |
| International Small Companies | &nbsp;&nbsp; 778924 | &nbsp;&nbsp; 4338271 |
| Institutional Emerging Markets | &nbsp;&nbsp; 964527 | &nbsp;&nbsp; 3666296 |
| Emerging Markets | &nbsp;&nbsp; 1175582 | &nbsp;&nbsp; 5889166 |
| Frontier Emerging Markets | &nbsp;&nbsp; 412736 | &nbsp;&nbsp; 4191712 |

---

The Fund below intends to make an election that will allow shareholders to treat their proportionate share of foreign taxes paid by the Fund as having been paid by them. During the fiscal year ended October 31, 2025, the Fund designated foreign taxes paid per share and income earned from foreign sources per share as follows:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Foreign Tax Credit ($)** | **Foreign Source**<br> **Income ($)**<br>|
| International Equity | 0.0695 | 0.5780 |
| International Developed Markets Equity | 0.0365 | 0.2797 |
| International Small Companies | 0.0551 | 0.3068 |
| Institutional Emerging Markets | 0.0801 | 0.3046 |
| Emerging Markets | 0.1196 | 0.5989 |
| Frontier Emerging Markets | 0.0287 | 0.2915 |

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*Qualified Dividend Income (QDI)*

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"), the following amounts of ordinary dividends paid during the fiscal year ended October 31, 2025, are designated as "qualified dividend income", as defined in the Act:

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| | |
|:---|:---|
| **Portfolio** | **QDI ($)** |
| Global Equity | &nbsp;&nbsp; 6225737 |
| International Equity | &nbsp;&nbsp; 292849156 |
| International Developed Markets Equity | &nbsp;&nbsp; 2161773 |
| International Small Companies | &nbsp;&nbsp; 7869056 |
| Institutional Emerging Markets | &nbsp;&nbsp; 6672487 |
| Emerging Markets | &nbsp;&nbsp; 7638308 |
| Emerging Markets ex China | &nbsp;&nbsp; 74290 |
| Chinese Equity | &nbsp;&nbsp; 39680 |
| Frontier Emerging Markets | &nbsp;&nbsp; 3629852 |

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*Corporate Dividends-Received Deduction (DRD)*

A percentage of the dividends distributed during the fiscal year ended October 31, 2025, for the following Funds qualifies for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| **Portfolio** | **Corporate DRD** <br> **Percentage (%)**<br>|
| Global Equity | &nbsp;&nbsp; 72 |

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**Harding, Loevner Funds, Inc.** 

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**Supplemental Tax Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

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*Long-Term Capital Gain*

The following Funds designated the below amounts as long-term capital gains, pursuant to Section 852(b)(3)(C) of the Code, for the fiscal year ended October 31, 2025:

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| | |
|:---|:---|
| **Portfolio** | **Long-Term Capital** <br> **Gain ($)**<br>|
| Global Equity | &nbsp;&nbsp; 138361712 |
| International Equity | &nbsp;&nbsp; 480266070 |
| Institutional Emerging Markets | &nbsp;&nbsp; 57873460 |
| Emerging Markets | &nbsp;&nbsp; 64860067 |

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**Harding, Loevner Funds, Inc.**

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**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(a)** On January 29, 2025, the Fund, by action of the Audit Committee of the Board approved the dismissal of KPMG LLP ("KPMG") as the independent registered public accounting firm to the Fund effective January 31, 2025.

KPMG's audit reports on the financial statements of the Fund as of and for the years ended October 31, 2024 and October 31, 2023 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the two fiscal years ended October 31, 2024 and October 31, 2023, and the subsequent interim period through January 31, 2025, there were no: (1) disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to the satisfaction of KPMG would have caused them to make reference in connection with their opinion to the subject matter of the disagreement, or (2) "reportable events" as that term is described in Item 304(a)(1)(v) of Regulation S-K. The Fund provided KPMG with a copy of the foregoing disclosures and requested KPMG to furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether KPMG agrees with the above statements. A copy of such letter was previously filed as an exhibit to the Fund's Form N-CSR dated June 23, 2025.

**(b)** On January 29, 2025, the Fund, by action of the Audit Committee of the Board approved PricewaterhouseCoopers LLP ("PwC") to serve as the independent registered public accounting firm to audit the financial statements of the Fund for the fiscal year ending October 31, 2025.

During the fiscal years ended October 31, 2023, October 31, 2024, and for the interim period ended January 31, 2025, the Fund did not consult with PwC on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements; or (ii) concerned the subject of a disagreement (as described in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

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**Harding, Loevner Funds, Inc.**

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**Proxy Disclosures for Open-End Management Investment Companies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

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Not applicable.

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**Harding, Loevner Funds, Inc.**

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**Statement Regarding Basis for Approval of Investment Advisory Contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

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*Approval of Investment Advisory Agreement*

At an in-person meeting of the board of directors (collectively, the "Board" or "Directors" and, each, a "Director") of Harding, Loevner Funds, Inc. (the "Fund") held on June 13, 2025 (the "Meeting"), the Board, including a majority of those Directors who are not "interested persons" of the Fund (the "Independent Directors"), as defined in the Investment Company Act of 1940, as amended (the "1940 Act") considered and approved the continuation of the investment advisory agreement (the "Advisory Agreement") between Harding Loevner LP ("Harding Loevner" or the "Adviser") and the Fund and with respect to each of its series: the Global Equity Portfolio (the "GE Portfolio"), the International Equity Portfolio (the "IE Portfolio"), the International Developed Markets Equity Portfolio (the "IDME"), the International Small Companies Portfolio (the "ISC Portfolio"), the Institutional Emerging Markets Portfolio (the "IEM Portfolio"), the Emerging Markets Portfolio (the "EM Portfolio"), the Emerging Markets ex China Portfolio (the "EM ex China Portfolio"), the Chinese Equity Portfolio (the "CE Portfolio") and the Frontier Emerging Markets Portfolio (the "FEM Portfolio")(collectively, the " Portfolios").

*Overview of the Review Process*

Prior to the Meeting, the Board established a subcommittee of the Governance Committee of the Board comprised of three Independent Directors (the "Subcommittee") to conduct a preliminary review of the materials provided to the Board by Harding Loevner in connection with consideration of the Advisory Agreement, to liaise with Harding Loevner and to assist the Board in its deliberations. In addition, legal counsel to the Independent Directors ("Independent Counsel"), on behalf of the Independent Directors, delivered to Harding Loevner a written request for information that the Board believed necessary to evaluate the terms of the Advisory Agreement. In response, Harding Loevner furnished materials responsive to the Board's request to facilitate the Board's evaluation of the terms of the Advisory Agreement (the "Renewal Materials"), including information on, among other things: (i) the investment performance, expenses and advisory fees of each Portfolio relative to benchmark indices and other mutual funds and, as set forth in performance and expense reports (the "ISS Reports") prepared by Institutional Shareholder Services Inc. ("ISS"), a third-party fund analytics provider engaged as part of the Advisory Agreement review process; (ii) Harding Loevner's profitability and costs arising from services provided to the Fund; (iii) the qualifications of Harding Loevner and portfolio management personnel and its management team with respect to services provided to the Portfolios; and (iv) Harding Loevner's investment research capabilities and resources.

In preparation for the Meeting, Harding Loevner provided the Subcommittee with a preliminary version of the Renewal Materials for review and comment. The Subcommittee and representatives of Harding Loevner discussed the preliminary Renewal Materials during a virtual meeting on May 20, 2025. Following this meeting, Harding Loevner revised the Renewal Materials in response to the Subcommittee's comments and distributed the Renewal Materials in final form to the full Board. The Board also received and considered a memorandum regarding the Board's responsibilities in connection with renewal of the Advisory Agreement prepared by Independent Counsel and Independent Counsel assisted the Independent Directors throughout the process.

At the Meeting, both in general and executive sessions, the Board considered and discussed the Renewal Materials presented by Harding Loevner. During the presentations, Harding Loevner expanded on those materials and responded to specific questions from the Board. Among other things, Harding Loevner discussed the performance records of the Portfolios (as further described below) and the competitiveness of the Portfolios' advisory fees and total expense ratios. In addition, Harding Loevner addressed factors that had an adverse impact on performance, both on an absolute and a relative basis, of certain Portfolios, including: (i) a distinct, stylistic shift in the relative performance of value stocks over growth stocks since late 2020, particularly in non-U.S. markets; (ii) a sustained period of elevated interest rates and inflation, as well as the continued rise of passive and momentum investing, leading to outsized, concentrated returns within a select group of companies; (iii) industry-wide asset class pressures facing international and particularly emerging markets equities and (iv) the write down of certain Russian stocks and the exposure to certain financial sector holdings. At the same time, Harding Loevner discussed that over longer-term periods, quality stocks have consistently demonstrated downside protection, with their shares tending to decline less than the market as a whole; that high-quality companies have also shown greater resilience during economic downturns; and that the Adviser's investment philosophy, which emphasizes investment in high quality growing businesses, has led to the Portfolios' outperformance over most market cycles, despite recent periods of adversity. Harding Loevner also focused on the quality of the services provided to the Portfolios and Harding Loevner's continued investment in personnel, technology and other resources that service the Fund and its shareholders. The Independent Directors met in executive session with Independent Counsel prior to the commencement of the Meeting and during the course of the Meeting to discuss the materials provided and information presented by Harding Loevner.

In evaluating continuance of the Advisory Agreement with respect to each Portfolio, among other things, the Board considered the various factors and information discussed below. The following discussion is not intended to be all-inclusive, as the Board reviewed a variety of factors and considered a significant amount of information.

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**Harding, Loevner Funds, Inc.**

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**Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

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*Nature, Extent and Quality of Services*

The Board evaluated the information it deemed necessary to assess the nature, extent and quality of investment advisory services provided to the Portfolios by Harding Loevner. The Board also considered the nature, extent and quality of the extensive non-advisory services provided to the Portfolios by Harding Loevner, including portfolio trading; the resources devoted to, and the record of compliance with, each Portfolio's compliance policies and procedures; the resources devoted to the supervision of third-party service providers; and the quality and quantity of administrative and shareholder servicing.

In addition to the materials provided at the meeting, the Board received information in connection with quarterly Board and committee meetings throughout the year regarding the services rendered by Harding Loevner concerning the management of each Portfolio. The Board evaluated Harding Loevner's ability to attract and retain qualified investment advisory and non-advisory personnel and its recruitment, retention and professional development programs and strategies.

The Board also considered the adequacy of Harding Loevner's financial and operational resources committed to each Portfolio, and how well Harding Loevner utilized those resources to meet the Portfolio's investment needs and provide other services to the Portfolios. The Board also considered the effective operation of Harding Loevner's business continuity plan and cybersecurity policies. The Board further noted that, as of March 31, 2025, Harding Loevner had approximately $41.9 billion in assets under management and that the Fund was Harding Loevner's largest client, with assets of approximately $14.1 billion. The Board took into account the benefits realized by the Portfolios from Harding Loevner's affiliation with Affiliated Managers Group, Inc., an established global asset management company.

The Board considered annual and periodic reports of the Fund's Chief Compliance Officer (the "CCO") with respect to the effectiveness and adequacy of the Fund's and Harding Loevner's compliance programs and its efforts to address new regulatory mandates. The Board noted the CCO's determination that Harding Loevner's compliance program is reasonably designed to prevent violations of the federal securities laws and is effective in its implementation.

*Performance of the Adviser*

For each Portfolio, the Board considered, among other things, the historical performance for multiple time periods ended as of March 31, 2025, including the one-year, three-year, five-year and ten-year periods (or shorter for newer Portfolios) included in the ISS Reports, compared against each Portfolio's Morningstar Category and benchmark index for each share class. The Board considered each Portfolio's risk relative to its respective benchmark and high active share (i.e., low overlap with holdings in benchmark indices) historically inherent in Harding Loevner's investment process.

With respect to the recent performance of the Portfolios, the Board considered the trailing annualized net total returns and noted that for the one-year period ended March 31, 2025, each Portfolio underperformed its respective benchmark index except the IDME Portfolio, which outperformed its respective benchmark index. The GE Portfolio and IDME Portfolio outperformed their respective Morningstar Categories, while each of the remaining Portfolios underperformed their respective Morningstar Categories.

In assessing longer term performance by the Portfolios, for the five-year period ended March 31, 2025, the Board noted that each Portfolio with at least five years of operations underperformed its respective benchmark index, except the FEM Portfolio modestly outperformed its benchmark index. Each Portfolio with at least five years of operations underperformed its respective Morningstar Category, with the exception of the FEM Portfolio, which was in line with its respective Morningstar Category. The Board noted in its review that the CE, EM ex China, and IDME Portfolios had not yet completed five years of operations.

For the ten-year period ended March 31, 2025, the Board noted that the IE Portfolio outperformed its respective benchmark index and that each remaining Portfolio underperformed its respective index, with the underperformance occurring principally during the most recent five years of that period. Each Portfolio with at least ten years of operations underperformed its respective Morningstar Category, with the exception of the Institutional Class and the Investor Class of the IE Portfolio. The Board noted in its review that the CE, EM ex China, and IDME Portfolios had not yet completed ten years of operations.

In addition, the Board reviewed Harding Loevner's investment philosophy used to manage the Portfolios, as well as the effectiveness of Harding Loevner's portfolio management teams in the day-to-day management of Portfolios. The Board noted Harding Loevner's bottom-up, business-focused approach based on the study of individual companies and the competitive dynamics of the global industries in which those companies participate. The Board considered market and company-specific events adversely impacting the performance of the Portfolios. At the same time, the Board considered that over longer-term periods, quality stocks have consistently demonstrated downside protection, with their shares tending to decline less than the market as a whole; that high-quality companies have also shown greater resilience during economic

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**Harding, Loevner Funds, Inc.**

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**Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

------

downturns; and that the Adviser's investment philosophy, which emphasizes investment in high quality growing businesses, has led to the Portfolios' outperformance over most market cycles, despite recent periods of adversity. The Board also took note of Harding Loevner's integration of environmental, social and governance factors in its investment process to enhance risk-adjusted performance.

In evaluating the investment performance of the Portfolios, the Board acknowledged that Harding Loevner's investment style may result in periods of under-performance, but has historically produced outperformance over longer time periods. The Board found that, historically, the Portfolios have performed well relative to their respective benchmark indices. The Board also considered Harding Loevner's ongoing efforts to identify the causes of any underperformance and the effectiveness of these efforts. Also noted were the enhancements made by Harding Loevner to its investment risk management tools. Finally, the Board considered that the Morningstar Category performance data provided within the ISS Reports was less useful with respect to the Frontier Emerging Markets Portfolio and the Emerging Markets ex China Portfolio, as (i) Morningstar did not have a Frontier Markets category at March 31, 2025 and instead compared the Portfolio to the Diversified Emerging Markets category, and (ii) the Emerging Markets ex China Portfolio is being compared against funds with material exposures to China, which outperformed other EM geographies in the period.

*Costs of the Services and Profitability of the Adviser*

The Board considered information regarding Harding Loevner's costs to provide investment management services to the Portfolios and the profitability to Harding Loevner from managing the Portfolios. In evaluating Harding Loevner's profitability, the Board considered Harding Loevner's profitability analyses for calendar years 2023 and 2024. The Board also considered profitability adjusted, on a pro forma basis, for estimated provisions for federal and state corporate income taxes; each Portfolio's expense ratio; the allocation methodology used by Harding Loevner to compute such profitability; and Harding Loevner's contractual fee waivers and expense reimbursements with respect to the applicable Portfolios. The Board further considered profitability on a Portfolio-by-Portfolio basis, focusing on Harding Loevner's profit both with and without taking into account those costs borne by Harding Loevner with respect to its efforts to expand the Portfolios' shareholder base.

Harding Loevner also presented its profitability analyses for calendar years 2023 and 2024 on both a gross basis as well as on an adjusted basis to reflect the equity-related compensation received by certain senior personnel of Harding Loevner who are limited partners of Harding Loevner. The Board noted that this adjusted profitability information was useful in its consideration and assessment of Harding Loevner's profitability.

The Board took note of the costs Harding Loevner has incurred that are intended to assure the continued delivery of high-quality services to its clients, including the Portfolios, and the future costs Harding Loevner plans to incur, including hiring additional qualified personnel and further investing in technology, including with respect to cybersecurity as well as enhancing its operational infrastructure. The Board considered Harding Loevner's need to accommodate changing regulatory requirements and to adapt to structural changes in the mutual fund marketplace. In assessing profitability, the Board considered each Portfolio's profitability in the context of the services provided and the reasonableness of the fees charged for those services.

*Comparison of Fees and Services Provided by the Adviser*

The Board reviewed the contractual advisory fees that are payable by the Portfolios to Harding Loevner and the actual investment advisory fees realized by Harding Loevner taking into account the fee waiver and/or expense reimbursement arrangements for certain of the Portfolios. The Board considered the fact that Harding Loevner's waiver/expense reimbursement arrangements are not subject to recapture and that the proposed fee reductions and breakpoints were contractual in nature, noting that, in fiscal year 2024, Harding Loevner waived a portion of its advisory fees for the following Portfolios and classes: the Institutional Class and Institutional Class Z of the GE Portfolio; the Institutional Class of the IDME Portfolio; the Advisor Class of the EM Portfolio; the Institutional Class and Institutional Class Z of the IEM Portfolio; the Institutional Class of the EM ex China Portfolio; the Institutional Class of the CE Portfolio; the Investor Class and Institutional Class Z of the FEM Portfolio; and the Investor Class, the Institutional Class, and the Institutional Class Z of the ISC Portfolio. In addition, the Board compared Harding Loevner's separate account fee schedule with the advisory fees payable by the Portfolios to Harding Loevner. Further, the Board took note that the fee waivers in place for the EM ex China Portfolio and the CE Portfolio exceeded Harding Loevner's advisory fee.

The Board considered the ISS Reports, which included information comparing each Portfolio's management fee and overall expenses with those of funds in a group of peer funds selected by ISS (the "Expense Group"), as well as with each Portfolio's peer funds in its respective Morningstar Category-derived universe (the "Expense Universe"). The Board noted that the net operating expenses, as that term is used in the ISS Reports\* (the "Net Operating Expenses"), of each Portfolio were below the median of its respective Expense Group and Expense Universe, with the exception of the CE Portfolio's share classes (above both the Expense Group and Expense Universe medians) and the EM ex China Portfolio's share classes (above the Expense Universe median). With respect to the CE Portfolio, the Board took note that Net Operating Expenses exceeded the median of its respective Expense Group and Expense Universe, and the EM ex China Portfolio exceeded the median of its respective Expense

------

**Harding, Loevner Funds, Inc.**

------

**Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

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Universe, due to the small asset size of these Portfolios, although this was partially offset by the voluntary subsidy of those Portfolios by Harding Loevner.

\* Under the ISS methodology, Net Operating Expenses include transfer agency fees, custodian fees, professional expenses (including audit and legal expenses) and other operating expenses (including but not limited to fund accounting, printing/mailing and registration) and exclude advisory fees and 12b-1/non-12b-1 distribution and service fees. Net Total Expenses include Net Operating Expenses, 12b-1/non-12b-1 distribution and service fees, and Net Management Fees (which includes Advisory Fees and Administrator Fees, net of applicable advisory fee waivers). ISS defines Administrator Fees as fees paid to a third party administrator for providing certain administrative services not included in operating expenses.

The Board also observed that, with limited exceptions, the net total expense ratio of each class of each Portfolio after any applicable waiver of advisory fees and reimbursement of expenses ("Net Total Expense Ratio") was competitive with, and generally lower than, its respective Expense Group and Expense Universe medians. The Board considered the contractual management fees as well as the net management fee for each class of each Portfolio after any applicable waiver of advisory fees and reimbursement of expenses ("Net Total Management Fee") in comparison with its Expense Group and Expense Universe.

The Board noted that Harding Loevner did not consider the Expense Universe to be an appropriate comparator for the FEM Portfolio, as it was comprised of the Diversified Emerging Markets Morningstar Category, which is not limited exclusively to funds primarily investing in equity securities of companies based in the frontier emerging markets.

The Board recognized that Harding Loevner's separate account and collective trust clients require fewer services from Harding Loevner than the Fund. The Board additionally recognized Harding Loevner's efforts to direct more institutional investors into pooled vehicles, including the Portfolios, to the extent possible. Further, the Board took note that many sophisticated institutional investors, after reviewing similar investment vehicles with the assistance of their consultants, had determined, and continue, to invest in the Portfolios.

The Board also noted Harding Loevner's commitment to review periodically the fees charged to the Portfolios and the following fee and expense cap adjustments proposed by Harding Loevner at the Meeting (the "Proposal") as part of the 2025 Advisory Agreement renewal process to ensure that the fees remain competitive: (i) reducing the advisory fee of the ISC Portfolio and the FEM Portfolio (the "Advisory Fee Proposal"); and (ii) reducing the expense cap for the Institutional Class of the ISC Portfolio (the "Expense Cap Proposal" and together with the Advisory Fee Proposal, the "Proposals"), through February 28, 2027.

Based on these considerations, the Board concluded that each Portfolio's advisory fee, as adjusted under the Proposals, in light of the services provided by Harding Loevner, was reasonable.

*Economies of Scale*

The Board considered the extent to which economies of scale have been realized in light of the Portfolios' asset size, whether there is potential for realization of further economies of scale for the Portfolios, and whether material economies of scale, to the extent present, are being shared with shareholders. The Board also considered that, although the firm-wide assets under management of Harding Loevner, including those of certain Portfolios, had decreased over the period, Harding Loevner continues to reinvest in its business so as to ensure it continues to provide the same or better quality of services to the Portfolios as it has historically and also continues to meet investors' service expectations. The Board noted too that the Portfolios have historically benefitted both from growth in assets under management in the Portfolios and from assets under management in Harding Loevner's other accounts, and that when such growth has occurred, it has resulted in certain expenses becoming a smaller percentage of Harding Loevner's firm-wide assets under management.

The Board considered that Harding Loevner assumes substantial business risk each time it sponsors a new series of the Fund. The Board also noted that Harding Loevner provides the same high-quality services to the Portfolios that have not yet achieved profitability due to their smaller level of assets as it provides to the other Portfolios.

*Other Benefits*

The Board considered other benefits derived or to be derived by Harding Loevner from its relationship with the Portfolios. In this regard, the Board noted that the only tangible material benefits from Harding Loevner's relationship with the Portfolios are from the receipt of research products and services obtained through soft dollars in connection with Portfolio brokerage transactions. The Board further considered the extent to which Harding Loevner and its other clients benefitted from receipt of these research products and services.

------

**Harding, Loevner Funds, Inc.**

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**Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

------

The Board also considered other benefits that the Portfolios derived from their association with Harding Loevner. In this regard, the Board considered the competitive nature of the mutual fund marketplace and that the Portfolios' shareholders invested in the Portfolios because of the Fund's relationship with Harding Loevner.

*Conclusion*

Following extensive discussion, both in general session and in an executive session of the Independent Directors meeting alone with Independent Counsel, the Board determined that it had received sufficient information to take action on the proposed resolutions regarding continuance of the Advisory Agreement and the Proposals and that all of the Board's questions had been addressed to its satisfaction. The Board, including a majority of the Independent Directors, concluded with respect to each Portfolio that Harding Loevner's investment advisory fees, as adjusted by the Proposals, were sufficiently supported by the Board's review of the factors described above.

In light of all the foregoing, the Board, and separately, a majority of the Independent Directors, approved the continuance of the Advisory Agreement on behalf of each Portfolio, including the Proposals. The Board's approval determinations were made on the basis of each Director's business judgment after consideration of all the information presented and their related conclusions, with no single factor or conclusion being determinative and with each Director not necessarily attributing the same weight to each factor.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. Controls and Procedures.
(a) The Registrant's Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) were effective as of a date within 90 days prior to the filing date of this report, based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures as of the evaluation date.

(b) There were no significant changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

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#### Item 19. Exhibits.
(a)(1) [Ex99.Code of Ethics: Incorporated by reference to Item 13(a)(1) to the report filed on Form N-CSR on January 5, 2023 (Accession No. 0001193125-23-002209).](https://www.sec.gov/Archives/edgar/data/1018170/000119312523002209/d363948dex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [Exhibit 99.CERT: Certifications pursuant to Rule 30a-2(a) of the Investment Company Act of 1940, as amended, are attached.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Exhibit 99.906: Certifications pursuant to Rule 30a-2(b) of the Investment Company Act of 1940, as amended, are attached hereto.](Exhibit_b.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Harding, Loevner Funds, Inc.  | Harding, Loevner Funds, Inc.  |
| By  | <u>/s/ Ryan Bowles&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Ryan Bowles  |
|  | President  |
|  | (Principal Executive Officer)  |
| Date: December 23, 2025  | Date: December 23, 2025  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By  | <u>/s/ Ryan Bowles&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Ryan Bowles  |
|  | President  |
|  | (Principal Executive Officer)  |
| Date: December 23, 2025  | Date: December 23, 2025  |
| By  | <u>/s/ Tracy L. Dotolo&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Tracy L. Dotolo  |
|  | Chief Financial Officer and Treasurer  |
|  | (Principal Financial Officer)  |
| Date: December 23, 2025  | Date: December 23, 2025  |

---

------

## Ex-99.Cert

---

| | |
|:---|:---|
| **N-CSR Exhibit for Item 19(a)(3): SECTION 302 CERTIFICATIONS**  | **EX-99.CERT**  |

---

I, Ryan Bowles, certify that:

1. I have reviewed this report on Form N-CSR of Harding, Loevner Funds, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 23, 2025  | <u>/s/ Ryan Bowles&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Ryan Bowles  |
|  | President  |
|  | (Principal Executive Officer)  |

---

------

---

| | |
|:---|:---|
| **N-CSR Exhibit for Item 19(a)(3): SECTION 302 CERTIFICATIONS**  | **EX-99.CERT**  |

---

I, Tracy L. Dotolo, certify that:

1. I have reviewed this report on Form N-CSR of Harding, Loevner Funds, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 23, 2025  | <u>/s/ Tracy L. Dotolo&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Tracy L. Dotolo  |
|  | Chief Financial Officer and Treasurer  |
|  | (Principal Financial Officer)  |

---

------

## Exhibit 99.906

---

| | |
|:---|:---|
| **N-CSR Exhibit for Item 19(b): SECTION 906 CERTIFICATIONS**  | **EX-99.906.CERT**  |

---

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Harding, Loevner Funds, Inc. (the "Registrant") on Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: December 23, 2025  | <u>/s/ Ryan Bowles</u>  |
|  | Ryan Bowles  |
|  | President  |
|  | (Principal Executive Officer)  |
| Date: December 23, 2025  | <u>/s/ Tracy L. Dotolo&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Tracy L. Dotolo  |
|  | Chief Financial Officer and Treasurer  |
|  | (Principal Financial Officer)  |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

------