# EDGAR Filing Document

**Accession Number:** 0001018170
**File Stem:** 0001145549-23-020334
**Filing Date:** 2023-3
**Character Count:** 315468
**Document Hash:** 15fc090126dd3a9a6c6621dc8ed74f78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-020334.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001145549-23-020334

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HARDING LOEVNER FUNDS INC
- **CENTRAL INDEX KEY:** 0001018170
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07739
- **FILM NUMBER:** 23779104

**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 Emerging Markets Portfolio (Series ID: S000004201)

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

## Nport-Ex

#### Harding, Loevner Funds, Inc.<br>

------

#### Global Equity Portfolio

#### Portfolio of Investments

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 94.9%** | **COMMON STOCKS - 94.9%** | **COMMON STOCKS - 94.9%** |
| **Brazil - 1.0%** | **Brazil - 1.0%** | **Brazil - 1.0%** |
| B3 SA - Brasil Bolsa Balcao (Diversified Financials) | &nbsp;&nbsp;&nbsp;&nbsp;4107300 | $10486104 1 |
| **China - 3.1%** | **China - 3.1%** | **China - 3.1%** |
| Country Garden Services Holdings Co., Ltd. (Real Estate)† | &nbsp;&nbsp;&nbsp;&nbsp;3333000 | &nbsp;&nbsp;&nbsp;9019574 0.8 |
| Meituan, Class B (Retailing)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549615 0.1 |
| Tencent Holdings Ltd. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246700 | &nbsp;&nbsp;12024272 1.1 |
| WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916301 | &nbsp;&nbsp;12688632 1.1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;34282093 |
| **Denmark - 1.0%** | **Denmark - 1.0%** | **Denmark - 1.0%** |
| Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28565 | &nbsp;&nbsp;11173786 1 |
| **France - 6.4%** | **France - 6.4%** | **France - 6.4%** |
| Kering SA (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19931 | &nbsp;&nbsp;12442840 1.1 |
| L'Oreal SA (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46502 | &nbsp;&nbsp;19209143 1.8 |
| Schneider Electric SE (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238299 | &nbsp;&nbsp;38641923 3.5 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;70293906 |
| **Germany - 1.6%** | **Germany - 1.6%** | **Germany - 1.6%** |
| HelloFresh SE (Food & Staples Retailing)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151730 | &nbsp;&nbsp;&nbsp;3671535 0.3 |
| SAP SE - Sponsored ADR (Software & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122297 | &nbsp;&nbsp;14495863 1.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18167398 |
| **Hong Kong - 1.3%** | **Hong Kong - 1.3%** | **Hong Kong - 1.3%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;1236805 | &nbsp;&nbsp;13966635 1.3 |
| **India - 2.0%** | **India - 2.0%** | **India - 2.0%** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331712 | &nbsp;&nbsp;22344120 2 |
| **Indonesia - 1.6%** | **Indonesia - 1.6%** | **Indonesia - 1.6%** |
| Bank Central Asia Tbk PT (Banks)† | &nbsp;&nbsp;31573070 | &nbsp;&nbsp;17893580 1.6 |
| **Japan - 2.6%** | **Japan - 2.6%** | **Japan - 2.6%** |
| Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366800 | &nbsp;&nbsp;&nbsp;9514609 0.9 |
| Keyence Corp. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25700 | &nbsp;&nbsp;11871518 1.1 |
| MISUMI Group Inc. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279500 | &nbsp;&nbsp;&nbsp;7025942 0.6 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28412069 |
| **Netherlands - 2.9%** | **Netherlands - 2.9%** | **Netherlands - 2.9%** |
| Adyen NV (Software & Services)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9122 | &nbsp;&nbsp;13790178 1.3 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 94.9% (continued)** | **COMMON STOCKS - 94.9% (continued)** | **COMMON STOCKS - 94.9% (continued)** |
| **Netherlands - 2.9% (continued)** | **Netherlands - 2.9% (continued)** | **Netherlands - 2.9% (continued)** |
| ASML Holding NV, Reg S (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27044 | $17871757 1.6 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;31661935 |
| **Poland - 0.8%** | **Poland - 0.8%** | **Poland - 0.8%** |
| CD Projekt SA (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;283286 | &nbsp;&nbsp;&nbsp;9130923 0.8 |
| **Sweden - 3.9%** | **Sweden - 3.9%** | **Sweden - 3.9%** |
| Atlas Copco AB, Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;903008 | &nbsp;&nbsp;10680279 0.9 |
| Epiroc AB, Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;616058 | &nbsp;&nbsp;11984553 1.1 |
| Hexagon AB, Class B (Technology Hardware & Equipment)† | &nbsp;&nbsp;1811832 | &nbsp;&nbsp;20750374 1.9 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;43415206 |
| **Switzerland - 3.0%** | **Switzerland - 3.0%** | **Switzerland - 3.0%** |
| Alcon Inc. (Health Care Equipment & Services) | &nbsp;&nbsp;&nbsp;&nbsp;202341 | &nbsp;&nbsp;15218067 1.4 |
| Roche Holding AG, Genusschein (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30098 | &nbsp;&nbsp;&nbsp;9406629 0.8 |
| VAT Group AG (Capital Goods)^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28727 | &nbsp;&nbsp;&nbsp;8961505 0.8 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33586201 |
| **Taiwan - 1.1%** | **Taiwan - 1.1%** | **Taiwan - 1.1%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;129045 | &nbsp;&nbsp;11966343 1.1 |
| **United Kingdom - 2.1%** | **United Kingdom - 2.1%** | **United Kingdom - 2.1%** |
| Abcam plc - Sponsored ADR (Pharmaceuticals, Biotechnology & Life Sciences)\* | &nbsp;&nbsp;&nbsp;&nbsp;869583 | &nbsp;&nbsp;12061116 1.1 |
| Spirax-Sarco Engineering plc (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78272 | &nbsp;&nbsp;11175501 1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23236617 |
| **United States - 60.5%** | **United States - 60.5%** | **United States - 60.5%** |
| Accenture plc, Class A (Software & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67655 | &nbsp;&nbsp;18879128 1.7 |
| Adobe Inc. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35182 | &nbsp;&nbsp;13029302 1.2 |
| Align Technology Inc. (Health Care Equipment & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39297 | &nbsp;&nbsp;10599580 1 |
| Alphabet Inc., Class A (Media & Entertainment)\* | &nbsp;&nbsp;&nbsp;&nbsp;345151 | &nbsp;&nbsp;34114725 3.1 |
| Amazon.com Inc. (Retailing)\* | &nbsp;&nbsp;&nbsp;&nbsp;206361 | &nbsp;&nbsp;21282010 1.9 |
| AMETEK Inc. (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;145873 | &nbsp;&nbsp;21139915 1.9 |
| Apple Inc. (Technology Hardware & Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;103938 | &nbsp;&nbsp;14997214 1.4 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Global Equity Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 94.9% (continued)** | **COMMON STOCKS - 94.9% (continued)** | **COMMON STOCKS - 94.9% (continued)** |
| **United States - 60.5% (continued)** | **United States - 60.5% (continued)** | **United States - 60.5% (continued)** |
| Applied Materials Inc. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;127205 | $14182085 1.3 |
| Broadcom Inc. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;23259 | &nbsp;&nbsp;13606748 1.2 |
| CME Group Inc. (Diversified Financials) | &nbsp;&nbsp;&nbsp;&nbsp;70817 | &nbsp;&nbsp;12510531 1.1 |
| CoStar Group Inc. (Commercial & Professional Services)\* | &nbsp;&nbsp;162752 | &nbsp;&nbsp;12678381 1.1 |
| Costco Wholesale Corp. (Food & Staples Retailing) | &nbsp;&nbsp;&nbsp;&nbsp;19044 | &nbsp;&nbsp;&nbsp;9734150 0.9 |
| Danaher Corp. (Pharmaceuticals, Biotechnology & Life Sciences) | &nbsp;&nbsp;&nbsp;&nbsp;53439 | &nbsp;&nbsp;14128203 1.3 |
| Deere & Co. (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;82196 | &nbsp;&nbsp;34755757 3.1 |
| Edwards Lifesciences Corp. (Health Care Equipment & Services)\* | &nbsp;&nbsp;140836 | &nbsp;&nbsp;10802121 1 |
| Etsy Inc. (Retailing)\* | &nbsp;&nbsp;&nbsp;&nbsp;71817 | &nbsp;&nbsp;&nbsp;9880583 0.9 |
| First Republic Bank (Banks) | &nbsp;&nbsp;223695 | &nbsp;&nbsp;31514152 2.8 |
| Illumina Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\* | &nbsp;&nbsp;&nbsp;&nbsp;75255 | &nbsp;&nbsp;16119621 1.5 |
| Intuitive Surgical Inc. (Health Care Equipment & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;45914 | &nbsp;&nbsp;11280611 1 |
| Lululemon Athletica Inc. (Consumer Durables & Apparel)\* | &nbsp;&nbsp;&nbsp;&nbsp;10662 | &nbsp;&nbsp;&nbsp;3271955 0.3 |
| Meta Platforms Inc., Class A (Media & Entertainment)\* | &nbsp;&nbsp;124835 | &nbsp;&nbsp;18596670 1.7 |
| Microsoft Corp. (Software & Services) | &nbsp;&nbsp;108326 | &nbsp;&nbsp;26844266 2.4 |
| Netflix Inc. (Media & Entertainment)\* | &nbsp;&nbsp;&nbsp;&nbsp;26521 | &nbsp;&nbsp;&nbsp;9384721 0.8 |
| NIKE Inc., Class B (Consumer Durables & Apparel) | &nbsp;&nbsp;146489 | &nbsp;&nbsp;18652444 1.7 |
| NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;48362 | &nbsp;&nbsp;&nbsp;9448484 0.9 |
| PayPal Holdings Inc. (Software & Services)\* | &nbsp;&nbsp;144382 | &nbsp;&nbsp;11765689 1.1 |
| Pinterest Inc., Class A (Media & Entertainment)\* | &nbsp;&nbsp;486556 | &nbsp;&nbsp;12791557 1.2 |
| Rockwell Automation Inc. (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;64025 | &nbsp;&nbsp;18056971 1.6 |
| Salesforce Inc. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;89762 | &nbsp;&nbsp;15077323 1.4 |
| Schlumberger NV (Energy) | &nbsp;&nbsp;347739 | &nbsp;&nbsp;19814168 1.8 |
| ServiceNow Inc. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;25633 | &nbsp;&nbsp;11666347 1.1 |
| SVB Financial Group (Banks)\* | &nbsp;&nbsp;&nbsp;&nbsp;82281 | &nbsp;&nbsp;24885066 2.2 |
| Synopsys Inc. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;64213 | &nbsp;&nbsp;22715349 2.1 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 94.9% (continued)** | **COMMON STOCKS - 94.9% (continued)** | **COMMON STOCKS - 94.9% (continued)** |
| **United States - 60.5% (continued)** | **United States - 60.5% (continued)** | **United States - 60.5% (continued)** |
| Thermo Fisher Scientific Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20840999 1.9 |
| Trade Desk Inc., Class A (Media & Entertainment)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9395977 0.8 |
| Tradeweb Markets Inc., Class A (Diversified Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13929513 1.3 |
| UnitedHealth Group Inc. (Health Care Equipment & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24313049 2.2 |
| Verisk Analytics Inc. (Commercial & Professional Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10508007 0.9 |
| Vertex Pharmaceuticals Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40758419 3.7 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667951791 |
| **Total Common Stocks (Cost $842,233,015)** | **Total Common Stocks (Cost $842,233,015)** | &nbsp;&nbsp;**$1047968707<br>**  |
| **SHORT TERM INVESTMENTS - 4.6%** | **SHORT TERM INVESTMENTS - 4.6%** | **SHORT TERM INVESTMENTS - 4.6%** |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares), 4.02% (Money Market Funds) | &nbsp;&nbsp;51319647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51319647 4.6<br>|
| **Total Short Term Investments (Cost $51,319,647)** | **Total Short Term Investments (Cost $51,319,647)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$51319647<br>**  |
| **Total Investments — 99.5%** | **Total Investments — 99.5%** |  |
| **(Cost $893,552,662)** | **(Cost $893,552,662)** | &nbsp;&nbsp;**$1099288354** |
| Other Assets Less Liabilities - 0.5% | Other Assets Less Liabilities - 0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5062941 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;**$1104351295** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | &nbsp;&nbsp;American Depositary Receipt |
| Reg S | &nbsp;&nbsp;Security sold outside United States without registration under the Securities Act of 1933. |
| *†* | &nbsp;&nbsp;*Investment categorized as level 2 security.* |
| *\** | &nbsp;&nbsp;*Non-income producing security.* |
| *^* | &nbsp;&nbsp;*Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 2.1% of net assets as of January 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.* |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Global Equity Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp;Percentage of<br> Net Assets |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6% |
| Capital Goods | &nbsp;&nbsp;&nbsp;&nbsp;14.5 |
| Commercial & Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Consumer Durables & Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Diversified Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Food & Staples Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Health Care Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Household & Personal Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Media & Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 |
| Pharmaceuticals, Biotechnology & Life Sciences | &nbsp;&nbsp;&nbsp;&nbsp;13.3 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Software & Services | &nbsp;&nbsp;&nbsp;&nbsp;13.6 |
| Technology Hardware & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;99.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Equity Portfolio

#### Portfolio of Investments

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.6%** | **COMMON STOCKS - 97.6%** | **COMMON STOCKS - 97.6%** |
| **Australia - 3.2%** | **Australia - 3.2%** | **Australia - 3.2%** |
| BHP Group Ltd. - Sponsored ADR (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6596526 | &nbsp;&nbsp;&nbsp;$462746299 2.8 |
| Woodside Energy Group Ltd. - ADR (Energy) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61076850 0.4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;523823149 |
| **Brazil - 1.8%** | **Brazil - 1.8%** | **Brazil - 1.8%** |
| Ambev SA - ADR (Food Beverage & Tobacco)\* | &nbsp;&nbsp;&nbsp;&nbsp;65149453 | &nbsp;&nbsp;&nbsp;&nbsp;173297545 1.1 |
| XP Inc., Class A (Diversified Financials)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6251665 | &nbsp;&nbsp;&nbsp;&nbsp;111404670 0.7 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;284702215 |
| **Canada - 3.8%** | **Canada - 3.8%** | **Canada - 3.8%** |
| Alimentation Couche-Tard Inc. (Food & Staples Retailing) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867200 | &nbsp;&nbsp;&nbsp;&nbsp;222262276 1.4 |
| Canadian National Railway Co. (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563930 | &nbsp;&nbsp;&nbsp;&nbsp;186248424 1.2 |
| Manulife Financial Corp. (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;10132800 | &nbsp;&nbsp;&nbsp;&nbsp;200516045 1.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;609026745 |
| **China - 10.9%** | **China - 10.9%** | **China - 10.9%** |
| CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;142595074 | &nbsp;&nbsp;&nbsp;&nbsp;163551544 1 |
| ENN Energy Holdings Ltd. (Utilities)† | &nbsp;&nbsp;&nbsp;&nbsp;15315000 | &nbsp;&nbsp;&nbsp;&nbsp;230465426 1.4 |
| Haier Smart Home Co., Ltd., Class A (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;63055188 | &nbsp;&nbsp;&nbsp;&nbsp;240935347 1.5 |
| LONGi Green Energy Technology Co., Ltd., Class A (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;27595400 | &nbsp;&nbsp;&nbsp;&nbsp;197785810 1.2 |
| Meituan, Class B (Retailing)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21654026 0.1 |
| Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;21903500 | &nbsp;&nbsp;&nbsp;&nbsp;170968835 1.1 |
| Tencent Holdings Ltd. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9453610 | &nbsp;&nbsp;&nbsp;&nbsp;460773317 2.9 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;69771783 | &nbsp;&nbsp;&nbsp;&nbsp;265460166 1.7 |
|  |  | &nbsp;&nbsp;1751594471 |
| **Denmark - 0.8%** | **Denmark - 0.8%** | **Denmark - 0.8%** |
| Novozymes A/S, Class B (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444059 | &nbsp;&nbsp;&nbsp;&nbsp;127229821 0.8 |
| **France - 9.5%** | **France - 9.5%** | **France - 9.5%** |
| Air Liquide SA (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086818 | &nbsp;&nbsp;&nbsp;&nbsp;173199445 1.1 |
| Dassault Systemes SE (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999827 | &nbsp;&nbsp;&nbsp;&nbsp;185827103 1.1 |
| Kering SA (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328883 | &nbsp;&nbsp;&nbsp;&nbsp;205320283 1.3 |
| L'Oreal SA (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213986 | &nbsp;&nbsp;&nbsp;&nbsp;501475858 3.1 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.6% (continued)** | **COMMON STOCKS - 97.6% (continued)** | **COMMON STOCKS - 97.6% (continued)** |
| **France - 9.5% (continued)** | **France - 9.5% (continued)** | **France - 9.5% (continued)** |
| Schneider Electric SE (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2863248 | &nbsp;&nbsp;&nbsp;$464296570 2.9 |
|  |  | &nbsp;&nbsp;1530119259 |
| **Germany - 8.2%** | **Germany - 8.2%** | **Germany - 8.2%** |
| Allianz SE, Reg S (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721423 | &nbsp;&nbsp;&nbsp;&nbsp;410667919 2.5 |
| Infineon Technologies AG (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;13519509 | &nbsp;&nbsp;&nbsp;&nbsp;483593574 3 |
| SAP SE - Sponsored ADR (Software & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875442 | &nbsp;&nbsp;&nbsp;&nbsp;222296140 1.4 |
| Symrise AG (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937976 | &nbsp;&nbsp;&nbsp;&nbsp;205328061 1.3 |
|  |  | &nbsp;&nbsp;1321885694 |
| **Hong Kong - 3.1%** | **Hong Kong - 3.1%** | **Hong Kong - 3.1%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;44291974 | &nbsp;&nbsp;&nbsp;&nbsp;500167650 3.1 |
| **India - 2.4%** | **India - 2.4%** | **India - 2.4%** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3109809 | &nbsp;&nbsp;&nbsp;&nbsp;209476734 1.3 |
| ICICI Bank Ltd. - Sponsored ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8403878 | &nbsp;&nbsp;&nbsp;&nbsp;175052779 1.1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;384529513 |
| **Indonesia - 1.3%** | **Indonesia - 1.3%** | **Indonesia - 1.3%** |
| Telkom Indonesia Persero Tbk PT (Telecommunication Services)† | &nbsp;&nbsp;808715500 | &nbsp;&nbsp;&nbsp;&nbsp;209281763 1.3 |
| **Japan - 14.1%** | **Japan - 14.1%** | **Japan - 14.1%** |
| Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;10239400 | &nbsp;&nbsp;&nbsp;&nbsp;265604936 1.6 |
| Daifuku Co., Ltd. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576600 | &nbsp;&nbsp;&nbsp;&nbsp;142234581 0.9 |
| FANUC Corp. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707000 | &nbsp;&nbsp;&nbsp;&nbsp;125138104 0.8 |
| Keyence Corp. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458034 | &nbsp;&nbsp;&nbsp;&nbsp;211578160 1.3 |
| Komatsu Ltd. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8545700 | &nbsp;&nbsp;&nbsp;&nbsp;209442765 1.3 |
| Kubota Corp. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;13470300 | &nbsp;&nbsp;&nbsp;&nbsp;202149556 1.3 |
| Nitori Holdings Co., Ltd. (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357800 | &nbsp;&nbsp;&nbsp;&nbsp;179976381 1.1 |
| Shimano Inc. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873700 | &nbsp;&nbsp;&nbsp;&nbsp;156817144 1 |
| Shionogi & Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4047300 | &nbsp;&nbsp;&nbsp;&nbsp;193259395 1.2 |
| Shiseido Co., Ltd. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589900 | &nbsp;&nbsp;&nbsp;&nbsp;187324008 1.2 |
| Sysmex Corp. (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466607 | &nbsp;&nbsp;&nbsp;&nbsp;163807497 1 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Equity Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.6% (continued)** | **COMMON STOCKS - 97.6% (continued)** | **COMMON STOCKS - 97.6% (continued)** |
| **Japan - 14.1% (continued)** | **Japan - 14.1% (continued)** | **Japan - 14.1% (continued)** |
| Unicharm Corp. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;5934900 | &nbsp;&nbsp;&nbsp;$226669021 1.4 |
|  |  | &nbsp;&nbsp;2264001548 |
| **Mexico - 2.0%** | **Mexico - 2.0%** | **Mexico - 2.0%** |
| Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;3604392 | &nbsp;&nbsp;&nbsp;&nbsp;316465618 2.0 |
| **Netherlands - 1.6%** | **Netherlands - 1.6%** | **Netherlands - 1.6%** |
| Adyen NV (Software & Services)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174285 | &nbsp;&nbsp;&nbsp;&nbsp;263475247 1.6 |
| **Russia - 0.0%^^** | **Russia - 0.0%^^** | **Russia - 0.0%^^** |
| LUKOIL PJSC (Energy)‡ | &nbsp;&nbsp;&nbsp;&nbsp;4279605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0.0 |
| Yandex NV, Class A (Media & Entertainment)\*‡ | &nbsp;&nbsp;&nbsp;&nbsp;2609766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0.0 |
| **Singapore - 3.2%** | **Singapore - 3.2%** | **Singapore - 3.2%** |
| DBS Group Holdings Ltd. (Banks)† | &nbsp;&nbsp;18840080 | &nbsp;&nbsp;&nbsp;&nbsp;515753186 3.2 |
| **South Korea - 3.4%** | **South Korea - 3.4%** | **South Korea - 3.4%** |
| Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439475 | &nbsp;&nbsp;&nbsp;&nbsp;545306928 3.4 |
| **Spain - 1.8%** | **Spain - 1.8%** | **Spain - 1.8%** |
| Banco Bilbao Vizcaya Argentaria SA (Banks)† | &nbsp;&nbsp;40796503 | &nbsp;&nbsp;&nbsp;&nbsp;287131761 1.8 |
| **Sweden - 8.5%** | **Sweden - 8.5%** | **Sweden - 8.5%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;7805173 | &nbsp;&nbsp;&nbsp;&nbsp;244374303 1.5 |
| Atlas Copco AB, Class A (Capital Goods)† | &nbsp;&nbsp;41316462 | &nbsp;&nbsp;&nbsp;&nbsp;488668261 3.0 |
| Epiroc AB, Class A (Capital Goods)† | &nbsp;&nbsp;11990899 | &nbsp;&nbsp;&nbsp;&nbsp;233266294 1.5 |
| Skandinaviska Enskilda Banken AB, Class A (Banks)† | &nbsp;&nbsp;33025493 | &nbsp;&nbsp;&nbsp;&nbsp;399358096 2.5 |
|  |  | &nbsp;&nbsp;1365666954 |
| **Switzerland - 8.4%** | **Switzerland - 8.4%** | **Switzerland - 8.4%** |
| Alcon Inc. (Health Care Equipment & Services) | &nbsp;&nbsp;&nbsp;&nbsp;3408104 | &nbsp;&nbsp;&nbsp;&nbsp;256323502 1.6 |
| Lonza Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546594 | &nbsp;&nbsp;&nbsp;&nbsp;312036826 2.0 |
| Nestle SA - Sponsored ADR (Food Beverage & Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;1748058 | &nbsp;&nbsp;&nbsp;&nbsp;213638908 1.3 |
| Roche Holding AG, Genusschein (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;1346219 | &nbsp;&nbsp;&nbsp;&nbsp;420738348 2.6 |
| Sonova Holding AG, Reg S (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591757 | &nbsp;&nbsp;&nbsp;&nbsp;147942168 0.9 |
|  |  | &nbsp;&nbsp;1350679752 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.6% (continued)** | **COMMON STOCKS - 97.6% (continued)** | **COMMON STOCKS - 97.6% (continued)** |
| **Taiwan - 2.3%** | **Taiwan - 2.3%** | **Taiwan - 2.3%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$375095168 2.3 |
| **United Kingdom - 6.0%** | **United Kingdom - 6.0%** | **United Kingdom - 6.0%** |
| Haleon plc (Household & Personal Products)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6851657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27416016 0.2 |
| Rio Tinto plc (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4770535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372943181 2.3 |
| Shell plc (Energy)† | &nbsp;&nbsp;&nbsp;&nbsp;11009463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323372816 2.0 |
| Standard Chartered plc (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;29129275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243965977 1.5 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967697990 |
| **United States - 1.3%** | **United States - 1.3%** | **United States - 1.3%** |
| Linde plc (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210723736 1.3<br>|
| **Total Common Stocks (Cost $11,451,352,470)** | **Total Common Stocks (Cost $11,451,352,470)** | &nbsp;&nbsp;**$15704358168<br>**  |
| **SHORT TERM INVESTMENTS - 2.5%** | **SHORT TERM INVESTMENTS - 2.5%** | **SHORT TERM INVESTMENTS - 2.5%** |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares), 4.02% (Money Market Funds) | &nbsp;&nbsp;404448414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404448414 2.5<br>|
| **Total Short Term Investments (Cost $404,448,414)** | **Total Short Term Investments (Cost $404,448,414)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$404448414<br>**  |
| **Total Investments — 100.1%** | **Total Investments — 100.1%** |  |
| **(Cost $11,855,800,884)** | **(Cost $11,855,800,884)** | &nbsp;&nbsp;**$16108806582** |
| Liabilities Less Other Assets - (0.1)% | Liabilities Less Other Assets - (0.1)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18834154) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;**$16089972428** |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Equity Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | &nbsp;&nbsp;American Depositary Receipt |
| GDR | &nbsp;&nbsp;Global Depositary Receipt |
| Reg S | &nbsp;&nbsp;Security sold outside United States without registration under the Securities Act of 1933. |
| *\** | &nbsp;&nbsp;*Non-income producing security.* |
| *†* | &nbsp;&nbsp;*Investment categorized as level 2 security.* |
| *^* | &nbsp;&nbsp;*Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.8% of net assets as of January 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.* |
| *‡* | &nbsp;&nbsp;*Investments categorized as level 3 security that is effectively valued at zero.* |
| *^^* | &nbsp;&nbsp;*Amount is less than 0.005%.* |

---

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp;Percentage of<br> Net Assets |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;11.4% |
| Capital Goods | &nbsp;&nbsp;&nbsp;&nbsp;14.9 |
| Consumer Durables & Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Diversified Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Food & Staples Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Food Beverage & Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Health Care Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Household & Personal Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 |
| Media & Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Pharmaceuticals, Biotechnology & Life Sciences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| Software & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Technology Hardware & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;100.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities Less Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Small Companies Portfolio

#### Portfolio of Investments

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.7%** | **COMMON STOCKS - 96.7%** | **COMMON STOCKS - 96.7%** |
| **Bangladesh - 1.0%** | **Bangladesh - 1.0%** | **Bangladesh - 1.0%** |
| Square Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;2694015 | &nbsp;&nbsp;$5296026 1 |
| **Brazil - 1.4%** | **Brazil - 1.4%** | **Brazil - 1.4%** |
| Localiza Rent a Car SA (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;661200 | &nbsp;&nbsp;&nbsp;&nbsp;7712242 1.4 |
| **Canada - 1.1%** | **Canada - 1.1%** | **Canada - 1.1%** |
| Kinaxis Inc. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51500 | &nbsp;&nbsp;&nbsp;&nbsp;5985852 1.1 |
| **China - 5.0%** | **China - 5.0%** | **China - 5.0%** |
| Haitian International Holdings Ltd. (Capital Goods)† | &nbsp;&nbsp;3610000 | &nbsp;&nbsp;11128049 2 |
| Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† | &nbsp;&nbsp;1460281 | &nbsp;&nbsp;&nbsp;&nbsp;5936940 1.1 |
| Shanghai Friendess Electronic Technology Corp., Ltd., Class A (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58093 | &nbsp;&nbsp;&nbsp;&nbsp;1826679 0.3 |
| TravelSky Technology Ltd., Class H (Software & Services)† | &nbsp;&nbsp;2426000 | &nbsp;&nbsp;&nbsp;&nbsp;5035640 0.9 |
| Yantai China Pet Foods Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;1174899 | &nbsp;&nbsp;&nbsp;&nbsp;4107116 0.7 |
|  |  | &nbsp;&nbsp;28034424 |
| **Denmark - 3.2%** | **Denmark - 3.2%** | **Denmark - 3.2%** |
| Chr Hansen Holding A/S (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;140797 | &nbsp;&nbsp;10382201 1.9 |
| SimCorp A/S (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;103696 | &nbsp;&nbsp;&nbsp;&nbsp;7239407 1.3 |
|  |  | &nbsp;&nbsp;17621608 |
| **Egypt - 1.6%** | **Egypt - 1.6%** | **Egypt - 1.6%** |
| Commercial International Bank Egypt SAE - GDR, Reg S (Banks)† | &nbsp;&nbsp;3983651 | &nbsp;&nbsp;&nbsp;&nbsp;6444668 1.1 |
| Integrated Diagnostics Holdings plc (Health Care Equipment & Services)^† | &nbsp;&nbsp;4758371 | &nbsp;&nbsp;&nbsp;&nbsp;2584691 0.5 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9029359 |
| **Finland - 1.5%** | **Finland - 1.5%** | **Finland - 1.5%** |
| Vaisala OYJ, Class A (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;193314 | &nbsp;&nbsp;&nbsp;&nbsp;8298782 1.5 |
| **France - 4.6%** | **France - 4.6%** | **France - 4.6%** |
| Alten SA (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84095 | &nbsp;&nbsp;12897094 2.3 |
| Rubis SCA (Utilities)† | &nbsp;&nbsp;&nbsp;&nbsp;457223 | &nbsp;&nbsp;12779999 2.3 |
|  |  | &nbsp;&nbsp;25677093 |
| **Germany - 9.0%** | **Germany - 9.0%** | **Germany - 9.0%** |
| Bechtle AG (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;203744 | &nbsp;&nbsp;&nbsp;&nbsp;8555287 1.5 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.7% (continued)** | **COMMON STOCKS - 96.7% (continued)** | **COMMON STOCKS - 96.7% (continued)** |
| **Germany - 9.0% (continued)** | **Germany - 9.0% (continued)** | **Germany - 9.0% (continued)** |
| Evotec SE (Pharmaceuticals, Biotechnology & Life Sciences)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101178 | &nbsp;&nbsp;$1980025 0.4 |
| FUCHS PETROLUB SE (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301643 | &nbsp;&nbsp;&nbsp;&nbsp;9965540 1.8 |
| KWS Saat SE & Co. KGaA (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102892 | &nbsp;&nbsp;&nbsp;&nbsp;6959497 1.2 |
| Pfeiffer Vacuum Technology AG (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26341 | &nbsp;&nbsp;&nbsp;&nbsp;4808977 0.9 |
| Scout24 SE (Media & Entertainment)^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52868 | &nbsp;&nbsp;&nbsp;&nbsp;3065895 0.5 |
| STRATEC SE (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96461 | &nbsp;&nbsp;&nbsp;&nbsp;8776661 1.6 |
| TeamViewer AG (Software & Services)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431995 | &nbsp;&nbsp;&nbsp;&nbsp;6049231 1.1 |
|  |  | &nbsp;&nbsp;50161113 |
| **Hong Kong - 0.4%** | **Hong Kong - 0.4%** | **Hong Kong - 0.4%** |
| ASMPT Ltd. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290100 | &nbsp;&nbsp;&nbsp;&nbsp;2396938 0.4 |
| **India - 2.1%** | **India - 2.1%** | **India - 2.1%** |
| Max Financial Services Ltd. (Insurance)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765508 | &nbsp;&nbsp;&nbsp;&nbsp;7821511 1.4 |
| SH Kelkar & Co., Ltd. (Materials)^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297012 | &nbsp;&nbsp;&nbsp;&nbsp;3904622 0.7 |
|  |  | &nbsp;&nbsp;11726133 |
| **Indonesia - 2.3%** | **Indonesia - 2.3%** | **Indonesia - 2.3%** |
| Prodia Widyahusada Tbk PT (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8267000 | &nbsp;&nbsp;&nbsp;&nbsp;2978948 0.5 |
| Sarana Menara Nusantara Tbk PT (Telecommunication Services)† | &nbsp;&nbsp;127081800 | &nbsp;&nbsp;&nbsp;&nbsp;9509736 1.7 |
| Tower Bersama Infrastructure Tbk PT (Telecommunication Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4124200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578404 0.1 |
|  |  | &nbsp;&nbsp;13067088 |
| **Israel - 1.7%** | **Israel - 1.7%** | **Israel - 1.7%** |
| CyberArk Software Ltd. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67770 | &nbsp;&nbsp;&nbsp;&nbsp;9547438 1.7 |
| **Italy - 2.3%** | **Italy - 2.3%** | **Italy - 2.3%** |
| Reply SpA (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97162 | &nbsp;&nbsp;12640728 2.3 |
| **Japan - 11.6%** | **Japan - 11.6%** | **Japan - 11.6%** |
| Ariake Japan Co., Ltd. (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222500 | &nbsp;&nbsp;&nbsp;&nbsp;7510041 1.3 |
| BML Inc. (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139800 | &nbsp;&nbsp;&nbsp;&nbsp;3475931 0.6 |
| Cosmos Pharmaceutical Corp. (Food & Staples Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54500 | &nbsp;&nbsp;&nbsp;&nbsp;5327918 1 |
| Infomart Corp. (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790500 | &nbsp;&nbsp;&nbsp;&nbsp;5799776 1 |
| JCU Corp. (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255700 | &nbsp;&nbsp;&nbsp;&nbsp;6349050 1.1 |
| MISUMI Group Inc. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86100 | &nbsp;&nbsp;&nbsp;&nbsp;2164342 0.4 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Small Companies Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.7% (continued)** | **COMMON STOCKS - 96.7% (continued)** | **COMMON STOCKS - 96.7% (continued)** |
| **Japan - 11.6% (continued)** | **Japan - 11.6% (continued)** | **Japan - 11.6% (continued)** |
| Pigeon Corp. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256400 | &nbsp;&nbsp;$4075191 0.7 |
| Rinnai Corp. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42600 | &nbsp;&nbsp;&nbsp;&nbsp;3363243 0.6 |
| Santen Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362900 | &nbsp;&nbsp;&nbsp;&nbsp;2816699 0.5 |
| SMS Co., Ltd. (Commercial & Professional Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353700 | &nbsp;&nbsp;&nbsp;&nbsp;9300479 1.7 |
| Solasto Corp. (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828000 | &nbsp;&nbsp;&nbsp;&nbsp;4364295 0.8 |
| Stanley Electric Co., Ltd. (Automobiles & Components)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482800 | &nbsp;&nbsp;10383708 1.9 |
|  |  | &nbsp;&nbsp;64930673 |
| **Kuwait - 0.5%** | **Kuwait - 0.5%** | **Kuwait - 0.5%** |
| Mabanee Co. KPSC (Real Estate)† | &nbsp;&nbsp;&nbsp;&nbsp;1058973 | &nbsp;&nbsp;&nbsp;&nbsp;2973824 0.5 |
| **Lithuania - 2.0%** | **Lithuania - 2.0%** | **Lithuania - 2.0%** |
| Siauliu Bankas AB (Banks)† | &nbsp;&nbsp;13957598 | &nbsp;&nbsp;11375356 2 |
| **Malaysia - 2.0%** | **Malaysia - 2.0%** | **Malaysia - 2.0%** |
| Dialog Group Bhd. (Energy)† | &nbsp;&nbsp;10711540 | &nbsp;&nbsp;&nbsp;&nbsp;6557729 1.2 |
| TIME dotCom Bhd. (Telecommunication Services)† | &nbsp;&nbsp;&nbsp;&nbsp;3827500 | &nbsp;&nbsp;&nbsp;&nbsp;4726768 0.8 |
|  |  | &nbsp;&nbsp;11284497 |
| **Mexico - 3.4%** | **Mexico - 3.4%** | **Mexico - 3.4%** |
| Grupo Herdez SAB de CV (Food Beverage & Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;2149838 | &nbsp;&nbsp;&nbsp;&nbsp;5201488 0.9 |
| Megacable Holdings SAB de CV (Media & Entertainment) | &nbsp;&nbsp;&nbsp;&nbsp;4349000 | &nbsp;&nbsp;13582469 2.5 |
|  |  | &nbsp;&nbsp;18783957 |
| **Norway - 1.0%** | **Norway - 1.0%** | **Norway - 1.0%** |
| TOMRA Systems ASA (Commercial & Professional Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301215 | &nbsp;&nbsp;&nbsp;&nbsp;5318977 1 |
| **Philippines - 0.8%** | **Philippines - 0.8%** | **Philippines - 0.8%** |
| Robinsons Retail Holdings Inc. (Food & Staples Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;3914520 | &nbsp;&nbsp;&nbsp;&nbsp;4180208 0.8 |
| **Romania - 0.5%** | **Romania - 0.5%** | **Romania - 0.5%** |
| Societatea Nationala de Gaze Naturale ROMGAZ SA (Energy)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283407 | &nbsp;&nbsp;&nbsp;&nbsp;2514904 0.5 |
| **Saudi Arabia - 0.5%** | **Saudi Arabia - 0.5%** | **Saudi Arabia - 0.5%** |
| Jarir Marketing Co. (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62453 | &nbsp;&nbsp;&nbsp;&nbsp;2509259 0.5 |
| **South Africa - 0.6%** | **South Africa - 0.6%** | **South Africa - 0.6%** |
| Clicks Group Ltd. (Food & Staples Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106417 | &nbsp;&nbsp;&nbsp;&nbsp;1619352 0.3 |
| Discovery Ltd. (Insurance)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246616 | &nbsp;&nbsp;&nbsp;&nbsp;1952554 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3571906 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.7% (continued)** | **COMMON STOCKS - 96.7% (continued)** | **COMMON STOCKS - 96.7% (continued)** |
| **South Korea - 2.2%** | **South Korea - 2.2%** | **South Korea - 2.2%** |
| Cheil Worldwide Inc. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;471074 | &nbsp;&nbsp;$8421494 1.5 |
| NCSoft Corp. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9628 | &nbsp;&nbsp;&nbsp;&nbsp;3583088 0.7 |
|  |  | &nbsp;&nbsp;12004582 |
| **Spain - 1.8%** | **Spain - 1.8%** | **Spain - 1.8%** |
| Bankinter SA (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;773072 | &nbsp;&nbsp;&nbsp;&nbsp;5564688 1 |
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros (Insurance)† | &nbsp;&nbsp;4527050 | &nbsp;&nbsp;&nbsp;&nbsp;4723004 0.8 |
|  |  | &nbsp;&nbsp;10287692 |
| **Sweden - 2.4%** | **Sweden - 2.4%** | **Sweden - 2.4%** |
| Intrum AB (Commercial & Professional Services)† | &nbsp;&nbsp;&nbsp;&nbsp;253417 | &nbsp;&nbsp;&nbsp;&nbsp;3292620 0.6 |
| Paradox Interactive AB (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;457841 | &nbsp;&nbsp;&nbsp;&nbsp;8135075 1.5 |
| Thule Group AB (Consumer Durables & Apparel)^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80158 | &nbsp;&nbsp;&nbsp;&nbsp;1919945 0.3 |
|  |  | &nbsp;&nbsp;13347640 |
| **Switzerland - 5.3%** | **Switzerland - 5.3%** | **Switzerland - 5.3%** |
| Bossard Holding AG, Class A, Reg S (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34978 | &nbsp;&nbsp;&nbsp;&nbsp;8898997 1.6 |
| LEM Holding SA, Reg S (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5112 | &nbsp;&nbsp;11309661 2 |
| Tecan Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22219 | &nbsp;&nbsp;&nbsp;&nbsp;9336702 1.7 |
|  |  | &nbsp;&nbsp;29545360 |
| **Taiwan - 1.8%** | **Taiwan - 1.8%** | **Taiwan - 1.8%** |
| Advantech Co., Ltd. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;282645 | &nbsp;&nbsp;&nbsp;&nbsp;3227057 0.6 |
| Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;1876700 | &nbsp;&nbsp;&nbsp;&nbsp;3802310 0.7 |
| Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;181909 | &nbsp;&nbsp;&nbsp;&nbsp;3034510 0.5 |
|  |  | &nbsp;&nbsp;10063877 |
| **United Kingdom - 18.9%** | **United Kingdom - 18.9%** | **United Kingdom - 18.9%** |
| Abcam plc - Sponsored ADR (Pharmaceuticals, Biotechnology & Life Sciences)\* | &nbsp;&nbsp;&nbsp;&nbsp;668428 | &nbsp;&nbsp;&nbsp;&nbsp;9271097 1.7 |
| Airtel Africa plc (Telecommunication Services)^† | &nbsp;&nbsp;2317898 | &nbsp;&nbsp;&nbsp;&nbsp;3354068 0.6 |
| Baltic Classifieds Group plc (Media & Entertainment)† | &nbsp;&nbsp;2030060 | &nbsp;&nbsp;&nbsp;&nbsp;3817532 0.7 |
| Bank of Georgia Group plc (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;249872 | &nbsp;&nbsp;&nbsp;&nbsp;8224041 1.5 |
| Clarkson plc (Transportation)† | &nbsp;&nbsp;&nbsp;&nbsp;177176 | &nbsp;&nbsp;&nbsp;&nbsp;6729153 1.2 |
| Cranswick plc (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;206094 | &nbsp;&nbsp;&nbsp;&nbsp;8086369 1.5 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Small Companies Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.7% (continued)** | **COMMON STOCKS - 96.7% (continued)** | **COMMON STOCKS - 96.7% (continued)** |
| **United Kingdom - 18.9% (continued)** | **United Kingdom - 18.9% (continued)** | **United Kingdom - 18.9% (continued)** |
| Dechra Pharmaceuticals plc (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8969841 1.6 |
| Diploma plc (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8574597 1.5 |
| Grafton Group plc (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7326627 1.3 |
| Keywords Studios plc (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12166542 2.2 |
| Network International Holdings plc (Software & Services)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;1664331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5396277 1 |
| Rathbones Group plc (Diversified Financials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011747 0.5 |
| Rightmove plc (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865588 0.3 |
| Senior plc (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;6883368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13006706 2.3 |
| YouGov plc (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5663537 1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;105463722 |
| **United States - 1.9%** | **United States - 1.9%** | **United States - 1.9%** |
| Core Laboratories NV (Energy) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3061427 0.5 |
| Globant SA (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4235169 0.8 |
| Sensata Technologies Holding plc (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546228 0.6 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10842824 |
| **Vietnam - 2.3%** | **Vietnam - 2.3%** | **Vietnam - 2.3%** |
| Hoa Phat Group JSC (Materials)† | &nbsp;&nbsp;13671954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12864478 2.3<br>|
| **Total Common Stocks (Cost $466,281,344)** | **Total Common Stocks (Cost $466,281,344)** | &nbsp;&nbsp;**$539058560<br>**  |
| **SHORT TERM INVESTMENTS - 3.3%** | **SHORT TERM INVESTMENTS - 3.3%** | **SHORT TERM INVESTMENTS - 3.3%** |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares), 4.02% (Money Market Funds) | &nbsp;&nbsp;18351685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18351685 3.3<br>|
| **Total Short Term Investments (Cost $18,351,685)** | **Total Short Term Investments (Cost $18,351,685)** | &nbsp;&nbsp;&nbsp;&nbsp;**$18351685<br>**  |
| **Total Investments — 100.0%** | **Total Investments — 100.0%** |  |
| **(Cost $484,633,029)** | **(Cost $484,633,029)** | &nbsp;&nbsp;**$557410245** |
| Other Assets Less Liabilities - 0.0%^^ | Other Assets Less Liabilities - 0.0%^^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169889 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;**$557580134** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | &nbsp;&nbsp;American Depositary Receipt |
| GDR | &nbsp;&nbsp;Global Depositary Receipt |
| Reg S | &nbsp;&nbsp;Security sold outside United States without registration under the Securities Act of 1933. |
| *†* | &nbsp;&nbsp;*Investment categorized as level 2 security.* |
| *\** | &nbsp;&nbsp;*Non-income producing security.* |
| *^* | &nbsp;&nbsp;*Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 4.7% of net assets as of January 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.* |
| *^^* | &nbsp;&nbsp;*Amount is less than 0.005%.* |

---

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp;Percentage of<br> Net Assets |
| Automobiles & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Capital Goods | &nbsp;&nbsp;&nbsp;&nbsp;11.7 |
| Commercial & Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Consumer Durables & Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Diversified Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Food & Staples Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Food Beverage & Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Health Care Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Household & Personal Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 |
| Media & Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| Pharmaceuticals, Biotechnology & Life Sciences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Software & Services | &nbsp;&nbsp;&nbsp;&nbsp;17.2 |
| Technology Hardware & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;100.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0^^ |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

---

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

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Institutional Emerging Markets Portfolio

#### Portfolio of Investments

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 95.7%** | **COMMON STOCKS - 95.7%** | **COMMON STOCKS - 95.7%** |
| **Brazil - 5.4%** | **Brazil - 5.4%** | **Brazil - 5.4%** |
| B3 SA - Brasil Bolsa Balcao (Diversified Financials) | &nbsp;&nbsp;&nbsp;&nbsp;7221000 | $18435506 0.7 |
| Localiza Rent a Car SA (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;3264589 | &nbsp;&nbsp;38078190 1.3 |
| Lojas Renner SA (Retailing)\* | &nbsp;&nbsp;&nbsp;&nbsp;4748970 | &nbsp;&nbsp;20235254 0.7 |
| Magazine Luiza SA (Retailing)\* | &nbsp;&nbsp;38810300 | &nbsp;&nbsp;33869084 1.2 |
| WEG SA (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;3227892 | &nbsp;&nbsp;24315858 0.9 |
| XP Inc., Class A (Diversified Financials)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996973 | &nbsp;&nbsp;17766059 0.6 |
|  |  | 152699951 |
| **China - 30.3%** | **China - 30.3%** | **China - 30.3%** |
| Alibaba Group Holding Ltd. (Retailing)\*† | &nbsp;&nbsp;&nbsp;&nbsp;3816616 | &nbsp;&nbsp;52739044 1.8 |
| Alibaba Group Holding Ltd. - Sponsored ADR (Retailing)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89656 | &nbsp;&nbsp;&nbsp;9880091 0.3 |
| Baidu Inc., Class A (Media & Entertainment)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800558 | &nbsp;&nbsp;13501761 0.5 |
| China Tourism Group Duty Free Corp., Ltd., Class A (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;1389500 | &nbsp;&nbsp;43963923 1.5 |
| Contemporary Amperex Technology Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470400 | &nbsp;&nbsp;32618399 1.1 |
| Country Garden Services Holdings Co., Ltd. (Real Estate)† | &nbsp;&nbsp;&nbsp;&nbsp;3584504 | &nbsp;&nbsp;&nbsp;9700179 0.3 |
| CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;26182080 | &nbsp;&nbsp;30029927 1.1 |
| ENN Energy Holdings Ltd. (Utilities)† | &nbsp;&nbsp;&nbsp;&nbsp;2270617 | &nbsp;&nbsp;34169031 1.2 |
| Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† | &nbsp;&nbsp;&nbsp;&nbsp;3432600 | &nbsp;&nbsp;16879343 0.6 |
| Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;6108350 | &nbsp;&nbsp;24834199 0.9 |
| JD.com Inc., Class A (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936938 | &nbsp;&nbsp;27873493 1 |
| Li Ning Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;3840000 | &nbsp;&nbsp;37885488 1.3 |
| LONGi Green Energy Technology Co., Ltd., Class A (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;7843909 | &nbsp;&nbsp;56220018 2 |
| Meituan, Class B (Retailing)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190930 | &nbsp;&nbsp;&nbsp;4253672 0.1 |
| Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;4649364 | &nbsp;&nbsp;38132856 1.3 |
| Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;8322000 | &nbsp;&nbsp;64957776 2.3 |
| Shenzhen Inovance Technology Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;2126100 | &nbsp;&nbsp;22451659 0.8 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 95.7% (continued)** | **COMMON STOCKS - 95.7% (continued)** | **COMMON STOCKS - 95.7% (continued)** |
| **China - 30.3% (continued)** | **China - 30.3% (continued)** | **China - 30.3% (continued)** |
| Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;4025000 | $50430929 1.8 |
| Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;1114700 | &nbsp;&nbsp;15111234 0.5 |
| Tencent Holdings Ltd. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;1909300 | &nbsp;&nbsp;93060164 3.3 |
| Trip.com Group Ltd. (Consumer Services)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913100 | &nbsp;&nbsp;33680940 1.2 |
| WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;1405000 | &nbsp;&nbsp;19455973 0.7 |
| WuXi AppTec Co., Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)^† | &nbsp;&nbsp;&nbsp;&nbsp;2636600 | &nbsp;&nbsp;34128250 1.2 |
| Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;3057000 | &nbsp;&nbsp;25447780 0.9 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;11123936 | &nbsp;&nbsp;42323154 1.5 |
| ZTO Express Cayman Inc. - ADR (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;1123870 | &nbsp;&nbsp;32041534 1.1 |
|  |  | 865770817 |
| **Czech Republic - 0.6%** | **Czech Republic - 0.6%** | **Czech Republic - 0.6%** |
| Komercni banka AS (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527314 | &nbsp;&nbsp;17763375 0.6 |
| **Egypt - 0.7%** | **Egypt - 0.7%** | **Egypt - 0.7%** |
| Commercial International Bank Egypt SAE - GDR, Reg S (Banks)† | &nbsp;&nbsp;11629094 | &nbsp;&nbsp;18813306 0.7 |
| **Hong Kong - 3.5%** | **Hong Kong - 3.5%** | **Hong Kong - 3.5%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;4955815 | &nbsp;&nbsp;55963601 2 |
| ASMPT Ltd. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;1470969 | &nbsp;&nbsp;12153816 0.4 |
| Techtronic Industries Co., Ltd. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;2383301 | &nbsp;&nbsp;30727322 1.1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;98844739 |
| **India - 11.3%** | **India - 11.3%** | **India - 11.3%** |
| Asian Paints Ltd. (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646630 | &nbsp;&nbsp;21604353 0.8 |
| HDFC Bank Ltd. (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;2700718 | &nbsp;&nbsp;53137971 1.9 |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263110 | &nbsp;&nbsp;17723090 0.6 |
| Housing Development Finance Corp., Ltd. (Diversified Financials)† | &nbsp;&nbsp;&nbsp;&nbsp;1716340 | &nbsp;&nbsp;55104042 1.9 |
| Kotak Mahindra Bank Ltd. (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;1344580 | &nbsp;&nbsp;28499915 1 |
| Maruti Suzuki India Ltd. (Automobiles & Components)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446418 | &nbsp;&nbsp;48619419 1.7 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Institutional Emerging Markets Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 95.7% (continued)** | **COMMON STOCKS - 95.7% (continued)** | **COMMON STOCKS - 95.7% (continued)** |
| **India - 11.3% (continued)** | **India - 11.3% (continued)** | **India - 11.3% (continued)** |
| Tata Consultancy Services Ltd. (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384305 | $98274383 3.4 |
|  |  | 322963173 |
| **Indonesia - 3.8%** | **Indonesia - 3.8%** | **Indonesia - 3.8%** |
| Astra International Tbk PT (Automobiles & Components)† | &nbsp;&nbsp;&nbsp;&nbsp;90522100 | &nbsp;&nbsp;36341114 1.3 |
| Bank Central Asia Tbk PT (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;65146965 | &nbsp;&nbsp;36921099 1.3 |
| Bank Rakyat Indonesia Persero Tbk PT (Banks)† | &nbsp;&nbsp;118085800 | &nbsp;&nbsp;36160655 1.2 |
|  |  | 109422868 |
| **Italy - 1.8%** | **Italy - 1.8%** | **Italy - 1.8%** |
| Tenaris SA - ADR (Energy) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415763 | &nbsp;&nbsp;50188798 1.8 |
| **Kazakhstan - 0.0%^^** | **Kazakhstan - 0.0%^^** | **Kazakhstan - 0.0%^^** |
| Kaspi.KZ JSC - GDR, Reg S (Diversified Financials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18747 | &nbsp;&nbsp;&nbsp;1381755 0.0 |
| **Kenya - 0.8%** | **Kenya - 0.8%** | **Kenya - 0.8%** |
| Safaricom plc (Telecommunication Services)† | &nbsp;&nbsp;113739827 | &nbsp;&nbsp;21375896 0.8 |
| **Mexico - 5.5%** | **Mexico - 5.5%** | **Mexico - 5.5%** |
| Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404281 | &nbsp;&nbsp;35495872 1.3 |
| Grupo Aeroportuario del Sureste SAB de CV - ADR (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64719 | &nbsp;&nbsp;17603568 0.6 |
| Grupo Financiero Banorte SAB de CV, Series O (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6220700 | &nbsp;&nbsp;51597734 1.8 |
| Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | &nbsp;&nbsp;&nbsp;&nbsp;13325300 | &nbsp;&nbsp;52195859 1.8 |
|  |  | 156893033 |
| **Panama - 0.6%** | **Panama - 0.6%** | **Panama - 0.6%** |
| Copa Holdings SA, Class A (Transportation)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200240 | &nbsp;&nbsp;18438099 0.6 |
| **Poland - 0.4%** | **Poland - 0.4%** | **Poland - 0.4%** |
| CD Projekt SA (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319968 | &nbsp;&nbsp;10313263 0.4 |
| **Russia - 0.0%^^** | **Russia - 0.0%^^** | **Russia - 0.0%^^** |
| LUKOIL PJSC (Energy)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0.0 |
| Novatek PJSC - Sponsored GDR, Reg S (Energy)\*‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0.0 |
| Sberbank of Russia PJSC (Banks)\*‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0.0 |
| Sberbank of Russia PJSC (Banks)\*‡ | &nbsp;&nbsp;&nbsp;&nbsp;35707448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0.0 |
| Yandex NV, Class A (Media & Entertainment)\*‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0.0 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 95.7% (continued)** | **COMMON STOCKS - 95.7% (continued)** | **COMMON STOCKS - 95.7% (continued)** |
| **Saudi Arabia - 1.1%** | **Saudi Arabia - 1.1%** | **Saudi Arabia - 1.1%** |
| Al Rajhi Bank (Banks)\*† | &nbsp;&nbsp;&nbsp;&nbsp;1417428 | $31118614 1.1 |
| **South Africa - 1.6%** | **South Africa - 1.6%** | **South Africa - 1.6%** |
| Discovery Ltd. (Insurance)\*† | &nbsp;&nbsp;&nbsp;&nbsp;1976573 | &nbsp;&nbsp;15649290 0.5 |
| Standard Bank Group Ltd. (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;3053558 | &nbsp;&nbsp;30387683 1.1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;46036973 |
| **South Korea - 8.6%** | **South Korea - 8.6%** | **South Korea - 8.6%** |
| Coway Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371293 | &nbsp;&nbsp;16889614 0.6 |
| LG H&H Co., Ltd. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74038 | &nbsp;&nbsp;45034572 1.6 |
| NAVER Corp. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201749 | &nbsp;&nbsp;33616968 1.2 |
| NCSoft Corp. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56962 | &nbsp;&nbsp;21198570 0.7 |
| Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103436 | 128344883 4.5 |
|  |  | 245084607 |
| **Taiwan - 12.2%** | **Taiwan - 12.2%** | **Taiwan - 12.2%** |
| Airtac International Group (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;2011633 | &nbsp;&nbsp;68991617 2.4 |
| ASPEED Technology Inc. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286018 | &nbsp;&nbsp;20358611 0.7 |
| Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;3163031 | &nbsp;&nbsp;52764019 1.9 |
| Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;5490545 | &nbsp;&nbsp;18315238 0.6 |
| Silergy Corp. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;1682488 | &nbsp;&nbsp;34289198 1.2 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;8767277 | 154673982 5.4 |
|  |  | 349392665 |
| **Thailand - 0.5%** | **Thailand - 0.5%** | **Thailand - 0.5%** |
| SCB X pcl, Reg S (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;4605670 | &nbsp;&nbsp;14510442 0.5 |
| **United Arab Emirates - 2.1%** | **United Arab Emirates - 2.1%** | **United Arab Emirates - 2.1%** |
| Emaar Properties PJSC (Real Estate)† | &nbsp;&nbsp;40093163 | &nbsp;&nbsp;60782430 2.1 |
| **United Kingdom - 3.0%** | **United Kingdom - 3.0%** | **United Kingdom - 3.0%** |
| Bank of Georgia Group plc (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385889 | &nbsp;&nbsp;12700771 0.5 |
| Coca-Cola HBC AG - CDI (Food Beverage & Tobacco)\*† | &nbsp;&nbsp;&nbsp;&nbsp;1905070 | &nbsp;&nbsp;46180521 1.6 |
| Network International Holdings plc (Software & Services)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;8243851 | &nbsp;&nbsp;26729120 0.9 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;85610412 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Institutional Emerging Markets Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 95.7% (continued)** | **COMMON STOCKS - 95.7% (continued)** | **COMMON STOCKS - 95.7% (continued)** |
| **United States - 1.9%** | **United States - 1.9%** | **United States - 1.9%** |
| EPAM Systems Inc. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53532699 1.9<br>|
| **Total Common Stocks (Cost $2,291,877,179)** | **Total Common Stocks (Cost $2,291,877,179)** | &nbsp;&nbsp;**$2730937915<br>**  |
| **PREFERRED STOCKS - 2.6%** | **PREFERRED STOCKS - 2.6%** | **PREFERRED STOCKS - 2.6%** |
| **Brazil - 1.8%** | **Brazil - 1.8%** | **Brazil - 1.8%** |
| Banco Bradesco SA - ADR (Banks)\* | &nbsp;&nbsp;&nbsp;&nbsp;8885034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24789245 |
| Itau Unibanco Holding SA - Sponsored ADR (Banks)\* | &nbsp;&nbsp;&nbsp;&nbsp;5234496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26067790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50857035 |
| **Colombia - 0.5%** | **Colombia - 0.5%** | **Colombia - 0.5%** |
| Bancolombia SA - Sponsored ADR, 6.75% (Banks)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14665472 |
| **South Korea - 0.3%** | **South Korea - 0.3%** | **South Korea - 0.3%** |
| Samsung Electronics Co., Ltd. - GDR, Reg S, 2.44% (Technology Hardware & Equipment)+† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9379767<br>|
| **Total Preferred Stocks (Cost $57,954,786)** | **Total Preferred Stocks (Cost $57,954,786)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$74902274<br>**  |
| **RIGHTS - 0.0%^^** | **RIGHTS - 0.0%^^** | **RIGHTS - 0.0%^^** |
| **Brazil - 0.0%^^** | **Brazil - 0.0%^^** | **Brazil - 0.0%^^** |
| Localiza Rent a Car SA (Transportation)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51387<br>|
| **Total Rights (Cost $0)** | **Total Rights (Cost $0)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$51387<br>**  |
| **SHORT TERM INVESTMENTS - 1.6%** | **SHORT TERM INVESTMENTS - 1.6%** | **SHORT TERM INVESTMENTS - 1.6%** |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares), 4.02% (Money Market Funds) | &nbsp;&nbsp;45535685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45535685 1.6<br>|
| **Total Short Term Investments (Cost $45,535,685)** | **Total Short Term Investments (Cost $45,535,685)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$45535685<br>**  |
| **Total Investments — 99.9%** | **Total Investments — 99.9%** |  |
| **(Cost $2,395,367,650)** | **(Cost $2,395,367,650)** | &nbsp;&nbsp;**$2851427261** |
| Other Assets Less Liabilities - 0.1% | Other Assets Less Liabilities - 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2903778 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;**$2854331039** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | &nbsp;&nbsp;American Depositary Receipt |
| CDI | &nbsp;&nbsp;Chess Depositary Interest |
| GDR | &nbsp;&nbsp;Global Depositary Receipt |
| Reg S | &nbsp;&nbsp;Security sold outside United States without registration under the Securities Act of 1933. |
| *\** | &nbsp;&nbsp;*Non-income producing security.* |
| *†* | &nbsp;&nbsp;*Investment categorized as level 2 security.* |
| *^* | &nbsp;&nbsp;*Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 3.8% of net assets as of January 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.* |
| *‡* | &nbsp;&nbsp;*Investments categorized as level 3 security that is effectively valued at zero.* |
| *+* | &nbsp;&nbsp;*Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income.* |
| *^^* | &nbsp;&nbsp;*Amount is less than 0.005%.* |

---

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp;Percentage of<br> Net Assets |
| Automobiles & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6% |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;14.6 |
| Capital Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| Consumer Durables & Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 |
| Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Diversified Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Food & Staples Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Food Beverage & Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Household & Personal Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Media & Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Pharmaceuticals, Biotechnology & Life Sciences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 |
| Software & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| Technology Hardware & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;99.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Emerging Markets Portfolio

#### Portfolio of Investments

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 95.4%** | **COMMON STOCKS - 95.4%** | **COMMON STOCKS - 95.4%** |
| **Brazil - 5.3%** | **Brazil - 5.3%** | **Brazil - 5.3%** |
| B3 SA - Brasil Bolsa Balcao (Diversified Financials) | &nbsp;&nbsp;&nbsp;&nbsp;3529109 | &nbsp;&nbsp;$9009959 0.7 |
| Localiza Rent a Car SA (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;1611990 | &nbsp;&nbsp;18802263 1.3 |
| Lojas Renner SA (Retailing)\* | &nbsp;&nbsp;&nbsp;&nbsp;2307888 | &nbsp;&nbsp;&nbsp;&nbsp;9833859 0.7 |
| Magazine Luiza SA (Retailing)\* | &nbsp;&nbsp;19344968 | &nbsp;&nbsp;16882022 1.2 |
| WEG SA (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;1569348 | &nbsp;&nbsp;11821970 0.8 |
| XP Inc., Class A (Diversified Financials)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492292 | &nbsp;&nbsp;&nbsp;&nbsp;8772643 0.6 |
|  |  | &nbsp;&nbsp;75122716 |
| **China - 30.2%** | **China - 30.2%** | **China - 30.2%** |
| Alibaba Group Holding Ltd. (Retailing)\*† | &nbsp;&nbsp;&nbsp;&nbsp;1935200 | &nbsp;&nbsp;26741123 1.9 |
| Alibaba Group Holding Ltd. - Sponsored ADR (Retailing)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44271 | &nbsp;&nbsp;&nbsp;&nbsp;4878664 0.3 |
| Baidu Inc., Class A (Media & Entertainment)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394964 | &nbsp;&nbsp;&nbsp;&nbsp;6661241 0.5 |
| China Tourism Group Duty Free Corp., Ltd., Class A (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694607 | &nbsp;&nbsp;21977437 1.6 |
| Contemporary Amperex Technology Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232500 | &nbsp;&nbsp;16121976 1.1 |
| Country Garden Services Holdings Co., Ltd. (Real Estate)† | &nbsp;&nbsp;&nbsp;&nbsp;1715930 | &nbsp;&nbsp;&nbsp;&nbsp;4643551 0.3 |
| CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;12500680 | &nbsp;&nbsp;14337841 1 |
| ENN Energy Holdings Ltd. (Utilities)† | &nbsp;&nbsp;&nbsp;&nbsp;1095113 | &nbsp;&nbsp;16479640 1.2 |
| Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† | &nbsp;&nbsp;&nbsp;&nbsp;1728696 | &nbsp;&nbsp;&nbsp;&nbsp;8500627 0.6 |
| Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;3019434 | &nbsp;&nbsp;12275856 0.9 |
| JD.com Inc., Class A (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466814 | &nbsp;&nbsp;13887511 1 |
| Li Ning Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;1845000 | &nbsp;&nbsp;18202793 1.3 |
| LONGi Green Energy Technology Co., Ltd., Class A (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;3886800 | &nbsp;&nbsp;27858045 2 |
| Meituan, Class B (Retailing)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95440 | &nbsp;&nbsp;&nbsp;&nbsp;2126279 0.1 |
| Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;2252615 | &nbsp;&nbsp;18475353 1.3 |
| Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;4051000 | &nbsp;&nbsp;31620278 2.2 |
| Shenzhen Inovance Technology Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;1059100 | &nbsp;&nbsp;11184117 0.8 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 95.4% (continued)** | **COMMON STOCKS - 95.4% (continued)** | **COMMON STOCKS - 95.4% (continued)** |
| **China - 30.2% (continued)** | **China - 30.2% (continued)** | **China - 30.2% (continued)** |
| Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;2011710 | $25205566 1.8 |
| Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;553144 | &nbsp;&nbsp;&nbsp;7498599 0.5 |
| Tencent Holdings Ltd. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;932100 | &nbsp;&nbsp;45430985 3.2 |
| Trip.com Group Ltd. (Consumer Services)\*† | &nbsp;&nbsp;&nbsp;&nbsp;454350 | &nbsp;&nbsp;16759320 1.2 |
| WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;703600 | &nbsp;&nbsp;&nbsp;9743219 0.7 |
| WuXi AppTec Co., Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)^† | &nbsp;&nbsp;1303500 | &nbsp;&nbsp;16872554 1.2 |
| Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\*^† | &nbsp;&nbsp;1509750 | &nbsp;&nbsp;12567807 0.9 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;5646099 | &nbsp;&nbsp;21481669 1.5 |
| ZTO Express Cayman Inc. - ADR (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;554952 | &nbsp;&nbsp;15821682 1.1 |
|  |  | 427353733 |
| **Czech Republic - 0.6%** | **Czech Republic - 0.6%** | **Czech Republic - 0.6%** |
| Komercni banka AS (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;267552 | &nbsp;&nbsp;&nbsp;9012896 0.6 |
| **Egypt - 0.6%** | **Egypt - 0.6%** | **Egypt - 0.6%** |
| Commercial International Bank Egypt SAE - GDR, Reg S (Banks)† | &nbsp;&nbsp;5532235 | &nbsp;&nbsp;&nbsp;8949935 0.6 |
| **Hong Kong - 3.5%** | **Hong Kong - 3.5%** | **Hong Kong - 3.5%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp;2455671 | &nbsp;&nbsp;27730694 2 |
| ASMPT Ltd. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;771445 | &nbsp;&nbsp;&nbsp;6374030 0.4 |
| Techtronic Industries Co., Ltd. (Capital Goods)† | &nbsp;&nbsp;1179360 | &nbsp;&nbsp;15205203 1.1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;49309927 |
| **India - 11.2%** | **India - 11.2%** | **India - 11.2%** |
| Asian Paints Ltd. (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;319819 | &nbsp;&nbsp;10685372 0.7 |
| HDFC Bank Ltd. (Banks)† | &nbsp;&nbsp;1338278 | &nbsp;&nbsp;26331286 1.9 |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;127467 | &nbsp;&nbsp;&nbsp;8586177 0.6 |
| Housing Development Finance Corp., Ltd. (Diversified Financials)† | &nbsp;&nbsp;&nbsp;&nbsp;846496 | &nbsp;&nbsp;27177221 1.9 |
| Kotak Mahindra Bank Ltd. (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;665413 | &nbsp;&nbsp;14104192 1 |
| Maruti Suzuki India Ltd. (Automobiles & Components)† | &nbsp;&nbsp;&nbsp;&nbsp;219876 | &nbsp;&nbsp;23946712 1.7 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Emerging Markets Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 95.4% (continued)** | **COMMON STOCKS - 95.4% (continued)** | **COMMON STOCKS - 95.4% (continued)** |
| **India - 11.2% (continued)** | **India - 11.2% (continued)** | **India - 11.2% (continued)** |
| Tata Consultancy Services Ltd. (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;1163087 | $47939193 3.4 |
|  |  | 158770153 |
| **Indonesia - 3.8%** | **Indonesia - 3.8%** | **Indonesia - 3.8%** |
| Astra International Tbk PT (Automobiles & Components)† | &nbsp;&nbsp;44214307 | &nbsp;&nbsp;17750331 1.3 |
| Bank Central Asia Tbk PT (Banks)† | &nbsp;&nbsp;31067764 | &nbsp;&nbsp;17607205 1.2 |
| Bank Rakyat Indonesia Persero Tbk PT (Banks)† | &nbsp;&nbsp;58309136 | &nbsp;&nbsp;17855632 1.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;53213168 |
| **Italy - 1.8%** | **Italy - 1.8%** | **Italy - 1.8%** |
| Tenaris SA - ADR (Energy) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699085 | &nbsp;&nbsp;24782563 1.8 |
| **Kazakhstan - 0.1%** | **Kazakhstan - 0.1%** | **Kazakhstan - 0.1%** |
| Kaspi.KZ JSC - GDR, Reg S (Diversified Financials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681554 0.1 |
| **Kenya - 0.7%** | **Kenya - 0.7%** | **Kenya - 0.7%** |
| Safaricom plc (Telecommunication Services)† | &nbsp;&nbsp;55950873 | &nbsp;&nbsp;10515227 0.7 |
| **Mexico - 5.5%** | **Mexico - 5.5%** | **Mexico - 5.5%** |
| Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199629 | &nbsp;&nbsp;17527426 1.2 |
| Grupo Aeroportuario del Sureste SAB de CV - ADR (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31369 | &nbsp;&nbsp;&nbsp;8532368 0.6 |
| Grupo Financiero Banorte SAB de CV, Series O (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;3063874 | &nbsp;&nbsp;25413371 1.8 |
| Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | &nbsp;&nbsp;&nbsp;&nbsp;6700315 | &nbsp;&nbsp;26245465 1.9 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;77718630 |
| **Panama - 0.6%** | **Panama - 0.6%** | **Panama - 0.6%** |
| Copa Holdings SA, Class A (Transportation)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98876 | &nbsp;&nbsp;&nbsp;9104502 0.6 |
| **Poland - 0.4%** | **Poland - 0.4%** | **Poland - 0.4%** |
| CD Projekt SA (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174940 | &nbsp;&nbsp;&nbsp;5638696 0.4 |
| **Russia - 0.0%^^** | **Russia - 0.0%^^** | **Russia - 0.0%^^** |
| LUKOIL PJSC (Energy)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0.0 |
| Novatek PJSC - Sponsored GDR, Reg S (Energy)\*‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0.0 |
| Sberbank of Russia PJSC (Banks)\*‡ | &nbsp;&nbsp;20812636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0.0 |
| Yandex NV, Class A (Media & Entertainment)\*‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0.0 |
| **Saudi Arabia - 1.1%** | **Saudi Arabia - 1.1%** | **Saudi Arabia - 1.1%** |
| Al Rajhi Bank (Banks)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682296 | &nbsp;&nbsp;14979319 1.1 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 95.4% (continued)** | **COMMON STOCKS - 95.4% (continued)** | **COMMON STOCKS - 95.4% (continued)** |
| **South Africa - 1.6%** | **South Africa - 1.6%** | **South Africa - 1.6%** |
| Discovery Ltd. (Insurance)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984701 | &nbsp;&nbsp;$7796257 0.5 |
| Standard Bank Group Ltd. (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;1549027 | &nbsp;&nbsp;15415244 1.1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23211501 |
| **South Korea - 8.6%** | **South Korea - 8.6%** | **South Korea - 8.6%** |
| Coway Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176529 | &nbsp;&nbsp;&nbsp;8030064 0.6 |
| LG H&H Co., Ltd. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37021 | &nbsp;&nbsp;22518502 1.6 |
| NAVER Corp. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101915 | &nbsp;&nbsp;16981860 1.2 |
| NCSoft Corp. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28164 | &nbsp;&nbsp;10481313 0.7 |
| Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51064 | &nbsp;&nbsp;63360949 4.5 |
|  |  | 121372688 |
| **Taiwan - 12.3%** | **Taiwan - 12.3%** | **Taiwan - 12.3%** |
| Airtac International Group (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;1011823 | &nbsp;&nbsp;34701809 2.5 |
| ASPEED Technology Inc. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138109 | &nbsp;&nbsp;&nbsp;9830526 0.7 |
| Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;1539846 | &nbsp;&nbsp;25686901 1.8 |
| Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;2667146 | &nbsp;&nbsp;&nbsp;8897006 0.6 |
| Silergy Corp. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817200 | &nbsp;&nbsp;16654581 1.2 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;4398147 | &nbsp;&nbsp;77592953 5.5 |
|  |  | 173363776 |
| **Thailand - 0.5%** | **Thailand - 0.5%** | **Thailand - 0.5%** |
| SCB X pcl, Reg S (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;2292791 | &nbsp;&nbsp;&nbsp;7223577 0.5 |
| **United Arab Emirates - 2.1%** | **United Arab Emirates - 2.1%** | **United Arab Emirates - 2.1%** |
| Emaar Properties PJSC (Real Estate)† | &nbsp;&nbsp;19812843 | &nbsp;&nbsp;30036860 2.1 |
| **United Kingdom - 3.0%** | **United Kingdom - 3.0%** | **United Kingdom - 3.0%** |
| Bank of Georgia Group plc (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186122 | &nbsp;&nbsp;&nbsp;6125836 0.4 |
| Coca-Cola HBC AG - CDI (Food Beverage & Tobacco)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953069 | &nbsp;&nbsp;23103205 1.6 |
| Network International Holdings plc (Software & Services)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;4076266 | &nbsp;&nbsp;13216518 1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;42445559 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Emerging Markets Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 95.4% (continued)** | **COMMON STOCKS - 95.4% (continued)** | **COMMON STOCKS - 95.4% (continued)** |
| **United States - 1.9%** | **United States - 1.9%** | **United States - 1.9%** |
| EPAM Systems Inc. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26433700 1.9<br>|
| **Total Common Stocks (Cost $1,025,886,776)** | **Total Common Stocks (Cost $1,025,886,776)** | &nbsp;&nbsp;**$1349240680<br>**  |
| **PREFERRED STOCKS - 2.7%** | **PREFERRED STOCKS - 2.7%** | **PREFERRED STOCKS - 2.7%** |
| **Brazil - 1.8%** | **Brazil - 1.8%** | **Brazil - 1.8%** |
| Banco Bradesco SA - ADR (Banks)\* | &nbsp;&nbsp;&nbsp;&nbsp;4397071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12267828 |
| Itau Unibanco Holding SA - Sponsored ADR (Banks)\* | &nbsp;&nbsp;&nbsp;&nbsp;2590474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12900561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25168389 |
| **Colombia - 0.5%** | **Colombia - 0.5%** | **Colombia - 0.5%** |
| Bancolombia SA - Sponsored ADR, 6.75% (Banks)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7775883 |
| **South Korea - 0.4%** | **South Korea - 0.4%** | **South Korea - 0.4%** |
| Samsung Electronics Co., Ltd. - GDR, Reg S, 2.44% (Technology Hardware & Equipment)+† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4958902<br>|
| **Total Preferred Stocks (Cost $28,668,431)** | **Total Preferred Stocks (Cost $28,668,431)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$37903174<br>**  |
| **RIGHTS - 0.0%^^** | **RIGHTS - 0.0%^^** | **RIGHTS - 0.0%^^** |
| **Brazil - 0.0%^^** | **Brazil - 0.0%^^** | **Brazil - 0.0%^^** |
| Localiza Rent a Car SA (Transportation)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25311<br>|
| **Total Rights (Cost $0)** | **Total Rights (Cost $0)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$25311<br>**  |
| **SHORT TERM INVESTMENTS - 1.9%** | **SHORT TERM INVESTMENTS - 1.9%** | **SHORT TERM INVESTMENTS - 1.9%** |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares), 4.02% (Money Market Funds) | &nbsp;&nbsp;26945089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26945089 1.9<br>|
| **Total Short Term Investments (Cost $26,945,089)** | **Total Short Term Investments (Cost $26,945,089)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$26945089<br>**  |
| **Total Investments — 100.0%** | **Total Investments — 100.0%** |  |
| **(Cost $1,081,500,296)** | **(Cost $1,081,500,296)** | &nbsp;&nbsp;**$1414114254** |
| Other Assets Less Liabilities - 0.0%^^ | Other Assets Less Liabilities - 0.0%^^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573273 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;**$1414687527** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | &nbsp;&nbsp;American Depositary Receipt |
| CDI | &nbsp;&nbsp;Chess Depositary Interest |
| GDR | &nbsp;&nbsp;Global Depositary Receipt |
| Reg S | &nbsp;&nbsp;Security sold outside United States without registration under the Securities Act of 1933. |
| *\** | &nbsp;&nbsp;*Non-income producing security.* |
| *†* | &nbsp;&nbsp;*Investment categorized as level 2 security.* |
| *^* | &nbsp;&nbsp;*Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 3.8% of net assets as of January 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.* |
| *‡* | &nbsp;&nbsp;*Investments categorized as level 3 security that is effectively valued at zero.* |
| *+* | &nbsp;&nbsp;*Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income.* |
| *^^* | &nbsp;&nbsp;*Amount is less than 0.005%.* |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Emerging Markets Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp;Percentage of<br> Net Assets |
| Automobiles & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6% |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;14.4 |
| Capital Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| Consumer Durables & Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Diversified Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Food & Staples Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Food Beverage & Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Household & Personal Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Media & Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| Pharmaceuticals, Biotechnology & Life Sciences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 |
| Software & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Technology Hardware & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;100.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0^^ |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

---

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

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Frontier Emerging Markets Portfolio

#### Portfolio of Investments

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 94.3%** | **COMMON STOCKS - 94.3%** | **COMMON STOCKS - 94.3%** |
| **Bangladesh - 2.1%** | **Bangladesh - 2.1%** | **Bangladesh - 2.1%** |
| GrameenPhone Ltd. (Telecommunication Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109736 | &nbsp;&nbsp;&nbsp;$294603 0.2 |
| Square Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;1357928 | &nbsp;&nbsp;2669481 1.9 |
|  |  | &nbsp;&nbsp;2964084 |
| **Colombia - 0.3%** | **Colombia - 0.3%** | **Colombia - 0.3%** |
| Cementos Argos SA - Sponsored ADR (Materials)#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119823 | &nbsp;&nbsp;&nbsp;&nbsp;412287 0.3 |
| **Croatia - 0.3%** | **Croatia - 0.3%** | **Croatia - 0.3%** |
| Ericsson Nikola Tesla (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457 | &nbsp;&nbsp;&nbsp;&nbsp;385146 0.3 |
| **Egypt - 4.9%** | **Egypt - 4.9%** | **Egypt - 4.9%** |
| Commercial International Bank Egypt SAE - GDR, Reg S (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;3541380 | &nbsp;&nbsp;5729171 4.2 |
| Integrated Diagnostics Holdings plc (Health Care Equipment & Services)^† | &nbsp;&nbsp;&nbsp;&nbsp;1820256 | &nbsp;&nbsp;&nbsp;&nbsp;988741 0.7 |
|  |  | &nbsp;&nbsp;6717912 |
| **Iceland - 0.8%** | **Iceland - 0.8%** | **Iceland - 0.8%** |
| Marel HF (Capital Goods)^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278546 | &nbsp;&nbsp;1077341 0.8 |
| **Indonesia - 2.2%** | **Indonesia - 2.2%** | **Indonesia - 2.2%** |
| Bank Central Asia Tbk PT (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;5429000 | &nbsp;&nbsp;3076807 2.2 |
| **Kazakhstan - 7.3%** | **Kazakhstan - 7.3%** | **Kazakhstan - 7.3%** |
| Halyk Savings Bank of Kazakhstan JSC - GDR, Reg S (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351408 | &nbsp;&nbsp;3664650 2.7 |
| Kaspi.KZ JSC - GDR, Reg S (Diversified Financials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85945 | &nbsp;&nbsp;6334612 4.6 |
|  |  | &nbsp;&nbsp;9999262 |
| **Kenya - 4.3%** | **Kenya - 4.3%** | **Kenya - 4.3%** |
| East African Breweries plc (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483200 | &nbsp;&nbsp;&nbsp;&nbsp;687828 0.5 |
| Equity Group Holdings plc (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;5744400 | &nbsp;&nbsp;2034116 1.5 |
| Safaricom plc (Telecommunication Services)† | &nbsp;&nbsp;17169050 | &nbsp;&nbsp;3226696 2.3 |
|  |  | &nbsp;&nbsp;5948640 |
| **Morocco - 2.0%** | **Morocco - 2.0%** | **Morocco - 2.0%** |
| Itissalat Al-Maghrib (Telecommunication Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117998 | &nbsp;&nbsp;1121992 0.8 |
| Societe d'Exploitation des Ports (Transportation)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82123 | &nbsp;&nbsp;1651570 1.2 |
|  |  | &nbsp;&nbsp;2773562 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 94.3% (continued)** | **COMMON STOCKS - 94.3% (continued)** | **COMMON STOCKS - 94.3% (continued)** |
| **Nigeria - 2.9%** | **Nigeria - 2.9%** | **Nigeria - 2.9%** |
| Guaranty Trust Holding Co., plc (Banks)† | &nbsp;&nbsp;24314152 | &nbsp;&nbsp;$1316525 1 |
| Nestle Nigeria plc (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653157 | &nbsp;&nbsp;&nbsp;&nbsp;1533734 1.1 |
| Zenith Bank plc (Banks) | &nbsp;&nbsp;21699788 | &nbsp;&nbsp;&nbsp;&nbsp;1177417 0.8 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4027676 |
| **Pakistan - 0.1%** | **Pakistan - 0.1%** | **Pakistan - 0.1%** |
| MCB Bank Ltd. (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153819 0.1 |
| **Peru - 4.4%** | **Peru - 4.4%** | **Peru - 4.4%** |
| Alicorp SAA (Food Beverage & Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635517 | &nbsp;&nbsp;&nbsp;&nbsp;1024761 0.7 |
| Cementos Pacasmayo SAA (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234783 0.2 |
| Credicorp Ltd. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36164 | &nbsp;&nbsp;&nbsp;&nbsp;4856825 3.5 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6116369 |
| **Philippines - 19.2%** | **Philippines - 19.2%** | **Philippines - 19.2%** |
| Bank of the Philippine Islands (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;1689744 | &nbsp;&nbsp;&nbsp;&nbsp;3248099 2.4 |
| BDO Unibank Inc. (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;1101345 | &nbsp;&nbsp;&nbsp;&nbsp;2488278 1.8 |
| International Container Terminal Services Inc. (Transportation)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881480 | &nbsp;&nbsp;&nbsp;&nbsp;3355121 2.4 |
| Jollibee Foods Corp. (Consumer Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642320 | &nbsp;&nbsp;&nbsp;&nbsp;2805026 2.1 |
| Robinsons Retail Holdings Inc. (Food & Staples Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837095 0.6 |
| Security Bank Corp. (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698744 0.5 |
| SM Prime Holdings Inc. (Real Estate)† | &nbsp;&nbsp;&nbsp;&nbsp;6756500 | &nbsp;&nbsp;&nbsp;&nbsp;4573341 3.3 |
| Universal Robina Corp. (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;1396290 | &nbsp;&nbsp;&nbsp;&nbsp;3526962 2.6 |
| Wilcon Depot Inc. (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;8318000 | &nbsp;&nbsp;&nbsp;&nbsp;4862217 3.5 |
|  |  | &nbsp;&nbsp;26394883 |
| **Poland - 0.3%** | **Poland - 0.3%** | **Poland - 0.3%** |
| Allegro.eu SA (Retailing)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368178 0.3 |
| **Romania - 4.7%** | **Romania - 4.7%** | **Romania - 4.7%** |
| Banca Transilvania SA (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;1111852 | &nbsp;&nbsp;&nbsp;&nbsp;4882953 3.6 |
| Societatea Nationala de Gaze Naturale ROMGAZ SA (Energy)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176985 | &nbsp;&nbsp;&nbsp;&nbsp;1570534 1.1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6453487 |
| **Saudi Arabia - 4.1%** | **Saudi Arabia - 4.1%** | **Saudi Arabia - 4.1%** |
| Al Rajhi Bank (Banks)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65195 | &nbsp;&nbsp;&nbsp;&nbsp;1431309 1 |
| Bupa Arabia for Cooperative Insurance Co. (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896850 0.7 |
| Jarir Marketing Co. (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28139 | &nbsp;&nbsp;&nbsp;&nbsp;1130579 0.8 |
| Mouwasat Medical Services Co. (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39004 | &nbsp;&nbsp;&nbsp;&nbsp;2144675 1.6 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5603413 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Frontier Emerging Markets Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 94.3% (continued)** | **COMMON STOCKS - 94.3% (continued)** | **COMMON STOCKS - 94.3% (continued)** |
| **Slovenia - 1.2%** | **Slovenia - 1.2%** | **Slovenia - 1.2%** |
| Krka dd Novo mesto (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1655061 1.2 |
| **Thailand - 0.6%** | **Thailand - 0.6%** | **Thailand - 0.6%** |
| Home Product Center pcl, Reg S (Retailing) | &nbsp;&nbsp;1994994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864236 0.6 |
| **United Arab Emirates - 5.3%** | **United Arab Emirates - 5.3%** | **United Arab Emirates - 5.3%** |
| Agthia Group PJSC (Food Beverage & Tobacco)† | &nbsp;&nbsp;1608832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782246 1.3 |
| Emaar Properties PJSC (Real Estate)† | &nbsp;&nbsp;3661021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550217 4.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7332463 |
| **United Kingdom - 5.3%** | **United Kingdom - 5.3%** | **United Kingdom - 5.3%** |
| Airtel Africa plc (Telecommunication Services)^† | &nbsp;&nbsp;&nbsp;&nbsp;633775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917091 0.7 |
| Baltic Classifieds Group plc (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;813602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529980 1.1 |
| Bank of Georgia Group plc (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157979 0.9 |
| Network International Holdings plc (Software & Services)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;859025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785225 2.0 |
| TBC Bank Group plc (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847204 0.6 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7237479 |
| **United States - 6.7%** | **United States - 6.7%** | **United States - 6.7%** |
| EPAM Systems Inc. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4148478 3.0 |
| Globant SA (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010713 3.7 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9159191 |
| **Vietnam - 15.3%** | **Vietnam - 15.3%** | **Vietnam - 15.3%** |
| Bank for Foreign Trade of Vietnam JSC (Banks)\*† | &nbsp;&nbsp;1757895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6895444 5.0 |
| Hoa Phat Group JSC (Materials)† | &nbsp;&nbsp;3816890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591461 2.6 |
| Sai Gon Cargo Service Corp. (Transportation)† | &nbsp;&nbsp;&nbsp;&nbsp;712094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229874 1.6 |
| Saigon Beer Alcohol Beverage Corp. (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;502810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4055099 3.0 |
| Vietnam Dairy Products JSC (Food Beverage & Tobacco)† | &nbsp;&nbsp;1295394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4263072 3.1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21034950 |
| **Total Common Stocks (Cost $104,555,002)** | **Total Common Stocks (Cost $104,555,002)** | &nbsp;&nbsp;**$129756246<br>**  |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **PREFERRED STOCKS - 2.4%** | **PREFERRED STOCKS - 2.4%** | **PREFERRED STOCKS - 2.4%** |
| **Colombia - 2.4%** | **Colombia - 2.4%** | **Colombia - 2.4%** |
| Bancolombia SA - Sponsored ADR, 6.75% (Banks)+ | &nbsp;&nbsp;&nbsp;&nbsp;109701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3318455<br>|
| **Total Preferred Stocks (Cost $2,857,479)** | **Total Preferred Stocks (Cost $2,857,479)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$3318455<br>**  |
| **SHORT TERM INVESTMENTS - 1.4%** | **SHORT TERM INVESTMENTS - 1.4%** | **SHORT TERM INVESTMENTS - 1.4%** |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares), 4.02% (Money Market Funds) | &nbsp;&nbsp;1840126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840126 1.4<br>|
| **Total Short Term Investments (Cost $1,840,126)** | **Total Short Term Investments (Cost $1,840,126)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1840126<br>**  |
| **Total Investments — 98.1%** | **Total Investments — 98.1%** |  |
| **(Cost $109,252,607)** | **(Cost $109,252,607)** | &nbsp;&nbsp;**$134914827** |
| Other Assets Less Liabilities - 1.9% | Other Assets Less Liabilities - 1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673223 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;**$137588050** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | &nbsp;&nbsp;American Depositary Receipt |
| GDR | &nbsp;&nbsp;Global Depositary Receipt |
| Reg S | &nbsp;&nbsp;Security sold outside United States without registration under the Securities Act of 1933. |
| *†* | &nbsp;&nbsp;*Investment categorized as level 2 security.* |
| *#* | &nbsp;&nbsp;*Security valued at fair value as determined in good faith under policies and procedures established by and under the supervision of the Portfolio's Board of Directors* |
| *^* | &nbsp;&nbsp;*Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 4.5% of net assets as of January 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.* |
| *\** | &nbsp;&nbsp;*Non-income producing security.* |
| *+* | &nbsp;&nbsp;*Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income.* |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Frontier Emerging Markets Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp;Percentage of<br> Net Assets |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;34.2% |
| Capital Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Diversified Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Food & Staples Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Food Beverage & Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;12.3 |
| Health Care Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Media & Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Pharmaceuticals, Biotechnology & Life Sciences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Software & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| Technology Hardware & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;98.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Global Equity Research Portfolio

#### Portfolio of Investments

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.2%** | **COMMON STOCKS - 97.2%** | **COMMON STOCKS - 97.2%** |
| **Australia - 0.8%** | **Australia - 0.8%** | **Australia - 0.8%** |
| BHP Group Ltd. (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;$63449 0.8 |
| **Brazil - 2.0%** | **Brazil - 2.0%** | **Brazil - 2.0%** |
| Ambev SA - ADR (Food Beverage & Tobacco)\* | &nbsp;&nbsp;&nbsp;&nbsp;6230 | &nbsp;&nbsp;&nbsp;&nbsp;16572 0.2 |
| B3 SA - Brasil Bolsa Balcao (Diversified Financials) | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;17871 0.2 |
| Localiza Rent a Car SA (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;26827 0.3 |
| Magazine Luiza SA (Retailing)\* | &nbsp;&nbsp;29600 | &nbsp;&nbsp;&nbsp;&nbsp;25832 0.3 |
| Raia Drogasil SA (Food & Staples Retailing) | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;12228 0.2 |
| WEG SA (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;26366 0.3 |
| XP Inc., Class A (Diversified Financials)\* | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;35640 0.5 |
|  |  | &nbsp;&nbsp;161336 |
| **Canada - 1.7%** | **Canada - 1.7%** | **Canada - 1.7%** |
| Alimentation Couche-Tard Inc. (Food & Staples Retailing) | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;63931 0.8 |
| Manulife Financial Corp. (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;71240 0.9 |
|  |  | &nbsp;&nbsp;135171 |
| **Chile - 0.1%** | **Chile - 0.1%** | **Chile - 0.1%** |
| Banco Santander Chile - ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp;12108 0.1 |
| **China - 8.8%** | **China - 8.8%** | **China - 8.8%** |
| ANTA Sports Products Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;15135 0.2 |
| Baidu Inc., Class A (Media & Entertainment)\*† | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;20239 0.2 |
| Contemporary Amperex Technology Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6934 0.1 |
| Country Garden Services Holdings Co., Ltd. (Real Estate)† | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;16237 0.2 |
| CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;15360 | &nbsp;&nbsp;&nbsp;&nbsp;17617 0.2 |
| ENN Energy Holdings Ltd. (Utilities)† | &nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;51164 0.6 |
| Foshan Haitian Flavouring & Food Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9696 0.1 |
| Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† | &nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;17703 0.2 |
| Glodon Co., Ltd., Class A (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;19410 0.2 |
| Guangzhou Tinci Materials Technology Co., Ltd., Class A (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;51965 0.6 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** |
| **China - 8.8% (continued)** | **China - 8.8% (continued)** | **China - 8.8% (continued)** |
| Haier Smart Home Co., Ltd., Class H (Consumer Durables & Apparel)† | &nbsp;&nbsp;4000 | &nbsp;&nbsp;$14779 0.2 |
| Haitian International Holdings Ltd. (Capital Goods)† | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;15413 0.2 |
| Hangzhou Tigermed Consulting Co., Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)^† | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;19556 0.2 |
| Hongfa Technology Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;3780 | &nbsp;&nbsp;&nbsp;&nbsp;21021 0.3 |
| Inner Mongolia Yili Industrial Group Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;12588 0.2 |
| JD.com Inc., Class A (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;12316 0.1 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;13598 0.2 |
| Jiangsu Hengrui Medicine Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;2408 | &nbsp;&nbsp;&nbsp;&nbsp;15083 0.2 |
| Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;15602 0.2 |
| Kweichow Moutai Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;27335 0.3 |
| Li Ning Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;14799 0.2 |
| LONGi Green Energy Technology Co., Ltd., Class A (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;11038 0.1 |
| Meituan, Class B (Retailing)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;14036 0.2 |
| Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9842 0.1 |
| NetEase Inc. - ADR (Media & Entertainment) | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;18165 0.2 |
| Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;15611 0.2 |
| SF Holding Co., Ltd., Class A (Transportation)† | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;16575 0.2 |
| Shandong Sinocera Functional Material Co., Ltd., Class A (Materials)† | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9693 0.1 |
| Shenzhen Inovance Technology Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;14256 0.2 |
| Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;12529 0.1 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Global Equity Research Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** |
| **China - 8.8% (continued)** | **China - 8.8% (continued)** | **China - 8.8% (continued)** |
| Songcheng Performance Development Co., Ltd., Class A (Consumer Services)† | &nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;$9061 0.1 |
| StarPower Semiconductor Ltd., Class A (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;14093 0.2 |
| Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;14912 0.2 |
| Tencent Holdings Ltd. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;14622 0.2 |
| TravelSky Technology Ltd., Class H (Software & Services)† | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;22833 0.3 |
| Trip.com Group Ltd. (Consumer Services)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;18960 0.2 |
| Wuliangye Yibin Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;15476 0.2 |
| WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;1286 | &nbsp;&nbsp;&nbsp;&nbsp;17808 0.2 |
| Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;20811 0.3 |
| Yonyou Network Technology Co., Ltd., Class A (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;12751 0.2 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;16741 0.2 |
| ZTO Express Cayman Inc. - ADR (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 | &nbsp;&nbsp;&nbsp;&nbsp;13200 0.2 |
|  |  | &nbsp;&nbsp;721203 |
| **Colombia - 0.1%** | **Colombia - 0.1%** | **Colombia - 0.1%** |
| Cementos Argos SA (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;9486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6528 0.1 |
| **Czech Republic - 0.3%** | **Czech Republic - 0.3%** | **Czech Republic - 0.3%** |
| Komercni banka AS (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp;16607 0.2 |
| Moneta Money Bank AS (Banks)^† | &nbsp;&nbsp;&nbsp;&nbsp;3231 | &nbsp;&nbsp;&nbsp;&nbsp;11928 0.1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28535 |
| **Denmark - 1.0%** | **Denmark - 1.0%** | **Denmark - 1.0%** |
| Ambu A/S, Class B (Health Care Equipment & Services)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp;11812 0.1 |
| Chr Hansen Holding A/S (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;18361 0.2 |
| Coloplast A/S, Class B (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;23288 0.3 |
| Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;15256 0.2 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** |
| **Denmark - 1.0% (continued)** | **Denmark - 1.0% (continued)** | **Denmark - 1.0% (continued)** |
| Novozymes A/S, Class B (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;$13223 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;81940 |
| **Egypt - 0.2%** | **Egypt - 0.2%** | **Egypt - 0.2%** |
| Commercial International Bank Egypt SAE - GDR, Reg S (Banks)† | &nbsp;&nbsp;9154 | &nbsp;&nbsp;&nbsp;&nbsp;14809 0.2 |
| **Finland - 0.5%** | **Finland - 0.5%** | **Finland - 0.5%** |
| Kone OYJ, Class B (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;&nbsp;22061 0.3 |
| Neste OYJ (Energy)† | &nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp;14973 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;37034 |
| **France - 4.2%** | **France - 4.2%** | **France - 4.2%** |
| Air Liquide SA (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp;51953 0.6 |
| Alten SA (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;38341 0.5 |
| Dassault Systemes SE (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;24158 0.3 |
| IPSOS (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp;62512 0.8 |
| Kering SA (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;32463 0.4 |
| L'Oreal SA (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;20241 0.2 |
| Rubis SCA (Utilities)† | &nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp;31725 0.4 |
| Safran SA (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp;41500 0.5 |
| Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;14324 0.2 |
| Schneider Electric SE (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;25783 0.3 |
|  |  | &nbsp;&nbsp;343000 |
| **Germany - 5.9%** | **Germany - 5.9%** | **Germany - 5.9%** |
| adidas AG (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9617 0.1 |
| Allianz SE, Reg S (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;49383 0.6 |
| Bayerische Motoren Werke AG (Automobiles & Components)† | &nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;72429 0.9 |
| Bechtle AG (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;17426 0.2 |
| BioNTech SE - ADR (Pharmaceuticals, Biotechnology & Life Sciences) | &nbsp;&nbsp;&nbsp;&nbsp;388 | &nbsp;&nbsp;&nbsp;&nbsp;55643 0.7 |
| Brenntag SE (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;19126 0.2 |
| Carl Zeiss Meditec AG (Bearer) (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;19224 0.3 |
| FUCHS PETROLUB SE (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;22631 0.3 |
| HelloFresh SE (Food & Staples Retailing)\*† | &nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;10042 0.1 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Global Equity Research Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** |
| **Germany - 5.9% (continued)** | **Germany - 5.9% (continued)** | **Germany - 5.9% (continued)** |
| Infineon Technologies AG (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;1851 | &nbsp;&nbsp;$66210 0.8 |
| KWS Saat SE & Co. KGaA (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;17789 0.2 |
| MTU Aero Engines AG (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;16185 0.2 |
| Nemetschek SE (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;10535 0.1 |
| Rational AG (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;18347 0.2 |
| SAP SE - Sponsored ADR (Software & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;23825 0.3 |
| Scout24 SE (Media & Entertainment)^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;13628 0.2 |
| Symrise AG (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;16952 0.2 |
| TeamViewer AG (Software & Services)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;19604 0.3 |
|  |  | &nbsp;&nbsp;478596 |
| **Hong Kong - 1.1%** | **Hong Kong - 1.1%** | **Hong Kong - 1.1%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;18068 0.2 |
| ASMPT Ltd. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;53706 0.7 |
| Budweiser Brewing Co. APAC Ltd. (Food Beverage & Tobacco)^† | &nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;19845 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;91619 |
| **Iceland - 0.1%** | **Iceland - 0.1%** | **Iceland - 0.1%** |
| Marel HF (Capital Goods)^† | &nbsp;&nbsp;&nbsp;&nbsp;2669 | &nbsp;&nbsp;&nbsp;&nbsp;10323 0.1 |
| **India - 0.9%** | **India - 0.9%** | **India - 0.9%** |
| Asian Paints Ltd. (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;15369 0.2 |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;11855 0.1 |
| Hero MotoCorp Ltd. (Automobiles & Components)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp;14160 0.2 |
| ICICI Bank Ltd. - Sponsored ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;1034 | &nbsp;&nbsp;&nbsp;&nbsp;21538 0.2 |
| Tata Consultancy Services Ltd. (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp;13478 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;76400 |
| **Indonesia - 0.4%** | **Indonesia - 0.4%** | **Indonesia - 0.4%** |
| Astra International Tbk PT (Automobiles & Components)† | &nbsp;&nbsp;33400 | &nbsp;&nbsp;&nbsp;&nbsp;13409 0.2 |
| Bank Rakyat Indonesia Persero Tbk PT (Banks)† | &nbsp;&nbsp;53600 | &nbsp;&nbsp;&nbsp;&nbsp;16413 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29822 |
| **Ireland - 0.2%** | **Ireland - 0.2%** | **Ireland - 0.2%** |
| Ryanair Holdings plc - Sponsored ADR (Transportation)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;17744 0.2 |
| **Israel - 0.4%** | **Israel - 0.4%** | **Israel - 0.4%** |
| CyberArk Software Ltd. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;19723 0.2 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** |
| **Israel - 0.4% (continued)** | **Israel - 0.4% (continued)** | **Israel - 0.4% (continued)** |
| Nice Ltd. - Sponsored ADR (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;$15765 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;35488 |
| **Italy - 0.7%** | **Italy - 0.7%** | **Italy - 0.7%** |
| DiaSorin SpA (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;19262 0.2 |
| FinecoBank Banca Fineco SpA (Banks)† | &nbsp;&nbsp;1194 | &nbsp;&nbsp;&nbsp;&nbsp;21401 0.3 |
| Reply SpA (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;17043 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;57706 |
| **Japan - 8.2%** | **Japan - 8.2%** | **Japan - 8.2%** |
| BML Inc. (Health Care Equipment & Services)† | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;27350 0.3 |
| Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;57067 0.7 |
| Daifuku Co., Ltd. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;27601 0.4 |
| GMO Payment Gateway Inc. (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;18524 0.2 |
| Hakuhodo DY Holdings Inc. (Media & Entertainment)† | &nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;33544 0.4 |
| Kakaku.com Inc. (Media & Entertainment)† | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;16690 0.2 |
| Keyence Corp. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;18477 0.2 |
| Komatsu Ltd. (Capital Goods)† | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;56370 0.7 |
| M3 Inc. (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;10943 0.1 |
| Makita Corp. (Capital Goods)† | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;26712 0.3 |
| MISUMI Group Inc. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;17596 0.2 |
| Nitori Holdings Co., Ltd. (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;53020 0.7 |
| Recruit Holdings Co., Ltd. (Commercial & Professional Services)† | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9630 0.1 |
| Rinnai Corp. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;34738 0.4 |
| Santen Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;20956 0.3 |
| Shimano Inc. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;53846 0.7 |
| Shionogi & Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;42975 0.5 |
| Shiseido Co., Ltd. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;15654 0.2 |
| SMC Corp. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;20335 0.3 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Global Equity Research Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** |
| **Japan - 8.2% (continued)** | **Japan - 8.2% (continued)** | **Japan - 8.2% (continued)** |
| Stanley Electric Co., Ltd. (Automobiles & Components)† | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;$51617 0.6 |
| Sugi Holdings Co., Ltd. (Food & Staples Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;17490 0.2 |
| Sysmex Corp. (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;13282 0.2 |
| UT Group Co., Ltd. (Commercial & Professional Services)† | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;22420 0.3 |
|  |  | &nbsp;&nbsp;666837 |
| **Kazakhstan - 0.4%** | **Kazakhstan - 0.4%** | **Kazakhstan - 0.4%** |
| Halyk Savings Bank of Kazakhstan JSC - GDR, Reg S (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;11680 0.1 |
| Kaspi.KZ JSC - GDR, Reg S (Diversified Financials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;25281 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;36961 |
| **Mexico - 0.7%** | **Mexico - 0.7%** | **Mexico - 0.7%** |
| Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;16858 0.2 |
| Grupo Financiero Banorte SAB de CV, Series O (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;16589 0.2 |
| Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | &nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp;26636 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;60083 |
| **Netherlands - 0.8%** | **Netherlands - 0.8%** | **Netherlands - 0.8%** |
| Adyen NV (Software & Services)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;12094 0.1 |
| ASM International NV (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;12541 0.2 |
| ASML Holding NV, Reg S (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;37668 0.5 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;62303 |
| **Norway - 0.3%** | **Norway - 0.3%** | **Norway - 0.3%** |
| Adevinta ASA (Media & Entertainment)\*† | &nbsp;&nbsp;&nbsp;&nbsp;1658 | &nbsp;&nbsp;&nbsp;&nbsp;14197 0.2 |
| TOMRA Systems ASA (Commercial & Professional Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;13773 0.1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27970 |
| **Panama - 0.2%** | **Panama - 0.2%** | **Panama - 0.2%** |
| Copa Holdings SA, Class A (Transportation)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;19889 0.2 |
| **Peru - 0.2%** | **Peru - 0.2%** | **Peru - 0.2%** |
| Credicorp Ltd. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;16922 0.2 |
| **Philippines - 1.9%** | **Philippines - 1.9%** | **Philippines - 1.9%** |
| Bank of the Philippine Islands (Banks)† | &nbsp;&nbsp;12490 | &nbsp;&nbsp;&nbsp;&nbsp;24009 0.3 |
| BDO Unibank Inc. (Banks)† | &nbsp;&nbsp;12084 | &nbsp;&nbsp;&nbsp;&nbsp;27302 0.3 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** |
| **Philippines - 1.9% (continued)** | **Philippines - 1.9% (continued)** | **Philippines - 1.9% (continued)** |
| International Container Terminal Services Inc. (Transportation)† | &nbsp;&nbsp;&nbsp;&nbsp;4970 | &nbsp;&nbsp;$18917 0.2 |
| Jollibee Foods Corp. (Consumer Services)† | &nbsp;&nbsp;&nbsp;&nbsp;4720 | &nbsp;&nbsp;&nbsp;&nbsp;20612 0.3 |
| Robinsons Retail Holdings Inc. (Food & Staples Retailing)† | &nbsp;&nbsp;10510 | &nbsp;&nbsp;&nbsp;&nbsp;11223 0.2 |
| Security Bank Corp. (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;8660 | &nbsp;&nbsp;&nbsp;&nbsp;14630 0.2 |
| SM Prime Holdings Inc. (Real Estate)† | &nbsp;&nbsp;27500 | &nbsp;&nbsp;&nbsp;&nbsp;18614 0.2 |
| Universal Robina Corp. (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;16166 0.2 |
|  |  | &nbsp;&nbsp;151473 |
| **Poland - 0.5%** | **Poland - 0.5%** | **Poland - 0.5%** |
| Allegro.eu SA (Retailing)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;3048 | &nbsp;&nbsp;&nbsp;&nbsp;21237 0.3 |
| ING Bank Slaski SA (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;17046 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;38283 |
| **Russia - 0.0%^^** | **Russia - 0.0%^^** | **Russia - 0.0%^^** |
| LUKOIL PJSC (Energy)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0 |
| Novatek PJSC - Sponsored GDR, Reg S (Energy)\*‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0 |
| Sberbank of Russia PJSC (Banks)\*‡ | &nbsp;&nbsp;&nbsp;&nbsp;5112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0 |
| Yandex NV, Class A (Media & Entertainment)\*‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0 |
| **Saudi Arabia - 0.7%** | **Saudi Arabia - 0.7%** | **Saudi Arabia - 0.7%** |
| Al Rajhi Bank (Banks)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp;10275 0.1 |
| Bupa Arabia for Cooperative Insurance Co. (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp;20907 0.3 |
| Jarir Marketing Co. (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;10125 0.1 |
| Saudi National Bank (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;1118 | &nbsp;&nbsp;&nbsp;&nbsp;14142 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;55449 |
| **Singapore - 1.5%** | **Singapore - 1.5%** | **Singapore - 1.5%** |
| DBS Group Holdings Ltd. (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;2118 | &nbsp;&nbsp;&nbsp;&nbsp;57981 0.7 |
| Oversea-Chinese Banking Corp., Ltd. (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;6224 | &nbsp;&nbsp;&nbsp;&nbsp;61423 0.8 |
|  |  | &nbsp;&nbsp;119404 |
| **Slovenia - 0.2%** | **Slovenia - 0.2%** | **Slovenia - 0.2%** |
| Krka dd Novo mesto (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;17143 0.2 |
| **South Africa - 0.2%** | **South Africa - 0.2%** | **South Africa - 0.2%** |
| Discovery Ltd. (Insurance)\*† | &nbsp;&nbsp;&nbsp;&nbsp;1831 | &nbsp;&nbsp;&nbsp;&nbsp;14497 0.2 |
| **South Korea - 1.0%** | **South Korea - 1.0%** | **South Korea - 1.0%** |
| Amorepacific Corp. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;18483 0.2 |
| Cheil Worldwide Inc. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp;17895 0.2 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Global Equity Research Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** |
| **South Korea - 1.0% (continued)** | **South Korea - 1.0% (continued)** | **South Korea - 1.0% (continued)** |
| Coway Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;$8370 0.1 |
| LG H&H Co., Ltd. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;11557 0.1 |
| NAVER Corp. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;14663 0.2 |
| NCSoft Corp. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;14142 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;85110 |
| **Spain - 2.3%** | **Spain - 2.3%** | **Spain - 2.3%** |
| Amadeus IT Group SA (Software & Services)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;15601 0.2 |
| Banco Bilbao Vizcaya Argentaria SA (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;9677 | &nbsp;&nbsp;&nbsp;&nbsp;68108 0.8 |
| Banco Santander SA - Sponsored ADR (Banks) | &nbsp;&nbsp;14529 | &nbsp;&nbsp;&nbsp;&nbsp;50125 0.6 |
| Bankinter SA (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;7287 | &nbsp;&nbsp;&nbsp;&nbsp;52453 0.7 |
|  |  | &nbsp;&nbsp;186287 |
| **Sweden - 2.2%** | **Sweden - 2.2%** | **Sweden - 2.2%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;23012 0.3 |
| Assa Abloy AB, Class B (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp;15649 0.2 |
| Atlas Copco AB, Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;2176 | &nbsp;&nbsp;&nbsp;&nbsp;25737 0.3 |
| Epiroc AB, Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;1467 | &nbsp;&nbsp;&nbsp;&nbsp;28538 0.3 |
| Evolution AB (Consumer Services)^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;12587 0.2 |
| Hexagon AB, Class B (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;1890 | &nbsp;&nbsp;&nbsp;&nbsp;21646 0.3 |
| Intrum AB (Commercial & Professional Services)† | &nbsp;&nbsp;&nbsp;&nbsp;1097 | &nbsp;&nbsp;&nbsp;&nbsp;14253 0.2 |
| Skandinaviska Enskilda Banken AB, Class A (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp;20194 0.2 |
| Thule Group AB (Consumer Durables & Apparel)^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;&nbsp;16910 0.2 |
|  |  | &nbsp;&nbsp;178526 |
| **Switzerland - 2.9%** | **Switzerland - 2.9%** | **Switzerland - 2.9%** |
| Alcon Inc. (Health Care Equipment & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp;43847 0.5 |
| Cie Financiere Richemont SA, Class A, Reg S (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp;37621 0.5 |
| Lonza Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;34253 0.4 |
| Novartis AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;14923 0.2 |
| SGS SA, Reg S (Commercial & Professional Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;14627 0.2 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** |
| **Switzerland - 2.9% (continued)** | **Switzerland - 2.9% (continued)** | **Switzerland - 2.9% (continued)** |
| Sonova Holding AG, Reg S (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;$17000 0.2 |
| Straumann Holding AG, Reg S (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;19639 0.2 |
| Tecan Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;13447 0.2 |
| Temenos AG, Reg S (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;12441 0.1 |
| VAT Group AG (Capital Goods)^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;29948 0.4 |
|  |  | &nbsp;&nbsp;237746 |
| **Taiwan - 1.7%** | **Taiwan - 1.7%** | **Taiwan - 1.7%** |
| Advantech Co., Ltd. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp;11406 0.1 |
| Airtac International Group (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp;14336 0.2 |
| Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;28365 0.4 |
| Delta Electronics Inc. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9696 0.1 |
| Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;10009 0.1 |
| Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;13343 0.2 |
| Silergy Corp. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;16304 0.2 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;35284 0.4 |
|  |  | &nbsp;&nbsp;138743 |
| **Thailand - 0.2%** | **Thailand - 0.2%** | **Thailand - 0.2%** |
| SCB X pcl, Reg S (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;19533 0.2 |
| **Turkey - 0.2%** | **Turkey - 0.2%** | **Turkey - 0.2%** |
| BIM Birlesik Magazalar AS (Food & Staples Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;2570 | &nbsp;&nbsp;&nbsp;&nbsp;17053 0.2 |
| **United Arab Emirates - 0.5%** | **United Arab Emirates - 0.5%** | **United Arab Emirates - 0.5%** |
| Agthia Group PJSC (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;8681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9617 0.1 |
| Emaar Properties PJSC (Real Estate)† | &nbsp;&nbsp;18834 | &nbsp;&nbsp;&nbsp;&nbsp;28553 0.4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;38170 |
| **United Kingdom - 5.4%** | **United Kingdom - 5.4%** | **United Kingdom - 5.4%** |
| Abcam plc - Sponsored ADR (Pharmaceuticals, Biotechnology & Life Sciences)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 | &nbsp;&nbsp;&nbsp;&nbsp;12095 0.1 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Global Equity Research Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** |
| **United Kingdom - 5.4% (continued)** | **United Kingdom - 5.4% (continued)** | **United Kingdom - 5.4% (continued)** |
| Coca-Cola HBC AG - CDI (Food Beverage & Tobacco)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;$13963 0.2 |
| Compass Group plc (Consumer Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967 | &nbsp;&nbsp;&nbsp;&nbsp;23055 0.3 |
| Dechra Pharmaceuticals plc (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;15451 0.2 |
| Diploma plc (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;1655 | &nbsp;&nbsp;&nbsp;&nbsp;56017 0.7 |
| Grafton Group plc (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;2919 | &nbsp;&nbsp;&nbsp;&nbsp;33143 0.4 |
| Haleon plc (Household & Personal Products)\*† | &nbsp;&nbsp;16411 | &nbsp;&nbsp;&nbsp;&nbsp;65666 0.8 |
| Rathbones Group plc (Diversified Financials)† | &nbsp;&nbsp;&nbsp;&nbsp;1554 | &nbsp;&nbsp;&nbsp;&nbsp;40239 0.5 |
| Reckitt Benckiser Group plc (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp;33541 0.4 |
| Rightmove plc (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp;15094 0.2 |
| Rio Tinto plc (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;77707 0.9 |
| Spirax-Sarco Engineering plc (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;21988 0.3 |
| Standard Chartered plc (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;3634 | &nbsp;&nbsp;&nbsp;&nbsp;30436 0.4 |
|  |  | &nbsp;&nbsp;438395 |
| **United States - 35.6%** | **United States - 35.6%** | **United States - 35.6%** |
| AbbVie Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;67226 0.8 |
| Accenture plc, Class A (Software & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;19534 0.2 |
| Adobe Inc. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;33331 0.4 |
| Air Products and Chemicals Inc. (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;21154 0.3 |
| Align Technology Inc. (Health Care Equipment & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;16184 0.2 |
| Allegion plc (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;15987 0.2 |
| Alphabet Inc., Class A (Media & Entertainment)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;67211 0.8 |
| Altair Engineering Inc., Class A (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp;14709 0.2 |
| Amazon.com Inc. (Retailing)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp;24648 0.3 |
| AMETEK Inc. (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;21303 0.3 |
| Amphenol Corp., Class A (Technology Hardware & Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;22974 0.3 |
| ANSYS Inc. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;20776 0.3 |
| Apple Inc. (Technology Hardware & Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;32898 0.4 |
| Applied Materials Inc. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;68566 0.8 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** |
| **United States - 35.6% (continued)** | **United States - 35.6% (continued)** | **United States - 35.6% (continued)** |
| Atlassian Corp., Class A (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;$16485 0.2 |
| Booking Holdings Inc. (Consumer Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;19473 0.2 |
| BorgWarner Inc. (Automobiles & Components) | &nbsp;&nbsp;1673 | &nbsp;&nbsp;&nbsp;&nbsp;79099 1 |
| Bristol-Myers Squibb Co. (Pharmaceuticals, Biotechnology & Life Sciences) | &nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp;70688 0.9 |
| Broadcom Inc. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;85997 1.1 |
| Church & Dwight Co., Inc. (Household & Personal Products) | &nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;16010 0.2 |
| Cisco Systems Inc. (Technology Hardware & Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;812 | &nbsp;&nbsp;&nbsp;&nbsp;39520 0.5 |
| Cognex Corp. (Technology Hardware & Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;12590 0.2 |
| Copart Inc. (Commercial & Professional Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp;64479 0.8 |
| CoStar Group Inc. (Commercial & Professional Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;17528 0.2 |
| Costco Wholesale Corp. (Food & Staples Retailing) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;17890 0.2 |
| Danaher Corp. (Pharmaceuticals, Biotechnology & Life Sciences) | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;71383 0.9 |
| Deere & Co. (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;76111 0.9 |
| Domino's Pizza Inc. (Consumer Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;15532 0.2 |
| eBay Inc. (Retailing) | &nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;12821 0.2 |
| Ecolab Inc. (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;13006 0.2 |
| Edwards Lifesciences Corp. (Health Care Equipment & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;16260 0.2 |
| Elanco Animal Health Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\* | &nbsp;&nbsp;3065 | &nbsp;&nbsp;&nbsp;&nbsp;42082 0.5 |
| Electronic Arts Inc. (Media & Entertainment) | &nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;18401 0.2 |
| EnerSys (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;16604 0.2 |
| EPAM Systems Inc. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;10312 0.1 |
| Equifax Inc. (Commercial & Professional Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;17332 0.2 |
| Etsy Inc. (Retailing)\* | &nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;18023 0.2 |
| First Republic Bank (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;54098 0.7 |
| Five Below Inc. (Retailing)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;16559 0.2 |
| Gartner Inc. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;75743 0.9 |
| Globant SA (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;15732 0.2 |
| Guidewire Software Inc. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;11133 0.1 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Global Equity Research Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** |
| **United States - 35.6% (continued)** | **United States - 35.6% (continued)** | **United States - 35.6% (continued)** |
| HEICO Corp. (Capital Goods) | &nbsp;&nbsp;257 | &nbsp;&nbsp;$43934 0.5 |
| IDEXX Laboratories Inc. (Health Care Equipment & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;33635 0.4 |
| Illumina Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\* | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;12852 0.2 |
| Intuitive Surgical Inc. (Health Care Equipment & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;15479 0.2 |
| IPG Photonics Corp. (Technology Hardware & Equipment)\* | &nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;20066 0.2 |
| Johnson & Johnson (Pharmaceuticals, Biotechnology & Life Sciences) | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;11439 0.1 |
| JPMorgan Chase & Co. (Banks) | &nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp;82436 1 |
| Linde plc (Materials)† | &nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;49971 0.6 |
| Malibu Boats Inc., Class A (Consumer Durables & Apparel)\* | &nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp;26417 0.3 |
| Mastercard Inc., Class A (Software & Services) | &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;19271 0.2 |
| McDonald's Corp. (Consumer Services) | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;22729 0.3 |
| MercadoLibre Inc. (Retailing)\* | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;17725 0.2 |
| Merck & Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | &nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp;69709 0.9 |
| Meta Platforms Inc., Class A (Media & Entertainment)\* | &nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;63312 0.8 |
| Microsoft Corp. (Software & Services) | &nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;64183 0.8 |
| Monster Beverage Corp. (Food Beverage & Tobacco)\* | &nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp;17277 0.2 |
| Netflix Inc. (Media & Entertainment)\* | &nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp;95188 1.2 |
| Neurocrine Biosciences Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\* | &nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;44594 0.5 |
| NIKE Inc., Class B (Consumer Durables & Apparel) | &nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;19864 0.2 |
| Northrop Grumman Corp. (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;12993 0.2 |
| Palo Alto Networks Inc. (Software & Services)\* | &nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;24748 0.3 |
| PayPal Holdings Inc. (Software & Services)\* | &nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;22165 0.3 |
| Pinterest Inc., Class A (Media & Entertainment)\* | &nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp;14880 0.2 |
| Pool Corp. (Retailing) | &nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;39718 0.5 |
| Reinsurance Group of America Inc. (Insurance) | &nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp;58735 0.7 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** | **COMMON STOCKS - 97.2% (continued)** |
| **United States - 35.6% (continued)** | **United States - 35.6% (continued)** | **United States - 35.6% (continued)** |
| Repligen Corp. (Pharmaceuticals, Biotechnology & Life Sciences)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17974 0.2 |
| ResMed Inc. (Health Care Equipment & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18498 0.2 |
| Rockwell Automation Inc. (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15512 0.2 |
| Roper Technologies Inc. (Software & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20057 0.2 |
| Salesforce Inc. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21836 0.3 |
| Schlumberger NV (Energy) | &nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39772 0.5 |
| Sensata Technologies Holding plc (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16679 0.2 |
| ServiceNow Inc. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24577 0.3 |
| Signature Bank (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85236 1 |
| Starbucks Corp. (Consumer Services) | &nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31214 0.4 |
| SVB Financial Group (Banks)\* | &nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77727 1 |
| Teradyne Inc. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17187 0.2 |
| Texas Instruments Inc. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20379 0.2 |
| Thermo Fisher Scientific Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71291 0.9 |
| Vertex Pharmaceuticals Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\* | &nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71405 0.9 |
| Visa Inc., Class A (Software & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17496 0.2 |
| Walt Disney Co. (Media & Entertainment)\* | &nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23976 0.3 |
| Workday Inc., Class A (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25400 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2906928 |
| **Total Common Stocks (Cost $7,022,710)** | **Total Common Stocks (Cost $7,022,710)** | &nbsp;&nbsp;**$7936516<br>**  |
| **PREFERRED STOCKS - 1.3%** | **PREFERRED STOCKS - 1.3%** | **PREFERRED STOCKS - 1.3%** |
| **Brazil - 0.2%** | **Brazil - 0.2%** | **Brazil - 0.2%** |
| Banco Bradesco SA (Banks)\* | &nbsp;&nbsp;4467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12337 |
| **Colombia - 0.1%** | **Colombia - 0.1%** | **Colombia - 0.1%** |
| Bancolombia SA - Sponsored ADR, 6.75% (Banks)+ | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10890 |
| **Germany - 0.3%** | **Germany - 0.3%** | **Germany - 0.3%** |
| Sartorius AG, 0.31% (Pharmaceuticals, Biotechnology & Life Sciences)+† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24563 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Global Equity Research Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **PREFERRED STOCKS - 1.3% (continued)** | **PREFERRED STOCKS - 1.3% (continued)** | **PREFERRED STOCKS - 1.3% (continued)** |
| **South Korea - 0.7%** | **South Korea - 0.7%** | **South Korea - 0.7%** |
| Samsung Electronics Co., Ltd. - GDR, Reg S, 2.44% (Technology Hardware & Equipment)+† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$57167<br>|
| **Total Preferred Stocks (Cost $108,330)** | **Total Preferred Stocks (Cost $108,330)** | &nbsp;&nbsp;&nbsp;&nbsp;**$104957<br>**  |
| **SHORT TERM INVESTMENTS - 1.3%** | **SHORT TERM INVESTMENTS - 1.3%** | **SHORT TERM INVESTMENTS - 1.3%** |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares), 4.02% (Money Market Funds) | &nbsp;&nbsp;101521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101521 1.3<br>|
| **Total Short Term Investments (Cost $101,521)** | **Total Short Term Investments (Cost $101,521)** | &nbsp;&nbsp;&nbsp;&nbsp;**$101521<br>**  |
| **Total Investments — 99.8%** | **Total Investments — 99.8%** |  |
| **(Cost $7,232,561)** | **(Cost $7,232,561)** | &nbsp;&nbsp;**$8142994** |
| Other Assets Less Liabilities - 0.2% | Other Assets Less Liabilities - 0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20360 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;**$8163354** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | &nbsp;&nbsp;American Depositary Receipt |
| CDI | &nbsp;&nbsp;Chess Depositary Interest |
| GDR | &nbsp;&nbsp;Global Depositary Receipt |
| Reg S | &nbsp;&nbsp;Security sold outside United States without registration under the Securities Act of 1933. |
| *†* | &nbsp;&nbsp;*Investment categorized as level 2 security.* |
| *\** | &nbsp;&nbsp;*Non-income producing security.* |
| *^* | &nbsp;&nbsp;*Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 2.9% of net assets as of January 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.* |
| *‡* | &nbsp;&nbsp;*Investments categorized as level 3 security that is effectively valued at zero.* |
| *+* | &nbsp;&nbsp;*Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income.* |
| *^^* | &nbsp;&nbsp;*Amount is less than 0.005%.* |

---

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp;Percentage of<br> Net Assets |
| Automobiles & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;11.6 |
| Capital Goods | &nbsp;&nbsp;&nbsp;&nbsp;11.0 |
| Commercial & Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Consumer Durables & Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Diversified Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Food & Staples Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Food Beverage & Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Health Care Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Household & Personal Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| Media & Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 |
| Pharmaceuticals, Biotechnology & Life Sciences | &nbsp;&nbsp;&nbsp;&nbsp;12.1 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| Software & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 |
| Technology Hardware & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;99.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Equity Research Portfolio

#### Portfolio of Investments

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.6%** | **COMMON STOCKS - 96.6%** | **COMMON STOCKS - 96.6%** |
| **Australia - 1.1%** | **Australia - 1.1%** | **Australia - 1.1%** |
| BHP Group Ltd. (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;3859 | &nbsp;&nbsp;$135276 1.1 |
| **Brazil - 2.0%** | **Brazil - 2.0%** | **Brazil - 2.0%** |
| Ambev SA - ADR (Food Beverage & Tobacco)\* | &nbsp;&nbsp;12347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32843 0.2 |
| B3 SA - Brasil Bolsa Balcao (Diversified Financials) | &nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37019 0.3 |
| Localiza Rent a Car SA (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55987 0.4 |
| Magazine Luiza SA (Retailing)\* | &nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20944 0.2 |
| Raia Drogasil SA (Food & Staples Retailing) | &nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45979 0.4 |
| WEG SA (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46705 0.4 |
| XP Inc., Class A (Diversified Financials)\* | &nbsp;&nbsp;&nbsp;&nbsp;1028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18319 0.1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;257796 |
| **Canada - 1.9%** | **Canada - 1.9%** | **Canada - 1.9%** |
| Alimentation Couche-Tard Inc. (Food & Staples Retailing) | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;123296 1 |
| Manulife Financial Corp. (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;120712 0.9 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;244008 |
| **Chile - 0.2%** | **Chile - 0.2%** | **Chile - 0.2%** |
| Banco Santander Chile - ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;1728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29220 0.2 |
| **China - 12.3%** | **China - 12.3%** | **China - 12.3%** |
| ANTA Sports Products Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30271 0.2 |
| Baidu Inc., Class A (Media & Entertainment)\*† | &nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37947 0.3 |
| Contemporary Amperex Technology Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20803 0.2 |
| Country Garden Services Holdings Co., Ltd. (Real Estate)† | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29768 0.2 |
| CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;37600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43126 0.3 |
| ENN Energy Holdings Ltd. (Utilities)† | &nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33106 0.3 |
| Foshan Haitian Flavouring & Food Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;2289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27065 0.2 |
| Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† | &nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33438 0.3 |
| Glodon Co., Ltd., Class A (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;3480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33774 0.3 |
| Guangzhou Tinci Materials Technology Co., Ltd., Class A (Materials)† | &nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84900 0.7 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** |
| **China - 12.3% (continued)** | **China - 12.3% (continued)** | **China - 12.3% (continued)** |
| Haier Smart Home Co., Ltd., Class H (Consumer Durables & Apparel)† | &nbsp;&nbsp;10800 | &nbsp;&nbsp;$39903 0.3 |
| Haitian International Holdings Ltd. (Capital Goods)† | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;46238 0.4 |
| Hangzhou Tigermed Consulting Co., Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)^† | &nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;43024 0.3 |
| Hongfa Technology Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;6160 | &nbsp;&nbsp;&nbsp;&nbsp;34257 0.3 |
| Inner Mongolia Yili Industrial Group Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;25176 0.2 |
| JD.com Inc., Class A (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp;&nbsp;&nbsp;34986 0.3 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;33023 0.3 |
| Jiangsu Hengrui Medicine Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;5564 | &nbsp;&nbsp;&nbsp;&nbsp;34852 0.3 |
| Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;28603 0.2 |
| Kweichow Moutai Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;27335 0.2 |
| Li Ning Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;34531 0.3 |
| LONGi Green Energy Technology Co., Ltd., Class A (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;40137 0.3 |
| Meituan, Class B (Retailing)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;1880 | &nbsp;&nbsp;&nbsp;&nbsp;41884 0.3 |
| Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;27886 0.2 |
| NetEase Inc. - ADR (Media & Entertainment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp;50596 0.4 |
| Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;46833 0.4 |
| SF Holding Co., Ltd., Class A (Transportation)† | &nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;33150 0.3 |
| Shandong Sinocera Functional Material Co., Ltd., Class A (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;25687 0.2 |
| Shenzhen Inovance Technology Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;4050 | &nbsp;&nbsp;&nbsp;&nbsp;42768 0.3 |
| Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;25059 0.2 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Equity Research Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** |
| **China - 12.3% (continued)** | **China - 12.3% (continued)** | **China - 12.3% (continued)** |
| Songcheng Performance Development Co., Ltd., Class A (Consumer Services)† | &nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;$25457 0.2 |
| StarPower Semiconductor Ltd., Class A (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32884 0.3 |
| Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63715 0.5 |
| Tencent Holdings Ltd. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38992 0.3 |
| TravelSky Technology Ltd., Class H (Software & Services)† | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43590 0.3 |
| Trip.com Group Ltd. (Consumer Services)\*† | &nbsp;&nbsp;&nbsp;&nbsp;1101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40612 0.3 |
| Wuliangye Yibin Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40238 0.3 |
| WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;1790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24787 0.2 |
| Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37460 0.3 |
| Yonyou Network Technology Co., Ltd., Class A (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28051 0.2 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45276 0.4 |
| ZTO Express Cayman Inc. - ADR (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33784 0.3 |
|  |  | &nbsp;&nbsp;1544972 |
| **Colombia - 0.1%** | **Colombia - 0.1%** | **Colombia - 0.1%** |
| Cementos Argos SA (Materials) | &nbsp;&nbsp;26196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18027 0.1 |
| **Czech Republic - 0.6%** | **Czech Republic - 0.6%** | **Czech Republic - 0.6%** |
| Komercni banka AS (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;1233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41535 0.3 |
| Moneta Money Bank AS (Banks)^† | &nbsp;&nbsp;&nbsp;&nbsp;8045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29699 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71234 |
| **Denmark - 2.2%** | **Denmark - 2.2%** | **Denmark - 2.2%** |
| Ambu A/S, Class B (Health Care Equipment & Services)\*† | &nbsp;&nbsp;&nbsp;&nbsp;2770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38404 0.3 |
| Chr Hansen Holding A/S (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51765 0.4 |
| Coloplast A/S, Class B (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45491 0.4 |
| Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp;108354 0.9 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** |
| **Denmark - 2.2% (continued)** | **Denmark - 2.2% (continued)** | **Denmark - 2.2% (continued)** |
| Novozymes A/S, Class B (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;$27850 0.2 |
|  |  | &nbsp;&nbsp;271864 |
| **Egypt - 0.6%** | **Egypt - 0.6%** | **Egypt - 0.6%** |
| Commercial International Bank Egypt SAE - GDR, Reg S (Banks)† | &nbsp;&nbsp;46323 | &nbsp;&nbsp;&nbsp;&nbsp;74940 0.6 |
| **Finland - 0.8%** | **Finland - 0.8%** | **Finland - 0.8%** |
| Kone OYJ, Class B (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp;32819 0.3 |
| Neste OYJ (Energy)† | &nbsp;&nbsp;&nbsp;&nbsp;1376 | &nbsp;&nbsp;&nbsp;&nbsp;65616 0.5 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;98435 |
| **France - 7.4%** | **France - 7.4%** | **France - 7.4%** |
| Air Liquide SA (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;126694 1 |
| Alten SA (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 | &nbsp;&nbsp;140788 1.1 |
| Dassault Systemes SE (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;&nbsp;&nbsp;32967 0.3 |
| IPSOS (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;2051 | &nbsp;&nbsp;132863 1.1 |
| Kering SA (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;135472 1.1 |
| L'Oreal SA (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;41308 0.3 |
| Rubis SCA (Utilities)† | &nbsp;&nbsp;&nbsp;&nbsp;3120 | &nbsp;&nbsp;&nbsp;&nbsp;87208 0.7 |
| Safran SA (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;&nbsp;80128 0.6 |
| Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;35984 0.3 |
| Schneider Electric SE (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;112051 0.9 |
|  |  | &nbsp;&nbsp;925463 |
| **Germany - 9.8%** | **Germany - 9.8%** | **Germany - 9.8%** |
| adidas AG (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;35583 0.3 |
| Allianz SE, Reg S (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;120951 1 |
| Bayerische Motoren Werke AG (Automobiles & Components)† | &nbsp;&nbsp;&nbsp;&nbsp;1419 | &nbsp;&nbsp;143745 1.1 |
| Bechtle AG (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;2341 | &nbsp;&nbsp;&nbsp;&nbsp;98299 0.8 |
| BioNTech SE - ADR (Pharmaceuticals, Biotechnology & Life Sciences) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;110139 0.9 |
| Brenntag SE (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;1433 | &nbsp;&nbsp;106644 0.8 |
| Carl Zeiss Meditec AG (Bearer) (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;32279 0.3 |
| FUCHS PETROLUB SE (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;2480 | &nbsp;&nbsp;&nbsp;&nbsp;81933 0.6 |
| HelloFresh SE (Food & Staples Retailing)\*† | &nbsp;&nbsp;&nbsp;&nbsp;1697 | &nbsp;&nbsp;&nbsp;&nbsp;41064 0.3 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Equity Research Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** |
| **Germany - 9.8% (continued)** | **Germany - 9.8% (continued)** | **Germany - 9.8% (continued)** |
| Infineon Technologies AG (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3128 | &nbsp;&nbsp;&nbsp;$111889 0.9 |
| KWS Saat SE & Co. KGaA (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58372 0.5 |
| MTU Aero Engines AG (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31375 0.2 |
| Nemetschek SE (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48472 0.4 |
| Rational AG (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32762 0.3 |
| SAP SE - Sponsored ADR (Software & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84986 0.7 |
| Scout24 SE (Media & Entertainment)^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28184 0.2 |
| Symrise AG (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26805 0.2 |
| TeamViewer AG (Software & Services)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37150 0.3 |
|  |  | &nbsp;&nbsp;1230632 |
| **Hong Kong - 1.9%** | **Hong Kong - 1.9%** | **Hong Kong - 1.9%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97116 0.8 |
| ASMPT Ltd. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;12600 | &nbsp;&nbsp;&nbsp;&nbsp;104107 0.8 |
| Budweiser Brewing Co. APAC Ltd. (Food Beverage & Tobacco)^† | &nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37484 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;238707 |
| **Iceland - 0.2%** | **Iceland - 0.2%** | **Iceland - 0.2%** |
| Marel HF (Capital Goods)^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20414 0.2 |
| **India - 1.1%** | **India - 1.1%** | **India - 1.1%** |
| Asian Paints Ltd. (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29568 0.2 |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31255 0.3 |
| Hero MotoCorp Ltd. (Automobiles & Components)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36429 0.3 |
| Tata Consultancy Services Ltd. (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36766 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;134018 |
| **Indonesia - 0.7%** | **Indonesia - 0.7%** | **Indonesia - 0.7%** |
| Astra International Tbk PT (Automobiles & Components)† | &nbsp;&nbsp;111500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44763 0.4 |
| Bank Rakyat Indonesia Persero Tbk PT (Banks)† | &nbsp;&nbsp;141200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43239 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88002 |
| **Ireland - 0.7%** | **Ireland - 0.7%** | **Ireland - 0.7%** |
| Ryanair Holdings plc - Sponsored ADR (Transportation)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85732 0.7 |
| **Israel - 0.5%** | **Israel - 0.5%** | **Israel - 0.5%** |
| CyberArk Software Ltd. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33952 0.3 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** |
| **Israel - 0.5% (continued)** | **Israel - 0.5% (continued)** | **Israel - 0.5% (continued)** |
| Nice Ltd. - Sponsored ADR (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;$28418 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;62370 |
| **Italy - 1.3%** | **Italy - 1.3%** | **Italy - 1.3%** |
| DiaSorin SpA (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp;32017 0.2 |
| FinecoBank Banca Fineco SpA (Banks)† | &nbsp;&nbsp;2153 | &nbsp;&nbsp;&nbsp;&nbsp;38590 0.3 |
| Reply SpA (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;729 | &nbsp;&nbsp;&nbsp;&nbsp;94843 0.8 |
|  |  | &nbsp;&nbsp;165450 |
| **Japan - 13.8%** | **Japan - 13.8%** | **Japan - 13.8%** |
| BML Inc. (Health Care Equipment & Services)† | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;52213 0.4 |
| Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;4200 | &nbsp;&nbsp;108946 0.9 |
| Daifuku Co., Ltd. (Capital Goods)† | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;99364 0.8 |
| GMO Payment Gateway Inc. (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;27786 0.2 |
| Hakuhodo DY Holdings Inc. (Media & Entertainment)† | &nbsp;&nbsp;9090 | &nbsp;&nbsp;&nbsp;&nbsp;98361 0.8 |
| Kakaku.com Inc. (Media & Entertainment)† | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;45061 0.4 |
| Keyence Corp. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;27716 0.2 |
| Komatsu Ltd. (Capital Goods)† | &nbsp;&nbsp;4740 | &nbsp;&nbsp;116170 0.9 |
| M3 Inc. (Health Care Equipment & Services)† | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;32829 0.3 |
| Makita Corp. (Capital Goods)† | &nbsp;&nbsp;3900 | &nbsp;&nbsp;104176 0.8 |
| MISUMI Group Inc. (Capital Goods)† | &nbsp;&nbsp;4500 | &nbsp;&nbsp;113119 0.9 |
| Nitori Holdings Co., Ltd. (Retailing)† | &nbsp;&nbsp;1000 | &nbsp;&nbsp;132550 1 |
| Recruit Holdings Co., Ltd. (Commercial & Professional Services)† | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;89878 0.7 |
| Rinnai Corp. (Consumer Durables & Apparel)† | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;86844 0.7 |
| Santen Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;27942 0.2 |
| Shimano Inc. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;107692 0.9 |
| Shionogi & Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;76400 0.6 |
| Shiseido Co., Ltd. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;41745 0.3 |
| SMC Corp. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;132177 1 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Equity Research Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** |
| **Japan - 13.8% (continued)** | **Japan - 13.8% (continued)** | **Japan - 13.8% (continued)** |
| Stanley Electric Co., Ltd. (Automobiles & Components)† | &nbsp;&nbsp;&nbsp;&nbsp;4415 | &nbsp;&nbsp;&nbsp;&nbsp;$94955 0.8 |
| Sugi Holdings Co., Ltd. (Food & Staples Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;1555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67993 0.5 |
| Sysmex Corp. (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33205 0.3 |
| UT Group Co., Ltd. (Commercial & Professional Services)† | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20382 0.2 |
|  |  | &nbsp;&nbsp;1737504 |
| **Kazakhstan - 0.7%** | **Kazakhstan - 0.7%** | **Kazakhstan - 0.7%** |
| Halyk Savings Bank of Kazakhstan JSC - GDR, Reg S (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;3384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35290 0.3 |
| Kaspi.KZ JSC - GDR, Reg S (Diversified Financials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48424 0.4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83714 |
| **Mexico - 1.4%** | **Mexico - 1.4%** | **Mexico - 1.4%** |
| Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57509 0.5 |
| Grupo Financiero Banorte SAB de CV, Series O (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77969 0.6 |
| Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | &nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39562 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;175040 |
| **Netherlands - 1.2%** | **Netherlands - 1.2%** | **Netherlands - 1.2%** |
| Adyen NV (Software & Services)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24188 0.2 |
| ASM International NV (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58301 0.5 |
| ASML Holding NV, Reg S (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66084 0.5 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;148573 |
| **Norway - 1.3%** | **Norway - 1.3%** | **Norway - 1.3%** |
| Adevinta ASA (Media & Entertainment)\*† | &nbsp;&nbsp;16158 | &nbsp;&nbsp;&nbsp;&nbsp;138353 1.1 |
| TOMRA Systems ASA (Commercial & Professional Services)† | &nbsp;&nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26399 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;164752 |
| **Panama - 0.3%** | **Panama - 0.3%** | **Panama - 0.3%** |
| Copa Holdings SA, Class A (Transportation)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37200 0.3 |
| **Peru - 0.3%** | **Peru - 0.3%** | **Peru - 0.3%** |
| Credicorp Ltd. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43379 0.3 |
| **Philippines - 2.7%** | **Philippines - 2.7%** | **Philippines - 2.7%** |
| Bank of the Philippine Islands (Banks)† | &nbsp;&nbsp;24270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46653 0.4 |
| BDO Unibank Inc. (Banks)† | &nbsp;&nbsp;20040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45277 0.4 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** |
| **Philippines - 2.7% (continued)** | **Philippines - 2.7% (continued)** | **Philippines - 2.7% (continued)** |
| International Container Terminal Services Inc. (Transportation)† | &nbsp;&nbsp;12650 | &nbsp;&nbsp;$48149 0.4 |
| Jollibee Foods Corp. (Consumer Services)† | &nbsp;&nbsp;&nbsp;&nbsp;8190 | &nbsp;&nbsp;&nbsp;&nbsp;35766 0.3 |
| Robinsons Retail Holdings Inc. (Food & Staples Retailing)† | &nbsp;&nbsp;35230 | &nbsp;&nbsp;&nbsp;&nbsp;37621 0.3 |
| Security Bank Corp. (Banks)† | &nbsp;&nbsp;19210 | &nbsp;&nbsp;&nbsp;&nbsp;32452 0.2 |
| SM Prime Holdings Inc. (Real Estate)† | &nbsp;&nbsp;74900 | &nbsp;&nbsp;&nbsp;&nbsp;50698 0.4 |
| Universal Robina Corp. (Food Beverage & Tobacco)† | &nbsp;&nbsp;14560 | &nbsp;&nbsp;&nbsp;&nbsp;36778 0.3 |
|  |  | &nbsp;&nbsp;333394 |
| **Poland - 0.5%** | **Poland - 0.5%** | **Poland - 0.5%** |
| Allegro.eu SA (Retailing)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;4376 | &nbsp;&nbsp;&nbsp;&nbsp;30491 0.2 |
| ING Bank Slaski SA (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp;35132 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;65623 |
| **Russia - 0.0%^^** | **Russia - 0.0%^^** | **Russia - 0.0%^^** |
| LUKOIL PJSC (Energy)‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0 |
| Novatek PJSC - Sponsored GDR, Reg S (Energy)\*‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0 |
| Sberbank of Russia PJSC (Banks)\*‡ | &nbsp;&nbsp;13556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0 |
| Yandex NV, Class A (Media & Entertainment)\*‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0 |
| **Saudi Arabia - 1.0%** | **Saudi Arabia - 1.0%** | **Saudi Arabia - 1.0%** |
| Al Rajhi Bank (Banks)\*† | &nbsp;&nbsp;&nbsp;&nbsp;1129 | &nbsp;&nbsp;&nbsp;&nbsp;24787 0.2 |
| Bupa Arabia for Cooperative Insurance Co. (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;1276 | &nbsp;&nbsp;&nbsp;&nbsp;53249 0.4 |
| Jarir Marketing Co. (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641 | &nbsp;&nbsp;&nbsp;&nbsp;25754 0.2 |
| Saudi National Bank (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;2214 | &nbsp;&nbsp;&nbsp;&nbsp;28005 0.2 |
|  |  | &nbsp;&nbsp;131795 |
| **Singapore - 2.1%** | **Singapore - 2.1%** | **Singapore - 2.1%** |
| DBS Group Holdings Ltd. (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;4814 | &nbsp;&nbsp;131785 1 |
| Oversea-Chinese Banking Corp., Ltd. (Banks)† | &nbsp;&nbsp;14038 | &nbsp;&nbsp;138538 1.1 |
|  |  | &nbsp;&nbsp;270323 |
| **Slovenia - 0.3%** | **Slovenia - 0.3%** | **Slovenia - 0.3%** |
| Krka dd Novo mesto (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp;34173 0.3 |
| **South Africa - 0.3%** | **South Africa - 0.3%** | **South Africa - 0.3%** |
| Discovery Ltd. (Insurance)\*† | &nbsp;&nbsp;&nbsp;&nbsp;4148 | &nbsp;&nbsp;&nbsp;&nbsp;32841 0.3 |
| **South Korea - 1.4%** | **South Korea - 1.4%** | **South Korea - 1.4%** |
| Amorepacific Corp. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp;27547 0.2 |
| Cheil Worldwide Inc. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;2148 | &nbsp;&nbsp;&nbsp;&nbsp;38400 0.3 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Equity Research Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** |
| **South Korea - 1.4% (continued)** | **South Korea - 1.4% (continued)** | **South Korea - 1.4% (continued)** |
| Coway Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;$23836 0.2 |
| LG H&H Co., Ltd. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;26155 0.2 |
| NAVER Corp. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;18496 0.2 |
| NCSoft Corp. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;39076 0.3 |
|  |  | &nbsp;&nbsp;173510 |
| **Spain - 3.2%** | **Spain - 3.2%** | **Spain - 3.2%** |
| Amadeus IT Group SA (Software & Services)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;29189 0.2 |
| Banco Bilbao Vizcaya Argentaria SA (Banks)† | &nbsp;&nbsp;19728 | &nbsp;&nbsp;138849 1.1 |
| Banco Santander SA - Sponsored ADR (Banks) | &nbsp;&nbsp;34683 | &nbsp;&nbsp;119656 1 |
| Bankinter SA (Banks)† | &nbsp;&nbsp;15831 | &nbsp;&nbsp;113954 0.9 |
|  |  | &nbsp;&nbsp;401648 |
| **Sweden - 5.2%** | **Sweden - 5.2%** | **Sweden - 5.2%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;2478 | &nbsp;&nbsp;&nbsp;&nbsp;77584 0.6 |
| Assa Abloy AB, Class B (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;4623 | &nbsp;&nbsp;108957 0.9 |
| Atlas Copco AB, Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;3548 | &nbsp;&nbsp;&nbsp;&nbsp;41964 0.3 |
| Epiroc AB, Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;5084 | &nbsp;&nbsp;&nbsp;&nbsp;98902 0.8 |
| Evolution AB (Consumer Services)^† | &nbsp;&nbsp;&nbsp;&nbsp;1144 | &nbsp;&nbsp;128562 1 |
| Hexagon AB, Class B (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;26341 0.2 |
| Intrum AB (Commercial & Professional Services)† | &nbsp;&nbsp;&nbsp;&nbsp;2169 | &nbsp;&nbsp;&nbsp;&nbsp;28182 0.2 |
| Skandinaviska Enskilda Banken AB, Class A (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;9177 | &nbsp;&nbsp;110972 0.9 |
| Thule Group AB (Consumer Durables & Apparel)^† | &nbsp;&nbsp;&nbsp;&nbsp;1256 | &nbsp;&nbsp;&nbsp;&nbsp;30084 0.3 |
|  |  | &nbsp;&nbsp;651548 |
| **Switzerland - 4.3%** | **Switzerland - 4.3%** | **Switzerland - 4.3%** |
| Alcon Inc. (Health Care Equipment & Services) | &nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;118456 0.9 |
| Cie Financiere Richemont SA, Class A, Reg S (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;72467 0.6 |
| Lonza Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;66792 0.5 |
| Novartis AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp;28851 0.2 |
| SGS SA, Reg S (Commercial & Professional Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;26816 0.2 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** |
| **Switzerland - 4.3% (continued)** | **Switzerland - 4.3% (continued)** | **Switzerland - 4.3% (continued)** |
| Sonova Holding AG, Reg S (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;$31001 0.2 |
| Straumann Holding AG, Reg S (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;37968 0.3 |
| Tecan Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp;81521 0.7 |
| Temenos AG, Reg S (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;21880 0.2 |
| VAT Group AG (Capital Goods)^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;58335 0.5 |
|  |  | &nbsp;&nbsp;544087 |
| **Taiwan - 2.3%** | **Taiwan - 2.3%** | **Taiwan - 2.3%** |
| Advantech Co., Ltd. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;2998 | &nbsp;&nbsp;&nbsp;&nbsp;34229 0.3 |
| Airtac International Group (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;1046 | &nbsp;&nbsp;&nbsp;&nbsp;35874 0.3 |
| Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;38495 0.3 |
| Delta Electronics Inc. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;29088 0.2 |
| Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;33363 0.3 |
| Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;30022 0.2 |
| Silergy Corp. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;20380 0.2 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;70569 0.5 |
|  |  | &nbsp;&nbsp;292020 |
| **Thailand - 0.4%** | **Thailand - 0.4%** | **Thailand - 0.4%** |
| SCB X pcl, Reg S (Banks)† | &nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp;45368 0.4 |
| **Turkey - 0.4%** | **Turkey - 0.4%** | **Turkey - 0.4%** |
| BIM Birlesik Magazalar AS (Food & Staples Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;7548 | &nbsp;&nbsp;&nbsp;&nbsp;50084 0.4 |
| **United Arab Emirates - 0.8%** | **United Arab Emirates - 0.8%** | **United Arab Emirates - 0.8%** |
| Agthia Group PJSC (Food Beverage & Tobacco)† | &nbsp;&nbsp;23110 | &nbsp;&nbsp;&nbsp;&nbsp;25601 0.2 |
| Emaar Properties PJSC (Real Estate)† | &nbsp;&nbsp;47766 | &nbsp;&nbsp;&nbsp;&nbsp;72415 0.6 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;98016 |
| **United Kingdom - 7.3%** | **United Kingdom - 7.3%** | **United Kingdom - 7.3%** |
| Abcam plc - Sponsored ADR (Pharmaceuticals, Biotechnology & Life Sciences)\* | &nbsp;&nbsp;&nbsp;&nbsp;4498 | &nbsp;&nbsp;&nbsp;&nbsp;62387 0.5 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Equity Research Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** |
| **United Kingdom - 7.3% (continued)** | **United Kingdom - 7.3% (continued)** | **United Kingdom - 7.3% (continued)** |
| Coca-Cola HBC AG - CDI (Food Beverage & Tobacco)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35464 0.3 |
| Compass Group plc (Consumer Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80609 0.6 |
| Dechra Pharmaceuticals plc (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30866 0.2 |
| Diploma plc (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117821 0.9 |
| Grafton Group plc (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66978 0.5 |
| Haleon plc (Household & Personal Products)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33612 0.3 |
| Rathbones Group plc (Diversified Financials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72193 0.6 |
| Reckitt Benckiser Group plc (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107031 0.9 |
| Rightmove plc (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58253 0.5 |
| Rio Tinto plc (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139310 1.1 |
| Spirax-Sarco Engineering plc (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35409 0.3 |
| Standard Chartered plc (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72907 0.6 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912840 |
| **Total Common Stocks (Cost $11,465,084)** | **Total Common Stocks (Cost $11,465,084)** | &nbsp;&nbsp;**$12123992<br>**  |
| **PREFERRED STOCKS - 1.7%** | **PREFERRED STOCKS - 1.7%** | **PREFERRED STOCKS - 1.7%** |
| **Brazil - 0.3%** | **Brazil - 0.3%** | **Brazil - 0.3%** |
| Banco Bradesco SA (Banks)\* | &nbsp;&nbsp;&nbsp;&nbsp;12021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33200 |
| **Colombia - 0.3%** | **Colombia - 0.3%** | **Colombia - 0.3%** |
| Bancolombia SA - Sponsored ADR, 6.75% (Banks)+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41261 |
| **Germany - 0.3%** | **Germany - 0.3%** | **Germany - 0.3%** |
| Sartorius AG, 0.31% (Pharmaceuticals, Biotechnology & Life Sciences)+† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31709 |
| **South Korea - 0.8%** | **South Korea - 0.8%** | **South Korea - 0.8%** |
| Samsung Electronics Co., Ltd. - GDR, Reg S, 2.44% (Technology Hardware & Equipment)+† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105366<br>|
| **Total Preferred Stocks (Cost $201,301)** | **Total Preferred Stocks (Cost $201,301)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$211536<br>**  |
| **SHORT TERM INVESTMENTS - 1.0%** | **SHORT TERM INVESTMENTS - 1.0%** | **SHORT TERM INVESTMENTS - 1.0%** |
| Northern Institutional Funds -<br> Treasury Portfolio (Premier Shares), 4.02% (Money Market Funds) | &nbsp;&nbsp;128466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128466 1.0<br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **SHORT TERM INVESTMENTS - 1.0% (continued)** | **SHORT TERM INVESTMENTS - 1.0% (continued)** |
| **Total Short Term Investments (Cost $128,466)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$128466<br>**  |
| **Total Investments — 99.3%** |  |
| **(Cost $11,794,851)** | &nbsp;&nbsp;**$12463994** |
| Other Assets Less Liabilities - 0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84309 |
| **Net Assets — 100.0%** | &nbsp;&nbsp;**$12548303** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | &nbsp;&nbsp;American Depositary Receipt |
| CDI | &nbsp;&nbsp;Chess Depositary Interest |
| GDR | &nbsp;&nbsp;Global Depositary Receipt |
| Reg S | &nbsp;&nbsp;Security sold outside United States without registration under the Securities Act of 1933. |
| *†* | &nbsp;&nbsp;*Investment categorized as level 2 security.* |
| *\** | &nbsp;&nbsp;*Non-income producing security.* |
| *^* | &nbsp;&nbsp;*Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 4.6% of net assets as of January 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.* |
| *‡* | &nbsp;&nbsp;*Investments categorized as level 3 security that is effectively valued at zero.* |
| *+* | &nbsp;&nbsp;*Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income.* |
| *^^* | &nbsp;&nbsp;*Amount is less than 0.005%.* |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Equity Research Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp;Percentage of<br> Net Assets |
| Automobiles & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;12.8 |
| Capital Goods | &nbsp;&nbsp;&nbsp;&nbsp;15.1 |
| Commercial & Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Consumer Durables & Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Diversified Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Food & Staples Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Food Beverage & Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Health Care Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Household & Personal Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| Media & Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| Pharmaceuticals, Biotechnology & Life Sciences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Software & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| Technology Hardware & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;99.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Emerging Markets Research Portfolio

#### Portfolio of Investments

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 94.3%** | **COMMON STOCKS - 94.3%** | **COMMON STOCKS - 94.3%** |
| **Bangladesh - 0.3%** | **Bangladesh - 0.3%** | **Bangladesh - 0.3%** |
| Square Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;10847 | &nbsp;&nbsp;$21324 0.3 |
| **Brazil - 7.9%** | **Brazil - 7.9%** | **Brazil - 7.9%** |
| Ambev SA - ADR (Food Beverage & Tobacco)\* | &nbsp;&nbsp;&nbsp;&nbsp;18932 | &nbsp;&nbsp;&nbsp;&nbsp;50359 0.7 |
| B3 SA - Brasil Bolsa Balcao (Diversified Financials) | &nbsp;&nbsp;&nbsp;&nbsp;43200 | &nbsp;&nbsp;110291 1.6 |
| Localiza Rent a Car SA (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;107309 1.5 |
| Magazine Luiza SA (Retailing)\* | &nbsp;&nbsp;&nbsp;&nbsp;62800 | &nbsp;&nbsp;&nbsp;&nbsp;54805 0.8 |
| Raia Drogasil SA (Food & Staples Retailing) | &nbsp;&nbsp;&nbsp;&nbsp;12700 | &nbsp;&nbsp;&nbsp;&nbsp;62120 0.9 |
| WEG SA (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;67797 1 |
| XP Inc., Class A (Diversified Financials)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5652 | &nbsp;&nbsp;100719 1.4 |
|  |  | &nbsp;&nbsp;553400 |
| **Chile - 0.7%** | **Chile - 0.7%** | **Chile - 0.7%** |
| Banco Santander Chile - ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983 | &nbsp;&nbsp;&nbsp;&nbsp;50443 0.7 |
| **China - 32.7%** | **China - 32.7%** | **China - 32.7%** |
| ANTA Sports Products Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;45406 0.6 |
| Baidu Inc., Class A (Media & Entertainment)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650 | &nbsp;&nbsp;&nbsp;&nbsp;44693 0.6 |
| Contemporary Amperex Technology Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;41605 0.6 |
| Country Garden Services Holdings Co., Ltd. (Real Estate)† | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;43298 0.6 |
| CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;100080 | &nbsp;&nbsp;114788 1.6 |
| ENN Energy Holdings Ltd. (Utilities)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;61698 0.9 |
| Foshan Haitian Flavouring & Food Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439 | &nbsp;&nbsp;&nbsp;&nbsp;28838 0.4 |
| Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;41306 0.6 |
| Glodon Co., Ltd., Class A (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;43674 0.6 |
| Guangzhou Tinci Materials Technology Co., Ltd., Class A (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;103198 1.5 |
| Haier Smart Home Co., Ltd., Class H (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;103453 1.5 |
| Haitian International Holdings Ltd. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;46239 0.7 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 94.3% (continued)** | **COMMON STOCKS - 94.3% (continued)** | **COMMON STOCKS - 94.3% (continued)** |
| **China - 32.7% (continued)** | **China - 32.7% (continued)** | **China - 32.7% (continued)** |
| Hangzhou Tigermed Consulting Co., Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)^† | &nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;$50846 0.7 |
| Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;4810 | &nbsp;&nbsp;&nbsp;&nbsp;19556 0.3 |
| Hongfa Technology Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;7420 | &nbsp;&nbsp;&nbsp;&nbsp;41264 0.6 |
| Inner Mongolia Yili Industrial Group Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;11300 | &nbsp;&nbsp;&nbsp;&nbsp;54709 0.8 |
| JD.com Inc., Class A (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;1852 | &nbsp;&nbsp;&nbsp;&nbsp;55096 0.8 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;36908 0.5 |
| Jiangsu Hengrui Medicine Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;6480 | &nbsp;&nbsp;&nbsp;&nbsp;40590 0.6 |
| Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;57205 0.8 |
| Kweichow Moutai Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;27335 0.4 |
| Li Ning Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;39464 0.6 |
| LONGi Green Energy Technology Co., Ltd., Class A (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;4760 | &nbsp;&nbsp;&nbsp;&nbsp;34117 0.5 |
| Meituan, Class B (Retailing)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;33195 0.5 |
| Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† | &nbsp;&nbsp;13600 | &nbsp;&nbsp;111544 1.6 |
| NetEase Inc. - ADR (Media & Entertainment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp;53077 0.8 |
| Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† | &nbsp;&nbsp;18500 | &nbsp;&nbsp;144403 2.0 |
| Qingdao Haier Biomedical Co., Ltd., Class A (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;31191 0.4 |
| SF Holding Co., Ltd., Class A (Transportation)† | &nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;47108 0.7 |
| Shandong Sinocera Functional Material Co., Ltd., Class A (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;30534 0.4 |
| Shanghai Friendess Electronic Technology Corp., Ltd., Class A (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;&nbsp;&nbsp;37324 0.5 |
| Shenzhen Inovance Technology Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;47520 0.7 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Emerging Markets Research Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 94.3% (continued)** | **COMMON STOCKS - 94.3% (continued)** | **COMMON STOCKS - 94.3% (continued)** |
| **China - 32.7% (continued)** | **China - 32.7% (continued)** | **China - 32.7% (continued)** |
| Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;$56382 0.8 |
| Songcheng Performance Development Co., Ltd., Class A (Consumer Services)† | &nbsp;&nbsp;19100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41206 0.6 |
| StarPower Semiconductor Ltd., Class A (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28186 0.4 |
| Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36602 0.5 |
| Tencent Holdings Ltd. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43866 0.6 |
| TravelSky Technology Ltd., Class H (Software & Services)† | &nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43590 0.6 |
| Trip.com Group Ltd. (Consumer Services)\*† | &nbsp;&nbsp;&nbsp;&nbsp;2011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74179 1.1 |
| Wuliangye Yibin Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43333 0.6 |
| WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;3227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44686 0.6 |
| Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49947 0.7 |
| Yonyou Network Technology Co., Ltd., Class A (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34973 0.5 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;14200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54027 0.8 |
| ZTO Express Cayman Inc. - ADR (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;1327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37833 0.5 |
|  |  | &nbsp;&nbsp;2299992 |
| **Colombia - 0.1%** | **Colombia - 0.1%** | **Colombia - 0.1%** |
| Cementos Argos SA (Materials) | &nbsp;&nbsp;15277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10513 0.1 |
| **Czech Republic - 0.6%** | **Czech Republic - 0.6%** | **Czech Republic - 0.6%** |
| Komercni banka AS (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23783 0.3 |
| Moneta Money Bank AS (Banks)^† | &nbsp;&nbsp;&nbsp;&nbsp;4818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17786 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41569 |
| **Egypt - 0.5%** | **Egypt - 0.5%** | **Egypt - 0.5%** |
| Commercial International Bank Egypt SAE - GDR, Reg S (Banks)† | &nbsp;&nbsp;23473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37974 0.5 |
| **Iceland - 0.2%** | **Iceland - 0.2%** | **Iceland - 0.2%** |
| Marel HF (Capital Goods)^† | &nbsp;&nbsp;&nbsp;&nbsp;3210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12415 0.2 |
| **India - 3.6%** | **India - 3.6%** | **India - 3.6%** |
| Asian Paints Ltd. (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;1186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39625 0.6 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 94.3% (continued)** | **COMMON STOCKS - 94.3% (continued)** | **COMMON STOCKS - 94.3% (continued)** |
| **India - 3.6% (continued)** | **India - 3.6% (continued)** | **India - 3.6% (continued)** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 | &nbsp;&nbsp;$103600 1.5 |
| Hero MotoCorp Ltd. (Automobiles & Components)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34672 0.5 |
| Max Financial Services Ltd. (Insurance)\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17196 0.2 |
| Tata Consultancy Services Ltd. (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57539 0.8 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;252632 |
| **Indonesia - 2.4%** | **Indonesia - 2.4%** | **Indonesia - 2.4%** |
| Astra International Tbk PT (Automobiles & Components)† | &nbsp;&nbsp;116400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46730 0.7 |
| Bank Rakyat Indonesia Persero Tbk PT (Banks)† | &nbsp;&nbsp;390500 | &nbsp;&nbsp;&nbsp;&nbsp;119580 1.7 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;166310 |
| **Kazakhstan - 0.7%** | **Kazakhstan - 0.7%** | **Kazakhstan - 0.7%** |
| Halyk Savings Bank of Kazakhstan JSC - GDR, Reg S (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18970 0.3 |
| Kaspi.KZ JSC - GDR, Reg S (Diversified Financials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28450 0.4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47420 |
| **Kenya - 0.2%** | **Kenya - 0.2%** | **Kenya - 0.2%** |
| Safaricom plc (Telecommunication Services)† | &nbsp;&nbsp;&nbsp;&nbsp;62300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11709 0.2 |
| **Kuwait - 0.7%** | **Kuwait - 0.7%** | **Kuwait - 0.7%** |
| National Bank of Kuwait (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;13744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49514 0.7 |
| **Malaysia - 0.5%** | **Malaysia - 0.5%** | **Malaysia - 0.5%** |
| Dialog Group Bhd. (Energy)† | &nbsp;&nbsp;&nbsp;&nbsp;57600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35263 0.5 |
| **Mexico - 4.5%** | **Mexico - 4.5%** | **Mexico - 4.5%** |
| Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601 | &nbsp;&nbsp;&nbsp;&nbsp;140568 2.0 |
| Grupo Financiero Banorte SAB de CV, Series O (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;15300 | &nbsp;&nbsp;&nbsp;&nbsp;126906 1.8 |
| Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48963 0.7 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;316437 |
| **Morocco - 0.4%** | **Morocco - 0.4%** | **Morocco - 0.4%** |
| Attijariwafa Bank (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15180 0.2 |
| Itissalat Al-Maghrib (Telecommunication Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14177 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29357 |
| **Panama - 0.7%** | **Panama - 0.7%** | **Panama - 0.7%** |
| Copa Holdings SA, Class A (Transportation)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47697 0.7 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Emerging Markets Research Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 94.3% (continued)** | **COMMON STOCKS - 94.3% (continued)** | **COMMON STOCKS - 94.3% (continued)** |
| **Peru - 1.4%** | **Peru - 1.4%** | **Peru - 1.4%** |
| Credicorp Ltd. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;$100322 1.4 |
| **Philippines - 4.1%** | **Philippines - 4.1%** | **Philippines - 4.1%** |
| Bank of the Philippine Islands (Banks)† | &nbsp;&nbsp;13720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26373 0.4 |
| BDO Unibank Inc. (Banks)† | &nbsp;&nbsp;29388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66396 0.9 |
| International Container Terminal Services Inc. (Transportation)† | &nbsp;&nbsp;17050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64896 0.9 |
| Jollibee Foods Corp. (Consumer Services)† | &nbsp;&nbsp;&nbsp;&nbsp;6330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27643 0.4 |
| Robinsons Retail Holdings Inc. (Food & Staples Retailing)† | &nbsp;&nbsp;16410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17524 0.2 |
| Security Bank Corp. (Banks)† | &nbsp;&nbsp;10700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18076 0.3 |
| SM Prime Holdings Inc. (Real Estate)† | &nbsp;&nbsp;71600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48465 0.7 |
| Universal Robina Corp. (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;8270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20890 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;290263 |
| **Poland - 0.8%** | **Poland - 0.8%** | **Poland - 0.8%** |
| Allegro.eu SA (Retailing)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;5182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36106 0.5 |
| ING Bank Slaski SA (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20207 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56313 |
| **Romania - 0.7%** | **Romania - 0.7%** | **Romania - 0.7%** |
| Banca Transilvania SA (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;4342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19069 0.3 |
| Societatea Nationala de Gaze Naturale ROMGAZ SA (Energy)† | &nbsp;&nbsp;&nbsp;&nbsp;3059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27145 0.4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46214 |
| **Russia - 0.0%^^** | **Russia - 0.0%^^** | **Russia - 0.0%^^** |
| LUKOIL PJSC (Energy)‡ | &nbsp;&nbsp;&nbsp;&nbsp;1738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0.0 |
| Novatek PJSC - Sponsored GDR, Reg S (Energy)\*‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0.0 |
| Sberbank of Russia PJSC (Banks)\*‡ | &nbsp;&nbsp;34876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0.0 |
| Yandex NV, Class A (Media & Entertainment)\*‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— 0.0 |
| **Saudi Arabia - 3.1%** | **Saudi Arabia - 3.1%** | **Saudi Arabia - 3.1%** |
| Al Rajhi Bank (Banks)\*† | &nbsp;&nbsp;&nbsp;&nbsp;2371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52054 0.7 |
| Bupa Arabia for Cooperative Insurance Co. (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32384 0.5 |
| Jarir Marketing Co. (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47209 0.7 |
| Saudi National Bank (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;6691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84635 1.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;216282 |
| **Slovenia - 0.3%** | **Slovenia - 0.3%** | **Slovenia - 0.3%** |
| Krka dd Novo mesto (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20188 0.3 |
| **South Africa - 1.3%** | **South Africa - 1.3%** | **South Africa - 1.3%** |
| Clicks Group Ltd. (Food & Staples Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;2121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32275 0.5 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 94.3% (continued)** | **COMMON STOCKS - 94.3% (continued)** | **COMMON STOCKS - 94.3% (continued)** |
| **South Africa - 1.3% (continued)** | **South Africa - 1.3% (continued)** | **South Africa - 1.3% (continued)** |
| Discovery Ltd. (Insurance)\*† | &nbsp;&nbsp;&nbsp;&nbsp;7083 | &nbsp;&nbsp;$56079 0.8 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;88354 |
| **South Korea - 6.4%** | **South Korea - 6.4%** | **South Korea - 6.4%** |
| Amorepacific Corp. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;&nbsp;53781 0.8 |
| Cheil Worldwide Inc. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;3592 | &nbsp;&nbsp;&nbsp;&nbsp;64215 0.9 |
| Coway Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;48673 0.7 |
| LG H&H Co., Ltd. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;59610 0.8 |
| NAVER Corp. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;87479 1.2 |
| NCSoft Corp. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;139185 2.0 |
|  |  | &nbsp;&nbsp;452943 |
| **Taiwan - 11.5%** | **Taiwan - 11.5%** | **Taiwan - 11.5%** |
| Advantech Co., Ltd. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;5499 | &nbsp;&nbsp;&nbsp;&nbsp;62784 0.9 |
| Airtac International Group (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;120037 1.7 |
| ASPEED Technology Inc. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;43064 0.6 |
| Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;58756 0.8 |
| Delta Electronics Inc. (Technology Hardware & Equipment)† | &nbsp;&nbsp;13000 | &nbsp;&nbsp;126048 1.8 |
| Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;50045 0.7 |
| Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† | &nbsp;&nbsp;35000 | &nbsp;&nbsp;116752 1.7 |
| Silergy Corp. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;110052 1.6 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;123495 1.7 |
|  |  | &nbsp;&nbsp;811033 |
| **Thailand - 2.3%** | **Thailand - 2.3%** | **Thailand - 2.3%** |
| Bumrungrad Hospital pcl, Reg S (Health Care Equipment & Services)† | &nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;67052 0.9 |
| SCB X pcl, Reg S (Banks)† | &nbsp;&nbsp;30400 | &nbsp;&nbsp;&nbsp;&nbsp;95777 1.4 |
|  |  | &nbsp;&nbsp;162829 |
| **Turkey - 0.9%** | **Turkey - 0.9%** | **Turkey - 0.9%** |
| BIM Birlesik Magazalar AS (Food & Staples Retailing)† | &nbsp;&nbsp;10101 | &nbsp;&nbsp;&nbsp;&nbsp;67025 0.9 |
| **United Arab Emirates - 2.0%** | **United Arab Emirates - 2.0%** | **United Arab Emirates - 2.0%** |
| Agthia Group PJSC (Food Beverage & Tobacco)† | &nbsp;&nbsp;13882 | &nbsp;&nbsp;&nbsp;&nbsp;15378 0.2 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Emerging Markets Research Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 94.3% (continued)** | **COMMON STOCKS - 94.3% (continued)** | **COMMON STOCKS - 94.3% (continued)** |
| **United Arab Emirates - 2.0% (continued)** | **United Arab Emirates - 2.0% (continued)** | **United Arab Emirates - 2.0% (continued)** |
| Emaar Properties PJSC (Real Estate)† | &nbsp;&nbsp;80939 | &nbsp;&nbsp;&nbsp;&nbsp;$122706 1.8 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138084 |
| **Vietnam - 2.8%** | **Vietnam - 2.8%** | **Vietnam - 2.8%** |
| Bank for Foreign Trade of Vietnam JSC (Banks)\*† | &nbsp;&nbsp;17946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70394 1 |
| Hoa Phat Group JSC (Materials)† | &nbsp;&nbsp;76655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72128 1 |
| Saigon Beer Alcohol Beverage Corp. (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;2320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18711 0.3 |
| Vietnam Dairy Products JSC (Food Beverage & Tobacco)† | &nbsp;&nbsp;11810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38866 0.5 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200099 |
| **Total Common Stocks (Cost $6,839,485)** | **Total Common Stocks (Cost $6,839,485)** | &nbsp;&nbsp;**$6633918<br>**  |
| **PREFERRED STOCKS - 4.1%** | **PREFERRED STOCKS - 4.1%** | **PREFERRED STOCKS - 4.1%** |
| **Brazil - 1.9%** | **Brazil - 1.9%** | **Brazil - 1.9%** |
| Banco Bradesco SA (Banks)\* | &nbsp;&nbsp;48682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134452 |
| **Colombia - 0.4%** | **Colombia - 0.4%** | **Colombia - 0.4%** |
| Bancolombia SA - Sponsored ADR, 6.75% (Banks)+ | &nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30855 |
| **South Korea - 1.8%** | **South Korea - 1.8%** | **South Korea - 1.8%** |
| Samsung Electronics Co., Ltd. - GDR, Reg S, 2.44% (Technology Hardware & Equipment)+† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125542<br>|
| **Total Preferred Stocks (Cost $276,422)** | **Total Preferred Stocks (Cost $276,422)** | &nbsp;&nbsp;&nbsp;&nbsp;**$290849<br>**  |
| **SHORT TERM INVESTMENTS - 0.7%** | **SHORT TERM INVESTMENTS - 0.7%** | **SHORT TERM INVESTMENTS - 0.7%** |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares), 4.02% (Money Market Funds) | &nbsp;&nbsp;46593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46593 0.7<br>|
| **Total Short Term Investments (Cost $46,593)** | **Total Short Term Investments (Cost $46,593)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$46593<br>**  |
| **Total Investments — 99.1%** | **Total Investments — 99.1%** |  |
| **(Cost $7,162,500)** | **(Cost $7,162,500)** | &nbsp;&nbsp;**$6971360** |
| Other Assets Less Liabilities - 0.9% | Other Assets Less Liabilities - 0.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66819 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;**$7038179** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | &nbsp;&nbsp;American Depositary Receipt |
| GDR | &nbsp;&nbsp;Global Depositary Receipt |
| Reg S | &nbsp;&nbsp;Security sold outside United States without registration under the Securities Act of 1933. |
| *†* | &nbsp;&nbsp;*Investment categorized as level 2 security.* |
| *\** | &nbsp;&nbsp;*Non-income producing security.* |
| *^* | &nbsp;&nbsp;*Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 3.4% of net assets as of January 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.* |
| *‡* | &nbsp;&nbsp;*Investments categorized as level 3 security that is effectively valued at zero.* |
| *+* | &nbsp;&nbsp;*Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income.* |
| *^^* | &nbsp;&nbsp;*Amount is less than 0.005%.* |

---

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp;Percentage of<br> Net Assets |
| Automobiles & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;18.2 |
| Capital Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| Consumer Durables & Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Diversified Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Food & Staples Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Food Beverage & Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| Health Care Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Household & Personal Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Media & Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Pharmaceuticals, Biotechnology & Life Sciences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Software & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Technology Hardware & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 |
| Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;99.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Chinese Equity Portfolio

#### Portfolio of Investments

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 99.6%** | **COMMON STOCKS - 99.6%** | **COMMON STOCKS - 99.6%** |
| **China - 84.2%** | **China - 84.2%** | **China - 84.2%** |
| Alibaba Group Holding Ltd. (Retailing)\*† | &nbsp;&nbsp;10500 | &nbsp;&nbsp;$145092 |
| ANTA Sports Products Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83245 |
| Baidu Inc., Class A (Media & Entertainment)\*† | &nbsp;&nbsp;&nbsp;&nbsp;2358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39769 |
| Chacha Food Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;4602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31150 |
| China Tourism Group Duty Free Corp., Ltd., Class A (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;107576 |
| Contemporary Amperex Technology Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90144 |
| Country Garden Services Holdings Co., Ltd. (Real Estate)† | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16237 |
| CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82581 |
| ENN Energy Holdings Ltd. (Utilities)† | &nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76747 |
| Foshan Haitian Flavouring & Food Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;2999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35460 |
| Fuyao Glass Industry Group Co., Ltd., Class A (Automobiles & Components)† | &nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16811 |
| Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† | &nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45240 |
| Haier Smart Home Co., Ltd., Class H (Consumer Durables & Apparel)† | &nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42859 |
| Haitian International Holdings Ltd. (Capital Goods)† | &nbsp;&nbsp;24020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74043 |
| Hangzhou Tigermed Consulting Co., Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)^† | &nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;100389 |
| Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† | &nbsp;&nbsp;17880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72693 |
| Hongfa Technology Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;5880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32700 |
| Inner Mongolia Yili Industrial Group Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99251 |
| JD.com Inc., Class A (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;2971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88386 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17483 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 99.6% (continued)** | **COMMON STOCKS - 99.6% (continued)** | **COMMON STOCKS - 99.6% (continued)** |
| **China - 84.2% (continued)** | **China - 84.2% (continued)** | **China - 84.2% (continued)** |
| Jiangsu Hengrui Medicine Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;$48858 |
| Kweichow Moutai Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;27335 |
| Li Ning Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;39464 |
| LONGi Green Energy Technology Co., Ltd., Class A (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;10560 | &nbsp;&nbsp;&nbsp;&nbsp;75687 |
| Meituan, Class B (Retailing)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9580 |
| Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† | &nbsp;&nbsp;11300 | &nbsp;&nbsp;&nbsp;&nbsp;92680 |
| NetEase Inc. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;72536 |
| Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;78055 |
| Qingdao Haier Biomedical Co., Ltd., Class A (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;43022 |
| Sangfor Technologies Inc., Class A (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;1529 | &nbsp;&nbsp;&nbsp;&nbsp;34259 |
| SF Holding Co., Ltd., Class A (Transportation)† | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;65427 |
| Shandong Sinocera Functional Material Co., Ltd., Class A (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;47497 |
| Shanghai Friendess Electronic Technology Corp., Ltd., Class A (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;32387 |
| Shenzhen Inovance Technology Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp;71808 |
| Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;87706 |
| StarPower Semiconductor Ltd., Class A (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;56373 |
| Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;65070 |
| Tencent Holdings Ltd. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;209584 |
| TravelSky Technology Ltd., Class H (Software & Services)† | &nbsp;&nbsp;51000 | &nbsp;&nbsp;105861 |
| Trip.com Group Ltd. (Consumer Services)\*† | &nbsp;&nbsp;&nbsp;&nbsp;2796 | &nbsp;&nbsp;103134 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Chinese Equity Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 99.6% (continued)** | **COMMON STOCKS - 99.6% (continued)** | **COMMON STOCKS - 99.6% (continued)** |
| **China - 84.2% (continued)** | **China - 84.2% (continued)** | **China - 84.2% (continued)** |
| Wuliangye Yibin Co., Ltd., Class A (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21666 |
| WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;8360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115767 |
| Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\*^† | &nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120704 |
| Yonyou Network Technology Co., Ltd., Class A (Software & Services)† | &nbsp;&nbsp;17300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63024 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;23800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90552 |
| Zhejiang Shuanghuan Driveline Co., Ltd., Class A (Automobiles & Components)† | &nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40535 |
| ZTO Express Cayman Inc. (Transportation)† | &nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3154942 |
| **Hong Kong - 9.0%** | **Hong Kong - 9.0%** | **Hong Kong - 9.0%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117442 |
| ASMPT Ltd. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33876 |
| Budweiser Brewing Co. APAC Ltd. (Food Beverage & Tobacco)^† | &nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39059 |
| Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)† | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49441 |
| Techtronic Industries Co., Ltd. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96696 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336514 |
| **Taiwan - 6.4%** | **Taiwan - 6.4%** | **Taiwan - 6.4%** |
| Airtac International Group (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130326 |
| Delta Electronics Inc. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29088 |
| Silergy Corp. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240934 |
| **Total Common Stocks (Cost $4,287,969)** | **Total Common Stocks (Cost $4,287,969)** | &nbsp;&nbsp;**$3732390<br>**  |
| **SHORT TERM INVESTMENTS - 0.5%** | **SHORT TERM INVESTMENTS - 0.5%** | **SHORT TERM INVESTMENTS - 0.5%** |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares), 4.02% (Money Market Funds) | &nbsp;&nbsp;18933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18933<br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **SHORT TERM INVESTMENTS - 0.5% (continued)** | **SHORT TERM INVESTMENTS - 0.5% (continued)** |
| **Total Short Term Investments (Cost $18,933)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$18933<br>**  |
| **Total Investments — 100.1%** |  |
| **(Cost $4,306,902)** | &nbsp;&nbsp;**$3751323** |
| Liabilities Less Other Assets - (0.1)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4250) |
| **Net Assets — 100.0%** | &nbsp;&nbsp;**$3747073** |

---

---

| |
|:---|
| *\* Non-income producing security.* |
| *† Investment categorized as level 2 security.* |
| *^ Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 8.4% of net assets as of January 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.* |

---

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp;Percentage of<br> Net Assets |
| Automobiles & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| Capital Goods | &nbsp;&nbsp;&nbsp;&nbsp;18.1 |
| Consumer Durables & Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 |
| Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Diversified Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Food Beverage & Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| Health Care Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Media & Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 |
| Pharmaceuticals, Biotechnology & Life Sciences | &nbsp;&nbsp;&nbsp;&nbsp;12.5 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| Software & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Technology Hardware & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;100.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities Less Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Emerging Markets ex China Portfolio

#### Portfolio of Investments

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 95.9%** | **COMMON STOCKS - 95.9%** | **COMMON STOCKS - 95.9%** |
| **Brazil - 8.6%** | **Brazil - 8.6%** | **Brazil - 8.6%** |
| B3 SA - Brasil Bolsa Balcao (Diversified Financials) | &nbsp;&nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp;$31658 1 |
| Localiza Rent a Car SA (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7218 | &nbsp;&nbsp;&nbsp;&nbsp;84191 2.5 |
| Lojas Renner SA (Retailing)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp;36644 1.1 |
| Magazine Luiza SA (Retailing)\* | &nbsp;&nbsp;&nbsp;&nbsp;49300 | &nbsp;&nbsp;&nbsp;&nbsp;43023 1.3 |
| WEG SA (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp;71564 2.1 |
| XP Inc., Class A (Diversified Financials)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp;21544 0.6 |
|  |  | &nbsp;&nbsp;288624 |
| **Colombia - 1.4%** | **Colombia - 1.4%** | **Colombia - 1.4%** |
| Ecopetrol SA - Sponsored ADR (Energy) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995 | &nbsp;&nbsp;&nbsp;&nbsp;45503 1.4 |
| **Czech Republic - 1.1%** | **Czech Republic - 1.1%** | **Czech Republic - 1.1%** |
| Komercni banka AS (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 | &nbsp;&nbsp;&nbsp;&nbsp;37291 1.1 |
| **Egypt - 0.6%** | **Egypt - 0.6%** | **Egypt - 0.6%** |
| Commercial International Bank Egypt SAE - GDR, Reg S (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;12477 | &nbsp;&nbsp;&nbsp;&nbsp;20185 0.6 |
| **India - 14.1%** | **India - 14.1%** | **India - 14.1%** |
| Asian Paints Ltd. (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531 | &nbsp;&nbsp;&nbsp;&nbsp;51152 1.5 |
| HDFC Bank Ltd. (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4299 | &nbsp;&nbsp;&nbsp;&nbsp;84585 2.5 |
| Housing Development Finance Corp., Ltd. (Diversified Financials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2556 | &nbsp;&nbsp;&nbsp;&nbsp;82062 2.4 |
| Kotak Mahindra Bank Ltd. (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;&nbsp;58819 1.7 |
| Maruti Suzuki India Ltd. (Automobiles & Components)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;&nbsp;65781 2 |
| Tata Consultancy Services Ltd. (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227 | &nbsp;&nbsp;133008 4 |
|  |  | &nbsp;&nbsp;475407 |
| **Indonesia - 6.2%** | **Indonesia - 6.2%** | **Indonesia - 6.2%** |
| Astra International Tbk PT (Automobiles & Components)† | &nbsp;&nbsp;132800 | &nbsp;&nbsp;&nbsp;&nbsp;53314 1.6 |
| Bank Central Asia Tbk PT (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;72700 | &nbsp;&nbsp;&nbsp;&nbsp;41202 1.2 |
| Bank Rakyat Indonesia Persero Tbk PT (Banks)† | &nbsp;&nbsp;205400 | &nbsp;&nbsp;&nbsp;&nbsp;62898 1.9 |
| Telkom Indonesia Persero Tbk PT (Telecommunication Services)† | &nbsp;&nbsp;194700 | &nbsp;&nbsp;&nbsp;&nbsp;50385 1.5 |
|  |  | &nbsp;&nbsp;207799 |
| **Italy - 2.1%** | **Italy - 2.1%** | **Italy - 2.1%** |
| Tenaris SA - ADR (Energy) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011 | &nbsp;&nbsp;&nbsp;&nbsp;71290 2.1 |
| **Kazakhstan - 0.1%** | **Kazakhstan - 0.1%** | **Kazakhstan - 0.1%** |
| Kaspi.KZ JSC - GDR, Reg S (Diversified Financials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4054 0.1 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** |
| **Mexico - 9.8%** | **Mexico - 9.8%** | **Mexico - 9.8%** |
| Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;$101409 3.0 |
| Grupo Aeroportuario del Sureste SAB de CV - ADR (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79424 2.4 |
| Grupo Financiero Banorte SAB de CV, Series O (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56403 1.7 |
| Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | &nbsp;&nbsp;23700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92834 2.7 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;330070 |
| **Panama - 2.4%** | **Panama - 2.4%** | **Panama - 2.4%** |
| Copa Holdings SA, Class A (Transportation)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79189 2.4 |
| **Saudi Arabia - 2.1%** | **Saudi Arabia - 2.1%** | **Saudi Arabia - 2.1%** |
| Al Rajhi Bank (Banks)\*† | &nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29858 0.9 |
| Mouwasat Medical Services Co. (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41624 1.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71482 |
| **South Africa - 4.3%** | **South Africa - 4.3%** | **South Africa - 4.3%** |
| Clicks Group Ltd. (Food & Staples Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;4274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65038 2.0 |
| Discovery Ltd. (Insurance)\*† | &nbsp;&nbsp;&nbsp;&nbsp;4720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37370 1.1 |
| Standard Bank Group Ltd. (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;4119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40990 1.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;143398 |
| **South Korea - 13.0%** | **South Korea - 13.0%** | **South Korea - 13.0%** |
| Coway Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39166 1.2 |
| LG H&H Co., Ltd. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81507 2.4 |
| NAVER Corp. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67151 2.0 |
| NCSoft Corp. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71825 2.1 |
| Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;176196 5.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;435845 |
| **Taiwan - 16.9%** | **Taiwan - 16.9%** | **Taiwan - 16.9%** |
| Airtac International Group (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;116608 3.5 |
| ASPEED Technology Inc. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49826 1.5 |
| Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83407 2.5 |
| Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63380 1.9 |
| Silergy Corp. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50950 1.5 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Emerging Markets ex China Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** |
| **Taiwan - 16.9% (continued)** | **Taiwan - 16.9% (continued)** | **Taiwan - 16.9% (continued)** |
| Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp;$202885 6.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567056 |
| **Thailand - 3.1%** | **Thailand - 3.1%** | **Thailand - 3.1%** |
| Bangkok Dusit Medical Services pcl, Class F, Reg S (Health Care Equipment & Services)† | &nbsp;&nbsp;64700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58311 1.7 |
| SCB X pcl, Reg S (Banks)† | &nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45683 1.4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103994 |
| **United Arab Emirates - 2.2%** | **United Arab Emirates - 2.2%** | **United Arab Emirates - 2.2%** |
| Emaar Properties PJSC (Real Estate)† | &nbsp;&nbsp;49769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75451 2.2 |
| **United Kingdom - 5.1%** | **United Kingdom - 5.1%** | **United Kingdom - 5.1%** |
| Bank of Georgia Group plc (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42293 1.2 |
| Coca-Cola HBC AG - CDI (Food Beverage & Tobacco)\*† | &nbsp;&nbsp;&nbsp;&nbsp;3176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76989 2.3 |
| Network International Holdings plc (Software & Services)\*^† | &nbsp;&nbsp;16418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53232 1.6 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172514 |
| **United States - 2.8%** | **United States - 2.8%** | **United States - 2.8%** |
| EPAM Systems Inc. (Software & Services)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94473 2.8<br>|
| **Total Common Stocks (Cost $2,991,630)** | **Total Common Stocks (Cost $2,991,630)** | &nbsp;&nbsp;**$3223625<br>**  |
| **PREFERRED STOCKS - 2.2%** | **PREFERRED STOCKS - 2.2%** | **PREFERRED STOCKS - 2.2%** |
| **Brazil - 1.3%** | **Brazil - 1.3%** | **Brazil - 1.3%** |
| Banco Bradesco SA - ADR (Banks)\* | &nbsp;&nbsp;15761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43973 |
| **Colombia - 0.9%** | **Colombia - 0.9%** | **Colombia - 0.9%** |
| Bancolombia SA - Sponsored ADR, 6.75% (Banks)+ | &nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31248<br>|
| **Total Preferred Stocks (Cost $74,615)** | **Total Preferred Stocks (Cost $74,615)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$75221<br>**  |
| **RIGHTS - 0.0%^^** | **RIGHTS - 0.0%^^** | **RIGHTS - 0.0%^^** |
| **Brazil - 0.0%^^** | **Brazil - 0.0%^^** | **Brazil - 0.0%^^** |
| Localiza Rent a Car SA (Transportation)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76<br>|
| **Total Rights (Cost $0)** | **Total Rights (Cost $0)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$76<br>**  |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **SHORT TERM INVESTMENTS - 2.7%** | **SHORT TERM INVESTMENTS - 2.7%** | **SHORT TERM INVESTMENTS - 2.7%** |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares), 4.02% (Money Market Funds) | &nbsp;&nbsp;88818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$88818 2.7<br>|
| **Total Short Term Investments (Cost $88,818)** | **Total Short Term Investments (Cost $88,818)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$88818<br>**  |
| **Total Investments — 100.8%** | **Total Investments — 100.8%** |  |
| **(Cost $3,155,063)** | **(Cost $3,155,063)** | &nbsp;&nbsp;**$3387740** |
| Liabilities Less Other Assets - (0.8)% | Liabilities Less Other Assets - (0.8)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27148) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;**$3360592** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | &nbsp;&nbsp;American Depositary Receipt |
| CDI | &nbsp;&nbsp;Chess Depositary Interest |
| GDR | &nbsp;&nbsp;Global Depositary Receipt |
| Reg S | &nbsp;&nbsp;Security sold outside United States without registration under the Securities Act of 1933. |
| *\** | &nbsp;&nbsp;*Non-income producing security.* |
| *†* | &nbsp;&nbsp;*Investment categorized as level 2 security.* |
| *^* | &nbsp;&nbsp;*Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.6% of net assets as of January 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.* |
| *+* | &nbsp;&nbsp;*Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income.* |
| *^^* | &nbsp;&nbsp;*Amount is less than 0.005%.* |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### Emerging Markets ex China Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp;Percentage of<br> Net Assets |
| Automobiles & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6% |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;17.6 |
| Capital Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Consumer Durables & Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Diversified Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Food & Staples Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Food Beverage & Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| Health Care Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Household & Personal Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Media & Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.0 |
| Software & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| Technology Hardware & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 |
| Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;100.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities Less Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Developed Markets Equity Portfolio

#### Portfolio of Investments

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.7%** | **COMMON STOCKS - 96.7%** | **COMMON STOCKS - 96.7%** |
| **Australia - 3.9%** | **Australia - 3.9%** | **Australia - 3.9%** |
| BHP Group Ltd. - Sponsored ADR (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;46681 | &nbsp;&nbsp;$3274672 3.5 |
| Woodside Energy Group Ltd. - ADR (Energy) | &nbsp;&nbsp;&nbsp;&nbsp;15786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410120 0.4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3684792 |
| **Brazil - 0.5%** | **Brazil - 0.5%** | **Brazil - 0.5%** |
| Ambev SA - ADR (Food Beverage & Tobacco)\* | &nbsp;&nbsp;&nbsp;&nbsp;98799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262805 0.3 |
| XP Inc., Class A (Diversified Financials)\* | &nbsp;&nbsp;&nbsp;&nbsp;10373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184847 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447652 |
| **Canada - 4.3%** | **Canada - 4.3%** | **Canada - 4.3%** |
| Alimentation Couche-Tard Inc. (Food & Staples Retailing) | &nbsp;&nbsp;&nbsp;&nbsp;30100 | &nbsp;&nbsp;&nbsp;&nbsp;1374526 1.5 |
| Canadian National Railway Co. (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8586 | &nbsp;&nbsp;&nbsp;&nbsp;1022507 1.1 |
| Manulife Financial Corp. (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;1602894 1.7 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3999927 |
| **China - 3.0%** | **China - 3.0%** | **China - 3.0%** |
| Haier Smart Home Co., Ltd., Class H (Consumer Durables & Apparel)† | &nbsp;&nbsp;205800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760379 0.8 |
| LONGi Green Energy Technology Co., Ltd., Class A (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;46800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335432 0.4 |
| Meituan, Class B (Retailing)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 0.0 |
| Tencent Holdings Ltd. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;21800 | &nbsp;&nbsp;&nbsp;&nbsp;1062542 1.1 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;173253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659174 0.7 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2818864 |
| **Denmark - 0.9%** | **Denmark - 0.9%** | **Denmark - 0.9%** |
| Novozymes A/S, Class B (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;15821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823590 0.9 |
| **France - 12.1%** | **France - 12.1%** | **France - 12.1%** |
| Air Liquide SA (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8265 | &nbsp;&nbsp;&nbsp;&nbsp;1317142 1.4 |
| Dassault Systemes SE (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;36613 | &nbsp;&nbsp;&nbsp;&nbsp;1360785 1.4 |
| Kering SA (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580 | &nbsp;&nbsp;&nbsp;&nbsp;1610683 1.7 |
| L'Oreal SA (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9209 | &nbsp;&nbsp;&nbsp;&nbsp;3804073 4.1 |
| Schneider Electric SE (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;20076 | &nbsp;&nbsp;&nbsp;&nbsp;3255470 3.5 |
|  |  | &nbsp;&nbsp;11348153 |
| **Germany - 10.3%** | **Germany - 10.3%** | **Germany - 10.3%** |
| Allianz SE, Reg S (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;12753 | &nbsp;&nbsp;&nbsp;&nbsp;3042395 3.3 |
| Infineon Technologies AG (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;99974 | &nbsp;&nbsp;&nbsp;&nbsp;3576076 3.8 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.7% (continued)** | **COMMON STOCKS - 96.7% (continued)** | **COMMON STOCKS - 96.7% (continued)** |
| **Germany - 10.3% (continued)** | **Germany - 10.3% (continued)** | **Germany - 10.3% (continued)** |
| SAP SE - Sponsored ADR (Software & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14108 | &nbsp;&nbsp;$1672221 1.8 |
| Symrise AG (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12551 | &nbsp;&nbsp;&nbsp;&nbsp;1329775 1.4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9620467 |
| **Hong Kong - 3.5%** | **Hong Kong - 3.5%** | **Hong Kong - 3.5%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;294400 | &nbsp;&nbsp;&nbsp;&nbsp;3324516 3.5 |
| **India - 0.9%** | **India - 0.9%** | **India - 0.9%** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868472 0.9 |
| **Indonesia - 0.4%** | **Indonesia - 0.4%** | **Indonesia - 0.4%** |
| Telkom Indonesia Persero Tbk PT (Telecommunication Services)† | &nbsp;&nbsp;1322600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342266 0.4 |
| **Japan - 17.4%** | **Japan - 17.4%** | **Japan - 17.4%** |
| Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;1841705 2.0 |
| Daifuku Co., Ltd. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp;1081968 1.1 |
| FANUC Corp. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814194 0.9 |
| Keyence Corp. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;1570551 1.7 |
| Komatsu Ltd. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61900 | &nbsp;&nbsp;&nbsp;&nbsp;1517080 1.6 |
| Kubota Corp. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88700 | &nbsp;&nbsp;&nbsp;&nbsp;1331126 1.4 |
| Nitori Holdings Co., Ltd. (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp;1338755 1.4 |
| Shimano Inc. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;1184609 1.2 |
| Shionogi & Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;1384756 1.5 |
| Shiseido Co., Ltd. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27600 | &nbsp;&nbsp;&nbsp;&nbsp;1440191 1.5 |
| Sysmex Corp. (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp;1095766 1.2 |
| Unicharm Corp. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45900 | &nbsp;&nbsp;&nbsp;&nbsp;1753038 1.9 |
|  |  | &nbsp;&nbsp;16353739 |
| **Mexico - 0.6%** | **Mexico - 0.6%** | **Mexico - 0.6%** |
| Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517318 0.6 |
| **Netherlands - 2.1%** | **Netherlands - 2.1%** | **Netherlands - 2.1%** |
| Adyen NV (Software & Services)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp;1983415 2.1 |
| **Singapore - 3.6%** | **Singapore - 3.6%** | **Singapore - 3.6%** |
| DBS Group Holdings Ltd. (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;124500 | &nbsp;&nbsp;&nbsp;&nbsp;3408227 3.6 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Developed Markets Equity Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 96.7% (continued)** | **COMMON STOCKS - 96.7% (continued)** | **COMMON STOCKS - 96.7% (continued)** |
| **South Korea - 1.2%** | **South Korea - 1.2%** | **South Korea - 1.2%** |
| Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;$1109288 1.2 |
| **Spain - 2.4%** | **Spain - 2.4%** | **Spain - 2.4%** |
| Banco Bilbao Vizcaya Argentaria SA (Banks)† | &nbsp;&nbsp;318645 | &nbsp;&nbsp;&nbsp;2242670 2.4 |
| **Sweden - 9.0%** | **Sweden - 9.0%** | **Sweden - 9.0%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;52062 | &nbsp;&nbsp;&nbsp;1630023 1.7 |
| Atlas Copco AB, Class A (Capital Goods)† | &nbsp;&nbsp;249950 | &nbsp;&nbsp;&nbsp;2956270 3.2 |
| Epiroc AB, Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;78181 | &nbsp;&nbsp;&nbsp;1520903 1.6 |
| Skandinaviska Enskilda Banken AB, Class A (Banks)† | &nbsp;&nbsp;192556 | &nbsp;&nbsp;&nbsp;2328468 2.5 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8435664 |
| **Switzerland - 10.5%** | **Switzerland - 10.5%** | **Switzerland - 10.5%** |
| Alcon Inc. (Health Care Equipment & Services) | &nbsp;&nbsp;&nbsp;&nbsp;24399 | &nbsp;&nbsp;&nbsp;1835049 2.0 |
| Lonza Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3972 | &nbsp;&nbsp;&nbsp;2267515 2.4 |
| Nestle SA, Reg S (Food Beverage & Tobacco)† | &nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;1647425 1.7 |
| Roche Holding AG, Genusschein (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9584 | &nbsp;&nbsp;&nbsp;2995320 3.2 |
| Sonova Holding AG, Reg S (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349 | &nbsp;&nbsp;&nbsp;1087271 1.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9832580 |
| **Taiwan - 0.8%** | **Taiwan - 0.8%** | **Taiwan - 0.8%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775037 0.8 |
| **United Kingdom - 7.7%** | **United Kingdom - 7.7%** | **United Kingdom - 7.7%** |
| Haleon plc (Household & Personal Products)\*† | &nbsp;&nbsp;&nbsp;&nbsp;29816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119305 0.1 |
| Rio Tinto plc (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;33674 | &nbsp;&nbsp;&nbsp;2632511 2.8 |
| Shell plc (Energy)† | &nbsp;&nbsp;&nbsp;&nbsp;84787 | &nbsp;&nbsp;&nbsp;2490386 2.7 |
| Standard Chartered plc (Banks)† | &nbsp;&nbsp;239996 | &nbsp;&nbsp;&nbsp;2010035 2.1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7252237 |
| **United States - 1.6%** | **United States - 1.6%** | **United States - 1.6%** |
| Linde plc (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4623 | &nbsp;&nbsp;&nbsp;1519837 1.6<br>|
| **Total Common Stocks (Cost $88,876,776)** | **Total Common Stocks (Cost $88,876,776)** | &nbsp;&nbsp;**$90708711<br>**  |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **SHORT TERM INVESTMENTS - 3.2%** | **SHORT TERM INVESTMENTS - 3.2%** | **SHORT TERM INVESTMENTS - 3.2%** |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares), 4.02% (Money Market Funds) | &nbsp;&nbsp;2948292 | &nbsp;&nbsp;$2948292 3.2<br>|
| **Total Short Term Investments (Cost $2,948,292)** | **Total Short Term Investments (Cost $2,948,292)** | &nbsp;&nbsp;&nbsp;&nbsp;**$2948292<br>**  |
| **Total Investments — 99.9%** | **Total Investments — 99.9%** |  |
| **(Cost $91,825,068)** | **(Cost $91,825,068)** | &nbsp;&nbsp;**$93657003** |
| Other Assets Less Liabilities - 0.1% | Other Assets Less Liabilities - 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127646 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;**$93784649** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | &nbsp;&nbsp;American Depositary Receipt |
| GDR | &nbsp;&nbsp;Global Depositary Receipt |
| Reg S | &nbsp;&nbsp;Security sold outside United States without registration under the Securities Act of 1933. |
| *\** | &nbsp;&nbsp;*Non-income producing security.* |
| *†* | &nbsp;&nbsp;*Investment categorized as level 2 security.* |
| *^* | &nbsp;&nbsp;*Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 2.1% of net assets as of January 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.* |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Developed Markets Equity Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp;Percentage of<br> Net Assets |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;11.5% |
| Capital Goods | &nbsp;&nbsp;&nbsp;&nbsp;15.7 |
| Consumer Durables & Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Diversified Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Food & Staples Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Food Beverage & Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Health Care Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Household & Personal Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;11.6 |
| Media & Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Pharmaceuticals, Biotechnology & Life Sciences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 |
| Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Software & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| Technology Hardware & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;99.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Carbon Transition Equity Portfolio

#### Portfolio of Investments

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 93.4%** | **COMMON STOCKS - 93.4%** | **COMMON STOCKS - 93.4%** |
| **Brazil - 1.7%** | **Brazil - 1.7%** | **Brazil - 1.7%** |
| Ambev SA - ADR (Food Beverage & Tobacco)\* | &nbsp;&nbsp;&nbsp;&nbsp;7633 | &nbsp;&nbsp;$20304 1 |
| XP Inc., Class A (Diversified Financials)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp;14238 0.7 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;34542 |
| **Canada - 3.0%** | **Canada - 3.0%** | **Canada - 3.0%** |
| Canadian National Railway Co. (Transportation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;21674 1.1 |
| Manulife Financial Corp. (Insurance) | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;39578 1.9 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;61252 |
| **China - 9.9%** | **China - 9.9%** | **China - 9.9%** |
| CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;27527 1.4 |
| Haier Smart Home Co., Ltd., Class A (Consumer Durables & Apparel)† | &nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;&nbsp;42413 2.1 |
| LONGi Green Energy Technology Co., Ltd., Class A (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;2007 | &nbsp;&nbsp;&nbsp;&nbsp;14385 0.7 |
| Meituan, Class B (Retailing)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674 0.1 |
| Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;27319 1.3 |
| Tencent Holdings Ltd. (Media & Entertainment)† | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;58489 2.9 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;29296 1.4 |
|  |  | &nbsp;&nbsp;202103 |
| **Denmark - 0.8%** | **Denmark - 0.8%** | **Denmark - 0.8%** |
| Novozymes A/S, Class B (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;16138 0.8 |
| **France - 10.3%** | **France - 10.3%** | **France - 10.3%** |
| Air Liquide SA (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;20877 1 |
| Dassault Systemes SE (Software & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp;&nbsp;&nbsp;23749 1.2 |
| Kering SA (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;24348 1.2 |
| L'Oreal SA (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp;69811 3.4 |
| Schneider Electric SE (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;&nbsp;71187 3.5 |
|  |  | &nbsp;&nbsp;209972 |
| **Germany - 8.0%** | **Germany - 8.0%** | **Germany - 8.0%** |
| Allianz SE, Reg S (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;49383 2.4 |
| Infineon Technologies AG (Semiconductors & Semiconductor Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp;59378 2.9 |
| SAP SE - Sponsored ADR (Software & Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;28447 1.4 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 93.4% (continued)** | **COMMON STOCKS - 93.4% (continued)** | **COMMON STOCKS - 93.4% (continued)** |
| **Germany - 8.0% (continued)** | **Germany - 8.0% (continued)** | **Germany - 8.0% (continued)** |
| Symrise AG (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;$25216 1.3 |
|  |  | &nbsp;&nbsp;162424 |
| **Hong Kong - 3.1%** | **Hong Kong - 3.1%** | **Hong Kong - 3.1%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;63238 3.1 |
| **India - 2.4%** | **India - 2.4%** | **India - 2.4%** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;26742 1.3 |
| ICICI Bank Ltd. - Sponsored ADR (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;22392 1.1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;49134 |
| **Indonesia - 1.9%** | **Indonesia - 1.9%** | **Indonesia - 1.9%** |
| Telkom Indonesia Persero Tbk PT (Telecommunication Services)† | &nbsp;&nbsp;146900 | &nbsp;&nbsp;&nbsp;&nbsp;38015 1.9 |
| **Japan - 14.3%** | **Japan - 14.3%** | **Japan - 14.3%** |
| Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;23346 1.1 |
| Daifuku Co., Ltd. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;16561 0.8 |
| FANUC Corp. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;17700 0.9 |
| Keyence Corp. (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;25406 1.2 |
| Komatsu Ltd. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;41664 2 |
| Kubota Corp. (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;25512 1.3 |
| Nitori Holdings Co., Ltd. (Retailing)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;26510 1.3 |
| Shimano Inc. (Consumer Durables & Apparel)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;17949 0.9 |
| Shionogi & Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;23875 1.2 |
| Shiseido Co., Ltd. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;26090 1.3 |
| Sysmex Corp. (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;19923 1 |
| Unicharm Corp. (Household & Personal Products)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;26735 1.3 |
|  |  | &nbsp;&nbsp;291271 |
| **Mexico - 2.4%** | **Mexico - 2.4%** | **Mexico - 2.4%** |
| Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 | &nbsp;&nbsp;&nbsp;&nbsp;48202 2.4 |
| **Netherlands - 1.6%** | **Netherlands - 1.6%** | **Netherlands - 1.6%** |
| Adyen NV (Software & Services)\*^† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;33258 1.6 |
| **Singapore - 3.1%** | **Singapore - 3.1%** | **Singapore - 3.1%** |
| DBS Group Holdings Ltd. (Banks)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;62963 3.1 |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Carbon Transition Equity Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **COMMON STOCKS - 93.4% (continued)** | **COMMON STOCKS - 93.4% (continued)** | **COMMON STOCKS - 93.4% (continued)** |
| **South Korea - 3.2%** | **South Korea - 3.2%** | **South Korea - 3.2%** |
| Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$65763 3.2 |
| **Spain - 2.4%** | **Spain - 2.4%** | **Spain - 2.4%** |
| Banco Bilbao Vizcaya Argentaria SA (Banks)† | &nbsp;&nbsp;7090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49900 2.4 |
| **Sweden - 8.0%** | **Sweden - 8.0%** | **Sweden - 8.0%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29055 1.4 |
| Atlas Copco AB, Class A (Capital Goods)† | &nbsp;&nbsp;5029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59480 2.9 |
| Epiroc AB, Class A (Capital Goods)† | &nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27722 1.4 |
| Skandinaviska Enskilda Banken AB, Class A (Banks)† | &nbsp;&nbsp;3974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48055 2.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164312 |
| **Switzerland - 9.1%** | **Switzerland - 9.1%** | **Switzerland - 9.1%** |
| Alcon Inc. (Health Care Equipment & Services) | &nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32792 1.6 |
| Lonza Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37107 1.8 |
| Nestle SA - Sponsored ADR (Food Beverage & Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44731 2.2 |
| Roche Holding AG, Genusschein (Pharmaceuticals, Biotechnology & Life Sciences)† | &nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51255 2.5 |
| Sonova Holding AG, Reg S (Health Care Equipment & Services)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184885 |
| **Taiwan - 2.2%** | **Taiwan - 2.2%** | **Taiwan - 2.2%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45067 2.2 |
| **United Kingdom - 4.7%** | **United Kingdom - 4.7%** | **United Kingdom - 4.7%** |
| Haleon plc (Household & Personal Products)\*† | &nbsp;&nbsp;2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8131 0.4 |
| Rio Tinto plc (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59805 2.9 |
| Standard Chartered plc (Banks)† | &nbsp;&nbsp;3464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29012 1.4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96948 |
| **United States - 1.3%** | **United States - 1.3%** | **United States - 1.3%** |
| Linde plc (Materials)† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25643 1.3<br>|
| **Total Common Stocks (Cost $1,758,990)** | **Total Common Stocks (Cost $1,758,990)** | &nbsp;&nbsp;**$1905030<br>**  |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Value |
| **SHORT TERM INVESTMENTS - 2.2%** | **SHORT TERM INVESTMENTS - 2.2%** | **SHORT TERM INVESTMENTS - 2.2%** |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares), 4.02% (Money Market Funds) | &nbsp;&nbsp;45104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45104 2.2<br>|
| **Total Short Term Investments (Cost $45,104)** | **Total Short Term Investments (Cost $45,104)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$45104<br>**  |
| **Total Investments — 95.6%** | **Total Investments — 95.6%** |  |
| **(Cost $1,804,094)** | **(Cost $1,804,094)** | &nbsp;&nbsp;**$1950134** |
| Other Assets Less Liabilities - 4.4% | Other Assets Less Liabilities - 4.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89458 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;**$2039592** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | &nbsp;&nbsp;American Depositary Receipt |
| GDR | &nbsp;&nbsp;Global Depositary Receipt |
| Reg S | &nbsp;&nbsp;Security sold outside United States without registration under the Securities Act of 1933. |
| *\** | &nbsp;&nbsp;*Non-income producing security.* |
| *†* | &nbsp;&nbsp;*Investment categorized as level 2 security.* |
| *^* | &nbsp;&nbsp;*Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.8% of net assets as of January 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.* |

---

------

#### Harding, Loevner Funds, Inc.<br>

------

#### International Carbon Transition Equity Portfolio

#### Portfolio of Investments (continued)

#### January 31, 2023 (unaudited)

------

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp;Percentage of<br> Net Assets |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;11.6% |
| Capital Goods | &nbsp;&nbsp;&nbsp;&nbsp;15.6 |
| Consumer Durables & Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Diversified Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Food Beverage & Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Health Care Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Household & Personal Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| Media & Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Pharmaceuticals, Biotechnology & Life Sciences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.0 |
| Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| Software & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Technology Hardware & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;95.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** HARDING LOEVNER FUNDS INC

- **b. Investment Company Act file number:** 811-07739

- **c. CIK number of Registrant:** 0001018170

- **d. LEI of Registrant:** 549300RX80LYD8D1FL23

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 400 Crossing Blvd.

  - **City:** Bridgewater

  - **State:** NJ

  - **Foreign country:** US

  - **Zip / Postal Code:** 08807

  - **Telephone number:** 877-435-8105

**Item A.2. Information about the Series.**

- **a. Name of Series:** Harding Loevner Emerging Markets Portfolio

- **b. EDGAR series identifier (if any):** S000004201

- **c. LEI of Series:** 549300WOZ9HVIPDUFJ66

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1424841867.70

**Total Liabilities:** $9210525.19

**Net Assets:** $1415631342.51

**Cash Not Reported:** $2795925.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000011821 | 13.88%               | -2.34%               | 9.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $16336710.07             | $174335147.14                              |
| Month 2  | $38817607.83             | $-75886593.26                              |
| Month 3  | $30074663.07             | $92715184.24                               |

### Schedule of Portfolio Investments

| Name                                            | Title                                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Novatek Pub Joint Stock Company                 | Novatek Pub Joint Stock Company GDR EACH REPR 10 ORD 'REG S'               | CUSIP: 669888109<br>LEI: 2138008R6GCRVBDFA581 | Long             | EC               | CORP              | RU        |    342744 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Midea Group Co Ltd.                             | Midea Group Co Ltd. A CNY1                                                 | CUSIP: Y6S40V103<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |   2252615 | NS      | $18475353.28  | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Limited                        | Tencent Holdings Limited HKD0.00002                                        | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    932100 | NS      | $45430984.46  | 3.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuxi Apptec Co Ltd.                             | Wuxi Apptec Co Ltd. A CNY1                                                 | CUSIP: Y971B1100<br>LEI: 254900OEPQLZSPLN9175 | Long             | EC               | CORP              | CN        |    703600 | NS      | $9743218.82   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco S.A.                             | Banco Bradesco S.A. SPON ADR EACH REP 1 PRF NPV                            | CUSIP: 059460303<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |   4397071 | NS      | $12267828.09  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Kotak Mahindra Bank Ltd.                        | Kotak Mahindra Bank Ltd. INR5                                              | CUSIP: Y4964H150<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |    665413 | NS      | $14104191.69  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd, Hong Kong                        | AIA Group Ltd, Hong Kong NPV                                               | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   2455671 | NS      | $27730694.37  | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Magazine Luiza SA                               | Magazine Luiza SA COM NPV                                                  | CUSIP: P6425Q109<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |  19344968 | NS      | $16882021.99  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Localiza Rent a Car SA                          | Localiza Rent a Car SA COM NPV 144A/REG                                    | CUSIP: P6330Z111<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1611990 | NS      | $18802263.05  | 1.33%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Lojas Renner SA                                 | Lojas Renner SA COM NPV                                                    | CUSIP: P6332C102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   2307888 | NS      | $9833858.80   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil Company Lukoil PJSC                         | Oil Company Lukoil PJSC RUB0.025(USD)                                      | CUSIP: X6983S100<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |    910483 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Weg SA                                          | Weg SA COM NPV                                                             | CUSIP: P9832B129<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1569348 | NS      | $11821970.24  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| LG H&H Co Ltd                                   | LG H&H Co Ltd KRW5000                                                      | CUSIP: Y5275R100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     37021 | NS      | $22518502.29  | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Coway Co Ltd.                                   | Coway Co Ltd. KRW500                                                       | CUSIP: Y9694W104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    176529 | NS      | $8030064.48   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Sunny Optical Technology (Group) Co Ltd         | Sunny Optical Technology (Group) Co Ltd HKD0.10                            | CUSIP: G8586D109<br>LEI: 3003004QIVP0DFVVWM94 | Long             | EC               | CORP              | KY        |    553144 | NS      | $7498598.92   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co., Ltd.       | Contemporary Amperex Technology Co., Ltd. 'A' CNY1                         | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    232500 | NS      | $16121976.35  | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| LI Ning Co Ltd                                  | LI Ning Co Ltd HKD0.1                                                      | CUSIP: G5496K124<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | KY        |   1845000 | NS      | $18202793.27  | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| ASMPT Limited                                   | ASMPT Limited HKD0.10                                                      | CUSIP: G0535Q133<br>LEI: 529900PYFA1HFYKPT360 | Long             | EC               | CORP              | KY        |    771445 | NS      | $6374030.35   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| AL Rajhi Banking & Investment Corp              | AL Rajhi Banking & Investment Corp SAR10                                   | CUSIP: M0R60D105<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |    682296 | NS      | $14979318.73  | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                        | Bank Central Asia Tbk PT IDR12.50                                          | CUSIP: Y7123P138<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |  31067764 | NS      | $17607205.34  | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Bank Group Limited                     | Standard Bank Group Limited ZAR0.1                                         | CUSIP: S80605140<br>LEI: 2549003PEZXUT7MDBU41 | Long             | EC               | CORP              | ZA        |   1549027 | NS      | $15415243.98  | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Silergy Corporation                             | Silergy Corporation TWD2.5                                                 | CUSIP: G8190F102<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    817200 | NS      | $16654581.04  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| ENN Energy Holdings Limited                     | ENN Energy Holdings Limited HKD0.10                                        | CUSIP: G3066L101<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | KY        |   1095113 | NS      | $16479639.86  | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                           | Emaar Properties PJSC AED1                                                 | CUSIP: M4025S107<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |  19812843 | NS      | $30036860.31  | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Yandex, NV                                      | Yandex, NV COM USD0.01 CL 'A'                                              | CUSIP: N97284108<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | EC               | CORP              | NL        |    968763 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| EPAM Systems Inc.                               | EPAM Systems Inc. COM USD0.001                                             | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |     79464 | NS      | $26433699.60  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra International Tbk Pt                      | Astra International Tbk Pt IDR50                                           | CUSIP: Y7117N172<br>LEI: 529900L49TRJOMG4DK47 | Long             | EC               | CORP              | ID        |  44214307 | NS      | $17750330.55  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuyao Glass Industry Group Co Ltd.              | Fuyao Glass Industry Group Co Ltd. 'H' CNY1                                | CUSIP: Y2680G100<br>LEI: 549300AS5CSLWETN0P64 | Long             | EC               | CORP              | CN        |   1728696 | NS      | $8500627.12   | 0.60%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd.            | Shenzhen Inovance Technology Co Ltd. 'A'CNY1                               | CUSIP: Y7744Z101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1059100 | NS      | $11184117.34  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance (Group) Company of China Ltd. | Ping An Insurance (Group) Company of China Ltd. 'H' CNY1                   | CUSIP: Y69790106<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |   4051000 | NS      | $31620277.53  | 2.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                              | Trip.com Group Ltd USD0.00125                                              | CUSIP: G9066F101<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |    454350 | NS      | $16759320.05  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaspi.Kz Jsc                                    | Kaspi.Kz Jsc SPON GDR REG S                                                | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |      1674 | NS      | $123382.88    | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Discovery Limited                               | Discovery Limited ZAR0.001                                                 | CUSIP: S2192Y109<br>LEI: 378900245A26169C8132 | Long             | EC               | CORP              | ZA        |    984701 | NS      | $7796257.10   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruti Suzuki India Ltd.                        | Maruti Suzuki India Ltd. INR5                                              | CUSIP: Y7565Y100<br>LEI: 335800D27PBEESKKD357 | Long             | EC               | CORP              | IN        |    219876 | NS      | $23946712.26  | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                      | Samsung Electronics Co Ltd GDR EACH REP 25 ORD SHS PFD UNITARY             | CUSIP: 796050201<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      4424 | NS      | $4958901.54   | 0.35%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Itau Unibanco Holdings S.A.                     | Itau Unibanco Holdings S.A. ADR EACH REPR 1 PRF NPV                        | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |   2590474 | NS      | $12900560.52  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Country Garden Services Holdings Co Ltd         | Country Garden Services Holdings Co Ltd USD0.0001                          | CUSIP: G2453A108<br>LEI: 549300P2JRKENZSEBB42 | Long             | EC               | CORP              | HK        |   1715930 | NS      | $4643551.44   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuxi Apptec Co Ltd.                             | Wuxi Apptec Co Ltd. CNY1 H                                                 | CUSIP: Y971B1118<br>LEI: 254900OEPQLZSPLN9175 | Long             | EC               | CORP              | CN        |   1303500 | NS      | $16872553.44  | 1.19%             |  |  |  | Yes           |                  2 | On Loan: No      |
| JD.com Inc                                      | JD.com Inc USD0.00002 A CLASS                                              | CUSIP: G8208B101<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |    466814 | NS      | $13887511.10  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Bancolombia S.A.                                | Bancolombia S.A. SPON ADS EACH REP 4 PRF SHS                               | CUSIP: 05968L102<br>LEI: 54930052NWJRPNMP1W58 | Long             | EC               | CORP              | CO        |    257054 | NS      | $7775883.50   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte S.A.B. de C.V.         | Grupo Financiero Banorte S.A.B. de C.V. COM NPV SERIES O                   | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   3063874 | NS      | $25413370.86  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano S A B de C V         | Fomento Economico Mexicano S A B de C V SPON ADR RP 10 UTS(1B&2D-B&        | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |    199629 | NS      | $17527426.20  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Sureste S.A.B. de C.V.  | Grupo Aeroportuario del Sureste S.A.B. de C.V. ADS REP 10 SER'B'NPV        | CUSIP: 40051E202<br>LEI: 5299001W7JIDXCUOUC82 | Long             | EC               | CORP              | MX        |     31511 | NS      | $8570992.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                   | HDFC Bank Ltd SPON ADS EACH REP 3 ORD SHS                                  | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    148465 | NS      | $10000602.40  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenaris SA                                      | Tenaris SA SPONS ADS EA REP 2 ORD SHS                                      | CUSIP: 88031M109<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |    699085 | NS      | $24782563.25  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Safaricom Public Limited Company                | Safaricom Public Limited Company KES0.05                                   | CUSIP: V74587102<br>LEI: N/A                  | Long             | EC               | CORP              | KE        |  55950873 | NS      | $10515226.41  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPEED Technology Inc.                          | ASPEED Technology Inc. TWD10                                               | CUSIP: Y04044106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    138109 | NS      | $9830525.94   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Komercni Banka AS                               | Komercni Banka AS ORD CZK100                                               | CUSIP: X45471111<br>LEI: IYKCAVNFR8QGF00HV840 | Long             | EC               | CORP              | CZ        |    267552 | NS      | $9012896.28   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA                                | Copa Holdings SA NPV CLASS 'A'                                             | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |     98876 | NS      | $9104502.08   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                      | Samsung Electronics Co Ltd GDR EACH REP 25 COM STK KRW100(REG S)           | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     51064 | NS      | $63360948.82  | 4.48%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Asian Paints Ltd                                | Asian Paints Ltd INR1                                                      | CUSIP: Y03638114<br>LEI: 335800HEHXGYRUNERD75 | Long             | EC               | CORP              | IN        |    319819 | NS      | $10685372.59  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Hefei Meyer Optoelectronic Technology Inc.      | Hefei Meyer Optoelectronic Technology Inc. 'A'CNY1                         | CUSIP: Y3123L102<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   3019434 | NS      | $12275856.16  | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                   | HDFC Bank Ltd INR1                                                         | CUSIP: Y3119P190<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |   1338278 | NS      | $26331285.66  | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| XP Inc.                                         | XP Inc. COM USD0.00001 CLASS A                                             | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | KY        |    492292 | NS      | $8772643.44   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial International Bank (Egypt) SAE       | Commercial International Bank (Egypt) SAE GDR EACH REPR 1 ORD EGP10 REG'S' | CUSIP: 201712205<br>LEI: 213800FIIXJAMEVRIH48 | Long             | EC               | CORP              | EG        |   5532235 | NS      | $8949934.77   | 0.63%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Sberbank of Russia                              | Sberbank of Russia RUB3(RUB)                                               | CUSIP: X76317100<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |  20812636 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Wal-Mart De Mexico                              | Wal-Mart De Mexico COM NPV                                                 | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   6700315 | NS      | $26245465.30  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ZTO Express (Cayman) Inc                        | ZTO Express (Cayman) Inc SPON ADS EA REP 1 SHS CL A                        | CUSIP: 98980A105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | KY        |    554952 | NS      | $15821681.52  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Georgia Group PLC                       | Bank of Georgia Group PLC ORD GBP0.01                                      | CUSIP: G0R1NA104<br>LEI: 213800XKDG12NQG8VC53 | Long             | EC               | CORP              | GB        |    186122 | NS      | $6125836.51   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Localiza Rent a Car SA                          | Localiza Rent a Car SA COM NPV (S/R 31/01/2023)                            | CUSIP: P6330Z186<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      7342 | NS      | $25310.76     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Housing Development Finance Corp Ltd.           | Housing Development Finance Corp Ltd. INR2                                 | CUSIP: Y37246207<br>LEI: 335800OX2H9AP7NHLT64 | Long             | EC               | CORP              | IN        |    846496 | NS      | $27177220.92  | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola HBC AG                                | Coca-Cola HBC AG ORD CHF6.70(CDI)                                          | CUSIP: H1512E100<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |    953069 | NS      | $23103204.97  | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| China Tourism Group Duty Free Corp.             | China Tourism Group Duty Free Corp. 'A'CNY1                                | CUSIP: Y149A3100<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    694607 | NS      | $21977436.99  | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Longi Green Energy Technology Co Ltd.           | Longi Green Energy Technology Co Ltd. 'A'CNY1                              | CUSIP: Y9727F102<br>LEI: 300300NRGAITUP1EZ248 | Long             | EC               | CORP              | CN        |   3886800 | NS      | $27858044.69  | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                       | Alibaba Group Holding Ltd SPON ADS EACH REP 8 ORD SHS                      | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     44271 | NS      | $4878664.20   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhejiang Sanhua Intelligent Controls Co Ltd.    | Zhejiang Sanhua Intelligent Controls Co Ltd. 'A'CNY1                       | CUSIP: Y9890L126<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   5646099 | NS      | $21481669.39  | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Network International Holdings PLC              | Network International Holdings PLC ORD GBP0.10                             | CUSIP: G6457T104<br>LEI: 213800XVRNKWENNLKK60 | Long             | EC               | CORP              | GB        |   4076266 | NS      | $13216517.91  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                       | Alibaba Group Holding Ltd USD0.000003125                                   | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |   1935200 | NS      | $26741122.96  | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Inst Fds                               | Northern Inst Fds TREAS PRT PRMR                                           | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  26945089 | NS      | $26945089.32  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia (Persero) Tbk             | Bank Rakyat Indonesia (Persero) Tbk IDR50                                  | CUSIP: Y0697U112<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | NUSS              | ID        |  58309136 | NS      | $17855631.58  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Airtac International Group                      | Airtac International Group TWD10                                           | CUSIP: G01408106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1011823 | NS      | $34701809.17  | 2.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                                         | Meituan USD0.00001 B CLASS                                                 | CUSIP: G59669104<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |     95440 | NS      | $2126278.99   | 0.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NCSOFT Corporation                              | NCSOFT Corporation KRW500                                                  | CUSIP: Y6258Y104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     28164 | NS      | $10481312.72  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| NAVER Corp.                                     | NAVER Corp. KRW100                                                         | CUSIP: Y62579100<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |    101915 | NS      | $16981859.91  | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co. Ltd.                  | Techtronic Industries Co. Ltd. NPV                                         | CUSIP: Y8563B159<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |   1179360 | NS      | $15205202.66  | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd.                  | Tata Consultancy Services Ltd. INR1                                        | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |   1163087 | NS      | $47939193.06  | 3.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhou International Group Holdings Ltd.      | Shenzhou International Group Holdings Ltd. HKD0.10                         | CUSIP: G8087W101<br>LEI: 529900B4W41TCUKJFM73 | Long             | EC               | CORP              | KY        |   2011710 | NS      | $25205566.14  | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Eclat Textile Co., Ltd.                         | Eclat Textile Co., Ltd. TWD10                                              | CUSIP: Y2237Y109<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |   1539846 | NS      | $25686900.97  | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| CSPC Pharmaceutical Group Ltd.                  | CSPC Pharmaceutical Group Ltd. NPV                                         | CUSIP: Y1837N109<br>LEI: 529900M3XQCW234H8O91 | Long             | EC               | CORP              | HK        |  12500680 | NS      | $14337841.11  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd.              | Hon Hai Precision Industry Co Ltd. TWD10                                   | CUSIP: Y36861105<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |   2667146 | NS      | $8897006.17   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.    | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10                         | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   4398147 | NS      | $77592952.82  | 5.48%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 S.A. - Brasil, Bolsa, Balcao                 | B3 S.A. - Brasil, Bolsa, Balcao COM NPV                                    | CUSIP: P1909G107<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |   3529109 | NS      | $9009958.56   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CD Projekt SA                                   | CD Projekt SA PLN1.00                                                      | CUSIP: X0957E106<br>LEI: 259400TYO5Q8SH8TL437 | Long             | EC               | CORP              | PL        |    174940 | NS      | $5638696.00   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuxi Biologics (Cayman) Inc                     | Wuxi Biologics (Cayman) Inc USD0.0000083                                   | CUSIP: G97008117<br>LEI: 5493001TD2TH6VDTJU11 | Long             | EC               | CORP              | KY        |   1509750 | NS      | $12567807.08  | 0.89%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Baidu, Inc.                                     | Baidu, Inc. USD0.000000625 A CLASS                                         | CUSIP: G07034104<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |    394964 | NS      | $6661240.90   | 0.47%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SCB X Public Co Ltd.                            | SCB X Public Co Ltd. THB10 (ALIEN)                                         | CUSIP: Y753YV101<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |   2292791 | NS      | $7223576.61   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** HARDING LOEVNER FUNDS INC

**Signature:** Tracy L. Dotolo

**Name of Signer:** Tracy L. Dotolo

**Title:** Chief Financial Officer