# EDGAR Filing Document

**Accession Number:** 0001018170
**File Stem:** 0002066578-25-000854
**Filing Date:** 2025-9
**Character Count:** 149298
**Document Hash:** 8c27f26ac530267e12342f6ecec17638
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000854.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0002066578-25-000854

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07739
- **FILM NUMBER:** 251351456

**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

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

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

## Nport-Ex

**Harding, Loevner Funds, Inc.**

------

**Global Equity Portfolio**

**Portfolio of Investments**

**July 31, 2025 (unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.8%** | **COMMON STOCKS - 96.8%** | **COMMON STOCKS - 96.8%** |
| **Canada - 1.0%** | **Canada - 1.0%** | **Canada - 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc. <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 108400 | &nbsp;&nbsp; $5632794<br>|
| **China - 4.0%** | **China - 4.0%** | **China - 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 250700 | &nbsp;&nbsp; 8049702<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 210500 | &nbsp;&nbsp; 14756136<br>|
|  |  | &nbsp;&nbsp; 22805838 |
| **France - 3.4%** | **France - 3.4%** | **France - 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE (Capital <br> Goods)†<br>| &nbsp;&nbsp; 75633 | &nbsp;&nbsp; 19735023<br>|
| **Germany - 2.2%** | **Germany - 2.2%** | **Germany - 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE - Sponsored ADR <br> (Software & Services)<br>| &nbsp;&nbsp; 29345 | &nbsp;&nbsp; 8413212<br>|
| Symrise AG (Materials)† | &nbsp;&nbsp; 49071 | &nbsp;&nbsp; 4451154<br>|
|  |  | &nbsp;&nbsp; 12864366 |
| **Hong Kong - 1.6%** | **Hong Kong - 1.6%** | **Hong Kong - 1.6%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 977405 | &nbsp;&nbsp; 9145071<br>|
| **India - 1.4%** | **India - 1.4%** | **India - 1.4%** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp; 103302 | &nbsp;&nbsp; 7930494<br>|
| **Indonesia - 0.6%** | **Indonesia - 0.6%** | **Indonesia - 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT <br> (Banks)†<br>| &nbsp;&nbsp; 7022770 | &nbsp;&nbsp; 3503086<br>|
| **Japan - 6.0%** | **Japan - 6.0%** | **Japan - 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 191400 | &nbsp;&nbsp; 9327115<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 24200 | &nbsp;&nbsp; 7209605<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 14600 | &nbsp;&nbsp; 5278642<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 522600 | &nbsp;&nbsp; 12647287<br>|
|  |  | &nbsp;&nbsp; 34462649 |
| **Mexico - 0.7%** | **Mexico - 0.7%** | **Mexico - 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico SAB de CV <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 1456900 | &nbsp;&nbsp; 4294631<br>|
| **Netherlands - 1.4%** | **Netherlands - 1.4%** | **Netherlands - 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 11403 | &nbsp;&nbsp; 7912609<br>|
| **Singapore - 1.3%** | **Singapore - 1.3%** | **Singapore - 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 196700 | &nbsp;&nbsp; 7219849<br>|
| **Sweden - 2.4%** | **Sweden - 2.4%** | **Sweden - 2.4%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp; 122287 | &nbsp;&nbsp; 5302230<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.8% (continued)** | **COMMON STOCKS - 96.8% (continued)** | **COMMON STOCKS - 96.8% (continued)** |
| **Sweden - 2.4% (continued)** | **Sweden - 2.4% (continued)** | **Sweden - 2.4% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 272893 | &nbsp;&nbsp; $4135141<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 223571 | &nbsp;&nbsp; 4529242<br>|
|  |  | &nbsp;&nbsp; 13966613 |
| **Switzerland - 3.9%** | **Switzerland - 3.9%** | **Switzerland - 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG (Health Care <br> Equipment & Services)<br>| &nbsp;&nbsp; 92799 | &nbsp;&nbsp; 8124553<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG, Genusschein <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 29213 | &nbsp;&nbsp; 9166272<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA, Reg S (Commercial & <br> Professional Services)†<br>| &nbsp;&nbsp; 49687 | &nbsp;&nbsp; 5038444<br>|
|  |  | &nbsp;&nbsp; 22329269 |
| **Taiwan - 1.7%** | **Taiwan - 1.7%** | **Taiwan - 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co., Ltd. - <br> Sponsored ADR <br> (Semiconductors & <br> Semiconductor Equipment)<br>| &nbsp;&nbsp; 39583 | &nbsp;&nbsp; 9564044<br>|
| **United Kingdom - 5.2%** | **United Kingdom - 5.2%** | **United Kingdom - 5.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group plc (Consumer <br> Services)†<br>| &nbsp;&nbsp; 205728 | &nbsp;&nbsp; 7230571<br>|
| Diploma plc (Capital Goods)† | &nbsp;&nbsp; 108965 | &nbsp;&nbsp; 7722165<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon plc (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 1824064 | &nbsp;&nbsp; 8590990<br>|
| Shell plc (Energy)† | &nbsp;&nbsp; 169564 | &nbsp;&nbsp; 6084348<br>|
|  |  | &nbsp;&nbsp; 29628074 |
| **United States - 60.0%** | **United States - 60.0%** | **United States - 60.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie Inc. (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 31893 | &nbsp;&nbsp; 6028415<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture plc, Class A (Software <br> & Services)<br>| &nbsp;&nbsp; 34401 | &nbsp;&nbsp; 9188507<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 22942 | &nbsp;&nbsp; 8206124<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class A (Media & <br> Entertainment)<br>| &nbsp;&nbsp; 128688 | &nbsp;&nbsp; 24695227<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com Inc. (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 100628 | &nbsp;&nbsp; 23558021<br>|
| AMETEK Inc. (Capital Goods) | &nbsp;&nbsp; 29425 | &nbsp;&nbsp; 5439211<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A <br> (Technology Hardware & <br> Equipment)<br>| &nbsp;&nbsp; 78021 | &nbsp;&nbsp; 8310017<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials Inc. <br> (Semiconductors & <br> Semiconductor Equipment)<br>| &nbsp;&nbsp; 36609 | &nbsp;&nbsp; 6591817<br>|
| Atkore Inc. (Capital Goods) | &nbsp;&nbsp; 45498 | &nbsp;&nbsp; 3504256<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings Inc. <br> (Consumer Services)<br>| &nbsp;&nbsp; 1993 | &nbsp;&nbsp; 10969592<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Global Equity Portfolio**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.8% (continued)** | **COMMON STOCKS - 96.8% (continued)** | **COMMON STOCKS - 96.8% (continued)** |
| **United States - 60.0% (continued)** | **United States - 60.0% (continued)** | **United States - 60.0% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom Inc. (Semiconductors <br> & Semiconductor <br> Equipment)<br>| &nbsp;&nbsp; 42388 | &nbsp;&nbsp; $12449356<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group Inc. (Financial <br> Services)<br>| &nbsp;&nbsp; 51059 | &nbsp;&nbsp; 14208698<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group Inc. (Real Estate <br> Management & <br> Development)\*<br>| &nbsp;&nbsp; 80467 | &nbsp;&nbsp; 7659654<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 31644 | &nbsp;&nbsp; 6238931<br>|
| Deere & Co. (Capital Goods) | &nbsp;&nbsp; 23356 | &nbsp;&nbsp; 12247186<br>|
| HEICO Corp. (Capital Goods) | &nbsp;&nbsp; 22578 | &nbsp;&nbsp; 7378490<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International Inc. <br> (Capital Goods)<br>| &nbsp;&nbsp; 21819 | &nbsp;&nbsp; 4851455<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 32371 | &nbsp;&nbsp; 5332799<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms Inc., Class A <br> (Media & Entertainment)<br>| &nbsp;&nbsp; 26601 | &nbsp;&nbsp; 20574277<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. (Software & <br> Services)<br>| &nbsp;&nbsp; 51892 | &nbsp;&nbsp; 27684382<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix Inc. (Media & <br> Entertainment)\*<br>| &nbsp;&nbsp; 16656 | &nbsp;&nbsp; 19310966<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. <br> (Capital Goods)<br>| &nbsp;&nbsp; 9491 | &nbsp;&nbsp; 5472605<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. (Semiconductors <br> & Semiconductor <br> Equipment)<br>| &nbsp;&nbsp; 56611 | &nbsp;&nbsp; 10069399<br>|
| Progressive Corp. (Insurance) | &nbsp;&nbsp; 40050 | &nbsp;&nbsp; 9693702<br>|
| Schlumberger NV (Energy) | &nbsp;&nbsp; 172487 | &nbsp;&nbsp; 5830061<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 7171 | &nbsp;&nbsp; 6763113<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 21758 | &nbsp;&nbsp; 13783040<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific Inc. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 12842 | &nbsp;&nbsp; 6005947<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk Inc., Class A (Media <br> & Entertainment)\*<br>| &nbsp;&nbsp; 99463 | &nbsp;&nbsp; 8649302<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets Inc., Class A <br> (Financial Services)<br>| &nbsp;&nbsp; 98431 | &nbsp;&nbsp; 13637615<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals Inc. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*<br>| &nbsp;&nbsp; 34389 | &nbsp;&nbsp; 15711302<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Visa Inc., Class A (Financial <br> Services)<br>| &nbsp;&nbsp; 15217 | &nbsp;&nbsp; 5257017<br>|
|  |  | &nbsp;&nbsp; 345300484 |
| **Total Common Stocks (Cost $340,818,619)** | **Total Common Stocks (Cost $340,818,619)** | &nbsp;&nbsp; **$556294894** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT TERM INVESTMENTS - 2.9%** | **SHORT TERM INVESTMENTS - 2.9%** | **SHORT TERM INVESTMENTS - 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.15% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 16794192 | &nbsp;&nbsp; $16794192 |
| **Total Short Term Investments (Cost $16,794,192)** | **Total Short Term Investments (Cost $16,794,192)** | &nbsp;&nbsp; **$16794192** |
| **Total Investments — 99.7%** | **Total Investments — 99.7%** |  |
| **(Cost $357,612,811)** | **(Cost $357,612,811)** | &nbsp;&nbsp; **$573089086** |
| Other Assets Less Liabilities - 0.3% | Other Assets Less Liabilities - 0.3% | &nbsp;&nbsp; 1913129 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$575002215** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp; Percentage of<br> Net Assets<br>|
| Banks | 3.3<br> %<br>|
| Capital Goods | 13.8 |
| Commercial & Professional Services | 0.9 |
| Consumer Discretionary Distribution & Retail | 4.1 |
| Consumer Durables & Apparel | 2.2 |
| Consumer Services | 3.2 |
| Consumer Staples Distribution & Retail | 1.7 |
| Energy | 2.1 |
| Financial Services | 5.8 |
| Health Care Equipment & Services | 2.8 |
| Insurance | 3.3 |
| Materials | 0.8 |
| Media & Entertainment | 15.4 |
| Pharmaceuticals, Biotechnology & Life Sciences | 11.5 |
| Real Estate Management & Development | 1.3 |
| Semiconductors & Semiconductor Equipment | 9.5 |
| Software & Services | 12.8 |
| Technology Hardware & Equipment | 2.3 |
| Money Market Fund | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 99.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Assets Less Liabilities | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | 100.0<br> %<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**International Equity Portfolio**

**Portfolio of Investments**

**July 31, 2025 (unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.1%** | **COMMON STOCKS - 98.1%** | **COMMON STOCKS - 98.1%** |
| **Australia - 1.4%** | **Australia - 1.4%** | **Australia - 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. - Sponsored <br> ADR (Materials)<br>| &nbsp;&nbsp; 3414868 | &nbsp;&nbsp; $173031362<br>|
| **Canada - 4.0%** | **Canada - 4.0%** | **Canada - 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc. <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 3023349 | &nbsp;&nbsp; 157102431<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. <br> (Transportation)<br>| &nbsp;&nbsp; 977613 | &nbsp;&nbsp; 91357935<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp. <br> (Insurance)<br>| &nbsp;&nbsp; 7606073 | &nbsp;&nbsp; 235329351<br>|
|  |  | &nbsp;&nbsp; 483789717 |
| **China - 9.5%** | **China - 9.5%** | **China - 9.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex <br> Technology Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 6553257 | &nbsp;&nbsp; 239004933<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Haier Smart Home Co., Ltd., <br> Class A (Consumer Durables <br> & Apparel)†<br>| &nbsp;&nbsp; 39285788 | &nbsp;&nbsp; 134851750<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase Inc. - ADR (Media & <br> Entertainment)<br>| &nbsp;&nbsp; 1182078 | &nbsp;&nbsp; 154024763<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of <br> China Ltd., Class H <br> (Insurance)†<br>| &nbsp;&nbsp; 13762000 | &nbsp;&nbsp; 94638668<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SF Holding Co., Ltd., Class A <br> (Transportation)†<br>| &nbsp;&nbsp; 19044400 | &nbsp;&nbsp; 121668317<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 2816564 | &nbsp;&nbsp; 90436779<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 3032210 | &nbsp;&nbsp; 212559157<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; ZTO Express Cayman Inc. - <br> ADR (Transportation)<br>| &nbsp;&nbsp; 5870628 | &nbsp;&nbsp; 115592665<br>|
|  |  | &nbsp;&nbsp; 1162777032 |
| **Denmark - 2.2%** | **Denmark - 2.2%** | **Denmark - 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B (Health <br> Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 893466 | &nbsp;&nbsp; 81228420<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 426361 | &nbsp;&nbsp; 92609274<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis (Novozymes), Class B <br> (Materials)†<br>| &nbsp;&nbsp; 1525367 | &nbsp;&nbsp; 99070455<br>|
|  |  | &nbsp;&nbsp; 272908149 |
| **France - 6.6%** | **France - 6.6%** | **France - 6.6%** |
| Air Liquide SA (Materials)† | &nbsp;&nbsp; 744590 | &nbsp;&nbsp; 146562662<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE (Software <br> & Services)†<br>| &nbsp;&nbsp; 3141318 | &nbsp;&nbsp; 103341915<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 573594 | &nbsp;&nbsp; 254134737<br>|
| Safran SA (Capital Goods)† | &nbsp;&nbsp; 408731 | &nbsp;&nbsp; 134597714<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE (Capital <br> Goods)†<br>| &nbsp;&nbsp; 657165 | &nbsp;&nbsp; 171474970<br>|
|  |  | &nbsp;&nbsp; 810111998 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.1% (continued)** | **COMMON STOCKS - 98.1% (continued)** | **COMMON STOCKS - 98.1% (continued)** |
| **Germany - 4.6%** | **Germany - 4.6%** | **Germany - 4.6%** |
| Allianz SE, Reg S (Insurance)† | &nbsp;&nbsp; 764070 | &nbsp;&nbsp; $302606855<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE - Sponsored ADR <br> (Software & Services)<br>| &nbsp;&nbsp; 541463 | &nbsp;&nbsp; 155237442<br>|
| Symrise AG (Materials)† | &nbsp;&nbsp; 1198909 | &nbsp;&nbsp; 108751170<br>|
|  |  | &nbsp;&nbsp; 566595467 |
| **Hong Kong - 3.5%** | **Hong Kong - 3.5%** | **Hong Kong - 3.5%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 35112174 | &nbsp;&nbsp; 328526366<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 8566000 | &nbsp;&nbsp; 102961112<br>|
|  |  | &nbsp;&nbsp; 431487478 |
| **India - 3.5%** | **India - 3.5%** | **India - 3.5%** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp; 5577710 | &nbsp;&nbsp; 428200797<br>|
| **Indonesia - 1.0%** | **Indonesia - 1.0%** | **Indonesia - 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 689525700 | &nbsp;&nbsp; 119573999<br>|
| **Ireland - 1.2%** | **Ireland - 1.2%** | **Ireland - 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings plc - <br> Sponsored ADR <br> (Transportation)<br>| &nbsp;&nbsp; 2254686 | &nbsp;&nbsp; 140399297<br>|
| **Israel - 0.6%** | **Israel - 0.6%** | **Israel - 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. - Sponsored ADR <br> (Software & Services)\*<br>| &nbsp;&nbsp; 493490 | &nbsp;&nbsp; 77009114<br>|
| **Japan - 13.4%** | **Japan - 13.4%** | **Japan - 13.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 5896500 | &nbsp;&nbsp; 287342395<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co., Ltd. (Capital <br> Goods)†<br>| &nbsp;&nbsp; 4856600 | &nbsp;&nbsp; 124080442<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 511500 | &nbsp;&nbsp; 152384822<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 282234 | &nbsp;&nbsp; 102041942<br>|
| Komatsu Ltd. (Capital Goods)† | &nbsp;&nbsp; 5290400 | &nbsp;&nbsp; 169146815<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co., Ltd. (Software & <br> Services)†<br>| &nbsp;&nbsp; 3317314 | &nbsp;&nbsp; 118872270<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 7492100 | &nbsp;&nbsp; 124799975<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 10716800 | &nbsp;&nbsp; 259354082<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sysmex Corp. (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 10860121 | &nbsp;&nbsp; 176951369<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Unicharm Corp. (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 16315900 | &nbsp;&nbsp; 114007723<br>|
|  |  | &nbsp;&nbsp; 1628981835 |
| **Mexico - 2.7%** | **Mexico - 2.7%** | **Mexico - 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano <br> SAB de CV - Sponsored <br> ADR (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 2240501 | &nbsp;&nbsp; 202675720<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**International Equity Portfolio**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.1% (continued)** | **COMMON STOCKS - 98.1% (continued)** | **COMMON STOCKS - 98.1% (continued)** |
| **Mexico - 2.7% (continued)** | **Mexico - 2.7% (continued)** | **Mexico - 2.7% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB <br> de CV, Series O (Banks)<br>| &nbsp;&nbsp; 14693800 | &nbsp;&nbsp; $130947345<br>|
|  |  | &nbsp;&nbsp; 333623065 |
| **Netherlands - 3.6%** | **Netherlands - 3.6%** | **Netherlands - 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (Financial <br> Services)\*^†<br>| &nbsp;&nbsp; 93458 | &nbsp;&nbsp; 160059251<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 392858 | &nbsp;&nbsp; 272606490<br>|
|  |  | &nbsp;&nbsp; 432665741 |
| **Peru - 1.4%** | **Peru - 1.4%** | **Peru - 1.4%** |
| Credicorp Ltd. (Banks) | &nbsp;&nbsp; 712122 | &nbsp;&nbsp; 168772914<br>|
| **Singapore - 3.9%** | **Singapore - 3.9%** | **Singapore - 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 12911618 | &nbsp;&nbsp; 473919329<br>|
| **South Korea - 2.8%** | **South Korea - 2.8%** | **South Korea - 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 273810 | &nbsp;&nbsp; 342432461<br>|
| **Spain - 1.7%** | **Spain - 1.7%** | **Spain - 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya <br> Argentaria SA (Banks)†<br>| &nbsp;&nbsp; 12570422 | &nbsp;&nbsp; 209826950<br>|
| **Sweden - 6.9%** | **Sweden - 6.9%** | **Sweden - 6.9%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp; 4862923 | &nbsp;&nbsp; 210850983<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B (Capital <br> Goods)†<br>| &nbsp;&nbsp; 4473884 | &nbsp;&nbsp; 147115483<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 6936365 | &nbsp;&nbsp; 105106574<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 7412267 | &nbsp;&nbsp; 150162365<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken <br> AB, Class A (Banks)†<br>| &nbsp;&nbsp; 12720439 | &nbsp;&nbsp; 222114163<br>|
|  |  | &nbsp;&nbsp; 835349568 |
| **Switzerland - 7.0%** | **Switzerland - 7.0%** | **Switzerland - 7.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG (Health Care <br> Equipment & Services)<br>| &nbsp;&nbsp; 2218258 | &nbsp;&nbsp; 194208488<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA - Sponsored ADR <br> (Food, Beverage & Tobacco)<br>| &nbsp;&nbsp; 2386367 | &nbsp;&nbsp; 207566202<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG, Reg S <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 1036077 | &nbsp;&nbsp; 117280042<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG, Genusschein <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 751644 | &nbsp;&nbsp; 235846145<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding AG, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 364410 | &nbsp;&nbsp; 99115116<br>|
|  |  | &nbsp;&nbsp; 854015993 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.1% (continued)** | **COMMON STOCKS - 98.1% (continued)** | **COMMON STOCKS - 98.1% (continued)** |
| **Taiwan - 6.6%** | **Taiwan - 6.6%** | **Taiwan - 6.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 15223000 | &nbsp;&nbsp; $287671708<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co., Ltd. - <br> Sponsored ADR <br> (Semiconductors & <br> Semiconductor Equipment)<br>| &nbsp;&nbsp; 2134563 | &nbsp;&nbsp; 515753112<br>|
|  |  | &nbsp;&nbsp; 803424820 |
| **United Kingdom - 6.5%** | **United Kingdom - 6.5%** | **United Kingdom - 6.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon plc (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 52633563 | &nbsp;&nbsp; 247893958<br>|
| Rio Tinto plc (Materials)† | &nbsp;&nbsp; 2972227 | &nbsp;&nbsp; 176492849<br>|
| Shell plc (Energy)† | &nbsp;&nbsp; 10224764 | &nbsp;&nbsp; 366888132<br>|
|  |  | &nbsp;&nbsp; 791274939 |
| **United States - 3.5%** | **United States - 3.5%** | **United States - 3.5%** |
| Linde plc (Materials) | &nbsp;&nbsp; 399351 | &nbsp;&nbsp; 183805291<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre Inc. (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 101010 | &nbsp;&nbsp; 239786629<br>|
|  |  | &nbsp;&nbsp; 423591920 |
| **Total Common Stocks (Cost $7,713,182,051)** | **Total Common Stocks (Cost $7,713,182,051)** | &nbsp;&nbsp; **$11963763945** |
| **SHORT TERM INVESTMENTS - 2.0%** | **SHORT TERM INVESTMENTS - 2.0%** | **SHORT TERM INVESTMENTS - 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.15% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 237230532 | &nbsp;&nbsp; 237230532 |
| **Total Short Term Investments (Cost** <br> **$237,230,532)** | **Total Short Term Investments (Cost** <br> **$237,230,532)** | &nbsp;&nbsp; **$237230532** |
| **Total Investments — 100.1%** | **Total Investments — 100.1%** |  |
| **(Cost $7,950,412,583)** | **(Cost $7,950,412,583)** | &nbsp;&nbsp; **$12200994477** |
| Liabilities Less Other Assets - (0.1)% | Liabilities Less Other Assets - (0.1)% | &nbsp;&nbsp; (8646640)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$12192347837** |

---

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

------

**Harding, Loevner Funds, Inc.**

------

**International Equity Portfolio**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

------

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | *Investment categorized as level 2 security.* |
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 1.3%* <br> *of net assets as of July 31, 2025, are considered liquid and may* <br> *be resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|

---

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

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp; Percentage of<br> Net Assets<br>|
| Banks | 13.4<br> %<br>|
| Capital Goods | 12.8 |
| Consumer Discretionary Distribution & Retail | 2.0 |
| Consumer Durables & Apparel | 3.2 |
| Consumer Staples Distribution & Retail | 1.3 |
| Energy | 3.0 |
| Financial Services | 1.3 |
| Food, Beverage & Tobacco | 3.3 |
| Health Care Equipment & Services | 5.3 |
| Household & Personal Products | 3.0 |
| Insurance | 7.9 |
| Materials | 7.3 |
| Media & Entertainment | 3.0 |
| Pharmaceuticals, Biotechnology & Life Sciences | 9.0 |
| Semiconductors & Semiconductor Equipment | 7.8 |
| Software & Services | 3.6 |
| Technology Hardware & Equipment | 6.0 |
| Telecommunication Services | 1.0 |
| Transportation | 3.9 |
| Money Market Fund | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 100.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities Less Other Assets | &nbsp;&nbsp; (0.1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | 100.0<br> %<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**International Developed Markets Equity Portfolio**

**Portfolio of Investments**

**July 31, 2025 (unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.6%** | **COMMON STOCKS - 96.6%** | **COMMON STOCKS - 96.6%** |
| **Australia - 1.7%** | **Australia - 1.7%** | **Australia - 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. - Sponsored <br> ADR (Materials)<br>| &nbsp;&nbsp; 31331 | &nbsp;&nbsp; $1587542<br>|
| **Canada - 5.7%** | **Canada - 5.7%** | **Canada - 5.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc. <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 39315 | &nbsp;&nbsp; 2042927<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. <br> (Transportation)<br>| &nbsp;&nbsp; 11087 | &nbsp;&nbsp; 1036080<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp. <br> (Insurance)<br>| &nbsp;&nbsp; 78090 | &nbsp;&nbsp; 2416079<br>|
|  |  | &nbsp;&nbsp; 5495086 |
| **Denmark - 2.9%** | **Denmark - 2.9%** | **Denmark - 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B (Health <br> Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 9329 | &nbsp;&nbsp; 848135<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 4158 | &nbsp;&nbsp; 903154<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis (Novozymes), Class B <br> (Materials)†<br>| &nbsp;&nbsp; 15523 | &nbsp;&nbsp; 1008197<br>|
|  |  | &nbsp;&nbsp; 2759486 |
| **France - 9.0%** | **France - 9.0%** | **France - 9.0%** |
| Air Liquide SA (Materials)† | &nbsp;&nbsp; 7506 | &nbsp;&nbsp; 1477457<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE (Software <br> & Services)†<br>| &nbsp;&nbsp; 37517 | &nbsp;&nbsp; 1234220<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 5786 | &nbsp;&nbsp; 2563527<br>|
| Safran SA (Capital Goods)† | &nbsp;&nbsp; 4574 | &nbsp;&nbsp; 1506247<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE (Capital <br> Goods)†<br>| &nbsp;&nbsp; 6858 | &nbsp;&nbsp; 1789467<br>|
|  |  | &nbsp;&nbsp; 8570918 |
| **Germany - 7.1%** | **Germany - 7.1%** | **Germany - 7.1%** |
| Allianz SE, Reg S (Insurance)† | &nbsp;&nbsp; 8014 | &nbsp;&nbsp; 3173912<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE - Sponsored ADR <br> (Software & Services)<br>| &nbsp;&nbsp; 8464 | &nbsp;&nbsp; 2426628<br>|
| Symrise AG (Materials)† | &nbsp;&nbsp; 12952 | &nbsp;&nbsp; 1174856<br>|
|  |  | &nbsp;&nbsp; 6775396 |
| **Hong Kong - 4.8%** | **Hong Kong - 4.8%** | **Hong Kong - 4.8%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 375400 | &nbsp;&nbsp; 3512423<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 87000 | &nbsp;&nbsp; 1045717<br>|
|  |  | &nbsp;&nbsp; 4558140 |
| **India - 1.1%** | **India - 1.1%** | **India - 1.1%** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp; 13378 | &nbsp;&nbsp; 1027029<br>|
| **Ireland - 1.6%** | **Ireland - 1.6%** | **Ireland - 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings plc - <br> Sponsored ADR <br> (Transportation)<br>| &nbsp;&nbsp; 24304 | &nbsp;&nbsp; 1513410<br>|
| **Israel - 0.8%** | **Israel - 0.8%** | **Israel - 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. - Sponsored ADR <br> (Software & Services)\*<br>| &nbsp;&nbsp; 4734 | &nbsp;&nbsp; 738741<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** |
| **Japan - 18.0%** | **Japan - 18.0%** | **Japan - 18.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 59100 | &nbsp;&nbsp; $2880003<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co., Ltd. (Capital <br> Goods)†<br>| &nbsp;&nbsp; 48100 | &nbsp;&nbsp; 1228899<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 5300 | &nbsp;&nbsp; 1578963<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 1012342<br>|
| Komatsu Ltd. (Capital Goods)† | &nbsp;&nbsp; 58200 | &nbsp;&nbsp; 1860794<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co., Ltd. (Software & <br> Services)†<br>| &nbsp;&nbsp; 36567 | &nbsp;&nbsp; 1310338<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 85400 | &nbsp;&nbsp; 1422554<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 120200 | &nbsp;&nbsp; 2908924<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sysmex Corp. (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 115100 | &nbsp;&nbsp; 1875403<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Unicharm Corp. (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 166700 | &nbsp;&nbsp; 1164820<br>|
|  |  | &nbsp;&nbsp; 17243040 |
| **Netherlands - 4.7%** | **Netherlands - 4.7%** | **Netherlands - 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (Financial <br> Services)\*^†<br>| &nbsp;&nbsp; 1052 | &nbsp;&nbsp; 1801690<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 3825 | &nbsp;&nbsp; 2654190<br>|
|  |  | &nbsp;&nbsp; 4455880 |
| **Singapore - 4.7%** | **Singapore - 4.7%** | **Singapore - 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 122100 | &nbsp;&nbsp; 4481665<br>|
| **South Korea - 1.2%** | **South Korea - 1.2%** | **South Korea - 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 892 | &nbsp;&nbsp; 1115554<br>|
| **Spain - 2.4%** | **Spain - 2.4%** | **Spain - 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya <br> Argentaria SA (Banks)†<br>| &nbsp;&nbsp; 136459 | &nbsp;&nbsp; 2277790<br>|
| **Sweden - 8.8%** | **Sweden - 8.8%** | **Sweden - 8.8%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp; 46999 | &nbsp;&nbsp; 2037825<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B (Capital <br> Goods)†<br>| &nbsp;&nbsp; 41013 | &nbsp;&nbsp; 1348637<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 75212 | &nbsp;&nbsp; 1139686<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 75885 | &nbsp;&nbsp; 1537326<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken <br> AB, Class A (Banks)†<br>| &nbsp;&nbsp; 137307 | &nbsp;&nbsp; 2397545<br>|
|  |  | &nbsp;&nbsp; 8461019 |

---

------

**Harding, Loevner Funds, Inc.**

------

**International Developed Markets Equity Portfolio**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** |
| **Switzerland - 9.1%** | **Switzerland - 9.1%** | **Switzerland - 9.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG (Health Care <br> Equipment & Services)<br>| &nbsp;&nbsp; 21311 | &nbsp;&nbsp; $1865778<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA, Reg S (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 24007 | &nbsp;&nbsp; 2093652<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG, Reg S <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 12430 | &nbsp;&nbsp; 1407029<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG, Genusschein <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 7554 | &nbsp;&nbsp; 2370247<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding AG, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 3735 | &nbsp;&nbsp; 1015875<br>|
|  |  | &nbsp;&nbsp; 8752581 |
| **Taiwan - 2.6%** | **Taiwan - 2.6%** | **Taiwan - 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co., Ltd. - <br> Sponsored ADR <br> (Semiconductors & <br> Semiconductor Equipment)<br>| &nbsp;&nbsp; 10397 | &nbsp;&nbsp; 2512123<br>|
| **United Kingdom - 8.5%** | **United Kingdom - 8.5%** | **United Kingdom - 8.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon plc (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 563621 | &nbsp;&nbsp; 2654546<br>|
| Rio Tinto plc (Materials)† | &nbsp;&nbsp; 29366 | &nbsp;&nbsp; 1743773<br>|
| Shell plc (Energy)† | &nbsp;&nbsp; 104809 | &nbsp;&nbsp; 3760789<br>|
|  |  | &nbsp;&nbsp; 8159108 |
| **United States - 1.9%** | **United States - 1.9%** | **United States - 1.9%** |
| Linde plc (Materials) | &nbsp;&nbsp; 3934 | &nbsp;&nbsp; 1810663 |
| **Total Common Stocks (Cost $78,615,945)** | **Total Common Stocks (Cost $78,615,945)** | &nbsp;&nbsp; **$92295171** |
| **SHORT TERM INVESTMENTS - 3.4%** | **SHORT TERM INVESTMENTS - 3.4%** | **SHORT TERM INVESTMENTS - 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.15% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 3292132 | &nbsp;&nbsp; 3292132 |
| **Total Short Term Investments (Cost $3,292,132)** | **Total Short Term Investments (Cost $3,292,132)** | &nbsp;&nbsp; **$3292132** |
| **Total Investments — 100.0%** | **Total Investments — 100.0%** |  |
| **(Cost $81,908,077)** | **(Cost $81,908,077)** | &nbsp;&nbsp; **$95587303** |
| Liabilities Less Other Assets - (0.0)% | Liabilities Less Other Assets - (0.0)% | &nbsp;&nbsp; (31004)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$95556299** |

---

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

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | *Investment categorized as level 2 security.* |
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 1.9%* <br> *of net assets as of July 31, 2025, are considered liquid and may* <br> *be resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|

---

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

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp; Percentage of<br> Net Assets<br>|
| Banks | 10.7<br> %<br>|
| Capital Goods | 14.1 |
| Consumer Durables & Apparel | 3.0 |
| Consumer Staples Distribution & Retail | 2.1 |
| Energy | 3.9 |
| Financial Services | 1.9 |
| Food, Beverage & Tobacco | 2.2 |
| Health Care Equipment & Services | 5.8 |
| Household & Personal Products | 3.9 |
| Insurance | 9.5 |
| Materials | 9.2 |
| Pharmaceuticals, Biotechnology & Life Sciences | 12.2 |
| Semiconductors & Semiconductor Equipment | 7.0 |
| Software & Services | 6.1 |
| Technology Hardware & Equipment | 2.3 |
| Transportation | 2.7 |
| Money Market Fund | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 100.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities Less Other Assets | &nbsp;&nbsp; (0.0)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | 100.0<br> %<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**International Small Companies Portfolio**

**Portfolio of Investments**

**July 31, 2025 (unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.8%** | **COMMON STOCKS - 98.8%** | **COMMON STOCKS - 98.8%** |
| **Bangladesh - 0.8%** | **Bangladesh - 0.8%** | **Bangladesh - 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Square Pharmaceuticals plc <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 1126640 | &nbsp;&nbsp; $2112901<br>|
| **Belgium - 0.7%** | **Belgium - 0.7%** | **Belgium - 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lotus Bakeries NV (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 222 | &nbsp;&nbsp; 1879512<br>|
| **Canada - 1.2%** | **Canada - 1.2%** | **Canada - 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinaxis Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 21894 | &nbsp;&nbsp; 3249338<br>|
| **China - 5.0%** | **China - 5.0%** | **China - 5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Haitian International Holdings <br> Ltd. (Capital Goods)†<br>| &nbsp;&nbsp; 656000 | &nbsp;&nbsp; 1764591<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai Friendess Electronic <br> Technology Corp., Ltd., <br> Class A (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 207426 | &nbsp;&nbsp; 3762378<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TravelSky Technology Ltd., <br> Class H (Consumer <br> Services)†<br>| &nbsp;&nbsp; 3164000 | &nbsp;&nbsp; 5032253<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Yantai China Pet Foods Co., <br> Ltd., Class A (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 404499 | &nbsp;&nbsp; 3192877<br>|
|  |  | &nbsp;&nbsp; 13752099 |
| **Finland - 1.6%** | **Finland - 1.6%** | **Finland - 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vaisala OYJ, Class A <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 84362 | &nbsp;&nbsp; 4539315<br>|
| **France - 2.4%** | **France - 2.4%** | **France - 2.4%** |
| Alten SA (Software & Services)† | &nbsp;&nbsp; 30761 | &nbsp;&nbsp; 2508979<br>|
| Rubis SCA (Utilities)† | &nbsp;&nbsp; 129707 | &nbsp;&nbsp; 4115652<br>|
|  |  | &nbsp;&nbsp; 6624631 |
| **Germany - 14.5%** | **Germany - 14.5%** | **Germany - 14.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bechtle AG (Software & <br> Services)†<br>| &nbsp;&nbsp; 100527 | &nbsp;&nbsp; 4371012<br>|
| Brenntag SE (Capital Goods)† | &nbsp;&nbsp; 34511 | &nbsp;&nbsp; 2146061<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Carl Zeiss Meditec AG (Bearer) <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 53812 | &nbsp;&nbsp; 2985582<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Evotec SE (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 451355 | &nbsp;&nbsp; 3627764<br>|
| FUCHS SE (Materials)† | &nbsp;&nbsp; 132159 | &nbsp;&nbsp; 4658380<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; KWS Saat SE & Co. KGaA <br> (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 70971 | &nbsp;&nbsp; 5063941<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Nemetschek SE (Software & <br> Services)†<br>| &nbsp;&nbsp; 25947 | &nbsp;&nbsp; 3879221<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Pfeiffer Vacuum Technology AG <br> (Capital Goods)†<br>| &nbsp;&nbsp; 21575 | &nbsp;&nbsp; 3826050<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Media & <br> Entertainment)^†<br>| &nbsp;&nbsp; 41229 | &nbsp;&nbsp; 5522457<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; STRATEC SE (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 47953 | &nbsp;&nbsp; 1521301<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.8% (continued)** | **COMMON STOCKS - 98.8% (continued)** | **COMMON STOCKS - 98.8% (continued)** |
| **Germany - 14.5% (continued)** | **Germany - 14.5% (continued)** | **Germany - 14.5% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; TeamViewer SE (Software & <br> Services)\*^†<br>| &nbsp;&nbsp; 239865 | &nbsp;&nbsp; $2464557<br>|
|  |  | &nbsp;&nbsp; 40066326 |
| **India - 2.8%** | **India - 2.8%** | **India - 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Max Financial Services Ltd. <br> (Insurance)\*†<br>| &nbsp;&nbsp; 291126 | &nbsp;&nbsp; 4966730<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SH Kelkar & Co., Ltd. <br> (Materials)^†<br>| &nbsp;&nbsp; 966431 | &nbsp;&nbsp; 2825136<br>|
|  |  | &nbsp;&nbsp; 7791866 |
| **Israel - 1.9%** | **Israel - 1.9%** | **Israel - 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd. <br> (Software & Services)\*<br>| &nbsp;&nbsp; 12460 | &nbsp;&nbsp; 5126916<br>|
| **Italy - 4.5%** | **Italy - 4.5%** | **Italy - 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Carel Industries SpA (Capital <br> Goods)^†<br>| &nbsp;&nbsp; 94568 | &nbsp;&nbsp; 2570694<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; DiaSorin SpA (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 45071 | &nbsp;&nbsp; 4395168<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Reply SpA (Software & <br> Services)†<br>| &nbsp;&nbsp; 35435 | &nbsp;&nbsp; 5556548<br>|
|  |  | &nbsp;&nbsp; 12522410 |
| **Japan - 11.9%** | **Japan - 11.9%** | **Japan - 11.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ariake Japan Co., Ltd. (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 110300 | &nbsp;&nbsp; 4892976<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Intecc Co., Ltd. (Health <br> Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 190900 | &nbsp;&nbsp; 2978033<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; GMO Payment Gateway Inc. <br> (Financial Services)†<br>| &nbsp;&nbsp; 70400 | &nbsp;&nbsp; 3958787<br>|
| JCU Corp. (Materials)† | &nbsp;&nbsp; 111900 | &nbsp;&nbsp; 2644080<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; MISUMI Group Inc. (Capital <br> Goods)†<br>| &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 2161642<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Rohto Pharmaceutical Co., Ltd. <br> (Household & Personal <br> Products)†<br>| &nbsp;&nbsp; 353200 | &nbsp;&nbsp; 5075045<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Santen Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 261500 | &nbsp;&nbsp; 2891459<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SHIFT Inc. (Software & <br> Services)\*†<br>| &nbsp;&nbsp; 418700 | &nbsp;&nbsp; 4398685<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Electric Co., Ltd. <br> (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 209400 | &nbsp;&nbsp; 3950740<br>|
|  |  | &nbsp;&nbsp; 32951447 |
| **Lithuania - 2.0%** | **Lithuania - 2.0%** | **Lithuania - 2.0%** |
| Artea bankas AB (Banks)† | &nbsp;&nbsp; 6148519 | &nbsp;&nbsp; 5644808<br>|
| **Malaysia - 1.2%** | **Malaysia - 1.2%** | **Malaysia - 1.2%** |
| Dialog Group Bhd. (Energy)† | &nbsp;&nbsp; 2961040 | &nbsp;&nbsp; 1206185<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TIME dotCom Bhd. <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 1719400 | &nbsp;&nbsp; 2090969<br>|
|  |  | &nbsp;&nbsp; 3297154 |

---

------

**Harding, Loevner Funds, Inc.**

------

**International Small Companies Portfolio**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.8% (continued)** | **COMMON STOCKS - 98.8% (continued)** | **COMMON STOCKS - 98.8% (continued)** |
| **Mexico - 2.9%** | **Mexico - 2.9%** | **Mexico - 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Herdez SAB de CV <br> (Food, Beverage & Tobacco)<br>| &nbsp;&nbsp; 923247 | &nbsp;&nbsp; $2681894<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Megacable Holdings SAB de CV <br> (Media & Entertainment)<br>| &nbsp;&nbsp; 1895700 | &nbsp;&nbsp; 5268569<br>|
|  |  | &nbsp;&nbsp; 7950463 |
| **Netherlands - 1.1%** | **Netherlands - 1.1%** | **Netherlands - 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BE Semiconductor Industries NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 21824 | &nbsp;&nbsp; 2940151<br>|
| **Norway - 1.8%** | **Norway - 1.8%** | **Norway - 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Medistim ASA (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 122312 | &nbsp;&nbsp; 2560176<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOMRA Systems ASA (Capital <br> Goods)†<br>| &nbsp;&nbsp; 181382 | &nbsp;&nbsp; 2532918<br>|
|  |  | &nbsp;&nbsp; 5093094 |
| **Panama - 1.3%** | **Panama - 1.3%** | **Panama - 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Copa Holdings SA, Class A <br> (Transportation)<br>| &nbsp;&nbsp; 31751 | &nbsp;&nbsp; 3513566<br>|
| **Philippines - 2.1%** | **Philippines - 2.1%** | **Philippines - 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinsons Retail Holdings Inc. <br> (Consumer Staples <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 3494670 | &nbsp;&nbsp; 2276344<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Wilcon Depot Inc. (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 21151700 | &nbsp;&nbsp; 3617982<br>|
|  |  | &nbsp;&nbsp; 5894326 |
| **Poland - 0.9%** | **Poland - 0.9%** | **Poland - 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 245226 | &nbsp;&nbsp; 2411164<br>|
| **Romania - 0.8%** | **Romania - 0.8%** | **Romania - 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Societatea Nationala de Gaze <br> Naturale ROMGAZ SA <br> (Energy)†<br>| &nbsp;&nbsp; 1202530 | &nbsp;&nbsp; 2142403<br>|
| **South Korea - 0.7%** | **South Korea - 0.7%** | **South Korea - 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheil Worldwide Inc. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 141200 | &nbsp;&nbsp; 2021902<br>|
| **Spain - 2.3%** | **Spain - 2.3%** | **Spain - 2.3%** |
| Bankinter SA (Banks)† | &nbsp;&nbsp; 202782 | &nbsp;&nbsp; 2890140<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Linea Directa Aseguradora SA <br> Cia de Seguros y Reaseguros <br> (Insurance)†<br>| &nbsp;&nbsp; 2165552 | &nbsp;&nbsp; 3340384<br>|
|  |  | &nbsp;&nbsp; 6230524 |
| **Sweden - 2.9%** | **Sweden - 2.9%** | **Sweden - 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellavision AB (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 169114 | &nbsp;&nbsp; 3009008<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Paradox Interactive AB (Media <br> & Entertainment)†<br>| &nbsp;&nbsp; 103153 | &nbsp;&nbsp; 1760217<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Thule Group AB (Consumer <br> Durables & Apparel)^†<br>| &nbsp;&nbsp; 112331 | &nbsp;&nbsp; 3176382<br>|
|  |  | &nbsp;&nbsp; 7945607 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.8% (continued)** | **COMMON STOCKS - 98.8% (continued)** | **COMMON STOCKS - 98.8% (continued)** |
| **Switzerland - 6.3%** | **Switzerland - 6.3%** | **Switzerland - 6.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Belimo Holding AG, Reg S <br> (Capital Goods)†<br>| &nbsp;&nbsp; 3892 | &nbsp;&nbsp; $4530088<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bossard Holding AG, Class A, <br> Reg S (Capital Goods)†<br>| &nbsp;&nbsp; 14913 | &nbsp;&nbsp; 3156129<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Burckhardt Compression <br> Holding AG (Capital <br> Goods)†<br>| &nbsp;&nbsp; 5806 | &nbsp;&nbsp; 5163067<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; LEM Holding SA, Reg S <br> (Technology Hardware & <br> Equipment)\*†<br>| &nbsp;&nbsp; 3959 | &nbsp;&nbsp; 3205954<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Temenos AG, Reg S (Software & <br> Services)†<br>| &nbsp;&nbsp; 13768 | &nbsp;&nbsp; 1234171<br>|
|  |  | &nbsp;&nbsp; 17289409 |
| **Taiwan - 1.3%** | **Taiwan - 1.3%** | **Taiwan - 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ASPEED Technology Inc. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 2430006<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Eclat Textile Co., Ltd. <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 81909 | &nbsp;&nbsp; 1095857<br>|
|  |  | &nbsp;&nbsp; 3525863 |
| **United Kingdom - 20.1%** | **United Kingdom - 20.1%** | **United Kingdom - 20.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airtel Africa plc <br> (Telecommunication <br> Services)^†<br>| &nbsp;&nbsp; 3148185 | &nbsp;&nbsp; 8474319<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Baltic Classifieds Group plc <br> (Media & Entertainment)†<br>| &nbsp;&nbsp; 716167 | &nbsp;&nbsp; 3378475<br>|
| Clarkson plc (Transportation)† | &nbsp;&nbsp; 135430 | &nbsp;&nbsp; 6162247<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Cranswick plc (Food, Beverage <br> & Tobacco)†<br>| &nbsp;&nbsp; 89407 | &nbsp;&nbsp; 6256949<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Croda International plc <br> (Materials)†<br>| &nbsp;&nbsp; 88529 | &nbsp;&nbsp; 3047267<br>|
| Diploma plc (Capital Goods)† | &nbsp;&nbsp; 83939 | &nbsp;&nbsp; 5948615<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Grafton Group plc (Capital <br> Goods)†<br>| &nbsp;&nbsp; 281431 | &nbsp;&nbsp; 3303546<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Rathbones Group plc (Financial <br> Services)†<br>| &nbsp;&nbsp; 80541 | &nbsp;&nbsp; 2032718<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Rightmove plc (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 230166 | &nbsp;&nbsp; 2482182<br>|
| Senior plc (Capital Goods)† | &nbsp;&nbsp; 3408752 | &nbsp;&nbsp; 9060627<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Spirax Group plc (Capital <br> Goods)†<br>| &nbsp;&nbsp; 30386 | &nbsp;&nbsp; 2538928<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; YouGov plc (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 717903 | &nbsp;&nbsp; 2948777<br>|
|  |  | &nbsp;&nbsp; 55634650 |
| **United States - 0.8%** | **United States - 0.8%** | **United States - 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 24779 | &nbsp;&nbsp; 2087878<br>|
| **Vietnam - 3.0%** | **Vietnam - 3.0%** | **Vietnam - 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; FPT Corp. (Software & <br> Services)†<br>| &nbsp;&nbsp; 257715 | &nbsp;&nbsp; 1012225<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**International Small Companies Portfolio**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.8% (continued)** | **COMMON STOCKS - 98.8% (continued)** | **COMMON STOCKS - 98.8% (continued)** |
| **Vietnam - 3.0% (continued)** | **Vietnam - 3.0% (continued)** | **Vietnam - 3.0% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoa Phat Group JSC <br> (Materials)\*†<br>| &nbsp;&nbsp; 7828102 | &nbsp;&nbsp; $7386047<br>|
|  |  | &nbsp;&nbsp; 8398272 |
| **Total Common Stocks (Cost $184,223,072)** | **Total Common Stocks (Cost $184,223,072)** | &nbsp;&nbsp; **$272637995** |
| **SHORT TERM INVESTMENTS - 1.1%** | **SHORT TERM INVESTMENTS - 1.1%** | **SHORT TERM INVESTMENTS - 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.15% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 3160406 | &nbsp;&nbsp; 3160406 |
| **Total Short Term Investments (Cost $3,160,406)** | **Total Short Term Investments (Cost $3,160,406)** | &nbsp;&nbsp; **$3160406** |
| **Total Investments — 99.9%** | **Total Investments — 99.9%** |  |
| **(Cost $187,383,478)** | **(Cost $187,383,478)** | &nbsp;&nbsp; **$275798401** |
| Other Assets Less Liabilities - 0.1% | Other Assets Less Liabilities - 0.1% | &nbsp;&nbsp; 226362 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$276024763** |

---

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

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | *Investment categorized as level 2 security.* |
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 9.9%* <br> *of net assets as of July 31, 2025, are considered liquid and may* <br> *be resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|

---

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

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp; Percentage of<br> Net Assets<br>|
| Automobiles & Components | 1.4<br> %<br>|
| Banks | 3.1 |
| Capital Goods | 17.5 |
| Consumer Discretionary Distribution & Retail | 2.2 |
| Consumer Durables & Apparel | 1.6 |
| Consumer Services | 1.8 |
| Consumer Staples Distribution & Retail | 0.8 |
| Energy | 1.2 |
| Financial Services | 2.1 |
| Food, Beverage & Tobacco | 8.8 |
| Health Care Equipment & Services | 6.3 |
| Household & Personal Products | 1.8 |
| Insurance | 3.0 |
| Materials | 7.5 |
| Media & Entertainment | 8.4 |
| Pharmaceuticals, Biotechnology & Life Sciences | 3.1 |
| Semiconductors & Semiconductor Equipment | 2.0 |
| Software & Services | 13.1 |
| Technology Hardware & Equipment | 4.2 |
| Telecommunication Services | 3.9 |
| Transportation | 3.5 |
| Utilities | 1.5 |
| Money Market Fund | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 99.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Assets Less Liabilities | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | 100.0<br> %<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Institutional Emerging Markets Portfolio**

**Portfolio of Investments**

**July 31, 2025 (unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.2%** | **COMMON STOCKS - 94.2%** | **COMMON STOCKS - 94.2%** |
| **Brazil - 3.2%** | **Brazil - 3.2%** | **Brazil - 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; B3 SA - Brasil Bolsa Balcao <br> (Financial Services)<br>| &nbsp;&nbsp; 949800 | &nbsp;&nbsp; $2133829<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Lojas Renner SA (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 445830 | &nbsp;&nbsp; 1295399<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Raia Drogasil SA (Consumer <br> Staples Distribution & Retail)<br>| &nbsp;&nbsp; 485735 | &nbsp;&nbsp; 1168460<br>|
| WEG SA (Capital Goods) | &nbsp;&nbsp; 608652 | &nbsp;&nbsp; 4033731<br>|
|  |  | &nbsp;&nbsp; 8631419 |
| **China - 23.6%** | **China - 23.6%** | **China - 23.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 559262 | &nbsp;&nbsp; 8249599<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex <br> Technology Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 140079 | &nbsp;&nbsp; 5108845<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Hefei Meiya Optoelectronic <br> Technology Inc., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 701600 | &nbsp;&nbsp; 1646065<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; JD.com Inc., Class A (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 111181 | &nbsp;&nbsp; 1720579<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Li Ning Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 663500 | &nbsp;&nbsp; 1408771<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Midea Group Co., Ltd., Class A <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 391849 | &nbsp;&nbsp; 3801565<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of <br> China Ltd., Class H <br> (Insurance)†<br>| &nbsp;&nbsp; 644000 | &nbsp;&nbsp; 4428666<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sany Heavy Industry Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 928200 | &nbsp;&nbsp; 2569556<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SF Holding Co., Ltd., Class A <br> (Transportation)†<br>| &nbsp;&nbsp; 436000 | &nbsp;&nbsp; 2785458<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Inovance Technology <br> Co., Ltd., Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 302800 | &nbsp;&nbsp; 2667105<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 91400 | &nbsp;&nbsp; 2934754<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhou International Group <br> Holdings Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 340700 | &nbsp;&nbsp; 2433170<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 209455 | &nbsp;&nbsp; 14682881<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd. (Consumer <br> Services)†<br>| &nbsp;&nbsp; 134688 | &nbsp;&nbsp; 8446842<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Sanhua Intelligent <br> Controls Co., Ltd., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 431711 | &nbsp;&nbsp; 1570760<br>|
|  |  | &nbsp;&nbsp; 64454616 |
| **Egypt - 1.4%** | **Egypt - 1.4%** | **Egypt - 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial International Bank <br> Egypt - GDR, Reg S <br> (Banks)†<br>| &nbsp;&nbsp; 1956368 | &nbsp;&nbsp; 3743021<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** |
| **Hong Kong - 3.7%** | **Hong Kong - 3.7%** | **Hong Kong - 3.7%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 542685 | &nbsp;&nbsp; $5077621<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; ASMPT Ltd. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 164679 | &nbsp;&nbsp; 1389278<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Budweiser Brewing Co. APAC <br> Ltd. (Food, Beverage & <br> Tobacco)^†<br>| &nbsp;&nbsp; 668100 | &nbsp;&nbsp; 703285<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 253401 | &nbsp;&nbsp; 3045815<br>|
|  |  | &nbsp;&nbsp; 10215999 |
| **India - 15.1%** | **India - 15.1%** | **India - 15.1%** |
| Asian Paints Ltd. (Materials)† | &nbsp;&nbsp; 25128 | &nbsp;&nbsp; 686214<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bajaj Auto Ltd. (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 20051 | &nbsp;&nbsp; 1825705<br>|
| HDFC Bank Ltd. (Banks)† | &nbsp;&nbsp; 548439 | &nbsp;&nbsp; 12595875<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Life Insurance Co., Ltd. <br> (Insurance)^†<br>| &nbsp;&nbsp; 473068 | &nbsp;&nbsp; 4055458<br>|
| ICICI Bank Ltd. (Banks)† | &nbsp;&nbsp; 424506 | &nbsp;&nbsp; 7167456<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Maruti Suzuki India Ltd. <br> (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 47663 | &nbsp;&nbsp; 6848899<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Supreme Industries Ltd. <br> (Materials)†<br>| &nbsp;&nbsp; 39132 | &nbsp;&nbsp; 1910607<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. <br> (Software & Services)†<br>| &nbsp;&nbsp; 176247 | &nbsp;&nbsp; 6071454<br>|
|  |  | &nbsp;&nbsp; 41161668 |
| **Indonesia - 2.8%** | **Indonesia - 2.8%** | **Indonesia - 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk PT <br> (Capital Goods)†<br>| &nbsp;&nbsp; 7788900 | &nbsp;&nbsp; 2405429<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT <br> (Banks)†<br>| &nbsp;&nbsp; 3673765 | &nbsp;&nbsp; 1832541<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero <br> Tbk PT (Banks)†<br>| &nbsp;&nbsp; 10628350 | &nbsp;&nbsp; 2371421<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 6086300 | &nbsp;&nbsp; 1055455<br>|
|  |  | &nbsp;&nbsp; 7664846 |
| **Italy - 1.8%** | **Italy - 1.8%** | **Italy - 1.8%** |
| Tenaris SA - ADR (Energy) | &nbsp;&nbsp; 141532 | &nbsp;&nbsp; 4945128<br>|
| **Kazakhstan - 1.0%** | **Kazakhstan - 1.0%** | **Kazakhstan - 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaspi.KZ JSC - ADR (Financial <br> Services)<br>| &nbsp;&nbsp; 33868 | &nbsp;&nbsp; 2672185<br>|
| **Kenya - 1.3%** | **Kenya - 1.3%** | **Kenya - 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Safaricom plc <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 17097082 | &nbsp;&nbsp; 3480870<br>|
| **Mexico - 3.7%** | **Mexico - 3.7%** | **Mexico - 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano <br> SAB de CV - Sponsored <br> ADR (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 39797 | &nbsp;&nbsp; 3600037<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB <br> de CV, Series O (Banks)<br>| &nbsp;&nbsp; 353255 | &nbsp;&nbsp; 3148117<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Institutional Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** |
| **Mexico - 3.7% (continued)** | **Mexico - 3.7% (continued)** | **Mexico - 3.7% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico SAB de CV <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 1187710 | &nbsp;&nbsp; $3501116<br>|
|  |  | &nbsp;&nbsp; 10249270 |
| **Panama - 0.7%** | **Panama - 0.7%** | **Panama - 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Copa Holdings SA, Class A <br> (Transportation)<br>| &nbsp;&nbsp; 17187 | &nbsp;&nbsp; 1901913<br>|
| **Poland - 1.5%** | **Poland - 1.5%** | **Poland - 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 409567 | &nbsp;&nbsp; 4027033<br>|
| **Russia - 0.0%^^** | **Russia - 0.0%^^** | **Russia - 0.0%^^** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC <br> (Banks)‡<br>| &nbsp;&nbsp; 36588248 | &nbsp;&nbsp; — |
| **Saudi Arabia - 1.7%** | **Saudi Arabia - 1.7%** | **Saudi Arabia - 1.7%** |
| Al Rajhi Bank (Banks)† | &nbsp;&nbsp; 117054 | &nbsp;&nbsp; 2947111<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bupa Arabia for Cooperative <br> Insurance Co. (Insurance)†<br>| &nbsp;&nbsp; 35904 | &nbsp;&nbsp; 1601753<br>|
|  |  | &nbsp;&nbsp; 4548864 |
| **South Africa - 2.5%** | **South Africa - 2.5%** | **South Africa - 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Clicks Group Ltd. (Consumer <br> Staples Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 93228 | &nbsp;&nbsp; 1948606<br>|
| Discovery Ltd. (Insurance)† | &nbsp;&nbsp; 184485 | &nbsp;&nbsp; 2178367<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Bank Group Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 220443 | &nbsp;&nbsp; 2823839<br>|
|  |  | &nbsp;&nbsp; 6950812 |
| **South Korea - 6.4%** | **South Korea - 6.4%** | **South Korea - 6.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Coway Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 54852 | &nbsp;&nbsp; 4296063<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; NAVER Corp. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 17741 | &nbsp;&nbsp; 2997698<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 8271 | &nbsp;&nbsp; 10343884<br>|
|  |  | &nbsp;&nbsp; 17637645 |
| **Taiwan - 16.1%** | **Taiwan - 16.1%** | **Taiwan - 16.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airtac International Group <br> (Capital Goods)†<br>| &nbsp;&nbsp; 134783 | &nbsp;&nbsp; 3841117<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; ASPEED Technology Inc. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 53668 | &nbsp;&nbsp; 8150848<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 395950 | &nbsp;&nbsp; 7482337<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Eclat Textile Co., Ltd. <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 265181 | &nbsp;&nbsp; 3547844<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co., <br> Ltd. (Technology Hardware <br> & Equipment)†<br>| &nbsp;&nbsp; 892545 | &nbsp;&nbsp; 5289450<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** |
| **Taiwan - 16.1% (continued)** | **Taiwan - 16.1% (continued)** | **Taiwan - 16.1% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 406527 | &nbsp;&nbsp; $15703408<br>|
|  |  | &nbsp;&nbsp; 44015004 |
| **Thailand - 0.5%** | **Thailand - 0.5%** | **Thailand - 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bumrungrad Hospital pcl, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 266955 | &nbsp;&nbsp; 1388689<br>|
| **United Arab Emirates - 1.7%** | **United Arab Emirates - 1.7%** | **United Arab Emirates - 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 1163984 | &nbsp;&nbsp; 4795268<br>|
| **United Kingdom - 1.1%** | **United Kingdom - 1.1%** | **United Kingdom - 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG - CDI <br> (Food, Beverage & <br> Tobacco)\*†<br>| &nbsp;&nbsp; 57948 | &nbsp;&nbsp; 3014325<br>|
| **United States - 3.0%** | **United States - 3.0%** | **United States - 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 10675 | &nbsp;&nbsp; 1683554<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 23155 | &nbsp;&nbsp; 1951040<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre Inc. (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 1947 | &nbsp;&nbsp; 4621964<br>|
|  |  | &nbsp;&nbsp; 8256558 |
| **Vietnam - 1.4%** | **Vietnam - 1.4%** | **Vietnam - 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile World Investment Corp. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 1548500 | &nbsp;&nbsp; 3814574 |
| **Total Common Stocks (Cost $208,326,841)** | **Total Common Stocks (Cost $208,326,841)** | &nbsp;&nbsp; **$257569707** |
| **PREFERRED STOCKS - 1.9%** | **PREFERRED STOCKS - 1.9%** | **PREFERRED STOCKS - 1.9%** |
| **Brazil - 1.1%** | **Brazil - 1.1%** | **Brazil - 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA - <br> Sponsored ADR, 3.97% <br> (Banks)+<br>| &nbsp;&nbsp; 504366 | &nbsp;&nbsp; 3162375 |
| **Colombia - 0.5%** | **Colombia - 0.5%** | **Colombia - 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest SA - ADR, 3.23% <br> (Banks)+<br>| &nbsp;&nbsp; 29976 | &nbsp;&nbsp; 1301558 |
| **South Korea - 0.3%** | **South Korea - 0.3%** | **South Korea - 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd. - <br> GDR, Reg S, 2.60% <br> (Technology Hardware & <br> Equipment)+†<br>| &nbsp;&nbsp; 711 | &nbsp;&nbsp; 715117 |
| **Total Preferred Stocks (Cost $2,112,299)** | **Total Preferred Stocks (Cost $2,112,299)** | &nbsp;&nbsp; **$5179050** |

---

------

**Harding, Loevner Funds, Inc.**

------

**Institutional Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT TERM INVESTMENTS - 4.2%** | **SHORT TERM INVESTMENTS - 4.2%** | **SHORT TERM INVESTMENTS - 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.15% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 11303203 | &nbsp;&nbsp; $11303203 |
| **Total Short Term Investments (Cost $11,303,203)** | **Total Short Term Investments (Cost $11,303,203)** | &nbsp;&nbsp; **$11303203** |
| **Total Investments — 100.3%** | **Total Investments — 100.3%** |  |
| **(Cost $221,742,343)** | **(Cost $221,742,343)** | &nbsp;&nbsp; **$274051960** |
| Liabilities Less Other Assets - (0.3)% | Liabilities Less Other Assets - (0.3)% | &nbsp;&nbsp; (720602)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$273331358** |

---

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

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| CDI | Chess Depositary Interest |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *\** | *Non-income producing security.* |
| *†* | *Investment categorized as level 2 security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 3.2%* <br> *of net assets as of July 31, 2025, are considered liquid and may* <br> *be resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|
| *‡* | &nbsp;&nbsp; *Investment categorized as level 3 security that is effectively* <br> *valued at zero.* <br>|
| *+* | &nbsp;&nbsp; *Current yield is disclosed. Dividends are calculated based on a* <br> *percentage of the issuer's net income.*<br>|
| *^^* | *Amount is less than 0.005%.* |

---

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

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp; Percentage of<br> Net Assets<br>|
| Automobiles & Components | 3.2<br> %<br>|
| Banks | 14.9 |
| Capital Goods | 9.9 |
| Consumer Discretionary Distribution & Retail | 8.7 |
| Consumer Durables & Apparel | 5.6 |
| Consumer Services | 3.1 |
| Consumer Staples Distribution & Retail | 2.4 |
| Energy | 1.8 |
| Financial Services | 1.8 |
| Food, Beverage & Tobacco | 2.6 |
| Health Care Equipment & Services | 1.6 |
| Insurance | 6.4 |
| Materials | 1.0 |
| Media & Entertainment | 6.5 |
| Real Estate Management & Development | 1.7 |
| Semiconductors & Semiconductor Equipment | 9.3 |
| Software & Services | 3.5 |
| Technology Hardware & Equipment | 8.7 |
| Telecommunication Services | 1.7 |
| Transportation | 1.7 |
| Money Market Fund | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 100.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities Less Other Assets | &nbsp;&nbsp; (0.3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | 100.0<br> %<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Emerging Markets Portfolio**

**Portfolio of Investments**

**July 31, 2025 (unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.4%** | **COMMON STOCKS - 94.4%** | **COMMON STOCKS - 94.4%** |
| **Brazil - 3.1%** | **Brazil - 3.1%** | **Brazil - 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; B3 SA - Brasil Bolsa Balcao <br> (Financial Services)<br>| &nbsp;&nbsp; 1389409 | &nbsp;&nbsp; $3121459<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Lojas Renner SA (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 708890 | &nbsp;&nbsp; 2059744<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Raia Drogasil SA (Consumer <br> Staples Distribution & Retail)<br>| &nbsp;&nbsp; 750800 | &nbsp;&nbsp; 1806087<br>|
| WEG SA (Capital Goods) | &nbsp;&nbsp; 909848 | &nbsp;&nbsp; 6029853<br>|
|  |  | &nbsp;&nbsp; 13017143 |
| **China - 23.6%** | **China - 23.6%** | **China - 23.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 873236 | &nbsp;&nbsp; 12880987<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex <br> Technology Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 218181 | &nbsp;&nbsp; 7957316<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Hefei Meiya Optoelectronic <br> Technology Inc., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 1106470 | &nbsp;&nbsp; 2595955<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; JD.com Inc., Class A (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 171300 | &nbsp;&nbsp; 2650949<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Li Ning Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 956500 | &nbsp;&nbsp; 2030881<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Midea Group Co., Ltd., Class A <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 595315 | &nbsp;&nbsp; 5775512<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of <br> China Ltd., Class H <br> (Insurance)†<br>| &nbsp;&nbsp; 979000 | &nbsp;&nbsp; 6732398<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sany Heavy Industry Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 1421400 | &nbsp;&nbsp; 3934893<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SF Holding Co., Ltd., Class A <br> (Transportation)†<br>| &nbsp;&nbsp; 699700 | &nbsp;&nbsp; 4470150<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Inovance Technology <br> Co., Ltd., Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 464101 | &nbsp;&nbsp; 4087867<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 146500 | &nbsp;&nbsp; 4703954<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhou International Group <br> Holdings Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 524710 | &nbsp;&nbsp; 3747310<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 322800 | &nbsp;&nbsp; 22628411<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd. (Consumer <br> Services)†<br>| &nbsp;&nbsp; 210650 | &nbsp;&nbsp; 13210734<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Sanhua Intelligent <br> Controls Co., Ltd., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 629799 | &nbsp;&nbsp; 2291494<br>|
|  |  | &nbsp;&nbsp; 99698811 |
| **Egypt - 1.4%** | **Egypt - 1.4%** | **Egypt - 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial International Bank <br> Egypt - GDR, Reg S <br> (Banks)†<br>| &nbsp;&nbsp; 3059279 | &nbsp;&nbsp; 5853165<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.4% (continued)** | **COMMON STOCKS - 94.4% (continued)** | **COMMON STOCKS - 94.4% (continued)** |
| **Hong Kong - 3.8%** | **Hong Kong - 3.8%** | **Hong Kong - 3.8%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 839271 | &nbsp;&nbsp; $7852623<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; ASMPT Ltd. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 251845 | &nbsp;&nbsp; 2124634<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Budweiser Brewing Co. APAC <br> Ltd. (Food, Beverage & <br> Tobacco)^†<br>| &nbsp;&nbsp; 1144900 | &nbsp;&nbsp; 1205195<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 404860 | &nbsp;&nbsp; 4866313<br>|
|  |  | &nbsp;&nbsp; 16048765 |
| **India - 15.1%** | **India - 15.1%** | **India - 15.1%** |
| Asian Paints Ltd. (Materials)† | &nbsp;&nbsp; 43472 | &nbsp;&nbsp; 1187165<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bajaj Auto Ltd. (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 30981 | &nbsp;&nbsp; 2820916<br>|
| HDFC Bank Ltd. (Banks)† | &nbsp;&nbsp; 844735 | &nbsp;&nbsp; 19400839<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Life Insurance Co., Ltd. <br> (Insurance)^†<br>| &nbsp;&nbsp; 719310 | &nbsp;&nbsp; 6166411<br>|
| ICICI Bank Ltd. (Banks)† | &nbsp;&nbsp; 652614 | &nbsp;&nbsp; 11018883<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Maruti Suzuki India Ltd. <br> (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 74479 | &nbsp;&nbsp; 10702204<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Supreme Industries Ltd. <br> (Materials)†<br>| &nbsp;&nbsp; 62788 | &nbsp;&nbsp; 3065603<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. <br> (Software & Services)†<br>| &nbsp;&nbsp; 275225 | &nbsp;&nbsp; 9481102<br>|
|  |  | &nbsp;&nbsp; 63843123 |
| **Indonesia - 2.8%** | **Indonesia - 2.8%** | **Indonesia - 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk PT <br> (Capital Goods)†<br>| &nbsp;&nbsp; 11549500 | &nbsp;&nbsp; 3566807<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT <br> (Banks)†<br>| &nbsp;&nbsp; 5633864 | &nbsp;&nbsp; 2810275<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero <br> Tbk PT (Banks)†<br>| &nbsp;&nbsp; 16314836 | &nbsp;&nbsp; 3640202<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 9609900 | &nbsp;&nbsp; 1666499<br>|
|  |  | &nbsp;&nbsp; 11683783 |
| **Italy - 1.8%** | **Italy - 1.8%** | **Italy - 1.8%** |
| Tenaris SA - ADR (Energy) | &nbsp;&nbsp; 222132 | &nbsp;&nbsp; 7761292<br>|
| **Kazakhstan - 1.0%** | **Kazakhstan - 1.0%** | **Kazakhstan - 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaspi.KZ JSC - ADR (Financial <br> Services)<br>| &nbsp;&nbsp; 54215 | &nbsp;&nbsp; 4277563<br>|
| **Kenya - 1.3%** | **Kenya - 1.3%** | **Kenya - 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Safaricom plc <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 26438873 | &nbsp;&nbsp; 5382806<br>|
| **Mexico - 3.7%** | **Mexico - 3.7%** | **Mexico - 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano <br> SAB de CV - Sponsored <br> ADR (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 59492 | &nbsp;&nbsp; 5381646<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB <br> de CV, Series O (Banks)<br>| &nbsp;&nbsp; 528874 | &nbsp;&nbsp; 4713188<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.4% (continued)** | **COMMON STOCKS - 94.4% (continued)** | **COMMON STOCKS - 94.4% (continued)** |
| **Mexico - 3.7% (continued)** | **Mexico - 3.7% (continued)** | **Mexico - 3.7% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico SAB de CV <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 1855215 | &nbsp;&nbsp; $5468779<br>|
|  |  | &nbsp;&nbsp; 15563613 |
| **Panama - 0.7%** | **Panama - 0.7%** | **Panama - 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Copa Holdings SA, Class A <br> (Transportation)<br>| &nbsp;&nbsp; 27712 | &nbsp;&nbsp; 3066610<br>|
| **Poland - 1.4%** | **Poland - 1.4%** | **Poland - 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 614387 | &nbsp;&nbsp; 6040908<br>|
| **Russia - 0.0%^^** | **Russia - 0.0%^^** | **Russia - 0.0%^^** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC <br> (Banks)‡<br>| &nbsp;&nbsp; 20812636 | &nbsp;&nbsp; — |
| **Saudi Arabia - 1.7%** | **Saudi Arabia - 1.7%** | **Saudi Arabia - 1.7%** |
| Al Rajhi Bank (Banks)† | &nbsp;&nbsp; 187342 | &nbsp;&nbsp; 4716778<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bupa Arabia for Cooperative <br> Insurance Co. (Insurance)†<br>| &nbsp;&nbsp; 56851 | &nbsp;&nbsp; 2536243<br>|
|  |  | &nbsp;&nbsp; 7253021 |
| **South Africa - 2.6%** | **South Africa - 2.6%** | **South Africa - 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Clicks Group Ltd. (Consumer <br> Staples Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 150459 | &nbsp;&nbsp; 3144820<br>|
| Discovery Ltd. (Insurance)† | &nbsp;&nbsp; 297471 | &nbsp;&nbsp; 3512487<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Bank Group Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 339589 | &nbsp;&nbsp; 4350079<br>|
|  |  | &nbsp;&nbsp; 11007386 |
| **South Korea - 6.5%** | **South Korea - 6.5%** | **South Korea - 6.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Coway Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 83281 | &nbsp;&nbsp; 6522650<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; NAVER Corp. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 27186 | &nbsp;&nbsp; 4593620<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 12898 | &nbsp;&nbsp; 16130506<br>|
|  |  | &nbsp;&nbsp; 27246776 |
| **Taiwan - 16.1%** | **Taiwan - 16.1%** | **Taiwan - 16.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airtac International Group <br> (Capital Goods)†<br>| &nbsp;&nbsp; 201823 | &nbsp;&nbsp; 5751658<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; ASPEED Technology Inc. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 83309 | &nbsp;&nbsp; 12652587<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 610000 | &nbsp;&nbsp; 11527277<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Eclat Textile Co., Ltd. <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 414846 | &nbsp;&nbsp; 5550205<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co., <br> Ltd. (Technology Hardware <br> & Equipment)†<br>| &nbsp;&nbsp; 1377146 | &nbsp;&nbsp; 8161320<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.4% (continued)** | **COMMON STOCKS - 94.4% (continued)** | **COMMON STOCKS - 94.4% (continued)** |
| **Taiwan - 16.1% (continued)** | **Taiwan - 16.1% (continued)** | **Taiwan - 16.1% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 627147 | &nbsp;&nbsp; $24225562<br>|
|  |  | &nbsp;&nbsp; 67868609 |
| **Thailand - 0.5%** | **Thailand - 0.5%** | **Thailand - 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bumrungrad Hospital pcl, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 422800 | &nbsp;&nbsp; 2199388<br>|
| **United Arab Emirates - 1.8%** | **United Arab Emirates - 1.8%** | **United Arab Emirates - 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 1799097 | &nbsp;&nbsp; 7411745<br>|
| **United Kingdom - 1.1%** | **United Kingdom - 1.1%** | **United Kingdom - 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG - CDI <br> (Food, Beverage & <br> Tobacco)\*†<br>| &nbsp;&nbsp; 89145 | &nbsp;&nbsp; 4637122<br>|
| **United States - 3.0%** | **United States - 3.0%** | **United States - 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 16338 | &nbsp;&nbsp; 2576666<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 37365 | &nbsp;&nbsp; 3148375<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre Inc. (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 2998 | &nbsp;&nbsp; 7116922<br>|
|  |  | &nbsp;&nbsp; 12841963 |
| **Vietnam - 1.4%** | **Vietnam - 1.4%** | **Vietnam - 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile World Investment Corp. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 2349100 | &nbsp;&nbsp; 5786772 |
| **Total Common Stocks (Cost $260,626,128)** | **Total Common Stocks (Cost $260,626,128)** | &nbsp;&nbsp; **$398490364** |
| **PREFERRED STOCKS - 1.8%** | **PREFERRED STOCKS - 1.8%** | **PREFERRED STOCKS - 1.8%** |
| **Brazil - 1.1%** | **Brazil - 1.1%** | **Brazil - 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA - <br> Sponsored ADR, 3.97% <br> (Banks)+<br>| &nbsp;&nbsp; 754093 | &nbsp;&nbsp; 4728163 |
| **Colombia - 0.5%** | **Colombia - 0.5%** | **Colombia - 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest SA - ADR, 3.23% <br> (Banks)+<br>| &nbsp;&nbsp; 47433 | &nbsp;&nbsp; 2059541 |
| **South Korea - 0.2%** | **South Korea - 0.2%** | **South Korea - 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd. - <br> GDR, Reg S, 2.60% <br> (Technology Hardware & <br> Equipment)+†<br>| &nbsp;&nbsp; 1057 | &nbsp;&nbsp; 1063120 |
| **Total Preferred Stocks (Cost $3,474,011)** | **Total Preferred Stocks (Cost $3,474,011)** | &nbsp;&nbsp; **$7850824** |

---

------

**Harding, Loevner Funds, Inc.**

------

**Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT TERM INVESTMENTS - 3.9%** | **SHORT TERM INVESTMENTS - 3.9%** | **SHORT TERM INVESTMENTS - 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.15% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 16387444 | &nbsp;&nbsp; $16387444 |
| **Total Short Term Investments (Cost $16,387,444)** | **Total Short Term Investments (Cost $16,387,444)** | &nbsp;&nbsp; **$16387444** |
| **Total Investments — 100.1%** | **Total Investments — 100.1%** |  |
| **(Cost $280,487,583)** | **(Cost $280,487,583)** | &nbsp;&nbsp; **$422728632** |
| Liabilities Less Other Assets - (0.1)% | Liabilities Less Other Assets - (0.1)% | &nbsp;&nbsp; (512877)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$422215755** |

---

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

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| CDI | Chess Depositary Interest |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *\** | *Non-income producing security.* |
| *†* | *Investment categorized as level 2 security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 3.2%* <br> *of net assets as of July 31, 2025, are considered liquid and may* <br> *be resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|
| *‡* | &nbsp;&nbsp; *Investment categorized as level 3 security that is effectively* <br> *valued at zero.* <br>|
| *+* | &nbsp;&nbsp; *Current yield is disclosed. Dividends are calculated based on a* <br> *percentage of the issuer's net income.*<br>|
| *^^* | *Amount is less than 0.005%.* |

---

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

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp; Percentage of<br> Net Assets<br>|
| Automobiles & Components | 3.2<br> %<br>|
| Banks | 15.0 |
| Capital Goods | 9.6 |
| Consumer Discretionary Distribution & Retail | 8.6 |
| Consumer Durables & Apparel | 5.7 |
| Consumer Services | 3.1 |
| Consumer Staples Distribution & Retail | 2.5 |
| Energy | 1.8 |
| Financial Services | 1.8 |
| Food, Beverage & Tobacco | 2.7 |
| Health Care Equipment & Services | 1.6 |
| Insurance | 6.4 |
| Materials | 1.0 |
| Media & Entertainment | 6.5 |
| Real Estate Management & Development | 1.8 |
| Semiconductors & Semiconductor Equipment | 9.3 |
| Software & Services | 3.5 |
| Technology Hardware & Equipment | 8.6 |
| Telecommunication Services | 1.7 |
| Transportation | 1.8 |
| Money Market Fund | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 100.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities Less Other Assets | &nbsp;&nbsp; (0.1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | 100.0<br> %<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Emerging Markets ex China Portfolio**

**Portfolio of Investments**

**July 31, 2025 (unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.5%** | **COMMON STOCKS - 96.5%** | **COMMON STOCKS - 96.5%** |
| **Brazil - 3.4%** | **Brazil - 3.4%** | **Brazil - 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; B3 SA - Brasil Bolsa Balcao <br> (Financial Services)<br>| &nbsp;&nbsp; 8300 | &nbsp;&nbsp; $18647<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Raia Drogasil SA (Consumer <br> Staples Distribution & Retail)<br>| &nbsp;&nbsp; 8900 | &nbsp;&nbsp; 21409<br>|
| WEG SA (Capital Goods) | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 82179<br>|
|  |  | &nbsp;&nbsp; 122235 |
| **Egypt - 1.2%** | **Egypt - 1.2%** | **Egypt - 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial International Bank <br> Egypt - GDR, Reg S <br> (Banks)†<br>| &nbsp;&nbsp; 23683 | &nbsp;&nbsp; 45311<br>|
| **India - 22.6%** | **India - 22.6%** | **India - 22.6%** |
| Asian Paints Ltd. (Materials)† | &nbsp;&nbsp; 1512 | &nbsp;&nbsp; 41291<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bajaj Auto Ltd. (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 617 | &nbsp;&nbsp; 56180<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Asset Management Co., <br> Ltd. (Financial Services)^†<br>| &nbsp;&nbsp; 1068 | &nbsp;&nbsp; 68539<br>|
| HDFC Bank Ltd. (Banks)† | &nbsp;&nbsp; 7314 | &nbsp;&nbsp; 167979<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Life Insurance Co., Ltd. <br> (Insurance)^†<br>| &nbsp;&nbsp; 9668 | &nbsp;&nbsp; 82881<br>|
| ICICI Bank Ltd. (Banks)† | &nbsp;&nbsp; 8846 | &nbsp;&nbsp; 149358<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Maruti Suzuki India Ltd. <br> (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 987 | &nbsp;&nbsp; 141826<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. <br> (Software & Services)†<br>| &nbsp;&nbsp; 3259 | &nbsp;&nbsp; 112268<br>|
|  |  | &nbsp;&nbsp; 820322 |
| **Indonesia - 3.7%** | **Indonesia - 3.7%** | **Indonesia - 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk PT <br> (Capital Goods)†<br>| &nbsp;&nbsp; 143100 | &nbsp;&nbsp; 44193<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT <br> (Banks)†<br>| &nbsp;&nbsp; 69100 | &nbsp;&nbsp; 34468<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero <br> Tbk PT (Banks)†<br>| &nbsp;&nbsp; 152400 | &nbsp;&nbsp; 34004<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 116100 | &nbsp;&nbsp; 20134<br>|
|  |  | &nbsp;&nbsp; 132799 |
| **Kazakhstan - 1.6%** | **Kazakhstan - 1.6%** | **Kazakhstan - 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaspi.KZ JSC - ADR (Financial <br> Services)<br>| &nbsp;&nbsp; 737 | &nbsp;&nbsp; 58149<br>|
| **Kenya - 1.3%** | **Kenya - 1.3%** | **Kenya - 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Safaricom plc <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 241300 | &nbsp;&nbsp; 49127<br>|
| **Mexico - 4.9%** | **Mexico - 4.9%** | **Mexico - 4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano <br> SAB de CV - Sponsored <br> ADR (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 661 | &nbsp;&nbsp; 59794<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB <br> de CV, Series O (Banks)<br>| &nbsp;&nbsp; 6700 | &nbsp;&nbsp; 59709<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.5% (continued)** | **COMMON STOCKS - 96.5% (continued)** | **COMMON STOCKS - 96.5% (continued)** |
| **Mexico - 4.9% (continued)** | **Mexico - 4.9% (continued)** | **Mexico - 4.9% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico SAB de CV <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 20300 | &nbsp;&nbsp; $59840<br>|
|  |  | &nbsp;&nbsp; 179343 |
| **Panama - 1.0%** | **Panama - 1.0%** | **Panama - 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Copa Holdings SA, Class A <br> (Transportation)<br>| &nbsp;&nbsp; 315 | &nbsp;&nbsp; 34858<br>|
| **Peru - 0.8%** | **Peru - 0.8%** | **Peru - 0.8%** |
| Credicorp Ltd. (Banks) | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 27492<br>|
| **Philippines - 3.9%** | **Philippines - 3.9%** | **Philippines - 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; International Container Terminal <br> Services Inc. <br> (Transportation)†<br>| &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 57416<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Jollibee Foods Corp. (Consumer <br> Services)†<br>| &nbsp;&nbsp; 11800 | &nbsp;&nbsp; 43831<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Wilcon Depot Inc. (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 225700 | &nbsp;&nbsp; 38606<br>|
|  |  | &nbsp;&nbsp; 139853 |
| **Poland - 1.3%** | **Poland - 1.3%** | **Poland - 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 4837 | &nbsp;&nbsp; 47559<br>|
| **Saudi Arabia - 4.9%** | **Saudi Arabia - 4.9%** | **Saudi Arabia - 4.9%** |
| Al Rajhi Bank (Banks)† | &nbsp;&nbsp; 2320 | &nbsp;&nbsp; 58412<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bupa Arabia for Cooperative <br> Insurance Co. (Insurance)†<br>| &nbsp;&nbsp; 812 | &nbsp;&nbsp; 36225<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Mouwasat Medical Services Co. <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 1743 | &nbsp;&nbsp; 35068<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co. <br> (Energy)^†<br>| &nbsp;&nbsp; 7625 | &nbsp;&nbsp; 49366<br>|
|  |  | &nbsp;&nbsp; 179071 |
| **South Africa - 2.8%** | **South Africa - 2.8%** | **South Africa - 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Clicks Group Ltd. (Consumer <br> Staples Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 2059 | &nbsp;&nbsp; 43036<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Bank Group Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 4662 | &nbsp;&nbsp; 59720<br>|
|  |  | &nbsp;&nbsp; 102756 |
| **South Korea - 13.0%** | **South Korea - 13.0%** | **South Korea - 13.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheil Worldwide Inc. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 4408 | &nbsp;&nbsp; 63120<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Coway Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 1570 | &nbsp;&nbsp; 122964<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; NAVER Corp. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 532 | &nbsp;&nbsp; 89892<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 157 | &nbsp;&nbsp; 196347<br>|
|  |  | &nbsp;&nbsp; 472323 |
| **Taiwan - 15.6%** | **Taiwan - 15.6%** | **Taiwan - 15.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airtac International Group <br> (Capital Goods)†<br>| &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 34198<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Emerging Markets ex China Portfolio**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.5% (continued)** | **COMMON STOCKS - 96.5% (continued)** | **COMMON STOCKS - 96.5% (continued)** |
| **Taiwan - 15.6% (continued)** | **Taiwan - 15.6% (continued)** | **Taiwan - 15.6% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; ASPEED Technology Inc. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 300 | &nbsp;&nbsp; $45563<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 75589<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co., <br> Ltd. (Technology Hardware <br> & Equipment)†<br>| &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 47410<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 9400 | &nbsp;&nbsp; 363105<br>|
|  |  | &nbsp;&nbsp; 565865 |
| **Thailand - 1.9%** | **Thailand - 1.9%** | **Thailand - 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bangkok Dusit Medical Services <br> pcl, Class F, Reg S (Health <br> Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 42200 | &nbsp;&nbsp; 27763<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bumrungrad Hospital pcl, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 42136<br>|
|  |  | &nbsp;&nbsp; 69899 |
| **United Arab Emirates - 2.6%** | **United Arab Emirates - 2.6%** | **United Arab Emirates - 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Agthia Group PJSC (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 25666 | &nbsp;&nbsp; 29760<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 15779 | &nbsp;&nbsp; 65005<br>|
|  |  | &nbsp;&nbsp; 94765 |
| **United Kingdom - 3.6%** | **United Kingdom - 3.6%** | **United Kingdom - 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baltic Classifieds Group plc <br> (Media & Entertainment)†<br>| &nbsp;&nbsp; 15165 | &nbsp;&nbsp; 71540<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG - CDI <br> (Food, Beverage & <br> Tobacco)\*†<br>| &nbsp;&nbsp; 1106 | &nbsp;&nbsp; 57532<br>|
|  |  | &nbsp;&nbsp; 129072 |
| **United States - 4.9%** | **United States - 4.9%** | **United States - 4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 227 | &nbsp;&nbsp; 35800<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 454 | &nbsp;&nbsp; 38254<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre Inc. (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 102077<br>|
|  |  | &nbsp;&nbsp; 176131 |
| **Vietnam - 1.5%** | **Vietnam - 1.5%** | **Vietnam - 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile World Investment Corp. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 22100 | &nbsp;&nbsp; 54441 |
| **Total Common Stocks (Cost $2,978,511)** | **Total Common Stocks (Cost $2,978,511)** | &nbsp;&nbsp; **$3501371** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **PREFERRED STOCKS - 3.1%** | **PREFERRED STOCKS - 3.1%** | **PREFERRED STOCKS - 3.1%** |
| **Brazil - 2.0%** | **Brazil - 2.0%** | **Brazil - 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA - <br> Sponsored ADR, 3.97% <br> (Banks)+<br>| &nbsp;&nbsp; 11251 | &nbsp;&nbsp; $70544 |
| **Colombia - 1.1%** | **Colombia - 1.1%** | **Colombia - 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest SA - ADR, 3.23% <br> (Banks)+<br>| &nbsp;&nbsp; 918 | &nbsp;&nbsp; 39860 |
| **Total Preferred Stocks (Cost $89,551)** | **Total Preferred Stocks (Cost $89,551)** | &nbsp;&nbsp; **$110404** |
| **SHORT TERM INVESTMENTS - 1.3%** | **SHORT TERM INVESTMENTS - 1.3%** | **SHORT TERM INVESTMENTS - 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.15% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 48090 | &nbsp;&nbsp; 48090 |
| **Total Short Term Investments (Cost $48,090)** | **Total Short Term Investments (Cost $48,090)** | &nbsp;&nbsp; **$48090** |
| **Total Investments — 100.9%** | **Total Investments — 100.9%** |  |
| **(Cost $3,116,152)** | **(Cost $3,116,152)** | &nbsp;&nbsp; **$3659865** |
| Liabilities Less Other Assets - (0.9)% | Liabilities Less Other Assets - (0.9)% | &nbsp;&nbsp; (32425)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$3627440** |

---

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

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| CDI | Chess Depositary Interest |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | *Investment categorized as level 2 security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 6.8%* <br> *of net assets as of July 31, 2025, are considered liquid and may* <br> *be resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|
| *\** | *Non-income producing security.* |
| *+* | &nbsp;&nbsp; *Current yield is disclosed. Dividends are calculated based on a* <br> *percentage of the issuer's net income.*<br>|

---

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

------

**Harding, Loevner Funds, Inc.**

------

**Emerging Markets ex China Portfolio**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

------

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp; Percentage of<br> Net Assets<br>|
| Automobiles & Components | 5.5<br> %<br>|
| Banks | 20.5 |
| Capital Goods | 4.4 |
| Consumer Discretionary Distribution & Retail | 6.7 |
| Consumer Durables & Apparel | 3.4 |
| Consumer Services | 1.2 |
| Consumer Staples Distribution & Retail | 3.5 |
| Energy | 1.3 |
| Financial Services | 4.0 |
| Food, Beverage & Tobacco | 4.0 |
| Health Care Equipment & Services | 2.9 |
| Insurance | 3.3 |
| Materials | 1.1 |
| Media & Entertainment | 6.2 |
| Real Estate Management & Development | 1.8 |
| Semiconductors & Semiconductor Equipment | 11.3 |
| Software & Services | 5.2 |
| Technology Hardware & Equipment | 8.8 |
| Telecommunication Services | 1.9 |
| Transportation | 2.6 |
| Money Market Fund | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 100.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities Less Other Assets | &nbsp;&nbsp; (0.9)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | 100.0<br> %<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Chinese Equity Portfolio**

**Portfolio of Investments**

**July 31, 2025 (unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.6%** | **COMMON STOCKS - 96.6%** | **COMMON STOCKS - 96.6%** |
| **China - 77.9%** | **China - 77.9%** | **China - 77.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 11500 | &nbsp;&nbsp; $169635 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANTA Sports Products Ltd. <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 57351 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Tower Corp., Ltd., <br> Class H (Telecommunication <br> Services)^†<br>| &nbsp;&nbsp; 53500 | &nbsp;&nbsp; 74987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex <br> Technology Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 2540 | &nbsp;&nbsp; 92637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dongguan Yiheda Automation <br> Co., Ltd., Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 18400 | &nbsp;&nbsp; 59737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foshan Haitian Flavouring & <br> Food Co., Ltd., Class A <br> (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 3498 | &nbsp;&nbsp; 18616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co., <br> Ltd., Class A (Automobiles <br> & Components)†<br>| &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 29589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co., <br> Ltd., Class H (Automobiles <br> & Components)^†<br>| &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 34712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haier Smart Home Co., Ltd., <br> Class H (Consumer Durables <br> & Apparel)†<br>| &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 19520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haitian International Holdings <br> Ltd. (Capital Goods)†<br>| &nbsp;&nbsp; 25020 | &nbsp;&nbsp; 67302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hangzhou Tigermed Consulting <br> Co., Ltd., Class H <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)^†<br>| &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 44065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hefei Meiya Optoelectronic <br> Technology Inc., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 16680 | &nbsp;&nbsp; 39134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongfa Technology Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 8372 | &nbsp;&nbsp; 28347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inner Mongolia Yili Industrial <br> Group Co., Ltd., Class A <br> (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 19600 | &nbsp;&nbsp; 74544 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD.com Inc., Class A (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 1521 | &nbsp;&nbsp; 23538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kweichow Moutai Co., Ltd., <br> Class A (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 270 | &nbsp;&nbsp; 53288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Li Ning Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 20500 | &nbsp;&nbsp; 43526 |
| &nbsp;&nbsp;&nbsp;&nbsp; LONGi Green Energy <br> Technology Co., Ltd., <br> Class A (Semiconductors & <br> Semiconductor <br> Equipment)\*†<br>| &nbsp;&nbsp; 11060 | &nbsp;&nbsp; 24067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meituan, Class B (Consumer <br> Services)\*^†<br>| &nbsp;&nbsp; 3530 | &nbsp;&nbsp; 54712 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** |
| **China - 77.9% (continued)** | **China - 77.9% (continued)** | **China - 77.9% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Midea Group Co., Ltd., Class A <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 4400 | &nbsp;&nbsp; $42687 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase Inc. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 70441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of <br> China Ltd., Class H <br> (Insurance)†<br>| &nbsp;&nbsp; 12500 | &nbsp;&nbsp; 85960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proya Cosmetics Co., Ltd., <br> Class A (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 52366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qingdao Haier Biomedical Co., <br> Ltd., Class A (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 11200 | &nbsp;&nbsp; 51424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sany Heavy Industry Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 18300 | &nbsp;&nbsp; 50660 |
| &nbsp;&nbsp;&nbsp;&nbsp; SF Holding Co., Ltd., Class A <br> (Transportation)†<br>| &nbsp;&nbsp; 8900 | &nbsp;&nbsp; 56859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shandong Sinocera Functional <br> Material Co., Ltd., Class A <br> (Materials)†<br>| &nbsp;&nbsp; 14100 | &nbsp;&nbsp; 35810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai Friendess Electronic <br> Technology Corp., Ltd., <br> Class A (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 2660 | &nbsp;&nbsp; 48248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Inovance Technology <br> Co., Ltd., Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 58134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 48163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhou International Group <br> Holdings Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 49992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 364522 |
| &nbsp;&nbsp;&nbsp;&nbsp; TravelSky Technology Ltd., <br> Class H (Consumer <br> Services)†<br>| &nbsp;&nbsp; 67000 | &nbsp;&nbsp; 106562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd. (Consumer <br> Services)†<br>| &nbsp;&nbsp; 1396 | &nbsp;&nbsp; 87549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wuliangye Yibin Co., Ltd., <br> Class A (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 18499 |
| &nbsp;&nbsp;&nbsp;&nbsp; WuXi AppTec Co., Ltd., Class H <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)^†<br>| &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 45809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Sanhua Intelligent <br> Controls Co., Ltd., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 7400 | &nbsp;&nbsp; 26925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Shuanghuan Driveline <br> Co., Ltd., Class A <br> (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 38530 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZTO Express Cayman Inc. <br> (Transportation)†<br>| &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 74414 |
|  |  | &nbsp;&nbsp; 2422861 |

---

------

**Harding, Loevner Funds, Inc.**

------

**Chinese Equity Portfolio**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** |
| **Hong Kong - 10.8%** | **Hong Kong - 10.8%** | **Hong Kong - 10.8%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; $127248 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASMPT Ltd. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 11811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Budweiser Brewing Co. APAC <br> Ltd. (Food, Beverage & <br> Tobacco)^†<br>| &nbsp;&nbsp; 27400 | &nbsp;&nbsp; 28843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & <br> Clearing Ltd. (Financial <br> Services)†<br>| &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 114306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 54089 |
|  |  | &nbsp;&nbsp; 336297 |
| **Taiwan - 7.9%** | **Taiwan - 7.9%** | **Taiwan - 7.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airtac International Group <br> (Capital Goods)†<br>| &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 94045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 151177 |
|  |  | &nbsp;&nbsp; 245222 |
| **Total Common Stocks (Cost $3,225,557)** | **Total Common Stocks (Cost $3,225,557)** | &nbsp;&nbsp; **$3004380** |
| **SHORT TERM INVESTMENTS - 4.3%** | **SHORT TERM INVESTMENTS - 4.3%** | **SHORT TERM INVESTMENTS - 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.15% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 135229 | &nbsp;&nbsp; 135229 |
| **Total Short Term Investments (Cost $135,229)** | **Total Short Term Investments (Cost $135,229)** | &nbsp;&nbsp; **$135229** |
| **Total Investments — 100.9%** | **Total Investments — 100.9%** |  |
| **(Cost $3,360,786)** | **(Cost $3,360,786)** | &nbsp;&nbsp; **$3139609** |
| Liabilities Less Other Assets - (0.9)% | Liabilities Less Other Assets - (0.9)% | &nbsp;&nbsp; (28495)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$3111114** |

---

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

---

| |
|:---|
| *† Investment categorized as level 2 security.* |
| *^ Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 9.1% of net* <br> *assets as of July 31, 2025, are considered liquid and may be resold* <br> *in transactions exempt from registration, normally to qualified* <br> *buyers.*<br>|
| *\* Non-income producing security.* |

---

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

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp; Percentage of<br> Net Assets<br>|
| Automobiles & Components | 3.2<br> %<br>|
| Capital Goods | 18.4 |
| Consumer Discretionary Distribution & Retail | 6.3 |
| Consumer Durables & Apparel | 6.8 |
| Consumer Services | 8.0 |
| Financial Services | 3.7 |
| Food, Beverage & Tobacco | 6.2 |
| Health Care Equipment & Services | 3.2 |
| Household & Personal Products | 1.7 |
| Insurance | 6.9 |
| Materials | 1.1 |
| Media & Entertainment | 14.0 |
| Pharmaceuticals, Biotechnology & Life Sciences | 2.9 |
| Semiconductors & Semiconductor Equipment | 1.2 |
| Technology Hardware & Equipment | 6.4 |
| Telecommunication Services | 2.4 |
| Transportation | 4.2 |
| Money Market Fund | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 100.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities Less Other Assets | &nbsp;&nbsp; (0.9)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | 100.0<br> %<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Frontier Emerging Markets Portfolio**

**Portfolio of Investments**

**July 31, 2025 (unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 95.2%** | **COMMON STOCKS - 95.2%** | **COMMON STOCKS - 95.2%** |
| **Bangladesh - 3.9%** | **Bangladesh - 3.9%** | **Bangladesh - 3.9%** |
| BRAC Bank plc (Banks)† | &nbsp;&nbsp; 4571298 | &nbsp;&nbsp; $2636400<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; GrameenPhone Ltd. <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 271823 | &nbsp;&nbsp; 694474<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Square Pharmaceuticals plc <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 1073017 | &nbsp;&nbsp; 2012337<br>|
|  |  | &nbsp;&nbsp; 5343211 |
| **Colombia - 2.4%** | **Colombia - 2.4%** | **Colombia - 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cementos Argos SA - Sponsored <br> ADR (Materials)#†<br>| &nbsp;&nbsp; 242986 | &nbsp;&nbsp; 3187004<br>|
| **Croatia - 0.1%** | **Croatia - 0.1%** | **Croatia - 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ericsson Nikola Tesla <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 800 | &nbsp;&nbsp; 160886<br>|
| **Egypt - 2.3%** | **Egypt - 2.3%** | **Egypt - 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial International Bank <br> Egypt - GDR, Reg S <br> (Banks)†<br>| &nbsp;&nbsp; 1612397 | &nbsp;&nbsp; 3084918<br>|
| **Indonesia - 3.5%** | **Indonesia - 3.5%** | **Indonesia - 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk PT <br> (Capital Goods)†<br>| &nbsp;&nbsp; 5210200 | &nbsp;&nbsp; 1609055<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT <br> (Banks)†<br>| &nbsp;&nbsp; 4130100 | &nbsp;&nbsp; 2060169<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sumber Alfaria Trijaya Tbk PT <br> (Consumer Staples <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 7766600 | &nbsp;&nbsp; 1091300<br>|
|  |  | &nbsp;&nbsp; 4760524 |
| **Kazakhstan - 5.7%** | **Kazakhstan - 5.7%** | **Kazakhstan - 5.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Halyk Savings Bank of <br> Kazakhstan JSC - GDR, Reg <br> S (Banks)†<br>| &nbsp;&nbsp; 178223 | &nbsp;&nbsp; 4420494<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Kaspi.KZ JSC - ADR (Financial <br> Services)<br>| &nbsp;&nbsp; 42027 | &nbsp;&nbsp; 3315931<br>|
|  |  | &nbsp;&nbsp; 7736425 |
| **Kenya - 3.3%** | **Kenya - 3.3%** | **Kenya - 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; East African Breweries plc <br> (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 323700 | &nbsp;&nbsp; 527821<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Group Holdings plc <br> (Banks)†<br>| &nbsp;&nbsp; 3703700 | &nbsp;&nbsp; 1445226<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Safaricom plc <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 12585050 | &nbsp;&nbsp; 2562245<br>|
|  |  | &nbsp;&nbsp; 4535292 |
| **Morocco - 9.6%** | **Morocco - 9.6%** | **Morocco - 9.6%** |
| Attijariwafa Bank (Banks)† | &nbsp;&nbsp; 52434 | &nbsp;&nbsp; 4278822<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Itissalat Al-Maghrib <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 165873 | &nbsp;&nbsp; 2209132<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Societe d'Exploitation des Ports <br> (Transportation)†<br>| &nbsp;&nbsp; 65556 | &nbsp;&nbsp; 6470884<br>|
|  |  | &nbsp;&nbsp; 12958838 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 95.2% (continued)** | **COMMON STOCKS - 95.2% (continued)** | **COMMON STOCKS - 95.2% (continued)** |
| **Peru - 9.0%** | **Peru - 9.0%** | **Peru - 9.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alicorp SAA (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 513758 | &nbsp;&nbsp; $1365731<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Cementos Pacasmayo SAA <br> (Materials)<br>| &nbsp;&nbsp; 1129276 | &nbsp;&nbsp; 1361104<br>|
| Credicorp Ltd. (Banks) | &nbsp;&nbsp; 27343 | &nbsp;&nbsp; 6480291<br>|
| Ferreycorp SAA (Capital Goods) | &nbsp;&nbsp; 3122997 | &nbsp;&nbsp; 3016506<br>|
|  |  | &nbsp;&nbsp; 12223632 |
| **Philippines - 16.8%** | **Philippines - 16.8%** | **Philippines - 16.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of the Philippine Islands <br> (Banks)†<br>| &nbsp;&nbsp; 1233920 | &nbsp;&nbsp; 2493054<br>|
| BDO Unibank Inc. (Banks)† | &nbsp;&nbsp; 1069231 | &nbsp;&nbsp; 2606252<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Century Pacific Food Inc. (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 2232400 | &nbsp;&nbsp; 1410061<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; International Container Terminal <br> Services Inc. <br> (Transportation)†<br>| &nbsp;&nbsp; 658930 | &nbsp;&nbsp; 5044385<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Jollibee Foods Corp. (Consumer <br> Services)†<br>| &nbsp;&nbsp; 765560 | &nbsp;&nbsp; 2843689<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Robinsons Retail Holdings Inc. <br> (Consumer Staples <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 1539350 | &nbsp;&nbsp; 1002696<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SM Prime Holdings Inc. (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 8422400 | &nbsp;&nbsp; 3338766<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Robina Corp. (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 984620 | &nbsp;&nbsp; 1488978<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Wilcon Depot Inc. (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 14619700 | &nbsp;&nbsp; 2500689<br>|
|  |  | &nbsp;&nbsp; 22728570 |
| **Poland - 1.9%** | **Poland - 1.9%** | **Poland - 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 265807 | &nbsp;&nbsp; 2613525<br>|
| **Romania - 7.3%** | **Romania - 7.3%** | **Romania - 7.3%** |
| Banca Transilvania SA (Banks)† | &nbsp;&nbsp; 965028 | &nbsp;&nbsp; 5984293<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Societatea Nationala de Gaze <br> Naturale ROMGAZ SA <br> (Energy)†<br>| &nbsp;&nbsp; 2156306 | &nbsp;&nbsp; 3841630<br>|
|  |  | &nbsp;&nbsp; 9825923 |
| **Saudi Arabia - 2.2%** | **Saudi Arabia - 2.2%** | **Saudi Arabia - 2.2%** |
| Al Rajhi Bank (Banks)† | &nbsp;&nbsp; 42020 | &nbsp;&nbsp; 1057953<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bupa Arabia for Cooperative <br> Insurance Co. (Insurance)†<br>| &nbsp;&nbsp; 15851 | &nbsp;&nbsp; 707147<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Mouwasat Medical Services Co. <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 58166 | &nbsp;&nbsp; 1170258<br>|
|  |  | &nbsp;&nbsp; 2935358 |
| **Slovenia - 1.8%** | **Slovenia - 1.8%** | **Slovenia - 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Krka dd Novo mesto <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 10652 | &nbsp;&nbsp; 2417059<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Frontier Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 95.2% (continued)** | **COMMON STOCKS - 95.2% (continued)** | **COMMON STOCKS - 95.2% (continued)** |
| **Thailand - 0.7%** | **Thailand - 0.7%** | **Thailand - 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bumrungrad Hospital pcl, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 180500 | &nbsp;&nbsp; $938953<br>|
| **United Arab Emirates - 2.6%** | **United Arab Emirates - 2.6%** | **United Arab Emirates - 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Agthia Group PJSC (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 581568 | &nbsp;&nbsp; 674332<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 683855 | &nbsp;&nbsp; 2817279<br>|
|  |  | &nbsp;&nbsp; 3491611 |
| **United Kingdom - 5.5%** | **United Kingdom - 5.5%** | **United Kingdom - 5.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airtel Africa plc <br> (Telecommunication <br> Services)^†<br>| &nbsp;&nbsp; 1052373 | &nbsp;&nbsp; 2832789<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Baltic Classifieds Group plc <br> (Media & Entertainment)†<br>| &nbsp;&nbsp; 789605 | &nbsp;&nbsp; 3724915<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Helios Towers plc <br> (Telecommunication <br> Services)\*†<br>| &nbsp;&nbsp; 534934 | &nbsp;&nbsp; 838305<br>|
|  |  | &nbsp;&nbsp; 7396009 |
| **United States - 2.1%** | **United States - 2.1%** | **United States - 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 6127 | &nbsp;&nbsp; 966289<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 21820 | &nbsp;&nbsp; 1838553<br>|
|  |  | &nbsp;&nbsp; 2804842 |
| **Vietnam - 14.5%** | **Vietnam - 14.5%** | **Vietnam - 14.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank for Foreign Trade of <br> Vietnam JSC (Banks)\*†<br>| &nbsp;&nbsp; 1796735 | &nbsp;&nbsp; 4099130<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; FPT Corp. (Software & <br> Services)†<br>| &nbsp;&nbsp; 675375 | &nbsp;&nbsp; 2652664<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Hoa Phat Group JSC <br> (Materials)\*†<br>| &nbsp;&nbsp; 3682402 | &nbsp;&nbsp; 3474456<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile World Investment Corp. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 1653900 | &nbsp;&nbsp; 4074216<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sai Gon Cargo Service Corp. <br> (Transportation)†<br>| &nbsp;&nbsp; 501594 | &nbsp;&nbsp; 1223268<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Saigon Beer Alcohol Beverage <br> Corp. (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 1025720 | &nbsp;&nbsp; 1852163<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Vietnam Dairy Products JSC <br> (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 995894 | &nbsp;&nbsp; 2305927<br>|
|  |  | &nbsp;&nbsp; 19681824 |
| **Total Common Stocks (Cost $87,408,987)** | **Total Common Stocks (Cost $87,408,987)** | &nbsp;&nbsp; **$128824404** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **PREFERRED STOCKS - 3.0%** | **PREFERRED STOCKS - 3.0%** | **PREFERRED STOCKS - 3.0%** |
| **Colombia - 3.0%** | **Colombia - 3.0%** | **Colombia - 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest SA - ADR, 3.23% <br> (Banks)+<br>| &nbsp;&nbsp; 95155 | &nbsp;&nbsp; $4131630 |
| **Total Preferred Stocks (Cost $2,981,566)** | **Total Preferred Stocks (Cost $2,981,566)** | &nbsp;&nbsp; **$4131630** |
| **PARTICIPATION NOTES - 0.7%** | **PARTICIPATION NOTES - 0.7%** | **PARTICIPATION NOTES - 0.7%** |
| **Qatar - 0.7%** | **Qatar - 0.7%** | **Qatar - 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar National Bank, Issued by <br> HSBC BANK PLC, Maturity <br> Date 5/28/26 (Banks)^†<br>| &nbsp;&nbsp; 171904 | &nbsp;&nbsp; 885254 |
| **Total Participation Notes (Cost $819,398)** | **Total Participation Notes (Cost $819,398)** | &nbsp;&nbsp; **$885254** |
| **SHORT TERM INVESTMENTS - 1.5%** | **SHORT TERM INVESTMENTS - 1.5%** | **SHORT TERM INVESTMENTS - 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.15% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 2043551 | &nbsp;&nbsp; 2043551 |
| **Total Short Term Investments (Cost $2,043,551)** | **Total Short Term Investments (Cost $2,043,551)** | &nbsp;&nbsp; **$2043551** |
| **Total Investments — 100.4%** | **Total Investments — 100.4%** |  |
| **(Cost $93,253,502)** | **(Cost $93,253,502)** | &nbsp;&nbsp; **$135884839** |
| Liabilities Less Other Assets - (0.4)% | Liabilities Less Other Assets - (0.4)% | &nbsp;&nbsp; (498480)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$135386359** |

---

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

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | *Investment categorized as level 2 security.* |
| *#* | &nbsp;&nbsp; *Security valued at fair value as determined in good faith under* <br> *policies and procedures established by and under the* <br> *supervision of the Portfolio's Board of Directors.*<br>|
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 4.7%* <br> *of net assets as of July 31, 2025, are considered liquid and may* <br> *be resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|
| *+* | &nbsp;&nbsp; *Current yield is disclosed. Dividends are calculated based on a* <br> *percentage of the issuer's net income.*<br>|

---

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

------

**Harding, Loevner Funds, Inc.**

------

**Frontier Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

------

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp; Percentage of<br> Net Assets<br>|
| Banks | 33.6<br> %<br>|
| Capital Goods | 3.4 |
| Consumer Discretionary Distribution & Retail | 6.8 |
| Consumer Services | 2.1 |
| Consumer Staples Distribution & Retail | 1.5 |
| Energy | 2.9 |
| Financial Services | 2.4 |
| Food, Beverage & Tobacco | 7.2 |
| Health Care Equipment & Services | 1.6 |
| Insurance | 0.5 |
| Materials | 6.0 |
| Media & Entertainment | 2.8 |
| Pharmaceuticals, Biotechnology & Life Sciences | 3.3 |
| Real Estate Management & Development | 4.6 |
| Software & Services | 4.0 |
| Technology Hardware & Equipment | 0.1 |
| Telecommunication Services | 6.7 |
| Transportation | 9.4 |
| Money Market Fund | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 100.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities Less Other Assets | &nbsp;&nbsp; (0.4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | 100.0<br> %<br>|

---

------

## 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:** Emerging Markets Ex China Portfolio

- **b. EDGAR series identifier (if any):** S000076791

- **c. LEI of Series:** 5493001UZMV27UTBH025

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $3675128.45

**Total Liabilities:** $47688.28

**Net Assets:** $3627440.17

**Cash Not Reported:** $1245.14

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000236826 | 3.22%                | 5.35%                | -0.51%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $10676.28                | $88439.97                                  |
| Month 2  | $31673.78                | $144903.87                                 |
| Month 3  | $9602.92                 | $-29216.71                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 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        |       661 | NS      | $59794.06     | 1.65%             |  |  |  | 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        |    241300 | NS      | $49127.32     | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPEED Technology Inc.                         | ASPEED Technology Inc. TWD10                                               | CUSIP: Y04044106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |       300 | NS      | $45562.62     | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Asset Management Co Ltd.                  | HDFC Asset Management Co Ltd. INR5                                         | CUSIP: Y3R1AG299<br>LEI: 3358002FLK8AK8WSEP31 | Long             | EC               | CORP              | IN        |      1068 | NS      | $68539.43     | 1.89%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Copa Holdings SA                               | Copa Holdings SA NPV CLASS 'A'                                             | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |       315 | NS      | $34857.90     | 0.96%             |  |  |  | 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        |       157 | NS      | $196347.45    | 5.41%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HDFC Bank Ltd.                                 | HDFC Bank Ltd. INR1                                                        | CUSIP: Y3119P190<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      7314 | NS      | $167979.00    | 4.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Company                      | Saudi Arabian Oil Company NPV                                              | CUSIP: M8237R104<br>LEI: 5586006WD91QHB7J4X50 | Long             | EC               | CORP              | SA        |      7625 | NS      | $49366.27     | 1.36%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Mouwasat Medical Services Co                   | Mouwasat Medical Services Co SAR10                                         | CUSIP: M7065G107<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      1743 | NS      | $35067.91     | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Mobile World Investment Corporation            | Mobile World Investment Corporation VND10000                               | CUSIP: Y604K2105<br>LEI: 254900ZRFNB8CRAHHO95 | Long             | EC               | CORP              | VN        |     22100 | NS      | $54441.13     | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart De Mexico                             | Wal-Mart De Mexico COM NPV                                                 | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     20300 | NS      | $59840.07     | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Wilcon Depot Inc                               | Wilcon Depot Inc PHP1                                                      | CUSIP: Y9584X105<br>LEI: N/A                  | Long             | EC               | CORP              | PH        |    225700 | NS      | $38605.81     | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Life Insurance Co Ltd.                    | HDFC Life Insurance Co Ltd. INR10                                          | CUSIP: Y3R1AP109<br>LEI: 335800RQI8GAFHIRGZ37 | Long             | EC               | CORP              | IN        |      9668 | NS      | $82880.63     | 2.28%             |  |  |  | Yes           |                  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        |      8300 | NS      | $18646.86     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Bupa Arabia For Cooperative Insurance Co.      | Bupa Arabia For Cooperative Insurance Co. SAR10                            | CUSIP: M20515116<br>LEI: 558600B2WJHD5P31XS68 | Long             | EC               | CORP              | SA        |       812 | NS      | $36225.02     | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                       | Itau Unibanco Holding SA ADR EACH REPR 1 PRF NPV                           | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |     11251 | NS      | $70543.77     | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Baltic Classifieds Group PLC                   | Baltic Classifieds Group PLC ORD GBP0.01                                   | CUSIP: G07167102<br>LEI: 213800I1RPHCFSSQS969 | Long             | EC               | CORP              | GB        |     15165 | NS      | $71539.99     | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Agthia Group Pjsc                              | Agthia Group Pjsc COM STK AED1                                             | CUSIP: M02421101<br>LEI: 984500EB43881B7AD148 | Long             | EC               | CORP              | AE        |     25666 | NS      | $29759.91     | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Telkom Indonesia(Persero) Tbk PT               | Telkom Indonesia(Persero) Tbk PT SER'B'IDR50                               | CUSIP: Y71474145<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |    116100 | NS      | $20133.46     | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Globant S.A                                    | Globant S.A USD1.20                                                        | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |       454 | NS      | $38254.04     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro.eu SA                                  | Allegro.eu SA PLN0.01                                                      | CUSIP: L0R67D109<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | LU        |      4837 | NS      | $47559.39     | 1.31%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Northern Institutional Funds                   | Northern Institutional Funds TREAS PRT PRMR                                | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |     48090 | NS      | $48090.39     | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd.                                 | Credicorp Ltd. COM USD5                                                    | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |       116 | NS      | $27492.00     | 0.76%             |  |  |  | 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        |      6700 | NS      | $59708.67     | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Asian Paints Ltd.                              | Asian Paints Ltd. INR1                                                     | CUSIP: Y03638114<br>LEI: 335800HEHXGYRUNERD75 | Long             | EC               | CORP              | IN        |      1512 | NS      | $41290.81     | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaspi.Kz JSC                                   | Kaspi.Kz JSC SPONSORED ADS                                                 | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |       737 | NS      | $58149.30     | 1.60%             |  |  |  | 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        |     23683 | NS      | $45311.49     | 1.25%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Weg SA                                         | Weg SA COM NPV                                                             | CUSIP: P9832B129<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |     12400 | NS      | $82178.75     | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Cibest SA                                | Grupo Cibest SA SPON ADS                                                   | CUSIP: 40090E106<br>LEI: N/A                  | Long             | EC               | CORP              | CO        |       918 | NS      | $39859.56     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheil Worldwide Inc.                           | Cheil Worldwide Inc. KRW200                                                | CUSIP: Y1296G108<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      4408 | NS      | $63120.00     | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Jollibee Foods Corp.                           | Jollibee Foods Corp. PHP1                                                  | CUSIP: Y4466S100<br>LEI: 2138009XN3KTAAKUPR35 | Long             | EC               | CORP              | PH        |     11800 | NS      | $43831.35     | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Coway Co Ltd.                                  | Coway Co Ltd. KRW500                                                       | CUSIP: Y1786S109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1570 | NS      | $122963.96    | 3.39%             |  |  |  | No            |                  2 | On Loan: No      |
| NAVER Corp.                                    | NAVER Corp. KRW100                                                         | CUSIP: Y62579100<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |       532 | NS      | $89892.07     | 2.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Bumrungrad Hospital Public Co Ltd.             | Bumrungrad Hospital Public Co Ltd. THB1(ALIEN)                             | CUSIP: Y1002E256<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |      8100 | NS      | $42135.86     | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd.                 | Tata Consultancy Services Ltd. INR1                                        | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |      3259 | NS      | $112267.83    | 3.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc.                         | Delta Electronics Inc. TWD10                                               | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |      4000 | NS      | $75588.70     | 2.08%             |  |  |  | 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        |      8000 | NS      | $47410.05     | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| International Container Terminal Services Inc. | International Container Terminal Services Inc. PHP1                        | CUSIP: Y41157101<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |      7500 | NS      | $57415.64     | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                               | Mercadolibre Inc COM USD0.001                                              | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        43 | NS      | $102077.27    | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.   | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10                         | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      9400 | NS      | $363105.12    | 10.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA                               | Raia Drogasil SA COM NPV                                                   | CUSIP: P7942C102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      8900 | NS      | $21409.40     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola HBC AG                               | Coca-Cola HBC AG ORD CHF6.70(CDI)                                          | CUSIP: H1512E100<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |      1106 | NS      | $57531.63     | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd.                                | ICICI Bank Ltd. INR2                                                       | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |      8846 | NS      | $149357.87    | 4.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruti Suzuki India Ltd.                       | Maruti Suzuki India Ltd. INR5                                              | CUSIP: Y7565Y100<br>LEI: 335800D27PBEESKKD357 | Long             | EC               | CORP              | IN        |       987 | NS      | $141826.22    | 3.91%             |  |  |  | No            |                  2 | On Loan: No      |
| AL Rajhi Bank                                  | AL Rajhi Bank SAR10                                                        | CUSIP: M0R60D105<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |      2320 | NS      | $58411.49     | 1.61%             |  |  |  | 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        |     69100 | NS      | $34468.35     | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                          | Emaar Properties PJSC AED1                                                 | CUSIP: M4025S107<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |     15779 | NS      | $65004.79     | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia (Persero) Tbk            | Bank Rakyat Indonesia (Persero) Tbk IDR50                                  | CUSIP: Y0697U112<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |    152400 | NS      | $34003.82     | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| EPAM Systems Inc.                              | EPAM Systems Inc. COM USD0.001                                             | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |       227 | NS      | $35800.17     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra International Tbk PT                     | Astra International Tbk PT IDR50                                           | CUSIP: Y7117N172<br>LEI: 529900L49TRJOMG4DK47 | Long             | EC               | CORP              | ID        |    143100 | NS      | $44193.27     | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Dusit Medical Services Public Co Ltd.  | Bangkok Dusit Medical Services Public Co Ltd. THB0.1 (ALIEN)               | CUSIP: Y06071255<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |     42200 | NS      | $27763.16     | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Bank Group Ltd.                       | Standard Bank Group Ltd. ZAR0.1                                            | CUSIP: S80605140<br>LEI: 2549003PEZXUT7MDBU41 | Long             | EC               | CORP              | ZA        |      4662 | NS      | $59719.46     | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Auto Ltd.                                | Bajaj Auto Ltd. INR10                                                      | CUSIP: Y05490100<br>LEI: 335800DLAO5NCNN8G863 | Long             | EC               | CORP              | IN        |       617 | NS      | $56179.75     | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Clicks Group Ltd.                              | Clicks Group Ltd. ZAR0.01                                                  | CUSIP: S17249111<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |      2059 | NS      | $43036.20     | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Airtac International Group                     | Airtac International Group TWD10                                           | CUSIP: G01408106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      1200 | NS      | $34198.23     | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-22

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

**Signature:** Tracy L. Dotolo

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

**Title:** Chief Financial Officer