# EDGAR Filing Document

**Accession Number:** 0001018170
**File Stem:** 0002066578-26-002028
**Filing Date:** 2026-6
**Character Count:** 357461
**Document Hash:** 02090ff4014d2e069e9a8cd06caf814d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-002028.hdr.sgml**: 20260623

**ACCESSION NUMBER**: 0002066578-26-002028

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260623

**DATE AS OF CHANGE**: 20260623

**EFFECTIVENESS DATE**: 20260623

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07739
- **FILM NUMBER:** 261110411

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 6d8eb3ab-decf-4de0-a4c5-644127ddb4dc

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-07739

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

------

400 Crossing Boulevard

Fourth Floor

Bridgewater, NJ 08807

(Address of principal executive offices)(Zip code)

Andrew E. Oliva

The Northern Trust Company

333 South Wabash Avenue

Chicago, IL 60604

With a copy to:

Stephen H. Bier, Esq.

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

(Name and address of agent for service)

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

#### Date of fiscal year end:

#### 10/31

#### Date of reporting period:

#### 4/30/2026

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

(b) Not Applicable.

![TSR_Header Logo (updated)](images_8583.jpg)

## Global Equity
Semi-Annual Shareholder Report

Advisor Class HLMGX \| April 30, 2026

This semi-annual shareholder report contains important information about the Global Equity Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Global Equity (Advisor Class) | $58 | 1.15% |

---

1 Expense ratio is expressed on an annualized basis.

#### Management's Discussion of Fund Performance
The Global Equity Advisor Class (HLMGX) increased 2.87% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI All Country World Index, rose 7.75% (net of source taxes).

Key Performance Factors

Energy and Materials soared following the US-Israeli attack on Iran and closing of the Strait of Hormuz. Consumer Discretionary lagged on concerns that increased spending on AI will pressure margins. The US market saw weak returns from large cloud-computing and data center companies, while enthusiasm for Asian technology companies boosted EMs. The Fund underperformed, with poor stocks in Communication Services, Consumer Discretionary, and Financials. The Fund's high-quality growth style also faced a headwind, as shares of high-quality and fast-growing companies lagged the broad market.

Sector Analysis

In Communication Services, shares of Chinese internet company Tencent were pressured by concerns about its ability to profit from its aggressive AI investment. In Consumer Discretionary, shares of Japanese electronics conglomerate Sony Group declined due to rising memory costs and potential margin pressure.

Geographic Analysis

In the US, streaming company Netflix reported solid results that still fell short of market expectations. Alphabet was a bright spot as its dominant position in online search remained resilient. In EMs, Tencent and India's HDFC Bank detracted. HDFC Bank was hurt by slower deposit growth and the resignation of its chairman; the bank appointed a well-regarded interim chair.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| ASML | Tencent |
| SLB | Sony |
| Fabrinet | Netflix |
| Alphabet | Booking Holdings |
| Apple | Adobe |

---

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

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund and for the semi-annual period ended April 30, 2026. It compares a $10,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $10,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3370011.jpg)

Average Annual Total Return (%) as of April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 15.50 | 3.53 | 10.07 |
| MSCI All Country World Index | 31.00 | 10.68 | 12.25 |

---

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

Visit

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

![TSR QR Code](images_8585.jpg)

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

HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $537.2M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $1.8M |
| Total number of holdings | 61 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 21% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Alphabet Inc., Class A | 5.1 |
| Amazon.com Inc. | 4.3 |
| NVIDIA Corp. | 3.6 |
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | 3.5 |
| Schneider Electric SE | 3.3 |
| Microsoft Corp. | 3.2 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 3.2 |
| Meta Platforms Inc., Class A | 2.7 |
| ASML Holding NV | 2.7 |
| Netflix Inc. | 2.6 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3370016.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3370021.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

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

![](images_8584.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2026 Harding Loevner

![TSR_Header Logo (updated)](images_8583.jpg)

## Global Equity
Semi-Annual Shareholder Report

Institutional Class HLMVX \| April 30, 2026

This semi-annual shareholder report contains important information about the Global Equity Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Global Equity (Institutional Class) | $43 | 0.85% |

---

1 Expense ratio is expressed on an annualized basis.

#### Management's Discussion of F un d Performance
The Global Equity Institutional Class (HLMVX) rose 3.00% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI All Country World Index, rose 7.75% (net of source taxes).

Key Performance Factors

Energy and Materials soared following the US-Israeli attack on Iran and closing of the Strait of Hormuz. Consumer Discretionary lagged on concerns that increased spending on AI will pressure margins. The US market saw weak returns from large cloud-computing and data center companies, while enthusiasm for Asian technology companies boosted EMs. The Fund underperformed, with poor stocks in Communication Services, Consumer Discretionary, and Financials. The Fund's high-quality growth style also faced a headwind, as shares of high-quality and fast-growing companies lagged the broad market.

Sector Analysis

In Communication Services, shares of Chinese internet company Tencent were pressured by concerns about its ability to profit from its aggressive AI investment. In Consumer Discretionary, shares of Japanese electronics conglomerate Sony Group declined due to rising memory costs and potential margin pressure.

Geographic Analysis

In the US, streaming company Netflix reported solid results that still fell short of market expectations. Alphabet was a bright spot as its dominant position in online search remained resilient. In EMs, Tencent and India's HDFC Bank detracted. HDFC Bank was hurt by slower deposit growth and the resignation of its chairman; the bank appointed a well-regarded interim chair.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| ASML | Tencent |
| SLB | Sony |
| Fabrinet | Netflix |
| Alphabet | Booking Holdings |
| Apple | Adobe |

---

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

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund and for the semi-annual period ended April 30, 2026. It compares a $100,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3369986.jpg)

Average Annual Total Return (%) as of April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 15.77 | 3.77 | 10.31 |
| MSCI All Country World Index | 31.00 | 10.68 | 12.25 |

---

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

Visit

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

![TSR QR Code](images_8585.jpg)

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

HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $537.2M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $1.8M |
| Total number of holdings | 61 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 21% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Alphabet Inc., Class A | 5.1 |
| Amazon.com Inc. | 4.3 |
| NVIDIA Corp. | 3.6 |
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | 3.5 |
| Schneider Electric SE | 3.3 |
| Microsoft Corp. | 3.2 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 3.2 |
| Meta Platforms Inc., Class A | 2.7 |
| ASML Holding NV | 2.7 |
| Netflix Inc. | 2.6 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3369981.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3369976.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

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

![](images_8584.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2026 Harding Loevner

![TSR_Header Logo (updated)](images_8583.jpg)

## Global Equity
Semi-Annual Shareholder Report

Institutional Class Z HLGZX \| April 30, 2026

This semi-annual shareholder report contains important information about the Global Equity Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Global Equity (Institutional Class Z) | $38 | 0.75% |

---

1 Expense ratio is expressed on an annualized basis.

#### Management's Discussion of Fund Performance
The Global Equity Institutional Class Z (HLGZX) increased 3.06% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI All Country World Index, rose 7.75% (net of source taxes).

Key Performance Factors

Energy and Materials soared following the US-Israeli attack on Iran and closing of the Strait of Hormuz. Consumer Discretionary lagged on concerns that increased spending on AI will pressure margins. The US market saw weak returns from large cloud-computing and data center companies, while enthusiasm for Asian technology companies boosted EMs. The Fund underperformed, with poor stocks in Communication Services, Consumer Discretionary, and Financials. The Fund's high-quality growth style also faced a headwind, as shares of high-quality and fast-growing companies lagged the broad market.

Sector Analysis

In Communication Services, shares of Chinese internet company Tencent were pressured by concerns about its ability to profit from its aggressive AI investment. In Consumer Discretionary, shares of Japanese electronics conglomerate Sony Group declined due to rising memory costs and potential margin pressure.

Geographic Analysis

In the US, streaming company Netflix reported solid results that still fell short of market expectations. Alphabet was a bright spot as its dominant position in online search remained resilient. In EMs, Tencent and India's HDFC Bank detracted. HDFC Bank was hurt by slower deposit growth and the resignation of its chairman; the bank appointed a well-regarded interim chair.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| ASML | Tencent |
| SLB | Sony |
| Fabrinet | Netflix |
| Alphabet | Booking Holdings |
| Apple | Adobe |

---

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

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund and for the semi-annual period ended April 30, 2026. It compares a $10,000,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $10,000,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3370070.jpg)

Average Annual Total Return (%) as of April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 15.92 | 3.86 | 10.38 |
| MSCI All Country World Index | 31.00 | 10.68 | 12.25 |

---

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

Visit

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

![TSR QR Code](images_8585.jpg)

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

HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $537.2M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $1.8M |
| Total number of holdings | 61 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 21% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Alphabet Inc., Class A | 5.1 |
| Amazon.com Inc. | 4.3 |
| NVIDIA Corp. | 3.6 |
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | 3.5 |
| Schneider Electric SE | 3.3 |
| Microsoft Corp. | 3.2 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 3.2 |
| Meta Platforms Inc., Class A | 2.7 |
| ASML Holding NV | 2.7 |
| Netflix Inc. | 2.6 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3370065.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3370060.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

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

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

![](images_8584.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2026 Harding Loevner

![TSR_Header Logo (updated)](images_8583.jpg)

## International Equity
Semi-Annual Shareholder Report

Institutional Class HLMIX \| April 30, 2026

This semi-annual shareholder report contains important information about the International Equity Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| International Equity (Institutional Class) | $44 | 0.84% |

---

1 Expense ratio is expressed on an annualized basis.

#### Management's Discussion of Fund Performance
The International Equity Institutional Class (HLMIX) returned 12.83% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI All Country World ex US Index, increased 12.11% (net of source taxes).

Key Performance Factors

Energy and Information Technology (IT) were the best performing sectors during the period, spurred by the rising price of oil due to the US-Iran conflict and the continued strength of AI-related companies. Communication Services declined, dragged down by the poor performance of media & entertainment companies. Shares of the fastest-growing companies significantly outperformed, while the highest-quality and most-expensive companies underperformed. The Fund's emphasis on fast-growing companies boosted its relative performance. The Fund also outpaced the index in IT, Consumer Staples, Emerging Markets, and Europe ex EMU, but lagged in Financials, Consumer Discretionary, and Japan.

Sector Analysis

In IT, the share prices of South Korea's Samsung Electronics and Taiwan's Delta Electronics surged due to strong memory chip and power management demand stemming from soaring AI investment. In Financials, India's HDFC Bank detracted as it reported slower deposit growth and the resignation of its Chairman.

Geographic Analysis

UK-based mining company Rio Tinto gained after reporting copper-equivalent volume growth and strong cash flows. Shares of Israeli customer-service software provider NICE fell as it raised revenue guidance but forecasted lower full-year profitability due to the costs of its acquisition of Germany's Cognigy.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Delta Electronics | HDFC Bank |
| Samsung Electronics | Sony |
| Rio Tinto | Naver |
| Lasertec | MercadoLibre |
| ASML | M3 |

---

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

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund and for the semi-annual period ended April 30, 2026. It compares a $100,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3369843.jpg)

Average Annual Total Return (%) as of April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 28.88 | 6.56 | 9.42 |
| MSCI All Country World ex US Index | 32.20 | 8.38 | 9.10 |

---

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

Visit

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

![TSR QR Code](images_8585.jpg)

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

HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $12,320.7M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $40.9M |
| Total number of holdings | 68 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 11% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | 4.5 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 4.0 |
| Delta Electronics Inc. | 3.5 |
| Shell plc | 3.4 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 3.3 |
| Manulife Financial Corp. | 2.8 |
| Contemporary Amperex Technology Co., Ltd., Class A | 2.8 |
| AIA Group Ltd. | 2.6 |
| Rio Tinto plc | 2.4 |
| Banco Bilbao Vizcaya Argentaria SA | 2.4 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3369848.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3369853.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

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

![](images_8584.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2026 Harding Loevner

![TSR_Header Logo (updated)](images_8583.jpg)

## International Equity
Semi-Annual Shareholder Report

Institutional Class Z HLIZX \| April 30, 2026

This semi-annual shareholder report contains important information about the International Equity Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| International Equity (Institutional Class Z) | $39 | 0.73% |

---

1 Expense ratio is expressed on an annualized basis.

#### Management's Discussion of Fund Performance
The International Equity Institutional Class Z (HLIZX) returned 12.92% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI All Country World ex US Index, increased 12.11% (net of source taxes).

Key Performance Factors

Energy and Information Technology (IT) were the best performing sectors during the period, spurred by the rising price of oil due to the US-Iran conflict and the continued strength of AI-related companies. Communication Services declined, dragged down by the poor performance of media & entertainment companies. Shares of the fastest-growing companies significantly outperformed, while the highest-quality and most-expensive companies underperformed. The Fund's emphasis on fast-growing companies boosted its relative performance. The Fund also outpaced the index in IT, Consumer Staples, Emerging Markets, and Europe ex EMU, but lagged in Financials, Consumer Discretionary, and Japan.

Sector Analysis

In IT, the share prices of South Korea's Samsung Electronics and Taiwan's Delta Electronics surged due to strong memory chip and power management demand stemming from soaring AI investment. In Financials, India's HDFC Bank detracted as it reported slower deposit growth and the resignation of its Chairman.

Geographic Analysis

UK-based mining company Rio Tinto gained after reporting copper-equivalent volume growth and strong cash flows. Shares of Israeli customer-service software provider NICE fell as it raised revenue guidance but forecasted lower full-year profitability due to the costs of its acquisition of Germany's Cognigy.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Delta Electronics | HDFC Bank |
| Samsung Electronics | Sony |
| Rio Tinto | Naver |
| Lasertec | MercadoLibre |
| ASML | M3 |

---

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

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund and for the semi-annual period ended April 30, 2026. It compares a $10,000,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $10,000,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3369927.jpg)

Average Annual Total Return (%) as of April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 28.99 | 6.66 | 9.51 |
| MSCI All Country World ex US Index | 32.20 | 8.38 | 9.10 |

---

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

Visit

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

![TSR QR Code](images_8585.jpg)

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

HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $12,320.7M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $40.9M |
| Total number of holdings | 68 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 11% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | 4.5 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 4.0 |
| Delta Electronics Inc. | 3.5 |
| Shell plc | 3.4 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 3.3 |
| Manulife Financial Corp. | 2.8 |
| Contemporary Amperex Technology Co., Ltd., Class A | 2.8 |
| AIA Group Ltd. | 2.6 |
| Rio Tinto plc | 2.4 |
| Banco Bilbao Vizcaya Argentaria SA | 2.4 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3369932.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3369937.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

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

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

![](images_8584.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2026 Harding Loevner

![TSR_Header Logo (updated)](images_8583.jpg)

## International Equity
Semi-Annual Shareholder Report

Investor Class HLMNX \| April 30, 2026

This semi-annual shareholder report contains important information about the International Equity Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| International Equity (Investor Class) | $61 | 1.15% |

---

1 Expense ratio is expressed on an annualized basis.

#### Management's Discussion of Fund Performance
The International Equity Investor Class (HLMNX) returned 12.66% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI All Country World ex US Index, increased 12.11% (net of source taxes).

Key Performance Factors

Energy and Information Technology (IT) were the best performing sectors during the period, spurred by the rising price of oil due to the US-Iran conflict and the continued strength of AI-related companies. Communication Services declined, dragged down by the poor performance of media & entertainment companies. Shares of the fastest-growing companies significantly outperformed, while the highest-quality and most-expensive companies underperformed. The Fund's emphasis on fast-growing companies boosted its relative performance. The Fund also outpaced the index in IT, Consumer Staples, Emerging Markets, and Europe ex EMU, but lagged in Financials, Consumer Discretionary, and Japan.

Sector Analysis

In IT, the share prices of South Korea's Samsung Electronics and Taiwan's Delta Electronics surged due to strong memory chip and power management demand stemming from soaring AI investment. In Financials, India's HDFC Bank detracted as it reported slower deposit growth and the resignation of its Chairman.

Geographic Analysis

UK-based mining company Rio Tinto gained after reporting copper-equivalent volume growth and strong cash flows. Shares of Israeli customer-service software provider NICE fell as it raised revenue guidance but forecasted lower full-year profitability due to the costs of its acquisition of Germany's Cognigy.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Delta Electronics | HDFC Bank |
| Samsung Electronics | Sony |
| Rio Tinto | Naver |
| Lasertec | MercadoLibre |
| ASML | M3 |

---

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

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund and for the semi-annual period ended April 30, 2026. It compares a $10,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $10,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3369902.jpg)

Average Annual Total Return (%) as of April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 28.42 | 6.21 | 9.07 |
| MSCI All Country World ex US Index | 32.20 | 8.38 | 9.10 |

---

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

Visit

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

![TSR QR Code](images_8585.jpg)

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

HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $12,320.7M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $40.9M |
| Total number of holdings | 68 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 11% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | 4.5 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 4.0 |
| Delta Electronics Inc. | 3.5 |
| Shell plc | 3.4 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 3.3 |
| Manulife Financial Corp. | 2.8 |
| Contemporary Amperex Technology Co., Ltd., Class A | 2.8 |
| AIA Group Ltd. | 2.6 |
| Rio Tinto plc | 2.4 |
| Banco Bilbao Vizcaya Argentaria SA | 2.4 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3369897.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3369892.jpg)

#### Availability of Add ition al Info rmat ion
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

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

![](images_8584.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2026 Harding Loevner

![TSR_Header Logo (updated)](images_8583.jpg)

## International Developed Markets Equity
Semi-Annual Shareholder Report

Institutional Class HLIDX \| April 30, 2026

This semi-annual shareholder report contains important information about the International Developed Markets Equity Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| International Developed Markets Equity (Institutional Class) | $42 | 0.80% |

---

1 Expense ratio is expressed on an annualized basis.

#### Management's Discussion of Fund Performance
The International Developed Markets Equity Institutional Class (HLIDX) returned 12.96% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI World ex US Index, increased 10.72% (net of source taxes).

Key Performance Factors

Energy was the best performing sector during the period, spurred by the rising price of oil due to the US-Iran conflict. Materials also rose, with mining companies benefiting from higher gold and silver prices. Consumer Discretionary and Communication Services declined, due to the poor performance of consumer durables & apparel and media & entertainment companies, respectively. The Fund's emphasis on fast-growing companies boosted its relative performance, while the highest-quality and most-expensive companies underperformed. The Fund also outpaced the index in Information Technology (IT), Industrials, and Europe ex EMU, but lagged in Financials, Consumer Discretionary, and Japan.

Sector Analysis

In IT, Samsung Electronics, ASML, and Disco Corp all gained strongly, reflecting broad-based strength of shares across the semiconductor supply chain. In Financials, Dutch payments processor Adyen fell sharply due to disappointing full-year guidance and concerns that AI-driven commerce could erode its competitive edge.

Geographic Analysis

UK-based mining company Rio Tinto gained after reporting copper-equivalent volume growth and strong cash flows. Shares of Israeli customer-service software provider NICE fell as it raised revenue guidance but forecasted lower full-year profitability due to the costs of its acquisition of Germany's Cognigy.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Samsung Electronics | Sony |
| Lasertec | Adyen |
| TSMC | M3 |
| Rio Tinto | Sea Limited |
| ASML | NICE |

---

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

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

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3370490.jpg)

Average Annual Total Return (%) as of April 30, 2026

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since<br>Inception** |
| Fund | 21.54 | 17.68 |
| MSCI World ex US Index | 26.33 | 21.67 |
| MSCI EAFE Index | 24.60 | 21.64 |

---

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

Visit

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

![TSR QR Code](images_8585.jpg)

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

HardingLoevnerFunds.com.

#### Key Fund Stat ist ics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $93.5M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $0.3M |
| Total number of holdings | 51 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 14% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Shell plc | 4.3 |
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | 3.8 |
| AIA Group Ltd. | 3.6 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 3.2 |
| Allianz SE, Reg S | 3.1 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 3.1 |
| Rio Tinto plc | 3.1 |
| ASML Holding NV | 3.0 |
| Banco Bilbao Vizcaya Argentaria SA | 3.0 |
| BAE Systems plc | 3.0 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3370485.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3370480.jpg)

#### Material Fund Changes
Pursuant to an Agreement and Plan of Reorganization approved by the Board of Directors, the Fund is entering into a transaction with a newly-created shell series, the Harding Loevner International Developed Markets Select Equity ETF, in order to convert the Fund into an exchange-traded fund (the "Transaction"). The Transaction is expected to be completed after the close of business on July 17, 2026 (or at such other date as agreed to by the parties of the Transaction).

This is a summary of certain changes to the Fund since November 1, 2025. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2027 at

HardingLoevnerFunds.com or upon special request at

(877) 435-8105.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

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

![](images_8584.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2026 Harding Loevner

![TSR_Header Logo (updated)](images_8583.jpg)

## International Small Companies
Semi-Annual Shareholder Report

Institutional Class HLMRX \| April 30, 2026

This semi-annual shareholder report contains important information about the International Small Companies Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| International Small Companies (Institutional Class) | $56 | 1.11% |

---

1 Expense ratio is expressed on an annualized basis.

#### Management's Discussion of Fund Performance
The International Small Companies Institutional Class (HLMRX) returned 5.18% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI ACWI ex US Small Cap Index, increased 12.34% (net of source taxes).<sup>1</sup>

Key Performance Factors

Energy and Information Technology (IT) were the best-performing sectors due to the rising price of oil following the US-Iran conflict and the continued strength of AI-related companies. Consumer Discretionary and Health Care were dragged down by the poor performance of consumer services and health care equipment & services stocks, respectively. Shares of the fastest-growing companies outperformed, while shares of the highest-quality and most-expensive companies underperformed, which weighed on the Fund's relative performance. The Fund also lagged the index in IT, Materials, the European Monetary Union, and Japan while outperforming in Industrials and Pacific ex Japan.

Sector Analysis

Japanese software-testing business Shift detracted after the company's management said lower utilization of its software testers was hurting operating margins. Shares of Senior, a UK-based supplier of thermal-management and fluid-conveyance systems, rose after receiving takeover offers.

Geographic Analysis

Shares of German real estate listings platform Scout24 declined as investors worried about the potential for AI to disrupt its business. Hong Kong-based semiconductor manufacturer ASM Pacific Technology reported strong quarterly results, boosted by AI-related infrastructure demand.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Aspeed | Shift |
| Senior | Baltic Classifieds |
| Clarkson | Scout24 |
| Silergy | Evotec |
| Airtel Africa | Yantai China Pet Foods |

---

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

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

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund and for the semi-annual period ended April 30, 2026. It compares a $100,000 initial investment in the Fund with an investment in (i) an appropriate, broad-based securities market index and (ii) an additional index that reflects the market sectors in which the Fund invests.

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3370263.jpg)

Average Annual Total Return (%) as of April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 10.32 | 0.49 | 6.25 |
| MSCI ACWI ex US Index | 32.20 | 8.38 | 9.10 |
| MSCI ACWI ex US Small Cap Index | 34.14 | 6.70 | 8.73 |

---

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

Visit

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

![TSR QR Code](images_8585.jpg)

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

HardingLoevnerFunds.com.

#### Key Fund Sta tistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $187.7M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $0.9M |
| Total number of holdings | 85 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 19% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Clarkson plc | 3.1 |
| Rubis SCA | 2.9 |
| Hoa Phat Group JSC | 2.3 |
| Cranswick plc | 2.3 |
| ASPEED Technology Inc. | 2.3 |
| KWS Saat SE & Co. KGaA | 2.2 |
| Silergy Corp. | 2.1 |
| Diploma plc | 2.1 |
| Kinaxis Inc. | 1.9 |
| Artea Bankas AB | 1.9 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3370268.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3370273.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

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

![](images_8584.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2026 Harding Loevner

![TSR_Header Logo (updated)](images_8583.jpg)

## International Small Companies
Semi-Annual Shareholder Report

Institutional Class Z HLRZX \| April 30, 2026

This semi-annual shareholder report contains important information about the International Small Companies Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| International Small Companies (Institutional Class Z) | $51 | 1.00% |

---

1 Expense ratio is expressed on an annualized basis.

#### Management's Discussion of Fund Performance
The International Small Companies Institutional Class Z (HLRZX) returned 5.19% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI ACWI ex US Small Cap Index, increased 12.34% (net of source taxes).<sup>1</sup>

Key Performance Factors

Energy and Information Technology (IT) were the best-performing sectors due to the rising price of oil following the US-Iran conflict and the continued strength of AI-related companies. Consumer Discretionary and Health Care were dragged down by the poor performance of consumer services and health care equipment & services stocks, respectively. Shares of the fastest-growing companies outperformed, while shares of the highest-quality and most-expensive companies underperformed, which weighed on the Fund's relative performance. The Fund also lagged the index in IT, Materials, the European Monetary Union, and Japan while outperforming in Industrials and Pacific ex Japan.

Sector Analysis

Japanese software-testing business Shift detracted after the company's management said lower utilization of its software testers was hurting operating margins. Shares of Senior, a UK-based supplier of thermal-management and fluid-conveyance systems, rose after receiving takeover offers.

Geographic Analysis

Shares of German real estate listings platform Scout24 declined as investors worried about the potential for AI to disrupt its business. Hong Kong-based semiconductor manufacturer ASM Pacific Technology reported strong quarterly results, boosted by AI-related infrastructure demand.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Aspeed | Shift |
| Senior | Baltic Classifieds |
| Clarkson | Scout24 |
| Silergy | Evotec |
| Airtel Africa | Yantai China Pet Foods |

---

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

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

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund and for the semi-annual period ended April 30, 2026. It compares a $5,000,000 initial investment in the Fund with an investment in (i) an appropriate, broad-based securities market index and (ii) an additional index that reflects the market sectors in which the Fund invests.

Growth of $5,000,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3370238.jpg)

Average Annual Total Return (%) as of April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 10.39 | 0.57 | 6.30 |
| MSCI ACWI ex US Index | 32.20 | 8.38 | 9.10 |
| MSCI ACWI ex US Small Cap Index | 34.14 | 6.70 | 8.73 |

---

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

Visit

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

![TSR QR Code](images_8585.jpg)

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

HardingLoevnerFunds.com.

#### Key Fund S tat istics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $187.7M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $0.9M |
| Total number of holdings | 85 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 19% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Clarkson plc | 3.1 |
| Rubis SCA | 2.9 |
| Hoa Phat Group JSC | 2.3 |
| Cranswick plc | 2.3 |
| ASPEED Technology Inc. | 2.3 |
| KWS Saat SE & Co. KGaA | 2.2 |
| Silergy Corp. | 2.1 |
| Diploma plc | 2.1 |
| Kinaxis Inc. | 1.9 |
| Artea Bankas AB | 1.9 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3370233.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3370228.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

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

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

![](images_8584.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2026 Harding Loevner

![TSR_Header Logo (updated)](images_8583.jpg)

## International Small Companies
Semi-Annual Shareholder Report

Investor Class HLMSX \| April 30, 2026

This semi-annual shareholder report contains important information about the International Small Companies Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| International Small Companies (Investor Class) | $67 | 1.31% |

---

1 Expense ratio is expressed on an annualized basis.

#### Management's Discussion of Fund Performance
The International Small Companies Investor Class (HLMSX) returned 5.09% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI ACWI ex US Small Cap Index, increased 12.34% (net of source taxes).<sup>1</sup>

Key Performance Factors

Energy and Information Technology (IT) were the best-performing sectors due to the rising price of oil following the US-Iran conflict and the continued strength of AI-related companies. Consumer Discretionary and Health Care were dragged down by the poor performance of consumer services and health care equipment & services stocks, respectively. Shares of the fastest-growing companies outperformed, while shares of the highest-quality and most-expensive companies underperformed, which weighed on the Fund's relative performance. The Fund also lagged the index in IT, Materials, the European Monetary Union, and Japan while outperforming in Industrials and Pacific ex Japan.

Sector Analysis

Japanese software-testing business Shift detracted after the company's management said lower utilization of its software testers was hurting operating margins. Shares of Senior, a UK-based supplier of thermal-management and fluid-conveyance systems, rose after receiving takeover offers.

Geographic Analysis

Shares of German real estate listings platform Scout24 declined as investors worried about the potential for AI to disrupt its business. Hong Kong-based semiconductor manufacturer ASM Pacific Technology reported strong quarterly results, boosted by AI-related infrastructure demand.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Aspeed | Shift |
| Senior | Baltic Classifieds |
| Clarkson | Scout24 |
| Silergy | Evotec |
| Airtel Africa | Yantai China Pet Foods |

---

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

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

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund and for the semi-annual period ended April 30, 2026. It compares a $10,000 initial investment in the Fund with an investment in (i) an appropriate, broad-based securities market index and (ii) an additional index that reflects the market sectors in which the Fund invests.

Growth of $10,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3370322.jpg)

Average Annual Total Return (%) as of April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 10.05 | 0.28 | 6.01 |
| MSCI ACWI ex US Index | 32.20 | 8.38 | 9.10 |
| MSCI ACWI ex US Small Cap Index | 34.14 | 6.70 | 8.73 |

---

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

Visit

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

![TSR QR Code](images_8585.jpg)

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

HardingLoevnerFunds.com.

#### Key Fund Sta tistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $187.7M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $0.9M |
| Total number of holdings | 85 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 19% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Clarkson plc | 3.1 |
| Rubis SCA | 2.9 |
| Hoa Phat Group JSC | 2.3 |
| Cranswick plc | 2.3 |
| ASPEED Technology Inc. | 2.3 |
| KWS Saat SE & Co. KGaA | 2.2 |
| Silergy Corp. | 2.1 |
| Diploma plc | 2.1 |
| Kinaxis Inc. | 1.9 |
| Artea Bankas AB | 1.9 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3370317.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3370312.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

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

![](images_8584.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2026 Harding Loevner

![TSR_Header Logo (updated)](images_8583.jpg)

## Institutional Emerging Markets
Semi-Annual Shareholder Report

Institutional Class HLMEX \| April 30, 2026

This semi-annual shareholder report contains important information about the Institutional Emerging Markets Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Institutional Emerging Markets (Institutional Class) | $56 | 1.05% |

---

1 Expense ratio is expressed on an annualized basis.

#### Management's Discussion of Fund Performance
The Institutional Emerging Markets Institutional Class (HLMEX) rose 15.23% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI Emerging Markets Index, rose 15.13% in the same period (net of source taxes).

Key Performance Factors

Emerging markets rose despite dipping sharply in March in reaction to the US-Israel attack on Iran. Information Technology (IT) surged thanks to the enthusiasm for AI-related semiconductor and hardware stocks in Asia. Energy benefited from the oil price spike caused by the Middle East conflict. Communication Services and Consumer Discretionary stocks lagged. The Fund outperformed in IT and Energy, mitigating underperformance in Consumer Discretionary. The Fund's overweight in high-quality companies was also helpful.

Sector Analysis

In IT, shares of Taiwan's Aspeed surged on booming demand for its baseboard management chips used in AI servers. In Consumer Discretionary, Indian auto manufacturer Maruti Suzuki reported operating margins that fell short of expectations due to rising commodity prices and the temporary cost of ramping up new manufacturing facilities that should bolster the company's growth.

Geographical Analysis

Aspeed and Delta Electronics in Taiwan both benefited from the buildout of AI infrastructure. Delta saw strong shipments for its liquid-to-air cooling systems and server power supplies. Shares of India's HDFC Bank were pressured by slower deposit growth and the resignation of its Chairman; the bank quickly appointed a well-regarded interim chair.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Aspeed | TSMC |
| Delta Electronics | HDFC Bank |
| Tenaris | Maruti Suzuki |
| AirTAC | Sea Limited |
| Samsung Electronics | Hon Hai Precision |

---

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

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund and for the semi-annual period ended April 30, 2026. It compares a $500,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $500,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3370154.jpg)

Average Annual Total Return (%) as of April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 42.83 | 1.55 | 6.33 |
| MSCI Emerging Markets Index | 46.68 | 6.05 | 9.23 |

---

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

Visit

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

![TSR QR Code](images_8585.jpg)

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

HardingLoevnerFunds.com.

#### Key Fund S tati stics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $532.7M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $1.8M |
| Total number of holdings | 70 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 95% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 5.4 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 5.3 |
| SK hynix Inc. | 5.0 |
| Tencent Holdings Ltd. | 4.3 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 4.3 |
| ASPEED Technology Inc. | 4.0 |
| Delta Electronics Inc. | 3.6 |
| Contemporary Amperex Technology Co., Ltd., Class A | 3.1 |
| HDFC Bank Ltd. | 2.8 |
| Alibaba Group Holding Ltd. | 2.6 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3370149.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3370144.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

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

![](images_8584.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2026 Harding Loevner

![TSR_Header Logo (updated)](images_8583.jpg)

## Institutional Emerging Markets
Semi-Annual Shareholder Report

Institutional Class Z HLEZX \| April 30, 2026

This semi-annual shareholder report contains important information about the Institutional Emerging Markets Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Institutional Emerging Markets (Institutional Class Z) | $51 | 0.95% |

---

1 Expense ratio is expressed on an annualized basis.

#### Management's Discussion of Fund Performance
The Institutional Emerging Markets Institutional Class Z (HLEZX) rose 15.17% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI Emerging Markets Index, rose 15.13% in the same period (net of source taxes).

Key Performance Factors

Emerging markets rose despite dipping sharply in March in reaction to the US-Israel attack on Iran. Information Technology (IT) surged thanks to the enthusiasm for AI-related semiconductor and hardware stocks in Asia. Energy benefited from the oil price spike caused by the Middle East conflict. Communication Services and Consumer Discretionary stocks lagged. The Fund outperformed in IT and Energy, mitigating underperformance in Consumer Discretionary. The Fund's overweight in high-quality companies was also helpful.

Sector Analysis

In IT, shares of Taiwan's Aspeed surged on booming demand for its baseboard management chips used in AI servers. In Consumer Discretionary, Indian auto manufacturer Maruti Suzuki reported operating margins that fell short of expectations due to rising commodity prices and the temporary cost of ramping up new manufacturing facilities that should bolster the company's growth.

Geographical Analysis

Aspeed and Delta Electronics in Taiwan both benefited from the buildout of AI infrastructure. Delta saw strong shipments for its liquid-to-air cooling systems and server power supplies. Shares of India's HDFC Bank were pressured by slower deposit growth and the resignation of its Chairman; the bank quickly appointed a well-regarded interim chair.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Aspeed | TSMC |
| Delta Electronics | HDFC Bank |
| Tenaris | Maruti Suzuki |
| AirTAC | Sea Limited |
| Samsung Electronics | Hon Hai Precision |

---

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

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund and for the semi-annual period ended April 30, 2026. It compares a $5,000,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $5,000,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3370179.jpg)

Average Annual Total Return (%) as of April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 42.86 | 1.63 | 6.48 |
| MSCI Emerging Markets Index | 46.68 | 6.05 | 9.23 |

---

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

Visit

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

![TSR QR Code](images_8585.jpg)

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

HardingLoevnerFunds.com.

#### Key Fund Sta tistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $532.7M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $1.8M |
| Total number of holdings | 70 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 95% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 5.4 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 5.3 |
| SK hynix Inc. | 5.0 |
| Tencent Holdings Ltd. | 4.3 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 4.3 |
| ASPEED Technology Inc. | 4.0 |
| Delta Electronics Inc. | 3.6 |
| Contemporary Amperex Technology Co., Ltd., Class A | 3.1 |
| HDFC Bank Ltd. | 2.8 |
| Alibaba Group Holding Ltd. | 2.6 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3370184.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3370189.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

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

![](images_8584.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2026 Harding Loevner

![TSR_Header Logo (updated)](images_8583.jpg)

## Frontier Emerging Markets
Semi-Annual Shareholder Report

Institutional Class HLFMX \| April 30, 2026

This semi-annual shareholder report contains important information about the Frontier Emerging Markets Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Frontier Emerging Markets (Institutional Class) | $73 | 1.45% |

---

1 Expense ratio is expressed on an annualized basis.

#### Management's Discussion of Fund Performance
The Frontier Emerging Markets Institutional Class (HLFMX) rose 4.28% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI Frontier Emerging Markets Index, rose 15.38% in the same period (net of source taxes).

Key Performance Factors

Frontier Emerging Markets rose despite dipping sharply in March in reaction to the US-Israel attack on Iran. Energy and Real Estate were the top-performing sectors. Europe and Latin America outperformed while Asian markets were hurt by the closing of the Strait of Hormuz. The Fund lagged the index, with weak holdings in Real Estate and Consumer Discretionary. Vietnam and Indonesia also detracted. European holdings helped relative returns.

Sector Analysis

Extreme weather and inflation hurt two Philippine holdings. Real Estate company SM Prime Holdings reported weak attendance at its malls and a decline in residential construction revenue. Jollibee Foods in Consumer Discretionary experienced weak revenue growth and rising input costs. In IT, shares of Thailand-based optical communications equipment manufacturer Fabrinet rose, supported by demand for components used in cloud computing, AI, and video streaming.

Geographic Analysis

Jollibee was the main detractor in the Philippines. In Vietnam, IT services business FPT declined due to concerns over the competitive threat from AI. Shares of Kazak uranium producer Kazatomprom were buoyed by strong prices and the prospect for increased nuclear power demand for AI data centers.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Fabrinet | Baltic Classifieds |
| Kazatomprom | Jollibee Foods |
| Airtel Africa | Marsa Maroc |
| Banca Transilvania | Bank Central Asia |
| Helios Towers | EPAM |

---

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

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund and for the semi-annual period ended April 30, 2026. It compares a $100,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3370347.jpg)

Average Annual Total Return (%) as of April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 18.01 | 5.02 | 3.98 |
| MSCI Frontier Emerging Markets Index | 44.28 | 10.43 | 6.31 |

---

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

Visit

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

![TSR QR Code](images_8585.jpg)

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

HardingLoevnerFunds.com.

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $117.2M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $0.6M |
| Total number of holdings | 55 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 13% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 4.6 |
| Credicorp Ltd. | 4.4 |
| International Container Terminal Services Inc. | 4.4 |
| Mobile World Investment Corp. | 4.3 |
| Banca Transilvania SA | 4.3 |
| Societe d'Exploitation des Ports | 3.9 |
| NAC Kazatomprom JSC - GDR, Reg S | 3.8 |
| Grupo Cibest SA - ADR | 3.6 |
| Hoa Phat Group JSC | 3.6 |
| Kaspi.KZ JSC - ADR | 3.5 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3370352.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3370357.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

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

![](images_8584.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2026 Harding Loevner

![TSR_Header Logo (updated)](images_8583.jpg)

## Frontier Emerging Markets
Semi-Annual Shareholder Report

Institutional Class Z HLFZX \| April 30, 2026

This semi-annual shareholder report contains important information about the Frontier Emerging Markets Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Frontier Emerging Markets (Institutional Class Z) | $63 | 1.25% |

---

1 Expense ratio is expressed on an annualized basis.

#### Management's Discussion of Fund Performance
The Frontier Emerging Markets Institutional Class Z (HLFZX) rose 4.34% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI Frontier Emerging Markets Index, rose 15.38% in the same period (net of source taxes).

Key Performance Factors

Frontier Emerging Markets rose despite dipping sharply in March in reaction to the US-Israel attack on Iran. Energy and Real Estate were the top-performing sectors. Europe and Latin America outperformed while Asian markets were hurt by the closing of the Strait of Hormuz. The Fund lagged the index, with weak holdings in Real Estate and Consumer Discretionary. Vietnam and Indonesia also detracted. European holdings helped relative returns.

Sector Analysis

Extreme weather and inflation hurt two Philippine holdings. Real Estate company SM Prime Holdings reported weak attendance at its malls and a decline in residential construction revenue. Jollibee Foods in Consumer Discretionary experienced weak revenue growth and rising input costs. In IT, shares of Thailand-based optical communications equipment manufacturer Fabrinet rose, supported by demand for components used in cloud computing, AI, and video streaming.

Geographic Analysis

Jollibee was the main detractor in the Philippines. In Vietnam, IT services business FPT declined due to concerns over the competitive threat from AI. Shares of Kazak uranium producer Kazatomprom were buoyed by strong prices and the prospect for increased nuclear power demand for AI data centers.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Fabrinet | Baltic Classifieds |
| Kazatomprom | Jollibee Foods |
| Airtel Africa | Marsa Maroc |
| Banca Transilvania | Bank Central Asia |
| Helios Towers | EPAM |

---

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

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund and for the semi-annual period ended April 30, 2026. It compares a $2,500,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $2,500,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3370431.jpg)

Average Annual Total Return (%) as of April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 18.15 | 5.29 | 4.23 |
| MSCI Frontier Emerging Markets Index | 44.28 | 10.43 | 6.31 |

---

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

Visit

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

![TSR QR Code](images_8585.jpg)

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

HardingLoevnerFunds.com.

#### Key Fund Stat istics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $117.2M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $0.6M |
| Total number of holdings | 55 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 13% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 4.6 |
| Credicorp Ltd. | 4.4 |
| International Container Terminal Services Inc. | 4.4 |
| Mobile World Investment Corp. | 4.3 |
| Banca Transilvania SA | 4.3 |
| Societe d'Exploitation des Ports | 3.9 |
| NAC Kazatomprom JSC - GDR, Reg S | 3.8 |
| Grupo Cibest SA - ADR | 3.6 |
| Hoa Phat Group JSC | 3.6 |
| Kaspi.KZ JSC - ADR | 3.5 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3370436.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3370441.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

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

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

![](images_8584.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2026 Harding Loevner

![TSR_Header Logo (updated)](images_8583.jpg)

## Frontier Emerging Markets
Semi-Annual Shareholder Report

Investor Class HLMOX \| April 30, 2026

This semi-annual shareholder report contains important information about the Frontier Emerging Markets Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Frontier Emerging Markets (Investor Class) | $89 | 1.75% |

---

1 Expense ratio is expressed on an annualized basis.

#### Management's Discussion of Fund Performance
The Frontier Emerging Markets Investor Class (HLMOX) rose 4.09% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI Frontier Emerging Markets Index, rose 15.38% in the same period (net of source taxes).

Key Performance Factors

Frontier Emerging Markets rose despite dipping sharply in March in reaction to the US-Israel attack on Iran. Energy and Real Estate were the top-performing sectors. Europe and Latin America outperformed while Asian markets were hurt by the closing of the Strait of Hormuz. The Fund lagged the index, with weak holdings in Real Estate and Consumer Discretionary. Vietnam and Indonesia also detracted. European holdings helped relative returns.

Sector Analysis

Extreme weather and inflation hurt two Philippine holdings. Real Estate company SM Prime Holdings reported weak attendance at its malls and a decline in residential construction revenue. Jollibee Foods in Consumer Discretionary experienced weak revenue growth and rising input costs. In IT, shares of Thailand-based optical communications equipment manufacturer Fabrinet rose, supported by demand for components used in cloud computing, AI, and video streaming.

Geographic Analysis

Jollibee was the main detractor in the Philippines. In Vietnam, IT services business FPT declined due to concerns over the competitive threat from AI. Shares of Kazak uranium producer Kazatomprom were buoyed by strong prices and the prospect for increased nuclear power demand for AI data centers.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Fabrinet | Baltic Classifieds |
| Kazatomprom | Jollibee Foods |
| Airtel Africa | Marsa Maroc |
| Banca Transilvania | Bank Central Asia |
| Helios Towers | EPAM |

---

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

#### Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund and for the semi-annual period ended April 30, 2026. It compares a $10,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.

Growth of $10,000 (USD)

![Fund Performance - Growth of 10K](chartimages_3370406.jpg)

Average Annual Total Return (%) as of April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 17.70 | 4.67 | 3.62 |
| MSCI Frontier Emerging Markets Index | 44.28 | 10.43 | 6.31 |

---

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

Visit

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

![TSR QR Code](images_8585.jpg)

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

HardingLoevnerFunds.com.

#### Key Fun d Statis tics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $117.2M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $0.6M |
| Total number of holdings | 55 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 13% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 4.6 |
| Credicorp Ltd. | 4.4 |
| International Container Terminal Services Inc. | 4.4 |
| Mobile World Investment Corp. | 4.3 |
| Banca Transilvania SA | 4.3 |
| Societe d'Exploitation des Ports | 3.9 |
| NAC Kazatomprom JSC - GDR, Reg S | 3.8 |
| Grupo Cibest SA - ADR | 3.6 |
| Hoa Phat Group JSC | 3.6 |
| Kaspi.KZ JSC - ADR | 3.5 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_3370401.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_3370396.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

HardingLoevnerFunds.com. You can also request this information by contacting us at (877) 435-8105.

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

![](images_8584.jpg)

c/o Northern Trust 333 South Wabash Avenue, Floor 38, Chicago, IL 60604 T: (877) 435-8105 HardingLoevnerFunds.com©2026 Harding Loevner

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. Principal Accountant Fees and Services.
Not applicable.

------

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

------

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

(b) Not applicable.

------

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

------

![](frontcover.jpg)

------

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_c64b7d22-04f0-4bf4-9df8-411b47e91538_SOI-SOI-TOCHeader_1) | 2 |
| [Global Equity Portfolio](#xx_c64b7d22-04f0-4bf4-9df8-411b47e91538_SOI-SOI-TOCHeader_1) | 2 |
| [International Equity Portfolio](#xx_c64b7d22-04f0-4bf4-9df8-411b47e91538_SOI-SOI-TOCHeader_4) | 5 |
| [International Developed Markets Equity Portfolio](#xx_c64b7d22-04f0-4bf4-9df8-411b47e91538_SOI-SOI-TOCHeader_7) | 8 |
| [International Small Companies Portfolio](#xx_c64b7d22-04f0-4bf4-9df8-411b47e91538_SOI-SOI-TOCHeader_9) | 10 |
| [Institutional Emerging Markets Portfolio](#xx_c64b7d22-04f0-4bf4-9df8-411b47e91538_SOI-SOI-TOCHeader_12) | 13 |
| [Frontier Emerging Markets Portfolio](#xx_c64b7d22-04f0-4bf4-9df8-411b47e91538_SOI-SOI-TOCHeader_15) | 16 |
| [Statements of Assets and Liabilities](#xx_c64b7d22-04f0-4bf4-9df8-411b47e91538_FS-StatementofAssetsandLiabilities_1) | 19 |
| [Statements of Operations](#xx_c64b7d22-04f0-4bf4-9df8-411b47e91538_FS-StatementofAssetsandLiabilities_3) | 21 |
| [Statements of Changes in Net Assets](#xx_c64b7d22-04f0-4bf4-9df8-411b47e91538_FS-StatementofAssetsandLiabilities_5) | 23 |
| [Financial Highlights](#xx_c64b7d22-04f0-4bf4-9df8-411b47e91538_FS-StatementofAssetsandLiabilities_8) | 26 |
| [Notes to Financial Statements](#xx_c64b7d22-04f0-4bf4-9df8-411b47e91538_NTF-NotestoFinancialStatements-1163_1) | 41 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_c64b7d22-04f0-4bf4-9df8-411b47e91538_CID-CIADA-TOCHeader_1) | 54 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_c64b7d22-04f0-4bf4-9df8-411b47e91538_ProxyDisclosure-ProxyDisclosuresTOCHeader_1) | 55 |
| [Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_c64b7d22-04f0-4bf4-9df8-411b47e91538_AIA_Section-AIA-TOCHeader_1) | 56 |

---

------

**Harding, Loevner Funds, Inc.**

------

**Global Equity Portfolio**

**Portfolio of Investments**

**April 30, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 95.9%** | **COMMON STOCKS - 95.9%** | **COMMON STOCKS - 95.9%** |
| **Canada - 1.1%** | **Canada - 1.1%** | **Canada - 1.1%** |
| Alimentation Couche-Tard Inc. <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 95201 | &nbsp;&nbsp; $5632092<br>|
| **China - 3.7%** | **China - 3.7%** | **China - 3.7%** |
| Contemporary Amperex <br> Technology Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 88500 | &nbsp;&nbsp; 5677114<br>|
| Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 232000 | &nbsp;&nbsp; 14085888<br>|
|  |  | &nbsp;&nbsp; 19763002 |
| **Denmark - 0.7%** | **Denmark - 0.7%** | **Denmark - 0.7%** |
| Genmab A/S (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 13891 | &nbsp;&nbsp; 3676579<br>|
| **France - 4.3%** | **France - 4.3%** | **France - 4.3%** |
| Safran SA (Capital Goods)† | &nbsp;&nbsp; 16357 | &nbsp;&nbsp; 5215329<br>|
| Schneider Electric SE (Capital <br> Goods)†<br>| &nbsp;&nbsp; 56639 | &nbsp;&nbsp; 17887386<br>|
|  |  | &nbsp;&nbsp; 23102715 |
| **Germany - 2.2%** | **Germany - 2.2%** | **Germany - 2.2%** |
| Infineon Technologies AG <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 110345 | &nbsp;&nbsp; 7415704<br>|
| SAP SE - Sponsored ADR <br> (Software & Services)<br>| &nbsp;&nbsp; 26794 | &nbsp;&nbsp; 4541315<br>|
|  |  | &nbsp;&nbsp; 11957019 |
| **Hong Kong - 1.8%** | **Hong Kong - 1.8%** | **Hong Kong - 1.8%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 878805 | &nbsp;&nbsp; 9679034<br>|
| **India - 0.9%** | **India - 0.9%** | **India - 0.9%** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp; 186360 | &nbsp;&nbsp; 4735408<br>|
| **Ireland - 1.3%** | **Ireland - 1.3%** | **Ireland - 1.3%** |
| Ryanair Holdings plc - <br> Sponsored ADR <br> (Transportation)<br>| &nbsp;&nbsp; 127632 | &nbsp;&nbsp; 6975089<br>|
| **Japan - 4.8%** | **Japan - 4.8%** | **Japan - 4.8%** |
| Chugai Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 89200 | &nbsp;&nbsp; 4687412<br>|
| Keyence Corp. (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 13400 | &nbsp;&nbsp; 6137708<br>|
| Sony Financial Group Inc. <br> (Financial Services)†<br>| &nbsp;&nbsp; 5466100 | &nbsp;&nbsp; 4902304<br>|
| Sony Group Corp. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 507700 | &nbsp;&nbsp; 10150917<br>|
|  |  | &nbsp;&nbsp; 25878341 |
| **Netherlands - 2.7%** | **Netherlands - 2.7%** | **Netherlands - 2.7%** |
| ASML Holding NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 10004 | &nbsp;&nbsp; 14441796<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** |
| **Sweden - 1.1%** | **Sweden - 1.1%** | **Sweden - 1.1%** |
| Epiroc AB, Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 205117 | &nbsp;&nbsp; $5886249<br>|
| **Switzerland - 2.2%** | **Switzerland - 2.2%** | **Switzerland - 2.2%** |
| Roche Holding AG <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 17175 | &nbsp;&nbsp; 7031858<br>|
| SGS SA, Reg S (Commercial & <br> Professional Services)†<br>| &nbsp;&nbsp; 46451 | &nbsp;&nbsp; 5039338<br>|
|  |  | &nbsp;&nbsp; 12071196 |
| **Taiwan - 3.5%** | **Taiwan - 3.5%** | **Taiwan - 3.5%** |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. - <br> Sponsored ADR <br> (Semiconductors & <br> Semiconductor Equipment)<br>| &nbsp;&nbsp; 47731 | &nbsp;&nbsp; 18904340<br>|
| **United Kingdom - 6.6%** | **United Kingdom - 6.6%** | **United Kingdom - 6.6%** |
| AstraZeneca plc <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 30826 | &nbsp;&nbsp; 5860647<br>|
| Compass Group plc (Consumer <br> Services)†<br>| &nbsp;&nbsp; 272758 | &nbsp;&nbsp; 7714976<br>|
| Diploma plc (Capital Goods)† | &nbsp;&nbsp; 75353 | &nbsp;&nbsp; 7132699<br>|
| Haleon plc (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 1639876 | &nbsp;&nbsp; 7565239<br>|
| Shell plc (Energy)† | &nbsp;&nbsp; 153022 | &nbsp;&nbsp; 6946462<br>|
|  |  | &nbsp;&nbsp; 35220023 |
| **United States - 59.0%** | **United States - 59.0%** | **United States - 59.0%** |
| AbbVie Inc. (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 29261 | &nbsp;&nbsp; 6183435<br>|
| Accenture plc, Class A (Software <br> & Services)<br>| &nbsp;&nbsp; 30200 | &nbsp;&nbsp; 5397042<br>|
| Adobe Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 24501 | &nbsp;&nbsp; 6029696<br>|
| Alphabet Inc., Class A (Media & <br> Entertainment)<br>| &nbsp;&nbsp; 71170 | &nbsp;&nbsp; 27386216<br>|
| Amazon.com Inc. (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 87026 | &nbsp;&nbsp; 23067112<br>|
| AMETEK Inc. (Capital Goods) | &nbsp;&nbsp; 26996 | &nbsp;&nbsp; 6357558<br>|
| Amphenol Corp., Class A <br> (Technology Hardware & <br> Equipment)<br>| &nbsp;&nbsp; 70557 | &nbsp;&nbsp; 10390929<br>|
| Apple Inc. (Technology <br> Hardware & Equipment)<br>| &nbsp;&nbsp; 25253 | &nbsp;&nbsp; 6852402<br>|
| Atkore Inc. (Capital Goods) | &nbsp;&nbsp; 59410 | &nbsp;&nbsp; 4642892<br>|
| Booking Holdings Inc. <br> (Consumer Services)<br>| &nbsp;&nbsp; 40175 | &nbsp;&nbsp; 6763863<br>|
| Broadcom Inc. (Semiconductors <br> & Semiconductor <br> Equipment)<br>| &nbsp;&nbsp; 25328 | &nbsp;&nbsp; 10572667<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Global Equity Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** |
| **United States - 59.0% (continued)** | **United States - 59.0% (continued)** | **United States - 59.0% (continued)** |
| CME Group Inc. (Financial <br> Services)<br>| &nbsp;&nbsp; 27598 | &nbsp;&nbsp; $7943256<br>|
| Danaher Corp. (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 27255 | &nbsp;&nbsp; 4877282<br>|
| Deere & Co. (Capital Goods) | &nbsp;&nbsp; 10397 | &nbsp;&nbsp; 6132878<br>|
| Elevance Health Inc. (Health <br> Care Equipment & Services)<br>| &nbsp;&nbsp; 17573 | &nbsp;&nbsp; 6614829<br>|
| Equifax Inc. (Commercial & <br> Professional Services)<br>| &nbsp;&nbsp; 25394 | &nbsp;&nbsp; 4417032<br>|
| Fabrinet (Technology Hardware <br> & Equipment)\*<br>| &nbsp;&nbsp; 8128 | &nbsp;&nbsp; 5555244<br>|
| HEICO Corp. (Capital Goods) | &nbsp;&nbsp; 20172 | &nbsp;&nbsp; 5444826<br>|
| Honeywell International Inc. <br> (Capital Goods)<br>| &nbsp;&nbsp; 37769 | &nbsp;&nbsp; 8095030<br>|
| Johnson & Johnson <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 29472 | &nbsp;&nbsp; 6774139<br>|
| Meta Platforms Inc., Class A <br> (Media & Entertainment)<br>| &nbsp;&nbsp; 23970 | &nbsp;&nbsp; 14667483<br>|
| Microsoft Corp. (Software & <br> Services)<br>| &nbsp;&nbsp; 41631 | &nbsp;&nbsp; 16976289<br>|
| Netflix Inc. (Media & <br> Entertainment)\*<br>| &nbsp;&nbsp; 151293 | &nbsp;&nbsp; 14162538<br>|
| NextEra Energy Inc. (Utilities) | &nbsp;&nbsp; 58311 | &nbsp;&nbsp; 5707481<br>|
| Northrop Grumman Corp. <br> (Capital Goods)<br>| &nbsp;&nbsp; 7776 | &nbsp;&nbsp; 4506036<br>|
| nVent Electric plc (Capital <br> Goods)<br>| &nbsp;&nbsp; 50839 | &nbsp;&nbsp; 7264893<br>|
| NVIDIA Corp. (Semiconductors <br> & Semiconductor <br> Equipment)<br>| &nbsp;&nbsp; 97504 | &nbsp;&nbsp; 19458873<br>|
| Progressive Corp. (Insurance) | &nbsp;&nbsp; 45263 | &nbsp;&nbsp; 9110537<br>|
| Reinsurance Group of <br> America Inc. (Insurance)<br>| &nbsp;&nbsp; 56548 | &nbsp;&nbsp; 11957640<br>|
| SLB Ltd. (Energy) | &nbsp;&nbsp; 153064 | &nbsp;&nbsp; 8706280<br>|
| Thermo Fisher Scientific Inc. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 11587 | &nbsp;&nbsp; 5549710<br>|
| Tradeweb Markets Inc., Class A <br> (Financial Services)<br>| &nbsp;&nbsp; 90168 | &nbsp;&nbsp; 10211526<br>|
| Vertex Pharmaceuticals Inc. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*<br>| &nbsp;&nbsp; 25545 | &nbsp;&nbsp; 10917422<br>|
| Visa Inc., Class A (Financial <br> Services)<br>| &nbsp;&nbsp; 25700 | &nbsp;&nbsp; 8476888<br>|
|  |  | &nbsp;&nbsp; 317171924 |
| **Total Common Stocks (Cost $336,460,331)** | **Total Common Stocks (Cost $336,460,331)** | &nbsp;&nbsp; **$515094807** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **PREFERRED STOCKS - 3.2%** | **PREFERRED STOCKS - 3.2%** | **PREFERRED STOCKS - 3.2%** |
| **South Korea - 3.2%** | **South Korea - 3.2%** | **South Korea - 3.2%** |
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S, 1.41% <br> (Technology Hardware & <br> Equipment)†+<br>| &nbsp;&nbsp; 6174 | &nbsp;&nbsp; $16908516 |
| **Total Preferred Stocks (Cost $14,356,952)** | **Total Preferred Stocks (Cost $14,356,952)** | &nbsp;&nbsp; **$16908516** |
| **SHORT TERM INVESTMENTS - 0.8%** | **SHORT TERM INVESTMENTS - 0.8%** | **SHORT TERM INVESTMENTS - 0.8%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.52% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 4379881 | &nbsp;&nbsp; 4379881 |
| **Total Short Term Investments (Cost $4,379,881)** | **Total Short Term Investments (Cost $4,379,881)** | &nbsp;&nbsp; **$4379881** |
| **Total Investments — 99.9%** | **Total Investments — 99.9%** |  |
| **(Cost $355,197,164)** | **(Cost $355,197,164)** | &nbsp;&nbsp; **$536383204** |
| Other Assets Less Liabilities - 0.1% | Other Assets Less Liabilities - 0.1% | &nbsp;&nbsp; 775480 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$537158684** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *\** | *Non-income producing security.* |
| *+* | &nbsp;&nbsp; *Current yield is disclosed. Dividends are calculated based on a* <br> *percentage of the issuer's net income.*<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Global Equity Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2026 (unaudited)**

------

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Banks | 0.9<br> %<br>|
| Capital Goods | 15.7 |
| Commercial & Professional Services | 1.7 |
| Consumer Discretionary Distribution & Retail | 4.3 |
| Consumer Durables & Apparel | 1.9 |
| Consumer Services | 2.8 |
| Consumer Staples Distribution & Retail | 1.1 |
| Energy | 2.9 |
| Financial Services | 5.9 |
| Health Care Equipment & Services | 1.2 |
| Insurance | 5.7 |
| Media & Entertainment | 13.0 |
| Pharmaceuticals, Biotechnology & Life Sciences | 11.8 |
| Semiconductors & Semiconductor Equipment | 13.2 |
| Software & Services | 6.1 |
| Technology Hardware & Equipment | 8.5 |
| Transportation | 1.3 |
| Utilities | 1.1 |
| Money Market Fund | 0.8 |
| Total Investments | 99.9 |
| Other Assets Less Liabilities | 0.1 |
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Equity Portfolio**

**Portfolio of Investments**

**April 30, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.5%** | **COMMON STOCKS - 96.5%** | **COMMON STOCKS - 96.5%** |
| **Canada - 5.1%** | **Canada - 5.1%** | **Canada - 5.1%** |
| Alimentation Couche-Tard Inc. <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 2502120 | &nbsp;&nbsp; $148025445<br>|
| Canadian National Railway Co. <br> (Transportation)<br>| &nbsp;&nbsp; 1197216 | &nbsp;&nbsp; 134243830<br>|
| Manulife Financial Corp. <br> (Insurance)<br>| &nbsp;&nbsp; 8910356 | &nbsp;&nbsp; 350348324<br>|
|  |  | &nbsp;&nbsp; 632617599 |
| **China - 8.3%** | **China - 8.3%** | **China - 8.3%** |
| Contemporary Amperex <br> Technology Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 5387657 | &nbsp;&nbsp; 345608399<br>|
| Haier Smart Home Co., Ltd., <br> Class A (Consumer Durables <br> & Apparel)†<br>| &nbsp;&nbsp; 32342288 | &nbsp;&nbsp; 102051905<br>|
| NetEase Inc. - ADR (Media & <br> Entertainment)<br>| &nbsp;&nbsp; 985236 | &nbsp;&nbsp; 115775082<br>|
| Ping An Insurance Group Co. of <br> China Ltd., Class H <br> (Insurance)†<br>| &nbsp;&nbsp; 15815000 | &nbsp;&nbsp; 128593826<br>|
| SF Holding Co., Ltd., Class A <br> (Transportation)†<br>| &nbsp;&nbsp; 21200800 | &nbsp;&nbsp; 115568946<br>|
| Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 2297464 | &nbsp;&nbsp; 56688190<br>|
| Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 2507810 | &nbsp;&nbsp; 152261772<br>|
|  |  | &nbsp;&nbsp; 1016548120 |
| **Denmark - 1.0%** | **Denmark - 1.0%** | **Denmark - 1.0%** |
| Genmab A/S (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 474766 | &nbsp;&nbsp; 125657959<br>|
| **France - 5.2%** | **France - 5.2%** | **France - 5.2%** |
| Air Liquide SA (Materials)† | &nbsp;&nbsp; 611562 | &nbsp;&nbsp; 131644524<br>|
| Dassault Systemes SE (Software <br> & Services)†<br>| &nbsp;&nbsp; 3220452 | &nbsp;&nbsp; 72672211<br>|
| L'Oreal SA (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 361060 | &nbsp;&nbsp; 154880722<br>|
| Safran SA (Capital Goods)† | &nbsp;&nbsp; 339972 | &nbsp;&nbsp; 108397983<br>|
| Schneider Electric SE (Capital <br> Goods)†<br>| &nbsp;&nbsp; 540548 | &nbsp;&nbsp; 170712600<br>|
|  |  | &nbsp;&nbsp; 638308040 |
| **Germany - 4.4%** | **Germany - 4.4%** | **Germany - 4.4%** |
| Allianz SE, Reg S (Insurance)† | &nbsp;&nbsp; 627664 | &nbsp;&nbsp; 286961687<br>|
| Infineon Technologies AG <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 2395034 | &nbsp;&nbsp; 160957572<br>|
| Symrise AG (Materials)† | &nbsp;&nbsp; 1003108 | &nbsp;&nbsp; 88670238<br>|
|  |  | &nbsp;&nbsp; 536589497 |
| **Hong Kong - 3.7%** | **Hong Kong - 3.7%** | **Hong Kong - 3.7%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 28866574 | &nbsp;&nbsp; 317932355<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.5% (continued)** | **COMMON STOCKS - 96.5% (continued)** | **COMMON STOCKS - 96.5% (continued)** |
| **Hong Kong - 3.7% (continued)** | **Hong Kong - 3.7% (continued)** | **Hong Kong - 3.7% (continued)** |
| Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 9073000 | &nbsp;&nbsp; $132133089<br>|
|  |  | &nbsp;&nbsp; 450065444 |
| **India - 0.9%** | **India - 0.9%** | **India - 0.9%** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp; 4424428 | &nbsp;&nbsp; 112424715<br>|
| **Indonesia - 0.8%** | **Indonesia - 0.8%** | **Indonesia - 0.8%** |
| Telkom Indonesia Persero Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 562276500 | &nbsp;&nbsp; 92666503<br>|
| **Ireland - 0.8%** | **Ireland - 0.8%** | **Ireland - 0.8%** |
| Ryanair Holdings plc - <br> Sponsored ADR <br> (Transportation)<br>| &nbsp;&nbsp; 1866193 | &nbsp;&nbsp; 101987447<br>|
| **Israel - 0.7%** | **Israel - 0.7%** | **Israel - 0.7%** |
| Nice Ltd. - Sponsored ADR <br> (Software & Services)\*<br>| &nbsp;&nbsp; 849292 | &nbsp;&nbsp; 86644770<br>|
| **Japan - 13.9%** | **Japan - 13.9%** | **Japan - 13.9%** |
| Chugai Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 4865200 | &nbsp;&nbsp; 255663635<br>|
| Daifuku Co., Ltd. (Capital <br> Goods)†<br>| &nbsp;&nbsp; 3973700 | &nbsp;&nbsp; 173602687<br>|
| Disco Corp. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 254200 | &nbsp;&nbsp; 122393495<br>|
| Keyence Corp. (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 236534 | &nbsp;&nbsp; 108341533<br>|
| Lasertec Corp. (Semiconductors <br> & Semiconductor <br> Equipment)†<br>| &nbsp;&nbsp; 851200 | &nbsp;&nbsp; 236107147<br>|
| M3 Inc. (Health Care Equipment <br> & Services)†<br>| &nbsp;&nbsp; 14761167 | &nbsp;&nbsp; 142235122<br>|
| Obic Co., Ltd. (Software & <br> Services)†<br>| &nbsp;&nbsp; 2784300 | &nbsp;&nbsp; 73497132<br>|
| Recruit Holdings Co., Ltd. <br> (Commercial & Professional <br> Services)†<br>| &nbsp;&nbsp; 2947500 | &nbsp;&nbsp; 137594535<br>|
| Shionogi & Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 6241900 | &nbsp;&nbsp; 127326636<br>|
| Sony Group Corp. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 8791400 | &nbsp;&nbsp; 175774625<br>|
| Sysmex Corp. (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 9015821 | &nbsp;&nbsp; 79364010<br>|
| Unicharm Corp. (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 13354000 | &nbsp;&nbsp; 77989741<br>|
|  |  | &nbsp;&nbsp; 1709890298 |
| **Mexico - 3.2%** | **Mexico - 3.2%** | **Mexico - 3.2%** |
| Fomento Economico Mexicano <br> SAB de CV - Sponsored <br> ADR (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 2268355 | &nbsp;&nbsp; 268210295<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Equity Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.5% (continued)** | **COMMON STOCKS - 96.5% (continued)** | **COMMON STOCKS - 96.5% (continued)** |
| **Mexico - 3.2% (continued)** | **Mexico - 3.2% (continued)** | **Mexico - 3.2% (continued)** |
| Grupo Financiero Banorte SAB <br> de CV, Series O (Banks)<br>| &nbsp;&nbsp; 11916263 | &nbsp;&nbsp; $129391577<br>|
|  |  | &nbsp;&nbsp; 397601872 |
| **Netherlands - 3.6%** | **Netherlands - 3.6%** | **Netherlands - 3.6%** |
| Adyen NV (Financial <br> Services)\*^†<br>| &nbsp;&nbsp; 134536 | &nbsp;&nbsp; 152241985<br>|
| ASML Holding NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 204945 | &nbsp;&nbsp; 295859040<br>|
|  |  | &nbsp;&nbsp; 448101025 |
| **Peru - 1.5%** | **Peru - 1.5%** | **Peru - 1.5%** |
| Credicorp Ltd. (Banks) | &nbsp;&nbsp; 585171 | &nbsp;&nbsp; 189694883<br>|
| **Singapore - 1.9%** | **Singapore - 1.9%** | **Singapore - 1.9%** |
| DBS Group Holdings Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 3988918 | &nbsp;&nbsp; 184014722<br>|
| Sea Ltd. - ADR (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 577647 | &nbsp;&nbsp; 49030677<br>|
|  |  | &nbsp;&nbsp; 233045399 |
| **South Korea - 5.4%** | **South Korea - 5.4%** | **South Korea - 5.4%** |
| NAVER Corp. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 1222736 | &nbsp;&nbsp; 175642896<br>|
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 130672 | &nbsp;&nbsp; 489825497<br>|
|  |  | &nbsp;&nbsp; 665468393 |
| **Spain - 4.3%** | **Spain - 4.3%** | **Spain - 4.3%** |
| Amadeus IT Group SA <br> (Consumer Services)†<br>| &nbsp;&nbsp; 3980433 | &nbsp;&nbsp; 228915409<br>|
| Banco Bilbao Vizcaya <br> Argentaria SA (Banks)†<br>| &nbsp;&nbsp; 13380085 | &nbsp;&nbsp; 295917900<br>|
|  |  | &nbsp;&nbsp; 524833309 |
| **Sweden - 7.1%** | **Sweden - 7.1%** | **Sweden - 7.1%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp; 3995278 | &nbsp;&nbsp; 238872232<br>|
| Assa Abloy AB, Class B (Capital <br> Goods)†<br>| &nbsp;&nbsp; 3696304 | &nbsp;&nbsp; 141444300<br>|
| Atlas Copco AB, Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 5718787 | &nbsp;&nbsp; 110615945<br>|
| Epiroc AB, Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 6164216 | &nbsp;&nbsp; 176894710<br>|
| Skandinaviska Enskilda Banken <br> AB, Class A (Banks)†<br>| &nbsp;&nbsp; 10432505 | &nbsp;&nbsp; 205281603<br>|
|  |  | &nbsp;&nbsp; 873108790 |
| **Switzerland - 3.6%** | **Switzerland - 3.6%** | **Switzerland - 3.6%** |
| Novartis AG, Reg S <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 854876 | &nbsp;&nbsp; 127052591<br>|
| Roche Holding AG <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 617940 | &nbsp;&nbsp; 252999500<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.5% (continued)** | **COMMON STOCKS - 96.5% (continued)** | **COMMON STOCKS - 96.5% (continued)** |
| **Switzerland - 3.6% (continued)** | **Switzerland - 3.6% (continued)** | **Switzerland - 3.6% (continued)** |
| Sonova Holding AG, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 304216 | &nbsp;&nbsp; $66596955<br>|
|  |  | &nbsp;&nbsp; 446649046 |
| **Taiwan - 8.0%** | **Taiwan - 8.0%** | **Taiwan - 8.0%** |
| Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 6295000 | &nbsp;&nbsp; 434619003<br>|
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. - <br> Sponsored ADR <br> (Semiconductors & <br> Semiconductor Equipment)<br>| &nbsp;&nbsp; 1403954 | &nbsp;&nbsp; 556050021<br>|
|  |  | &nbsp;&nbsp; 990669024 |
| **United Kingdom - 11.9%** | **United Kingdom - 11.9%** | **United Kingdom - 11.9%** |
| AstraZeneca plc <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 680150 | &nbsp;&nbsp; 129310300<br>|
| BAE Systems plc (Capital <br> Goods)†<br>| &nbsp;&nbsp; 9974547 | &nbsp;&nbsp; 277399325<br>|
| Compass Group plc (Consumer <br> Services)†<br>| &nbsp;&nbsp; 5024295 | &nbsp;&nbsp; 142112477<br>|
| Haleon plc (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 43428421 | &nbsp;&nbsp; 200348329<br>|
| Rio Tinto plc (Materials)† | &nbsp;&nbsp; 2979267 | &nbsp;&nbsp; 297651792<br>|
| Shell plc (Energy)† | &nbsp;&nbsp; 9191871 | &nbsp;&nbsp; 417266671<br>|
| Shell plc - ADR (Energy) | &nbsp;&nbsp; 91000 | &nbsp;&nbsp; 8250970<br>|
|  |  | &nbsp;&nbsp; 1472339864 |
| **United States - 1.2%** | **United States - 1.2%** | **United States - 1.2%** |
| MercadoLibre Inc. (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 82785 | &nbsp;&nbsp; 148402875 |
| **Total Common Stocks (Cost $7,088,141,293)** | **Total Common Stocks (Cost $7,088,141,293)** | &nbsp;&nbsp; **$11893314872** |
| **SHORT TERM INVESTMENTS - 3.3%** | **SHORT TERM INVESTMENTS - 3.3%** | **SHORT TERM INVESTMENTS - 3.3%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.52% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 407285609 | &nbsp;&nbsp; 407285609 |
| **Total Short Term Investments (Cost** <br> **$407,285,609)** | **Total Short Term Investments (Cost** <br> **$407,285,609)** | &nbsp;&nbsp; **$407285609** |
| **Total Investments — 99.8%** | **Total Investments — 99.8%** |  |
| **(Cost $7,495,426,902)** | **(Cost $7,495,426,902)** | &nbsp;&nbsp; **$12300600481** |
| Other Assets Less Liabilities - 0.2% | Other Assets Less Liabilities - 0.2% | &nbsp;&nbsp; 20134759 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$12320735240** |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Equity Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2026 (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>|
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. This security, which represents 1.2% of* <br> *net assets as of April 30, 2026, is considered liquid and may be* <br> *resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|

---

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Banks | 9.0<br> %<br>|
| Capital Goods | 15.2 |
| Commercial & Professional Services | 1.1 |
| Consumer Discretionary Distribution & Retail | 1.6 |
| Consumer Durables & Apparel | 2.2 |
| Consumer Services | 3.1 |
| Consumer Staples Distribution & Retail | 1.2 |
| Energy | 3.5 |
| Financial Services | 1.2 |
| Food, Beverage & Tobacco | 2.2 |
| Health Care Equipment & Services | 2.9 |
| Household & Personal Products | 1.8 |
| Insurance | 8.9 |
| Materials | 4.2 |
| Media & Entertainment | 3.6 |
| Pharmaceuticals, Biotechnology & Life Sciences | 9.8 |
| Semiconductors & Semiconductor Equipment | 11.1 |
| Software & Services | 1.9 |
| Technology Hardware & Equipment | 8.4 |
| Telecommunication Services | 0.8 |
| Transportation | 2.8 |
| Money Market Fund | 3.3 |
| Total Investments | 99.8 |
| Other Assets Less Liabilities | 0.2 |
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Developed Markets Equity Portfolio**

**Portfolio of Investments**

**April 30, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.6%** | **COMMON STOCKS - 96.6%** | **COMMON STOCKS - 96.6%** |
| **Canada - 6.4%** | **Canada - 6.4%** | **Canada - 6.4%** |
| Alimentation Couche-Tard Inc. <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 31347 | &nbsp;&nbsp; $1854489<br>|
| Canadian National Railway Co. <br> (Transportation)<br>| &nbsp;&nbsp; 11947 | &nbsp;&nbsp; 1339617<br>|
| Manulife Financial Corp. <br> (Insurance)<br>| &nbsp;&nbsp; 69893 | &nbsp;&nbsp; 2748176<br>|
|  |  | &nbsp;&nbsp; 5942282 |
| **Denmark - 1.4%** | **Denmark - 1.4%** | **Denmark - 1.4%** |
| Genmab A/S (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 4880 | &nbsp;&nbsp; 1291607<br>|
| **France - 7.6%** | **France - 7.6%** | **France - 7.6%** |
| Air Liquide SA (Materials)† | &nbsp;&nbsp; 6310 | &nbsp;&nbsp; 1358287<br>|
| Dassault Systemes SE (Software <br> & Services)†<br>| &nbsp;&nbsp; 34022 | &nbsp;&nbsp; 767735<br>|
| L'Oreal SA (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 4670 | &nbsp;&nbsp; 2003249<br>|
| Safran SA (Capital Goods)† | &nbsp;&nbsp; 3775 | &nbsp;&nbsp; 1203636<br>|
| Schneider Electric SE (Capital <br> Goods)†<br>| &nbsp;&nbsp; 5513 | &nbsp;&nbsp; 1741082<br>|
|  |  | &nbsp;&nbsp; 7073989 |
| **Germany - 6.1%** | **Germany - 6.1%** | **Germany - 6.1%** |
| Allianz SE, Reg S (Insurance)† | &nbsp;&nbsp; 6469 | &nbsp;&nbsp; 2957562<br>|
| Infineon Technologies AG <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 27601 | &nbsp;&nbsp; 1854917<br>|
| Symrise AG (Materials)† | &nbsp;&nbsp; 10241 | &nbsp;&nbsp; 905259<br>|
|  |  | &nbsp;&nbsp; 5717738 |
| **Hong Kong - 5.0%** | **Hong Kong - 5.0%** | **Hong Kong - 5.0%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 304800 | &nbsp;&nbsp; 3357024<br>|
| Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 90500 | &nbsp;&nbsp; 1317981<br>|
|  |  | &nbsp;&nbsp; 4675005 |
| **Ireland - 1.1%** | **Ireland - 1.1%** | **Ireland - 1.1%** |
| Ryanair Holdings plc - <br> Sponsored ADR <br> (Transportation)<br>| &nbsp;&nbsp; 19362 | &nbsp;&nbsp; 1058133<br>|
| **Israel - 0.9%** | **Israel - 0.9%** | **Israel - 0.9%** |
| Nice Ltd. - Sponsored ADR <br> (Software & Services)\*<br>| &nbsp;&nbsp; 8307 | &nbsp;&nbsp; 847480<br>|
| **Japan - 19.2%** | **Japan - 19.2%** | **Japan - 19.2%** |
| Chugai Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 47800 | &nbsp;&nbsp; 2511864<br>|
| Daifuku Co., Ltd. (Capital <br> Goods)†<br>| &nbsp;&nbsp; 40700 | &nbsp;&nbsp; 1778098<br>|
| Disco Corp. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 1396307<br>|
| Keyence Corp. (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 1053487<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** |
| **Japan - 19.2% (continued)** | **Japan - 19.2% (continued)** | **Japan - 19.2% (continued)** |
| Lasertec Corp. (Semiconductors <br> & Semiconductor <br> Equipment)†<br>| &nbsp;&nbsp; 9700 | &nbsp;&nbsp; $2690601<br>|
| M3 Inc. (Health Care Equipment <br> & Services)†<br>| &nbsp;&nbsp; 143800 | &nbsp;&nbsp; 1385623<br>|
| Obic Co., Ltd. (Software & <br> Services)†<br>| &nbsp;&nbsp; 31300 | &nbsp;&nbsp; 826226<br>|
| Recruit Holdings Co., Ltd. <br> (Commercial & Professional <br> Services)†<br>| &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 1288417<br>|
| Shionogi & Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 72000 | &nbsp;&nbsp; 1468706<br>|
| Sony Group Corp. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 97100 | &nbsp;&nbsp; 1941411<br>|
| Sysmex Corp. (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 93100 | &nbsp;&nbsp; 819536<br>|
| Unicharm Corp. (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 137100 | &nbsp;&nbsp; 800688<br>|
|  |  | &nbsp;&nbsp; 17960964 |
| **Netherlands - 4.6%** | **Netherlands - 4.6%** | **Netherlands - 4.6%** |
| Adyen NV (Financial <br> Services)\*^†<br>| &nbsp;&nbsp; 1299 | &nbsp;&nbsp; 1469959<br>|
| ASML Holding NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 1947 | &nbsp;&nbsp; 2810693<br>|
|  |  | &nbsp;&nbsp; 4280652 |
| **Singapore - 2.5%** | **Singapore - 2.5%** | **Singapore - 2.5%** |
| DBS Group Holdings Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 1845259<br>|
| Sea Ltd. - ADR (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 6344 | &nbsp;&nbsp; 538479<br>|
|  |  | &nbsp;&nbsp; 2383738 |
| **South Korea - 3.1%** | **South Korea - 3.1%** | **South Korea - 3.1%** |
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 786 | &nbsp;&nbsp; 2946330<br>|
| **Spain - 5.3%** | **Spain - 5.3%** | **Spain - 5.3%** |
| Amadeus IT Group SA <br> (Consumer Services)†<br>| &nbsp;&nbsp; 37539 | &nbsp;&nbsp; 2158875<br>|
| Banco Bilbao Vizcaya <br> Argentaria SA (Banks)†<br>| &nbsp;&nbsp; 125453 | &nbsp;&nbsp; 2774555<br>|
|  |  | &nbsp;&nbsp; 4933430 |
| **Sweden - 9.1%** | **Sweden - 9.1%** | **Sweden - 9.1%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp; 38084 | &nbsp;&nbsp; 2276990<br>|
| Assa Abloy AB, Class B (Capital <br> Goods)†<br>| &nbsp;&nbsp; 34657 | &nbsp;&nbsp; 1326199<br>|
| Atlas Copco AB, Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 59917 | &nbsp;&nbsp; 1158948<br>|
| Epiroc AB, Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 61688 | &nbsp;&nbsp; 1770263<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Developed Markets Equity Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** | **COMMON STOCKS - 96.6% (continued)** |
| **Sweden - 9.1% (continued)** | **Sweden - 9.1% (continued)** | **Sweden - 9.1% (continued)** |
| Skandinaviska Enskilda Banken <br> AB, Class A (Banks)†<br>| &nbsp;&nbsp; 100550 | &nbsp;&nbsp; $1978534<br>|
|  |  | &nbsp;&nbsp; 8510934 |
| **Switzerland - 5.0%** | **Switzerland - 5.0%** | **Switzerland - 5.0%** |
| Novartis AG, Reg S <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 9946 | &nbsp;&nbsp; 1478185<br>|
| Roche Holding AG <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 6140 | &nbsp;&nbsp; 2513864<br>|
| Sonova Holding AG, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 3019 | &nbsp;&nbsp; 660899<br>|
|  |  | &nbsp;&nbsp; 4652948 |
| **Taiwan - 3.8%** | **Taiwan - 3.8%** | **Taiwan - 3.8%** |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. - <br> Sponsored ADR <br> (Semiconductors & <br> Semiconductor Equipment)<br>| &nbsp;&nbsp; 8867 | &nbsp;&nbsp; 3511864<br>|
| **United Kingdom - 15.5%** | **United Kingdom - 15.5%** | **United Kingdom - 15.5%** |
| AstraZeneca plc <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 6097 | &nbsp;&nbsp; 1159163<br>|
| BAE Systems plc (Capital <br> Goods)†<br>| &nbsp;&nbsp; 98936 | &nbsp;&nbsp; 2751481<br>|
| Compass Group plc (Consumer <br> Services)†<br>| &nbsp;&nbsp; 55405 | &nbsp;&nbsp; 1567134<br>|
| Haleon plc (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 453451 | &nbsp;&nbsp; 2091906<br>|
| Rio Tinto plc (Materials)† | &nbsp;&nbsp; 29072 | &nbsp;&nbsp; 2904517<br>|
| Shell plc (Energy)† | &nbsp;&nbsp; 88331 | &nbsp;&nbsp; 4009802<br>|
|  |  | &nbsp;&nbsp; 14484003 |
| **Total Common Stocks (Cost $67,724,031)** | **Total Common Stocks (Cost $67,724,031)** | &nbsp;&nbsp; **$90271097** |
| **SHORT TERM INVESTMENTS - 3.2%** | **SHORT TERM INVESTMENTS - 3.2%** | **SHORT TERM INVESTMENTS - 3.2%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.52% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 3038104 | &nbsp;&nbsp; 3038104 |
| **Total Short Term Investments (Cost $3,038,104)** | **Total Short Term Investments (Cost $3,038,104)** | &nbsp;&nbsp; **$3038104** |
| **Total Investments — 99.8%** | **Total Investments — 99.8%** |  |
| **(Cost $70,762,135)** | **(Cost $70,762,135)** | &nbsp;&nbsp; **$93309201** |
| Other Assets Less Liabilities - 0.2% | Other Assets Less Liabilities - 0.2% | &nbsp;&nbsp; 156620 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$93465821** |

---

---

| | |
|:---|:---|
| 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>|
| *\** | *Non-income producing security.* |
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. This security, which represents 1.6% of* <br> *net assets as of April 30, 2026, is considered liquid and may be* <br> *resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|

---

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Banks | 7.0<br> %<br>|
| Capital Goods | 16.5 |
| Commercial & Professional Services | 1.4 |
| Consumer Discretionary Distribution & Retail | 0.6 |
| Consumer Durables & Apparel | 2.1 |
| Consumer Services | 4.0 |
| Consumer Staples Distribution & Retail | 2.0 |
| Energy | 4.3 |
| Financial Services | 1.6 |
| Health Care Equipment & Services | 3.1 |
| Household & Personal Products | 2.9 |
| Insurance | 9.7 |
| Materials | 5.6 |
| Pharmaceuticals, Biotechnology & Life Sciences | 13.3 |
| Semiconductors & Semiconductor Equipment | 13.2 |
| Software & Services | 2.6 |
| Technology Hardware & Equipment | 4.2 |
| Transportation | 2.5 |
| Money Market Fund | 3.2 |
| Total Investments | 99.8 |
| Other Assets Less Liabilities | 0.2 |
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Small Companies Portfolio**

**Portfolio of Investments**

**April 30, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 99.1%** | **COMMON STOCKS - 99.1%** | **COMMON STOCKS - 99.1%** |
| **Argentina - 1.5%** | **Argentina - 1.5%** | **Argentina - 1.5%** |
| Vista Energy SAB de CV - ADR <br> (Energy)\*<br>| &nbsp;&nbsp; 38755 | &nbsp;&nbsp; $2880272<br>|
| **Bangladesh - 0.7%** | **Bangladesh - 0.7%** | **Bangladesh - 0.7%** |
| Square Pharmaceuticals plc <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 753636 | &nbsp;&nbsp; 1300401<br>|
| **Belgium - 1.7%** | **Belgium - 1.7%** | **Belgium - 1.7%** |
| Lotus Bakeries NV (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 260 | &nbsp;&nbsp; 3148687<br>|
| **Brazil - 0.9%** | **Brazil - 0.9%** | **Brazil - 0.9%** |
| XP Inc., Class A (Financial <br> Services)<br>| &nbsp;&nbsp; 90256 | &nbsp;&nbsp; 1729305<br>|
| **Canada - 1.9%** | **Canada - 1.9%** | **Canada - 1.9%** |
| Kinaxis Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 35320 | &nbsp;&nbsp; 3649140<br>|
| **China - 6.1%** | **China - 6.1%** | **China - 6.1%** |
| Haitian International Holdings <br> Ltd. (Capital Goods)†<br>| &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 1188465<br>|
| Qingdao Haier Biomedical Co., <br> Ltd., Class A (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 617000 | &nbsp;&nbsp; 2838584<br>|
| Shanghai Friendess Electronic <br> Technology Corp., Ltd., <br> Class A (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 58530 | &nbsp;&nbsp; 1222281<br>|
| Shanghai Hanbell Precise <br> Machinery Co., Ltd., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 565100 | &nbsp;&nbsp; 2298475<br>|
| TravelSky Technology Ltd., <br> Class H (Consumer <br> Services)†<br>| &nbsp;&nbsp; 2072000 | &nbsp;&nbsp; 2572170<br>|
| Yantai China Pet Foods Co., <br> Ltd., Class A (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 258499 | &nbsp;&nbsp; 1285253<br>|
|  |  | &nbsp;&nbsp; 11405228 |
| **Finland - 1.7%** | **Finland - 1.7%** | **Finland - 1.7%** |
| Vaisala OYJ, Class A <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 55577 | &nbsp;&nbsp; 3261992<br>|
| **France - 3.7%** | **France - 3.7%** | **France - 3.7%** |
| IPSOS SA (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 35094 | &nbsp;&nbsp; 1485192<br>|
| Rubis SCA (Utilities)† | &nbsp;&nbsp; 134100 | &nbsp;&nbsp; 5535887<br>|
|  |  | &nbsp;&nbsp; 7021079 |
| **Germany - 10.8%** | **Germany - 10.8%** | **Germany - 10.8%** |
| Atoss Software SE (Software & <br> Services)†<br>| &nbsp;&nbsp; 23758 | &nbsp;&nbsp; 2215654<br>|
| Bechtle AG (Software & <br> Services)†<br>| &nbsp;&nbsp; 66216 | &nbsp;&nbsp; 2254380<br>|
| Brenntag SE (Capital Goods)† | &nbsp;&nbsp; 22449 | &nbsp;&nbsp; 1634191<br>|
| FUCHS SE (Materials)† | &nbsp;&nbsp; 86787 | &nbsp;&nbsp; 3329368<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 99.1% (continued)** | **COMMON STOCKS - 99.1% (continued)** | **COMMON STOCKS - 99.1% (continued)** |
| **Germany - 10.8% (continued)** | **Germany - 10.8% (continued)** | **Germany - 10.8% (continued)** |
| KWS Saat SE & Co. KGaA <br> (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 46439 | &nbsp;&nbsp; $4182735<br>|
| Nemetschek SE (Software & <br> Services)†<br>| &nbsp;&nbsp; 8986 | &nbsp;&nbsp; 651812<br>|
| Pfeiffer Vacuum Technology AG <br> (Capital Goods)†<br>| &nbsp;&nbsp; 14168 | &nbsp;&nbsp; 2783557<br>|
| Scout24 SE (Media & <br> Entertainment)^†<br>| &nbsp;&nbsp; 27773 | &nbsp;&nbsp; 2316779<br>|
| TeamViewer SE (Software & <br> Services)\*^†<br>| &nbsp;&nbsp; 154704 | &nbsp;&nbsp; 862695<br>|
|  |  | &nbsp;&nbsp; 20231171 |
| **Hong Kong - 0.9%** | **Hong Kong - 0.9%** | **Hong Kong - 0.9%** |
| ASMPT Ltd. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 83100 | &nbsp;&nbsp; 1751910<br>|
| **India - 2.2%** | **India - 2.2%** | **India - 2.2%** |
| Max Financial Services Ltd. <br> (Insurance)\*†<br>| &nbsp;&nbsp; 193273 | &nbsp;&nbsp; 3252896<br>|
| SH Kelkar & Co., Ltd. <br> (Materials)^†<br>| &nbsp;&nbsp; 607090 | &nbsp;&nbsp; 942908<br>|
|  |  | &nbsp;&nbsp; 4195804 |
| **Israel - 0.7%** | **Israel - 0.7%** | **Israel - 0.7%** |
| Nice Ltd. - Sponsored ADR <br> (Software & Services)\*<br>| &nbsp;&nbsp; 13465 | &nbsp;&nbsp; 1373699<br>|
| **Italy - 3.1%** | **Italy - 3.1%** | **Italy - 3.1%** |
| Carel Industries SpA (Capital <br> Goods)^†<br>| &nbsp;&nbsp; 63101 | &nbsp;&nbsp; 1927013<br>|
| DiaSorin SpA (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 17344 | &nbsp;&nbsp; 1182260<br>|
| Reply SpA (Software & <br> Services)†<br>| &nbsp;&nbsp; 23679 | &nbsp;&nbsp; 2636104<br>|
|  |  | &nbsp;&nbsp; 5745377 |
| **Japan - 15.1%** | **Japan - 15.1%** | **Japan - 15.1%** |
| Ariake Japan Co., Ltd. (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 73000 | &nbsp;&nbsp; 2525948<br>|
| Asahi Intecc Co., Ltd. (Health <br> Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 154700 | &nbsp;&nbsp; 3303361<br>|
| GMO Payment Gateway Inc. <br> (Financial Services)†<br>| &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 2397060<br>|
| Harmonic Drive Systems Inc. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 9955 | &nbsp;&nbsp; 335395<br>|
| JCU Corp. (Materials)† | &nbsp;&nbsp; 21800 | &nbsp;&nbsp; 931450<br>|
| M3 Inc. (Health Care Equipment <br> & Services)†<br>| &nbsp;&nbsp; 236700 | &nbsp;&nbsp; 2280785<br>|
| MISUMI Group Inc. (Capital <br> Goods)†<br>| &nbsp;&nbsp; 141000 | &nbsp;&nbsp; 3259007<br>|
| Rakus Co., Ltd. (Software & <br> Services)†<br>| &nbsp;&nbsp; 344300 | &nbsp;&nbsp; 1898397<br>|
| Rohto Pharmaceutical Co., Ltd. <br> (Household & Personal <br> Products)†<br>| &nbsp;&nbsp; 233400 | &nbsp;&nbsp; 3437770<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Small Companies Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 99.1% (continued)** | **COMMON STOCKS - 99.1% (continued)** | **COMMON STOCKS - 99.1% (continued)** |
| **Japan - 15.1% (continued)** | **Japan - 15.1% (continued)** | **Japan - 15.1% (continued)** |
| Santen Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 299400 | &nbsp;&nbsp; $3103663<br>|
| SHIFT Inc. (Software & <br> Services)\*†<br>| &nbsp;&nbsp; 361500 | &nbsp;&nbsp; 1533305<br>|
| Sony Financial Group Inc. <br> (Financial Services)†<br>| &nbsp;&nbsp; 2865500 | &nbsp;&nbsp; 2569940<br>|
| Sysmex Corp. (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 728868<br>|
|  |  | &nbsp;&nbsp; 28304949 |
| **Lithuania - 1.9%** | **Lithuania - 1.9%** | **Lithuania - 1.9%** |
| Artea Bankas AB (Banks)† | &nbsp;&nbsp; 3355598 | &nbsp;&nbsp; 3592364<br>|
| **Malaysia - 1.5%** | **Malaysia - 1.5%** | **Malaysia - 1.5%** |
| Dialog Group Bhd. (Energy)† | &nbsp;&nbsp; 1967040 | &nbsp;&nbsp; 1119070<br>|
| TIME dotCom Bhd. <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 1088300 | &nbsp;&nbsp; 1656202<br>|
|  |  | &nbsp;&nbsp; 2775272 |
| **Mexico - 2.4%** | **Mexico - 2.4%** | **Mexico - 2.4%** |
| Grupo Herdez SAB de CV <br> (Food, Beverage & Tobacco)<br>| &nbsp;&nbsp; 591984 | &nbsp;&nbsp; 2254951<br>|
| Megacable Holdings SAB de CV <br> (Media & Entertainment)<br>| &nbsp;&nbsp; 655500 | &nbsp;&nbsp; 2294635<br>|
|  |  | &nbsp;&nbsp; 4549586 |
| **Netherlands - 0.6%** | **Netherlands - 0.6%** | **Netherlands - 0.6%** |
| BE Semiconductor Industries NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 4077 | &nbsp;&nbsp; 1191768<br>|
| **Norway - 1.0%** | **Norway - 1.0%** | **Norway - 1.0%** |
| Medistim ASA (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 76974 | &nbsp;&nbsp; 1873271<br>|
| **Panama - 1.3%** | **Panama - 1.3%** | **Panama - 1.3%** |
| Copa Holdings SA, Class A <br> (Transportation)<br>| &nbsp;&nbsp; 20991 | &nbsp;&nbsp; 2428239<br>|
| **Peru - 0.9%** | **Peru - 0.9%** | **Peru - 0.9%** |
| Ferreycorp SAA (Capital Goods) | &nbsp;&nbsp; 1487221 | &nbsp;&nbsp; 1606867<br>|
| **Philippines - 0.8%** | **Philippines - 0.8%** | **Philippines - 0.8%** |
| Wilcon Depot Inc. (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 13965100 | &nbsp;&nbsp; 1413571<br>|
| **Poland - 0.7%** | **Poland - 0.7%** | **Poland - 0.7%** |
| Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 151950 | &nbsp;&nbsp; 1248871<br>|
| **Romania - 0.6%** | **Romania - 0.6%** | **Romania - 0.6%** |
| Societatea Nationala de Gaze <br> Naturale ROMGAZ SA <br> (Energy)†<br>| &nbsp;&nbsp; 387328 | &nbsp;&nbsp; 1072241<br>|
| **South Korea - 0.7%** | **South Korea - 0.7%** | **South Korea - 0.7%** |
| Cheil Worldwide Inc. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 89387 | &nbsp;&nbsp; 1212785<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 99.1% (continued)** | **COMMON STOCKS - 99.1% (continued)** | **COMMON STOCKS - 99.1% (continued)** |
| **Spain - 1.8%** | **Spain - 1.8%** | **Spain - 1.8%** |
| Bankinter SA (Banks)† | &nbsp;&nbsp; 74258 | &nbsp;&nbsp; $1237428<br>|
| Linea Directa Aseguradora SA <br> Cia de Seguros y Reaseguros <br> (Insurance)†<br>| &nbsp;&nbsp; 1458781 | &nbsp;&nbsp; 2040054<br>|
|  |  | &nbsp;&nbsp; 3277482 |
| **Sweden - 2.5%** | **Sweden - 2.5%** | **Sweden - 2.5%** |
| Cellavision AB (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 111735 | &nbsp;&nbsp; 1473485<br>|
| Dynavox Group AB (Technology <br> Hardware & Equipment)\*†<br>| &nbsp;&nbsp; 114132 | &nbsp;&nbsp; 1021266<br>|
| Hexpol AB (Materials)† | &nbsp;&nbsp; 154559 | &nbsp;&nbsp; 1264843<br>|
| Paradox Interactive AB (Media <br> & Entertainment)†<br>| &nbsp;&nbsp; 67321 | &nbsp;&nbsp; 984817<br>|
|  |  | &nbsp;&nbsp; 4744411 |
| **Switzerland - 5.5%** | **Switzerland - 5.5%** | **Switzerland - 5.5%** |
| Belimo Holding AG, Reg S <br> (Capital Goods)†<br>| &nbsp;&nbsp; 2561 | &nbsp;&nbsp; 2362426<br>|
| Bossard Holding AG, Class A, <br> Reg S (Capital Goods)†<br>| &nbsp;&nbsp; 9955 | &nbsp;&nbsp; 2042927<br>|
| Burckhardt Compression <br> Holding AG (Capital <br> Goods)†<br>| &nbsp;&nbsp; 3787 | &nbsp;&nbsp; 2535577<br>|
| Tecan Group AG, Reg S <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 17416 | &nbsp;&nbsp; 2629292<br>|
| Temenos AG, Reg S (Software & <br> Services)†<br>| &nbsp;&nbsp; 8398 | &nbsp;&nbsp; 794515<br>|
|  |  | &nbsp;&nbsp; 10364737 |
| **Taiwan - 4.4%** | **Taiwan - 4.4%** | **Taiwan - 4.4%** |
| ASPEED Technology Inc. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 4198436<br>|
| Silergy Corp. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 3991168<br>|
|  |  | &nbsp;&nbsp; 8189604 |
| **Thailand - 0.7%** | **Thailand - 0.7%** | **Thailand - 0.7%** |
| Bumrungrad Hospital pcl, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 251900 | &nbsp;&nbsp; 1394829<br>|
| **United Kingdom - 17.5%** | **United Kingdom - 17.5%** | **United Kingdom - 17.5%** |
| Airtel Africa plc <br> (Telecommunication <br> Services)^†<br>| &nbsp;&nbsp; 592269 | &nbsp;&nbsp; 2874084<br>|
| Autotrader Group plc (Media & <br> Entertainment)^†<br>| &nbsp;&nbsp; 147115 | &nbsp;&nbsp; 992585<br>|
| Baltic Classifieds Group plc <br> (Media & Entertainment)†<br>| &nbsp;&nbsp; 1344362 | &nbsp;&nbsp; 3565623<br>|
| Clarkson plc (Transportation)† | &nbsp;&nbsp; 88686 | &nbsp;&nbsp; 5845333<br>|
| Cranswick plc (Food, Beverage <br> & Tobacco)†<br>| &nbsp;&nbsp; 58880 | &nbsp;&nbsp; 4324380<br>|
| Croda International plc <br> (Materials)†<br>| &nbsp;&nbsp; 58028 | &nbsp;&nbsp; 2272837<br>|
| Diploma plc (Capital Goods)† | &nbsp;&nbsp; 41288 | &nbsp;&nbsp; 3908204<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Small Companies Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 99.1% (continued)** | **COMMON STOCKS - 99.1% (continued)** | **COMMON STOCKS - 99.1% (continued)** |
| **United Kingdom - 17.5% (continued)** | **United Kingdom - 17.5% (continued)** | **United Kingdom - 17.5% (continued)** |
| Games Workshop Group plc <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 8413 | &nbsp;&nbsp; $2230361<br>|
| Grafton Group plc (Capital <br> Goods)†<br>| &nbsp;&nbsp; 117976 | &nbsp;&nbsp; 1410948<br>|
| Rathbones Group plc (Financial <br> Services)†<br>| &nbsp;&nbsp; 54390 | &nbsp;&nbsp; 1462324<br>|
| Spirax Group plc (Capital <br> Goods)†<br>| &nbsp;&nbsp; 28086 | &nbsp;&nbsp; 2767298<br>|
| YouGov plc (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 473741 | &nbsp;&nbsp; 1224771<br>|
|  |  | &nbsp;&nbsp; 32878748 |
| **Vietnam - 3.3%** | **Vietnam - 3.3%** | **Vietnam - 3.3%** |
| FPT Corp. (Software & <br> Services)†<br>| &nbsp;&nbsp; 623715 | &nbsp;&nbsp; 1785875<br>|
| Hoa Phat Group JSC <br> (Materials)\*†<br>| &nbsp;&nbsp; 4127202 | &nbsp;&nbsp; 4351209<br>|
|  |  | &nbsp;&nbsp; 6137084 |
| **Total Common Stocks (Cost $135,599,178)** | **Total Common Stocks (Cost $135,599,178)** | &nbsp;&nbsp; **$185950744** |
| **SHORT TERM INVESTMENTS - 0.5%** | **SHORT TERM INVESTMENTS - 0.5%** | **SHORT TERM INVESTMENTS - 0.5%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.52% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 1003576 | &nbsp;&nbsp; 1003576 |
| **Total Short Term Investments (Cost $1,003,576)** | **Total Short Term Investments (Cost $1,003,576)** | &nbsp;&nbsp; **$1003576** |
| **Total Investments — 99.6%** | **Total Investments — 99.6%** |  |
| **(Cost $136,602,754)** | **(Cost $136,602,754)** | &nbsp;&nbsp; **$186954320** |
| Other Assets Less Liabilities - 0.4% | Other Assets Less Liabilities - 0.4% | &nbsp;&nbsp; 752567 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$187706887** |

---

---

| | |
|:---|:---|
| 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>|
| *\** | *Non-income producing security.* |
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 5.9%* <br> *of net assets as of April 30, 2026, are considered liquid and may* <br> *be resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|

---

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Banks | 2.6<br> %<br>|
| Capital Goods | 16.0 |
| Consumer Discretionary Distribution & Retail | 1.5 |
| Consumer Durables & Apparel | 1.2 |
| Consumer Services | 1.4 |
| Energy | 2.7 |
| Financial Services | 4.4 |
| Food, Beverage & Tobacco | 9.4 |
| Health Care Equipment & Services | 8.1 |
| Household & Personal Products | 1.8 |
| Insurance | 2.8 |
| Materials | 7.0 |
| Media & Entertainment | 7.5 |
| Pharmaceuticals, Biotechnology & Life Sciences | 3.8 |
| Semiconductors & Semiconductor Equipment | 5.9 |
| Software & Services | 10.4 |
| Technology Hardware & Equipment | 2.9 |
| Telecommunication Services | 2.4 |
| Transportation | 4.4 |
| Utilities | 2.9 |
| Money Market Fund | 0.5 |
| Total Investments | 99.6 |
| Other Assets Less Liabilities | 0.4 |
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Institutional Emerging Markets Portfolio**

**Portfolio of Investments**

**April 30, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.1%** | **COMMON STOCKS - 94.1%** | **COMMON STOCKS - 94.1%** |
| **Brazil - 4.4%** | **Brazil - 4.4%** | **Brazil - 4.4%** |
| B3 SA - Brasil Bolsa Balcao <br> (Financial Services)\*<br>| &nbsp;&nbsp; 1372900 | &nbsp;&nbsp; $4998866<br>|
| Lojas Renner SA (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 673230 | &nbsp;&nbsp; 1849010<br>|
| Raia Drogasil SA (Consumer <br> Staples Distribution & Retail)<br>| &nbsp;&nbsp; 1876643 | &nbsp;&nbsp; 8314865<br>|
| WEG SA (Capital Goods) | &nbsp;&nbsp; 892852 | &nbsp;&nbsp; 8088643<br>|
|  |  | &nbsp;&nbsp; 23251384 |
| **China - 23.2%** | **China - 23.2%** | **China - 23.2%** |
| Alibaba Group Holding Ltd. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 840398 | &nbsp;&nbsp; 13809833<br>|
| Contemporary Amperex <br> Technology Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 261579 | &nbsp;&nbsp; 16779817<br>|
| Hefei Meiya Optoelectronic <br> Technology Inc., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 1090936 | &nbsp;&nbsp; 2813186<br>|
| Jiangsu Hengli Hydraulic Co., <br> Ltd., Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 542200 | &nbsp;&nbsp; 8410210<br>|
| Li Ning Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 975000 | &nbsp;&nbsp; 2535495<br>|
| Midea Group Co., Ltd., Class A <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 471002 | &nbsp;&nbsp; 5604130<br>|
| NetEase Inc. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 370400 | &nbsp;&nbsp; 8618370<br>|
| Ping An Insurance Group Co. of <br> China Ltd., Class H <br> (Insurance)†<br>| &nbsp;&nbsp; 1487000 | &nbsp;&nbsp; 12090991<br>|
| Sany Heavy Industry Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 1312000 | &nbsp;&nbsp; 3939299<br>|
| SF Holding Co., Ltd., Class A <br> (Transportation)†<br>| &nbsp;&nbsp; 886918 | &nbsp;&nbsp; 4834732<br>|
| Shanghai Friendess Electronic <br> Technology Corp., Ltd., <br> Class A (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 374367 | &nbsp;&nbsp; 7817901<br>|
| Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 143300 | &nbsp;&nbsp; 3535819<br>|
| Shenzhou International Group <br> Holdings Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 532410 | &nbsp;&nbsp; 3203846<br>|
| Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 379555 | &nbsp;&nbsp; 23044695<br>|
| WuXi AppTec Co., Ltd., Class A <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 418300 | &nbsp;&nbsp; 6775531<br>|
|  |  | &nbsp;&nbsp; 123813855 |
| **Egypt - 1.5%** | **Egypt - 1.5%** | **Egypt - 1.5%** |
| Commercial International Bank <br> Egypt - GDR, Reg S <br> (Banks)†<br>| &nbsp;&nbsp; 3222798 | &nbsp;&nbsp; 8020322<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.1% (continued)** | **COMMON STOCKS - 94.1% (continued)** | **COMMON STOCKS - 94.1% (continued)** |
| **Hong Kong - 4.2%** | **Hong Kong - 4.2%** | **Hong Kong - 4.2%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 803956 | &nbsp;&nbsp; $8854657<br>|
| ASMPT Ltd. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 236024 | &nbsp;&nbsp; 4975847<br>|
| Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 570761 | &nbsp;&nbsp; 8312181<br>|
|  |  | &nbsp;&nbsp; 22142685 |
| **India - 8.9%** | **India - 8.9%** | **India - 8.9%** |
| Bajaj Auto Ltd. (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 28696 | &nbsp;&nbsp; 3040088<br>|
| HDFC Bank Ltd. (Banks)† | &nbsp;&nbsp; 1804135 | &nbsp;&nbsp; 14769423<br>|
| HDFC Life Insurance Co., Ltd. <br> (Insurance)^†<br>| &nbsp;&nbsp; 715606 | &nbsp;&nbsp; 4447320<br>|
| ICICI Bank Ltd. (Banks)† | &nbsp;&nbsp; 635551 | &nbsp;&nbsp; 8505218<br>|
| Maruti Suzuki India Ltd. <br> (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 61647 | &nbsp;&nbsp; 8705151<br>|
| Supreme Industries Ltd. (Capital <br> Goods)†<br>| &nbsp;&nbsp; 63284 | &nbsp;&nbsp; 2424185<br>|
| Tata Consultancy Services Ltd. <br> (Software & Services)†<br>| &nbsp;&nbsp; 206533 | &nbsp;&nbsp; 5401457<br>|
|  |  | &nbsp;&nbsp; 47292842 |
| **Indonesia - 1.1%** | **Indonesia - 1.1%** | **Indonesia - 1.1%** |
| Bank Central Asia Tbk PT <br> (Banks)†<br>| &nbsp;&nbsp; 5571329 | &nbsp;&nbsp; 1892645<br>|
| Bank Rakyat Indonesia Persero <br> Tbk PT (Banks)†<br>| &nbsp;&nbsp; 15258386 | &nbsp;&nbsp; 2650735<br>|
| Telkom Indonesia Persero Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 9337400 | &nbsp;&nbsp; 1538859<br>|
|  |  | &nbsp;&nbsp; 6082239 |
| **Italy - 2.6%** | **Italy - 2.6%** | **Italy - 2.6%** |
| Tenaris SA - ADR (Energy) | &nbsp;&nbsp; 214437 | &nbsp;&nbsp; 13702524<br>|
| **Kazakhstan - 1.9%** | **Kazakhstan - 1.9%** | **Kazakhstan - 1.9%** |
| Kaspi.KZ JSC - ADR (Financial <br> Services)<br>| &nbsp;&nbsp; 51639 | &nbsp;&nbsp; 4432692<br>|
| NAC Kazatomprom JSC - GDR, <br> Reg S (Energy)†<br>| &nbsp;&nbsp; 66637 | &nbsp;&nbsp; 5908563<br>|
|  |  | &nbsp;&nbsp; 10341255 |
| **Kenya - 1.1%** | **Kenya - 1.1%** | **Kenya - 1.1%** |
| Safaricom plc <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 25656582 | &nbsp;&nbsp; 5896751<br>|
| **Mexico - 2.8%** | **Mexico - 2.8%** | **Mexico - 2.8%** |
| Fomento Economico Mexicano <br> SAB de CV - Sponsored <br> ADR (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 57891 | &nbsp;&nbsp; 6845032<br>|
| Grupo Financiero Banorte SAB <br> de CV, Series O (Banks)<br>| &nbsp;&nbsp; 513729 | &nbsp;&nbsp; 5578276<br>|
| Wal-Mart de Mexico SAB de CV <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 807025 | &nbsp;&nbsp; 2544172<br>|
|  |  | &nbsp;&nbsp; 14967480 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Institutional Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.1% (continued)** | **COMMON STOCKS - 94.1% (continued)** | **COMMON STOCKS - 94.1% (continued)** |
| **Panama - 0.6%** | **Panama - 0.6%** | **Panama - 0.6%** |
| Copa Holdings SA, Class A <br> (Transportation)<br>| &nbsp;&nbsp; 26606 | &nbsp;&nbsp; $3077782<br>|
| **Russia - 0.0%^^** | **Russia - 0.0%^^** | **Russia - 0.0%^^** |
| Sberbank of Russia PJSC <br> (Banks)\*‡#<br>| &nbsp;&nbsp; 36588248 | &nbsp;&nbsp; — |
| **Saudi Arabia - 1.9%** | **Saudi Arabia - 1.9%** | **Saudi Arabia - 1.9%** |
| Al Rajhi Bank (Banks)† | &nbsp;&nbsp; 275015 | &nbsp;&nbsp; 5036900<br>|
| Bupa Arabia for Cooperative <br> Insurance Co. (Insurance)†<br>| &nbsp;&nbsp; 107190 | &nbsp;&nbsp; 5230009<br>|
|  |  | &nbsp;&nbsp; 10266909 |
| **Singapore - 0.7%** | **Singapore - 0.7%** | **Singapore - 0.7%** |
| Sea Ltd. - ADR (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 41729 | &nbsp;&nbsp; 3541958<br>|
| **South Africa - 2.6%** | **South Africa - 2.6%** | **South Africa - 2.6%** |
| Clicks Group Ltd. (Consumer <br> Staples Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 261422 | &nbsp;&nbsp; 4123940<br>|
| Discovery Ltd. (Insurance)† | &nbsp;&nbsp; 291010 | &nbsp;&nbsp; 4516046<br>|
| Standard Bank Group Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 256232 | &nbsp;&nbsp; 4927686<br>|
|  |  | &nbsp;&nbsp; 13567672 |
| **South Korea - 12.6%** | **South Korea - 12.6%** | **South Korea - 12.6%** |
| Cheil Worldwide Inc. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 265194 | &nbsp;&nbsp; 3598100<br>|
| Coway Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 82532 | &nbsp;&nbsp; 4807290<br>|
| NAVER Corp. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 26684 | &nbsp;&nbsp; 3833088<br>|
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 7492 | &nbsp;&nbsp; 28083849<br>|
| SK hynix Inc. (Semiconductors <br> & Semiconductor <br> Equipment)†<br>| &nbsp;&nbsp; 30435 | &nbsp;&nbsp; 26781785<br>|
|  |  | &nbsp;&nbsp; 67104112 |
| **Taiwan - 17.9%** | **Taiwan - 17.9%** | **Taiwan - 17.9%** |
| Airtac International Group <br> (Capital Goods)†<br>| &nbsp;&nbsp; 268783 | &nbsp;&nbsp; 12422002<br>|
| ASPEED Technology Inc. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 40668 | &nbsp;&nbsp; 21342749<br>|
| Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 274950 | &nbsp;&nbsp; 18983081<br>|
| Eclat Textile Co., Ltd. <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 215181 | &nbsp;&nbsp; 2281307<br>|
| Hon Hai Precision Industry Co., <br> Ltd. (Technology Hardware <br> & Equipment)†<br>| &nbsp;&nbsp; 1663545 | &nbsp;&nbsp; 11828220<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.1% (continued)** | **COMMON STOCKS - 94.1% (continued)** | **COMMON STOCKS - 94.1% (continued)** |
| **Taiwan - 17.9% (continued)** | **Taiwan - 17.9% (continued)** | **Taiwan - 17.9% (continued)** |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 422527 | &nbsp;&nbsp; $28684744<br>|
|  |  | &nbsp;&nbsp; 95542103 |
| **Thailand - 0.4%** | **Thailand - 0.4%** | **Thailand - 0.4%** |
| Bumrungrad Hospital pcl, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 412055 | &nbsp;&nbsp; 2281645<br>|
| **United Arab Emirates - 1.1%** | **United Arab Emirates - 1.1%** | **United Arab Emirates - 1.1%** |
| Emaar Properties PJSC (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 1741112 | &nbsp;&nbsp; 5634596<br>|
| **United Kingdom - 1.0%** | **United Kingdom - 1.0%** | **United Kingdom - 1.0%** |
| Coca-Cola HBC AG - CDI <br> (Food, Beverage & <br> Tobacco)\*†<br>| &nbsp;&nbsp; 88974 | &nbsp;&nbsp; 5178870<br>|
| **United States - 1.8%** | **United States - 1.8%** | **United States - 1.8%** |
| EPAM Systems Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 22690 | &nbsp;&nbsp; 2581668<br>|
| MercadoLibre Inc. (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 3779 | &nbsp;&nbsp; 6774349<br>|
|  |  | &nbsp;&nbsp; 9356017 |
| **Vietnam - 1.8%** | **Vietnam - 1.8%** | **Vietnam - 1.8%** |
| Mobile World Investment Corp. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 3057700 | &nbsp;&nbsp; 9822658 |
| **Total Common Stocks (Cost $378,245,669)** | **Total Common Stocks (Cost $378,245,669)** | &nbsp;&nbsp; **$500885659** |
| **PREFERRED STOCKS - 2.1%** | **PREFERRED STOCKS - 2.1%** | **PREFERRED STOCKS - 2.1%** |
| **Brazil - 1.2%** | **Brazil - 1.2%** | **Brazil - 1.2%** |
| Itau Unibanco Holding SA - <br> Sponsored ADR, 3.76% <br> (Banks)+<br>| &nbsp;&nbsp; 759502 | &nbsp;&nbsp; 6607667 |
| **Colombia - 0.6%** | **Colombia - 0.6%** | **Colombia - 0.6%** |
| Grupo Cibest SA - ADR, 7.18% <br> (Banks)+<br>| &nbsp;&nbsp; 43079 | &nbsp;&nbsp; 2937557 |
| **South Korea - 0.3%** | **South Korea - 0.3%** | **South Korea - 0.3%** |
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S, 1.41% <br> (Technology Hardware & <br> Equipment)†+<br>| &nbsp;&nbsp; 663 | &nbsp;&nbsp; 1815735 |
| **Total Preferred Stocks (Cost $3,347,868)** | **Total Preferred Stocks (Cost $3,347,868)** | &nbsp;&nbsp; **$11360959** |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Institutional Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT TERM INVESTMENTS - 4.3%** | **SHORT TERM INVESTMENTS - 4.3%** | **SHORT TERM INVESTMENTS - 4.3%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.52% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 22989025 | &nbsp;&nbsp; $22989025 |
| **Total Short Term Investments (Cost $22,989,025)** | **Total Short Term Investments (Cost $22,989,025)** | &nbsp;&nbsp; **$22989025** |
| **Total Investments — 100.5%** | **Total Investments — 100.5%** |  |
| **(Cost $404,582,562)** | **(Cost $404,582,562)** | &nbsp;&nbsp; **$535235643** |
| Liabilities Less Other Assets - (0.5)% | Liabilities Less Other Assets - (0.5)% | &nbsp;&nbsp; (2572501)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$532663142** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| CDI | Chess Depositary Interest |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *\** | *Non-income producing security.* |
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. This security, which represents 0.8% of* <br> *net assets as of April 30, 2026, is considered liquid and may be* <br> *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; *Following the December 19, 2025 reorganization of the* <br> *Emerging Markets Portfolio into the Portfolio* <br> *("Reorganization"), 20,812,636 additional shares of Sberbank* <br> *were not transferred to the Portfolio due to applicable U.S.* <br> *sanctions. Pursuant to the Plan of Reorganization approved by* <br> *the Board of Directors, as soon as legally permissible and* <br> *reasonably practicable to do so, these shares, or the net* <br> *proceeds from their sale or disposition, will be transferred to* <br> *the Portfolio for no additional consideration. Please see* <br> *Note 15 for further details regarding the Reorganization.*<br>|
| *+* | &nbsp;&nbsp; *Current yield is disclosed. Dividends are calculated based on a* <br> *percentage of the issuer's net income.*<br>|
| *^^* | *Amount is less than 0.005%.* |

---

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Automobiles & Components | 2.2<br> %<br>|
| Banks | 11.3 |
| Capital Goods | 11.8 |
| Consumer Discretionary Distribution & Retail | 6.8 |
| Consumer Durables & Apparel | 3.4 |
| Consumer Staples Distribution & Retail | 2.9 |
| Energy | 3.7 |
| Financial Services | 1.7 |
| Food, Beverage & Tobacco | 2.3 |
| Health Care Equipment & Services | 1.1 |
| Insurance | 6.7 |
| Media & Entertainment | 7.3 |
| Pharmaceuticals, Biotechnology & Life Sciences | 1.3 |
| Real Estate Management & Development | 1.1 |
| Semiconductors & Semiconductor Equipment | 15.3 |
| Software & Services | 1.5 |
| Technology Hardware & Equipment | 12.9 |
| Telecommunication Services | 1.4 |
| Transportation | 1.5 |
| Money Market Fund | 4.3 |
| Total Investments | 100.5 |
| Liabilities Less Other Assets | &nbsp;&nbsp; (0.5)<br>|
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Frontier Emerging Markets Portfolio**

**Portfolio of Investments**

**April 30, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 91.3%** | **COMMON STOCKS - 91.3%** | **COMMON STOCKS - 91.3%** |
| **Bangladesh - 1.8%** | **Bangladesh - 1.8%** | **Bangladesh - 1.8%** |
| BRAC Bank plc (Banks)† | &nbsp;&nbsp; 1724234 | &nbsp;&nbsp; $1023713<br>|
| GrameenPhone Ltd. <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 160761 | &nbsp;&nbsp; 317403<br>|
| Square Pharmaceuticals plc <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 447046 | &nbsp;&nbsp; 771379<br>|
|  |  | &nbsp;&nbsp; 2112495 |
| **Colombia - 2.7%** | **Colombia - 2.7%** | **Colombia - 2.7%** |
| Cementos Argos SA - Sponsored <br> ADR (Materials)<br>| &nbsp;&nbsp; 196131 | &nbsp;&nbsp; 3207311<br>|
| **Egypt - 2.7%** | **Egypt - 2.7%** | **Egypt - 2.7%** |
| Commercial International Bank <br> Egypt - GDR, Reg S <br> (Banks)†<br>| &nbsp;&nbsp; 1280435 | &nbsp;&nbsp; 3186517<br>|
| **Indonesia - 3.2%** | **Indonesia - 3.2%** | **Indonesia - 3.2%** |
| Bank Central Asia Tbk PT <br> (Banks)†<br>| &nbsp;&nbsp; 3321600 | &nbsp;&nbsp; 1128386<br>|
| Map Aktif Adiperkasa PT <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 36171100 | &nbsp;&nbsp; 1282664<br>|
| Sumber Alfaria Trijaya Tbk PT <br> (Consumer Staples <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 5847900 | &nbsp;&nbsp; 442086<br>|
| Telkom Indonesia Persero Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 5371900 | &nbsp;&nbsp; 885321<br>|
|  |  | &nbsp;&nbsp; 3738457 |
| **Kazakhstan - 10.2%** | **Kazakhstan - 10.2%** | **Kazakhstan - 10.2%** |
| Halyk Savings Bank of <br> Kazakhstan JSC - GDR, Reg <br> S (Banks)†<br>| &nbsp;&nbsp; 98723 | &nbsp;&nbsp; 3387130<br>|
| Kaspi.KZ JSC - ADR (Financial <br> Services)<br>| &nbsp;&nbsp; 47395 | &nbsp;&nbsp; 4068387<br>|
| NAC Kazatomprom JSC - GDR, <br> Reg S (Energy)†<br>| &nbsp;&nbsp; 50201 | &nbsp;&nbsp; 4451217<br>|
|  |  | &nbsp;&nbsp; 11906734 |
| **Kenya - 3.5%** | **Kenya - 3.5%** | **Kenya - 3.5%** |
| Equity Group Holdings plc <br> (Banks)†<br>| &nbsp;&nbsp; 1813400 | &nbsp;&nbsp; 1032046<br>|
| KCB Group plc (Banks)† | &nbsp;&nbsp; 1836400 | &nbsp;&nbsp; 952833<br>|
| Safaricom plc <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 9319550 | &nbsp;&nbsp; 2141948<br>|
|  |  | &nbsp;&nbsp; 4126827 |
| **Morocco - 8.3%** | **Morocco - 8.3%** | **Morocco - 8.3%** |
| Akdital Holding (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 15611 | &nbsp;&nbsp; 2061853<br>|
| Attijariwafa Bank (Banks)† | &nbsp;&nbsp; 20418 | &nbsp;&nbsp; 1549351<br>|
| Itissalat Al-Maghrib <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 150844 | &nbsp;&nbsp; 1561656<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 91.3% (continued)** | **COMMON STOCKS - 91.3% (continued)** | **COMMON STOCKS - 91.3% (continued)** |
| **Morocco - 8.3% (continued)** | **Morocco - 8.3% (continued)** | **Morocco - 8.3% (continued)** |
| Societe d'Exploitation des Ports <br> (Transportation)†<br>| &nbsp;&nbsp; 50097 | &nbsp;&nbsp; $4541164<br>|
|  |  | &nbsp;&nbsp; 9714024 |
| **Peru - 6.0%** | **Peru - 6.0%** | **Peru - 6.0%** |
| Alicorp SAA (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 310289 | &nbsp;&nbsp; 1017254<br>|
| Credicorp Ltd. (Banks) | &nbsp;&nbsp; 16006 | &nbsp;&nbsp; 5188665<br>|
| Ferreycorp SAA (Capital Goods) | &nbsp;&nbsp; 808822 | &nbsp;&nbsp; 873891<br>|
|  |  | &nbsp;&nbsp; 7079810 |
| **Philippines - 13.0%** | **Philippines - 13.0%** | **Philippines - 13.0%** |
| Bank of the Philippine Islands <br> (Banks)†<br>| &nbsp;&nbsp; 1123450 | &nbsp;&nbsp; 1640709<br>|
| BDO Unibank Inc. (Banks)† | &nbsp;&nbsp; 954041 | &nbsp;&nbsp; 1783104<br>|
| Century Pacific Food Inc. (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 1806700 | &nbsp;&nbsp; 838514<br>|
| International Container Terminal <br> Services Inc. <br> (Transportation)†<br>| &nbsp;&nbsp; 444130 | &nbsp;&nbsp; 5167161<br>|
| Jollibee Foods Corp. (Consumer <br> Services)†<br>| &nbsp;&nbsp; 901150 | &nbsp;&nbsp; 2333020<br>|
| SM Prime Holdings Inc. (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 7194300 | &nbsp;&nbsp; 2225434<br>|
| Universal Robina Corp. (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 798550 | &nbsp;&nbsp; 796381<br>|
| Wilcon Depot Inc. (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 5018300 | &nbsp;&nbsp; 507961<br>|
|  |  | &nbsp;&nbsp; 15292284 |
| **Poland - 0.5%** | **Poland - 0.5%** | **Poland - 0.5%** |
| Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 72445 | &nbsp;&nbsp; 595422<br>|
| **Romania - 5.2%** | **Romania - 5.2%** | **Romania - 5.2%** |
| Banca Transilvania SA (Banks)† | &nbsp;&nbsp; 609758 | &nbsp;&nbsp; 5000288<br>|
| Societatea Nationala de Gaze <br> Naturale ROMGAZ SA <br> (Energy)†<br>| &nbsp;&nbsp; 383678 | &nbsp;&nbsp; 1062136<br>|
|  |  | &nbsp;&nbsp; 6062424 |
| **Saudi Arabia - 2.6%** | **Saudi Arabia - 2.6%** | **Saudi Arabia - 2.6%** |
| Al Rajhi Bank (Banks)† | &nbsp;&nbsp; 48390 | &nbsp;&nbsp; 886264<br>|
| Bupa Arabia for Cooperative <br> Insurance Co. (Insurance)†<br>| &nbsp;&nbsp; 11542 | &nbsp;&nbsp; 563157<br>|
| Mouwasat Medical Services Co. <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 85682 | &nbsp;&nbsp; 1554413<br>|
|  |  | &nbsp;&nbsp; 3003834 |
| **Slovenia - 2.1%** | **Slovenia - 2.1%** | **Slovenia - 2.1%** |
| Krka dd Novo mesto <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 8638 | &nbsp;&nbsp; 2475720<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Frontier Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 91.3% (continued)** | **COMMON STOCKS - 91.3% (continued)** | **COMMON STOCKS - 91.3% (continued)** |
| **Thailand - 0.7%** | **Thailand - 0.7%** | **Thailand - 0.7%** |
| Bumrungrad Hospital pcl, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 141900 | &nbsp;&nbsp; $785734<br>|
| **United Arab Emirates - 1.0%** | **United Arab Emirates - 1.0%** | **United Arab Emirates - 1.0%** |
| Agthia Group PJSC (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 444858 | &nbsp;&nbsp; 452115<br>|
| Emaar Properties PJSC (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 217050 | &nbsp;&nbsp; 702418<br>|
|  |  | &nbsp;&nbsp; 1154533 |
| **United Kingdom - 6.7%** | **United Kingdom - 6.7%** | **United Kingdom - 6.7%** |
| Airtel Africa plc <br> (Telecommunication <br> Services)^†<br>| &nbsp;&nbsp; 763308 | &nbsp;&nbsp; 3704078<br>|
| Baltic Classifieds Group plc <br> (Media & Entertainment)†<br>| &nbsp;&nbsp; 642671 | &nbsp;&nbsp; 1704543<br>|
| Helios Towers plc <br> (Telecommunication <br> Services)\*†<br>| &nbsp;&nbsp; 901871 | &nbsp;&nbsp; 2460646<br>|
|  |  | &nbsp;&nbsp; 7869267 |
| **United States - 4.5%** | **United States - 4.5%** | **United States - 4.5%** |
| EPAM Systems Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 8272 | &nbsp;&nbsp; 941188<br>|
| Fabrinet (Technology Hardware <br> & Equipment)\*<br>| &nbsp;&nbsp; 5017 | &nbsp;&nbsp; 3428969<br>|
| Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 21599 | &nbsp;&nbsp; 890527<br>|
|  |  | &nbsp;&nbsp; 5260684 |
| **Vietnam - 16.6%** | **Vietnam - 16.6%** | **Vietnam - 16.6%** |
| Bank for Foreign Trade of <br> Vietnam JSC (Banks)†<br>| &nbsp;&nbsp; 1688135 | &nbsp;&nbsp; 3823183<br>|
| FPT Corp. (Software & <br> Services)†<br>| &nbsp;&nbsp; 807475 | &nbsp;&nbsp; 2312033<br>|
| Hoa Phat Group JSC <br> (Materials)\*†<br>| &nbsp;&nbsp; 3992802 | &nbsp;&nbsp; 4209514<br>|
| Mobile World Investment Corp. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 1581100 | &nbsp;&nbsp; 5079179<br>|
| Sai Gon Cargo Service Corp. <br> (Transportation)†<br>| &nbsp;&nbsp; 388894 | &nbsp;&nbsp; 776648<br>|
| Saigon Beer Alcohol Beverage <br> Corp. (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 827420 | &nbsp;&nbsp; 1488921<br>|
| Vietnam Dairy Products JSC <br> (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 770394 | &nbsp;&nbsp; 1790088<br>|
|  |  | &nbsp;&nbsp; 19479566 |
| **Total Common Stocks (Cost $72,568,616)** | **Total Common Stocks (Cost $72,568,616)** | &nbsp;&nbsp; **$107051643** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **PREFERRED STOCKS - 3.6%** | **PREFERRED STOCKS - 3.6%** | **PREFERRED STOCKS - 3.6%** |
| **Colombia - 3.6%** | **Colombia - 3.6%** | **Colombia - 3.6%** |
| Grupo Cibest SA - ADR, 7.18% <br> (Banks)+<br>| &nbsp;&nbsp; 62769 | &nbsp;&nbsp; $4280218 |
| **Total Preferred Stocks (Cost $1,660,989)** | **Total Preferred Stocks (Cost $1,660,989)** | &nbsp;&nbsp; **$4280218** |
| **SHORT TERM INVESTMENTS - 4.6%** | **SHORT TERM INVESTMENTS - 4.6%** | **SHORT TERM INVESTMENTS - 4.6%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.52% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 5344444 | &nbsp;&nbsp; 5344444 |
| **Total Short Term Investments (Cost $5,344,444)** | **Total Short Term Investments (Cost $5,344,444)** | &nbsp;&nbsp; **$5344444** |
| **Total Investments — 99.5%** | **Total Investments — 99.5%** |  |
| **(Cost $79,574,049)** | **(Cost $79,574,049)** | &nbsp;&nbsp; **$116676305** |
| Other Assets Less Liabilities - 0.5% | Other Assets Less Liabilities - 0.5% | &nbsp;&nbsp; 530247 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$117206552** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 3.7%* <br> *of net assets as of April 30, 2026, 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>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Frontier Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2026 (unaudited)**

------

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Banks | 29.7<br> %<br>|
| Capital Goods | 0.7 |
| Consumer Discretionary Distribution & Retail | 6.3 |
| Consumer Services | 2.0 |
| Consumer Staples Distribution & Retail | 0.4 |
| Energy | 4.7 |
| Financial Services | 3.5 |
| Food, Beverage & Tobacco | 5.5 |
| Health Care Equipment & Services | 3.8 |
| Insurance | 0.5 |
| Materials | 6.3 |
| Media & Entertainment | 1.4 |
| Pharmaceuticals, Biotechnology & Life Sciences | 2.7 |
| Real Estate Management & Development | 2.5 |
| Software & Services | 3.6 |
| Technology Hardware & Equipment | 2.9 |
| Telecommunication Services | 9.4 |
| Transportation | 9.0 |
| Money Market Fund | 4.6 |
| Total Investments | 99.5 |
| Other Assets Less Liabilities | 0.5 |
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Assets and Liabilities**

**April 30, 2026 (Unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Global**<br> **Equity**<br> **Portfolio**<br>| **International**<br> **Equity**<br> **Portfolio**<br>| **International** <br> **Developed** <br> **Markets Equity** <br> **Portfolio**<br>|
| ASSETS: |  |  |  |
| Investments (cost $355,197,164, $7,495,426,902 and $70,762,135, respectively) | &nbsp;&nbsp; $536383204 | &nbsp;&nbsp; $12300600481 | &nbsp;&nbsp; $93309201 |
| Dividends and interest receivable | &nbsp;&nbsp; 487510 | &nbsp;&nbsp; 26406471 | &nbsp;&nbsp; 226374 |
| Receivable for investments sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 108777 | &nbsp;&nbsp; 1071 |
| Receivable for shares sold | &nbsp;&nbsp; 78471 | &nbsp;&nbsp; 2897267 | &nbsp;&nbsp; 40458 |
| Tax reclaims receivable | &nbsp;&nbsp; 897009 | &nbsp;&nbsp; 28020303 | &nbsp;&nbsp; 239140 |
| Prepaid expenses | &nbsp;&nbsp; 46484 | &nbsp;&nbsp; 61915 | &nbsp;&nbsp; 22244 |
| Total Assets | &nbsp;&nbsp; 537892678 | &nbsp;&nbsp; 12358095214 | &nbsp;&nbsp; 93838488 |
| LIABILITIES: |  |  |  |
| Payable to Adviser | &nbsp;&nbsp; (308526)<br>| &nbsp;&nbsp; (6730345)<br>| &nbsp;&nbsp; (55364)<br>|
| Payable for investments purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; (20721301)<br>| &nbsp;&nbsp; (204103)<br>|
| Payable for shares redeemed | &nbsp;&nbsp; (303944)<br>| &nbsp;&nbsp; (6929597)<br>| &nbsp;&nbsp; (49121)<br>|
| Payable for directors' fees and expenses | &nbsp;&nbsp; (10636)<br>| &nbsp;&nbsp; (228938)<br>| &nbsp;&nbsp; (1852)<br>|
| Payable for distribution fees | &nbsp;&nbsp; — | &nbsp;&nbsp; (61194)<br>| &nbsp;&nbsp; — |
| Cash overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; (1214)<br>| &nbsp;&nbsp; — |
| Other liabilities | &nbsp;&nbsp; (110888)<br>| &nbsp;&nbsp; (2687385)<br>| &nbsp;&nbsp; (62227)<br>|
| Total Liabilities | &nbsp;&nbsp; (733994)<br>| &nbsp;&nbsp; (37359974)<br>| &nbsp;&nbsp; (372667)<br>|
| **Net Assets** | &nbsp;&nbsp; **$537158684** | &nbsp;&nbsp; **$12320735240** | &nbsp;&nbsp; **$93465821** |
| ANALYSIS OF NET ASSETS: |  |  |  |
| Paid in capital | &nbsp;&nbsp; $317684619 | &nbsp;&nbsp; $6318131922 | &nbsp;&nbsp; $65053201 |
| Distributable earnings | &nbsp;&nbsp; 219474065 | &nbsp;&nbsp; 6002603318 | &nbsp;&nbsp; 28412620 |
| **Net Assets** | &nbsp;&nbsp; **$537158684** | &nbsp;&nbsp; **$12320735240** | &nbsp;&nbsp; **$93465821** |
| **Net Assets:** |  |  |  |
| Institutional Class | &nbsp;&nbsp; $298105280 | &nbsp;&nbsp; $9694357824 | &nbsp;&nbsp; $93465821 |
| Institutional Class Z | &nbsp;&nbsp; 225742600 | &nbsp;&nbsp; 2470408551 | &nbsp;&nbsp; — |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 155968865 | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; 13310804 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Shares Outstanding:** |  |  |  |
| Institutional Class (500,000,000, 700,000,000 and 500,000,000, respectively, $.001 par <br> value shares authorized)<br>| &nbsp;&nbsp; 9254083 | &nbsp;&nbsp; 324070683 | &nbsp;&nbsp; 5772911 |
| Institutional Class Z (200,000,000, 300,000,000 and —, respectively, $.001 par value <br> shares authorized)<br>| &nbsp;&nbsp; 6998271 | &nbsp;&nbsp; 82641214 | &nbsp;&nbsp; — |
| Investor Class (—, 100,000,000 and —, respectively, $.001 par value shares authorized) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5203310 | &nbsp;&nbsp; — |
| Advisor Class (400,000,000, — and —, respectively, $.001 par value shares authorized) | &nbsp;&nbsp; 416867 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Asset Value, Offering Price and Redemption Price Per Share:** |  |  |  |
| Institutional Class | &nbsp;&nbsp; $32.21 | &nbsp;&nbsp; $29.91 | &nbsp;&nbsp; $16.19 |
| Institutional Class Z | 32.26 | 29.89 | &nbsp;&nbsp; — |
| Investor Class | &nbsp;&nbsp; — | 29.97 | &nbsp;&nbsp; — |
| Advisor Class | 31.93 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

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

**April 30, 2026 (Unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **International**<br> **Small**<br> **Companies**<br> **Portfolio**<br>| **Institutional**<br> **Emerging**<br> **Markets**<br> **Portfolio**<br>| **Frontier**<br> **Emerging**<br> **Markets**<br> **Portfolio**<br>|
| ASSETS: |  |  |  |
| Investments (cost $136,602,754, $404,582,562 and $79,574,049, respectively) | &nbsp;&nbsp; $186954320 | &nbsp;&nbsp; $535235643 | &nbsp;&nbsp; $116676305 |
| Dividends and interest receivable | &nbsp;&nbsp; 708179 | &nbsp;&nbsp; 770842 | &nbsp;&nbsp; 438016 |
| Foreign currency (cost $12, $81,273 and $18,202, respectively) | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 81273 | &nbsp;&nbsp; 18187 |
| Receivable for investments sold | &nbsp;&nbsp; 57933 | &nbsp;&nbsp; 1964 | &nbsp;&nbsp; — |
| Receivable for shares sold | &nbsp;&nbsp; 18537 | &nbsp;&nbsp; 10693 | &nbsp;&nbsp; 309801 |
| Tax reclaims receivable | &nbsp;&nbsp; 824034 | &nbsp;&nbsp; 48643 | &nbsp;&nbsp; 3261 |
| Capital gain tax refund receivable | &nbsp;&nbsp; — | &nbsp;&nbsp; 259979 | &nbsp;&nbsp; — |
| Prepaid expenses | &nbsp;&nbsp; 32927 | &nbsp;&nbsp; 55877 | &nbsp;&nbsp; 39785 |
| Total Assets | &nbsp;&nbsp; 188595942 | &nbsp;&nbsp; 536464914 | &nbsp;&nbsp; 117485355 |
| LIABILITIES: |  |  |  |
| Payable to Adviser | &nbsp;&nbsp; (132093)<br>| &nbsp;&nbsp; (364973)<br>| &nbsp;&nbsp; (106085)<br>|
| Payable for investments purchased | &nbsp;&nbsp; (311117)<br>| &nbsp;&nbsp; (2807466)<br>| &nbsp;&nbsp; (2)<br>|
| Payable for shares redeemed | &nbsp;&nbsp; (113194)<br>| &nbsp;&nbsp; (316700)<br>| &nbsp;&nbsp; (78276)<br>|
| Payable for directors' fees and expenses | &nbsp;&nbsp; (4801)<br>| &nbsp;&nbsp; (11663)<br>| &nbsp;&nbsp; (2233)<br>|
| Payable for distribution fees | &nbsp;&nbsp; (21942)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (15368)<br>|
| Deferred capital gains tax | &nbsp;&nbsp; (191527)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other liabilities | &nbsp;&nbsp; (114381)<br>| &nbsp;&nbsp; (300970)<br>| &nbsp;&nbsp; (76839)<br>|
| Total Liabilities | &nbsp;&nbsp; (889055)<br>| &nbsp;&nbsp; (3801772)<br>| &nbsp;&nbsp; (278803)<br>|
| **Net Assets** | &nbsp;&nbsp; **$187706887** | &nbsp;&nbsp; **$532663142** | &nbsp;&nbsp; **$117206552** |
| ANALYSIS OF NET ASSETS: |  |  |  |
| Paid in capital | &nbsp;&nbsp; $114468885 | &nbsp;&nbsp; $407164955 | &nbsp;&nbsp; $178187983 |
| Distributable earnings | &nbsp;&nbsp; 73238002 | &nbsp;&nbsp; 125498187 | &nbsp;&nbsp; (60981431)<br>|
| **Net Assets** | &nbsp;&nbsp; **$187706887** | &nbsp;&nbsp; **$532663142** | &nbsp;&nbsp; **$117206552** |
| **Net Assets:** |  |  |  |
| Institutional Class | &nbsp;&nbsp; $155071861 | &nbsp;&nbsp; $525142392 | &nbsp;&nbsp; $39771001 |
| Institutional Class Z | &nbsp;&nbsp; 13987472 | &nbsp;&nbsp; 7520750 | &nbsp;&nbsp; 72984508 |
| Investor Class | &nbsp;&nbsp; 18647554 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4451043 |
| **Total Shares Outstanding:** |  |  |  |
| Institutional Class (350,000,000, 500,000,000 and 400,000,000, respectively, $.001 par <br> value shares authorized)<br>| &nbsp;&nbsp; 8138642 | &nbsp;&nbsp; 42672466 | &nbsp;&nbsp; 4336724 |
| Institutional Class Z (350,000,000, 500,000,000 and 200,000,000, respectively, $.001 par <br> value shares authorized)<br>| &nbsp;&nbsp; 734068 | &nbsp;&nbsp; 606282 | &nbsp;&nbsp; 7845319 |
| Investor Class (200,000,000, — and 400,000,000, respectively, $.001 par value shares <br> authorized)<br>| &nbsp;&nbsp; 990360 | &nbsp;&nbsp; — | &nbsp;&nbsp; 486317 |
| **Net Asset Value, Offering Price and Redemption Price Per Share:** |  |  |  |
| Institutional Class | &nbsp;&nbsp; $19.05 | &nbsp;&nbsp; $12.31 | &nbsp;&nbsp; $9.17 |
| Institutional Class Z | 19.05 | 12.40 | 9.30 |
| Investor Class | 18.83 | &nbsp;&nbsp; — | 9.15 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Operations**

**Six Months Ended April 30, 2026 (unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Global**<br> **Equity**<br> **Portfolio**<br>| **International**<br> **Equity**<br> **Portfolio**<br>| **International** <br> **Developed** <br> **Markets Equity** <br> **Portfolio**<br>|
| INVESTMENT INCOME |  |  |  |
| Dividends (net of foreign withholding taxes of $163,714, $388,562 and $122,819, <br> respectively)<br>| &nbsp;&nbsp; $4001668 | &nbsp;&nbsp; $129043435 | &nbsp;&nbsp; $1130078 |
| Tax reclaims | &nbsp;&nbsp; — | &nbsp;&nbsp; 16789048 | &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 4001668 | &nbsp;&nbsp; 145832483 | &nbsp;&nbsp; 1130078 |
| EXPENSES |  |  |  |
| Investment advisory fees (Note 3) | &nbsp;&nbsp; 1908960 | &nbsp;&nbsp; 40954220 | &nbsp;&nbsp; 344461 |
| Administration fees (Note 3) | &nbsp;&nbsp; 56348 | &nbsp;&nbsp; 1090592 | &nbsp;&nbsp; 14764 |
| Distribution fees, Investor Class (Note 3) | &nbsp;&nbsp; — | &nbsp;&nbsp; 194993 | &nbsp;&nbsp; — |
| Custody and accounting fees (Note 3) | &nbsp;&nbsp; 25660 | &nbsp;&nbsp; 785593 | &nbsp;&nbsp; 10401 |
| Directors' fees and expenses | &nbsp;&nbsp; 20984 | &nbsp;&nbsp; 460989 | &nbsp;&nbsp; 3766 |
| Transfer agent fees and expenses (Note 3) | &nbsp;&nbsp; 1547 | &nbsp;&nbsp; 56579 | &nbsp;&nbsp; 327 |
| Printing and postage fees | &nbsp;&nbsp; 7030 | &nbsp;&nbsp; 156793 | &nbsp;&nbsp; 8540 |
| State registration filing fees | &nbsp;&nbsp; 28047 | &nbsp;&nbsp; 51332 | &nbsp;&nbsp; 11797 |
| Professional fees | &nbsp;&nbsp; 29116 | &nbsp;&nbsp; 216274 | &nbsp;&nbsp; 18732 |
| Shareholder servicing fees (Note 3) | &nbsp;&nbsp; 200021 | &nbsp;&nbsp; 5200828 | &nbsp;&nbsp; 63170 |
| Compliance officers' fees and expenses (Note 3) | &nbsp;&nbsp; 1494 | &nbsp;&nbsp; 32883 | &nbsp;&nbsp; 267 |
| Other fees and expenses | &nbsp;&nbsp; 32095 | &nbsp;&nbsp; 609487 | &nbsp;&nbsp; 7413 |
| Total expenses | &nbsp;&nbsp; 2311302 | &nbsp;&nbsp; 49810563 | &nbsp;&nbsp; 483638 |
| Less Waiver of investment advisory fee and/or reimbursement of other operating expenses <br> (Note 3)<br>| &nbsp;&nbsp; (73945)<br>| &nbsp;&nbsp; (5953)<br>| &nbsp;&nbsp; (89303)<br>|
| Net expenses | &nbsp;&nbsp; 2237357 | &nbsp;&nbsp; 49804610 | &nbsp;&nbsp; 394335 |
| Net investment income | &nbsp;&nbsp; 1764311 | &nbsp;&nbsp; 96027873 | &nbsp;&nbsp; 735743 |
| REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
| Net realized gain (loss) |  |  |  |
| Investment transactions (net of foreign capital taxes (refunded)/paid of $—,$— and $—, <br> respectively)<br>| &nbsp;&nbsp; 36424735 | &nbsp;&nbsp; 1124138030 | &nbsp;&nbsp; 5743788 |
| Foreign currency transactions | &nbsp;&nbsp; (35387)<br>| &nbsp;&nbsp; (1015754)<br>| &nbsp;&nbsp; (7738)<br>|
| In-kind transactions (Note 5, 13) | &nbsp;&nbsp; 3675296 | &nbsp;&nbsp; 27543048 | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; 40064644 | &nbsp;&nbsp; 1150665324 | &nbsp;&nbsp; 5736050 |
| Change in unrealized appreciation (depreciation) |  |  |  |
| Investments (net of increase (decrease) in deferred foreign taxes of $—,$— and $—, <br> respectively)<br>| &nbsp;&nbsp; (25777018)<br>| &nbsp;&nbsp; 223152942 | &nbsp;&nbsp; 5594542 |
| Translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp; 33027 | &nbsp;&nbsp; 1061646 | &nbsp;&nbsp; 11058 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (25743991)<br>| &nbsp;&nbsp; 224214588 | &nbsp;&nbsp; 5605600 |
| Net realized and unrealized gain | &nbsp;&nbsp; 14320653 | &nbsp;&nbsp; 1374879912 | &nbsp;&nbsp; 11341650 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $16084964 | &nbsp;&nbsp; $1470907785 | &nbsp;&nbsp; $12077393 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Operations (continued)**

**Six Months Ended April 30, 2026 (unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **International**<br> **Small**<br> **Companies**<br> **Portfolio**<br>| **Institutional**<br> **Emerging**<br> **Markets**<br> **Portfolio**<br>| **Frontier**<br> **Emerging**<br> **Markets**<br> **Portfolio**<br>|
| INVESTMENT INCOME |  |  |  |
| Dividends (net of foreign withholding taxes of $43,784, $488,934 and $159,490, respectively) | &nbsp;&nbsp; $2541001 | &nbsp;&nbsp; $3978066 | &nbsp;&nbsp; $1609282 |
| Tax reclaims | &nbsp;&nbsp; 323828 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 2864829 | &nbsp;&nbsp; 3978066 | &nbsp;&nbsp; 1609282 |
| EXPENSES |  |  |  |
| Investment advisory fees (Note 3) | &nbsp;&nbsp; 962860 | &nbsp;&nbsp; 1883065 | &nbsp;&nbsp; 667510 |
| Administration fees (Note 3) | &nbsp;&nbsp; 27859 | &nbsp;&nbsp; 43117 | &nbsp;&nbsp; 18803 |
| Distribution fees, Investor Class (Note 3) | &nbsp;&nbsp; 22931 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5716 |
| Custody and accounting fees (Note 3) | &nbsp;&nbsp; 38202 | &nbsp;&nbsp; 115043 | &nbsp;&nbsp; 75192 |
| Directors' fees and expenses | &nbsp;&nbsp; 9204 | &nbsp;&nbsp; 17606 | &nbsp;&nbsp; 4548 |
| Transfer agent fees and expenses (Note 3) | &nbsp;&nbsp; 1212 | &nbsp;&nbsp; 3721 | &nbsp;&nbsp; 730 |
| Printing and postage fees | &nbsp;&nbsp; 18660 | &nbsp;&nbsp; 14638 | &nbsp;&nbsp; 4508 |
| State registration filing fees | &nbsp;&nbsp; 29207 | &nbsp;&nbsp; 29127 | &nbsp;&nbsp; 27055 |
| Professional fees | &nbsp;&nbsp; 32972 | &nbsp;&nbsp; 43127 | &nbsp;&nbsp; 42408 |
| Shareholder servicing fees (Note 3) | &nbsp;&nbsp; 106750 | &nbsp;&nbsp; 227594 | &nbsp;&nbsp; 19519 |
| Compliance officers' fees and expenses (Note 3) | &nbsp;&nbsp; 669 | &nbsp;&nbsp; 1278 | &nbsp;&nbsp; 327 |
| Other fees and expenses | &nbsp;&nbsp; 23612 | &nbsp;&nbsp; 203208 | &nbsp;&nbsp; 13177 |
| Total expenses | &nbsp;&nbsp; 1274138 | &nbsp;&nbsp; 2581524 | &nbsp;&nbsp; 879493 |
| Less Waiver of investment advisory fee and/or reimbursement of other operating expenses <br> (Note 3)<br>| &nbsp;&nbsp; (22627)<br>| &nbsp;&nbsp; (88079)<br>| &nbsp;&nbsp; (64096)<br>|
| Net expenses | &nbsp;&nbsp; 1251511 | &nbsp;&nbsp; 2493445 | &nbsp;&nbsp; 815397 |
| Net investment income | &nbsp;&nbsp; 1613318 | &nbsp;&nbsp; 1484621 | &nbsp;&nbsp; 793885 |
| REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
| Net realized gain (loss) |  |  |  |
| Investment transactions (net of foreign capital taxes (refunded)/paid of <br> $(158816),$204,739 and $(8436), respectively)<br>| &nbsp;&nbsp; 31134337 | &nbsp;&nbsp; 2729291 | &nbsp;&nbsp; 10279551 |
| Foreign currency transactions | &nbsp;&nbsp; (43468)<br>| &nbsp;&nbsp; (351577)<br>| &nbsp;&nbsp; (34792)<br>|
| Net realized gain | &nbsp;&nbsp; 31090869 | &nbsp;&nbsp; 2377714 | &nbsp;&nbsp; 10244759 |
| Change in unrealized appreciation (depreciation) |  |  |  |
| Investments (net of increase (decrease) in deferred foreign taxes of $264,097,$1,060,195 <br> and $—, respectively)<br>| &nbsp;&nbsp; (22005074)<br>| &nbsp;&nbsp; 71645205 | &nbsp;&nbsp; (6541791)<br>|
| Translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp; (22327)<br>| &nbsp;&nbsp; (150866)<br>| &nbsp;&nbsp; (2388)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (22027401)<br>| &nbsp;&nbsp; 71494339 | &nbsp;&nbsp; (6544179)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 9063468 | &nbsp;&nbsp; 73872053 | &nbsp;&nbsp; 3700580 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $10676786 | &nbsp;&nbsp; $75356674 | &nbsp;&nbsp; $4494465 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Changes in Net Assets**

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Equity**<br> **Portfolio** | **Global Equity**<br> **Portfolio** | **International Equity**<br> **Portfolio** | **International Equity**<br> **Portfolio** |
|  | **2026** | **2025** | **2026** | **2025** |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1764311 | &nbsp;&nbsp; $3201662 | &nbsp;&nbsp; $96027873 | &nbsp;&nbsp; $218527311 |
| Net realized gain on investments and foreign currency transactions | &nbsp;&nbsp; 40064644 | &nbsp;&nbsp; 116673309 | &nbsp;&nbsp; 1150665324 | &nbsp;&nbsp; 1685688324 |
| Net change in unrealized appreciation (depreciation) on investments <br> and translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; (25743991)<br>| &nbsp;&nbsp; (43036906)<br>| &nbsp;&nbsp; 224214588 | &nbsp;&nbsp; 294886618 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 16084964 | &nbsp;&nbsp; 76838065 | &nbsp;&nbsp; 1470907785 | &nbsp;&nbsp; 2199102253 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (60664558)<br>| &nbsp;&nbsp; (87416743)<br>| &nbsp;&nbsp; (1307293913)<br>| &nbsp;&nbsp; (651626078)<br>|
| Institutional Class Z | &nbsp;&nbsp; (37228653)<br>| &nbsp;&nbsp; (47523885)<br>| &nbsp;&nbsp; (301271321)<br>| &nbsp;&nbsp; (159697146)<br>|
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (20188784)<br>| &nbsp;&nbsp; (13482874)<br>|
| Advisor Class | &nbsp;&nbsp; (3115996)<br>| &nbsp;&nbsp; (6087812)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp; (101009207)<br>| &nbsp;&nbsp; (141028440)<br>| &nbsp;&nbsp; (1628754018)<br>| &nbsp;&nbsp; (824806098)<br>|
| TRANSACTIONS IN SHARES OF COMMON STOCK |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (1084447)<br>| &nbsp;&nbsp; (106405013)<br>| &nbsp;&nbsp; (180728171)<br>| &nbsp;&nbsp; (1531326684)<br>|
| Institutional Class Z | &nbsp;&nbsp; 44193648 | &nbsp;&nbsp; 20391754 | &nbsp;&nbsp; (27374034)<br>| &nbsp;&nbsp; (215920615)<br>|
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1929479 | &nbsp;&nbsp; (90302558)<br>|
| Advisor Class | &nbsp;&nbsp; (2124892)<br>| &nbsp;&nbsp; (4289479)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Increase (Decrease) in net assets from portfolio share transactions <br> (Note 6 ,13)<br>| &nbsp;&nbsp; 40984309 | &nbsp;&nbsp; (90302738)<br>| &nbsp;&nbsp; (206172726)<br>| &nbsp;&nbsp; (1837549857)<br>|
| NET DECREASE IN NET ASSETS | &nbsp;&nbsp; (43939934)<br>| &nbsp;&nbsp; (154493113)<br>| &nbsp;&nbsp; (364018959)<br>| &nbsp;&nbsp; (463253702)<br>|
| NET ASSETS |  |  |  |  |
| At beginning of period | &nbsp;&nbsp; 581098618 | &nbsp;&nbsp; 735591731 | &nbsp;&nbsp; 12684754199 | &nbsp;&nbsp; 13148007901 |
| At end of period | &nbsp;&nbsp; $537158684 | &nbsp;&nbsp; $581098618 | &nbsp;&nbsp; $12320735240 | &nbsp;&nbsp; $12684754199 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

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

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Developed Markets** <br> **Equity Portfolio** | **International Developed Markets** <br> **Equity Portfolio** | **International Small Companies**<br> **Portfolio** | **International Small Companies**<br> **Portfolio** |
|  | **2026** | **2025** | **2026** | **2025** |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $735743 | &nbsp;&nbsp; $1629770 | &nbsp;&nbsp; $1613318 | &nbsp;&nbsp; $4252971 |
| Net realized gain on investments and foreign currency transactions | &nbsp;&nbsp; 5736050 | &nbsp;&nbsp; 5931227 | &nbsp;&nbsp; 31090869 | &nbsp;&nbsp; 31702093 |
| Net change in unrealized appreciation (depreciation) on investments <br> and translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 5605600 | &nbsp;&nbsp; 5782312 | &nbsp;&nbsp; (22027401)<br>| &nbsp;&nbsp; (15910818)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 12077393 | &nbsp;&nbsp; 13343309 | &nbsp;&nbsp; 10676786 | &nbsp;&nbsp; 20044246 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (6192298)<br>| &nbsp;&nbsp; (1617645)<br>| &nbsp;&nbsp; (7427552)<br>| &nbsp;&nbsp; (3768609)<br>|
| Institutional Class Z | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2119437)<br>| &nbsp;&nbsp; (1490911)<br>|
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (730558)<br>| &nbsp;&nbsp; (310415)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (6192298)<br>| &nbsp;&nbsp; (1617645)<br>| &nbsp;&nbsp; (10277547)<br>| &nbsp;&nbsp; (5569935)<br>|
| TRANSACTIONS IN SHARES OF COMMON STOCK |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (10626014)<br>| &nbsp;&nbsp; (10323840)<br>| &nbsp;&nbsp; (41769921)<br>| &nbsp;&nbsp; (130667612)<br>|
| Institutional Class Z | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (37482439)<br>| &nbsp;&nbsp; (58772851)<br>|
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (440361)<br>| &nbsp;&nbsp; (12397730)<br>|
| Net Decrease in net assets from portfolio share transactions <br> (Note 6 ,13)<br>| &nbsp;&nbsp; (10626014)<br>| &nbsp;&nbsp; (10323840)<br>| &nbsp;&nbsp; (79692721)<br>| &nbsp;&nbsp; (201838193)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS | &nbsp;&nbsp; (4740919)<br>| &nbsp;&nbsp; 1401824 | &nbsp;&nbsp; (79293482)<br>| &nbsp;&nbsp; (187363882)<br>|
| NET ASSETS |  |  |  |  |
| At beginning of period | &nbsp;&nbsp; 98206740 | &nbsp;&nbsp; 96804916 | &nbsp;&nbsp; 267000369 | &nbsp;&nbsp; 454364251 |
| At end of period | &nbsp;&nbsp; $93465821 | &nbsp;&nbsp; $98206740 | &nbsp;&nbsp; $187706887 | &nbsp;&nbsp; $267000369 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

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

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Emerging Markets**<br> **Portfolio** | **Institutional Emerging Markets**<br> **Portfolio** | **Frontier Emerging Markets**<br> **Portfolio** | **Frontier Emerging Markets**<br> **Portfolio** |
|  | **2026** | **2025** | **2026** | **2025** |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1484621 | &nbsp;&nbsp; $5341989 | &nbsp;&nbsp; $793885 | &nbsp;&nbsp; $3905252 |
| Net realized gain on investments and foreign currency transactions | &nbsp;&nbsp; 2377714 | &nbsp;&nbsp; 170188545 | &nbsp;&nbsp; 10244759 | &nbsp;&nbsp; 8172533 |
| Net change in unrealized appreciation (depreciation) on investments <br> and translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 71494339 | &nbsp;&nbsp; (123159696)<br>| &nbsp;&nbsp; (6544179)<br>| &nbsp;&nbsp; 3838201 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 75356674 | &nbsp;&nbsp; 52370838 | &nbsp;&nbsp; 4494465 | &nbsp;&nbsp; 15915986 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (95752652)<br>| &nbsp;&nbsp; (59962327)<br>| &nbsp;&nbsp; (1891755)<br>| &nbsp;&nbsp; (1086757)<br>|
| Institutional Class Z | &nbsp;&nbsp; (9754603)<br>| &nbsp;&nbsp; (5215599)<br>| &nbsp;&nbsp; (2533102)<br>| &nbsp;&nbsp; (1187430)<br>|
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (142372)<br>| &nbsp;&nbsp; (72644)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (105507255)<br>| &nbsp;&nbsp; (65177926)<br>| &nbsp;&nbsp; (4567229)<br>| &nbsp;&nbsp; (2346831)<br>|
| TRANSACTIONS IN SHARES OF COMMON STOCK |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; 313074631 | &nbsp;&nbsp; (350827508)<br>| &nbsp;&nbsp; (16405507)<br>| &nbsp;&nbsp; (11403739)<br>|
| Institutional Class Z | &nbsp;&nbsp; (3895930)<br>| &nbsp;&nbsp; (35538801)<br>| &nbsp;&nbsp; 1109301 | &nbsp;&nbsp; 1126582 |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (26468)<br>| &nbsp;&nbsp; (1376739)<br>|
| Net Increase (Decrease) in net assets from portfolio share transactions <br> (Note 6 ,13)<br>| &nbsp;&nbsp; 309178701 | &nbsp;&nbsp; (386366309)<br>| &nbsp;&nbsp; (15322674)<br>| &nbsp;&nbsp; (11653896)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS | &nbsp;&nbsp; 279028120 | &nbsp;&nbsp; (399173397)<br>| &nbsp;&nbsp; (15395438)<br>| &nbsp;&nbsp; 1915259 |
| NET ASSETS |  |  |  |  |
| At beginning of period | &nbsp;&nbsp; 253635022 | &nbsp;&nbsp; 652808419 | &nbsp;&nbsp; 132601990 | &nbsp;&nbsp; 130686731 |
| At end of period | &nbsp;&nbsp; $532663142 | &nbsp;&nbsp; $253635022 | &nbsp;&nbsp; $117206552 | &nbsp;&nbsp; $132601990 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights**

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Equity Portfolio**<br> **Institutional Class**  | **Global Equity Portfolio**<br> **Institutional Class**  | **Global Equity Portfolio**<br> **Institutional Class**  | **Global Equity Portfolio**<br> **Institutional Class**  | **Global Equity Portfolio**<br> **Institutional Class**  | **Global Equity Portfolio**<br> **Institutional Class**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $37.91 | &nbsp;&nbsp; $43.65 | &nbsp;&nbsp; $33.96 | &nbsp;&nbsp; $30.85 | &nbsp;&nbsp; $53.93 | &nbsp;&nbsp; $42.41 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income <br> (loss)<sup>(1)</sup> <br>| 0.10 | 0.19 | 0.12 | 0.06 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.14) |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 0.83 | 4.49 | 9.78 | 3.05 | &nbsp;&nbsp; (15.63) | 14.30 |
| Net increase (decrease) from <br> investment operations<br>| 0.93 | 4.68 | 9.90 | 3.11 | &nbsp;&nbsp; (15.67) | 14.16 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (6.43) | &nbsp;&nbsp; (10.27) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) |
| Total distributions | &nbsp;&nbsp; (6.63) | &nbsp;&nbsp; (10.42) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) |
| **Net asset value, end of period** | &nbsp;&nbsp; $32.21 | &nbsp;&nbsp; $37.91 | &nbsp;&nbsp; $43.65 | &nbsp;&nbsp; $33.96 | &nbsp;&nbsp; $30.85 | &nbsp;&nbsp; $53.93 |
| **Total Return** | &nbsp;&nbsp; 3.00%<sup>(A)</sup> <br>| &nbsp;&nbsp; 13.56% | &nbsp;&nbsp; 29.22% | &nbsp;&nbsp; 10.08% | &nbsp;&nbsp; (33.35)% | &nbsp;&nbsp; 34.57% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $298105 | &nbsp;&nbsp; $350797 | &nbsp;&nbsp; $497165 | &nbsp;&nbsp; $668735 | &nbsp;&nbsp; $753480 | &nbsp;&nbsp; $1354918 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 0.88%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.88% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 0.85%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.88% |
| Net investment income (loss) <br> to average net assets<br>| &nbsp;&nbsp; 0.61%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; (0.10)% | &nbsp;&nbsp; (0.28)% |
| Portfolio turnover rate | &nbsp;&nbsp; 21%<sup>(A)</sup> <br>| &nbsp;&nbsp; 30% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 59% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Equity Portfolio**<br> **Institutional Class Z**  | **Global Equity Portfolio**<br> **Institutional Class Z**  | **Global Equity Portfolio**<br> **Institutional Class Z**  | **Global Equity Portfolio**<br> **Institutional Class Z**  | **Global Equity Portfolio**<br> **Institutional Class Z**  | **Global Equity Portfolio**<br> **Institutional Class Z**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $37.97 | &nbsp;&nbsp; $43.73 | &nbsp;&nbsp; $34.02 | &nbsp;&nbsp; $30.88 | &nbsp;&nbsp; $53.95 | &nbsp;&nbsp; $42.39 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income <br> (loss)<sup>(1)</sup> <br>| 0.12 | 0.23 | 0.15 | 0.11 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.10) |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 0.83 | 4.50 | 9.81 | 3.03 | &nbsp;&nbsp; (15.64) | 14.30 |
| Net increase (decrease) from <br> investment operations<br>| 0.95 | 4.73 | 9.96 | 3.14 | &nbsp;&nbsp; (15.66) | 14.20 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (6.43) | &nbsp;&nbsp; (10.27) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) |
| Total distributions | &nbsp;&nbsp; (6.66) | &nbsp;&nbsp; (10.49) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) |
| **Net asset value, end of period** | &nbsp;&nbsp; $32.26 | &nbsp;&nbsp; $37.97 | &nbsp;&nbsp; $43.73 | &nbsp;&nbsp; $34.02 | &nbsp;&nbsp; $30.88 | &nbsp;&nbsp; $53.95 |
| **Total Return** | &nbsp;&nbsp; 3.06%<sup>(A)</sup> <br>| &nbsp;&nbsp; 13.69% | &nbsp;&nbsp; 29.37% | &nbsp;&nbsp; 10.17% | &nbsp;&nbsp; (33.31)% | &nbsp;&nbsp; 34.66% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $225743 | &nbsp;&nbsp; $212156 | &nbsp;&nbsp; $212516 | &nbsp;&nbsp; $251781 | &nbsp;&nbsp; $234800 | &nbsp;&nbsp; $379781 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 0.77%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.81% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 0.75%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% |
| Net investment income (loss) <br> to average net assets<br>| &nbsp;&nbsp; 0.72%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp; (0.20)% |
| Portfolio turnover rate | &nbsp;&nbsp; 21%<sup>(A)</sup> <br>| &nbsp;&nbsp; 30% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 59% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Equity Portfolio**<br> **Advisor Class** | **Global Equity Portfolio**<br> **Advisor Class** | **Global Equity Portfolio**<br> **Advisor Class** | **Global Equity Portfolio**<br> **Advisor Class** | **Global Equity Portfolio**<br> **Advisor Class** | **Global Equity Portfolio**<br> **Advisor Class** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $37.59 | &nbsp;&nbsp; $43.36 | &nbsp;&nbsp; $33.73 | &nbsp;&nbsp; $30.70 | &nbsp;&nbsp; $53.82 | &nbsp;&nbsp; $42.41 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income <br> (loss)<sup>(1)</sup> <br>| 0.05 | 0.11 | 0.01 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.24) |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 0.82 | 4.46 | 9.73 | 3.04 | &nbsp;&nbsp; (15.60) | 14.29 |
| Net increase (decrease) from <br> investment operations<br>| 0.87 | 4.57 | 9.74 | 3.03 | &nbsp;&nbsp; (15.71) | 14.05 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (6.43) | &nbsp;&nbsp; (10.27) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) |
| Total distributions | &nbsp;&nbsp; (6.53) | &nbsp;&nbsp; (10.34) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) |
| **Net asset value, end of period** | &nbsp;&nbsp; $31.93 | &nbsp;&nbsp; $37.59 | &nbsp;&nbsp; $43.36 | &nbsp;&nbsp; $33.73 | &nbsp;&nbsp; $30.70 | &nbsp;&nbsp; $53.82 |
| **Total Return** | &nbsp;&nbsp; 2.87%<sup>(A)</sup> <br>| &nbsp;&nbsp; 13.33% | &nbsp;&nbsp; 28.91% | &nbsp;&nbsp; 9.87% | &nbsp;&nbsp; (33.50)% | &nbsp;&nbsp; 34.28% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $13311 | &nbsp;&nbsp; $18146 | &nbsp;&nbsp; $25911 | &nbsp;&nbsp; $23408 | &nbsp;&nbsp; $26934 | &nbsp;&nbsp; $53483 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 1.15%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.09% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.15%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.09% |
| Net investment income (loss) <br> to average net assets<br>| &nbsp;&nbsp; 0.31%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp; (0.30)% | &nbsp;&nbsp; (0.48)% |
| Portfolio turnover rate | &nbsp;&nbsp; 21%<sup>(A)</sup> <br>| &nbsp;&nbsp; 30% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 59% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Portfolio**<br> **Institutional Class**  | **International Equity Portfolio**<br> **Institutional Class**  | **International Equity Portfolio**<br> **Institutional Class**  | **International Equity Portfolio**<br> **Institutional Class**  | **International Equity Portfolio**<br> **Institutional Class**  | **International Equity Portfolio**<br> **Institutional Class**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $30.52 | &nbsp;&nbsp; $27.35 | &nbsp;&nbsp; $23.26 | &nbsp;&nbsp; $21.42 | &nbsp;&nbsp; $30.69 | &nbsp;&nbsp; $23.76 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.22 | 0.47 | 0.48 | 0.40 | 0.41 | 0.34 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 3.22 | 4.45 | 4.59 | 2.03 | &nbsp;&nbsp; (8.93) | 6.80 |
| Net increase (decrease) from <br> investment operations<br>| 3.44 | 4.92 | 5.07 | 2.43 | &nbsp;&nbsp; (8.52) | 7.14 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.21) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (3.51) | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (4.05) | &nbsp;&nbsp; (1.75) | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (0.21) |
| **Net asset value, end of period** | &nbsp;&nbsp; $29.91 | &nbsp;&nbsp; $30.52 | &nbsp;&nbsp; $27.35 | &nbsp;&nbsp; $23.26 | &nbsp;&nbsp; $21.42 | &nbsp;&nbsp; $30.69 |
| **Total Return** | &nbsp;&nbsp; 12.83%<sup>(A)</sup> <br>| &nbsp;&nbsp; 19.59% | &nbsp;&nbsp; 22.10% | &nbsp;&nbsp; 11.22% | &nbsp;&nbsp; (28.42)% | &nbsp;&nbsp; 30.16% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $9694358 | &nbsp;&nbsp; $10013305 | &nbsp;&nbsp; $10503765 | &nbsp;&nbsp; $10656826 | &nbsp;&nbsp; $11113757 | &nbsp;&nbsp; $18268498 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 0.84%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 0.84%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 1.56%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.17% |
| Portfolio turnover rate | &nbsp;&nbsp; 11%<sup>(A)</sup> <br>| &nbsp;&nbsp; 25% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 14% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Portfolio**<br> **Institutional Class Z**  | **International Equity Portfolio**<br> **Institutional Class Z**  | **International Equity Portfolio**<br> **Institutional Class Z**  | **International Equity Portfolio**<br> **Institutional Class Z**  | **International Equity Portfolio**<br> **Institutional Class Z**  | **International Equity Portfolio**<br> **Institutional Class Z**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $30.51 | &nbsp;&nbsp; $27.35 | &nbsp;&nbsp; $23.26 | &nbsp;&nbsp; $21.42 | &nbsp;&nbsp; $30.69 | &nbsp;&nbsp; $23.76 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.23 | 0.51 | 0.51 | 0.43 | 0.43 | 0.37 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 3.24 | 4.43 | 4.59 | 2.02 | &nbsp;&nbsp; (8.93) | 6.79 |
| Net increase (decrease) from <br> investment operations<br>| 3.47 | 4.94 | 5.10 | 2.45 | &nbsp;&nbsp; (8.50) | 7.16 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.58) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.23) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (3.51) | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (4.09) | &nbsp;&nbsp; (1.78) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.23) |
| **Net asset value, end of period** | &nbsp;&nbsp; $29.89 | &nbsp;&nbsp; $30.51 | &nbsp;&nbsp; $27.35 | &nbsp;&nbsp; $23.26 | &nbsp;&nbsp; $21.42 | &nbsp;&nbsp; $30.69 |
| **Total Return** | &nbsp;&nbsp; 12.92%<sup>(A)</sup> <br>| &nbsp;&nbsp; 19.71% | &nbsp;&nbsp; 22.21% | &nbsp;&nbsp; 11.32% | &nbsp;&nbsp; (28.36)% | &nbsp;&nbsp; 30.25% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $2470409 | &nbsp;&nbsp; $2515937 | &nbsp;&nbsp; $2422980 | &nbsp;&nbsp; $2162679 | &nbsp;&nbsp; $2715026 | &nbsp;&nbsp; $3235428 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 0.73%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.72% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 0.73%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.72% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 1.69%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.25% |
| Portfolio turnover rate | &nbsp;&nbsp; 11%<sup>(A)</sup> <br>| &nbsp;&nbsp; 25% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 14% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Portfolio**<br> **Investor Class** | **International Equity Portfolio**<br> **Investor Class** | **International Equity Portfolio**<br> **Investor Class** | **International Equity Portfolio**<br> **Investor Class** | **International Equity Portfolio**<br> **Investor Class** | **International Equity Portfolio**<br> **Investor Class** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $30.48 | &nbsp;&nbsp; $27.31 | &nbsp;&nbsp; $23.23 | &nbsp;&nbsp; $21.37 | &nbsp;&nbsp; $30.61 | &nbsp;&nbsp; $23.70 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.15 | 0.40 | 0.39 | 0.32 | 0.33 | 0.24 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 3.26 | 4.44 | 4.59 | 2.02 | &nbsp;&nbsp; (8.92) | 6.80 |
| Net increase (decrease) from <br> investment operations<br>| 3.41 | 4.84 | 4.98 | 2.34 | &nbsp;&nbsp; (8.59) | 7.04 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.13) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (3.51) | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (3.92) | &nbsp;&nbsp; (1.67) | &nbsp;&nbsp; (0.90) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.13) |
| **Net asset value, end of period** | &nbsp;&nbsp; $29.97 | &nbsp;&nbsp; $30.48 | &nbsp;&nbsp; $27.31 | &nbsp;&nbsp; $23.23 | &nbsp;&nbsp; $21.37 | &nbsp;&nbsp; $30.61 |
| **Total Return** | &nbsp;&nbsp; 12.66%<sup>(A)</sup> <br>| &nbsp;&nbsp; 19.22% | &nbsp;&nbsp; 21.69% | &nbsp;&nbsp; 10.85% | &nbsp;&nbsp; (28.63)% | &nbsp;&nbsp; 29.74% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $155968 | &nbsp;&nbsp; $155512 | &nbsp;&nbsp; $221263 | &nbsp;&nbsp; $202018 | &nbsp;&nbsp; $196666 | &nbsp;&nbsp; $408864 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 1.16%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.12% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.15%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.12% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 1.25%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 0.83% |
| Portfolio turnover rate | &nbsp;&nbsp; 11%<sup>(A)</sup> <br>| &nbsp;&nbsp; 25% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 14% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Developed Markets Equity Portfolio**<br> **Institutional Class**  | **International Developed Markets Equity Portfolio**<br> **Institutional Class**  | **International Developed Markets Equity Portfolio**<br> **Institutional Class**  | **International Developed Markets Equity Portfolio**<br> **Institutional Class**  | **International Developed Markets Equity Portfolio**<br> **Institutional Class**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**<sup>(1)</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $15.29 | &nbsp;&nbsp; $13.58 | &nbsp;&nbsp; $11.30 | &nbsp;&nbsp; $10.34 | &nbsp;&nbsp; $10.00 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |  |
| Net investment income<sup>(2)</sup> <br>| 0.11 | 0.24 | 0.21 | 0.24 | 0.01 |
| Net realized and unrealized gain (loss) on <br> investments and foreign currency-related <br> transactions<br>| 1.77 | 1.70 | 2.28 | 0.76 | 0.33 |
| Net increase (decrease) from investment operations | 1.88 | 1.94 | 2.49 | 1.00 | 0.34 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — |
| Net realized gain from investments | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $16.19 | &nbsp;&nbsp; $15.29 | &nbsp;&nbsp; $13.58 | &nbsp;&nbsp; $11.30 | &nbsp;&nbsp; $10.34 |
| **Total Return** | &nbsp;&nbsp; 12.96%<sup>(A)</sup> <br>| &nbsp;&nbsp; 14.61% | &nbsp;&nbsp; 22.17% | &nbsp;&nbsp; 9.64% | &nbsp;&nbsp; 3.40%<sup>(A)</sup> <br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $93466 | &nbsp;&nbsp; $98207 | &nbsp;&nbsp; $96805 | &nbsp;&nbsp; $82587 | &nbsp;&nbsp; $1987 |
| Expenses to average net assets | &nbsp;&nbsp; 0.98%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 23.52%<sup>(B)</sup> <br>|
| Expenses to average net assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 0.80%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80%<sup>(B)</sup> <br>|
| Net investment income to average net assets | &nbsp;&nbsp; 1.50%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 1.00%<sup>(B)</sup> <br>|
| Portfolio turnover rate | &nbsp;&nbsp; 14%<sup>(A)</sup> <br>| &nbsp;&nbsp; 28% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 3%<sup>(A)</sup> <br>|

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Small Companies Portfolio**<br> **Institutional Class**  | **International Small Companies Portfolio**<br> **Institutional Class**  | **International Small Companies Portfolio**<br> **Institutional Class**  | **International Small Companies Portfolio**<br> **Institutional Class**  | **International Small Companies Portfolio**<br> **Institutional Class**  | **International Small Companies Portfolio**<br> **Institutional Class**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $18.89 | &nbsp;&nbsp; $17.78 | &nbsp;&nbsp; $15.56 | &nbsp;&nbsp; $15.20 | &nbsp;&nbsp; $22.80 | &nbsp;&nbsp; $17.14 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.13 | 0.22 | 0.19 | 0.19 | 0.15 | 0.06 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 0.81 | 1.11 | 2.23 | 0.52 | &nbsp;&nbsp; (7.07) | 5.63 |
| Net increase (decrease) from <br> investment operations<br>| 0.94 | 1.33 | 2.42 | 0.71 | &nbsp;&nbsp; (6.92) | 5.69 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.03) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (0.03) |
| **Net asset value, end of period** | &nbsp;&nbsp; $19.05 | &nbsp;&nbsp; $18.89 | &nbsp;&nbsp; $17.78 | &nbsp;&nbsp; $15.56 | &nbsp;&nbsp; $15.20 | &nbsp;&nbsp; $22.80 |
| **Total Return** | &nbsp;&nbsp; 5.18%<sup>(A)</sup> <br>| &nbsp;&nbsp; 7.66% | &nbsp;&nbsp; 15.57% | &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; (31.20)% | &nbsp;&nbsp; 33.16% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $155072 | &nbsp;&nbsp; $196529 | &nbsp;&nbsp; $320175 | &nbsp;&nbsp; $332794 | &nbsp;&nbsp; $457624 | &nbsp;&nbsp; $549895 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 1.11%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.16% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.11%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.14% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 1.50%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.29% |
| Portfolio turnover rate | &nbsp;&nbsp; 19%<sup>(A)</sup> <br>| &nbsp;&nbsp; 31% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 13% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Small Companies Portfolio**<br> **Institutional Class Z**  | **International Small Companies Portfolio**<br> **Institutional Class Z**  | **International Small Companies Portfolio**<br> **Institutional Class Z**  | **International Small Companies Portfolio**<br> **Institutional Class Z**  |
|  | **2026** | **2025** | **2024** | **2023**<sup>(1)</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $18.91 | &nbsp;&nbsp; $17.80 | &nbsp;&nbsp; $15.58 | &nbsp;&nbsp; $17.03 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| Net investment income<sup>(2)</sup> <br>| 0.08 | 0.23 | 0.21 | 0.24 |
| Net realized and unrealized gain (loss) on investments and foreign <br> currency-related transactions<br>| 0.86 | 1.12 | 2.24 | &nbsp;&nbsp; (1.69) |
| Net increase (decrease) from investment operations | 0.94 | 1.35 | 2.45 | &nbsp;&nbsp; (1.45) |
| **Distributions to Shareholders from:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; — |
| Net realized gain from investments | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $19.05 | &nbsp;&nbsp; $18.91 | &nbsp;&nbsp; $17.80 | &nbsp;&nbsp; $15.58 |
| **Total Return** | &nbsp;&nbsp; 5.19%<sup>(A)</sup> <br>| &nbsp;&nbsp; 7.79% | &nbsp;&nbsp; 15.73% | &nbsp;&nbsp; (8.51)%<sup>(A)</sup> <br>|
| **Ratios/Supplemental Data:** |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $13987 | &nbsp;&nbsp; $51569 | &nbsp;&nbsp; $104359 | &nbsp;&nbsp; $108249 |
| Expenses to average net assets | &nbsp;&nbsp; 1.02%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.14%<sup>(B)</sup> <br>|
| Expenses to average net assets (net of fees waived/reimbursed) | &nbsp;&nbsp; 1.00%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.01%<sup>(B)</sup> <br>|
| Net investment income to average net assets | &nbsp;&nbsp; 1.08%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.41%<sup>(B)</sup> <br>|
| Portfolio turnover rate | &nbsp;&nbsp; 19%<sup>(A)</sup> <br>| &nbsp;&nbsp; 31% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 37%<sup>(A)</sup> <br>|

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Small Companies Portfolio**<br> **Investor Class** | **International Small Companies Portfolio**<br> **Investor Class** | **International Small Companies Portfolio**<br> **Investor Class** | **International Small Companies Portfolio**<br> **Investor Class** | **International Small Companies Portfolio**<br> **Investor Class** | **International Small Companies Portfolio**<br> **Investor Class** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $18.65 | &nbsp;&nbsp; $17.56 | &nbsp;&nbsp; $15.38 | &nbsp;&nbsp; $15.00 | &nbsp;&nbsp; $22.51 | &nbsp;&nbsp; $16.94 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.11 | 0.20 | 0.16 | 0.16 | 0.10 | &nbsp;&nbsp; —<sup>(2)</sup> <br>|
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 0.80 | 1.08 | 2.20 | 0.52 | &nbsp;&nbsp; (6.99) | 5.58 |
| Net increase (decrease) from <br> investment operations<br>| 0.91 | 1.28 | 2.36 | 0.68 | &nbsp;&nbsp; (6.89) | 5.58 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.01) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.01) |
| **Net asset value, end of period** | &nbsp;&nbsp; $18.83 | &nbsp;&nbsp; $18.65 | &nbsp;&nbsp; $17.56 | &nbsp;&nbsp; $15.38 | &nbsp;&nbsp; $15.00 | &nbsp;&nbsp; $22.51 |
| **Total Return** | &nbsp;&nbsp; 5.09%<sup>(A)</sup> <br>| &nbsp;&nbsp; 7.46% | &nbsp;&nbsp; 15.34% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; (31.39)% | &nbsp;&nbsp; 32.84% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $18648 | &nbsp;&nbsp; $18902 | &nbsp;&nbsp; $29830 | &nbsp;&nbsp; $28426 | &nbsp;&nbsp; $30361 | &nbsp;&nbsp; $49757 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 1.50%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.50% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.31%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.40% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 1.43%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.01% |
| Portfolio turnover rate | &nbsp;&nbsp; 19%<sup>(A)</sup> <br>| &nbsp;&nbsp; 31% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 13% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $21.07 | &nbsp;&nbsp; $19.68 | &nbsp;&nbsp; $16.78 | &nbsp;&nbsp; $15.97 | &nbsp;&nbsp; $25.59 | &nbsp;&nbsp; $21.23 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.06 | 0.24 | 0.23 | 0.24 | 0.19 | 0.09 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 1.49 | 3.50 | 2.93 | 0.74 | &nbsp;&nbsp; (9.63) | 4.37 |
| Net increase (decrease) from <br> investment operations<br>| 1.55 | 3.74 | 3.16 | 0.98 | &nbsp;&nbsp; (9.44) | 4.46 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.10) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (2.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (10.31) | &nbsp;&nbsp; (2.35) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.10) |
| **Net asset value, end of period** | &nbsp;&nbsp; $12.31 | &nbsp;&nbsp; $21.07 | &nbsp;&nbsp; $19.68 | &nbsp;&nbsp; $16.78 | &nbsp;&nbsp; $15.97 | &nbsp;&nbsp; $25.59 |
| **Total Return** | &nbsp;&nbsp; 15.23%<sup>(A)</sup> <br>| &nbsp;&nbsp; 22.14% | &nbsp;&nbsp; 18.95% | &nbsp;&nbsp; 6.07% | &nbsp;&nbsp; (37.14)% | &nbsp;&nbsp; 21.03% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $525142 | &nbsp;&nbsp; $233583 | &nbsp;&nbsp; $597470 | &nbsp;&nbsp; $1709335 | &nbsp;&nbsp; $2302000 | &nbsp;&nbsp; $5774486 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 1.09%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.22% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.05%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.15% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 0.68%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.33% |
| Portfolio turnover rate | &nbsp;&nbsp; 95%<sup>(A)</sup> <br>| &nbsp;&nbsp; 25% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 13% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $21.16 | &nbsp;&nbsp; $19.75 | &nbsp;&nbsp; $16.83 | &nbsp;&nbsp; $16.02 | &nbsp;&nbsp; $25.65 | &nbsp;&nbsp; $21.28 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.03 | 0.25 | 0.27 | 0.24 | 0.21 | 0.11 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 1.54 | 3.53 | 2.91 | 0.76 | &nbsp;&nbsp; (9.66) | 4.38 |
| Net increase (decrease) from <br> investment operations<br>| 1.57 | 3.78 | 3.18 | 1.00 | &nbsp;&nbsp; (9.45) | 4.49 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.12) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (2.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (10.33) | &nbsp;&nbsp; (2.37) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.12) |
| **Net asset value, end of period** | &nbsp;&nbsp; $12.40 | &nbsp;&nbsp; $21.16 | &nbsp;&nbsp; $19.75 | &nbsp;&nbsp; $16.83 | &nbsp;&nbsp; $16.02 | &nbsp;&nbsp; $25.65 |
| **Total Return** | &nbsp;&nbsp; 15.17%<sup>(A)</sup> <br>| &nbsp;&nbsp; 22.28% | &nbsp;&nbsp; 19.07% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; (37.07)% | &nbsp;&nbsp; 21.11% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $7521 | &nbsp;&nbsp; $20052 | &nbsp;&nbsp; $55338 | &nbsp;&nbsp; $150323 | &nbsp;&nbsp; $362413 | &nbsp;&nbsp; $719400 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 1.11%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.13% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 0.95%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.07% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 0.47%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.41% |
| Portfolio turnover rate | &nbsp;&nbsp; 95%<sup>(A)</sup> <br>| &nbsp;&nbsp; 25% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 13% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $9.15 | &nbsp;&nbsp; $8.27 | &nbsp;&nbsp; $6.68 | &nbsp;&nbsp; $6.80 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $6.92 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.04 | 0.24 | 0.16 | 0.15 | 0.14 | 0.06 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 0.30 | 0.79 | 1.56 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (2.24) | 2.12 |
| Net increase (decrease) from <br> investment operations<br>| 0.34 | 1.03 | 1.72 | 0.04 | &nbsp;&nbsp; (2.10) | 2.18 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.13) |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.17 | &nbsp;&nbsp; $9.15 | &nbsp;&nbsp; $8.27 | &nbsp;&nbsp; $6.68 | &nbsp;&nbsp; $6.80 | &nbsp;&nbsp; $8.97 |
| **Total Return** | &nbsp;&nbsp; 4.28%<sup>(A)</sup> <br>| &nbsp;&nbsp; 12.74% | &nbsp;&nbsp; 26.00% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; (23.56)% | &nbsp;&nbsp; 31.74% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $39771 | &nbsp;&nbsp; $56549 | &nbsp;&nbsp; $61850 | &nbsp;&nbsp; $57367 | &nbsp;&nbsp; $74804 | &nbsp;&nbsp; $96905 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 1.48%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.64% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.45%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.64% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 1.18%<sup>(B)</sup> <br>| &nbsp;&nbsp; 2.92% | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 0.75% |
| Portfolio turnover rate | &nbsp;&nbsp; 13%<sup>(A)</sup> <br>| &nbsp;&nbsp; 29% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 30% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $9.28 | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $6.76 | &nbsp;&nbsp; $6.85 | &nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $6.95 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.07 | 0.26 | 0.19 | 0.17 | 0.17 | 0.09 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 0.28 | 0.81 | 1.56 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (2.27) | 2.13 |
| Net increase (decrease) from <br> investment operations<br>| 0.35 | 1.07 | 1.75 | 0.07 | &nbsp;&nbsp; (2.10) | 2.22 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.14) |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.28 | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $6.76 | &nbsp;&nbsp; $6.85 | &nbsp;&nbsp; $9.03 |
| **Total Return** | &nbsp;&nbsp; 4.34%<sup>(A)</sup> <br>| &nbsp;&nbsp; 13.06% | &nbsp;&nbsp; 26.13% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; (23.44)% | &nbsp;&nbsp; 32.18% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $72985 | &nbsp;&nbsp; $71615 | &nbsp;&nbsp; $63436 | &nbsp;&nbsp; $51828 | &nbsp;&nbsp; $90188 | &nbsp;&nbsp; $117689 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 1.39%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.55% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.25%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.35% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 1.42%<sup>(B)</sup> <br>| &nbsp;&nbsp; 3.10% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 1.05% |
| Portfolio turnover rate | &nbsp;&nbsp; 13%<sup>(A)</sup> <br>| &nbsp;&nbsp; 29% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 30% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

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**Harding, Loevner Funds, Inc.**

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**Financial Highlights (continued)**

**For the Six Months Ended April 30, 2026 (unaudited) and the Fiscal Year Ended October 31**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Emerging Markets Portfolio**<br> **Investor Class** | **Frontier Emerging Markets Portfolio**<br> **Investor Class** | **Frontier Emerging Markets Portfolio**<br> **Investor Class** | **Frontier Emerging Markets Portfolio**<br> **Investor Class** | **Frontier Emerging Markets Portfolio**<br> **Investor Class** | **Frontier Emerging Markets Portfolio**<br> **Investor Class** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $8.23 | &nbsp;&nbsp; $6.66 | &nbsp;&nbsp; $6.76 | &nbsp;&nbsp; $8.92 | &nbsp;&nbsp; $6.88 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.04 | 0.21 | 0.13 | 0.14 | 0.11 | 0.03 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 0.28 | 0.80 | 1.55 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (2.23) | 2.11 |
| Net increase (decrease) from <br> investment operations<br>| 0.32 | 1.01 | 1.68 | 0.02 | &nbsp;&nbsp; (2.12) | 2.14 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.10) |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.15 | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $8.23 | &nbsp;&nbsp; $6.66 | &nbsp;&nbsp; $6.76 | &nbsp;&nbsp; $8.92 |
| **Total Return** | &nbsp;&nbsp; 4.09%<sup>(A)</sup> <br>| &nbsp;&nbsp; 12.48% | &nbsp;&nbsp; 25.43% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; (23.84)% | &nbsp;&nbsp; 31.14% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $4451 | &nbsp;&nbsp; $4438 | &nbsp;&nbsp; $5401 | &nbsp;&nbsp; $5743 | &nbsp;&nbsp; $6692 | &nbsp;&nbsp; $9542 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 2.21%<sup>(B)</sup> <br>| &nbsp;&nbsp; 2.21% | &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 2.36% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 2.14% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.75%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 2.00% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 0.90%<sup>(B)</sup> <br>| &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.94% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 0.35% |
| Portfolio turnover rate | &nbsp;&nbsp; 13%<sup>(A)</sup> <br>| &nbsp;&nbsp; 29% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 30% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements**

**April 30, 2026 (unaudited)**

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

**1. Organization**

Harding, Loevner Funds, Inc. (the "Fund") was established as a Maryland corporation on July 31, 1996, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Harding Loevner LP ("Harding Loevner" or the "Adviser") serves as investment adviser to the Fund. The Fund currently has six separate diversified portfolios, all of which were active as of April 30, 2026 (individually, a "Portfolio", collectively, the "Portfolios").

---

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

---

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

\*\* The Institutional Emerging Markets Portfolio is the successor to the Harding Loevner Emerging Markets Portfolio, pursuant to a reorganization that took place on December 19, 2025.

**2. Summary of Significant Accounting Policies**

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

*Estimates*

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

*Cash and Foreign Currencies*

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

*Valuation*

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

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**Harding, Loevner Funds, Inc.**

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**Notes to Financial Statements (continued)**

**April 30, 2026 (unaudited)**

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

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

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

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

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

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

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

Level 1 unadjusted quoted prices in active markets for identical assets

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

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

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

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**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2026 (unaudited)**

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

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

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

The following is a summary of the Portfolios' investments classified by Level 1, Level 2 and Level 3 and security type as of April 30, 2026. Please refer to each Portfolio's Portfolio of Investments to view individual securities classified by industry type and country.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Unadjusted Quoted Prices**<br> **in Active Markets for**<br> **Identical Assets (Level 1)**<br>| **Other Significant**<br> **Observable Inputs**<br> **(Level 2)**<br>| **Significant**<br> **Unobservable Inputs**<br> **(Level 3)**<br>| **Total** |
| **Global Equity** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $357960168 | &nbsp;&nbsp; $157134639 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $515094807 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 16908516 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16908516 |
| Short Term Investments | &nbsp;&nbsp; 4379881 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4379881 |
| Total Investments | &nbsp;&nbsp; $362340049 | &nbsp;&nbsp; $174043155 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $536383204 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $2398480911 | &nbsp;&nbsp; $9494833961 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11893314872 |
| Short Term Investments | &nbsp;&nbsp; 407285609 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 407285609 |
| Total Investments | &nbsp;&nbsp; $2805766520 | &nbsp;&nbsp; $9494833961 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12300600481 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **International Developed Markets** <br> **Equity**<br>|  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $11898238 | &nbsp;&nbsp; $78372859 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $90271097 |
| Short Term Investments | &nbsp;&nbsp; 3038104 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3038104 |
| Total Investments | &nbsp;&nbsp; $14936342 | &nbsp;&nbsp; $78372859 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $93309201 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Small Companies** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $18217108 | &nbsp;&nbsp; $167733636 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $185950744 |
| Short Term Investments | &nbsp;&nbsp; 1003576 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1003576 |
| Total Investments | &nbsp;&nbsp; $19220684 | &nbsp;&nbsp; $167733636 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $186954320 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Emerging Markets** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $72329837 | &nbsp;&nbsp; $428555822 | &nbsp;&nbsp; $— <br><sup>‡</sup><br>| &nbsp;&nbsp; $500885659 |
| Preferred Stocks | &nbsp;&nbsp; 9545224 | &nbsp;&nbsp; 1815735 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11360959 |
| Short Term Investments | &nbsp;&nbsp; 22989025 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22989025 |
| Total Investments | &nbsp;&nbsp; $104864086 | &nbsp;&nbsp; $430371557 | &nbsp;&nbsp; $— <br><sup>‡</sup><br>| &nbsp;&nbsp; $535235643 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Frontier Emerging Markets** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $19616192 | &nbsp;&nbsp; $87435451 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $107051643 |
| Preferred Stocks | &nbsp;&nbsp; 4280218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4280218 |
| Short Term Investments | &nbsp;&nbsp; 5344444 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5344444 |
| Total Investments | &nbsp;&nbsp; $29240854 | &nbsp;&nbsp; $87435451 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $116676305 |

---

---

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

---

As of April 30, 2026, there were investments related to one company held within a Portfolio, all of which were effectively valued at zero due to the inability of the Portfolio to transact in these investments and the lack of visibility on when the Portfolio may do so. All of these factors are related to the Russian invasion of Ukraine and responses to that event. The value of these securities compared to a Portfolio's net assets is not material and therefore, related valuation techniques are not disclosed.

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**Harding, Loevner Funds, Inc.**

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**Notes to Financial Statements (continued)**

**April 30, 2026 (unaudited)**

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

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

*Securities Transactions and Net Investment Income*

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

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

*Dividends to Shareholders*

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

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

*Currency Translation*

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

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

*Indemnifications*

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

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**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2026 (unaudited)**

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

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

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

The following annualized advisory fees and contractual expense limits were in effect for the period ended April 30, 2026. The advisory fees are charged at the Portfolio level as a whole and expense limitations are at the class specific level.

---

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

---

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

For the period ended April 30, 2026, the Adviser waived and/or reimbursed the following amounts pursuant to the contractual expense limits described above:

---

| | |
|:---|:---|
| <u>Portfolio</u> | <u>Fees waived and/or reimbursed by the Adviser</u> |
| Global Equity-Institutional Class | $51244<br>|
| Global Equity-Institutional Class Z | 22701<br>|
| International Equity-Investor Class | 5953<br>|
| International Developed Markets Equity-Institutional Class | 89303<br>|
| International Small Companies-Institutional Class | 2217<br>|
| International Small Companies-Institutional Class Z | 2623<br>|
| International Small Companies-Investor Class | 17787<br>|
| Institutional Emerging Markets-Institutional Class | 74710<br>|
| Institutional Emerging Markets-Institutional Class Z | 13369<br>|
| Frontier Emerging Markets-Institutional Class | 5847<br>|
| Frontier Emerging Markets-Institutional Class Z | 47856<br>|
| Frontier Emerging Markets-Investor Class | 10393<br>|

---

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

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

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2026 (unaudited)**

------

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

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

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

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

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

The Portfolios may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the period ended April 30, 2026, no Rule 17a-7 transactions were entered into by the Portfolios.

**4. Class Specific Expenses**

The class level expenses for the period ended April 30, 2026, were as follows for each Portfolio:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Distribution** <br> **Fees**<br>| **State Registration** <br> **Filing Fees**<br>| **Printing and** <br> **Postage Fees**<br>| **Transfer Agent** <br> **Fees and Expenses**<br>| **Shareholder** <br> **Servicing Fees**<br>|
| Global Equity–Institutional Class | $—<br>| $9802<br>| $3618<br>| $745<br>| $181285<br>|
| Global Equity–Institutional Class Z | —<br>| 9149<br>| 1437<br>| 343<br>| —<br>|
| Global Equity–Advisor Class | —<br>| 9096<br>| 1975<br>| 459<br>| 18736<br>|
| International Equity–Institutional Class | —<br>| 28905<br>| 113174<br>| 42713<br>| 5097596<br>|
| International Equity–Institutional Class Z | —<br>| 12002<br>| 23143<br>| 6934<br>| —<br>|
| International Equity–Investor Class | 194993<br>| 10425<br>| 20476<br>| 6932<br>| 103232<br>|
| International Developed Markets Equity–Institutional <br> Class<br>| —<br>| 11797<br>| 8540<br>| 327<br>| 63170<br>|
| International Small Companies–Institutional Class | —<br>| 10664<br>| 15573<br>| 761<br>| 92444<br>|
| International Small Companies–Institutional Class Z | —<br>| 9470<br>| 1094<br>| 161<br>| —<br>|
| International Small Companies–Investor Class | 22931<br>| 9073<br>| 1993<br>| 290<br>| 14306<br>|
| Institutional Emerging Markets–Institutional Class | —<br>| 19055<br>| 12956<br>| 3454<br>| 227594<br>|
| Institutional Emerging Markets–Institutional Class Z | —<br>| 10072<br>| 1682<br>| 267<br>| —<br>|
| Frontier Emerging Markets–Institutional Class | —<br>| 9006<br>| 2186<br>| 400<br>| 16425<br>|
| Frontier Emerging Markets–Institutional Class Z | —<br>| 9066<br>| 887<br>| 101<br>| —<br>|
| Frontier Emerging Markets–Investor Class | 5716<br>| 8983<br>| 1435<br>| 229<br>| 3094<br>|

---

**5. Investment Transactions**

Cost of purchases and proceeds from sales of investment securities, other than short-term investments and in-kind transactions, for the period ended April 30, 2026, were as follows for each Portfolio:

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Purchase Cost of** <br> **Investment Securities**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proceeds from Sales of** <br> **Investment Securities**<br>|
| Global Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $113825792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $160125139 |
| International Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1301496861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3132594931 |
| International Developed Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13865887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30258593 |

---

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2026 (unaudited)**

------

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

**5. Investment Transactions (continued)**

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Purchase Cost of** <br> **Investment Securities**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proceeds from Sales of** <br> **Investment Securities**<br>|
| International Small Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42883181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $129153245 |
| Institutional Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531842984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414956430 |
| Frontier Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15483694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37666716 |

---

Cost of proceeds from in-kind redemptions of investment securities for the period ended April 30, 2026 were as follows for each Portfolio:

---

| | |
|:---|:---|
| **Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proceeds from** <br> **Redemptions of** <br> **Investment Securities**<br>|
| Global Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5071783 |
| International Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29530104 |

---

Gains and losses on in-kind redemptions are not recognized at the Portfolio level for tax purposes.

**6. Capital Share Transactions** 

Transactions in capital shares for the period ended April 30, 2026, were as follows for each Portfolio:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares**<br> **Sold** <br>| **Proceeds**<br> **From**<br> **Shares Sold** <br>| **Shares From**<br> **Reinvested**<br> **Dividends** <br>| **Reinvestment**<br> **of**<br> **Dividends**<br>| **Shares**<br> **Redeemed** <br>| **Payments**<br> **for Shares**<br> **Redeemed** <br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Shares**<br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Net Assets**<br>|
| **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** |
| Institutional Class | 641367<br>| $20721447<br>| 1806044<br>| $56438874<br>| (2445903) <br>| $(78244768) <br>| 1508<br>| $(1084447) <br>|
| Institutional <br> Class Z\*<br>| 680268<br>| 21700097<br>| 1107257<br>| 34635009<br>| (376941) <br>| (12141458) <br>| 1410584<br>| 44193648<br>|
| Advisor Class | 3351<br>| 105318<br>| 95864<br>| 2972745<br>| (165148) <br>| (5202955) <br>| (65933) <br>| (2124892) <br>|
| **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** |
| Institutional Class | 21392659<br>| 609608881<br>| 41418605<br>| 1110432812<br>| (66884244) <br>| (1900769864) <br>| (4072980) <br>| (180728171) <br>|
| Institutional <br> Class Z\*<br>| 5120711<br>| 147701332<br>| 11037215<br>| 295576602<br>| (15973930) <br>| (470651968) <br>| 183996<br>| (27374034) <br>|
| Investor Class | 776998<br>| 22765222<br>| 715332<br>| 19235284<br>| (1391569) <br>| (40071027) <br>| 100761<br>| 1929479<br>|
| **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** |
| Institutional Class | 454809<br>| 7132387<br>| 401011<br>| 5890857<br>| (1505876) <br>| (23649258) <br>| (650056) <br>| (10626014) <br>|
| **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** |
| Institutional Class | 364563<br>| 6779496<br>| 383545<br>| 6957501<br>| (3011009) <br>| (55506918) <br>| (2262901) <br>| (41769921) <br>|
| Institutional Class Z | 71861<br>| 1307650<br>| 116838<br>| 2119437<br>| (2181280) <br>| (40909526) <br>| (1992581) <br>| (37482439) <br>|
| Investor Class | 50000<br>| 916894<br>| 39555<br>| 709623<br>| (112637) <br>| (2066878) <br>| (23082) <br>| (440361) <br>|
| **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** |
| Institutional Class | 36,715,972\*\*<br>| 393,692,370\*\*<br>| 8673303<br>| 92110478<br>| (13804128) <br>| (172728217) <br>| 31585147<br>| 313074631<br>|
| Institutional Class Z | 90895<br>| 1240762<br>| 911645<br>| 9754603<br>| (1343737) <br>| (14891295) <br>| (341197) <br>| (3895930) <br>|
| **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** |
| Institutional Class | 424701<br>| 3932485<br>| 207195<br>| 1833676<br>| (2474150) <br>| (22171668) <br>| (1842254) <br>| (16405507) <br>|
| Institutional Class Z | 9322<br>| 87304<br>| 282397<br>| 2533102<br>| (162114) <br>| (1511105) <br>| 129605<br>| 1109301<br>|
| Investor Class | 67676<br>| 618178<br>| 15582<br>| 137744<br>| (83591) <br>| (782390) <br>| (333) <br>| (26468) <br>|

---

*\** *Sold and redeemed amounts include activity in connection with the ReFlow liquidity program. (See Note 13 of the Notes to Financial Statements.)*

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2026 (unaudited)**

------

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

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

*\*\** *Shares sold and proceeds from shares sold includes 33,906,647 of shares and $360,427,850 value of shares, respectively, issued in connection with the* *reorganization. No cash proceeds were received for these shares.* 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares**<br> **Sold** <br>| **Proceeds**<br> **From**<br> **Shares Sold** <br>| **Shares From**<br> **Reinvested**<br> **Dividends** <br>| **Reinvestment**<br> **of**<br> **Dividends**<br>| **Shares**<br> **Redeemed** <br>| **Payments**<br> **for Shares**<br> **Redeemed** <br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Shares**<br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Net Assets**<br>|
| **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** |
| Institutional Class | 934801<br>| $33315403<br>| 2367632<br>| $80239059<br>| (5439319) <br>| $(219959475) <br>| (2136886) <br>| $(106405013) <br>|
| Institutional Class Z | 221605<br>| 7904302<br>| 1281097<br>| 43441993<br>| (774532) <br>| (30954541) <br>| 728170<br>| 20391754<br>|
| Advisor Class | 33310<br>| 1297927<br>| 174118<br>| 5860821<br>| (322161) <br>| (11448227) <br>| (114733) <br>| (4289479) <br>|
| **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** |
| Institutional Class | 46422885<br>| 1248455194<br>| 22306409<br>| 544276393<br>| (124659045) <br>| (3324058271) <br>| (55929751) <br>| (1531326684) <br>|
| Institutional Class Z | 10011946<br>| 269213594<br>| 6286298<br>| 153197073<br>| (22421834) <br>| (638331282) <br>| (6123590) <br>| (215920615) <br>|
| Investor Class | 1988153<br>| 53976491<br>| 534241<br>| 13056838<br>| (5520386) <br>| (157335887) <br>| (2997992) <br>| (90302558) <br>|
| **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** |
| Institutional Class | 1257986<br>| 17561060<br>| 119688<br>| 1536800<br>| (2084940) <br>| (29421700) <br>| (707266) <br>| (10323840) <br>|
| **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** |
| Institutional Class | 2438422<br>| 43434935<br>| 202413<br>| 3339818<br>| (10250640) <br>| (177442365) <br>| (7609805) <br>| (130667612) <br>|
| Institutional Class Z | 1481828<br>| 25078881<br>| 90358<br>| 1490911<br>| (4708918) <br>| (85342643) <br>| (3136732) <br>| (58772851) <br>|
| Investor Class | 293576<br>| 5292743<br>| 18546<br>| 302864<br>| (997059) <br>| (17993337) <br>| (684937) <br>| (12397730) <br>|
| **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** |
| Institutional Class | 4067307<br>| 68779483<br>| 2982969<br>| 49934899<br>| (26329618) <br>| (469541890) <br>| (19279342) <br>| (350827508) <br>|
| Institutional Class Z | 66438<br>| 1240599<br>| 200512<br>| 3368594<br>| (2121244) <br>| (40147994) <br>| (1854294) <br>| (35538801) <br>|
| **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** |
| Institutional Class | 788745<br>| 6426756<br>| 132002<br>| 1034891<br>| (2223120) <br>| (18865386) <br>| (1302373) <br>| (11403739) <br>|
| Institutional Class Z | 23323<br>| 192567<br>| 149550<br>| 1187431<br>| (32057) <br>| (253416) <br>| 140816<br>| 1126582<br>|
| Investor Class | 82139<br>| 673236<br>| 9096<br>| 71310<br>| (260623) <br>| (2121285) <br>| (169388) <br>| (1376739) <br>|

---

**7. Income Tax**

The cost of investments for federal income tax purposes and the components of net unrealized appreciation (depreciation) on investments at April 30, 2026, for each of the Portfolios were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Gross** <br> **Unrealized** <br> **Appreciation**<br>| **Gross** <br> **Unrealized** <br> **Depreciation**<br>| **Net Unrealized** <br> **Appreciation /** <br> **(Depreciation)**<br>| **Cost** |
| Global Equity | &nbsp;&nbsp; $196009319 | &nbsp;&nbsp; $(14806275)<br>| &nbsp;&nbsp; $181203044 | &nbsp;&nbsp; $355180160 |
| International Equity | &nbsp;&nbsp; 5284720453 | &nbsp;&nbsp; (487193754)<br>| &nbsp;&nbsp; 4797526699 | &nbsp;&nbsp; 7503073782 |
| International Developed Markets Equity | &nbsp;&nbsp; 27565476 | &nbsp;&nbsp; (5018410)<br>| &nbsp;&nbsp; 22547066 | &nbsp;&nbsp; 70762135 |
| International Small Companies | &nbsp;&nbsp; 58305821 | &nbsp;&nbsp; (8118814)<br>| &nbsp;&nbsp; 50187007 | &nbsp;&nbsp; 136767313 |
| Institutional Emerging Markets | &nbsp;&nbsp; 203626666 | &nbsp;&nbsp; (72976891)<br>| &nbsp;&nbsp; 130649775 | &nbsp;&nbsp; 404585868 |
| Frontier Emerging Markets | &nbsp;&nbsp; 46598635 | &nbsp;&nbsp; (9496379)<br>| &nbsp;&nbsp; 37102256 | &nbsp;&nbsp; 79574049 |

---

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

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

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2026 (unaudited)**

------

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

**7. Income Tax (continued)**

Management has performed an analysis of each Portfolio's tax positions for the open tax years as of April 30, 2026, and has concluded that no provisions for income tax are required. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by major tax jurisdictions, which include the United States, the State of New Jersey and the State of Maryland. Management is not aware of any events that are reasonably possible to occur in the next twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Portfolios. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions From** | **Distributions From** | **Distributions From** | **Distributions From** |
| **Portfolio** | **Ordinary** <br> **Income**<br> **2025**<br>| **Long-Term** <br> **Capital Gains**<br> **2025**<br>| **Ordinary** <br> **Income**<br> **2024**<br>| **Long-Term** <br> **Capital Gains**<br> **2024**<br>|
| Global Equity | &nbsp;&nbsp; $2666728 | &nbsp;&nbsp; $138,361,712\* | &nbsp;&nbsp; $3392927 | &nbsp;&nbsp; $2,219,893\*\* |
| International Equity | &nbsp;&nbsp; 344540028 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480,266,070\* | &nbsp;&nbsp; 287393635 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257,161,744\*\* |
| International Developed Markets Equity | &nbsp;&nbsp; 1617645 | &nbsp;&nbsp; —<br> \* <br>| &nbsp;&nbsp; 1531614 | &nbsp;&nbsp; — |
| International Small Companies | &nbsp;&nbsp; 5569935 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 6170245 | &nbsp;&nbsp; — |
| Institutional Emerging Markets | &nbsp;&nbsp; 7304466 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,873,460\* | &nbsp;&nbsp; 26317129 | &nbsp;&nbsp; —<br> \*\*<br>|
| Frontier Emerging Markets | &nbsp;&nbsp; 2346831 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2290083 | &nbsp;&nbsp; — |

---

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

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

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

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

---

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

---

**8. Foreign Exchange Contracts**

The Portfolios do not generally hedge foreign currency exposure, however, the Portfolios may enter into forward foreign exchange contracts in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings. Each Portfolio will conduct its currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market, or by entering into forward contracts to purchase or sell currency. Foreign currency transactions entered into on the spot markets serve to pay for foreign investment purchases or to convert to dollars, the proceeds from foreign investment sales or dividend and interest receipts. The Portfolios will disclose open forward currency contracts, if any, on the Portfolios of Investments. The Portfolios do not separately disclose open spot market transactions on the Portfolios of Investments. Such realized gain (loss) and unrealized appreciation (depreciation) on spot market transactions is included in "Net realized gain (loss) on foreign currency transactions" and "Change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies", respectively, on the Portfolios' Statements of Operations. The Portfolios held no open forward currency contracts as of or during the period ended April 30, 2026.

**9. Participation Notes**

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

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2026 (unaudited)**

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

**10. Concentration of Ownership**

At April 30, 2026, the percentage of total shares outstanding held by record shareholders each owning 10% or greater of the aggregate shares outstanding of each Portfolio were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No. of**<br> **Shareholders**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **%**<br> **Ownership**<br>|
| Global Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64.49<br> %\*<br>|
| International Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47.73<br> %\*<br>|
| International Developed Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80.12<br> %\*<br>|
| International Small Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59.09<br> %\*<br>|
| Institutional Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75.08<br> %\*<br>|
| Frontier Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69.35<br> %\*<br>|

---

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

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

**11. Concentration of Risk**

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

The Frontier Emerging Markets Portfolio is permitted to invest up to 35% of its total assets in companies in the same industry, if, at the time of investment, that industry represents 20% or more of the Frontier Emerging Markets Portfolio's benchmark index. During periods when the Frontier Emerging Markets Portfolio has invested more than 25% of its total assets in companies in the same industry, it will operate as a concentrated portfolio and be subject to additional risks and greater volatility. Such additional risks include increased competition within the industry, or changes in legislation, or government regulations affecting the industry. The value of the Frontier Emerging Markets Portfolio's shares may be particularly vulnerable to factors affecting the banking industry, such as the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, extensive government regulation, and price competition. Such risks may be magnified with respect to securities of issuers in Frontier Emerging Markets. At April 30, 2026, the Frontier Emerging Markets Portfolio's investment in the Banking industry amounted to 29.7% of its total assets.

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

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

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2026 (unaudited)**

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

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

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

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

**12. Line of Credit**

The Fund has a $300 million line of credit agreement with Northern Trust, which is scheduled to expire on March 19, 2027, unless renewed. Borrowings are made solely to facilitate the handling of redemptions or unusual or unanticipated short-term cash requirements. Because several Portfolios participate and collateral requirements apply, there is no assurance that an individual Portfolio will have access to the entire $300 million at any particular time. Interest is charged to each Portfolio based on its borrowings at an amount above the Federal Funds rate, subject to a minimum rate. In addition, a facility fee is computed at an annual rate of 0.25% on the line of credit and is allocated among the Portfolios.

For the period ended April 30, 2026, Global Equity had an outstanding balance for one day with a maximum balance of $3,300,000 at an average weighted interest rate of 4.89%. International Equity had an outstanding balance for two days with a maximum balance of $200,400,000 at an average weighted interest rate of 4.89%. International Developed Markets Equity had an outstanding balance for one day with a maximum balance of $4,900,000 at an average weighted interest rate of 4.89%. International Small Companies had an outstanding balance for twenty-one days with a maximum balance of $11,200,000 at an average weighted interest rate of 4.91%. Institutional Emerging Markets had an outstanding balance for twelve days with a maximum balance of $6,500,000 at an average weighted interest rate of 4.89%. Frontier Emerging Markets had an outstanding balance for seven days with a maximum balance of $5,600,000 at an average weighted interest rate of 4.89%.

**13. ReFlow Liquidity Program**

Each Portfolio may participate in the liquidity program offered by ReFlow Fund, LLC ("ReFlow"), which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow provides participating mutual funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase Portfolio shares up to the value of the net shares redeemed by other shareholders that are expected to settle that business day. Following purchases of Portfolio shares, ReFlow then generally redeems those shares when the Portfolio experiences net sales, at the end of a maximum holding period determined by ReFlow (currently 8 days), or at other times at ReFlow's or the Adviser's discretion. While ReFlow holds Portfolio shares, it will have the same rights and privileges with respect to those shares as any other shareholder. In the event a Portfolio uses the ReFlow service, the Portfollio will pay a fee to ReFlow each time ReFlow purchases Portfolio shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. The current minimum fee rate is 0.14%, although a Portfolio may submit a bid at a higher rate if it determines that doing so is in the best interest of Portfolio shareholders. ReFlow's purchases of Portfolio shares through the liquidity program are made on an investment-blind basis without regard to a Portfolio's objective, policies, or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Portfolio. ReFlow will periodically redeem its entire share position in a Portfolio and may request that such redemption be met in-kind in accordance with the Portfolio's policy on purchases and redemptions in-kind. The Board of Directors has approved the Fund's participation in the ReFlow program.

ReFlow activity during the period ended April 30, 2026 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** <br> **Purchased**<br>| **Value of** <br> **Shares** <br> **Purchased**<br>| **Shares** <br> **Redeemed**<br>| **Value of Cash** <br> **and Securities** <br> **Sold**<br>| **In-Kind Gain** <br> **of Securities** <br> **Sold**<br>|
| Global Equity | 491638 | $15683632 | 167195 | $5336529 | $3675296 |
| International Equity | 1056970 | 31287284 | 1056970 | 31026671 | 27543048 |

---

**14. Segment Reporting**

FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures requires incremental disclosures related to a public entity's reportable segments. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly

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**Harding, Loevner Funds, Inc.**

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**Notes to Financial Statements (continued)**

**April 30, 2026 (unaudited)**

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

**14. Segment Reporting (continued)**

reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Executive Committee of the Adviser of the Fund acts as the Fund's CODM. Each Portfolio represents a single operating segment, as the CODM monitors the operating results of each individually. The financial information in the form of each Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the performance of each Portfolio and to make resource allocation decisions for the Portfolios, is consistent with that presented within the financial statements. Each Portfolio's assets are reflected on the accompanying Statements of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the accompanying Statements of Operations.

**15. Reorganization**

On March 7, 2025, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of substantially all the assets of the Emerging Markets Portfolio (the "Acquired Portfolio") for shares of the Institutional Emerging Markets Portfolio (the "Acquiring Portfolio") and the assumption of the liabilities of the Acquired Portfolio, respectively. Shareholder approval was not required and the reorganization took place at the close of business on December 19, 2025. The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

On the reorganization date, the Acquired Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

---

| | | |
|:---|:---|:---|
| **Acquired Portfolio** | **Total** <br> **Investment** <br> **Value**<br>| **Total** <br> **Investment** <br> **Cost**<br>|
| Emerging Markets Portfolio | $328488540 | $281978415 |

---

On the reorganization date, the Acquired Portfolio held 20,812,636 shares of Sberbank which were not transferred to the Acquiring Portfolio due to U.S. sanctions. Pursuant to the Plan, as soon as legally permissible and reasonable practicable to do so, these shares, or the net proceeds from their sale or disposition,will be transferred to the Acquiring Portfolio for no additional consideration. As of April 30, 2026, these shares were effectively valued at zero.

The acquisition was accomplished by a tax-free exchange of the following shares on December 19, 2025:

---

| | | |
|:---|:---|:---|
| **Acquired Portfolio** | **Class** | **Shares** |
| Emerging Markets Portfolio | Advisor | 15,369,197 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Class** | **Shares** | **Value** |
| Institutional Emerging Markets Portfolio | Institutional | 33906647 | $360427850 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received and shares issued from the Acquired Portfolio were carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Portfolio** | **Class** | **Unrealized** <br> **Appreciation** <br> **on Investments**<br>| **Net Assets** |
| Emerging Markets Portfolio | Advisor | $46510125 | $360427850 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Portfolio** | **Class** | **Net Assets** |
| Institutional Emerging Markets Portfolio | Institutional | $169082284 |
|  | Institutional<br> Z<br>| 19050914 |

---

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**Harding, Loevner Funds, Inc.**

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**Notes to Financial Statements (continued)**

**April 30, 2026 (unaudited)**

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

**15. Reorganization (continued)**

Assuming the acquisition had been completed on November 1, 2025, the Acquiring Portfolio's unaudited pro-forma results of operations for the period ended April 30, 2026 would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net investment** <br> **gain**<sup>(a)</sup> <br>| **Net realized** <br> **and unrealized** <br> **gain on** <br> **investments**<sup>(b)</sup> <br>| **Net increase in** <br> **net assets** <br> **resulting from** <br> **operations**<br>|
| Institutional Emerging Markets Portfolio | $4817501 | $67314385 | $70131886 |

---

<sup>(a)</sup>Net investment gain as reported in the Statement of Operations (Period ended April 30, 2026) of the Acquiring Portfolio, plus net investment income from the Acquired Portfolio pre-merger as follows: Emerging Markets Portfolio $3,332,880.

<sup>(b)</sup>Net realized and unrealized gain on investments as reported in the Statement of Operations (Period ended April 30, 2026) of the Acquiring Portfolio, plus net realized and unrealized loss on investments from the Acquired Portfolio pre-merger as follows: Emerging Markets Portfolio $(6,557,668).

Since both the Acquired Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio's Statement of Operations since December 19, 2025.

**16. Subsequent Events** 

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

The International Developed Markets Equity Portfolio ("IDME Portfolio") and the International Developed Markets Select Equity ETF, a newly-created shell series of the Fund, intend to complete a transaction in order to convert the IDME Portfolio into an exchange-traded fund (the "Transaction").

The Transaction is expected to be completed after the close of business on July 17, 2026 (or at such other date as agreed to by the parties to the Transaction).

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**Harding, Loevner Funds, Inc.**

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**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

------

Not applicable.

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**Harding, Loevner Funds, Inc.**

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**Proxy Disclosures for Open-End Management Investment Companies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

------

Not applicable.

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**Harding, Loevner Funds, Inc.**

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**Statement Regarding Basis for Approval of Investment Advisory Contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)**

------

Not applicable.

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![](gw3y3p64s20m9ynbw3gau.jpg)

Harding, Loevner Funds, Inc.

c/o Northern Trust

Attn: Funds Center, Floor 38

333 South Wabash Avenue

Chicago, IL 60604

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(877) 435-8105 www.hardingloevnerfunds.com

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. Controls and Procedures.
(a) The Registrant's Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) were effective as of a date within 90 days prior to the filing date of this report, based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures as of the evaluation date.

(b) There were no significant changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

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#### Item 19. Exhibits.
(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Exhibit 99.CERT: Certifications pursuant to Rule 30a-2(a) of the Investment Company Act of 1940, as amended, are attached.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Exhibit 99.906: Certifications pursuant to Rule 30a-2(b) of the Investment Company ACt of 1940, as amended, are attached hereto.](Exhibit_b.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Harding, Loevner Funds, Inc.  | Harding, Loevner Funds, Inc.  |
| By  | <u>/s/ Aaron Bellish &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Aaron Bellish |
|  | President  |
|  | (Principal Executive Officer)  |
| Date: June 23, 2026  | Date: June 23, 2026  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By  | <u>/s/ Aaron Bellish &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Aaron Bellish |
|  | President  |
|  | (Principal Executive Officer)  |
| Date: June 23, 2026  | Date: June 23, 2026  |
| By  | <u>/s/ Tracy L. Dotolo&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Tracy L. Dotolo  |
|  | Chief Financial Officer and Treasurer  |
|  | (Principal Financial Officer)  |
| Date: June 23, 2026  | Date: June 23, 2026  |

---

------

## Ex-99.Cert

---

| | |
|:---|:---|
| **N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS**  | **EX-99.CERT**  |

---

I, Aaron Bellish, certify that:

1. I have reviewed this report on Form N-CSR of Harding, Loevner Funds, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 23, 2026  | <u>/s/ Aaron Bellish &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Aaron Bellish  |
|  | President  |
|  | (Principal Executive Officer)  |

---

------

---

| | |
|:---|:---|
| **N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS**  | **EX-99.CERT**  |

---

I, Tracy L. Dotolo, certify that:

1. I have reviewed this report on Form N-CSR of Harding, Loevner Funds, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 23, 2026  | <u>/s/ Tracy L. Dotolo&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Tracy L. Dotolo  |
|  | Chief Financial Officer and Treasurer  |
|  | (Principal Financial Officer)  |

---

------

## Exhibit 99.906

---

| | |
|:---|:---|
| **N-CSR Exhibit for Item 13(b): SECTION 906 CERTIFICATIONS**  | **EX-99.906.CERT**  |

---

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Harding, Loevner Funds, Inc. (the "Registrant") on Form N-CSR for the period ended April 30, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: June 23, 2026  | <u>/s/ Aaron Bellish &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Aaron Bellish  |
|  | President  |
|  | (Principal Executive Officer)  |
| Date: June 23, 2026  | <u>/s/ Tracy L. Dotolo&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Tracy L. Dotolo  |
|  | Chief Financial Officer and Treasurer  |
|  | (Principal Financial Officer)  |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

------