# EDGAR Filing Document

**Accession Number:** 0001018170
**File Stem:** 0002066578-26-001060
**Filing Date:** 2026-3
**Character Count:** 110880
**Document Hash:** 36b3c928b5dbcefd9b06b27fbf48790c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-001060.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0002066578-26-001060

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260130

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260326

**PERIOD START**: 20261031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07739
- **FILM NUMBER:** 26799821

**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           |

## Nport-Ex

**Harding, Loevner Funds, Inc.**

------

**Global Equity Portfolio**

**Portfolio of Investments**

**January 31, 2026 (unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.7%** | **COMMON STOCKS - 97.7%** | **COMMON STOCKS - 97.7%** |
| **Canada - 0.9%** | **Canada - 0.9%** | **Canada - 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc. <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 95201 | &nbsp;&nbsp; $4952843<br>|
| **China - 5.7%** | **China - 5.7%** | **China - 5.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Inovance Technology <br> Co., Ltd., Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 698400 | &nbsp;&nbsp; 7505141<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 229600 | &nbsp;&nbsp; 6249672<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 232000 | &nbsp;&nbsp; 17784498<br>|
|  |  | &nbsp;&nbsp; 31539311 |
| **Denmark - 0.8%** | **Denmark - 0.8%** | **Denmark - 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 13891 | &nbsp;&nbsp; 4528451<br>|
| **France - 3.3%** | **France - 3.3%** | **France - 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE (Capital <br> Goods)†<br>| &nbsp;&nbsp; 64822 | &nbsp;&nbsp; 18490688<br>|
| **Germany - 1.0%** | **Germany - 1.0%** | **Germany - 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE - Sponsored ADR <br> (Software & Services)<br>| &nbsp;&nbsp; 26794 | &nbsp;&nbsp; 5386666<br>|
| **Hong Kong - 1.9%** | **Hong Kong - 1.9%** | **Hong Kong - 1.9%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 902605 | &nbsp;&nbsp; 10423771<br>|
| **India - 1.1%** | **India - 1.1%** | **India - 1.1%** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp; 193413 | &nbsp;&nbsp; 6262713<br>|
| **Japan - 5.2%** | **Japan - 5.2%** | **Japan - 5.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 125400 | &nbsp;&nbsp; 7155596<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 13400 | &nbsp;&nbsp; 4896464<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Financial Group Inc. <br> (Financial Services)\*†<br>| &nbsp;&nbsp; 5466100 | &nbsp;&nbsp; 5496609<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 518000 | &nbsp;&nbsp; 11470447<br>|
|  |  | &nbsp;&nbsp; 29019116 |
| **Mexico - 0.8%** | **Mexico - 0.8%** | **Mexico - 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico SAB de CV <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 1380500 | &nbsp;&nbsp; 4381010<br>|
| **Netherlands - 3.5%** | **Netherlands - 3.5%** | **Netherlands - 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 13727 | &nbsp;&nbsp; 19509484<br>|
| **Singapore - 1.5%** | **Singapore - 1.5%** | **Singapore - 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 178100 | &nbsp;&nbsp; 8300065<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.7% (continued)** | **COMMON STOCKS - 97.7% (continued)** | **COMMON STOCKS - 97.7% (continued)** |
| **Sweden - 3.1%** | **Sweden - 3.1%** | **Sweden - 3.1%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp; 113854 | &nbsp;&nbsp; $6606445<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 240071 | &nbsp;&nbsp; 4966909<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 205117 | &nbsp;&nbsp; 5759522<br>|
|  |  | &nbsp;&nbsp; 17332876 |
| **Switzerland - 2.5%** | **Switzerland - 2.5%** | **Switzerland - 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG, Genusschein <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 17740 | &nbsp;&nbsp; 8050501<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA, Reg S (Commercial & <br> Professional Services)†<br>| &nbsp;&nbsp; 46451 | &nbsp;&nbsp; 5573420<br>|
|  |  | &nbsp;&nbsp; 13623921 |
| **Taiwan - 4.1%** | **Taiwan - 4.1%** | **Taiwan - 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 177000 | &nbsp;&nbsp; 6870680<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co., Ltd. - <br> Sponsored ADR <br> (Semiconductors & <br> Semiconductor Equipment)<br>| &nbsp;&nbsp; 47731 | &nbsp;&nbsp; 15777959<br>|
|  |  | &nbsp;&nbsp; 22648639 |
| **United Kingdom - 6.4%** | **United Kingdom - 6.4%** | **United Kingdom - 6.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca plc <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 28549 | &nbsp;&nbsp; 5300263<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group plc (Consumer <br> Services)†<br>| &nbsp;&nbsp; 272758 | &nbsp;&nbsp; 8169820<br>|
| Diploma plc (Capital Goods)† | &nbsp;&nbsp; 101486 | &nbsp;&nbsp; 7388049<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon plc (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 1688632 | &nbsp;&nbsp; 8767341<br>|
| Shell plc (Energy)† | &nbsp;&nbsp; 153022 | &nbsp;&nbsp; 5865146<br>|
|  |  | &nbsp;&nbsp; 35490619 |
| **United States - 55.9%** | **United States - 55.9%** | **United States - 55.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie Inc. (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 29261 | &nbsp;&nbsp; 6525496<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture plc, Class A (Software <br> & Services)<br>| &nbsp;&nbsp; 32168 | &nbsp;&nbsp; 8480772<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 26022 | &nbsp;&nbsp; 7630951<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class A (Media & <br> Entertainment)<br>| &nbsp;&nbsp; 80963 | &nbsp;&nbsp; 27365494<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com Inc. (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 92699 | &nbsp;&nbsp; 22182871<br>|
| AMETEK Inc. (Capital Goods) | &nbsp;&nbsp; 26996 | &nbsp;&nbsp; 6046564<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A <br> (Technology Hardware & <br> Equipment)<br>| &nbsp;&nbsp; 72179 | &nbsp;&nbsp; 10399550<br>|
| Atkore Inc. (Capital Goods) | &nbsp;&nbsp; 59410 | &nbsp;&nbsp; 4126025<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Global Equity Portfolio**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.7% (continued)** | **COMMON STOCKS - 97.7% (continued)** | **COMMON STOCKS - 97.7% (continued)** |
| **United States - 55.9% (continued)** | **United States - 55.9% (continued)** | **United States - 55.9% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings Inc. <br> (Consumer Services)<br>| &nbsp;&nbsp; 2767 | &nbsp;&nbsp; $13840091<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom Inc. (Semiconductors <br> & Semiconductor <br> Equipment)<br>| &nbsp;&nbsp; 31014 | &nbsp;&nbsp; 10274938<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group Inc. (Financial <br> Services)<br>| &nbsp;&nbsp; 47032 | &nbsp;&nbsp; 13595070<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group Inc. (Real Estate <br> Management & <br> Development)\*<br>| &nbsp;&nbsp; 74513 | &nbsp;&nbsp; 4582550<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 28864 | &nbsp;&nbsp; 6318041<br>|
| Deere & Co. (Capital Goods) | &nbsp;&nbsp; 10397 | &nbsp;&nbsp; 5489616<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health Inc. (Health <br> Care Equipment & Services)<br>| &nbsp;&nbsp; 17573 | &nbsp;&nbsp; 6075689<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax Inc. (Commercial & <br> Professional Services)<br>| &nbsp;&nbsp; 27052 | &nbsp;&nbsp; 5448273<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet (Technology Hardware <br> & Equipment)\*<br>| &nbsp;&nbsp; 10864 | &nbsp;&nbsp; 5317276<br>|
| HEICO Corp. (Capital Goods) | &nbsp;&nbsp; 20959 | &nbsp;&nbsp; 6935543<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International Inc. <br> (Capital Goods)<br>| &nbsp;&nbsp; 39086 | &nbsp;&nbsp; 8892847<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 29472 | &nbsp;&nbsp; 6697512<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms Inc., Class A <br> (Media & Entertainment)<br>| &nbsp;&nbsp; 24415 | &nbsp;&nbsp; 17493347<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. (Software & <br> Services)<br>| &nbsp;&nbsp; 47552 | &nbsp;&nbsp; 20461150<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix Inc. (Media & <br> Entertainment)\*<br>| &nbsp;&nbsp; 153221 | &nbsp;&nbsp; 12792421<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. <br> (Capital Goods)<br>| &nbsp;&nbsp; 8494 | &nbsp;&nbsp; 5880056<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. (Semiconductors <br> & Semiconductor <br> Equipment)<br>| &nbsp;&nbsp; 67447 | &nbsp;&nbsp; 12891145<br>|
| Progressive Corp. (Insurance) | &nbsp;&nbsp; 48213 | &nbsp;&nbsp; 10028304<br>|
| SLB Ltd. (Energy) | &nbsp;&nbsp; 158598 | &nbsp;&nbsp; 7672971<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific Inc. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 11587 | &nbsp;&nbsp; 6704354<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk Inc., Class A (Media <br> & Entertainment)\*<br>| &nbsp;&nbsp; 88133 | &nbsp;&nbsp; 2673074<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets Inc., Class A <br> (Financial Services)<br>| &nbsp;&nbsp; 90168 | &nbsp;&nbsp; 9293616<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals Inc. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*<br>| &nbsp;&nbsp; 26050 | &nbsp;&nbsp; 12240895<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.7% (continued)** | **COMMON STOCKS - 97.7% (continued)** | **COMMON STOCKS - 97.7% (continued)** |
| **United States - 55.9% (continued)** | **United States - 55.9% (continued)** | **United States - 55.9% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa Inc., Class A (Financial <br> Services)<br>| &nbsp;&nbsp; 19324 | &nbsp;&nbsp; $6219043<br>|
|  |  | &nbsp;&nbsp; 310575545 |
| **Total Common Stocks (Cost $344,788,098)** | **Total Common Stocks (Cost $344,788,098)** | &nbsp;&nbsp; **$542465718** |
| **SHORT TERM INVESTMENTS - 2.6%** | **SHORT TERM INVESTMENTS - 2.6%** | **SHORT TERM INVESTMENTS - 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.54% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 14568149 | &nbsp;&nbsp; 14568149 |
| **Total Short Term Investments (Cost $14,568,149)** | **Total Short Term Investments (Cost $14,568,149)** | &nbsp;&nbsp; **$14568149** |
| **Total Investments — 100.3%** | **Total Investments — 100.3%** |  |
| **(Cost $359,356,247)** | **(Cost $359,356,247)** | &nbsp;&nbsp; **$557033867** |
| Liabilities Less Other Assets - (0.3)% | Liabilities Less Other Assets - (0.3)% | &nbsp;&nbsp; (1604793)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$555429074** |

---

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

---

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

---

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

------

**Harding, Loevner Funds, Inc.**

------

**Global Equity Portfolio**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

------

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp; Percentage of<br> Net Assets<br>|
| Banks | 2.6<br> %<br>|
| Capital Goods | 15.8 |
| Commercial & Professional Services | 2.0 |
| Consumer Discretionary Distribution & Retail | 4.0 |
| Consumer Durables & Apparel | 2.0 |
| Consumer Services | 4.0 |
| Consumer Staples Distribution & Retail | 1.7 |
| Energy | 2.5 |
| Financial Services | 6.2 |
| Health Care Equipment & Services | 2.2 |
| Insurance | 3.7 |
| Media & Entertainment | 14.0 |
| Pharmaceuticals, Biotechnology & Life Sciences | 13.0 |
| Real Estate Management & Development | 0.8 |
| Semiconductors & Semiconductor Equipment | 10.6 |
| Software & Services | 7.6 |
| Technology Hardware & Equipment | 5.0 |
| Money Market Fund | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 100.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities Less Other Assets | &nbsp;&nbsp; (0.3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | 100.0<br> %<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**International Equity Portfolio**

**Portfolio of Investments**

**January 31, 2026 (unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.3%** | **COMMON STOCKS - 97.3%** | **COMMON STOCKS - 97.3%** |
| **Canada - 4.0%** | **Canada - 4.0%** | **Canada - 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc. <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 2609413 | &nbsp;&nbsp; $135755015<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. <br> (Transportation)<br>| &nbsp;&nbsp; 1246932 | &nbsp;&nbsp; 119979797<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp. <br> (Insurance)<br>| &nbsp;&nbsp; 6522825 | &nbsp;&nbsp; 248477166<br>|
|  |  | &nbsp;&nbsp; 504211978 |
| **China - 8.5%** | **China - 8.5%** | **China - 8.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex <br> Technology Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 5599657 | &nbsp;&nbsp; 282623612<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Haier Smart Home Co., Ltd., <br> Class A (Consumer Durables <br> & Apparel)†<br>| &nbsp;&nbsp; 33690788 | &nbsp;&nbsp; 121259088<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase Inc. - ADR (Media & <br> Entertainment)<br>| &nbsp;&nbsp; 1020435 | &nbsp;&nbsp; 131462641<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of <br> China Ltd., Class H <br> (Insurance)†<br>| &nbsp;&nbsp; 16553000 | &nbsp;&nbsp; 153851854<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SF Holding Co., Ltd., Class A <br> (Transportation)†<br>| &nbsp;&nbsp; 22110600 | &nbsp;&nbsp; 118718465<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 2410964 | &nbsp;&nbsp; 65626023<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 2600310 | &nbsp;&nbsp; 199332797<br>|
|  |  | &nbsp;&nbsp; 1072874480 |
| **Denmark - 1.9%** | **Denmark - 1.9%** | **Denmark - 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B (Health <br> Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 765038 | &nbsp;&nbsp; 65305385<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 491617 | &nbsp;&nbsp; 160266601<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis (Novozymes), Class B <br> (Materials)†<br>| &nbsp;&nbsp; 304642 | &nbsp;&nbsp; 18606892<br>|
|  |  | &nbsp;&nbsp; 244178878 |
| **France - 5.3%** | **France - 5.3%** | **France - 5.3%** |
| Air Liquide SA (Materials)† | &nbsp;&nbsp; 639573 | &nbsp;&nbsp; 119711163<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE (Software <br> & Services)†<br>| &nbsp;&nbsp; 3346131 | &nbsp;&nbsp; 92021346<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 374722 | &nbsp;&nbsp; 172122108<br>|
| Safran SA (Capital Goods)† | &nbsp;&nbsp; 351628 | &nbsp;&nbsp; 125251363<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE (Capital <br> Goods)†<br>| &nbsp;&nbsp; 560013 | &nbsp;&nbsp; 159745546<br>|
|  |  | &nbsp;&nbsp; 668851526 |
| **Germany - 3.4%** | **Germany - 3.4%** | **Germany - 3.4%** |
| Allianz SE, Reg S (Insurance)† | &nbsp;&nbsp; 655253 | &nbsp;&nbsp; 289111591<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 928055 | &nbsp;&nbsp; 45798406<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.3% (continued)** | **COMMON STOCKS - 97.3% (continued)** | **COMMON STOCKS - 97.3% (continued)** |
| **Germany - 3.4% (continued)** | **Germany - 3.4% (continued)** | **Germany - 3.4% (continued)** |
| Symrise AG (Materials)† | &nbsp;&nbsp; 1032610 | &nbsp;&nbsp; $86974011<br>|
|  |  | &nbsp;&nbsp; 421884008 |
| **Hong Kong - 3.8%** | **Hong Kong - 3.8%** | **Hong Kong - 3.8%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 30111574 | &nbsp;&nbsp; 347744758<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 9445500 | &nbsp;&nbsp; 129477416<br>|
|  |  | &nbsp;&nbsp; 477222174 |
| **India - 2.5%** | **India - 2.5%** | **India - 2.5%** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp; 9566439 | &nbsp;&nbsp; 309761295<br>|
| **Indonesia - 1.0%** | **Indonesia - 1.0%** | **Indonesia - 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 586386000 | &nbsp;&nbsp; 124845573<br>|
| **Ireland - 1.1%** | **Ireland - 1.1%** | **Ireland - 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings plc - <br> Sponsored ADR <br> (Transportation)<br>| &nbsp;&nbsp; 1956530 | &nbsp;&nbsp; 138131018<br>|
| **Israel - 0.7%** | **Israel - 0.7%** | **Israel - 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. - Sponsored ADR <br> (Software & Services)\*<br>| &nbsp;&nbsp; 876956 | &nbsp;&nbsp; 93316888<br>|
| **Japan - 12.8%** | **Japan - 12.8%** | **Japan - 12.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 5056700 | &nbsp;&nbsp; 288546261<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co., Ltd. (Capital <br> Goods)†<br>| &nbsp;&nbsp; 4143500 | &nbsp;&nbsp; 148586722<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 436200 | &nbsp;&nbsp; 186369114<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 244734 | &nbsp;&nbsp; 89427710<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. (Semiconductors <br> & Semiconductor <br> Equipment)†<br>| &nbsp;&nbsp; 885700 | &nbsp;&nbsp; 209083359<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; M3 Inc. (Health Care Equipment <br> & Services)†<br>| &nbsp;&nbsp; 7354467 | &nbsp;&nbsp; 91704574<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co., Ltd. (Software & <br> Services)†<br>| &nbsp;&nbsp; 2903800 | &nbsp;&nbsp; 80628088<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 6487600 | &nbsp;&nbsp; 133406859<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 9180500 | &nbsp;&nbsp; 203290420<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sysmex Corp. (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 9289621 | &nbsp;&nbsp; 88062431<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Unicharm Corp. (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 13832700 | &nbsp;&nbsp; 83842508<br>|
|  |  | &nbsp;&nbsp; 1602948046 |
| **Mexico - 3.1%** | **Mexico - 3.1%** | **Mexico - 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano <br> SAB de CV - Sponsored <br> ADR (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 2367324 | &nbsp;&nbsp; 247053933<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**International Equity Portfolio**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.3% (continued)** | **COMMON STOCKS - 97.3% (continued)** | **COMMON STOCKS - 97.3% (continued)** |
| **Mexico - 3.1% (continued)** | **Mexico - 3.1% (continued)** | **Mexico - 3.1% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB <br> de CV, Series O (Banks)<br>| &nbsp;&nbsp; 12495900 | &nbsp;&nbsp; $141268881<br>|
|  |  | &nbsp;&nbsp; 388322814 |
| **Netherlands - 4.8%** | **Netherlands - 4.8%** | **Netherlands - 4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (Financial <br> Services)\*^†<br>| &nbsp;&nbsp; 81087 | &nbsp;&nbsp; 120459271<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 336907 | &nbsp;&nbsp; 478828710<br>|
|  |  | &nbsp;&nbsp; 599287981 |
| **Peru - 1.7%** | **Peru - 1.7%** | **Peru - 1.7%** |
| Credicorp Ltd. (Banks) | &nbsp;&nbsp; 609542 | &nbsp;&nbsp; 217502872<br>|
| **Singapore - 3.7%** | **Singapore - 3.7%** | **Singapore - 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 8337918 | &nbsp;&nbsp; 388575310<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. - ADR (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 610337 | &nbsp;&nbsp; 71098157<br>|
|  |  | &nbsp;&nbsp; 459673467 |
| **South Korea - 6.0%** | **South Korea - 6.0%** | **South Korea - 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; NAVER Corp. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 1274308 | &nbsp;&nbsp; 240757209<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 186299 | &nbsp;&nbsp; 514575351<br>|
|  |  | &nbsp;&nbsp; 755332560 |
| **Spain - 2.2%** | **Spain - 2.2%** | **Spain - 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya <br> Argentaria SA (Banks)†<br>| &nbsp;&nbsp; 10815688 | &nbsp;&nbsp; 275438182<br>|
| **Sweden - 7.4%** | **Sweden - 7.4%** | **Sweden - 7.4%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp; 4170351 | &nbsp;&nbsp; 241987075<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B (Capital <br> Goods)†<br>| &nbsp;&nbsp; 3856421 | &nbsp;&nbsp; 155996485<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 5898819 | &nbsp;&nbsp; 122042625<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 6391921 | &nbsp;&nbsp; 179480047<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken <br> AB, Class A (Banks)†<br>| &nbsp;&nbsp; 10908810 | &nbsp;&nbsp; 235057616<br>|
|  |  | &nbsp;&nbsp; 934563848 |
| **Switzerland - 5.2%** | **Switzerland - 5.2%** | **Switzerland - 5.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG (Health Care <br> Equipment & Services)<br>| &nbsp;&nbsp; 1849063 | &nbsp;&nbsp; 149737121<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG, Reg S <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 888520 | &nbsp;&nbsp; 131969684<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG, Genusschein <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 642259 | &nbsp;&nbsp; 291460364<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.3% (continued)** | **COMMON STOCKS - 97.3% (continued)** | **COMMON STOCKS - 97.3% (continued)** |
| **Switzerland - 5.2% (continued)** | **Switzerland - 5.2% (continued)** | **Switzerland - 5.2% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding AG, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 317778 | &nbsp;&nbsp; $86854195<br>|
|  |  | &nbsp;&nbsp; 660021364 |
| **Taiwan - 6.8%** | **Taiwan - 6.8%** | **Taiwan - 6.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 9014000 | &nbsp;&nbsp; 349900038<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co., Ltd. - <br> Sponsored ADR <br> (Semiconductors & <br> Semiconductor Equipment)<br>| &nbsp;&nbsp; 1530789 | &nbsp;&nbsp; 506017612<br>|
|  |  | &nbsp;&nbsp; 855917650 |
| **United Kingdom - 9.9%** | **United Kingdom - 9.9%** | **United Kingdom - 9.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems plc (Capital <br> Goods)†<br>| &nbsp;&nbsp; 10367097 | &nbsp;&nbsp; 279582536<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group plc (Consumer <br> Services)†<br>| &nbsp;&nbsp; 3655459 | &nbsp;&nbsp; 109490615<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon plc (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 45137555 | &nbsp;&nbsp; 234353225<br>|
| Rio Tinto plc (Materials)† | &nbsp;&nbsp; 3096517 | &nbsp;&nbsp; 281752245<br>|
| Shell plc (Energy)† | &nbsp;&nbsp; 8768566 | &nbsp;&nbsp; 336088378<br>|
|  |  | &nbsp;&nbsp; 1241266999 |
| **United States - 1.5%** | **United States - 1.5%** | **United States - 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre Inc. (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 86995 | &nbsp;&nbsp; 186846991 |
| **Total Common Stocks (Cost $7,027,929,925)** | **Total Common Stocks (Cost $7,027,929,925)** | &nbsp;&nbsp; **$12232400592** |
| **SHORT TERM INVESTMENTS - 2.2%** | **SHORT TERM INVESTMENTS - 2.2%** | **SHORT TERM INVESTMENTS - 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.54% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 272642818 | &nbsp;&nbsp; 272642818 |
| **Total Short Term Investments (Cost** <br> **$272,642,818)** | **Total Short Term Investments (Cost** <br> **$272,642,818)** | &nbsp;&nbsp; **$272642818** |
| **Total Investments — 99.5%** | **Total Investments — 99.5%** |  |
| **(Cost $7,300,572,743)** | **(Cost $7,300,572,743)** | &nbsp;&nbsp; **$12505043410** |
| Other Assets Less Liabilities - 0.5% | Other Assets Less Liabilities - 0.5% | &nbsp;&nbsp; 66397381 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$12571440791** |

---

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

------

**Harding, Loevner Funds, Inc.**

------

**International Equity Portfolio**

**Portfolio of Investments (continued)**

**January 31, 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>|
| *†* | *Investment categorized as level 2 security.* |
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 1.0%* <br> *of net assets as of January 31, 2026, are considered liquid and* <br> *may be resold in transactions exempt from registration,* <br> *normally to qualified buyers.*<br>|

---

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

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp; Percentage of<br> Net Assets<br>|
| Banks | 12.5<br> %<br>|
| Capital Goods | 14.5 |
| Consumer Discretionary Distribution & Retail | 2.1 |
| Consumer Durables & Apparel | 2.6 |
| Consumer Services | 0.9 |
| Consumer Staples Distribution & Retail | 1.1 |
| Energy | 2.7 |
| Financial Services | 1.0 |
| Food, Beverage & Tobacco | 2.0 |
| Health Care Equipment & Services | 4.3 |
| Household & Personal Products | 2.1 |
| Insurance | 8.3 |
| Materials | 3.9 |
| Media & Entertainment | 4.5 |
| Pharmaceuticals, Biotechnology & Life Sciences | 9.9 |
| Semiconductors & Semiconductor Equipment | 11.4 |
| Software & Services | 2.0 |
| Technology Hardware & Equipment | 7.6 |
| Telecommunication Services | 1.0 |
| Transportation | 2.9 |
| Money Market Fund | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 99.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Assets Less Liabilities | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | 100.0<br> %<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**International Developed Markets Equity Portfolio**

**Portfolio of Investments**

**January 31, 2026 (unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.9%** | **COMMON STOCKS - 96.9%** | **COMMON STOCKS - 96.9%** |
| **Canada - 5.6%** | **Canada - 5.6%** | **Canada - 5.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc. <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 34191 | &nbsp;&nbsp; $1778791<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. <br> (Transportation)<br>| &nbsp;&nbsp; 13234 | &nbsp;&nbsp; 1273375<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp. <br> (Insurance)<br>| &nbsp;&nbsp; 69838 | &nbsp;&nbsp; 2660373<br>|
|  |  | &nbsp;&nbsp; 5712539 |
| **Denmark - 2.6%** | **Denmark - 2.6%** | **Denmark - 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B (Health <br> Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 8569 | &nbsp;&nbsp; 731469<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 5309 | &nbsp;&nbsp; 1730728<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis (Novozymes), Class B <br> (Materials)†<br>| &nbsp;&nbsp; 3515 | &nbsp;&nbsp; 214689<br>|
|  |  | &nbsp;&nbsp; 2676886 |
| **France - 7.9%** | **France - 7.9%** | **France - 7.9%** |
| Air Liquide SA (Materials)† | &nbsp;&nbsp; 7138 | &nbsp;&nbsp; 1336045<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE (Software <br> & Services)†<br>| &nbsp;&nbsp; 38205 | &nbsp;&nbsp; 1050669<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 5217 | &nbsp;&nbsp; 2396339<br>|
| Safran SA (Capital Goods)† | &nbsp;&nbsp; 4210 | &nbsp;&nbsp; 1499620<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE (Capital <br> Goods)†<br>| &nbsp;&nbsp; 6181 | &nbsp;&nbsp; 1763150<br>|
|  |  | &nbsp;&nbsp; 8045823 |
| **Germany - 4.8%** | **Germany - 4.8%** | **Germany - 4.8%** |
| Allianz SE, Reg S (Insurance)† | &nbsp;&nbsp; 7277 | &nbsp;&nbsp; 3210768<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 13897 | &nbsp;&nbsp; 685800<br>|
| Symrise AG (Materials)† | &nbsp;&nbsp; 10971 | &nbsp;&nbsp; 924058<br>|
|  |  | &nbsp;&nbsp; 4820626 |
| **Hong Kong - 5.3%** | **Hong Kong - 5.3%** | **Hong Kong - 5.3%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 343200 | &nbsp;&nbsp; 3963459<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 102000 | &nbsp;&nbsp; 1398200<br>|
|  |  | &nbsp;&nbsp; 5361659 |
| **India - 0.0%^^** | **India - 0.0%^^** | **India - 0.0%^^** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 10232<br>|
| **Ireland - 1.5%** | **Ireland - 1.5%** | **Ireland - 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings plc - <br> Sponsored ADR <br> (Transportation)<br>| &nbsp;&nbsp; 20841 | &nbsp;&nbsp; 1471375<br>|
| **Israel - 0.9%** | **Israel - 0.9%** | **Israel - 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. - Sponsored ADR <br> (Software & Services)\*<br>| &nbsp;&nbsp; 8971 | &nbsp;&nbsp; 954604<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.9% (continued)** | **COMMON STOCKS - 96.9% (continued)** | **COMMON STOCKS - 96.9% (continued)** |
| **Japan - 17.1%** | **Japan - 17.1%** | **Japan - 17.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 53500 | &nbsp;&nbsp; $3052826<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co., Ltd. (Capital <br> Goods)†<br>| &nbsp;&nbsp; 43900 | &nbsp;&nbsp; 1574263<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 1965378<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 950060<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. (Semiconductors <br> & Semiconductor <br> Equipment)†<br>| &nbsp;&nbsp; 8900 | &nbsp;&nbsp; 2100984<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; M3 Inc. (Health Care Equipment <br> & Services)†<br>| &nbsp;&nbsp; 72900 | &nbsp;&nbsp; 909007<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co., Ltd. (Software & <br> Services)†<br>| &nbsp;&nbsp; 33700 | &nbsp;&nbsp; 935728<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 78200 | &nbsp;&nbsp; 1608055<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 109300 | &nbsp;&nbsp; 2420309<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sysmex Corp. (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 103800 | &nbsp;&nbsp; 983988<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Unicharm Corp. (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 147700 | &nbsp;&nbsp; 895237<br>|
|  |  | &nbsp;&nbsp; 17395835 |
| **Netherlands - 6.1%** | **Netherlands - 6.1%** | **Netherlands - 6.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (Financial <br> Services)\*^†<br>| &nbsp;&nbsp; 937 | &nbsp;&nbsp; 1391966<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 3379 | &nbsp;&nbsp; 4802400<br>|
|  |  | &nbsp;&nbsp; 6194366 |
| **Singapore - 4.8%** | **Singapore - 4.8%** | **Singapore - 4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 86600 | &nbsp;&nbsp; 4035854<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. - ADR (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 6846 | &nbsp;&nbsp; 797491<br>|
|  |  | &nbsp;&nbsp; 4833345 |
| **South Korea - 3.2%** | **South Korea - 3.2%** | **South Korea - 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 1191 | &nbsp;&nbsp; 3289654<br>|
| **Spain - 3.1%** | **Spain - 3.1%** | **Spain - 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya <br> Argentaria SA (Banks)†<br>| &nbsp;&nbsp; 124817 | &nbsp;&nbsp; 3178658<br>|
| **Sweden - 9.8%** | **Sweden - 9.8%** | **Sweden - 9.8%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp; 42753 | &nbsp;&nbsp; 2480768<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B (Capital <br> Goods)†<br>| &nbsp;&nbsp; 37340 | &nbsp;&nbsp; 1510444<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 64448 | &nbsp;&nbsp; 1333386<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**International Developed Markets Equity Portfolio**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.9% (continued)** | **COMMON STOCKS - 96.9% (continued)** | **COMMON STOCKS - 96.9% (continued)** |
| **Sweden - 9.8% (continued)** | **Sweden - 9.8% (continued)** | **Sweden - 9.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 68826 | &nbsp;&nbsp; $1932579<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken <br> AB, Class A (Banks)†<br>| &nbsp;&nbsp; 124997 | &nbsp;&nbsp; 2693374<br>|
|  |  | &nbsp;&nbsp; 9950551 |
| **Switzerland - 7.1%** | **Switzerland - 7.1%** | **Switzerland - 7.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG (Health Care <br> Equipment & Services)<br>| &nbsp;&nbsp; 18800 | &nbsp;&nbsp; 1522424<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG, Reg S <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 11067 | &nbsp;&nbsp; 1643754<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG, Genusschein <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 6881 | &nbsp;&nbsp; 3122632<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding AG, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 3224 | &nbsp;&nbsp; 881175<br>|
|  |  | &nbsp;&nbsp; 7169985 |
| **Taiwan - 3.7%** | **Taiwan - 3.7%** | **Taiwan - 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co., Ltd. - <br> Sponsored ADR <br> (Semiconductors & <br> Semiconductor Equipment)<br>| &nbsp;&nbsp; 11252 | &nbsp;&nbsp; 3719461<br>|
| **United Kingdom - 13.4%** | **United Kingdom - 13.4%** | **United Kingdom - 13.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems plc (Capital <br> Goods)†<br>| &nbsp;&nbsp; 111197 | &nbsp;&nbsp; 2998789<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group plc (Consumer <br> Services)†<br>| &nbsp;&nbsp; 45478 | &nbsp;&nbsp; 1362186<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon plc (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 508019 | &nbsp;&nbsp; 2637624<br>|
| Rio Tinto plc (Materials)† | &nbsp;&nbsp; 32251 | &nbsp;&nbsp; 2934520<br>|
| Shell plc (Energy)† | &nbsp;&nbsp; 95627 | &nbsp;&nbsp; 3665266<br>|
|  |  | &nbsp;&nbsp; 13598385 |
| **Total Common Stocks (Cost $72,682,572)** | **Total Common Stocks (Cost $72,682,572)** | &nbsp;&nbsp; **$98383984** |
| **SHORT TERM INVESTMENTS - 3.4%** | **SHORT TERM INVESTMENTS - 3.4%** | **SHORT TERM INVESTMENTS - 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.54% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 3522949 | &nbsp;&nbsp; 3522949 |
| **Total Short Term Investments (Cost $3,522,949)** | **Total Short Term Investments (Cost $3,522,949)** | &nbsp;&nbsp; **$3522949** |
| **Total Investments — 100.3%** | **Total Investments — 100.3%** |  |
| **(Cost $76,205,521)** | **(Cost $76,205,521)** | &nbsp;&nbsp; **$101906933** |
| Liabilities Less Other Assets - (0.3)% | Liabilities Less Other Assets - (0.3)% | &nbsp;&nbsp; (354585)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$101552348** |

---

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

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | *Investment categorized as level 2 security.* |
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 1.4%* <br> *of net assets as of January 31, 2026, are considered liquid and* <br> *may be resold in transactions exempt from registration,* <br> *normally to qualified buyers.*<br>|
| *^^* | *Amount is less than 0.005%.* |

---

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

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp; Percentage of<br> Net Assets<br>|
| Banks | 9.8<br> %<br>|
| Capital Goods | 16.2 |
| Consumer Discretionary Distribution & Retail | 0.8 |
| Consumer Durables & Apparel | 2.4 |
| Consumer Services | 1.3 |
| Consumer Staples Distribution & Retail | 1.7 |
| Energy | 3.6 |
| Financial Services | 1.4 |
| Health Care Equipment & Services | 5.0 |
| Household & Personal Products | 3.3 |
| Insurance | 9.7 |
| Materials | 5.3 |
| Pharmaceuticals, Biotechnology & Life Sciences | 13.6 |
| Semiconductors & Semiconductor Equipment | 13.1 |
| Software & Services | 2.8 |
| Technology Hardware & Equipment | 4.1 |
| Transportation | 2.8 |
| Money Market Fund | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 100.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities Less Other Assets | &nbsp;&nbsp; (0.3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | 100.0<br> %<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**International Small Companies Portfolio**

**Portfolio of Investments**

**January 31, 2026 (unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 105.0%** | **COMMON STOCKS - 105.0%** | **COMMON STOCKS - 105.0%** |
| **Bangladesh - 0.8%** | **Bangladesh - 0.8%** | **Bangladesh - 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Square Pharmaceuticals plc <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 1033836 | &nbsp;&nbsp; $1851853<br>|
| **Belgium - 1.8%** | **Belgium - 1.8%** | **Belgium - 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lotus Bakeries NV (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 347 | &nbsp;&nbsp; 4079359<br>|
| **Canada - 0.8%** | **Canada - 0.8%** | **Canada - 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinaxis Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 18950 | &nbsp;&nbsp; 1913579<br>|
| **China - 7.1%** | **China - 7.1%** | **China - 7.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Haitian International Holdings <br> Ltd. (Capital Goods)†<br>| &nbsp;&nbsp; 548000 | &nbsp;&nbsp; 1700126<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Qingdao Haier Biomedical Co., <br> Ltd., Class A (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 820100 | &nbsp;&nbsp; 3929450<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai Friendess Electronic <br> Technology Corp., Ltd., <br> Class A (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 77469 | &nbsp;&nbsp; 1673853<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai Hanbell Precise <br> Machinery Co., Ltd., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 737500 | &nbsp;&nbsp; 2634354<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TravelSky Technology Ltd., <br> Class H (Consumer <br> Services)†<br>| &nbsp;&nbsp; 2743000 | &nbsp;&nbsp; 3734394<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Yantai China Pet Foods Co., <br> Ltd., Class A (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 359199 | &nbsp;&nbsp; 2544329<br>|
|  |  | &nbsp;&nbsp; 16216506 |
| **Finland - 1.6%** | **Finland - 1.6%** | **Finland - 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vaisala OYJ, Class A <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 73026 | &nbsp;&nbsp; 3637974<br>|
| **France - 5.2%** | **France - 5.2%** | **France - 5.2%** |
| Alten SA (Software & Services)† | &nbsp;&nbsp; 27310 | &nbsp;&nbsp; 2669540<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; IPSOS SA (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 46821 | &nbsp;&nbsp; 1987004<br>|
| Rubis SCA (Utilities)† | &nbsp;&nbsp; 178491 | &nbsp;&nbsp; 7232687<br>|
|  |  | &nbsp;&nbsp; 11889231 |
| **Germany - 12.5%** | **Germany - 12.5%** | **Germany - 12.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bechtle AG (Software & <br> Services)†<br>| &nbsp;&nbsp; 86878 | &nbsp;&nbsp; 4513195<br>|
| Brenntag SE (Capital Goods)† | &nbsp;&nbsp; 30336 | &nbsp;&nbsp; 1847841<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Evotec SE (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 405986 | &nbsp;&nbsp; 2992380<br>|
| FUCHS SE (Materials)† | &nbsp;&nbsp; 116096 | &nbsp;&nbsp; 4100790<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; KWS Saat SE & Co. KGaA <br> (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 61147 | &nbsp;&nbsp; 5428613<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Nemetschek SE (Software & <br> Services)†<br>| &nbsp;&nbsp; 11786 | &nbsp;&nbsp; 1033080<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Pfeiffer Vacuum Technology AG <br> (Capital Goods)†<br>| &nbsp;&nbsp; 18854 | &nbsp;&nbsp; 3665110<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 105.0% (continued)** | **COMMON STOCKS - 105.0% (continued)** | **COMMON STOCKS - 105.0% (continued)** |
| **Germany - 12.5% (continued)** | **Germany - 12.5% (continued)** | **Germany - 12.5% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Media & <br> Entertainment)^†<br>| &nbsp;&nbsp; 36401 | &nbsp;&nbsp; $3626518<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TeamViewer SE (Software & <br> Services)\*^†<br>| &nbsp;&nbsp; 207332 | &nbsp;&nbsp; 1390913<br>|
|  |  | &nbsp;&nbsp; 28598440 |
| **Hong Kong - 0.7%** | **Hong Kong - 0.7%** | **Hong Kong - 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ASMPT Ltd. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 111000 | &nbsp;&nbsp; 1487061<br>|
| **India - 2.5%** | **India - 2.5%** | **India - 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Max Financial Services Ltd. <br> (Insurance)\*†<br>| &nbsp;&nbsp; 255830 | &nbsp;&nbsp; 4489669<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SH Kelkar & Co., Ltd. <br> (Materials)^†<br>| &nbsp;&nbsp; 815106 | &nbsp;&nbsp; 1285327<br>|
|  |  | &nbsp;&nbsp; 5774996 |
| **Italy - 3.5%** | **Italy - 3.5%** | **Italy - 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Carel Industries SpA (Capital <br> Goods)^†<br>| &nbsp;&nbsp; 85150 | &nbsp;&nbsp; 2119480<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; DiaSorin SpA (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 22389 | &nbsp;&nbsp; 1915630<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Reply SpA (Software & <br> Services)†<br>| &nbsp;&nbsp; 30736 | &nbsp;&nbsp; 4022319<br>|
|  |  | &nbsp;&nbsp; 8057429 |
| **Japan - 14.5%** | **Japan - 14.5%** | **Japan - 14.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ariake Japan Co., Ltd. (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 95800 | &nbsp;&nbsp; 3467759<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Intecc Co., Ltd. (Health <br> Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 165400 | &nbsp;&nbsp; 2745777<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; GMO Payment Gateway Inc. <br> (Financial Services)†<br>| &nbsp;&nbsp; 64200 | &nbsp;&nbsp; 3704449<br>|
| JCU Corp. (Materials)† | &nbsp;&nbsp; 68100 | &nbsp;&nbsp; 2490334<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; MISUMI Group Inc. (Capital <br> Goods)†<br>| &nbsp;&nbsp; 128300 | &nbsp;&nbsp; 2119934<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Rohto Pharmaceutical Co., Ltd. <br> (Household & Personal <br> Products)†<br>| &nbsp;&nbsp; 307000 | &nbsp;&nbsp; 5076174<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Santen Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 398600 | &nbsp;&nbsp; 4482308<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SHIFT Inc. (Software & <br> Services)\*†<br>| &nbsp;&nbsp; 860400 | &nbsp;&nbsp; 4073299<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Financial Group Inc. <br> (Financial Services)\*†<br>| &nbsp;&nbsp; 3764800 | &nbsp;&nbsp; 3785813<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sysmex Corp. (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 115100 | &nbsp;&nbsp; 1091109<br>|
|  |  | &nbsp;&nbsp; 33036956 |
| **Lithuania - 2.2%** | **Lithuania - 2.2%** | **Lithuania - 2.2%** |
| Artea Bankas AB (Banks)† | &nbsp;&nbsp; 4379314 | &nbsp;&nbsp; 4982268<br>|
| **Malaysia - 1.5%** | **Malaysia - 1.5%** | **Malaysia - 1.5%** |
| Dialog Group Bhd. (Energy)† | &nbsp;&nbsp; 2601140 | &nbsp;&nbsp; 1082903<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**International Small Companies Portfolio**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 105.0% (continued)** | **COMMON STOCKS - 105.0% (continued)** | **COMMON STOCKS - 105.0% (continued)** |
| **Malaysia - 1.5% (continued)** | **Malaysia - 1.5% (continued)** | **Malaysia - 1.5% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; TIME dotCom Bhd. <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 1478300 | &nbsp;&nbsp; $2239090<br>|
|  |  | &nbsp;&nbsp; 3321993 |
| **Mexico - 2.9%** | **Mexico - 2.9%** | **Mexico - 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Herdez SAB de CV <br> (Food, Beverage & Tobacco)<br>| &nbsp;&nbsp; 807447 | &nbsp;&nbsp; 3413492<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Megacable Holdings SAB de CV <br> (Media & Entertainment)<br>| &nbsp;&nbsp; 878100 | &nbsp;&nbsp; 3073048<br>|
|  |  | &nbsp;&nbsp; 6486540 |
| **Netherlands - 1.1%** | **Netherlands - 1.1%** | **Netherlands - 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BE Semiconductor Industries NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 12864 | &nbsp;&nbsp; 2516374<br>|
| **Norway - 2.0%** | **Norway - 2.0%** | **Norway - 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Medistim ASA (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 103566 | &nbsp;&nbsp; 2409838<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOMRA Systems ASA (Capital <br> Goods)†<br>| &nbsp;&nbsp; 159513 | &nbsp;&nbsp; 2122037<br>|
|  |  | &nbsp;&nbsp; 4531875 |
| **Panama - 1.7%** | **Panama - 1.7%** | **Panama - 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Copa Holdings SA, Class A <br> (Transportation)<br>| &nbsp;&nbsp; 27973 | &nbsp;&nbsp; 3815517<br>|
| **Philippines - 0.9%** | **Philippines - 0.9%** | **Philippines - 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilcon Depot Inc. (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 18977700 | &nbsp;&nbsp; 2152667<br>|
| **Poland - 0.7%** | **Poland - 0.7%** | **Poland - 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 202864 | &nbsp;&nbsp; 1665955<br>|
| **Romania - 1.2%** | **Romania - 1.2%** | **Romania - 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Societatea Nationala de Gaze <br> Naturale ROMGAZ SA <br> (Energy)†<br>| &nbsp;&nbsp; 1064494 | &nbsp;&nbsp; 2802916<br>|
| **South Korea - 0.8%** | **South Korea - 0.8%** | **South Korea - 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheil Worldwide Inc. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 119275 | &nbsp;&nbsp; 1821824<br>|
| **Spain - 2.0%** | **Spain - 2.0%** | **Spain - 2.0%** |
| Bankinter SA (Banks)† | &nbsp;&nbsp; 101188 | &nbsp;&nbsp; 1732167<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Linea Directa Aseguradora SA <br> Cia de Seguros y Reaseguros <br> (Insurance)†<br>| &nbsp;&nbsp; 1943864 | &nbsp;&nbsp; 2712696<br>|
|  |  | &nbsp;&nbsp; 4444863 |
| **Sweden - 2.4%** | **Sweden - 2.4%** | **Sweden - 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellavision AB (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 144842 | &nbsp;&nbsp; 2401007<br>|
| Hexpol AB (Materials)† | &nbsp;&nbsp; 208453 | &nbsp;&nbsp; 1701683<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Paradox Interactive AB (Media <br> & Entertainment)†<br>| &nbsp;&nbsp; 94252 | &nbsp;&nbsp; 1369635<br>|
|  |  | &nbsp;&nbsp; 5472325 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 105.0% (continued)** | **COMMON STOCKS - 105.0% (continued)** | **COMMON STOCKS - 105.0% (continued)** |
| **Switzerland - 5.4%** | **Switzerland - 5.4%** | **Switzerland - 5.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Belimo Holding AG, Reg S <br> (Capital Goods)†<br>| &nbsp;&nbsp; 3351 | &nbsp;&nbsp; $3675879<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bossard Holding AG, Class A, <br> Reg S (Capital Goods)†<br>| &nbsp;&nbsp; 13248 | &nbsp;&nbsp; 2603275<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Burckhardt Compression <br> Holding AG (Capital <br> Goods)†<br>| &nbsp;&nbsp; 4948 | &nbsp;&nbsp; 3424802<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Tecan Group AG, Reg S <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 8220 | &nbsp;&nbsp; 1447491<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Temenos AG, Reg S (Software & <br> Services)†<br>| &nbsp;&nbsp; 11963 | &nbsp;&nbsp; 1058691<br>|
|  |  | &nbsp;&nbsp; 12210138 |
| **Taiwan - 1.7%** | **Taiwan - 1.7%** | **Taiwan - 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ASPEED Technology Inc. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 3956090<br>|
| **Thailand - 0.8%** | **Thailand - 0.8%** | **Thailand - 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bumrungrad Hospital pcl, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 339500 | &nbsp;&nbsp; 1807286<br>|
| **United Kingdom - 22.6%** | **United Kingdom - 22.6%** | **United Kingdom - 22.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airtel Africa plc <br> (Telecommunication <br> Services)^†<br>| &nbsp;&nbsp; 772998 | &nbsp;&nbsp; 3385163<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Baltic Classifieds Group plc <br> (Media & Entertainment)†<br>| &nbsp;&nbsp; 1755698 | &nbsp;&nbsp; 4889021<br>|
| Clarkson plc (Transportation)† | &nbsp;&nbsp; 119785 | &nbsp;&nbsp; 6867429<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Cranswick plc (Food, Beverage <br> & Tobacco)†<br>| &nbsp;&nbsp; 78110 | &nbsp;&nbsp; 5622248<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Croda International plc <br> (Materials)†<br>| &nbsp;&nbsp; 75444 | &nbsp;&nbsp; 2819051<br>|
| Diploma plc (Capital Goods)† | &nbsp;&nbsp; 56871 | &nbsp;&nbsp; 4140135<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Games Workshop Group plc <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 5664 | &nbsp;&nbsp; 1323068<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Grafton Group plc (Capital <br> Goods)†<br>| &nbsp;&nbsp; 247278 | &nbsp;&nbsp; 3167303<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Rathbones Group plc (Financial <br> Services)†<br>| &nbsp;&nbsp; 72536 | &nbsp;&nbsp; 2193231<br>|
| Senior plc (Capital Goods)† | &nbsp;&nbsp; 2975427 | &nbsp;&nbsp; 9985388<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Spirax Group plc (Capital <br> Goods)†<br>| &nbsp;&nbsp; 50613 | &nbsp;&nbsp; 5040301<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; YouGov plc (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 639503 | &nbsp;&nbsp; 2095674<br>|
|  |  | &nbsp;&nbsp; 51528012 |
| **United States - 1.2%** | **United States - 1.2%** | **United States - 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 40383 | &nbsp;&nbsp; 2700815<br>|
| **Vietnam - 2.9%** | **Vietnam - 2.9%** | **Vietnam - 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; FPT Corp. (Software & <br> Services)†<br>| &nbsp;&nbsp; 221315 | &nbsp;&nbsp; 891271<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**International Small Companies Portfolio**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 105.0% (continued)** | **COMMON STOCKS - 105.0% (continued)** | **COMMON STOCKS - 105.0% (continued)** |
| **Vietnam - 2.9% (continued)** | **Vietnam - 2.9% (continued)** | **Vietnam - 2.9% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoa Phat Group JSC <br> (Materials)\*†<br>| &nbsp;&nbsp; 5429102 | &nbsp;&nbsp; $5597762<br>|
|  |  | &nbsp;&nbsp; 6489033 |
| **Total Common Stocks (Cost $164,733,805)** | **Total Common Stocks (Cost $164,733,805)** | &nbsp;&nbsp; **$239249875** |
| **SHORT TERM INVESTMENTS - 2.8%** | **SHORT TERM INVESTMENTS - 2.8%** | **SHORT TERM INVESTMENTS - 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.54% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 6444950 | &nbsp;&nbsp; 6444950 |
| **Total Short Term Investments (Cost $6,444,950)** | **Total Short Term Investments (Cost $6,444,950)** | &nbsp;&nbsp; **$6444950** |
| **Total Investments — 107.8%** | **Total Investments — 107.8%** |  |
| **(Cost $171,178,755)** | **(Cost $171,178,755)** | &nbsp;&nbsp; **$245694825** |
| Liabilities Less Other Assets - (7.8)% | Liabilities Less Other Assets - (7.8)% | &nbsp;&nbsp; (17685002)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$228009823** |

---

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

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | *Investment categorized as level 2 security.* |
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 5.9%* <br> *of net assets as of January 31, 2026, are considered liquid and* <br> *may be resold in transactions exempt from registration,* <br> *normally to qualified buyers.*<br>|

---

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

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp; Percentage of<br> Net Assets<br>|
| Banks | 3.0<br> %<br>|
| Capital Goods | 21.2 |
| Consumer Discretionary Distribution & Retail | 1.6 |
| Consumer Durables & Apparel | 0.6 |
| Consumer Services | 1.6 |
| Energy | 1.7 |
| Financial Services | 4.3 |
| Food, Beverage & Tobacco | 10.8 |
| Health Care Equipment & Services | 7.2 |
| Household & Personal Products | 2.2 |
| Insurance | 3.2 |
| Materials | 7.8 |
| Media & Entertainment | 8.3 |
| Pharmaceuticals, Biotechnology & Life Sciences | 4.7 |
| Semiconductors & Semiconductor Equipment | 3.5 |
| Software & Services | 10.6 |
| Technology Hardware & Equipment | 2.3 |
| Telecommunication Services | 2.5 |
| Transportation | 4.7 |
| Utilities | 3.2 |
| Money Market Fund | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 107.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities Less Other Assets | &nbsp;&nbsp; (7.8)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | 100.0<br> %<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Institutional Emerging Markets Portfolio**

**Portfolio of Investments**

**January 31, 2026 (unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.1%** | **COMMON STOCKS - 94.1%** | **COMMON STOCKS - 94.1%** |
| **Brazil - 3.7%** | **Brazil - 3.7%** | **Brazil - 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; B3 SA - Brasil Bolsa Balcao <br> (Financial Services)\*<br>| &nbsp;&nbsp; 1581700 | &nbsp;&nbsp; $4853823<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Lojas Renner SA (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 762730 | &nbsp;&nbsp; 2163804<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Raia Drogasil SA (Consumer <br> Staples Distribution & Retail)<br>| &nbsp;&nbsp; 838543 | &nbsp;&nbsp; 3903723<br>|
| WEG SA (Capital Goods) | &nbsp;&nbsp; 999552 | &nbsp;&nbsp; 9823159<br>|
|  |  | &nbsp;&nbsp; 20744509 |
| **China - 23.4%** | **China - 23.4%** | **China - 23.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 928398 | &nbsp;&nbsp; 19743788<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex <br> Technology Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 288579 | &nbsp;&nbsp; 14565042<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Hefei Meiya Optoelectronic <br> Technology Inc., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 1199936 | &nbsp;&nbsp; 3530740<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Li Ning Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 1074500 | &nbsp;&nbsp; 2801917<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Midea Group Co., Ltd., Class A <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 525002 | &nbsp;&nbsp; 5850908<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase Inc. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 334100 | &nbsp;&nbsp; 8675212<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of <br> China Ltd., Class H <br> (Insurance)†<br>| &nbsp;&nbsp; 1682000 | &nbsp;&nbsp; 15633348<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sany Heavy Industry Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 1510500 | &nbsp;&nbsp; 4731344<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SF Holding Co., Ltd., Class A <br> (Transportation)†<br>| &nbsp;&nbsp; 999018 | &nbsp;&nbsp; 5364028<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai Friendess Electronic <br> Technology Corp., Ltd., <br> Class A (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 426593 | &nbsp;&nbsp; 9217286<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Inovance Technology <br> Co., Ltd., Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 501400 | &nbsp;&nbsp; 5388141<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 152200 | &nbsp;&nbsp; 4142858<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhou International Group <br> Holdings Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 570410 | &nbsp;&nbsp; 4524405<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 345555 | &nbsp;&nbsp; 26489320<br>|
|  |  | &nbsp;&nbsp; 130658337 |
| **Egypt - 1.7%** | **Egypt - 1.7%** | **Egypt - 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial International Bank <br> Egypt - GDR, Reg S <br> (Banks)†<br>| &nbsp;&nbsp; 3497673 | &nbsp;&nbsp; 9268639<br>|
| **Hong Kong - 3.6%** | **Hong Kong - 3.6%** | **Hong Kong - 3.6%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 916156 | &nbsp;&nbsp; 10580266<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.1% (continued)** | **COMMON STOCKS - 94.1% (continued)** | **COMMON STOCKS - 94.1% (continued)** |
| **Hong Kong - 3.6% (continued)** | **Hong Kong - 3.6% (continued)** | **Hong Kong - 3.6% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; ASMPT Ltd. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 279824 | &nbsp;&nbsp; $3748786<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 421261 | &nbsp;&nbsp; 5774579<br>|
|  |  | &nbsp;&nbsp; 20103631 |
| **India - 11.9%** | **India - 11.9%** | **India - 11.9%** |
| Asian Paints Ltd. (Materials)† | &nbsp;&nbsp; 47258 | &nbsp;&nbsp; 1247307<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bajaj Auto Ltd. (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 32322 | &nbsp;&nbsp; 3373207<br>|
| HDFC Bank Ltd. (Banks)† | &nbsp;&nbsp; 1794643 | &nbsp;&nbsp; 18135225<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Life Insurance Co., Ltd. <br> (Insurance)^†<br>| &nbsp;&nbsp; 756286 | &nbsp;&nbsp; 6011937<br>|
| ICICI Bank Ltd. (Banks)† | &nbsp;&nbsp; 698542 | &nbsp;&nbsp; 10291837<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd. (Consumer <br> Services)\*<br>| &nbsp;&nbsp; 59736 | &nbsp;&nbsp; 3726332<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Maruti Suzuki India Ltd. <br> (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 68924 | &nbsp;&nbsp; 10940361<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Supreme Industries Ltd. <br> (Materials)†<br>| &nbsp;&nbsp; 70088 | &nbsp;&nbsp; 2678006<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. <br> (Software & Services)†<br>| &nbsp;&nbsp; 295113 | &nbsp;&nbsp; 10025760<br>|
|  |  | &nbsp;&nbsp; 66429972 |
| **Indonesia - 2.4%** | **Indonesia - 2.4%** | **Indonesia - 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk PT <br> (Capital Goods)†<br>| &nbsp;&nbsp; 12648500 | &nbsp;&nbsp; 4793215<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT <br> (Banks)†<br>| &nbsp;&nbsp; 6105029 | &nbsp;&nbsp; 2691978<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero <br> Tbk PT (Banks)†<br>| &nbsp;&nbsp; 17052786 | &nbsp;&nbsp; 3871946<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 10367800 | &nbsp;&nbsp; 2207375<br>|
|  |  | &nbsp;&nbsp; 13564514 |
| **Italy - 1.8%** | **Italy - 1.8%** | **Italy - 1.8%** |
| Tenaris SA - ADR (Energy) | &nbsp;&nbsp; 232741 | &nbsp;&nbsp; 10310426<br>|
| **Kazakhstan - 1.9%** | **Kazakhstan - 1.9%** | **Kazakhstan - 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaspi.KZ JSC - ADR (Financial <br> Services)\*<br>| &nbsp;&nbsp; 56373 | &nbsp;&nbsp; 4293931<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; NAC Kazatomprom JSC - GDR, <br> Reg S (Energy)†<br>| &nbsp;&nbsp; 74789 | &nbsp;&nbsp; 6160640<br>|
|  |  | &nbsp;&nbsp; 10454571 |
| **Kenya - 1.2%** | **Kenya - 1.2%** | **Kenya - 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Safaricom plc <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 29243282 | &nbsp;&nbsp; 6707543<br>|
| **Mexico - 2.8%** | **Mexico - 2.8%** | **Mexico - 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano <br> SAB de CV - Sponsored <br> ADR (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 63754 | &nbsp;&nbsp; 6653368<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB <br> de CV, Series O (Banks)<br>| &nbsp;&nbsp; 569029 | &nbsp;&nbsp; 6432997<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Institutional Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.1% (continued)** | **COMMON STOCKS - 94.1% (continued)** | **COMMON STOCKS - 94.1% (continued)** |
| **Mexico - 2.8% (continued)** | **Mexico - 2.8% (continued)** | **Mexico - 2.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico SAB de CV <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 863225 | &nbsp;&nbsp; $2739440<br>|
|  |  | &nbsp;&nbsp; 15825805 |
| **Panama - 0.7%** | **Panama - 0.7%** | **Panama - 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Copa Holdings SA, Class A <br> (Transportation)<br>| &nbsp;&nbsp; 29341 | &nbsp;&nbsp; 4002112<br>|
| **Russia - 0.0%^^** | **Russia - 0.0%^^** | **Russia - 0.0%^^** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC <br> (Banks)\*‡#<br>| &nbsp;&nbsp; 36588248 | &nbsp;&nbsp; — |
| **Saudi Arabia - 1.9%** | **Saudi Arabia - 1.9%** | **Saudi Arabia - 1.9%** |
| Al Rajhi Bank (Banks)† | &nbsp;&nbsp; 194699 | &nbsp;&nbsp; 5564979<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bupa Arabia for Cooperative <br> Insurance Co. (Insurance)†<br>| &nbsp;&nbsp; 115264 | &nbsp;&nbsp; 5071298<br>|
|  |  | &nbsp;&nbsp; 10636277 |
| **Singapore - 1.0%** | **Singapore - 1.0%** | **Singapore - 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. - ADR (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 45544 | &nbsp;&nbsp; 5305421<br>|
| **South Africa - 2.8%** | **South Africa - 2.8%** | **South Africa - 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Clicks Group Ltd. (Consumer <br> Staples Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 292267 | &nbsp;&nbsp; 5889854<br>|
| Discovery Ltd. (Insurance)† | &nbsp;&nbsp; 310340 | &nbsp;&nbsp; 4518413<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Bank Group Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 277550 | &nbsp;&nbsp; 5148657<br>|
|  |  | &nbsp;&nbsp; 15556924 |
| **South Korea - 10.5%** | **South Korea - 10.5%** | **South Korea - 10.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Coway Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 92422 | &nbsp;&nbsp; 5354122<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; NAVER Corp. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 28623 | &nbsp;&nbsp; 5407793<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 10563 | &nbsp;&nbsp; 29175999<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SK hynix Inc. (Semiconductors <br> & Semiconductor <br> Equipment)†<br>| &nbsp;&nbsp; 29202 | &nbsp;&nbsp; 18492437<br>|
|  |  | &nbsp;&nbsp; 58430351 |
| **Taiwan - 16.9%** | **Taiwan - 16.9%** | **Taiwan - 16.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airtac International Group <br> (Capital Goods)†<br>| &nbsp;&nbsp; 221783 | &nbsp;&nbsp; 8032493<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; ASPEED Technology Inc. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 64668 | &nbsp;&nbsp; 18273744<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 521950 | &nbsp;&nbsp; 20260742<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Eclat Textile Co., Ltd. <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 238181 | &nbsp;&nbsp; 3005555<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co., <br> Ltd. (Technology Hardware <br> & Equipment)†<br>| &nbsp;&nbsp; 1836545 | &nbsp;&nbsp; 12883885<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.1% (continued)** | **COMMON STOCKS - 94.1% (continued)** | **COMMON STOCKS - 94.1% (continued)** |
| **Taiwan - 16.9% (continued)** | **Taiwan - 16.9% (continued)** | **Taiwan - 16.9% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 571527 | &nbsp;&nbsp; $32121099<br>|
|  |  | &nbsp;&nbsp; 94577518 |
| **Thailand - 0.4%** | **Thailand - 0.4%** | **Thailand - 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bumrungrad Hospital pcl, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 454955 | &nbsp;&nbsp; 2421896<br>|
| **United Arab Emirates - 1.4%** | **United Arab Emirates - 1.4%** | **United Arab Emirates - 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 1920023 | &nbsp;&nbsp; 7844618<br>|
| **United Kingdom - 0.9%** | **United Kingdom - 0.9%** | **United Kingdom - 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG - CDI <br> (Food, Beverage & <br> Tobacco)\*†<br>| &nbsp;&nbsp; 96205 | &nbsp;&nbsp; 5199900<br>|
| **United States - 1.6%** | **United States - 1.6%** | **United States - 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 29955 | &nbsp;&nbsp; 6248613<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 39081 | &nbsp;&nbsp; 2613737<br>|
|  |  | &nbsp;&nbsp; 8862350 |
| **Vietnam - 1.6%** | **Vietnam - 1.6%** | **Vietnam - 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile World Investment Corp. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 2450900 | &nbsp;&nbsp; 8788779 |
| **Total Common Stocks (Cost $441,469,384)** | **Total Common Stocks (Cost $441,469,384)** | &nbsp;&nbsp; **$525694093** |
| **PREFERRED STOCKS - 2.5%** | **PREFERRED STOCKS - 2.5%** | **PREFERRED STOCKS - 2.5%** |
| **Brazil - 1.3%** | **Brazil - 1.3%** | **Brazil - 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA - <br> Sponsored ADR, 3.80% <br> (Banks)+<br>| &nbsp;&nbsp; 864298 | &nbsp;&nbsp; 7424319 |
| **Colombia - 0.7%** | **Colombia - 0.7%** | **Colombia - 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest SA - ADR, 1.72% <br> (Banks)+<br>| &nbsp;&nbsp; 50137 | &nbsp;&nbsp; 4093686 |
| **South Korea - 0.5%** | **South Korea - 0.5%** | **South Korea - 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd. - <br> GDR, Reg S, 1.25% <br> (Technology Hardware & <br> Equipment)†+<br>| &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 2439792 |
| **Total Preferred Stocks (Cost $3,791,195)** | **Total Preferred Stocks (Cost $3,791,195)** | &nbsp;&nbsp; **$13957797** |

---

------

**Harding, Loevner Funds, Inc.**

------

**Institutional Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT TERM INVESTMENTS - 2.9%** | **SHORT TERM INVESTMENTS - 2.9%** | **SHORT TERM INVESTMENTS - 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.54% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 16276612 | &nbsp;&nbsp; $16276612 |
| **Total Short Term Investments (Cost $16,276,612)** | **Total Short Term Investments (Cost $16,276,612)** | &nbsp;&nbsp; **$16276612** |
| **Total Investments — 99.5%** | **Total Investments — 99.5%** |  |
| **(Cost $461,537,191)** | **(Cost $461,537,191)** | &nbsp;&nbsp; **$555928502** |
| Other Assets Less Liabilities - 0.5% | Other Assets Less Liabilities - 0.5% | &nbsp;&nbsp; 2708122 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$558636624** |

---

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

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| CDI | Chess Depositary Interest |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *\** | *Non-income producing security.* |
| *†* | *Investment categorized as level 2 security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 1.1%* <br> *of net assets as of January 31, 2026, are considered liquid and* <br> *may be resold in transactions exempt from registration,* <br> *normally to 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 the* <br> *October 8, 2025 Prospectus Supplement for further details* <br> *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%.* |

---

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

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp; Percentage of<br> Net Assets<br>|
| Automobiles & Components | 2.6<br> %<br>|
| Banks | 12.9 |
| Capital Goods | 9.9 |
| Consumer Discretionary Distribution & Retail | 6.5 |
| Consumer Durables & Apparel | 3.9 |
| Consumer Services | 0.7 |
| Consumer Staples Distribution & Retail | 2.3 |
| Energy | 2.9 |
| Financial Services | 1.7 |
| Food, Beverage & Tobacco | 2.1 |
| Health Care Equipment & Services | 1.1 |
| Insurance | 7.5 |
| Materials | 0.7 |
| Media & Entertainment | 7.3 |
| Real Estate Management & Development | 1.4 |
| Semiconductors & Semiconductor Equipment | 13.1 |
| Software & Services | 3.4 |
| Technology Hardware & Equipment | 13.3 |
| Telecommunication Services | 1.6 |
| Transportation | 1.7 |
| Money Market Fund | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 99.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Assets Less Liabilities | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | 100.0<br> %<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Emerging Markets Portfolio**

**Portfolio of Investments**

**January 31, 2026 (unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 92.7%** | **COMMON STOCKS - 92.7%** | **COMMON STOCKS - 92.7%** |
| **Bangladesh - 1.8%** | **Bangladesh - 1.8%** | **Bangladesh - 1.8%** |
| BRAC Bank plc (Banks)† | &nbsp;&nbsp; 1724234 | &nbsp;&nbsp; $1043848<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; GrameenPhone Ltd. <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 160761 | &nbsp;&nbsp; 351933<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Square Pharmaceuticals plc <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 499292 | &nbsp;&nbsp; 894354<br>|
|  |  | &nbsp;&nbsp; 2290135 |
| **Colombia - 2.9%** | **Colombia - 2.9%** | **Colombia - 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cementos Argos SA - Sponsored <br> ADR (Materials)†<br>| &nbsp;&nbsp; 197696 | &nbsp;&nbsp; 3695215<br>|
| **Egypt - 2.7%** | **Egypt - 2.7%** | **Egypt - 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial International Bank <br> Egypt - GDR, Reg S <br> (Banks)†<br>| &nbsp;&nbsp; 1289423 | &nbsp;&nbsp; 3416899<br>|
| **Indonesia - 4.3%** | **Indonesia - 4.3%** | **Indonesia - 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk PT <br> (Capital Goods)†<br>| &nbsp;&nbsp; 1415700 | &nbsp;&nbsp; 536487<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT <br> (Banks)†<br>| &nbsp;&nbsp; 3321600 | &nbsp;&nbsp; 1464641<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Map Aktif Adiperkasa PT <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 37840200 | &nbsp;&nbsp; 1581703<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sumber Alfaria Trijaya Tbk PT <br> (Consumer Staples <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 6562300 | &nbsp;&nbsp; 682752<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 5371900 | &nbsp;&nbsp; 1143714<br>|
|  |  | &nbsp;&nbsp; 5409297 |
| **Kazakhstan - 8.8%** | **Kazakhstan - 8.8%** | **Kazakhstan - 8.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Halyk Savings Bank of <br> Kazakhstan JSC - GDR, Reg <br> S (Banks)†<br>| &nbsp;&nbsp; 101886 | &nbsp;&nbsp; 3275589<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Kaspi.KZ JSC - ADR (Financial <br> Services)\*<br>| &nbsp;&nbsp; 48287 | &nbsp;&nbsp; 3678021<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; NAC Kazatomprom JSC - GDR, <br> Reg S (Energy)†<br>| &nbsp;&nbsp; 50827 | &nbsp;&nbsp; 4186803<br>|
|  |  | &nbsp;&nbsp; 11140413 |
| **Kenya - 3.2%** | **Kenya - 3.2%** | **Kenya - 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Group Holdings plc <br> (Banks)†<br>| &nbsp;&nbsp; 1813400 | &nbsp;&nbsp; 941642<br>|
| KCB Group plc (Banks)† | &nbsp;&nbsp; 1836400 | &nbsp;&nbsp; 946642<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Safaricom plc <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 9589350 | &nbsp;&nbsp; 2199513<br>|
|  |  | &nbsp;&nbsp; 4087797 |
| **Morocco - 7.9%** | **Morocco - 7.9%** | **Morocco - 7.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Akdital Holding (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 6581 | &nbsp;&nbsp; 831338<br>|
| Attijariwafa Bank (Banks)† | &nbsp;&nbsp; 42070 | &nbsp;&nbsp; 3388783<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Itissalat Al-Maghrib <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 158535 | &nbsp;&nbsp; 1859493<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 92.7% (continued)** | **COMMON STOCKS - 92.7% (continued)** | **COMMON STOCKS - 92.7% (continued)** |
| **Morocco - 7.9% (continued)** | **Morocco - 7.9% (continued)** | **Morocco - 7.9% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe d'Exploitation des Ports <br> (Transportation)†<br>| &nbsp;&nbsp; 38581 | &nbsp;&nbsp; $3944817<br>|
|  |  | &nbsp;&nbsp; 10024431 |
| **Peru - 6.3%** | **Peru - 6.3%** | **Peru - 6.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alicorp SAA (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 310289 | &nbsp;&nbsp; 1058055<br>|
| Credicorp Ltd. (Banks) | &nbsp;&nbsp; 16252 | &nbsp;&nbsp; 5799201<br>|
| Ferreycorp SAA (Capital Goods) | &nbsp;&nbsp; 892404 | &nbsp;&nbsp; 1080546<br>|
|  |  | &nbsp;&nbsp; 7937802 |
| **Philippines - 15.1%** | **Philippines - 15.1%** | **Philippines - 15.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of the Philippine Islands <br> (Banks)†<br>| &nbsp;&nbsp; 1171020 | &nbsp;&nbsp; 2465508<br>|
| BDO Unibank Inc. (Banks)† | &nbsp;&nbsp; 996111 | &nbsp;&nbsp; 2286857<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Century Pacific Food Inc. (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 1806700 | &nbsp;&nbsp; 1168825<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; International Container Terminal <br> Services Inc. <br> (Transportation)†<br>| &nbsp;&nbsp; 518120 | &nbsp;&nbsp; 5659866<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Jollibee Foods Corp. (Consumer <br> Services)†<br>| &nbsp;&nbsp; 904940 | &nbsp;&nbsp; 3150686<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; SM Prime Holdings Inc. (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 7494500 | &nbsp;&nbsp; 2751817<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Robina Corp. (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 798550 | &nbsp;&nbsp; 963916<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Wilcon Depot Inc. (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 5018300 | &nbsp;&nbsp; 569233<br>|
|  |  | &nbsp;&nbsp; 19016708 |
| **Poland - 0.5%** | **Poland - 0.5%** | **Poland - 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 72445 | &nbsp;&nbsp; 594931<br>|
| **Romania - 5.9%** | **Romania - 5.9%** | **Romania - 5.9%** |
| Banca Transilvania SA (Banks)† | &nbsp;&nbsp; 774281 | &nbsp;&nbsp; 5842978<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Societatea Nationala de Gaze <br> Naturale ROMGAZ SA <br> (Energy)†<br>| &nbsp;&nbsp; 627522 | &nbsp;&nbsp; 1652327<br>|
|  |  | &nbsp;&nbsp; 7495305 |
| **Saudi Arabia - 2.4%** | **Saudi Arabia - 2.4%** | **Saudi Arabia - 2.4%** |
| Al Rajhi Bank (Banks)† | &nbsp;&nbsp; 32260 | &nbsp;&nbsp; 922071<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Bupa Arabia for Cooperative <br> Insurance Co. (Insurance)†<br>| &nbsp;&nbsp; 11542 | &nbsp;&nbsp; 507816<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Mouwasat Medical Services Co. <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 85682 | &nbsp;&nbsp; 1590018<br>|
|  |  | &nbsp;&nbsp; 3019905 |
| **Slovenia - 1.9%** | **Slovenia - 1.9%** | **Slovenia - 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Krka dd Novo mesto <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 8687 | &nbsp;&nbsp; 2368327<br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Frontier Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 92.7% (continued)** | **COMMON STOCKS - 92.7% (continued)** | **COMMON STOCKS - 92.7% (continued)** |
| **Thailand - 0.6%** | **Thailand - 0.6%** | **Thailand - 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bumrungrad Hospital pcl, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 141900 | &nbsp;&nbsp; $755387<br>|
| **United Arab Emirates - 1.4%** | **United Arab Emirates - 1.4%** | **United Arab Emirates - 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Agthia Group PJSC (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 444858 | &nbsp;&nbsp; 448163<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 312216 | &nbsp;&nbsp; 1275618<br>|
|  |  | &nbsp;&nbsp; 1723781 |
| **United Kingdom - 4.9%** | **United Kingdom - 4.9%** | **United Kingdom - 4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airtel Africa plc <br> (Telecommunication <br> Services)^†<br>| &nbsp;&nbsp; 689811 | &nbsp;&nbsp; 3020865<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Baltic Classifieds Group plc <br> (Media & Entertainment)†<br>| &nbsp;&nbsp; 641415 | &nbsp;&nbsp; 1786122<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Helios Towers plc <br> (Telecommunication <br> Services)\*†<br>| &nbsp;&nbsp; 573064 | &nbsp;&nbsp; 1357015<br>|
|  |  | &nbsp;&nbsp; 6164002 |
| **United States - 4.5%** | **United States - 4.5%** | **United States - 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 8138 | &nbsp;&nbsp; 1697587<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet (Technology Hardware <br> & Equipment)\*<br>| &nbsp;&nbsp; 5142 | &nbsp;&nbsp; 2516701<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 21599 | &nbsp;&nbsp; 1444541<br>|
|  |  | &nbsp;&nbsp; 5658829 |
| **Vietnam - 17.6%** | **Vietnam - 17.6%** | **Vietnam - 17.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank for Foreign Trade of <br> Vietnam JSC (Banks)†<br>| &nbsp;&nbsp; 1718135 | &nbsp;&nbsp; 4673160<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; FPT Corp. (Software & <br> Services)†<br>| &nbsp;&nbsp; 707775 | &nbsp;&nbsp; 2850323<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Hoa Phat Group JSC <br> (Materials)\*†<br>| &nbsp;&nbsp; 4061402 | &nbsp;&nbsp; 4187573<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile World Investment Corp. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 1635700 | &nbsp;&nbsp; 5865521<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Sai Gon Cargo Service Corp. <br> (Transportation)†<br>| &nbsp;&nbsp; 388894 | &nbsp;&nbsp; 817266<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Saigon Beer Alcohol Beverage <br> Corp. (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 827420 | &nbsp;&nbsp; 1593395<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Vietnam Dairy Products JSC <br> (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 805594 | &nbsp;&nbsp; 2193947<br>|
|  |  | &nbsp;&nbsp; 22181185 |
| **Total Common Stocks (Cost $72,833,936)** | **Total Common Stocks (Cost $72,833,936)** | &nbsp;&nbsp; **$116980349** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **PREFERRED STOCKS - 4.1%** | **PREFERRED STOCKS - 4.1%** | **PREFERRED STOCKS - 4.1%** |
| **Colombia - 4.1%** | **Colombia - 4.1%** | **Colombia - 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest SA - ADR, 1.72% <br> (Banks)+<br>| &nbsp;&nbsp; 63673 | &nbsp;&nbsp; $5198900 |
| **Total Preferred Stocks (Cost $1,645,657)** | **Total Preferred Stocks (Cost $1,645,657)** | &nbsp;&nbsp; **$5198900** |
| **SHORT TERM INVESTMENTS - 3.8%** | **SHORT TERM INVESTMENTS - 3.8%** | **SHORT TERM INVESTMENTS - 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 3.54% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 4798804 | &nbsp;&nbsp; 4798804 |
| **Total Short Term Investments (Cost $4,798,804)** | **Total Short Term Investments (Cost $4,798,804)** | &nbsp;&nbsp; **$4798804** |
| **Total Investments — 100.6%** | **Total Investments — 100.6%** |  |
| **(Cost $79,278,397)** | **(Cost $79,278,397)** | &nbsp;&nbsp; **$126978053** |
| Liabilities Less Other Assets - (0.6)% | Liabilities Less Other Assets - (0.6)% | &nbsp;&nbsp; (812477)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$126165576** |

---

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

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | *Investment categorized as level 2 security.* |
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 2.9%* <br> *of net assets as of January 31, 2026, are considered liquid and* <br> *may be resold in transactions exempt from registration,* <br> *normally to qualified buyers.*<br>|
| *+* | &nbsp;&nbsp; *Current yield is disclosed. Dividends are calculated based on a* <br> *percentage of the issuer's net income.*<br>|

---

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

------

**Harding, Loevner Funds, Inc.**

------

**Frontier Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**January 31, 2026 (unaudited)**

------

---

| | |
|:---|:---|
| Industry | &nbsp;&nbsp; Percentage of<br> Net Assets<br>|
| Banks | 33.0<br> %<br>|
| Capital Goods | 1.3 |
| Consumer Discretionary Distribution & Retail | 6.9 |
| Consumer Services | 2.5 |
| Consumer Staples Distribution & Retail | 0.5 |
| Energy | 4.6 |
| Financial Services | 2.9 |
| Food, Beverage & Tobacco | 5.9 |
| Health Care Equipment & Services | 2.5 |
| Insurance | 0.4 |
| Materials | 6.2 |
| Media & Entertainment | 1.4 |
| Pharmaceuticals, Biotechnology & Life Sciences | 2.6 |
| Real Estate Management & Development | 3.2 |
| Software & Services | 4.8 |
| Technology Hardware & Equipment | 2.0 |
| Telecommunication Services | 7.9 |
| Transportation | 8.2 |
| Money Market Fund | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 100.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities Less Other Assets | &nbsp;&nbsp; (0.6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | 100.0<br> %<br>|

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Bridgewater

  - **State:** NJ

  - **Foreign country:** US

  - **Zip / Postal Code:** 08807

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

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

- **a. Name of Series:** Harding Loevner International Equity Portfolio

- **b. EDGAR series identifier (if any):** S000004199

- **c. LEI of Series:** 54930019D84J5JKRXI44

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $12600329575.23

**Total Liabilities:** $24554825.01

**Net Assets:** $12575774750.22

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000011817 | 0.03%                | 2.43%                | 7.66%                |
| Class ID C000011818 | 0.03%                | 2.37%                | 7.64%                |
| Class ID C000179658 | 0.07%                | 2.43%                | 7.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $179536657.64            | $-185484568.57                             |
| Month 2  | $225194205.23            | $38593441.33                               |
| Month 3  | $139251391.22            | $762687144.39                              |

### Schedule of Portfolio Investments

| Name                      | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NI TREASURY PORTFOLIO     | NI TREASURY PORTFOLIO     | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        | 272642818 | NS      | $272642818.04 | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MANULIFE FINL. CORP       | MANULIFE FINL. CORP       | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               | CORP              | CA        |   6522825 | NS      | $248477165.75 | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| HALEON PLC                | HALEON PLC                | CUSIP: G4232K100<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |  45137555 | NS      | $234353224.93 | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVONESIS NOVOZYMES B     | NOVONESIS NOVOZYMES B     | CUSIP: K7317J133<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |    351139 | NS      | $21446831.13  | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| SCHNEIDER ELEC. SE        | SCHNEIDER ELEC. SE        | CUSIP: F86921107<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |    560013 | NS      | $159745546.11 | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| L OREAL SA                | L OREAL SA                | CUSIP: F58149133<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |    374722 | NS      | $172122108.44 | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| SAFRAN SA                 | SAFRAN SA                 | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |    351628 | NS      | $125251362.77 | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GENMAB A/S                | GENMAB A/S                | CUSIP: K3967W102<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |    491617 | NS      | $160266600.47 | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| SKANDINAVISKA ENSKILDA BA | SKANDINAVISKA ENSKILDA BA | CUSIP: W25381141<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |  10908810 | NS      | $235057616.11 | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG ELECTRS LTD GDR 1 | SAMSUNG ELECTRS LTD GDR 1 | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    217449 | NS      | $600614579.51 | 4.78%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARGE | BANCO BILBAO VIZCAYA ARGE | CUSIP: E11805103<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |  10815688 | NS      | $275438182.45 | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLIANZ SE                | ALLIANZ SE                | CUSIP: D03080112<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |    655253 | NS      | $289111590.51 | 2.30%             |  |  |  | No            |                  2 | On Loan: No      |
| INFINEON TECHS. AG        | INFINEON TECHS. AG        | CUSIP: D35415104<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |    281943 | NS      | $13913550.35  | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD  | ALIMENTATION COUCHE-TARD  | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |   2609413 | NS      | $135755015.55 | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TECHTRONIC INDUSTRIES CO  | TECHTRONIC INDUSTRIES CO  | CUSIP: Y8563B159<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |   9445500 | NS      | $129477416.18 | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| PING AN INS. GRP. CO OF C | PING AN INS. GRP. CO OF C | CUSIP: Y69790106<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |  16553000 | NS      | $153851853.73 | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| M3 INC                    | M3 INC                    | CUSIP: J4697J108<br>LEI: 3538001UOKRWIODYM055 | Long             | EC               | CORP              | JP        |   7354467 | NS      | $91704573.82  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| SYMRISE AG                | SYMRISE AG                | CUSIP: D827A1108<br>LEI: 529900D82I6R9601CF26 | Long             | EC               | CORP              | DE        |   1032610 | NS      | $86974011.41  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| DISCO CORP                | DISCO CORP                | CUSIP: J12327102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    436200 | NS      | $186369114.24 | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| KEYENCE CORP              | KEYENCE CORP              | CUSIP: J32491102<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |    244734 | NS      | $89427709.98  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| LASERTEC CORP             | LASERTEC CORP             | CUSIP: J38702106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    885700 | NS      | $209083358.60 | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| AIR LIQUIDE SA            | AIR LIQUIDE SA            | CUSIP: F01764103<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |    639573 | NS      | $119711162.83 | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC          | MERCADOLIBRE INC          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     86995 | NS      | $186846991.05 | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELL PLC                 | SHELL PLC                 | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |   8768566 | NS      | $336088378.36 | 2.67%             |  |  |  | No            |                  2 | On Loan: No      |
| DASSAULT SYSTEMES SE      | DASSAULT SYSTEMES SE      | CUSIP: 000000000<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |   3346131 | NS      | $92021345.54  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| RYANAIR HLDGS. PLC ADR    | RYANAIR HLDGS. PLC ADR    | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |   1956530 | NS      | $138131018.00 | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ADYEN NV                  | ADYEN NV                  | CUSIP: N3501V104<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |     81087 | NS      | $120459270.60 | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| ALCON INC                 | ALCON INC                 | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |   1909354 | NS      | $154619486.92 | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| COLOPLAST A/S             | COLOPLAST A/S             | CUSIP: K16018192<br>LEI: 529900NN7SOJ5QG82X67 | Long             | EC               | CORP              | DK        |    765038 | NS      | $65305384.95  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| TELKOM INDONESIA PERSERO  | TELKOM INDONESIA PERSERO  | CUSIP: Y71474145<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        | 586386000 | NS      | $124845572.48 | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| COMPASS GRP. PLC          | COMPASS GRP. PLC          | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |   3452737 | NS      | $103418557.88 | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| ASSA ABLOY AB             | ASSA ABLOY AB             | CUSIP: W0817X204<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |   3856421 | NS      | $155996484.74 | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| HAIER SMART HOME CO LTD   | HAIER SMART HOME CO LTD   | CUSIP: Y716ED100<br>LEI: 3003002BYTNGNJTWSH07 | Long             | EC               | CORP              | CN        |  33690788 | NS      | $121259087.66 | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| EPIROC AB                 | EPIROC AB                 | CUSIP: W25918124<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |   6391921 | NS      | $179480047.37 | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML HLDG. NV             | ASML HLDG. NV             | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |    336907 | NS      | $478828710.20 | 3.81%             |  |  |  | No            |                  2 | On Loan: No      |
| SF HLDG. CO LTD           | SF HLDG. CO LTD           | CUSIP: Y7T80Y105<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |  22110600 | NS      | $118718464.86 | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| OBIC CO LTD               | OBIC CO LTD               | CUSIP: J5946V107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   2903800 | NS      | $80628088.19  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS GRP. HLDGS. LTD       | DBS GRP. HLDGS. LTD       | CUSIP: Y20246107<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |   8337918 | NS      | $388575309.76 | 3.09%             |  |  |  | No            |                  2 | On Loan: No      |
| SHIONOGI LTD              | SHIONOGI LTD              | CUSIP: J74229105<br>LEI: 35380049VXDTHZI3DY35 | Long             | EC               | CORP              | JP        |   6487600 | NS      | $133406859.13 | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SONY GRP. CORP            | SONY GRP. CORP            | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |   9180500 | NS      | $203290420.32 | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| UNICHARM CORP             | UNICHARM CORP             | CUSIP: J94104114<br>LEI: 353800UQ4BZIJTAQEG85 | Long             | EC               | CORP              | JP        |  13832700 | NS      | $83842507.75  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| SEA LTD ADR               | SEA LTD ADR               | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |    610337 | NS      | $71098157.13  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTEMPORARY AMPEREX TECH | CONTEMPORARY AMPEREX TECH | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |   5599657 | NS      | $282623611.73 | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| SHENZHEN MINDRAY BIO-MEDI | SHENZHEN MINDRAY BIO-MEDI | CUSIP: Y774E3101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   2410964 | NS      | $65626023.59  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| ATLAS COPCO AB            | ATLAS COPCO AB            | CUSIP: W1R924252<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |   5898819 | NS      | $122042624.84 | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE SYS. PLC              | BAE SYS. PLC              | CUSIP: G06940103<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |  10367097 | NS      | $279582535.82 | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| RIO TINTO PLC             | RIO TINTO PLC             | CUSIP: G75754104<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |   3096517 | NS      | $281752245.00 | 2.24%             |  |  |  | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LIMITED  | TENCENT HOLDINGS LIMITED  | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |   2600310 | NS      | $199332797.24 | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDICORP LTD             | CREDICORP LTD             | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | PE        |    609542 | NS      | $217502871.86 | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO FINANCIERO BANORTE  | GRUPO FINANCIERO BANORTE  | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |  12495900 | NS      | $141268880.92 | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICON. MFG. ADR  | TAIWAN SEMICON. MFG. ADR  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   1530789 | NS      | $506017611.84 | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATL. RAILWAY CO | CANADIAN NATL. RAILWAY CO | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |   1246932 | NS      | $119979797.04 | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| FOMENTO ECONOMICO MEX ADR | FOMENTO ECONOMICO MEX ADR | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |   2367324 | NS      | $247053932.64 | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| NETEASE INC ADR           | NETEASE INC ADR           | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |   1020435 | NS      | $131462641.05 | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC BANK LTD ADR         | HDFC BANK LTD ADR         | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |   9566439 | NS      | $309761294.82 | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| NICE LTD ADR              | NICE LTD ADR              | CUSIP: 653656108<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |    876956 | NS      | $93316887.96  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA GRP. LTD              | AIA GRP. LTD              | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |  30111574 | NS      | $347744758.11 | 2.77%             |  |  |  | No            |                  2 | On Loan: No      |
| NAVER CORP                | NAVER CORP                | CUSIP: Y62579100<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |   1274308 | NS      | $240757208.65 | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| CHUGAI PHARM. CO LTD      | CHUGAI PHARM. CO LTD      | CUSIP: J06930101<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |   5056700 | NS      | $288546261.08 | 2.29%             |  |  |  | No            |                  2 | On Loan: No      |
| DAIFUKU CO LTD            | DAIFUKU CO LTD            | CUSIP: J08988107<br>LEI: 3538006FG1W4X3MYHL36 | Long             | EC               | CORP              | JP        |   4143500 | NS      | $148586722.47 | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| DELTA ELECTRONIC TWD10    | DELTA ELECTRONIC TWD10    | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |   9014000 | NS      | $349900038.44 | 2.78%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVARTIS AG CHF0.49 (REGD | NOVARTIS AG CHF0.49 (REGD | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    888520 | NS      | $131969683.82 | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ROCHE HOLDINGS AG GENUSSC | ROCHE HOLDINGS AG GENUSSC | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |    642259 | NS      | $291460363.99 | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| ALFA LAVAL AB             | ALFA LAVAL AB             | CUSIP: 000000000<br>LEI: 549300UCKT2UK88AG251 | Long             | EC               | CORP              | SE        |   4170351 | NS      | $241987075.35 | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| SYSMEX CORP               | SYSMEX CORP               | CUSIP: J7864H102<br>LEI: 5299001ZO4CKWACMZI55 | Long             | EC               | CORP              | JP        |   9289621 | NS      | $88062430.69  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| SONOVA HOLDING AG CHF0.05 | SONOVA HOLDING AG CHF0.05 | CUSIP: H8024W106<br>LEI: 5299004A0QNX7FBNHS61 | Long             | EC               | CORP              | CH        |    317778 | NS      | $86854194.84  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-24

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

**Signature:** Tracy L. Dotolo

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

**Title:** Chief Financial Officer