# EDGAR Filing Document

**Accession Number:** 0001018170
**File Stem:** 0001145549-25-040434
**Filing Date:** 2025-6
**Character Count:** 440152
**Document Hash:** e02b6deaa76216e6d36dfd37c777dda8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-040434.hdr.sgml**: 20250623

**ACCESSION NUMBER**: 0001145549-25-040434

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 77

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250623

**DATE AS OF CHANGE**: 20250623

**EFFECTIVENESS DATE**: 20250623

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07739
- **FILM NUMBER:** 251065322

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 8ddb289674155d8

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-07739

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

------

400 Crossing Boulevard

Fourth Floor

Bridgewater, NJ 08807

(Address of principal executive offices)(Zip code)

Andrew E. Oliva

The Northern Trust Company

333 South Wabash Avenue

Chicago, IL 60604

With a copy to:

Stephen H. Bier, Esq.

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

(Name and address of agent for service)

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

#### Date of fiscal year end:

#### 10/31

#### Date of reporting period:

#### 4/30/2025
 **Item 1. Reports to Stockholders.**

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

(b) Not Applicable.

![TSR_Header Logo (updated)](images_7290.jpg)

## Global Equity
Semi-Annual Shareholder Report

Advisor Class HLMGX \| April 30, 2025

This semi-annual shareholder report contains important information about the Global Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Global Equity (Advisor Class) | $55 | 1.11% |

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.* 

#### Management's Discussion of Fund Performance
The Global Equity Advisor Class (HLMGX) increased 0.91% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI All Country World Index, increased 0.88% (net of source taxes).

Key Performance Factors

Donald Trump's victory in the presidential election initially boosted US equities, as investors looked forward to business-friendly policies, while international markets took a more cautious view of the new administration. In April, the US government's announcement of high tariffs on all trading partners (especially China) sent markets tumbling, though they recovered somewhat when it became clear US policymakers were open to negotiation.

Sector performance was mixed; Financials and Consumer Staples rose strongly while Information Technology, Energy, and Materials fell. The Fund performed in line with the index, with good relative returns in Communication Services and Consumer Discretionary. Lagging returns in Industrials and an underweight in Financials detracted.

Sector Analysis

In Communication Services, shares of streaming business Netflix soared in response to strong subscriber growth. Japanese electronics and media company Sony outperformed in Consumer Discretionary, boosted by growth in its gaming and music divisions.

Regional Analysis

Signs of faltering enthusiasm for artificial intelligence (AI) investments hurt French energy equipment producer Schneider Electric, which provides power and cooling technology used in advanced AI server systems. The company also underwent a leadership transition. The Fund's underweight in AI-chip producer NVIDIA in the US was helpful.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Netflix | UnitedHealth Group |
| Sony | Globant |
| NVIDIA | Thermo Fisher Scientific |
| CME Group | Schneider Electric |
| Chugai Pharmaceutical | Accenture |

---

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

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

Growth of $10,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934350.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 11.19 | 9.11 | 8.23 |
| MSCI All Country World Index | 11.84 | 13.07 | 8.63 |

---

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

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $528.1M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $1.9M |
| Total number of holdings | 61 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 11% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Netflix Inc. | 4.7 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 4.1 |
| Microsoft Corp. | 4.0 |
| Alphabet Inc., Class A | 3.9 |
| Vertex Pharmaceuticals Inc. | 3.8 |
| Amazon.com Inc. | 3.6 |
| Schneider Electric SE | 3.2 |
| Meta Platforms Inc., Class A | 2.8 |
| CME Group Inc. | 2.7 |
| Sony Group Corp. | 2.5 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934355.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934360.jpg)

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

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

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

![TSR_Header logo](images_7291.jpg)

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

![TSR_Header Logo (updated)](images_7290.jpg)

## Global Equity
Semi-Annual Shareholder Report

Institutional Class HLMVX \| April 30, 2025

This semi-annual shareholder report contains important information about the Global Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Global Equity (Institutional Class) | $42 | 0.85% |

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.* 

#### Management's Discussion of Fund Performance
The Global Equity Institutional Class (HLMVX) increased 1.03% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI All Country World Index, increased 0.88% (net of source taxes).

Key Performance Factors

Donald Trump's victory in the presidential election initially boosted US equities, as investors looked forward to business-friendly policies, while international markets took a more cautious view of the new administration. In April, the US government's announcement of high tariffs on all trading partners (especially China) sent markets tumbling, though they recovered somewhat when it became clear US policymakers were open to negotiation.

Sector performance was mixed; Financials and Consumer Staples rose strongly while Information Technology, Energy, and Materials fell. The Fund outperformed the index, with good relative returns in Communication Services and Consumer Discretionary. Lagging returns in Industrials and an underweight in Financials detracted.

Sector Analysis

In Communication Services, shares of streaming business Netflix soared in response to strong subscriber growth. Japanese electronics and media company Sony outperformed in Consumer Discretionary, boosted by growth in its gaming and music divisions.

Regional Analysis

Signs of faltering enthusiasm for artificial intelligence (AI) investments hurt French energy equipment producer Schneider Electric, which provides power and cooling technology used in advanced AI server systems. The company also underwent a leadership transition. The Fund's underweight in AI-chip producer NVIDIA in the US was helpful.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Netflix | UnitedHealth Group |
| Sony | Globant |
| NVIDIA | Thermo Fisher Scientific |
| CME Group | Schneider Electric |
| Chugai Pharmaceutical | Accenture |

---

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

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

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934325.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 11.47 | 9.34 | 8.47 |
| MSCI All Country World Index | 11.84 | 13.07 | 8.63 |

---

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

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $528.1M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $1.9M |
| Total number of holdings | 61 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 11% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Netflix Inc. | 4.7 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 4.1 |
| Microsoft Corp. | 4.0 |
| Alphabet Inc., Class A | 3.9 |
| Vertex Pharmaceuticals Inc. | 3.8 |
| Amazon.com Inc. | 3.6 |
| Schneider Electric SE | 3.2 |
| Meta Platforms Inc., Class A | 2.8 |
| CME Group Inc. | 2.7 |
| Sony Group Corp. | 2.5 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934320.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934315.jpg)

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

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

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

![TSR_Header logo](images_7291.jpg)

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

![TSR_Header Logo (updated)](images_7290.jpg)

## Global Equity
Semi-Annual Shareholder Report

Institutional Class Z HLGZX \| April 30, 2025

This semi-annual shareholder report contains important information about the Global Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Global Equity (Institutional Class Z) | $37 | 0.75% |

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.* 

#### Management's Discussion of Fund Performance
The Global Equity Institutional Class Z (HLGZX) increased 1.08% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI All Country World Index, increased 0.88% (net of source taxes).

Key Performance Factors

Donald Trump's victory in the presidential election initially boosted US equities, as investors looked forward to business-friendly policies, while international markets took a more cautious view of the new administration. In April, the US government's announcement of high tariffs on all trading partners (especially China) sent markets tumbling, though they recovered somewhat when it became clear US policymakers were open to negotiation.

Sector performance was mixed; Financials and Consumer Staples rose strongly while Information Technology, Energy, and Materials fell. The Fund outperformed the index, with good relative returns in Communication Services and Consumer Discretionary. Lagging returns in Industrials and an underweight in Financials detracted.

Sector Analysis

In Communication Services, shares of streaming business Netflix soared in response to strong subscriber growth. Japanese electronics and media company Sony outperformed in Consumer Discretionary, boosted by growth in its gaming and music divisions.

Regional Analysis

Signs of faltering enthusiasm for artificial intelligence (AI) investments hurt French energy equipment producer Schneider Electric, which provides power and cooling technology used in advanced AI server systems. The company also underwent a leadership transition. The Fund's underweight in AI-chip producer NVIDIA in the US was helpful.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Netflix | UnitedHealth Group |
| Sony | Globant |
| NVIDIA | Thermo Fisher Scientific |
| CME Group | Schneider Electric |
| Chugai Pharmaceutical | Accenture |

---

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

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

Growth of $10,000,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934409.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 11.56 | 9.43 | 8.52 |
| MSCI All Country World Index | 11.84 | 13.07 | 8.63 |

---

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

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $528.1M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $1.9M |
| Total number of holdings | 61 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 11% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Netflix Inc. | 4.7 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 4.1 |
| Microsoft Corp. | 4.0 |
| Alphabet Inc., Class A | 3.9 |
| Vertex Pharmaceuticals Inc. | 3.8 |
| Amazon.com Inc. | 3.6 |
| Schneider Electric SE | 3.2 |
| Meta Platforms Inc., Class A | 2.8 |
| CME Group Inc. | 2.7 |
| Sony Group Corp. | 2.5 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934404.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934399.jpg)

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

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

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

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

![TSR_Header logo](images_7291.jpg)

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

![TSR_Header Logo (updated)](images_7290.jpg)

## International Equity
Semi-Annual Shareholder Report

Institutional Class HLMIX \| April 30, 2025

This semi-annual shareholder report contains important information about the International Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| International Equity (Institutional Class) | $42 | 0.83% |

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.*

#### Management's Discussion of Fund Performance
The International Equity Institutional Class (HLMIX) returned 4.70% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI All Country World ex US Index, increased 5.95% (net of source taxes).

Key Performance Factors

International markets gained despite uncertainty around US tariff policy and the risk that higher tariffs pose to growth. Rising long-end yields in Europe and Japan helped Financials outperform. AI-exposed companies inside China soared after the release of Chinese AI model DeepSeek, while those outside China fell sharply. Shares of the highest-quality, fastest-growing, and most expensive companies underperformed. The Fund lagged the index due to poor relative returns in Industrials and Europe ex EMU, but benefited from strong returns in Health Care, Consumer Discretionary, and Japan.

Sector Analysis

In Industrials, Hong Kong-based Techtronic Industries' shares declined following the announcement of the Trump administration's tariffs. Shares of Japan's Chugai Pharmaceutical rose after its partner Lilly announced positive Phase 3 clinical trial results for Orforglipron, its oral GLP-1 candidate drug for diabetes.

Regional Analysis

Shares of Swiss hearing aid manufacturer Sonova declined due to tariff fears; the company has significant exposure to the US market. In Japan, Sony reported strong results, boosted by growth in its gaming and music divisions, and increased guidance for revenue and margins.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Sony | Disco Corp |
| BBVA | Delta Electronics |
| Allianz | Schneider Electric |
| Chugai Pharmaceutical | Techtronic Industries |
| Infineon Technologies | Haier Smart Home |

---

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

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

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934182.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 11.82 | 9.20 | 5.76 |
| MSCI All Country World ex US Index | 11.92 | 10.09 | 4.83 |

---

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

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $12,199.5M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br> (after waiver/reimbursement) | $41.2M |
| Total number of holdings | 58 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 7% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Allianz SE, Reg S | 3.8 |
| Chugai Pharmaceutical Co., Ltd. | 3.7 |
| DBS Group Holdings Ltd. | 3.6 |
| HDFC Bank Ltd. - ADR | 3.5 |
| Sony Group Corp. | 3.1 |
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | 3.0 |
| Haleon plc | 2.9 |
| Manulife Financial Corp. | 2.8 |
| Shell plc | 2.8 |
| Roche Holding AG, Genusschein | 2.7 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934187.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934192.jpg)

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

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

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

![TSR_Header logo](images_7291.jpg)

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

![TSR_Header Logo (updated)](images_7290.jpg)

## International Equity
Semi-Annual Shareholder Report

Institutional Class Z HLIZX \| April 30, 2025

This semi-annual shareholder report contains important information about the International Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| International Equity (Institutional Class Z) | $37 | 0.73% |

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.* 

#### Management's Discussion of Fund Performance
The International Equity Institutional Class Z (HLIZX) returned 4.80% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI All Country World ex US Index, increased 5.95% (net of source taxes).

Key Performance Factors

International markets gained despite uncertainty around US tariff policy and the risk that higher tariffs pose to growth. Rising long-end yields in Europe and Japan helped Financials outperform. AI-exposed companies inside China soared after the release of Chinese AI model DeepSeek, while those outside China fell sharply. Shares of the highest-quality, fastest-growing, and most expensive companies underperformed. The Fund lagged the index due to poor relative returns in Industrials and Europe ex EMU, but benefited from strong returns in Health Care, Consumer Discretionary, and Japan.

Sector Analysis

In Industrials, Hong Kong-based Techtronic Industries' shares declined following the announcement of the Trump administration's tariffs. Shares of Japan's Chugai Pharmaceutical rose after its partner Lilly announced positive Phase 3 clinical trial results for Orforglipron, its oral GLP-1 candidate drug for diabetes.

Regional Analysis

Shares of Swiss hearing aid manufacturer Sonova declined due to tariff fears; the company has significant exposure to the US market. In Japan, Sony reported strong results, boosted by growth in its gaming and music divisions, and increased guidance for revenue and margins.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Sony | Disco Corp |
| BBVA | Delta Electronics |
| Allianz | Schneider Electric |
| Chugai Pharmaceutical | Techtronic Industries |
| Infineon Technologies | Haier Smart Home |

---

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

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

Growth of $10,000,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934266.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 11.97 | 9.30 | 5.84 |
| MSCI All Country World ex US Index | 11.92 | 10.09 | 4.83 |

---

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

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $12,199.5M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $41.2M |
| Total number of holdings | 58 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 7% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Allianz SE, Reg S | 3.8 |
| Chugai Pharmaceutical Co., Ltd. | 3.7 |
| DBS Group Holdings Ltd. | 3.6 |
| HDFC Bank Ltd. - ADR | 3.5 |
| Sony Group Corp. | 3.1 |
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | 3.0 |
| Haleon plc | 2.9 |
| Manulife Financial Corp. | 2.8 |
| Shell plc | 2.8 |
| Roche Holding AG, Genusschein | 2.7 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934271.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934276.jpg)

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

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

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

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

![TSR_Header logo](images_7291.jpg)

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

![TSR_Header Logo (updated)](images_7290.jpg)

## International Equity
Semi-Annual Shareholder Report

Investor Class HLMNX \| April 30, 2025

This semi-annual shareholder report contains important information about the International Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

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

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.* 

#### Management's Discussion of Fund Performance
The International Equity Investor Class (HLMNX) returned 4.59% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI All Country World ex US Index, increased 5.95% (net of source taxes).

Key Performance Factors

International markets gained despite uncertainty around US tariff policy and the risk that higher tariffs pose to growth. Rising long-end yields in Europe and Japan helped Financials outperform. AI-exposed companies inside China soared after the release of Chinese AI model DeepSeek, while those outside China fell sharply. Shares of the highest-quality, fastest-growing, and most expensive companies underperformed. The Fund lagged the index due to poor relative returns in Industrials and Europe ex EMU, but benefited from strong returns in Health Care, Consumer Discretionary, and Japan.

Sector Analysis

In Industrials, Hong Kong-based Techtronic Industries' shares declined following the announcement of the Trump administration's tariffs. Shares of Japan's Chugai Pharmaceutical rose after its partner Lilly announced positive Phase 3 clinical trial results for Orforglipron, its oral GLP-1 candidate drug for diabetes.

Regional Analysis

Shares of Swiss hearing aid manufacturer Sonova declined due to tariff fears; the company has significant exposure to the US market. In Japan, Sony reported strong results, boosted by growth in its gaming and music divisions, and increased guidance for revenue and margins.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Sony | Disco Corp |
| BBVA | Delta Electronics |
| Allianz | Schneider Electric |
| Chugai Pharmaceutical | Techtronic Industries |
| Infineon Technologies | Haier Smart Home |

---

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

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

Growth of $10,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934241.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 11.49 | 8.86 | 5.42 |
| MSCI All Country World ex US Index | 11.92 | 10.09 | 4.83 |

---

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

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $12,199.5M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $41.2M |
| Total number of holdings | 58 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 7% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Allianz SE, Reg S | 3.8 |
| Chugai Pharmaceutical Co., Ltd. | 3.7 |
| DBS Group Holdings Ltd. | 3.6 |
| HDFC Bank Ltd. - ADR | 3.5 |
| Sony Group Corp. | 3.1 |
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | 3.0 |
| Haleon plc | 2.9 |
| Manulife Financial Corp. | 2.8 |
| Shell plc | 2.8 |
| Roche Holding AG, Genusschein | 2.7 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934236.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934231.jpg)

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

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

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

![TSR_Header logo](images_7291.jpg)

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

![TSR_Header Logo (updated)](images_7290.jpg)

## International Developed Markets Equity
Semi-Annual Shareholder Report

Institutional Class HLIDX \| April 30, 2025

This semi-annual shareholder report contains important information about the International Developed Markets Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| International Developed Markets Equity (Institutional Class) | $41 | 0.80% |

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.* 

#### Management's Discussion of Fund Performance
The International Developed Markets Equity Institutional Class (HLIDX) returned 6.51% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI World ex US Index, increased 8.32% (net of source taxes).

Key Performance Factors

International developed markets gained despite uncertainty around US tariff policy and the risk that higher tariffs pose to growth. Rising long-end yields in Europe and Japan helped Financials outperform. Many AI-exposed companies outside China fell sharply after the release of Chinese AI model DeepSeek. Shares of the highest-quality, fastest-growing, and most expensive companies underperformed. The Fund lagged the index due to poor relative returns in Industrials and Europe ex EMU, but benefited from strong returns in Health Care, Consumer Discretionary, and Japan.

Sector Analysis

In Industrials, Hong Kong-based Techtronic Industries' shares declined following the announcement of the Trump administration's tariffs. Shares of Japan's Chugai Pharmaceutical rose after its partner Lilly announced positive Phase 3 clinical trial results for Orforglipron, its oral GLP-1 candidate drug for diabetes.

Regional Analysis

Shares of Swiss hearing aid manufacturer Sonova declined due to tariff fears; the company has significant exposure to the US market. In Japan, Sony reported strong results, boosted by growth in its gaming and music divisions, and increased guidance for revenue and margins.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Sony | Disco Corp. |
| BBVA | Schneider Electric |
| Allianz | Techtronic Industries |
| Chugai Pharmaceutical | TSMC |
| Infineon Technologies | Sonova |

---

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

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

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934913.jpg)

Average Annual Total Return (%)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since<br>Inception** |
| Fund | 13.80 | 16.22 |
| MSCI World ex US Index | 13.10 | 19.92 |
| MSCI EAFE Index | 12.57 | 20.52 |

---

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

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $99.4M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $0.3M |
| Total number of holdings | 46 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 8% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Allianz SE, Reg S | 4.8 |
| Chugai Pharmaceutical Co., Ltd. | 4.4 |
| DBS Group Holdings Ltd. | 4.3 |
| Sony Group Corp. | 3.9 |
| Haleon plc | 3.6 |
| Manulife Financial Corp. | 3.5 |
| Roche Holding AG, Genusschein | 3.5 |
| Shell plc | 3.4 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 3.2 |
| Schneider Electric SE | 3.2 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934908.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934903.jpg)

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

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

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

![TSR_Header logo](images_7291.jpg)

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

![TSR_Header Logo (updated)](images_7290.jpg)

## International Small Companies
Semi-Annual Shareholder Report

Institutional Class HLMRX \| April 30, 2025

This semi-annual shareholder report contains important information about the International Small Companies Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| International Small Companies (Institutional Class) | $59 | 1.17% |

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.* 

#### Management's Discussion of Fund Performance
The International Small Companies Institutional Class (HLMRX) rose 2.64% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI ACWI ex US Small Cap Index, rose 2.66% in the same period (net of source taxes).<sup>1</sup>

Key Performance Factors

International small caps gained during the period, outperforming US small caps, as investors worried about the impact of higher tariffs on US growth and inflation. European markets rallied after German legislators approved its fiscal stimulus package. Rising long-end yields in Europe and Japan helped Financials outperform. Information Technology (IT) underperformed as the release of Chinese AI model DeepSeek rattled stocks across the tech supply chain. The Fund kept pace with the index due to strong relative returns in IT and Communication Services but was hurt by weak returns in Consumer Discretionary and Industrials.

Sector Analysis

In Communication Services, mobile network operator Airtel Africa received regulatory approval to increase rates up to 50% in Nigeria. In Consumer Discretionary, Philippine home-improvement retailer Wilcon Depot reported disappointing results due to slow demand and discounting by peers.

Regional Analysis

Yantai China Pet Foods soared after the company reported strong sales and an improvement in profit margins. German life-science products manufacturer STRATEC suffered weakening pricing power; we reduced our holding.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Airtel Africa | Wilcon Depot |
| Yantai China Pet Foods | YouGov |
| CyberArk | Thule Group |
| Scout24 | Globant |
| Bankinter | SH Kelkar |

---

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

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

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

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934602.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 6.29 | 6.98 | 4.84 |
| MSCI ACWI ex US Index\* | 11.92 | 10.09 | 4.83 |
| MSCI ACWI ex US Small Cap Index\* | 8.23 | 10.31 | 5.19 |

---

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

*\*In accordance with new regulatory requirements, the Fund has selected the MSCI ACWI ex US Index as the Fund's broad-based securities market index. The Fund has selected the MSCI ACWI ex US Small Cap Index as a secondary benchmark.*

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $301.3M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $1.8M |
| Total number of holdings | 81 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 13% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Hoa Phat Group JSC | 2.5 |
| Siauliu Bankas AB | 2.5 |
| Reply SpA | 2.5 |
| Senior plc | 2.5 |
| Airtel Africa plc | 2.4 |
| Cranswick plc | 2.4 |
| Diploma plc | 2.3 |
| Max Financial Services Ltd. | 2.1 |
| FUCHS SE | 1.9 |
| Scout24 SE | 1.9 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934607.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934612.jpg)

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

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

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

![TSR_Header logo](images_7291.jpg)

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

![TSR_Header Logo (updated)](images_7290.jpg)

## International Small Companies
Semi-Annual Shareholder Report

Institutional Class Z HLRZX \| April 30, 2025

This semi-annual shareholder report contains important information about the International Small Companies Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| International Small Companies (Institutional Class Z) | $51 | 1.02% |

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.* 

#### Management's Discussion of Fund Performance
The International Small Companies Institutional Class Z (HLRZX) rose 2.72% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI ACWI ex US Small Cap Index, rose 2.66% in the same period (net of source taxes).<sup>1</sup>

Key Performance Factors

International small caps gained during the period, outperforming US small caps, as investors worried about the impact of higher tariffs on US growth and inflation. European markets rallied after German legislators approved its fiscal stimulus package. Rising long-end yields in Europe and Japan helped Financials outperform. Information Technology (IT) underperformed as the release of Chinese AI model DeepSeek rattled stocks across the tech supply chain. The Fund kept pace with the index due to strong relative returns in IT and Communication Services but was hurt by weak returns in Consumer Discretionary and Industrials.

Sector Analysis

In Communication Services, mobile network operator Airtel Africa received regulatory approval to increase rates up to 50% in Nigeria. In Consumer Discretionary, Philippine home-improvement retailer Wilcon Depot reported disappointing results due to slow demand and discounting by peers.

Regional Analysis

Yantai China Pet Foods soared after the company reported strong sales and an improvement in profit margins. German life-science products manufacturer STRATEC suffered weakening pricing power; we reduced our holding.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Airtel Africa | Wilcon Depot |
| Yantai China Pet Foods | YouGov |
| CyberArk | Thule Group |
| Scout24 | Globant |
| Bankinter | SH Kelkar |

---

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

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

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

Growth of $5,000,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934577.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 6.43 | 7.06 | 4.87 |
| MSCI ACWI ex US Index\* | 11.92 | 10.09 | 4.83 |
| MSCI ACWI ex US Small Cap Index\* | 8.23 | 10.31 | 5.19 |

---

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

*\*In accordance with new regulatory requirements, the Fund has selected the MSCI ACWI ex US Index as the Fund's broad-based securities market index. The Fund has selected the MSCI ACWI ex US Small Cap Index as a secondary benchmark.*

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $301.3M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $1.8M |
| Total number of holdings | 81 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 13% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Hoa Phat Group JSC | 2.5 |
| Siauliu Bankas AB | 2.5 |
| Reply SpA | 2.5 |
| Senior plc | 2.5 |
| Airtel Africa plc | 2.4 |
| Cranswick plc | 2.4 |
| Diploma plc | 2.3 |
| Max Financial Services Ltd. | 2.1 |
| FUCHS SE | 1.9 |
| Scout24 SE | 1.9 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934572.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934567.jpg)

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

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

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

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

![TSR_Header logo](images_7291.jpg)

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

![TSR_Header Logo (updated)](images_7290.jpg)

## International Small Companies
Semi-Annual Shareholder Report

Investor Class HLMSX \| April 30, 2025

This semi-annual shareholder report contains important information about the International Small Companies Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| International Small Companies (Investor Class) | $66 | 1.32% |

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.* 

#### Management's Discussion of Fund Performance
The International Small Companies Investor Class (HLMSX) rose 2.62% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI ACWI ex US Small Cap Index, rose 2.66% in the same period (net of source taxes).<sup>1</sup>

Key Performance Factors

International small caps gained during the period, outperforming US small caps, as investors worried about the impact of higher tariffs on US growth and inflation. European markets rallied after German legislators approved its fiscal stimulus package. Rising long-end yields in Europe and Japan helped Financials outperform. Information Technology (IT) underperformed as the release of Chinese AI model DeepSeek rattled stocks across the tech supply chain. The Fund kept pace with the index due to strong relative returns in IT and Communication Services but was hurt by weak returns in Consumer Discretionary and Industrials.

Sector Analysis

In Communication Services, mobile network operator Airtel Africa received regulatory approval to increase rates up to 50% in Nigeria. In Consumer Discretionary, Philippine home-improvement retailer Wilcon Depot reported disappointing results due to slow demand and discounting by peers.

Regional Analysis

Yantai China Pet Foods soared after the company reported strong sales and an improvement in profit margins. German life-science products manufacturer STRATEC suffered weakening pricing power; we reduced our holding.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Airtel Africa | Wilcon Depot |
| Yantai China Pet Foods | YouGov |
| CyberArk | Thule Group |
| Scout24 | Globant |
| Bankinter | SH Kelkar |

---

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

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

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

Growth of $10,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934661.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 6.13 | 6.76 | 4.60 |
| MSCI ACWI ex US Index\* | 11.92 | 10.09 | 4.83 |
| MSCI ACWI ex US Small Cap Index\* | 8.23 | 10.31 | 5.19 |

---

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

*\*In accordance with new regulatory requirements, the Fund has selected the MSCI ACWI ex US Index as the Fund's broad-based securities market index. The Fund has selected the MSCI ACWI ex US Small Cap Index as a secondary benchmark.*

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $301.3M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $1.8M |
| Total number of holdings | 81 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 13% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Hoa Phat Group JSC | 2.5 |
| Siauliu Bankas AB | 2.5 |
| Reply SpA | 2.5 |
| Senior plc | 2.5 |
| Airtel Africa plc | 2.4 |
| Cranswick plc | 2.4 |
| Diploma plc | 2.3 |
| Max Financial Services Ltd. | 2.1 |
| FUCHS SE | 1.9 |
| Scout24 SE | 1.9 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934656.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934651.jpg)

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

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

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

![TSR_Header logo](images_7291.jpg)

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

![TSR_Header Logo (updated)](images_7290.jpg)

## Institutional Emerging Markets
Semi-Annual Shareholder Report

Institutional Class HLMEX \| April 30, 2025

This semi-annual shareholder report contains important information about the Institutional Emerging Markets Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Institutional Emerging Markets (Institutional Class) | $52 | 1.06% |

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.* 

#### Management's Discussion of Fund Performance
The Institutional Emerging Markets Institutional Class (HLMEX) fell 1.51% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI Emerging Markets Index, rose 0.40% in the same period (net of source taxes).

Key Performance Factors

Emerging markets (EMs) rose much of the period, supported by falling interest rates and the Chinese government's launch of a large stimulus package to reignite its economy. EMs tumbled in early April after the US government announced high tariffs on all trading partners but recovered somewhat when it became clear US policymakers were open to negotiation. Communication Services was the best sector, boosted by Chinese technology leaders in the sector. The Information Technology (IT) sector fell sharply on concerns about a slowdown in AI spending. The Fund had weak relative returns in IT while good stocks in Consumer Staples were helpful.

Sector Analysis

Shares of IT-services company Globant fell due to concerns about slowing growth in the US, its key market. In Consumer Staples, bottler Coca-Cola HBC's earnings topped market expectations.

Regional Analysis

Shares of Taiwanese semiconductor maker Aspeed were pressured by growth concerns for its AI-server end market. In India, HDFC Bank reported accelerating loan growth and has benefited from central bank efforts to improve liquidity in India's financial system.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Emaar Properties | Globant |
| TSMC | Aspeed |
| Coca-Cola HBC | Eclat Textile |
| Sanhua Intelligent Controls | Techtronic Industries |
| HDFC Bank | Hon Hai Precision |

---

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

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

Growth of $500,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934493.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 8.34 | 2.50 | 1.29 |
| MSCI Emerging Markets Index | 9.02 | 6.35 | 3.07 |

---

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

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $390.1M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $1.8M |
| Total number of holdings | 71 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 17% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 5.5 |
| Tencent Holdings Ltd. | 5.2 |
| HDFC Bank Ltd. | 5.0 |
| Alibaba Group Holding Ltd. | 3.4 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 3.2 |
| Trip.com Group Ltd. | 3.2 |
| Tata Consultancy Services Ltd. | 2.9 |
| ICICI Bank Ltd. | 2.8 |
| Maruti Suzuki India Ltd. | 2.8 |
| ASPEED Technology Inc. | 2.0 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934488.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934483.jpg)

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

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

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

![TSR_Header logo](images_7291.jpg)

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

![TSR_Header Logo (updated)](images_7290.jpg)

## Institutional Emerging Markets
Semi-Annual Shareholder Report

Institutional Class Z HLEZX \| April 30, 2025

This semi-annual shareholder report contains important information about the Institutional Emerging Markets Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Institutional Emerging Markets (Institutional Class Z) | $47 | 0.96% |

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.* 

#### Management's Discussion of Fund Performance
The Institutional Emerging Markets Institutional Class Z (HLEZX) fell 1.42% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI Emerging Markets Index, rose 0.40% in the same period (net of source taxes).

Key Performance Factors

Emerging markets (EMs) rose much of the period, supported by falling interest rates and the Chinese government's launch of a large stimulus package to reignite its economy. EMs tumbled in early April after the US government announced high tariffs on all trading partners but recovered somewhat when it became clear US policymakers were open to negotiation. Communication Services was the best sector, boosted by Chinese technology leaders in the sector. The Information Technology (IT) sector fell sharply on concerns about a slowdown in AI spending. The Fund had weak relative returns in IT while good stocks in Consumer Staples were helpful.

Sector Analysis

Shares of IT-services company Globant fell due to concerns about slowing growth in the US, its key market. In Consumer Staples, bottler Coca-Cola HBC's earnings topped market expectations.

Regional Analysis

Shares of Taiwanese semiconductor maker Aspeed were pressured by growth concerns for its AI-server end market. In India, HDFC Bank reported accelerating loan growth and has benefited from central bank efforts to improve liquidity in India's financial system.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Emaar Properties | Globant |
| TSMC | Aspeed |
| Coca-Cola HBC | Eclat Textile |
| Sanhua Intelligent Controls | Techtronic Industries |
| HDFC Bank | Hon Hai Precision |

---

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

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

Growth of $5,000,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934518.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 8.47 | 2.62 | 1.43 |
| MSCI Emerging Markets Index | 9.02 | 6.35 | 3.07 |

---

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

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $390.1M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $1.8M |
| Total number of holdings | 71 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 17% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 5.5 |
| Tencent Holdings Ltd. | 5.2 |
| HDFC Bank Ltd. | 5.0 |
| Alibaba Group Holding Ltd. | 3.4 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 3.2 |
| Trip.com Group Ltd. | 3.2 |
| Tata Consultancy Services Ltd. | 2.9 |
| ICICI Bank Ltd. | 2.8 |
| Maruti Suzuki India Ltd. | 2.8 |
| ASPEED Technology Inc. | 2.0 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934523.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934528.jpg)

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

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

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

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

![TSR_Header logo](images_7291.jpg)

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

![TSR_Header Logo (updated)](images_7290.jpg)

## Emerging Markets
Semi-Annual Shareholder Report

Advisor Class HLEMX \| April 30, 2025

This semi-annual shareholder report contains important information about the Emerging Markets Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Emerging Markets (Advisor Class) | $57 | 1.15% |

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.* 

#### Management's Discussion of Fund Performance
The Emerging Markets Advisor Class (HLEMX) fell 1.13% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI Emerging Markets Index, rose 0.40% in the same period (net of source taxes).

Key Performance Factors

Emerging markets (EMs) rose much of the period, supported by falling interest rates and the Chinese government's launch of a large stimulus package to reignite its economy. EMs tumbled in early April after the US government announced high tariffs on all trading partners but recovered somewhat when it became clear US policymakers were open to negotiation. Communication Services was the best sector, boosted by Chinese technology leaders in the sector. The Information Technology (IT) sector fell sharply on concerns about a slowdown in AI spending. The Fund had weak relative returns in IT while good stocks in Consumer Staples were helpful.

Sector Analysis

Shares of IT-services company Globant fell due to concerns about slowing growth in the US, its key market. In Consumer Staples, bottler Coca-Cola HBC's earnings topped market expectations.

Regional Analysis

Shares of Taiwanese semiconductor maker Aspeed were pressured by growth concerns for its AI-server end market. In India, HDFC Bank reported accelerating loan growth and has benefited from central bank efforts to improve liquidity in India's financial system.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| TSMC | Globant |
| Emaar Properties | Aspeed |
| Coca-Cola HBC | Eclat Textile |
| Sanhua Intelligent Controls | Techtronic Industries |
| HDFC Bank | Hon Hai Precision |

---

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

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

Growth of $10,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934434.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 7.89 | 2.53 | 1.23 |
| MSCI Emerging Markets Index | 9.02 | 6.35 | 3.07 |

---

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

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $440.2M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br>(after waiver/reimbursement) | $1.9M |
| Total number of holdings | 70 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 12% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 5.5 |
| Tencent Holdings Ltd. | 5.2 |
| HDFC Bank Ltd. | 5.0 |
| Alibaba Group Holding Ltd. | 3.4 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 3.3 |
| Trip.com Group Ltd. | 3.2 |
| Tata Consultancy Services Ltd. | 3.0 |
| ICICI Bank Ltd. | 2.9 |
| Maruti Suzuki India Ltd. | 2.8 |
| ASPEED Technology Inc. | 2.0 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934439.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934444.jpg)

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

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

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

![TSR_Header logo](images_7291.jpg)

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

![TSR_Header Logo (updated)](images_7290.jpg)

## Emerging Markets ex China
Semi-Annual Shareholder Report

Institutional Class HLXCX \| April 30, 2025

This semi-annual shareholder report contains important information about the Emerging Markets ex China Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Emerging Markets ex China (Institutional Class) | $52 | 1.05% |

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.*

#### Management's Discussion of Fund Performance
The Emerging Markets ex China Institutional Class (HLXCX) fell 2.11% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI Emerging Markets ex China Index, fell 2.43% in the same period (net of source taxes).

Key Performance Factors

Emerging markets excluding China fell, with Taiwan and South Korea hurt by waning excitement for artificial intelligence (AI)-related businesses. Emerging European markets were buoyed by Germany's stimulus plans. The South African market continued the rise, bolstered by the stability of its new coalition government. Information Technology (IT) shares fell sharply while Communications Services and Real Estate outperformed. The Fund modestly outperformed due to good stocks in Consumer Discretionary and Real Estate. Lagging returns in IT and Health Care detracted.

Sector Analysis

Returns in Real Estate were boosted by Emaar Properties, which benefited from sustained demand for Dubai real estate. Shares of IT-services company Globant fell due to growth concerns in the US, a key market.

Regional Analysis

Coway, the leading manufacturer of air and water purifiers in South Korea, reported strong earnings growth and raised its dividend. The Fund's underweight to Taiwanese semiconductor giant TSMC was also helpful. Bumrungrad Hospital in Thailand reported weak results due to a decline in the number of patients from abroad.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Emaar Properties | Globant |
| Coway | Bumrungrad Hospital |
| Coca-Cola HBC | Agthia |
| Maruti Suzuki | Kaspi.kz |
| MercadoLibre | Tata Consultancy Services |

---

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

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

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934854.jpg)

Average Annual Total Return (%)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since<br> Inception** |
| Fund | 2.62 | 5.30 |
| MSCI Emerging Markets ex China Index | 3.30 | 9.07 |

---

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

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $3.4M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br> (after waiver/reimbursement) | $0.0M |
| Total number of holdings | 54 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 4% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 9.8 |
| HDFC Bank Ltd. | 5.0 |
| ICICI Bank Ltd. | 4.4 |
| Maruti Suzuki India Ltd. | 4.3 |
| Tata Consultancy Services Ltd. | 4.0 |
| Samsung Electronics Co., Ltd. - GDR, Reg S | 3.5 |
| Emaar Properties PJSC | 3.3 |
| MercadoLibre Inc. | 3.0 |
| Coway Co., Ltd. | 2.9 |
| HDFC Life Insurance Co., Ltd. | 2.5 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934859.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934864.jpg)

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

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

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

![TSR_Header logo](images_7291.jpg)

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

![TSR_Header Logo (updated)](images_7290.jpg)

## Chinese Equity
Semi-Annual Shareholder Report

Institutional Class HLMCX \| April 30, 2025

This semi-annual shareholder report contains important information about the Chinese Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Chinese Equity (Institutional Class) | $57 | 1.15% |

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.*

#### Management's Discussion of Fund Performance
The Chinese Equity Institutional Class (HLMCX) fell 0.52% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI China All Shares Index, increased 3.16% (net of source taxes).

Key Performance Factors

Chinese stocks rose, buoyed by stronger government support for private enterprise, raising the prospect that the country may reverse its stagnating economic productivity and improve the quality of long-term growth. Additionally, AI-exposed companies inside China soared after the release of Chinese AI model DeepSeek. Shares of the highest-quality, and fastest-growing companies outperformed, while shares of the most-expensive companies underperformed. The Fund lagged the index due to poor relative returns in Information Technology, Consumer Discretionary, and Health Care, but benefited from strong relative returns in Industrials.

Sector Analysis

IT company Delta Electronics, which makes power-management components, declined on concerns about slowing growth outside of China in AI servers, a business where it has dominant share in power supplies. Sales at Inovance, a manufacturer of industrial-automation equipment, surged on strong sales growth in humanoid robots and electric vehicles.

Regional Analysis

Hong Kong-based Techtronic Industries' shares declined following the announcement of the Trump administration's tariffs. Chinese video game company NetEase reported strong year-over-year revenue growth for the fourth quarter, benefitting from the popularity of its new PC game *Marvel Rivals*.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Inovance | Techtronic Industries |
| NetEase | Delta Electronics |
| Shuanghuan Driveline | ZTO Express |
| ENN Energy | Trip.com Group |
| Tencent | Alibaba |

---

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

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

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934829.jpg)

Average Annual Total Return (%)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since<br> Inception** |
| Fund | 4.63 | -12.64 |
| MSCI China All Shares Index | 17.92 | -6.59 |

---

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

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $2.8M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br> (after waiver/reimbursement) | $0.0M |
| Total number of holdings | 47 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 12% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Tencent Holdings Ltd. | 11.4 |
| Alibaba Group Holding Ltd. | 6.1 |
| AIA Group Ltd. | 3.7 |
| TravelSky Technology Ltd., Class H | 3.3 |
| Hong Kong Exchanges & Clearing Ltd. | 3.3 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 3.3 |
| Airtac International Group | 3.2 |
| Delta Electronics Inc. | 3.0 |
| Trip.com Group Ltd. | 2.9 |
| Contemporary Amperex Technology Co., Ltd., Class A | 2.9 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934824.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934819.jpg)

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

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

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

![TSR_Header logo](images_7291.jpg)

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

![TSR_Header Logo (updated)](images_7290.jpg)

## Frontier Emerging Markets
Semi-Annual Shareholder Report

Institutional Class HLFMX \| April 30, 2025

This semi-annual shareholder report contains important information about the Frontier Emerging Markets Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Frontier Emerging Markets (Institutional Class) | $72 | 1.45% |

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.*

#### Management's Discussion of Fund Performance
The Frontier Emerging Markets Institutional Class (HLFMX) fell 0.82% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI Frontier Emerging Markets Index, rose 4.21% in the same period (net of source taxes).

Key Performance Factors

Frontier emerging markets, which were relatively insulated from the US trade war, outperformed developed markets. Shares of the fastest-growing and most-expensive companies underperformed. The Fund lagged the index due to poor relative returns in Information Technology (IT) and Consumer Discretionary, but benefited from strong relative returns in Industrials, Materials, and Real Estate.

Sector Analysis

IT-services company Globant faced limits to its pricing power as clients prioritized cost savings over product development, which resulted in muted margin expansion. Industrials holding Marsa Maroc, a Moroccan port operator, won a concession to operate a second terminal at the Nador West Med port on the Mediterranean coast. The expected increase in capacity will substantially increase transshipment container throughput.

Regional Analysis

By region, Asian investments detracted the most from the Fund's performance. Philippine home-improvement retailer Wilcon Depot reported disappointing results due to weak demand and intense discounting by peers. On the other hand, UAE-based Emaar Properties has been generating strong earnings, bolstered by sustained demand for real estate in Dubai.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Emaar Properties | Globant |
| Marsa Maroc | Wilcon Depot |
| Halyk Savings Bank | Agthia |
| Airtel Africa | Alfamart |
| Cementos Argos | FPT |

---

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

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

Growth of $100,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934686.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 7.64 | 7.93 | 0.55 |
| MSCI Frontier Emerging Markets Index | 11.83 | 7.53 | 1.07 |

---

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

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $125.4M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br> (after waiver/reimbursement) | $0.7M |
| Total number of holdings | 57 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 8% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Credicorp Ltd. | 5.0 |
| Banca Transilvania SA | 4.7 |
| Halyk Savings Bank of Kazakhstan JSC - GDR, Reg S | 4.3 |
| Societe d'Exploitation des Ports | 3.8 |
| Emaar Properties PJSC | 3.4 |
| International Container Terminal Services Inc. | 3.2 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 3.2 |
| Bank for Foreign Trade of Vietnam JSC | 3.2 |
| Kaspi.KZ JSC - ADR | 3.0 |
| SM Prime Holdings Inc. | 2.9 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934691.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934696.jpg)

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

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

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

![TSR_Header logo](images_7291.jpg)

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

![TSR_Header Logo (updated)](images_7290.jpg)

## Frontier Emerging Markets
Semi-Annual Shareholder Report

Institutional Class Z HLFZX \| April 30, 2025

This semi-annual shareholder report contains important information about the Frontier Emerging Markets Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Frontier Emerging Markets (Institutional Class Z) | $62 | 1.25% |

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.*

#### Management's Discussion of Fund Performance
The Frontier Emerging Markets Institutional Class Z (HLFZX) fell 0.58% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI Frontier Emerging Markets Index, rose 4.21% in the same period (net of source taxes).

Key Performance Factors

Frontier emerging markets, which were relatively insulated from the US trade war, outperformed developed markets. Shares of the fastest-growing and most-expensive companies underperformed. The Fund lagged the index due to poor relative returns in Information Technology (IT) and Consumer Discretionary, but benefited from strong relative returns in Industrials, Materials, and Real Estate.

Sector Analysis

IT-services company Globant faced limits to its pricing power as clients prioritized cost savings over product development, which resulted in muted margin expansion. Industrials holding Marsa Maroc, a Moroccan port operator, won a concession to operate a second terminal at the Nador West Med port on the Mediterranean coast. The expected increase in capacity will substantially increase transshipment container throughput.

Regional Analysis

By region, Asian investments detracted the most from the Fund's performance. Philippine home-improvement retailer Wilcon Depot reported disappointing results due to weak demand and intense discounting by peers. On the other hand, UAE-based Emaar Properties has been generating strong earnings, bolstered by sustained demand for real estate in Dubai.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Emaar Properties | Globant |
| Marsa Maroc | Wilcon Depot |
| Halyk Savings Bank | Agthia |
| Airtel Africa | Alfamart |
| Cementos Argos | FPT |

---

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

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

Growth of $2,500,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934770.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 7.93 | 8.29 | 0.78 |
| MSCI Frontier Emerging Markets Index | 11.83 | 7.53 | 1.07 |

---

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

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $125.4M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br> (after waiver/reimbursement) | $0.7M |
| Total number of holdings | 57 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 8% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Credicorp Ltd. | 5.0 |
| Banca Transilvania SA | 4.7 |
| Halyk Savings Bank of Kazakhstan JSC - GDR, Reg S | 4.3 |
| Societe d'Exploitation des Ports | 3.8 |
| Emaar Properties PJSC | 3.4 |
| International Container Terminal Services Inc. | 3.2 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 3.2 |
| Bank for Foreign Trade of Vietnam JSC | 3.2 |
| Kaspi.KZ JSC - ADR | 3.0 |
| SM Prime Holdings Inc. | 2.9 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934775.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934780.jpg)

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

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

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

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

![TSR_Header logo](images_7291.jpg)

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

![TSR_Header Logo (updated)](images_7290.jpg)

## Frontier Emerging Markets
Semi-Annual Shareholder Report

Investor Class HLMOX \| April 30, 2025

This semi-annual shareholder report contains important information about the Frontier Emerging Markets Fund ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at HardingLoevnerFunds.com. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| Frontier Emerging Markets (Investor Class) | $86 | 1.75% |

---

 *<sup>1</sup>* *Expense ratio is expressed on an annualized basis.*

#### Management's Discussion of Fund Performance
The Frontier Emerging Markets Investor Class (HLMOX) fell 0.96% (net of fees and expenses) in the six-month period ended April 30, 2025. The Fund's benchmark, the MSCI Frontier Emerging Markets Index, rose 4.21% in the same period (net of source taxes).

Key Performance Factors

Frontier emerging markets, which were relatively insulated from the US trade war, outperformed developed markets. Shares of the fastest-growing and most-expensive companies underperformed. The Fund lagged the index due to poor relative returns in Information Technology (IT) and Consumer Discretionary, but benefited from strong relative returns in Industrials, Materials, and Real Estate.

Sector Analysis

IT-services company Globant faced limits to its pricing power as clients prioritized cost savings over product development, which resulted in muted margin expansion. Industrials holding Marsa Maroc, a Moroccan port operator, won a concession to operate a second terminal at the Nador West Med port on the Mediterranean coast. The expected increase in capacity will substantially increase transshipment container throughput.

Regional Analysis

By region, Asian investments detracted the most from the Fund's performance. Philippine home-improvement retailer Wilcon Depot reported disappointing results due to weak demand and intense discounting by peers. On the other hand, UAE-based Emaar Properties has been generating strong earnings, bolstered by sustained demand for real estate in Dubai.

#### Performance

---

| | |
|:---|:---|
| 🡱 Top Contributors | 🡳 Top Detractors |
| Emaar Properties | Globant |
| Marsa Maroc | Wilcon Depot |
| Halyk Savings Bank | Agthia |
| Airtel Africa | Alfamart |
| Cementos Argos | FPT |

---

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

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

Growth of $10,000 (USD)

![Fund Performance - Growth of 10K](chartimages_2934745.jpg)

Average Annual Total Return (%)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fund | 7.25 | 7.59 | 0.19 |
| MSCI Frontier Emerging Markets Index | 11.83 | 7.53 | 1.07 |

---

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

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

![TSR QR Code](images_7289.jpg)

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

#### Key Fund Statistics
During Reporting Period

---

| | | | |
|:---|:---|:---|:---|
| Fund net assets | $125.4M | &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid<br> (after waiver/reimbursement) | $0.7M |
| Total number of holdings | 57 | &nbsp;&nbsp;&nbsp;&nbsp;Period portfolio turnover rate | 8% |

---

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

#### Top Ten Holdings

#### %
Allocation

---

| | |
|:---|:---|
| Credicorp Ltd. | 5.0 |
| Banca Transilvania SA | 4.7 |
| Halyk Savings Bank of Kazakhstan JSC - GDR, Reg S | 4.3 |
| Societe d'Exploitation des Ports | 3.8 |
| Emaar Properties PJSC | 3.4 |
| International Container Terminal Services Inc. | 3.2 |
| Northern Institutional Funds - Treasury Portfolio (Premier Shares) | 3.2 |
| Bank for Foreign Trade of Vietnam JSC | 3.2 |
| Kaspi.KZ JSC - ADR | 3.0 |
| SM Prime Holdings Inc. | 2.9 |

---

by Sector

![Graphical Representation - Allocation 1 Chart](chartimages_2934740.jpg)

by Region

![Graphical Representation - Allocation 2 Chart](chartimages_2934735.jpg)

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

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

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

![TSR_Header logo](images_7291.jpg)

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 2. Code of Ethics.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 3. Audit Committee Financial Expert.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 4. Principal Accountant Fees and Services.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 5. Audit Committee of Listed Registrants.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 6. Investments.**

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

(b) Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) - (b) The Financial Statements and Financial Highlights are included herewith.

------

![](FrontCover.jpg)

------

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_SOI-SOI-TOCHeader_1) | 2 |
| [Global Equity Portfolio](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_SOI-SOI-TOCHeader_1) | 2 |
| [International Equity Portfolio](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_SOI-SOI-TOCHeader_3) | 4 |
| [International Developed Markets Equity Portfolio](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_SOI-SOI-TOCHeader_6) | 7 |
| [International Small Companies Portfolio](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_SOI-SOI-TOCHeader_8) | 9 |
| [Institutional Emerging Markets Portfolio](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_SOI-SOI-TOCHeader_11) | 12 |
| [Emerging Markets Portfolio](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_SOI-SOI-TOCHeader_14) | 15 |
| [Emerging Markets ex China Portfolio](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_SOI-SOI-TOCHeader_17) | 18 |
| [Chinese Equity Portfolio](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_SOI-SOI-TOCHeader_20) | 21 |
| [Frontier Emerging Markets Portfolio](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_SOI-SOI-TOCHeader_22) | 23 |
| [Statements of Assets and Liabilities](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_FS-StatementofAssetsandLiabilities_1) | 26 |
| [Statements of Operations](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_FS-StatementofAssetsandLiabilities_4) | 29 |
| [Statements of Changes in Net Assets](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_FS-StatementofAssetsandLiabilities_6) | 31 |
| [Financial Highlights](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_FS-StatementofAssetsandLiabilities_11) | 36 |
| [Notes to Financial Statements](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_NTF-NotestoFinancialStatements_1) | 54 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_CID-CIADA-TOCHeader_1) | 66 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_ProxyDisclosure-ProxyDisclosuresTOCHeader_1) | 67 |
| [Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_b9759376-9f8e-4f64-8403-7689e363e7c2_AIA_Section-AIA-TOCHeader_1) | 68 |

---

------

**Harding, Loevner Funds, Inc.**

------

**Global Equity Portfolio**

**Portfolio of Investments**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 95.7%** | **COMMON STOCKS - 95.7%** | **COMMON STOCKS - 95.7%** |
| **Canada - 1.1%** | **Canada - 1.1%** | **Canada - 1.1%** |
| Alimentation Couche-Tard Inc. <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 108400 | &nbsp;&nbsp; $5658250<br>|
| **China - 3.9%** | **China - 3.9%** | **China - 3.9%** |
| Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 250700 | &nbsp;&nbsp; 7581117<br>|
| Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 214200 | &nbsp;&nbsp; 13291920<br>|
|  |  | &nbsp;&nbsp; 20873037 |
| **Denmark - 0.6%** | **Denmark - 0.6%** | **Denmark - 0.6%** |
| Genmab A/S (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 14523 | &nbsp;&nbsp; 3066054<br>|
| **France - 3.2%** | **France - 3.2%** | **France - 3.2%** |
| Schneider Electric SE (Capital <br> Goods)†<br>| &nbsp;&nbsp; 71446 | &nbsp;&nbsp; 16741160<br>|
| **Germany - 2.7%** | **Germany - 2.7%** | **Germany - 2.7%** |
| SAP SE - Sponsored ADR <br> (Software & Services)<br>| &nbsp;&nbsp; 29345 | &nbsp;&nbsp; 8574316<br>|
| Symrise AG (Materials)† | &nbsp;&nbsp; 49071 | &nbsp;&nbsp; 5645540<br>|
|  |  | &nbsp;&nbsp; 14219856 |
| **Hong Kong - 1.4%** | **Hong Kong - 1.4%** | **Hong Kong - 1.4%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 996805 | &nbsp;&nbsp; 7530959<br>|
| **India - 1.4%** | **India - 1.4%** | **India - 1.4%** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp; 103302 | &nbsp;&nbsp; 7509022<br>|
| **Indonesia - 0.7%** | **Indonesia - 0.7%** | **Indonesia - 0.7%** |
| Bank Central Asia Tbk PT <br> (Banks)†<br>| &nbsp;&nbsp; 7022770 | &nbsp;&nbsp; 3774346<br>|
| **Japan - 5.8%** | **Japan - 5.8%** | **Japan - 5.8%** |
| Chugai Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 191400 | &nbsp;&nbsp; 11056288<br>|
| Keyence Corp. (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 15100 | &nbsp;&nbsp; 6341791<br>|
| Sony Group Corp. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 522600 | &nbsp;&nbsp; 13489333<br>|
|  |  | &nbsp;&nbsp; 30887412 |
| **Mexico - 0.9%** | **Mexico - 0.9%** | **Mexico - 0.9%** |
| Wal-Mart de Mexico SAB de CV <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 1456900 | &nbsp;&nbsp; 4617238<br>|
| **Netherlands - 1.0%** | **Netherlands - 1.0%** | **Netherlands - 1.0%** |
| ASML Holding NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 7698 | &nbsp;&nbsp; 5153250<br>|
| **Singapore - 1.2%** | **Singapore - 1.2%** | **Singapore - 1.2%** |
| DBS Group Holdings Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 196700 | &nbsp;&nbsp; 6430796<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 95.7% (continued)** | **COMMON STOCKS - 95.7% (continued)** | **COMMON STOCKS - 95.7% (continued)** |
| **Sweden - 2.7%** | **Sweden - 2.7%** | **Sweden - 2.7%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp; 122287 | &nbsp;&nbsp; $5102362<br>|
| Atlas Copco AB, Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 272893 | &nbsp;&nbsp; 4280899<br>|
| Epiroc AB, Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 229304 | &nbsp;&nbsp; 4915927<br>|
|  |  | &nbsp;&nbsp; 14299188 |
| **Switzerland - 3.8%** | **Switzerland - 3.8%** | **Switzerland - 3.8%** |
| Alcon AG (Health Care <br> Equipment & Services)<br>| &nbsp;&nbsp; 92799 | &nbsp;&nbsp; 9058110<br>|
| Roche Holding AG, Genusschein <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 19098 | &nbsp;&nbsp; 6229961<br>|
| SGS SA, Reg S (Commercial & <br> Professional Services)†<br>| &nbsp;&nbsp; 49687 | &nbsp;&nbsp; 4858779<br>|
|  |  | &nbsp;&nbsp; 20146850 |
| **Taiwan - 1.3%** | **Taiwan - 1.3%** | **Taiwan - 1.3%** |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. - <br> Sponsored ADR <br> (Semiconductors & <br> Semiconductor Equipment)<br>| &nbsp;&nbsp; 41049 | &nbsp;&nbsp; 6842458<br>|
| **United Kingdom - 5.2%** | **United Kingdom - 5.2%** | **United Kingdom - 5.2%** |
| Compass Group plc (Consumer <br> Services)†<br>| &nbsp;&nbsp; 205728 | &nbsp;&nbsp; 6911157<br>|
| Diploma plc (Capital Goods)† | &nbsp;&nbsp; 108965 | &nbsp;&nbsp; 5796531<br>|
| Haleon plc (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 1824064 | &nbsp;&nbsp; 9140624<br>|
| Shell plc (Energy)† | &nbsp;&nbsp; 169564 | &nbsp;&nbsp; 5425247<br>|
|  |  | &nbsp;&nbsp; 27273559 |
| **United States - 58.8%** | **United States - 58.8%** | **United States - 58.8%** |
| AbbVie Inc. (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 32876 | &nbsp;&nbsp; 6414108<br>|
| Accenture plc, Class A (Software <br> & Services)<br>| &nbsp;&nbsp; 40224 | &nbsp;&nbsp; 12033010<br>|
| Adobe Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 13762 | &nbsp;&nbsp; 5160475<br>|
| Alphabet Inc., Class A (Media & <br> Entertainment)<br>| &nbsp;&nbsp; 128688 | &nbsp;&nbsp; 20435654<br>|
| Amazon.com Inc. (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 102333 | &nbsp;&nbsp; 18872252<br>|
| AMETEK Inc. (Capital Goods) | &nbsp;&nbsp; 30166 | &nbsp;&nbsp; 5115550<br>|
| Amphenol Corp., Class A <br> (Technology Hardware & <br> Equipment)<br>| &nbsp;&nbsp; 78021 | &nbsp;&nbsp; 6003716<br>|
| Applied Materials Inc. <br> (Semiconductors & <br> Semiconductor Equipment)<br>| &nbsp;&nbsp; 36609 | &nbsp;&nbsp; 5517342<br>|
| Atkore Inc. (Capital Goods) | &nbsp;&nbsp; 62619 | &nbsp;&nbsp; 3999476<br>|
| Booking Holdings Inc. <br> (Consumer Services)<br>| &nbsp;&nbsp; 1993 | &nbsp;&nbsp; 10162865<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Global Equity Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 95.7% (continued)** | **COMMON STOCKS - 95.7% (continued)** | **COMMON STOCKS - 95.7% (continued)** |
| **United States - 58.8% (continued)** | **United States - 58.8% (continued)** | **United States - 58.8% (continued)** |
| Broadcom Inc. (Semiconductors <br> & Semiconductor <br> Equipment)<br>| &nbsp;&nbsp; 42388 | &nbsp;&nbsp; $8158418<br>|
| CME Group Inc. (Financial <br> Services)<br>| &nbsp;&nbsp; 51720 | &nbsp;&nbsp; 14330578<br>|
| CoStar Group Inc. (Real Estate <br> Management & <br> Development)\*<br>| &nbsp;&nbsp; 80467 | &nbsp;&nbsp; 5968237<br>|
| Danaher Corp. (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 32640 | &nbsp;&nbsp; 6506131<br>|
| Deere & Co. (Capital Goods) | &nbsp;&nbsp; 23356 | &nbsp;&nbsp; 10826907<br>|
| Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 41674 | &nbsp;&nbsp; 4899612<br>|
| HEICO Corp. (Capital Goods) | &nbsp;&nbsp; 22578 | &nbsp;&nbsp; 5661659<br>|
| Honeywell International Inc. <br> (Capital Goods)<br>| &nbsp;&nbsp; 22337 | &nbsp;&nbsp; 4701938<br>|
| Johnson & Johnson <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 32371 | &nbsp;&nbsp; 5059911<br>|
| Meta Platforms Inc., Class A <br> (Media & Entertainment)<br>| &nbsp;&nbsp; 26601 | &nbsp;&nbsp; 14603949<br>|
| Microsoft Corp. (Software & <br> Services)<br>| &nbsp;&nbsp; 53478 | &nbsp;&nbsp; 21137714<br>|
| Netflix Inc. (Media & <br> Entertainment)\*<br>| &nbsp;&nbsp; 21752 | &nbsp;&nbsp; 24617173<br>|
| Northrop Grumman Corp. <br> (Capital Goods)<br>| &nbsp;&nbsp; 9491 | &nbsp;&nbsp; 4617372<br>|
| NVIDIA Corp. (Semiconductors <br> & Semiconductor <br> Equipment)<br>| &nbsp;&nbsp; 56611 | &nbsp;&nbsp; 6166070<br>|
| Salesforce Inc. (Software & <br> Services)<br>| &nbsp;&nbsp; 41293 | &nbsp;&nbsp; 11095842<br>|
| Schlumberger NV (Energy) | &nbsp;&nbsp; 136611 | &nbsp;&nbsp; 4542316<br>|
| ServiceNow Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 7171 | &nbsp;&nbsp; 6848377<br>|
| Synopsys Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 10758 | &nbsp;&nbsp; 4938030<br>|
| Thermo Fisher Scientific Inc. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)<br>| &nbsp;&nbsp; 12842 | &nbsp;&nbsp; 5509218<br>|
| Trade Desk Inc., Class A (Media <br> & Entertainment)\*<br>| &nbsp;&nbsp; 99463 | &nbsp;&nbsp; 5334201<br>|
| Tradeweb Markets Inc., Class A <br> (Financial Services)<br>| &nbsp;&nbsp; 70301 | &nbsp;&nbsp; 9722628<br>|
| UnitedHealth Group Inc. (Health <br> Care Equipment & Services)<br>| &nbsp;&nbsp; 27715 | &nbsp;&nbsp; 11403060<br>|
| Vertex Pharmaceuticals Inc. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*<br>| &nbsp;&nbsp; 39860 | &nbsp;&nbsp; 20308670<br>|
|  |  | &nbsp;&nbsp; 310672459 |
| **Total Common Stocks (Cost $334,411,168)** | **Total Common Stocks (Cost $334,411,168)** | &nbsp;&nbsp; **$505695894** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT TERM INVESTMENTS - 4.1%** | **SHORT TERM INVESTMENTS - 4.1%** | **SHORT TERM INVESTMENTS - 4.1%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.17% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 21489581 | &nbsp;&nbsp; $21489581 |
| **Total Short Term Investments (Cost $21,489,581)** | **Total Short Term Investments (Cost $21,489,581)** | &nbsp;&nbsp; **$21489581** |
| **Total Investments — 99.8%** | **Total Investments — 99.8%** |  |
| **(Cost $355,900,749)** | **(Cost $355,900,749)** | &nbsp;&nbsp; **$527185475** |
| Other Assets Less Liabilities - 0.2% | Other Assets Less Liabilities - 0.2% | &nbsp;&nbsp; 878067 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$528063542** |

---

---

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

---

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Banks | 3.3<br> %<br>|
| Capital Goods | 13.7 |
| Commercial & Professional Services | 0.9 |
| Consumer Discretionary Distribution & Retail | 3.6 |
| Consumer Durables & Apparel | 2.5 |
| Consumer Services | 3.2 |
| Consumer Staples Distribution & Retail | 2.0 |
| Energy | 1.9 |
| Financial Services | 4.5 |
| Health Care Equipment & Services | 5.3 |
| Insurance | 1.4 |
| Materials | 1.1 |
| Media & Entertainment | 14.9 |
| Pharmaceuticals, Biotechnology & Life Sciences | 13.9 |
| Real Estate Management & Development | 1.1 |
| Semiconductors & Semiconductor Equipment | 6.0 |
| Software & Services | 14.1 |
| Technology Hardware & Equipment | 2.3 |
| Money Market Fund | 4.1 |
| Total Investments | 99.8 |
| Other Assets Less Liabilities | 0.2 |
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Equity Portfolio**

**Portfolio of Investments**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.8%** | **COMMON STOCKS - 96.8%** | **COMMON STOCKS - 96.8%** |
| **Australia - 1.4%** | **Australia - 1.4%** | **Australia - 1.4%** |
| BHP Group Ltd. - Sponsored <br> ADR (Materials)<br>| &nbsp;&nbsp; 3568573 | &nbsp;&nbsp; $169685646<br>|
| **Canada - 5.0%** | **Canada - 5.0%** | **Canada - 5.0%** |
| Alimentation Couche-Tard Inc. <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 3168965 | &nbsp;&nbsp; 165413261<br>|
| Canadian National Railway Co. <br> (Transportation)<br>| &nbsp;&nbsp; 1023207 | &nbsp;&nbsp; 99066902<br>|
| Manulife Financial Corp. <br> (Insurance)<br>| &nbsp;&nbsp; 11225962 | &nbsp;&nbsp; 344042430<br>|
|  |  | &nbsp;&nbsp; 608522593 |
| **China - 6.2%** | **China - 6.2%** | **China - 6.2%** |
| Haier Smart Home Co., Ltd., <br> Class A (Consumer Durables <br> & Apparel)†<br>| &nbsp;&nbsp; 40913488 | &nbsp;&nbsp; 139686645<br>|
| NetEase Inc. - ADR (Media & <br> Entertainment)<br>| &nbsp;&nbsp; 1244472 | &nbsp;&nbsp; 133233172<br>|
| Ping An Insurance Group Co. of <br> China Ltd., Class H <br> (Insurance)†<br>| &nbsp;&nbsp; 14280000 | &nbsp;&nbsp; 86472546<br>|
| Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 2926764 | &nbsp;&nbsp; 88504747<br>|
| Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 3162410 | &nbsp;&nbsp; 196239501<br>|
| ZTO Express Cayman Inc. - <br> ADR (Transportation)<br>| &nbsp;&nbsp; 6157026 | &nbsp;&nbsp; 113904981<br>|
|  |  | &nbsp;&nbsp; 758041592 |
| **Denmark - 2.5%** | **Denmark - 2.5%** | **Denmark - 2.5%** |
| Coloplast A/S, Class B (Health <br> Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 930318 | &nbsp;&nbsp; 105678978<br>|
| Genmab A/S (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 443206 | &nbsp;&nbsp; 93568384<br>|
| Novonesis (Novozymes), Class B <br> (Materials)†<br>| &nbsp;&nbsp; 1584510 | &nbsp;&nbsp; 102833003<br>|
|  |  | &nbsp;&nbsp; 302080365 |
| **France - 7.0%** | **France - 7.0%** | **France - 7.0%** |
| Air Liquide SA (Materials)† | &nbsp;&nbsp; 775125 | &nbsp;&nbsp; 159451015<br>|
| Dassault Systemes SE (Software <br> & Services)†<br>| &nbsp;&nbsp; 3272443 | &nbsp;&nbsp; 122161497<br>|
| L'Oreal SA (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 601899 | &nbsp;&nbsp; 264122852<br>|
| Schneider Electric SE (Capital <br> Goods)†<br>| &nbsp;&nbsp; 1292316 | &nbsp;&nbsp; 302814279<br>|
|  |  | &nbsp;&nbsp; 848549643 |
| **Germany - 6.3%** | **Germany - 6.3%** | **Germany - 6.3%** |
| Allianz SE, Reg S (Insurance)† | &nbsp;&nbsp; 1120787 | &nbsp;&nbsp; 462880793<br>|
| SAP SE - Sponsored ADR <br> (Software & Services)<br>| &nbsp;&nbsp; 568257 | &nbsp;&nbsp; 166039013<br>|
| Symrise AG (Materials)† | &nbsp;&nbsp; 1250835 | &nbsp;&nbsp; 143906576<br>|
|  |  | &nbsp;&nbsp; 772826382 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.8% (continued)** | **COMMON STOCKS - 96.8% (continued)** | **COMMON STOCKS - 96.8% (continued)** |
| **Hong Kong - 3.0%** | **Hong Kong - 3.0%** | **Hong Kong - 3.0%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 36692574 | &nbsp;&nbsp; $277215977<br>|
| Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 8892500 | &nbsp;&nbsp; 90464081<br>|
|  |  | &nbsp;&nbsp; 367680058 |
| **India - 3.5%** | **India - 3.5%** | **India - 3.5%** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp; 5828618 | &nbsp;&nbsp; 423682242<br>|
| **Indonesia - 0.9%** | **Indonesia - 0.9%** | **Indonesia - 0.9%** |
| Telkom Indonesia Persero Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 716443400 | &nbsp;&nbsp; 114216930<br>|
| **Japan - 15.2%** | **Japan - 15.2%** | **Japan - 15.2%** |
| Chugai Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 7819900 | &nbsp;&nbsp; 451719249<br>|
| Daifuku Co., Ltd. (Capital <br> Goods)†<br>| &nbsp;&nbsp; 5068800 | &nbsp;&nbsp; 135053243<br>|
| Disco Corp. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 532800 | &nbsp;&nbsp; 103429934<br>|
| Keyence Corp. (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 299434 | &nbsp;&nbsp; 125758132<br>|
| Komatsu Ltd. (Capital Goods)† | &nbsp;&nbsp; 5564000 | &nbsp;&nbsp; 160066629<br>|
| Shionogi & Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 7833600 | &nbsp;&nbsp; 131566650<br>|
| Sony Group Corp. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 14719900 | &nbsp;&nbsp; 379949542<br>|
| Sysmex Corp. (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 11451421 | &nbsp;&nbsp; 212866464<br>|
| Unicharm Corp. (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 16907900 | &nbsp;&nbsp; 156837316<br>|
|  |  | &nbsp;&nbsp; 1857247159 |
| **Mexico - 3.1%** | **Mexico - 3.1%** | **Mexico - 3.1%** |
| Fomento Economico Mexicano <br> SAB de CV - Sponsored <br> ADR (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 2341095 | &nbsp;&nbsp; 246540714<br>|
| Grupo Financiero Banorte SAB <br> de CV, Series O (Banks)<br>| &nbsp;&nbsp; 15336000 | &nbsp;&nbsp; 131787702<br>|
|  |  | &nbsp;&nbsp; 378328416 |
| **Netherlands - 3.6%** | **Netherlands - 3.6%** | **Netherlands - 3.6%** |
| Adyen NV (Financial <br> Services)\*^†<br>| &nbsp;&nbsp; 98025 | &nbsp;&nbsp; 158879533<br>|
| ASML Holding NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 409451 | &nbsp;&nbsp; 274097612<br>|
|  |  | &nbsp;&nbsp; 432977145 |
| **Peru - 1.2%** | **Peru - 1.2%** | **Peru - 1.2%** |
| Credicorp Ltd. (Banks) | &nbsp;&nbsp; 744175 | &nbsp;&nbsp; 150464743<br>|
| **Singapore - 3.6%** | **Singapore - 3.6%** | **Singapore - 3.6%** |
| DBS Group Holdings Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 13492818 | &nbsp;&nbsp; 441126403<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Equity Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.8% (continued)** | **COMMON STOCKS - 96.8% (continued)** | **COMMON STOCKS - 96.8% (continued)** |
| **South Korea - 2.3%** | **South Korea - 2.3%** | **South Korea - 2.3%** |
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 286134 | &nbsp;&nbsp; $278897239<br>|
| **Spain - 1.5%** | **Spain - 1.5%** | **Spain - 1.5%** |
| Banco Bilbao Vizcaya <br> Argentaria SA (Banks)†<br>| &nbsp;&nbsp; 13230555 | &nbsp;&nbsp; 181858761<br>|
| **Sweden - 7.6%** | **Sweden - 7.6%** | **Sweden - 7.6%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp; 5067262 | &nbsp;&nbsp; 211428890<br>|
| Assa Abloy AB, Class B (Capital <br> Goods)†<br>| &nbsp;&nbsp; 4694112 | &nbsp;&nbsp; 140889920<br>|
| Atlas Copco AB, Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 12793596 | &nbsp;&nbsp; 200694366<br>|
| Epiroc AB, Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 7807054 | &nbsp;&nbsp; 167371298<br>|
| Skandinaviska Enskilda Banken <br> AB, Class A (Banks)†<br>| &nbsp;&nbsp; 13215625 | &nbsp;&nbsp; 210495565<br>|
|  |  | &nbsp;&nbsp; 930880039 |
| **Switzerland - 7.7%** | **Switzerland - 7.7%** | **Switzerland - 7.7%** |
| Alcon AG (Health Care <br> Equipment & Services)<br>| &nbsp;&nbsp; 2318102 | &nbsp;&nbsp; 226269936<br>|
| Nestle SA - Sponsored ADR <br> (Food, Beverage & Tobacco)<br>| &nbsp;&nbsp; 2489184 | &nbsp;&nbsp; 265322123<br>|
| Roche Holding AG, Genusschein <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 1003544 | &nbsp;&nbsp; 327366208<br>|
| Sonova Holding AG, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 388041 | &nbsp;&nbsp; 118745474<br>|
|  |  | &nbsp;&nbsp; 937703741 |
| **Taiwan - 4.4%** | **Taiwan - 4.4%** | **Taiwan - 4.4%** |
| Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 15998000 | &nbsp;&nbsp; 167438174<br>|
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. - <br> Sponsored ADR <br> (Semiconductors & <br> Semiconductor Equipment)<br>| &nbsp;&nbsp; 2230641 | &nbsp;&nbsp; 371825548<br>|
|  |  | &nbsp;&nbsp; 539263722 |
| **United Kingdom - 7.2%** | **United Kingdom - 7.2%** | **United Kingdom - 7.2%** |
| Haleon plc (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 70330592 | &nbsp;&nbsp; 352435824<br>|
| Rio Tinto plc (Materials)† | &nbsp;&nbsp; 3118084 | &nbsp;&nbsp; 185911228<br>|
| Shell plc (Energy)† | &nbsp;&nbsp; 10684984 | &nbsp;&nbsp; 341868974<br>|
|  |  | &nbsp;&nbsp; 880216026 |
| **United States - 3.6%** | **United States - 3.6%** | **United States - 3.6%** |
| Linde plc (Materials) | &nbsp;&nbsp; 419282 | &nbsp;&nbsp; 190031181<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.8% (continued)** | **COMMON STOCKS - 96.8% (continued)** | **COMMON STOCKS - 96.8% (continued)** |
| **United States - 3.6% (continued)** | **United States - 3.6% (continued)** | **United States - 3.6% (continued)** |
| MercadoLibre Inc. (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 105924 | &nbsp;&nbsp; $246892955<br>|
|  |  | &nbsp;&nbsp; 436924136 |
| **Total Common Stocks (Cost $7,507,478,377)** | **Total Common Stocks (Cost $7,507,478,377)** | &nbsp;&nbsp; **$11811172981** |
| **SHORT TERM INVESTMENTS - 2.4%** | **SHORT TERM INVESTMENTS - 2.4%** | **SHORT TERM INVESTMENTS - 2.4%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.17% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 285972853 | &nbsp;&nbsp; 285972853 |
| **Total Short Term Investments (Cost** <br> **$285,972,853)** | **Total Short Term Investments (Cost** <br> **$285,972,853)** | &nbsp;&nbsp; **$285972853** |
| **Total Investments — 99.2%** | **Total Investments — 99.2%** |  |
| **(Cost $7,793,451,230)** | **(Cost $7,793,451,230)** | &nbsp;&nbsp; **$12097145834** |
| Other Assets Less Liabilities - 0.8% | Other Assets Less Liabilities - 0.8% | &nbsp;&nbsp; 102348803 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$12199494637** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 1.3%* <br> *of net assets as of April 30, 2025, are considered liquid and may* <br> *be resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Equity Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2025 (unaudited)**

------

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Banks | 12.6<br> %<br>|
| Capital Goods | 11.5 |
| Consumer Discretionary Distribution & Retail | 2.0 |
| Consumer Durables & Apparel | 4.3 |
| Consumer Staples Distribution & Retail | 1.4 |
| Energy | 2.8 |
| Financial Services | 1.3 |
| Food, Beverage & Tobacco | 4.2 |
| Health Care Equipment & Services | 6.1 |
| Household & Personal Products | 3.5 |
| Insurance | 9.6 |
| Materials | 7.8 |
| Media & Entertainment | 2.7 |
| Pharmaceuticals, Biotechnology & Life Sciences | 11.2 |
| Semiconductors & Semiconductor Equipment | 6.2 |
| Software & Services | 2.3 |
| Technology Hardware & Equipment | 4.7 |
| Telecommunication Services | 0.9 |
| Transportation | 1.7 |
| Money Market Fund | 2.4 |
| Total Investments | 99.2 |
| Other Assets Less Liabilities | 0.8 |
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Developed Markets Equity Portfolio**

**Portfolio of Investments**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.9%** | **COMMON STOCKS - 96.9%** | **COMMON STOCKS - 96.9%** |
| **Australia - 1.6%** | **Australia - 1.6%** | **Australia - 1.6%** |
| BHP Group Ltd. - Sponsored <br> ADR (Materials)<br>| &nbsp;&nbsp; 33379 | &nbsp;&nbsp; $1587171<br>|
| **Canada - 6.8%** | **Canada - 6.8%** | **Canada - 6.8%** |
| Alimentation Couche-Tard Inc. <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 40720 | &nbsp;&nbsp; 2125498<br>|
| Canadian National Railway Co. <br> (Transportation)<br>| &nbsp;&nbsp; 11372 | &nbsp;&nbsp; 1101037<br>|
| Manulife Financial Corp. <br> (Insurance)<br>| &nbsp;&nbsp; 114744 | &nbsp;&nbsp; 3516563<br>|
|  |  | &nbsp;&nbsp; 6743098 |
| **Denmark - 3.2%** | **Denmark - 3.2%** | **Denmark - 3.2%** |
| Coloplast A/S, Class B (Health <br> Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 9790 | &nbsp;&nbsp; 1112090<br>|
| Genmab A/S (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 4618 | &nbsp;&nbsp; 974939<br>|
| Novonesis (Novozymes), Class B <br> (Materials)†<br>| &nbsp;&nbsp; 16560 | &nbsp;&nbsp; 1074726<br>|
|  |  | &nbsp;&nbsp; 3161755 |
| **France - 9.0%** | **France - 9.0%** | **France - 9.0%** |
| Air Liquide SA (Materials)† | &nbsp;&nbsp; 8141 | &nbsp;&nbsp; 1674686<br>|
| Dassault Systemes SE (Software <br> & Services)†<br>| &nbsp;&nbsp; 37517 | &nbsp;&nbsp; 1400523<br>|
| L'Oreal SA (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 6190 | &nbsp;&nbsp; 2716270<br>|
| Schneider Electric SE (Capital <br> Goods)†<br>| &nbsp;&nbsp; 13441 | &nbsp;&nbsp; 3149483<br>|
|  |  | &nbsp;&nbsp; 8940962 |
| **Germany - 9.0%** | **Germany - 9.0%** | **Germany - 9.0%** |
| Allianz SE, Reg S (Insurance)† | &nbsp;&nbsp; 11521 | &nbsp;&nbsp; 4758129<br>|
| SAP SE - Sponsored ADR <br> (Software & Services)<br>| &nbsp;&nbsp; 9067 | &nbsp;&nbsp; 2649287<br>|
| Symrise AG (Materials)† | &nbsp;&nbsp; 13195 | &nbsp;&nbsp; 1518064<br>|
|  |  | &nbsp;&nbsp; 8925480 |
| **Hong Kong - 3.7%** | **Hong Kong - 3.7%** | **Hong Kong - 3.7%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 369600 | &nbsp;&nbsp; 2792364<br>|
| Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 87000 | &nbsp;&nbsp; 885058<br>|
|  |  | &nbsp;&nbsp; 3677422 |
| **India - 1.0%** | **India - 1.0%** | **India - 1.0%** |
| HDFC Bank Ltd. - ADR (Banks) | &nbsp;&nbsp; 14156 | &nbsp;&nbsp; 1029000<br>|
| **Japan - 19.3%** | **Japan - 19.3%** | **Japan - 19.3%** |
| Chugai Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 76400 | &nbsp;&nbsp; 4413273<br>|
| Daifuku Co., Ltd. (Capital <br> Goods)†<br>| &nbsp;&nbsp; 51700 | &nbsp;&nbsp; 1377496<br>|
| Disco Corp. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 1087101<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.9% (continued)** | **COMMON STOCKS - 96.9% (continued)** | **COMMON STOCKS - 96.9% (continued)** |
| **Japan - 19.3% (continued)** | **Japan - 19.3% (continued)** | **Japan - 19.3% (continued)** |
| Keyence Corp. (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 3000 | &nbsp;&nbsp; $1259958<br>|
| Komatsu Ltd. (Capital Goods)† | &nbsp;&nbsp; 61600 | &nbsp;&nbsp; 1772125<br>|
| Shionogi & Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 91100 | &nbsp;&nbsp; 1530040<br>|
| Sony Group Corp. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 149900 | &nbsp;&nbsp; 3869214<br>|
| Sysmex Corp. (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 118500 | &nbsp;&nbsp; 2202755<br>|
| Unicharm Corp. (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 176800 | &nbsp;&nbsp; 1639993<br>|
|  |  | &nbsp;&nbsp; 19151955 |
| **Netherlands - 4.3%** | **Netherlands - 4.3%** | **Netherlands - 4.3%** |
| Adyen NV (Financial <br> Services)\*^†<br>| &nbsp;&nbsp; 974 | &nbsp;&nbsp; 1578665<br>|
| ASML Holding NV <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 4066 | &nbsp;&nbsp; 2721891<br>|
|  |  | &nbsp;&nbsp; 4300556 |
| **Singapore - 4.3%** | **Singapore - 4.3%** | **Singapore - 4.3%** |
| DBS Group Holdings Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 130500 | &nbsp;&nbsp; 4266492<br>|
| **South Korea - 0.9%** | **South Korea - 0.9%** | **South Korea - 0.9%** |
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 959 | &nbsp;&nbsp; 934745<br>|
| **Spain - 2.0%** | **Spain - 2.0%** | **Spain - 2.0%** |
| Banco Bilbao Vizcaya <br> Argentaria SA (Banks)†<br>| &nbsp;&nbsp; 144938 | &nbsp;&nbsp; 1992225<br>|
| **Sweden - 9.4%** | **Sweden - 9.4%** | **Sweden - 9.4%** |
| Alfa Laval AB (Capital Goods)† | &nbsp;&nbsp; 50938 | &nbsp;&nbsp; 2125362<br>|
| Assa Abloy AB, Class B (Capital <br> Goods)†<br>| &nbsp;&nbsp; 44749 | &nbsp;&nbsp; 1343105<br>|
| Atlas Copco AB, Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 121918 | &nbsp;&nbsp; 1912539<br>|
| Epiroc AB, Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 82932 | &nbsp;&nbsp; 1777935<br>|
| Skandinaviska Enskilda Banken <br> AB, Class A (Banks)†<br>| &nbsp;&nbsp; 134578 | &nbsp;&nbsp; 2143529<br>|
|  |  | &nbsp;&nbsp; 9302470 |
| **Switzerland - 9.8%** | **Switzerland - 9.8%** | **Switzerland - 9.8%** |
| Alcon AG (Health Care <br> Equipment & Services)<br>| &nbsp;&nbsp; 23297 | &nbsp;&nbsp; 2274020<br>|
| Nestle SA, Reg S (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 25719 | &nbsp;&nbsp; 2737340<br>|
| Roche Holding AG, Genusschein <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 10761 | &nbsp;&nbsp; 3510347<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Developed Markets Equity Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.9% (continued)** | **COMMON STOCKS - 96.9% (continued)** | **COMMON STOCKS - 96.9% (continued)** |
| **Switzerland - 9.8% (continued)** | **Switzerland - 9.8% (continued)** | **Switzerland - 9.8% (continued)** |
| Sonova Holding AG, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 3945 | &nbsp;&nbsp; $1207220<br>|
|  |  | &nbsp;&nbsp; 9728927 |
| **Taiwan - 1.9%** | **Taiwan - 1.9%** | **Taiwan - 1.9%** |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. - <br> Sponsored ADR <br> (Semiconductors & <br> Semiconductor Equipment)<br>| &nbsp;&nbsp; 11088 | &nbsp;&nbsp; 1848259<br>|
| **United Kingdom - 8.8%** | **United Kingdom - 8.8%** | **United Kingdom - 8.8%** |
| Haleon plc (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 722583 | &nbsp;&nbsp; 3620958<br>|
| Rio Tinto plc (Materials)† | &nbsp;&nbsp; 30628 | &nbsp;&nbsp; 1826150<br>|
| Shell plc (Energy)† | &nbsp;&nbsp; 104916 | &nbsp;&nbsp; 3356816<br>|
|  |  | &nbsp;&nbsp; 8803924 |
| **United States - 1.9%** | **United States - 1.9%** | **United States - 1.9%** |
| Linde plc (Materials) | &nbsp;&nbsp; 4255 | &nbsp;&nbsp; 1928494 |
| **Total Common Stocks (Cost $81,083,055)** | **Total Common Stocks (Cost $81,083,055)** | &nbsp;&nbsp; **$96322935** |
| **SHORT TERM INVESTMENTS - 3.2%** | **SHORT TERM INVESTMENTS - 3.2%** | **SHORT TERM INVESTMENTS - 3.2%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.17% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 3201585 | &nbsp;&nbsp; 3201585 |
| **Total Short Term Investments (Cost $3,201,585)** | **Total Short Term Investments (Cost $3,201,585)** | &nbsp;&nbsp; **$3201585** |
| **Total Investments — 100.1%** | **Total Investments — 100.1%** |  |
| **(Cost $84,284,640)** | **(Cost $84,284,640)** | &nbsp;&nbsp; **$99524520** |
| Liabilities Less Other Assets - (0.1)% | Liabilities Less Other Assets - (0.1)% | &nbsp;&nbsp; (142707)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$99381813** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 1.6%* <br> *of net assets as of April 30, 2025, are considered liquid and may* <br> *be resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|

---

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Banks | 9.5<br> %<br>|
| Capital Goods | 14.5 |
| Consumer Durables & Apparel | 3.9 |
| Consumer Staples Distribution & Retail | 2.2 |
| Energy | 3.4 |
| Financial Services | 1.6 |
| Food, Beverage & Tobacco | 2.8 |
| Health Care Equipment & Services | 6.8 |
| Household & Personal Products | 4.4 |
| Insurance | 11.1 |
| Materials | 9.6 |
| Pharmaceuticals, Biotechnology & Life Sciences | 14.0 |
| Semiconductors & Semiconductor Equipment | 5.7 |
| Software & Services | 4.1 |
| Technology Hardware & Equipment | 2.2 |
| Transportation | 1.1 |
| Money Market Fund | 3.2 |
| Total Investments | 100.1 |
| Liabilities Less Other Assets | &nbsp;&nbsp; (0.1)<br>|
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Small Companies Portfolio**

**Portfolio of Investments**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.8%** | **COMMON STOCKS - 98.8%** | **COMMON STOCKS - 98.8%** |
| **Bangladesh - 0.8%** | **Bangladesh - 0.8%** | **Bangladesh - 0.8%** |
| Square Pharmaceuticals plc <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 1398648 | &nbsp;&nbsp; $2453085<br>|
| **Belgium - 0.8%** | **Belgium - 0.8%** | **Belgium - 0.8%** |
| Lotus Bakeries NV (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 263 | &nbsp;&nbsp; 2532350<br>|
| **Canada - 1.2%** | **Canada - 1.2%** | **Canada - 1.2%** |
| Kinaxis Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 27256 | &nbsp;&nbsp; 3680331<br>|
| **China - 4.9%** | **China - 4.9%** | **China - 4.9%** |
| Haitian International Holdings <br> Ltd. (Capital Goods)†<br>| &nbsp;&nbsp; 768000 | &nbsp;&nbsp; 1780145<br>|
| Shanghai Friendess Electronic <br> Technology Corp., Ltd., <br> Class A (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 73819 | &nbsp;&nbsp; 1976880<br>|
| Shanghai Hanbell Precise <br> Machinery Co., Ltd., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 975882 | &nbsp;&nbsp; 2224204<br>|
| TravelSky Technology Ltd., <br> Class H (Consumer <br> Services)†<br>| &nbsp;&nbsp; 3642000 | &nbsp;&nbsp; 5086741<br>|
| Yantai China Pet Foods Co., <br> Ltd., Class A (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 463199 | &nbsp;&nbsp; 3593870<br>|
|  |  | &nbsp;&nbsp; 14661840 |
| **Finland - 1.7%** | **Finland - 1.7%** | **Finland - 1.7%** |
| Vaisala OYJ, Class A <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 97893 | &nbsp;&nbsp; 5213604<br>|
| **France - 3.8%** | **France - 3.8%** | **France - 3.8%** |
| Alten SA (Software & Services)† | &nbsp;&nbsp; 35921 | &nbsp;&nbsp; 3021738<br>|
| Rubis SCA (Utilities)† | &nbsp;&nbsp; 148969 | &nbsp;&nbsp; 4836714<br>|
| Verallia SA (Materials)^† | &nbsp;&nbsp; 110214 | &nbsp;&nbsp; 3688187<br>|
|  |  | &nbsp;&nbsp; 11546639 |
| **Germany - 16.4%** | **Germany - 16.4%** | **Germany - 16.4%** |
| Bechtle AG (Software & <br> Services)†<br>| &nbsp;&nbsp; 131925 | &nbsp;&nbsp; 5612679<br>|
| Brenntag SE (Capital Goods)† | &nbsp;&nbsp; 40132 | &nbsp;&nbsp; 2671223<br>|
| Carl Zeiss Meditec AG (Bearer) <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 60954 | &nbsp;&nbsp; 4154700<br>|
| Evotec SE (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)\*†<br>| &nbsp;&nbsp; 526116 | &nbsp;&nbsp; 4376372<br>|
| FUCHS SE (Materials)† | &nbsp;&nbsp; 153551 | &nbsp;&nbsp; 5886391<br>|
| KWS Saat SE & Co. KGaA <br> (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 82031 | &nbsp;&nbsp; 5156250<br>|
| Nemetschek SE (Software & <br> Services)†<br>| &nbsp;&nbsp; 32346 | &nbsp;&nbsp; 4267929<br>|
| Pfeiffer Vacuum Technology AG <br> (Capital Goods)†<br>| &nbsp;&nbsp; 24942 | &nbsp;&nbsp; 4396871<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.8% (continued)** | **COMMON STOCKS - 98.8% (continued)** | **COMMON STOCKS - 98.8% (continued)** |
| **Germany - 16.4% (continued)** | **Germany - 16.4% (continued)** | **Germany - 16.4% (continued)** |
| Scout24 SE (Media & <br> Entertainment)^†<br>| &nbsp;&nbsp; 48453 | &nbsp;&nbsp; $5759165<br>|
| STRATEC SE (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 95131 | &nbsp;&nbsp; 2583056<br>|
| TeamViewer SE (Software & <br> Services)\*^†<br>| &nbsp;&nbsp; 301175 | &nbsp;&nbsp; 4599583<br>|
|  |  | &nbsp;&nbsp; 49464219 |
| **Hong Kong - 0.3%** | **Hong Kong - 0.3%** | **Hong Kong - 0.3%** |
| ASMPT Ltd. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 142500 | &nbsp;&nbsp; 960927<br>|
| **India - 3.0%** | **India - 3.0%** | **India - 3.0%** |
| Max Financial Services Ltd. <br> (Insurance)\*†<br>| &nbsp;&nbsp; 412304 | &nbsp;&nbsp; 6372441<br>|
| SH Kelkar & Co., Ltd. <br> (Materials)^†<br>| &nbsp;&nbsp; 1126411 | &nbsp;&nbsp; 2655148<br>|
|  |  | &nbsp;&nbsp; 9027589 |
| **Indonesia - 0.4%** | **Indonesia - 0.4%** | **Indonesia - 0.4%** |
| Sarana Menara Nusantara Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 34525100 | &nbsp;&nbsp; 1186959<br>|
| **Israel - 1.7%** | **Israel - 1.7%** | **Israel - 1.7%** |
| CyberArk Software Ltd. <br> (Software & Services)\*<br>| &nbsp;&nbsp; 14283 | &nbsp;&nbsp; 5029901<br>|
| **Italy - 4.4%** | **Italy - 4.4%** | **Italy - 4.4%** |
| Carel Industries SpA (Capital <br> Goods)^†<br>| &nbsp;&nbsp; 118108 | &nbsp;&nbsp; 2365132<br>|
| DiaSorin SpA (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 29786 | &nbsp;&nbsp; 3405052<br>|
| Reply SpA (Software & <br> Services)†<br>| &nbsp;&nbsp; 41916 | &nbsp;&nbsp; 7452620<br>|
|  |  | &nbsp;&nbsp; 13222804 |
| **Japan - 10.4%** | **Japan - 10.4%** | **Japan - 10.4%** |
| Ariake Japan Co., Ltd. (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 128600 | &nbsp;&nbsp; 5402274<br>|
| Asahi Intecc Co., Ltd. (Health <br> Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 217600 | &nbsp;&nbsp; 3342662<br>|
| GMO Payment Gateway Inc. <br> (Financial Services)†<br>| &nbsp;&nbsp; 83700 | &nbsp;&nbsp; 5249144<br>|
| JCU Corp. (Materials)† | &nbsp;&nbsp; 127200 | &nbsp;&nbsp; 2808008<br>|
| MISUMI Group Inc. (Capital <br> Goods)†<br>| &nbsp;&nbsp; 163900 | &nbsp;&nbsp; 2302058<br>|
| Santen Pharmaceutical Co., Ltd. <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 179000 | &nbsp;&nbsp; 1811218<br>|
| SHIFT Inc. (Software & <br> Services)\*†<br>| &nbsp;&nbsp; 478900 | &nbsp;&nbsp; 4406216<br>|
| Solasto Corp. (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 453100 | &nbsp;&nbsp; 1400309<br>|
| Stanley Electric Co., Ltd. <br> (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 242300 | &nbsp;&nbsp; 4544094<br>|
|  |  | &nbsp;&nbsp; 31265983 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Small Companies Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.8% (continued)** | **COMMON STOCKS - 98.8% (continued)** | **COMMON STOCKS - 98.8% (continued)** |
| **Lithuania - 2.5%** | **Lithuania - 2.5%** | **Lithuania - 2.5%** |
| Siauliu Bankas AB (Banks)† | &nbsp;&nbsp; 7848957 | &nbsp;&nbsp; $7458758<br>|
| **Malaysia - 1.3%** | **Malaysia - 1.3%** | **Malaysia - 1.3%** |
| Dialog Group Bhd. (Energy)† | &nbsp;&nbsp; 3900040 | &nbsp;&nbsp; 1333117<br>|
| TIME dotCom Bhd. <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 2121500 | &nbsp;&nbsp; 2532626<br>|
|  |  | &nbsp;&nbsp; 3865743 |
| **Mexico - 2.9%** | **Mexico - 2.9%** | **Mexico - 2.9%** |
| Grupo Herdez SAB de CV <br> (Food, Beverage & Tobacco)<br>| &nbsp;&nbsp; 1068347 | &nbsp;&nbsp; 3043704<br>|
| Megacable Holdings SAB de CV <br> (Media & Entertainment)<br>| &nbsp;&nbsp; 2304600 | &nbsp;&nbsp; 5639721<br>|
|  |  | &nbsp;&nbsp; 8683425 |
| **Norway - 1.8%** | **Norway - 1.8%** | **Norway - 1.8%** |
| Medistim ASA (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 137989 | &nbsp;&nbsp; 2149163<br>|
| TOMRA Systems ASA (Capital <br> Goods)†<br>| &nbsp;&nbsp; 211370 | &nbsp;&nbsp; 3340420<br>|
|  |  | &nbsp;&nbsp; 5489583 |
| **Panama - 1.2%** | **Panama - 1.2%** | **Panama - 1.2%** |
| Copa Holdings SA, Class A <br> (Transportation)<br>| &nbsp;&nbsp; 39832 | &nbsp;&nbsp; 3654984<br>|
| **Philippines - 2.1%** | **Philippines - 2.1%** | **Philippines - 2.1%** |
| Robinsons Retail Holdings Inc. <br> (Consumer Staples <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 4583600 | &nbsp;&nbsp; 3220711<br>|
| Wilcon Depot Inc. (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 24718300 | &nbsp;&nbsp; 3019340<br>|
|  |  | &nbsp;&nbsp; 6240051 |
| **Poland - 0.8%** | **Poland - 0.8%** | **Poland - 0.8%** |
| Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 269658 | &nbsp;&nbsp; 2357292<br>|
| **Romania - 0.6%** | **Romania - 0.6%** | **Romania - 0.6%** |
| Societatea Nationala de Gaze <br> Naturale ROMGAZ SA <br> (Energy)†<br>| &nbsp;&nbsp; 1393638 | &nbsp;&nbsp; 1886789<br>|
| **Saudi Arabia - 0.3%** | **Saudi Arabia - 0.3%** | **Saudi Arabia - 0.3%** |
| Jarir Marketing Co. (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 306894 | &nbsp;&nbsp; 1033096<br>|
| **South Korea - 0.7%** | **South Korea - 0.7%** | **South Korea - 0.7%** |
| Cheil Worldwide Inc. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 155472 | &nbsp;&nbsp; 2030208<br>|
| **Spain - 2.8%** | **Spain - 2.8%** | **Spain - 2.8%** |
| Bankinter SA (Banks)† | &nbsp;&nbsp; 386256 | &nbsp;&nbsp; 4503566<br>|
| Linea Directa Aseguradora SA <br> Cia de Seguros y Reaseguros <br> (Insurance)†<br>| &nbsp;&nbsp; 2586562 | &nbsp;&nbsp; 3768755<br>|
|  |  | &nbsp;&nbsp; 8272321 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.8% (continued)** | **COMMON STOCKS - 98.8% (continued)** | **COMMON STOCKS - 98.8% (continued)** |
| **Sweden - 3.3%** | **Sweden - 3.3%** | **Sweden - 3.3%** |
| Cellavision AB (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 203833 | &nbsp;&nbsp; $4292718<br>|
| Paradox Interactive AB (Media <br> & Entertainment)†<br>| &nbsp;&nbsp; 120924 | &nbsp;&nbsp; 2384064<br>|
| Thule Group AB (Consumer <br> Durables & Apparel)^†<br>| &nbsp;&nbsp; 139376 | &nbsp;&nbsp; 3205578<br>|
|  |  | &nbsp;&nbsp; 9882360 |
| **Switzerland - 6.7%** | **Switzerland - 6.7%** | **Switzerland - 6.7%** |
| Belimo Holding AG, Reg S <br> (Capital Goods)†<br>| &nbsp;&nbsp; 6700 | &nbsp;&nbsp; 5664939<br>|
| Bossard Holding AG, Class A, <br> Reg S (Capital Goods)†<br>| &nbsp;&nbsp; 18624 | &nbsp;&nbsp; 4056525<br>|
| Burckhardt Compression <br> Holding AG (Capital <br> Goods)†<br>| &nbsp;&nbsp; 6674 | &nbsp;&nbsp; 4551365<br>|
| LEM Holding SA, Reg S <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 4521 | &nbsp;&nbsp; 3756667<br>|
| Tecan Group AG, Reg S <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 10926 | &nbsp;&nbsp; 2133671<br>|
|  |  | &nbsp;&nbsp; 20163167 |
| **Taiwan - 1.0%** | **Taiwan - 1.0%** | **Taiwan - 1.0%** |
| ASPEED Technology Inc. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 19000 | &nbsp;&nbsp; 1788978<br>|
| Eclat Textile Co., Ltd. <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 99909 | &nbsp;&nbsp; 1298716<br>|
|  |  | &nbsp;&nbsp; 3087694 |
| **United Kingdom - 17.4%** | **United Kingdom - 17.4%** | **United Kingdom - 17.4%** |
| Airtel Africa plc <br> (Telecommunication <br> Services)^†<br>| &nbsp;&nbsp; 3174945 | &nbsp;&nbsp; 7278914<br>|
| Baltic Classifieds Group plc <br> (Media & Entertainment)†<br>| &nbsp;&nbsp; 826699 | &nbsp;&nbsp; 3764535<br>|
| Clarkson plc (Transportation)† | &nbsp;&nbsp; 106794 | &nbsp;&nbsp; 4693173<br>|
| Cranswick plc (Food, Beverage <br> & Tobacco)†<br>| &nbsp;&nbsp; 104730 | &nbsp;&nbsp; 7255987<br>|
| Diploma plc (Capital Goods)† | &nbsp;&nbsp; 128316 | &nbsp;&nbsp; 6825932<br>|
| Grafton Group plc (Capital <br> Goods)†<br>| &nbsp;&nbsp; 346447 | &nbsp;&nbsp; 4196595<br>|
| Rathbones Group plc (Financial <br> Services)†<br>| &nbsp;&nbsp; 105989 | &nbsp;&nbsp; 2220534<br>|
| Rightmove plc (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 273781 | &nbsp;&nbsp; 2703359<br>|
| Senior plc (Capital Goods)† | &nbsp;&nbsp; 4016753 | &nbsp;&nbsp; 7432663<br>|
| Spirax Group plc (Capital <br> Goods)†<br>| &nbsp;&nbsp; 35294 | &nbsp;&nbsp; 2783971<br>|
| YouGov plc (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 862364 | &nbsp;&nbsp; 3303075<br>|
|  |  | &nbsp;&nbsp; 52458738 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**International Small Companies Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 98.8% (continued)** | **COMMON STOCKS - 98.8% (continued)** | **COMMON STOCKS - 98.8% (continued)** |
| **United States - 1.1%** | **United States - 1.1%** | **United States - 1.1%** |
| Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 28805 | &nbsp;&nbsp; $3386604<br>|
| **Vietnam - 2.5%** | **Vietnam - 2.5%** | **Vietnam - 2.5%** |
| Hoa Phat Group JSC <br> (Materials)\*†<br>| &nbsp;&nbsp; 7646669 | &nbsp;&nbsp; 7514177 |
| **Total Common Stocks (Cost $215,531,715)** | **Total Common Stocks (Cost $215,531,715)** | &nbsp;&nbsp; **$297711221** |
| **RIGHTS - 0.0%^^** | **RIGHTS - 0.0%^^** | **RIGHTS - 0.0%^^** |
| **Italy - 0.0%^^** | **Italy - 0.0%^^** | **Italy - 0.0%^^** |
| DiaSorin SpA (Health Care <br> Equipment & Services)\*<br>| &nbsp;&nbsp; 38424 | &nbsp;&nbsp; 0 |
| **Total Rights (Cost $0)** | **Total Rights (Cost $0)** | &nbsp;&nbsp; **$0** |
| **SHORT TERM INVESTMENTS - 0.3%** | **SHORT TERM INVESTMENTS - 0.3%** | **SHORT TERM INVESTMENTS - 0.3%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.17% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 809010 | &nbsp;&nbsp; 809010 |
| **Total Short Term Investments (Cost $809,010)** | **Total Short Term Investments (Cost $809,010)** | &nbsp;&nbsp; **$809010** |
| **Total Investments — 99.1%** | **Total Investments — 99.1%** |  |
| **(Cost $216,340,725)** | **(Cost $216,340,725)** | &nbsp;&nbsp; **$298520231** |
| Other Assets Less Liabilities - 0.9% | Other Assets Less Liabilities - 0.9% | &nbsp;&nbsp; 2789133 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$301309364** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 10.6%* <br> *of net assets as of April 30, 2025, are considered liquid and may* <br> *be resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|
| *^^* | *Amount is less than 0.005%.* |

---

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Automobiles & Components | 1.5<br> %<br>|
| Banks | 4.0 |
| Capital Goods | 18.2 |
| Consumer Discretionary Distribution & Retail | 2.1 |
| Consumer Durables & Apparel | 1.5 |
| Consumer Services | 1.7 |
| Consumer Staples Distribution & Retail | 1.1 |
| Energy | 1.1 |
| Financial Services | 2.4 |
| Food, Beverage & Tobacco | 8.9 |
| Health Care Equipment & Services | 7.1 |
| Insurance | 3.4 |
| Materials | 7.4 |
| Media & Entertainment | 8.5 |
| Pharmaceuticals, Biotechnology & Life Sciences | 3.5 |
| Semiconductors & Semiconductor Equipment | 0.9 |
| Software & Services | 13.8 |
| Technology Hardware & Equipment | 3.7 |
| Telecommunication Services | 3.6 |
| Transportation | 2.8 |
| Utilities | 1.6 |
| Money Market Fund | 0.3 |
| Total Investments | 99.1 |
| Other Assets Less Liabilities | 0.9 |
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Institutional Emerging Markets Portfolio**

**Portfolio of Investments**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 95.9%** | **COMMON STOCKS - 95.9%** | **COMMON STOCKS - 95.9%** |
| **Brazil - 3.4%** | **Brazil - 3.4%** | **Brazil - 3.4%** |
| B3 SA - Brasil Bolsa Balcao <br> (Financial Services)<br>| &nbsp;&nbsp; 1458300 | &nbsp;&nbsp; $3466422<br>|
| Lojas Renner SA (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 691830 | &nbsp;&nbsp; 1781034<br>|
| Raia Drogasil SA (Consumer <br> Staples Distribution & Retail)<br>| &nbsp;&nbsp; 755535 | &nbsp;&nbsp; 2641307<br>|
| WEG SA (Capital Goods) | &nbsp;&nbsp; 696752 | &nbsp;&nbsp; 5480562<br>|
|  |  | &nbsp;&nbsp; 13369325 |
| **China - 24.6%** | **China - 24.6%** | **China - 24.6%** |
| Alibaba Group Holding Ltd. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 870762 | &nbsp;&nbsp; 13067319<br>|
| Contemporary Amperex <br> Technology Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 217579 | &nbsp;&nbsp; 6921130<br>|
| Hefei Meiya Optoelectronic <br> Technology Inc., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 1068900 | &nbsp;&nbsp; 2468093<br>|
| JD.com Inc., Class A (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 172731 | &nbsp;&nbsp; 2835665<br>|
| Li Ning Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 1067000 | &nbsp;&nbsp; 2035542<br>|
| Midea Group Co., Ltd., Class A <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 611349 | &nbsp;&nbsp; 6198021<br>|
| Ping An Insurance Group Co. of <br> China Ltd., Class H <br> (Insurance)†<br>| &nbsp;&nbsp; 1003000 | &nbsp;&nbsp; 6073667<br>|
| Sany Heavy Industry Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 1380400 | &nbsp;&nbsp; 3590304<br>|
| SF Holding Co., Ltd., Class A <br> (Transportation)†<br>| &nbsp;&nbsp; 670500 | &nbsp;&nbsp; 4011487<br>|
| Shenzhen Inovance Technology <br> Co., Ltd., Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 485700 | &nbsp;&nbsp; 4789072<br>|
| Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 155800 | &nbsp;&nbsp; 4711360<br>|
| Shenzhou International Group <br> Holdings Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 544700 | &nbsp;&nbsp; 3788140<br>|
| Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 327855 | &nbsp;&nbsp; 20344643<br>|
| Trip.com Group Ltd. (Consumer <br> Services)†<br>| &nbsp;&nbsp; 209238 | &nbsp;&nbsp; 12496961<br>|
| Zhejiang Sanhua Intelligent <br> Controls Co., Ltd., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 670611 | &nbsp;&nbsp; 2469919<br>|
|  |  | &nbsp;&nbsp; 95801323 |
| **Egypt - 1.2%** | **Egypt - 1.2%** | **Egypt - 1.2%** |
| Commercial International Bank <br> Egypt - GDR, Reg S <br> (Banks)†<br>| &nbsp;&nbsp; 3056643 | &nbsp;&nbsp; 4770466<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** |
| **Hong Kong - 3.5%** | **Hong Kong - 3.5%** | **Hong Kong - 3.5%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 877885 | &nbsp;&nbsp; $6632507<br>|
| ASMPT Ltd. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 243979 | &nbsp;&nbsp; 1645235<br>|
| Budweiser Brewing Co. APAC <br> Ltd. (Food, Beverage & <br> Tobacco)^†<br>| &nbsp;&nbsp; 1045000 | &nbsp;&nbsp; 1113447<br>|
| Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 403901 | &nbsp;&nbsp; 4108916<br>|
|  |  | &nbsp;&nbsp; 13500105 |
| **India - 16.9%** | **India - 16.9%** | **India - 16.9%** |
| Asian Paints Ltd. (Materials)† | &nbsp;&nbsp; 41170 | &nbsp;&nbsp; 1182399<br>|
| Bajaj Auto Ltd. (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 29927 | &nbsp;&nbsp; 2850428<br>|
| HDFC Bank Ltd. (Banks)† | &nbsp;&nbsp; 854560 | &nbsp;&nbsp; 19480216<br>|
| HDFC Life Insurance Co., Ltd. <br> (Insurance)^†<br>| &nbsp;&nbsp; 738800 | &nbsp;&nbsp; 6512143<br>|
| ICICI Bank Ltd. (Banks)† | &nbsp;&nbsp; 659700 | &nbsp;&nbsp; 11095585<br>|
| Maruti Suzuki India Ltd. <br> (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 74024 | &nbsp;&nbsp; 10723368<br>|
| Supreme Industries Ltd. <br> (Materials)†<br>| &nbsp;&nbsp; 63550 | &nbsp;&nbsp; 2666127<br>|
| Tata Consultancy Services Ltd. <br> (Software & Services)†<br>| &nbsp;&nbsp; 274354 | &nbsp;&nbsp; 11221830<br>|
|  |  | &nbsp;&nbsp; 65732096 |
| **Indonesia - 3.0%** | **Indonesia - 3.0%** | **Indonesia - 3.0%** |
| Astra International Tbk PT <br> (Capital Goods)†<br>| &nbsp;&nbsp; 12069100 | &nbsp;&nbsp; 3492680<br>|
| Bank Central Asia Tbk PT <br> (Banks)†<br>| &nbsp;&nbsp; 5672665 | &nbsp;&nbsp; 3048740<br>|
| Bank Rakyat Indonesia Persero <br> Tbk PT (Banks)†<br>| &nbsp;&nbsp; 15695750 | &nbsp;&nbsp; 3696773<br>|
| Telkom Indonesia Persero Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 8929500 | &nbsp;&nbsp; 1423560<br>|
|  |  | &nbsp;&nbsp; 11661753 |
| **Italy - 1.9%** | **Italy - 1.9%** | **Italy - 1.9%** |
| Tenaris SA - ADR (Energy) | &nbsp;&nbsp; 220271 | &nbsp;&nbsp; 7332822<br>|
| **Kazakhstan - 1.2%** | **Kazakhstan - 1.2%** | **Kazakhstan - 1.2%** |
| Kaspi.KZ JSC - ADR (Financial <br> Services)<br>| &nbsp;&nbsp; 54261 | &nbsp;&nbsp; 4768999<br>|
| **Kenya - 0.9%** | **Kenya - 0.9%** | **Kenya - 0.9%** |
| Safaricom plc <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 27305582 | &nbsp;&nbsp; 3703675<br>|
| **Mexico - 5.0%** | **Mexico - 5.0%** | **Mexico - 5.0%** |
| Fomento Economico Mexicano <br> SAB de CV - Sponsored <br> ADR (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 62466 | &nbsp;&nbsp; 6578295<br>|
| Grupo Financiero Banorte SAB <br> de CV, Series O (Banks)<br>| &nbsp;&nbsp; 843055 | &nbsp;&nbsp; 7244671<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Institutional Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** |
| **Mexico - 5.0% (continued)** | **Mexico - 5.0% (continued)** | **Mexico - 5.0% (continued)** |
| Wal-Mart de Mexico SAB de CV <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 1792110 | &nbsp;&nbsp; $5679592<br>|
|  |  | &nbsp;&nbsp; 19502558 |
| **Panama - 0.7%** | **Panama - 0.7%** | **Panama - 0.7%** |
| Copa Holdings SA, Class A <br> (Transportation)<br>| &nbsp;&nbsp; 28056 | &nbsp;&nbsp; 2574419<br>|
| **Poland - 1.4%** | **Poland - 1.4%** | **Poland - 1.4%** |
| Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 637085 | &nbsp;&nbsp; 5569259<br>|
| **Russia - 0.0%^^** | **Russia - 0.0%^^** | **Russia - 0.0%^^** |
| Sberbank of Russia PJSC <br> (Banks)‡<br>| &nbsp;&nbsp; 36588248 | &nbsp;&nbsp; — |
| **Saudi Arabia - 1.9%** | **Saudi Arabia - 1.9%** | **Saudi Arabia - 1.9%** |
| Al Rajhi Bank (Banks)† | &nbsp;&nbsp; 188656 | &nbsp;&nbsp; 4931807<br>|
| Bupa Arabia for Cooperative <br> Insurance Co. (Insurance)†<br>| &nbsp;&nbsp; 53743 | &nbsp;&nbsp; 2433061<br>|
|  |  | &nbsp;&nbsp; 7364868 |
| **South Africa - 2.7%** | **South Africa - 2.7%** | **South Africa - 2.7%** |
| Clicks Group Ltd. (Consumer <br> Staples Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 147211 | &nbsp;&nbsp; 3141824<br>|
| Discovery Ltd. (Insurance)† | &nbsp;&nbsp; 296536 | &nbsp;&nbsp; 3297096<br>|
| Standard Bank Group Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 339908 | &nbsp;&nbsp; 4234027<br>|
|  |  | &nbsp;&nbsp; 10672947 |
| **South Korea - 5.5%** | **South Korea - 5.5%** | **South Korea - 5.5%** |
| Coway Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 85025 | &nbsp;&nbsp; 5244208<br>|
| NAVER Corp. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 26480 | &nbsp;&nbsp; 3739173<br>|
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 12873 | &nbsp;&nbsp; 12547422<br>|
|  |  | &nbsp;&nbsp; 21530803 |
| **Taiwan - 13.7%** | **Taiwan - 13.7%** | **Taiwan - 13.7%** |
| Airtac International Group <br> (Capital Goods)†<br>| &nbsp;&nbsp; 211783 | &nbsp;&nbsp; 5850314<br>|
| ASPEED Technology Inc. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 82668 | &nbsp;&nbsp; 7783749<br>|
| Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 631950 | &nbsp;&nbsp; 6614112<br>|
| Eclat Textile Co., Ltd. <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 424181 | &nbsp;&nbsp; 5513924<br>|
| Hon Hai Precision Industry Co., <br> Ltd. (Technology Hardware <br> & Equipment)†<br>| &nbsp;&nbsp; 1376545 | &nbsp;&nbsp; 6116583<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** |
| **Taiwan - 13.7% (continued)** | **Taiwan - 13.7% (continued)** | **Taiwan - 13.7% (continued)** |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 752527 | &nbsp;&nbsp; $21451662<br>|
|  |  | &nbsp;&nbsp; 53330344 |
| **Thailand - 0.4%** | **Thailand - 0.4%** | **Thailand - 0.4%** |
| Bumrungrad Hospital pcl, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 351355 | &nbsp;&nbsp; 1735476<br>|
| **United Arab Emirates - 1.7%** | **United Arab Emirates - 1.7%** | **United Arab Emirates - 1.7%** |
| Emaar Properties PJSC (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 1863243 | &nbsp;&nbsp; 6655896<br>|
| **United Kingdom - 1.2%** | **United Kingdom - 1.2%** | **United Kingdom - 1.2%** |
| Coca-Cola HBC AG - CDI <br> (Food, Beverage & <br> Tobacco)\*†<br>| &nbsp;&nbsp; 93319 | &nbsp;&nbsp; 4850623<br>|
| **United States - 3.7%** | **United States - 3.7%** | **United States - 3.7%** |
| EPAM Systems Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 16228 | &nbsp;&nbsp; 2546336<br>|
| Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 37444 | &nbsp;&nbsp; 4402291<br>|
| MercadoLibre Inc. (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 3133 | &nbsp;&nbsp; 7302553<br>|
|  |  | &nbsp;&nbsp; 14251180 |
| **Vietnam - 1.4%** | **Vietnam - 1.4%** | **Vietnam - 1.4%** |
| Mobile World Investment Corp. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 2406500 | &nbsp;&nbsp; 5643356 |
| **Total Common Stocks (Cost $295,911,095)** | **Total Common Stocks (Cost $295,911,095)** | &nbsp;&nbsp; **$374322293** |
| **PREFERRED STOCKS - 1.9%** | **PREFERRED STOCKS - 1.9%** | **PREFERRED STOCKS - 1.9%** |
| **Brazil - 1.2%** | **Brazil - 1.2%** | **Brazil - 1.2%** |
| Itau Unibanco Holding SA - <br> Sponsored ADR, 3.94% <br> (Banks)+<br>| &nbsp;&nbsp; 757339 | &nbsp;&nbsp; 4778809 |
| **Colombia - 0.5%** | **Colombia - 0.5%** | **Colombia - 0.5%** |
| Bancolombia SA - Sponsored <br> ADR, 5.70% (Banks)+<br>| &nbsp;&nbsp; 46192 | &nbsp;&nbsp; 1862461 |
| **South Korea - 0.2%** | **South Korea - 0.2%** | **South Korea - 0.2%** |
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S, 3.14% <br> (Technology Hardware & <br> Equipment)+†<br>| &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 849194 |
| **Total Preferred Stocks (Cost $3,302,663)** | **Total Preferred Stocks (Cost $3,302,663)** | &nbsp;&nbsp; **$7490464** |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Institutional Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT TERM INVESTMENTS - 1.0%** | **SHORT TERM INVESTMENTS - 1.0%** | **SHORT TERM INVESTMENTS - 1.0%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.17% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 3764096 | &nbsp;&nbsp; $3764096 |
| **Total Short Term Investments (Cost $3,764,096)** | **Total Short Term Investments (Cost $3,764,096)** | &nbsp;&nbsp; **$3764096** |
| **Total Investments — 98.8%** | **Total Investments — 98.8%** |  |
| **(Cost $302,977,854)** | **(Cost $302,977,854)** | &nbsp;&nbsp; **$385576853** |
| Other Assets Less Liabilities - 1.2% | Other Assets Less Liabilities - 1.2% | &nbsp;&nbsp; 4528364 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$390105217** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| CDI | Chess Depositary Interest |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *\** | *Non-income producing security.* |
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 3.4%* <br> *of net assets as of April 30, 2025, are considered liquid and may* <br> *be resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|
| *‡* | &nbsp;&nbsp; *Investment categorized as level 3 security that is effectively* <br> *valued at zero.* <br>|
| *+* | &nbsp;&nbsp; *Current yield is disclosed. Dividends are calculated based on a* <br> *percentage of the issuer's net income.*<br>|
| *^^* | *Amount is less than 0.005%.* |

---

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Automobiles & Components | 3.5<br> %<br>|
| Banks | 16.7 |
| Capital Goods | 10.1 |
| Consumer Discretionary Distribution & Retail | 9.2 |
| Consumer Durables & Apparel | 5.8 |
| Consumer Services | 3.2 |
| Consumer Staples Distribution & Retail | 2.9 |
| Energy | 1.9 |
| Financial Services | 2.1 |
| Food, Beverage & Tobacco | 3.2 |
| Health Care Equipment & Services | 1.6 |
| Insurance | 6.4 |
| Materials | 1.0 |
| Media & Entertainment | 6.2 |
| Real Estate Management & Development | 1.7 |
| Semiconductors & Semiconductor Equipment | 7.9 |
| Software & Services | 4.7 |
| Technology Hardware & Equipment | 6.7 |
| Telecommunication Services | 1.3 |
| Transportation | 1.7 |
| Money Market Fund | 1.0 |
| Total Investments | 98.8 |
| Other Assets Less Liabilities | 1.2 |
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Emerging Markets Portfolio**

**Portfolio of Investments**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.8%** | **COMMON STOCKS - 96.8%** | **COMMON STOCKS - 96.8%** |
| **Brazil - 3.4%** | **Brazil - 3.4%** | **Brazil - 3.4%** |
| B3 SA - Brasil Bolsa Balcao <br> (Financial Services)<br>| &nbsp;&nbsp; 1591709 | &nbsp;&nbsp; $3783540<br>|
| Lojas Renner SA (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 763190 | &nbsp;&nbsp; 1964742<br>|
| Raia Drogasil SA (Consumer <br> Staples Distribution & Retail)<br>| &nbsp;&nbsp; 831400 | &nbsp;&nbsp; 2906527<br>|
| WEG SA (Capital Goods) | &nbsp;&nbsp; 773748 | &nbsp;&nbsp; 6086202<br>|
|  |  | &nbsp;&nbsp; 14741011 |
| **China - 24.7%** | **China - 24.7%** | **China - 24.7%** |
| Alibaba Group Holding Ltd. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 1001436 | &nbsp;&nbsp; 15028313<br>|
| Contemporary Amperex <br> Technology Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 246981 | &nbsp;&nbsp; 7856400<br>|
| Hefei Meiya Optoelectronic <br> Technology Inc., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 1190470 | &nbsp;&nbsp; 2748798<br>|
| JD.com Inc., Class A (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 196450 | &nbsp;&nbsp; 3225052<br>|
| Li Ning Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 1165500 | &nbsp;&nbsp; 2223453<br>|
| Midea Group Co., Ltd., Class A <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 682915 | &nbsp;&nbsp; 6923577<br>|
| Ping An Insurance Group Co. of <br> China Ltd., Class H <br> (Insurance)†<br>| &nbsp;&nbsp; 1146000 | &nbsp;&nbsp; 6939603<br>|
| Sany Heavy Industry Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 1623900 | &nbsp;&nbsp; 4223627<br>|
| SF Holding Co., Ltd., Class A <br> (Transportation)†<br>| &nbsp;&nbsp; 787600 | &nbsp;&nbsp; 4712076<br>|
| Shenzhen Inovance Technology <br> Co., Ltd., Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 562901 | &nbsp;&nbsp; 5550285<br>|
| Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 164300 | &nbsp;&nbsp; 4968398<br>|
| Shenzhou International Group <br> Holdings Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 596710 | &nbsp;&nbsp; 4149845<br>|
| Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 370300 | &nbsp;&nbsp; 22978515<br>|
| Trip.com Group Ltd. (Consumer <br> Services)†<br>| &nbsp;&nbsp; 237750 | &nbsp;&nbsp; 14199871<br>|
| Zhejiang Sanhua Intelligent <br> Controls Co., Ltd., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 755699 | &nbsp;&nbsp; 2783306<br>|
|  |  | &nbsp;&nbsp; 108511119 |
| **Egypt - 1.2%** | **Egypt - 1.2%** | **Egypt - 1.2%** |
| Commercial International Bank <br> Egypt - GDR, Reg S <br> (Banks)†<br>| &nbsp;&nbsp; 3483070 | &nbsp;&nbsp; 5435985<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.8% (continued)** | **COMMON STOCKS - 96.8% (continued)** | **COMMON STOCKS - 96.8% (continued)** |
| **Hong Kong - 3.5%** | **Hong Kong - 3.5%** | **Hong Kong - 3.5%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 992471 | &nbsp;&nbsp; $7498215<br>|
| ASMPT Ltd. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 281745 | &nbsp;&nbsp; 1899905<br>|
| Budweiser Brewing Co. APAC <br> Ltd. (Food, Beverage & <br> Tobacco)^†<br>| &nbsp;&nbsp; 1262000 | &nbsp;&nbsp; 1344661<br>|
| Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 467860 | &nbsp;&nbsp; 4759575<br>|
|  |  | &nbsp;&nbsp; 15502356 |
| **India - 17.1%** | **India - 17.1%** | **India - 17.1%** |
| Asian Paints Ltd. (Materials)† | &nbsp;&nbsp; 49937 | &nbsp;&nbsp; 1434187<br>|
| Bajaj Auto Ltd. (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 33969 | &nbsp;&nbsp; 3235413<br>|
| HDFC Bank Ltd. (Banks)† | &nbsp;&nbsp; 970845 | &nbsp;&nbsp; 22131003<br>|
| HDFC Life Insurance Co., Ltd. <br> (Insurance)^†<br>| &nbsp;&nbsp; 829124 | &nbsp;&nbsp; 7308303<br>|
| ICICI Bank Ltd. (Banks)† | &nbsp;&nbsp; 749052 | &nbsp;&nbsp; 12598409<br>|
| Maruti Suzuki India Ltd. <br> (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 86131 | &nbsp;&nbsp; 12477228<br>|
| Supreme Industries Ltd. <br> (Materials)†<br>| &nbsp;&nbsp; 73363 | &nbsp;&nbsp; 3077814<br>|
| Tata Consultancy Services Ltd. <br> (Software & Services)†<br>| &nbsp;&nbsp; 315990 | &nbsp;&nbsp; 12924856<br>|
|  |  | &nbsp;&nbsp; 75187213 |
| **Indonesia - 3.1%** | **Indonesia - 3.1%** | **Indonesia - 3.1%** |
| Astra International Tbk PT <br> (Capital Goods)†<br>| &nbsp;&nbsp; 13266800 | &nbsp;&nbsp; 3839283<br>|
| Bank Central Asia Tbk PT <br> (Banks)†<br>| &nbsp;&nbsp; 6469564 | &nbsp;&nbsp; 3477029<br>|
| Bank Rakyat Indonesia Persero <br> Tbk PT (Banks)†<br>| &nbsp;&nbsp; 18802736 | &nbsp;&nbsp; 4428552<br>|
| Telkom Indonesia Persero Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 10565000 | &nbsp;&nbsp; 1684295<br>|
|  |  | &nbsp;&nbsp; 13429159 |
| **Italy - 1.9%** | **Italy - 1.9%** | **Italy - 1.9%** |
| Tenaris SA - ADR (Energy) | &nbsp;&nbsp; 250032 | &nbsp;&nbsp; 8323565<br>|
| **Kazakhstan - 1.2%** | **Kazakhstan - 1.2%** | **Kazakhstan - 1.2%** |
| Kaspi.KZ JSC - ADR (Financial <br> Services)<br>| &nbsp;&nbsp; 60794 | &nbsp;&nbsp; 5343185<br>|
| **Kenya - 0.9%** | **Kenya - 0.9%** | **Kenya - 0.9%** |
| Safaricom plc <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 30688473 | &nbsp;&nbsp; 4162524<br>|
| **Mexico - 5.0%** | **Mexico - 5.0%** | **Mexico - 5.0%** |
| Fomento Economico Mexicano <br> SAB de CV - Sponsored <br> ADR (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 69411 | &nbsp;&nbsp; 7309672<br>|
| Grupo Financiero Banorte SAB <br> de CV, Series O (Banks)<br>| &nbsp;&nbsp; 940974 | &nbsp;&nbsp; 8086124<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.8% (continued)** | **COMMON STOCKS - 96.8% (continued)** | **COMMON STOCKS - 96.8% (continued)** |
| **Mexico - 5.0% (continued)** | **Mexico - 5.0% (continued)** | **Mexico - 5.0% (continued)** |
| Wal-Mart de Mexico SAB de CV <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 2129615 | &nbsp;&nbsp; $6749220<br>|
|  |  | &nbsp;&nbsp; 22145016 |
| **Panama - 0.7%** | **Panama - 0.7%** | **Panama - 0.7%** |
| Copa Holdings SA, Class A <br> (Transportation)<br>| &nbsp;&nbsp; 31692 | &nbsp;&nbsp; 2908058<br>|
| **Poland - 1.4%** | **Poland - 1.4%** | **Poland - 1.4%** |
| Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 723473 | &nbsp;&nbsp; 6324445<br>|
| **Russia - 0.0%^^** | **Russia - 0.0%^^** | **Russia - 0.0%^^** |
| Sberbank of Russia PJSC <br> (Banks)‡<br>| &nbsp;&nbsp; 20812636 | &nbsp;&nbsp; — |
| **Saudi Arabia - 1.9%** | **Saudi Arabia - 1.9%** | **Saudi Arabia - 1.9%** |
| Al Rajhi Bank (Banks)† | &nbsp;&nbsp; 206529 | &nbsp;&nbsp; 5399039<br>|
| Bupa Arabia for Cooperative <br> Insurance Co. (Insurance)†<br>| &nbsp;&nbsp; 60928 | &nbsp;&nbsp; 2758342<br>|
|  |  | &nbsp;&nbsp; 8157381 |
| **South Africa - 2.8%** | **South Africa - 2.8%** | **South Africa - 2.8%** |
| Clicks Group Ltd. (Consumer <br> Staples Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 170144 | &nbsp;&nbsp; 3631268<br>|
| Discovery Ltd. (Insurance)† | &nbsp;&nbsp; 340726 | &nbsp;&nbsp; 3788431<br>|
| Standard Bank Group Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 407113 | &nbsp;&nbsp; 5071159<br>|
|  |  | &nbsp;&nbsp; 12490858 |
| **South Korea - 5.7%** | **South Korea - 5.7%** | **South Korea - 5.7%** |
| Coway Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 97982 | &nbsp;&nbsp; 6043375<br>|
| NAVER Corp. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 31783 | &nbsp;&nbsp; 4487996<br>|
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 14802 | &nbsp;&nbsp; 14427635<br>|
|  |  | &nbsp;&nbsp; 24959006 |
| **Taiwan - 13.7%** | **Taiwan - 13.7%** | **Taiwan - 13.7%** |
| Airtac International Group <br> (Capital Goods)†<br>| &nbsp;&nbsp; 239823 | &nbsp;&nbsp; 6624894<br>|
| ASPEED Technology Inc. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 93309 | &nbsp;&nbsp; 8785671<br>|
| Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 704000 | &nbsp;&nbsp; 7368201<br>|
| Eclat Textile Co., Ltd. <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 477846 | &nbsp;&nbsp; 6211515<br>|
| Hon Hai Precision Industry Co., <br> Ltd. (Technology Hardware <br> & Equipment)†<br>| &nbsp;&nbsp; 1619146 | &nbsp;&nbsp; 7194563<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 96.8% (continued)** | **COMMON STOCKS - 96.8% (continued)** | **COMMON STOCKS - 96.8% (continued)** |
| **Taiwan - 13.7% (continued)** | **Taiwan - 13.7% (continued)** | **Taiwan - 13.7% (continued)** |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 852147 | &nbsp;&nbsp; $24291447<br>|
|  |  | &nbsp;&nbsp; 60476291 |
| **Thailand - 0.5%** | **Thailand - 0.5%** | **Thailand - 0.5%** |
| Bumrungrad Hospital pcl, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 473600 | &nbsp;&nbsp; 2339291<br>|
| **United Arab Emirates - 1.7%** | **United Arab Emirates - 1.7%** | **United Arab Emirates - 1.7%** |
| Emaar Properties PJSC (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 2102596 | &nbsp;&nbsp; 7510915<br>|
| **United Kingdom - 1.2%** | **United Kingdom - 1.2%** | **United Kingdom - 1.2%** |
| Coca-Cola HBC AG - CDI <br> (Food, Beverage & <br> Tobacco)\*†<br>| &nbsp;&nbsp; 105351 | &nbsp;&nbsp; 5476033<br>|
| **United States - 3.7%** | **United States - 3.7%** | **United States - 3.7%** |
| EPAM Systems Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 19047 | &nbsp;&nbsp; 2988665<br>|
| Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 43010 | &nbsp;&nbsp; 5056686<br>|
| MercadoLibre Inc. (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 3542 | &nbsp;&nbsp; 8255870<br>|
|  |  | &nbsp;&nbsp; 16301221 |
| **Vietnam - 1.5%** | **Vietnam - 1.5%** | **Vietnam - 1.5%** |
| Mobile World Investment Corp. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 2751500 | &nbsp;&nbsp; 6452397 |
| **Total Common Stocks (Cost $300,385,587)** | **Total Common Stocks (Cost $300,385,587)** | &nbsp;&nbsp; **$426177029** |
| **PREFERRED STOCKS - 2.0%** | **PREFERRED STOCKS - 2.0%** | **PREFERRED STOCKS - 2.0%** |
| **Brazil - 1.3%** | **Brazil - 1.3%** | **Brazil - 1.3%** |
| Itau Unibanco Holding SA - <br> Sponsored ADR, 3.94% <br> (Banks)+<br>| &nbsp;&nbsp; 900105 | &nbsp;&nbsp; 5679663 |
| **Colombia - 0.5%** | **Colombia - 0.5%** | **Colombia - 0.5%** |
| Bancolombia SA - Sponsored <br> ADR, 5.70% (Banks)+<br>| &nbsp;&nbsp; 51607 | &nbsp;&nbsp; 2080794 |
| **South Korea - 0.2%** | **South Korea - 0.2%** | **South Korea - 0.2%** |
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S, 3.14% <br> (Technology Hardware & <br> Equipment)+†<br>| &nbsp;&nbsp; 1216 | &nbsp;&nbsp; 997700 |
| **Total Preferred Stocks (Cost $4,062,012)** | **Total Preferred Stocks (Cost $4,062,012)** | &nbsp;&nbsp; **$8758157** |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **SHORT TERM INVESTMENTS - 1.8%** | **SHORT TERM INVESTMENTS - 1.8%** | **SHORT TERM INVESTMENTS - 1.8%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.17% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 7909063 | &nbsp;&nbsp; $7909063 |
| **Total Short Term Investments (Cost $7,909,063)** | **Total Short Term Investments (Cost $7,909,063)** | &nbsp;&nbsp; **$7909063** |
| **Total Investments — 100.6%** | **Total Investments — 100.6%** |  |
| **(Cost $312,356,662)** | **(Cost $312,356,662)** | &nbsp;&nbsp; **$442844249** |
| Liabilities Less Other Assets - (0.6)% | Liabilities Less Other Assets - (0.6)% | &nbsp;&nbsp; (2661634)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$440182615** |

---

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| CDI | Chess Depositary Interest |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *\** | *Non-income producing security.* |
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 3.4%* <br> *of net assets as of April 30, 2025, are considered liquid and may* <br> *be resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|
| *‡* | &nbsp;&nbsp; *Investment categorized as level 3 security that is effectively* <br> *valued at zero.* <br>|
| *+* | &nbsp;&nbsp; *Current yield is disclosed. Dividends are calculated based on a* <br> *percentage of the issuer's net income.*<br>|
| *^^* | *Amount is less than 0.005%.* |

---

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Automobiles & Components | 3.5<br> %<br>|
| Banks | 16.8 |
| Capital Goods | 10.2 |
| Consumer Discretionary Distribution & Retail | 9.3 |
| Consumer Durables & Apparel | 5.9 |
| Consumer Services | 3.2 |
| Consumer Staples Distribution & Retail | 3.0 |
| Energy | 1.9 |
| Financial Services | 2.1 |
| Food, Beverage & Tobacco | 3.2 |
| Health Care Equipment & Services | 1.6 |
| Insurance | 6.6 |
| Materials | 1.0 |
| Media & Entertainment | 6.2 |
| Real Estate Management & Development | 1.7 |
| Semiconductors & Semiconductor Equipment | 7.9 |
| Software & Services | 4.8 |
| Technology Hardware & Equipment | 6.8 |
| Telecommunication Services | 1.3 |
| Transportation | 1.8 |
| Money Market Fund | 1.8 |
| Total Investments | 100.6 |
| Liabilities Less Other Assets | &nbsp;&nbsp; (0.6)<br>|
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Emerging Markets ex China Portfolio**

**Portfolio of Investments**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 95.9%** | **COMMON STOCKS - 95.9%** | **COMMON STOCKS - 95.9%** |
| **Brazil - 3.6%** | **Brazil - 3.6%** | **Brazil - 3.6%** |
| B3 SA - Brasil Bolsa Balcao <br> (Financial Services)<br>| &nbsp;&nbsp; 8300 | &nbsp;&nbsp; $19729<br>|
| Raia Drogasil SA (Consumer <br> Staples Distribution & Retail)<br>| &nbsp;&nbsp; 8900 | &nbsp;&nbsp; 31114<br>|
| WEG SA (Capital Goods) | &nbsp;&nbsp; 8800 | &nbsp;&nbsp; 69220<br>|
|  |  | &nbsp;&nbsp; 120063 |
| **Egypt - 1.1%** | **Egypt - 1.1%** | **Egypt - 1.1%** |
| Commercial International Bank <br> Egypt - GDR, Reg S <br> (Banks)†<br>| &nbsp;&nbsp; 23683 | &nbsp;&nbsp; 36962<br>|
| **India - 24.4%** | **India - 24.4%** | **India - 24.4%** |
| Asian Paints Ltd. (Materials)† | &nbsp;&nbsp; 1512 | &nbsp;&nbsp; 43425<br>|
| Bajaj Auto Ltd. (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 455 | &nbsp;&nbsp; 43337<br>|
| HDFC Asset Management Co., <br> Ltd. (Financial Services)^†<br>| &nbsp;&nbsp; 1068 | &nbsp;&nbsp; 54917<br>|
| HDFC Bank Ltd. (Banks)† | &nbsp;&nbsp; 7314 | &nbsp;&nbsp; 166727<br>|
| HDFC Life Insurance Co., Ltd. <br> (Insurance)^†<br>| &nbsp;&nbsp; 9668 | &nbsp;&nbsp; 85219<br>|
| ICICI Bank Ltd. (Banks)† | &nbsp;&nbsp; 8846 | &nbsp;&nbsp; 148782<br>|
| Maruti Suzuki India Ltd. <br> (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 987 | &nbsp;&nbsp; 142980<br>|
| Tata Consultancy Services Ltd. <br> (Software & Services)†<br>| &nbsp;&nbsp; 3259 | &nbsp;&nbsp; 133302<br>|
|  |  | &nbsp;&nbsp; 818689 |
| **Indonesia - 4.0%** | **Indonesia - 4.0%** | **Indonesia - 4.0%** |
| Astra International Tbk PT <br> (Capital Goods)†<br>| &nbsp;&nbsp; 143100 | &nbsp;&nbsp; 41412<br>|
| Bank Central Asia Tbk PT <br> (Banks)†<br>| &nbsp;&nbsp; 69100 | &nbsp;&nbsp; 37137<br>|
| Bank Rakyat Indonesia Persero <br> Tbk PT (Banks)†<br>| &nbsp;&nbsp; 152400 | &nbsp;&nbsp; 35894<br>|
| Telkom Indonesia Persero Tbk <br> PT (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 116100 | &nbsp;&nbsp; 18509<br>|
|  |  | &nbsp;&nbsp; 132952 |
| **Italy - 1.4%** | **Italy - 1.4%** | **Italy - 1.4%** |
| Tenaris SA - ADR (Energy) | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 47771<br>|
| **Kazakhstan - 1.9%** | **Kazakhstan - 1.9%** | **Kazakhstan - 1.9%** |
| Kaspi.KZ JSC - ADR (Financial <br> Services)<br>| &nbsp;&nbsp; 737 | &nbsp;&nbsp; 64775<br>|
| **Kenya - 1.0%** | **Kenya - 1.0%** | **Kenya - 1.0%** |
| Safaricom plc <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 241300 | &nbsp;&nbsp; 32729<br>|
| **Mexico - 5.7%** | **Mexico - 5.7%** | **Mexico - 5.7%** |
| Fomento Economico Mexicano <br> SAB de CV - Sponsored <br> ADR (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 661 | &nbsp;&nbsp; 69610<br>|
| Grupo Financiero Banorte SAB <br> de CV, Series O (Banks)<br>| &nbsp;&nbsp; 6700 | &nbsp;&nbsp; 57576<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** |
| **Mexico - 5.7% (continued)** | **Mexico - 5.7% (continued)** | **Mexico - 5.7% (continued)** |
| Wal-Mart de Mexico SAB de CV <br> (Consumer Staples <br> Distribution & Retail)<br>| &nbsp;&nbsp; 20300 | &nbsp;&nbsp; $64335<br>|
|  |  | &nbsp;&nbsp; 191521 |
| **Panama - 0.9%** | **Panama - 0.9%** | **Panama - 0.9%** |
| Copa Holdings SA, Class A <br> (Transportation)<br>| &nbsp;&nbsp; 315 | &nbsp;&nbsp; 28904<br>|
| **Peru - 0.7%** | **Peru - 0.7%** | **Peru - 0.7%** |
| Credicorp Ltd. (Banks) | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 23454<br>|
| **Philippines - 3.6%** | **Philippines - 3.6%** | **Philippines - 3.6%** |
| International Container Terminal <br> Services Inc. <br> (Transportation)†<br>| &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 46069<br>|
| Jollibee Foods Corp. (Consumer <br> Services)†<br>| &nbsp;&nbsp; 11800 | &nbsp;&nbsp; 48201<br>|
| Wilcon Depot Inc. (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 225700 | &nbsp;&nbsp; 27569<br>|
|  |  | &nbsp;&nbsp; 121839 |
| **Poland - 1.3%** | **Poland - 1.3%** | **Poland - 1.3%** |
| Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 4837 | &nbsp;&nbsp; 42284<br>|
| **Saudi Arabia - 3.9%** | **Saudi Arabia - 3.9%** | **Saudi Arabia - 3.9%** |
| Al Rajhi Bank (Banks)† | &nbsp;&nbsp; 2320 | &nbsp;&nbsp; 60649<br>|
| Bupa Arabia for Cooperative <br> Insurance Co. (Insurance)†<br>| &nbsp;&nbsp; 812 | &nbsp;&nbsp; 36761<br>|
| Mouwasat Medical Services Co. <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 1743 | &nbsp;&nbsp; 33620<br>|
|  |  | &nbsp;&nbsp; 131030 |
| **South Africa - 3.0%** | **South Africa - 3.0%** | **South Africa - 3.0%** |
| Clicks Group Ltd. (Consumer <br> Staples Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 2059 | &nbsp;&nbsp; 43944<br>|
| Standard Bank Group Ltd. <br> (Banks)†<br>| &nbsp;&nbsp; 4662 | &nbsp;&nbsp; 58072<br>|
|  |  | &nbsp;&nbsp; 102016 |
| **South Korea - 9.7%** | **South Korea - 9.7%** | **South Korea - 9.7%** |
| Cheil Worldwide Inc. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 4408 | &nbsp;&nbsp; 57561<br>|
| Coway Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 1570 | &nbsp;&nbsp; 96835<br>|
| NAVER Corp. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 388 | &nbsp;&nbsp; 54789<br>|
| Samsung Electronics Co., Ltd. - <br> GDR, Reg S (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 120 | &nbsp;&nbsp; 116965<br>|
|  |  | &nbsp;&nbsp; 326150 |
| **Taiwan - 13.9%** | **Taiwan - 13.9%** | **Taiwan - 13.9%** |
| Airtac International Group <br> (Capital Goods)†<br>| &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 33149<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Emerging Markets ex China Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** | **COMMON STOCKS - 95.9% (continued)** |
| **Taiwan - 13.9% (continued)** | **Taiwan - 13.9% (continued)** | **Taiwan - 13.9% (continued)** |
| ASPEED Technology Inc. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 300 | &nbsp;&nbsp; $28247<br>|
| Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 41865<br>|
| Hon Hai Precision Industry Co., <br> Ltd. (Technology Hardware <br> & Equipment)†<br>| &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 35547<br>|
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 11500 | &nbsp;&nbsp; 327821<br>|
|  |  | &nbsp;&nbsp; 466629 |
| **Thailand - 2.1%** | **Thailand - 2.1%** | **Thailand - 2.1%** |
| Bangkok Dusit Medical Services <br> pcl, Class F, Reg S (Health <br> Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 42200 | &nbsp;&nbsp; 30319<br>|
| Bumrungrad Hospital pcl, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 40009<br>|
|  |  | &nbsp;&nbsp; 70328 |
| **United Arab Emirates - 4.2%** | **United Arab Emirates - 4.2%** | **United Arab Emirates - 4.2%** |
| Agthia Group PJSC (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 25666 | &nbsp;&nbsp; 31637<br>|
| Emaar Properties PJSC (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 30960 | &nbsp;&nbsp; 110596<br>|
|  |  | &nbsp;&nbsp; 142233 |
| **United Kingdom - 3.8%** | **United Kingdom - 3.8%** | **United Kingdom - 3.8%** |
| Baltic Classifieds Group plc <br> (Media & Entertainment)†<br>| &nbsp;&nbsp; 15165 | &nbsp;&nbsp; 69057<br>|
| Coca-Cola HBC AG - CDI <br> (Food, Beverage & <br> Tobacco)\*†<br>| &nbsp;&nbsp; 1106 | &nbsp;&nbsp; 57488<br>|
|  |  | &nbsp;&nbsp; 126545 |
| **United States - 5.7%** | **United States - 5.7%** | **United States - 5.7%** |
| EPAM Systems Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 227 | &nbsp;&nbsp; 35619<br>|
| Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 454 | &nbsp;&nbsp; 53377<br>|
| MercadoLibre Inc. (Consumer <br> Discretionary Distribution & <br> Retail)\*<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 100226<br>|
|  |  | &nbsp;&nbsp; 189222 |
| **Total Common Stocks (Cost $2,894,968)** | **Total Common Stocks (Cost $2,894,968)** | &nbsp;&nbsp; **$3216096** |
| **PREFERRED STOCKS - 3.2%** | **PREFERRED STOCKS - 3.2%** | **PREFERRED STOCKS - 3.2%** |
| **Brazil - 2.1%** | **Brazil - 2.1%** | **Brazil - 2.1%** |
| Itau Unibanco Holding SA - <br> Sponsored ADR, 3.94% <br> (Banks)+<br>| &nbsp;&nbsp; 11251 | &nbsp;&nbsp; 70994 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **PREFERRED STOCKS - 3.2% (continued)** | **PREFERRED STOCKS - 3.2% (continued)** | **PREFERRED STOCKS - 3.2% (continued)** |
| **Colombia - 1.1%** | **Colombia - 1.1%** | **Colombia - 1.1%** |
| Bancolombia SA - Sponsored <br> ADR, 5.70% (Banks)+<br>| &nbsp;&nbsp; 918 | &nbsp;&nbsp; $37014 |
| **Total Preferred Stocks (Cost $89,550)** | **Total Preferred Stocks (Cost $89,550)** | &nbsp;&nbsp; **$108008** |
| **SHORT TERM INVESTMENTS - 1.9%** | **SHORT TERM INVESTMENTS - 1.9%** | **SHORT TERM INVESTMENTS - 1.9%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.17% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 62191 | &nbsp;&nbsp; 62191 |
| **Total Short Term Investments (Cost $62,191)** | **Total Short Term Investments (Cost $62,191)** | &nbsp;&nbsp; **$62191** |
| **Total Investments — 101.0%** | **Total Investments — 101.0%** |  |
| **(Cost $3,046,709)** | **(Cost $3,046,709)** | &nbsp;&nbsp; **$3386295** |
| Liabilities Less Other Assets - (1.0)% | Liabilities Less Other Assets - (1.0)% | &nbsp;&nbsp; (34379)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$3351916** |

---

---

| | |
|:---|:---|
| 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>|
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 5.4%* <br> *of net assets as of April 30, 2025, are considered liquid and may* <br> *be resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|
| *\** | *Non-income producing security.* |
| *+* | &nbsp;&nbsp; *Current yield is disclosed. Dividends are calculated based on a* <br> *percentage of the issuer's net income.*<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Emerging Markets ex China Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2025 (unaudited)**

------

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Automobiles & Components | 5.6<br> %<br>|
| Banks | 21.8 |
| Capital Goods | 4.3 |
| Consumer Discretionary Distribution & Retail | 5.1 |
| Consumer Durables & Apparel | 2.9 |
| Consumer Services | 1.4 |
| Consumer Staples Distribution & Retail | 4.1 |
| Energy | 1.4 |
| Financial Services | 4.1 |
| Food, Beverage & Tobacco | 4.7 |
| Health Care Equipment & Services | 3.1 |
| Insurance | 3.6 |
| Materials | 1.3 |
| Media & Entertainment | 5.4 |
| Real Estate Management & Development | 3.3 |
| Semiconductors & Semiconductor Equipment | 10.6 |
| Software & Services | 6.7 |
| Technology Hardware & Equipment | 5.8 |
| Telecommunication Services | 1.6 |
| Transportation | 2.3 |
| Money Market Fund | 1.9 |
| Total Investments | 101.0 |
| Liabilities Less Other Assets | &nbsp;&nbsp; (1.0)<br>|
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Chinese Equity Portfolio**

**Portfolio of Investments**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.3%** | **COMMON STOCKS - 97.3%** | **COMMON STOCKS - 97.3%** |
| **China - 81.2%** | **China - 81.2%** | **China - 81.2%** |
| Alibaba Group Holding Ltd. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 11500 | &nbsp;&nbsp; $172578 |
| ANTA Sports Products Ltd. <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 59659 |
| China Tower Corp., Ltd., <br> Class H (Telecommunication <br> Services)^†<br>| &nbsp;&nbsp; 53500 | &nbsp;&nbsp; 77765 |
| Contemporary Amperex <br> Technology Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 2540 | &nbsp;&nbsp; 80797 |
| Dongguan Yiheda Automation <br> Co., Ltd., Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 18400 | &nbsp;&nbsp; 58938 |
| Foshan Haitian Flavouring & <br> Food Co., Ltd., Class A <br> (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 3498 | &nbsp;&nbsp; 20183 |
| Fuyao Glass Industry Group Co., <br> Ltd., Class A (Automobiles <br> & Components)†<br>| &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 31219 |
| Fuyao Glass Industry Group Co., <br> Ltd., Class H (Automobiles <br> & Components)^†<br>| &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 34109 |
| Haier Smart Home Co., Ltd., <br> Class H (Consumer Durables <br> & Apparel)†<br>| &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 18172 |
| Haitian International Holdings <br> Ltd. (Capital Goods)†<br>| &nbsp;&nbsp; 25020 | &nbsp;&nbsp; 57994 |
| Hangzhou Tigermed Consulting <br> Co., Ltd., Class H <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)^†<br>| &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 21422 |
| Hefei Meiya Optoelectronic <br> Technology Inc., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 16680 | &nbsp;&nbsp; 38514 |
| Hongfa Technology Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 5980 | &nbsp;&nbsp; 27050 |
| Inner Mongolia Yili Industrial <br> Group Co., Ltd., Class A <br> (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 19600 | &nbsp;&nbsp; 80280 |
| JD.com Inc., Class A (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 1521 | &nbsp;&nbsp; 24970 |
| Kweichow Moutai Co., Ltd., <br> Class A (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 270 | &nbsp;&nbsp; 57488 |
| Li Ning Co., Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 20500 | &nbsp;&nbsp; 39108 |
| LONGi Green Energy <br> Technology Co., Ltd., <br> Class A (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 11060 | &nbsp;&nbsp; 22391 |
| Meituan, Class B (Consumer <br> Services)\*^†<br>| &nbsp;&nbsp; 3530 | &nbsp;&nbsp; 59043 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.3% (continued)** | **COMMON STOCKS - 97.3% (continued)** | **COMMON STOCKS - 97.3% (continued)** |
| **China - 81.2% (continued)** | **China - 81.2% (continued)** | **China - 81.2% (continued)** |
| Midea Group Co., Ltd., Class A <br> (Consumer Durables & <br> Apparel)†<br>| &nbsp;&nbsp; 4400 | &nbsp;&nbsp; $44608 |
| NetEase Inc. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 58037 |
| Ping An Insurance Group Co. of <br> China Ltd., Class H <br> (Insurance)†<br>| &nbsp;&nbsp; 12500 | &nbsp;&nbsp; 75694 |
| Proya Cosmetics Co., Ltd., <br> Class A (Household & <br> Personal Products)†<br>| &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 60485 |
| Qingdao Haier Biomedical Co., <br> Ltd., Class A (Health Care <br> Equipment & Services)†<br>| &nbsp;&nbsp; 11200 | &nbsp;&nbsp; 48629 |
| Sany Heavy Industry Co., Ltd., <br> Class A (Capital Goods)†<br>| &nbsp;&nbsp; 18300 | &nbsp;&nbsp; 47597 |
| SF Holding Co., Ltd., Class A <br> (Transportation)†<br>| &nbsp;&nbsp; 8900 | &nbsp;&nbsp; 53247 |
| Shandong Sinocera Functional <br> Material Co., Ltd., Class A <br> (Materials)†<br>| &nbsp;&nbsp; 14100 | &nbsp;&nbsp; 32628 |
| Shanghai Friendess Electronic <br> Technology Corp., Ltd., <br> Class A (Technology <br> Hardware & Equipment)†<br>| &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 50882 |
| Shenzhen Inovance Technology <br> Co., Ltd., Class A (Capital <br> Goods)†<br>| &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 65077 |
| Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd., Class A <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 45360 |
| Shenzhou International Group <br> Holdings Ltd. (Consumer <br> Durables & Apparel)†<br>| &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 48682 |
| Tencent Holdings Ltd. (Media & <br> Entertainment)†<br>| &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 322680 |
| TravelSky Technology Ltd., <br> Class H (Consumer <br> Services)†<br>| &nbsp;&nbsp; 67000 | &nbsp;&nbsp; 93578 |
| Trip.com Group Ltd. (Consumer <br> Services)†<br>| &nbsp;&nbsp; 1396 | &nbsp;&nbsp; 83377 |
| Wuliangye Yibin Co., Ltd., <br> Class A (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 19484 |
| WuXi AppTec Co., Ltd., Class H <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)^†<br>| &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 26609 |
| Zhejiang Sanhua Intelligent <br> Controls Co., Ltd., Class A <br> (Capital Goods)†<br>| &nbsp;&nbsp; 7400 | &nbsp;&nbsp; 27255 |
| Zhejiang Shuanghuan Driveline <br> Co., Ltd., Class A <br> (Automobiles & <br> Components)†<br>| &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 38900 |
| ZTO Express Cayman Inc. <br> (Transportation)†<br>| &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 71022 |
|  |  | &nbsp;&nbsp; 2295511 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Chinese Equity Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 97.3% (continued)** | **COMMON STOCKS - 97.3% (continued)** | **COMMON STOCKS - 97.3% (continued)** |
| **Hong Kong - 9.9%** | **Hong Kong - 9.9%** | **Hong Kong - 9.9%** |
| AIA Group Ltd. (Insurance)† | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; $102749 |
| ASMPT Ltd. (Semiconductors & <br> Semiconductor Equipment)†<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 9441 |
| Budweiser Brewing Co. APAC <br> Ltd. (Food, Beverage & <br> Tobacco)^†<br>| &nbsp;&nbsp; 27400 | &nbsp;&nbsp; 29195 |
| Hong Kong Exchanges & <br> Clearing Ltd. (Financial <br> Services)†<br>| &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 93141 |
| Techtronic Industries Co., Ltd. <br> (Capital Goods)†<br>| &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 45779 |
|  |  | &nbsp;&nbsp; 280305 |
| **Taiwan - 6.2%** | **Taiwan - 6.2%** | **Taiwan - 6.2%** |
| Airtac International Group <br> (Capital Goods)†<br>| &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 91159 |
| Delta Electronics Inc. <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 83730 |
|  |  | &nbsp;&nbsp; 174889 |
| **Total Common Stocks (Cost $3,225,557)** | **Total Common Stocks (Cost $3,225,557)** | &nbsp;&nbsp; **$2750705** |
| **SHORT TERM INVESTMENTS - 3.3%** | **SHORT TERM INVESTMENTS - 3.3%** | **SHORT TERM INVESTMENTS - 3.3%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.17% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 92349 | &nbsp;&nbsp; 92349 |
| **Total Short Term Investments (Cost $92,349)** | **Total Short Term Investments (Cost $92,349)** | &nbsp;&nbsp; **$92349** |
| **Total Investments — 100.6%** | **Total Investments — 100.6%** |  |
| **(Cost $3,317,906)** | **(Cost $3,317,906)** | &nbsp;&nbsp; **$2843054** |
| Liabilities Less Other Assets - (0.6)% | Liabilities Less Other Assets - (0.6)% | &nbsp;&nbsp; (17631)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$2825423** |

---

---

| |
|:---|
| *† Investment categorized as level 2 security as disclosed in Note 2 of* <br> *the Notes to Financial Statements.*<br>|
| *^ Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 8.8% of net* <br> *assets as of April 30, 2025, are considered liquid and may be resold* <br> *in transactions exempt from registration, normally to qualified* <br> *buyers.*<br>|
| *\* Non-income producing security.* |

---

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Automobiles & Components | 3.7<br> %<br>|
| Capital Goods | 19.2 |
| Consumer Discretionary Distribution & Retail | 7.0 |
| Consumer Durables & Apparel | 7.4 |
| Consumer Services | 8.3 |
| Financial Services | 3.3 |
| Food, Beverage & Tobacco | 7.2 |
| Health Care Equipment & Services | 3.3 |
| Household & Personal Products | 2.1 |
| Insurance | 6.4 |
| Materials | 1.2 |
| Media & Entertainment | 13.5 |
| Pharmaceuticals, Biotechnology & Life Sciences | 1.7 |
| Semiconductors & Semiconductor Equipment | 1.1 |
| Technology Hardware & Equipment | 4.8 |
| Telecommunication Services | 2.7 |
| Transportation | 4.4 |
| Money Market Fund | 3.3 |
| Total Investments | 100.6 |
| Liabilities Less Other Assets | &nbsp;&nbsp; (0.6)<br>|
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Frontier Emerging Markets Portfolio**

**Portfolio of Investments**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.2%** | **COMMON STOCKS - 94.2%** | **COMMON STOCKS - 94.2%** |
| **Bangladesh - 3.3%** | **Bangladesh - 3.3%** | **Bangladesh - 3.3%** |
| BRAC Bank plc (Banks)† | &nbsp;&nbsp; 4063376 | &nbsp;&nbsp; $1651286<br>|
| GrameenPhone Ltd. <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 271823 | &nbsp;&nbsp; 667133<br>|
| Square Pharmaceuticals plc <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 1073017 | &nbsp;&nbsp; 1881962<br>|
|  |  | &nbsp;&nbsp; 4200381 |
| **Colombia - 2.5%** | **Colombia - 2.5%** | **Colombia - 2.5%** |
| Cementos Argos SA - Sponsored <br> ADR (Materials)†<br>| &nbsp;&nbsp; 250150 | &nbsp;&nbsp; 3173078<br>|
| **Croatia - 0.2%** | **Croatia - 0.2%** | **Croatia - 0.2%** |
| Ericsson Nikola Tesla <br> (Technology Hardware & <br> Equipment)†<br>| &nbsp;&nbsp; 1022 | &nbsp;&nbsp; 217982<br>|
| **Egypt - 2.5%** | **Egypt - 2.5%** | **Egypt - 2.5%** |
| Commercial International Bank <br> Egypt - GDR, Reg S <br> (Banks)†<br>| &nbsp;&nbsp; 1819385 | &nbsp;&nbsp; 2839492<br>|
| Integrated Diagnostics Holdings <br> plc (Health Care Equipment <br> & Services)\*^†<br>| &nbsp;&nbsp; 796920 | &nbsp;&nbsp; 275403<br>|
|  |  | &nbsp;&nbsp; 3114895 |
| **Indonesia - 3.8%** | **Indonesia - 3.8%** | **Indonesia - 3.8%** |
| Astra International Tbk PT <br> (Capital Goods)†<br>| &nbsp;&nbsp; 5210200 | &nbsp;&nbsp; 1507781<br>|
| Bank Central Asia Tbk PT <br> (Banks)†<br>| &nbsp;&nbsp; 4130100 | &nbsp;&nbsp; 2219698<br>|
| Sumber Alfaria Trijaya Tbk PT <br> (Consumer Staples <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 7766600 | &nbsp;&nbsp; 1011182<br>|
|  |  | &nbsp;&nbsp; 4738661 |
| **Kazakhstan - 7.3%** | **Kazakhstan - 7.3%** | **Kazakhstan - 7.3%** |
| Halyk Savings Bank of <br> Kazakhstan JSC - GDR, Reg <br> S (Banks)†<br>| &nbsp;&nbsp; 222852 | &nbsp;&nbsp; 5408167<br>|
| Kaspi.KZ JSC - ADR (Financial <br> Services)<br>| &nbsp;&nbsp; 42027 | &nbsp;&nbsp; 3693753<br>|
|  |  | &nbsp;&nbsp; 9101920 |
| **Kenya - 2.6%** | **Kenya - 2.6%** | **Kenya - 2.6%** |
| East African Breweries plc <br> (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 356300 | &nbsp;&nbsp; 479066<br>|
| Equity Group Holdings plc <br> (Banks)†<br>| &nbsp;&nbsp; 3915800 | &nbsp;&nbsp; 1383880<br>|
| Safaricom plc <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 10590650 | &nbsp;&nbsp; 1436495<br>|
|  |  | &nbsp;&nbsp; 3299441 |
| **Morocco - 6.4%** | **Morocco - 6.4%** | **Morocco - 6.4%** |
| Attijariwafa Bank (Banks)† | &nbsp;&nbsp; 34175 | &nbsp;&nbsp; 2443452<br>|
| Itissalat Al-Maghrib <br> (Telecommunication <br> Services)†<br>| &nbsp;&nbsp; 64786 | &nbsp;&nbsp; 806338<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** |
| **Morocco - 6.4% (continued)** | **Morocco - 6.4% (continued)** | **Morocco - 6.4% (continued)** |
| Societe d'Exploitation des Ports <br> (Transportation)†<br>| &nbsp;&nbsp; 59098 | &nbsp;&nbsp; $4767861<br>|
|  |  | &nbsp;&nbsp; 8017651 |
| **Peru - 7.7%** | **Peru - 7.7%** | **Peru - 7.7%** |
| Alicorp SAA (Food, Beverage & <br> Tobacco)<br>| &nbsp;&nbsp; 259766 | &nbsp;&nbsp; 581809<br>|
| Cementos Pacasmayo SAA <br> (Materials)<br>| &nbsp;&nbsp; 149125 | &nbsp;&nbsp; 170865<br>|
| Credicorp Ltd. (Banks) | &nbsp;&nbsp; 30878 | &nbsp;&nbsp; 6243223<br>|
| Ferreycorp SAA (Capital Goods) | &nbsp;&nbsp; 3202508 | &nbsp;&nbsp; 2612260<br>|
|  |  | &nbsp;&nbsp; 9608157 |
| **Philippines - 18.4%** | **Philippines - 18.4%** | **Philippines - 18.4%** |
| Bank of the Philippine Islands <br> (Banks)†<br>| &nbsp;&nbsp; 1233920 | &nbsp;&nbsp; 3092950<br>|
| BDO Unibank Inc. (Banks)† | &nbsp;&nbsp; 1098865 | &nbsp;&nbsp; 3135618<br>|
| Century Pacific Food Inc. (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 2232400 | &nbsp;&nbsp; 1535851<br>|
| International Container Terminal <br> Services Inc. <br> (Transportation)†<br>| &nbsp;&nbsp; 658930 | &nbsp;&nbsp; 4047485<br>|
| Jollibee Foods Corp. (Consumer <br> Services)†<br>| &nbsp;&nbsp; 781870 | &nbsp;&nbsp; 3193823<br>|
| Robinsons Retail Holdings Inc. <br> (Consumer Staples <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 1559250 | &nbsp;&nbsp; 1095622<br>|
| SM Prime Holdings Inc. (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 8422400 | &nbsp;&nbsp; 3674439<br>|
| Universal Robina Corp. (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 984620 | &nbsp;&nbsp; 1460156<br>|
| Wilcon Depot Inc. (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 14619700 | &nbsp;&nbsp; 1785796<br>|
|  |  | &nbsp;&nbsp; 23021740 |
| **Poland - 1.8%** | **Poland - 1.8%** | **Poland - 1.8%** |
| Allegro.eu SA (Consumer <br> Discretionary Distribution & <br> Retail)\*^†<br>| &nbsp;&nbsp; 265807 | &nbsp;&nbsp; 2323627<br>|
| **Romania - 6.1%** | **Romania - 6.1%** | **Romania - 6.1%** |
| Banca Transilvania SA (Banks)† | &nbsp;&nbsp; 906617 | &nbsp;&nbsp; 5847448<br>|
| Societatea Nationala de Gaze <br> Naturale ROMGAZ SA <br> (Energy)†<br>| &nbsp;&nbsp; 1335370 | &nbsp;&nbsp; 1807902<br>|
|  |  | &nbsp;&nbsp; 7655350 |
| **Saudi Arabia - 3.0%** | **Saudi Arabia - 3.0%** | **Saudi Arabia - 3.0%** |
| Al Rajhi Bank (Banks)† | &nbsp;&nbsp; 42020 | &nbsp;&nbsp; 1098478<br>|
| Bupa Arabia for Cooperative <br> Insurance Co. (Insurance)†<br>| &nbsp;&nbsp; 15851 | &nbsp;&nbsp; 717609<br>|
| Jarir Marketing Co. (Consumer <br> Discretionary Distribution & <br> Retail)†<br>| &nbsp;&nbsp; 232376 | &nbsp;&nbsp; 782246<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Frontier Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2025 (unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** |
| **Saudi Arabia - 3.0% (continued)** | **Saudi Arabia - 3.0% (continued)** | **Saudi Arabia - 3.0% (continued)** |
| Mouwasat Medical Services Co. <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 58166 | &nbsp;&nbsp; $1121958<br>|
|  |  | &nbsp;&nbsp; 3720291 |
| **Slovenia - 1.7%** | **Slovenia - 1.7%** | **Slovenia - 1.7%** |
| Krka dd Novo mesto <br> (Pharmaceuticals, <br> Biotechnology & Life <br> Sciences)†<br>| &nbsp;&nbsp; 10993 | &nbsp;&nbsp; 2167337<br>|
| **Thailand - 0.7%** | **Thailand - 0.7%** | **Thailand - 0.7%** |
| Bumrungrad Hospital pcl, Reg S <br> (Health Care Equipment & <br> Services)†<br>| &nbsp;&nbsp; 180500 | &nbsp;&nbsp; 891558<br>|
| **United Arab Emirates - 4.5%** | **United Arab Emirates - 4.5%** | **United Arab Emirates - 4.5%** |
| Agthia Group PJSC (Food, <br> Beverage & Tobacco)†<br>| &nbsp;&nbsp; 1132098 | &nbsp;&nbsp; 1395466<br>|
| Emaar Properties PJSC (Real <br> Estate Management & <br> Development)†<br>| &nbsp;&nbsp; 1177434 | &nbsp;&nbsp; 4206042<br>|
|  |  | &nbsp;&nbsp; 5601508 |
| **United Kingdom - 5.5%** | **United Kingdom - 5.5%** | **United Kingdom - 5.5%** |
| Airtel Africa plc <br> (Telecommunication <br> Services)^†<br>| &nbsp;&nbsp; 1079737 | &nbsp;&nbsp; 2475417<br>|
| Baltic Classifieds Group plc <br> (Media & Entertainment)†<br>| &nbsp;&nbsp; 804287 | &nbsp;&nbsp; 3662478<br>|
| Helios Towers plc <br> (Telecommunication <br> Services)\*†<br>| &nbsp;&nbsp; 534934 | &nbsp;&nbsp; 765395<br>|
|  |  | &nbsp;&nbsp; 6903290 |
| **United States - 2.8%** | **United States - 2.8%** | **United States - 2.8%** |
| EPAM Systems Inc. (Software & <br> Services)\*<br>| &nbsp;&nbsp; 6127 | &nbsp;&nbsp; 961388<br>|
| Globant SA (Software & <br> Services)\*<br>| &nbsp;&nbsp; 21820 | &nbsp;&nbsp; 2565377<br>|
|  |  | &nbsp;&nbsp; 3526765 |
| **Vietnam - 13.4%** | **Vietnam - 13.4%** | **Vietnam - 13.4%** |
| Bank for Foreign Trade of <br> Vietnam JSC (Banks)\*†<br>| &nbsp;&nbsp; 1796735 | &nbsp;&nbsp; 3965641<br>|
| FPT Corp. (Software & <br> Services)†<br>| &nbsp;&nbsp; 518500 | &nbsp;&nbsp; 2187512<br>|
| Hoa Phat Group JSC <br> (Materials)\*†<br>| &nbsp;&nbsp; 3068669 | &nbsp;&nbsp; 3015499<br>|
| Mobile World Investment Corp. <br> (Consumer Discretionary <br> Distribution & Retail)†<br>| &nbsp;&nbsp; 999900 | &nbsp;&nbsp; 2344813<br>|
| Sai Gon Cargo Service Corp. <br> (Transportation)†<br>| &nbsp;&nbsp; 501594 | &nbsp;&nbsp; 1149026<br>|
| Saigon Beer Alcohol Beverage <br> Corp. (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 1053720 | &nbsp;&nbsp; 1952556<br>|

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** | **COMMON STOCKS - 94.2% (continued)** |
| **Vietnam - 13.4% (continued)** | **Vietnam - 13.4% (continued)** | **Vietnam - 13.4% (continued)** |
| Vietnam Dairy Products JSC <br> (Food, Beverage & <br> Tobacco)†<br>| &nbsp;&nbsp; 995894 | &nbsp;&nbsp; $2210399<br>|
|  |  | &nbsp;&nbsp; 16825446 |
| **Total Common Stocks (Cost $83,125,217)** | **Total Common Stocks (Cost $83,125,217)** | &nbsp;&nbsp; **$118109078** |
| **PREFERRED STOCKS - 1.9%** | **PREFERRED STOCKS - 1.9%** | **PREFERRED STOCKS - 1.9%** |
| **Colombia - 1.9%** | **Colombia - 1.9%** | **Colombia - 1.9%** |
| Bancolombia SA - Sponsored <br> ADR, 5.70% (Banks)+<br>| &nbsp;&nbsp; 60944 | &nbsp;&nbsp; 2457262 |
| **Total Preferred Stocks (Cost $1,530,463)** | **Total Preferred Stocks (Cost $1,530,463)** | &nbsp;&nbsp; **$2457262** |
| **PARTICIPATION NOTES - 1.0%** | **PARTICIPATION NOTES - 1.0%** | **PARTICIPATION NOTES - 1.0%** |
| **Qatar - 1.0%** | **Qatar - 1.0%** | **Qatar - 1.0%** |
| Qatar National Bank, Issued by <br> HSBC BANK PLC, Maturity <br> Date 5/30/25 (Banks)^†<br>| &nbsp;&nbsp; 264494 | &nbsp;&nbsp; 1213712 |
| **Total Participation Notes (Cost $1,004,709)** | **Total Participation Notes (Cost $1,004,709)** | &nbsp;&nbsp; **$1213712** |
| **SHORT TERM INVESTMENTS - 3.2%** | **SHORT TERM INVESTMENTS - 3.2%** | **SHORT TERM INVESTMENTS - 3.2%** |
| Northern Institutional Funds - <br> Treasury Portfolio (Premier <br> Shares), 4.17% (Money <br> Market Funds)<br>| &nbsp;&nbsp; 4006304 | &nbsp;&nbsp; 4006304 |
| **Total Short Term Investments (Cost $4,006,304)** | **Total Short Term Investments (Cost $4,006,304)** | &nbsp;&nbsp; **$4006304** |
| **Total Investments — 100.3%** | **Total Investments — 100.3%** |  |
| **(Cost $89,666,693)** | **(Cost $89,666,693)** | &nbsp;&nbsp; **$125786356** |
| Liabilities Less Other Assets - (0.3)% | Liabilities Less Other Assets - (0.3)% | &nbsp;&nbsp; (397764)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; **$125388592** |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Frontier Emerging Markets Portfolio**

**Portfolio of Investments (continued)**

**April 30, 2025 (unaudited)**

------

---

| | |
|:---|:---|
| Summary of Abbreviations | Summary of Abbreviations |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| Reg S | &nbsp;&nbsp; Security sold outside United States without registration under <br> the Securities Act of 1933.<br>|
| *†* | &nbsp;&nbsp; *Investment categorized as level 2 security as disclosed in Note 2* <br> *of the Notes to Financial Statements.*<br>|
| *\** | *Non-income producing security.* |
| *^* | &nbsp;&nbsp; *Security exempt from registration pursuant to Rule 144A of the* <br> *Securities Act of 1933. These securities, which represent 5.0%* <br> *of net assets as of April 30, 2025, are considered liquid and may* <br> *be resold in transactions exempt from registration, normally to* <br> *qualified buyers.*<br>|
| *+* | &nbsp;&nbsp; *Current yield is disclosed. Dividends are calculated based on a* <br> *percentage of the issuer's net income.*<br>|

---

---

| | |
|:---|:---|
| Industry | Percentage of<br> Net Assets<br>|
| Banks | 34.5<br> %<br>|
| Capital Goods | 3.3 |
| Consumer Discretionary Distribution & Retail | 5.7 |
| Consumer Services | 2.6 |
| Consumer Staples Distribution & Retail | 1.7 |
| Energy | 1.4 |
| Financial Services | 3.0 |
| Food, Beverage & Tobacco | 7.7 |
| Health Care Equipment & Services | 1.8 |
| Insurance | 0.6 |
| Materials | 5.0 |
| Media & Entertainment | 2.9 |
| Pharmaceuticals, Biotechnology & Life Sciences | 3.2 |
| Real Estate Management & Development | 6.3 |
| Software & Services | 4.5 |
| Technology Hardware & Equipment | 0.2 |
| Telecommunication Services | 4.8 |
| Transportation | 7.9 |
| Money Market Fund | 3.2 |
| Total Investments | 100.3 |
| Liabilities Less Other Assets | &nbsp;&nbsp; (0.3)<br>|
| Net Assets | 100.0<br> %<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Assets and Liabilities**

**April 30, 2025 (Unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Global**<br> **Equity**<br> **Portfolio**<br>| **International**<br> **Equity**<br> **Portfolio**<br>| **International** <br> **Developed** <br> **Markets Equity** <br> **Portfolio**<br>|
| ASSETS: |  |  |  |
| Investments (cost $355,900,749, $7,793,451,230 and $84,284,640, respectively) | &nbsp;&nbsp; $527185475 | &nbsp;&nbsp; $12097145834 | &nbsp;&nbsp; $99524520 |
| Dividends and interest receivable | &nbsp;&nbsp; 525841 | &nbsp;&nbsp; 31459707 | &nbsp;&nbsp; 218728 |
| Cash | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; — |
| Foreign currency (cost $—, $1,234,970 and $11,609, respectively) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1234970 | &nbsp;&nbsp; 11609 |
| Receivable for investments sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 58820295 | &nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp; 49395 | &nbsp;&nbsp; 4109978 | &nbsp;&nbsp; 60290 |
| Tax reclaims receivable | &nbsp;&nbsp; 776825 | &nbsp;&nbsp; 30236743 | &nbsp;&nbsp; 177116 |
| Prepaid expenses | &nbsp;&nbsp; 47387 | &nbsp;&nbsp; 99457 | &nbsp;&nbsp; 24644 |
| Total Assets | &nbsp;&nbsp; 528584947 | &nbsp;&nbsp; 12223107008 | &nbsp;&nbsp; 100016907 |
| LIABILITIES: |  |  |  |
| Payable to Investment Adviser | &nbsp;&nbsp; (290114)<br>| &nbsp;&nbsp; (6505405)<br>| &nbsp;&nbsp; (54961)<br>|
| Payable for investments purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; (8484)<br>| &nbsp;&nbsp; (4)<br>|
| Payable for Fund shares redeemed | &nbsp;&nbsp; (17691)<br>| &nbsp;&nbsp; (13642592)<br>| &nbsp;&nbsp; (508966)<br>|
| Payable for directors' fees and expenses | &nbsp;&nbsp; (11255)<br>| &nbsp;&nbsp; (203078)<br>| &nbsp;&nbsp; (1572)<br>|
| Payable for distribution fees | &nbsp;&nbsp; — | &nbsp;&nbsp; (101499)<br>| &nbsp;&nbsp; — |
| Other liabilities | &nbsp;&nbsp; (202345)<br>| &nbsp;&nbsp; (3151313)<br>| &nbsp;&nbsp; (69591)<br>|
| Total Liabilities | &nbsp;&nbsp; (521405)<br>| &nbsp;&nbsp; (23612371)<br>| &nbsp;&nbsp; (635094)<br>|
| **Net Assets** | &nbsp;&nbsp; **$528063542** | &nbsp;&nbsp; **$12199494637** | &nbsp;&nbsp; **$99381813** |
| ANALYSIS OF NET ASSETS: |  |  |  |
| Paid in capital | &nbsp;&nbsp; $273640761 | &nbsp;&nbsp; $7473561007 | &nbsp;&nbsp; $83606106 |
| Distributable earnings | &nbsp;&nbsp; 254422781 | &nbsp;&nbsp; 4725933630 | &nbsp;&nbsp; 15775707 |
| **Net Assets** | &nbsp;&nbsp; **$528063542** | &nbsp;&nbsp; **$12199494637** | &nbsp;&nbsp; **$99381813** |
| **Net Assets:** |  |  |  |
| Institutional Class | &nbsp;&nbsp; $316275659 | &nbsp;&nbsp; $9428968009 | &nbsp;&nbsp; $99381813 |
| Institutional Class Z | &nbsp;&nbsp; 190940821 | &nbsp;&nbsp; 2549187458 | &nbsp;&nbsp; — |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 221339170 | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; 20847062 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Shares Outstanding:** |  |  |  |
| Institutional Class (500,000,000, 700,000,000 and 500,000,000, respectively, $.001 par <br> value shares authorized)<br>| &nbsp;&nbsp; 9377757 | &nbsp;&nbsp; 352823071 | &nbsp;&nbsp; 6994806 |
| Institutional Class Z (200,000,000, 300,000,000 and —, respectively, $.001 par value <br> shares authorized)<br>| &nbsp;&nbsp; 5656140 | &nbsp;&nbsp; 95446808 | &nbsp;&nbsp; — |
| Investor Class (—, 100,000,000 and —, respectively, $.001 par value shares authorized) | &nbsp;&nbsp; — | &nbsp;&nbsp; 8278368 | &nbsp;&nbsp; — |
| Advisor Class (400,000,000, — and —, respectively, $.001 par value shares authorized) | &nbsp;&nbsp; 622881 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Asset Value, Offering Price and Redemption Price Per Share:** |  |  |  |
| Institutional Class | &nbsp;&nbsp; $33.73 | &nbsp;&nbsp; $26.72 | &nbsp;&nbsp; $14.21 |
| Institutional Class Z | 33.76 | 26.71 | &nbsp;&nbsp; — |
| Investor Class | &nbsp;&nbsp; — | 26.74 | &nbsp;&nbsp; — |
| Advisor Class | 33.47 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

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

**April 30, 2025 (Unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **International**<br> **Small**<br> **Companies**<br> **Portfolio**<br>| **Institutional**<br> **Emerging**<br> **Markets**<br> **Portfolio**<br>| **Emerging**<br> **Markets**<br> **Portfolio**<br>|
| ASSETS: |  |  |  |
| Investments (cost $216,340,725, $302,977,854 and $312,356,662, respectively) | &nbsp;&nbsp; $298520231 | &nbsp;&nbsp; $385576853 | &nbsp;&nbsp; $442844249 |
| Dividends and interest receivable | &nbsp;&nbsp; 867177 | &nbsp;&nbsp; 353621 | &nbsp;&nbsp; 370080 |
| Cash | &nbsp;&nbsp; 3627 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 129 |
| Foreign currency (cost $464,269, $2,248,370 and $—, respectively) | &nbsp;&nbsp; 464752 | &nbsp;&nbsp; 2248369 | &nbsp;&nbsp; — |
| Receivable for investments sold | &nbsp;&nbsp; 1526992 | &nbsp;&nbsp; 4845769 | &nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp; 202313 | &nbsp;&nbsp; 106831 | &nbsp;&nbsp; 229140 |
| Tax reclaims receivable | &nbsp;&nbsp; 890051 | &nbsp;&nbsp; 47361 | &nbsp;&nbsp; 23901 |
| Capital gain tax refund receivable | &nbsp;&nbsp; — | &nbsp;&nbsp; 303766 | &nbsp;&nbsp; — |
| Prepaid expenses | &nbsp;&nbsp; 64038 | &nbsp;&nbsp; 107349 | &nbsp;&nbsp; 91983 |
| Total Assets | &nbsp;&nbsp; 302539181 | &nbsp;&nbsp; 393590074 | &nbsp;&nbsp; 443559482 |
| LIABILITIES: |  |  |  |
| Payable to Investment Adviser | &nbsp;&nbsp; (259341)<br>| &nbsp;&nbsp; (281349)<br>| &nbsp;&nbsp; (295866)<br>|
| Payable for investments purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; (601)<br>| &nbsp;&nbsp; — |
| Payable for Fund shares redeemed | &nbsp;&nbsp; (282624)<br>| &nbsp;&nbsp; (886092)<br>| &nbsp;&nbsp; (247294)<br>|
| Payable for directors' fees and expenses | &nbsp;&nbsp; (6982)<br>| &nbsp;&nbsp; (9683)<br>| &nbsp;&nbsp; (8309)<br>|
| Payable for distribution fees | &nbsp;&nbsp; (23123)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deferred capital gains tax | &nbsp;&nbsp; (489591)<br>| &nbsp;&nbsp; (1796406)<br>| &nbsp;&nbsp; (2337530)<br>|
| Other liabilities | &nbsp;&nbsp; (168156)<br>| &nbsp;&nbsp; (510726)<br>| &nbsp;&nbsp; (487868)<br>|
| Total Liabilities | &nbsp;&nbsp; (1229817)<br>| &nbsp;&nbsp; (3484857)<br>| &nbsp;&nbsp; (3376867)<br>|
| **Net Assets** | &nbsp;&nbsp; **$301309364** | &nbsp;&nbsp; **$390105217** | &nbsp;&nbsp; **$440182615** |
| ANALYSIS OF NET ASSETS: |  |  |  |
| Paid in capital | &nbsp;&nbsp; $243243543 | &nbsp;&nbsp; $239533245 | &nbsp;&nbsp; $268821008 |
| Distributable earnings | &nbsp;&nbsp; 58065821 | &nbsp;&nbsp; 150571972 | &nbsp;&nbsp; 171361607 |
| **Net Assets** | &nbsp;&nbsp; **$301309364** | &nbsp;&nbsp; **$390105217** | &nbsp;&nbsp; **$440182615** |
| **Net Assets:** |  |  |  |
| Institutional Class | &nbsp;&nbsp; $196700646 | &nbsp;&nbsp; $359836536 | &nbsp;&nbsp; $— |
| Institutional Class Z | &nbsp;&nbsp; 79201590 | &nbsp;&nbsp; 30268681 | &nbsp;&nbsp; — |
| Investor Class | &nbsp;&nbsp; 25407128 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 440182615 |
| **Total Shares Outstanding:** |  |  |  |
| Institutional Class (350,000,000, 500,000,000 and —, respectively, $.001 par value shares <br> authorized)<br>| &nbsp;&nbsp; 10920584 | &nbsp;&nbsp; 21177858 | &nbsp;&nbsp; — |
| Institutional Class Z (350,000,000, 500,000,000 and —, respectively, $.001 par value <br> shares authorized)<br>| &nbsp;&nbsp; 4394478 | &nbsp;&nbsp; 1774091 | &nbsp;&nbsp; — |
| Investor Class (200,000,000, — and —, respectively, $.001 par value shares authorized) | &nbsp;&nbsp; 1426583 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class (—, — and 500,000,000, respectively, $.001 par value shares authorized) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11932002 |
| **Net Asset Value, Offering Price and Redemption Price Per Share:** |  |  |  |
| Institutional Class | &nbsp;&nbsp; $18.01 | &nbsp;&nbsp; $16.99 | &nbsp;&nbsp; $— |
| Institutional Class Z | 18.02 | 17.06 | &nbsp;&nbsp; — |
| Investor Class | 17.81 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 36.89 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

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

**April 30, 2025 (Unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging** <br> **Markets ex** <br> **China Portfolio**<br>| **Chinese**<br> **Equity**<br> **Portfolio**<br>| **Frontier**<br> **Emerging**<br> **Markets**<br> **Portfolio**<br>|
| ASSETS: |  |  |  |
| Investments (cost $3,046,709, $3,317,906 and $89,666,693, respectively) | &nbsp;&nbsp; $3386295 | &nbsp;&nbsp; $2843054 | &nbsp;&nbsp; $125786356 |
| Dividends and interest receivable | &nbsp;&nbsp; 4692 | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 189531 |
| Foreign currency (cost $73, $— and $10,356, respectively) | &nbsp;&nbsp; 73 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2546 |
| Receivable for investments sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6309 |
| Receivable for Fund shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7521 |
| Tax reclaims receivable | &nbsp;&nbsp; 646 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3288 |
| Prepaid expenses | &nbsp;&nbsp; 16472 | &nbsp;&nbsp; 19557 | &nbsp;&nbsp; 49626 |
| Total Assets | &nbsp;&nbsp; 3408178 | &nbsp;&nbsp; 2862837 | &nbsp;&nbsp; 126045177 |
| LIABILITIES: |  |  |  |
| Payable to Investment Adviser | &nbsp;&nbsp; (2218)<br>| &nbsp;&nbsp; (1911)<br>| &nbsp;&nbsp; (115282)<br>|
| Payable for Fund shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18752)<br>|
| Payable for directors' fees and expenses | &nbsp;&nbsp; (60)<br>| &nbsp;&nbsp; (44)<br>| &nbsp;&nbsp; (1944)<br>|
| Payable for distribution fees | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (14368)<br>|
| Deferred capital gains tax | &nbsp;&nbsp; (16184)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (411100)<br>|
| Other liabilities | &nbsp;&nbsp; (37800)<br>| &nbsp;&nbsp; (35459)<br>| &nbsp;&nbsp; (95139)<br>|
| Total Liabilities | &nbsp;&nbsp; (56262)<br>| &nbsp;&nbsp; (37414)<br>| &nbsp;&nbsp; (656585)<br>|
| **Net Assets** | &nbsp;&nbsp; **$3351916** | &nbsp;&nbsp; **$2825423** | &nbsp;&nbsp; **$125388592** |
| ANALYSIS OF NET ASSETS: |  |  |  |
| Paid in capital | &nbsp;&nbsp; $3060048 | &nbsp;&nbsp; $5164921 | &nbsp;&nbsp; $203389294 |
| Distributable earnings | &nbsp;&nbsp; 291868 | &nbsp;&nbsp; (2339498)<br>| &nbsp;&nbsp; (78000702)<br>|
| **Net Assets** | &nbsp;&nbsp; **$3351916** | &nbsp;&nbsp; **$2825423** | &nbsp;&nbsp; **$125388592** |
| **Net Assets:** |  |  |  |
| Institutional Class | &nbsp;&nbsp; $3351916 | &nbsp;&nbsp; $2825423 | &nbsp;&nbsp; $58140096 |
| Institutional Class Z | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62942506 |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4305990 |
| **Total Shares Outstanding:** |  |  |  |
| Institutional Class (500,000,000, 500,000,000 and 400,000,000, respectively, $.001 par <br> value shares authorized)<br>| &nbsp;&nbsp; 308327 | &nbsp;&nbsp; 522940 | &nbsp;&nbsp; 7222507 |
| Institutional Class Z (—, — and 200,000,000, respectively, $.001 par value shares <br> authorized)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7717223 |
| Investor Class (—, — and 400,000,000, respectively, $.001 par value shares authorized) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 535922 |
| **Net Asset Value, Offering Price and Redemption Price Per Share:** |  |  |  |
| Institutional Class | &nbsp;&nbsp; $10.87 | &nbsp;&nbsp; $5.40 | &nbsp;&nbsp; $8.05 |
| Institutional Class Z | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 8.16 |
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 8.03 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Operations**

**Six Months Ended April 30, 2025 (unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global**<br> **Equity**<br> **Portfolio**<br>| **International**<br> **Equity**<br> **Portfolio**<br>| **International** <br> **Developed** <br> **Markets Equity** <br> **Portfolio**<br>| **International**<br> **Small**<br> **Companies**<br> **Portfolio**<br>|
| INVESTMENT INCOME |  |  |  |  |
| Dividends (net of foreign withholding taxes of $5,903, $13,667,001, <br> $124,654 and $349,395, respectively)<br>| &nbsp;&nbsp; $3416122 | &nbsp;&nbsp; $136631225 | &nbsp;&nbsp; $1147442 | &nbsp;&nbsp; $4011468 |
| Tax reclaims | &nbsp;&nbsp; 238283 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 3654405 | &nbsp;&nbsp; 136631225 | &nbsp;&nbsp; 1147442 | &nbsp;&nbsp; 4011468 |
| EXPENSES |  |  |  |  |
| Investment advisory fees (Note 3) | &nbsp;&nbsp; 2011590 | &nbsp;&nbsp; 41179863 | &nbsp;&nbsp; 334882 | &nbsp;&nbsp; 1893994 |
| Administration fees (Note 3) | &nbsp;&nbsp; 55777 | &nbsp;&nbsp; 1026997 | &nbsp;&nbsp; 13943 | &nbsp;&nbsp; 41091 |
| Distribution fees, Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 267093 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33514 |
| Custody and accounting fees (Note 3) | &nbsp;&nbsp; 37015 | &nbsp;&nbsp; 831924 | &nbsp;&nbsp; 11144 | &nbsp;&nbsp; 79082 |
| Directors' fees and expenses | &nbsp;&nbsp; 22572 | &nbsp;&nbsp; 441896 | &nbsp;&nbsp; 3439 | &nbsp;&nbsp; 15124 |
| Transfer agent fees and expenses (Note 3) | &nbsp;&nbsp; 1944 | &nbsp;&nbsp; 68069 | &nbsp;&nbsp; 381 | &nbsp;&nbsp; 2524 |
| Printing and postage fees | &nbsp;&nbsp; 7887 | &nbsp;&nbsp; 207375 | &nbsp;&nbsp; 10368 | &nbsp;&nbsp; 25640 |
| State registration filing fees | &nbsp;&nbsp; 26804 | &nbsp;&nbsp; 49162 | &nbsp;&nbsp; 12035 | &nbsp;&nbsp; 27887 |
| Professional fees | &nbsp;&nbsp; 50359 | &nbsp;&nbsp; 263168 | &nbsp;&nbsp; 20193 | &nbsp;&nbsp; 61626 |
| Shareholder servicing fees (Note 3) | &nbsp;&nbsp; 228994 | &nbsp;&nbsp; 4959664 | &nbsp;&nbsp; 53442 | &nbsp;&nbsp; 156516 |
| Compliance officers' fees and expenses (Note 3) | &nbsp;&nbsp; 1620 | &nbsp;&nbsp; 31488 | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 1078 |
| Other fees and expenses | &nbsp;&nbsp; 36683 | &nbsp;&nbsp; 555264 | &nbsp;&nbsp; 6165 | &nbsp;&nbsp; 58080 |
| Total expenses | &nbsp;&nbsp; 2481245 | &nbsp;&nbsp; 49881963 | &nbsp;&nbsp; 466235 | &nbsp;&nbsp; 2396156 |
| Less Waiver of investment advisory fee and/or reimbursement of other <br> operating expenses (Note 3)<br>| &nbsp;&nbsp; (104969)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (83467)<br>| &nbsp;&nbsp; (124043)<br>|
| Net expenses | &nbsp;&nbsp; 2376276 | &nbsp;&nbsp; 49881963 | &nbsp;&nbsp; 382768 | &nbsp;&nbsp; 2272113 |
| Net investment income | &nbsp;&nbsp; 1278129 | &nbsp;&nbsp; 86749262 | &nbsp;&nbsp; 764674 | &nbsp;&nbsp; 1739355 |
| REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |
| Net realized gain (loss) |  |  |  |  |
| Investment transactions | &nbsp;&nbsp; 88979067 | &nbsp;&nbsp; 433039057 | &nbsp;&nbsp; 1305675 | &nbsp;&nbsp; 9556759 |
| Foreign currency transactions | &nbsp;&nbsp; (4839)<br>| &nbsp;&nbsp; 177197 | &nbsp;&nbsp; 4082 | &nbsp;&nbsp; (36058)<br>|
| Net realized gain | &nbsp;&nbsp; 88974228 | &nbsp;&nbsp; 433216254 | &nbsp;&nbsp; 1309757 | &nbsp;&nbsp; 9520701 |
| Change in unrealized appreciation (depreciation) |  |  |  |  |
| Investments (net of increase (decrease) in deferred foreign taxes of $—, <br> $—, $— and $741,551, respectively)<br>| &nbsp;&nbsp; (78758820)<br>| &nbsp;&nbsp; 14894228 | &nbsp;&nbsp; 4057489 | &nbsp;&nbsp; (6437251)<br>|
| Translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp; 36654 | &nbsp;&nbsp; 1921091 | &nbsp;&nbsp; 16161 | &nbsp;&nbsp; 83731 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (78722166)<br>| &nbsp;&nbsp; 16815319 | &nbsp;&nbsp; 4073650 | &nbsp;&nbsp; (6353520)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 10252062 | &nbsp;&nbsp; 450031573 | &nbsp;&nbsp; 5383407 | &nbsp;&nbsp; 3167181 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $11530191 | &nbsp;&nbsp; $536780835 | &nbsp;&nbsp; $6148081 | &nbsp;&nbsp; $4906536 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Operations (continued)**

**Six Months Ended April 30, 2025 (unaudited)**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional**<br> **Emerging**<br> **Markets**<br> **Portfolio**<br>| **Emerging**<br> **Markets**<br> **Portfolio**<br>| **Emerging** <br> **Markets ex** <br> **China Portfolio**<br>| **Chinese**<br> **Equity**<br> **Portfolio**<br>| **Frontier**<br> **Emerging**<br> **Markets**<br> **Portfolio**<br>|
| INVESTMENT INCOME |  |  |  |  |  |
| Dividends (net of foreign withholding taxes of <br> $491,448, $492,932, $5,905, $520 and $198,415, <br> respectively)<br>| &nbsp;&nbsp; $4827769 | &nbsp;&nbsp; $4695791 | &nbsp;&nbsp; $50483 | &nbsp;&nbsp; $13753 | &nbsp;&nbsp; $2169786 |
| Total investment income | &nbsp;&nbsp; 4827769 | &nbsp;&nbsp; 4695791 | &nbsp;&nbsp; 50483 | &nbsp;&nbsp; 13753 | &nbsp;&nbsp; 2169786 |
| EXPENSES |  |  |  |  |  |
| Investment advisory fees (Note 3) | &nbsp;&nbsp; 2135598 | &nbsp;&nbsp; 2036227 | &nbsp;&nbsp; 14017 | &nbsp;&nbsp; 11934 | &nbsp;&nbsp; 723647 |
| Administration fees (Note 3) | &nbsp;&nbsp; 48810 | &nbsp;&nbsp; 45880 | &nbsp;&nbsp; 6227 | &nbsp;&nbsp; 6186 | &nbsp;&nbsp; 18435 |
| Distribution fees, Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5881 |
| Custody and accounting fees (Note 3) | &nbsp;&nbsp; 207737 | &nbsp;&nbsp; 153923 | &nbsp;&nbsp; 5449 | &nbsp;&nbsp; 4309 | &nbsp;&nbsp; 67819 |
| Directors' fees and expenses | &nbsp;&nbsp; 20014 | &nbsp;&nbsp; 17846 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 4509 |
| Transfer agent fees and expenses (Note 3) | &nbsp;&nbsp; 2974 | &nbsp;&nbsp; 5922 | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 832 |
| Printing and postage fees | &nbsp;&nbsp; 29620 | &nbsp;&nbsp; 63491 | &nbsp;&nbsp; 891 | &nbsp;&nbsp; 919 | &nbsp;&nbsp; 5035 |
| State registration filing fees | &nbsp;&nbsp; 21985 | &nbsp;&nbsp; 16523 | &nbsp;&nbsp; 10061 | &nbsp;&nbsp; 10702 | &nbsp;&nbsp; 25699 |
| Professional fees | &nbsp;&nbsp; 59672 | &nbsp;&nbsp; 52386 | &nbsp;&nbsp; 20567 | &nbsp;&nbsp; 16855 | &nbsp;&nbsp; 33369 |
| Shareholder servicing fees (Note 3) | &nbsp;&nbsp; 428767 | &nbsp;&nbsp; 520133 | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 387 | &nbsp;&nbsp; 23726 |
| Compliance officers' fees and expenses (Note 3) | &nbsp;&nbsp; 1432 | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 319 |
| Other fees and expenses | &nbsp;&nbsp; 53376 | &nbsp;&nbsp; 25516 | &nbsp;&nbsp; 2093 | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 11117 |
| Total expenses | &nbsp;&nbsp; 3009985 | &nbsp;&nbsp; 2939127 | &nbsp;&nbsp; 60089 | &nbsp;&nbsp; 53755 | &nbsp;&nbsp; 920388 |
| Less Waiver of investment advisory fee and/or <br> reimbursement of other operating expenses <br> (Note 3)<br>| &nbsp;&nbsp; (368695)<br>| &nbsp;&nbsp; (184231)<br>| &nbsp;&nbsp; (42774)<br>| &nbsp;&nbsp; (37609)<br>| &nbsp;&nbsp; (62491)<br>|
| Net expenses | &nbsp;&nbsp; 2641290 | &nbsp;&nbsp; 2754896 | &nbsp;&nbsp; 17315 | &nbsp;&nbsp; 16146 | &nbsp;&nbsp; 857897 |
| Net investment income (loss) | &nbsp;&nbsp; 2186479 | &nbsp;&nbsp; 1940895 | &nbsp;&nbsp; 33168 | &nbsp;&nbsp; (2393)<br>| &nbsp;&nbsp; 1311889 |
| REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |
| Net realized gain (loss) |  |  |  |  |  |
| Investment transactions | &nbsp;&nbsp; 86653727 | &nbsp;&nbsp; 54251790 | &nbsp;&nbsp; 15074 | &nbsp;&nbsp; (99327)<br>| &nbsp;&nbsp; 1619358 |
| Foreign currency transactions | &nbsp;&nbsp; 24353 | &nbsp;&nbsp; (78695)<br>| &nbsp;&nbsp; (39)<br>| &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; (12269)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 86678080 | &nbsp;&nbsp; 54173095 | &nbsp;&nbsp; 15035 | &nbsp;&nbsp; (99340)<br>| &nbsp;&nbsp; 1607089 |
| Change in unrealized appreciation (depreciation) |  |  |  |  |  |
| Investments (net of increase (decrease) in deferred <br> foreign taxes of $200,134, $(112654), $(1538), <br> $— and $21,451, respectively)<br>| &nbsp;&nbsp; (101026048)<br>| &nbsp;&nbsp; (63743470)<br>| &nbsp;&nbsp; (119282)<br>| &nbsp;&nbsp; 84979 | &nbsp;&nbsp; (4105424)<br>|
| Translation of assets and liabilities denominated in <br> foreign currencies<br>| &nbsp;&nbsp; (30537)<br>| &nbsp;&nbsp; (16588)<br>| &nbsp;&nbsp; 180 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 10397 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (101056585)<br>| &nbsp;&nbsp; (63760058)<br>| &nbsp;&nbsp; (119102)<br>| &nbsp;&nbsp; 84978 | &nbsp;&nbsp; (4095027)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (14378505)<br>| &nbsp;&nbsp; (9586963)<br>| &nbsp;&nbsp; (104067)<br>| &nbsp;&nbsp; (14362)<br>| &nbsp;&nbsp; (2487938)<br>|
| NET DECREASE IN NET ASSETS RESULTING <br> FROM OPERATIONS<br>| &nbsp;&nbsp; $(12192026)<br>| &nbsp;&nbsp; $(7646068)<br>| &nbsp;&nbsp; $(70899)<br>| &nbsp;&nbsp; $(16755)<br>| &nbsp;&nbsp; $(1176049)<br>|

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Statements of Changes in Net Assets**

**For the Six Months Ended April 30, 2025 (unaudited) and the Fiscal Year Ended October 31, 2024**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Equity**<br> **Portfolio** | **Global Equity**<br> **Portfolio** | **International Equity**<br> **Portfolio** | **International Equity**<br> **Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1278129 | &nbsp;&nbsp; $2852608 | &nbsp;&nbsp; $86749262 | &nbsp;&nbsp; $257816188 |
| Net realized gain on investments and foreign currency transactions | &nbsp;&nbsp; 88974228 | &nbsp;&nbsp; 173781174 | &nbsp;&nbsp; 433216254 | &nbsp;&nbsp; 665275355 |
| Net change in unrealized appreciation (depreciation) on investments <br> and translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; (78722166)<br>| &nbsp;&nbsp; 76577047 | &nbsp;&nbsp; 16815319 | &nbsp;&nbsp; 1882777399 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 11530191 | &nbsp;&nbsp; 253210829 | &nbsp;&nbsp; 536780835 | &nbsp;&nbsp; 2805868942 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (87416743)<br>| &nbsp;&nbsp; (3900018)<br>| &nbsp;&nbsp; (651626078)<br>| &nbsp;&nbsp; (443283182)<br>|
| Institutional Class Z | &nbsp;&nbsp; (47523885)<br>| &nbsp;&nbsp; (1638342)<br>| &nbsp;&nbsp; (159697146)<br>| &nbsp;&nbsp; (93500543)<br>|
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (13482874)<br>| &nbsp;&nbsp; (7771654)<br>|
| Advisor Class | &nbsp;&nbsp; (6087811)<br>| &nbsp;&nbsp; (74460)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp; (141028439)<br>| &nbsp;&nbsp; (5612820)<br>| &nbsp;&nbsp; (824806098)<br>| &nbsp;&nbsp; (544555379)<br>|
| TRANSACTIONS IN SHARES OF COMMON STOCK |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (101826835)<br>| &nbsp;&nbsp; (348383122)<br>| &nbsp;&nbsp; (832143133)<br>| &nbsp;&nbsp; (1993400253)<br>|
| Institutional Class Z | &nbsp;&nbsp; 23043719 | &nbsp;&nbsp; (103620221)<br>| &nbsp;&nbsp; 167685047 | &nbsp;&nbsp; (125668836)<br>|
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3970085 | &nbsp;&nbsp; (15759711)<br>|
| Advisor Class | &nbsp;&nbsp; 753175 | &nbsp;&nbsp; (3926803)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Decrease in net assets from portfolio share transactions | &nbsp;&nbsp; (78029941)<br>| &nbsp;&nbsp; (455930146)<br>| &nbsp;&nbsp; (660488001)<br>| &nbsp;&nbsp; (2134828800)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS | &nbsp;&nbsp; (207528189)<br>| &nbsp;&nbsp; (208332137)<br>| &nbsp;&nbsp; (948513264)<br>| &nbsp;&nbsp; 126484763 |
| NET ASSETS |  |  |  |  |
| At beginning of period | &nbsp;&nbsp; 735591731 | &nbsp;&nbsp; 943923868 | &nbsp;&nbsp; 13148007901 | &nbsp;&nbsp; 13021523138 |
| At end of period | &nbsp;&nbsp; $528063542 | &nbsp;&nbsp; $735591731 | &nbsp;&nbsp; $12199494637 | &nbsp;&nbsp; $13148007901 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

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

**For the Six Months Ended April 30, 2025 (unaudited) and the Fiscal Year Ended October 31, 2024**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Developed Markets** <br> **Equity Portfolio** | **International Developed Markets** <br> **Equity Portfolio** | **International Small Companies**<br> **Portfolio** | **International Small Companies**<br> **Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $764674 | &nbsp;&nbsp; $1611651 | &nbsp;&nbsp; $1739355 | &nbsp;&nbsp; $5496164 |
| Net realized gain (loss) on investments and foreign currency <br> transactions<br>| &nbsp;&nbsp; 1309757 | &nbsp;&nbsp; (820816)<br>| &nbsp;&nbsp; 9520701 | &nbsp;&nbsp; (433556)<br>|
| Net change in unrealized appreciation (depreciation) on investments <br> and translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 4073650 | &nbsp;&nbsp; 17781660 | &nbsp;&nbsp; (6353520)<br>| &nbsp;&nbsp; 67427636 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 6148081 | &nbsp;&nbsp; 18572495 | &nbsp;&nbsp; 4906536 | &nbsp;&nbsp; 72490244 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (1617645)<br>| &nbsp;&nbsp; (1531614)<br>| &nbsp;&nbsp; (3768609)<br>| &nbsp;&nbsp; (4224880)<br>|
| Institutional Class Z | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1490911)<br>| &nbsp;&nbsp; (1615886)<br>|
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (310415)<br>| &nbsp;&nbsp; (329479)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (1617645)<br>| &nbsp;&nbsp; (1531614)<br>| &nbsp;&nbsp; (5569935)<br>| &nbsp;&nbsp; (6170245)<br>|
| TRANSACTIONS IN SHARES OF COMMON STOCK |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (1953539)<br>| &nbsp;&nbsp; (2822906)<br>| &nbsp;&nbsp; (120709440)<br>| &nbsp;&nbsp; (59814217)<br>|
| Institutional Class Z | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (27093361)<br>| &nbsp;&nbsp; (18976786)<br>|
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4588687)<br>| &nbsp;&nbsp; (2633989)<br>|
| Net Decrease in net assets from portfolio share transactions | &nbsp;&nbsp; (1953539)<br>| &nbsp;&nbsp; (2822906)<br>| &nbsp;&nbsp; (152391488)<br>| &nbsp;&nbsp; (81424992)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS | &nbsp;&nbsp; 2576897 | &nbsp;&nbsp; 14217975 | &nbsp;&nbsp; (153054887)<br>| &nbsp;&nbsp; (15104993)<br>|
| NET ASSETS |  |  |  |  |
| At beginning of period | &nbsp;&nbsp; 96804916 | &nbsp;&nbsp; 82586941 | &nbsp;&nbsp; 454364251 | &nbsp;&nbsp; 469469244 |
| At end of period | &nbsp;&nbsp; $99381813 | &nbsp;&nbsp; $96804916 | &nbsp;&nbsp; $301309364 | &nbsp;&nbsp; $454364251 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

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

**For the Six Months Ended April 30, 2025 (unaudited) and the Fiscal Year Ended October 31, 2024**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Emerging Markets**<br> **Portfolio** | **Institutional Emerging Markets**<br> **Portfolio** | **Emerging Markets**<br> **Portfolio** | **Emerging Markets**<br> **Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $2186479 | &nbsp;&nbsp; $16170887 | &nbsp;&nbsp; $1940895 | &nbsp;&nbsp; $11367097 |
| Net realized gain on investments and foreign currency transactions | &nbsp;&nbsp; 86678080 | &nbsp;&nbsp; 167339802 | &nbsp;&nbsp; 54173095 | &nbsp;&nbsp; 114511531 |
| Net change in unrealized appreciation (depreciation) on investments <br> and translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; (101056585)<br>| &nbsp;&nbsp; 48245543 | &nbsp;&nbsp; (63760058)<br>| &nbsp;&nbsp; 11732332 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (12192026)<br>| &nbsp;&nbsp; 231756232 | &nbsp;&nbsp; (7646068)<br>| &nbsp;&nbsp; 137610960 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (59962327)<br>| &nbsp;&nbsp; (24097827)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class Z | &nbsp;&nbsp; (5215599)<br>| &nbsp;&nbsp; (2219302)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (72941663)<br>| &nbsp;&nbsp; (31151772)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (65177926)<br>| &nbsp;&nbsp; (26317129)<br>| &nbsp;&nbsp; (72941663)<br>| &nbsp;&nbsp; (31151772)<br>|
| TRANSACTIONS IN SHARES OF COMMON STOCK |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (166007863)<br>| &nbsp;&nbsp; (1300168650)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Class Z | &nbsp;&nbsp; (19325387)<br>| &nbsp;&nbsp; (112120292)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Advisor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (56257982)<br>| &nbsp;&nbsp; (529423123)<br>|
| Net Decrease in net assets from portfolio share transactions | &nbsp;&nbsp; (185333250)<br>| &nbsp;&nbsp; (1412288942)<br>| &nbsp;&nbsp; (56257982)<br>| &nbsp;&nbsp; (529423123)<br>|
| NET DECREASE IN NET ASSETS | &nbsp;&nbsp; (262703202)<br>| &nbsp;&nbsp; (1206849839)<br>| &nbsp;&nbsp; (136845713)<br>| &nbsp;&nbsp; (422963935)<br>|
| NET ASSETS |  |  |  |  |
| At beginning of period | &nbsp;&nbsp; 652808419 | &nbsp;&nbsp; 1859658258 | &nbsp;&nbsp; 577028328 | &nbsp;&nbsp; 999992263 |
| At end of period | &nbsp;&nbsp; $390105217 | &nbsp;&nbsp; $652808419 | &nbsp;&nbsp; $440182615 | &nbsp;&nbsp; $577028328 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

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

**For the Six Months Ended April 30, 2025 (unaudited) and the Fiscal Year Ended October 31, 2024**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets ex China** <br> **Portfolio** | **Emerging Markets ex China** <br> **Portfolio** | **Chinese Equity**<br> **Portfolio** | **Chinese Equity**<br> **Portfolio** |
|  | **2025** | **2024** | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $33168 | &nbsp;&nbsp; $50938 | &nbsp;&nbsp; $(2393)<br>| &nbsp;&nbsp; $33261 |
| Net realized gain (loss) on investments and foreign currency <br> transactions<br>| &nbsp;&nbsp; 15035 | &nbsp;&nbsp; (54908)<br>| &nbsp;&nbsp; (99340)<br>| &nbsp;&nbsp; (635246)<br>|
| Net change in unrealized appreciation (depreciation) on investments <br> and translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; (119102)<br>| &nbsp;&nbsp; 551148 | &nbsp;&nbsp; 84978 | &nbsp;&nbsp; 819075 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (70899)<br>| &nbsp;&nbsp; 547178 | &nbsp;&nbsp; (16755)<br>| &nbsp;&nbsp; 217090 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (48839)<br>| &nbsp;&nbsp; (122956)<br>| &nbsp;&nbsp; (31290)<br>| &nbsp;&nbsp; (19123)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (48839)<br>| &nbsp;&nbsp; (122956)<br>| &nbsp;&nbsp; (31290)<br>| &nbsp;&nbsp; (19123)<br>|
| TRANSACTIONS IN SHARES OF COMMON STOCK |  |  |  |  |
| Institutional Class | &nbsp;&nbsp; (18185)<br>| &nbsp;&nbsp; (241007)<br>| &nbsp;&nbsp; 659 | &nbsp;&nbsp; (8322)<br>|
| Net Increase (Decrease) in net assets from portfolio share transactions | &nbsp;&nbsp; (18185)<br>| &nbsp;&nbsp; (241007)<br>| &nbsp;&nbsp; 659 | &nbsp;&nbsp; (8322)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS | &nbsp;&nbsp; (137923)<br>| &nbsp;&nbsp; 183215 | &nbsp;&nbsp; (47386)<br>| &nbsp;&nbsp; 189645 |
| NET ASSETS |  |  |  |  |
| At beginning of period | &nbsp;&nbsp; 3489839 | &nbsp;&nbsp; 3306624 | &nbsp;&nbsp; 2872809 | &nbsp;&nbsp; 2683164 |
| At end of period | &nbsp;&nbsp; $3351916 | &nbsp;&nbsp; $3489839 | &nbsp;&nbsp; $2825423 | &nbsp;&nbsp; $2872809 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

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

**For the Six Months Ended April 30, 2025 (unaudited) and the Fiscal Year Ended October 31, 2024**

------

---

| | | |
|:---|:---|:---|
|  | **Frontier Emerging Markets**<br> **Portfolio** | **Frontier Emerging Markets**<br> **Portfolio** |
|  | **2025** | **2024** |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |  |  |
| Net investment income | &nbsp;&nbsp; $1311889 | &nbsp;&nbsp; $2925267 |
| Net realized gain on investments and foreign currency transactions | &nbsp;&nbsp; 1607089 | &nbsp;&nbsp; 1517323 |
| Net change in unrealized appreciation (depreciation) on <br> investments and translation of assets and liabilities <br> denominated in foreign currencies<br>| &nbsp;&nbsp; (4095027)<br>| &nbsp;&nbsp; 25071245 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (1176049)<br>| &nbsp;&nbsp; 29513835 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |
| Institutional Class | &nbsp;&nbsp; (1086757)<br>| &nbsp;&nbsp; (1090567)<br>|
| Institutional Class Z | &nbsp;&nbsp; (1187430)<br>| &nbsp;&nbsp; (1110072)<br>|
| Investor Class | &nbsp;&nbsp; (72644)<br>| &nbsp;&nbsp; (89444)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (2346831)<br>| &nbsp;&nbsp; (2290083)<br>|
| TRANSACTIONS IN SHARES OF COMMON STOCK |  |  |
| Institutional Class | &nbsp;&nbsp; (1962981)<br>| &nbsp;&nbsp; (8658222)<br>|
| Institutional Class Z | &nbsp;&nbsp; 1142171 | &nbsp;&nbsp; (1256590)<br>|
| Investor Class | &nbsp;&nbsp; (954449)<br>| &nbsp;&nbsp; (1560290)<br>|
| Net Decrease in net assets from portfolio share transactions | &nbsp;&nbsp; (1775259)<br>| &nbsp;&nbsp; (11475102)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS | &nbsp;&nbsp; (5298139)<br>| &nbsp;&nbsp; 15748650 |
| NET ASSETS |  |  |
| At beginning of period | &nbsp;&nbsp; 130686731 | &nbsp;&nbsp; 114938081 |
| At end of period | &nbsp;&nbsp; $125388592 | &nbsp;&nbsp; $130686731 |

---

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Equity Portfolio**<br> **Institutional Class**  | **Global Equity Portfolio**<br> **Institutional Class**  | **Global Equity Portfolio**<br> **Institutional Class**  | **Global Equity Portfolio**<br> **Institutional Class**  | **Global Equity Portfolio**<br> **Institutional Class**  | **Global Equity Portfolio**<br> **Institutional Class**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $43.65 | &nbsp;&nbsp; $33.96 | &nbsp;&nbsp; $30.85 | &nbsp;&nbsp; $53.93 | &nbsp;&nbsp; $42.41 | &nbsp;&nbsp; $35.38 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income <br> (loss)<sup>(1)</sup> <br>| 0.08 | 0.12 | 0.06 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.06) |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 0.42 | 9.78 | 3.05 | &nbsp;&nbsp; (15.63) | 14.30 | 7.33 |
| Net increase (decrease) from <br> investment operations<br>| 0.50 | 9.90 | 3.11 | &nbsp;&nbsp; (15.67) | 14.16 | 7.27 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (10.27) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (10.42) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) | &nbsp;&nbsp; (0.24) |
| **Net asset value, end of period** | &nbsp;&nbsp; $33.73 | &nbsp;&nbsp; $43.65 | &nbsp;&nbsp; $33.96 | &nbsp;&nbsp; $30.85 | &nbsp;&nbsp; $53.93 | &nbsp;&nbsp; $42.41 |
| **Total Return** | &nbsp;&nbsp; 1.03%<sup>(A)</sup> <br>| &nbsp;&nbsp; 29.22% | &nbsp;&nbsp; 10.08% | &nbsp;&nbsp; (33.35)% | &nbsp;&nbsp; 34.57% | &nbsp;&nbsp; 20.63% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $316276 | &nbsp;&nbsp; $497165 | &nbsp;&nbsp; $668735 | &nbsp;&nbsp; $753480 | &nbsp;&nbsp; $1354918 | &nbsp;&nbsp; $1043741 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 0.89%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.92% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 0.85%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.92% |
| Net investment income (loss) <br> to average net assets<br>| &nbsp;&nbsp; 0.41%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; (0.10)% | &nbsp;&nbsp; (0.28)% | &nbsp;&nbsp; (0.15)% |
| Portfolio turnover rate | &nbsp;&nbsp; 11%<sup>(A)</sup> <br>| &nbsp;&nbsp; 27% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 63% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Equity Portfolio**<br> **Institutional Class Z**  | **Global Equity Portfolio**<br> **Institutional Class Z**  | **Global Equity Portfolio**<br> **Institutional Class Z**  | **Global Equity Portfolio**<br> **Institutional Class Z**  | **Global Equity Portfolio**<br> **Institutional Class Z**  | **Global Equity Portfolio**<br> **Institutional Class Z**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $43.73 | &nbsp;&nbsp; $34.02 | &nbsp;&nbsp; $30.88 | &nbsp;&nbsp; $53.95 | &nbsp;&nbsp; $42.39 | &nbsp;&nbsp; $35.36 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income <br> (loss)<sup>(1)</sup> <br>| 0.10 | 0.15 | 0.11 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.02) |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 0.42 | 9.81 | 3.03 | &nbsp;&nbsp; (15.64) | 14.30 | 7.31 |
| Net increase (decrease) from <br> investment operations<br>| 0.52 | 9.96 | 3.14 | &nbsp;&nbsp; (15.66) | 14.20 | 7.29 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (10.27) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (10.49) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) | &nbsp;&nbsp; (0.26) |
| **Net asset value, end of period** | &nbsp;&nbsp; $33.76 | &nbsp;&nbsp; $43.73 | &nbsp;&nbsp; $34.02 | &nbsp;&nbsp; $30.88 | &nbsp;&nbsp; $53.95 | &nbsp;&nbsp; $42.39 |
| **Total Return** | &nbsp;&nbsp; 1.08%<sup>(A)</sup> <br>| &nbsp;&nbsp; 29.37% | &nbsp;&nbsp; 10.17% | &nbsp;&nbsp; (33.31)% | &nbsp;&nbsp; 34.66% | &nbsp;&nbsp; 20.76% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $190941 | &nbsp;&nbsp; $212516 | &nbsp;&nbsp; $251781 | &nbsp;&nbsp; $234800 | &nbsp;&nbsp; $379781 | &nbsp;&nbsp; $289320 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 0.78%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.85% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 0.75%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.84% |
| Net investment income (loss) <br> to average net assets<br>| &nbsp;&nbsp; 0.54%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp; (0.20)% | &nbsp;&nbsp; (0.05)% |
| Portfolio turnover rate | &nbsp;&nbsp; 11%<sup>(A)</sup> <br>| &nbsp;&nbsp; 27% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 63% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Equity Portfolio**<br> **Advisor Class** | **Global Equity Portfolio**<br> **Advisor Class** | **Global Equity Portfolio**<br> **Advisor Class** | **Global Equity Portfolio**<br> **Advisor Class** | **Global Equity Portfolio**<br> **Advisor Class** | **Global Equity Portfolio**<br> **Advisor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $43.36 | &nbsp;&nbsp; $33.73 | &nbsp;&nbsp; $30.70 | &nbsp;&nbsp; $53.82 | &nbsp;&nbsp; $42.41 | &nbsp;&nbsp; $35.30 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income <br> (loss)<sup>(1)</sup> <br>| 0.03 | 0.01 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.12) |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 0.42 | 9.73 | 3.04 | &nbsp;&nbsp; (15.60) | 14.29 | 7.33 |
| Net increase (decrease) from <br> investment operations<br>| 0.45 | 9.74 | 3.03 | &nbsp;&nbsp; (15.71) | 14.05 | 7.21 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (10.27) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (10.34) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.41) | &nbsp;&nbsp; (2.64) | &nbsp;&nbsp; (0.10) |
| **Net asset value, end of period** | &nbsp;&nbsp; $33.47 | &nbsp;&nbsp; $43.36 | &nbsp;&nbsp; $33.73 | &nbsp;&nbsp; $30.70 | &nbsp;&nbsp; $53.82 | &nbsp;&nbsp; $42.41 |
| **Total Return** | &nbsp;&nbsp; 0.91%<sup>(A)</sup> <br>| &nbsp;&nbsp; 28.91% | &nbsp;&nbsp; 9.87% | &nbsp;&nbsp; (33.50)% | &nbsp;&nbsp; 34.28% | &nbsp;&nbsp; 20.47% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $20847 | &nbsp;&nbsp; $25911 | &nbsp;&nbsp; $23408 | &nbsp;&nbsp; $26934 | &nbsp;&nbsp; $53483 | &nbsp;&nbsp; $53112 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 1.11%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.11% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.11%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.11% |
| Net investment income (loss) <br> to average net assets<br>| &nbsp;&nbsp; 0.17%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp; (0.30)% | &nbsp;&nbsp; (0.48)% | &nbsp;&nbsp; (0.32)% |
| Portfolio turnover rate | &nbsp;&nbsp; 11%<sup>(A)</sup> <br>| &nbsp;&nbsp; 27% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 63% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Portfolio**<br> **Institutional Class**  | **International Equity Portfolio**<br> **Institutional Class**  | **International Equity Portfolio**<br> **Institutional Class**  | **International Equity Portfolio**<br> **Institutional Class**  | **International Equity Portfolio**<br> **Institutional Class**  | **International Equity Portfolio**<br> **Institutional Class**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $27.35 | &nbsp;&nbsp; $23.26 | &nbsp;&nbsp; $21.42 | &nbsp;&nbsp; $30.69 | &nbsp;&nbsp; $23.76 | &nbsp;&nbsp; $22.72 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.18 | 0.48 | 0.40 | 0.41 | 0.34 | 0.23 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 0.94 | 4.59 | 2.03 | &nbsp;&nbsp; (8.93) | 6.80 | 1.19 |
| Net increase (decrease) from <br> investment operations<br>| 1.12 | 5.07 | 2.43 | &nbsp;&nbsp; (8.52) | 7.14 | 1.42 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.38) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (1.23) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.75) | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.38) |
| **Net asset value, end of period** | &nbsp;&nbsp; $26.72 | &nbsp;&nbsp; $27.35 | &nbsp;&nbsp; $23.26 | &nbsp;&nbsp; $21.42 | &nbsp;&nbsp; $30.69 | &nbsp;&nbsp; $23.76 |
| **Total Return** | &nbsp;&nbsp; 4.70%<sup>(A)</sup> <br>| &nbsp;&nbsp; 22.10% | &nbsp;&nbsp; 11.22% | &nbsp;&nbsp; (28.42)% | &nbsp;&nbsp; 30.16% | &nbsp;&nbsp; 6.25% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $9428968 | &nbsp;&nbsp; $10503765 | &nbsp;&nbsp; $10656826 | &nbsp;&nbsp; $11113757 | &nbsp;&nbsp; $18268498 | &nbsp;&nbsp; $13596900 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 0.83%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.81% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 0.83%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.81% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 1.39%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.01% |
| Portfolio turnover rate | &nbsp;&nbsp; 7%<sup>(A)</sup> <br>| &nbsp;&nbsp; 22% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 17% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Portfolio**<br> **Institutional Class Z**  | **International Equity Portfolio**<br> **Institutional Class Z**  | **International Equity Portfolio**<br> **Institutional Class Z**  | **International Equity Portfolio**<br> **Institutional Class Z**  | **International Equity Portfolio**<br> **Institutional Class Z**  | **International Equity Portfolio**<br> **Institutional Class Z**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $27.35 | &nbsp;&nbsp; $23.26 | &nbsp;&nbsp; $21.42 | &nbsp;&nbsp; $30.69 | &nbsp;&nbsp; $23.76 | &nbsp;&nbsp; $22.72 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.20 | 0.51 | 0.43 | 0.43 | 0.37 | 0.25 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 0.94 | 4.59 | 2.02 | &nbsp;&nbsp; (8.93) | 6.79 | 1.18 |
| Net increase (decrease) from <br> investment operations<br>| 1.14 | 5.10 | 2.45 | &nbsp;&nbsp; (8.50) | 7.16 | 1.43 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.39) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (1.23) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.78) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.39) |
| **Net asset value, end of period** | &nbsp;&nbsp; $26.71 | &nbsp;&nbsp; $27.35 | &nbsp;&nbsp; $23.26 | &nbsp;&nbsp; $21.42 | &nbsp;&nbsp; $30.69 | &nbsp;&nbsp; $23.76 |
| **Total Return** | &nbsp;&nbsp; 4.80%<sup>(A)</sup> <br>| &nbsp;&nbsp; 22.21% | &nbsp;&nbsp; 11.32% | &nbsp;&nbsp; (28.36)% | &nbsp;&nbsp; 30.25% | &nbsp;&nbsp; 6.32% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $2549187 | &nbsp;&nbsp; $2422980 | &nbsp;&nbsp; $2162679 | &nbsp;&nbsp; $2715026 | &nbsp;&nbsp; $3235428 | &nbsp;&nbsp; $2165343 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 0.73%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.73% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 0.73%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.73% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 1.55%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.08% |
| Portfolio turnover rate | &nbsp;&nbsp; 7%<sup>(A)</sup> <br>| &nbsp;&nbsp; 22% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 17% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Portfolio**<br> **Investor Class** | **International Equity Portfolio**<br> **Investor Class** | **International Equity Portfolio**<br> **Investor Class** | **International Equity Portfolio**<br> **Investor Class** | **International Equity Portfolio**<br> **Investor Class** | **International Equity Portfolio**<br> **Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $27.31 | &nbsp;&nbsp; $23.23 | &nbsp;&nbsp; $21.37 | &nbsp;&nbsp; $30.61 | &nbsp;&nbsp; $23.70 | &nbsp;&nbsp; $22.66 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.14 | 0.39 | 0.32 | 0.33 | 0.24 | 0.16 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 0.96 | 4.59 | 2.02 | &nbsp;&nbsp; (8.92) | 6.80 | 1.18 |
| Net increase (decrease) from <br> investment operations<br>| 1.10 | 4.98 | 2.34 | &nbsp;&nbsp; (8.59) | 7.04 | 1.34 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.30) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (1.23) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.67) | &nbsp;&nbsp; (0.90) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.30) |
| **Net asset value, end of period** | &nbsp;&nbsp; $26.74 | &nbsp;&nbsp; $27.31 | &nbsp;&nbsp; $23.23 | &nbsp;&nbsp; $21.37 | &nbsp;&nbsp; $30.61 | &nbsp;&nbsp; $23.70 |
| **Total Return** | &nbsp;&nbsp; 4.59%<sup>(A)</sup> <br>| &nbsp;&nbsp; 21.69% | &nbsp;&nbsp; 10.85% | &nbsp;&nbsp; (28.63)% | &nbsp;&nbsp; 29.74% | &nbsp;&nbsp; 5.91% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $221339 | &nbsp;&nbsp; $221263 | &nbsp;&nbsp; $202018 | &nbsp;&nbsp; $196666 | &nbsp;&nbsp; $408864 | &nbsp;&nbsp; $337348 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 1.15%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.13% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.15%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.13% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 1.11%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.69% |
| Portfolio turnover rate | &nbsp;&nbsp; 7%<sup>(A)</sup> <br>| &nbsp;&nbsp; 22% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 17% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Developed Markets Equity Portfolio**<br> **Institutional Class**  | **International Developed Markets Equity Portfolio**<br> **Institutional Class**  | **International Developed Markets Equity Portfolio**<br> **Institutional Class**  | **International Developed Markets Equity Portfolio**<br> **Institutional Class**  |
|  | **2025** | **2024** | **2023** | **2022**<sup>(1)</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $13.58 | &nbsp;&nbsp; $11.30 | &nbsp;&nbsp; $10.34 | &nbsp;&nbsp; $10.00 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| Net investment income<sup>(2)</sup> <br>| 0.11 | 0.21 | 0.24 | 0.01 |
| Net realized and unrealized gain (loss) on investments and foreign <br> currency-related transactions<br>| 0.75 | 2.28 | 0.76 | 0.33 |
| Net increase (decrease) from investment operations | 0.86 | 2.49 | 1.00 | 0.34 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — |
| Net realized gain from investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $14.21 | &nbsp;&nbsp; $13.58 | &nbsp;&nbsp; $11.30 | &nbsp;&nbsp; $10.34 |
| **Total Return** | &nbsp;&nbsp; 6.51%<sup>(A)</sup> <br>| &nbsp;&nbsp; 22.17% | &nbsp;&nbsp; 9.64% | &nbsp;&nbsp; 3.40%<sup>(A)</sup> <br>|
| **Ratios/Supplemental Data:** |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $99382 | &nbsp;&nbsp; $96805 | &nbsp;&nbsp; $82587 | &nbsp;&nbsp; $1987 |
| Expenses to average net assets | &nbsp;&nbsp; 0.97%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 23.52%<sup>(B)</sup> <br>|
| Expenses to average net assets (net of fees waived/reimbursed) | &nbsp;&nbsp; 0.80%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80%<sup>(B)</sup> <br>|
| Net investment income to average net assets | &nbsp;&nbsp; 1.60%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 1.00%<sup>(B)</sup> <br>|
| Portfolio turnover rate | &nbsp;&nbsp; 8%<sup>(A)</sup> <br>| &nbsp;&nbsp; 28% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 3%<sup>(A)</sup> <br>|

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Small Companies Portfolio**<br> **Institutional Class**  | **International Small Companies Portfolio**<br> **Institutional Class**  | **International Small Companies Portfolio**<br> **Institutional Class**  | **International Small Companies Portfolio**<br> **Institutional Class**  | **International Small Companies Portfolio**<br> **Institutional Class**  | **International Small Companies Portfolio**<br> **Institutional Class**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $17.78 | &nbsp;&nbsp; $15.56 | &nbsp;&nbsp; $15.20 | &nbsp;&nbsp; $22.80 | &nbsp;&nbsp; $17.14 | &nbsp;&nbsp; $15.64 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.07 | 0.19 | 0.19 | 0.15 | 0.06 | 0.08 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 0.38 | 2.23 | 0.52 | &nbsp;&nbsp; (7.07) | 5.63 | 1.53 |
| Net increase (decrease) from <br> investment operations<br>| 0.45 | 2.42 | 0.71 | &nbsp;&nbsp; (6.92) | 5.69 | 1.61 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.11) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.11) |
| **Net asset value, end of period** | &nbsp;&nbsp; $18.01 | &nbsp;&nbsp; $17.78 | &nbsp;&nbsp; $15.56 | &nbsp;&nbsp; $15.20 | &nbsp;&nbsp; $22.80 | &nbsp;&nbsp; $17.14 |
| **Total Return** | &nbsp;&nbsp; 2.64%<sup>(A)</sup> <br>| &nbsp;&nbsp; 15.57% | &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; (31.20)% | &nbsp;&nbsp; 33.16% | &nbsp;&nbsp; 10.34% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $196701 | &nbsp;&nbsp; $320175 | &nbsp;&nbsp; $332794 | &nbsp;&nbsp; $457624 | &nbsp;&nbsp; $549895 | &nbsp;&nbsp; $337166 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 1.20%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.34% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.17%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 0.89%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.50% |
| Portfolio turnover rate | &nbsp;&nbsp; 13%<sup>(A)</sup> <br>| &nbsp;&nbsp; 17% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 30% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | **International Small Companies Portfolio**<br> **Institutional Class Z**  | **International Small Companies Portfolio**<br> **Institutional Class Z**  | **International Small Companies Portfolio**<br> **Institutional Class Z**  |
|  | **2025** | **2024** | **2023**<sup>(1)</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $17.80 | &nbsp;&nbsp; $15.58 | &nbsp;&nbsp; $17.03 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |
| Net investment income<sup>(2)</sup> <br>| 0.07 | 0.21 | 0.24 |
| Net realized and unrealized gain (loss) on investments and foreign currency-related <br> transactions<br>| 0.39 | 2.24 | &nbsp;&nbsp; (1.69) |
| Net increase (decrease) from investment operations | 0.46 | 2.45 | &nbsp;&nbsp; (1.45) |
| **Distributions to Shareholders from:** |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $18.02 | &nbsp;&nbsp; $17.80 | &nbsp;&nbsp; $15.58 |
| **Total Return** | &nbsp;&nbsp; 2.72%<sup>(A)</sup> <br>| &nbsp;&nbsp; 15.73% | &nbsp;&nbsp; (8.51)%<sup>(A)</sup> <br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $79202 | &nbsp;&nbsp; $104359 | &nbsp;&nbsp; $108249 |
| Expenses to average net assets | &nbsp;&nbsp; 1.10%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.14%<sup>(B)</sup> <br>|
| Expenses to average net assets (net of fees waived/reimbursed) | &nbsp;&nbsp; 1.02%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.01%<sup>(B)</sup> <br>|
| Net investment income to average net assets | &nbsp;&nbsp; 0.85%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.41%<sup>(B)</sup> <br>|
| Portfolio turnover rate | &nbsp;&nbsp; 13%<sup>(A)</sup> <br>| &nbsp;&nbsp; 17% | &nbsp;&nbsp; 37%<sup>(A)</sup> <br>|

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Small Companies Portfolio**<br> **Investor Class** | **International Small Companies Portfolio**<br> **Investor Class** | **International Small Companies Portfolio**<br> **Investor Class** | **International Small Companies Portfolio**<br> **Investor Class** | **International Small Companies Portfolio**<br> **Investor Class** | **International Small Companies Portfolio**<br> **Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $17.56 | &nbsp;&nbsp; $15.38 | &nbsp;&nbsp; $15.00 | &nbsp;&nbsp; $22.51 | &nbsp;&nbsp; $16.94 | &nbsp;&nbsp; $15.48 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.06 | 0.16 | 0.16 | 0.10 | &nbsp;&nbsp; —<sup>(2)</sup> <br>| 0.04 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| 0.38 | 2.20 | 0.52 | &nbsp;&nbsp; (6.99) | 5.58 | 1.51 |
| Net increase (decrease) from <br> investment operations<br>| 0.44 | 2.36 | 0.68 | &nbsp;&nbsp; (6.89) | 5.58 | 1.55 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.09) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.09) |
| **Net asset value, end of period** | &nbsp;&nbsp; $17.81 | &nbsp;&nbsp; $17.56 | &nbsp;&nbsp; $15.38 | &nbsp;&nbsp; $15.00 | &nbsp;&nbsp; $22.51 | &nbsp;&nbsp; $16.94 |
| **Total Return** | &nbsp;&nbsp; 2.62%<sup>(A)</sup> <br>| &nbsp;&nbsp; 15.34% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; (31.39)% | &nbsp;&nbsp; 32.84% | &nbsp;&nbsp; 10.07% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $25407 | &nbsp;&nbsp; $29830 | &nbsp;&nbsp; $28426 | &nbsp;&nbsp; $30361 | &nbsp;&nbsp; $49757 | &nbsp;&nbsp; $39696 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 1.55%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.67% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.32%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.40% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 0.72%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.28% |
| Portfolio turnover rate | &nbsp;&nbsp; 13%<sup>(A)</sup> <br>| &nbsp;&nbsp; 17% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 30% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $19.68 | &nbsp;&nbsp; $16.78 | &nbsp;&nbsp; $15.97 | &nbsp;&nbsp; $25.59 | &nbsp;&nbsp; $21.23 | &nbsp;&nbsp; $21.25 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.08 | 0.23 | 0.24 | 0.19 | 0.09 | 0.12 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| &nbsp;&nbsp; (0.42) | 2.93 | 0.74 | &nbsp;&nbsp; (9.63) | 4.37 | 0.19 |
| Net increase (decrease) from <br> investment operations<br>| &nbsp;&nbsp; (0.34) | 3.16 | 0.98 | &nbsp;&nbsp; (9.44) | 4.46 | 0.31 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.33) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (2.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (2.35) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.33) |
| **Net asset value, end of period** | &nbsp;&nbsp; $16.99 | &nbsp;&nbsp; $19.68 | &nbsp;&nbsp; $16.78 | &nbsp;&nbsp; $15.97 | &nbsp;&nbsp; $25.59 | &nbsp;&nbsp; $21.23 |
| **Total Return** | &nbsp;&nbsp; (1.51)%<sup>(A)</sup> <br>| &nbsp;&nbsp; 18.95% | &nbsp;&nbsp; 6.07% | &nbsp;&nbsp; (37.14)% | &nbsp;&nbsp; 21.03% | &nbsp;&nbsp; 1.38% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $359837 | &nbsp;&nbsp; $597470 | &nbsp;&nbsp; $1709335 | &nbsp;&nbsp; $2302000 | &nbsp;&nbsp; $5774486 | &nbsp;&nbsp; $4847707 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 1.21%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.28% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.06%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.28% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 0.87%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.59% |
| Portfolio turnover rate | &nbsp;&nbsp; 17%<sup>(A)</sup> <br>| &nbsp;&nbsp; 30% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 23% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Institutional Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $19.75 | &nbsp;&nbsp; $16.83 | &nbsp;&nbsp; $16.02 | &nbsp;&nbsp; $25.65 | &nbsp;&nbsp; $21.28 | &nbsp;&nbsp; $21.28 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.08 | 0.27 | 0.24 | 0.21 | 0.11 | 0.15 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| &nbsp;&nbsp; (0.40) | 2.91 | 0.76 | &nbsp;&nbsp; (9.66) | 4.38 | 0.20 |
| Net increase (decrease) from <br> investment operations<br>| &nbsp;&nbsp; (0.32) | 3.18 | 1.00 | &nbsp;&nbsp; (9.45) | 4.49 | 0.35 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.35) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (2.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (2.37) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.35) |
| **Net asset value, end of period** | &nbsp;&nbsp; $17.06 | &nbsp;&nbsp; $19.75 | &nbsp;&nbsp; $16.83 | &nbsp;&nbsp; $16.02 | &nbsp;&nbsp; $25.65 | &nbsp;&nbsp; $21.28 |
| **Total Return** | &nbsp;&nbsp; (1.42)%<sup>(A)</sup> <br>| &nbsp;&nbsp; 19.07% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; (37.07)% | &nbsp;&nbsp; 21.11% | &nbsp;&nbsp; 1.55% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $30269 | &nbsp;&nbsp; $55338 | &nbsp;&nbsp; $150323 | &nbsp;&nbsp; $362413 | &nbsp;&nbsp; $719400 | &nbsp;&nbsp; $626632 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 1.07%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.19% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 0.96%<sup>(B)</sup> <br>| &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.11% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 0.89%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.76% |
| Portfolio turnover rate | &nbsp;&nbsp; 17%<sup>(A)</sup> <br>| &nbsp;&nbsp; 30% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 23% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Portfolio**<br> **Advisor Class** | **Emerging Markets Portfolio**<br> **Advisor Class** | **Emerging Markets Portfolio**<br> **Advisor Class** | **Emerging Markets Portfolio**<br> **Advisor Class** | **Emerging Markets Portfolio**<br> **Advisor Class** | **Emerging Markets Portfolio**<br> **Advisor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $43.43 | &nbsp;&nbsp; $37.92 | &nbsp;&nbsp; $38.69 | &nbsp;&nbsp; $66.93 | &nbsp;&nbsp; $55.48 | &nbsp;&nbsp; $55.65 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.15 | 0.54 | 0.49 | 0.44 | 0.12 | 0.26 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| &nbsp;&nbsp; (0.75) | 6.25 | 2.20 | &nbsp;&nbsp; (23.60) | 11.55 | 0.40 |
| Net increase (decrease) from <br> investment operations<br>| &nbsp;&nbsp; (0.60) | 6.79 | 2.69 | &nbsp;&nbsp; (23.16) | 11.67 | 0.66 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.83) |
| Net realized gain from <br> investments<br>| &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (3.12) | &nbsp;&nbsp; (4.72) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (5.94) | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp; (3.46) | &nbsp;&nbsp; (5.08) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.83) |
| **Net asset value, end of period** | &nbsp;&nbsp; $36.89 | &nbsp;&nbsp; $43.43 | &nbsp;&nbsp; $37.92 | &nbsp;&nbsp; $38.69 | &nbsp;&nbsp; $66.93 | &nbsp;&nbsp; $55.48 |
| **Total Return** | &nbsp;&nbsp; (1.13)%<sup>(A)</sup> <br>| &nbsp;&nbsp; 18.18% | &nbsp;&nbsp; 6.53% | &nbsp;&nbsp; (37.18)% | &nbsp;&nbsp; 21.04% | &nbsp;&nbsp; 1.11% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $440183 | &nbsp;&nbsp; $577028 | &nbsp;&nbsp; $999992 | &nbsp;&nbsp; $1397761 | &nbsp;&nbsp; $3813331 | &nbsp;&nbsp; $3739209 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 1.23%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.36% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.15%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.36% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 0.81%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.49% |
| Portfolio turnover rate | &nbsp;&nbsp; 12%<sup>(A)</sup> <br>| &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 18% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets ex China Portfolio**<br> **Institutional Class**  | **Emerging Markets ex China Portfolio**<br> **Institutional Class**  | **Emerging Markets ex China Portfolio**<br> **Institutional Class**  | **Emerging Markets ex China Portfolio**<br> **Institutional Class**  |
|  | **2025** | **2024** | **2023** | **2022**<sup>(1)</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp; $9.95 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $10.00 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| Net investment income<sup>(2)</sup> <br>| 0.11 | 0.16 | 0.19 | 0.01 |
| Net realized and unrealized gain (loss) on investments and foreign <br> currency-related transactions<br>| &nbsp;&nbsp; (0.35) | 1.53 | 0.03 | &nbsp;&nbsp; (0.24) |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.24) | 1.69 | 0.22 | &nbsp;&nbsp; (0.23) |
| **Distributions to Shareholders from:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — |
| Net realized gain from investments | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $10.87 | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp; $9.95 | &nbsp;&nbsp; $9.77 |
| **Total Return** | &nbsp;&nbsp; (2.11)%<sup>(A)</sup> <br>| &nbsp;&nbsp; 17.05% | &nbsp;&nbsp; 2.30% | &nbsp;&nbsp; (2.30)%<sup>(A)</sup> <br>|
| **Ratios/Supplemental Data:** |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $3352 | &nbsp;&nbsp; $3490 | &nbsp;&nbsp; $3307 | &nbsp;&nbsp; $3039 |
| Expenses to average net assets | &nbsp;&nbsp; 3.64%<sup>(B)</sup> <br>| &nbsp;&nbsp; 4.01% | &nbsp;&nbsp; 5.71% | &nbsp;&nbsp; 13.55%<sup>(B)</sup> <br>|
| Expenses to average net assets (net of fees waived/reimbursed) | &nbsp;&nbsp; 1.05%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.10%<sup>(B)</sup> <br>|
| Net investment income to average net assets | &nbsp;&nbsp; 2.01%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 0.99%<sup>(B)</sup> <br>|
| Portfolio turnover rate | &nbsp;&nbsp; 4%<sup>(A)</sup> <br>| &nbsp;&nbsp; 42% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 1%<sup>(A)</sup> <br>|

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Chinese Equity Portfolio**<br> **Institutional Class**  | **Chinese Equity Portfolio**<br> **Institutional Class**  | **Chinese Equity Portfolio**<br> **Institutional Class**  | **Chinese Equity Portfolio**<br> **Institutional Class**  | **Chinese Equity Portfolio**<br> **Institutional Class**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**<sup>(1)</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $5.49 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $5.02 | &nbsp;&nbsp; $9.36 | &nbsp;&nbsp; $10.00 |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> <br>| &nbsp;&nbsp; (—)<sup>(3)</sup> <br>| 0.06 | 0.02 | 0.02 | &nbsp;&nbsp; (0.02) |
| Net realized and unrealized gain (loss) on <br> investments and foreign currency-related <br> transactions<br>| &nbsp;&nbsp; (0.03) | 0.26 | 0.19 | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (0.62) |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.03) | 0.32 | 0.21 | &nbsp;&nbsp; (4.31) | &nbsp;&nbsp; (0.64) |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $5.40 | &nbsp;&nbsp; $5.49 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $5.02 | &nbsp;&nbsp; $9.36 |
| **Total Return** | &nbsp;&nbsp; (0.52)%<sup>(A)</sup> <br>| &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 4.18% | &nbsp;&nbsp; (46.20)% | &nbsp;&nbsp; (6.40)%<sup>(A)</sup> <br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $2825 | &nbsp;&nbsp; $2873 | &nbsp;&nbsp; $2683 | &nbsp;&nbsp; $2600 | &nbsp;&nbsp; $3942 |
| Expenses to average net assets | &nbsp;&nbsp; 3.83%<sup>(B)</sup> <br>| &nbsp;&nbsp; 4.18% | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 4.01% | &nbsp;&nbsp; 7.00%<sup>(B)</sup> <br>|
| Expenses to average net assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.15%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15%<sup>(B)</sup> <br>|
| Net investment income (loss) to average net <br> assets<br>| &nbsp;&nbsp; (0.17)%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; (0.23)%<sup>(B)</sup> <br>|
| Portfolio turnover rate | &nbsp;&nbsp; 12%<sup>(A)</sup> <br>| &nbsp;&nbsp; 31% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 17%<sup>(A)</sup> <br>|

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

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

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class (Formerly Class I)** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $8.27 | &nbsp;&nbsp; $6.68 | &nbsp;&nbsp; $6.80 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $6.92 | &nbsp;&nbsp; $7.80 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.08 | 0.16 | 0.15 | 0.14 | 0.06 | 0.10 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| &nbsp;&nbsp; (0.15) | 1.56 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (2.24) | 2.12 | &nbsp;&nbsp; (0.82) |
| Net increase (decrease) from <br> investment operations<br>| &nbsp;&nbsp; (0.07) | 1.72 | 0.04 | &nbsp;&nbsp; (2.10) | 2.18 | &nbsp;&nbsp; (0.72) |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.16) |
| **Net asset value, end of period** | &nbsp;&nbsp; $8.05 | &nbsp;&nbsp; $8.27 | &nbsp;&nbsp; $6.68 | &nbsp;&nbsp; $6.80 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $6.92 |
| **Total Return** | &nbsp;&nbsp; (0.82)%<sup>(A)</sup> <br>| &nbsp;&nbsp; 26.00% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; (23.56)% | &nbsp;&nbsp; 31.74% | &nbsp;&nbsp; (9.50)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $58140 | &nbsp;&nbsp; $61850 | &nbsp;&nbsp; $57367 | &nbsp;&nbsp; $74804 | &nbsp;&nbsp; $96905 | &nbsp;&nbsp; $73376 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 1.47%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.68% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.45%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.68% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 1.99%<sup>(B)</sup> <br>| &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 1.44% |
| Portfolio turnover rate | &nbsp;&nbsp; 8%<sup>(A)</sup> <br>| &nbsp;&nbsp; 16% | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 21% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** | **Frontier Emerging Markets Portfolio**<br> **Institutional Class Z (Formerly Class II)** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $6.76 | &nbsp;&nbsp; $6.85 | &nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $6.95 | &nbsp;&nbsp; $7.82 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.09 | 0.19 | 0.17 | 0.17 | 0.09 | 0.14 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| &nbsp;&nbsp; (0.14) | 1.56 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (2.27) | 2.13 | &nbsp;&nbsp; (0.84) |
| Net increase (decrease) from <br> investment operations<br>| &nbsp;&nbsp; (0.05) | 1.75 | 0.07 | &nbsp;&nbsp; (2.10) | 2.22 | &nbsp;&nbsp; (0.70) |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.17) |
| **Net asset value, end of period** | &nbsp;&nbsp; $8.16 | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $6.76 | &nbsp;&nbsp; $6.85 | &nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $6.95 |
| **Total Return** | &nbsp;&nbsp; (0.58)%<sup>(A)</sup> <br>| &nbsp;&nbsp; 26.13% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; (23.44)% | &nbsp;&nbsp; 32.18% | &nbsp;&nbsp; (9.26)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $62943 | &nbsp;&nbsp; $63436 | &nbsp;&nbsp; $51828 | &nbsp;&nbsp; $90188 | &nbsp;&nbsp; $117689 | &nbsp;&nbsp; $116911 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 1.40%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.60% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.25%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.35% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 2.20%<sup>(B)</sup> <br>| &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.95% |
| Portfolio turnover rate | &nbsp;&nbsp; 8%<sup>(A)</sup> <br>| &nbsp;&nbsp; 16% | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 21% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Financial Highlights (continued)**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Frontier Emerging Markets Portfolio**<br> **Investor Class** | **Frontier Emerging Markets Portfolio**<br> **Investor Class** | **Frontier Emerging Markets Portfolio**<br> **Investor Class** | **Frontier Emerging Markets Portfolio**<br> **Investor Class** | **Frontier Emerging Markets Portfolio**<br> **Investor Class** | **Frontier Emerging Markets Portfolio**<br> **Investor Class** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of** <br> **period**<br>| &nbsp;&nbsp; $8.23 | &nbsp;&nbsp; $6.66 | &nbsp;&nbsp; $6.76 | &nbsp;&nbsp; $8.92 | &nbsp;&nbsp; $6.88 | &nbsp;&nbsp; $7.75 |
| **Increase (Decrease) in Net** <br> **Assets from Operations**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> <br>| 0.06 | 0.13 | 0.14 | 0.11 | 0.03 | 0.08 |
| Net realized and unrealized <br> gain (loss) on <br> investments and foreign <br> currency-related <br> transactions<br>| &nbsp;&nbsp; (0.14) | 1.55 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (2.23) | 2.11 | &nbsp;&nbsp; (0.83) |
| Net increase (decrease) from <br> investment operations<br>| &nbsp;&nbsp; (0.08) | 1.68 | 0.02 | &nbsp;&nbsp; (2.12) | 2.14 | &nbsp;&nbsp; (0.75) |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.12) |
| **Net asset value, end of period** | &nbsp;&nbsp; $8.03 | &nbsp;&nbsp; $8.23 | &nbsp;&nbsp; $6.66 | &nbsp;&nbsp; $6.76 | &nbsp;&nbsp; $8.92 | &nbsp;&nbsp; $6.88 |
| **Total Return** | &nbsp;&nbsp; (0.96)%<sup>(A)</sup> <br>| &nbsp;&nbsp; 25.43% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; (23.84)% | &nbsp;&nbsp; 31.14% | &nbsp;&nbsp; (9.70)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of year <br> (000's)<br>| &nbsp;&nbsp; $4306 | &nbsp;&nbsp; $5401 | &nbsp;&nbsp; $5743 | &nbsp;&nbsp; $6692 | &nbsp;&nbsp; $9542 | &nbsp;&nbsp; $10327 |
| Expenses to average net <br> assets<br>| &nbsp;&nbsp; 2.22%<sup>(B)</sup> <br>| &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 2.36% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 2.14% | &nbsp;&nbsp; 2.12% |
| Expenses to average net <br> assets (net of fees <br> waived/reimbursed)<br>| &nbsp;&nbsp; 1.75%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 2.00% |
| Net investment income to <br> average net assets<br>| &nbsp;&nbsp; 1.62%<sup>(B)</sup> <br>| &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.94% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 1.17% |
| Portfolio turnover rate | &nbsp;&nbsp; 8%<sup>(A)</sup> <br>| &nbsp;&nbsp; 16% | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 21% |

---

*(A)* *Not Annualized.*

*(B)* *Annualized.*

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

See Notes to Financial Statements

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements**

**April 30, 2025 (unaudited)**

------

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

**1. Organization**

Harding, Loevner Funds, Inc. (the "Fund") was established as a Maryland corporation on July 31, 1996, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Harding Loevner LP ("Harding Loevner" or the "Adviser") serves as investment adviser to the Fund. The Fund currently has nine separate diversified portfolios, all of which were active as of April 30, 2025 (individually, a "Portfolio", collectively, the "Portfolios").

---

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

---

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

**2. Summary of Significant Accounting Policies**

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

*Estimates*

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

*Cash and Foreign Currencies*

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

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2025 (unaudited)**

------

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

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

*Valuation*

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

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

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

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

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

Level 1 unadjusted quoted prices in active markets for identical assets

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

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2025 (unaudited)**

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

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

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

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

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

The following is a summary of the Portfolios' investments classified by Level 1, Level 2 and Level 3 and security type as of April 30, 2025. Please refer to each Portfolio's Portfolio of Investments to view individual securities classified by industry type and country.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Unadjusted Quoted Prices**<br> **in Active Markets for**<br> **Identical Assets (Level 1)**<br>| **Other Significant**<br> **Observable Inputs**<br> **(Level 2)**<br>| **Significant**<br> **Unobservable Inputs**<br> **(Level 3)**<br>| **Total** |
| **Global Equity** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $352931853 | &nbsp;&nbsp; $152764041 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $505695894 |
| Short Term Investments | &nbsp;&nbsp; 21489581 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21489581 |
| Total Investments | &nbsp;&nbsp; $374421434 | &nbsp;&nbsp; $152764041 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $527185475 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $3444202549 | &nbsp;&nbsp; $8366970432 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11811172981 |
| Short Term Investments | &nbsp;&nbsp; 285972853 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 285972853 |
| Total Investments | &nbsp;&nbsp; $3730175402 | &nbsp;&nbsp; $8366970432 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12097145834 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Developed Markets** <br> **Equity**<br>|  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $18059329 | &nbsp;&nbsp; $78263606 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $96322935 |
| Short Term Investments | &nbsp;&nbsp; 3201585 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3201585 |
| Total Investments | &nbsp;&nbsp; $21260914 | &nbsp;&nbsp; $78263606 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $99524520 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Small Companies** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $24435245 | &nbsp;&nbsp; $273275976 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $297711221 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short Term Investments | &nbsp;&nbsp; 809010 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 809010 |
| Total Investments | &nbsp;&nbsp; $25244255 | &nbsp;&nbsp; $273275976 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $298520231 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Emerging Markets** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $61799303 | &nbsp;&nbsp; $312522990 | &nbsp;&nbsp; $— <br><sup>‡</sup><br>| &nbsp;&nbsp; $374322293 |
| Preferred Stocks | &nbsp;&nbsp; 6641270 | &nbsp;&nbsp; 849194 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7490464 |
| Short Term Investments | &nbsp;&nbsp; 3764096 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3764096 |
| Total Investments | &nbsp;&nbsp; $72204669 | &nbsp;&nbsp; $313372184 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $385576853 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $69762056 | &nbsp;&nbsp; $356414973 | &nbsp;&nbsp; $— <br><sup>‡</sup><br>| &nbsp;&nbsp; $426177029 |
| Preferred Stocks | &nbsp;&nbsp; 7760457 | &nbsp;&nbsp; 997700 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8758157 |
| Short Term Investments | &nbsp;&nbsp; 7909063 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7909063 |
| Total Investments | &nbsp;&nbsp; $85431576 | &nbsp;&nbsp; $357412673 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $442844249 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets ex China** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $665710 | &nbsp;&nbsp; $2550386 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3216096 |
| Preferred Stocks | &nbsp;&nbsp; 108008 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 108008 |
| Short Term Investments | &nbsp;&nbsp; 62191 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62191 |
| Total Investments | &nbsp;&nbsp; $835909 | &nbsp;&nbsp; $2550386 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3386295 |

---

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**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2025 (unaudited)**

------

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Unadjusted Quoted Prices**<br> **in Active Markets for**<br> **Identical Assets (Level 1)**<br>| **Other Significant**<br> **Observable Inputs**<br> **(Level 2)**<br>| **Significant**<br> **Unobservable Inputs**<br> **(Level 3)**<br>| **Total** |
| **Chinese Equity** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2750705 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2750705 |
| Short Term Investments | &nbsp;&nbsp; 92349 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 92349 |
| Total Investments | &nbsp;&nbsp; $92349 | &nbsp;&nbsp; $2750705 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2843054 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Frontier Emerging Markets** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $16828675 | &nbsp;&nbsp; $101280403 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $118109078 |
| Preferred Stocks | &nbsp;&nbsp; 2457262 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2457262 |
| Participation Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 1213712 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1213712 |
| Short Term Investments | &nbsp;&nbsp; 4006304 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4006304 |
| Total Investments | &nbsp;&nbsp; $23292241 | &nbsp;&nbsp; $102494115 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $125786356 |

---

---

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

---

As of April 30, 2025, there were investments related to one company held within the Portfolios, all of which were effectively valued at zero due to the inability of the Portfolios to transact in these investments and the lack of visibility on when the Portfolios may do so. All of these factors are related to the Russian invasion of Ukraine and responses to that event. The value of these securities compared to each Portfolio's net assets is not material and therefore, related valuation techniques are not disclosed.

*Securities*

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

*Dividends to Shareholders*

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

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

*Currency Translation*

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

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2025 (unaudited)**

------

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

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

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

*Share Class Accounting*

Investment income, common expenses and realized/ unrealized gains (losses) on investments are allocated to the various classes of a Portfolio on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

*Expenses*

Most expenses of the Fund can be directly attributed to a particular Portfolio. Expenses which cannot be directly attributed are apportioned among the Portfolios based upon relative net assets or other appropriate measures. If an expense is incurred at the Portfolio level, it is generally apportioned among the classes of that Portfolio based upon relative net assets of each respective class. Certain expenses are incurred at the class level and charged only to that particular class. These expenses may be class specific (i.e., distribution fees charged only to a particular class) or they may be identifiable to a particular class (i.e., the costs related to mailing shareholder reports to shareholders of a particular class).

*Indemnifications*

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

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

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

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2025 (unaudited)**

------

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

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

The following annualized advisory fees and contractual expense limits were in effect for the period ended April 30, 2025. The advisory fees are charged at the Portfolio level as a whole and expense limitations are at the class specific level.

---

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

---

*(a)* *Effective through February 28, 2026.*

For the period ended April 30, 2025, the Investment Adviser waived and/or reimbursed the following amounts pursuant to the contractual expense limits described above:

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| | |
|:---|:---|
| <u>Portfolio</u> | <u>Fees waived and/or reimbursed by the Investment Adviser</u> |
| Global Equity-Institutional Class | $72882<br>|
| Global Equity-Institutional Class Z | 32087<br>|
| International Developed Markets Equity-Institutional Class | 83467<br>|
| International Small Companies-Institutional Class | 51238<br>|
| International Small Companies-Institutional Class Z | 41579<br>|
| International Small Companies-Investor Class | 31226<br>|
| Institutional Emerging Markets-Institutional Class | 347123<br>|
| Institutional Emerging Markets-Institutional Class Z | 21572<br>|
| Emerging Markets-Advisor Class | 184231<br>|
| Emerging Markets ex China-Institutional Class | 42774<br>|
| Chinese Equity-Institutional Class | 37609<br>|
| Frontier Emerging Markets-Institutional Class | 5988<br>|
| Frontier Emerging Markets-Institutional Class Z | 45376<br>|
| Frontier Emerging Markets-Investor Class | 11127<br>|

---

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

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

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

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2025 (unaudited)**

------

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

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

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

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

A Portfolio may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common Directors. For the period ended April 30, 2025, no Portfolios engaged in purchases and/or sales of securities from an affiliated portfolio in compliance with Rule 17a-7 of the 1940 Act.

**4. Class Specific Expenses**

The class level expenses for the period ended April 30, 2025, were as follows for each Portfolio:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Distribution** <br> **Fees**<br>| **State Registration** <br> **Filing Fees**<br>| **Printing and** <br> **Postage Fees**<br>| **Transfer Agent** <br> **Fees and Expenses**<br>| **Shareholder** <br> **Servicing Fees**<br>|
| Global Equity–Institutional Class | $—<br>| $9179<br>| $4269<br>| $981<br>| $201743<br>|
| Global Equity–Institutional Class Z | —<br>| 8902<br>| 1487<br>| 436<br>| —<br>|
| Global Equity–Advisor Class | —<br>| 8723<br>| 2131<br>| 527<br>| 27251<br>|
| International Equity–Institutional Class | —<br>| 28770<br>| 165575<br>| 52490<br>| 4813767<br>|
| International Equity–Institutional Class Z | —<br>| 10399<br>| 21610<br>| 7815<br>| —<br>|
| International Equity–Investor Class | 267093<br>| 9993<br>| 20190<br>| 7764<br>| 145897<br>|
| International Developed Markets Equity–Institutional <br> Class<br>| —<br>| 12035<br>| 10368<br>| 381<br>| 53442<br>|
| International Small Companies–Institutional Class | —<br>| 10204<br>| 21778<br>| 1750<br>| 138479<br>|
| International Small Companies–Institutional Class Z | —<br>| 9202<br>| 1411<br>| 352<br>| —<br>|
| International Small Companies–Investor Class | 33514<br>| 8481<br>| 2451<br>| 422<br>| 18037<br>|
| Institutional Emerging Markets–Institutional Class | —<br>| 12636<br>| 27515<br>| 2327<br>| 428767<br>|
| Institutional Emerging Markets–Institutional Class Z | —<br>| 9349<br>| 2105<br>| 647<br>| —<br>|
| Emerging Markets–Advisor Class | —<br>| 16523<br>| 63491<br>| 5922<br>| 520133<br>|
| Emerging Markets ex China–Institutional Class | —<br>| 10061<br>| 891<br>| 186<br>| 476<br>|
| Chinese Equity–Institutional Class | —<br>| 10702<br>| 919<br>| 293<br>| 387<br>|
| Frontier Emerging Markets–Institutional Class | —<br>| 8626<br>| 2504<br>| 446<br>| 19635<br>|
| Frontier Emerging Markets–Institutional Class Z | —<br>| 8614<br>| 1019<br>| 105<br>| —<br>|
| Frontier Emerging Markets–Investor Class | 5881<br>| 8459<br>| 1512<br>| 281<br>| 4091<br>|

---

**5. Investment Transactions**

Cost of purchases and proceeds from sales of investment securities, other than short-term investments, for the period ended April 30, 2025, were as follows for each Portfolio:

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Purchase Cost of** <br> **Investment Securities**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proceeds from Sales of** <br> **Investment Securities**<br>|
| Global Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $62918588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $293814075 |
| International Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 889284191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2381259248 |
| International Developed Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7783856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12063184 |
| International Small Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52032276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194703433 |
| Institutional Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84977285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326109156 |

---

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2025 (unaudited)**

------

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

**5. Investment Transactions (continued)**

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Purchase Cost of** <br> **Investment Securities**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proceeds from Sales of** <br> **Investment Securities**<br>|
| Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $56111166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $178579675 |
| Emerging Markets ex China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163820 |
| Chinese Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377705 |
| Frontier Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9751790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11625999 |

---

**6. Capital Share Transactions** 

Transactions in capital shares for the period ended April 30, 2025, were as follows for each Portfolio:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares**<br> **Sold** <br>| **Proceeds**<br> **From**<br> **Shares Sold** <br>| **Shares From**<br> **Reinvested**<br> **Dividends** <br>| **Reinvestment**<br> **of**<br> **Dividends**<br>| **Shares**<br> **Redeemed** <br>| **Payments**<br> **for Shares**<br> **Redeemed** <br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Shares**<br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Net Assets**<br>|
| **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** |
| Institutional Class | 499567<br>| $17468134<br>| 2367632<br>| $80239059<br>| (4878903) <br>| $(199534028) <br>| (2011704) <br>| $(101826835) <br>|
| Institutional Class Z | 106991<br>| 3755897<br>| 1281097<br>| 43441993<br>| (591465) <br>| (24154171) <br>| 796623<br>| 23043719<br>|
| Advisor Class | 27462<br>| 1090911<br>| 174118<br>| 5860821<br>| (176232) <br>| (6198557) <br>| 25348<br>| 753175<br>|
| **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** |
| Institutional Class | 27975959<br>| 716460775<br>| 22306410<br>| 544276393<br>| (81532712) <br>| (2092880301) <br>| (31250343) <br>| (832143133) <br>|
| Institutional Class Z | 7233948<br>| 189044173<br>| 6286298<br>| 153197073<br>| (6654246) <br>| (174556199) <br>| 6866000<br>| 167685047<br>|
| Investor Class | 1040875<br>| 26838104<br>| 534240<br>| 13056839<br>| (1397288) <br>| (35924858) <br>| 177827<br>| 3970085<br>|
| **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** |
| Institutional Class | 684660<br>| 9102093<br>| 119688<br>| 1536799<br>| (939775) <br>| (12592431) <br>| (135427) <br>| (1953539) <br>|
| **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** |
| Institutional Class | 1635330<br>| 27946385<br>| 202413<br>| 3339818<br>| (8928507) <br>| (151995643) <br>| (7090764) <br>| (120709440) <br>|
| Institutional Class Z | 1469868<br>| 24846870<br>| 90358<br>| 1490911<br>| (3029129) <br>| (53431142) <br>| (1468903) <br>| (27093361) <br>|
| Investor Class | 137033<br>| 2326128<br>| 18547<br>| 302864<br>| (427376) <br>| (7217679) <br>| (271796) <br>| (4588687) <br>|
| **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** |
| Institutional Class | 3621352<br>| 60448336<br>| 2982969<br>| 49934899<br>| (15793124) <br>| (276391098) <br>| (9188803) <br>| (166007863) <br>|
| Institutional Class Z | 40283<br>| 695957<br>| 200511<br>| 3368594<br>| (1268476) <br>| (23389938) <br>| (1027682) <br>| (19325387) <br>|
| **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** |
| Advisor Class | 1355768<br>| 49914023<br>| 1908092<br>| 69130168<br>| (4618988) <br>| (175302173) <br>| (1355128) <br>| (56257982) <br>|
| **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** |
| Institutional Class | —<br>|  | 4535<br>| 48839<br>| (5963) <br>| (67024) <br>| (1428) <br>| (18185) <br>|
| **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** |
| Institutional Class | 223<br>| 1150<br>| 5893<br>| 31290<br>| (5985) <br>| (31781) <br>| 131<br>| 659<br>|
| **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** |
| Institutional Class | 563593<br>| 4460721<br>| 132002<br>| 1034891<br>| (954439) <br>| (7458593) <br>| (258844) <br>| (1962981) <br>|
| Institutional Class Z | 18358<br>| 148456<br>| 149550<br>| 1187430<br>| (25583) <br>| (193715) <br>| 142325<br>| 1142171<br>|
| Investor Class | 62470<br>| 498835<br>| 9096<br>| 71310<br>| (191682) <br>| (1524594) <br>| (120116) <br>| (954449) <br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares**<br> **Sold** <br>| **Proceeds**<br> **From**<br> **Shares Sold** <br>| **Shares From**<br> **Reinvested**<br> **Dividends** <br>| **Reinvestment**<br> **of**<br> **Dividends**<br>| **Shares**<br> **Redeemed** <br>| **Payments**<br> **for Shares**<br> **Redeemed** <br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Shares**<br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Net Assets**<br>|
| **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** | **Global Equity** |
| Institutional Class | 742819<br>| $30231236<br>| 95224<br>| $3692780<br>| (9141332) <br>| $(382307138) <br>| (8303289) <br>| $(348383122) <br>|
| Institutional Class Z | 97711<br>| 3999821<br>| 39321<br>| 1526460<br>| (2677643) <br>| (109146502) <br>| (2540611) <br>| (103620221) <br>|
| Advisor Class | 14663<br>| 593089<br>| 1848<br>| 71313<br>| (113046) <br>| (4591205) <br>| (96535) <br>| (3926803) <br>|
| **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** |
| Institutional Class | 52289203<br>| 1363407662<br>| 13906960<br>| 355879114<br>| (140381893) <br>| (3712687029) <br>| (74185730) <br>| (1993400253) <br>|
| Institutional Class Z | 13578166<br>| 354384338<br>| 3547022<br>| 90697342<br>| (21542514) <br>| (570750516) <br>| (4417326) <br>| (125668836) <br>|

---

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2025 (unaudited)**

------

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares**<br> **Sold** <br>| **Proceeds**<br> **From**<br> **Shares Sold** <br>| **Shares From**<br> **Reinvested**<br> **Dividends** <br>| **Reinvestment**<br> **of**<br> **Dividends**<br>| **Shares**<br> **Redeemed** <br>| **Payments**<br> **for Shares**<br> **Redeemed** <br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Shares**<br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Net Assets**<br>|
| Investor Class | 2095389<br>| $55303602<br>| 294238<br>| $7541313<br>| (2987028) <br>| $(78604626) <br>| (597401) <br>| $(15759711) <br>|
| **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** | **International Developed Markets Equity** |
| Institutional Class | 2138193<br>| 27865797<br>| 113844<br>| 1451505<br>| (2428738) <br>| (32140208) <br>| (176701) <br>| (2822906) <br>|
| **International Carbon Transition Equity** | **International Carbon Transition Equity** | **International Carbon Transition Equity** | **International Carbon Transition Equity** | **International Carbon Transition Equity** | **International Carbon Transition Equity** | **International Carbon Transition Equity** | **International Carbon Transition Equity** | **International Carbon Transition Equity** |
| Institutional Class | —<br>|  | 3559<br>| 39393<br>| (102) <br>| (1211) <br>| 3457<br>| 38182<br>|
| **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** | **International Small Companies** |
| Institutional Class | 3969731<br>| 69578867<br>| 223659<br>| 3965468<br>| (7564821) <br>| (133358552) <br>| (3371431) <br>| (59814217) <br>|
| Institutional Class Z | 695030<br>| 12283223<br>| 91138<br>| 1615886<br>| (1868719) <br>| (32875895) <br>| (1082551) <br>| (18976786) <br>|
| Investor Class | 294155<br>| 5120174<br>| 18393<br>| 322619<br>| (462174) <br>| (8076782) <br>| (149626) <br>| (2633989) <br>|
| **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** | **Institutional Emerging Markets** |
| Institutional Class | 8363033<br>| 150566724<br>| 1110614<br>| 20068811<br>| (80990523) <br>| (1470804185) <br>| (71516876) <br>| (1300168650) <br>|
| Institutional Class Z | 581994<br>| 10468603<br>| 91344<br>| 1655142<br>| (6804089) <br>| (124244037) <br>| (6130751) <br>| (112120292) <br>|
| **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** |
| Advisor Class | 3254963<br>| 130990774<br>| 737461<br>| 29645937<br>| (17078590) <br>| (690059834) <br>| (13086166) <br>| (529423123) <br>|
| **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** | **Emerging Markets ex China** |
| Institutional Class | —<br>|  | 11097<br>| 122956<br>| (33735) <br>| (363963) <br>| (22638) <br>| (241007) <br>|
| **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** | **Chinese Equity** |
| Institutional Class | 55004<br>| 250272<br>| 3802<br>| 19123<br>| (51147) <br>| (277717) <br>| 7659<br>| (8322) <br>|
| **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** | **Frontier Emerging Markets** |
| Institutional Class | 1290044<br>| 9990164<br>| 140994<br>| 1039127<br>| (2536042) <br>| (19687513) <br>| (1105004) <br>| (8658222) <br>|
| Institutional Class Z | 325585<br>| 2395896<br>| 139059<br>| 1034600<br>| (560833) <br>| (4687086) <br>| (96189) <br>| (1256590) <br>|
| Investor Class | 40377<br>| 321475<br>| 11985<br>| 88207<br>| (259005) <br>| (1969972) <br>| (206643) <br>| (1560290) <br>|

---

**7. Income Tax**

The cost of investments for federal income tax purposes and the components of net unrealized appreciation (depreciation) on investments at April 30, 2025, for each of the Portfolios were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Gross** <br> **Unrealized** <br> **Appreciation**<br>| **Gross** <br> **Unrealized** <br> **Depreciation**<br>| **Net Unrealized** <br> **Appreciation /** <br> **(Depreciation)**<br>| **Cost** |
| Global Equity | &nbsp;&nbsp; $184508774 | &nbsp;&nbsp; $(13195576)<br>| &nbsp;&nbsp; $171313198 | &nbsp;&nbsp; $355872277 |
| International Equity | &nbsp;&nbsp; 4649676957 | &nbsp;&nbsp; (373000948)<br>| &nbsp;&nbsp; 4276676009 | &nbsp;&nbsp; 7820469825 |
| International Developed Markets Equity | &nbsp;&nbsp; 19783268 | &nbsp;&nbsp; (4543388)<br>| &nbsp;&nbsp; 15239880 | &nbsp;&nbsp; 84284640 |
| International Small Companies | &nbsp;&nbsp; 94002408 | &nbsp;&nbsp; (12259652)<br>| &nbsp;&nbsp; 81742756 | &nbsp;&nbsp; 216777475 |
| Institutional Emerging Markets | &nbsp;&nbsp; 156513353 | &nbsp;&nbsp; (74456815)<br>| &nbsp;&nbsp; 82056538 | &nbsp;&nbsp; 303520315 |
| Emerging Markets | &nbsp;&nbsp; 172143108 | &nbsp;&nbsp; (42340712)<br>| &nbsp;&nbsp; 129802396 | &nbsp;&nbsp; 313041853 |
| Emerging Markets ex China | &nbsp;&nbsp; 597412 | &nbsp;&nbsp; (257826)<br>| &nbsp;&nbsp; 339586 | &nbsp;&nbsp; 3046709 |
| Chinese Equity | &nbsp;&nbsp; 187183 | &nbsp;&nbsp; (669436)<br>| &nbsp;&nbsp; (482253)<br>| &nbsp;&nbsp; 3325307 |
| Frontier Emerging Markets | &nbsp;&nbsp; 44635537 | &nbsp;&nbsp; (8515874)<br>| &nbsp;&nbsp; 36119663 | &nbsp;&nbsp; 89666693 |

---

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

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

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2025 (unaudited)**

------

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

**7. Income Tax (continued)**

Management has performed an analysis of each Portfolio's tax positions for the open tax years as of April 30, 2025, and has concluded that no provisions for income tax are required. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by major tax jurisdictions, which include the United States, the State of New Jersey and the State of Maryland. Management is not aware of any events that are reasonably possible to occur in the next twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Portfolios. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

The tax character of distributions paid during the fiscal years ended October 31, 2024 and 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions From** | **Distributions From** | **Distributions From** | **Distributions From** |
| **Portfolio** | &nbsp;&nbsp; **Ordinary** <br> **Income**<br> **2024**<br>| &nbsp;&nbsp; **Long-Term** <br> **Capital Gains**<br> **2024**<br>| &nbsp;&nbsp; **Ordinary** <br> **Income**<br> **2023**<br>| &nbsp;&nbsp; **Long-Term** <br> **Capital Gains**<br> **2023**<br>|
| Global Equity | &nbsp;&nbsp; $3392927 | &nbsp;&nbsp; $2,219,893<br> \*<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| International Equity | &nbsp;&nbsp; 287393635 | &nbsp;&nbsp; 257,161,744<br> \*<br>| &nbsp;&nbsp; 372907024 | &nbsp;&nbsp; —<br> \*\*\*<br>|
| International Developed Markets Equity | &nbsp;&nbsp; 1531614 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7551 | &nbsp;&nbsp; — |
| International Carbon Transition Equity | &nbsp;&nbsp; 39393 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| International Small Companies | &nbsp;&nbsp; 6170245 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3730166 | &nbsp;&nbsp; 7560817 |
| Institutional Emerging Markets | &nbsp;&nbsp; 26317129 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 26,042,216<br> \*\*<br>| &nbsp;&nbsp; — |
| Emerging Markets | &nbsp;&nbsp; 14419282 | &nbsp;&nbsp; 16,732,490<br> \*<br>| &nbsp;&nbsp; 11041094 | &nbsp;&nbsp; 101,851,087<br> \*\*\*<br>|
| Emerging Markets ex China | &nbsp;&nbsp; 121019 | &nbsp;&nbsp; 1937 | &nbsp;&nbsp; 13981 | &nbsp;&nbsp; — |
| Chinese Equity | &nbsp;&nbsp; 19123 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12320 | &nbsp;&nbsp; — |
| Frontier Emerging Markets | &nbsp;&nbsp; 2290083 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3922363 | &nbsp;&nbsp; — |

---

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

*\*\** *This amount does not include tax equalization utilized of $3,914,746 which the Portfolio designated as being distributed to shareholders on their* *redemption of shares.* 

*\*\*\** *These amounts do not include tax equalization utilized of $82,083,602 and $25,738,842, respectively, which the Portfolios designated as being* *distributed to shareholders upon their redemption of shares.* 

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

At October 31, 2024, capital losses incurred that will be carried forward indefinitely under provisions of the Act were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term** <br> **Capital Loss** <br> **Carryforward**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Long-Term** <br> **Capital Loss** <br> **Carryforward**<br>|
| International Developed Markets Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $663344<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $577506 |
| International Small Companies  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13677171 |
| Emerging Markets ex China  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34390<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26048 |
| Chinese Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412,907 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,258,326\* |
| Frontier Emerging Markets  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21594193<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90298372 |

---

*\** *A portion of the capital loss carryforward may be subject to limitations under Section 382 of the Internal Revenue Code.*

During the fiscal year ended October 31, 2024, the Institutional Emerging Markets and Frontier Emerging Markets utilized $44,429,105 and $1,776,569, respectively, in capital loss carryforwards.

**8. Foreign Exchange Contracts**

The Portfolios do not generally hedge foreign currency exposure, however, the Portfolios may enter into forward foreign exchange contracts in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings. Each Portfolio will conduct its currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market, or by entering into forward contracts to purchase or sell currency. Foreign currency transactions entered into on the spot markets serve to pay for foreign investment purchases or to convert to dollars, the proceeds from foreign investment sales or dividend and interest receipts. The Portfolios will disclose open forward currency contracts, if any, on the Portfolios of Investments. The Portfolios do not separately disclose open spot market transactions on the

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2025 (unaudited)**

------

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

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

Portfolios of Investments. Such realized gain (loss) and unrealized appreciation (depreciation) on spot market transactions is included in "Net realized gain (loss) on foreign currency transactions" and "Change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies", respectively, on the Portfolios' Statements of Operations. The Portfolios held no open forward currency contracts as of or during the period ended April 30, 2025.

**9. Participation Notes**

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

**10. Concentration of Ownership**

At April 30, 2025, the percentage of total shares outstanding held by record shareholders each owning 10% or greater of the aggregate shares outstanding of each Portfolio were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No. of**<br> **Shareholders**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **%**<br> **Ownership**<br>|
| Global Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57.84<br> %\*<br>|
| International Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33.03<br> %\*<br>|
| International Developed Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85.83<br> %\*<br>|
| International Small Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32.61<br> %\*<br>|
| Institutional Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65.71<br> %\*<br>|
| Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83.65<br> %\*<br>|
| Emerging Markets ex China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85.17<br> %\*<br>|
| Chinese Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77.08<br> %\*<br>|
| Frontier Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75.93<br> %\*<br>|

---

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

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

**11. Concentration of Risk**

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

The Frontier Emerging Markets Portfolio is permitted to invest up to 35% of its total assets in companies in the same industry, if, at the time of investment, that industry represents 20% or more of the Frontier Emerging Markets Portfolio's benchmark index. During periods when the Frontier Emerging Markets Portfolio has invested more than 25% of its total assets in companies in the same industry, it will operate as a concentrated portfolio and be subject to additional risks and greater volatility. Such additional risks include increased competition within the industry, or changes in legislation, or government regulations affecting the industry. The value of the Frontier Emerging Markets Portfolio's shares may be particularly vulnerable to factors affecting the banking industry, such as the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, extensive government regulation, and price competition. Such risks may be magnified with respect to securities of issuers in Frontier Emerging Markets. At April 30, 2025, the Frontier Emerging Markets Portfolio's investment in the Banking industry amounted to 34.50% of its total assets.

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

------

**Harding, Loevner Funds, Inc.**

------

**Notes to Financial Statements (continued)**

**April 30, 2025 (unaudited)**

------

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

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

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

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

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

**12. Line of Credit**

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

For the period ended April 30, 2025, Global Equity had an outstanding balance for one day with a maximum balance of $11,500,000 at an average weighted interest rate of 5.83%. International Developed Markets Equity had an outstanding balance for one day with a maximum balance of $300,000 at an average weighted interest rate of 5.58%. International Small Companies had an outstanding balance for forty one days with a maximum balance of $41,900,000 at an average weighted interest rate of 5.58%. Institutional Emerging Markets had an outstanding balance for twenty four days with a maximum balance of $17,200,000 at an average weighted interest rate of 5.64%.

**13. Subsequent Events** 

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

------

**Harding, Loevner Funds, Inc.**

------

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

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

------

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

**(a)** On January 29, 2025, the Fund, by action of the Audit Committee of the Board approved the dismissal of KPMG LLP ("KPMG") as the independent registered public accounting firm to the Fund effective January 31, 2025.

KPMG's audit reports on the financial statements of the Fund as of and for the years ended October 31, 2024 and October 31, 2023 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the two fiscal years ended October 31, 2024 and October 31, 2023, and the subsequent interim period through January 31, 2025, there were no: (1) disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to the satisfaction of KPMG would have caused them to make reference in connection with their opinion to the subject matter of the disagreement, or (2) "reportable events" as that term is described in Item 304(a)(1)(v) of Regulation S-K. The Fund provided KPMG with a copy of the foregoing disclosures and requested KPMG to furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether KPMG agrees with the above statements.

**(b)** On January 29, 2025, the Fund, by action of the Audit Committee of the Board approved PricewaterhouseCoopers LLP ("PwC") to serve as the independent registered public accounting firm to audit the financial statements of the Fund for the fiscal year ending October 31, 2025.

During the fiscal years ended October 31, 2023, October 31, 2024, and for the interim period ended January 31, 2025, the Fund did not consult with PwC on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements; or (ii) concerned the subject of a disagreement (as described in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

------

**Harding, Loevner Funds, Inc.**

------

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

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

------

Not applicable.

------

**Harding, Loevner Funds, Inc.**

------

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

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

------

Not applicable.

------

![](BackCover.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 16. Controls and Procedures.**

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

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

------

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable.

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

(a)(4) Not applicable.

(a)(5) [The previous independent public accountant's letter is filed herewith.](Exhibit_a5.htm)

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

------

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

---

| | |
|:---|:---|
| Harding, Loevner Funds, Inc.  | Harding, Loevner Funds, Inc.  |
| By  | <u>/s/ Ryan Bowles&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Ryan Bowles  |
|  | President  |
|  | (Principal Executive Officer)  |
| Date: June 23, 2025  | Date: June 23, 2025  |

---

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

---

| | |
|:---|:---|
| By  | <u>/s/ Ryan Bowles&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Ryan Bowles  |
|  | President  |
|  | (Principal Executive Officer)  |
| Date: June 23, 2025  | Date: June 23, 2025  |
| By  | <u>/s/ Tracy L. Dotolo&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Tracy L. Dotolo  |
|  | Chief Financial Officer and Treasurer  |
|  | (Principal Financial Officer)  |
| Date: June 23, 2025  | Date: June 23, 2025  |

---

------

## Ex-99.Cert

---

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

---

I, Ryan Bowles, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: June 23, 2025  | <u>/s/ Ryan Bowles&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Ryan Bowles  |
|  | President  |
|  | (Principal Executive Officer)  |

---

------

---

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

---

I, Tracy L. Dotolo, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: June 23, 2025  | <u>/s/ Tracy L. Dotolo&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Tracy L. Dotolo  |
|  | Chief Financial Officer and Treasurer  |
|  | (Principal Financial Officer)  |

---

------

## Exhibit 99.906

---

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

---

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

In connection with the Certified Shareholder Report of Harding, Loevner Funds, Inc. (the "Registrant") on Form N-CSR for the period ended April 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies that:

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

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

---

| | |
|:---|:---|
| Date: June 23, 2025  | <u>/s/ Ryan Bowles</u>  |
|  | Ryan Bowles  |
|  | President  |
|  | (Principal Executive Officer)  |
| Date: June 23, 2025  | <u>/s/ Tracy L. Dotolo&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Tracy L. Dotolo  |
|  | Chief Financial Officer and Treasurer  |
|  | (Principal Financial Officer)  |

---

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

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

------

## Ex-99.Ind

![Image is missing](gfnnbry90r6eld6pim9so.jpg)

KPMG LLP

345 Park Avenue

New York, NY 10154-0102

June 23, 2025

Securities and Exchange Commission

Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for the Harding, Loevner Funds, Inc. Portfolios listed in Appendix A (collectively, "Harding, Loevner Funds, Inc." or the "Funds") and, under the date of December 13, 2024, we reported on the financial statements of Harding, Loevner Funds, Inc. as of and for the year ended October 31, 2024. On January 31, 2025, we were dismissed.

We have read the statements made by Harding, Loevner Funds, Inc. included under Item 8 of Form N-CSR dated June 23, 2025, and we agree with such statements, except we are not in a position to agree or disagree with the Funds' statements in section (b) of Item 8 of Form N-CSR.

Very truly yours,

KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

**Appendix A**

**Harding, Loevner Funds, Inc. — Commission File Number 811-07739**

1. Global Equity Portfolio

2. International Equity Portfolio

3. International Developed Markets Equity Portfolio

4. International Carbon Transition Equity Portfolio

5. International Small Companies Portfolio

6. Institutional Emerging Markets Portfolio

7. Emerging Markets Portfolio

8. Emerging Markets ex China Portfolio

9. Chinese Equity Portfolio

10. Frontier Emerging Markets Portfolio

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