0001145549-21-057265.txt : 20210928 0001145549-21-057265.hdr.sgml : 20210928 20210928110452 ACCESSION NUMBER: 0001145549-21-057265 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210730 FILED AS OF DATE: 20210928 PERIOD START: 20211031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARDING LOEVNER FUNDS INC CENTRAL INDEX KEY: 0001018170 IRS NUMBER: 000000000 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-07739 FILM NUMBER: 211284810 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 0001018170 S000055771 Global Equity Research Portfolio C000175604 Institutional Class HLRGX NPORT-P 1 primary_doc.xml NPORT-P false 0001018170 XXXXXXXX S000055771 C000175604 HARDING LOEVNER FUNDS INC 811-07739 0001018170 549300RX80LYD8D1FL23 400 Crossing Blvd. Fourth Floor Bridgewater 08807 877-435-8105 Global Equity Research Portfolio S000055771 549300ISZ1CQ7CPYM502 2021-10-31 2021-07-30 N 9672261.250000000000 48814.760000000000 9623446.490000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 N Diploma 2138008OGI7VYG8FGR19 Diploma ORD GBP0.05 G27664112 1860 NS 76462.29 0.7945416445 Long EC CORP GB N 2 N N N Standard Chartered plc U4LOSYZ7YG4W3S5F2G91 Standard Chartered plc ORD USD0.50 G84228157 3634 NS 21769.51 0.2262132389 Long EC CORP GB N 2 N N N Dechra Pharma 213800J4UVB5OWG8VX82 Dechra Pharma ORD GBP0.01 G2769C145 780 NS 53840.5 0.5594721190 Long EC CORP GB N 2 N N N Novatek Pub Joint Stock Company 2138008R6GCRVBDFA581 Novatek Pub Joint Stock Company GDR EACH REPR 10 ORD 'REG S' 669888109 89 NS USD 19802.27 0.2057710823 Long EC CORP RU Y 2 N N N Samsung Electronics Limited 9884007ER46L6N7EI764 Samsung Electronics Limited GDR EACH REP 25 ORD SHS PFD UNITARY 796050201 17 NS USD 26772.21 0.2781977333 Long EC CORP KR Y 2 N N N Reckitt Benckiser Group plc 5493003JFSMOJG48V108 Reckitt Benckiser Group plc ORD GBP0.10 G74079107 152 NS 11666.01 0.1212248648 Long EC CORP GB N 2 N N N Rio Tinto plc 213800YOEO5OQ72G2R82 Rio Tinto plc ORD GBP0.10 G75754104 225 NS 19175.16 0.1992546020 Long EC CORP GB N 2 N N N Itau Unibanco Holdings S.A. 5493002W2IVG62O3ZJ94 Itau Unibanco Holdings S.A. 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COM USD1 438516106 314 NS USD 73410.06 0.7628250448 Long EC CORP US N 1 N N N Ansys Inc 549300VJV8H15Z5FJ571 Ansys Inc COM USD0.01 03662Q105 78 NS USD 28739.88 0.2986443581 Long EC CORP US N 1 N N N Apple Inc. HWUPKR0MPOU8FGXBT394 Apple Inc. COM USD0.00001 037833100 260 NS USD 37923.6 0.3940750337 Long EC CORP US N 1 N N N Automatic Data Processing, Inc. HGBOLILQXWER4SAL2I23 Automatic Data Processing, Inc. COM USD0.10 053015103 418 NS USD 87625.34 0.9105401073 Long EC CORP US N 1 N N N Costar Group Inc N/A Costar Group Inc COM STK USD0.01 22160N109 220 NS USD 19547 0.2031184983 Long EC CORP US N 1 N N N Bancolombia S.A. 54930052NWJRPNMP1W58 Bancolombia S.A. SPON ADS EACH REP 4 PRF SHS 05968L102 360 NS USD 10242 0.1064275674 Long EC CORP CO N 1 N N N Ametek, Inc. 549300WZDEF9KKE40E98 Ametek, Inc. COM USD0.01 031100100 147 NS USD 20440.35 0.2124015551 Long EC CORP US N 1 N N N GPO Fin Banorte N/A GPO Fin Banorte COM NPV SERIES O P49501201 3300 NS 21393.53 0.2223063226 Long EC CORP MX N 1 N N N BorgWarner Inc. 549300DSFX2IE88NSX47 BorgWarner Inc. 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COM USD0.01 CLASS A 518439104 73 NS USD 24369.59 0.2532314179 Long EC CORP US N 1 N N N Ultrapar Participacoes S.A. 529900FU4XBXGQMLRE72 Ultrapar Participacoes S.A. SPON ADR (EACH REP ONE COM NPV) LVLIII 90400P101 2681 NS USD 9169.02 0.0952779237 Long EC CORP BR N 1 N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 JPMorgan Chase & Co. COM USD1.00 46625H100 641 NS USD 97290.98 1.0109785522 Long EC CORP US N 1 N N N Healthcare Service 529900GVZ1D2FBYMS719 Healthcare Service COM STK USD0.01 421906108 622 NS USD 16234.2 0.1686942409 Long EC CORP US N 1 N N N Align Technology I 549300N5YSE0U3LCP840 Align Technology I COM USD0.0001 016255101 32 NS USD 22265.6 0.2313682528 Long EC CORP US N 1 N N N Cisco Systems, Inc. 549300LKFJ962MZ46593 Cisco Systems, Inc. COM USD0.001 17275R102 907 NS USD 50220.59 0.5218565932 Long EC CORP US N 1 N N N Cognex Corp 549300JQTYZCLC43S226 Cognex Corp COM USD0.002 192422103 230 NS USD 20794.3 0.2160795514 Long EC CORP US N 1 N N N Colgate-Palmolive Company YMEGZFW4SBUSS5BQXF88 Colgate-Palmolive Company COM USD1.00 194162103 231 NS USD 18364.5 0.1908308008 Long EC CORP US N 1 N N N Fomento Economico Mexicano S A B de C V 549300A8MDWDJNMLV153 Fomento Economico Mexicano S A B de C V SPON ADR RP 10 UTS(1B&2D-B&2'D-L 344419106 192 NS USD 16775.04 0.1743142648 Long EC CORP MX N 1 N N N Imperial Oil Limited 549300MO45LTBPAU4Z27 Imperial Oil Limited COM NPV 453038408 1500 NS 41094.9 0.4270289240 Long EC CORP CA N 1 N N N Idexx Laboratories OGMTXK0LUU1HKV2P0J84 Idexx Laboratories COM USD0.10 45168D104 70 NS USD 47497.1 0.4935560254 Long EC CORP US N 1 N N N Johnson & Johnson 549300G0CFPGEF6X2043 Johnson & Johnson COM USD1.00 478160104 501 NS USD 86272.2 0.8964792405 Long EC CORP US N 1 N N N Microsoft Corporation INR2EJN1ERAN0W5ZP974 Microsoft Corporation COM USD0.00000625 594918104 363 NS USD 103422.33 1.0746911733 Long EC CORP US N 1 N N N Edwards Lifesciences Corporation YA13X31F3V31L8TMPR58 Edwards Lifesciences Corporation COM STK USD1 28176E108 212 NS USD 23801.24 0.2473255296 Long EC CORP US N 1 N N N ICICI Bank Limited R7RX8ER1V4666J8D1I38 ICICI Bank Limited SPON ADR EACH REPR 2 ORD SHS 45104G104 1034 NS USD 19222.06 0.1997419534 Long EC CORP IN N 1 N N N Neurocrine Biosciences Inc 549300FECER0XBN49756 Neurocrine Biosciences Inc COM STK USD0.001 64125C109 445 NS USD 41478.45 0.4310145024 Long EC CORP US N 1 N N N Nike, Inc. 787RXPR0UX0O0XUXPZ81 Nike, Inc. 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COM USD0.001 278642103 1273 NS USD 86831.33 0.9022893211 Long EC CORP US N 1 N N N Ecolab Inc. 82DYEISM090VG8LTLS26 Ecolab Inc. COM STK USD1 278865100 84 NS USD 18549.72 0.1927554751 Long EC CORP US N 1 N N N Emerson Electric Co. FGLT0EWZSUIRRITFOA30 Emerson Electric Co. COM USD0.50 291011104 666 NS USD 67192.74 0.6982190847 Long EC CORP US N 1 N N N Exxon Mobil Corporation J3WHBG0MTS7O8ZVMDC91 Exxon Mobil Corporation COM NPV 30231G102 1474 NS USD 84858.18 0.8817857520 Long EC CORP US N 1 N N N Illumina Inc SQ95QG8SR5Q56LSNF682 Illumina Inc COM USD0.01 452327109 60 NS USD 29745 0.3090888491 Long EC CORP US N 1 N N N ResMed Inc. 529900T3QE5253CCXF22 ResMed Inc. COM STK USD0.004 761152107 81 NS USD 22015.8 0.2287725091 Long EC CORP US N 1 N N N Gartner Incorporation PP55B5R38BFB8O8HH686 Gartner Incorporation COM USD0.0005 366651107 100 NS USD 26473 0.2750885561 Long EC CORP US N 1 N N N Abiomed Inc 5493001EZN4ZTB4Z5887 Abiomed Inc COM USD0.01 003654100 55 NS USD 17992.7 0.1869673201 Long EC CORP US N 1 N N N Henkel AG & Co. KGaA 549300VZCL1HTH4O4Y49 Henkel AG & Co. 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EUR0.50 N5075T159 653 NS 27656.46 0.2873862293 Long EC CORP NL N 2 N N N Chr. Hansen Holding A/S 549300MKPW8ZF3E8MW37 Chr. Hansen Holding A/S DKK10 K1830B107 129 NS 11602.4 0.1205638750 Long EC CORP DK N 2 N N N Grupo Nutresa Sa 549300TN5BQ4P1MC6407 Grupo Nutresa Sa COP5 P5041C114 2782 NS 14849.77 0.1543082306 Long EC CORP CO N 1 N N N Roper Technologies Inc 54930003T4SXCIWVXY35 Roper Technologies Inc COM STK USD0.01 776696106 47 NS USD 23092.98 0.2399657963 Long EC CORP US N 1 N N N Sap Se 529900D6BF99LW9R2E68 Sap Se SPON ADR EACH REP 1 ORD NPV 803054204 110 NS USD 15809.2 0.1642779436 Long EC CORP DE N 1 N N N Robinsons Retail Hldgs Inc N/A Robinsons Retail Hldgs Inc PHP1 Y7318T101 10510 NS 11297.02 0.1173905836 Long EC CORP PH N 2 N N N Allegion Plc 984500560CAC2E6FB757 Allegion Plc COM USD0.01 G0176J109 136 NS USD 18577.6 0.1930451842 Long EC CORP IE N 1 N N N Schlumberger Limited 213800ZUA17OK3QLGM62 Schlumberger Limited COM USD0.01 806857108 698 NS USD 20123.34 0.2091074130 Long EC CORP CW N 1 N N N Banco Santander-Chile 3YJP8HORPAEXJ80D6368 Banco Santander-Chile ADR-EACH REPR 400 COM NPV 05965X109 1149 NS USD 22451.46 0.2332995775 Long EC CORP CL N 1 N N N Finecobank Spa 549300L7YCATGO57ZE10 Finecobank Spa EUR0.33 T4R999104 1194 NS 21380.37 0.2221695733 Long EC CORP IT N 2 N N N Jiangsu Expressway Company Limited 529900UWWTWZ6AKLYD43 Jiangsu Expressway Company Limited H SHS CNY1 Y4443L103 12000 NS 12823.36 0.1332512215 Long EC CORP CN N 2 N N N Kobayashi Pharmace 529900WBSL04KD6TKP95 Kobayashi Pharmace NPV J3430E103 150 NS 11954.56 0.1242232709 Long EC CORP JP N 2 N N N Cheil Worldwide N/A Cheil Worldwide KRW200 000000000 1001 NS 21099.6 0.2192520114 Long EC CORP KR N 2 N N N Starbucks Corporation OQSJ1DU9TAOC51A47K68 Starbucks Corporation COM USD0.001 855244109 578 NS USD 70186.54 0.7293285215 Long EC CORP US N 1 N N N Stryker Corporation 5493002F0SC4JTBU5137 Stryker Corporation COM STK USD0.10 863667101 73 NS USD 19778.62 0.2055253284 Long EC CORP US N 1 N N N DBS Group Holdings Ltd 5493007FKT78NKPM5V55 DBS Group Holdings Ltd NPV Y20246107 2418 NS 54263.93 0.5638721019 Long EC CORP SG N 2 N N N BML Inc 5493003Y6Y1P8HBEL806 BML Inc NPV J0447V102 1100 NS 38113.26 0.3960458453 Long EC CORP JP N 2 N N N Synopsys Inc QG7T915N9S0NY5UKNE63 Synopsys Inc COM STK USD0.01 871607107 269 NS USD 77469.31 0.8050058789 Long EC CORP US N 1 N N N Texas Instruments Incorporated WDJNR2L6D8RWOEB8T652 Texas Instruments Incorporated COM USD1.00 882508104 115 NS USD 21921.3 0.2277905325 Long EC CORP US N 1 N N N Advantech 2549002OSTKE9HB9IY03 Advantech TWD10 Y0017P108 999 NS 13024.51 0.1353414290 Long EC CORP TW N 2 N N N Sugi Holdings 529900N86BFWB1FADG87 Sugi Holdings NPV J7687M106 500 NS 36857.92 0.3830012464 Long EC CORP JP N 2 N N N Thermo Fisher Scientific Inc HCHV7422L5HDJZCRFL38 Thermo Fisher Scientific Inc COM USD1 883556102 217 NS USD 117182.17 1.2176736279 Long EC CORP US N 1 N N N United Health Group Incorporated 549300GHBMY8T5GXDE41 United Health Group Incorporated COM STK USD0.01 91324P102 276 NS USD 113772.72 1.1822450524 Long EC CORP US N 1 N N N Vertex Pharmaceuticals Incorporated 54930015RAQRRZ5ZGJ91 Vertex Pharmaceuticals Incorporated COM STK USD0.01 92532F100 433 NS USD 87284.14 0.9069946000 Long EC CORP US N 1 N N N Accenture Plc N/A Accenture Plc CLS'A'USD0.0000225 G1151C101 70 NS USD 22237.6 0.2310772967 Long EC CORP IE N 1 N N N Merck & Co., Inc 4YV9Y5M8S0BRK1RP0397 Merck & Co., Inc COM USD0.50 58933Y105 734 NS USD 56422.58 0.5863032549 Long EC CORP US N 1 N N N Amadeus IT Group SA 9598004A3FTY3TEHHN09 Amadeus IT Group SA EUR0.01 E04648114 248 NS 16235.8 0.1687108669 Long EC CORP ES Y 2 N N N Zoetis Inc. 549300HD9Q1LOC9KLJ48 Zoetis Inc. COM USD0.01 CL 'A' 98978V103 261 NS USD 52904.7 0.5497479521 Long EC CORP US N 1 N N N Cementos Argos Sa 549300H7BB3SSJRSL735 Cementos Argos Sa COP416 P2216Y112 9486 NS 13685.96 0.1422147462 Long EC CORP CO N 1 N N N NCSOFT Corporation N/A NCSOFT Corporation KRW500 Y6258Y104 18 NS 12898.33 0.1340302563 Long EC CORP KR N 2 N N N Abc-Mart Inc 353800AXWW4CMTSJWL33 Abc-Mart Inc NPV J00056101 700 NS 38756.16 0.4027264041 Long EC CORP JP N 2 N N N Dabur India Ltd 335800MJPUA2E1FSFL38 Dabur India Ltd INR1 Y1855D140 1812 NS 14628.32 0.1520070800 Long EC CORP IN N 2 N N N Discovery Limited 378900245A26169C8132 Discovery Limited ZAR0.001 S2192Y109 1831 NS 14679.56 0.1525395295 Long EC CORP ZA N 2 N N N Travelsky Technolo 5299007TAWP4DZ6QFG73 Travelsky Technolo CLS'H' CNY1 Y8972V101 5000 NS 8535.3 0.0886927569 Long EC CORP CN N 2 N N N Hero Motocorp Limited 335800Q49FBMZJTRLK49 Hero Motocorp Limited INR2 Y3194B108 419 NS 15573.01 0.1618236254 Long EC CORP IN N 2 N N N LG Household & Health Care Ltd N/A LG Household & Health Care Ltd KRW5000 Y5275R100 9 NS 11426.92 0.1187404119 Long EC CORP KR N 2 N N N Nomura Research Institute Ltd 5299005F1HCVF4M4QN79 Nomura Research Institute Ltd NPV J5900F106 890 NS 28650.19 0.2977123635 Long EC CORP JP N 2 N N N Largan Precision C N/A Largan Precision C TWD10 Y52144105 100 NS 10509.81 0.1092104581 Long EC CORP TW N 2 N N N Coway Co Limited N/A Coway Co Limited KRW500 Y9694W104 184 NS 13735.34 0.1427278680 Long EC CORP KR N 2 N N N Ping An Insurance (Group) Company of China Ltd. 529900M9MC28JLN35U89 Ping An Insurance (Group) Company of China Ltd. 'A'CNY1 Y69790114 1900 NS 15784.43 0.1640205514 Long EC CORP CN N 2 N N N Assa Abloy AB 549300YECS8HKCIMMB67 Assa Abloy AB SER'B'NPV W0817X204 664 NS 21290.4 0.2212346691 Long EC CORP SE N 2 N N N Naver Corp 988400ULUQYDB2HQYJ61 Naver Corp KRW100 Y62579100 55 NS 20767.55 0.2158015844 Long EC CORP KR N 2 N N N Bank of the Philippine Islands 549300UW4UH6XT2X8C50 Bank of the Philippine Islands PHP10 Y0967S169 12490 NS 20110.65 0.2089755476 Long EC CORP PH N 2 N N N Unilever Indonesia 549300MUHUFNRRI19O72 Unilever Indonesia IDR2 Y9064H141 38500 NS 11281.3 0.1172272326 Long EC CORP ID N 2 N N N KakakuCom Inc 353800KA15Y0DCPWYY65 KakakuCom Inc NPV J29258100 500 NS 13643.7 0.1417756104 Long EC CORP JP N 2 N N N Techtronic Industries Co. Ltd. 549300HZW2SBE758OK89 Techtronic Industries Co. Ltd. NPV Y8563B159 2500 NS 44742.28 0.4649298985 Long EC CORP HK N 2 N N N Tata Consultancy S 335800ZJKU9GPQRE2U66 Tata Consultancy S INR1 Y85279100 741 NS 31563.86 0.3279891464 Long EC CORP IN N 2 N N N M3, Inc. N/A M3, Inc. NPV J4697J108 300 NS 19651.58 0.2042052192 Long EC CORP JP N 2 N N N Benefit One Inc N/A Benefit One Inc NPV J0447X108 1000 NS 32954.19 0.3424364653 Long EC CORP JP N 2 N N N OIL & Gas Developm N/A OIL & Gas Developm PKR10 Y6448X107 48700 NS 27987.4 0.2908251221 Long EC CORP PK N 2 N N N Hakuhodo Dy Hldgs N/A Hakuhodo Dy Hldgs NPV J19174101 3100 NS 47314.67 0.4916603428 Long EC CORP JP N 2 N N N China Merchants Bank Co., Ltd. 549300MKO5B60FFIHF58 China Merchants Bank Co., Ltd. 'A'CNY1 Y14896107 1900 NS 13676.68 0.1421183150 Long EC CORP CN N 2 N N N Jiangsu Yanghe Bre N/A Jiangsu Yanghe Bre 'A'CNY1 000000000 600 NS 15131.96 0.1572405480 Long EC CORP CN N 2 N N N Suofeiya Home Collection Co Ltd 3003001LPW6QB75C7439 Suofeiya Home Collection Co Ltd 'A'CNY1 000000000 4000 NS 11828.4 0.1229123060 Long EC CORP CN N 2 N N N Broadcom Inc 549300WV6GIDOZJTV909 Broadcom Inc COM USD0.001 11135F101 208 NS USD 100963.2 1.0491376463 Long EC CORP US N 1 N N N Chipbond Technology Corp 254900AK7VTHB4UYLR40 Chipbond Technology Corp TWD10 Y15657102 14000 NS 37644.67 0.3911765919 Long EC CORP TW N 2 N N N Oversea-Chinese Banking Corporation Ltd 5493007O3QFXCPOGWK22 Oversea-Chinese Banking Corporation Ltd NPV Y64248209 9224 NS 83458.55 0.8672417942 Long EC CORP SG N 2 N N N Yonyou Network Technology Co Ltd 30030017NBX3U80ANB35 Yonyou Network Technology Co Ltd 'A'CNY1 Y9042R104 3500 NS 19401.77 0.2016093717 Long EC CORP CN N 2 N N N Hexagon AB 549300WJFW6ILNI4TA80 Hexagon AB SER'B'NPV W4R431112 1890 NS 31331.01 0.3255695351 Long EC CORP SE N 2 N N N Shenzhou International Group Holdings Ltd. 529900B4W41TCUKJFM73 Shenzhou International Group Holdings Ltd. HKD0.10 G8087W101 1000 NS 22151.63 0.2301839577 Long EC CORP KY N 2 N N N Bhp Group Ltd WZE1WSENV6JSZFK0JC28 Bhp Group Ltd NPV Q1498M100 676 NS 26491.83 0.2752842241 Long EC CORP AU N 2 N N N Intertek Group 2138003GAT25WW1RN369 Intertek Group ORD GBP0.01 G4911B108 242 NS 17339.08 0.1801753667 Long EC CORP GB N 2 N N N Church & Dwight Co., Inc. POOXSI30AWAQGYJZC921 Church & Dwight Co., Inc. COM USD1.00 171340102 214 NS USD 18528.12 0.1925310233 Long EC CORP US N 1 N N N Sino Biophamaceuti 529900LPR4ADFEJAR786 Sino Biophamaceuti HKD0.025 G8167W138 13500 NS 11489.23 0.1193878930 Long EC CORP KY N 2 N N N Pidilite Industrie 335800APXGEBZ349GN74 Pidilite Industrie INR1(POST SUBDIVISION) Y6977T139 572 NS 17531.29 0.1821726761 Long EC CORP IN N 2 N N N Eclat Textile Co N/A Eclat Textile Co TWD10 Y2237Y109 600 NS 13083.74 0.1359569050 Long EC CORP TW N 2 N N N Godrej Consumer Pr 335800P4GUWLGZFK2D63 Godrej Consumer Pr INR1 Y2732X135 1225 NS 16295.83 0.1693346559 Long EC CORP IN N 2 N N N Intuitive Surgical 54930052SRG011710797 Intuitive Surgical COM USD0.001 46120E602 21 NS USD 20820.66 0.2163534657 Long EC CORP US N 1 N N N Banco Bradesco S.A. 549300CTUU1RFXHQJE44 Banco Bradesco S.A. SPONS ADR EACH REPR 1 PRF NPV 059460303 3142 NS USD 14673.14 0.1524728175 Long EC CORP BR N 1 N N N Cspc Pharmaceutical Group Limited 529900M3XQCW234H8O91 Cspc Pharmaceutical Group Limited NPV Y1837N109 15360 NS 20755.64 0.2156778242 Long EC CORP HK N 2 N N N Chugai Pharmaceutical Co Ltd 529900T9LAII161DCN95 Chugai Pharmaceutical Co Ltd NPV J06930101 600 NS 22184.9 0.2305296759 Long EC CORP JP N 2 N N N Signature Bank VLP5AP0XK2GM6GKD1007 Signature Bank COM USD0.01 82669G104 150 NS USD 34045.5 0.3537765813 Long EC CORP US N 1 N N N Salesforce.com, Inc. RCGZFPDMRW58VJ54VR07 Salesforce.com, Inc. COM USD0.001 79466L302 130 NS USD 31450.9 0.3268153466 Long EC CORP US N 1 N N N Cochlear Ltd 5493001OLLWY8KV5UC08 Cochlear Ltd ORD NPV Q25953102 83 NS 14973.73 0.1555963346 Long EC CORP AU N 2 N N N Symrise AG 529900D82I6R9601CF26 Symrise AG NPV (BR) D827A1108 160 NS 23597.27 0.2452060187 Long EC CORP DE N 2 N N N 51job Inc 52990088ZF32Q8YHCJ53 51job Inc SPON ADS EACH REP 1 ORD SHS 316827104 150 NS USD 10803 0.1122570797 Long EC CORP KY N 1 N N N Sands China Ltd 549300EVO6UZDGY05787 Sands China Ltd USD0.01 G7800X107 6400 NS 21900.89 0.2275784463 Long EC CORP KY N 2 N N N Kotak Mahindra Bank Ltd. 335800E6GTTXKHXE2I75 Kotak Mahindra Bank Ltd. INR5 Y4964H150 608 NS 13566.43 0.1409726756 Long EC CORP IN N 2 N N N AIA Group Ltd, Hong Kong ZP5ILWVSYE4LJGMMVD57 AIA Group Ltd, Hong Kong NPV Y002A1105 1600 NS 19192.58 0.1994356182 Long EC CORP HK N 2 N N N Novozymes A/S 529900T6WNZXD2R3JW38 Novozymes A/S SER'B'DKK2 K7317J133 254 NS 19965.28 0.2074649661 Long EC CORP DK N 2 N N N Servicenow Inc 549300HJTQM36M0E1G39 Servicenow Inc COM USD0.001 81762P102 54 NS USD 31746.06 0.3298824390 Long EC CORP US N 1 N N N IPG Photonics Corp 5493002KZ51CADQ94G15 IPG Photonics Corp COM USD0.0001 44980X109 95 NS USD 20725.2 0.2153615134 Long EC CORP US N 1 N N N Haitian International Holdings Limited 30030093DDRS825TVP62 Haitian International Holdings Limited HKD0.10 G4232C108 4000 NS 14644.07 0.1521707427 Long EC CORP KY N 2 N N N AAC Technologies Holdings Inc. 549300SKEDE1VKS0A552 AAC Technologies Holdings Inc. USD0.01 G2953R114 5670 NS 33992.35 0.3532242844 Long EC CORP KY N 2 N N N Schneider Electric SE 969500A1YF1XUYYXS284 Schneider Electric SE EUR4.00 F86921107 159 NS 26642.7 0.2768519576 Long EC CORP FR N 2 N N N Fuchs Petrolub SE 529900SNF9E1P5ZO4P98 Fuchs Petrolub SE NPV D27462130 375 NS 15021.15 0.1560890895 Long EC CORP DE N 2 N N N Sartorius Ag 529900EQV2DY4FOAMU38 Sartorius Ag NON VTG PFD NPV D6705R119 33 NS 19961.41 0.2074247518 Long EP CORP DE N 2 N N N Fast Retailing Co 353800ZCXKHDPY0N5218 Fast Retailing Co NPV J1346E100 20 NS 13569.47 0.1410042651 Long EC CORP JP N 2 N N N Fanuc Corporation 529900QTSW745LOKW705 Fanuc Corporation NPV J13440102 100 NS 22396.2 0.2327253549 Long EC CORP JP N 2 N N N Hon Hai Precision Industry Co., Ltd. 30030004CM3GSZXX7O56 Hon Hai Precision Industry Co., Ltd. TWD10 Y36861105 17000 NS 67131.5 0.6975827223 Long EC CORP TW N 2 N N N International Container Terminal Services 254900FU1MWK0I0Q4J61 International Container Terminal Services PHP1 Y41157101 4970 NS 15468 0.1607324363 Long EC CORP PH N 2 N N N Keyence Corp 529900M7PQBS7A89DZ11 Keyence Corp NPV J32491102 46 NS 25613.91 0.2661615049 Long EC CORP JP N 2 N N N Komatsu Ltd 5493004LQ0B4T7QPQV17 Komatsu Ltd NPV J35759125 900 NS 23465.37 0.2438354079 Long EC CORP JP N 2 N N N Kubota Corp 549300CSY4INHEHQQT13 Kubota Corp NPV J36662138 2600 NS 54331.63 0.5645755921 Long EC CORP JP N 2 N N N Makita Electric Works Ltd 529900CDR9E94BCM6294 Makita Electric Works Ltd NPV J39584107 1200 NS 62266.24 0.6470264064 Long EC CORP JP N 2 N N N Misumi Group Inc 353800SJWGE5BEK2V032 Misumi Group Inc NPV J43293109 700 NS 24414.63 0.2536994415 Long EC CORP JP N 2 N N N MCB Bank 2549002SIFOER1TFOK04 MCB Bank PKRP10 Y61898105 10800 NS 10750.18 0.1117082119 Long EC CORP PK N 2 N N N Nitori Holdings Co Ltd N/A Nitori Holdings Co Ltd NPV J58214131 400 NS 76087.38 0.7906458469 Long EC CORP JP N 2 N N N Sunny Optical Technology (Group) Co Ltd 3003004QIVP0DFVVWM94 Sunny Optical Technology (Group) Co Ltd HKD0.10 G8586D109 600 NS 18186.04 0.1889763716 Long EC CORP KY N 2 N N N L'Oreal S.A. 529900JI1GG6F7RKVI53 L'Oreal S.A. EUR0.20 F58149133 49 NS 22445.23 0.2332348398 Long EC CORP FR N 2 N N N Safran SA 969500UIC89GT3UL7L24 Safran SA EUR0.20 F4035A557 327 NS 42835.93 0.4451204674 Long EC CORP FR N 2 N N N Genmab As 529900MTJPDPE4MHJ122 Genmab As DKK1 K3967W102 39 NS 17592.28 0.1828064407 Long EC CORP DK N 2 N N N Tomra Systems Asa 549300J726JCFJU3VT89 Tomra Systems Asa NOK1 R91733114 375 NS 21679.5 0.2252779191 Long EC CORP NO N 2 N N N Air Liquide S.A.(L') 969500MMPQVHK671GT54 Air Liquide S.A.(L') EUR5.50 F01764103 330 NS 57366.58 0.5961126303 Long EC CORP FR N 2 N N N Rinnai Corp N/A Rinnai Corp NPV J65199101 540 NS 50047.62 0.5200592122 Long EC CORP JP N 2 N N N Enersys 7ZS3DE5PN30BYUJFWP05 Enersys COM USD0.01 29275Y102 200 NS USD 19732 0.2050408866 Long EC CORP US N 1 N N N Localiza Rent A Car Sa N/A Localiza Rent A Car Sa COM NPV P6330Z111 1100 NS 13126.29 0.1363990543 Long EC CORP BR N 1 N N N SMC Corp 353800O40V08DOZ70X62 SMC Corp NPV J75734103 40 NS 23769.4 0.2469946710 Long EC CORP JP N 2 N N N Security Bank Corporation 549300JSVDZIR2CPTP95 Security Bank Corporation PHP10 Y7571C100 4340 NS 9555.53 0.0992942602 Long EC CORP PH N 2 N N N SVB Financial Group 549300D2KJ20JMXE7542 SVB Financial Group COM USD0.001 78486Q101 102 NS USD 56095.92 0.5829088369 Long EC CORP US N 1 N N N Royal Dutch Shell plc 21380068P1DRHMJ8KU70 Royal Dutch Shell plc ADR EA REP 2 CL'B' EUR0.07 780259107 790 NS USD 31244.5 0.3246705848 Long EC CORP GB N 1 N N N Komercni Banka AS IYKCAVNFR8QGF00HV840 Komercni Banka AS ORD CZK100 X45471111 493 NS 18319.78 0.1903661024 Long EC CORP CZ N 2 N N N Skandinaviska Enskilda Banken AB (publ) F3JS33DEI6XQ4ZBPTN86 Skandinaviska Enskilda Banken AB (publ) SER'A'NPV W25381141 1670 NS 22563.34 0.2344621547 Long EC CORP SE N 2 N N N Shionogi & Co 35380049VXDTHZI3DY35 Shionogi & Co NPV J74229105 900 NS 47333.61 0.4918571538 Long EC CORP JP N 2 N N N Shimano Inc 529900L32YT3P9DECR10 Shimano Inc NPV J72262108 80 NS 20462.06 0.2126271500 Long EC CORP JP N 2 N N N Shiseido Company Limited 5299008QCD0YDT5OF506 Shiseido Company Limited NPV J74358144 300 NS 20006.25 0.2078906972 Long EC CORP JP N 2 N N N CME Group Inc. LCZ7XYGSLJUHFXXNXD88 CME Group Inc. COM USD0.01 12572Q105 88 NS USD 18667.44 0.1939787374 Long EC CORP US N 1 N N N SGS Sa 2138007JNS19JHNA2336 SGS Sa CHF1 (REGD) H7485A108 8 NS 25916.03 0.2693009207 Long EC CORP CH N 2 N N N First Republic Bank San Francisco YWC0TIKBQM2JV8L4IV08 First Republic Bank San Francisco COM USD0.01 33616C100 119 NS USD 23207.38 0.2411545596 Long EC CORP US N 1 N N N Diasorin Spa 8156002878BDF0EE4348 Diasorin Spa EUR1 T3475Y104 82 NS 16658.19 0.1731000429 Long EC CORP IT N 2 N N N SM Prime Holdings Inc 254900SZK83MIAB8CU32 SM Prime Holdings Inc ORD PHP1 Y8076N112 12800 NS 8056.05 0.0837127323 Long EC CORP PH N 2 N N N Stanley Electric Co Ltd N/A Stanley Electric Co Ltd NPV J76637115 2600 NS 67881.11 0.7053721353 Long EC CORP JP N 2 N N N Bankinter SA VWMYAEQSTOPNV0SUGU82 Bankinter SA EUR0.30(REGD) E2116H880 8132 NS 44339.46 0.4607440801 Long EC CORP ES N 2 N N N Sberbank of Russia 549300WE6TAF5EEWQS81 Sberbank of Russia SPON ADR EACH REPR 4 ORD SHS 80585Y308 1278 NS USD 21273.74 0.2210615503 Long EC CORP RU N 2 N N N Asian Paints Ltd 335800HEHXGYRUNERD75 Asian Paints Ltd INR1 000000000 460 NS 18319.41 0.1903622576 Long EC CORP IN N 2 N N N Penumbra Incorporation 549300RGE06P3ECANU72 Penumbra Incorporation COM USD0.001 70975L107 62 NS USD 16506.26 0.1715212946 Long EC CORP US N 1 N N N Vat Group Ag 529900MVFK7NVALR7Y83 Vat Group Ag CHF0.10 (REGD) H90508104 96 NS 37689.02 0.3916374455 Long EC CORP CH Y 2 N N N Sysmex Corp 5299001ZO4CKWACMZI55 Sysmex Corp NPV J7864H102 200 NS 23803.2 0.2473458966 Long EC CORP JP N 2 N N N Taiwan Semiconductor Manufacturing Co., Ltd. 549300KB6NK5SBD14S87 Taiwan Semiconductor Manufacturing Co., Ltd. TWD10 Y84629107 2000 NS 41645.1 0.4327462104 Long EC CORP TW N 2 N N N Siam Commercial Bank Public Company Limited 54930068OELHUBHH1U03 Siam Commercial Bank Public Company Limited THB10 (ALIEN MARKET) Y7905M113 6200 NS 17637.48 0.1832761269 Long EC CORP TH N 2 N N N Unicharm Corp 353800UQ4BZIJTAQEG85 Unicharm Corp NPV J94104114 900 NS 36095.74 0.3750812148 Long EC CORP JP N 2 N N N Universal Robina N/A Universal Robina PHP1 Y9297P100 6400 NS 16222.3 0.1685705845 Long EC CORP PH N 2 N N N Raia Drogasil Sa N/A Raia Drogasil Sa COM NPV P7942C102 2500 NS 12115.39 0.1258945016 Long EC CORP BR N 1 N N N Hefei Meyer Optoelectronic Technolo N/A Hefei Meyer Optoelectronic Technolo 'A'CNY1 000000000 1800 NS 13766.62 0.1430529074 Long EC CORP CN N 2 N N N Vifor Pharma Ag 529900KO6CN2D9OE1F19 Vifor Pharma Ag CHF0.01 H9150Q103 91 NS 12730.92 0.1322906509 Long EC CORP CH N 2 N N N Coca-Cola Hbc Ag 549300EFP3TNG7JGVE49 Coca-Cola Hbc Ag ORD CHF6.70(CDI) H1512E100 751 NS 28369.78 0.2947985426 Long EC CORP CH N 2 N N N Grafton Group 635400BE9SBAG61DJ963 Grafton Group UT (1 ORD EUR0.05) (CDI) G4035Q189 2919 NS 52103.72 0.5414247386 Long EC CORP IE N 2 N N N Elanco Animal Health Inc 549300SHPNDCE059M934 Elanco Animal Health Inc COM NPV 28414H103 585 NS USD 21334.95 0.2216976010 Long EC CORP US N 1 N N N Evolution Ab 549300SUH6ZR1RF6TA88 Evolution Ab NPV W3287P115 112 NS 19556.16 0.2032136825 Long EC CORP SE Y 2 N N N Cyber-Ark Software Limited 529900YEXNDM894PWS93 Cyber-Ark Software Limited COM ILS0.01 M2682V108 140 NS USD 19884.2 0.2066224405 Long EC CORP IL N 1 N N N Temenos Ag 5067007NW6550481FH64 Temenos Ag CHF5 (REGD) H8547Q107 98 NS 15577.15 0.1618666453 Long EC CORP CH N 2 N N N Epiroc AB 5493004Q73OEYW1SPE91 Epiroc AB SER'A'NPV W25918124 1467 NS 34290.06 0.3563178746 Long EC CORP SE N 2 N N N Krka Dd 549300H9RLRTRTLRUZ73 Krka Dd NPV X4571Y100 152 NS 19532.64 0.2029692795 Long EC CORP SI N 2 N N N Straumann Hldg 50670046ML5FVIM60Z37 Straumann Hldg CHF0.10 (REGD) H8300N119 15 NS 27821.85 0.2891048444 Long EC CORP CH N 2 N N N Lonza Group Ag 549300EFW4H2TCZ71055 Lonza Group Ag CHF1 (REGD) H50524133 60 NS 46696.97 0.4852416444 Long EC CORP CH N 2 N N N Banco Bilbao Vizcaya Argentaria, S.A. K8MS7FD7N5Z2WQ51AZ71 Banco Bilbao Vizcaya Argentaria, S.A. EUR0.49 E11805103 6148 NS 39434.13 0.4097713853 Long EC CORP ES N 2 N N N Link Solutions For Industry 969500UU4O58BR802Y55 Link Solutions For Industry EUR0.40 F5754P105 1514 NS 51636.41 0.5365687860 Long EC CORP FR N 2 N N N Kering S.A. 549300VGEJKB7SVUZR78 Kering S.A. EUR4 F5433L103 26 NS 23345.6 0.2425908434 Long EC CORP FR N 2 N N N Nemetschek SE 529900R0S2IX1S358J38 Nemetschek SE ORD NPV D56134105 246 NS 21734.13 0.2258455952 Long EC CORP DE N 2 N N N Carl Zeiss Meditec 529900GRL4MZ8NMOOK95 Carl Zeiss Meditec NPV D14895102 134 NS 29847.26 0.3101514622 Long EC CORP DE N 2 N N N Ipsos 9695002OY2X35E9X8W87 Ipsos EUR0.25 F5310M109 1082 NS 50214.49 0.5217932063 Long EC CORP FR N 2 N N N Alfa-Laval Special Finance 549300UCKT2UK88AG251 Alfa-Laval Special Finance NPV W04008152 887 NS 37075.84 0.3852657158 Long EC CORP SE N 2 N N N Intrum Ab 549300UNCO2FCUWXX470 Intrum Ab NPV W4662R106 1097 NS 33960.66 0.3528949845 Long EC CORP SE N 2 N N N Sonova Holding Ag 5299004A0QNX7FBNHS61 Sonova Holding Ag CHF0.05 (REGD) H8024W106 68 NS 26719.03 0.2776451246 Long EC CORP CH N 2 N N N ASM Pacific Technology Limited 529900PYFA1HFYKPT360 ASM Pacific Technology Limited HKD0.10 G0535Q133 1800 NS 23222.03 0.2413067919 Long EC CORP KY N 2 N N N Evotec Se 529900F9KI6OYITO9B12 Evotec Se NPV D1646D105 458 NS 19014.03 0.1975802538 Long EC CORP DE N 2 N N N Commercial Intl Bk 213800FIIXJAMEVRIH48 Commercial Intl Bk GDR EACH REPR 1 ORD EGP10 REG'S' 201712205 4564 NS USD 16566.01 0.1721421740 Long EC CORP EG Y 2 N N N AL Rajhi Bkg & Inv 558600BQZS4Y1DTU8589 AL Rajhi Bkg & Inv SAR10 000000000 631 NS 18672.73 0.1940337074 Long EC CORP SA N 2 N N N Visa Inc 549300JZ4OKEHW3DPJ59 Visa Inc COM STK USD0.0001 'A' 92826C839 76 NS USD 18725.64 0.1945835104 Long EC CORP US N 1 N N N Brenntag Se NNROIXVWJ7CPSR27SV97 Brenntag Se NPV D12459117 257 NS 25667.58 0.2667192053 Long EC CORP DE N 2 N N N Adidas AG 549300JSX0Z4CW0V5023 Adidas AG NPV (REGD) D0066B185 60 NS 21796.06 0.2264891276 Long EC CORP DE N 2 N N N ING Bank Slaski SA 259400YLRTOBISHBVX41 ING Bank Slaski SA PLN1.00 000000000 426 NS 21104.91 0.2193071892 Long EC CORP PL N 2 N N N Kone Oyj 2138001CNF45JP5XZK38 Kone Oyj SER'B'NPV X4551T105 211 NS 17473.02 0.1815671757 Long EC CORP FI N 2 N N N Facebook, Inc. BQ4BKCS1HXDV9HN80Z93 Facebook, Inc. COM USD0.000006 CL 'A' 30303M102 270 NS USD 96201 0.9996522566 Long EC CORP US N 1 N N N Palo Alto Networks Inc 549300QXR2YVZV231H43 Palo Alto Networks Inc COM USD0.0001 697435105 52 NS USD 20750.6 0.2156254521 Long EC CORP US N 1 N N N ASML Holding N.V. 724500Y6DUVHQD6OXN27 ASML Holding N.V. EUR0.09 NY REGISTRY SHS 2012 N07059210 90 NS USD 69006.6 0.7170674256 Long EC CORP NL N 1 N N N Silergy Corporation N/A Silergy Corporation TWD10 G8190F102 200 NS 27094.51 0.2815468453 Long EC CORP KY N 2 N N N BIM Birlesik Magaz 7890001GCDJQD8DJKE29 BIM Birlesik Magaz TRY1 M2014F102 1226 NS 9222.78 0.0958365593 Long EC CORP TR N 2 N N N The Saudi National Bank 5586006ZEFQ542K7CY16 The Saudi National Bank SAR10 000000000 3383 NS 49593.78 0.5153432302 Long EC CORP SA N 2 N N N Kweichow Moutai N/A Kweichow Moutai 'A'CNY1 Y5070V116 100 NS 25989.08 0.2700600043 Long EC CORP CN N 2 N N N Reinsurance Group of America, Incorporated LORM1GNEU1DKEW527V90 Reinsurance Group of America, Incorporated COM USD0.01 759351604 697 NS USD 76795.46 0.7980037098 Long EC CORP US N 1 N N N Wal-Mart De Mexico N/A Wal-Mart De Mexico COM NPV P98180188 18700 NS 61643.65 0.6405568947 Long EC CORP MX N 1 N N N Homeserve 213800EKBJTGNMXEDF11 Homeserve ORD GBP0.0269230769 G4639X119 3499 NS 45441.33 0.4721939281 Long EC CORP GB N 2 N N N Paypal Holdings Incorporation 5493005X2GO78EFZ3E94 Paypal Holdings Incorporation COM USD0.0001 70450Y103 161 NS USD 44360.33 0.4609609462 Long EC CORP US N 1 N N N Shenzhen Inovance N/A Shenzhen Inovance 'A'CNY1 000000000 1350 NS 16281.12 0.1691818001 Long EC CORP CN N 2 N N N ENN Energy Holdings Limited 549300V7BXPWT6WIPR03 ENN Energy Holdings Limited HKD0.10 G3066L101 2000 NS 41902.19 0.4354177066 Long EC CORP KY N 2 N N N Emaar Properties N/A Emaar Properties AED1 M4025S107 18834 NS 20386.49 0.2118418804 Long EC CORP AE N 2 N N N Airtac International Group N/A Airtac International Group TWD10 G01408106 400 NS 12906.05 0.1341104771 Long EC CORP KY N 2 N N N Yandex, NV 549300GGZHJ5Q1B18P93 Yandex, NV COM USD0.01 CL 'A N97284108 188 NS USD 12770.84 0.1327054711 Long EC CORP NL N 1 N N N Astra International Tbk Pt 529900L49TRJOMG4DK47 Astra International Tbk Pt IDR50 Y7117N172 33400 NS 10905.21 0.1133191732 Long EC CORP ID N 2 N N N AbbVie Inc. FR5LCKFTG8054YNNRU85 AbbVie Inc. COM USD0.01 00287Y109 847 NS USD 98506.1 1.0236052136 Long EC CORP US N 1 N N N S.F. Holding Co Ltd N/A S.F. Holding Co Ltd 'A'CNY1 Y5349E101 1900 NS 17428.94 0.1811091278 Long EC CORP CN N 2 N N N Shandong Sinocera N/A Shandong Sinocera 'A'CNY1 000000000 2000 NS 14489.65 0.1505661201 Long EC CORP CN N 2 N N N China Tourism Group Duty Free Corp N/A China Tourism Group Duty Free Corp 'A'CNY1 Y149A3100 500 NS 18663.53 0.1939381075 Long EC CORP CN N 2 N N N Songcheng Performance Dev Co Ltd N/A Songcheng Performance Dev Co Ltd 'A'CNY1 000000000 4200 NS 8235.98 0.0855824367 Long EC CORP CN N 2 N N N Compagnie Financiere Richemont Sa 549300YIPGJ6UX2QPS51 Compagnie Financiere Richemont Sa CHF1 (REGD) H25662182 244 NS 31251.13 0.3247394791 Long EC CORP CH N 2 N N N B3 S.A. - Brasil, Bolsa, Balcao 4GTK5S46E6H318LMDS44 B3 S.A. - Brasil, Bolsa, Balcao COM NPV P1909G107 3000 NS 8784.14 0.0912785249 Long EC CORP BR N 1 N N N Pinterest Inc N/A Pinterest Inc COM USD0.00001 CL A 72352L106 290 NS USD 17081 0.1774935832 Long EC CORP US N 1 N N N Marel Hf 5299008YTLEN09WTHW26 Marel Hf ISK1 X5187X105 2669 NS 20072.44 0.2085784965 Long EC CORP IS N 2 N N N Companhia Brasileira De Distrb 5299003V5B6KLICZCC14 Companhia Brasileira De Distrb SPONSORED ADR 20440T300 2433 NS USD 14719.65 0.1529561162 Long EC CORP BR N 1 N N N Jarir Marketing Company N/A Jarir Marketing Company SAR10 000000000 252 NS 13517.72 0.1404665160 Long EC CORP SA N 2 N N N Jiangsu Hengrui Me N/A Jiangsu Hengrui Me 'A'CNY1 Y4446S105 1008 NS 8488.85 0.0882100816 Long EC CORP CN N 2 N N N Spirax-Sarco Eng 213800WFVZQMHOZP2W17 Spirax-Sarco Eng ORD GBP0.269230769 G83561129 154 NS 32119.97 0.3337678454 Long EC CORP GB N 2 N N N Alphabet Inc. 5493006MHB84DD0ZWV18 Alphabet Inc. CAPITAL STOCK USD0.001 CL A 02079K305 45 NS USD 121253.85 1.2599836257 Long EC CORP US N 1 N N N Atlassian Corporation Plc 549300AGBII4MWBVJY22 Atlassian Corporation Plc COM USD0.1 CL A G06242104 117 NS USD 38039.04 0.3952746040 Long EC CORP GB N 1 N N N Zhejiang Sanhua Intelligent Controls Co., Ltd. N/A Zhejiang Sanhua Intelligent Controls Co., Ltd. 'A'CNY1 Y9890L126 4400 NS 14584.16 0.1515482007 Long EC CORP CN N 2 N N N Iqvia Holdings Inc 549300W3R20NM4KQPH86 Iqvia Holdings Inc COM USD0.01 46266C105 100 NS USD 24770 0.2573921934 Long EC CORP US N 1 N N N Alibaba Group Holding Ltd 5493001NTNQJDH60PM02 Alibaba Group Holding Ltd USD0.000003125 G01719114 440 NS 10752.04 0.1117275397 Long EC CORP KY N 2 N N N Wuxi Biologics (Cayman) Inc 5493001TD2TH6VDTJU11 Wuxi Biologics (Cayman) Inc USD0.0000083 G97008117 1500 NS 22898.93 0.2379493669 Long EC CORP KY Y 2 N N N Dassault Systemes 96950065LBWY0APQIM86 Dassault Systemes EUR0.10 (POST SUBDIVISION) F24571451 650 NS 35860.58 0.3726375996 Long EC CORP FR N 2 N N N Northern Inst Fds 549300Y178DO5JBR1S04 Northern Inst Fds TREAS PRT PRMR 665279873 144111.31 NS USD 144111.31 1.4975020659 Long STIV RF US N 1 N N N Fuyao Glass Industry Group Co.,Ltd 549300AS5CSLWETN0P64 Fuyao Glass Industry Group Co.,Ltd 'H' CNY1 Y2680G100 3600 NS 22918.67 0.2381544909 Long EC CORP CN Y 2 N N N Etsy Inc 54930089Q7XT501AEA40 Etsy Inc USD0.001 29786A106 183 NS USD 33582.33 0.3489636487 Long EC CORP US N 1 N N N Ollies Bargain Outlet Holdings Incorporation 529900YO5DSQCPEFDZ05 Ollies Bargain Outlet Holdings Incorporation COM USD0.001 681116109 255 NS USD 23740.5 0.2466943628 Long EC CORP US N 1 N N N Planet Fitness Incorporation 549300LLE5HUPF6H8G33 Planet Fitness Incorporation COM USD0.0001 A 72703H101 203 NS USD 15271.69 0.1586925226 Long EC CORP US N 1 N N N Scout24 AG 5493007EIKM2ENQS7U66 Scout24 AG NPV D345XT105 235 NS 20129.32 0.2091695529 Long EC CORP DE Y 2 N N N Gree Electric Appliances, Inc. Of Zhuhai 655600UY069MU9JRAN62 Gree Electric Appliances, Inc. Of Zhuhai 'A'CNY1 Y9890H109 1200 NS 8824.12 0.0916939686 Long EC CORP CN N 2 N N N Reply Spa 815600DAEFB0388F3521 Reply Spa EUR0.13(POST SUBD) T60326112 131 NS 23443.11 0.2436040978 Long EC CORP IT N 2 N N N Meituan 21380033K525E5JLIA77 Meituan USD0.00001 B CLASS G59669104 300 NS 8313.92 0.0863923336 Long EC CORP KY Y 2 N N N Baidu, Inc. 254900AL64IANZYI1E02 Baidu, Inc. USD0.000000625 A CLASS G07034104 500 NS 10196.46 0.1059543482 Long EC CORP KY Y 2 N N N Trip Com Grp Ltd 2549004RMYDSRQL4KW41 Trip Com Grp Ltd USD0.00125 G9066F101 514 NS 14238.93 0.1479608165 Long EC CORP KY N 2 N N N 2021-08-19 HARDING LOEVNER FUNDS INC Tracy L. Dotolo Tracy L. Dotolo Chief Financial Officer XXXX NPORT-EX 2 edgar.htm
Harding, Loevner Funds, Inc.
Global Equity Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 98.0%
Australia - 0.5%
Xero Ltd. (Software & Services)*† 83,626 $8,667,143
Brazil - 0.9%
B3 SA - Brasil Bolsa Balcao (Diversified Financials) 5,242,200 15,349,407
China - 8.5%
Alibaba Group Holding Ltd. (Retailing)*† 623,620 15,239,054
Country Garden Services Holdings Co., Ltd. (Commercial & Professional Services)† 3,456,000 28,066,461
ENN Energy Holdings Ltd. (Utilities)† 512,000 10,726,961
NetEase Inc. (Media & Entertainment)† 1,285,600 26,157,326
Tencent Holdings Ltd. (Media & Entertainment)† 314,800 19,426,730
Trip.com Group Ltd. (Retailing)*† 470,754 13,040,924
Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^† 2,586,500 39,485,392
    152,142,848
Denmark - 0.9%
Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*† 36,458 16,445,627
Finland - 0.9%
Neste OYJ (Energy)† 258,430 15,901,213
France - 2.2%
L'Oreal SA (Household & Personal Products)† 41,779 19,137,537
Schneider Electric SE (Capital Goods)† 122,555 20,535,826
    39,673,363
Germany - 0.9%
TeamViewer AG (Software & Services)*^† 456,622 15,370,949
Hong Kong - 1.1%
AIA Group Ltd. (Insurance)† 1,591,805 19,094,280
India - 1.2%
HDFC Bank Ltd. - ADR (Banks) 300,632 21,215,600
Indonesia - 0.9%
Bank Central Asia Tbk PT (Banks)† 8,127,054 16,776,938
Japan - 3.4%
Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 335,400 12,401,361
  Shares Value
COMMON STOCKS - 98.0% (continued)
Japan - 3.4% (continued)
Keyence Corp. (Technology Hardware & Equipment)† 29,904 $16,651,271
MISUMI Group Inc. (Capital Goods)† 220,000 7,673,170
Sysmex Corp. (Health Care Equipment & Services)† 200,365 23,846,644
    60,572,446
Netherlands - 2.6%
Adyen NV (Software & Services)*^† 7,381 20,097,139
ASML Holding NV, Reg S (Semiconductors & Semiconductor Equipment) 34,419 26,390,424
    46,487,563
Poland - 0.9%
CD Projekt SA (Media & Entertainment)† 318,000 15,253,427
Singapore - 0.7%
DBS Group Holdings Ltd. (Banks)† 561,383 12,598,365
South Korea - 1.0%
Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† 10,539 18,072,628
Sweden - 1.9%
Atlas Copco AB, Class A (Capital Goods)† 288,124 19,504,356
Epiroc AB, Class A (Capital Goods)† 578,239 13,515,915
    33,020,271
Switzerland - 3.1%
Alcon Inc. (Health Care Equipment & Services) 258,310 18,804,968
Roche Holding AG, Genusschein (Pharmaceuticals, Biotechnology & Life Sciences)† 58,723 22,708,321
VAT Group AG (Capital Goods)^† 36,356 14,273,148
    55,786,437
Taiwan - 1.0%
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† 556,000 11,577,338
Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR (Semiconductors & Semiconductor Equipment) 60,591 7,067,334
    18,644,672
 
1
Harding, Loevner Funds, Inc.
Global Equity Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 98.0% (continued)
United Kingdom - 1.6%
Abcam plc (Pharmaceuticals, Biotechnology & Life Sciences)*† 1,028,419 $19,436,056
Spirax-Sarco Engineering plc (Capital Goods)† 46,659 9,731,724
    29,167,780
United States - 63.8%
Accenture plc, Class A (Software & Services) 74,383 23,629,991
Adobe Inc. (Software & Services)* 61,501 38,230,867
Align Technology Inc. (Health Care Equipment & Services)* 49,928 34,739,902
Alphabet Inc., Class A (Media & Entertainment)* 22,026 59,349,718
Amazon.com Inc. (Retailing)* 15,656 52,096,749
AMETEK Inc. (Capital Goods) 127,710 17,758,076
Apple Inc. (Technology Hardware & Equipment) 132,104 19,268,689
CME Group Inc. (Diversified Financials) 116,641 24,743,055
CoStar Group Inc. (Commercial & Professional Services)* 172,004 15,282,555
Danaher Corp. (Health Care Equipment & Services) 86,628 25,770,964
Deere & Co. (Capital Goods) 124,983 45,192,603
eBay Inc. (Retailing) 415,293 28,327,136
Edwards Lifesciences Corp. (Health Care Equipment & Services)* 178,879 20,082,745
EPAM Systems Inc. (Software & Services)* 55,409 31,017,958
Estee Lauder Cos., Inc., Class A (Household & Personal Products) 63,185 21,093,049
Etsy Inc. (Retailing)* 91,240 16,743,452
Facebook Inc., Class A (Media & Entertainment)* 121,432 43,266,222
First Republic Bank (Banks) 328,268 64,018,825
Illumina Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* 95,490 47,339,168
Intuitive Surgical Inc. (Health Care Equipment & Services)* 19,452 19,285,880
IQVIA Holdings Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* 66,930 16,578,561
Mastercard Inc., Class A (Software & Services) 41,142 15,878,343
Microsoft Corp. (Software & Services) 138,152 39,360,886
NIKE Inc., Class B (Consumer Durables & Apparel) 237,049 39,708,078
  Shares Value
COMMON STOCKS - 98.0% (continued)
United States - 63.8% (continued)
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) 92,668 $18,069,333
PayPal Holdings Inc. (Software & Services)* 137,912 37,998,893
Pinterest Inc., Class A (Media & Entertainment)* 184,733 10,880,774
Roper Technologies Inc. (Capital Goods) 32,461 15,949,388
salesforce.com Inc. (Software & Services)* 72,057 17,432,750
Schlumberger NV (Energy) 742,459 21,405,093
SVB Financial Group (Banks)* 89,213 49,063,582
Synopsys Inc. (Software & Services)* 81,922 23,592,717
Thermo Fisher Scientific Inc. (Pharmaceuticals, Biotechnology & Life Sciences) 55,170 29,792,352
Trade Desk Inc., Class A (Software & Services)* 235,380 19,279,976
Tradeweb Markets Inc., Class A (Diversified Financials) 239,474 20,769,580
UnitedHealth Group Inc. (Health Care Equipment & Services) 48,666 20,061,099
Verisk Analytics Inc. (Commercial & Professional Services) 73,408 13,943,116
Vertex Pharmaceuticals Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* 160,880 32,430,190
VF Corp. (Consumer Durables & Apparel) 178,620 14,325,324
Walt Disney Co. (Media & Entertainment)* 96,212 16,935,236
Workday Inc., Class A (Software & Services)* 67,155 15,741,132
    1,136,434,007
Total Common Stocks (Cost $1,150,033,934) $1,746,674,964

SHORT TERM INVESTMENTS - 2.5%
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) 45,028,605 45,028,605

Total Short Term Investments (Cost $45,028,605) $45,028,605

Total Investments — 100.5%  
(Cost $1,195,062,539) $1,791,703,569
Liabilities Less Other Assets - (0.5)% (9,072,137)
Net Assets — 100.0% $1,782,631,432
    
 
2
Harding, Loevner Funds, Inc.
Global Equity Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Summary of Abbreviations
ADR American Depositary Receipt
GDR Global Depositary Receipt
Reg S Security sold outside United States without registration under the Securities Act of 1933.
* Non-income producing security.
† Investment categorized as level 2 security.
^ Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 5.0% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.
    
Industry Percentage of
Net Assets
Banks 9.2%
Capital Goods 9.2
Commercial & Professional Services 3.2
Consumer Durables & Apparel 3.0
Diversified Financials 3.4
Energy 2.1
Health Care Equipment & Services 9.1
Household & Personal Products 2.3
Insurance 1.1
Media & Entertainment 10.7
Pharmaceuticals, Biotechnology & Life Sciences 13.3
Retailing 7.0
Semiconductors & Semiconductor Equipment 3.6
Software & Services 17.2
Technology Hardware & Equipment 3.0
Utilities 0.6
Money Market Fund 2.5
Total Investments 100.5
Liabilities Less Other Assets (0.5)
Net Assets 100.0%
3
Harding, Loevner Funds, Inc.
International Equity Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 94.8%
Australia - 3.1%
BHP Group Ltd. - Sponsored ADR (Materials) 8,594,884 $675,214,087
Brazil - 1.1%
Ambev SA - ADR (Food Beverage & Tobacco) 78,046,205 247,406,470
Canada - 2.0%
Alimentation Couche-Tard Inc., Class B (Food & Staples Retailing) 5,830,700 235,031,984
Canadian National Railway Co. (Transportation) 1,873,520 203,520,477
    438,552,461
China - 7.8%
Alibaba Group Holding Ltd. - Sponsored ADR (Retailing)* 1,444,157 281,885,005
CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 210,326,378 284,209,608
ENN Energy Holdings Ltd. (Utilities)† 12,000,000 251,413,156
Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† 26,239,500 230,321,806
Tencent Holdings Ltd. (Media & Entertainment)† 11,065,973 682,896,042
    1,730,725,617
Denmark - 1.0%
Novozymes A/S, Class B (Materials)† 2,908,429 228,612,541
France - 8.5%
Air Liquide SA (Materials)† 1,184,042 205,831,615
Dassault Systemes SE (Software & Services)† 5,989,575 330,445,536
L'Oreal SA (Household & Personal Products)† 1,673,751 766,688,338
Schneider Electric SE (Capital Goods)† 3,430,046 574,752,786
    1,877,718,275
Germany - 8.1%
Allianz SE, Reg S (Insurance)† 2,062,189 513,575,286
Infineon Technologies AG (Semiconductors & Semiconductor Equipment)† 16,195,782 617,531,258
SAP SE - Sponsored ADR (Software & Services) 2,246,697 322,895,293
Symrise AG (Materials)† 2,321,610 342,397,720
    1,796,399,557
Hong Kong - 2.9%
AIA Group Ltd. (Insurance)† 53,059,874 636,472,493
India - 2.8%
HDFC Bank Ltd. - ADR (Banks) 3,716,519 262,274,746
  Shares Value
COMMON STOCKS - 94.8% (continued)
India - 2.8% (continued)
ICICI Bank Ltd. - Sponsored ADR (Banks) 18,756,698 $348,687,016
    610,961,762
Indonesia - 1.0%
Telkom Indonesia Persero Tbk PT (Telecommunication Services)† 968,805,900 217,303,670
Israel - 1.3%
Check Point Software Technologies Ltd. (Software & Services)* 2,193,981 278,854,985
Japan - 12.9%
Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 8,340,300 308,381,250
FANUC Corp. (Capital Goods)† 841,400 188,441,614
Keyence Corp. (Technology Hardware & Equipment)† 876,754 488,197,856
Komatsu Ltd. (Capital Goods)† 10,237,400 266,915,882
Kubota Corp. (Capital Goods)† 16,136,800 337,207,181
Nitori Holdings Co., Ltd. (Retailing)† 1,369,571 260,517,664
Shionogi & Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 4,848,500 254,996,700
Sysmex Corp. (Health Care Equipment & Services)† 2,954,907 351,681,249
Unicharm Corp. (Household & Personal Products)† 9,795,600 392,866,000
    2,849,205,396
Mexico - 1.1%
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) 2,850,857 249,079,376
Netherlands - 3.2%
Adyen NV (Software & Services)*^† 255,161 694,757,628
Russia - 2.5%
LUKOIL PJSC - Sponsored ADR (Energy) 4,339,407 372,711,667
Yandex NV, Class A (Media & Entertainment)* 2,646,234 179,758,676
    552,470,343
Singapore - 2.3%
DBS Group Holdings Ltd. (Banks)† 22,569,608 506,499,414
South Korea - 1.7%
Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† 221,323 379,532,046
 
4
Harding, Loevner Funds, Inc.
International Equity Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 94.8% (continued)
Spain - 1.4%
Banco Bilbao Vizcaya Argentaria SA (Banks)*† 48,872,433 $313,474,573
Sweden - 8.2%
Alfa Laval AB (Capital Goods)† 9,334,893 390,190,517
Atlas Copco AB, Class A (Capital Goods)† 12,373,830 837,637,918
Epiroc AB, Class A (Capital Goods)† 14,364,575 335,761,461
Skandinaviska Enskilda Banken AB, Class A (Banks)† 19,010,570 256,851,443
    1,820,441,339
Switzerland - 11.0%
Alcon Inc. (Health Care Equipment & Services) 4,082,760 297,224,928
Lonza Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)† 654,795 509,615,690
Nestle SA - Sponsored ADR (Food Beverage & Tobacco) 3,375,942 427,598,502
Roche Holding AG, Genusschein (Pharmaceuticals, Biotechnology & Life Sciences)† 1,612,711 623,639,081
SGS SA, Reg S (Commercial & Professional Services)† 61,734 199,987,535
Sonova Holding AG, Reg S (Health Care Equipment & Services)† 953,242 374,554,330
    2,432,620,066
Taiwan - 3.5%
Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR (Semiconductors & Semiconductor Equipment) 6,690,150 780,339,096
United Kingdom - 6.3%
Diageo plc (Food Beverage & Tobacco)† 5,094,086 252,721,414
Rio Tinto plc (Materials)† 5,714,894 487,039,973
Royal Dutch Shell plc, Class B (Energy)† 13,188,856 260,306,600
Standard Chartered plc (Banks)† 22,204,085 133,013,773
Unilever plc (Household & Personal Products)† 4,456,632 256,632,871
    1,389,714,631
United States - 1.1%
Linde plc (Materials)† 767,859 235,257,259

Total Common Stocks (Cost $12,877,695,350) $20,941,613,085

  Shares Value
PREFERRED STOCKS - 3.6%
Brazil - 1.4%
Itau Unibanco Holding SA - Sponsored ADR, 0.58% (Banks)+ 54,129,524 $312,327,353
Germany - 0.4%
FUCHS PETROLUB SE, 2.28% (Materials)+† 1,572,313 78,412,900
South Korea - 1.8%
Samsung Electronics Co., Ltd. - GDR, Reg S, 1.96% (Technology Hardware & Equipment)+† 254,011 400,025,615

Total Preferred Stocks (Cost $446,316,391) $790,765,868

SHORT TERM INVESTMENTS - 3.6%
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) 798,143,687 798,143,687

Total Short Term Investments (Cost $798,143,687) $798,143,687

Total Investments — 102.0%  
(Cost $14,122,155,428) $22,530,522,640
Liabilities Less Other Assets - (2.0)% (438,020,728)
Net Assets — 100.0% $22,092,501,912
    
Summary of Abbreviations
ADR American Depositary Receipt
GDR Global Depositary Receipt
Reg S Security sold outside United States without registration under the Securities Act of 1933.
* Non-income producing security.
† Investment categorized as level 2 security.
^ Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 3.1% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.
+ Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
    
 
5
Harding, Loevner Funds, Inc.
International Equity Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Industry Percentage of
Net Assets
Banks 9.7%
Capital Goods 13.3
Commercial & Professional Services 0.9
Energy 2.9
Food & Staples Retailing 1.1
Food Beverage & Tobacco 5.3
Health Care Equipment & Services 4.6
Household & Personal Products 6.4
Insurance 6.2
Materials 10.2
Media & Entertainment 3.9
Pharmaceuticals, Biotechnology & Life Sciences 9.0
Retailing 2.5
Semiconductors & Semiconductor Equipment 6.3
Software & Services 7.4
Technology Hardware & Equipment 5.7
Telecommunication Services 1.0
Transportation 0.9
Utilities 1.1
Money Market Fund 3.6
Total Investments 102.0
Liabilities Less Other Assets (2.0)
Net Assets 100.0%
6
Harding, Loevner Funds, Inc.
International Small Companies Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 98.0%
Argentina - 1.7%
Globant SA (Software & Services)* 41,619 $9,953,600
Bangladesh - 0.7%
Square Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 1,634,364 4,278,231
Canada - 1.8%
Kinaxis Inc. (Software & Services)* 78,500 10,184,362
China - 1.3%
Haitian International Holdings Ltd. (Capital Goods)† 2,132,000 7,805,288
Denmark - 0.7%
SimCorp A/S (Software & Services)† 28,033 3,896,473
Egypt - 1.5%
Edita Food Industries SAE (Food Beverage & Tobacco)† 9,783,189 4,796,683
Integrated Diagnostics Holdings plc (Health Care Equipment & Services)^† 3,183,805 3,723,797
    8,520,480
Finland - 1.7%
Vaisala OYJ, Class A (Technology Hardware & Equipment)† 216,923 10,076,688
France - 5.1%
Alten SA (Software & Services)† 88,187 14,013,584
LISI (Capital Goods)† 128,823 4,393,631
Rubis SCA (Utilities)† 285,069 11,433,954
    29,841,169
Germany - 9.9%
Bechtle AG (Software & Services)† 57,838 11,954,427
FUCHS PETROLUB SE (Materials)† 258,384 10,349,932
KWS Saat SE & Co. KGaA (Food Beverage & Tobacco)† 87,626 7,372,317
Pfeiffer Vacuum Technology AG (Capital Goods)† 22,433 4,582,068
STRATEC SE (Health Care Equipment & Services)† 100,580 15,614,650
TeamViewer AG (Software & Services)*^† 229,133 7,713,145
    57,586,539
Hong Kong - 0.6%
ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)† 250,200 3,227,862
  Shares Value
COMMON STOCKS - 98.0% (continued)
India - 2.4%
Max Financial Services Ltd. (Insurance)*† 651,927 $9,859,462
SH Kelkar & Co., Ltd. (Materials)^† 1,897,434 4,322,728
    14,182,190
Indonesia - 2.5%
Sarana Menara Nusantara Tbk PT (Telecommunication Services)† 108,226,200 10,973,938
Tower Bersama Infrastructure Tbk PT (Telecommunication Services)† 15,395,900 3,425,755
    14,399,693
Israel - 1.4%
CyberArk Software Ltd. (Software & Services)* 57,715 8,197,262
Italy - 3.7%
Reply SpA (Software & Services)† 118,484 21,203,310
Japan - 12.8%
ABC-Mart Inc. (Retailing)† 30,000 1,660,978
Ariake Japan Co., Ltd. (Food Beverage & Tobacco)† 145,400 8,474,959
BML Inc. (Health Care Equipment & Services)† 119,000 4,123,161
Cosmos Pharmaceutical Corp. (Food & Staples Retailing)† 46,400 7,874,213
Infomart Corp. (Software & Services)† 775,000 6,441,265
JCU Corp. (Materials)† 171,100 6,281,008
MISUMI Group Inc. (Capital Goods)† 71,000 2,476,341
Nihon M&A Center Inc. (Commercial & Professional Services)† 116,900 3,256,771
Pigeon Corp. (Household & Personal Products)† 35,800 1,036,257
Rinnai Corp. (Consumer Durables & Apparel)† 36,300 3,364,312
Rohto Pharmaceutical Co., Ltd. (Household & Personal Products)† 102,400 2,698,118
Santen Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 519,600 7,040,478
SMS Co., Ltd. (Commercial & Professional Services)† 301,200 8,444,152
Solasto Corp. (Health Care Equipment & Services)† 270,300 3,302,160
Stanley Electric Co., Ltd. (Automobiles & Components)† 301,800 7,879,430
    74,353,603
 
7
Harding, Loevner Funds, Inc.
International Small Companies Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 98.0% (continued)
Kuwait - 0.8%
Mabanee Co. KPSC (Real Estate)† 1,958,079 $4,703,706
Lithuania - 1.8%
Siauliu Bankas AB (Banks)† 11,886,663 10,215,255
Malaysia - 1.2%
Dialog Group Bhd. (Energy)† 5,411,540 3,526,855
TIME dotCom Bhd. (Telecommunication Services)† 1,086,500 3,709,349
    7,236,204
Mexico - 1.9%
Grupo Herdez SAB de CV (Food Beverage & Tobacco) 2,659,538 5,567,244
Megacable Holdings SAB de CV (Media & Entertainment) 1,623,700 5,693,401
    11,260,645
Norway - 2.2%
Tomra Systems ASA (Commercial & Professional Services)† 221,943 12,830,968
Poland - 0.5%
CD Projekt SA (Media & Entertainment)† 57,303 2,748,639
Romania - 0.3%
Societatea Nationala de Gaze Naturale ROMGAZ SA (Energy)† 241,357 1,810,936
Saudi Arabia - 1.0%
Jarir Marketing Co. (Retailing)† 104,161 5,587,380
South Africa - 0.6%
Clicks Group Ltd. (Food & Staples Retailing)† 90,627 1,638,712
Discovery Ltd. (Insurance)*† 210,024 1,683,812
    3,322,524
South Korea - 1.5%
Cheil Worldwide Inc. (Media & Entertainment)† 401,179 8,456,260
Spain - 0.6%
Bankinter SA (Banks)† 658,369 3,589,736
Sweden - 3.1%
Intrum AB (Commercial & Professional Services)† 215,817 6,681,211
Paradox Interactive AB (Media & Entertainment)† 389,910 7,848,107
Thule Group AB (Consumer Durables & Apparel)^† 68,265 3,449,176
    17,978,494
Switzerland - 4.6%
Bossard Holding AG, Class A, Reg S (Capital Goods)† 29,788 9,652,515
  Shares Value
COMMON STOCKS - 98.0% (continued)
Switzerland - 4.6% (continued)
LEM Holding SA, Reg S (Technology Hardware & Equipment)† 4,353 $10,883,420
VAT Group AG (Capital Goods)^† 14,938 5,864,570
    26,400,505
Taiwan - 3.0%
Advantech Co., Ltd. (Technology Hardware & Equipment)† 236,645 3,085,271
Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)† 2,443,700 6,570,877
Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† 154,909 3,377,983
Silergy Corp. (Semiconductors & Semiconductor Equipment)† 34,000 4,606,067
    17,640,198
Ukraine - 0.8%
Kernel Holding SA (Food Beverage & Tobacco)† 315,941 4,371,714
United Arab Emirates - 0.9%
Agthia Group PJSC (Food Beverage & Tobacco)† 2,990,140 5,059,021
United Kingdom - 20.8%
Abcam plc (Pharmaceuticals, Biotechnology & Life Sciences)*† 569,251 10,758,256
Bank of Georgia Group plc (Banks)*† 469,602 9,784,877
Clarkson plc (Transportation)† 150,888 6,762,593
Cranswick plc (Food Beverage & Tobacco)† 83,308 4,687,798
Dechra Pharmaceuticals plc (Pharmaceuticals, Biotechnology & Life Sciences)† 215,062 14,844,932
Diploma plc (Capital Goods)† 275,235 11,314,570
EMIS Group plc (Health Care Equipment & Services)† 432,371 7,751,550
HomeServe plc (Commercial & Professional Services)† 281,238 3,652,424
Keywords Studios plc (Software & Services)*† 295,860 12,057,969
Network International Holdings plc (Software & Services)*^† 1,417,388 6,712,840
Rathbone Brothers plc (Diversified Financials)† 158,716 4,134,892
Rightmove plc (Media & Entertainment)† 523,402 5,106,874
Senior plc (Capital Goods)*† 5,862,060 13,192,373
YouGov plc (Media & Entertainment)† 556,999 9,819,521
    120,581,469
 
8
Harding, Loevner Funds, Inc.
International Small Companies Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 98.0% (continued)
United States - 1.2%
Core Laboratories NV (Energy) 101,844 $3,397,516
Sensata Technologies Holding plc (Capital Goods)* 59,944 3,513,917
    6,911,433
Vietnam - 3.4%
Hoa Phat Group JSC (Materials)† 9,663,896 19,919,026

Total Common Stocks (Cost $388,238,134) $568,330,863

SHORT TERM INVESTMENTS - 2.1%
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) 12,004,303 12,004,303

Total Short Term Investments (Cost $12,004,303) $12,004,303

Total Investments — 100.1%  
(Cost $400,242,437) $580,335,166
Liabilities Less Other Assets - (0.1)% (621,373)
Net Assets — 100.0% $579,713,793
    
Summary of Abbreviations
Reg S Security sold outside United States without registration under the Securities Act of 1933.
* Non-income producing security.
† Investment categorized as level 2 security.
^ Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 5.5% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.
    
Industry Percentage of
Net Assets
Automobiles & Components 1.4%
Banks 4.1
Capital Goods 10.8
Commercial & Professional Services 6.0
Consumer Durables & Apparel 1.8
Diversified Financials 0.7
Energy 1.5
Food & Staples Retailing 1.6
Food Beverage & Tobacco 7.0
Health Care Equipment & Services 6.0
Household & Personal Products 0.6
Insurance 2.0
Materials 7.0
Media & Entertainment 6.8
Pharmaceuticals, Biotechnology & Life Sciences 6.4
Real Estate 0.8
Retailing 1.2
Semiconductors & Semiconductor Equipment 2.5
Software & Services 19.4
Technology Hardware & Equipment 4.1
Telecommunication Services 3.1
Transportation 1.2
Utilities 2.0
Money Market Fund 2.1
Total Investments 100.1
Liabilities Less Other Assets (0.1)
Net Assets 100.0%
 
9
Harding, Loevner Funds, Inc.
Institutional Emerging Markets Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 95.1%
Brazil - 4.3%
Ambev SA - ADR (Food Beverage & Tobacco) 22,077,239 $69,984,848
B3 SA - Brasil Bolsa Balcao (Diversified Financials) 15,706,500 45,989,368
Cia Brasileira de Distribuicao - ADR (Food & Staples Retailing) 1,301,993 7,877,058
Localiza Rent a Car SA (Transportation) 5,698,770 68,003,371
Lojas Renner SA (Retailing) 3,842,300 30,468,389
Ultrapar Participacoes SA (Energy) 6,647,078 22,564,266
WEG SA (Capital Goods) 6,555,192 44,945,213
    289,832,513
Chile - 0.2%
Banco Santander Chile - ADR (Banks) 832,366 16,264,432
China - 25.1%
51job Inc. - ADR (Commercial & Professional Services)* 608,105 43,795,722
Alibaba Group Holding Ltd. (Retailing)*† 7,133,816 174,325,086
Alibaba Group Holding Ltd. - Sponsored ADR (Retailing)* 464,020 90,572,064
Baidu Inc., Class A (Media & Entertainment)*† 2,436,508 49,687,492
China Tourism Group Duty Free Corp., Ltd., Class A (Retailing)† 1,509,000 56,326,519
Country Garden Services Holdings Co., Ltd. (Commercial & Professional Services)† 5,451,504 44,272,113
CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 70,550,080 95,332,838
ENN Energy Holdings Ltd. (Utilities)† 6,139,200 128,622,971
Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† 11,783,000 75,014,091
Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† 5,289,500 40,454,736
Jiangsu Hengrui Medicine Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† 2,500,920 21,061,434
Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† 9,581,064 94,155,640
Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† 10,085,500 88,527,242
  Shares Value
COMMON STOCKS - 95.1% (continued)
China - 25.1% (continued)
Sangfor Technologies Inc., Class A (Software & Services)† 1,460,100 $54,900,578
SF Holding Co., Ltd., Class A (Transportation)† 3,141,800 28,820,124
Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† 3,921,000 86,856,536
Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 24,174,135 20,573,495
Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† 3,371,500 102,190,400
Tencent Holdings Ltd. (Media & Entertainment)† 4,016,800 247,882,118
Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^† 5,635,500 86,031,288
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† 11,283,183 37,399,025
ZTO Express Cayman Inc. - ADR (Transportation) 428,799 11,603,301
    1,678,404,813
Czech Republic - 0.7%
Komercni banka AS (Banks)*† 1,306,760 48,558,938
Egypt - 0.5%
Commercial International Bank Egypt SAE - GDR, Reg S (Banks)*† 9,265,400 33,630,745
Hong Kong - 6.8%
AIA Group Ltd. (Insurance)† 14,430,615 173,100,477
ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)† 4,649,469 59,983,394
Sands China Ltd. (Consumer Services)*† 21,489,738 73,538,185
Techtronic Industries Co., Ltd. (Capital Goods)† 8,196,801 146,697,437
    453,319,493
India - 8.0%
HDFC Bank Ltd. - ADR (Banks) 1,057,780 74,647,535
Housing Development Finance Corp., Ltd. (Banks)† 4,509,558 148,593,475
Kotak Mahindra Bank Ltd. (Banks)*† 3,685,261 82,230,021
Maruti Suzuki India Ltd. (Automobiles & Components)† 771,464 72,525,373
Tata Consultancy Services Ltd. (Software & Services)† 3,630,060 154,627,113
    532,623,517
 
10
Harding, Loevner Funds, Inc.
Institutional Emerging Markets Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 95.1% (continued)
Indonesia - 2.2%
Astra International Tbk PT (Automobiles & Components)† 82,460,900 $26,923,752
Bank Central Asia Tbk PT (Banks)† 26,397,633 54,493,481
Bank Rakyat Indonesia Persero Tbk PT (Banks)† 265,088,100 68,069,314
    149,486,547
Italy - 0.7%
Tenaris SA - ADR (Energy) 2,421,534 49,496,155
Kenya - 1.3%
East African Breweries Ltd. (Food Beverage & Tobacco)*† 6,241,665 10,316,461
Safaricom plc (Telecommunication Services)† 199,735,027 77,154,017
    87,470,478
Mexico - 5.5%
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) 1,045,741 91,366,391
Grupo Aeroportuario del Sureste SAB de CV - ADR (Transportation)* 349,263 63,293,441
Grupo Financiero Banorte SAB de CV, Series O (Banks) 17,240,700 111,769,537
Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) 30,807,300 101,554,789
    367,984,158
Panama - 0.4%
Copa Holdings SA, Class A (Transportation)* 375,707 26,641,383
Poland - 0.4%
CD Projekt SA (Media & Entertainment)† 592,608 28,425,481
Russia - 8.8%
LUKOIL PJSC - Sponsored ADR (Energy) 1,664,733 142,983,917
Novatek PJSC - Sponsored GDR, Reg S (Energy)† 751,422 167,189,427
Sberbank of Russia PJSC - Sponsored ADR (Banks)† 9,513,490 158,362,702
Yandex NV, Class A (Media & Entertainment)* 1,771,292 120,323,866
    588,859,912
South Africa - 1.5%
Discovery Ltd. (Insurance)*† 6,347,706 50,891,055
Standard Bank Group Ltd. (Banks)† 5,481,399 46,191,528
    97,082,583
  Shares Value
COMMON STOCKS - 95.1% (continued)
South Korea - 9.1%
Amorepacific Corp. (Household & Personal Products)† 140,115 $27,002,548
Coway Co., Ltd. (Consumer Durables & Apparel)† 688,987 51,431,897
LG Household & Health Care Ltd. (Household & Personal Products)† 118,214 150,091,337
NCSoft Corp. (Media & Entertainment)† 74,156 53,138,243
Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† 188,912 323,952,584
    605,616,609
Taiwan - 11.5%
Airtac International Group (Capital Goods)† 2,562,000 82,663,224
Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† 5,011,031 109,271,746
Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† 27,074,031 106,912,953
Largan Precision Co., Ltd. (Technology Hardware & Equipment)† 563,000 59,170,230
Silergy Corp. (Semiconductors & Semiconductor Equipment)† 445,122 60,301,812
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† 16,745,277 348,679,361
    766,999,326
Thailand - 0.8%
Siam Commercial Bank pcl, Reg S (Banks)† 19,072,270 54,255,944
United Kingdom - 2.9%
Bank of Georgia Group plc (Banks)*† 713,964 14,876,534
Coca-Cola HBC AG - CDI (Food Beverage & Tobacco)*† 3,911,571 147,763,506
Network International Holdings plc (Software & Services)*^† 6,817,126 32,286,345
    194,926,385
United States - 4.4%
EPAM Systems Inc. (Software & Services)* 519,733 290,946,533

Total Common Stocks (Cost $4,127,027,108) $6,360,825,945

PREFERRED STOCKS - 3.3%
Brazil - 2.4%
Banco Bradesco SA - ADR (Banks)* 17,923,732 83,703,828
 
11
Harding, Loevner Funds, Inc.
Institutional Emerging Markets Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
PREFERRED STOCKS - 3.3% (continued)
Brazil - 2.4% (continued)
Itau Unibanco Holding SA - Sponsored ADR, 0.58% (Banks)+ 13,217,962 $76,267,641
    159,971,469
Colombia - 0.5%
Bancolombia SA - Sponsored ADR, 0.86% (Banks)+ 1,296,898 36,896,748
South Korea - 0.4%
Samsung Electronics Co., Ltd. - GDR, Reg S, 1.96% (Technology Hardware & Equipment)+† 14,985 23,598,915

Total Preferred Stocks (Cost $195,449,842) $220,467,132

SHORT TERM INVESTMENTS - 1.7%
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) 112,131,998 112,131,998

Total Short Term Investments (Cost $112,131,998) $112,131,998

Total Investments — 100.1%  
(Cost $4,434,608,948) $6,693,425,075
Liabilities Less Other Assets - (0.1)% (5,523,335)
Net Assets — 100.0% $6,687,901,740
    
Summary of Abbreviations
ADR American Depositary Receipt
CDI Chess Depositary Interest
GDR Global Depositary Receipt
Reg S Security sold outside United States without registration under the Securities Act of 1933.
* Non-income producing security.
† Investment categorized as level 2 security.
^ Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 2.9% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.
+ Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
    
Industry Percentage of
Net Assets
Automobiles & Components 2.6%
Banks 16.6
Capital Goods 5.3
Commercial & Professional Services 1.3
Consumer Durables & Apparel 5.1
Consumer Services 1.1
Diversified Financials 0.7
Energy 5.7
Food & Staples Retailing 1.6
Food Beverage & Tobacco 4.8
Household & Personal Products 2.6
Insurance 4.7
Media & Entertainment 7.5
Pharmaceuticals, Biotechnology & Life Sciences 3.3
Retailing 5.3
Semiconductors & Semiconductor Equipment 7.0
Software & Services 8.0
Technology Hardware & Equipment 9.2
Telecommunication Services 1.1
Transportation 3.0
Utilities 1.9
Money Market Fund 1.7
Total Investments 100.1
Liabilities Less Other Assets (0.1)
Net Assets 100.0%
 
12
Harding, Loevner Funds, Inc.
Emerging Markets Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 95.4%
Brazil - 4.4%
Ambev SA - ADR (Food Beverage & Tobacco) 12,806,554 $40,596,776
B3 SA - Brasil Bolsa Balcao (Diversified Financials) 9,111,000 26,677,435
Cia Brasileira de Distribuicao - ADR (Food & Staples Retailing) 764,265 4,623,803
Localiza Rent a Car SA (Transportation) 3,305,755 39,447,545
Lojas Renner SA (Retailing) 2,228,800 17,673,775
Ultrapar Participacoes SA (Energy) 3,901,800 13,245,106
WEG SA (Capital Goods) 3,802,560 26,071,985
    168,336,425
Chile - 0.3%
Banco Santander Chile - ADR (Banks) 482,839 9,434,674
China - 25.2%
51job Inc. - ADR (Commercial & Professional Services)* 352,749 25,404,983
Alibaba Group Holding Ltd. (Retailing)*† 4,138,164 101,122,008
Alibaba Group Holding Ltd. - Sponsored ADR (Retailing)* 269,168 52,538,902
Baidu Inc., Class A (Media & Entertainment)*† 1,461,794 29,810,236
China Tourism Group Duty Free Corp., Ltd., Class A (Retailing)† 875,300 32,672,367
Country Garden Services Holdings Co., Ltd. (Commercial & Professional Services)† 3,159,000 25,654,499
CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 40,924,560 55,300,497
ENN Energy Holdings Ltd. (Utilities)† 3,560,700 74,600,569
Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† 6,834,900 43,513,011
Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† 3,068,379 23,467,334
Jiangsu Hengrui Medicine Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† 1,467,960 12,362,388
Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† 5,557,768 54,617,650
Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† 5,850,500 51,353,788
  Shares Value
COMMON STOCKS - 95.4% (continued)
China - 25.2% (continued)
Sangfor Technologies Inc., Class A (Software & Services)† 847,000 $31,847,674
SF Holding Co., Ltd., Class A (Transportation)† 1,822,500 16,718,020
Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† 2,275,000 50,394,955
Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 14,190,182 12,076,612
Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† 1,955,700 59,277,403
Tencent Holdings Ltd. (Media & Entertainment)† 2,330,100 143,793,597
Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^† 3,269,000 49,904,406
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† 6,557,110 21,734,073
ZTO Express Cayman Inc. - ADR (Transportation) 248,737 6,730,823
    974,895,795
Czech Republic - 0.7%
Komercni banka AS (Banks)*† 758,025 28,168,056
Egypt - 0.5%
Commercial International Bank Egypt SAE - GDR, Reg S (Banks)*† 5,403,127 19,611,802
Hong Kong - 6.8%
AIA Group Ltd. (Insurance)† 8,370,989 100,413,058
ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)† 2,694,423 34,761,096
Sands China Ltd. (Consumer Services)*† 12,465,744 42,657,951
Techtronic Industries Co., Ltd. (Capital Goods)† 4,755,000 85,099,823
    262,931,928
India - 8.0%
HDFC Bank Ltd. - ADR (Banks) 613,597 43,301,540
Housing Development Finance Corp., Ltd. (Banks)† 2,615,902 86,196,024
Kotak Mahindra Bank Ltd. (Banks)*† 2,137,744 47,699,942
Maruti Suzuki India Ltd. (Automobiles & Components)† 447,066 42,028,699
Tata Consultancy Services Ltd. (Software & Services)† 2,105,723 89,696,002
    308,922,207
 
13
Harding, Loevner Funds, Inc.
Emerging Markets Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 95.4% (continued)
Indonesia - 2.2%
Astra International Tbk PT (Automobiles & Components)† 47,833,900 $15,617,924
Bank Central Asia Tbk PT (Banks)† 15,312,710 31,610,519
Bank Rakyat Indonesia Persero Tbk PT (Banks)† 153,772,190 39,485,618
    86,714,061
Italy - 0.7%
Tenaris SA - ADR (Energy) 1,404,682 28,711,700
Kenya - 1.3%
East African Breweries Ltd. (Food Beverage & Tobacco)*† 3,663,850 6,055,751
Safaricom plc (Telecommunication Services)† 115,862,201 44,755,466
    50,811,217
Mexico - 5.5%
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) 606,613 52,999,778
Grupo Aeroportuario del Sureste SAB de CV - ADR (Transportation)* 202,601 36,715,353
Grupo Financiero Banorte SAB de CV, Series O (Banks) 10,000,940 64,834,979
Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) 17,870,700 58,909,907
    213,460,017
Panama - 0.4%
Copa Holdings SA, Class A (Transportation)* 219,094 15,535,955
Poland - 0.4%
CD Projekt SA (Media & Entertainment)† 343,760 16,489,051
Russia - 8.8%
LUKOIL PJSC - Sponsored ADR (Energy) 965,677 82,941,997
Novatek PJSC - Sponsored GDR, Reg S (Energy)† 435,885 96,983,271
Sberbank of Russia PJSC - Sponsored ADR (Banks)† 5,518,580 91,862,948
Yandex NV, Class A (Media & Entertainment)* 1,027,490 69,797,396
    341,585,612
South Africa - 1.5%
Discovery Ltd. (Insurance)*† 3,682,174 29,520,857
Standard Bank Group Ltd. (Banks)† 3,179,647 26,794,757
    56,315,614
  Shares Value
COMMON STOCKS - 95.4% (continued)
South Korea - 9.1%
Amorepacific Corp. (Household & Personal Products)† 81,278 $15,663,655
Coway Co., Ltd. (Consumer Durables & Apparel)† 401,784 29,992,603
LG Household & Health Care Ltd. (Household & Personal Products)† 68,574 87,065,520
NCSoft Corp. (Media & Entertainment)† 42,898 30,739,581
Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† 109,283 187,402,125
    350,863,484
Taiwan - 11.5%
Airtac International Group (Capital Goods)† 1,486,000 47,945,961
Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† 2,907,216 63,395,451
Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† 15,705,136 62,018,192
Largan Precision Co., Ltd. (Technology Hardware & Equipment)† 327,001 34,367,183
Silergy Corp. (Semiconductors & Semiconductor Equipment)† 258,000 34,951,918
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† 9,713,637 202,262,688
    444,941,393
Thailand - 0.8%
Siam Commercial Bank pcl, Reg S (Banks)† 11,063,500 31,472,952
United Kingdom - 2.9%
Bank of Georgia Group plc (Banks)*† 419,094 8,732,466
Coca-Cola HBC AG - CDI (Food Beverage & Tobacco)*† 2,269,022 85,714,575
Network International Holdings plc (Software & Services)*^† 3,975,414 18,827,815
    113,274,856
United States - 4.4%
EPAM Systems Inc. (Software & Services)* 301,486 168,771,863

Total Common Stocks (Cost $2,141,354,835) $3,691,248,662

PREFERRED STOCKS - 3.3%
Brazil - 2.4%
Banco Bradesco SA - ADR (Banks)* 10,397,190 48,554,877
 
14
Harding, Loevner Funds, Inc.
Emerging Markets Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
PREFERRED STOCKS - 3.3% (continued)
Brazil - 2.4% (continued)
Itau Unibanco Holding SA - Sponsored ADR, 0.58% (Banks)+ 7,667,469 $44,241,296
    92,796,173
Colombia - 0.5%
Bancolombia SA - Sponsored ADR, 0.86% (Banks)+ 752,304 21,403,049
South Korea - 0.4%
Samsung Electronics Co., Ltd. - GDR, Reg S, 1.96% (Technology Hardware & Equipment)+† 8,692 13,688,473

Total Preferred Stocks (Cost $93,575,299) $127,887,695

SHORT TERM INVESTMENTS - 1.4%
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) 53,143,795 53,143,795

Total Short Term Investments (Cost $53,143,795) $53,143,795

Total Investments — 100.1%  
(Cost $2,288,073,929) $3,872,280,152
Liabilities Less Other Assets - (0.1)% (5,425,520)
Net Assets — 100.0% $3,866,854,632
    
Summary of Abbreviations
ADR American Depositary Receipt
CDI Chess Depositary Interest
GDR Global Depositary Receipt
Reg S Security sold outside United States without registration under the Securities Act of 1933.
* Non-income producing security.
† Investment categorized as level 2 security.
^ Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 2.9% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.
+ Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
    
Industry Percentage of
Net Assets
Automobiles & Components 2.6%
Banks 16.6
Capital Goods 5.3
Commercial & Professional Services 1.3
Consumer Durables & Apparel 5.1
Consumer Services 1.1
Diversified Financials 0.7
Energy 5.7
Food & Staples Retailing 1.6
Food Beverage & Tobacco 4.8
Household & Personal Products 2.7
Insurance 4.7
Media & Entertainment 7.5
Pharmaceuticals, Biotechnology & Life Sciences 3.4
Retailing 5.3
Semiconductors & Semiconductor Equipment 7.0
Software & Services 8.0
Technology Hardware & Equipment 9.2
Telecommunication Services 1.2
Transportation 3.0
Utilities 1.9
Money Market Fund 1.4
Total Investments 100.1
Liabilities Less Other Assets (0.1)
Net Assets 100.0%
 
15
Harding, Loevner Funds, Inc.
Frontier Emerging Markets Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 94.7%
Argentina - 4.8%
Globant SA (Software & Services)* 41,889 $10,018,173
Bangladesh - 2.7%
GrameenPhone Ltd. (Telecommunication Services)† 160,820 718,780
Square Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 1,914,233 5,010,837
    5,729,617
Colombia - 3.5%
Cementos Argos SA - Sponsored ADR (Materials)#† 39,796 287,081
Ecopetrol SA - Sponsored ADR (Energy) 467,965 6,322,207
Grupo Nutresa SA (Food Beverage & Tobacco) 133,495 712,570
    7,321,858
Croatia - 0.2%
Ericsson Nikola Tesla (Technology Hardware & Equipment)† 1,848 486,628
Egypt - 6.2%
Commercial International Bank Egypt SAE - GDR, Reg S (Banks)*† 2,536,983 9,208,521
Edita Food Industries SAE (Food Beverage & Tobacco)† 2,420,147 1,186,594
Integrated Diagnostics Holdings plc (Health Care Equipment & Services)^† 2,281,484 2,668,437
    13,063,552
Iceland - 1.4%
Marel HF (Capital Goods)^† 384,042 2,888,220
Indonesia - 2.5%
Bank Central Asia Tbk PT (Banks)† 2,507,500 5,176,313
Kazakhstan - 3.4%
Halyk Savings Bank of Kazakhstan JSC - GDR, Reg S (Banks)† 483,311 7,212,298
Kenya - 6.5%
East African Breweries Ltd. (Food Beverage & Tobacco)*† 686,200 1,134,178
Equity Group Holdings plc (Banks)*† 7,301,000 3,287,447
Safaricom plc (Telecommunication Services)† 24,032,850 9,283,454
    13,705,079
  Shares Value
COMMON STOCKS - 94.7% (continued)
Morocco - 2.8%
Itissalat Al-Maghrib (Telecommunication Services)† 166,329 $2,527,842
Societe d'Exploitation des Ports (Transportation)† 113,141 3,292,323
    5,820,165
Nigeria - 6.1%
Guaranty Trust Holding Co., plc (Banks) 48,903,727 3,387,014
Nestle Nigeria plc (Food Beverage & Tobacco) 1,394,492 5,218,755
Zenith Bank plc (Banks) 71,417,980 4,260,781
    12,866,550
Pakistan - 0.7%
MCB Bank Ltd. (Banks)† 1,268,800 1,262,947
Oil & Gas Development Co., Ltd. (Energy)† 515,000 295,965
    1,558,912
Peru - 0.7%
Alicorp SAA (Food Beverage & Tobacco) 808,855 1,105,183
Cementos Pacasmayo SAA (Materials) 222,899 272,183
    1,377,366
Philippines - 18.2%
Bank of the Philippine Islands (Banks)† 2,631,334 4,236,817
BDO Unibank Inc. (Banks)† 1,262,828 2,577,246
International Container Terminal Services Inc. (Transportation)† 810,800 2,523,432
Jollibee Foods Corp. (Consumer Services)† 579,900 2,204,030
Robinsons Retail Holdings Inc. (Food & Staples Retailing)† 1,773,450 1,906,251
Security Bank Corp. (Banks)† 1,429,540 3,147,467
SM Prime Holdings Inc. (Real Estate)† 10,727,200 6,751,472
Universal Robina Corp. (Food Beverage & Tobacco)† 2,278,950 5,776,535
Wilcon Depot Inc. (Retailing)† 20,655,300 9,098,541
    38,221,791
Poland - 0.5%
CD Projekt SA (Media & Entertainment)† 24,149 1,158,349
Romania - 4.8%
Banca Transilvania SA (Banks)† 12,395,354 8,372,432
Societatea Nationala de Gaze Naturale ROMGAZ SA (Energy)† 243,806 1,829,312
    10,201,744
 
16
Harding, Loevner Funds, Inc.
Frontier Emerging Markets Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 94.7% (continued)
Saudi Arabia - 3.0%
Bupa Arabia for Cooperative Insurance Co. (Insurance)† 44,007 $1,619,367
Jarir Marketing Co. (Retailing)† 39,296 2,107,907
Mouwasat Medical Services Co. (Health Care Equipment & Services)† 54,562 2,633,124
    6,360,398
Slovenia - 1.2%
Krka dd Novo mesto (Pharmaceuticals, Biotechnology & Life Sciences)† 19,431 2,515,169
Sri Lanka - 0.1%
Commercial Bank of Ceylon plc (Banks)† 313,399 134,000
Thailand - 0.5%
Home Product Center pcl, Reg S (Retailing)† 2,777,294 1,123,846
United Arab Emirates - 3.9%
Agthia Group PJSC (Food Beverage & Tobacco)† 2,237,089 3,784,933
Emaar Properties PJSC (Real Estate)† 4,037,225 4,370,014
    8,154,947
United Kingdom - 3.4%
Bank of Georgia Group plc (Banks)*† 74,294 1,548,029
Network International Holdings plc (Software & Services)*^† 951,539 4,506,550
TBC Bank Group plc (Banks)*† 60,468 1,019,816
    7,074,395
United States - 4.6%
EPAM Systems Inc. (Software & Services)* 17,195 9,625,761
Vietnam - 13.0%
Bank for Foreign Trade of Vietnam JSC (Banks)† 1,739,610 7,427,837
Hoa Phat Group JSC (Materials)† 3,949,762 8,141,169
Sai Gon Cargo Service Corp. (Transportation)† 337,770 1,987,943
Saigon Beer Alcohol Beverage Corp. (Food Beverage & Tobacco)† 481,310 3,332,526
Vietnam Dairy Products JSC (Food Beverage & Tobacco)† 1,736,794 6,530,135
    27,419,610
Total Common Stocks (Cost $152,035,609) $199,214,741

  Shares Value
PREFERRED STOCKS - 2.4%
Colombia - 2.4%
Bancolombia SA - Sponsored ADR, 0.86% (Banks)+ 174,722 $4,970,841

Total Preferred Stocks (Cost $5,113,817) $4,970,841

SHORT TERM INVESTMENTS - 1.9%
Northern Institutional Funds -
Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) 		4,030,355 4,030,355

Total Short Term Investments (Cost $4,030,355) $4,030,355

Total Investments — 99.0%  
(Cost $161,179,781) $208,215,937
Other Assets Less Liabilities - 1.0% 2,209,426
Net Assets — 100.0% $210,425,363
    
Summary of Abbreviations
ADR American Depositary Receipt
GDR Global Depositary Receipt
Reg S Security sold outside United States without registration under the Securities Act of 1933.
* Non-income producing security.
† Investment categorized as level 2 security.
# Security valued at fair value as determined in good faith under policies and procedures established by and under the supervision of the Portfolio’s Board of Directors.
^ Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 4.8% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.
+ Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
    
 
17
Harding, Loevner Funds, Inc.
Frontier Emerging Markets Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Industry Percentage of
Net Assets
Banks 31.9%
Capital Goods 1.4
Consumer Services 1.0
Energy 4.0
Food & Staples Retailing 0.9
Food Beverage & Tobacco 13.7
Health Care Equipment & Services 2.5
Insurance 0.8
Materials 4.1
Media & Entertainment 0.6
Pharmaceuticals, Biotechnology & Life Sciences 3.6
Real Estate 5.3
Retailing 5.9
Software & Services 11.5
Technology Hardware & Equipment 0.2
Telecommunication Services 6.0
Transportation 3.7
Money Market Fund 1.9
Total Investments 99.0
Other Assets Less Liabilities 1.0
Net Assets 100.0%
18
Harding, Loevner Funds, Inc.
Global Equity Research Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 97.6%
Argentina - 0.1%
Globant SA (Software & Services)* 58 $13,871
Australia - 0.4%
BHP Group Ltd. (Materials)† 676 26,492
Cochlear Ltd. (Health Care Equipment & Services)† 83 14,974
    41,466
Brazil - 1.0%
Ambev SA - ADR (Food Beverage & Tobacco) 7,484 23,724
B3 SA - Brasil Bolsa Balcao (Diversified Financials) 3,000 8,784
Cia Brasileira de Distribuicao - ADR (Food & Staples Retailing) 2,433 14,720
Localiza Rent a Car SA (Transportation) 1,100 13,126
Raia Drogasil SA (Food & Staples Retailing)* 2,500 12,116
Ultrapar Participacoes SA - Sponsored ADR (Energy) 2,681 9,169
WEG SA (Capital Goods) 1,600 10,970
    92,609
Canada - 1.1%
Alimentation Couche-Tard Inc. (Food & Staples Retailing) 1,600 65,367
Imperial Oil Ltd. (Energy) 1,500 41,095
    106,462
Chile - 0.2%
Banco Santander Chile - ADR (Banks) 1,149 22,451
China - 7.7%
51job Inc. - ADR (Commercial & Professional Services)* 150 10,803
AAC Technologies Holdings Inc. (Technology Hardware & Equipment)† 5,670 33,992
Alibaba Group Holding Ltd. (Retailing)*† 440 10,752
Baidu Inc., Class A (Media & Entertainment)*† 500 10,197
China Merchants Bank Co., Ltd., Class A (Banks)† 1,900 13,677
China Tourism Group Duty Free Corp., Ltd., Class A (Retailing)† 500 18,664
Country Garden Services Holdings Co., Ltd. (Commercial & Professional Services)† 2,000 16,242
CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 15,360 20,756
  Shares Value
COMMON STOCKS - 97.6% (continued)
China - 7.7% (continued)
ENN Energy Holdings Ltd. (Utilities)† 2,000 $41,902
Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† 3,600 22,919
Glodon Co., Ltd., Class A (Software & Services)† 2,000 19,493
Gree Electric Appliances Inc. of Zhuhai, Class A (Consumer Durables & Apparel)† 1,200 8,824
Haier Smart Home Co., Ltd., Class H (Consumer Durables & Apparel)† 4,000 13,710
Haitian International Holdings Ltd. (Capital Goods)† 4,000 14,644
Hangzhou Tigermed Consulting Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† 700 17,074
Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† 1,800 13,767
Hongfa Technology Co., Ltd., Class A (Capital Goods)† 2,700 27,496
Inner Mongolia Yili Industrial Group Co., Ltd., Class A (Food Beverage & Tobacco)† 2,600 13,441
JD.com Inc., Class A (Retailing)*† 414 14,701
Jiangsu Expressway Co., Ltd., Class H (Transportation)† 12,000 12,823
Jiangsu Hengrui Medicine Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† 1,008 8,489
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A (Food Beverage & Tobacco)† 600 15,132
Kweichow Moutai Co., Ltd., Class A (Food Beverage & Tobacco)† 100 25,989
Meituan, Class B (Retailing)*^† 300 8,314
Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† 1,200 11,793
NetEase Inc. - ADR (Media & Entertainment) 205 20,953
Ping An Insurance Group Co. of China Ltd., Class A (Insurance)† 1,900 15,784
Sangfor Technologies Inc., Class A (Software & Services)† 400 15,040
SF Holding Co., Ltd., Class A (Transportation)† 1,900 17,429
 
19
Harding, Loevner Funds, Inc.
Global Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 97.6% (continued)
China - 7.7% (continued)
Shandong Sinocera Functional Material Co., Ltd., Class A (Materials)† 2,000 $14,490
Shanghai International Airport Co., Ltd., Class A (Transportation)† 2,300 13,721
Shenzhen Inovance Technology Co., Ltd., Class A (Capital Goods)† 1,350 16,281
Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† 1,000 22,152
Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 13,500 11,489
Songcheng Performance Development Co., Ltd., Class A (Consumer Services)† 4,200 8,236
Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† 600 18,186
Suofeiya Home Collection Co., Ltd., Class A (Consumer Durables & Apparel)† 4,000 11,828
Tencent Holdings Ltd. (Media & Entertainment)† 200 12,342
TravelSky Technology Ltd., Class H (Software & Services)† 5,000 8,535
Trip.com Group Ltd. (Retailing)*† 514 14,239
Wuliangye Yibin Co., Ltd., Class A (Food Beverage & Tobacco)† 500 17,083
WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† 686 15,914
Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^† 1,500 22,899
Yonyou Network Technology Co., Ltd., Class A (Software & Services)† 3,500 19,402
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† 4,400 14,584
    736,181
Colombia - 0.8%
Cementos Argos SA (Materials) 9,486 13,686
Ecopetrol SA - Sponsored ADR (Energy) 3,708 50,095
  Shares Value
COMMON STOCKS - 97.6% (continued)
Colombia - 0.8% (continued)
Grupo Nutresa SA (Food Beverage & Tobacco) 2,782 $14,850
    78,631
Czech Republic - 0.2%
Komercni banka AS (Banks)*† 493 18,320
Denmark - 1.1%
Ambu A/S, Class B (Health Care Equipment & Services)† 494 18,277
Chr Hansen Holding A/S (Materials)† 129 11,603
Coloplast A/S, Class B (Health Care Equipment & Services)† 193 35,289
Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*† 39 17,592
Novozymes A/S, Class B (Materials)† 254 19,965
    102,726
Egypt - 0.2%
Commercial International Bank Egypt SAE - GDR, Reg S (Banks)*† 4,564 16,566
Finland - 0.4%
Kone OYJ, Class B (Capital Goods)† 211 17,473
Neste OYJ (Energy)† 314 19,320
    36,793
France - 3.9%
Air Liquide SA (Materials)† 330 57,367
Dassault Systemes SE (Software & Services)† 650 35,861
IPSOS (Media & Entertainment)† 1,082 50,214
Kering SA (Consumer Durables & Apparel)† 26 23,346
LISI (Capital Goods)† 1,514 51,636
L'Oreal SA (Household & Personal Products)† 49 22,445
Rubis SCA (Utilities)† 1,135 45,524
Safran SA (Capital Goods)† 327 42,836
Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)† 41 23,397
Schneider Electric SE (Capital Goods)† 159 26,643
    379,269
Germany - 3.9%
adidas AG (Consumer Durables & Apparel)† 60 21,796
Allianz SE, Reg S (Insurance)† 230 57,280
 
20
Harding, Loevner Funds, Inc.
Global Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 97.6% (continued)
Germany - 3.9% (continued)
Bayerische Motoren Werke AG (Automobiles & Components)† 778 $77,394
Bechtle AG (Software & Services)† 82 16,949
Brenntag SE (Capital Goods)† 257 25,668
Carl Zeiss Meditec AG (Bearer) (Health Care Equipment & Services)† 134 29,847
Evotec SE (Pharmaceuticals, Biotechnology & Life Sciences)*† 458 19,014
FUCHS PETROLUB SE (Materials)† 375 15,021
Infineon Technologies AG (Semiconductors & Semiconductor Equipment)† 438 16,701
Nemetschek SE (Software & Services)† 246 21,734
SAP SE - Sponsored ADR (Software & Services) 110 15,809
Scout24 AG (Media & Entertainment)^† 235 20,129
Symrise AG (Materials)† 160 23,597
TeamViewer AG (Software & Services)*^† 366 12,320
    373,259
Hong Kong - 1.1%
AIA Group Ltd. (Insurance)† 1,600 19,193
ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)† 1,800 23,222
Sands China Ltd. (Consumer Services)*† 6,400 21,901
Techtronic Industries Co., Ltd. (Capital Goods)† 2,500 44,742
    109,058
Iceland - 0.2%
Marel HF (Capital Goods)^† 2,669 20,072
India - 1.5%
Asian Paints Ltd. (Materials)† 460 18,319
Dabur India Ltd. (Household & Personal Products)† 1,812 14,628
Godrej Consumer Products Ltd. (Household & Personal Products)*† 1,225 16,296
Hero MotoCorp Ltd. (Automobiles & Components)† 419 15,573
ICICI Bank Ltd. - Sponsored ADR (Banks) 1,034 19,222
Kotak Mahindra Bank Ltd. (Banks)*† 608 13,567
Pidilite Industries Ltd. (Materials)† 572 17,531
  Shares Value
COMMON STOCKS - 97.6% (continued)
India - 1.5% (continued)
Tata Consultancy Services Ltd. (Software & Services)† 741 $31,564
    146,700
Indonesia - 0.2%
Astra International Tbk PT (Automobiles & Components)† 33,400 10,905
Unilever Indonesia Tbk PT (Household & Personal Products)† 38,500 11,282
    22,187
Israel - 0.2%
CyberArk Software Ltd. (Software & Services)* 140 19,884
Italy - 0.6%
DiaSorin SpA (Health Care Equipment & Services)† 82 16,658
FinecoBank Banca Fineco SpA (Banks)*† 1,194 21,381
Reply SpA (Software & Services)† 131 23,443
    61,482
Japan - 9.2%
ABC-Mart Inc. (Retailing)† 700 38,756
Benefit One Inc. (Commercial & Professional Services)† 1,000 32,954
BML Inc. (Health Care Equipment & Services)† 1,100 38,113
Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 600 22,185
FANUC Corp. (Capital Goods)† 100 22,396
Fast Retailing Co., Ltd. (Retailing)† 20 13,569
Hakuhodo DY Holdings Inc. (Media & Entertainment)† 3,100 47,315
Kakaku.com Inc. (Media & Entertainment)† 500 13,644
Keyence Corp. (Technology Hardware & Equipment)† 46 25,614
Kobayashi Pharmaceutical Co., Ltd. (Household & Personal Products)† 150 11,955
Komatsu Ltd. (Capital Goods)† 900 23,465
Kubota Corp. (Capital Goods)† 2,600 54,332
M3 Inc. (Health Care Equipment & Services)† 300 19,652
Makita Corp. (Capital Goods)† 1,200 62,266
MISUMI Group Inc. (Capital Goods)† 700 24,415
Nitori Holdings Co., Ltd. (Retailing)† 400 76,087
Nomura Research Institute Ltd. (Software & Services)† 890 28,650
 
21
Harding, Loevner Funds, Inc.
Global Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 97.6% (continued)
Japan - 9.2% (continued)
Rinnai Corp. (Consumer Durables & Apparel)† 540 $50,048
Shimano Inc. (Consumer Durables & Apparel)† 80 20,462
Shionogi & Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 900 47,334
Shiseido Co., Ltd. (Household & Personal Products)† 300 20,006
SMC Corp. (Capital Goods)† 40 23,769
Stanley Electric Co., Ltd. (Automobiles & Components)† 2,600 67,881
Sugi Holdings Co., Ltd. (Food & Staples Retailing)† 500 36,858
Sysmex Corp. (Health Care Equipment & Services)† 200 23,803
Unicharm Corp. (Household & Personal Products)† 900 36,096
    881,625
Mexico - 1.0%
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) 192 16,775
Grupo Financiero Banorte SAB de CV, Series O (Banks) 3,300 21,393
Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) 18,700 61,644
    99,812
Netherlands - 1.4%
Adyen NV (Software & Services)*^† 8 21,782
ASML Holding NV, Reg S (Semiconductors & Semiconductor Equipment) 90 69,007
Koninklijke Vopak NV (Energy)† 653 27,656
Prosus NV (Retailing)*† 166 14,730
    133,175
Norway - 0.2%
Tomra Systems ASA (Commercial & Professional Services)† 375 21,680
Pakistan - 0.4%
MCB Bank Ltd. (Banks)† 10,800 10,750
Oil & Gas Development Co., Ltd. (Energy)† 48,700 27,988
    38,738
Philippines - 1.1%
Bank of the Philippine Islands (Banks)† 12,490 20,111
BDO Unibank Inc. (Banks)† 10,070 20,551
  Shares Value
COMMON STOCKS - 97.6% (continued)
Philippines - 1.1% (continued)
International Container Terminal Services Inc. (Transportation)† 4,970 $15,468
Robinsons Retail Holdings Inc. (Food & Staples Retailing)† 10,510 11,297
Security Bank Corp. (Banks)† 4,340 9,556
SM Prime Holdings Inc. (Real Estate)† 12,800 8,056
Universal Robina Corp. (Food Beverage & Tobacco)† 6,400 16,222
    101,261
Poland - 0.4%
Allegro.eu SA (Retailing)*^† 908 15,577
ING Bank Slaski SA (Banks)*† 426 21,105
    36,682
Russia - 0.8%
LUKOIL PJSC - Sponsored ADR (Energy) 278 23,877
Novatek PJSC - Sponsored GDR, Reg S (Energy)† 89 19,802
Sberbank of Russia PJSC - Sponsored ADR (Banks)† 1,278 21,274
Yandex NV, Class A (Media & Entertainment)* 188 12,771
    77,724
Saudi Arabia - 0.9%
Al Rajhi Bank (Banks)† 631 18,673
Jarir Marketing Co. (Retailing)† 252 13,517
Saudi National Bank (Banks)† 3,383 49,594
    81,784
Singapore - 1.4%
DBS Group Holdings Ltd. (Banks)† 2,418 54,264
Oversea-Chinese Banking Corp., Ltd. (Banks)† 9,224 83,458
    137,722
Slovenia - 0.2%
Krka dd Novo mesto (Pharmaceuticals, Biotechnology & Life Sciences)† 152 19,533
South Africa - 0.2%
Discovery Ltd. (Insurance)*† 1,831 14,680
South Korea - 0.8%
Cheil Worldwide Inc. (Media & Entertainment)† 1,001 21,100
Coway Co., Ltd. (Consumer Durables & Apparel)† 184 13,735
LG Household & Health Care Ltd. (Household & Personal Products)† 9 11,427
NAVER Corp. (Media & Entertainment)† 55 20,768
 
22
Harding, Loevner Funds, Inc.
Global Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 97.6% (continued)
South Korea - 0.8% (continued)
NCSoft Corp. (Media & Entertainment)† 18 $12,898
    79,928
Spain - 1.6%
Amadeus IT Group SA (Software & Services)*† 248 16,236
Banco Bilbao Vizcaya Argentaria SA (Banks)*† 6,148 39,434
Banco Santander SA - Sponsored ADR (Banks)* 14,529 53,321
Bankinter SA (Banks)† 8,132 44,340
    153,331
Sweden - 2.5%
Alfa Laval AB (Capital Goods)† 887 37,076
Assa Abloy AB, Class B (Capital Goods)† 664 21,290
Atlas Copco AB, Class A (Capital Goods)† 544 36,826
Epiroc AB, Class A (Capital Goods)† 1,467 34,290
Evolution AB (Consumer Services)^† 112 19,556
Hexagon AB, Class B (Technology Hardware & Equipment)† 1,890 31,331
Intrum AB (Commercial & Professional Services)† 1,097 33,961
Skandinaviska Enskilda Banken AB, Class A (Banks)† 1,670 22,563
    236,893
Switzerland - 2.8%
Alcon Inc. (Health Care Equipment & Services) 661 48,121
Cie Financiere Richemont SA, Class A, Reg S (Consumer Durables & Apparel)† 244 31,251
Lonza Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)† 60 46,697
SGS SA, Reg S (Commercial & Professional Services)† 8 25,916
Sonova Holding AG, Reg S (Health Care Equipment & Services)† 68 26,719
Straumann Holding AG, Reg S (Health Care Equipment & Services)† 15 27,822
Temenos AG, Reg S (Software & Services)† 98 15,577
VAT Group AG (Capital Goods)^† 96 37,689
  Shares Value
COMMON STOCKS - 97.6% (continued)
Switzerland - 2.8% (continued)
Vifor Pharma AG (Pharmaceuticals, Biotechnology & Life Sciences)† 91 $12,731
    272,523
Taiwan - 2.3%
Advantech Co., Ltd. (Technology Hardware & Equipment)† 999 13,025
Airtac International Group (Capital Goods)† 400 12,906
Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)† 14,000 37,645
Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† 600 13,084
Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† 17,000 67,131
Largan Precision Co., Ltd. (Technology Hardware & Equipment)† 100 10,510
Silergy Corp. (Semiconductors & Semiconductor Equipment)† 200 27,094
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† 2,000 41,645
    223,040
Thailand - 0.2%
Siam Commercial Bank pcl, Reg S (Banks)† 6,200 17,637
Turkey - 0.1%
BIM Birlesik Magazalar AS (Food & Staples Retailing)† 1,226 9,223
United Arab Emirates - 0.4%
Agthia Group PJSC (Food Beverage & Tobacco)† 8,681 14,687
Emaar Properties PJSC (Real Estate)† 18,834 20,387
    35,074
United Kingdom - 4.3%
Coca-Cola HBC AG - CDI (Food Beverage & Tobacco)*† 751 28,370
Compass Group plc (Consumer Services)*† 967 20,429
Dechra Pharmaceuticals plc (Pharmaceuticals, Biotechnology & Life Sciences)† 780 53,840
Diploma plc (Capital Goods)† 1,860 76,462
Grafton Group plc (Capital Goods)† 2,919 52,104
HomeServe plc (Commercial & Professional Services)† 3,499 45,441
 
23
Harding, Loevner Funds, Inc.
Global Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 97.6% (continued)
United Kingdom - 4.3% (continued)
Intertek Group plc (Commercial & Professional Services)† 242 $17,339
Reckitt Benckiser Group plc (Household & Personal Products)† 152 11,666
Rio Tinto plc (Materials)† 225 19,175
Royal Dutch Shell plc, Class B - Sponsored ADR (Energy) 790 31,245
Spirax-Sarco Engineering plc (Capital Goods)† 154 32,120
Standard Chartered plc (Banks)† 3,634 21,770
    409,961
United States - 40.6%
Abbott Laboratories (Health Care Equipment & Services) 390 47,182
AbbVie Inc. (Pharmaceuticals, Biotechnology & Life Sciences) 847 98,506
ABIOMED Inc. (Health Care Equipment & Services)* 55 17,993
Accenture plc, Class A (Software & Services) 70 22,238
Adobe Inc. (Software & Services)* 90 55,947
Air Products and Chemicals Inc. (Materials) 253 73,631
Align Technology Inc. (Health Care Equipment & Services)* 32 22,266
Allegion plc (Capital Goods) 136 18,578
Alphabet Inc., Class A (Media & Entertainment)* 45 121,254
Amazon.com Inc. (Retailing)* 14 46,586
AMETEK Inc. (Capital Goods) 147 20,440
Amphenol Corp., Class A (Technology Hardware & Equipment) 288 20,877
ANSYS Inc. (Software & Services)* 78 28,740
Apple Inc. (Technology Hardware & Equipment) 260 37,924
Atlassian Corp. plc, Class A (Software & Services)* 117 38,039
Automatic Data Processing Inc. (Software & Services) 418 87,625
BorgWarner Inc. (Automobiles & Components) 919 45,013
Broadcom Inc. (Semiconductors & Semiconductor Equipment) 208 100,963
Church & Dwight Co., Inc. (Household & Personal Products) 214 18,528
Cisco Systems Inc. (Technology Hardware & Equipment) 907 50,221
  Shares Value
COMMON STOCKS - 97.6% (continued)
United States - 40.6% (continued)
CME Group Inc. (Diversified Financials) 88 $18,667
Cognex Corp. (Technology Hardware & Equipment) 230 20,794
Cognizant Technology Solutions Corp., Class A (Software & Services) 1,240 91,177
Colgate-Palmolive Co. (Household & Personal Products) 231 18,365
CoStar Group Inc. (Commercial & Professional Services)* 220 19,547
Costco Wholesale Corp. (Food & Staples Retailing) 49 21,056
Danaher Corp. (Health Care Equipment & Services) 80 23,799
Deere & Co. (Capital Goods) 200 72,318
eBay Inc. (Retailing) 1,273 86,831
Ecolab Inc. (Materials) 84 18,550
Edwards Lifesciences Corp. (Health Care Equipment & Services)* 212 23,801
Elanco Animal Health Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* 585 21,335
Emerson Electric Co. (Capital Goods) 666 67,193
EnerSys (Capital Goods) 200 19,732
Estee Lauder Cos., Inc., Class A (Household & Personal Products) 73 24,370
Etsy Inc. (Retailing)* 183 33,582
Exxon Mobil Corp. (Energy) 1,474 84,858
Facebook Inc., Class A (Media & Entertainment)* 270 96,201
First Republic Bank (Banks) 119 23,207
Gartner Inc. (Software & Services)* 100 26,473
Guidewire Software Inc. (Software & Services)* 152 17,510
Healthcare Services Group Inc. (Commercial & Professional Services) 622 16,234
HEICO Corp. (Capital Goods) 290 39,222
Honeywell International Inc. (Capital Goods) 314 73,410
IDEXX Laboratories Inc. (Health Care Equipment & Services)* 70 47,497
Illumina Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* 60 29,745
Intuitive Surgical Inc. (Health Care Equipment & Services)* 21 20,821
 
24
Harding, Loevner Funds, Inc.
Global Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 97.6% (continued)
United States - 40.6% (continued)
IPG Photonics Corp. (Technology Hardware & Equipment)* 95 $20,725
IQVIA Holdings Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* 100 24,770
Johnson & Johnson (Pharmaceuticals, Biotechnology & Life Sciences) 501 86,272
JPMorgan Chase & Co. (Banks) 641 97,291
Linde plc (Materials)† 169 51,778
Malibu Boats Inc., Class A (Consumer Durables & Apparel)* 517 43,252
Mastercard Inc., Class A (Software & Services) 52 20,069
McDonald's Corp. (Consumer Services) 85 20,630
Merck & Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences) 734 56,423
Mettler-Toledo International Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* 19 28,000
Microsoft Corp. (Software & Services) 363 103,422
Monster Beverage Corp. (Food Beverage & Tobacco)* 204 19,241
Neurocrine Biosciences Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* 445 41,478
NIKE Inc., Class B (Consumer Durables & Apparel) 156 26,132
Ollie's Bargain Outlet Holdings Inc. (Retailing)* 255 23,741
Palo Alto Networks Inc. (Software & Services)* 52 20,751
PayPal Holdings Inc. (Software & Services)* 161 44,360
Penumbra Inc. (Health Care Equipment & Services)* 62 16,506
Pinterest Inc., Class A (Media & Entertainment)* 290 17,081
Planet Fitness Inc., Class A (Consumer Services)* 203 15,272
Procter & Gamble Co. (Household & Personal Products) 532 75,666
Reinsurance Group of America Inc. (Insurance) 697 76,795
Republic Services Inc. (Commercial & Professional Services) 185 21,897
  Shares Value
COMMON STOCKS - 97.6% (continued)
United States - 40.6% (continued)
ResMed Inc. (Health Care Equipment & Services) 81 $22,016
Rollins Inc. (Commercial & Professional Services) 1,132 43,390
Roper Technologies Inc. (Capital Goods) 47 23,093
salesforce.com Inc. (Software & Services)* 130 31,451
Schlumberger NV (Energy) 698 20,123
Sensata Technologies Holding plc (Capital Goods)* 328 19,227
ServiceNow Inc. (Software & Services)* 54 31,746
Signature Bank (Banks) 150 34,046
Starbucks Corp. (Consumer Services) 578 70,187
Stryker Corp. (Health Care Equipment & Services) 73 19,779
SVB Financial Group (Banks)* 102 56,096
Synopsys Inc. (Software & Services)* 269 77,469
Texas Instruments Inc. (Semiconductors & Semiconductor Equipment) 115 21,921
Thermo Fisher Scientific Inc. (Pharmaceuticals, Biotechnology & Life Sciences) 217 117,182
UnitedHealth Group Inc. (Health Care Equipment & Services) 276 113,773
Verisk Analytics Inc. (Commercial & Professional Services) 103 19,564
Vertex Pharmaceuticals Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* 433 87,284
Visa Inc., Class A (Software & Services) 76 18,726
Walt Disney Co. (Media & Entertainment)* 98 17,250
Workday Inc., Class A (Software & Services)* 140 32,816
Zoetis Inc. (Pharmaceuticals, Biotechnology & Life Sciences) 261 52,905
    3,910,442
Total Common Stocks (Cost $6,638,068) $9,390,455

PREFERRED STOCKS - 1.1%
Brazil - 0.3%
Banco Bradesco SA - ADR (Banks)* 3,142 14,673
 
25
Harding, Loevner Funds, Inc.
Global Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
PREFERRED STOCKS - 1.1% (continued)
Brazil - 0.3% (continued)
Itau Unibanco Holding SA - Sponsored ADR, 0.58% (Banks)+ 3,374 $19,468
    34,141
Colombia - 0.1%
Bancolombia SA - Sponsored ADR, 0.86% (Banks)+ 360 10,242
Germany - 0.4%
Henkel AG & Co. KGaA, 2.13% (Household & Personal Products)+† 187 18,961
Sartorius AG, 0.13% (Health Care Equipment & Services)+† 33 19,962
    38,923
South Korea - 0.3%
Samsung Electronics Co., Ltd. - GDR, Reg S, 1.96% (Technology Hardware & Equipment)+† 17 26,772

Total Preferred Stocks (Cost $93,168) $110,078

SHORT TERM INVESTMENTS - 1.5%
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) 144,111 144,111

Total Short Term Investments (Cost $144,111) $144,111

Total Investments — 100.2%  
(Cost $6,875,347) $9,644,644
Liabilities Less Other Assets - (0.2)% (21,408)
Net Assets — 100.0% $9,623,236
    
Summary of Abbreviations
ADR American Depositary Receipt
CDI Chess Depositary Interest
GDR Global Depositary Receipt
Reg S Security sold outside United States without registration under the Securities Act of 1933.
* Non-income producing security.
† Investment categorized as level 2 security.
^ Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 2.1% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.
+ Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
    
Industry Percentage of
Net Assets
Automobiles & Components 2.5%
Banks 9.5
Capital Goods 12.8
Commercial & Professional Services 3.4
Consumer Durables & Apparel 3.2
Consumer Services 1.8
Diversified Financials 0.3
Energy 3.7
Food & Staples Retailing 2.4
Food Beverage & Tobacco 2.1
Health Care Equipment & Services 7.2
Household & Personal Products 3.2
Insurance 1.9
Materials 4.0
Media & Entertainment 5.1
Pharmaceuticals, Biotechnology & Life Sciences 10.4
Real Estate 0.3
Retailing 4.5
Semiconductors & Semiconductor Equipment 3.5
Software & Services 11.3
Technology Hardware & Equipment 3.9
Transportation 0.8
Utilities 0.9
Money Market Fund 1.5
Total Investments 100.2
Liabilities Less Other Assets (0.2)
Net Assets 100.0%
 
26
Harding, Loevner Funds, Inc.
International Equity Research Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 96.1%
Argentina - 0.3%
Globant SA (Software & Services)* 164 $39,222
Australia - 1.5%
BHP Group Ltd. (Materials)† 4,069 159,460
Cochlear Ltd. (Health Care Equipment & Services)† 427 77,034
    236,494
Brazil - 1.7%
Ambev SA - ADR (Food Beverage & Tobacco) 13,956 44,240
B3 SA - Brasil Bolsa Balcao (Diversified Financials) 8,700 25,474
Cia Brasileira de Distribuicao - ADR (Food & Staples Retailing) 6,733 40,735
Localiza Rent a Car SA (Transportation) 3,100 36,992
Raia Drogasil SA (Food & Staples Retailing)* 6,500 31,500
Ultrapar Participacoes SA - Sponsored ADR (Energy) 10,307 35,250
WEG SA (Capital Goods) 6,200 42,510
    256,701
Canada - 1.7%
Alimentation Couche-Tard Inc. (Food & Staples Retailing) 3,600 147,076
Imperial Oil Ltd. (Energy) 4,000 109,586
    256,662
Chile - 0.3%
Banco Santander Chile - ADR (Banks) 2,474 48,342
China - 11.5%
51job Inc. - ADR (Commercial & Professional Services)* 694 49,982
AAC Technologies Holdings Inc. (Technology Hardware & Equipment)† 8,500 50,959
Alibaba Group Holding Ltd. (Retailing)*† 1,344 32,843
Baidu Inc., Class A (Media & Entertainment)*† 1,350 27,530
China Merchants Bank Co., Ltd., Class A (Banks)† 5,300 38,151
China Tourism Group Duty Free Corp., Ltd., Class A (Retailing)† 800 29,862
Country Garden Services Holdings Co., Ltd. (Commercial & Professional Services)† 4,000 32,484
CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 37,600 50,808
  Shares Value
COMMON STOCKS - 96.1% (continued)
China - 11.5% (continued)
ENN Energy Holdings Ltd. (Utilities)† 4,300 $90,090
Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† 6,800 43,291
Glodon Co., Ltd., Class A (Software & Services)† 3,480 33,918
Gree Electric Appliances Inc. of Zhuhai, Class A (Consumer Durables & Apparel)† 8,600 63,239
Haier Smart Home Co., Ltd., Class H (Consumer Durables & Apparel)† 10,800 37,017
Haitian International Holdings Ltd. (Capital Goods)† 14,400 52,719
Hangzhou Tigermed Consulting Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† 1,300 31,709
Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† 4,800 36,711
Hongfa Technology Co., Ltd., Class A (Capital Goods)† 4,400 44,809
Inner Mongolia Yili Industrial Group Co., Ltd., Class A (Food Beverage & Tobacco)† 10,100 52,211
JD.com Inc., Class A (Retailing)*† 1,176 41,760
Jiangsu Expressway Co., Ltd., Class H (Transportation)† 32,000 34,196
Jiangsu Hengrui Medicine Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† 3,264 27,488
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A (Food Beverage & Tobacco)† 1,100 27,742
Kweichow Moutai Co., Ltd., Class A (Food Beverage & Tobacco)† 100 25,989
Meituan, Class B (Retailing)*^† 900 24,942
Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† 3,400 33,413
NetEase Inc. - ADR (Media & Entertainment) 571 58,362
Ping An Insurance Group Co. of China Ltd., Class A (Insurance)† 3,300 27,415
Sangfor Technologies Inc., Class A (Software & Services)† 1,100 41,361
SF Holding Co., Ltd., Class A (Transportation)† 3,800 34,858
 
27
Harding, Loevner Funds, Inc.
International Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 96.1% (continued)
China - 11.5% (continued)
Shandong Sinocera Functional Material Co., Ltd., Class A (Materials)† 5,300 $38,398
Shanghai International Airport Co., Ltd., Class A (Transportation)† 5,100 30,424
Shenzhen Inovance Technology Co., Ltd., Class A (Capital Goods)† 4,050 48,843
Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† 2,000 44,303
Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 36,500 31,063
Songcheng Performance Development Co., Ltd., Class A (Consumer Services)† 11,800 23,139
Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† 1,700 51,527
Suofeiya Home Collection Co., Ltd., Class A (Consumer Durables & Apparel)† 11,600 34,302
Tencent Holdings Ltd. (Media & Entertainment)† 600 37,027
TravelSky Technology Ltd., Class H (Software & Services)† 14,000 23,899
Trip.com Group Ltd. (Retailing)*† 1,251 34,655
Wuliangye Yibin Co., Ltd., Class A (Food Beverage & Tobacco)† 800 27,333
WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† 1,790 41,525
Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^† 2,500 38,165
Yonyou Network Technology Co., Ltd., Class A (Software & Services)† 4,700 26,054
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† 11,900 39,443
    1,745,959
Colombia - 0.8%
Cementos Argos SA (Materials) 26,196 37,794
Ecopetrol SA - Sponsored ADR (Energy) 3,713 50,163
  Shares Value
COMMON STOCKS - 96.1% (continued)
Colombia - 0.8% (continued)
Grupo Nutresa SA (Food Beverage & Tobacco) 7,328 $39,115
    127,072
Czech Republic - 0.3%
Komercni banka AS (Banks)*† 1,394 51,801
Denmark - 2.5%
Ambu A/S, Class B (Health Care Equipment & Services)† 1,023 37,848
Chr Hansen Holding A/S (Materials)† 702 63,139
Coloplast A/S, Class B (Health Care Equipment & Services)† 377 68,933
Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*† 350 157,879
Novozymes A/S, Class B (Materials)† 598 47,005
    374,804
Egypt - 0.6%
Commercial International Bank Egypt SAE - GDR, Reg S (Banks)*† 25,199 91,465
Finland - 0.6%
Kone OYJ, Class B (Capital Goods)† 601 49,769
Neste OYJ (Energy)† 665 40,918
    90,687
France - 6.0%
Air Liquide SA (Materials)† 723 125,685
Dassault Systemes SE (Software & Services)† 975 53,791
IPSOS (Media & Entertainment)† 2,185 101,404
Kering SA (Consumer Durables & Apparel)† 104 93,382
LISI (Capital Goods)† 3,059 104,330
L'Oreal SA (Household & Personal Products)† 100 45,807
Rubis SCA (Utilities)† 3,120 125,141
Safran SA (Capital Goods)† 590 77,288
Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)† 103 58,779
Schneider Electric SE (Capital Goods)† 737 123,495
    909,102
Germany - 8.1%
adidas AG (Consumer Durables & Apparel)† 99 35,963
Allianz SE, Reg S (Insurance)† 531 132,242
 
28
Harding, Loevner Funds, Inc.
International Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 96.1% (continued)
Germany - 8.1% (continued)
Bayerische Motoren Werke AG (Automobiles & Components)† 1,486 $147,824
Bechtle AG (Software & Services)† 392 81,022
Brenntag SE (Capital Goods)† 1,528 152,607
Carl Zeiss Meditec AG (Bearer) (Health Care Equipment & Services)† 256 57,022
Evotec SE (Pharmaceuticals, Biotechnology & Life Sciences)*† 948 39,357
FUCHS PETROLUB SE (Materials)† 2,480 99,340
Infineon Technologies AG (Semiconductors & Semiconductor Equipment)† 1,274 48,577
Nemetschek SE (Software & Services)† 528 46,649
SAP SE - Sponsored ADR (Software & Services) 717 103,047
Scout24 AG (Media & Entertainment)^† 1,132 96,963
Symrise AG (Materials)† 935 137,897
TeamViewer AG (Software & Services)*^† 1,749 58,875
    1,237,385
Hong Kong - 2.0%
AIA Group Ltd. (Insurance)† 8,600 103,160
ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)† 9,600 123,851
Sands China Ltd. (Consumer Services)*† 8,000 27,376
Techtronic Industries Co., Ltd. (Capital Goods)† 2,500 44,742
    299,129
Iceland - 0.3%
Marel HF (Capital Goods)^† 5,278 39,694
India - 2.3%
Asian Paints Ltd. (Materials)† 998 39,745
Dabur India Ltd. (Household & Personal Products)† 5,182 41,834
Godrej Consumer Products Ltd. (Household & Personal Products)*† 3,680 48,954
Hero MotoCorp Ltd. (Automobiles & Components)† 1,194 44,378
ICICI Bank Ltd. - Sponsored ADR (Banks) 3,149 58,540
Kotak Mahindra Bank Ltd. (Banks)*† 1,697 37,866
Pidilite Industries Ltd. (Materials)† 1,367 41,897
  Shares Value
COMMON STOCKS - 96.1% (continued)
India - 2.3% (continued)
Tata Consultancy Services Ltd. (Software & Services)† 1,001 $42,639
    355,853
Indonesia - 0.4%
Astra International Tbk PT (Automobiles & Components)† 122,700 40,062
Unilever Indonesia Tbk PT (Household & Personal Products)† 94,200 27,603
    67,665
Italy - 1.9%
DiaSorin SpA (Health Care Equipment & Services)† 281 57,085
FinecoBank Banca Fineco SpA (Banks)*† 2,153 38,552
Reply SpA (Software & Services)† 1,046 187,187
    282,824
Japan - 14.9%
ABC-Mart Inc. (Retailing)† 1,740 96,337
Benefit One Inc. (Commercial & Professional Services)† 2,200 72,499
BML Inc. (Health Care Equipment & Services)† 2,300 79,691
Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 2,500 92,437
FANUC Corp. (Capital Goods)† 350 78,387
Fast Retailing Co., Ltd. (Retailing)† 40 27,139
Hakuhodo DY Holdings Inc. (Media & Entertainment)† 9,490 144,844
Kakaku.com Inc. (Media & Entertainment)† 2,700 73,676
Keyence Corp. (Technology Hardware & Equipment)† 100 55,682
Kobayashi Pharmaceutical Co., Ltd. (Household & Personal Products)† 800 63,758
Komatsu Ltd. (Capital Goods)† 4,740 123,584
Kubota Corp. (Capital Goods)† 6,400 133,739
M3 Inc. (Health Care Equipment & Services)† 500 32,753
Makita Corp. (Capital Goods)† 2,400 124,532
MISUMI Group Inc. (Capital Goods)† 2,000 69,756
Nitori Holdings Co., Ltd. (Retailing)† 800 152,175
Nomura Research Institute Ltd. (Software & Services)† 1,106 35,603
Rinnai Corp. (Consumer Durables & Apparel)† 1,200 111,217
 
29
Harding, Loevner Funds, Inc.
International Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 96.1% (continued)
Japan - 14.9% (continued)
Shimano Inc. (Consumer Durables & Apparel)† 170 $43,482
Shionogi & Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 2,300 120,964
Shiseido Co., Ltd. (Household & Personal Products)† 600 40,012
SMC Corp. (Capital Goods)† 160 95,078
Stanley Electric Co., Ltd. (Automobiles & Components)† 4,615 120,489
Sugi Holdings Co., Ltd. (Food & Staples Retailing)† 1,655 122,000
Sysmex Corp. (Health Care Equipment & Services)† 500 59,508
Unicharm Corp. (Household & Personal Products)† 2,600 104,277
    2,273,619
Mexico - 1.3%
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) 655 57,227
Grupo Financiero Banorte SAB de CV, Series O (Banks) 9,600 62,236
Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) 25,200 83,071
    202,534
Netherlands - 2.4%
Adyen NV (Software & Services)*^† 18 49,011
ASML Holding NV, Reg S (Semiconductors & Semiconductor Equipment) 201 154,114
Koninklijke Vopak NV (Energy)† 2,522 106,814
Prosus NV (Retailing)*† 710 63,001
    372,940
Norway - 0.3%
Tomra Systems ASA (Commercial & Professional Services)† 804 46,481
Pakistan - 0.4%
MCB Bank Ltd. (Banks)† 32,100 31,952
Oil & Gas Development Co., Ltd. (Energy)† 47,100 27,068
    59,020
Philippines - 2.0%
Bank of the Philippine Islands (Banks)† 27,440 44,182
BDO Unibank Inc. (Banks)† 18,870 38,511
  Shares Value
COMMON STOCKS - 96.1% (continued)
Philippines - 2.0% (continued)
International Container Terminal Services Inc. (Transportation)† 14,190 $44,163
Robinsons Retail Holdings Inc. (Food & Staples Retailing)† 39,680 42,652
Security Bank Corp. (Banks)† 19,210 42,295
SM Prime Holdings Inc. (Real Estate)† 83,300 52,427
Universal Robina Corp. (Food Beverage & Tobacco)† 14,560 36,906
    301,136
Poland - 0.6%
Allegro.eu SA (Retailing)*^† 2,455 42,117
ING Bank Slaski SA (Banks)*† 980 48,551
    90,668
Russia - 1.2%
LUKOIL PJSC - Sponsored ADR (Energy) 603 51,792
Novatek PJSC - Sponsored GDR, Reg S (Energy)† 190 42,274
Sberbank of Russia PJSC - Sponsored ADR (Banks)† 3,389 56,414
Yandex NV, Class A (Media & Entertainment)* 541 36,750
    187,230
Saudi Arabia - 1.0%
Al Rajhi Bank (Banks)† 1,801 53,296
Jarir Marketing Co. (Retailing)† 724 38,837
Saudi National Bank (Banks)† 4,522 66,291
    158,424
Singapore - 2.2%
DBS Group Holdings Ltd. (Banks)† 7,414 166,382
Oversea-Chinese Banking Corp., Ltd. (Banks)† 18,238 165,017
    331,399
Slovenia - 0.3%
Krka dd Novo mesto (Pharmaceuticals, Biotechnology & Life Sciences)† 303 38,937
South Africa - 0.2%
Discovery Ltd. (Insurance)*† 4,148 33,255
South Korea - 1.3%
Cheil Worldwide Inc. (Media & Entertainment)† 2,148 45,277
Coway Co., Ltd. (Consumer Durables & Apparel)† 524 39,116
LG Household & Health Care Ltd. (Household & Personal Products)† 29 36,820
NAVER Corp. (Media & Entertainment)† 111 41,913
 
30
Harding, Loevner Funds, Inc.
International Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 96.1% (continued)
South Korea - 1.3% (continued)
NCSoft Corp. (Media & Entertainment)† 48 $34,395
    197,521
Spain - 2.4%
Amadeus IT Group SA (Software & Services)*† 528 34,566
Banco Bilbao Vizcaya Argentaria SA (Banks)*† 17,279 110,830
Banco Santander SA - Sponsored ADR (Banks)* 36,306 133,243
Bankinter SA (Banks)† 15,831 86,318
    364,957
Sweden - 6.3%
Alfa Laval AB (Capital Goods)† 3,699 154,615
Assa Abloy AB, Class B (Capital Goods)† 4,911 157,465
Atlas Copco AB, Class A (Capital Goods)† 998 67,559
Epiroc AB, Class A (Capital Goods)† 5,084 118,835
Evolution AB (Consumer Services)^† 550 96,035
Hexagon AB, Class B (Technology Hardware & Equipment)† 7,483 124,047
Intrum AB (Commercial & Professional Services)† 2,391 74,020
Skandinaviska Enskilda Banken AB, Class A (Banks)† 11,998 162,105
    954,681
Switzerland - 4.9%
Alcon Inc. (Health Care Equipment & Services) 1,857 135,190
Cie Financiere Richemont SA, Class A, Reg S (Consumer Durables & Apparel)† 502 64,295
Lonza Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)† 117 91,059
SGS SA, Reg S (Commercial & Professional Services)† 25 80,988
Sonova Holding AG, Reg S (Health Care Equipment & Services)† 140 55,010
Straumann Holding AG, Reg S (Health Care Equipment & Services)† 29 53,789
Temenos AG, Reg S (Software & Services)† 306 48,639
VAT Group AG (Capital Goods)^† 207 81,267
  Shares Value
COMMON STOCKS - 96.1% (continued)
Switzerland - 4.9% (continued)
Vifor Pharma AG (Pharmaceuticals, Biotechnology & Life Sciences)† 928 $129,827
    740,064
Taiwan - 2.8%
Advantech Co., Ltd. (Technology Hardware & Equipment)† 5,998 78,199
Airtac International Group (Capital Goods)† 1,000 32,265
Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)† 21,000 56,467
Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† 2,000 43,613
Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† 9,000 35,540
Largan Precision Co., Ltd. (Technology Hardware & Equipment)† 300 31,530
Silergy Corp. (Semiconductors & Semiconductor Equipment)† 500 67,736
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† 4,000 83,290
    428,640
Thailand - 0.3%
Siam Commercial Bank pcl, Reg S (Banks)† 16,000 45,516
Turkey - 0.2%
BIM Birlesik Magazalar AS (Food & Staples Retailing)† 4,402 33,115
United Arab Emirates - 0.7%
Agthia Group PJSC (Food Beverage & Tobacco)† 23,110 39,100
Emaar Properties PJSC (Real Estate)† 70,076 75,852
    114,952
United Kingdom - 7.6%
Coca-Cola HBC AG - CDI (Food Beverage & Tobacco)*† 1,189 44,916
Compass Group plc (Consumer Services)*† 1,938 40,943
Dechra Pharmaceuticals plc (Pharmaceuticals, Biotechnology & Life Sciences)† 1,894 130,736
Diploma plc (Capital Goods)† 3,718 152,842
Grafton Group plc (Capital Goods)† 5,899 105,296
HomeServe plc (Commercial & Professional Services)† 9,439 122,584
 
31
Harding, Loevner Funds, Inc.
International Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 96.1% (continued)
United Kingdom - 7.6% (continued)
Intertek Group plc (Commercial & Professional Services)† 804 $57,606
Reckitt Benckiser Group plc (Household & Personal Products)† 736 56,488
Rio Tinto plc (Materials)† 1,881 160,304
Royal Dutch Shell plc, Class B - Sponsored ADR (Energy) 3,968 156,934
Spirax-Sarco Engineering plc (Capital Goods)† 248 51,726
Standard Chartered plc (Banks)† 12,421 74,408
    1,154,783
Total Common Stocks (Cost $11,015,869) $14,640,733

PREFERRED STOCKS - 2.4%
Brazil - 0.6%
Banco Bradesco SA - ADR (Banks)* 9,420 43,991
Itau Unibanco Holding SA - Sponsored ADR, 0.58% (Banks)+ 7,362 42,479
    86,470
Colombia - 0.3%
Bancolombia SA - Sponsored ADR, 0.86% (Banks)+ 1,501 42,703
Germany - 1.1%
Henkel AG & Co. KGaA, 2.13% (Household & Personal Products)+† 1,274 129,177
Sartorius AG, 0.13% (Health Care Equipment & Services)+† 70 42,343
    171,520
South Korea - 0.4%
Samsung Electronics Co., Ltd. - GDR, Reg S, 1.96% (Technology Hardware & Equipment)+† 42 66,143

Total Preferred Stocks (Cost $319,130) $366,836

SHORT TERM INVESTMENTS - 1.7%
Northern Institutional Funds -
Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) 		256,447 256,447

  Shares Value
SHORT TERM INVESTMENTS - 1.7% (continued)
Total Short Term Investments (Cost $256,447) $256,447

Total Investments — 100.2%  
(Cost $11,591,446) $15,264,016
Liabilities Less Other Assets - (0.2)% (30,271)
Net Assets — 100.0% $15,233,745
    
Summary of Abbreviations
ADR American Depositary Receipt
CDI Chess Depositary Interest
GDR Global Depositary Receipt
Reg S Security sold outside United States without registration under the Securities Act of 1933.
* Non-income producing security.
† Investment categorized as level 2 security.
^ Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 3.7% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.
+ Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
    
 
32
Harding, Loevner Funds, Inc.
International Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Industry Percentage of
Net Assets
Automobiles & Components 2.6%
Banks 12.4
Capital Goods 15.8
Commercial & Professional Services 3.5
Consumer Durables & Apparel 4.2
Consumer Services 1.2
Diversified Financials 0.2
Energy 4.1
Food & Staples Retailing 3.3
Food Beverage & Tobacco 2.6
Health Care Equipment & Services 5.0
Household & Personal Products 3.9
Insurance 1.9
Materials 6.2
Media & Entertainment 4.6
Pharmaceuticals, Biotechnology & Life Sciences 7.1
Real Estate 0.8
Retailing 3.8
Semiconductors & Semiconductor Equipment 3.5
Software & Services 6.0
Technology Hardware & Equipment 3.2
Transportation 1.2
Utilities 1.4
Money Market Fund 1.7
Total Investments 100.2
Liabilities Less Other Assets (0.2)
Net Assets 100.0%
33
Harding, Loevner Funds, Inc.
Emerging Markets Research Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 94.6%
Argentina - 0.5%
Globant SA (Software & Services)* 196 $46,875
Bangladesh - 0.6%
GrameenPhone Ltd. (Telecommunication Services)† 5,493 24,551
Square Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 10,847 28,394
    52,945
Brazil - 3.7%
Ambev SA - ADR (Food Beverage & Tobacco) 20,505 65,001
B3 SA - Brasil Bolsa Balcao (Diversified Financials) 14,000 40,993
Cia Brasileira de Distribuicao - ADR (Food & Staples Retailing) 8,181 49,495
Localiza Rent a Car SA (Transportation) 3,800 45,345
Raia Drogasil SA (Food & Staples Retailing)* 8,000 38,769
Ultrapar Participacoes SA - Sponsored ADR (Energy) 11,420 39,057
WEG SA (Capital Goods) 7,200 49,366
    328,026
Chile - 1.0%
Banco Santander Chile - ADR (Banks) 4,331 84,628
China - 33.0%
51job Inc. - ADR (Commercial & Professional Services)* 721 51,926
AAC Technologies Holdings Inc. (Technology Hardware & Equipment)† 17,000 101,917
Alibaba Group Holding Ltd. (Retailing)*† 4,016 98,137
Baidu Inc., Class A (Media & Entertainment)*† 3,200 65,257
China Merchants Bank Co., Ltd., Class A (Banks)† 12,200 87,819
China Tourism Group Duty Free Corp., Ltd., Class A (Retailing)† 1,700 63,456
Country Garden Services Holdings Co., Ltd. (Commercial & Professional Services)† 5,000 40,605
CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 122,080 164,964
ENN Energy Holdings Ltd. (Utilities)† 9,000 188,560
  Shares Value
COMMON STOCKS - 94.6% (continued)
China - 33.0% (continued)
Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† 8,400 $53,477
Glodon Co., Ltd., Class A (Software & Services)† 3,400 33,138
Gree Electric Appliances Inc. of Zhuhai, Class A (Consumer Durables & Apparel)† 19,300 141,921
Haier Smart Home Co., Ltd., Class H (Consumer Durables & Apparel)† 12,600 43,187
Haitian International Holdings Ltd. (Capital Goods)† 15,000 54,915
Hangzhou Tigermed Consulting Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† 2,300 56,101
Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† 3,700 28,298
Hongfa Technology Co., Ltd., Class A (Capital Goods)† 5,300 53,974
Inner Mongolia Yili Industrial Group Co., Ltd., Class A (Food Beverage & Tobacco)† 11,300 58,415
JD.com Inc., Class A (Retailing)*† 3,302 117,256
Jiangsu Expressway Co., Ltd., Class H (Transportation)† 50,000 53,431
Jiangsu Hengrui Medicine Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† 6,480 54,571
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A (Food Beverage & Tobacco)† 2,200 55,484
Kweichow Moutai Co., Ltd., Class A (Food Beverage & Tobacco)† 100 25,989
Meituan, Class B (Retailing)*^† 1,200 33,256
Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† 14,700 144,461
NetEase Inc. - ADR (Media & Entertainment) 645 65,926
Ping An Insurance Group Co. of China Ltd., Class A (Insurance)† 14,800 122,952
Sangfor Technologies Inc., Class A (Software & Services)† 1,400 52,641
SF Holding Co., Ltd., Class A (Transportation)† 5,900 54,122
Shandong Sinocera Functional Material Co., Ltd., Class A (Materials)† 6,300 45,642
 
34
Harding, Loevner Funds, Inc.
Emerging Markets Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 94.6% (continued)
China - 33.0% (continued)
Shanghai International Airport Co., Ltd., Class A (Transportation)† 6,400 $38,179
Shenzhen Inovance Technology Co., Ltd., Class A (Capital Goods)† 4,800 57,889
Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† 3,000 66,455
Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 45,000 38,297
Songcheng Performance Development Co., Ltd., Class A (Consumer Services)† 14,000 27,453
Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† 2,000 60,620
Suofeiya Home Collection Co., Ltd., Class A (Consumer Durables & Apparel)† 13,700 40,512
Tencent Holdings Ltd. (Media & Entertainment)† 600 37,027
TravelSky Technology Ltd., Class H (Software & Services)† 23,000 39,262
Trip.com Group Ltd. (Retailing)*† 1,311 36,318
Wuliangye Yibin Co., Ltd., Class A (Food Beverage & Tobacco)† 1,100 37,583
WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† 3,427 79,501
Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^† 3,000 45,798
Yonyou Network Technology Co., Ltd., Class A (Software & Services)† 9,600 53,216
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† 14,200 47,067
    2,916,975
Colombia - 1.9%
Cementos Argos SA (Materials) 15,277 22,041
Ecopetrol SA - Sponsored ADR (Energy) 9,556 129,102
Grupo Nutresa SA (Food Beverage & Tobacco) 3,657 19,520
    170,663
Czech Republic - 1.0%
Komercni banka AS (Banks)*† 2,407 89,444
  Shares Value
COMMON STOCKS - 94.6% (continued)
Egypt - 0.5%
Commercial International Bank Egypt SAE - GDR, Reg S (Banks)*† 11,703 $42,479
Iceland - 0.3%
Marel HF (Capital Goods)^† 3,210 24,141
India - 6.2%
Asian Paints Ltd. (Materials)† 1,186 47,232
Dabur India Ltd. (Household & Personal Products)† 6,102 49,262
Godrej Consumer Products Ltd. (Household & Personal Products)*† 2,406 32,006
Hero MotoCorp Ltd. (Automobiles & Components)† 4,698 174,611
ICICI Bank Ltd. - Sponsored ADR (Banks) 4,150 77,148
Kotak Mahindra Bank Ltd. (Banks)*† 1,950 43,511
Pidilite Industries Ltd. (Materials)† 2,034 62,340
Tata Consultancy Services Ltd. (Software & Services)† 1,502 63,980
    550,090
Indonesia - 0.8%
Astra International Tbk PT (Automobiles & Components)† 116,400 38,005
Unilever Indonesia Tbk PT (Household & Personal Products)† 105,000 30,767
    68,772
Kazakhstan - 0.3%
Halyk Savings Bank of Kazakhstan JSC - GDR, Reg S (Banks)† 1,610 24,026
Kenya - 0.3%
Safaricom plc (Telecommunication Services)† 62,300 24,065
Malaysia - 0.5%
Dialog Group Bhd. (Energy)† 63,800 41,580
Mexico - 5.7%
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) 1,945 169,934
Grupo Financiero Banorte SAB de CV, Series O (Banks) 23,100 149,755
Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) 57,000 187,898
    507,587
 
35
Harding, Loevner Funds, Inc.
Emerging Markets Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 94.6% (continued)
Morocco - 1.0%
Attijariwafa Bank (Banks)† 1,345 $67,775
Itissalat Al-Maghrib (Telecommunication Services)† 1,491 22,660
    90,435
Nigeria - 0.5%
Guaranty Trust Holding Co., plc (Banks) 261,863 18,136
Zenith Bank plc (Banks) 414,394 24,723
    42,859
Pakistan - 0.5%
MCB Bank Ltd. (Banks)† 17,600 17,519
Oil & Gas Development Co., Ltd. (Energy)† 41,800 24,022
    41,541
Philippines - 3.9%
Bank of the Philippine Islands (Banks)† 26,900 43,313
BDO Unibank Inc. (Banks)† 30,810 62,879
International Container Terminal Services Inc. (Transportation)† 24,950 77,651
Jollibee Foods Corp. (Consumer Services)† 6,330 24,059
Robinsons Retail Holdings Inc. (Food & Staples Retailing)† 24,910 26,775
Security Bank Corp. (Banks)† 10,700 23,559
SM Prime Holdings Inc. (Real Estate)† 72,700 45,756
Universal Robina Corp. (Food Beverage & Tobacco)† 15,950 40,429
    344,421
Poland - 0.8%
Allegro.eu SA (Retailing)*^† 2,942 50,471
ING Bank Slaski SA (Banks)*† 505 25,019
    75,490
Romania - 0.6%
Banca Transilvania SA (Banks)† 35,213 23,785
Societatea Nationala de Gaze Naturale ROMGAZ SA (Energy)† 3,372 25,300
    49,085
Russia - 5.5%
LUKOIL PJSC - Sponsored ADR (Energy) 1,778 152,713
Novatek PJSC - Sponsored GDR, Reg S (Energy)† 501 111,471
Sberbank of Russia PJSC - Sponsored ADR (Banks)† 10,918 181,742
Yandex NV, Class A (Media & Entertainment)* 643 43,679
    489,605
  Shares Value
COMMON STOCKS - 94.6% (continued)
Saudi Arabia - 3.0%
Al Rajhi Bank (Banks)† 2,128 $62,972
Bupa Arabia for Cooperative Insurance Co. (Insurance)† 621 22,852
Jarir Marketing Co. (Retailing)† 1,292 69,305
Mouwasat Medical Services Co. (Health Care Equipment & Services)† 471 22,730
Saudi National Bank (Banks)† 5,813 85,217
    263,076
Slovenia - 0.3%
Krka dd Novo mesto (Pharmaceuticals, Biotechnology & Life Sciences)† 179 23,002
South Africa - 1.0%
Clicks Group Ltd. (Food & Staples Retailing)† 1,322 23,904
Discovery Ltd. (Insurance)*† 7,600 60,931
    84,835
South Korea - 6.1%
Cheil Worldwide Inc. (Media & Entertainment)† 3,865 81,469
Coway Co., Ltd. (Consumer Durables & Apparel)† 1,180 88,085
LG Household & Health Care Ltd. (Household & Personal Products)† 106 134,584
NAVER Corp. (Media & Entertainment)† 181 68,344
NCSoft Corp. (Media & Entertainment)† 228 163,379
    535,861
Taiwan - 9.4%
Advantech Co., Ltd. (Technology Hardware & Equipment)† 5,499 71,693
Airtac International Group (Capital Goods)† 1,200 38,718
Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)† 55,000 147,890
Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† 4,000 87,225
Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† 42,000 165,854
Largan Precision Co., Ltd. (Technology Hardware & Equipment)† 700 73,569
Silergy Corp. (Semiconductors & Semiconductor Equipment)† 600 81,284
 
36
Harding, Loevner Funds, Inc.
Emerging Markets Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 94.6% (continued)
Taiwan - 9.4% (continued)
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† 8,000 $166,580
    832,813
Thailand - 1.0%
Siam Commercial Bank pcl, Reg S (Banks)† 32,000 91,032
Turkey - 0.9%
BIM Birlesik Magazalar AS (Food & Staples Retailing)† 11,148 83,863
United Arab Emirates - 0.9%
Agthia Group PJSC (Food Beverage & Tobacco)† 13,882 23,487
Emaar Properties PJSC (Real Estate)† 53,031 57,402
    80,889
Vietnam - 2.9%
Bank for Foreign Trade of Vietnam JSC (Banks)† 15,240 65,072
Hoa Phat Group JSC (Materials)† 63,066 129,990
Saigon Beer Alcohol Beverage Corp. (Food Beverage & Tobacco)† 2,320 16,064
Vietnam Dairy Products JSC (Food Beverage & Tobacco)† 11,810 44,404
    255,530
Total Common Stocks (Cost $6,976,921) $8,356,633

PREFERRED STOCKS - 4.0%
Brazil - 1.7%
Banco Bradesco SA - ADR (Banks)* 21,929 102,408
Itau Unibanco Holding SA - Sponsored ADR, 0.58% (Banks)+ 8,370 48,295
    150,703
Colombia - 0.4%
Bancolombia SA - Sponsored ADR, 0.86% (Banks)+ 1,139 32,405
South Korea - 1.9%
Samsung Electronics Co., Ltd. - GDR, Reg S, 1.96% (Technology Hardware & Equipment)+† 108 170,082

Total Preferred Stocks (Cost $281,875) $353,190

  Shares Value
SHORT TERM INVESTMENTS - 0.9%
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) 81,219 $81,219

Total Short Term Investments (Cost $81,219) $81,219

Total Investments — 99.5%  
(Cost $7,340,015) $8,791,042
Other Assets Less Liabilities - 0.5% 42,335
Net Assets — 100.0% $8,833,377
    
Summary of Abbreviations
ADR American Depositary Receipt
GDR Global Depositary Receipt
Reg S Security sold outside United States without registration under the Securities Act of 1933.
* Non-income producing security.
† Investment categorized as level 2 security.
^ Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 2.3% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.
+ Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
    
 
37
Harding, Loevner Funds, Inc.
Emerging Markets Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Industry Percentage of
Net Assets
Automobiles & Components 3.0%
Banks 17.8
Capital Goods 4.0
Commercial & Professional Services 1.0
Consumer Durables & Apparel 6.9
Consumer Services 0.6
Diversified Financials 0.5
Energy 5.9
Food & Staples Retailing 4.7
Food Beverage & Tobacco 6.3
Health Care Equipment & Services 0.3
Household & Personal Products 2.8
Insurance 2.3
Materials 3.5
Media & Entertainment 5.9
Pharmaceuticals, Biotechnology & Life Sciences 5.6
Real Estate 1.2
Retailing 5.3
Semiconductors & Semiconductor Equipment 4.5
Software & Services 3.3
Technology Hardware & Equipment 7.3
Telecommunication Services 0.8
Transportation 3.0
Utilities 2.1
Money Market Fund 0.9
Total Investments 99.5
Other Assets Less Liabilities 0.5
Net Assets 100.0%
38
Harding, Loevner Funds, Inc.
Chinese Equity Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
  Shares Value
COMMON STOCKS - 96.0%
China - 81.6%
Alibaba Group Holding Ltd. (Retailing)*† 17,100 $417,863
Baidu Inc., Class A (Media & Entertainment)*† 3,708 75,617
China Tourism Group Duty Free Corp., Ltd., Class A (Retailing)† 4,300 160,506
Country Garden Services Holdings Co., Ltd. (Commercial & Professional Services)† 9,000 73,090
CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† 56,000 75,672
ENN Energy Holdings Ltd. (Utilities)† 4,000 83,804
Foshan Haitian Flavouring & Food Co., Ltd., Class A (Food Beverage & Tobacco)† 3,190 56,653
Gree Electric Appliances Inc. of Zhuhai, Class A (Consumer Durables & Apparel)† 9,800 72,064
Haitian International Holdings Ltd. (Capital Goods)† 28,020 102,582
Hangzhou Tigermed Consulting Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† 4,500 109,764
Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† 8,000 61,185
Inner Mongolia Yili Industrial Group Co., Ltd., Class A (Food Beverage & Tobacco)† 9,400 48,593
JD.com Inc., Class A (Retailing)*† 2,750 97,654
Jiangsu Hengrui Medicine Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† 7,440 62,656
Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† 8,800 86,480
NetEase Inc. (Media & Entertainment)† 5,700 115,974
Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† 3,500 30,722
Sangfor Technologies Inc., Class A (Software & Services)† 2,329 87,572
SF Holding Co., Ltd., Class A (Transportation)† 10,300 94,483
Shanghai International Airport Co., Ltd., Class A (Transportation)† 7,000 41,759
  Shares Value
COMMON STOCKS - 96.0% (continued)
China - 81.6% (continued)
Shenzhen Inovance Technology Co., Ltd., Class A (Capital Goods)† 7,400 $89,245
Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† 4,200 93,037
Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† 5,100 154,581
Suofeiya Home Collection Co., Ltd., Class A (Consumer Durables & Apparel)† 18,100 53,523
Tencent Holdings Ltd. (Media & Entertainment)† 4,000 246,845
TravelSky Technology Ltd., Class H (Software & Services)† 50,000 85,353
Trip.com Group Ltd. (Retailing)*† 1,646 45,598
Wuliangye Yibin Co., Ltd., Class A (Food Beverage & Tobacco)† 2,900 99,082
WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† 7,360 170,739
Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^† 13,500 206,090
Yonyou Network Technology Co., Ltd., Class A (Software & Services)† 10,500 58,205
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† 19,300 63,971
    3,320,962
Hong Kong - 8.4%
AIA Group Ltd. (Insurance)† 10,800 129,550
Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)† 800 51,116
Techtronic Industries Co., Ltd. (Capital Goods)† 9,000 161,072
    341,738
Taiwan - 6.0%
Airtac International Group (Capital Goods)† 4,000 129,060
Silergy Corp. (Semiconductors & Semiconductor Equipment)† 850 115,152
    244,212
Total Common Stocks (Cost $4,066,011) $3,906,912

 
39
Harding, Loevner Funds, Inc.
Chinese Equity Portfolio
Portfolio of Investments 
July 31, 2021 (unaudited)
  Shares Value
SHORT TERM INVESTMENTS - 1.4%
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) 56,777 $56,777

Total Short Term Investments (Cost $56,777) $56,777

Total Investments — 97.4%  
(Cost $4,122,788) $3,963,689
Other Assets Less Liabilities - 2.6% 104,863
Net Assets — 100.0% $4,068,552
    
* Non-income producing security.
† Investment categorized as level 2 security.
^ Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 5.1% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.
    
Industry Percentage of
Net Assets
Capital Goods 14.9%
Commercial & Professional Services 1.8
Consumer Durables & Apparel 7.5
Diversified Financials 1.3
Food Beverage & Tobacco 5.0
Insurance 3.9
Media & Entertainment 10.8
Pharmaceuticals, Biotechnology & Life Sciences 15.4
Retailing 17.7
Semiconductors & Semiconductor Equipment 2.8
Software & Services 5.7
Technology Hardware & Equipment 3.8
Transportation 3.3
Utilities 2.1
Money Market Fund 1.4
Total Investments 97.4
Other Assets Less Liabilities 2.6
Net Assets 100.0%
40