Harding Loevner Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number            811-07739                                         

                                         Harding, Loevner Funds, Inc.                                        

(Exact name of registrant as specified in charter)

400 Crossing Boulevard

Fourth Floor

                    Bridgewater, NJ 08807                    

(Address of principal executive offices) (Zip code)

Owen T. Meacham

The Northern Trust Company

50 South LaSalle Street

Chicago, IL 60603

With a copy to:

Stephen H. Bier, Esq.

Dechert LLP

1095 Avenue of the Americas

                    New York, NY 10036                    

(Name and address of agent for service)

Registrant’s telephone number, including area code: (877) 435-8105

Date of fiscal year end: 10/31

Date of reporting period: 04/30/2013

Item 1. Reports to Stockholders.

Semi-Annual Report

April 30, 2013

Global Equity Portfolio

International Equity Portfolio

International Small Companies Portfolio

Institutional Emerging Markets Portfolio

Emerging Markets Portfolio

Frontier Emerging Markets Portfolio

Harding, Loevner Funds, Inc.

c/o Northern Trust

Attn: Funds Center C5S

801 South Canal Street

Chicago, IL 60607

(877) 435-8105

www.HardingLoevnerFunds.com

Harding, Loevner Funds, Inc.

Table of Contents

Expense Example	2
Portfolio of Investments
Global Equity Portfolio	4
International Equity Portfolio	7
International Small Companies Portfolio	10
Institutional Emerging Markets Portfolio	14
Emerging Markets Portfolio	18
Frontier Emerging Markets Portfolio	22
Statements of Assets and Liabilities	26
Statements of Operations	28
Statements of Changes in Net Assets	30
Financial Highlights	33
Notes to Financial Statements	38
Privacy Notice	48
Supplemental Information	49
Directors and Officers	50

For use only when preceded or accompanied by a prospectus. Read the prospectus carefully before you invest or send money.

Harding, Loevner Funds, Inc.

Expense Example

April 30, 2013 (unaudited)

As a shareholder of a Harding Loevner Portfolio, you incur ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees, and/or shareholder services fees and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested on November 1, 2012 and held for the entire six month period from November 1, 2012 to April 30, 2013.

Actual Expenses

The first line under each Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Portfolio under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line under each Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line under each Portfolio in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Portfolio	Beginning Account Value November 1, 2012		Ending Account Value April 30, 2013		Annual Expense Ratio			Expenses Paid During Period* (November 1, 2012 to April 30, 2013)
Global Equity Portfolio—Institutional Class
Actual	$	1,000.00	$	1,102.70		0.95	%	$	4.95
Hypothetical (5% annual return before expenses)		1,000.00		1,020.08		0.95	%		4.76
Global Equity Portfolio—Advisor Class
Actual		1,000.00		1,101.20		1.22	%		6.36
Hypothetical (5% annual return before expenses)		1,000.00		1,018.74		1.22	%		6.11
International Equity Portfolio—Institutional Class
Actual		1,000.00		1,116.00		0.86	%		4.51
Hypothetical (5% annual return before expenses)		1,000.00		1,020.53		0.86	%		4.31
International Equity Portfolio—Investor Class
Actual		1,000.00		1,114.00		1.18	%		6.19
Hypothetical (5% annual return before expenses)		1,000.00		1,018.94		1.18	%		5.91
International Small Companies Portfolio—Institutional Class**
Actual		1,000.00		1,172.70		1.46	%		7.87
Hypothetical (5% annual return before expenses)		1,000.00		1,017.55		1.46	%		7.30
International Small Companies Portfolio—Investor Class**
Actual		1,000.00		1,171.20		1.67	%		8.99
Hypothetical (5% annual return before expenses)		1,000.00		1,016.51		1.67	%		8.35
Institutional Emerging Markets Portfolio
Actual		1,000.00		1,065.70		1.30	%		6.66
Hypothetical (5% annual return before expenses)		1,000.00		1,018.35		1.30	%		6.51
Emerging Markets Portfolio—Advisor Class
Actual		1,000.00		1,067.70		1.46	%		7.49
Hypothetical (5% annual return before expenses)		1,000.00		1,017.55		1.46	%		7.30
Frontier Emerging Markets Portfolio—Institutional Class
Actual		1,000.00		1,145.20		1.82	%		9.68
Hypothetical (5% annual return before expenses)		1,000.00		1,015.77		1.82	%		9.10
Frontier Emerging Markets Portfolio—Investor Class
Actual		1,000.00		1,144.10		2.25	%		11.96
Hypothetical (5% annual return before expenses)		1,000.00		1,013.64		2.25	%		11.23

* Expenses are calculated using each Portfolio’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days).

2

Harding, Loevner Funds, Inc.

Expense Example

April 30, 2013 (unaudited) (continued)

**Effective 2/28/2013, International Small Companies Portfolio - Institutional Class changed its Total Annual Portfolio Operating Expenses after Fee Waiver and/or Expense Reimbursement from 1.50% to 1.30% and International Small Companies Portfolio - Investor Class changed its Total Annual Portfolio Operating Expenses after Fee Waiver and/or Expense Reimbursement from 1.75% to 1.55%. Had these expense rates been in effect throughout the entire most recent fiscal half-year, the corresponding tables above would have read as follows:

Portfolio	Beginning Account Value November 1, 2012		Ending Account Value April 30, 2013		Annual Expense Ratio			Expenses Paid During Period* (November 1, 2012 to April 30, 2013)
International Small Companies Portfolio—Institutional Class
Actual	$	1,000.00	$	1,172.70		1.30	%	$	7.00
Hypothetical (5% annual return before expenses)		1,000.00		1,018.35		1.30	%		6.51
International Small Companies Portfolio—Investor Class
Actual		1,000.00		1,171.20		1.55	%		8.34
Hypothetical (5% annual return before expenses)		1,000.00		1,017.11		1.55	%		7.75

* Expenses are calculated using each Portfolio’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days).

3

Harding, Loevner Funds, Inc.

Global Equity Portfolio

Portfolio of Investments

April 30, 2013 (unaudited)

	Shares		Value
COMMON STOCKS - 98.5%
Australia - 1.1%
Cochlear Ltd. (Health Care Equipment & Services)†		85,416	$5,843,719
China - 0.9%
China Merchants Holdings International Co., Ltd. (Transportation)†		1,553,632	4,955,652
France - 4.9%
Air Liquide SA (Materials)†		64,100	8,128,751
Dassault Systemes SA (Software & Services)†		98,300	11,989,561
L’Oreal SA (Household & Personal Products)†		40,400	7,208,300
			27,326,612
Germany - 1.2%
QIAGEN NV (Pharmaceuticals, Biotechnology & Life Sciences)*		325,200	6,464,976
Hong Kong - 2.1%
AIA Group Ltd. (Insurance)†		2,586,600	11,500,005
India - 2.6%
HDFC Bank Ltd. - ADR (Banks)		163,600	6,943,184
ICICI Bank Ltd. - Sponsored ADR (Banks)		159,300	7,458,426
			14,401,610
Indonesia - 1.2%
Bank Central Asia Tbk PT (Banks)†		6,012,424	6,655,731
Japan - 9.3%
ABC-Mart Inc. (Retailing)†		168,200	6,300,004
FANUC Corp. (Capital Goods)†		77,100	11,647,640
Keyence Corp. (Technology Hardware & Equipment)†		23,396	7,425,848
M3 Inc. (Health Care Equipment & Services)†		3,340	7,552,332
Unicharm Corp. (Household & Personal Products)†		285,900	18,490,127
			51,415,951
Mexico - 2.6%
America Movil SAB de CV, Series L - ADR (Telecommunication Services)		390,400	8,346,752

	Shares		Value
COMMON STOCKS - 98.5%    (continued)
Mexico - 2.6%    (continued)
Coca-Cola Femsa SAB de CV - Sponsored ADR (Food, Beverage & Tobacco)		39,000	$6,293,430
			14,640,182
Russia - 0.6%
Gazprom OAO - Sponsored ADR (Energy)†		439,400	3,488,912
South Africa - 1.2%
Sasol Ltd. (Energy)†		156,400	6,775,560
Spain - 1.1%
Inditex SA (Retailing)†		47,000	6,318,827
Sweden - 0.9%
Millicom International Cellular SA - SDR (Telecommunication Services)†		59,100	4,834,444
Switzerland - 7.4%
Kuehne & Nagel International AG, Reg S (Transportation)†		44,400	5,088,364
Lonza Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)*†		84,600	5,900,171
Nestle SA - Sponsored ADR, Reg S (Food, Beverage & Tobacco)		228,600	16,283,178
Sonova Holding AG, Reg S (Health Care Equipment & Services)*†		54,100	5,891,157
Swatch Group AG, Bearer (Consumer Durables & Apparel)†		13,430	7,709,710
			40,872,580
Turkey - 1.6%
Turkiye Garanti Bankasi AS - ADR (Banks)		1,590,900	8,924,949
United Kingdom - 6.3%
ARM Holdings plc - Sponsored ADR (Semiconductors & Semiconductor Equipment)		202,500	9,466,875
Shire plc (Pharmaceuticals, Biotechnology & Life Sciences)†		182,200	5,675,802
Standard Chartered plc (Banks)†		487,600	12,275,655
WPP plc (Media)†		459,900	7,603,131
			35,021,463

See Notes to Financial Statements

4

Harding, Loevner Funds, Inc.

Global Equity Portfolio

Portfolio of Investments

April 30, 2013 (unaudited) (continued)

	Shares		Value
COMMON STOCKS - 98.5%    (continued)
United States - 53.5%
3M Co. (Capital Goods)		60,200	$6,303,542
Abbott Laboratories (Health Care Equipment & Services)		164,300	6,065,956
Amazon.com Inc. (Retailing)*		31,500	7,995,015
American Express Co. (Diversified Financials)		89,000	6,088,490
BorgWarner Inc. (Automobiles & Components)*		74,400	5,815,848
Bunge Ltd. (Food, Beverage & Tobacco)		87,500	6,318,375
Citrix Systems Inc. (Software & Services)*		133,600	8,305,912
Coach Inc. (Consumer Durables & Apparel)		240,300	14,144,058
Cognizant Technology Solutions Corp., Class A (Software & Services)*		73,300	4,749,840
Colgate-Palmolive Co. (Household & Personal Products)		85,100	10,161,791
eBay Inc. (Software & Services)*		374,800	19,635,772
EMC Corp. (Technology Hardware & Equipment)*		230,700	5,174,601
Emerson Electric Co. (Capital Goods)		231,100	12,828,361
Exxon Mobil Corp. (Energy)		81,400	7,243,786
F5 Networks Inc. (Technology Hardware & Equipment)*		77,400	5,915,682
First Republic Bank (Banks)		161,000	6,114,780
Google Inc., Class A (Software & Services)*		19,900	16,408,943
Informatica Corp. (Software & Services)*		180,700	5,950,451
JPMorgan Chase & Co. (Diversified Financials)		227,900	11,169,379
Lazard Ltd., Class A (Diversified Financials)		182,500	6,186,750
McDonald’s Corp. (Consumer Services)		58,400	5,964,976
Microsoft Corp. (Software & Services)		490,300	16,228,930
Monsanto Co. (Materials)		88,800	9,485,616
NIKE Inc., Class B (Consumer Durables & Apparel)		181,900	11,568,840
Praxair Inc. (Materials)		60,200	6,880,860
Procter & Gamble Co. (Household & Personal Products)		72,400	5,558,148

	Shares		Value
COMMON STOCKS - 98.5%    (continued)
United States - 53.5%    (continued)
Ralph Lauren Corp. (Consumer Durables & Apparel)		32,600	$5,919,508
Schlumberger Ltd. (Energy)		185,500	13,806,765
Sigma-Aldrich Corp. (Materials)		147,200	11,583,168
SVB Financial Group (Banks)*		81,300	5,781,243
Teradata Corp. (Software & Services)*		90,000	4,596,300
Trimble Navigation Ltd. (Technology Hardware & Equipment)*		225,600	6,483,744
Wells Fargo & Co. (Banks)		536,800	20,387,664
			296,823,094
Total Common Stocks (Cost $459,661,113)			$546,264,267
CASH EQUIVALENT - 1.4%
Northern Institutional Funds - Prime Obligations Portfolio, 0.08% (Money Market Fund)		7,893,302	7,893,302
Total Cash Equivalent (Cost $7,893,302)			$7,893,302
Total Investments — 99.9%
(Cost $467,554,415)			$554,157,569
Other Assets Less Liabilities - 0.1%			608,400
Net Assets — 100.0%			$554,765,969

Summary of Abbreviations

ADR American Depository Receipt.

Reg S Security sold outside United States without registration under the Securities Act of 1933.

SDR Swedish Depository Receipt.

* Non-income producing security.

† Investment categorized as level 2 security as disclosed in Note 2 of the

Notes to Financial Statements.

See Notes to Financial Statements

5

Harding, Loevner Funds, Inc.

Global Equity Portfolio

Portfolio of Investments

April 30, 2013 (unaudited) (continued)

Industry	Percentage of Net Assets
Automobiles & Components		1.1	%
Banks		13.4
Capital Goods		5.5
Consumer Durables & Apparel		7.1
Consumer Services		1.1
Diversified Financials		4.2
Energy		5.6
Food, Beverage & Tobacco		5.2
Health Care Equipment & Services		4.6
Household & Personal Products		7.5
Insurance		2.1
Materials		6.5
Media		1.4
Money Market Fund		1.4
Pharmaceuticals, Biotechnology & Life Sciences		3.3
Retailing		3.7
Semiconductors & Semiconductor Equipment		1.7
Software & Services		15.8
Technology Hardware & Equipment		4.5
Telecommunication Services		2.4
Transportation		1.8
Total Investments		99.9
Other Assets Less Liabilities		0.1
Net Assets		100.0	%

See Notes to Financial Statements

6

Harding, Loevner Funds, Inc.

International Equity Portfolio

Portfolio of Investments

April 30, 2013 (unaudited)

	Shares		Value
COMMON STOCKS - 92.4%
Australia - 3.0%
Cochlear Ltd. (Health Care Equipment & Services)†		502,700	$34,392,122
CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)†		904,800	59,023,087
			93,415,209
Belgium - 2.2%
Anheuser-Busch InBev NV - Sponsored ADR (Food, Beverage & Tobacco)		704,000	67,316,480
Brazil - 0.9%
Petroleo Brasileiro SA - ADR (Energy)		1,447,600	27,721,540
Canada - 4.9%
Canadian National Railway Co. (Transportation)		575,100	56,348,298
Imperial Oil Ltd. (Energy)		975,700	38,901,159
Potash Corp. of Saskatchewan Inc. (Materials)		1,362,700	57,369,670
			152,619,127
Finland - 1.5%
Nokian Renkaat oyj (Automobiles & Components)†		1,083,000	47,046,422
France - 12.8%
Air Liquide SA (Materials)†		721,800	91,534,052
Dassault Systemes SA (Software & Services)†		912,800	111,333,378
L’Oreal SA (Household & Personal Products)†		482,000	86,000,015
LVMH Moet Hennessy Louis Vuitton SA (Consumer Durables & Apparel)†		205,700	35,724,359
Schneider Electric SA (Capital Goods)†		940,900	71,935,071
			396,526,875
Germany - 9.8%
Allianz SE, Reg S (Insurance)†		587,000	86,631,041
Bayerische Motoren Werke AG (Automobiles & Components)†		371,000	34,229,831
Fresenius Medical Care AG & Co. KGaA (Health Care Equipment & Services)†		1,167,700	80,583,672
SAP AG - Sponsored ADR (Software & Services)		1,306,500	104,324,025
			305,768,569

	Shares		Value
COMMON STOCKS - 92.4%    (continued)
Hong Kong - 3.5%
AIA Group Ltd. (Insurance)†		18,195,000	$80,894,841
Xinyi Glass Holdings Ltd. (Automobiles & Components)†		38,508,000	26,413,422
			107,308,263
India - 1.7%
ICICI Bank Ltd. - Sponsored ADR (Banks)		1,118,000	52,344,760
Japan - 12.2%
FANUC Corp. (Capital Goods)†		482,600	72,907,274
JGC Corp. (Capital Goods)†		1,738,000	51,493,317
Keyence Corp. (Technology Hardware & Equipment)†		136,281	43,255,340
M3 Inc. (Health Care Equipment & Services)†		18,900	42,736,249
MISUMI Group Inc. (Capital Goods)†		1,283,400	39,272,555
Sysmex Corp. (Health Care Equipment & Services)†		756,800	48,805,348
Unicharm Corp. (Household & Personal Products)†		1,271,000	82,199,902
			380,669,985
Poland - 1.0%
Bank Pekao SA - GDR, Reg S (Banks)#†		674,800	32,353,488
Russia - 0.9%
Gazprom OAO - Sponsored ADR (Energy)†		3,585,000	28,465,524
Singapore - 1.0%
DBS Group Holdings Ltd. (Banks)†		2,174,083	29,614,562
South Africa - 1.8%
MTN Group Ltd. (Telecommunication Services)†		1,500,000	27,053,696
Sasol Ltd. (Energy)†		675,300	29,255,344
			56,309,040
South Korea - 1.3%
Samsung Electronics Co., Ltd. - GDR, Reg S (Semiconductors & Semiconductor Equipment)†		59,100	40,901,644
Spain - 1.2%
Banco Bilbao Vizcaya Argentaria SA (Banks)†		3,710,700	36,244,246

See Notes to Financial Statements

7

Harding, Loevner Funds, Inc.

International Equity Portfolio

Portfolio of Investments

April 30, 2013 (unaudited) (continued)

	Shares		Value
COMMON STOCKS - 92.4%    (continued)
Sweden - 1.6%
Atlas Copco AB, Class A (Capital Goods)†		1,860,200	$48,987,737
Switzerland - 10.4%
Lonza Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)*†		622,880	43,440,882
Nestle SA - Sponsored ADR, Reg S (Food, Beverage & Tobacco)		1,562,000	111,261,260
Roche Holding AG, Genusschein (Pharmaceuticals, Biotechnology & Life Sciences)†		360,600	90,279,504
Sonova Holding AG, Reg S (Health Care Equipment & Services)*†		340,929	37,125,066
Swatch Group AG, Bearer (Consumer Durables & Apparel)†		74,000	42,480,904
			324,587,616
Taiwan - 1.5%
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)†		11,038,125	41,011,554
Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR (Semiconductors & Semiconductor Equipment)		288,900	5,512,212
			46,523,766
Turkey - 2.3%
Turkiye Garanti Bankasi AS (Banks)†		345,100	1,911,542
Turkiye Garanti Bankasi AS - ADR (Banks)		12,492,000	70,080,120
			71,991,662
United Kingdom - 13.0%
ARM Holdings plc (Semiconductors & Semiconductor Equipment)†		7,574,800	117,841,168
BG Group plc (Energy)†		2,643,000	44,612,439
Standard Chartered plc (Banks)†		3,266,200	82,228,763
Tesco plc (Food & Staples Retailing)†		6,352,000	36,150,015
Unilever plc (Food, Beverage & Tobacco)†		887,000	38,459,078

	Shares		Value
COMMON STOCKS - 92.4%    (continued)
United Kingdom - 13.0%    (continued)
WPP plc (Media)†		5,061,000	$83,669,157
			402,960,620
United States - 3.9%
Bunge Ltd. (Food, Beverage & Tobacco)		860,200	62,115,042
Schlumberger Ltd. (Energy)		807,100	60,072,453
			122,187,495
Total Common Stocks (Cost $2,371,419,252)			$2,871,864,630
PREFERRED STOCKS - 3.6%
Brazil - 2.5%
Itau Unibanco Holding SA - ADR (Banks)		4,612,100	77,621,643
South Korea - 1.1%
Samsung Electronics Co., Ltd. - GDR, Reg S (Semiconductors & Semiconductor Equipment)†		87,400	34,922,634
Total Preferred Stocks (Cost $104,232,940)			$112,544,277
CASH EQUIVALENT - 3.6%
Northern Institutional Funds - Prime Obligations Portfolio, 0.08% (Money Market Fund)		110,826,640	110,826,640
Total Cash Equivalent (Cost $110,826,640)			$110,826,640
Total Investments — 99.6%
(Cost $2,586,478,832)			$3,095,235,547
Other Assets Less Liabilities - 0.4%			11,673,806
Net Assets — 100.0%			$3,106,909,353

Summary of Abbreviations

ADR American Depository Receipt.

GDR Global Depository Receipt.

Reg S Security sold outside United States without registration under the Securities Act of 1933.

See Notes to Financial Statements

8

Harding, Loevner Funds, Inc.

International Equity Portfolio

Portfolio of Investments

April 30, 2013 (unaudited) (continued)

# Security valued at fair value as determined in good faith under policies and procedures established by and under the supervision of the Portfolio’s Trustees as disclosed in Note 2 of the Notes to Financial Statements.

* Non-income producing security.

† Investment categorized as level 2 security as disclosed in Note 2 of the Notes to Financial Statements.

Industry	Percentage of Net Assets
Automobiles & Components		3.5	%
Banks		12.3
Capital Goods		9.1
Consumer Durables & Apparel		2.5
Energy		7.4
Food & Staples Retailing		1.2
Food, Beverage & Tobacco		9.0
Health Care Equipment & Services		7.8
Household & Personal Products		5.4
Insurance		5.4
Materials		4.8
Media		2.7
Money Market Fund		3.6
Pharmaceuticals, Biotechnology & Life Sciences		6.2
Semiconductors & Semiconductor Equipment		7.7
Software & Services		6.9
Technology Hardware & Equipment		1.4
Telecommunication Services		0.9
Transportation		1.8
Total Investments		99.6
Other Assets Less Liabilities		0.4
Net Assets		100.0	%

See Notes to Financial Statements

9

Harding, Loevner Funds, Inc.

International Small Companies Portfolio

Portfolio of Investments

April 30, 2013 (unaudited)

	Shares		Value
COMMON STOCKS - 95.5%
Australia - 4.4%
Cardno Ltd. (Capital Goods)†		74,050	$500,285
iiNET Ltd. (Telecommunication Services)†		66,880	428,006
Imdex Ltd. (Materials)†		402,433	412,286
SAI Global Ltd. (Commercial & Professional Services)†		114,397	419,081
TPG Telecom Ltd. (Telecommunication Services)†		249,000	935,199
			2,694,857
Austria - 1.4%
Lenzing AG (Materials)†		3,150	261,002
Semperit AG Holding (Capital Goods)†		15,400	602,430
			863,432
Brazil - 3.9%
CETIP SA - Mercados Organizados (Diversified Financials)		36,900	440,052
Mills Estruturas e Servicos de Engenharia SA (Capital Goods)*		37,300	612,423
SLC Agricola SA (Food, Beverage & Tobacco)		67,410	595,681
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA (Commercial & Professional Services)		41,000	768,462
			2,416,618
Canada - 1.0%
Laurentian Bank of Canada (Banks)		14,600	640,692
China - 2.8%
Haitian International Holdings Ltd. (Capital Goods)†		264,000	451,933
Sino Biopharmaceutical (Pharmaceuticals, Biotechnology & Life Sciences)†		685,000	471,812
Yip’s Chemical Holdings Ltd. (Materials)†		724,000	789,944
			1,713,689
Denmark - 0.5%
Chr Hansen Holding A/S (Materials)†		8,150	293,711

	Shares		Value
COMMON STOCKS - 95.5%    (continued)
Finland - 1.9%
PKC Group oyj (Capital Goods)†		17,720	$435,733
Vacon plc (Capital Goods)†		5,647	387,784
Vaisala oyj, Class A (Technology Hardware & Equipment)†		12,880	350,928
			1,174,445
France - 5.0%
Alten SA (Software & Services)†		14,200	511,943
Ingenico (Technology Hardware & Equipment)†		13,000	873,759
IPSOS (Media)†		16,850	564,857
Rubis SCA (Utilities)†		11,982	771,009
Virbac SA (Pharmaceuticals, Biotechnology & Life Sciences)†		1,670	340,941
			3,062,509
Germany - 9.1%
Bechtle AG (Software & Services)†		8,830	391,013
Bertrandt AG (Commercial & Professional Services)†		3,120	358,873
Carl Zeiss Meditec AG - Bearer (Health Care Equipment & Services)†		25,100	768,870
Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)†		14,150	807,994
Gerry Weber International AG (Consumer Durables & Apparel)†		15,910	697,820
KWS Saat AG (Food, Beverage & Tobacco)†		2,330	874,578
Leoni AG (Automobiles & Components)†		5,900	266,233
Pfeiffer Vacuum Technology AG (Capital Goods)†		5,610	681,651
Wirecard AG (Software & Services)†		28,600	766,847
			5,613,879
Hong Kong - 2.7%
Pico Far East Holdings Ltd. (Media)†		2,099,000	762,919
SmarTone Telecommunications Holdings Ltd. (Telecommunication Services)†		118,000	210,207

See Notes to Financial Statements

10

Harding, Loevner Funds, Inc.

International Small Companies Portfolio

Portfolio of Investments

April 30, 2013 (unaudited) (continued)

	Shares		Value
COMMON STOCKS - 95.5%    (continued)
Hong Kong - 2.7%    (continued)
Vitasoy International Holdings Ltd. (Food, Beverage & Tobacco)†		564,000	$683,629
			1,656,755
Indonesia - 3.5%
AKR Corporindo Tbk PT (Capital Goods)†		684,000	362,632
Bank Bukopin Tbk PT (Banks)†		4,872,166	461,059
Tower Bersama Infrastructure Tbk PT (Telecommunication Services)*†		1,292,000	751,751
Wijaya Karya Persero Tbk PT (Capital Goods)†		2,361,500	583,769
			2,159,211
Ireland - 1.5%
Grafton Group plc (Capital Goods)†		132,300	916,464
Italy - 2.4%
Danieli & C Officine Meccaniche SpA (Capital Goods)†		21,000	352,712
DiaSorin SpA (Health Care Equipment & Services)†		11,900	446,423
Yoox SpA (Retailing)*†		36,200	680,695
			1,479,830
Japan - 14.9%
ABC-Mart Inc. (Retailing)†		8,200	307,135
Arcs Co., Ltd. (Food & Staples Retailing)†		10,500	208,236
Asahi Diamond Industrial Co., Ltd. (Capital Goods)†		19,600	205,484
Asics Corp. (Consumer Durables & Apparel)†		46,400	839,198
BML Inc. (Health Care Equipment & Services)†		28,700	739,044
Cosmos Pharmaceutical Corp. (Food & Staples Retailing)†		5,100	569,200
Hiday Hidaka Corp. (Consumer Services)†		41,200	836,413
Lintec Corp. (Materials)†		17,400	316,842
M3 Inc. (Health Care Equipment & Services)†		346	782,367
Megane TOP Co., Ltd. (Retailing)†		29,900	430,733
Message Co., Ltd. (Health Care Equipment & Services)†		250	738,695

	Shares		Value
COMMON STOCKS - 95.5%    (continued)
Japan - 14.9%    (continued)
MISUMI Group Inc. (Capital Goods)†		23,100	$706,869
Nakanishi Inc. (Health Care Equipment & Services)†		3,000	384,053
Pigeon Corp. (Household & Personal Products)†		12,700	1,093,877
Rohto Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)†		18,000	252,663
Stanley Electric Co., Ltd. (Automobiles & Components)†		38,500	738,844
			9,149,653
Malaysia - 2.6%
Coastal Contracts Bhd. (Capital Goods)†		980,066	644,651
Dialog Group Bhd. (Capital Goods)†		462,000	359,948
KPJ Healthcare Bhd. (Health Care Equipment & Services)†		298,000	594,124
			1,598,723
Mexico - 0.7%
Grupo Herdez SAB de CV (Food, Beverage & Tobacco)		113,000	411,525
Netherlands - 2.1%
Arcadis NV (Capital Goods)†		15,450	427,413
ASM International NV (Semiconductors & Semiconductor Equipment)†		9,020	301,616
Brunel International NV (Commercial & Professional Services)†		13,527	574,395
			1,303,424
Norway - 0.5%
Algeta ASA (Pharmaceuticals, Biotechnology & Life Sciences)*†		8,100	274,791
Poland - 1.5%
Eurocash SA (Food & Staples Retailing)†		51,000	919,199
Singapore - 4.2%
Ezion Holdings Ltd. (Energy)†		490,000	812,416
Goodpack Ltd. (Transportation)†		248,000	338,383
Super Group Ltd. (Food, Beverage & Tobacco)†		340,000	1,085,438

See Notes to Financial Statements

11

Harding, Loevner Funds, Inc.

International Small Companies Portfolio

Portfolio of Investments

April 30, 2013 (unaudited) (continued)

	Shares		Value
COMMON STOCKS - 95.5%    (continued)
Singapore - 4.2%    (continued)
Tat Hong Holdings Ltd. (Capital Goods)†		311,000	$376,778
			2,613,015
South Africa - 2.1%
Clicks Group Ltd. (Food & Staples Retailing)†		103,000	659,802
Discovery Ltd. (Insurance)†		68,000	619,850
			1,279,652
South Korea - 3.2%
Binggrae Co., Ltd. (Food, Beverage & Tobacco)†		3,300	410,869
Cheil Worldwide Inc. (Media)*†		37,340	922,865
Daou Technology Inc. (Software & Services)†		20,600	375,400
Halla Visteon Climate Control Corp. (Automobiles & Components)†		9,400	254,096
			1,963,230
Spain - 0.8%
Construcciones y Auxiliar de Ferrocarriles SA (Capital Goods)†		1,282	507,579
Sweden - 3.0%
Avanza Bank Holding AB (Diversified Financials)†		16,400	361,650
Industrial & Financial Systems, Class B (Software & Services)†		42,700	812,458
Mekonomen AB (Retailing)†		21,940	693,022
			1,867,130
Switzerland - 1.8%
LEM Holding SA, Reg S (Technology Hardware & Equipment)†		625	379,114
Lonza Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)*†		5,550	387,068
Temenos Group AG, Reg S (Software & Services)*†		15,240	361,237
			1,127,419
Taiwan - 2.9%
Advantech Co., Ltd. (Technology Hardware & Equipment)†		142,000	680,405

	Shares		Value
COMMON STOCKS - 95.5%    (continued)
Taiwan - 2.9%    (continued)
Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)†		256,000	$655,003
Youngtek Electronics Corp. (Semiconductors & Semiconductor Equipment)†		180,973	457,803
			1,793,211
Thailand - 0.9%
Khon Kaen Sugar Industry pcl (Food, Beverage & Tobacco)†		1,304,600	555,622
Turkey - 0.7%
Arcelik A/S (Consumer Durables & Apparel)†		55,000	429,169
United Kingdom - 13.0%
Abcam plc (Pharmaceuticals, Biotechnology & Life Sciences)†		34,957	238,410
Bank of Georgia Holdings plc (Banks)†		28,800	720,821
Britvic plc (Food, Beverage & Tobacco)†		94,500	645,970
Domino Printing Sciences plc (Technology Hardware & Equipment)†		69,000	715,143
Imagination Technologies Group plc (Semiconductors & Semiconductor Equipment)*†		31,320	207,401
Jardine Lloyd Thompson Group plc (Insurance)†		26,800	352,855
Kentz Corp. Ltd. (Capital Goods)†		38,900	235,247
Morgan Advanced Materials plc (Capital Goods)†		127,360	517,521
PayPoint plc (Commercial & Professional Services)†		50,200	635,097
Rathbone Brothers plc (Diversified Financials)†		17,230	390,796
Rotork plc (Capital Goods)†		14,700	665,334
RPC Group plc (Materials)†		123,450	763,528
RPS Group plc (Commercial & Professional Services)†		203,000	786,584
St. James’s Place plc (Insurance)†		44,500	383,043
Synergy Health plc (Health Care Equipment & Services)†		45,700	771,909
			8,029,659

See Notes to Financial Statements

12

Harding, Loevner Funds, Inc.

International Small Companies Portfolio

Portfolio of Investments

April 30, 2013 (unaudited) (continued)

	Shares		Value
COMMON STOCKS - 95.5%    (continued)
United States - 0.5%
First Cash Financial Services Inc. (Diversified Financials)*		6,400	$329,408
Total Common Stocks (Cost $49,812,447)			$58,838,501
PREFERRED STOCKS - 0.5%
Germany - 0.5%
Draegerwerk AG & Co. KGaA (Health Care Equipment & Services)†		2,357	290,759
Total Preferred Stocks (Cost $130,880)			$290,759
CASH EQUIVALENT - 2.4%
Northern Institutional Funds - Prime Obligations Portfolio, 0.08% (Money Market Fund)		1,498,519	1,498,519
Total Cash Equivalent (Cost $1,498,519)			$1,498,519
Total Investments — 98.4%
(Cost $51,441,846)			$60,627,779
Other Assets Less Liabilities - 1.6%			1,003,067
Net Assets — 100.0%			$61,630,846

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 as disclosed in Note 2 of the Notes to Financial Statements.

Industry	Percentage of Net Assets
Automobiles & Components		2.0	%
Banks		3.0
Capital Goods		17.1
Commercial & Professional Services		5.7
Consumer Durables & Apparel		3.2
Consumer Services		1.4
Diversified Financials		2.5
Energy		1.3
Food & Staples Retailing		3.8
Food, Beverage & Tobacco		8.5
Health Care Equipment & Services		9.0
Household & Personal Products		1.8
Insurance		2.2
Materials		4.6
Media		3.7
Money Market Fund		2.4
Pharmaceuticals, Biotechnology & Life Sciences		4.5
Retailing		3.4
Semiconductors & Semiconductor Equipment		2.6
Software & Services		5.2
Technology Hardware & Equipment		4.9
Telecommunication Services		3.8
Transportation		0.5
Utilities		1.3
Total Investments		98.4
Other Assets Less Liabilities		1.6
Net Assets		100.0	%

See Notes to Financial Statements

13

Harding, Loevner Funds, Inc.

Institutional Emerging Markets Portfolio

Portfolio of Investments

April 30, 2013 (unaudited)

	Shares		Value
COMMON STOCKS - 84.0%
Brazil - 6.3%
Banco Bradesco SA - ADR (Banks)		788,000	$13,072,920
BM&FBovespa SA (Diversified Financials)		1,754,400	12,179,741
Natura Cosmeticos SA (Household & Personal Products)		164,700	4,171,110
Petroleo Brasileiro SA - ADR (Energy)		375,800	7,196,570
Vale SA - Sponsored ADR (Materials)		711,000	12,150,990
			48,771,331
Chile - 1.9%
Banco Santander Chile - ADR (Banks)		258,300	6,881,112
Sociedad Quimica y Minera de Chile SA - Sponsored ADR (Materials)		166,500	8,240,085
			15,121,197
China - 10.0%
51job Inc. - ADR (Commercial & Professional Services)*		118,704	6,837,350
Anhui Conch Cement Co., Ltd., Class H (Materials)†		1,745,000	6,319,179
Baidu Inc. - Sponsored ADR (Software & Services)*		152,900	13,126,465
China Merchants Holdings International Co., Ltd. (Transportation)†		3,997,063	12,749,514
China Mobile Ltd. - Sponsored ADR (Telecommunication Services)		66,000	3,645,840
CNOOC Ltd. - ADR (Energy)		67,000	12,551,780
Jiangsu Expressway Co., Ltd., Class H (Transportation)†		3,990,000	4,370,541
Tencent Holdings Ltd. (Software & Services)†		431,000	14,869,301
Wumart Stores Inc., Class H (Food & Staples Retailing)†		2,201,000	3,863,007
			78,332,977
Colombia - 1.1%
Ecopetrol SA - Sponsored ADR (Energy)		188,800	8,981,216
Czech Republic - 1.0%
Komercni Banka A/S (Banks)†		39,200	7,506,162

	Shares		Value
COMMON STOCKS - 84.0%    (continued)
Hong Kong - 3.1%
AIA Group Ltd. (Insurance)†		3,545,000	$15,761,045
ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)†		836,000	8,658,741
			24,419,786
Hungary - 0.4%
Richter Gedeon Nyrt. (Pharmaceuticals, Biotechnology & Life Sciences)†		22,000	3,267,315
India - 7.2%
Ambuja Cements Ltd. (Materials)†		3,342,400	11,628,612
Axis Bank Ltd. (Banks)†		428,000	11,876,908
Bajaj Auto Ltd. (Automobiles & Components)†		185,000	6,464,464
Dabur India Ltd. (Household & Personal Products)†		2,812,000	7,713,742
ICICI Bank Ltd. (Banks)†		395,000	8,554,566
Maruti Suzuki India Ltd. (Automobiles & Components)†		324,500	10,070,779
			56,309,071
Indonesia - 5.1%
Astra International Tbk PT (Automobiles & Components)†		12,870,000	9,736,360
Bank Rakyat Indonesia Persero Tbk PT (Banks)†		13,631,000	13,196,065
Semen Indonesia Persero Tbk PT (Materials)†		6,907,100	13,087,388
United Tractors Tbk PT (Capital Goods)†		1,964,000	3,588,558
			39,608,371
Isle of Man - 0.3%
Zhaikmunai LP - GDR, Reg S (Energy)†		210,467	2,209,977
Italy - 1.2%
Tenaris SA - ADR (Energy)		218,000	9,698,820
Malaysia - 1.1%
Axiata Group Bhd. (Telecommunication Services)†		3,836,400	8,541,689
Mexico - 6.7%
Coca-Cola Femsa SAB de CV - Sponsored ADR (Food, Beverage & Tobacco)		76,000	12,264,120

See Notes to Financial Statements

14

Harding, Loevner Funds, Inc.

Institutional Emerging Markets Portfolio

Portfolio of Investments

April 30, 2013 (unaudited) (continued)

	Shares		Value
COMMON STOCKS - 84.0%    (continued)
Mexico - 6.7%    (continued)
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food, Beverage & Tobacco)		128,500	$14,570,615
Grupo Aeroportuario del Sureste SAB de CV - ADR (Transportation)		83,100	10,313,541
Grupo Financiero Banorte SAB de CV, Class O (Banks)		2,040,000	15,382,786
			52,531,062
Netherlands - 0.2%
OCI NV (Capital Goods)*†		50,322	1,511,352
Nigeria - 1.6%
Zenith Bank plc (Banks)		95,441,000	12,171,748
Panama - 2.1%
Copa Holdings SA, Class A (Transportation)		132,000	16,576,560
Peru - 1.3%
Credicorp Ltd. (Banks)		68,000	10,240,120
Poland - 0.8%
Bank Pekao SA (Banks)†		123,500	5,923,289
Russia-5.0%
Gazprom OAO - Sponsored ADR (Energy)†		329,000	2,612,317
Lukoil OAO - Sponsored ADR (Energy)		227,000	14,448,550
Novolipetsk Steel OJSC - GDR, Reg S (Materials)†		378,500	6,287,793
Sberbank of Russia (Banks)#†		624,100	1,984,888
Sberbank of Russia - Sponsored ADR (Banks)†		1,042,000	13,411,149
			38,744,697
South Africa - 3.4%
Aspen Pharmacare Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*†		462,700	10,048,983
Discovery Ltd. (Insurance)†		887,000	8,085,393
Impala Platinum Holdings Ltd. (Materials)†		231,300	3,161,721
Standard Bank Group Ltd. (Banks)†		403,091	5,039,180
			26,335,277

	Shares		Value
COMMON STOCKS - 84.0%    (continued)
South Korea - 4.1%
Amorepacific Corp. (Household & Personal Products)†		7,100	$5,804,044
Hankook Tire Co., Ltd. (Automobiles & Components)†		159,432	6,935,356
Samsung Electronics Co., Ltd. - GDR, Reg S (Semiconductors & Semiconductor Equipment)†		15,500	10,727,166
Samsung Fire & Marine Insurance Co., Ltd. (Insurance)†		40,100	8,253,072
			31,719,638
Taiwan - 8.8%
Advantech Co., Ltd. (Technology Hardware & Equipment)†		1,405,000	6,732,167
Delta Electronics Inc. (Technology Hardware & Equipment)†		1,732,189	8,316,444
Hiwin Technologies Corp. (Capital Goods)†		629,700	4,444,562
Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)†		4,587,652	11,857,817
MediaTek Inc. (Semiconductors & Semiconductor Equipment)†		1,107,000	13,515,110
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)†		6,320,277	23,482,646
			68,348,746
Thailand - 2.1%
Siam Commercial Bank pcl (Banks)†		2,594,970	16,445,125
Turkey - 3.9%
Arcelik A/S (Consumer Durables & Apparel)†		2,620,600	20,448,758
Turkiye Garanti Bankasi A/S (Banks)†		1,758,000	9,737,731
			30,186,489
United Arab Emirates - 0.9%
Dragon Oil plc (Energy)†		711,300	6,996,591
United Kingdom - 4.4%
Bank of Georgia Holdings plc (Banks)†		205,715	5,148,743
Hikma Pharmaceuticals plc (Pharmaceuticals, Biotechnology & Life Sciences)†		903,000	13,706,191

See Notes to Financial Statements

15

Harding, Loevner Funds, Inc.

Institutional Emerging Markets Portfolio

Portfolio of Investments

April 30, 2013 (unaudited) (continued)

	Shares		Value
COMMON STOCKS - 84.0%    (continued)
United Kingdom - 4.4%    (continued)
SABMiller plc (Food, Beverage & Tobacco)†		291,000	$15,718,751
			34,573,685
Total Common Stocks (Cost $549,700,417)			$655,072,291
PREFERRED STOCKS - 8.6%
Brazil - 4.0%
Cia de Bebidas das Americas - ADR (Food, Beverage & Tobacco)		376,600	15,824,732
Itau Unibanco Holding SA - ADR (Banks)		255,200	4,295,016
Petroleo Brasileiro SA - Sponsored ADR (Energy)		296,200	5,915,114
Vale SA - Sponsored ADR (Materials)		308,600	5,017,836
			31,052,698
Russia - 1.2%
AK Transneft OAO (Energy)#†		4,510	9,035,572
South Korea - 3.4%
Samsung Electronics Co., Ltd. - GDR, Reg S (Semiconductors & Semiconductor Equipment)†		66,800	26,691,442
Total Preferred Stocks (Cost $58,907,982)			$66,779,712
PARTICIPATION NOTES - 5.3%
Qatar - 2.6%
Industries Qatar QSC, Issued by HSBC Bank plc, Maturity Date 2/23/15 (Capital Goods)^†		292,230	13,805,257
Qatar National Bank, Issued by HSBC Bank plc, Maturity Date 9/23/13 (Banks)^†		166,600	6,177,319
			19,982,576
Saudi Arabia - 2.7%
Etihad Etisalat Co., Issued by HSBC Bank plc, Maturity Date 12/5/14 (Telecommunication Services)^†		615,500	13,129,616

	Shares		Value
PARTICIPATION NOTES - 5.3%    (continued)
Saudi Arabia - 2.7%    (continued)
Jarir Marketing Co., Issued by HSBC Bank plc, Maturity Date 5/4/15 (Commercial & Professional Services)^†		170,700	$7,942,605
			21,072,221
Total Participation Notes (Cost $37,301,232)			$41,054,797
CASH EQUIVALENT - 1.2%
Northern Institutional Funds - Prime Obligations Portfolio, 0.08% (Money Market Fund)		9,703,477	9,703,477
Total Cash Equivalent (Cost $9,703,477)			$9,703,477
Total Investments — 99.1%
(Cost $655,613,108)			$772,610,277
Other Assets Less Liabilities - 0.9%			7,028,773
Net Assets — 100.0%			$779,639,050

Summary of Abbreviations

ADR American Depository Receipt.

GDR Global Depository Receipt.

Reg S Security sold outside United States without registration under the Securities Act of 1933.

# Security valued at fair value as determined in good faith under policies and procedures established by and under the supervision of the Portfolio’s Trustees as disclosed in Note 2 of the Notes to Financial Statements.

* Non-income producing security.

^ Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 5.3% of net assets as of April 30, 2013, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.

† Investment categorized as level 2 security as disclosed in Note 2 of the Notes to Financial Statements.

See Notes to Financial Statements

16

Harding, Loevner Funds, Inc.

Institutional Emerging Markets Portfolio

Portfolio of Investments

April 30, 2013 (unaudited) (continued)

Industry	Percentage of Net Assets
Automobiles & Components		4.3	%
Banks		21.4
Capital Goods		3.0
Commercial & Professional Services		1.9
Consumer Durables & Apparel		2.6
Diversified Financials		1.6
Energy		10.2
Food & Staples Retailing		0.5
Food, Beverage & Tobacco		7.5
Household & Personal Products		2.3
Insurance		4.1
Materials		8.5
Money Market Fund		1.2
Pharmaceuticals, Biotechnology & Life Sciences		3.5
Semiconductors & Semiconductor Equipment		10.7
Software & Services		3.6
Technology Hardware & Equipment		3.4
Telecommunication Services		3.2
Transportation		5.6
Total Investments		99.1
Other Assets Less Liabilities		0.9
Net Assets		100.0	%

See Notes to Financial Statements

17

Harding, Loevner Funds, Inc.

Emerging Markets Portfolio

Portfolio of Investments

April 30, 2013 (unaudited)

	Shares		Value
COMMON STOCKS - 85.1%
Brazil - 7.2%
Banco Bradesco SA - ADR (Banks)		1,950,962	$32,366,460
BM&FBovespa SA (Diversified Financials)		4,355,100	30,234,831
Natura Cosmeticos SA (Household & Personal Products)		428,400	10,849,445
Petroleo Brasileiro SA - ADR (Energy)		1,384,884	26,520,529
Vale SA - Sponsored ADR (Materials)		2,249,083	38,436,829
			138,408,094
Chile - 1.9%
Banco Santander Chile - ADR (Banks)		632,700	16,855,128
Sociedad Quimica y Minera de Chile SA - Sponsored ADR (Materials)		414,000	20,488,860
			37,343,988
China - 9.9%
51job Inc. - ADR (Commercial & Professional Services)*		316,748	18,244,685
Anhui Conch Cement Co., Ltd., Class H (Materials)†		4,345,000	15,734,577
Baidu Inc. - Sponsored ADR (Software & Services)*		357,300	30,674,205
China Merchants Holdings International Co., Ltd. (Transportation)†		9,557,103	30,484,487
China Mobile Ltd. - Sponsored ADR (Telecommunication Services)		168,100	9,285,844
CNOOC Ltd. - ADR (Energy)		165,700	31,042,238
Jiangsu Expressway Co., Ltd., Class H (Transportation)†		9,203,000	10,080,724
Tencent Holdings Ltd. (Software & Services)†		1,029,000	35,500,026
Wumart Stores Inc., Class H (Food & Staples Retailing)†		5,646,000	9,909,376
			190,956,162
Colombia - 1.2%
Ecopetrol SA - Sponsored ADR (Energy)		496,300	23,608,991
Czech Republic - 1.0%
Komercni Banka A/S (Banks)†		97,300	18,631,366

	Shares			Value
COMMON STOCKS - 85.1%    (continued)
Hong Kong - 3.1%
AIA Group Ltd. (Insurance)†		8,862,000		$39,400,389
ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)†		1,922,100		19,907,855
			��	59,308,244
Hungary - 0.4%
Richter Gedeon Nyrt. (Pharmaceuticals, Biotechnology & Life Sciences)†		54,300		8,064,328
India - 7.2%
Ambuja Cements Ltd. (Materials)†		8,244,700		28,684,303
Axis Bank Ltd. (Banks)†		1,061,700		29,461,947
Bajaj Auto Ltd. (Automobiles & Components)†		461,200		16,115,735
Dabur India Ltd. (Household & Personal Products)†		7,014,504		19,241,847
ICICI Bank Ltd. (Banks)†		948,800		20,548,285
Maruti Suzuki India Ltd. (Automobiles & Components)†		782,800		24,294,008
				138,346,125
Indonesia - 5.0%
Astra International Tbk PT (Automobiles & Components)†		31,305,000		23,682,730
Bank Rakyat Indonesia Persero Tbk PT (Banks)†		33,888,000		32,806,708
Semen Indonesia Persero Tbk PT (Materials)†		16,943,600		32,104,280
United Tractors Tbk PT (Capital Goods)†		4,782,000		8,737,519
				97,331,237
Isle of Man - 0.3%
Zhaikmunai LP - GDR, Reg S (Energy)†		536,582		5,634,297
Italy - 1.3%
Tenaris SA - ADR (Energy)		544,100		24,207,009
Malaysia - 1.1%
Axiata Group Bhd. (Telecommu- nication Services)†		9,386,800		20,899,574
Mexico - 6.7%
Coca-Cola Femsa SAB de CV - Sponsored ADR (Food, Beverage & Tobacco)		188,500		30,418,245

See Notes to Financial Statements

18

Harding, Loevner Funds, Inc.

Emerging Markets Portfolio

Portfolio of Investments

April 30, 2013 (unaudited) (continued)

	Shares		Value
COMMON STOCKS - 85.1%    (continued)
Mexico - 6.7%    (continued)
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food, Beverage & Tobacco)		311,300	$35,298,307
Grupo Aeroportuario del Sureste SAB de CV - ADR (Transportation)		206,998	25,690,522
Grupo Financiero Banorte SAB de CV, Class O (Banks)		5,103,640	38,484,412
			129,891,486
Netherlands - 0.5%
OCI NV (Capital Goods)*†		316,678	9,510,990
Nigeria - 1.6%
Zenith Bank plc (Banks)		239,222,520	30,508,442
Panama - 2.1%
Copa Holdings SA, Class A (Transportation)		323,600	40,637,688
Peru - 1.3%
Credicorp Ltd. (Banks)		165,400	24,907,586
Poland - 0.8%
Bank Pekao SA (Banks)†		305,361	14,645,680
Russia - 4.9%
Gazprom OAO - ADR (Energy)†		841,270	6,679,830
Lukoil OAO - ADR (Energy)		550,094	35,013,483
Novolipetsk Steel OJSC - GDR, Reg S (Materials)†		908,500	15,092,366
Sberbank of Russia - Sponsored ADR (Banks)†		2,959,400	38,089,206
			94,874,885
South Africa - 3.5%
Aspen Pharmacare Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*†		1,186,500	25,768,572
Discovery Ltd. (Insurance)†		2,312,000	21,074,892
Impala Platinum Holdings Ltd. (Materials)†		609,600	8,332,837
Standard Bank Group Ltd. (Banks)†		1,038,070	12,977,272
			68,153,573
South Korea - 4.0%
Amorepacific Corp. (Household & Personal Products)†		17,700	14,469,237
Hankook Tire Co., Ltd. (Automobiles & Components)†		408,138	17,754,167

	Shares		Value
COMMON STOCKS - 85.1%    (continued)
South Korea - 4.0%    (continued)
Samsung Electronics Co., Ltd. - GDR, Reg S (Semiconductors & Semiconductor Equipment)†		34,680	$24,001,168
Samsung Fire & Marine Insurance Co., Ltd. (Insurance)†		98,000	20,169,601
			76,394,173
Taiwan - 8.8%
Advantech Co., Ltd. (Technology Hardware & Equipment)†		3,426,000	16,415,945
Delta Electronics Inc. (Technology Hardware & Equipment)†		4,258,751	20,446,767
Hiwin Technologies Corp. (Capital Goods)†		1,539,900	10,868,955
Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)†		11,507,938	29,744,850
MediaTek Inc. (Semiconductors & Semiconductor Equipment)†		2,768,000	33,793,881
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)†		15,582,637	57,896,442
			169,166,840
Thailand - 2.1%
Siam Commercial Bank pcl (Banks)†		6,419,000	40,679,182
Turkey - 3.9%
Arcelik A/S (Consumer Durables & Apparel)†		6,569,012	51,258,542
Turkiye Garanti Bankasi A/S (Banks)†		4,338,700	24,032,477
			75,291,019
United Arab Emirates - 0.9%
Dragon Oil plc (Energy)†		1,765,000	17,361,146
United Kingdom - 4.4%
Bank of Georgia Holdings plc (Banks)†		505,354	12,648,264
Hikma Pharmaceuticals plc (Pharmaceuticals, Biotechnology & Life Sciences)†		2,193,053	33,287,270

See Notes to Financial Statements

19

Harding, Loevner Funds, Inc.

Emerging Markets Portfolio

Portfolio of Investments

April 30, 2013 (unaudited) (continued)

	Shares		Value
COMMON STOCKS - 85.1%    (continued)
United Kingdom - 4.4%    (continued)
SABMiller plc (Food, Beverage & Tobacco)†		712,900	$38,508,239
			84,443,773
Total Common Stocks (Cost $1,173,060,611)			$1,639,205,878
PREFERRED STOCKS - 8.2%
Brazil - 3.2%
Cia de Bebidas das Americas - ADR (Food, Beverage & Tobacco)		944,200	39,675,284
Itau Unibanco Holding SA - ADR (Banks)		606,258	10,203,322
Petroleo Brasileiro SA - Sponsored ADR (Energy)		299,400	5,979,018
Vale SA - Sponsored ADR (Materials)		304,000	4,943,040
			60,800,664
Russia - 1.1%
AK Transneft OAO (Energy)#†		11,050	22,138,153
South Korea - 3.9%
Samsung Electronics Co., Ltd. - GDR, Reg S (Semiconductors & Semiconductor Equipment)†		187,759	75,023,329
Total Preferred Stocks (Cost $105,665,218)			$157,962,146
PARTICIPATION NOTES - 5.3%
Qatar - 2.6%
Industries Qatar QSC, Issued by HSBC Bank plc, Maturity Date 2/23/15 (Capital Goods)^†		732,910	34,623,450
Qatar National Bank, Issued by HSBC Bank plc, Maturity Date 9/23/13 (Banks)^†		419,800	15,565,657
			50,189,107
Saudi Arabia - 2.7%
Etihad Etisalat Co., Issued by HSBC Bank plc, Maturity Date 12/5/14 (Telecommunication Services)^†		1,521,300	32,451,804

	Shares		Value
PARTICIPATION NOTES - 5.3%    (continued)
Saudi Arabia - 2.7%    (continued)
Jarir Marketing Co., Issued by HSBC Bank plc, Maturity Date 5/4/15 (Commercial & Professional Services)^†		426,900	$19,863,491
			52,315,295
Total Participation Notes (Cost $91,485,343)			$102,504,402
CASH EQUIVALENT - 1.1%
Northern Institutional Funds - Prime Obligations Portfolio, 0.08% (Money Market Fund)		21,726,290	21,726,290
Total Cash Equivalent (Cost $21,726,290)			$21,726,290
Total Investments — 99.7%
(Cost $1,391,937,462)			$1,921,398,716
Other Assets Less Liabilities - 0.3%			5,030,015
Net Assets — 100.0%			$1,926,428,731

Summary of Abbreviations

ADR American Depository Receipt.

GDR Global Depository Receipt.

Reg S Security sold outside United States without registration under the Securities Act of 1933.

# Security valued at fair value as determined in good faith under policies and procedures established by and under the supervision of the Portfolio’s Trustees as disclosed in Note 2 of the Notes to Financial Statements.

* Non-income producing security.

^ Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 5.3% of net assets as of April 30, 2013, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.

† Investment categorized as level 2 security as disclosed in Note 2 of the Notes to Financial Statements.

See Notes to Financial Statements

20

Harding, Loevner Funds, Inc.

Emerging Markets Portfolio

Portfolio of Investments

April 30, 2013 (unaudited) (continued)

Industry	Percentage of Net Assets
Automobiles & Components		4.2	%
Banks		21.5
Capital Goods		3.3
Commercial & Professional Services		2.0
Consumer Durables & Apparel		2.7
Diversified Financials		1.6
Energy		10.3
Food & Staples Retailing		0.5
Food, Beverage & Tobacco		7.5
Household & Personal Products		2.3
Insurance		4.2
Materials		8.5
Money Market Fund		1.1
Pharmaceuticals, Biotechnology & Life Sciences		3.5
Semiconductors & Semiconductor Equipment		10.9
Software & Services		3.4
Technology Hardware & Equipment		3.5
Telecommunication Services		3.2
Transportation		5.5
Total Investments		99.7
Other Assets Less Liabilities		0.3
Net Assets		100.0	%

See Notes to Financial Statements

21

Harding, Loevner Funds, Inc.

Frontier Emerging Markets Portfolio

Portfolio of Investments

April 30, 2013 (unaudited)

	Shares		Value
COMMON STOCKS - 87.9%
Bangladesh - 2.7%
Lafarge Surma Cement Ltd. (Materials)*†		1,596,500	$594,114
Power Grid Co. of Bangladesh Ltd. (Utilities)†		631,640	422,839
Square Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)†		954,418	2,198,607
			3,215,560
Canada- 0.7%
Katanga Mining Ltd. (Materials)*†		774,375	522,681
Petrominerales Ltd. (Energy)		61,600	339,963
			862,644
Colombia - 8.3%
Bancolombia SA - Sponsored ADR (Banks)		14,900	1,009,773
Cementos Argos SA - Sponsored ADR (Materials)#†		143,300	3,199,559
Ecopetrol SA - Sponsored ADR (Energy)		37,000	1,760,090
Grupo de Inversiones Suramericana SA - Sponsored ADR (Diversified Financials)#†		51,100	2,155,899
Grupo Odinsa SA (Capital Goods)		204,173	1,040,395
Grupo Odinsa SA - SD (Capital Goods)#*†		9,315	45,322
Interconexion Electrica SA ESP - ADR (Utilities)#†		6,800	782,429
			9,993,467
Croatia - 0.6%
Ericsson Nikola Tesla (Technology Hardware & Equipment)†		2,721	713,502
Egypt - 2.9%
Commercial International Bank Egypt SAE (Banks)†		178,500	787,417
Ghabbour Auto (Automobiles & Components)†		167,420	639,906
Orascom Telecom Holding SAE - GDR, Reg S (Telecommunication Services)*†		242,069	815,891
Oriental Weavers (Consumer Durables & Apparel)†		406,600	1,223,646
			3,466,860

	Shares		Value
COMMON STOCKS - 87.9%    (continued)
Estonia - 0.8%
Tallink Group AS (Transportation)*		700,120	$958,904
Ghana - 1.8%
Ghana Commercial Bank Ltd. (Banks)		963,949	2,138,312
Indonesia - 1.0%
Bank Rakyat Indonesia Persero Tbk PT (Banks)†		1,279,480	1,238,655
Isle of Man - 0.7%
Zhaikmunai LP - GDR, Reg S (Energy)†		80,800	848,428
Jordan - 1.2%
Arab Bank plc (Banks)†		82,050	823,346
Arab Potash Co. (Materials)†		9,424	605,852
			1,429,198
Kazakhstan - 2.3%
Halyk Savings Bank of Kazakhstan JSC - GDR, Reg S (Banks)*†		269,951	1,972,203
KazMunaiGas Exploration Production JSC - GDR, Reg S (Energy)†		43,150	775,240
			2,747,443
Kenya - 2.4%
East African Breweries Ltd. (Food, Beverage & Tobacco)†		91,522	332,790
Equity Bank Ltd. (Banks)†		1,850,000	690,316
Nation Media Group Ltd. (Media)†		306,240	1,024,359
Safaricom Ltd. (Telecommunication Services)†		9,707,000	794,162
			2,841,627
Lebanon - 0.5%
Banque Audi sal- Audi Saradar Group - GDR, Reg S (Banks)†		94,374	660,618
Mauritius - 0.4%
Mauritius Commercial Bank (Banks)		81,280	497,365
Morocco - 1.0%
Douja Promotion Groupe Addoha SA (Real Estate)†		184,788	1,201,973
Netherlands - 0.3%
OCI NV (Capital Goods)*†		10,450	313,851

See Notes to Financial Statements

22

Harding, Loevner Funds, Inc.

Frontier Emerging Markets Portfolio

Portfolio of Investments

April 30, 2013 (unaudited) (continued)

	Shares		Value
COMMON STOCKS - 87.9%    (continued)
Nigeria - 12.2%
Access Bank plc (Banks)		27,311,093	$1,688,793
Dangote Cement plc (Materials)		1,523,000	1,561,557
Diamond Bank plc (Banks)*		42,989,692	1,550,894
FBN Holdings plc (Banks)		34,725,000	4,098,869
Guaranty Trust Bank plc (Banks)		8,310,000	1,356,949
Lafarge Cement WAPCO Nigeria plc (Materials)		2,036,474	992,459
Nigerian Breweries plc (Food, Beverage & Tobacco)		1,107,000	1,155,344
UAC of Nigeria plc (Capital Goods)		6,086,322	2,195,698
			14,600,563
Pakistan - 5.0%
Engro Corp., Ltd. (Materials)*†		3,277,392	4,470,427
Pakistan Petroleum Ltd. (Energy)†		802,298	1,476,279
			5,946,706
Peru - 8.3%
Alicorp SAA, Class C (Food, Beverage & Tobacco)		1,170,483	4,384,329
Credicorp Ltd. (Banks)		17,500	2,635,325
Ferreycorp SAA (Capital Goods)		461,533	399,890
Union Andina de Cementos SAA (Materials)		1,707,880	2,533,065
			9,952,609
Philippines - 10.3%
Bank of the Philippine Islands (Banks)†		1,652,000	4,129,048
International Container Terminal Services Inc. (Transportation)†		600,000	1,341,048
Philippine Long Distance Telephone Co. -Sponsored ADR (Telecommunication Services)		26,160	1,921,975
Universal Robina Corp. (Food, Beverage & Tobacco)†		1,698,000	4,913,809
			12,305,880
Poland - 0.3%
Kernel Holding SA (Food, Beverage & Tobacco)*†		21,680	393,849
Qatar - 6.6%
Commercial Bank of Qatar QSC (Banks)†		63,630	1,135,796
Industries Qatar QSC (Capital Goods)†		81,600	3,855,742

	Shares		Value
COMMON STOCKS - 87.9%    (continued)
Qatar - 6.6%    (continued)
Qatar Electricity & Water Co. (Utilities)†		12,050	$472,913
Qatar National Bank SAQ (Banks)†		67,857	2,516,533
			7,980,984
Senegal - 1.2%
Sonatel (Telecommunication Services)		44,450	1,418,936
Serbia - 0.2%
Energoprojekt Holding ad Beograd (Capital Goods)*		23,677	199,400
Slovenia - 1.3%
Krka dd Novo mesto (Pharmaceuticals, Biotechnology & Life Sciences)†		24,060	1,578,388
Sri Lanka - 3.3%
Commercial Bank of Ceylon plc (Banks)†		2,082,412	1,886,275
John Keells Holdings plc (Capital Goods)†		1,081,000	2,131,689
			4,017,964
Thailand - 4.2%
Home Product Center pcl (Retailing)†		4,714,069	2,409,234
Siam Commercial Bank pcl (Banks)†		239,000	1,514,617
Thai Vegetable Oil pcl (Food, Beverage & Tobacco)†		1,371,000	1,074,378
			4,998,229
Trinidad & Tobago - 1.4%
Neal & Massy Holdings Ltd. (Capital Goods)		86,922	798,816
Republic Bank Ltd. (Banks)		51,678	876,594
			1,675,410
United Arab Emirates - 2.8%
DP World Ltd. (Transportation)		70,000	1,073,801
DP World Ltd. (London Stock Exchange) (Transportation)#†		15,000	230,099
Dragon Oil plc (Energy)†		101,000	993,471
Dubai Financial Market (Diversified Financials)*†		3,220,510	1,096,592
			3,393,963

See Notes to Financial Statements

23

Harding, Loevner Funds, Inc.

Frontier Emerging Markets Portfolio

Portfolio of Investments

April 30, 2013 (unaudited) (continued)

	Shares		Value
COMMON STOCKS - 87.9%    (continued)
United Kingdom - 0.9%
Ferrexpo plc (Materials)†		54,630	$151,540
Hikma Pharmaceuticals plc (Pharmaceuticals, Biotechnology & Life Sciences)†		49,700	754,371
Kazakhmys plc (Materials)†		29,520	158,870
			1,064,781
Vietnam - 2.3%
Hoa Phat Group JSC (Materials)†		751,000	986,606
Petrovietnam Fertilizer & Chemical JSC (Materials)†		854,000	1,721,663
			2,708,269
Total Common Stocks (Cost $89,614,388)			$105,364,338
PARTICIPATION NOTES - 8.9%
Kuwait - 1.8%
Kuwait Projects Co. Holdings, Issued by HSBC Bank plc, Maturity Date 1/16/15 (Diversified Financials)^†		639,655	968,151
National Bank of Kuwait, Issued by Deutsche Bank AG, Maturity Date 3/28/18 (Banks)^†		341,845	1,131,061
			2,099,212
Saudi Arabia - 7.1%
Almarai Co., Ltd., Issued by HSBC Bank plc, Maturity Date 11/24/14 (Food, Beverage & Tobacco)^†		57,034	988,510
Etihad Etisalat Co., Issued by HSBC Bank plc, Maturity Date 12/5/14 (Telecommunication Services)^†		160,780	3,429,699
Jarir Marketing Co., Issued by HSBC Bank plc, Maturity Date 5/4/15 (Commercial & Professional Services)^†		87,700	4,080,647
			8,498,856
Total Participation Notes (Cost $9,580,621)			$10,598,068

	Shares		Value
CASH EQUIVALENT - 2.4%
Northern Institutional Funds - Prime Obligations Portfolio, 0.08% (Money Market Fund)		2,914,137	$2,914,137
Total Cash Equivalent (Cost $2,914,137)			$2,914,137
Total Investments — 99.2%
(Cost $102,109,146)			$118,876,543
Other Assets Less Liabilities - 0.8%			1,011,845
Net Assets — 100.0%			$119,888,388

Summary of Abbreviations

ADR American Depository Receipt.

GDR Global Depository Receipt.

Reg S Security sold outside United States without registration under the Securities Act of 1933.

# Security valued at fair value as determined in good faith under policies and procedures established by and under the supervision of the Portfolio’s Trustees as disclosed in Note 2 of the Notes to Financial Statements.

* Non-income producing security.

^ Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 8.9% of net assets as of April 30, 2013, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers.

† Investment categorized as level 2 security as disclosed in Note 2 of the Notes to Financial Statements.

See Notes to Financial Statements.

24

Harding, Loevner Funds, Inc.

Frontier Emerging Markets Portfolio

Portfolio of Investments

April 30, 2013 (unaudited) (continued)

Industry	Percentage of Net Assets
Automobiles & Components		0.5	%
Banks		28.6
Capital Goods		9.2
Commercial & Professional Services		3.4
Consumer Durables & Apparel		1.0
Diversified Financials		3.5
Energy		5.2
Food, Beverage & Tobacco		11.1
Materials		14.6
Media		0.9
Money Market Fund		2.4
Pharmaceuticals, Biotechnology & Life Sciences		3.8
Real Estate		1.0
Retailing		2.0
Technology Hardware & Equipment		0.6
Telecommunication Services		7.0
Transportation		3.0
Utilities		1.4
Total Investments		99.2
Other Assets Less Liabilities		0.8
Net Assets		100.0	%

See Notes to Financial Statements

25

Harding, Loevner Funds, Inc.

Statements of Assets and Liabilities

April 30, 2013 (unaudited)

	Global Equity Portfolio			International Equity Portfolio			International Small Companies Portfolio
ASSETS:
Investments (cost $467,554,415, $2,586,478,832 and $51,441,846, respectively)		$554,157,569			$3,095,235,547			$60,627,779
Dividends and interest receivable		983,566			10,250,198			122,669
Foreign currency (cost $2,660, $17,123 and $4,981, respectively)		3,056			17,454			5,042
Receivable for investments sold		—			6,194,492			—
Receivable for Fund shares sold		97,896			3,853,284			1,195,310
Tax reclaim receivable		244,808			3,170,978			77,289
Prepaid expenses		15,900			71,530			30,502
Total Assets		555,502,795			3,118,793,483			62,058,591
LIABILITIES:
Payable to Investment Adviser		(373,917	)		(1,753,858	)		(61,658	)
Payable for investments purchased		—			(6,653,867	)		—
Payable for Fund shares redeemed		(212,945	)		(2,428,095	)		(294,384	)
Payable for distribution fees		—			(435,002	)		(12,212	)
Payable for capital gains tax		—			—			(3,667	)
Other liabilities		(149,964	)		(613,308	)		(55,824	)
Total Liabilities		(736,826	)		(11,884,130	)		(427,745	)
Net Assets		$554,765,969			$3,106,909,353			$61,630,846
ANALYSIS OF NET ASSETS:
Paid in capital		$469,641,882			$2,629,248,317			$48,625,587
Accumulated undistributed net investment income		841,566			11,634,031			72,793
Accumulated net realized gain (loss) from investment transactions		(2,326,286	)		(42,790,503	)		3,747,192
Net unrealized appreciation on investments and on assets and liabilities denominated in foreign currencies		86,608,807			508,817,508			9,185,274
Net Assets		$554,765,969			$3,106,909,353			$61,630,846
Net Assets:
Institutional Class		$472,900,861			$2,724,033,670			$16,187,208
Investor Class		—			382,875,683			45,443,638
Advisor Class		81,865,108			—			—
Total Shares Outstanding:
Institutional Class (200,000,000, 200,000,000 and 200,000,000, respectively, $.001 par value shares authorized)		17,195,760			162,465,278			1,219,933
Investor Class ( — , 200,000,000 and 200,000,000, respectively, $.001 par value shares authorized)		—			22,895,709			3,428,119
Advisor Class (200,000,000, — and — , respectively, $.001 par value shares authorized)		2,977,031			—			—
Net Asset Value, Offering Price and Redemption Price Per Share:
Institutional Class		$27.50			$16.77			$13.27
Investor Class		—			16.72			13.26
Advisor Class		27.50			—			—

See Notes to Financial Statements

26

Harding, Loevner Funds, Inc.

Statements of Assets and Liabilities (continued)

April 30, 2013 (unaudited)

	Institutional Emerging Markets Portfolio			Emerging Markets Portfolio			Frontier Emerging Markets Portfolio
ASSETS:
Investments (cost $655,613,108, $1,391,937,462 and $102,109,146, respectively)		$772,610,277			$1,921,398,716			$118,876,543
Dividends and interest receivable		3,708,436			9,171,270			711,490
Foreign currency (cost $9,690, $132,884 and $277,263, respectively)		15,108			148,045			275,226
Receivable for investments sold		2,214,526			1,024,993			672,837
Receivable for Fund shares sold		4,010,610			2,508,718			1,689,145
Tax reclaim receivable		34,936			129,942			4,514
Prepaid expenses		42,914			26,812			13,685
Total Assets		782,636,807			1,934,408,496			122,243,440
LIABILITIES:
Payable to Investment Adviser		(698,076	)		(1,754,278	)		(138,088	)
Payable for investments purchased		(936,762	)		(1,196,444	)		(1,809,195	)
Payable for Fund shares redeemed		(383,931	)		(2,454,171	)		(271,252	)
Payable for distribution fees		—			—			(2,367	)
Payable for capital gains tax		(792,280	)		(1,536,920	)		(33,769	)
Other liabilities		(186,708	)		(1,037,952	)		(100,381	)
Total Liabilities		(2,997,757	)		(7,979,765	)		(2,355,052	)
Net Assets		$779,639,050			$1,926,428,731			$119,888,388
ANALYSIS OF NET ASSETS:
Paid in capital		$712,507,223			$1,345,713,626			$117,256,526
Accumulated undistributed net investment income		3,943,853			8,313,175			421,274
Accumulated net realized gain (loss) from investment transactions		(53,219,139	)		42,925,848			(14,555,071	)
Net unrealized appreciation on investments and on assets and liabilities denominated in foreign currencies		116,407,113			529,476,082			16,765,659
Net Assets		$779,639,050			$1,926,428,731			$119,888,388
Net Assets:
Institutional Class		$779,639,050			$ —			$110,317,792
Investor Class		—			—			9,570,596
Advisor Class		—			1,926,428,731			—
Total Shares Outstanding:
Institutional Class (450,000,000, — and 200,000,000, respectively, $.001 par value shares authorized)		44,465,527			—			13,685,749
Investor Class ( — , — and 200,000,000, respectively, $.001 par value shares authorized)		—			—			1,193,487
Advisor Class ( — , 250,000,000 and — , respectively, $.001 par value shares authorized)		—			39,078,745			—
Net Asset Value, Offering Price and Redemption Price Per Share:
Institutional Class		$17.53			$—			$8.06
Investor Class		—			—			8.02
Advisor Class		—			49.30			—

See Notes to Financial Statements

27

Harding, Loevner Funds, Inc.

Statements of Operations

Six Months Ended April 30, 2013 (unaudited)

		Global Equity Portfolio			International Equity Portfolio			International Small Companies Portfolio
INVESTMENT INCOME
Interest			$ —			$ —			$9
Dividends (net of foreign withholding taxes of $158,960, $2,813,341 and $54,209, respectively)			3,195,017			23,026,619			655,426
Total investment income			3,195,017			23,026,619			655,435
EXPENSES
Investment advisory fees (Note 3)			1,988,876			9,309,912			400,853
Administration fees (Note 3)			80,074			342,725			12,827
Distribution fees, Investor Class			—			411,438			47,433
Custody and accounting fees (Note 3)			48,885			246,060			16,419
Directors’ fees and expenses (Note 3)			14,679			88,128			2,734
Transfer agent fees and expenses (Note 3)			23,539			103,198			22,584
Printing and postage fees			12,752			109,048			3,652
State registration filing fees			31,459			79,334			21,772
Professional fees			27,941			92,005			17,756
Shareholder servicing fees (Note 3)			86,682			498,918			26,710
Chief compliance and financial officers’ fees and expenses (Note 3)			12,787			51,365			6,632
Other fees and expenses			11,411			60,457			3,775
Total Expenses			2,339,085			11,392,588			583,147
Less Waiver of investment advisory fee and/or reimbursement of other operating expenses (Note 3)			(166,972	)		—			(74,542	)
Net expenses			2,172,113			11,392,588			508,605
Net investment income			1,022,904			11,634,031			146,830
REALIZED AND UNREALIZED GAIN (LOSS)	��
Net realized gain (loss) Investment transactions			594,562			(17,706,492	)		4,625,462
Foreign currency transactions			(33,761	)		(463,112	)		(23,162	)
Net realized gain (loss)			560,801			(18,169,604	)		4,602,300
Change in unrealized appreciation (depreciation)
Investments			41,215,795			286,030,393			5,958,692
Translation of assets and liabilities denominated in foreign currencies			5,164			118,491			832
Net change in unrealized appreciation			41,220,959			286,148,884			5,959,524
Net realized and unrealized gain			41,781,760			267,979,280			10,561,824
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	42,804,664		$	279,613,311		$	10,708,654

See Notes to Financial Statements

28

Harding, Loevner Funds, Inc.

Statements of Operations (continued)

Six Months Ended April 30, 2013 (unaudited)

	Institutional Emerging Markets Portfolio			Emerging Markets Portfolio			Frontier Emerging Markets Portfolio
INVESTMENT INCOME
Interest		$98			$ —			$ —
Dividends (net of foreign withholding taxes of $710,011, $1,958,766 and $84,194, respectively)		7,837,108			21,312,705			1,771,028
Total investment income		7,837,206			21,312,705			1,771,028
EXPENSES
Investment advisory fees (Note 3)		3,479,791			10,247,924			712,560
Administration fees (Note 3)		103,859			258,618			19,002
Distribution fees, Investor Class		—			—			5,125
Custody and accounting fees (Note 3)		115,747			340,619			68,733
Directors’ fees and expenses (Note 3)		20,782			66,174			3,393
Transfer agent fees and expenses (Note 3)		21,614			58,675			20,883
Printing and postage fees		20,063			143,230			3,986
State registration filing fees		19,676			22,068			22,410
Professional fees		39,547			82,134			20,185
Shareholder servicing fees (Note 3)		64,172			1,693,215			7,090
Chief compliance and financial officers’ fees and expenses (Note 3)		15,961			40,105			6,992
Other fees and expenses		15,217			46,768			4,121
Total Expenses		3,916,429			12,999,530			894,480
Less Waiver of investment advisory fee and/or reimbursement of other operating expenses (Note 3)		(24,001	)		—			(19,180	)
Net expenses		3,892,428			12,999,530			875,300
Net investment income		3,944,778			8,313,175			895,728
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss)
Investment transactions		4,346,772			52,824,256			685,963
Foreign currency transactions		(69,869	)		(97,623	)		(66,401	)
Net realized gain		4,276,903			52,726,633			619,562
Change in unrealized appreciation (depreciation) Investments (net of increase in deferred foreign taxes of $275,410, $ — and $ — , respectively)		29,774,576			54,139,718			11,261,273
Translation of assets and liabilities denominated in foreign currencies		815			29,432			(815	)
Net change in unrealized appreciation		29,775,391			54,169,150			11,260,458
Net realized and unrealized gain		34,052,294			106,895,783			11,880,020
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$37,997,072		$	115,208,958		$	12,775,748

See Notes to Financial Statements

29

Harding, Loevner Funds, Inc.

Statements of Changes in Net Assets

For the six months ended April 30, 2013 (unaudited) and the fiscal year ended October 31, 2012

	Global Equity Portfolio						International Equity Portfolio
	April 30, 2013			October 31, 2012			April 30, 2013			October 31, 2012
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income		$1,022,904			$1,629,540			$11,634,031			$18,972,162
Net realized gain (loss) on investments and foreign currency transactions		560,801			(809,441	)		(18,169,604	)		(22,077,854	)
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		41,220,959			19,717,412			286,148,884			152,130,512
Net increase in net assets resulting from operations		42,804,664			20,537,511			279,613,311			149,024,820
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Institutional Class		(1,591,084	)		(684,027	)		(16,845,737	)		(8,435,017	)
Investor Class		—			—			(1,676,084	)		(893,072	)
Advisor Class		(131,245	)		(113,542	)		—			—
Net realized gain from investments and foreign-currency related transactions
Institutional Class		—			(1,537,528	)		—			(2,613,516	)
Investor Class		—			—			—			(520,125	)
Advisor Class		—			(545,744	)		—			—
Total distributions to shareholders		(1,722,329	)		(2,880,841	)		(18,521,821	)		(12,461,730	)
TRANSACTIONS IN SHARES OF COMMON STOCK(1)
Proceeds from sale of shares
Institutional Class		257,599,735			91,670,031			842,879,896			939,709,934
Investor Class		—			—			117,766,598			138,691,379
Advisor Class		16,504,861			20,087,287			—			—
Net Asset Value of shares issued to shareholders upon reinvestment of dividends
Institutional Class		1,242,112			1,833,323			14,398,899			9,656,302
Investor Class		—			—			1,574,749			1,342,486
Advisor Class		127,850			642,691			—			—
Cost of shares redeemed
Institutional Class		(46,623,618	)		(27,679,098	)		(160,037,504	)		(240,099,456	)
Investor Class		—			—			(45,172,726	)		(118,088,105	)
Advisor Class		(10,405,503	)		(14,401,252	)		—			—
Net increase in net assets from portfolio share transactions		218,445,437			72,152,982			771,409,912			731,212,540
NET INCREASE IN NET ASSETS		259,527,772			89,809,652			1,032,501,402			867,775,630
NET ASSETS
At beginning of period		295,238,197			205,428,545			2,074,407,951			1,206,632,321
At end of period		$554,765,969			$295,238,197			$3,106,909,353			$2,074,407,951
Accumulated Undistributed Net Investment Income Included in Net Assets		$841,566			$1,540,991			$11,634,031			$18,521,821
(1) CAPITAL SHARE TRANSACTIONS:
INSTITUTIONAL CLASS:
Shares sold		9,862,402			3,808,905			52,825,764			65,948,571
Shares issued upon reinvestment of dividends		47,536			85,389			900,485			756,763
Shares redeemed		(1,755,286	)		(1,144,945	)		(10,003,113	)		(16,871,394	)
Net increase		8,154,652			2,749,349			43,723,136			49,833,940
INVESTOR CLASS:
Shares sold		—			—			7,384,399			9,719,567
Shares issued upon reinvestment of dividends		—			—			98,609			105,293
Shares redeemed		—			—			(2,840,370	)		(8,527,692	)
Net increase		—			—			4,642,638			1,297,168
ADVISOR CLASS:
Shares sold		619,155			821,759			—			—
Shares issued upon reinvestment of dividends		4,889			29,907			—			—
Shares redeemed		(395,255	)		(599,801	)		—			—
Net increase		228,789			251,865			—			—

See Notes to Financial Statements

30

Harding, Loevner Funds, Inc.

Statements of Changes in Net Assets (continued)

For the six months ended April 30, 2013 (unaudited) and the fiscal year ended October 31, 2012

	International Small Companies Portfolio						Institutional Emerging Markets Portfolio
	April 30, 2013			October 31, 2012			April 30, 2013			October 31, 2012
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income		$146,830			$697,132			$3,944,778			$3,857,752
Net realized gain (loss) on investments and foreign currency transactions		4,602,300			(676,293	)		4,276,903			(3,131,394	)
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		5,959,524			5,307,656			29,775,391			42,302,018
Net increase in net assets resulting from operations		10,708,654			5,328,495			37,997,072			43,028,376
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Institutional Class		(431,876	)		(161,662	)		(3,683,658	)		(3,430,979	)
Investor Class		(308,126	)		(173,171	)		—			—
Total distributions to shareholders		(740,002	)		(334,833	)		(3,683,658	)		(3,430,979	)
TRANSACTIONS IN SHARES OF COMMON STOCK(1)
Proceeds from sale of shares
Institutional Class		7,802,395			17,978,898			312,090,280			207,655,743
Investor Class		14,302,799			9,292,966			—			—
Net Asset Value of shares issued to shareholders upon reinvestment of dividends
Institutional Class		365,536			130,766			2,741,282			2,570,787
Investor Class		289,745			160,271			—			—
Cost of shares redeemed
Institutional Class		(29,940,506	)		(1,377,923	)		(33,297,048	)		(114,745,402	)
Investor Class		(5,922,089	)		(10,555,598	)		—			—
Net Increase (Decrease) in Net Assets from Portfolio Share Transactions		(13,102,120	)		15,629,380			281,534,514			95,481,128
NET INCREASE (DECREASE) IN NET ASSETS		(3,133,468	)		20,623,042			315,847,928			135,078,525
NET ASSETS
At beginning of period		64,764,314			44,141,272			463,791,122			328,712,597
At end of period		$61,630,846			$64,764,314			$779,639,050			$463,791,122
Accumulated Undistributed Net Investment Income Included in Net Assets		$72,793			$665,965			$3,943,853			$3,682,733
(1) CAPITAL SHARE TRANSACTIONS:
INSTITUTIONAL CLASS:
Shares sold		626,857			1,709,827			18,242,274			13,500,583
Shares issued upon reinvestment of dividends		30,847			13,956			160,028			187,375
Shares redeemed		(2,365,267	)		(126,321	)		(1,940,076	)		(7,495,123	)
Net increase (decrease)		(1,707,563	)		1,597,462			16,462,226			6,192,835
INVESTOR CLASS:
Shares sold		1,144,548			865,151			—			—
Shares issued upon reinvestment of dividends		24,430			17,086			—			—
Shares redeemed		(475,208	)		(1,014,994	)		—			—
Net increase (decrease)		693,770			(132,757	)		—			—

See Notes to Financial Statements

31

Harding, Loevner Funds, Inc.

Statements of Changes in Net Assets (continued)

For the six months ended April 30, 2013 (unaudited) and the fiscal year ended October 31, 2012

	Emerging Markets Portfolio						Frontier Emerging Markets Portfolio
	April 30, 2013			October 31, 2012			April 30, 2013			October 31, 2012
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income		$8,313,175			$12,882,971			$895,728			$816,301
Net realized gain (loss) on investments and foreign currency transactions		52,726,633			115,357,788			619,562			(8,819,090	)
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		54,169,150			29,566,114			11,260,458			13,940,915
Net increase in net assets resulting from operations		115,208,958			157,806,873			12,775,748			5,938,126
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Institutional Class		—			—			(962,492	)		(485,460	)
Investor Class		—			—			(28,617	)		(4,494	)
Advisor Class		(12,078,855	)		(12,198,687	)		—			—
Net realized gain from investments and foreign-currency related transactions
Advisor Class		(106,392,227	)		—			—			—
Total distributions to shareholders		(118,471,082	)		(12,198,687	)		(991,109	)		(489,954	)
TRANSACTIONS IN SHARES OF COMMON STOCK(1)
Proceeds from sale of shares
Institutional Class		—			—			22,768,290			33,921,678
Investor Class		—			—			7,358,217			2,377,451
Advisor Class		383,512,274			316,743,964			—			—
Net Asset Value of shares issued to shareholders upon reinvestment of dividends
Institutional Class		—			—			764,098			413,499
Investor Class		—			—			27,867			4,370
Advisor Class		108,806,723			11,171,687			—			—
Cost of shares redeemed
Institutional Class		—			—			(6,113,433	)		(59,727,689	)
Investor Class		—			—			(1,271,944	)		(757,740	)
Advisor Class		(277,696,401	)		(452,106,063	)		—			—
Net Increase (Decrease) in Net Assets from Portfolio Share Transactions		214,622,596			(124,190,412	)		23,533,095			(23,768,431	)
NET INCREASE (DECREASE) IN NET ASSETS		211,360,472			21,417,774			35,317,734			(18,320,259	)
NET ASSETS
At beginning of period		1,715,068,259			1,693,650,485			84,570,654			102,890,913
At end of period		$1,926,428,731			$1,715,068,259			$119,888,388			$84,570,654
Accumulated Undistributed Net Investment Income Included in Net Assets		$8,313,175			$12,078,855			$421,274			$516,655
(1) CAPITAL SHARE TRANSACTIONS:
INSTITUTIONAL CLASS:
Shares sold		—			—			2,937,477			5,166,058
Shares issued upon reinvestment of dividends		—			—			104,958			67,787
Shares redeemed		—			—			(817,452	)		(9,250,325	)
Net increase (decrease)		—			—			2,224,983			(4,016,480	)
INVESTOR CLASS:
Shares sold		—			—			939,573			353,056
Shares issued upon reinvestment of dividends		—			—			3,844			719
Shares redeemed		—			—			(173,835	)		(116,978	)
Net increase		—			—			769,582			236,797
ADVISOR CLASS:
Shares sold		7,865,078			6,805,184			—			—
Shares issued upon reinvestment of dividends		2,261,619			272,549			—			—
Shares redeemed		(5,670,707	)		(9,945,806	)		—			—
Net increase (decrease)		4,455,990			(2,868,073	)		—			—

See Notes to Financial Statements

32

Harding, Loevner Funds, Inc.

Financial Highlights

For the six months ended April 30, 2013 (unaudited) or the fiscal year or period ended October 31

Global Equity Portfolio — Institutional Class
Per Share Data	April 30, 2013			2012			2011			2010(1)
Net asset value, beginning of period		$25.05			$23.38			$23.52			$20.43
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income		0.07	(2)		0.18	(2)		0.12	(2)		0.10
Net realized and unrealized gain (loss) on investments and foreign currency-related transactions		2.50			1.81			(0.04	)		3.04
Net increase from investment operations		2.57			1.99			0.08			3.14
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(0.12	)		(0.10	)		(0.06	)		(0.05	)
Net realized gain from investments		—			(0.22	)		(0.16	)		—
Total distributions		(0.12	)		(0.32	)		(0.22	)		(0.05	)
Net asset value, end of period		$27.50			$25.05			$23.38			$23.52
Total Return		10.27	%(A)		8.73	%		0.27	%		15.39	%(A)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)		$472,901			$226,489			$147,108			$104,276
Expenses to average net assets		1.03	%(B)		1.12	%		1.16	%		1.27	%(B)
Expenses to average net assets (net of fees waived/reimbursed)		0.95	%(B)		0.95	%		1.00	%		1.00	%(B)
Net investment income to average net assets		0.52	%(B)		0.72	%		0.48	%		0.43	%(B)
Portfolio turnover rate		5	%(A)		32	%		40	%		35	%(A)

(1) For the period from November 3, 2009 (commencement of class operations) through October 31, 2010.

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

(A) Not Annualized.

(B) Annualized.

Global Equity Portfolio — Advisor Class
Per Share Data	April 30, 2013			2012			2011			2010			2009			2008
Net asset value, beginning of period		$25.02			$23.36			$23.48			$20.27			$15.92			$28.03
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income		0.03	(1)		0.11	(1)		0.07	(1)		0.10			0.06			0.12
Net realized and unrealized gain (loss) on investments and foreign currency-related transactions		2.50			1.82			(0.02	)		3.15			4.38			(10.15	)
Net increase (decrease) from investment operations		2.53			1.93			0.05			3.25			4.44			(10.03	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(0.05	)		(0.05	)		(0.01	)		(0.04	)		(0.09	)		(0.08	)
Net realized gain from investments		—			(0.22	)		(0.16	)		—			—			(2.00	)
Total distributions		(0.05	)		(0.27	)		(0.17	)		(0.04	)		(0.09	)		(2.08	)
Net asset value, end of period		$27.50			$25.02			$23.36			$23.48			$20.27			$15.92
Total Return		10.12	%(A)		8.43	%		0.18	%		16.07	%		28.05	%		(38.54	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)		$81,865			$68,749			$58,320			$46,450			$66,810			$26,208
Expenses to average net assets		1.27	%(B)		1.35	%		1.30	%		1.41	%		1.63	%		1.45	%
Expenses to average net assets (net of fees waived/reimbursed)		1.22	%(B)		1.23	%		1.18	%		1.17	%		1.25	%		1.25	%
Net investment income to average net assets		0.23	%(B)		0.45	%		0.31	%		0.31	%		0.43	%		0.51	%
Portfolio turnover rate		5	%(A)		32	%		40	%		35	%		31	%		38	%

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

(A) Not Annualized.

(B) Annualized.

See Notes to Financial Statements

33

Harding, Loevner Funds, Inc.

Financial Highlights (continued)

For the six months ended April 30, 2013 (unaudited) or the fiscal year ended October 31

International Equity Portfolio — Institutional Class
Per Share Data	April 30,  2013		2012		2011		2010		2009		2008
Net asset value, beginning of period	$15.15		$14.06		$14.51		$12.04		$11.44		$21.71
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	0.08	(1)	0.18	(1)	0.17	(1)	0.08		0.13		0.20
Net realized and unrealized gain (loss) on investments and foreign currency-related transactions	1.67		1.06		(0.56	)	2.49		2.86		(8.63	)
Net increase (decrease) from investment operations	1.75		1.24		(0.39	)	2.57		2.99		(8.43	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income	(0.13	)	(0.11	)	(0.06	)	(0.10	)	(0.19	)	(0.15	)
Net realized gain from investments	—		(0.04	)	—		—		(2.20	)	(1.69	)
Total distributions	(0.13	)	(0.15	)	(0.06	)	(0.10	)	(2.39	)	(1.84	)
Net asset value, end of period	$16.77		$15.15		$14.06		$14.51		$12.04		$11.44
Total Return	11.60	%(A)	9.00	%	(2.72	)%	21.50	%	32.77	%	(42.33	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)	$2,724,034		$1,798,940		$969,139		$493,350		$259,450		$191,450
Expenses to average net assets	0.86	%(B)	0.87	%	0.86	%	0.93	%	1.04	%	0.98	%
Expenses to average net assets (net of fees waived/reimbursed)	0.86	%(B)	0.87	%	0.86	%	0.93	%	1.00	%	0.98	%
Net investment income to average net assets	0.97	%(B)	1.26	%	1.13	%	0.91	%	1.31	%	1.05	%
Portfolio turnover rate	11	%(A)	14	%	15	%	33	%	22	%	18	%

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

(A) Not Annualized.

(B) Annualized.

International Equity Portfolio — Investor Class
Per Share Data	April 30,  2013		2012		2011		2010		2009		2008
Net asset value, beginning of period	$15.09		$14.01		$14.47		$12.02		$11.41		$21.66
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	0.05	(1)	0.12	(1)	0.12	(1)	0.09		0.13		0.13
Net realized and unrealized gain (loss) on investments and foreign currency-related transactions	1.67		1.06		(0.56	)	2.44		2.83		(8.58	)
Net increase (decrease) from investment operations	1.72		1.18		(0.44	)	2.53		2.96		(8.45	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income	(0.09	)	(0.06	)	(0.02	)	(0.08	)	(0.15	)	(0.11	)
Net realized gain from investments	—		(0.04	)	—		—		(2.20	)	(1.69	)
Total distributions	(0.09	)	(0.10	)	(0.02	)	(0.08	)	(2.35	)	(1.80	)
Net asset value, end of period	$16.72		$15.09		$14.01		$14.47		$12.02		$11.41
Total Return	11.40	%(A)	8.51	%	(3.02	)%	21.18	%	32.48	%	(42.46	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)	$382,876		$275,468		$237,494		$116,465		$38,134		$12,122
Expenses to average net assets	1.18	%(B)	1.24	%	1.26	%	1.32	%	1.39	%	1.23	%
Expenses to average net assets (net of fees waived/reimbursed)	1.18	%(B)	1.24	%	1.25	%	1.25	%	1.25	%	1.23	%
Net investment income to average net assets	0.63	%(B)	0.87	%	0.79	%	0.69	%	1.03	%	0.81	%
Portfolio turnover rate	11	%(A)	14	%	15	%	33	%	22	%	18	%

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

(A) Not Annualized.

(B) Annualized.

See Notes to Financial Statements

34

Harding, Loevner Funds, Inc.

Financial Highlights (continued)

For the six months ended April 30, 2013 (unaudited) or the fiscal year or period ended October 31

International Small Companies Portfolio — Institutional  Class
Per Share Data	April 30, 2013			2012			2011(1)
Net asset value, beginning of period		$11.45			$10.53			$12.28
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income		0.02	(2)		0.16	(2)		0.03	(2)
Net realized and unrealized gain (loss) on investments and foreign currency-related transactions		1.94			0.85			(1.78	)
Net increase (decrease) from investment operations		1.96			1.01			(1.75	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(0.14	)		(0.09	)		—
Total distributions		(0.14	)		(0.09	)		—
Net asset value, end of period		$13.27			$11.45			$10.53
Total Return		17.27	%(A)		9.74	%		(14.25	)%(A)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)		$16,187			$33,515			$14,000
Expenses to average net assets		1.65	%(B)		1.64	%		2.70	%(B)
Expenses to average net assets (net of fees waived/reimbursed)		1.46	%(B)		1.50	%		1.50	%(B)
Net investment income to average net assets		0.37	%(B)		1.49	%		0.89	%(B)
Portfolio turnover rate		68	%(A)		10	%		12	%(A)

(1) For the period from June 30, 2011 (commencement of class operations) through October 31, 2011.

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

(A) Not Annualized.

(B) Annualized.

International Small Companies Portfolio — Investor Class
Per Share Data	April 30, 2013			2012			2011			2010			2009			2008
Net asset value, beginning of period		$11.43			$10.51			$10.82			$8.92			$5.53			$11.67
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income		0.03	(1)		0.11	(1)		0.15	(1)		0.05			0.06			0.11
Net realized and unrealized gain (loss) on investments and foreign currency-related transactions		1.91			0.88			(0.43	)		1.90			3.40			(6.15	)
Net increase (decrease) from investment operations		1.94			0.99			(0.28	)		1.95			3.46			(6.04	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(0.11	)		(0.07	)		(0.03	)		(0.05	)		(0.07	)		(0.03	)
Net realized gain from investments		—			—			—			—		��	—			(0.07	)
Total distributions		(0.11	)		(0.07	)		(0.03	)		(0.05	)		(0.07	)		(0.10	)
Net asset value, end of period		$13.26			$11.43			$10.51			$10.82			$8.92			$5.53
Total Return		17.12	%(A)		9.51	%		(2.67	)%		21.93	%		63.47	%		(52.17	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)		$45,444			$31,249			$30,142			$13,972			$6,215			$2,776
Expenses to average net assets		1.93	%(B)		2.02	%		2.15	%		3.14	%		5.21	%		4.22	%
Expenses to average net assets (net of fees waived/reimbursed)		1.67	%(B)		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Net investment income to average net assets		0.52	%(B)		1.07	%		1.29	%		0.76	%		1.04	%		1.22	%
Portfolio turnover rate		68	%(A)		10	%		12	%		11	%		24	%		26	%

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

(A) Not Annualized.

(B) Annualized.

See Notes to Financial Statements

35

Harding, Loevner Funds, Inc.

Financial Highlights (continued)

For the six months ended April 30, 2013 (unaudited) or the fiscal year ended October 31

Institutional Emerging Markets Portfolio
Per Share Data	April 30, 2013			2012			2011			2010			2009			2008
Net asset value, beginning of period		$16.56			$15.07			$16.70			$13.29			$9.29			$21.20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income		0.11	(1)		0.16	(1)		0.15	(1)		0.09			0.10			0.44
Net realized and unrealized gain (loss) on investments and foreign currency-related transactions		0.98			1.49			(1.74	)		3.41			4.27			(11.53	)
Net increase (decrease) from investment operations		1.09			1.65			(1.59	)		3.50			4.37			(11.09	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(0.12	)		(0.16	)		(0.04	)		(0.09	)		(0.37	)		(0.09	)
Net realized gain from investments		—			—			—			—			—			(0.73	)
Total distributions		(0.12	)		(0.16	)		(0.04	)		(0.09	)		(0.37	)		(0.82	)
Net asset value, end of period		$17.53			$16.56			$15.07			$16.70			$13.29			$9.29
Total Return		6.57	%(A)		11.17	%		(9.58	)%		26.50	%		48.92	%		(54.33	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)		$779,639			$463,791			$328,713			$375,374			$203,548			$132,037
Expenses to average net assets		1.31	%(B)		1.36	%		1.39	%		1.48	%		1.55	%		1.52	%
Expenses to average net assets (net of fees waived/reimbursed)		1.30	%(B)		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%
Net investment income to average net assets		1.32	%(B)		1.00	%		0.93	%		0.74	%		0.93	%		2.56	%
Portfolio turnover rate		8	%(A)		42	%		53	%		34	%		57	%		51	%

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

(A) Not Annualized.

(B) Annualized.

Emerging Markets Portfolio — Advisor Class
Per Share Data	April 30, 2013			2012			2011			2010			2009			2008
Net asset value, beginning of period		$49.54			$45.18			$50.09			$39.64			$27.73			$64.07
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income		0.23	(1)		0.37	(1)		0.31	(1)		0.25			0.26			1.12
Net realized and unrealized gain (loss) on investments and foreign currency-related transactions		3.04			4.34			(5.02	)		10.33			12.68			(34.06	)
Net increase (decrease) from investment operations		3.27			4.71			(4.71	)		10.58			12.94			(32.94	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(0.36	)		(0.35	)		(0.20	)		(0.13	)		(1.03	)		(0.12	)
Net realized gain from investments		(3.15	)		—			—			—			—			(3.28	)
Total distributions		(3.51	)		(0.35	)		(0.20	)		(0.13	)		(1.03	)		(3.40	)
Net asset value, end of period		$49.30			$49.54			$45.18			$50.09			$39.64			$27.73
Total Return		6.77	%(A)		10.60	%		(9.48	)%		26.77	%		48.44	%		(54.17	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)		$1,926,429			$1,715,068			$1,693,650			$2,062,255			$1,540,822			$1,086,124
Expenses to average net assets		1.46	%(B)		1.49	%		1.50	%		1.58	%		1.64	%		1.61	%
Net investment income to average net assets		0.94	%(B)		0.80	%		0.63	%		0.60	%		0.56	%		2.10	%
Portfolio turnover rate		12	%(A)		36	%		33	%		25	%		48	%		46	%

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

(A) Not Annualized.

(B) Annualized.

See Notes to Financial Statements

36

Harding, Loevner Funds, Inc.

Financial Highlights (continued)

For the six months ended April 30, 2013 (unaudited) or the fiscal year or period ended October 31

Frontier Emerging Markets Portfolio — Institutional Class
Per Share Data	April 30,  2013		2012		2011		2010		2009		2008	(1)
Net asset value, beginning of period	$7.12		$6.57		$7.88		$6.29		$4.98		$10.00
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	0.07	(2)	0.07	(2)	0.07	(2)	0.03		0.07		0.01
Net realized and unrealized gain (loss) on investments and foreign currency-related transactions	0.95		0.51		(1.37	)	1.65		1.26		(5.03	)
Net increase (decrease) from investment operations	1.02		0.58		(1.30	)	1.68		1.33		(5.02	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income	(0.08	)	(0.03	)	(0.01	)	(0.09	)	(0.02	)	—
Net realized gain from investments	—		—		—		—		—		—
Total distributions	(0.08	)	(0.03	)	(0.01	)	(0.09	)	(0.02	)	—
Net asset value, end of period	$8.06		$7.12		$6.57		$7.88		$6.29		$4.98
Total Return	14.52	%(A)	8.93	%	(16.49	)%	27.04	%	26.71	%	(50.20	)%(A)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)	$110,318		$81,568		$101,666		$70,645		$9,071		$4,875
Expenses to average net assets	1.82	%(B)	1.95	%	1.87	%	2.37	%	4.08	%	8.92	%(B)
Expenses to average net assets (net of fees waived/reimbursed)	1.82	%(B)	1.95	%	1.87	%	2.00	%	2.00	%	2.00	%(B)
Net investment income to average net assets	1.85	%(B)	1.03	%	0.89	%	(0.08	%)	1.39	%	0.42	%(B)
Portfolio turnover rate	18	%(A)	72	%	23	%	17	%	55	%	1	%(A)

(1) For the period from May 27, 2008 (commencement of class operations) through October 31, 2008.

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

(A) Not Annualized.

(B) Annualized.

Frontier Emerging Markets Portfolio — Investor Class
	April 30,  2013		2011		2010	(1)
Per Share Data
Net asset value, beginning of period	$7.08		$6.55		$7.84
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	0.10	(2)	0.10	(2)	0.04	(2)
Net realized and unrealized gain (loss) on investments and foreign currency-related transactions	0.91		0.45		(1.33	)
Net increase (decrease) from investment operations	1.01		0.55		(1.29	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income	(0.07	)	(0.02	)	—
Total Distributions	(0.07	)	(0.02	)	—
Net asset value, end of period	$8.02		$7.08		$6.55
Total Return	14.41	%(A)	8.49	%	(16.45	)%(A)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s)	$9,571		$3,003		$1,225
Expenses to average net assets	3.19	%(B)	4.71	%	9.06	%(B)
Expenses to average net assets (net of fees waived/reimbursed)	2.25	%(B)	2.25	%	2.25	%(B)
Net investment income to average net assets	2.62	%(B)	1.47	%	0.75	%(B)
Portfolio Turnover	18	%(A)	72	%	23	%(A)

(1) For the period from December 31, 2010 (commencement of class operations) through October 31, 2011.

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

(A) Not Annualized.

(B) Annualized.

See Notes to Financial Statements

37

Harding, Loevner Funds, Inc.

Notes to Financial Statements

April 30, 2013 (unaudited)

1. Organization

Harding, Loevner Funds, Inc. (the “Fund”) was organized as a Maryland corporation on July 31, 1996, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end diversified management investment company. The Fund currently has six Portfolios, all of which were active as of April 30, 2013 (individually, a “Portfolio”, collectively, the “Portfolios”). The Fund is managed by Harding Loevner LP (the “Investment Adviser”).

Portfolio	Inception Date	Investment Objective
Global Equity Portfolio	Institutional Class: November 3, 2009	to seek long-term capital appreciation
(“Global Equity”)	Advisor Class: December 1, 1996	through investments in equity securities
		of companies based both inside and
		outside the United States
International Equity Portfolio	Institutional Class: May 11, 1994*	to seek long-term capital appreciation
(“International Equity”)	Investor Class: September 30, 2005	through investments in equity securities
		of companies based outside the United
		States
International Small Companies Portfolio	Institutional Class: June 30, 2011	to seek long-term capital appreciation
(“International Small Companies”)	Investor Class: March 26, 2007	through investments in equity securities
		of small companies based outside the
		United States
Institutional Emerging Markets Portfolio	October 17, 2005	to seek long-term capital appreciation
(“Institutional Emerging Markets”)		through investments in equity securities
		of companies based in emerging
		markets
Emerging Markets Portfolio	Advisor Class: November 9, 1998	to seek long-term capital appreciation
(“Emerging Markets”)		through investments in equity securities
		of companies based in emerging
		markets
Frontier Emerging Markets Portfolio	Institutional Class: May 27, 2008	to seek long-term capital appreciation
(“Frontier Emerging Markets”)	Investor Class: December 31, 2010	through investments in equity securities
		of companies based in frontier and
		smaller emerging markets

* International Equity is the successor to the HLM International Equity Portfolio of AMT Capital Fund, Inc., pursuant to a reorganization that took place on October 31, 1996. Information for periods prior to October 31, 1996 is historical information for the predecessor portfolio.

2. Summary of Significant Accounting Policies

The accounting policies of the Fund are in conformity with accounting principles generally accepted in the United States (“GAAP”) for investment companies. The following is a summary of the Fund’s significant accounting policies:

Indemnifications

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

Estimates

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

38

Harding, Loevner Funds, Inc.

Notes to Financial Statements

April 30, 2013 (unaudited)

2. Summary of Significant Accounting Policies (continued)

Valuation

The Board has adopted procedures (“Procedures”) to govern the valuation of the securities held by each Portfolio of the Fund in accordance with the 1940 Act. The Procedures incorporate principles set forth in relevant pronouncements of the Securities and Exchange Commission (“SEC”) and its staff, including guidance on the obligations of the Portfolios and their Directors to determine, in good faith, the fair value of the Portfolios’ securities when market quotations are not readily available.

In determining a Portfolio’s net asset value (“NAV”), each equity security traded on a securities exchange, including the NASDAQ Stock Market, and over-the-counter securities, are first valued at the closing price on the exchange or market designated by the Fund’s accounting agent as the principal exchange (each, a “principal exchange”). The closing price provided by the Fund’s accounting agent for a principal exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing auction price or other information, depending on exchange or market convention. Shares of open-end mutual funds are valued at NAV. Such securities are typically categorized as “Level 1” pursuant to the hierarchy described below.

Participation notes are valued based upon the closing or last traded price of their underlying local shares. Such securities are typically categorized as “Level 2” pursuant to the hierarchy described below.

Since trading in many foreign securities is normally completed before the time at which a Portfolio calculates its NAV, the effect on the value of such securities held by a Portfolio of events that occur between the close of trading in the security and the time at which the Portfolio prices its securities would not be reflected in the Portfolio’s calculation of its NAV if foreign securities were generally valued at their closing prices.

To address this issue, the Board has approved daily fair value pricing of certain foreign equity securities. The fair value pricing utilizes quantitative models developed by an independent pricing service, which may provide an adjustment to the closing prices described above. Use of fair value pricing could cause a Portfolio to value a security higher, lower or equal to its closing market price, which in turn could cause the Portfolio’s NAV per share to differ significantly from that which would have been calculated using closing market prices. The use of fair value pricing is also intended to decrease the opportunities for persons to engage in ‘‘time zone arbitrage,’’ i.e., trading intended to take advantage of stale closing prices in foreign markets that could affect the NAV of the Portfolios. Securities priced in this manner are not specifically designated on the Portfolios’ Portfolio of Investments as being “fair valued”; however, absent the use of significant unobservable inputs into their valuation, securities priced higher or lower than their closing market price would be categorized as “Level 2” pursuant to the hierarchy described below.

Any securities for which market quotations are not readily available or for which available prices are deemed unreliable are priced by the Investment Adviser at “fair value”, in accordance with the Procedures. Such securities are identified on the Portfolios’ Portfolio of Investments as securities valued at “fair value” and absent the use of significant unobservable inputs into their valuation, such securities would be categorized as “Level 2” pursuant to the hierarchy described below.

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

Level 1	unadjusted quoted prices in active markets for identical investments
Level 2	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3	significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

39

Harding, Loevner Funds, Inc.

Notes to Financial Statements

April 30, 2013 (unaudited)

2. Summary of Significant Accounting Policies (continued)

The Portfolios disclose all transfers between levels based on valuations at the end of each reporting period. At April 30, 2013, Frontier Emerging Markets had transfers from Level 1 to Level 2 of $2,198,607 in Pharmaceuticals, Biotechnology & Life Sciences industry, $1,116,795 in Materials industry, and $422,839 in Utilities industry, based on Levels assigned to securities on October 31, 2012, due to the daily fair value pricing of certain foreign equity securities as described above as well as a pricing vendor providing a bid price only. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.

The following is a summary of the inputs used as of April 30, 2013 in valuing the Portfolios’ investments. Please refer to each Portfolio’s Portfolio of Investments to view individual securities classified by industry type and country.

		Global Equity
ASSET VALUATION INPUT
Description	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks		$367,004,864		$179,259,403		$—		$546,264,267
Cash Equivalents		7,893,302		—		—		7,893,302
Total Investments		$374,898,166		$179,259,403		$—		$554,157,569
		International Equity
ASSET VALUATION INPUT
Description	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks		$713,367,019		$2,158,497,611		$—		$2,871,864,630
Preferred Stocks		77,621,643		34,922,634		—		112,544,277
Cash Equivalents		110,826,640		—		—		110,826,640
Total Investments		$901,815,302		$2,193,420,245		$—		$3,095,235,547
		International Small Companies
ASSET VALUATION INPUT
Description	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks		$3,798,243		$55,040,258		$—		$58,838,501
Preferred Stocks		—		290,759		—		290,759
Cash Equivalents		1,498,519		—		—		1,498,519
Total Investments		$5,296,762		$55,331,017		$—		$60,627,779

40

Harding, Loevner Funds, Inc.

Notes to Financial Statements

April 30, 2013 (unaudited)

2. Summary of Significant Accounting Policies (continued)

		Institutional Emerging Markets
ASSET VALUATION INPUT
Description	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks		$224,702,039		$430,370,252		$—		$655,072,291
Preferred Stocks		31,052,698		35,727,014		—		66,779,712
Participation Notes		—		41,054,797		—		41,054,797
Cash Equivalents		9,703,477		—		—		9,703,477
Total Investments		$265,458,214		$507,152,063		$—		$772,610,277
		Emerging Markets
ASSET VALUATION INPUT
Description	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks		$573,773,739		$1,065,432,139		$—		$1,639,205,878
Preferred Stocks		60,800,664		97,161,482		—		157,962,146
Participation Notes		—		102,504,402		—		102,504,402
Cash Equivalents		21,726,290		—		—		21,726,290
Total Investments		$656,300,693		$1,265,098,023		$—		$1,921,398,716
		Frontier Emerging Markets
ASSET VALUATION INPUT
Description	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks		$38,587,496		$66,776,842		$—		$105,364,338
Participation Notes		—		10,598,068		—		10,598,068
Cash Equivalents		2,914,137		—		—		2,914,137
Total Investments		$41,501,633		$77,374,910		$—		$118,876,543

Securities

All securities transactions are recorded on a trade date basis. Interest income and expenses are recorded on an accrual basis. Dividend income is recorded on the ex-dividend date (except for certain foreign dividends that may be recorded as soon as the Portfolio is informed of such dividends). The Portfolios use the specific identification method for determining realized gains or losses from sales of securities.

Dividends to Shareholders

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

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

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Harding, Loevner Funds, Inc.

Notes to Financial Statements

April 30, 2013 (unaudited)

2. Summary of Significant Accounting Policies (continued)

Currency Translation

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

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

Redemption Fees

Redemptions made within 90 days of purchase may be subject to a redemption fee equal to 2% of the amount redeemed. For the period or year ended April 30, 2013 and October 31, 2012, the Portfolios received the following redemption fees related to transactions in shares of common stock. These amounts are included as a component of cost of shares redeemed in the Portfolio’s Statements of Changes in Net Assets.

Period Ended April 30, 2013 (unaudited)
Portfolio	Institutional Class		Investor Class		Advisor Class
Global Equity	$	—	$	—	$	3,890
International Equity		142,826		40,861		—
International Small Companies		59,248		1,393		—
Institutional Emerging Markets		21,356		—		—
Emerging Markets		—		—		92,658
Frontier Emerging Markets		4,084		51		—
Year Ended October 31, 2012
Portfolio	Institutional Class		Investor Class		Advisor Class
Global Equity	$	18,098	$	—	$	4,602
International Equity		152,620		54,231		—
International Small Companies		14,028		2,439		—
Institutional Emerging Markets		44,109		—		—
Emerging Markets		—		—		130,937
Frontier Emerging Markets		76,924		7		—

3. Significant Agreements and Transactions with Affiliates

The Board has approved an investment advisory agreement (the “Agreement”) with the Investment Adviser. Advisory fees are computed daily and paid monthly based on the average daily net assets of each Portfolio. The Investment Adviser has contractually agreed to reduce its fee and/or reimburse the Portfolios for other operating expenses to the extent that aggregate expenses, excluding certain non-operating expenses, exceed certain annual rates of the average daily net assets of each class.

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Harding, Loevner Funds, Inc.

Notes to Financial Statements

April 30, 2013 (unaudited)

3. Significant Agreements and Transactions with Affiliates (continued)

The following annualized advisory fees and contractual expense limits became effective as of February 28, 2013.

Portfolio	Advisory Fees on assets up to $1 billion	Advisory Fees on assets over $1 billion	Contractual Expense Limit*
Global Equity – Institutional Class	0.85%	0.83%	0.95%
Global Equity – Advisor Class	0.85%	0.83%	1.25%
International Equity – Institutional Class	0.75%	0.73%	1.00%
International Equity – Investor Class	0.75%	0.73%	1.25%
International Small Companies – Institutional Class	1.25%	1.23%	1.30%
International Small Companies – Investor Class	1.25%	1.23%	1.55%
Institutional Emerging Markets	1.15%	1.13%	1.30%
Emerging Markets – Advisor Class	1.15%	1.13%	1.75%
Frontier Emerging Markets – Institutional Class	1.50%	1.48%	2.00%
Frontier Emerging Markets – Investor Class	1.50%	1.48%	2.25%

* Effective through February 28, 2014

For the period from November 1, 2012 through February 28, 2013, Global Equity’s advisory fees were 0.95% on assets up to $1 billion and 0.93% on assets over $1 billion; Institutional Emerging Markets’ and Emerging Markets’ advisory fees were 1.17% on assets up to $1 billion and 1.15% on assets over $1 billion; and International Small Companies’ contractual expense limit was 1.50% for Institutional Class and 1.75% for Investor Class.

For the period ended April 30, 2013, the Investment Adviser waived and/or reimbursed the following amounts pursuant to the contractual expense limits described above:

Portfolio	Fees waived and/or reimbursed by the Investment Adviser
Global Equity – Institutional Class	$148,356
Global Equity – Advisor Class	18,616
International Small Companies – Institutional Class	25,357
International Small Companies – Investor Class	49,185
Institutional Emerging Markets	24,001
Frontier Emerging Markets – Investor Class	19,180

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

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

Foreside Compliance Services, LLC (“FCS”) provides an individual to serve as chief compliance officer of the Fund. Foreside Management Services, LLC (“FMS”) provides an individual to serve as chief financial officer and treasurer of the Fund. Fees paid to FCS and FMS are shown as “Chief compliance and financial officers’ fees and expenses” on the Statements of Operations.

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

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Harding, Loevner Funds, Inc.

Notes to Financial Statements

April 30, 2013 (unaudited)

3. Significant Agreements and Transactions with Affiliates (continued)

The Fund, on behalf of the Portfolios, has agreements with various financial intermediaries and “mutual fund supermarkets”, under which customers of these intermediaries may purchase and hold Portfolio shares. These intermediaries assess fees in consideration for providing certain distribution, account maintenance, record keeping and transactional services. In recognition of the savings of expenses to the Fund arising from the intermediaries’ assumption of functions that the Fund would otherwise perform, such as providing sub-accounting and related shareholder services, each Portfolio or class is authorized, pursuant to a Shareholder Servicing Plan, to pay to each intermediary an annual rate of up to 0.25% of its average daily net assets attributable to that intermediary (subject to the contractual expense limits described above). Because of the contractual expense limits on certain Portfolios’ fees and expenses, the Investment Adviser paid a portion of the Portfolios’ share of these fees during the period ended April 30, 2013.

4. Class Specific Expenses

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

Portfolio	Distribution Fees		State Registration Filing Fees		Printing and Postage Fees		Transfer Agent Fees and Expenses		Shareholder Servicing Fees
Global Equity – Institutional Class	$	—	$	20,939	$	7,727	$	11,027	$	16,614
Global Equity – Advisor Class		—		10,520		5,025		12,512		70,068
International Equity – Institutional Class		—		65,288		72,780		56,416		389,566
International Equity – Investor Class		411,438		14,046		36,268		46,782		109,352
International Small Companies – Institutional Class		—		12,102		1,315		10,314		5,200
International Small Companies – Investor Class		47,433		9,670		2,337		12,270		21,510
Frontier Emerging Markets – Institutional Class		—		11,654		3,517		10,668		4,366
Frontier Emerging Markets – Investor Class		5,125		10,756		469		10,215		2,724

5. Investment Transactions

Cost of purchases and proceeds from sales of investment securities, other than short-term investments, for the period ended April 30, 2013, were as follows for each Portfolio:

Portfolio	Purchase Cost of Investment Securities		Proceeds from Sales of Investment Securities
Global Equity	$	242,130,115	$	23,910,099
International Equity		967,702,440		271,454,820
International Small Companies		41,880,735		55,696,966
Institutional Emerging Markets		325,775,982		47,942,995
Emerging Markets		343,273,163		219,422,069
Frontier Emerging Markets		38,951,012		16,652,314

44

Harding, Loevner Funds, Inc.

Notes to Financial Statements

April 30, 2013 (unaudited)

6. Income Tax

The cost of investments for federal income tax purposes and the components of net unrealized appreciation / (depreciation) on investments at April 30, 2013, for each of the Portfolios were as follows:

Portfolio	Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation / (Depreciation)		Cost
Global Equity	$	89,566,292	$	(6,061,237	)	$	83,505,055	$	470,652,514
International Equity		526,363,190		(23,241,044	)		503,122,146		2,592,113,401
International Small Companies		9,924,588		(1,261,738	)		8,662,850		51,964,929
Institutional Emerging Markets		131,061,000		(23,702,836	)		107,358,164		665,252,113
Emerging Markets		566,220,915		(46,765,978	)		519,454,937		1,401,943,779
Frontier Emerging Markets		20,014,939		(4,442,207	)		15,572,732		103,303,811

The unrealized appreciation (depreciation) on foreign currency for Global Equity, International Equity, International Small Companies, Institutional Emerging Markets, Emerging Markets and Frontier Emerging Markets was $5,653, $60,793, $(659), $4,998, $14,828 and $(1,738), respectively, at April 30, 2013.

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

Management has performed an analysis of each Portfolio’s tax positions for the open tax years as of October 31, 2012 and has concluded that no provisions for income tax are required. The Portfolios’ federal tax returns for the prior three fiscal years (open tax years: October 31, 2010; October 31, 2011; October 31, 2012) remain subject to examination by the Portfolios’ major tax jurisdictions, which include the United States, the State of New Jersey and the State of Maryland. Management is not aware of any events that are reasonably possible to occur in the next twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Portfolios. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

During the year ended October 31, 2012, distributions paid from ordinary income on a tax basis were $797,569, $9,328,089, $334,833, $3,430,979, $12,198,687 and $489,954 for Global Equity, International Equity, International Small Companies, Institutional Emerging Markets, Emerging Markets, and Frontier Emerging Markets, respectively.

During the year ended October 31, 2011, distributions paid from ordinary income on a tax basis were $290,000, $2,500,077, $47,000, $1,078,916, $8,430,123 and $146,644 for Global Equity, International Equity, International Small Companies, Institutional Emerging Markets, Emerging Markets, and Frontier Emerging Markets, respectively.

During the year ended October 31, 2012, distributions paid from long-term capital gains on a tax basis were $2,083,272 and $3,133,641, for Global Equity and International Equity, respectively.

During the year ended October 31, 2011, distributions paid from long-term capital gains on a tax basis were $1,052,137, for Global Equity.

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

Short-term capital losses incurred that will be carried forward under provisions of the Act are $378,792, $10,514,138, $293,995, $3,553,019, and $4,653,779 for Global Equity, International Equity, International Small Companies, Institutional Emerging Markets, and Frontier Emerging Markets, respectively. Long-term capital losses incurred that will be carried forward under provisions of the Act are $8,932,745, $239,458, $1,017,015, and $3,260,942 for International Equity, International Small Companies, Institutional Emerging Markets, and Frontier Emerging Markets, respectively.

45

Harding, Loevner Funds, Inc.

Notes to Financial Statements

April 30, 2013 (unaudited)

6. Income Tax (continued)

At October 31, 2012, Institutional Emerging Markets had $8,577,340 available as pre-enactment capital loss carryforwards which expire in 2016. Institutional Emerging Markets and Frontier Emerging Markets had $29,793,794 and $1,252,470, respectively, available as pre-enactment capital loss carryforwards which expire in 2017. International Small Companies had $197,097 available as pre-enactment capital loss carryforwards which expire in 2018. Institutional Emerging Markets and Frontier Emerging Markets had $3,834,973 and $4,237,229, respectively, available as pre-enactment capital loss carryforwards which expire in 2019.

7. Foreign Exchange Contracts

The Portfolios, on occasion, enter into forward foreign exchange contracts in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings. A forward foreign exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the cost of the original contracts and the closing of such contracts is included in net realized gains or losses on foreign currency-related transactions. Fluctuations in the value of forward foreign exchange contracts are recorded for book purposes as unrealized appreciation or depreciation on assets and liabilities denominated in foreign currencies by the Portfolios. The Portfolios are also exposed to credit risk associated with counterparty nonperformance on these forward foreign exchange contracts which is typically limited to the unrealized gain on each open contract.

The Portfolios enter into foreign currency transactions on the spot markets in order to pay for foreign investment purchases or to convert to dollars the proceeds from foreign investment sales or coupon interest receipts. The Portfolios held no open forward foreign currency exchange contracts on April 30, 2013.

8. Participation Notes

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

9. Concentration of Ownership

At April 30, 2013, the percentage of total shares outstanding held by record shareholders each owning 10% or greater of the aggregate shares outstanding of each Portfolio were as follows:

	No. of Shareholders		% Ownership
Global Equity		3		46.26	%*
International Equity		3		47.04	%*
International Small Companies		4		67.02	%*
Institutional Emerging Markets		2		60.53	%*
Emerging Markets		3		79.64	%*
Frontier Emerging Markets		4		61.30	%*

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

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

10. Concentration of Risk

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

46

Harding, Loevner Funds, Inc.

Notes to Financial Statements

April 30, 2013 (unaudited)

10. Concentration of Risk (continued)

Frontier Emerging Markets is permitted to invest up to 35% of its total assets in companies in the same industry, if, at the time of investment, that industry represents 20% or more of the Portfolio’s benchmark index. During periods when the Portfolio has invested more than 25% of its total assets in companies in the same industry, it will operate as a concentrated portfolio and be subject to additional risks and greater volatility. At April 30, 2013, the Portfolio’s investment in the Banking industry amounted to 28.1% of its total assets.

11. Line of Credit

The Fund has a $100 million line of credit agreement with Northern Trust. Borrowings would be made solely to facilitate the handling of redemptions or unusual or unanticipated short-term cash requirements. Because several Portfolios participate, and collateral requirements apply, there is no assurance that an individual Portfolio will have access to the entire $100 million at any particular time. Interest is charged to each Portfolio based on its borrowings at an amount above the Federal Funds rate, subject to a minimum rate. In addition, a facility fee is computed at an annual rate of 0.10% on the line of credit and is allocated among the Portfolios. For the period ended April 30, 2013, International Small Companies had an outstanding balance on five days with a maximum balance of $800,000 at an average weighted interest rate of 1.75%.

12. Recently Issued Accounting Pronouncements

In December 2011, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”), to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the statement of assets and liabilities. This information will enable users of a Fund’s financial statements to evaluate the effect or potential effect of netting arrangements on a fund’s financial position.

In January 2013, the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which replaced ASU 2011-11. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new statement of assets and liabilities offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Both ASU 2011-11 and ASU 2013-01 are effective prospectively for interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of both of these requirements and the impacts they will have to the financial statement amounts and footnote disclosures, if any.

13. Subsequent Events

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

47

Harding, Loevner Funds, Inc.

Privacy Notice

(unaudited)

HARDING, LOEVNER FUNDS, INC.

PRIVACY NOTICE

The Fund collects nonpublic personal information about you from the following sources:

• Information, such as your name, address, social security number, assets and income, submitted by you on applications, forms, or in other written or verbal customer communications. This information may also be provided by a consultant or intermediary acting on your behalf.

• Information that results from any transaction performed by us for you.

The Fund will not disclose any nonpublic personal information about you or its former customers to anyone except as permitted or required by law.

If you decide to close your account(s) or become an inactive customer, the Fund will adhere to the privacy policies and practices as described in this notice.

The Fund restricts access to your personal and account information to only those employees who need to know that information to provide products or services to you. The Fund maintains physical, administrative and technical safeguards to protect your nonpublic personal information.

48

Harding, Loevner Funds, Inc.

Supplemental Information

(unaudited)

Quarterly Form N-Q Portfolio Schedule

Each Portfolio will file its complete portfolio of investments with the SEC on Form N-Q at the end of the first and third fiscal quarters within 60 days of the end of the quarter to which it relates. The Portfolios’ Form N-Q will be available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room whose telephone number is (800) SEC-0330. Additionally, they are available upon request by calling (877) 435-8105.

Proxy Voting Record

The Fund’s proxy voting record relating to the Portfolios’ securities during the most recent 12-month period ended June 30 is available on the Fund’s website at www.hardingloevnerfunds.com and on the SEC’s website at www.sec.gov, on Form N-PX.

Proxy Voting Policies and Procedures

A description of the Fund proxy voting policies and procedures are located in the Statement of Additional Information and is available without charge, upon request, by calling (877) 435-8105 or on the SEC’s website at www.sec.gov.

Additional Information

The Adviser updates Fact Sheets for the Portfolios each calendar quarter, which are posted to the Fund’s website – www.hardingloevnerfunds.com. This information, along with the Adviser’s commentaries on its various strategies, is available without charge, upon request, by calling (877) 435-8105.

49

Harding, Loevner Funds, Inc.

Directors and Officers

(unaudited)

DIRECTORS AND OFFICERS

David R. Loevner

Director and Chairman of the Board of the Funds

Jane A. Freeman

Director of the Funds

Jennifer M. Borggaard

Director of the Funds

William E. Chapman II

Director of the Funds

R. Kelly Doherty

Director of the Funds

Charles Freeman

Director of the Funds

Samuel R. Karetsky

Director of the Funds

Eric Rakowski

Director of the Funds

Richard Reiter

President of the Funds

Charles S. Todd

Chief Financial Officer and Treasurer of the Funds

Susan Mosher

Chief Compliance Officer of the Funds

Owen T. Meacham

Secretary of the Funds

Patrick Kenniston

Anti-Money Laundering Compliance Officer of the Funds

Aaron Bellish

Assistant Treasurer of the Funds

Thomas A. Dula

Assistant Treasurer of the Funds

Lori Renzulli

Assistant Secretary of the Funds

Marcia Lucas

Assistant Secretary of the Funds

50

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in § 210.1212 of Regulation S-X [17 CFR 210.12-12], are included as part of the report to stockholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

(a)(1) Not applicable to this filing.

(a)(2) Exhibit 99.CERT: Section 302 Certifications.

(b) Exhibit 99.906 CERT: Section 906 Certifications.

SIGNATURES

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

Harding, Loevner Funds, Inc.
By	/s/ Richard T. Reiter
	Richard T. Reiter, President
Date: July 5, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By	/s/ Richard T. Reiter
	Richard T. Reiter, President
Date: July 5, 2013
By	/s/ Charles S. Todd
	Charles S. Todd, Chief Financial Officer and Treasurer
Date: July 5, 2013