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report You can find additional information about the Fund at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div>. You can also requestthis information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com. HardingLoevnerFunds.com (877) 435-8105 hardingloevnerfunds@ntrs.com <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-top: 6pt; margin-bottom: 0;">What were <div style="letter-spacing: 0px; top: 0px;display:inline;">the </div>Fund costs for the period?</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 10pt;">(based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; width: 65%;">Fund (Class)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 15%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 20%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs paid as a percentage of a $10,000 investment<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; width: 65%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">Global Equity (Advisor Class)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 15%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>58</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 20%; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">1.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); font-style: normal; text-align: left; margin-bottom: 0px; font-size: 6pt; vertical-align: super; width: 3pt; padding: 0px;"><div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); vertical-align: super; line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">1</div></div></div></div></td><td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); vertical-align: top; font-style: normal; font-size: 7.5pt; text-align: left; margin-bottom: 0px; width: auto; padding: 0px 0px 3pt;"><div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></div></td></tr></table> 58 0.0115 <div style="margin-top: 14pt; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">The Global Equity Advisor Class (HLMGX) increased 2.87% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI All Country World Index, rose 7.75% (net of source taxes).</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Key Performance Factors</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Energy and Materials soared following the US-Israeli attack on Iran and closing of the Strait of Hormuz. Consumer Discretionary lagged on concerns that increased spending on AI will pressure margins. The US market saw weak returns from large cloud-computing and data center companies, while enthusiasm for Asian technology companies boosted EMs. The Fund underperformed, with poor stocks in Communication Services, Consumer Discretionary, and Financials. The Fund’s high-quality growth style also faced a headwind, as shares of high-quality and fast-growing companies lagged the broad market.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Sector Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">In Communication Services, shares of Chinese internet company Tencent were pressured by concerns about its ability to profit from its aggressive AI investment. In Consumer Discretionary, shares of Japanese electronics conglomerate Sony Group declined due to rising memory costs and potential margin pressure. </div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Geographic Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">In the US, streaming company Netflix reported solid results that still fell short of market expectations. Alphabet was a bright spot as its dominant position in online search remained resilient. In EMs, Tencent and India’s HDFC Bank detracted. HDFC Bank was hurt by slower deposit growth and the resignation of its chairman; the <div style="letter-spacing: 0px; top: 0px;display:inline;">bank </div>appointed a well-regarded interim chair.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-bottom: 0; text-align: left;">Performance</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡱 Top Contributors</td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡳 Top Detractors</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">ASML</td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Tencent</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">SLB</td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Sony</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Fabrinet</td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Netflix</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Alphabet</td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Booking Holdings</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Apple</td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Adobe</td></tr></table> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;">The securities shown do not <div style="letter-spacing: 0px; top: 0px;display:inline;">represent </div>all holdings, and it should not be <div style="letter-spacing: 0px; top: 0px;display:inline;">assumed </div>that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the <div style="letter-spacing: 0px; top: 0px;display:inline;">contribution </div>to overall performance <div style="letter-spacing: 0px; top: 0px;display:inline;">over </div>the period.</div> </div> <img alt="Fund Performance - Growth of 10K" src="chartimages_3370011.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 150pt;"/> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Average <div style="display:inline;">Annual </div>Total Return (%) as of April 30, 2026</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt; width: 40%;"><div style="display:inline;"></div></td><td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td><td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 0px 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">10 Year</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">Fund</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">15.50</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">3.53</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">10.07</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI All Country World Index</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">31.00 </td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">10.68 </td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">12.25 </td></tr></table> Fund 0.155 0.0353 0.1007 MSCI All Country World Index 0.31 0.1068 0.1225 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <div style="color: rgb(75, 78, 83); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="display: flex; flex-direction: row; flex-wrap: nowrap; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0;"><div style="padding-right: 0; width: 188pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"><div style="margin-left: 23pt; padding-right: 0; padding-left: 0; clear: both;"><div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(255, 255, 255); margin-top: 28pt; margin-bottom: 0;">Key Fund Statistics</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 8pt; line-height: 10.2pt; color: rgb(255, 255, 255); margin-bottom: 0;">During Reporting Period</div></div></div><div style="padding-left: 0; width: 377pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"><div style="width: auto; margin-bottom: 14pt; margin-right: 12pt; margin-left: 12pt;"><table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 22pt;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Fund net assets</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>537.2M</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total advisory fees paid<br/>(after waiver/reimbursement)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.8M</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total number of holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;">61</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Period portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div></div> 537000000 1800000 61 0.21 <div style="font-family: 'Times New Roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 0, 0); font-size: 12pt; margin-top: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); margin-bottom: 4pt; font-size: 8.5pt; line-height: 10.7pt;">The table and charts below show the investment makeup of <div style="letter-spacing: 0px; top: 0px;display:inline;">the </div>Fund; <div style="letter-spacing: 0px; top: 0px;display:inline;">percentages </div><div style="letter-spacing: 0px; top: 0px;display:inline;">indicated </div>and graphical <div style="letter-spacing: 0px; top: 0px;display:inline;">representations </div>are based on the Fund’s net asset value.</div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"><div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div><div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div></div></div><div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 350pt;"><div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div></div></div></div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"><div><table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Alphabet Inc., Class A</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.1 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Amazon.com Inc.</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">NVIDIA Corp.</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Schneider Electric SE</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.3 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Microsoft Corp.</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.2 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.2 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Meta Platforms Inc., Class A</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.7 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASML Holding NV</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.7 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Netflix Inc.</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.6 </td></tr></table></div></div><div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; padding-right: 0; width: 174pt;"><div><div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Sector</div></div><div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3370016.jpg" style="margin-left: 4pt; width: 163pt;"/> </div></div><div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 175pt;"><div><div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Region</div></div><div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3370021.jpg" style="margin-left: 4pt; width: 163pt;"/> </div><div style="margin-block: 0em;"> </div></div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div><div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div><table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Alphabet Inc., Class A</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.1 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Amazon.com Inc.</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">NVIDIA Corp.</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Schneider Electric SE</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.3 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Microsoft Corp.</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.2 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.2 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Meta Platforms Inc., Class A</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.7 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASML Holding NV</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.7 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Netflix Inc.</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.6 </td></tr></table> 0.051 0.043 0.036 0.035 0.033 0.032 0.032 0.027 0.027 0.026 Global Equity Institutional Class HLMVX This semi-annual shareholder report contains important information about the Global Equity Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div>. You can also request this information by calling (877) 435-8105 or by sending an e-mail request tohardingloevnerfunds@ntrs.com. HardingLoevnerFunds.com (877) 435-8105 hardingloevnerfunds@ntrs.com <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-top: 6pt; margin-bottom: 0;">What were <div style="letter-spacing: 0px; top: 0px;display:inline;">the </div>Fund costs for the period?</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 10pt;">(based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid; border-spacing: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid; padding: 3pt; text-align: left; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 65%; border-bottom: 1pt solid rgb(0, 0, 0);">Fund (Class)</td> <td style="break-inside: avoid; text-align: right; padding: 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 15%; border-bottom: 1pt solid rgb(0, 0, 0);">Costs of a $10,000 investment</td> <td style="break-inside: avoid; text-align: right; padding: 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 20%; border-bottom: 1pt solid rgb(0, 0, 0);">Costs paid as a percentage of a $10,000 investment<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; width: 65%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">Global Equity (Institutional Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 15%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>43</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 20%; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">0.85<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid; border-spacing: 0px;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); font-style: normal; text-align: left; margin-bottom: 0px; font-size: 6pt; vertical-align: super; width: 3pt; padding: 0px;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); vertical-align: super; line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">1</div></div></div></div> </td> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); vertical-align: top; font-style: normal; font-size: 7.5pt; text-align: left; margin-bottom: 0px; width: auto; padding: 0px 0px 3pt;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></div> </td> </tr> </table> 43 0.0085 <div style="margin-top: 14pt; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Management’s Discussion of F<div style="letter-spacing: 0px; top: 0px;display:inline;">un</div>d Performance</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">The Global Equity Institutional Class (HLMVX) rose 3.00% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI All Country World Index, rose 7.75% (net of source taxes).</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Key Performance Factors</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Energy and Materials soared following the US-Israeli attack on Iran and closing of the Strait of Hormuz. Consumer Discretionary lagged on concerns that increased spending on AI will pressure margins. The US market saw weak returns from large cloud-computing and data center companies, while enthusiasm for Asian technology companies boosted EMs. The Fund underperformed, with poor stocks in Communication Services, Consumer Discretionary, and Financials. The Fund’s high-quality growth style also faced a headwind, as shares of high-quality and fast-growing companies lagged the broad market.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Sector Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">In Communication Services, shares of Chinese internet company Tencent were pressured by concerns about its ability to profit from its aggressive AI investment. In Consumer Discretionary, shares of Japanese electronics conglomerate Sony Group declined due to rising memory costs and potential margin pressure. </div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Geographic Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">In the US, streaming company Netflix reported solid results that still fell short of market expectations. Alphabet was a bright spot as its dominant position in online search remained resilient. In EMs, Tencent and India’s HDFC Bank detracted. HDFC Bank was hurt by slower deposit growth and the resignation of its chairman; the <div style="letter-spacing: 0px; top: 0px;display:inline;">bank </div>appointed a well-regarded interim chair.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-bottom: 0; text-align: left;">Performance</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid; border-spacing: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); text-align: left; width: 48%; border-bottom: 0.75pt solid rgb(144, 0, 39);">🡱 Top Contributors</td> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; text-align: center;"></td> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); text-align: left; width: 48%; border-bottom: 0.75pt solid rgb(144, 0, 39);">🡳 Top Detractors</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; text-align: left; border-bottom: 0.75pt solid rgb(209, 210, 212);">ASML</td> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; text-align: center;"></td> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; text-align: left; border-bottom: 0.75pt solid rgb(209, 210, 212);">Tencent</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; text-align: left; border-bottom: 0.75pt solid rgb(209, 210, 212);">SLB</td> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; text-align: center;"></td> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; text-align: left; border-bottom: 0.75pt solid rgb(209, 210, 212);">Sony</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; text-align: left; border-bottom: 0.75pt solid rgb(209, 210, 212);">Fabrinet</td> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; text-align: center;"></td> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; text-align: left; border-bottom: 0.75pt solid rgb(209, 210, 212);">Netflix</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; text-align: left; border-bottom: 0.75pt solid rgb(209, 210, 212);">Alphabet</td> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; text-align: center;"></td> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; text-align: left; border-bottom: 0.75pt solid rgb(209, 210, 212);">Booking Holdings</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; text-align: left; border-bottom: 0.75pt solid rgb(209, 210, 212);">Apple</td> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; text-align: center;"></td> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; text-align: left; border-bottom: 0.75pt solid rgb(209, 210, 212);">Adobe</td> </tr> </table> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;">The securities shown do not <div style="letter-spacing: 0px; top: 0px;display:inline;">represent </div>all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is <div style="letter-spacing: 0px; top: 0px;display:inline;">available </div>upon request: (1) <div style="letter-spacing: 0px; top: 0px;display:inline;">information </div>describing the methodology of the contribution data and (2) a list <div style="letter-spacing: 0px; top: 0px;display:inline;">showing </div>the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance <div style="letter-spacing: 0px; top: 0px;display:inline;">over </div>the period.</div> </div> <img alt="Fund Performance - Growth of 10K" src="chartimages_3369986.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 150pt;"/> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Average Annual <div style="display:inline;">Total </div>Return (%) as of April 30, 2026</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid; border-spacing: 0px;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt; width: 40%;"><div style="display:inline;"></div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 0px 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">10 Year</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">15.77</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">3.77</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">10.31</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI All Country World Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">31.00 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">10.68 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">12.25 </td> </tr> </table> Fund 0.1577 0.0377 0.1031 MSCI All Country World Index 0.31 0.1068 0.1225 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <div style="color: rgb(75, 78, 83); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="display: flex; flex-direction: row; flex-wrap: nowrap; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0;"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="padding-right: 0; width: 188pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"></div></div> <div style="margin-left: 23pt; padding-right: 0; padding-left: 0; clear: both;"> <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(255, 255, 255); margin-top: 28pt; margin-bottom: 0;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">Key Fund Statistics</div></div></div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 8pt; line-height: 10.2pt; color: rgb(255, 255, 255); margin-bottom: 0;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">During Reporting Period</div></div></div> </div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"></div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="padding-left: 0; width: 377pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"></div></div> <div style="width: auto; margin-bottom: 14pt; margin-right: 12pt; margin-left: 12pt;"> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 22pt; border-spacing: 0px;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid; padding: 6pt 0px 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">Fund net assets</div></div></td> <td style="break-inside: avoid; text-align: right; padding: 6pt 0px 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div><div style="letter-spacing: 0px; top: 0px;display:inline;"></div><div style="letter-spacing: 0px; top: 0px;display:inline;"></div><div style="letter-spacing: 0px; top: 0px;display:inline;">537.2M</div></div></div></td> <td style="break-inside: avoid; padding: 6pt 0px 3pt 12pt; font-family: &quot;Times New Roman&quot;; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">Total advisory fees paid<br/>(after waiver/reimbursement)</div></div></td> <td style="break-inside: avoid; text-align: right; padding: 6pt 0px 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.8M</div></div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid; padding: 6pt 0px 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">Total number of holdings</div></div></td> <td style="break-inside: avoid; text-align: right; padding: 6pt 0px 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">61</div></div></td> <td style="break-inside: avoid; padding: 6pt 0px 3pt 12pt; font-family: &quot;Times New Roman&quot;; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">Period portfolio turnover rate</div></div></td> <td style="break-inside: avoid; text-align: right; padding: 6pt 0px 3pt; font-family: &quot;Times New Roman&quot;; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></div></div></td> </tr> </table> </div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"></div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"></div></div> 537200000 1800000 61 0.21 <div style="font-family: 'Times New Roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 0, 0); font-size: 12pt; margin-top: 6pt;">Graphical <div style="letter-spacing: 0px; top: 0px;display:inline;">Representation </div><div style="letter-spacing: 0px; top: 0px;display:inline;">of </div>H<div style="letter-spacing: 0px; top: 0px;display:inline;">olding</div>s</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); margin-bottom: 4pt; font-size: 8.5pt; line-height: 10.7pt;">The table and charts below show the investment makeup of the <div style="letter-spacing: 0px; top: 0px;display:inline;">Fund</div>; percentages indicated and <div style="letter-spacing: 0px; top: 0px;display:inline;">graphical</div> representations are based on the Fund’s net asset value.</div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div></div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 350pt;"> <div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div> </div> </div> </div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid; border-spacing: 0px;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Alphabet Inc., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Amazon.com Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.2 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.2 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Meta Platforms Inc., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.7 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.7 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Netflix Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.6 </td> </tr> </table> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; padding-right: 0; width: 174pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Sector</div> </div> <div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3369981.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 175pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Region</div> </div> <div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3369976.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> <div style="margin-block: 0em;"> </div> </div> </div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> <table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid; border-spacing: 0px;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Alphabet Inc., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Amazon.com Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.2 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.2 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Meta Platforms Inc., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.7 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.7 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Netflix Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.6 </td> </tr> </table> 0.051 0.043 0.036 0.035 0.033 0.032 0.032 0.027 0.027 0.026 Global Equity Institutional Class Z HLGZX This semi-annual shareholder report contains important information about the Global Equity Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div>. You can also requestthis information by calling(877) 435-8105or by sending an e-mail request to hardingloevnerfunds@ntrs.com. HardingLoevnerFunds.com (877) 435-8105 hardingloevnerfunds@ntrs.com <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-top: 6pt; margin-bottom: 0;">What were the <div style="letter-spacing: 0px; top: 0px;display:inline;">Fund </div>costs for the period?</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 10pt;">(based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; width: 65%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 15%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 20%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs paid as a percentage of a $10,000 investment<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; width: 65%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">Global Equity (Institutional Class Z)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 15%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>38</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 20%; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">0.75<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); font-style: normal; text-align: left; margin-bottom: 0px; font-size: 6pt; vertical-align: super; width: 3pt; padding: 0px;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); vertical-align: super; line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">1</div></div></div></div> </td> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); vertical-align: top; font-style: normal; font-size: 7.5pt; text-align: left; margin-bottom: 0px; width: auto; padding: 0px 0px 3pt;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></div> </td> </tr> </table> 38 0.0075 <div style="margin-top: 14pt; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">The Global Equity Institutional Class Z (HLGZX) increased 3.06% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI All Country World Index, rose 7.75% (net of source taxes).</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Key Performance Factors</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Energy and Materials soared following the US-Israeli attack on Iran and closing of the Strait of Hormuz. Consumer Discretionary lagged on concerns that increased spending on AI will pressure margins. The US market saw weak returns from large cloud-computing and data center companies, while enthusiasm for Asian technology companies boosted EMs. The Fund underperformed, with poor stocks in Communication Services, Consumer Discretionary, and Financials. The Fund’s high-quality growth style also faced a headwind, as shares of high-quality and fast-growing companies lagged the broad market.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Sector Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">In Communication Services, shares of Chinese internet company Tencent were pressured by concerns about its ability to profit from its aggressive AI investment. In Consumer Discretionary, shares of Japanese electronics conglomerate Sony Group declined due to rising memory costs and potential margin pressure. </div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Geographic <div style="display:inline;">Analysis</div></div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">In the US, streaming company Netflix reported solid results that still fell short of market expectations. Alphabet was a bright spot as its dominant position in online search remained resilient. In EMs, Tencent and India’s HDFC Bank detracted. HDFC Bank was hurt by slower deposit growth and the resignation of its chairman; the bank appointed a well-regarded interim chair.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-bottom: 0; text-align: left;">Performance</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡱 Top Contributors</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡳 Top Detractors</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">ASML</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Tencent</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">SLB</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Sony</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Fabrinet</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Netflix</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Alphabet</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Booking Holdings</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Apple</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Adobe</td> </tr> </table> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;">The securities <div style="letter-spacing: 0px; top: 0px;display:inline;">shown </div>do not represent all <div style="letter-spacing: 0px; top: 0px;display:inline;">holdings</div>, and it should not be assumed that investment in <div style="letter-spacing: 0px; top: 0px;display:inline;">these </div>securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative <div style="letter-spacing: 0px; top: 0px;display:inline;">contribution </div>of all holdings during the period. Contribution is the <div style="letter-spacing: 0px; top: 0px;display:inline;">contribution </div>to overall performance over the period.</div> </div> <img alt="Fund Performance - Growth of 10K" src="chartimages_3370070.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 150pt;"/> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Average Annual <div style="display:inline;">Total </div>Return (%) as of April 30, 2026</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt; width: 40%;"><div style="display:inline;"></div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 0px 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">10 Year</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">15.92</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">3.86</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">10.38</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI All Country World Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">31.00 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">10.68 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">12.25 </td> </tr> </table> Fund 0.1592 0.0386 0.1038 MSCI All Country World Index 0.31 0.1068 0.1225 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <div style="color: rgb(75, 78, 83); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="display: flex; flex-direction: row; flex-wrap: nowrap; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0;"> <div style="padding-right: 0; width: 188pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="margin-left: 23pt; padding-right: 0; padding-left: 0; clear: both;"> <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(255, 255, 255); margin-top: 28pt; margin-bottom: 0;">Key Fund Statistics</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 8pt; line-height: 10.2pt; color: rgb(255, 255, 255); margin-bottom: 0;">During Reporting Period</div> </div> </div> <div style="padding-left: 0; width: 377pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="width: auto; margin-bottom: 14pt; margin-right: 12pt; margin-left: 12pt;"> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 22pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>537.2M</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total advisory fees paid<br/>(after waiver/reimbursement)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.8M</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total number of holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;">61</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Period portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">21<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> </div> </div> 537200000 1800000 61 0.21 <div style="font-family: 'Times New Roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 0, 0); font-size: 12pt; margin-top: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); margin-bottom: 4pt; font-size: 8.5pt; line-height: 10.7pt;">The table and charts <div style="letter-spacing: 0px; top: 0px;display:inline;">below </div>show the investment makeup of the Fund; <div style="letter-spacing: 0px; top: 0px;display:inline;">percentages </div>indicated and graphical representations are based on the Fund’s net asset value.</div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div></div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 350pt;"> <div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div> </div> </div> </div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Alphabet Inc., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Amazon.com Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.2 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.2 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Meta Platforms Inc., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.7 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.7 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Netflix Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.6 </td> </tr> </table> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; padding-right: 0; width: 174pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Sector</div> </div> <div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3370065.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 175pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Region</div> </div> <div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3370060.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> <div style="margin-block: 0em;"> </div> </div> </div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Alphabet Inc., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Amazon.com Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.2 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.2 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Meta Platforms Inc., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.7 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.7 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Netflix Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.6 </td> </tr> </table> 0.051 0.043 0.036 0.035 0.033 0.032 0.032 0.027 0.027 0.026 International Equity Institutional Class HLMIX This semi-annual shareholder report contains important information about the International Equity Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div>. You can also requestthis information by calling(877) 435-8105or by sending an e-mail request to hardingloevnerfunds@ntrs.com. HardingLoevnerFunds.com (877) 435-8105 hardingloevnerfunds@ntrs.com <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-top: 6pt; margin-bottom: 0;">What were <div style="letter-spacing: 0px; top: 0px;display:inline;">the </div>Fund costs for the period?</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 10pt;">(based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; width: 65%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 15%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 20%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs paid as a percentage of a $10,000 investment<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; width: 65%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">International Equity (Institutional Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 15%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>44</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 20%; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">0.84<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); font-style: normal; text-align: left; margin-bottom: 0px; font-size: 6pt; vertical-align: super; width: 3pt; padding: 0px;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); vertical-align: super; line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">1</div></div></div></div> </td> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); vertical-align: top; font-style: normal; font-size: 7.5pt; text-align: left; margin-bottom: 0px; width: auto; padding: 0px 0px 3pt;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></div> </td> </tr> </table> 44 0.0084 <div style="margin-top: 14pt; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">The International Equity Institutional Class (HLMIX) returned 12.83% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI All Country World ex US Index, increased 12.11% (net of source taxes).</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Key Performance Factors</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Energy and Information Technology (IT) were the best performing sectors during the period, spurred by the rising price of oil due to the US-Iran conflict and the continued strength of AI-related companies. Communication Services declined, dragged down by the poor performance of media &amp; entertainment companies. Shares of the fastest-growing companies significantly outperformed, while the highest-quality and most-expensive companies underperformed. The Fund’s emphasis on fast-growing companies boosted its relative performance. The Fund also outpaced the index in IT, Consumer Staples, Emerging Markets, and Europe ex EMU, but lagged in Financials, Consumer Discretionary, and Japan.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Sector Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">In IT, the share prices of South Korea’s Samsung Electronics and Taiwan’s Delta Electronics surged due to strong memory chip and power management demand stemming from soaring AI investment. In Financials, India's HDFC Bank detracted as it reported slower deposit growth and the resignation of its Chairman.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Geographic Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">UK-based mining <div style="letter-spacing: 0px; top: 0px;display:inline;">company </div>Rio Tinto gained after reporting copper-equivalent volume growth and strong cash flows. Shares of Israeli customer-service software provider NICE fell as it raised revenue guidance but forecasted lower full-year profitability due to the costs of its acquisition of Germany’s Cognigy.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-bottom: 0; text-align: left;">Performance</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡱 Top Contributors</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡳 Top Detractors</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Delta Electronics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">HDFC Bank</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Samsung Electronics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Sony</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Rio Tinto</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Naver</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Lasertec</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">MercadoLibre</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">ASML</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">M3</td> </tr> </table> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;">The securities <div style="letter-spacing: 0px; top: 0px;display:inline;">shown </div>do not represent all holdings, and it should not be <div style="letter-spacing: 0px; top: 0px;display:inline;">assumed </div>that investment in these securities has been or will be profitable. The following is available upon <div style="letter-spacing: 0px; top: 0px;display:inline;">request</div>: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to <div style="letter-spacing: 0px; top: 0px;display:inline;">overall </div>performance over the period.</div> </div> <img alt="Fund Performance - Growth of 10K" src="chartimages_3369843.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 150pt;"/> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Average Annual <div style="display:inline;">Total </div>Return (%) as of April 30, 2026</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt; width: 40%;"><div style="display:inline;"></div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 0px 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">10 Year</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">28.88</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">6.56</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">9.42</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI All Country World ex US Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">32.20 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">8.38 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">9.10 </td> </tr> </table> Fund 0.2888 0.0656 0.0942 MSCI All Country World ex US Index 0.322 0.0838 0.091 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <div style="color: rgb(75, 78, 83); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div> for the most recent performance information The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="display: flex; flex-direction: row; flex-wrap: nowrap; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0;"> <div style="padding-right: 0; width: 188pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="margin-left: 23pt; padding-right: 0; padding-left: 0; clear: both;"> <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(255, 255, 255); margin-top: 28pt; margin-bottom: 0;">Key Fund Statistics</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 8pt; line-height: 10.2pt; color: rgb(255, 255, 255); margin-bottom: 0;">During Reporting Period</div> </div> </div> <div style="padding-left: 0; width: 377pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="width: auto; margin-bottom: 14pt; margin-right: 12pt; margin-left: 12pt;"> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 22pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>12,320.7M</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total advisory fees paid<br/>(after waiver/reimbursement)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>40.9M</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total number of holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;">68</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Period portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> </div> </div> 12320700000 40900000 68 0.11 <div style="font-family: 'Times New Roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 0, 0); font-size: 12pt; margin-top: 6pt;">Graphical Representation of <div style="letter-spacing: 0px; top: 0px;display:inline;">Holdings</div></div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); margin-bottom: 4pt; font-size: 8.5pt; line-height: 10.7pt;">The table and charts below show <div style="letter-spacing: 0px; top: 0px;display:inline;">the </div>investment makeup of the Fund; percentages indicated and <div style="letter-spacing: 0px; top: 0px;display:inline;">graphical </div>representations are based on the Fund’s net asset value.</div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div></div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 350pt;"> <div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div> </div> </div> </div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.5 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.0 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Delta Electronics Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Shell plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Manulife Financial Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Contemporary Amperex Technology Co., Ltd., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">AIA Group Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Rio Tinto plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.4 </td> </tr> </table> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; padding-right: 0; width: 174pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Sector</div> </div> <div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3369848.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 175pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Region</div> </div> <div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3369853.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> <div style="margin-block: 0em;"> </div> </div> </div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.5 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.0 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Delta Electronics Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Shell plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Manulife Financial Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Contemporary Amperex Technology Co., Ltd., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">AIA Group Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Rio Tinto plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.4 </td> </tr> </table> 0.045 0.04 0.035 0.034 0.033 0.028 0.028 0.026 0.024 0.024 International Equity Institutional Class Z HLIZX This semi-annual shareholder report contains important information about the International Equity Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div>. You can also request this information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com. HardingLoevnerFunds.com (877) 435-8105 hardingloevnerfunds@ntrs.com <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-top: 6pt; margin-bottom: 0;">What were <div style="letter-spacing: 0px; top: 0px;display:inline;">the </div>Fund costs for the period?</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 10pt;">(based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; width: 65%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 15%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 20%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs paid as a percentage of a $10,000 investment<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; width: 65%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">International Equity (Institutional Class Z)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 15%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>39</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 20%; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">0.73<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); font-style: normal; text-align: left; margin-bottom: 0px; font-size: 6pt; vertical-align: super; width: 3pt; padding: 0px;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); vertical-align: super; line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">1</div></div></div></div> </td> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); vertical-align: top; font-style: normal; font-size: 7.5pt; text-align: left; margin-bottom: 0px; width: auto; padding: 0px 0px 3pt;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></div> </td> </tr> </table> 39 0.0073 <div style="margin-top: 14pt; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">The International Equity Institutional Class Z (HLIZX) returned 12.92% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI All Country World ex US Index, increased 12.11% (net of source taxes).</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Key Performance Factors</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Energy and Information Technology (IT) were the best performing sectors during the period, spurred by the rising price of oil due to the US-Iran conflict and the continued strength of AI-related companies. Communication Services declined, dragged down by the poor performance of media &amp; entertainment companies. Shares of the fastest-growing companies significantly outperformed, while the highest-quality and most-expensive companies underperformed. The Fund’s emphasis on fast-growing companies boosted its relative performance. The Fund also outpaced the index in IT, Consumer Staples, Emerging Markets, and Europe ex EMU, but lagged in Financials, Consumer Discretionary, and Japan.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Sector Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">In IT, the share prices of South Korea’s Samsung Electronics and Taiwan’s Delta Electronics surged due to strong memory chip and power management demand stemming from soaring AI investment. In Financials, India's HDFC Bank detracted as it reported slower deposit growth and the resignation of its Chairman.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Geographic Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">UK-based mining company Rio <div style="letter-spacing: 0px; top: 0px;display:inline;">Tinto</div> gained after reporting copper-equivalent volume growth and strong cash flows. Shares of Israeli customer-service software provider NICE fell as it raised revenue guidance but forecasted lower full-year profitability due to the costs of its acquisition of Germany’s Cognigy.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-bottom: 0; text-align: left;">Performance</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡱 Top Contributors</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡳 Top Detractors</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Delta Electronics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">HDFC Bank</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Samsung Electronics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Sony</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Rio Tinto</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Naver</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Lasertec</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">MercadoLibre</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">ASML</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">M3</td> </tr> </table> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;">The securities shown do <div style="letter-spacing: 0px; top: 0px;display:inline;">not </div>represent all holdings, and it should not be assumed that investment <div style="letter-spacing: 0px; top: 0px;display:inline;">in </div>these securities has been or will be profitable. The following is available upon request: (1) <div style="letter-spacing: 0px; top: 0px;display:inline;">information </div>describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall <div style="letter-spacing: 0px; top: 0px;display:inline;">performance </div>over the period.</div> </div> <img alt="Fund Performance - Growth of 10K" src="chartimages_3369927.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 150pt;"/> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Average <div style="display:inline;">Annual </div>Total Return (%) as of April 30, 2026</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt; width: 40%;"><div style="display:inline;"></div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 0px 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">10 Year</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">28.99</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">6.66</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">9.51</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI All Country World ex US Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">32.20 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">8.38 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">9.10 </td> </tr> </table> Fund 0.2899 0.0666 0.0951 MSCI All Country World ex US Index 0.322 0.0838 0.091 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <div style="color: rgb(75, 78, 83); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="display: flex; flex-direction: row; flex-wrap: nowrap; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0;"> <div style="padding-right: 0; width: 188pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="margin-left: 23pt; padding-right: 0; padding-left: 0; clear: both;"> <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(255, 255, 255); margin-top: 28pt; margin-bottom: 0;">Key Fund Statistics</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 8pt; line-height: 10.2pt; color: rgb(255, 255, 255); margin-bottom: 0;">During Reporting Period</div> </div> </div> <div style="padding-left: 0; width: 377pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="width: auto; margin-bottom: 14pt; margin-right: 12pt; margin-left: 12pt;"> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 22pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>12,320.7M</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total advisory fees paid<br/>(after waiver/reimbursement)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>40.9M</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total number of holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;">68</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Period portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> </div> </div> 12320700000 40900000 68 0.11 <div style="font-family: 'Times New Roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 0, 0); font-size: 12pt; margin-top: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); margin-bottom: 4pt; font-size: 8.5pt; line-height: 10.7pt;">The table and charts below show the investment makeup of <div style="letter-spacing: 0px; top: 0px;display:inline;">the </div>Fund; percentages indicated and graphical representations <div style="letter-spacing: 0px; top: 0px;display:inline;">are </div>based on the Fund’s net asset value.</div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div></div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 350pt;"> <div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div> </div> </div> </div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.5 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.0 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Delta Electronics Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Shell plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Manulife Financial Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Contemporary Amperex Technology Co., Ltd., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">AIA Group Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Rio Tinto plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.4 </td> </tr> </table> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; padding-right: 0; width: 174pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Sector</div> </div> <div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3369932.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 175pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Region</div> </div> <div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3369937.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> <div style="margin-block: 0em;"> </div> </div> </div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> <div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.5 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.0 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Delta Electronics Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Shell plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Manulife Financial Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Contemporary Amperex Technology Co., Ltd., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">AIA Group Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Rio Tinto plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.4 </td> </tr> </table> </div> 0.045 0.04 0.035 0.034 0.033 0.028 0.028 0.026 0.024 0.024 International Equity Investor Class HLMNX This semi-annual shareholder report contains important information about the International Equity Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div>. You can also requestthis information by calling (877) 435-8105 or by sending an e-mail request to<div style="letter-spacing: 0px; top: 0px;display:inline;"> hardingloevnerfunds@ntrs.com</div>. HardingLoevnerFunds.com (877) 435-8105 hardingloevnerfunds@ntrs.com <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-top: 6pt; margin-bottom: 0;">What were the Fund costs for the period?</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 10pt;">(based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; width: 65%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 15%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 20%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs paid as a percentage of a $10,000 investment<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; width: 65%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">International Equity (Investor Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 15%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>61</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 20%; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">1.15<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); font-style: normal; text-align: left; margin-bottom: 0px; font-size: 6pt; vertical-align: super; width: 3pt; padding: 0px;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); vertical-align: super; line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">1</div></div></div></div> </td> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); vertical-align: top; font-style: normal; font-size: 7.5pt; text-align: left; margin-bottom: 0px; width: auto; padding: 0px 0px 3pt;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></div> </td> </tr> </table> 61 0.0115 <div style="margin-top: 14pt; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">The International Equity Investor Class (HLMNX) returned 12.66% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI All Country World ex US Index, increased 12.11% (net of source taxes).</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Key Performance Factors</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Energy and Information Technology (IT) were the best performing sectors during the period, spurred by the rising price of oil due to the US-Iran conflict and the continued strength of AI-related companies. Communication Services declined, dragged down by the poor performance of media &amp; entertainment companies. Shares of the fastest-growing companies significantly outperformed, while the highest-quality and most-expensive companies underperformed. The Fund’s emphasis on fast-growing companies boosted its relative performance. The Fund also outpaced the index in IT, Consumer Staples, Emerging Markets, and Europe ex EMU, but lagged in Financials, Consumer Discretionary, and Japan.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Sector Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">In IT, the share prices of South Korea’s Samsung Electronics and Taiwan’s Delta Electronics surged due to strong memory chip and power management demand stemming from soaring AI investment. In Financials, India's HDFC Bank detracted as it reported slower deposit growth and the resignation of its Chairman.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Geographic Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">UK-based mining company Rio Tinto gained after reporting copper-equivalent volume growth and strong cash flows. Shares of Israeli customer-service software provider NICE fell as it raised revenue guidance but forecasted lower full-year profitability due to the costs of its acquisition of Germany’s Cognigy.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-bottom: 0; text-align: left;">Performance</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡱 Top Contributors</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡳 Top Detractors</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Delta Electronics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">HDFC Bank</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Samsung Electronics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Sony</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Rio Tinto</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Naver</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Lasertec</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">MercadoLibre</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">ASML</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">M3</td> </tr> </table> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;">The securities shown do not represent all holdings, and it should not be assumed that investment in these s<div style="letter-spacing: 0px; top: 0px;display:inline;">ecu</div>rities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings durin<div style="letter-spacing: 0px; top: 0px;display:inline;">g the </div>period. Contribution is the contribution to overall performa<div style="letter-spacing: 0px; top: 0px;display:inline;">n</div>ce over the period.</div> </div> <img alt="Fund Performance - Growth of 10K" src="chartimages_3369902.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 150pt;"/> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Average Annual Total Return (%) as of April 30, 2026</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt; width: 40%;"><div style="display:inline;"></div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 0px 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">10 Year</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">28.42 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">6.21 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">9.07 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI All Country World ex US Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">32.20 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">8.38 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">9.10 </td> </tr> </table> Fund 0.2842 0.0621 0.0907 MSCI All Country World ex US Index 0.322 0.0838 0.091 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <div style="color: rgb(75, 78, 83); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="display: flex; flex-direction: row; flex-wrap: nowrap; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0;"> <div style="padding-right: 0; width: 188pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="margin-left: 23pt; padding-right: 0; padding-left: 0; clear: both;"> <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(255, 255, 255); margin-top: 28pt; margin-bottom: 0;">Key Fund Statistics</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 8pt; line-height: 10.2pt; color: rgb(255, 255, 255); margin-bottom: 0;">During Reporting Period</div> </div> </div> <div style="padding-left: 0; width: 377pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="width: auto; margin-bottom: 14pt; margin-right: 12pt; margin-left: 12pt;"> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 22pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>12,320.7M</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total advisory fees paid<br/>(after waiver/reimbursement)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>40.9M</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total number of holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;">68</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Period portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> </div> </div> 12320700000 40900000 68 0.11 <div style="font-family: 'Times New Roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 0, 0); font-size: 12pt; margin-top: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); margin-bottom: 4pt; font-size: 8.5pt; line-height: 10.7pt;">The table and charts below show the investment makeup of the Fund; per<div style="letter-spacing: 0px; top: 0px;display:inline;">cent</div>ages indicated and graphical representations are based on the Fund’s net asset value.</div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 350pt;"> <div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div> </div> </div> </div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.5 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.0 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Delta Electronics Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Shell plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Manulife Financial Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Contemporary Amperex Technology Co., Ltd., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">AIA Group Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Rio Tinto plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.4 </td> </tr> </table> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; padding-right: 0; width: 174pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Sector</div> </div> <div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3369897.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 175pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Region</div> </div> <div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3369892.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> </div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.5 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.0 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Delta Electronics Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Shell plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Manulife Financial Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Contemporary Amperex Technology Co., Ltd., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">AIA Group Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Rio Tinto plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.4 </td> </tr> </table> 0.045 0.04 0.035 0.034 0.033 0.028 0.028 0.026 0.024 0.024 International Developed Markets Equity Institutional Class HLIDX This semi-annual shareholder report contains important information about the International Developed Markets Equity Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div>. You can also requestthis information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com. HardingLoevnerFunds.com (877) 435-8105 hardingloevnerfunds@ntrs.com This report describes changes to the Fund that occurred during the reporting period. <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-top: 6pt; margin-bottom: 0;">What were the Fund costs for the period?</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 10pt;">(based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; width: 65%;">Fund (Class)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 15%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 20%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs paid as a percentage of a $10,000 investment<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; width: 65%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">International Developed Markets Equity (Institutional Class)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 15%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>42</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 20%; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">0.80<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table><table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); font-style: normal; text-align: left; margin-bottom: 0px; font-size: 6pt; vertical-align: super; width: 3pt; padding: 0px;"><div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); vertical-align: super; line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">1</div></div></div></div></td><td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); vertical-align: top; font-style: normal; font-size: 7.5pt; text-align: left; margin-bottom: 0px; width: auto; padding: 0px 0px 3pt;"><div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></div></td></tr></table> 42 0.008 <div style="font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">The International Developed Markets Equity Institutional Class (HLIDX) returned 12.96% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI World ex US Index, increased 10.72% (net of source taxes).</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-bottom: 3pt; margin-top: 5pt;">Key Performance Factors</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Energy was the best performing sector during the period, spurred by the rising price of oil due to the US-Iran conflict. Materials also rose, with mining companies benefiting from higher gold and silver prices. Consumer Discretionary and Communication Services declined, due to the poor performance of consumer durables &amp; apparel and media &amp; entertainment companies, respectively. The Fund’s emphasis on fast-growing companies boosted its relative performance, while the highest-quality and most-expensive companies underperformed. The Fund also outpaced the index in Information Technology (IT), Industrials, and Europe ex EMU, but lagged in Financials, Consumer Discretionary, and Japan.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-bottom: 3pt; margin-top: 5pt;">Sector Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">In IT, Samsung Electronics, ASML, and Disco Corp all gained strongly, reflecting broad-based strength of shares across the semiconductor supply chain. In Financials, Dutch payments processor Adyen fell sharply due to disappointing full-year guidance and concerns that AI-driven commerce could erode its competitive edge.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-bottom: 3pt; margin-top: 5pt;">Geographic Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">UK-based mining company Rio Tinto gained after reporting copper-equivalent volume growth and strong cash flows. Shares of Israeli customer-service software provider NICE fell as it raised revenue guidance but forecasted lower full-year profitability due to the costs of its acquisition of Germany’s Cognigy.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-bottom: 0; text-align: left;">Performance</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 1pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡱 Top Contributors</td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡳 Top Detractors</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Samsung Electronics</td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Sony</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Lasertec</td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Adyen</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">TSMC</td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">M3</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Rio Tinto</td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Sea Limited</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">ASML</td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">NICE</td></tr></table> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;">The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the p<div style="letter-spacing: 0px; top: 0px;display:inline;">eri</div>od.</div> </div> <img alt="Fund Performance - Growth of 10K" src="chartimages_3370490.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 150pt;"/> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 0;">Average Annual Total Return (%) as of April 30, 2026</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt; width: 40%;"><div style="display:inline;"></div></td><td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td><td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 0px 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">Since<br/>Inception</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">Fund</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">21.54 </td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">17.68 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI World ex US Index</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">26.33 </td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">21.67 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI EAFE Index</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">24.60 </td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">21.64 </td></tr></table> Fund 0.2154 0.1768 MSCI World ex US Index 0.2633 0.2167 MSCI EAFE Index 0.246 0.2164 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <div style="color: rgb(75, 78, 83); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="display: flex; flex-direction: row; flex-wrap: nowrap; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0;"><div style="padding-right: 0; width: 188pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"><div style="margin-left: 23pt; padding-right: 0; padding-left: 0; clear: both;"><div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(255, 255, 255); margin-top: 28pt; margin-bottom: 0;">Key Fund Stat<div style="letter-spacing: 0px; top: 0px;display:inline;">ist</div>ics</div><div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 8pt; line-height: 10.2pt; color: rgb(255, 255, 255); margin-bottom: 0;">During Reporting Period</div></div></div><div style="padding-left: 0; width: 377pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"><div style="width: auto; margin-bottom: 14pt; margin-right: 12pt; margin-left: 12pt;"><table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 22pt;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Fund net assets</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>93.5M</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total advisory fees paid<br/>(after waiver/reimbursement)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.3M</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total number of holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;">51</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Period portfolio turnover rate</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">14<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div></div> 93500000 300000 51 0.14 <div style="font-family: 'Times New Roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 0, 0); font-size: 12pt; margin-top: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); margin-bottom: 4pt; font-size: 8.5pt; line-height: 10.7pt;">The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund’s net asset value.</div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"><div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> </div></div><div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 350pt;"><div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div></div></div></div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"><div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"><div><table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Shell plc</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.8 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">AIA Group Ltd.</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.2 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Allianz SE, Reg S</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.1 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.1 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Rio Tinto plc</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.1 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASML Holding NV</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.0 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Banco Bilbao Vizcaya Argentaria SA</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.0 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">BAE Systems plc</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.0 </td></tr></table></div></div><div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; padding-right: 0; width: 174pt;"><div><div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Sector</div></div><div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3370485.jpg" style="margin-left: 4pt; width: 163pt;"/> </div></div><div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 175pt;"><div><div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Region</div></div><div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3370480.jpg" style="margin-left: 4pt; width: 163pt;"/> </div></div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div><table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Shell plc</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.8 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">AIA Group Ltd.</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.2 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Allianz SE, Reg S</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.1 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.1 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Rio Tinto plc</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.1 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASML Holding NV</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.0 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Banco Bilbao Vizcaya Argentaria SA</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.0 </td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">BAE Systems plc</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.0 </td></tr></table> 0.043 0.038 0.036 0.032 0.031 0.031 0.031 0.03 0.03 0.03 <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 0, 0); padding-top: 15pt; padding-right: 23pt; padding-left: 23pt; margin-top: 16pt;">Material Fund Changes</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 7.5pt; padding-right: 10pt; padding-left: 23pt; padding-bottom: 0;">Pursuant to an Agreement and Plan of Reorganization approved by the Board of Directors, the Fund is entering into a transaction with a newly-created shell series, the Harding<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Loevner International Developed Markets Select Equity<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>ETF, in order to convert the Fund into an exchange-traded fund (the "Transaction"). The Transaction is expected to be completed after the close of business on July 17, 2026 (or at such other date as agreed to by the parties of the Transaction).</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 7.5pt; padding-right: 10pt; padding-bottom: 10pt; padding-left: 23pt;">This is a summary of certain changes to the Fund since November 1,<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>2025. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by February 28, 2027 at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div> or upon special request at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">(877) 435-8105</div>.</div> Pursuant to an Agreement and Plan of Reorganization approved by the Board of Directors, the Fund is entering into a transaction with a newly-created shell series, the Harding<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>Loevner International Developed Markets Select Equity<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>ETF, in order to convert the Fund into an exchange-traded fund (the "Transaction"). The Transaction is expected to be completed after the close of business on July 17, 2026 (or at such other date as agreed to by the parties of the Transaction). 2026-07-17 This is a summary of certain changes to the Fund since November 1,<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>2025. For more comprehensive information, you may review the Fund’s next prospectus, which we expect to be available by February 28, 2027 at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div> or upon special request at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">(877) 435-8105</div>. HardingLoevnerFunds.com (877) 435-8105 International Small Companies Institutional Class HLMRX This semi-annual shareholder report contains important information about the International Small Companies Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div>. You can also requestthis information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com. HardingLoevnerFunds.com (877) 435-8105 hardingloevnerfunds@ntrs.com <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-top: 6pt; margin-bottom: 0;">What were the Fund costs for the period?</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 10pt;">(based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; width: 65%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 15%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 20%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs paid as a percentage of a $10,000 investment<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; width: 65%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">International Small Companies (Institutional Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 15%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>56</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 20%; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">1.11<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); font-style: normal; text-align: left; margin-bottom: 0px; font-size: 6pt; vertical-align: super; width: 3pt; padding: 0px;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); vertical-align: super; line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">1</div></div></div></div> </td> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); vertical-align: top; font-style: normal; font-size: 7.5pt; text-align: left; margin-bottom: 0px; width: auto; padding: 0px 0px 3pt;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></div> </td> </tr> </table> 56 0.0111 <div style="font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">The International Small Companies Institutional Class (HLMRX) returned 5.18% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI ACWI ex US Small Cap Index, increased 12.34% (net of source taxes).<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-bottom: 3pt; margin-top: 5pt;">Key Performance Factors</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Energy and Information Technology (IT) were the best-performing sectors due to the rising price of oil following the US-Iran conflict and the continued strength of AI-related companies. Consumer Discretionary and Health Care were dragged down by the poor performance of consumer services and health care equipment &amp; services stocks, respectively. Shares of the fastest-growing companies outperformed, while shares of the highest-quality and most-expensive companies underperformed, which weighed on the Fund’s relative performance. The Fund also lagged the index in IT, Materials, the European Monetary Union, and Japan while outperforming in Industrials and Pacific ex Japan.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-bottom: 3pt; margin-top: 5pt;">Sector Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Japanese software-testing business Shift detracted after the company’s management said lower utilization of its software testers was hurting operating margins. Shares of Senior, a UK-based supplier of thermal-management and fluid-conveyance systems, rose after receiving takeover offers.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-bottom: 3pt; margin-top: 5pt;">Geographic Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Shares of German real estate listings platform Scout24 declined as investors worried about the potential for AI to disrupt its business. Hong Kong-based semiconductor manufacturer ASM Pacific Technology reported strong quarterly results, boosted by AI-related infrastructure demand.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-bottom: 0; text-align: left;">Performance</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡱 Top Contributors</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡳 Top Detractors</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Aspeed</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Shift</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Senior</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Baltic Classifieds</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Clarkson</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Scout24</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Silergy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Evotec</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Airtel Africa</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Yantai China Pet Foods</td> </tr> </table> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;">The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.</div> </div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;"><div style="font-size: smaller;display:inline;vertical-align: super;">1</div> </div> <div style="font-style:italic;display:inline;">The Fund considers the non-broa<div style="letter-spacing: 0px; top: 0px;display:inline;">d-bas</div>ed index most relevant w<div style="letter-spacing: 0px; top: 0px;display:inline;">hen analy</div>zing the Fund’s p<div style="letter-spacing: 0px; top: 0px;display:inline;">erfor</div>mance.</div> </div> <img alt="Fund Performance - Growth of 10K" src="chartimages_3370263.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 150pt;"/> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 0;">Average Annual Total Return (%) as of April 30, 2026</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt; width: 40%;"><div style="display:inline;"></div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 0px 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">10 Year</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">10.32 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">0.49 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">6.25 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI ACWI ex US Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">32.20 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">8.38 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">9.10 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI ACWI ex US Small Cap Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">34.14 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">6.70 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">8.73 </td> </tr> </table> Fund 0.1032 0.0049 0.0625 MSCI ACWI ex US Index 0.322 0.0838 0.091 MSCI ACWI ex US Small Cap Index 0.3414 0.067 0.0873 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <div style="color: rgb(75, 78, 83); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="display: flex; flex-direction: row; flex-wrap: nowrap; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0;"> <div style="padding-right: 0; width: 188pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="margin-left: 23pt; padding-right: 0; padding-left: 0; clear: both;"> <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(255, 255, 255); margin-top: 28pt; margin-bottom: 0;">Key Fund <div style="letter-spacing: 0px; top: 0px;display:inline;">Sta</div>tistics</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 8pt; line-height: 10.2pt; color: rgb(255, 255, 255); margin-bottom: 0;">During Reporting Period</div> </div> </div> <div style="padding-left: 0; width: 377pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="width: auto; margin-bottom: 14pt; margin-right: 12pt; margin-left: 12pt;"> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 22pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>187.7M</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total advisory fees paid<br/>(after waiver/reimbursement)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.9M</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total number of holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;">85</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Period portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">19<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> </div> </div> 187700000 900000 85 0.19 <div style="font-family: 'Times New Roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 0, 0); font-size: 12pt; margin-top: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); margin-bottom: 4pt; font-size: 8.5pt; line-height: 10.7pt;">The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund’s net asset value.</div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 350pt;"> <div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div> </div> </div> </div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Clarkson plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Rubis SCA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Hoa Phat Group JSC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Cranswick plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASPEED Technology Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">KWS Saat SE &amp; Co. KGaA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.2 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Silergy Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Diploma plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Kinaxis Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">1.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Artea Bankas AB</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">1.9 </td> </tr> </table> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; padding-right: 0; width: 174pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Sector</div> </div> <div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3370268.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 175pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Region</div> </div> <div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3370273.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> </div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Clarkson plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Rubis SCA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Hoa Phat Group JSC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Cranswick plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASPEED Technology Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">KWS Saat SE &amp; Co. KGaA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.2 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Silergy Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Diploma plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Kinaxis Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">1.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Artea Bankas AB</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">1.9 </td> </tr> </table> 0.031 0.029 0.023 0.023 0.023 0.022 0.021 0.021 0.019 0.019 International Small Companies Institutional Class Z HLRZX This semi-annual shareholder report contains important information about the International Small Companies Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div>. You can also requestthis information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com. HardingLoevnerFunds.com (877) 435-8105 hardingloevnerfunds@ntrs.com <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-top: 6pt; margin-bottom: 0;">What were the Fund costs for the period?</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 10pt;">(based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; width: 65%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 15%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 20%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs paid as a percentage of a $10,000 investment<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; width: 65%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">International Small Companies (Institutional Class Z)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 15%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 20%; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">1.00<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); font-style: normal; text-align: left; margin-bottom: 0px; font-size: 6pt; vertical-align: super; width: 3pt; padding: 0px;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); vertical-align: super; line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">1</div></div></div></div> </td> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); vertical-align: top; font-style: normal; font-size: 7.5pt; text-align: left; margin-bottom: 0px; width: auto; padding: 0px 0px 3pt;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></div> </td> </tr> </table> 51 0.01 <div style="font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">The International Small Companies Institutional Class Z (HLRZX) returned 5.19% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI ACWI ex US Small Cap Index, increased 12.34% (net of source taxes).<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-bottom: 3pt; margin-top: 5pt;">Key Performance Factors</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Energy and Information Technology (IT) were the best-performing sectors due to the rising price of oil following the US-Iran conflict and the continued strength of AI-related companies. Consumer Discretionary and Health Care were dragged down by the poor performance of consumer services and health care equipment &amp; services stocks, respectively. Shares of the fastest-growing companies outperformed, while shares of the highest-quality and most-expensive companies underperformed, which weighed on the Fund’s relative performance. The Fund also lagged the index in IT, Materials, the European Monetary Union, and Japan while outperforming in Industrials and Pacific ex Japan.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-bottom: 3pt; margin-top: 5pt;">Sector Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Japanese software-testing business Shift detracted after the company’s management said lower utilization of its software testers was hurting operating margins. Shares of Senior, a UK-based supplier of thermal-management and fluid-conveyance systems, rose after receiving takeover offers.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-bottom: 3pt; margin-top: 5pt;">Geographic Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Shares of German real estate listings platform Scout24 declined as investors worried about the potential for AI to disrupt its business. Hong Kong-based semiconductor manufacturer ASM Pacific Technology reported strong quarterly results, boosted by AI-related infrastructure demand.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-bottom: 0; text-align: left;">Performance</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡱 Top Contributors</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡳 Top Detractors</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Aspeed</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Shift</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Senior</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Baltic Classifieds</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Clarkson</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Scout24</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Silergy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Evotec</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Airtel Africa</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Yantai China Pet Foods</td> </tr> </table> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;">The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.</div> </div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;"><div style="font-size: smaller;display:inline;vertical-align: super;">1</div> </div> <div style="font-style:italic;display:inline;">The Fund considers the non-broad-based index most relevant when analyzing the Fund’s p<div style="letter-spacing: 0px; top: 0px;display:inline;">erform</div>ance.</div> </div> <img alt="Fund Performance - Growth of 10K" src="chartimages_3370238.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 150pt;"/> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 0;">Average Annual Total Return (%) as of April 30, 2026</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt; width: 40%;"><div style="display:inline;"></div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 0px 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">10 Year</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">10.39 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">0.57 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">6.30 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI ACWI ex US Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">32.20 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">8.38 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">9.10 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI ACWI ex US Small Cap Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">34.14 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">6.70 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">8.73 </td> </tr> </table> Fund 0.1039 0.0057 0.063 MSCI ACWI ex US Index 0.322 0.0838 0.091 MSCI ACWI ex US Small Cap Index 0.3414 0.067 0.0873 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <div style="color: rgb(75, 78, 83); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="display: flex; flex-direction: row; flex-wrap: nowrap; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0;"> <div style="padding-right: 0; width: 188pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="margin-left: 23pt; padding-right: 0; padding-left: 0; clear: both;"> <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(255, 255, 255); margin-top: 28pt; margin-bottom: 0;">Key Fund S<div style="letter-spacing: 0px; top: 0px;display:inline;">tat</div>istics</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 8pt; line-height: 10.2pt; color: rgb(255, 255, 255); margin-bottom: 0;">During Reporting Period</div> </div> </div> <div style="padding-left: 0; width: 377pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="width: auto; margin-bottom: 14pt; margin-right: 12pt; margin-left: 12pt;"> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 22pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>187.7M</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total advisory fees paid<br/>(after waiver/reimbursement)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.9M</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total number of holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;">85</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Period portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">19<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> </div> </div> 187700000 900000 85 0.19 <div style="font-family: 'Times New Roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 0, 0); font-size: 12pt; margin-top: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); margin-bottom: 4pt; font-size: 8.5pt; line-height: 10.7pt;">The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund’s net asset value.</div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 350pt;"> <div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div> </div> </div> </div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Clarkson plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Rubis SCA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Hoa Phat Group JSC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Cranswick plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASPEED Technology Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">KWS Saat SE &amp; Co. KGaA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.2 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Silergy Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Diploma plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Kinaxis Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">1.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Artea Bankas AB</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">1.9 </td> </tr> </table> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; padding-right: 0; width: 174pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Sector</div> </div> <div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3370233.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 175pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Region</div> </div> <div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3370228.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> </div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Clarkson plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Rubis SCA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Hoa Phat Group JSC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Cranswick plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASPEED Technology Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">KWS Saat SE &amp; Co. KGaA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.2 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Silergy Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Diploma plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Kinaxis Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">1.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Artea Bankas AB</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">1.9 </td> </tr> </table> 0.031 0.029 0.023 0.023 0.023 0.022 0.021 0.021 0.019 0.019 International Small Companies Investor Class HLMSX This semi-annual shareholder report contains important information about the International Small Companies Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div>. You can also requestthis information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com. HardingLoevnerFunds.com (877) 435-8105 hardingloevnerfunds@ntrs.com <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-top: 6pt; margin-bottom: 0;">What were the Fund costs for the period?</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 10pt;">(based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; width: 65%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 15%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 20%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs paid as a percentage of a $10,000 investment<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; width: 65%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">International Small Companies (Investor Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 15%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>67</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 20%; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">1.31<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); font-style: normal; text-align: left; margin-bottom: 0px; font-size: 6pt; vertical-align: super; width: 3pt; padding: 0px;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); vertical-align: super; line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">1</div></div></div></div> </td> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); vertical-align: top; font-style: normal; font-size: 7.5pt; text-align: left; margin-bottom: 0px; width: auto; padding: 0px 0px 3pt;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></div> </td> </tr> </table> 67 0.0131 <div style="font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">The International Small Companies Investor Class (HLMSX) returned 5.09% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI ACWI ex US Small Cap Index, increased 12.34% (net of source taxes).<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-bottom: 3pt; margin-top: 5pt;">Key Performance Factors</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Energy and Information Technology (IT) were the best-performing sectors due to the rising price of oil following the US-Iran conflict and the continued strength of AI-related companies. Consumer Discretionary and Health Care were dragged down by the poor performance of consumer services and health care equipment &amp; services stocks, respectively. Shares of the fastest-growing companies outperformed, while shares of the highest-quality and most-expensive companies underperformed, which weighed on the Fund’s relative performance. The Fund also lagged the index in IT, Materials, the European Monetary Union, and Japan while outperforming in Industrials and Pacific ex Japan.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-bottom: 3pt; margin-top: 5pt;">Sector Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Japanese software-testing business Shift detracted after the company’s management said lower utilization of its software testers was hurting operating margins. Shares of Senior, a UK-based supplier of thermal-management and fluid-conveyance systems, rose after receiving takeover offers.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-bottom: 3pt; margin-top: 5pt;">Geographic Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Shares of German real estate listings platform Scout24 declined as investors worried about the potential for AI to disrupt its business. Hong Kong-based semiconductor manufacturer ASM Pacific Technology reported strong quarterly results, boosted by AI-related infrastructure demand.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-bottom: 0; text-align: left;">Performance</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡱 Top Contributors</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡳 Top Detractors</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Aspeed</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Shift</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Senior</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Baltic Classifieds</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Clarkson</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Scout24</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Silergy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Evotec</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Airtel Africa</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Yantai China Pet Foods</td> </tr> </table> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;">The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.</div> </div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;"><div style="font-size: smaller;display:inline;vertical-align: super;">1</div> </div> <div style="font-style:italic;display:inline;">The Fund considers the non-broad-based index most relevant when analyzing the Fund’s pe<div style="letter-spacing: 0px; top: 0px;display:inline;">rfor</div>mance.</div> </div> <img alt="Fund Performance - Growth of 10K" src="chartimages_3370322.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 150pt;"/> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 0;">Average Annual Total Return (%) as of April 30, 2026</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt; width: 40%;"><div style="display:inline;"></div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 0px 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">10 Year</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">10.05 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">0.28 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">6.01 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI ACWI ex US Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">32.20 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">8.38 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">9.10 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI ACWI ex US Small Cap Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">34.14 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">6.70 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">8.73 </td> </tr> </table> Fund 0.1005 0.0028 0.0601 MSCI ACWI ex US Index 0.322 0.0838 0.091 MSCI ACWI ex US Small Cap Index 0.3414 0.067 0.0873 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <div style="color: rgb(75, 78, 83); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="display: flex; flex-direction: row; flex-wrap: nowrap; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0;"> <div style="padding-right: 0; width: 188pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="margin-left: 23pt; padding-right: 0; padding-left: 0; clear: both;"> <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(255, 255, 255); margin-top: 28pt; margin-bottom: 0;">Key Fund<div style="letter-spacing: 0px; top: 0px;display:inline;"> Sta</div>tistics</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 8pt; line-height: 10.2pt; color: rgb(255, 255, 255); margin-bottom: 0;">During Reporting Period</div> </div> </div> <div style="padding-left: 0; width: 377pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="width: auto; margin-bottom: 14pt; margin-right: 12pt; margin-left: 12pt;"> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 22pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>187.7M</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total advisory fees paid<br/>(after waiver/reimbursement)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.9M</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total number of holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;">85</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Period portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">19<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> </div> </div> 187700000 900000 85 0.19 <div style="font-family: 'Times New Roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 0, 0); font-size: 12pt; margin-top: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); margin-bottom: 4pt; font-size: 8.5pt; line-height: 10.7pt;">The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund’s net asset value.</div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 350pt;"> <div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div> </div> </div> </div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Clarkson plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Rubis SCA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Hoa Phat Group JSC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Cranswick plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASPEED Technology Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">KWS Saat SE &amp; Co. KGaA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.2 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Silergy Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Diploma plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Kinaxis Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">1.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Artea Bankas AB</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">1.9 </td> </tr> </table> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; padding-right: 0; width: 174pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Sector</div> </div> <div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3370317.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 175pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Region</div> </div> <div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3370312.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> </div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Clarkson plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Rubis SCA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Hoa Phat Group JSC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Cranswick plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASPEED Technology Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">KWS Saat SE &amp; Co. KGaA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.2 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Silergy Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Diploma plc</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Kinaxis Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">1.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Artea Bankas AB</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">1.9 </td> </tr> </table> 0.031 0.029 0.023 0.023 0.023 0.022 0.021 0.021 0.019 0.019 Institutional Emerging Markets Institutional Class HLMEX This semi-annual shareholder report contains important information about the Institutional Emerging Markets Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div>. You can also requestthis information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com. HardingLoevnerFunds.com (877) 435-8105 hardingloevnerfunds@ntrs.com <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-top: 6pt; margin-bottom: 0;">What were the Fund costs for the period?</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 10pt;">(based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; width: 65%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 15%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 20%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs paid as a percentage of a $10,000 investment<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; width: 65%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">Institutional Emerging Markets (Institutional Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 15%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>56</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 20%; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">1.05<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); font-style: normal; text-align: left; margin-bottom: 0px; font-size: 6pt; vertical-align: super; width: 3pt; padding: 0px;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); vertical-align: super; line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">1</div></div></div></div> </td> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); vertical-align: top; font-style: normal; font-size: 7.5pt; text-align: left; margin-bottom: 0px; width: auto; padding: 0px 0px 3pt;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></div> </td> </tr> </table> 56 0.0105 <div style="margin-top: 14pt; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">The Institutional Emerging Markets Institutional Class (HLMEX) rose 15.23% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI Emerging Markets Index, rose 15.13% in the same period (net of source taxes).</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Key Performance Factors</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Emerging markets rose despite dipping sharply in March in reaction to the US-Israel attack on Iran. Information Technology (IT) surged thanks to the enthusiasm for AI-related semiconductor and hardware stocks in Asia. Energy benefited from the oil price spike caused by the Middle East conflict. Communication Services and Consumer Discretionary stocks lagged. The Fund outperformed in IT and Energy, mitigating underperformance in Consumer Discretionary. The Fund’s overweight in high-quality companies was also helpful.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Sector Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">In IT, shares of Taiwan’s Aspeed surged on booming demand for its baseboard management chips used in AI servers. In Consumer Discretionary, Indian auto manufacturer Maruti Suzuki reported operating margins that fell short of expectations due to rising commodity prices and the temporary cost of ramping up new manufacturing facilities that should bolster the company’s growth.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Geographical Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Aspeed and Delta Electronics in Taiwan both benefited from the buildout of AI infrastructure. Delta saw strong shipments for its liquid-to-air cooling systems and server power supplies. Shares of India’s HDFC Bank were pressured by slower deposit growth and the resignation of its Chairman; the bank quickly appointed a well-regarded interim chair.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-bottom: 0; text-align: left;">Performance</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡱 Top Contributors</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡳 Top Detractors</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Aspeed</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">TSMC</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Delta Electronics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">HDFC Bank</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Tenaris</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Maruti Suzuki</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">AirTAC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Sea Limited</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Samsung Electronics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Hon Hai Precision</td> </tr> </table> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;">The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.</div> </div> <div style="font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Fund <div style="letter-spacing: 0px; top: 0px;display:inline;">Performance</div><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund and for the semi-annual period ended April 30, 2026. It compares a $500,000 initial investment in the Fund with an investment in<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>an appropriate, broad-based securities market index.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); letter-spacing: 0; text-transform: none; font-size: 9pt; margin-top: 8pt; margin-bottom: 3pt;">Growth of $500,000 (USD)</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_3370154.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 150pt;"/> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;"><div style="display:inline;">Average </div>Annual Total Return (%) as of April 30, 2026</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt; width: 40%;"><div style="display:inline;"></div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 0px 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">10 Year</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">42.83 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">1.55 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">6.33 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI Emerging Markets Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">46.68 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">6.05 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">9.23 </td> </tr> </table> Fund 0.4283 0.0155 0.0633 MSCI Emerging Markets Index 0.4668 0.0605 0.0923 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <div style="color: rgb(75, 78, 83); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="display: flex; flex-direction: row; flex-wrap: nowrap; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0;"> <div style="padding-right: 0; width: 188pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="margin-left: 23pt; padding-right: 0; padding-left: 0; clear: both;"> <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(255, 255, 255); margin-top: 28pt; margin-bottom: 0;">Key Fund S<div style="letter-spacing: 0px; top: 0px;display:inline;">tati</div>stics</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 8pt; line-height: 10.2pt; color: rgb(255, 255, 255); margin-bottom: 0;">During Reporting Period</div> </div> </div> <div style="padding-left: 0; width: 377pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="width: auto; margin-bottom: 14pt; margin-right: 12pt; margin-left: 12pt;"> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 22pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Fund <div style="letter-spacing: 0px; top: 0px;display:inline;">net </div>assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>532.7M</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total advisory fees paid<br/>(after waiver/reimbursement)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.8M</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total number of holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;">70</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Period portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">95<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> </div> </div> 532700000 1800000 70 0.95 <div style="font-family: 'Times New Roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 0, 0); font-size: 12pt; margin-top: 6pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Graphic</div>al <div style="letter-spacing: 0px; top: 0px;display:inline;">Representatio</div>n of <div style="letter-spacing: 0px; top: 0px;display:inline;">Holdings</div></div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); margin-bottom: 4pt; font-size: 8.5pt; line-height: 10.7pt;">The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund’s net asset value.</div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div></div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 350pt;"> <div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div> </div> </div> </div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">SK hynix Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.0 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Tencent Holdings Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASPEED Technology Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.0 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Delta Electronics Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Contemporary Amperex Technology Co., Ltd., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">HDFC Bank Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Alibaba Group Holding Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.6 </td> </tr> </table> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; padding-right: 0; width: 174pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Sector</div> </div> <div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3370149.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 175pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Region</div> </div> <div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3370144.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> </div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">SK hynix Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.0 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Tencent Holdings Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASPEED Technology Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.0 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Delta Electronics Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Contemporary Amperex Technology Co., Ltd., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">HDFC Bank Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Alibaba Group Holding Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.6 </td> </tr> </table> 0.054 0.053 0.05 0.043 0.043 0.04 0.036 0.031 0.028 0.026 Institutional Emerging Markets Institutional Class Z HLEZX This semi-annual shareholder report contains important information about the Institutional Emerging Markets Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div>. You can also requestthis information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com. HardingLoevnerFunds.com (877) 435-8105 hardingloevnerfunds@ntrs.com <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-top: 6pt; margin-bottom: 0;">What were the Fund costs for the period?</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 10pt;">(based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; width: 65%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 15%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 20%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs paid as a percentage of a $10,000 investment<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; width: 65%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">Institutional Emerging Markets (Institutional Class Z)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 15%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 20%; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">0.95<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); font-style: normal; text-align: left; margin-bottom: 0px; font-size: 6pt; vertical-align: super; width: 3pt; padding: 0px;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); vertical-align: super; line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">1</div></div></div></div> </td> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); vertical-align: top; font-style: normal; font-size: 7.5pt; text-align: left; margin-bottom: 0px; width: auto; padding: 0px 0px 3pt;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></div> </td> </tr> </table> 51 0.0095 <div style="margin-top: 14pt; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">The Institutional Emerging Markets Institutional Class Z (HLEZX) rose 15.17% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI Emerging Markets Index, rose 15.13% in the same period (net of source taxes).</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Key Performance Factors</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Emerging markets rose despite dipping sharply in March in reaction to the US-Israel attack on Iran. Information Technology (IT) surged thanks to the enthusiasm for AI-related semiconductor and hardware stocks in Asia. Energy benefited from the oil price spike caused by the Middle East conflict. Communication Services and Consumer Discretionary stocks lagged. The Fund outperformed in IT and Energy, mitigating underperformance in Consumer Discretionary. The Fund’s overweight in high-quality companies was also helpful.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Sector Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">In IT, shares of Taiwan’s Aspeed surged on booming demand for its baseboard management chips used in AI servers. In Consumer Discretionary, Indian auto manufacturer Maruti Suzuki reported operating margins that fell short of expectations due to rising commodity prices and the temporary cost of ramping up new manufacturing facilities that should bolster the company’s growth.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Geographical Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Aspeed and Delta Electronics in Taiwan both benefited from the buildout of AI infrastructure. Delta saw strong shipments for its liquid-to-air cooling systems and server power supplies. Shares of India’s HDFC Bank were pressured by slower deposit growth and the resignation of its Chairman; the bank quickly appointed a well-regarded interim chair.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-bottom: 0; text-align: left;">Performance</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡱 Top Contributors</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡳 Top Detractors</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Aspeed</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">TSMC</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Delta Electronics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">HDFC Bank</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Tenaris</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Maruti Suzuki</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">AirTAC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Sea Limited</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Samsung Electronics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Hon Hai Precision</td> </tr> </table> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;">The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.</div> </div> <div style="font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Fund <div style="letter-spacing: 0px; top: 0px;display:inline;">Performance</div></div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund and for the semi-annual period ended April 30, 2026. It compares a $5,000,000 initial investment in the Fund with an investment in<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>an appropriate, broad-based securities market index.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); letter-spacing: 0; text-transform: none; font-size: 9pt; margin-top: 8pt; margin-bottom: 3pt;">Growth of $5,000,000 (USD)</div> <img alt="Fund Performance - Growth of 10K" src="chartimages_3370179.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 150pt;"/> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Average Annual Total Return (%) as of April 30, 2026</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt; width: 40%;"><div style="display:inline;"></div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 0px 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">10 Year</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">42.86 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">1.63 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">6.48 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI Emerging Markets Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">46.68 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">6.05 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">9.23 </td> </tr> </table> Fund 0.4286 0.0163 0.0648 MSCI Emerging Markets Index 0.4668 0.0605 0.0923 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <div style="color: rgb(75, 78, 83); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="display: flex; flex-direction: row; flex-wrap: nowrap; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0;"> <div style="padding-right: 0; width: 188pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="margin-left: 23pt; padding-right: 0; padding-left: 0; clear: both;"> <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(255, 255, 255); margin-top: 28pt; margin-bottom: 0;">Key Fund<div style="letter-spacing: 0px; top: 0px;display:inline;"> Sta</div>tistics</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 8pt; line-height: 10.2pt; color: rgb(255, 255, 255); margin-bottom: 0;">During Reporting Period</div> </div> </div> <div style="padding-left: 0; width: 377pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="width: auto; margin-bottom: 14pt; margin-right: 12pt; margin-left: 12pt;"> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 22pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>532.7M</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total advisory fees paid<br/>(after waiver/reimbursement)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>1.8M</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total number of holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;">70</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Period portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">95<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> </div> </div> 532700000 1800000 70 0.95 <div style="font-family: 'Times New Roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 0, 0); font-size: 12pt; margin-top: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); margin-bottom: 4pt; font-size: 8.5pt; line-height: 10.7pt;">The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund’s net asset value.</div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div></div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 350pt;"> <div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div> </div> </div> </div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">SK hynix Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.0 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Tencent Holdings Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASPEED Technology Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.0 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Delta Electronics Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Contemporary Amperex Technology Co., Ltd., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">HDFC Bank Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Alibaba Group Holding Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.6 </td> </tr> </table> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; padding-right: 0; width: 174pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Sector</div> </div> <div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3370184.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 175pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Region</div> </div> <div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3370189.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> </div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Samsung Electronics Co., Ltd. - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">SK hynix Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">5.0 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Tencent Holdings Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">ASPEED Technology Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.0 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Delta Electronics Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Contemporary Amperex Technology Co., Ltd., Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.1 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">HDFC Bank Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Alibaba Group Holding Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">2.6 </td> </tr> </table> 0.054 0.053 0.05 0.043 0.043 0.04 0.036 0.031 0.028 0.026 Frontier Emerging Markets Institutional Class HLFMX This semi-annual shareholder report contains important information about the Frontier Emerging Markets Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div>. You can also requestthis information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com. HardingLoevnerFunds.com (877) 435-8105 hardingloevnerfunds@ntrs.com <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-top: 6pt; margin-bottom: 0;">What were the Fund costs for the period?</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 10pt;">(based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; width: 65%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 15%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 20%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs paid as a percentage of a $10,000 investment<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; width: 65%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">Frontier Emerging Markets (Institutional Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 15%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>73</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 20%; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">1.45<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); font-style: normal; text-align: left; margin-bottom: 0px; font-size: 6pt; vertical-align: super; width: 3pt; padding: 0px;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); vertical-align: super; line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">1</div></div></div></div> </td> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); vertical-align: top; font-style: normal; font-size: 7.5pt; text-align: left; margin-bottom: 0px; width: auto; padding: 0px 0px 3pt;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></div> </td> </tr> </table> 73 0.0145 <div style="margin-top: 14pt; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">The Frontier Emerging Markets Institutional Class (HLFMX) rose 4.28% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI Frontier Emerging Markets Index, rose 15.38% in the same period (net of source taxes).</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Key Performance Factors</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Frontier Emerging Markets rose despite dipping sharply in March in reaction to the US-Israel attack on Iran. Energy and Real Estate were the top-performing sectors. Europe and Latin America outperformed while Asian markets were hurt by the closing of the Strait of Hormuz. The Fund lagged the index, with weak holdings in Real Estate and Consumer Discretionary. Vietnam and Indonesia also detracted. European holdings helped relative returns.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Sector Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Extreme weather and inflation hurt two Philippine holdings. Real Estate company SM Prime Holdings reported weak attendance at its malls and a decline in residential construction revenue. Jollibee Foods in Consumer Discretionary experienced weak revenue growth and rising input costs. In IT, shares of Thailand-based optical communications equipment manufacturer Fabrinet rose, supported by demand for components used in cloud computing, AI, and video streaming.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Geographic Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Jollibee was the main detractor in the Philippines. In Vietnam, IT services business FPT declined due to concerns over the competitive threat from AI. Shares of Kazak uranium producer Kazatomprom were buoyed by strong prices and the prospect for increased nuclear power demand for AI data centers.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-bottom: 0; text-align: left;">Performance</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡱 Top Contributors</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡳 Top Detractors</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Fabrinet</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Baltic Classifieds</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Kazatomprom</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Jollibee Foods</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Airtel Africa</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Marsa Maroc</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Banca Transilvania</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Bank Central Asia</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Helios Towers</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">EPAM</td> </tr> </table> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;">The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.</div> </div> <img alt="Fund Performance - Growth of 10K" src="chartimages_3370347.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 150pt;"/> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Average Annual Total Return (%) as of April 30, 2026</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt; width: 40%;"><div style="display:inline;"></div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 0px 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">10 Year</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">18.01 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">5.02 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">3.98 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI Frontier Emerging Markets Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">44.28 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">10.43 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">6.31 </td> </tr> </table> Fund 0.1801 0.0502 0.0398 MSCI Frontier Emerging Markets Index 0.4428 0.1043 0.0631 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <div style="color: rgb(75, 78, 83); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="display: flex; flex-direction: row; flex-wrap: nowrap; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0;"> <div style="padding-right: 0; width: 188pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="margin-left: 23pt; padding-right: 0; padding-left: 0; clear: both;"> <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(255, 255, 255); margin-top: 28pt; margin-bottom: 0;">Key Fund Statistics</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 8pt; line-height: 10.2pt; color: rgb(255, 255, 255); margin-bottom: 0;">During Reporting Period</div> </div> </div> <div style="padding-left: 0; width: 377pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="width: auto; margin-bottom: 14pt; margin-right: 12pt; margin-left: 12pt;"> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 22pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Fund net <div style="letter-spacing: 0px; top: 0px;display:inline;">asse</div>ts</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>117.2M</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total advisory fees paid<br/>(after waiver/reimbursement)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.6M</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total number of holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;">55</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Period portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">13<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> </div> </div> 117200000 600000 55 0.13 <div style="font-family: 'Times New Roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 0, 0); font-size: 12pt; margin-top: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); margin-bottom: 4pt; font-size: 8.5pt; line-height: 10.7pt;">The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund’s net asset value.</div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div></div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 350pt;"> <div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div> </div> </div> </div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Credicorp Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">International Container Terminal Services Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Mobile World Investment Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Banca Transilvania SA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Societe d'Exploitation des Ports</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">NAC Kazatomprom JSC - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Grupo Cibest SA - ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Hoa Phat Group JSC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Kaspi.KZ JSC - ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td> </tr> </table> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; padding-right: 0; width: 174pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Sector</div> </div> <div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3370352.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 175pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Region</div> </div> <div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3370357.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> </div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> <div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Credicorp Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">International Container Terminal Services Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Mobile World Investment Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Banca Transilvania SA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Societe d'Exploitation des Ports</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">NAC Kazatomprom JSC - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Grupo Cibest SA - ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Hoa Phat Group JSC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Kaspi.KZ JSC - ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td> </tr> </table> </div> 0.046 0.044 0.044 0.043 0.043 0.039 0.038 0.036 0.036 0.035 Frontier Emerging Markets Institutional Class Z HLFZX This semi-annual shareholder report contains important information about the Frontier Emerging Markets Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div>. You can also requestthis information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com. HardingLoevnerFunds.com (877) 435-8105 hardingloevnerfunds@ntrs.com <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-top: 6pt; margin-bottom: 0;">What were the Fund costs for the period?</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 10pt;">(based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; width: 65%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 15%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 20%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs paid as a percentage of a $10,000 investment<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; width: 65%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">Frontier Emerging Markets (Institutional Class Z)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 15%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>63</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 20%; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">1.25<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); font-style: normal; text-align: left; margin-bottom: 0px; font-size: 6pt; vertical-align: super; width: 3pt; padding: 0px;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); vertical-align: super; line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">1</div></div></div></div> </td> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); vertical-align: top; font-style: normal; font-size: 7.5pt; text-align: left; margin-bottom: 0px; width: auto; padding: 0px 0px 3pt;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></div> </td> </tr> </table> 63 0.0125 <div style="margin-top: 14pt; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">The Frontier Emerging Markets Institutional Class Z (HLFZX) rose 4.34% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI Frontier Emerging Markets Index, rose 15.38% in the same period (net of source taxes).</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Key Performance Factors</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Frontier Emerging Markets rose despite dipping sharply in March in reaction to the US-Israel attack on Iran. Energy and Real Estate were the top-performing sectors. Europe and Latin America outperformed while Asian markets were hurt by the closing of the Strait of Hormuz. The Fund lagged the index, with weak holdings in Real Estate and Consumer Discretionary. Vietnam and Indonesia also detracted. European holdings helped relative returns.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Sector Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Extreme weather and inflation hurt two Philippine holdings. Real Estate company SM Prime Holdings reported weak attendance at its malls and a decline in residential construction revenue. Jollibee Foods in Consumer Discretionary experienced weak revenue growth and rising input costs. In IT, shares of Thailand-based optical communications equipment manufacturer Fabrinet rose, supported by demand for components used in cloud computing, AI, and video streaming.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Geographic Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Jollibee was the main detractor in the Philippines. In Vietnam, IT services business FPT declined due to concerns over the competitive threat from AI. Shares of Kazak uranium producer Kazatomprom were buoyed by strong prices and the prospect for increased nuclear power demand for AI data centers.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-bottom: 0; text-align: left;">Performance</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡱 Top Contributors</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡳 Top Detractors</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Fabrinet</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Baltic Classifieds</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Kazatomprom</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Jollibee Foods</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Airtel Africa</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Marsa Maroc</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Banca Transilvania</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Bank Central Asia</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Helios Towers</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">EPAM</td> </tr> </table> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;">The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.</div> </div> <img alt="Fund Performance - Growth of 10K" src="chartimages_3370431.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 150pt;"/> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Average Annual Total Return (%) as of April 30, 2026</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt; width: 40%;"><div style="display:inline;"></div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 0px 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">10 Year</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">18.15 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">5.29 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">4.23 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI Frontier Emerging Markets Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">44.28 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">10.43 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">6.31 </td> </tr> </table> Fund 0.1815 0.0529 0.0423 MSCI Frontier Emerging Markets Index 0.4428 0.1043 0.0631 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <div style="color: rgb(75, 78, 83); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="display: flex; flex-direction: row; flex-wrap: nowrap; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0;"> <div style="padding-right: 0; width: 188pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="margin-left: 23pt; padding-right: 0; padding-left: 0; clear: both;"> <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(255, 255, 255); margin-top: 28pt; margin-bottom: 0;">Key Fund <div style="letter-spacing: 0px; top: 0px;display:inline;">Stat</div>istics</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 8pt; line-height: 10.2pt; color: rgb(255, 255, 255); margin-bottom: 0;">During Reporting Period</div> </div> </div> <div style="padding-left: 0; width: 377pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="width: auto; margin-bottom: 14pt; margin-right: 12pt; margin-left: 12pt;"> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 22pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>117.2M</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total advisory fees paid<br/>(after waiver/reimbursement)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.6M</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total number of holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;">55</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Period portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">13<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> </div> </div> 117200000 600000 55 0.13 <div style="font-family: 'Times New Roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 0, 0); font-size: 12pt; margin-top: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); margin-bottom: 4pt; font-size: 8.5pt; line-height: 10.7pt;">The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund’s net asset value.</div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div></div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 350pt;"> <div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div> </div> </div> </div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Credicorp Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">International Container Terminal Services Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Mobile World Investment Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Banca Transilvania SA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Societe d'Exploitation des Ports</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">NAC Kazatomprom JSC - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Grupo Cibest SA - ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Hoa Phat Group JSC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Kaspi.KZ JSC - ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td> </tr> </table> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; padding-right: 0; width: 174pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Sector</div> </div> <div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3370436.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 175pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Region</div> </div> <div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3370441.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> </div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> <div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Credicorp Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">International Container Terminal Services Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Mobile World Investment Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Banca Transilvania SA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Societe d'Exploitation des Ports</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">NAC Kazatomprom JSC - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Grupo Cibest SA - ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Hoa Phat Group JSC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Kaspi.KZ JSC - ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td> </tr> </table> </div> 0.046 0.044 0.044 0.043 0.043 0.039 0.038 0.036 0.036 0.035 Frontier Emerging Markets Investor Class HLMOX This semi-annual shareholder report contains important information about the Frontier Emerging Markets Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div>. You can also requestthis information by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com. HardingLoevnerFunds.com. (877) 435-8105 hardingloevnerfunds@ntrs.com <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-top: 6pt; margin-bottom: 0;">What were the Fund costs for the period?</div> <div style="margin-top: 0; margin-bottom: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; line-height: 10pt;">(based on a hypothetical $10,000 investment)</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; width: 65%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 15%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 8.5pt; vertical-align: bottom; width: 20%; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;">Costs paid as a percentage of a $10,000 investment<div style="font-size: smaller;display:inline;vertical-align: super;">1</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; width: 65%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">Frontier Emerging Markets (Investor Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 15%; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>89</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; width: 20%; white-space: nowrap; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt; line-height: 10pt;">1.75<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); font-style: normal; text-align: left; margin-bottom: 0px; font-size: 6pt; vertical-align: super; width: 3pt; padding: 0px;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); vertical-align: super; line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 6pt; vertical-align: super;display:inline;font-size:6.6px">1</div></div></div></div> </td> <td style="break-inside: avoid; font-family: Arial; color: rgb(93, 84, 133); vertical-align: top; font-style: normal; font-size: 7.5pt; text-align: left; margin-bottom: 0px; width: auto; padding: 0px 0px 3pt;"> <div style="margin-top: 0px; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); line-height: normal; font-style: normal; font-size: 7.5pt; text-align: left; padding: 0px; margin-bottom: 0px;"><div style="font-style:italic;display:inline;"><div style="font-style:italic;display:inline;">Expense ratio is expressed on an annualized basis.</div></div></div> </td> </tr> </table> 89 0.0175 <div style="margin-top: 14pt; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">The Frontier Emerging Markets Investor Class (HLMOX) rose 4.09% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI Frontier Emerging Markets Index, rose 15.38% in the same period (net of source taxes).</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Key Performance Factors</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Frontier Emerging Markets rose despite dipping sharply in March in reaction to the US-Israel attack on Iran. Energy and Real Estate were the top-performing sectors. Europe and Latin America outperformed while Asian markets were hurt by the closing of the Strait of Hormuz. The Fund lagged the index, with weak holdings in Real Estate and Consumer Discretionary. Vietnam and Indonesia also detracted. European holdings helped relative returns.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Sector Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Extreme weather and inflation hurt two Philippine holdings. Real Estate company SM Prime Holdings reported weak attendance at its malls and a decline in residential construction revenue. Jollibee Foods in Consumer Discretionary experienced weak revenue growth and rising input costs. In IT, shares of Thailand-based optical communications equipment manufacturer Fabrinet rose, supported by demand for components used in cloud computing, AI, and video streaming.</div> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Geographic Analysis</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10.2pt; margin-bottom: 4pt;">Jollibee was the main detractor in the Philippines. In Vietnam, IT services business FPT declined due to concerns over the competitive threat from AI. Shares of Kazak uranium producer Kazatomprom were buoyed by strong prices and the prospect for increased nuclear power demand for AI data centers.</div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-bottom: 0; text-align: left;">Performance</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡱 Top Contributors</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; color: rgb(144, 0, 39); border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left; width: 48%; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.75pt;">🡳 Top Detractors</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Fabrinet</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Baltic Classifieds</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Kazatomprom</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Jollibee Foods</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Airtel Africa</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Marsa Maroc</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: none; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Banca Transilvania</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Bank Central Asia</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">Helios Towers</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: center;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); min-width: 0px; font-size: 8.5pt; line-height: 8.5pt; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: left;">EPAM</td> </tr> </table> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(75, 78, 83); font-size: 7pt; line-height: 8.4pt; margin-bottom: 4pt;"><div style="font-style:italic;display:inline;">The securities shown do not represent all holdings, and it should not be assumed that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution to overall performance over the period.</div> </div> <img alt="Fund Performance - Growth of 10K" src="chartimages_3370406.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 150pt;"/> <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 0; text-transform: none; margin-top: 8pt; margin-bottom: 3pt;">Average Annual Total Return (%) as of April 30, 2026</div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid; vertical-align: middle; padding: 6pt 3pt 3pt; text-align: left; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt; width: 40%;"><div style="display:inline;"></div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">1 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">5 Year</div></td> <td style="break-inside: avoid; text-align: right; vertical-align: middle; padding: 6pt 0px 3pt 3pt; line-height: 8.5pt; font-family: &quot;Times New Roman&quot;; color: rgb(144, 0, 39); font-size: 7.5pt;"><div style="font-weight:bolder;display:inline;">10 Year</div></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">17.70 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">4.67 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">3.62 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(227, 228, 230); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt; font-family: 'Times New Roman';">MSCI Frontier Emerging Markets Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">44.28 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">10.43 </td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 7.5pt; line-height: 7.5pt;">6.31 </td> </tr> </table> Fund 0.177 0.0467 0.0362 MSCI Frontier Emerging Markets Index 0.4428 0.1043 0.0631 Performance data quoted represents past performance; past performance does not guarantee future results. Visit <div style="color: rgb(75, 78, 83); text-decoration-line: none; font-family: &quot;Times New Roman&quot;; font-size: 8pt; line-height: 10.2pt; letter-spacing: 0px; top: 0px;display:inline;">HardingLoevnerFunds.com</div> for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="display: flex; flex-direction: row; flex-wrap: nowrap; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0;"> <div style="padding-right: 0; width: 188pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="margin-left: 23pt; padding-right: 0; padding-left: 0; clear: both;"> <div style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; color: rgb(255, 255, 255); margin-top: 28pt; margin-bottom: 0;">Key Fun<div style="letter-spacing: 0px; top: 0px;display:inline;">d Statis</div>tics</div> <div style="margin-top: 0; font-family: 'Times New Roman'; font-size: 8pt; line-height: 10.2pt; color: rgb(255, 255, 255); margin-bottom: 0;">During Reporting Period</div> </div> </div> <div style="padding-left: 0; width: 377pt; background-color: rgb(144, 0, 39); height: 82pt; border-top-color: rgb(144, 0, 39); border-top-style: solid; border-top-width: 0.5pt; border-right-color: rgb(144, 0, 39); border-right-style: solid; border-right-width: 0.5pt; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 0.5pt; border-left-color: rgb(144, 0, 39); border-left-style: solid; border-left-width: 0.5pt;"> <div style="width: auto; margin-bottom: 14pt; margin-right: 12pt; margin-left: 12pt;"> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 22pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>117.2M</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total advisory fees paid<br/>(after waiver/reimbursement)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.6M</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'Times New Roman'; color: rgb(255, 255, 255); border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 136pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Total number of holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; border-left-color: initial; border-left-style: none; border-left-width: initial;">55</td> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 12pt; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; vertical-align: bottom; width: 148pt; font-weight: normal; text-align: left; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">Period portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Times New Roman'; color: rgb(255, 255, 255); font-size: 9pt; line-height: 9pt; font-weight: normal; vertical-align: bottom; width: 30pt; white-space: nowrap; border-left-color: initial; border-left-style: none; border-left-width: initial;">13<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td> </tr> </table> </div> </div> </div> 117200000 600000 55 0.13 <div style="font-family: 'Times New Roman'; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 0, 0); font-size: 12pt; margin-top: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); margin-bottom: 4pt; font-size: 8.5pt; line-height: 10.7pt;">The table and charts below show the investment makeup of the Fund; percentages indicated and graphical representations are based on the Fund’s net asset value.</div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div></div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 350pt;"> <div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; text-align: center; padding-bottom: 3pt;">Allocation</div> </div> </div> </div> <div style="display: flex; flex-direction: row; flex-wrap: nowrap;"> <div style="width: 172pt; padding-right: 6pt; margin-left: 23pt;"> <div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Credicorp Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">International Container Terminal Services Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Mobile World Investment Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Banca Transilvania SA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Societe d'Exploitation des Ports</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">NAC Kazatomprom JSC - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Grupo Cibest SA - ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Hoa Phat Group JSC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Kaspi.KZ JSC - ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td> </tr> </table> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; padding-right: 0; width: 174pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Sector</div> </div> <div><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3370401.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> <div style="border-left-color: rgb(0, 0, 0); border-left-style: solid; border-left-width: 0.5pt; padding-left: 0; width: 175pt;"> <div> <div style="margin-top: 5pt; margin-right: 0; margin-bottom: 5pt; margin-left: 0; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: center; padding-bottom: 5pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">by Region</div> </div> <div><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3370396.jpg" style="margin-left: 4pt; width: 163pt;"/> </div> </div> </div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Times New Roman'; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; padding-bottom: 0; border-bottom-color: rgb(144, 0, 39); border-bottom-style: solid; border-bottom-width: 1pt; text-align: left;">Top Ten Holdings</div> <div style="font-family: 'Times New Roman'; line-height: 10.2pt; color: rgb(144, 0, 39); font-size: 10pt; font-weight: bold; letter-spacing: 0; text-transform: none; text-align: right; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; margin-top: -11pt; margin-bottom: 0;">%</div> <div> <table style="text-align:start; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Northern Institutional Funds - Treasury Portfolio (Premier Shares)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Credicorp Ltd.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">International Container Terminal Services Inc.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.4 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Mobile World Investment Corp.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Banca Transilvania SA</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">4.3 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Societe d'Exploitation des Ports</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.9 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">NAC Kazatomprom JSC - GDR, Reg S</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.8 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Grupo Cibest SA - ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(209, 210, 212); border-bottom-style: solid; border-bottom-width: 0.75pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Hoa Phat Group JSC</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.6 </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 0; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">Kaspi.KZ JSC - ADR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 8.5pt;">3.5 </td> </tr> </table> </div> 0.046 0.044 0.044 0.043 0.043 0.039 0.038 0.036 0.036 0.035 Expense ratio is expressed on an annualized basis.