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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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SIGNATURE WILLIAM E. VASTARDIS
TITLE SENIOR VP
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Harding Loevner
financial statements at October 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> International Equity Portfolio
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Harding Loevner
financial statements at October 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Global Equity Portfolio
<S> <C>
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<PERIOD-END> OCT-31-1999
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<INVESTMENTS-AT-VALUE> 20,970,656
<RECEIVABLES> 266,626
<ASSETS-OTHER> 30,143
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,267,425
<PAYABLE-FOR-SECURITIES> 123,476
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 56,878
<TOTAL-LIABILITIES> 180,354
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,641,123
<SHARES-COMMON-STOCK> 1,054,100
<SHARES-COMMON-PRIOR> 1,903,641
<ACCUMULATED-NII-CURRENT> 14,428
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,803,770
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,627,750
<NET-ASSETS> 21,087,071
<DIVIDEND-INCOME> 444,295
<INTEREST-INCOME> 43,890
<OTHER-INCOME> 0
<EXPENSES-NET> 321,366
<NET-INVESTMENT-INCOME> 166,819
<REALIZED-GAINS-CURRENT> 2,658,267
<APPREC-INCREASE-CURRENT> 2,773,621
<NET-CHANGE-FROM-OPS> 5,598,707
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,487
<NUMBER-OF-SHARES-REDEEMED> 860,028
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (9,676,425)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 260,306
<OVERDIST-NET-GAINS-PRIOR> 742,620
<GROSS-ADVISORY-FEES> 256,828
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 403,772
<AVERAGE-NET-ASSETS> 25,709,299
<PER-SHARE-NAV-BEGIN> 16.16
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 3.79
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.00
<EXPENSE-RATIO> 1.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Harding Loevner
financial statements at October 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Multi-Asset Global Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 5,961,497
<INVESTMENTS-AT-VALUE> 6,589,324
<RECEIVABLES> 40,191
<ASSETS-OTHER> 6,847
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,636,362
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,058
<TOTAL-LIABILITIES> 37,058
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,589,489
<SHARES-COMMON-STOCK> 537,249
<SHARES-COMMON-PRIOR> 554,503
<ACCUMULATED-NII-CURRENT> 108,597
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 273,795
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 627,423
<NET-ASSETS> 6,599,304
<DIVIDEND-INCOME> 76,627
<INTEREST-INCOME> 159,796
<OTHER-INCOME> 0
<EXPENSES-NET> 82,727
<NET-INVESTMENT-INCOME> 153,696
<REALIZED-GAINS-CURRENT> 293,059
<APPREC-INCREASE-CURRENT> 303,251
<NET-CHANGE-FROM-OPS> 750,006
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 168,496
<DISTRIBUTIONS-OF-GAINS> 85,013
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 36,825
<NUMBER-OF-SHARES-REDEEMED> 75,960
<SHARES-REINVESTED> 21,881
<NET-CHANGE-IN-ASSETS> 272,083
<ACCUMULATED-NII-PRIOR> 125,012
<ACCUMULATED-GAINS-PRIOR> 83,391
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 66,181
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 143,013
<AVERAGE-NET-ASSETS> 6,617,364
<PER-SHARE-NAV-BEGIN> 11.41
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 1.04
<PER-SHARE-DIVIDEND> 0.30
<PER-SHARE-DISTRIBUTIONS> 0.15
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.28
<EXPENSE-RATIO> 1.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Harding Loevner
financial statements at October 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Emerging Markets Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 1,215,525
<INVESTMENTS-AT-VALUE> 1,563,709
<RECEIVABLES> 18,132
<ASSETS-OTHER> 6,415
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,588,256
<PAYABLE-FOR-SECURITIES> 29,438
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,899
<TOTAL-LIABILITIES> 54,337
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,124,855
<SHARES-COMMON-STOCK> 112,117
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,466
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 59,289
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 348,309
<NET-ASSETS> 1,533,919
<DIVIDEND-INCOME> 22,660
<INTEREST-INCOME> 2,125
<OTHER-INCOME> 0
<EXPENSES-NET> 21,837
<NET-INVESTMENT-INCOME> 2,948
<REALIZED-GAINS-CURRENT> 57,716
<APPREC-INCREASE-CURRENT> 348,309
<NET-CHANGE-FROM-OPS> 408,973
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 112,117
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,533,919
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,410
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 72,583
<AVERAGE-NET-ASSETS> 1,260,430
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 3.65
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.68
<EXPENSE-RATIO> 1.75
</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Directors of
Harding, Loevner Funds, Inc.
In planning and performing our audit of the financial statements of Harding,
Loevner Funds, Inc. (comprised of the International Equity, Global Equity,
Multi-Asset Global and Emerging Markets Portfolios) for the year ended October
31, 1999, we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on internal control.
The management of Harding, Loevner Funds, Inc. is responsible for establishing
and maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
October 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of Harding, Loevner Funds, Inc., and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
ERNST & YOUNG LLP
December 10, 1999
