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Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (887) 435-8105, or visiting www.hardingloevnerfunds.com. Standardized performance for all Portfolios and links to their respective returns as compared to their benchmarks are available on the homepage, and can be accessed by clicking here.

Although a fund is no-load, management fees and other expenses will apply. Please refer to the Prospectus for further details.

References to other mutual funds should not be interpreted as an offer of these securities.

Mutual fund investing involves risk. Principal loss is possible. Investments in foreign securities involve greater volatility and political, economic, and currency risks and differences in accounting methods. Investments in emerging markets countries involve greater risks, such as immature economic structures, national policies restricting investments by foreigners, and different legal systems. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities. Such risks may be magnified with respect to securities of issuers in frontier emerging markets. The portfolio can have significant concentration in a single industry thereby making the portfolio vulnerable to factors affecting the industry. Investment opportunities in frontier markets may be concentrated in the banking industry. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Investments in smaller companies involve additional risks such as limited liquidity and greater volatility.

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. Current and future holdings are subject to risk. The ten largest holdings for each Portfolio as of the most recent quarter-end can be obtained by clicking the following links: HLMVX, HLMIX, HLMRX, HLMEX, HLFMX, HLMGX, HLMNX, HLMSX, HLEMX, HLMOX.

Diversification does not assure a profit nor protect against loss in a declining market.

Earnings growth is not a measure of the funds future performance.

Cash Flow: a measure of the cash generating capability of a company calculated by adding non-cash charges (e.g. depreciation) and interest expense to pretax income. Price/Earnings: the ratio of a firm's closing stock price and its trailing 12 months' earnings/share.

The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market.

The S&P 500 Index is an unmanaged index commonly used to measure performance of US stocks.

The MSCI All Country World Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets.

The MSCI Emerging Markets Index is a free-float adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The Index consists of 21 emerging market countries.

The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US & Canada. The Index consists of 22 developed market countries.

The MSCI BRIC Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the following four emerging market country indices: Brazil, Russia, India and China. At 12/31/12, the MSCI BRIC Index returned 6.67%, 14.54%, -1.07%, -5.36%, and 19.78%, respectively, for the 3-Month, 1-Year, 3-Year, 5-Year, and 10-Year periods.

Countries in the MSCI Frontier, Global Emerging and Mature (Developed) Market Indices are measured by economic development, size, liquidity and market accessibility in order to be classified as Frontier, Global Emerging and Mature (Developed) countries. Each June, MSCI communicates its conclusions on the list of countries under review and announces the new list of countries, if any, under review for potential market reclassification in the upcoming cycle.

You cannot invest directly in an Index.

 

The Gross Expense Ratio for the Emerging Markets Portfolio, Advisor Class (HLEMX) is 1.47%.

The International Equity Portfolio, Institutional Class was ranked best out of 155 International Large-Cap Growth Funds for the 5-year period ended November 30, 2012.  A Lipper Fund Award is awarded to one fund in each Lipper classification for achieving the strongest trend of consistent risk-adjusted performance against its classification peers over a three, five or ten-year period. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Lipper Analytical Services, Inc. is an independent mutual fund research and rating service. © 2012, All Rights Reserved

Morningstar Rankings represent a fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest percentile rank is 1 and the lowest is 100. It is based on Morningstar total return, which includes both income and capital gains or losses and is not adjusted for sales charges or redemption fees.

Morningstar Foregin Large Growth category: These funds seek capital appreciation by investing in large international stocks that are growth-oriented. Large-cap foreign stocks have market capitalizations greater than 5 billion. Growth is defined based on high price/book and price/cash-flow ratios, relative to the MSCI EAFE Index. These funds typically will have less than 20% of assets invested in U.S. stocks.

Morningstar Foreign Large Blend category: These funds seek capital appreciation by investing in a variety of large international stocks. Large-cap foreign stocks have market capitalizations greater than $5 billion. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks.

Morningstar Foreign Large Value category: These funds seek capital appreciation by investing in large international stocks that are value-oriented. Large-cap foreign stocks have market capitalizations greater than $5 billion. Value is defined based on low price/book and price/cash-flow ratios, relative to the MSCI EAFE Index. These funds typically will have less than 20% of assets invested in U.S. stocks.

Morningstar Diversified Emerging Markets category: These funds tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These portfolios invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets.

Past performance is not a guarantee of future results.