International Small Companies Portfolio Investor Class HLMSX - Portfolio Characteristics

¹Harding Loevner has voluntarily agreed to cap the total annual fund operating expenses at 1.75% (on an annualized basis) of the average daily net assets of the Portfolio for an indefinite period.; ²Inception Date: March 26, 2007; ³Benchmark Index; ⁴The index is net of foreign withholding taxes on dividends, interest income and capital gains.

Performance data quoted represents past performance; past performance 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 Portfolio may be lower or higher than the performance quoted. The Portfolio imposes a 2% redemption fee on shares held 90 days or less. Performance data does not reflect the redemption fee. If reflected, total returns would be reduced.

Investment performance reflects fee waivers and in the absence of these waivers investment performance would be reduced.

The Portfolio invests in foreign securities, which will involve greater volatility and political, economic, and currency risks, such as exposure to economies less diverse and mature than the U.S. or other more established foreign markets. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities. The portfolio invests in smaller companies which involve additional risks such as limited liquidity and greater volatility. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Portfolio in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities.

The MSCI All Country World ex-US Small Cap Index is a free-float market capitalization index that is designed to measure small cap developed and emerging market equity performance. The Index consists of 44 developed and emerging markets countries and targeting companies market capitalization range of USD 170—4,200 million in terms of the company's full market capitalization. You cannot invest directly in this Index.

The Lipper International Small Cap Fund Index, an unmanaged index, includes the 10 largest small cap funds tracked by Lipper Analytical Services, Inc., although some funds in the index may have somewhat different investment policies or objectives. You cannot invest directly in this Index.

The Harding Loevner Funds are distributed by Quasar Distributors, LLC.

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¹Harding Loevner has voluntarily agreed to cap the total annual fund operating expenses at 1.75% (on an annualized basis) of the average daily net assets of the Portfolio for an indefinite period.

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

Past performance does not guarantee future results.

The Portfolio invests in foreign securities, which will involve greater volatility and political, economic, and currency risks, such as exposure to economies less diverse and mature than the U.S. or other more established foreign markets. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities. The portfolio invests in smaller companies which involve additional risks such as limited liquidity and greater volatility. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Portfolio in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities.

The Harding Loevner Funds are distributed by Quasar Distributors, LLC.

For a complete list of Holdings, click here.

Portfolio holdings are subject to review and adjustment in accordance with the Portfolio's investment strategy and may vary in the future, and should not be considered recommendations to buy or sell any security. The portfolio is actively managed therefore holdings may not be current.

The Portfolio invests in foreign securities, which will involve greater volatility and political, economic, and currency risks, such as exposure to economies less diverse and mature than the U.S. or other more established foreign markets. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities. The portfolio invests in smaller companies which involve additional risks such as limited liquidity and greater volatility. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Portfolio in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities.

The Harding Loevner Funds are distributed by Quasar Distributors, LLC.

¹MSCI All Country World ex-US Small Cap Index

Portfolio sector/geographical allocations are subject to review and adjustment in accordance with the Portfolio's investment strategy and may vary in the future.

The Portfolio invests in foreign securities, which will involve greater volatility and political, economic, and currency risks, such as exposure to economies less diverse and mature than the U.S. or other more established foreign markets. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities. The portfolio invests in smaller companies which involve additional risks such as limited liquidity and greater volatility. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Portfolio in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities.

The MSCI All Country World ex-US Small Cap Index is a free-float market capitalization index that is designed to measure small cap developed and emerging market equity performance. The Index consists of 44 developed and emerging markets countries and targeting companies market capitalization range of USD 170—4,200 million in terms of the company's full market capitalization. You cannot invest directly in this Index.

The Harding Loevner Funds are distributed by Quasar Distributors, LLC.