Frontier Emerging Markets Portfolio Institutional Class HLFMX - Portfolio Characteristics

¹Harding Loevner has voluntarily agreed to cap the total annual class operating expenses at 2.00% (on an annualized basis) of the average daily net assets of the Institutional Class. This expense cap may be terminated at anytime; ²Inception Date: May 27, 2008; 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. Performance data shown does not reflect the 2.00% redemption fee imposed on shares held less 90 days or less. If it did, total returns would be reduced.

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

Short-term performance, in particular, is not a good indication of the fund's future performance and an investment should not be made solely on returns.

Foreign investments involve additional risks, including greater volatility and political, economic, and currency risks and differences in accounting methods. Emerging markets countries involve greater risks, such as immature economic structures, national policies restricting investments by foreigners, and different legal systems. Such risks may be magnified with respect to securities of issuers in frontier emerging markets. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated and non-rated securities presents a greater risk of loss of principal and interest than higher-rated securities. Mutual fund investing involves risk. Principal loss is possible.

The MSCI Frontier Emerging Markets Index is a free float-adjusted market capitalization index designed to measure equity market performance in all countries from the MSCI Frontier Markets Index and the lower size spectrum of the MSCI Emerging Markets Index. The Index consists of 23 frontier markets and 5 emerging markets. Net dividends reinvested. 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 class operating expenses at 2.00% (on an annualized basis) of the average daily net assets of the Institutional Class. This expense cap may be terminated at anytime.

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.

Foreign investments involve additional risks, including greater volatility and political, economic, and currency risks and differences in accounting methods. Emerging markets countries involve greater risks, such as immature economic structures, national policies restricting investments by foreigners, and different legal systems. Such risks may be magnified with respect to securities of issuers in frontier emerging markets. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated and non-rated securities presents a greater risk of loss of principal and interest than higher-rated securities. Mutual fund investing involves risk. Principal loss is possible.

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

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.

Foreign investments involve additional risks, including greater volatility and political, economic, and currency risks and differences in accounting methods. Emerging markets countries involve greater risks, such as immature economic structures, national policies restricting investments by foreigners, and different legal systems. Such risks may be magnified with respect to securities of issuers in frontier emerging markets. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated and non-rated securities presents a greater risk of loss of principal and interest than higher-rated securities. Mutual fund investing involves risk. Principal loss is possible.

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

¹MSCI Frontier Emerging Markets Index; ²Other includes countries outside the benchmark where some holdings are incorporated.

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

Foreign investments involve additional risks, including greater volatility and political, economic, and currency risks and differences in accounting methods. Emerging markets countries involve greater risks, such as immature economic structures, national policies restricting investments by foreigners, and different legal systems. Such risks may be magnified with respect to securities of issuers in frontier emerging markets. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated and non-rated securities presents a greater risk of loss of principal and interest than higher-rated securities. Mutual fund investing involves risk. Principal loss is possible.

The MSCI Frontier Emerging Markets Index is a free float-adjusted market capitalization index designed to measure equity market performance in all countries from the MSCI Frontier Markets Index and the lower size spectrum of the MSCI Emerging Markets Index. The Index consists of 23 frontier markets and 5 emerging markets. Net dividends reinvested. You cannot invest directly in this Index.

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