The Portfolio invests at least 80% of its net assets in emerging markets securities, which includes frontier markets securities, and investment companies. It invests at least 65% of its total assets in common stocks, preferred stocks, rights and warrants issued by companies that are based in emerging or frontier markets, securities convertible into such securities (including Depositary Receipts), and investment companies that invest in the types of securities in which the Portfolio would normally invest.

Nasdaq

HLEMX

The fund invests primarily in companies that are based in frontier emerging markets, including the smaller traditionally-recognized emerging markets. It invests at least 80% of its net assets in frontier emerging market securities, and investment companies that invest in the types of securities in which the Portfolio would normally invest. The fund invests at least 65% of its total assets in common stocks, preferred stocks, rights and warrants issued by companies. It also may invest in securities of U.S. companies.

HLFMX

The fund invests primarily in companies that are based in emerging and frontier markets. It normally holds investments across at least 15 countries. The fund invests at least 80% of its net assets in emerging markets securities, which includes frontier markets securities, and investment companies that invest in the types of securities in which the Portfolio would normally invest. It invests at least 65% of its total assets in common stocks, preferred stocks, rights and warrants issued by companies.

HLMEX

The Portfolio invests in companies based in the United States and other developed markets, as well as in emerging and frontier markets. It normally holds investments across at least 15 countries. The Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks, preferred stocks, rights and warrants issued by companies that are based both inside and outside the United States, securities convertible into such securities (including Depositary Receipts), and investment companies that invest in the types of securities in which the Portfolio would normally invest.

HLMGX

The fund invests in companies based in developed markets outside the U.S. as well as in companies in emerging and frontier markets. It normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks, preferred stocks, rights and warrants issued by companies that are based outside the United States, securities convertible into such securities (including Depositary Receipts), and investment companies that invest in the types of securities in which the Portfolio would normally invest. The fund normally holds investments across at least 15 countries.

HLMIX

The investment seeks long-term capital appreciation. The fund invests in small companies based outside the U.S., including companies in emerging and frontier as well as in developed markets. It invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks, preferred stocks, rights and warrants issued by small companies that are based outside the United States, securities convertible into such securities (including Depositary Receipts), and investment companies that invest in the types of securities in which the Portfolio would normally invest. The fund normally holds investments across at least 15 countries.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield	Risk / Return Rank
HLEMX	Harding Loevner Emerging Markets Fund	Emerging Markets Diversified	Nov 8, 1998	1.19%	—	—	0.00%	—
HLFMX	Harding Loevner Frontier Emerging Markets Fund	Emerging Markets Diversified	May 26, 2008	1.60%	0.78%	4.24%	3.53%	56
HLMEX	Harding Loevner Institutional Emerging Markets Por...	Emerging Markets Diversified	Oct 16, 2005	1.10%	2.96%	-1.49%	0.00%	1
HLMGX	Harding Loevner Global Equity Portfolio	Global Equities	Nov 28, 1996	1.05%	-3.92%	9.49%	21.85%	18
HLMIX	Harding Loevner International Equity Portfolio	Foreign Large Cap Equities	May 10, 1994	0.79%	4.71%	9.13%	14.27%	81
HLMSX	Harding Loevner International Small Companies Port...	Foreign Small & Mid Cap Equities	Mar 25, 2007	1.37%	-1.93%	5.54%	4.12%	21

Harding Loevner Mutual Funds List

Risk vs. Return Scatterplot