The Harding Loevner Emerging Markets Equity Fund USD Class R

The Fund's investment objective is to provide long-term capital growth in your investment by investing primarily in a variety of emerging market equities. The Fund will invest in stocks and equity related securities of issuers based in emerging markets in Asia, Latin America, Europe, the Middle East and Africa. The Fund will also invest (up to 10% of its assets) in open-ended collective investment schemes which shall be mainly in the form of exchange traded funds and shall be listed and traded in the US and Europe. Equity related securities include, but are not limited to, common stocks, preferred stocks, warrants, rights, convertible securities, depositary receipts and Structured Financial Instruments. Warrants are securities that give the holder the right to purchase securities from the issuer at a specific price within a certain timeframe. Rights give shareholders in a company the option to purchase new shares issued by that company at a predetermined price in proportion to the number of shares already owned. Convertible securities are securities, usually bonds or preferred shares, that can be converted into common stock. Depositary receipts are financial instruments issued by a bank which provide a return on the shares and stocks they represent. Structured Financial Instruments are highly complex financial instruments offered by financial institutions to companies with very particular financing needs. The Fund will invest only in Structured Financial Instruments which are traded on stock exchanges or regulated markets. The particular Structured Financial Instruments in which the Fund may invest include, but are not limited to, notes whose performance is dependent on the shares and stocks to which they are linked. Your shares do not pay you income, instead the Fund reinvests income to grow your capital. You can sell your shares on a daily basis. The Fund is actively managed by the Investment Manager and has discretion over the composition of its portfolio. The performance of the Fund will be measured against the MSCI Emerging Markets Index. For more information, please see the section entitled 'Investment Objective and Policies' in the Prospectus.