(PUB) Morningstar FundInvestor

6

Data through July 31, 2014 Harding Loevner International Eq Inv

Ticker

Status Yield Total Assets

Mstar Category

HLMNX Open

0.4% $4,270 mil

Foreign Large Growth

Morningstar Analyst Rating 07-24-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Below Avg Above Avg

98% 96% 97% 98% 94% 96% 96% 96% 96%

„

Manager Change Partial Manager Change

10.0 12.5 15.0 17.5

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Positive Positive

∞ ∞ ∞ ∞ ∞

Investment Values of Fund Investment Values of MSCI WexUS

People Parent Price

6.0

Performance Quartile (within Category) History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 07-14

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

16.19 . .

18.46

19.05

9.18

12.78 40.14 -1.31

14.97

13.36

15.91 19.73

18.00 13.64 -1.65 -1.85

18.48 2.67 -1.84 -0.56 0.00 2.67

NAV

22.67 . . . -3.87 -3.98 . . . -8.25 -0.94 . . . 0.58 0.39 . . . 22.28 . . . 77 62 . . .

-39.40 12.78

-10.09 17.33

Total Return % +/-MSCI WexUS

6.13 6.21 0.80

6.18 2.88 0.19

3.62 4.12 0.40

2.90 3.06 0.64

1.47 0.91

+/-MSCI AC World exUSA Gr ND

0.50

Income Return % Capital Return %

-40.20 12.20

39.23

-10.49 17.14

19.09

13.14

3

29

23

35

30

82

25

Total Rtn % Rank Cat

Pillar Spectrum Positive ∞

0.07 . . 0.01 . . 1.25 . . -1.25 . . 38 . . 2 . .

0.06 1.34 1.25 0.61

0.11 1.69 1.23 0.48

0.15 2.20 1.23 0.81

0.08 0.00 1.25 1.03

0.02 0.00 1.25 0.69

0.06 0.04 1.25 0.79

0.09 0.00 1.24 0.87

0.08 0.00 1.20 0.76

0.00 0.00 . . . 440

Income $

§ Negative

¶ Neutral

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

Performance 07-31-14 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

35 11

19 17

18 12

22 46

33

15

14

20

2010 2011 2012 2013 2014

3.68 -8.98 16.25 6.95 17.33 3.61 1.93 -19.67 5.98 -10.09 11.53 -5.84 7.06 6.50 19.73 2.01 -2.65 9.49 4.51 13.64 -0.89 4.71 . . .

137

201

317

421

Portfolio Analysis 06-30-14 Share change since 03-14 Total Stocks:55 Sector

Rating and Risk Time Load-Adj

Country

% Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Nestle SA ADR

Cnsmr Def

Switzerland

3.93 3.36 3.14 3.06 3.00 2.79 2.79 2.71 2.66 2.61 2.53 2.49 2.37 2.37 2.35 2.34 2.30 2.16 2.13 1.96

1 Yr 3 Yr 5 Yr

13.26

Trailing

Total +/- MSCI

+/- MSCI

%Rank Growth of

Dassault Systemes SA

Technology France Cnsmr Cyc U.K. Hlth care Switzerland Finan Svs Brazil Finan Svs Germany Finan Svs India Finan Svs Hong Kong Energy United States Basic Mat France

Return% WexUS AC World exUSA Gr ND

Cat

$10,000

6.40

Avg

Avg -Avg

WPP PLC

3 Mo 6 Mo 1 Yr

2.21 -0.42 10.39 0.90 13.26 -2.22 6.40 0.54 10.94 2.10 9.27 1.31 5.39 0.31

0.02 1.98 -0.14 1.23 1.83 1.35

21 10,221 5 11,039 25 11,326 52 12,046 34 16,805

10.94

+Avg

Roche Holding AG Air Liquide SA

10 Yr Incept

. . . .

6.89

Itau Unibanco Holding SA

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Allianz SE

Other Measures

Standard Index MSCI WexUS

Best Fit Index MSCI WexUS

Schlumberger NV ICICI Bank Ltd ADR AIA Group Ltd. Schneider Electric SE

24,267 21,978

.

Alpha

0.9

0.9

. .

Beta

0.92

0.92

Industrl

France

R-Squared

94

94

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 6.19 42 0.20 25 10.75 25 0.17 19 . . . . Potential Capital Gain Exposure: 20% of assets Morningstar’s Take by William Samuel Rocco 07-24-14 Harding Loevner International Equity has more than its share of strengths. This foreign large-growth fund has an impressive pedigree. Harding Loevner is a well-established and investor-friendly money manager that specializes in international-equity strategies and has enjoyed considerable success across its small lineup of mutual funds. Harding Loevner’s world-stock and diversified emerging-markets funds have both earned Morningstar Analyst Ratings of Silver, while the firm’s relatively young foreign small/mid-cap and frontier emerging-markets funds, which are not currently covered by Morningstar analysts, have both posted strong results thus far. Meanwhile, the fund is run by a trio of seasoned portfolio managers who have excellent credentials for the task at hand. Indeed, co-lead manager Ferrill Roll, co-lead manager Alexander Walsh, and comanager Peter Baughan joined Harding Loevner in the mid-1990s and began their investment careers in the late 1970s and early 1980s, and they’ve delivered good

Bayerische Motoren Werke

Cnsmr Cyc Germany

Fanuc Corp L’Oreal SA SAP SE ADR

Industrl

Japan France

Standard Deviation

15.73

Cnsmr Def

Mean

6.40 0.47

Technology Germany

Sharpe Ratio

Imperial Oil Ltd

Energy

Canada Belgium Japan Canada

Anheuser-Busch Inbev SA

Cnsmr Def Cnsmr Def

Unicharm Corp

Canadian National Railwa

Industrl

long-term risk-adjusted results at the firm’s world-stock offering (where Roll and Baughan serve as the co-lead managers). The managers have a strong support team, too. As would be expected, the managers rely on the same quality-oriented and risk-conscious growth strategy here as they have used productively at their world-stock offering (and as their Harding Loevner colleagues have employed effectively at the firm’s foreign small/mid-cap, diversified emerging-markets, and frontier emerging-markets funds). While the managers have posted only so-so results with the strategy here thus far in 2014--the fund leads its average peer but lags the MSCI ACWI ex USA Index for the year to date--they have earned good results here with the family discipline in a variety of past market climates. The fund, therefore, boasts superior long-term returns. The fund, which also has an attractive cost structure going for it, is one of the more attractive foreign large-growth offerings overall.

Novo Nordisk A/S

Hlth care Denmark

Current Investment Style

Sector Weightings

% of Stocks

Rel MSCI

3 Year Low

WexUS High

Market Cap % Giant 63.5 Large 30.8 Mid 5.8 Small 0.0 Micro 0.0 Avg $mil: 43,012

Value Blnd Growth

Cyclical 33.54 BasicMat 5.01 CnsmrCyc10.27 FinanSvs 17.04 Real Est 1.22 Sensitive 38.15 CommSrvs 1.87 Energy 8.08 Industrl 12.45 Technlgy 15.75 Defensive28.31 CnsmrDef15.21 Hlthcare 12.05 Utilities 1.05

. .

h r t y u j i o p a k s d f

Large Mid Small

6 1

. 10 7 . 18 10

2 1

. . .

4 1

. 10 7 . 20 11 . 20 16

Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Price/Cash Flow Dividend Yield % Value Measures Price/Earnings Price/Book Price/Sales

Rel Category

17.14 2.45 1.66 7.10 1.65

0.76 NMF 7.11 4.63 0.10 1.12 1.12 1.17 0.92 0.75

.

. 17 14 . 15 10

1 1

.

% Rel Category

9.69 -17.72

4.98 8.99 7.93

Regional Exposure UK/W. Europe 51 Japan 14 Asia X Japan 17

% Stock

N. America 9 Latn America 3 Other 6

Address:

Harding, Loevner Funds, Inc. c/o The Northern Trust Company Chicago, IL 60680-4766 877-435-8105 Sales Fees:

Minimum Purchase: Min Auto Inv Plan:

$5000

Add: $0 IRA: $0

$0

Add: .

No-load, , 2.00%R 0.75% mx./0.73% mn. Mgt:0.74% Dist:0.25%

Composition - Net

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

www.hardingloevnerfunds.com

Management Fee:

Country Exposure

% Stock

Cash

2.3

Bonds Other

0.0 1.5

09-30-05

Actual Fees:

Japan France

14 13 11

Switzerland 10 U.K. 9

Harding Loevner LP

Expense Projections: Income Distribution:

3Yr:$381 Annually

5Yr:$660 10Yr:$1455

Stocks

96.2

None

Foreign

95.3

(% of Stock)

Germany

N/A

Mutual Funds ß ®

© 2014Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted tobeaccurate, correct, completeor timely. Pastperformance is no guarantee of future results.Access updated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.

EQ