Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Harding Loevner Emerging Markets Advisor  HLEMX Release date as of 2024-03-31. Data on page is subject to change. Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-03-31 Out of 721 Diversified Emerging Mkts Funds Morningstar® Style Box™ What is this? As of 2023-12-31 Total Fund Assets ($ Mil) 946.52 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets. 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.

Morningstar Category: Diversified Emerging Mkts Diversified emerging-markets portfolios tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These portfolios invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets.

Performance Growth of $10,000 (from 2014-01-01 to 2024-03-31) Investment: Harding Loevner Emerging Markets Advisor Benchmark 1: MSCI ACWI Ex USA NR USD Benchmark 2: MSCI EM NR USD Category: Diversified Emerging Mkts This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden. Total Annualized Returns % YTD 1 Year 3 Year 5 Year 10 Year Since Inception Investment -0.29 2.99 -9.91 -1.51 1.09 8.42 MSCI ACWI Ex USA NR USD 4.69 13.26 1.94 5.97 4.25 --- MSCI EM NR USD 2.37 8.15 -5.05 2.22 2.95 --- Category 2.70 10.31 -3.83 3.23 2.96 7.09 Morningstar Rating --- --- --- # of compared Diversified Emerging Mkts funds covered (3 yrs : out of 721 funds) (5 yrs : out of 657 funds) (10 yrs : out of 425 funds) Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods. Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown. Fees and Expenses Total Annual Operating Expense 1.20% Prospectus Net Expense Ratio 1.20% Maximum Sales Charge --- The total annual operating expense shown is before management fee waivers or expense caps. For more information on waivers/reimbursements, please see the prospectus. The total annual operating expense is also referred to as the prospectus gross expense ratio. Waiver Data Type Date % --- --- --- ---

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 4.2 Non-U.S. Stocks 93.4 Bonds 0.0 Cash 2.5 Other 0.0 Data through 2023-12-31 Morningstar Equity Sectors % of Stocks Cyclical 42.44 Basic Materials 0.97 Consumer Cyclical 16.18 Financial Services 24.21 Real Estate 1.08 Sensitive 47.54 Communication Services 6.52 Energy 2.12 Industrials 12.14 Technology 26.76 Defensive 10.03 Consumer Defensive 6.36 Healthcare 3.03 Utilities 0.64 Data through 2023-12-31 Morningstar World Regions % Fund Americas 19.0 North America 4.3 Latin America 14.7 Greater Europe 10.6 United Kingdom 0.4 Europe Developed 3.2 Europe Emerging 1.9 Africa/Middle East 5.1 Greater Asia 70.4 Japan 0.0 Australasia 0.0 Asia Developed 26.4 Asia Emerging 44.1 Data through 2023-12-31 Holding Status Total Number of Stock Holdings 76 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 34.35 Turnover % (as of 2023-10-31) 31.00 30 Day SEC Yield % --- Top Holdings Sector Country % of Net Assets Samsung Electronics Co Ltd DR South Korea 5.56 Taiwan Semiconductor Manufacturing Co Ltd Taiwan 5.49 HDFC Bank Ltd India 4.95 Tencent Holdings Ltd China 3.43 Tata Consultancy Services Ltd India 3.34 Fomento Economico Mexicano SAB de CV ADR Mexico 2.47 Maruti Suzuki India Ltd India 2.46 Northern Institutional Treasury Premier --- United States 2.30 Grupo Financiero Banorte SAB de CV Class O Mexico 2.26 Eclat Textile Co Ltd Taiwan 2.09 Data through 2023-12-31

Principal Risks    Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Market/Market Volatility, Depositary Receipts, China Region, Financials Sector Show Risk Definitions

Other Information Inception Date: 1998-11-09 Portfolio Manager(s) Scott Crawshaw   (2014-06-30) Scott Crawshaw is a member of the PM team for the Emerging Markets Equity, International Equity & Global Equity strategies. He is also an Emerging Markets analyst. Scott joined the firm in 2014 & is a Partner. He has 22 yrs of experience in EM research & portfolio management, including 5 yrs at ISIS Asset Management where he served as an Emerging Markets Fund Manager until 2003. Prior to joining Harding Loevner, Scott served as an Emerging Markets Senior Portfolio Manager at Russell Investments. He graduated from The University of Bristol (1995) with a BSc in Mathematics. Pradipta Chakrabortty   (2015-01-31) Pradipta Chakrabortty has been a portfolio manager and an analyst since 2008. As an analyst, he focuses on frontier emerging market companies. Mr. Chakrabortty graduated from BIRLA Institute of Technology & Science (Pilani, India) in 1994, received an MBA in Finance and Marketing from XLRI School of Management (Jamshedpur, India) in 1998, and received an MBA in Finance from University of Pennsylvania, the Wharton School, in 2008. He joined Harding Loevner in 2008. Mr. Chakrabortty serves as a co-lead portfolio manager for the Frontier Emerging Markets Portfolio and as a portfolio manager for the Institutional Emerging Markets Portfolio and Emerging Markets Portfolio. Babatunde Ojo   (2024-01-31) Babatunde (Tunde Babatunde Ojo is a co-lead portfolio manager of the Frontier Emerging Markets Equity strategy, portfolio manager of the International Equity strategy, and an analyst of frontier markets companies. He is a Partner of the firm. Prior to joining Harding Loevner, Tunde worked as an equity research analyst and portfolio manager at Asset & Resource Management Company in Nigeria and as a global research analyst intern at American Century Investments. He also previously served as an associate at PricewaterhouseCoopers and a banking officer at Intercontinental Bank in Nigeria. Tunde is a graduate of the University of Lagos with a BS in biochemistry, of Imperial College, University of London with an MSc in food chain management, and of the Wharton School of the University of Pennsylvania with an MBA in finance & management. He is also a CFA® charterholder. Lee Gao   (2023-01-31) Mr. Gao is a portfolio manager within GSAM’s Global Emerging Markets Equity Team. Mr. Gao joined GSAM in April 2019 from GCA Investment Management where he served as a portfolio manager from 2017 to 2019. Prior to joining GCA Investment Management, he was head of research of the Caravel Emerging Markets Sustainability Fund at Caravel Management LLC, a portfolio manager at Visium Asset Management, and a director at Greyson Capital Management. Investment Advisor(s) Harding Loevner LP Issuer Harding Loevner

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