Overview

Investment Objective
The Global Equity Portfolio (the "Portfolio") seeks long-term capital appreciation through investments in equity securities of companies based both inside and outside the United States.

Principal Investment Strategy
The Portfolio invests in equity securities of companies based in the U.S. and other developed markets, as well as emerging markets. Harding Loevner undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing and strongly competitive, and whose shares are under-priced relative to their intrinsic value. The Portfolio invests in the common stocks of companies that are based in at least three countries (one of which may be the United States). It normally holds 35-75 investments across 15-25 countries. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry, currency and market capitalization.

The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Emerging market securities involve unique risks, such as exposure to economies less diverse and mature than that of the U.S. or more established foreign markets.