# EDGAR Filing Document

**Accession Number:** 0001018170
**File Stem:** 0001193125-25-144669
**Filing Date:** 2025-6
**Character Count:** 19361
**Document Hash:** afc221f4024b34ed15692c614036e588
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-144669.hdr.sgml**: 20250623

**ACCESSION NUMBER**: 0001193125-25-144669

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250623

**DATE AS OF CHANGE**: 20250623

**EFFECTIVENESS DATE**: 20250623

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HARDING LOEVNER FUNDS INC
- **CENTRAL INDEX KEY:** 0001018170

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-09341
- **FILM NUMBER:** 251065233

**BUSINESS ADDRESS:**
- **STREET 1:** 400 CROSSING BLVD.
- **STREET 2:** FOURTH FLOOR
- **CITY:** BRIDGEWATER
- **STATE:** NJ
- **ZIP:** 08807
- **BUSINESS PHONE:** 8774358105

**MAIL ADDRESS:**
- **STREET 1:** 333 S. WABASH AVENUE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60604

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HLM FUNDS INC/ FA
- **DATE OF NAME CHANGE:** 19960705

## Series and Classes Contracts Data

### Harding Loevner International Small Companies Portfolio (Series ID: S000016295)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000045116 | INSTITUTIONAL         | HLMRX           |
| C000045117 | INVESTOR              | HLMSX           |
| C000240396 | Institutional Class Z | HLRZX           |

**Harding, Loevner Funds, Inc. (the "Fund")** 

**Supplement dated June 23, 2025 to the** 

**Summary Prospectuses (the "Summary Prospectuses"), each dated February 28, 2025, as supplemented, for:** 

**International Small Companies Portfolio (Investor Class, Institutional Class, and Institutional Class Z) and Frontier Emerging Markets Portfolio (Investor Class, Institutional Class, and Institutional Class Z) (collectively, the "Portfolios"); and the** 

**Prospectus for Institutional Investors, Prospectus for Individual Investors, and Prospectus for Institutional Investors – Institutional Class Z, each dated February 28, 2025, as supplemented** 

The Board of Directors of the Fund has approved a reduction in the management fee for the: International Small Companies Portfolio and Frontier Emerging Markets Equity Portfolio. In addition, Harding Loevner LP has contractually agreed to lower the expense cap for the Institutional Class of the International Small Companies Portfolio through February 28, 2027.

The changes to the management fees and expense cap will become effective as of July 1, 2025.

*Accordingly, effective July 1, 2025, the "****Portfolio Summary — Portfolio Fees and Expenses****" sections of the applicable Prospectus of each Portfolio, and the corresponding sections of the Summary Prospectuses, are deleted and replaced as shown below.* 

------

**<u>International Small Companies Portfolio</u>**

**Investor Class** 

**Portfolio Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Investor Class of the Portfolio. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

Shareholder Fees

(Fees Paid Directly from Your Investment)

---

| |
|:---|
| Maximum Sales Charge (Load) Imposed on Purchases (As a Percentage of Offering Price) |
| Redemption Fee (As a Percentage of Amount Redeemed within 90 days or Less from the Date of Purchase) |

---

Annual Portfolio Operating Expenses

(Expenses that You Pay Each Year as a Percentage of the Value of Your Investment)

---

| | |
|:---|:---|
|  Management Fees | 0.85% |
|  Distribution (Rule 12b-1) Fees | 0.25% |
|  Other Expenses | 0.30% |
|  Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% |
| **Total Annual Portfolio Operating Expenses** | **1.41%** |
|  Fee Waiver and/or Expense Reimbursement<sup>2</sup> | -0.10% |
| **Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>2</sup>** | **1.31%** |

---

<sup>1</sup> Acquired fund fees and expenses reflect the Portfolio's pro rata share of the fees and expenses incurred by investing in other investment companies, which may include money market funds.

<sup>2</sup> Harding Loevner LP has contractually agreed to waive a portion of its management fee and/or reimburse the Investor Class of the Portfolio for its other operating expenses to the extent Total Annual Portfolio Operating Expenses (excluding taxes, interest, borrowing costs, overdraft charges, litigation and indemnification, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired fund fees and expenses), as a percentage of average daily net assets, exceed 1.30% through February 28, 2026. This fee waiver and expense reimbursement agreement may be terminated by the Board at any time and will automatically terminate upon the termination of the Portfolio's investment advisory agreement.

Example:

This example is intended to help you compare the cost of investing in the Investor Class of the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Investor Class of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Investor Class's operating expenses remain the same, except that the example assumes the fee waiver and expense reimbursement agreement pertains only through February 28, 2026. The example does not take into account brokerage commissions that you may pay on your purchases and sales of Investor Class shares of the Portfolio. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| 1 Year | 3 Years | 5 Years | 10 Years |
| $133 | $436 | $762 | $1682 |

---

------

**Institutional Class** 

**Portfolio Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Institutional Class of the Portfolio. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

Shareholder Fees

(Fees Paid Directly from Your Investment)

---

| |
|:---|
| Maximum Sales Charge (Load) Imposed on Purchases (As a Percentage of Offering Price) |
| Redemption Fee (As a Percentage of Amount Redeemed within 90 days or Less from the Date of Purchase) |

---

Annual Portfolio Operating Expenses

(Expenses that You Pay Each Year as a Percentage of the Value of Your Investment)

---

| | |
|:---|:---|
|  Management Fees | 0.85% |
|  Distribution (Rule 12b-1) Fees |  |
|  Other Expenses | 0.23% |
|  Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% |
|  **Total Annual Portfolio Operating Expenses<sup>2</sup>** | **1.09%** |

---

<sup>1</sup> Acquired fund fees and expenses reflect the Portfolio's pro rata share of the fees and expenses incurred by investing in other investment companies, which may include money market funds.

<sup>2</sup> Expense information in this table has been restated to reflect current fees. Therefore, the expenses in this table will not correlate to the expenses shown in the Financial Highlights of the Portfolio.

Example:

This example is intended to help you compare the cost of investing in the Institutional Class of the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Institutional Class of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Institutional Class's operating expenses remain the same. The example does not take into account brokerage commissions that you may pay on your purchases and sales of Institutional Class shares of the Portfolio. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| 1 Year | 3 Years | 5 Years | 10 Years |
| $111 | $347 | $601 | $1329 |

---

------

**Institutional Class Z** 

**Portfolio Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of Institutional Class Z shares of the Portfolio. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

Shareholder Fees

(Fees Paid Directly from Your Investment)

---

| |
|:---|
| Maximum Sales Charge (Load) Imposed on Purchases (As a Percentage of Offering Price) |
| Redemption Fee (As a Percentage of Amount Redeemed within 90 days or Less from the Date of Purchase) |

---

Annual Portfolio Operating Expenses

(Expenses that You Pay Each Year as a Percentage of the Value of Your Investment)

---

| | |
|:---|:---|
|  Management Fees | 0.85% |
|  Distribution (Rule 12b-1) Fees |  |
|  Other Expenses | 0.12% |
|  Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% |
|  **Total Annual Portfolio Operating Expenses<sup>2</sup>** | 0.98% |

---

<sup>1</sup> Acquired fund fees and expenses reflect the Portfolio's pro rata share of the fees and expenses incurred by investing in other investment companies, which may include money market funds.

<sup>2</sup> Expense information in this table has been restated to reflect current fees. Therefore, the expenses in this table will not correlate to the expenses shown in the Financial Highlights of the Portfolio.

Example:

This example is intended to help you compare the cost of investing in Institutional Class Z of the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in Institutional Class Z of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that Institutional Class Z's operating expenses remain the same. The example does not take into account brokerage commissions that you may pay on your purchases and sales of Institutional Class Z shares of the Portfolio. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| 1 Year | 3 Years | 5 Years | 10 Years |
| $100 | $312 | $542 | $1201 |

---

------

**<u>Frontier Emerging Markets Portfolio</u>**

**Investor Class** 

**Portfolio Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Investor Class of the Portfolio. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

Shareholder Fees

(Fees Paid Directly from Your Investment)

---

| |
|:---|
| Maximum Sales Charge (Load) Imposed on Purchases (As a Percentage of Offering Price) |
| Redemption Fee (As a Percentage of Amount Redeemed within 90 days or Less from the Date of Purchase) |

---

Annual Portfolio Operating Expenses

(Expenses that You Pay Each Year as a Percentage of the Value of Your Investment)

---

| | |
|:---|:---|
|  Management Fees | 1.10% |
|  Distribution (Rule 12b-1) Fees | 0.25% |
|  Other Expenses | 0.81% |
|  Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% |
|  **Total Annual Portfolio Operating Expenses** | **2.17%** |
|  Fee Waiver and/or Expense Reimbursement<sup>2</sup> | -0.41% |
| **Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>2</sup>** | **1.76%** |

---

<sup>1</sup> Acquired fund fees and expenses reflect the Portfolio's pro rata share of the fees and expenses incurred by investing in other investment companies, which may include money market funds.

<sup>2</sup> Harding Loevner LP has contractually agreed to waive a portion of its management fee and/or reimburse the Portfolio's Investor Class shares for its other operating expenses to the extent Total Annual Portfolio Operating Expenses (excluding taxes, interest, borrowing costs, overdraft charges, litigation and indemnification, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired fund fees and expenses), as a percentage of average daily net assets, exceed 1.75% through February 28, 2026. This fee waiver and expense reimbursement agreement may be terminated by the Board at any time and will automatically terminate upon the termination of the Portfolio's investment advisory agreement.

Example:

This example is intended to help you compare the cost of investing in the Investor Class of the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Investor Class of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Investor Class's operating expenses remain the same, except that the example assumes the fee waiver and expense reimbursement agreement pertains only through February 28, 2026. The example does not take into account brokerage commissions that you may pay on your purchases and sales of Investor Class shares of the Portfolio. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| 1 Year | 3 Years | 5 Years | 10 Years |
| $179 | $640 | $1127 | $2471 |

---

------

**Institutional Class** 

**Portfolio Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Institutional Class of the Portfolio. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

Shareholder Fees

(Fees Paid Directly from Your Investment)

---

| |
|:---|
| Maximum Sales Charge (Load) Imposed on Purchases (As a Percentage of Offering Price) |
| Redemption Fee (As a Percentage of Amount Redeemed within 90 days or Less from the Date of Purchase) |

---

Annual Portfolio Operating Expenses

(Expenses that You Pay Each Year as a Percentage of the Value of Your Investment)

---

| | |
|:---|:---|
|  Management Fees | 1.10% |
|  Distribution (Rule 12b-1) Fees |  |
|  Other Expenses | 0.30% |
|  Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% |
|  **Total Annual Portfolio Operating Expenses<sup>2</sup>** | **1.41%** |

---

<sup>1</sup> Acquired fund fees and expenses reflect the Portfolio's pro rata share of the fees and expenses incurred by investing in other investment companies, which may include money market funds.

<sup>2</sup> Expense information in this table has been restated to reflect current fees. Therefore, the expenses in this table will not correlate to the expenses shown in the Financial Highlights of the Portfolio.

Example:

This example is intended to help you compare the cost of investing in the Institutional Class of the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Institutional Class of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Institutional Class's operating expenses remain the same. The example does not take into account brokerage commissions that you may pay on your purchases and sales of Institutional Class shares of the Portfolio. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| 1 Year | 3 Years | 5 Years | 10 Years |
| $144 | $446 | $771 | $1691 |

---

------

**Institutional Class Z** 

**Portfolio Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Institutional Class Z of the Portfolio. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

Shareholder Fees

(Fees Paid Directly from Your Investment)

---

| |
|:---|
| Maximum Sales Charge (Load) Imposed on Purchases (As a Percentage of Offering Price) |
| Redemption Fee (As a Percentage of Amount Redeemed within 90 days or Less from the Date of Purchase) |

---

Annual Portfolio Operating Expenses

(Expenses that You Pay Each Year as a Percentage of the Value of Your Investment)

---

| | |
|:---|:---|
|  Management Fees | 1.10% |
|  Distribution (Rule 12b-1) Fees |  |
|  Other Expenses | 0.24% |
|  Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% |
|  **Total Annual Portfolio Operating Expenses<sup>2</sup>** | **1.35%** |
|  Fee Waiver and/or Expense Reimbursement<sup>2</sup> | -0.09% |
| **Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>2</sup>** | **1.26%** |

---

<sup>1</sup> Acquired fund fees and expenses reflect the Portfolio's pro rata share of the fees and expenses incurred by investing in other investment companies, which may include money market funds.

<sup>2</sup> Harding Loevner LP has contractually agreed to waive a portion of its management fee and/or reimburse the Portfolio's Institutional Class Z shares for its other operating expenses to the extent Total Annual Portfolio Operating Expenses (excluding taxes, interest, overdraft charges, litigation and indemnification, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired fund fees and expenses), as a percentage of average daily net assets, exceed 1.25% through February 28, 2026. This fee waiver and expense reimbursement agreement may be terminated by the Board at any time and will automatically terminate upon the termination of the Portfolio's investment advisory agreement.

Example:

This example is intended to help you compare the cost of investing in the Institutional Class Z of the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Institutional Class Z of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Institutional Class Z's operating expenses remain the same, except that the example assumes the fee waiver and expense reimbursement agreement pertains only through February 28, 2026. The example does not take into account brokerage commissions that you may pay on your purchases and sales of Institutional Class Z shares of the Portfolio. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| 1 Year | 3 Years | 5 Years | 10 Years |
| $128 | $419 | $731 | $1616 |

---

**Investors Should Retain this Supplement for Future Reference.**