HARDING, LOEVNER FUNDS, INC.
SUPPLEMENT DATED OCTOBER 6, 1999
to the Prospectus dated February 1, 1999
This Supplement incorporates and replaces the Supplements dated July 1, 1999
and September 21, 1999.
THE PROSPECTUS IS CHANGED AS FOLLOWS:
1. The paragraph under the heading "Administrator" on page 3 of the Prospectus
is deleted and replaced with the following:
Investors Bank & Trust Company ("Investors Bank") serves as
administrator to the Fund, supervising the general day-to-day
business activities and operations of the Fund other than investment
advisory activities. For more information, refer to "Management of
the Fund - Administrator."
2. The following is inserted on page 16 of the Prospectus as the final
paragraph under the heading "Purchases":
The Fund reserves the right in its sole discretion (i) to suspend or
modify the offering of a Portfolio's shares, (ii) to reject purchase
orders, and (iii) to modify or eliminate the minimum initial
investment in Portfolio shares. Purchase orders may be refused if,
for example, they are of a size that could disrupt management of a
Portfolio.
3. The first paragraph under the heading "Portfolio Managers" on page 18 of the
Prospectus dated February 1, 1999, is deleted and replaced with the
following:
Daniel D. Harding, CFA, (responsible for global equity portfolio
management and for multi-asset global portfolio management),
co-founder of HLM and a director of its general partner, is the
firm's chief investment officer, with overall responsibility for
investment policy. Dan served for twelve years as a senior investment
manager with Rockefeller & Co., investment adviser to the Rockefeller
family and related institutions. As manager of the family's flagship
equity, fixed income and balanced fund portfolios, he set investment
strategy and provided investment counseling to family members, trusts
and private businesses. In this capacity he also spearheaded the
diversification of the firm's investments into overseas markets. Dan
began his career as a trust investment officer at American National
Bank & Trust in Morristown, NJ. He is an honors graduate in History
and International Relations from Colgate University (1974), a
Chartered Financial Analyst, and a Chartered Investment Counselor.
Dan is a trustee and treasurer of the Peck School.
4. The following paragraph under the heading "Portfolio Managers," appearing on
page 19 of the Prospectus dated February 1, 1999, is deleted in its entirety:
Ferrill D. Roll, CFA, (responsible for multi-asset global portfolio
management), a principal of the firm, is a portfolio manager and a
member of the investment committee. Ferrill has fifteen years'
experience across a wide range of international markets. For the four
years prior to joining HLM in 1996, he was general partner of Cesar
Montemayor Capital, L.P., a global investment partnership investing
in fixed income, currency, and equity markets. Six years before that,
he worked in international equity sales, first at First Boston
(1985-1989) and later at Baring Securities (1989-1992), focusing
primarily on European markets. During 1990, he acted as head of
Baring's German equity research, in Frankfurt. From 1980-1984,
Ferrill worked at JP Morgan, where he advised corporate clients on
foreign exchange markets and set up the currency options trading
department. He graduated from Stanford University in 1980 with a
degree in Economics.
5. The three paragraphs under the heading "Administrator" on page 20 of the
Prospectus are deleted and replaced with the following:
Pursuant to an Administration Agreement between the Fund and
Investors Bank, dated as of June 10, 1999, Investors Bank serves as
Administrator to the Fund. The services provided by Investors Bank
include certain accounting, clerical and bookkeeping services, Blue
Sky, corporate secretarial services and assistance in the preparation
and filing of tax returns and reports to shareholders and the
Securities and Exchange Commission. The Fund pays Investors Bank a
monthly fee at an annual rate of 0.09% on the first $500 million of
the average daily net assets of the Fund, 0.06% on the next $500
million of the average daily net assets of the Fund, and 0.04% on the
average daily net assets in excess of $1 billion. Each Portfolio pays
a proportionate share of the fee based on its relative net assets.
Investors Bank was organized in 1969 as a Massachusetts chartered
trust company and provides domestic and global custody,
multi-currency accounting, institutional transfer agency, performance
measurement, foreign exchange, securities lending and mutual fund
administration services to a variety of financial asset managers,
including mutual fund complexes, investment advisers, banks and
insurance companies. Investors Bank is a wholly-owned subsidiary of
Investors Financial Services Corp., a publicly-held corporation and
holding company registered under the Bank Holding Company Act of
1956. The business address of Investors Bank is 200 Clarendon Street,
Boston, Massachusetts 02116.
6. The paragraph under the heading "Shareholder Inquiries" on page 23 of the
Prospectus is deleted and replaced with the following:
Inquiries concerning the Fund may be made by writing to Harding,
Loevner Funds, Inc., 200 Clarendon Street, Boston, Massachusetts
02116 or by calling the Fund (toll-free) at 1-877-435-8105.
