HARDING, LOEVNER FUNDS, INC.
SUPPLEMENT DATED SEPTEMBER 21, 1999
to the Prospectus dated February 1, 1999
This Supplement incorporates and replaces the Supplement dated July 1, 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 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.
3. 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.
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4. 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.
5. 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.
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