This audio recording should be reviewed in conjunction with the accompanying slide presentation, which contains standardized fund performance, portfolio holdings and other important information. Access “Slides” to view.

This investor update represents the views and opinions of the manager as of 13 Jul 2023, which are based on current market conditions, will fluctuate, and are subject to change without notice. While the information contained herein is believed to be reliable, there is no guarantee to the accuracy or completeness of any statement in the discussion. This material is for informational purposes only and should not be considered as investment advice or a recommendation of any investment service, product or individual security. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

MSCI Emerging Markets Index measures the performance of emerging markets. The MSCI China Index captures large and mid-cap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings (e.g., ADRs). Emerging markets returns and country-specific index returns are in USD unless otherwise stated. All single country returns are net returns based on MSCI country indices. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.

This discussion is not intended to be a recommendation of any individual security. The holdings mentioned comprised the following percentages of the Fund’s total net assets as of 30 Jun 2023: Apollo Hospitals Enterprise Ltd 2.1%, MercadoLibre Inc 6.6%, Sea Ltd 5.8%, Nvidia Corp 6.4%, The Coca-Cola Co 1.1%, Datadog Inc 1.2%, Snowflake Inc 2.2%, The Estee Lauder Cos Inc 3.2%, HDFC Bank Ltd 3.2%, , NU Holdings Ltd 2.0%, Netflix Inc 3.0%, Unity Software Inc 1.7%, Adyen NV 4.6%, Meituan 3.6%, Bilibili Inc 1.5%, KE Holdings Inc 2.9%, Wuxi Biologics Cayman Inc 2.0%, JD Health International Inc 2.0%, Sartorius Stedim Biotech 1.1%, Crowdstrike Holdings Inc 4.6%, Visa Inc 5.0% and LVMH Moet Hennessy Louis Vuitton SE 3.2%. Securities mentioned, but not listed here or in the investor update presentation are not held in the Fund as of the date of this report.

Gross merchandise value (GMV) is the total value of merchandise sold over a given period of time through a customer-to-customer exchange site. ASEAN, which we define as Thailand, Malaysia, Philippines and Indonesia countries. Net interest margin (NIM) measures the difference between interest income earned and paid out by financial institutions. Passport Companies are based in developed markets economically tied to emerging markets. Value Capture which we define as a model for trimming securities that experience market appreciation while retaining a residual position. Flexion which we define as the ability to deemphasize investments while preserving value pathways, to enhance portfolio outcomes.

Past performance does not guarantee future results. Current and future holdings are subject to risk.