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 managers as of 13 Oct 2022, 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.

Consumer Price Index (CPI) measures the average change in prices over time that consumers pay for a basket of goods and services. MSCI Emerging Markets Currency Index tracks the performance of 25 emerging market currencies relative to the US dollar. 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 Sep 2022: Align 2.4%, Sartorius 0.9%, Meituan 5.0%, KE Holdings 2.0%, JD Health International Inc 2.3%, Crowdstrike Holdings Inc 5.2%, Visa Inc 4.9%, 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.

Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Price-to-earnings (P/E) ratio (sometimes called the price multiple) is the ratio for valuing a company that measures its current share price relative to its earnings per share (EPS).

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