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 12 Jan 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). MSCI EAFE Index measures the performance of developed markets, excluding the US and Canada. 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. Consumer Price Index (CPI) measures the average change in prices over time that consumers pay for a basket of goods and services. S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market. NASDAQ Composite® Index measures all Nasdaq® domestic and international based common type stocks listed on The Nasdaq Stock Market® (Nasdaq). This index is ordinarily calculated without regard to cash dividends of the index securities. Oversight responsibility for the Index, including methodology, is handled by NASDAQ OMX.

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 31 Dec 2022: Nvidia Corp 6.0%, JD Health International Inc 2.1%, ASML Holding NV 3.0%, Bilibili Inc 2.5%, Visa Inc 4.9%, Crowdstrike Holdings Inc 4.9%, Airbnb Inc 6.5%, Sea Ltd 5.8%, Snowflake Inc 2.4%, MercadoLibre Inc 6.0%, Adyen NV 4.7%, KE Holdings Inc 2.6%, Meituan 4.7%, LVMH Moet Hennessy Louis Vuitton SE 3.1%, The Estee Lauder Cos Inc 2.4%, Hermes International 1.1%, Kweichow Moutai Co Ltd 3.1%, Shenzhen Mindray Bio-Medical Electronics Co Ltd 2.4%, HDFC Bank Ltd 3.1%, Sartorius Stedim Biotech 1.1%, Align Technology Inc 2.0%, NU Holdings Ltd 2.8%, Grab Holdings Ltd 1.1%. As of 3 Mar 2022, Russian holdings are valued at zero. 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.

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). Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Take Rate is the fee charged by a marketplace on a transaction performed by a third-party seller or service provider. Terminal Rate is the annual rate at which a company’s earnings are expected to grow. Passporters are companies that develop innovative capabilities abroad, which can then be passported into emerging markets. Transcenders are domestically oriented businesses with the scalability to transcend economic and political constraints.

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