GQG PARTNERS EMERGING MARKETS EQUITY FUND Institutional Shares (GQGIX)

Under typical conditions, this fund dedicates a minimum of 80% of its total investment capital – encompassing both its net assets and any borrowed funds used for investment – to the stock of businesses located in developing economies. While its equity holdings are primarily composed of common shares traded on public exchanges, for the purpose of fulfilling this 80% investment mandate, the definition of equity securities also extends to include depositary receipts and participatory notes (P-Notes). This fund is categorized as non-diversified.