Emerging Markets Equity Fund (2024)

You should carefully consider the investment objective, risks, charges, and expenses of the Fund before investing. The Fund’s prospectus and summary prospectus contain this and other important information about the Fund, which can be obtained by dialing +1 (866) 362-8333 or visitinggqgpartners.com. Please read the prospectus carefully before investing. The Fund’s Statement of Additional Information can also be obtained by dialing +1 (866) 362 8333 or visitinggqgpartners.com.

Understanding Investment Risk

Investing involves risks, including loss of principal. There is no guarantee the Fund will achieve its stated objective. International investments may involve the risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, or social, economic, or political instability in other nations. Emerging markets involve heightened risks related to the same factors, as well as increased volatility and lower trading volume. The Fund is non-diversified. In addition to the normal risks associated with investing, investments in small-and mid-size companies may be more volatile and less liquid than those of large companies. Investments in commodities are subject to higher volatility than more traditional investments. Trading in China through Stock Connect is subject to a number of restrictions that may affect the Fund’s investments and returns, including a daily quota that limits the maximum net purchase under the Stock Connect each day.

SEI Investment Distribution Co. (SIDCO) is the distributor for GQG Partners Emerging Markets Equity Fund. SIDCO is not affiliated with GQG Partners. Check the background of SIDCo onFINRA’s BrokerCheck.

Benchmark returns have been obtained from a non-affiliated third party MSCI Inc. source. Neither MSCI Inc. nor any other party involved in or related to compiling,computing, or creating the MSCI Inc. data make any express warranties orrepresentations with respect to data accuracy and completeness.

TheMSCI EM Index Netis a free float-adjusted market cap index consisting of emerging market companies. The index is net of foreign withholding taxes and dividends, is unmanaged, and does not include the effect of fees. It’s not possible to invest directly in an index. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to nonresident institutional investors who do not benefit from double taxation treaties. Information about benchmark indices is provided to allow you to compare it to the performance of GQG strategies. Investors often use these well-known and widely recognized indices as one way to gauge the investment performance of an investment manager’s strategy compared to investment sectors that correspond to the strategy. However, GQG’s investment strategies are actively managed and not intended to replicate the performance of the indices: the performance and volatility of GQG’s investment strategies may differ materially from the performance and volatility of their benchmark indices, and their holdings will differ significantly from the securities that comprise the indices. You cannot invest directly in indices, which do not take into account trading commissions and costs.

^*The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10- year (if applicable) Morningstar Rating metrics. The weights are: 100% 3- year rating for 36-59 months of total returns, 60% 5-year rating/40% 3-year rating for 60-119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3- year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods.

**The Morningstar Medalist Rating™is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.

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