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 visiting gqg.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 visiting gqg.com.

Understanding Investment Risk

Investing involves risks, including loss of principal.

SEI Investment Distribution Co. (SIDCO) is the distributor for GQG Partners Global Quality Equity Fund, GQG Partners Emerging Markets Equity Fund, GQG Partners US Select Quality Equity Fund, GQG Partners Global Quality Value Fund, GQG Partners International Quality Value Fund, and GQG Partners US Quality Value Fund. SIDCO is not affiliated with GQG Partners. Check the background of SIDCo on FINRA’s BrokerCheck.

*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 GQG Partners Global Quality Equity Fund was rated against the following numbers of US Fund Global Large-Stock Growth funds over the following time periods, and received the following Morningstar Rating(s): For the three-year period, the fund was rated against 327 funds and received a Morningstar Rating of 5 stars. The GQG Partners Emerging Markets Equity Fund was rated against the following numbers of US Fund Diversified Emerging Mkts funds over the following time periods, and received the following Morningstar Rating(s): For the three-year period, the fund was rated against 705 funds and received a Morningstar Rating of 4 stars. For the five-year period, the fund was rated against 631 funds and received a Morningstar Rating of 5 stars. The GQG Partners US Select Quality Equity Fund was rated against the following numbers of US Fund Large Blend funds over the following time periods, and received the following Morningstar Rating(s): For the three-year period, the fund was rated against 1276 funds and received a Morningstar Rating of 5 stars. For the five-year period, the fund was rated against 1174 funds and received a Morningstar Rating of 5 stars. The GQG Partners Global Quality Value Fund was rated against the following numbers of US Fund Global Large-Stock Value funds over the following time periods, and received the following Morningstar Rating(s): For the three-year period, the fund was rated against 148 funds and received a Morningstar Rating of 4 stars. The GQG Partners International Quality Value Fund was rated against the following numbers of US Fund Foreign Large Value funds over the following time periods, and received the following Morningstar Rating(s): For the three-year period, the fund was rated against 341 funds and received a Morningstar Rating of 4 stars. The GQG Partners US Quality Value Fund was rated against the following numbers of US Fund Large Value funds over the following time periods, and received the following Morningstar Rating(s): For the three-year period, the fund was rated against 1093 funds and received a Morningstar Rating of 4 stars. The GQG Partners Global Quality Equity Fund was rated against the following numbers of US Fund Global Large-Stock Growth funds over the following time periods, and received the following Morningstar Rating(s): For the three-year period, the fund was rated against 322 funds and received a Morningstar Rating of 5 stars. For the five-year period, the fund was rated against 276 funds and received a Morningstar Rating of 5 stars. The GQG Partners Emerging Markets Equity Fund was rated against the following numbers of US Fund Diversified Emerging Mkts funds over the following time periods, and received the following Morningstar Rating(s): For the three-year period, the fund was rated against 705 funds and received a Morningstar Rating of 4 stars. For the five-year period, the fund was rated against 631 funds and received a Morningstar Rating of 5 stars. The GQG Partners US Select Quality Equity Fund was rated against the following numbers of US Fund Large Blend funds over the following time periods, and received the following Morningstar Rating(s): For the three-year period, the fund was rated against 1276 funds and received a Morningstar Rating of 5 stars. For the five-year period, the fund was rated against 1174 funds and received a Morningstar Rating of 5 stars. The GQG Partners Global Quality Equity Fund was rated against the following numbers of US Fund Global Large-Stock Growth funds over the following time periods, and received the following Morningstar Rating(s): For the three-year period, the fund was rated against 322 funds and received a Morningstar Rating of 5 stars. For the five-year period, the fund was rated against 276 funds and received a Morningstar Rating of 5 stars. The GQG Partners Emerging Markets Equity Fund was rated against the following numbers of US Fund Diversified Emerging Mkts funds over the following time periods, and received the following Morningstar Rating(s): For the three-year period, the fund was rated against 705 funds and received a Morningstar Rating of 4 stars. For the five-year period, the fund was rated against 631 funds and received a Morningstar Rating of 5 stars. The GQG Partners US Select Quality Equity Fund was rated against the following numbers of US Fund Large Blend funds over the following time periods, and received the following Morningstar Rating(s): For the three-year period, the fund was rated against 1276 funds and received a Morningstar Rating of 5 stars. For the five-year period, the fund was rated against 1174 funds and received a Morningstar Rating of 5 stars. The GQG Partners Global Quality Value Fund was rated against the following numbers of US Fund Global Large-Stock Value funds over the following time periods, and received the following Morningstar Rating(s): For the three-year period, the fund was rated against 148 funds and received a Morningstar Rating of 4 stars. The GQG Partners International Quality Value Fund was rated against the following numbers of US Fund Foreign Large Value funds over the following time periods, and received the following Morningstar Rating(s): For the three-year period, the fund was rated against 341 funds and received a Morningstar Rating of 4 stars. The GQG Partners US Quality Value Fund was rated against the following numbers of US Fund Large Value funds over the following time periods, and received the following Morningstar Rating(s): For the three-year period, the fund was rated against 1093 funds and received a Morningstar Rating of 4 stars.

**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/.

The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

© 2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Any reference to or description of a security is for illustrative purposes only unless explicitly stated otherwise.

This web page is for the use of US investors only.