Stewart Investors Global Emerging Markets Sustainability Leaders Fund (DST)

Quarterly Investment Report

1 April - 30 June 2021

Q 2

Contents

Portfolio Performance 3 Portfolio Allocation and Stock Holdings 4 Largest Stock Holdings 5 Market Capitalisation Allocation 5 Significant Transactions 6 Contribution Analysis 6 Performance Analysis 7 Sector Performance 7 Full Portfolio Listing 8 Important Information 9

STEWART INVESTORS GLOBAL EMERGING MARKETS SUSTAINABILITY LEADERS FUND (DST) - QUARTERLY 2 INVESTMENT REPORT 30 JUNE 2021 Portfolio Performance 30 June 2021

Fund Details Investment Objective

Fund Managers: Jack Nelson/David Gait The fund's investment objective is to achieve long-term capital growth by investing US$263.3 in large and mid-capitalization equities in emerging economies, including those Fund Size: companies listed on developed market exchanges whose activities predominantly take place in emerging market countries. Number of Holdings: 45

Cumulative Performance to June 30 2021

Since 10 7 5 3 2 1 6 3 % Change: Inception* Years Years Years Years Years Year Months Months

Portfolio Return (Net) 61.9 - - - - - 40.4 5.9 7.1 Benchmark Return ** 67.1 - - - - - 41.4 7.6 5.1

Annualised Performance to 30 June 2021 Since Inception 31 Mar 2020 10 yrs 5 yrs 3 yrs Portfolio Return (Net) 47.1 - - - Benchmark Return 50.8 - - -

* The inception date for performance measurement purposes is 31 March 2020. Returns are cumulative, net of fees and gross of tax, and denominated in USD. ** The benchmark for the Stewart Investors Global Emerging Markets Sustainability Leaders Fund (DST) is the MSCI Emerging Markets Index and is calculated gross of tax. Please note that past performance is not a reliable indicator of future returns.

STEWART INVESTORS GLOBAL EMERGING MARKETS SUSTAINABILITY LEADERS FUND (DST) - QUARTERLY 4 INVESTMENT REPORT 30 JUNE 2021 Portfolio Allocation and Stock Holdings 30 June 2021

Ten Largest Holdings as at June 30 2021 Portfolio Index Stock Name Country Sector Weight* (%) Weight** (%) Taiwan Semiconductor (TSMC) Taiwan Information Technology 5.5 6.1 Tata Consultancy Serv. Ltd India Information Technology 5.2 0.5 Unicharm Corporation Japan Consumer Staples 5.0 0.0 Housing Development Finance Corporation Limited India Financials 4.7 0.7 Marico Limited India Consumer Staples 4.4 0.0 Alibaba Group Holding China Consumer Discretionary 4.2 5.0 Samsung Electronics Co., Ltd. South Korea Information Technology 3.8 4.0 Unilever Plc UK Consumer Staples 3.8 0.0 Hoya Corp. Japan Health Care 3.0 0.0 NAVER Corp. South Korea Communication Services 2.9 0.5 Total 42.4 16.8

Sector Breakdown

40 34.0 35 30 24.6 25 20.4 20 17.8 17.6 15 Weight (%) 11.6 11.3 9.2 8.4 9.0 10 6.6 5.6 4.9 5.0 4.9 5.1 5 3.1 0.9 0.0 0.0 0 Information Consumer Financials Consumer Communication Health Care Industrials Materials Other Cash and Cash Technology Staples Discretionary Services Equivalents SI Global Emerging Markets Sustainability Leaders Fund (DST) MSCI Emerging Markets Index

Country Breakdown

40 37.6 35 29.1 30 25

20 16.7 15.0 13.8 13.2 15 Weight (%) 9.9 9.4 8.0 7.7 10 6.7 6.3 5.2 5.1 4.7 3.7 3.5 5 2.2 2.0 0.0 0.0 0.0 0.0 0.0 0 India China Taiwan Japan UK South Brazil Hong Kong USA South Other Cash and Korea Africa Cash Equivalents SI Global Emerging Markets Sustainability Leaders Fund (DST) MSCI Emerging Markets Index

* Portfolio weights are calculated on the entire portfolio, including cash holdings. ** Index weights are for the MSCI Emerging Markets Index. Data source: This information is calculated by Stewart Investors using Eagle Pace Performance system. Index information provided by FactSet. The sector and country allocations presented on this page include the cash element of the portfolio. Active weights are expressed relative to the MSCI Emerging Markets Index.

STEWART INVESTORS GLOBAL EMERGING MARKETS SUSTAINABILITY LEADERS FUND (DST) - QUARTERLY 4 INVESTMENT REPORT 30 JUNE 2021 Market Capitalisation Allocation 30 June 2021

Market Capitalisation Allocation (% in USD)

100

81.3 80 71.0

60 % 40

20 14.8 12.4 7.7 5.8 0.0 0.0 0.0 0.0 1.3 0.5 0 0 to 500m 500m to 1bn 1bn to 2.5bn 2.5bn to 5bn 5bn to 10bn 10bn+

Portfolio Weight Index Weight

Additional Information as at 30 June 2021

Measure Value Description Turnover (1yr) 30.0% Turnover is a measure to capture the trading activity within the portfolio over the period and represents the percentage of the portfolio's market value that is traded over the period. Number of Holdings 45 Total number of securities held at period-end by the portfolio. Active Share 78.9% Active share is a measure of the percentage of the holdings of a portfolio that differ from the holdings of its associated benchmark.

Significant Transactions - 3 months to June 30 2021

Significant New Additions - 3 Months† Stock Name Country Sector Infosys Limited India Information Technology

Significant Complete Disposals - 3 Months No significant disposals were made in this period

Data source: For illustration purposes only. Portfolio weights may not add up to 100% as cash holdings are excluded and full coverage of stocks is not always available. This information is calculated by Stewart Investors. †New investments show positions with a portfolio weight over 1.0%. All complete disposals are shown.

STEWART INVESTORS GLOBAL EMERGING MARKETS SUSTAINABILITY LEADERS FUND (DST) - QUARTERLY 5 INVESTMENT REPORT 30 JUNE 2021 Contribution Analysis 30 June 2021

Contribution Analysis - 3 months to June 30 2021

Top Contributing Stocks: In absolute terms, the fund benefited from holding the following stocks. Stock Name Country Sector Portfolio Weight (%) Contribution bps Silergy Corp China Information Technology 2.5 110 Marico Limited India Consumer Staples 4.4 109 Totvs S.A. Brazil Information Technology 2.2 93 EPAM Systems, Inc. United States Information Technology 2.1 66 Hangzhou Robam App 'A' CNY1 China Consumer Discretionary 1.8 47 Natura & Co Hdls SA COM NPV Brazil Consumer Staples 1.6 42 Hoya Corp. Japan Health Care 3.0 37 Unilever Plc United Kingdom Consumer Staples 3.8 36 Shenzhen Inovance Technology Co Ltd A China Industrials 1.3 33 NAVER Corp. South Korea Communication Services 2.9 30

Bottom Contributing Stocks: In absolute terms, the fund would have been better off not holding the following stocks. Stock name Country Sector Portfolio Weight (%) Contribution bps Kasikornbank Public Co. Ltd. Thailand Financials 0.7 -19 Network International Holdings Plc United Kingdom Information Technology 1.4 -19 Unicharm Corporation Japan Consumer Staples 5.0 -17 Tencent Holdings Ltd. China Communication Services 2.5 -13 Vitasoy International Holdings Hong Kong Consumer Staples 2.7 -10 Housing Development Finance Corporation Limited India Financials 4.7 -10 Kotak Mahindra Bank Limited India Financials 1.9 -9 Mahindra & Mahindra Ltd. India Consumer Discretionary 1.5 -6 HDFC Bank INR1 India Financials 1.8 -3 PT Bank Central Asia Tbk Indonesia Financials 1.3 -2

Portfolio Risk Analysis - 3 Years Annualised to 30 June 2021 Risk Measure Value Risk Description Beta 0.7 Beta is a measure of volatility relative to the market. A beta of 1 would indicate that the portfolio tended to move in line with the market; a beta greater than 1 would indicate that the portfolio has been more volatile than the market; whereas a beta less than 1 would indicate that the portfolio has been less volatile than the market.

Information Ratio -0.3 Information ratio is a risk-adjusted return of the portfolio versus the benchmark by measuring the portfolio's active return relative to the level of risk taken. The higher the portfolio's information ratio, the more active return it generates for each unit of tracking error.

Portfolio Standard Deviation 14.1% Standard deviation is often used by investors to measure the risk of a portfolio as it measures the degree of fluctuation in the portfolio's return over the period. The higher the portfolio's standard deviation, the more those returns have varied from the portfolio's average return over the period, the more volatile (i.e. riskier) the portfolio.

Benchmark Standard 18.5% Standard deviation is often used by investors to measure the risk of a benchmark as it measures the degree of Deviation fluctuation in the benchmark's return over the period. The higher the benchmark's standard deviation, the more those returns have varied from the benchmark's average return over the period, the more volatile (i.e. riskier) the benchmark.

Tracking Error 9.8% Tracking error measures how far the portfolio's performance differs from its benchmark. The lower the tracking error, the more closely the portfolio tracks the benchmark.

Data source: This information is calculated by Stewart Investors using Eagle Pace Performance system. Statistics have been calculated on an annualised three year basis. The benchmark used in calculations is the MSCI Emerging Markets Index.

Data source: This information is calculated by Stewart Investors using Eagle Pace Performance system. Index information provided by FactSet. * Value added refers to the contribution to the portfolio's gross of fees and tax return as calculated by Stewart Investors.

STEWART INVESTORS GLOBAL EMERGING MARKETS SUSTAINABILITY LEADERS FUND (DST) - QUARTERLY 6 INVESTMENT REPORT 30 JUNE 2021 Performance Analysis 30 June 2021

Sector Performance - 3 months to June 30 2021 Sector Contribution to Absolute Performance (bps) Contribution to Relative Performance (bps) Communication Services 32 28 Consumer Discretionary 53 21 Consumer Staples 222 122 Energy 0 -40 Financials -23 -84 Health Care 61 -1 Industrials 40 -10 Information Technology 365 232 Materials 14 -27 Real Estate 0 22 Utilities 0 4 Cash and Cash Equivalents -4 -20

Country Performance - 3 months to June 30 2021 Country Contribution to Absolute Performance (bps) Contribution to Relative Performance (bps) Argentina 0 0 Brazil 175 66 Chile 0 10 China 209 213 Colombia 0 1 Czech Republic 0 -1 Egypt 0 1 Greece 0 0 Hong Kong -7 -27 Hungary 0 -2 India 201 55 Indonesia -2 3 Japan 21 -7 Kuwait 0 -3 Malaysia 0 9 Mexico 0 -10 Pakistan 0 0 Peru 0 3 Philippines 0 -2 Poland 0 -10 Qatar 0 1 Russia 0 -33 Saudi Arabia 0 -17 South Africa 11 23 South Korea 30 -10 Taiwan 27 -52 Thailand -19 -7 Turkey 0 1 United Arab Emirates 0 -4 United Kingdom 42 4 United States 78 63 Cash and Cash Equivalents -4 -20

Data source: This information is calculated by Stewart Investors using Eagle Pace Performance system. Index information provided by FactSet. Sector contributions to absolute and relative performance are calculated on a gross of fees and tax basis. Country contributions to absolute and relative performance are calculated on a gross of fees and tax basis.

Definitions: "Absolute performance" means the change in the fund's value over the period. "Relative performance" means the difference between the change in fund value and the change in index value over the period.

STEWART INVESTORS GLOBAL EMERGING MARKETS SUSTAINABILITY LEADERS FUND (DST) - QUARTERLY 7 INVESTMENT REPORT 30 JUNE 2021 Full Portfolio Listing 30 June 2021

Full Portfolio Listing as at June 30 2021

Brazil South Korea Totvs S.A. Samsung Electronics Co., Ltd. Raia Drogasil S.A. NAVER Corp. Natura & Co Hdls SA COM NPV Banco Bradesco S.A. Taiwan Taiwan Semiconductor Manufacturing Co. Ltd. China Advantech Alibaba Group Holding MediaTek Inc Tencent Holdings Ltd. Silergy Corp Thailand Hangzhou Robam App 'A' CNY1 Kasikornbank Public Co. Ltd.(Alien Mkt) Shenzhen Inovance Technology Co Ltd Hualan Biological 'A'CNY1 United Kingdom Guangzhou Kingmed Diagnostics Group Co Unilever Plc Amoy Diagnostics Co Ltd A Cny1 Avast Plc Glodon Company Limited Class A Network International Holdings Plc Estun Automation A Cny1

United States Hong Kong EPAM Systems, Inc. Vitasoy International Holdings UNITED STATES TREAS BILLS DT 061721-121621 Techtronic Industries Co., Ltd. MercadoLibre, Inc. Hong Kong Exchanges & Clearing Ltd.

India Tata Consultancy Services Limited Housing Development Finance Corporation Limited Marico Limited Tech Mahindra Limited Kotak Mahindra Bank Limited Dabur India Limited HDFC Bank INR1 Mahindra & Mahindra Ltd. Infosys Limited Godrej Consumer Products Limited Info Edge Pidilite Industries Limited

Indonesia PT Bank Central Asia Tbk

Japan Unicharm Corporation Hoya Corp.

South Africa Spar Group Limited Clicks Group Limited

STEWART INVESTORS GLOBAL EMERGING MARKETS SUSTAINABILITY LEADERS FUND (DST) - QUARTERLY 8 INVESTMENT REPORT 30 JUNE 2021 Important Information 30 June 2021

Important information This material is solely for the attention of institutional, professional, qualified or sophisticated investors and distributors who qualify as qualified purchasers under the Investment Company Act of 1940, as accredited investors under Rule 501 of SEC Regulation D under the US Securities Act of 1933. It is not to be distributed to the general public, private customers or retail investors in any jurisdiction whatsoever.

Stewart Investors Worldwide Sustainability Fund (DST), Stewart Investors Global Emerging Markets Sustainability Leaders Fund (DST), and Stewart Investors Worldwide Leaders Fund (DST) are a series of Stewart Investors Delaware Statutory Trust, a Delaware statutory trust (each a "Fund" and together the "Funds"). The information included within this document and any supplemental documentation is for informational and illustrative purposes, is furnished on a confidential basis, is intended only for the use of the authorized recipient, and should not be copied, reproduced or redistributed without the prior written consent of Stewart Investors or any of its affiliates. This material is not an offer to buy or sell, nor a solicitation of an offer to buy or sell any security or other financial instrument. Investors should read the report in its entirety. Nothing contained herein should be construed as a recommendation to buy or sell any security or economic sector. The Fund is speculative and involves a high degree of risk. The Fund may be leveraged. An investor could lose some or all of his or her investment. The portfolio manager has total trading authority over the Fund. The use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequentially, higher risk. There is no secondary market for investments in the Fund and none are expected to develop. There may be restrictions on transferring the interest in the Funds. The Fund's performance may be volatile. A substantial portion of the trades executed for the Fund takes place on foreign exchanges. The Fund's high fees and expenses may offset the Fund's trading profits. Changes in economic conditions, including, for example, interest rates, employment conditions, competition, technological developments, political and diplomatic events and trends, and changes in tax laws and regulations can affect substantially and adversely the business prospects of the Fund's investments. Construction risk is the risk that an investment, an element of which is under construction, may not be completed within expected cost, within the agreed time frame or to the agreed specification, in each case leading to a lower return on the Fund's investment than expected. Any offer or solicitation of an investment in a Fund managed by Stewart Investors may be made only by delivery of the Fund's confidential offering documents (each, a "Memorandum") to qualified investors. An investment in a Fund is not suitable for all investors. Before making any investment in a Fund, you should thoroughly review the Memorandum with your legal, financial and tax advisors to determine whether an investment in the Fund is suitable for you. Securities offered through Compass Distributors, LLC which is not affiliated with First Sentier Investors (US) LLC or its affiliates.

PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS. This report has been prepared from data believed to be reliable but no representation is made as to accuracy or completeness. Apart from Stewart Investors, neither MUFG nor any of its subsidiaries are responsible for any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any Fund or the repayment of capital by any Fund. Investments in a Fund are not deposits or other liabilities of MUFG or its subsidiaries, and the Fund is subject to investment risk, including loss of income and capital invested. The Funds managed by Stewart Investors are private funds and are NOT be subject to the same regulatory requirements as mutual funds. There are restrictions on transferring Fund investments and there is no secondary market nor is one expected to develop for investments in the Funds managed by Stewart Investors. The Funds have high fees and expenses that would reduce returns and other specific risks as to a particular Fund's investments and strategies.

The copyright of this presentation and any documents supplied with it and the information therein is vested in Stewart Investors. For more information please visit www.stewartinvestors.com. Telephone calls with Stewart Investors may be recorded.

STEWART INVESTORS GLOBAL EMERGING MARKETS SUSTAINABILITY LEADERS FUND (DST) - QUARTERLY 9 INVESTMENT REPORT 30 JUNE 2021