NS Partners International Equity Focus Fund

Quarterly Portfolio Disclosures

As of September 30, 2025

Summary of
Investment Portfolio

% of Net
Asset Value
Energy
2.00
Materials
5.59
Industrials
21.57
Consumer Discretionary
8.65
Consumer Staples
5.77
Health Care
9.25
Financials
23.07
Information Technology
10.86
Communication Services
6.91
Utilities
2.32
Real Estate
1.86
Cash
2.15
Bonds
0.00

Top 25 Holdings

% of Net
Asset Value
SAP SE
3.28
Kbc Groep Nv
3.11
Astrazeneca PLC
3.01
Mitsubishi UFJ Financial Group
2.93
Caixabank S.A
2.64
Zurich Insurance Corp.
2.57
Lonza Group Ag-Reg
2.54
Rio Tinto Ltd.
2.47
Hannover Rueckversicheru-Reg
2.43
Siemens AG
2.36
SSE PLC
2.32
Schneider Electric Sa
2.23
Danone
2.11
Sony Group Corp
2.02
Shell PLC
2.00
AXA
1.98
Relx Plc
1.92
KPN NV
1.89
AIA Group Ltd
1.89
Thales SA
1.88
Safran Sa
1.88
Goodman Group
1.86
Natwest Group PLC
1.79
Universal Music Group Bv
1.76
Keyence Corp
1.72

For further information, please contact Connor, Clark & Lunn Funds Inc. Toll Free at 1-888-824-3120.

The Summary of Investment Portfolio may change due to ongoing portfolio transactions of the Fund. Updates are available quarterly. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

CC&L Funds Inc.
January 2nd, 2025