NS Partners International Equity Focus Fund

Quarterly Portfolio Disclosures

As of March 31, 2025

Summary of
Investment Portfolio

% of Net
Asset Value
Energy
2.25
Materials
5.06
Industrials
19.33
Consumer Discretionary
8.75
Consumer Staples
5.69
Health Care
11.77
Financials
22.15
Information Technology
14.34
Communication Services
4.50
Utilities
1.73
Real Estate
1.87
Cash
2.56

Top 25 Holdings

% of Net
Asset Value
SAP SE
3.83
Schneider Electric Sa
2.83
Mitsubishi UFJ Financial Group
2.77
Astrazeneca PLC
2.68
Kbc Groep Nv
2.58
Sony Group Corp
2.55
Hannover Rueckversicheru-Reg
2.52
Lonza Group Ag-Reg
2.43
Keyence Corp
2.32
ASML Holding NV
2.25
Shell PLC
2.25
Siemens AG
2.16
Wolters Kluwer - CVA
2.14
Novo Nordisk A/S-B
2.13
Macquarie Group Ltd
2.09
Natwest Group PLC
2.08
Zurich Insurance Corp.
2.02
Caixabank S.A
1.94
Goodman Group
1.87
Experian PLC
1.83
Universal Music Group Bv
1.79
Hoya Corp
1.75
Terumo Corp
1.73
SSE PLC
1.73
Amadeus It Group Sa-A Shs
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.