|PO Box 9130 , Boston, MA 02117|
|Fund Manager||Pradipta Chakrabortty|
|Manager Tenure||10 Years 8 Months|
The Frontier Emerging Markets Portfolio ( the Portfolio ) seeks long-term capital appreciation through investments in equity securities of companies based in frontier and smaller emerging markets. The Portfolio invests primarily in companies that are based in frontier emerging markets, including the smaller traditionally-recognized emerging markets. Frontier emerging markets, with the exception of the oil-producing Gulf States and certain of the smaller traditionally-recognized emerging markets, tend to have relatively low gross national product per capital compared to the larger traditionally-recognized emerging markets and the worlds major developed economies. The frontier emerging markets include the least developed markets even by emerging markets standards. Frontier emerging markets offer investment opportunities that arise from long-term trends in demographics, deregulation, offshore outsourcing, and improving corporate governance in developing countries. Harding Livener LP ( Harding Livener ), the Portfolios investment adviser, undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing, and strongly competitive, and whose shares are reasonably priced relative to estimates of their value. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry, and currency. The Portfolio normally holds investments across at least 15 countries. As used herein, frontier emerging markets include countries that are represented in the MSCI Frontier Markets Index or the S&P Frontier Markets BMI, or similar market indices, and the smaller of the traditionally-recognized emerging markets, such as those individually constituting less than 5% of the MSCI Emerging Markets Index or the S&P Emerging Markets BMI. Factors bearing on whether a company is considered to be based in a frontier emerging market may include: (1) it is legally domiciled in a frontier emerging market;(2) it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, in frontier emerging markets; or (3) it has the principal exchange listing for its securities in a frontier emerging market. Frontier emerging markets generally include all countries except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Table of Contents15Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States and the larger traditionally-recognized emerging markets of Taiwan, South Korea, Mexico, South Africa, Brazil, India, China, and Russia. At least 65% of the Portfolios total assets will be denominated in at least three currencies other than the U.S. dollar. For purposes of compliance with this restriction, American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts (collectively, Depositary Receipts will be considered to be denominated in the currency of the country where the securities underlying the Depositary Receipts are principally traded.
|Asset Type||% Of Allocation|
|Total Net Assets||9.41 M|
|Criteria||3 Years||5 Years||10 Years|
|Minimum Initial IRA||$0|
|Timeframe||Average Annual Current Performance Monthly As Of 08/31/2021||Average Annual Current Performance Quarterly As Of 06/30/2021||Avg Annual Current Performance Monthly As Of 08/31/2021||Avg Annual Current Performance Quarterly As Of 06/30/2021|
|Life Of Fund||
|Symbol||Company Name||% Of Assets|
|HPG||HOA PHAT GROUP JSC||4.86%|
|EPAM||EPAM SYSTEMS INC||4.69%|
|CMGJY||COMMERCIAL INTERNATIONAL BANK||4.03%|
|047611||SM PRIME HOLDINGS INC||3.85%|
|VNM||VIETNAM DAIRY PRODUCTS COMPAN||3.49%|
|URC.PS||UNIVERSAL ROBINA CORP||3.25%|
|HSBK||HALYK SAVINGS BANK GDR||3.04%|
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