Dear Partner,

Fall has arrived! Fall is my favorite season in Western New York, with its football, cider, pumpkins, and corn mazes. I trust you and your family are enjoying the fall and the great colors the season brings.

The fund has underperformed the international benchmark (MSCI ACWI ex-US) over the last quarter, declining by 5.0%, while the index gained 1.3%. The fund underperformed the emerging market benchmark (MSCI EM Index), which declined by 1.0%. The decline was primarily due to our exposure to emerging markets, which is currently around 75% of the portfolio, and to the continued underperformance of developed market holdings such as Telecom Italia, discussed below.

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