Fisher Investments Institutional US Small Cap Core Equity Selection Fund - Sterling GBP ACC

The investment objective of this actively managed Fund is to outperform the Russell 2000 Index (the 'Benchmark'). There is no guarantee that the investment objective will be achieved. The Fund is actively managed by the Investment Manager, meaning that investment decisions are made on a fully discretionary basis. Accordingly, the portfolio holdings may deviate from the Benchmark. This deviation may be significant. The Fund invests: Primarily in equities and equity-related securities of, or linked to, issuers located in the United States. Up to 10% of its total assets in unlisted equities. The Fund may for liquidity, hedging and/or cash management purposes, in circumstances of extreme volatility or if market factors require and if considered appropriate to the investment objective, invest on a short-term basis in cash, cash equivalents, money market instruments or government or corporate bonds. Investments in other funds will not be more than 10% of the Fund's total assets. The Fund promotes environmental and social characteristics. This includes, but is not limited to, the Investment Manager seeking to have at least 5% of the Fund's portfolio composed of sustainable investments, and the Investment Manager applying a comprehensive set of exclusionary screens to prevent the Fund from investing in companies that do not meet the Investment Manager's minimum environmental, social and governance criteria.