Fisher Investments Institutional US Equity Selection Fund - Sterling GBP ACC

The investment objective of this actively managed Fund is to outperform the S&P 500 Index (the 'Benchmark'). There is no guarantee 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 limited. 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.