Independent Franchise Partners US Equity Fund

This fund typically commits a minimum of 80% of its total investable capital (comprising net assets and any funds borrowed for investment) to equities issued by firms with a strong U.S. connection. These are firms that meet specific criteria: they either generate a substantial portion of their income within the U.S., are primarily traded on a U.S. stock exchange, or base their main operations or principal business in the U.S. A maximum of 20% of its net assets can be allocated to foreign equities, an allocation that may include investments in developing economies. The fund operates as a non-diversified portfolio.