US Impact Equity Strategy

General Portfolio Risks

Capital risk – the value of your investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between the base currency of the portfolio and the currency in which you subscribed, if different. Conflicts of interest risk – the investment manager or its designees may at times find their obligations to a portfolio to be in conflict with their obligations to other investment portfolios they manage (although in such cases, all portfolios will be dealt with equitably). Equity risk – in general, equities involve higher risks than bonds or money market instruments. Geographic concentration risk – to the extent that a portfolio invests a large portion of its assets in a particular geographic area, its performance will be more strongly affected by events within that area. Hedging risk – a portfolio's attempts to reduce or eliminate certain risks through hedging may not work as intended. Investment portfolio risk – investing in portfolios involves certain risks an investor would not face if investing in markets directly. Issuer concentration risk – Issuer concentration risk may result in performance being more strongly affected by any business, industry, economic, financial or market conditions affecting those issuers in which the fund's assets are concentrated. Operational risk – operational failures could lead to disruptions of portfolio operations or financial losses. Sector concentration risk - Sector concentration risk may result in performance being more strongly affected by any business, industry, economic, financial or market conditions affecting a particular sector in which the fund's assets are concentrated. Small and mid-cap risk - Small and mid-size company stock prices can be more volatile than stock prices of larger companies.