IFP Global Franchise Fund II

^* The Fund does not invest directly in companies that are classified as being in the ‘tobacco’ industry according to the Global Industry Classification Standard (GICS^®), defined as manufacturers of cigarettes and other tobacco products. A company will generally be classified to this sub-industry classification where this definition most closely describes the business activities that generate more than 60% of the company’s revenue. The primary source of information used for classification is a company’s annual reports and accounts. Other sources include broker reports and other published research literature. The classification is assigned at the company level meaning all securities, equities, or corporate bonds, issued by the company will have the same GICS^® classification as the company. However, if a company’s subsidiary files separate financials, that subsidiary is classified independently under GICS^®. GICS^® is not assigned to supranationals, municipals, sovereigns, shell companies, mutual funds, or exchange traded funds.

The Fund does not hold direct investments in certain securities that are classified as controversial weapons securities using data from MSCI Inc. These includes public companies that manufacture cluster munitions, or their intended use components, dual-use components or delivery platforms; landmines or their essential intended or dual-use components; biological or chemical weapons or their critical components; or companies that manufacture nuclear weapons or are involved in the production of depleted uranium weapons, ammunition and armour; and including public companies that own 20% or more (or, for financial companies, 50% or more) of such companies and including companies that are owned 50% or more by such companies. Depleted uranium weapons companies do not include companies that own/operate nuclear fuel enrichment or fabrication facilities or depleted uranium ammunition delivery platforms.

^* The Fund does not have exposure to companies that are classified as being in the ‘tobacco’ industry according to the Global Industry Classification Standard (GICS^®), defined as manufacturers of cigarettes and other tobacco products. A company will generally be classified to this sub-industry classification where this definition most closely describes the business activities that generate more than 60% of the company’s revenue. The primary source of information used for classification is a company’s annual reports and accounts. Other sources include broker reports and other published research literature. The classification is assigned at the company level meaning all securities, equities, or corporate bonds, issued by the company will have the same GICS^® classification as the company. However, if a company’s subsidiary files separate financials, that subsidiary is classified independently under GICS^®. GICS^® is not assigned to supranationals, municipals, sovereigns, shell companies, mutual funds, or exchange traded funds.

The Fund does not hold direct investments in certain securities that are classified as controversial weapons securities using data from MSCI Inc. These includes public companies that manufacture cluster munitions, or their intended use components, dual-use components or delivery platforms; landmines or their essential intended or dual-use components; biological or chemical weapons or their critical components; or companies that manufacture nuclear weapons or are involved in the production of depleted uranium weapons, ammunition and armour; and including public companies that own 20% or more (or, for financial companies, 50% or more) of such companies and including companies that are owned 50% or more by such companies. Depleted uranium weapons companies do not include companies that own/operate nuclear fuel enrichment or fabrication facilities or depleted uranium ammunition delivery platforms.