Harris Associates U.S. Value Equity Fund N1/D (USD)/  LU1727220672  /

The investment objective of Harris Associates U.S. Value Equity Fund (the "Fund") is to achieve long term capital growth. This Fund may not be appropriate for investors who plan to withdraw their money within less than 5 years. The Fund is not managed relative to a specific index. However, for indicative purposes only, the Fund's performance may be compared to the S&P 500 TR. In practice, the portfolio of the Fund is likely to include constituents of the index, however, the Fund is unconstrained by the index and may therefore significantly deviate from it. The Fund invests primarily in equity securities of larger U.S. companies, defined for this Fund as companies having a market value of more than US$5 billion and domiciled or which exercise the preponderant part of their economic activities in the U.S. The Fund is actively managed. The Fund uses a value investment philosophy in selecting equity securities. It looks for companies whose potential is undervalued or unrecognised by the market. It may invest up to one-third of its total assets in other securities, including non-U.S. companies or smaller and medium-sized companies. It may invest up to 10% in convertible bonds.

The investment objective of Harris Associates U.S. Value Equity Fund (the "Fund") is to achieve long term capital growth. This Fund may not be appropriate for investors who plan to withdraw their money within less than 5 years.