Investment Objective:

The investment objective of the International Equity Class of Shares is to seek long term capital appreciation, measured in Dollars, through investment in publicly traded equity securities of issuers throughout the world, with the exception of the United States and Canada, without restricting the number of companies or issuers of any country in which capital may be invested.

However, investments can be made in companies listed on North American Stock Exchanges provided their business activities are principally outside North America.

This Class may also invest in cash or debt instruments without limitation as to amount, as a defensive measure if investments opportunities in equity markets appear less favourable.