The objectives of this Fund are to achieve long term growth and capital gains and to provide diversification of risk through non North American companies. The Fund will be primarily invested in equities. Investments will be made primarily in companies outside North America including those in Europe, Asia, Latin America, Australia and Africa. The amount invested in any one country will vary depending upon the economic, investment, and market outlook and opportunities in each area. Treasury bills or short-term investments, not exceeding three years to maturity, may also be used from time to time. It is intended that the Fund will diversify through equity and debt securities, currencies, industries, and countries to increase the safety of the principal, and to increase the growth and liquidity of the investments and units in the Fund.

Asset managers:
David Ragan (Started: Nov 30, 2007)
Jim Hall (Started: Mar 31, 2010)

Advisor Company:
Mawer Investment Management Ltd.

	1 year	3 years	5 years	10 years
Alpha*	14.57	3.51	3.06	2.19
Beta*	0.30	0.86	0.95	0.97
Mean annual return	1.99	1.10	0.33	0.71
R-squared*	21.04	81.00	85.77	86.27
Standard deviation	4.73	11.36	16.08	13.77
Sharpe ratio	4.86	1.09	0.19	0.47
* Against standard index

Security	Net Assets
Roche Holding AG (RO)	3.33%
Jardine Matheson Holdings Ltd. (J36)	2.78%
Rolls-Royce Holdings PLC (RR.)	2.77%
DBS Group Holdings Ltd (D05)	2.72%
Basf Se	2.71%
Reckitt Benckiser Group PLC (RBGPF)	2.59%
Meda AB (MEDA A)	2.51%
Gazit-Globe Ltd (GZT)	2.49%
Multiplus SA (MLTPF)	2.21%
Halma PLC (HLMA)	2.18%