The Investment Adviser applies a systematic approach to stock selection, which involves identifying geographically focused equity analysts that can demonstrate sound analysis and strong track records in company forecasts. For each currency in which a Class is established the Investment Adviser will compile a database of analysts with specific company focus. The Investment Adviser will establish sector allocations based upon its own economic analysis and then apply stock selection based upon the results and rankings of the database of analysts. For clarification purposes, for each currency class that is established only equity securities that are issued in the same currency may be purchased.

The Investment Adviser will also employ a quantitatively driven analysis utilizing an equity selection ranking system from an independent research institution. This ranking system offers an objective and disciplined approach to enhancing returns.

No individual security will represent more than 10% of the value of

any one underlying Class of the Fund.  

Bloomberg Ticker:  BUTSYSE.BH

To view the Prospectuses visit:

http://www.bam.butterfieldgroup.com/funds/forms_and_downloads/Prospectuses/

All shares redeemed effective 30 April, 2012, and fund voluntarily delisted and closed