Investment Objective:

The investment objective of the North American Equity Class of Shares is to seek long term total return, measured in Dollars, primarily through investment in publicly traded equity securities of North American issuers. Additionally, up to 25% of the net asset value of the Class may be invested in American depository receipts of large capitalisation non-North American issuers from developed markets.

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.