Front Street Investment Management

The investment objective of the Fund is to provide for capital preservation and the potential for income by investing primarily in fixed-income securities issued or guaranteed by the federal or provincial governments in Canada (or an agency thereof) with a maturity of not more than three years, pending the automatic switch of equal amounts into Front Street Special Opportunities Class over a one-year period from the date of investment.

The Fund will obtain exposure to the Portfolio which is focused primarily on convertible debentures and warrants of Canadian issuers and, to a lesser extent, merger arbitrage. The Portfolio will be actively managed by Front Street Investment Management Inc., using interest yielding and hedging strategies. Over the course of an economic cycle, the goal is to generate consistent tax advantaged returns on a quarterly basis.

The investment objective of the Front Street Money Market Class is primarily to achieve limited income earnings with reasonable safety of capital and liquidity and secondarily for some capital appreciation. The Fund invests mainly in money market securities and bonds issued by Canadian governments and corporations, with maturities of up to one year, and in floating rate notes and asset-backed securities.

The Fund’s investment objective is to provide holders of Participating Shares (“Participating Shareholders”) with long-term capital appreciation by investing primarily in securities of small and medium sized business entities in a range of natural resource sector industries including mineral resource mining and exploration, forestry, oil and gas exploration and production, the power generation market, and water resource projects.

The investment objective is to achieve long-term capital appreciation, while reducing risk and preserving capital, through global exposure to agricultural assets involved in the supply and demand chains of the agricultural sector and sector influenced industries, including crop and animal production, agrichemicals and fertilizers, farm machinery, equipment, transportation and storage, food processing, distribution and retailing, biofuels and other agribusinesses, agricultural commodities and Carbon Emission Credits.