AGF International Stock Class

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AGFMUTUAL FUNDS

AGF International Stock Class

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Management Discussion of Fund

Performance

This management discussion of fund performance represents the portfolio management team’s view of the significant factors and developments affecting the fund’s performance and outlook.

Investment Objective and Strategies

As described in the Simplified Prospectus, the investment objective of AGF International Stock Class (the “Fund”) is to provide superior long-term growth through investing primarily in common shares of medium and large international companies. AGF Investments Inc. (“AGFI”), as portfolio manager, uses a bottom-up value investment style which focuses on a detailed analysis of the strengths of an individual company, including comparing valuation ratios of companies to world industry averages, as well as world, regional and local index averages. In bottom-up investing, the portfolio manager focuses attention on a specific company rather than on the industry in which that company operates or on the economy as a whole. The portfolio manager looks for stocks that are selling at a substantial discount to its estimate of their intrinsic business value. In periods of unusual market conditions, a significant portion of the Fund’s assets may be held in cash or fixed income securities.

Risk

The risks of investing in the Fund remain as disclosed in the current prospectus. The principal risks associated with the Fund are capital erosion risk (Series T and Series V only), changes in legislation risk, class risk, counterparty risk, depository securities and receipts risks, derivative risk, equity risk, exchange traded fund (“ETF”) general risks, ETF index risks, ETF industry sector risk, foreign currency risk, foreign market risk, gold and silver ETFs risk, interest rate risk, liquidity risk, repurchase agreement risk, reverse repurchase agreement risk, securities lending risk, small company risk, substantial securityholder risk and tax and corporate law risk of returns of capital. The Fund is suitable for investors seeking long-term growth potential through investments in foreign equity securities, who want the ability to switch to another class of AGF All World Tax Advantage Group Limited without triggering a capital gain or a capital loss and who have medium to high tolerance for risk.

Results of Operations

For the year ended September 30, 2015, the Mutual Fund Shares of the Fund returnedⳮ4.8% (net of expenses) while the MSCI EAFE Index and the MSCI EAFE + Emerging Markets Index returned 9.1% and 6.0%, respectively. The performance of the other series of the Fund is substantially similar to that of the Mutual Fund Shares, save for differences in expense structure. Refer to “Past Performance” section for performance information of such series.

The Fund under-performed the MSCI EAFE Index due to the inclusion of emerging markets equities in the portfolio, which under-performed

developed markets equities during the reporting period. The Fund under-performed the MSCI EAFE + Emerging Markets Index due to security selection and sector allocation. In particular, relative to the MSCI EAFE + Emerging Markets Index, the Fund’s security selection in the materials, consumer staples and health care sectors detracted from performance, which was partially offset by security selection in the telecommunication services and financials sectors. The Fund’s average underweight allocation to the consumer staples sector (4.5% versus 10.5%) and an average overweight allocation to the energy sector (8.6% versus 6.2%) also detracted from performance relative to the MSCI EAFE + Emerging Markets Index.

From a regional perspective, relative to the MSCI EAFE + Emerging Markets Index, the Fund’s average underweight exposure to Japan (13.0% versus 16.9%) and average overweight exposure to Spain (8.8% versus 2.7%), Brazil (2.4% versus 1.9%) and Malaysia (1.6% versus 0.8%) detracted from performance, while average overweight exposure to France (20.6% versus 7.4%) and Italy (8.2% versus 1.7%) contributed. In terms of individual holdings, the Fund’s top contributors to relative performance were Balfour Beatty PLC, Intesa Sanpaolo SpA and Orange SA, while the top detractors were AirAsia Berhad, Vale SA ADR and ArcelorMittal SA.

Certain series of the Fund, as applicable, make monthly distributions of capital at a rate determined by AGFI from time to time. The portfolio manager does not believe that the distributions made by the Fund had a meaningful impact on the Fund’s ability to implement its investment strategy or to fulfill its investment objectives.

The Fund had net subscriptions of approximately $218 million for the current period, as compared to net redemptions of approximately $59 million in the prior period. Rebalancing by an institutional program resulted in net subscriptions of approximately $283 million in the Fund. The portfolio manager does not believe that subscription/redemption activity had a meaningful impact on the Fund’s performance or the ability to implement its investment strategy.

Total expenses before foreign withholding taxes, commissions and other portfolio transaction costs vary period over period mainly as a result of changes in average Net Asset Values (see Explanatory Note (1) a)) and investor activity, such as number of investor accounts and transactions. The increase in management and advisory fees accounted for most of the increase in expenses during the period when compared to the previous period due to an increase in average Net Asset Values. Interest expense increased as a result of an increase in the number of overdraft positions throughout the period. On the contrary, custodian fees decreased due to non-recurring tax reclaim services provided by third party consultants incurred in the previous period and registration fees decreased due to non-recurring expenses incurred in the previous period. All other expenses remained fairly consistent throughout the periods.

This annual management report of fund performance contains financial highlights, but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual financial statements at your request, and at no cost, by calling 1 800 268-8583, by writing to us at AGF Investments Inc. c/o 100 - 5900 Hurontario Street, Mississauga, Ontario, Canada L5R 0E8 attention: AGF Client Services, or by visiting our website at www.agf.com or SEDAR at www.sedar.com.

Securityholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure.

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Recent Developments

The year ended September 30, 2015 was a volatile period for equity markets globally. In Europe, equity markets appreciated through the first half of the reporting period, as incremental macroeconomic improvement and accommodative monetary policy by the European Central Bank boosted equity markets. However, equity markets weakened and fell in the second half of the reporting period as global growth concerns emanating from China hurt investor sentiment. In August 2015, the People’s Bank of China devalued the Chinese Yuan, which sparked concerns about growth prospects in China and its implications for global demand, and led to a sharp sell off in equities across all regions, including Europe.

Within Europe, uncertainty surrounding Greece continued through most of 2015, culminating in a last minute bailout deal in July 2015 that avoided the exit of Greece from the Eurozone and re-opened Greek banks, which were closed for three weeks to avoid a capital flight. Overall economic data showed modest strength and improvement, with the Eurozone purchasing managers index (“PMI”) remaining in expansion territory throughout the period under review. The PMI measures the economic health of the manufacturing sector and is compiled based on new orders, inventory levels, production, supplier deliveries and employment environment. Real gross domestic product growth, though slow, was also positive throughout the reporting period, reaching 1.5% on an annualized basis by the end of the second calendar quarter of 2015. Similarly in Japan, equity markets appreciated throughout calendar year 2015, particularly as the Japanese Yen weakened, providing a boost for export-oriented companies. The Japanese equity markets remained higher than a year ago despite retreating in August and September 2015. The portfolio manager continues to see value opportunities within Europe and emerging markets, as these regions look comparatively cheaper to other developed markets around the world. While value has under-performed growth so far this year, the portfolio manager believes the prospects for a resumption of value leadership looks promising, given positive economic and earnings growth and continued accommodative monetary policy.

Adoption of International Financial Reporting Standards (“IFRS”)

Effective October 1, 2014, the Fund adopted IFRS as its basis of accounting as required by Canadian securities legislation and the Canadian Accounting Standards Board. Previously, the Fund prepared its financial statements in accordance with Canadian generally accepted accounting principles as defined in Part V of the CPA Handbook (“Canadian GAAP”). The financial statements for the period ended September 30, 2015, including comparative information, have been prepared in compliance with IFRS. The impact of the change from Canadian GAAP to IFRS has been applied retrospectively.

Key changes to the financial statements as a result of the implementation of IFRS are:

Š The Fund’s issued and redeemable shares do not qualify for equity classification under IFRS and have been reclassified as financial liabilities.

Š Under IFRS, investments that are traded in an active market are generally valued at closing price, which is determined to be within the

bid-ask spread and most representative of fair value. This eliminates the difference between Net Asset Value per share and Net Assets per share (see Explanatory Note (1) a)) as previously reported under Canadian GAAP.

Š The Fund is required to present a Statement of Cash Flows under IFRS.

Other notable changes to the financial statements include certain reclassifications, presentation changes, additional or enhanced information in the notes to the financial statements, including disclosures on the Fund’s transition from Canadian GAAP to IFRS.

Related Party Transactions

AGFI is the manager (“Manager”) of the Fund. Pursuant to the management agreement between the Fund and AGFI, AGFI is responsible for the day-to-day business of the Fund. As indicated above, AGFI also acts as the investment (portfolio) manager, managing the investment portfolio of the Fund. The Fund was also party to an investment advisory agreement with AGFI and AGF International Advisors Company Limited (“AGF International”), wholly owned subsidiaries of AGF Management Limited. AGF International acted as investment advisor and provided investment advisory services to the Fund. Under the management and investment advisory agreements, the Fund (except for Series O, Series Q and Series W Shares, if applicable) pays management and advisory fees, calculated based on the Net Asset Value of the respective series of the Fund.

Management and advisory fees of approximately $7,745,000 were incurred by the Fund during the period ended September 30, 2015.

Caution Regarding Forward-looking Statements

This report may contain forward-looking statements about the Fund, including its strategy, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates” or negative versions thereof and similar expressions. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors.

Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events.

It should be stressed that the above-mentioned list of factors is not exhaustive. You are encouraged to consider these and other factors carefully before making any investment decisions and you are urged to

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avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance.

Financial Highlights

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial performance for the past five years as applicable. The financial information presented for the periods ended September 30, 2015 and 2014 is determined in accordance with IFRS. All per share information presented for the period ended September 30, 2014, including opening net assets, reflects retrospective adjustments in accordance with IFRS. Information for the periods prior to October 1, 2013 is derived from financial statements prepared in accordance with Canadian GAAP.

Mutual Fund Shares – Net Assets per Share(1)

For the periods ended

Sept 30, 2015 ($) Sept 30, 2014 ($) Sept 30, 2013 ($) Sept 30, 2012 ($) Sept 30, 2011 ($)

Net Assets, beginning of period(1) _11.87 _10.61 _8.15 _8.32 _10.29

Increase (decrease) from operations:

Total revenue 0.47 0.46 0.31 0.37 0.41

Total expenses (0.48) (0.45) (0.29) (0.25) (0.31)

Realized gains (losses) (0.08) (0.05) (3.25) (2.51) (0.40)

Unrealized gains (losses) (1.23) 1.48 5.66 2.19 (1.45)

Total increase (decrease) from operations(2) _(1.32) _1.44 _2.43 _(0.20) _(1.75)

Distributions:

From income (excluding dividends) – – – – –

From dividends – – – – –

From capital gains – – – – –

Return of capital – – – – –

Total annual distributions(3) _– _– _– _– _–

Net Assets, end of period(4) _11.30 _11.87 _10.59 _8.15 _8.32

Mutual Fund Shares – Ratios/Supplemental Data(1)

Sept 30, 2015 Sept 30, 2014 Sept 30, 2013 Sept 30, 2012 Sept 30, 2011

Total Net Asset Value ($000’s) 401,135 208,742 234,818 232,752 362,858

Number of shares outstanding (000’s) 35,486 17,593 22,138 28,553 43,600

Management expense ratio(5) _3.08% _3.15% _3.13% _3.07% _3.07%

Management expense ratio before waivers

or absorptions(6) _3.08% _3.15% _3.22% _3.19% _3.10%

Trading expense ratio(7) _0.37% _0.10% _0.22% _0.14% _0.08%

Portfolio turnover rate(8) _30.88% _13.64% _37.37% _17.03% _1.66%

Net Asset Value per share 11.30 11.87 10.61 8.15 8.32

Series F Shares – Net Assets per Share(1)

Total revenue 0.49 0.55 0.35 0.42 0.46

Total expenses (0.30) (0.30) (0.20) (0.17) (0.21)

Distributions:

Series F Shares – Ratios/Supplemental Data(1)

Number of shares outstanding (000’s) 596 699 869 1,315 2,245

or absorptions(6) _1.23% _1.55% _1.89% _1.85% _1.82%

Portfolio turnover rate(8) _{30.88% 13.64% 37.37% 17.03%} _1.66%

Series O Shares – Net Assets per Share(1)

Total revenue 0.62 0.66 0.43 0.51 0.57

Total expenses (0.15) (0.11) – – –

Unrealized gains (losses) 0.13 1.86 7.76 3.00 (2.22)

Total increase (decrease) from operations(2) _0.31 _2.40 _3.69 _0.28 _(2.17)

Distributions:

Series O Shares – Ratios/Supplemental Data(1)

Number of shares outstanding (000’s) 904 1,222 1,354 1,454 1,456

Management expense ratio(5) _– _– _– _– _–

or absorptions(6) _0.12% _0.14% _0.13% _0.12% _0.11%

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Series T Shares – Net Assets per Share(1)

Total revenue 0.44 0.53 0.44 0.51 0.54

Total expenses (0.50) (0.50) (0.35) (0.34) (0.46)

Realized gains (losses) (0.21) 0.00 (3.86) (3.18) (0.52)

Distributions:

Return of capital (0.97) (1.02) (0.89) (0.93) (1.20)

Total annual distributions(3) _(0.97) _(1.02) _(0.89) _(0.93) _(1.20)

Series T Shares – Ratios/Supplemental Data(1)

Total Net Asset Value ($000’s) 553 727 674 62 91

Number of shares outstanding (000’s) 49 57 55 6 8

or absorptions(6) _3.46% _3.39% _3.70% _8.48% _5.33%

Series V Shares – Net Assets per Share(1)

Total revenue 0.54 0.61 0.45 0.63 0.77

Total expenses (0.63) (0.61) (0.41) (0.36) (0.48)

Distributions:

Return of capital (0.73) (0.75) (0.63) (0.64) (0.80)

Total annual distributions(3) _(0.73) _(0.75) _(0.63) _(0.64) _(0.80)

Series V Shares – Ratios/Supplemental Data(1)

Total Net Asset Value ($000’s) 542 743 736 580 333

Number of shares outstanding (000’s) 39 48 51 50 26

or absorptions(6) _3.60% _3.57% _3.62% _3.88% _4.18%

Explanatory Notes

(1) a) This information is derived from the Fund’s audited annual financial statements. Prior to October 1, 2014, the net assets per share presented in the financial statements (“Net Assets”) differed from the net asset value per share calculated for fund pricing purposes (“Net Asset Value”), due to differences in valuation techniques of certain investments as required under Canadian GAAP. The adoption of IFRS, effective October 1, 2014, has generally eliminated the difference between Net Assets per share and Net Asset Value per share.

b) The following series of the Fund commenced operations on the following dates, which represents the date upon which securities of a series were first made available for purchase by investors. Mutual Fund Shares June 1997

Series F Shares January 2000 Series O Shares January 2004 Series T Shares April 2009 Series V Shares April 2009

c) On October 1, 2011, shareholders of each of the outstanding classes of Old Tax Advantage Group (see definition below) formed by articles of amalgamation dated October 1, 2010 (including the Fund) and two outstanding classes (Acuity Diversified Income Class and Acuity High Income Class) of Acuity Corporate Class Ltd. (the “Amalgamating Funds”) amalgamated under the Business Corporations Act (Ontario) to form a new amalgamated corporation (“New Tax Advantage Group”). On October 1, 2010, shareholders of each of the outstanding classes of AGF All World Tax Advantage Group Limited formed by articles of amalgamation dated September 30, 1994 (including the Fund), AGF Canadian Growth Equity Fund Limited and AGF Canadian Resources Fund Limited (the “Amalgamating Funds”) amalgamated under the Business Corporations Act (Ontario) to form a new amalgamated corporation (“Old Tax Advantage Group”).

Pursuant to the two amalgamations above, shareholders of each of the Amalgamating Funds became shareholders of separate classes of New Tax Advantage Group and Old Tax Advantage Group, respectively. The amalgamations were affected by way of merger, with shares of each of the Amalgamating Funds exchanged on a one for one ratio for shares of new classes of New Tax Advantage Group and Old Tax Advantage Group. Each of the new classes of New Tax Advantage Group and Old Tax Advantage Group represents continuation of the predecessor fund.

(2) Net Assets, dividends and distributions are based on the actual number of shares outstanding at the relevant time. The increase/ decrease from operations is based on the weighted average number of shares outstanding over the financial period.

(3) Dividends and distributions were paid in cash/reinvested in additional shares of the Fund, or both.

Series T and Series V Shares of the Fund may make monthly distributions of capital so long as there is sufficient capital attributable to those series. The capital per share of the Series T and Series V Shares as applicable, is as follows:

As at Sep 30, 2015 ($) Sept 30, 2014 ($) Sept 30, 2013 ($) Sept 30, 2012 ($) Sept 30, 2011 ($) Series T Shares 9.17 10.10 10.83 13.92 15.06 Series V Shares 12.25 12.49 12.39 13.00 15.19

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(4) This is not a reconciliation of the beginning and ending Net Assets per share.

(5) The management expense ratio of a particular series is calculated in accordance with National Instrument 81-106, based on all the expenses of the Fund (including Harmonized Sales Tax, Goods and Services Tax, income tax and interest, but excluding foreign withholding taxes, commissions and other portfolio transaction costs) attributable to that series divided by the average daily Net Asset Value of that series during the period.

(6) AGFI waived certain fees or absorbed certain expenses otherwise payable by the Fund. The amount of expenses waived or absorbed is determined annually on a series by series basis at the discretion of AGFI and AGFI can terminate the waiver or absorption at any time. (7) The trading expense ratio represents total commissions and other

portfolio transaction costs expressed as an annualized percentage of average daily Net Asset Value during the period.

(8) The Fund’s portfolio turnover rate (“PTR”) indicates how actively the Fund’s portfolio advisor manages its portfolio investments. A PTR of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher a fund’s PTR in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.

PTR is calculated based on the lesser of the cumulative cost of purchases or cumulative proceeds of sales divided by the average market value of the portfolio, excluding short-term investments.

Management Fees

The Fund is managed by AGFI. As a result of providing investment advisory and management services, AGFI receives a monthly management and advisory fee, based on the Net Asset Value of the respective series, calculated daily and payable monthly. Management and advisory fees in respect of Series O, Series Q and Series W Shares, if applicable, are arranged directly between the Manager and investors and are not expenses of the Fund. AGFI uses these management and advisory fees to pay for sales and trailing commissions to registered dealers on the distribution of the Fund’s shares, investment advice, as well as for general administrative expenses such as overhead, salaries, rent, legal and accounting fees relating to AGFI’s role as manager.

As a percentage of management and advisory fees Annual

Rates

Dealer compensation

General administration and investment advice

Mutual Fund Shares 2.50% 19.88% 80.12%

Series F Shares 0.90% – 100.00%

Series T Shares 2.50% 34.95% 65.05%

Series V Shares 2.50% 38.06% 61.94%

Past Performance*

The performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund. Note that the performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. How the Fund has performed in the past does not necessarily indicate how it will perform in the future. It is AGFI’s policy to report rates of return for series in existence greater than one year. The performance start date for each series represents the date of the first purchase of such series, excluding seed money.

All rates of return are calculated based on the Net Asset Value.

Year-By-Year Returns

The following bar charts show the Fund’s annual performance for each of the past 10 years to September 30, 2015 as applicable, and illustrate how the Fund’s performance has changed from year to year. The charts show, in percentage terms, how much an investment made on the first day of each financial period would have grown or decreased by the last day of each financial period.

Mutual Fund Shares

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 50.0% 30.0% 40.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% 25.9 30.2 11.2 (27.0) 2.7 (9.6) (19.2) (2.0) 11.9 (4.8)

Series F Shares

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 50.0% 30.0% 40.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% 27.3 31.7 12.4 (26.2) 3.9 (8.5) (18.2) (0.8) (3.0) 13.8

* The indicated rates of return shown here are the historical annual compounded total returns including changes in security value and reinvestment of all distributions and do not take into account sales, redemption, distribution or other optional charges by any securityholder that would have reduced returns or performance. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

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Series O Shares

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 50.0% 30.0% 40.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% 29.5 34.1 15.4 14.4 (24.9) 5.8 (6.8) (16.7) 1.0 (1.8)

Series T Shares

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% 18.9 30.2 11.9 (9.6) (19.3) (2.2) (4.7)

Performance for 2009 represents returns for the period from May 11, 2009 to September 30, 2009.

Series V Shares

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% (9.0) (2.0) 30.1 11.7 (19.2) (4.9)

Performance for 2010 represents returns for the period from November 12, 2009 to September 30, 2010.

Annual Compound Returns

The following table compares the historical annual compound returns for each series with the indices, for each of the periods ended September 30, 2015.

Percentage Return: 1 Year 3 Years 5 Years 10 Years

Since Inception

Mutual Fund Shares (4.8) 11.5 1.9 0.4 N/A

MSCI EAFE Index 9.1 17.3 10.0 4.9 N/A

MSCI EAFE + Emerging Markets Index 6.0 14.3 8.0 4.9 N/A

Series F Shares (3.0) 13.3 3.4 1.7 N/A

Series O Shares (1.8) 15.0 5.1 3.4 N/A

Series T Shares (4.7) 11.5 1.8 N/A 2.4

MSCI EAFE Index 9.1 17.3 10.0 N/A 10.3

MSCI EAFE + Emerging Markets Index 6.0 14.3 8.0 N/A 9.4

Series V Shares (4.9) 11.4 1.8 N/A (0.1)

MSCI EAFE Index 9.1 17.3 10.0 N/A 8.5

MSCI EAFE + Emerging Markets Index 6.0 14.3 8.0 N/A 7.3

Effective December 1, 2013, the Fund added a secondary benchmark, MSCI EAFE + Emerging Markets Index, to better reflect the investment opportunity set of the Fund as a result of the portfolio manager’s changing view of investing in current globalized economy.

The MSCI EAFE Index is a market capitalization-weighted index that measures the equity market performance of developed European, Australian and Far East countries (the MSCI World Index except Canada and the U.S.).

The MSCI EAFE + Emerging Markets Index is a market capitalization-weighted index that measures the large and mid cap market performance of developed markets excluding the U.S. and Canada, and emerging markets. It covers approximately 85% of the free float-adjusted market capitalization in each country.

For a discussion of the relative performance of the Fund as compared to the indices, see Results of Operations in the Management Discussion of Fund Performance.

Summary of Investment Portfolio

As at September 30, 2015

The major portfolio categories and top holdings (up to 25) of the Fund at the end of the period are indicated in the following tables. The Summary of Investment Portfolio may change due to ongoing portfolio transactions of the Fund and the next quarterly update will be in the Quarterly Portfolio Disclosure as at December 31, 2015.

Portfolio by Country

Percentage of Net Asset Value (%)

France 21.8 United Kingdom 19.3 Japan 13.2 Italy 9.0 Spain 7.7 Germany 5.9 South Korea 5.5 China 3.9 Switzerland 3.1 Brazil 1.6 Australia 1.4 Norway 1.3 Turkey 1.2

Cash & Cash Equivalents 1.1

Netherlands 1.1

Malaysia 1.0

Hong Kong 0.9

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Portfolio by Sector

Financials 29.3 Industrials 18.1 Materials 10.1 Energy 8.8 Telecommunication Services 8.3 Health Care 6.0 Information Technology 5.9 Consumer Discretionary 5.4 Consumer Staples 4.6 Utilities 2.1

Portfolio by Asset Mix

International Equity 98.6

Top Holdings

Orange SA 3.1 Compagnie de Saint-Gobain SA 3.1 Sanofi 3.0 BNP Paribas SA 3.0 GlaxoSmithKline PLC 3.0 Balfour Beatty PLC 2.9 Rio Tinto PLC 2.9 Societe Generale SA 2.8

Intesa Sanpaolo SpA 2.7

Samsung Electronics Company Limited 2.7

UniCredit SpA 2.6

AXA SA 2.6

Telefonica SA 2.5

Mitsubishi Corporation 2.5

Compagnie Generale des Etablissements Michelin 2.3

Indra Sistemas SA 2.3

Tesco PLC 2.3

METRO AG 2.3

ITOCHU Corporation 2.2

Honda Motor Company Limited 2.0

Industrial and Commercial Bank of China Limited 1.7

Mizuho Financial Group Inc. 1.7

Enel SpA 1.7

Lloyds Banking Group PLC 1.6

Telecom Italia SpA 1.6

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AGF Investments Inc.

c/o 100 - 5900 Hurontario Street

Mississauga, Ontario, Canada L5R 0E8

Attention: AGF Client Services

Toll Free: 1 800 268-8583

Web: AGF.com

E-mail: [email protected]

VANCOUVER CALGARY SASKATOON WINNIPEG TORONTO OTTAWA MONTREAL HALIFAX DUBLIN LONDON SINGAPORE HONG KONG BEIJING

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments.

Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past

performance may not be repeated.

The payment of distributions should not be confused with a fund’s performance, rate of return or yield. If distributions paid by

the fund are greater than the performance of the fund, your original investment will shrink. Distributions paid as a result of

capital gains realized by a fund, and income and dividends earned by a fund are taxable in your hands in the year they are paid.

Your adjusted cost base will be reduced by the amount of any returns of capital. If your adjusted cost base falls below zero, you

will have to pay capital gains tax on the amount below zero.

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