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Criterion Water Infrastructure Currency Hedged Fund

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					   Criterion Water Infrastructure Currency Hedged Fund

   Portfolio Update (as at October 29, 2010)


                   Asset Mix*                                     Region Allocation*                                       Sector Allocation*
                                                                  Asia/Pacific, 9%
  Cash & Equivalents
         3%                             International        Emerging                        North America
                                           Equities           Markets                            48%
                                            50%                8%                                                                                 Water Supply
                                                                                                                Water                                34%
                                                                                                              Technology
                                                                                                                 44%
                                                             Europe
                                                              21%
North American
   Equities
     47%
                                                                        United Kingdom                                                 Environmental
                                                                              14%                                                        Services
                                                                                                                                            22%

   Top 10 Holdings*
      1. Companhia de Saneamento Basico do Estado de Sao Paulo                          Environmental Services        Brazil                      5.5%

      2. American Water Works Company Inc.                                              Water Supply                  United States               4.7%

      3. Companhia Energetia de Minas Gerais ADR                                        Environmental Services        Brazil                      4.6%

      4. Suez Environnement SA                                                          Water Supply                  France                      4.2%

      5. Roper Industries Inc.                                                          Water Technology              United States               4.1%

      6. Veolia Environnement                                                           Water Supply                  France                      3.9%

      7. Republic Services Inc.                                                         Water Technology              United States               3.9%

      8. ITT Corporation                                                                Water Supply                  Switzerland                 3.8%

      9. United Utilities Group                                                         Water Supply                  Switzerland                 3.8%

    10. Severn Trent PLC                                                                Water Supply                  United Kingdom              3.7%

          Total                                                                                                                                  42.2%

   * Based on total amount invested in portfolio companies



   Returns
                                                                        3          6             Year         1         2            3            Since
                                                                      Month      Month         to date       Year      Year         Year       Inception*
    Currency Hedged Units (Class C)                                    5.1%          1.2%        4.7%        12.4%         6.9%     -8.5%        -5.8%

    Benchmark (MSCI World Hedged)                                      6.3%          -0.4%       4.5%        11.7%     11.6%        -8.6%        -5.1%



    Unhedged Units (Class N)                                           6.0%          4.5%        3.4%        7.7%          2.6%     -4.5%        -5.5%

    Benchmark (MSCI World Unhedged)                                    8.1%          3.8%        3.6%        6.6%          5.7%     -5.9%        -7.2%

                                                                                                                                                * Feb 5, 2007


   Please visit   www.criterioninvestments.com for performance of all Classes of the Fund.

   Commissions, trailing commissions, management fees and expenses all may be associated with
   mutual fund investments. Please read the prospectuses of our Funds before investing. Mutual
   funds are not guaranteed, their values change frequently and past performance may not be
   repeated. The indicated rates of return are the historical annual compounded total returns,
   including changes in unit value and do not take into account sales, redemption or optional
   charges or income taxes payable by a security holder that would have reduced returns.                                            A First Asset Company

				
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