Mr. Jonathan Morgan reports

CANADIAN WORLD FUND: INVESTMENT UPDATE-UNAUDITED

On an unaudited basis, Canadian World Fund Ltd.'s net asset value per share (NAV) at Sept. 30, 2015, was $7.17, resulting in year-to-date and 12-month NAV returns of 6.7 per cent and 8.3 per cent, respectively. These compare with the 5.6-per-cent and 9.4-per-cent returns of the benchmark Morgan Stanley Capital International All Country World Index, in Canadian-dollar terms, for the same periods.

The closing price for CWF's common shares at Sept. 30, 2015, was $4.80, resulting in year-to-date and 12-month share price returns of 18.5 per cent for both periods.

The geographic sector weightings of CWF's investment portfolio at market as of Sept. 30, 2015, were as shown in the attached table.

United States                36.0%
Europe                       26.9%
Asia                         19.1%
Canada                       12.4%
Latin America                 4.9%
Australia                     0.7%

The top 10 investments, which comprised 35.2 per cent of the investment portfolio at market as of Sept. 30, 2015, were as shown in the attached table.

HDFC Bank Ltd. (India)                                                  5.3%
The Middleby Corp. (United States)                                      4.8%
Apple Inc. (United States)                                              4.8%
Mahindra & Mahindra Ltd. (India)                                        3.5%
Patrizia Immobilien AG (Germany)                                        3.2%
Deere & Co. (United States)                                             2.8%
Dunkin Brands Group Inc. (United States)                                2.8%
Bank of America Corp. (United States)                                   2.8%
International Business Machines Corp. (United States)                   2.6%
London Stock Exchange Group PLC (United Kingdom)                        2.6%