ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE. Management Discussion of Fund Performance

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1 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE Global Equity Funds For the period ended, 2014 This annual management report of fund performance contains financial highlights, but does not contain the complete annual financial statements of the mutual fund. A copy of the annual financial statements may be obtained on request, and at no cost, by calling or , by writing to us at National Bank Investments Advisory Service, 500, Place d Armes, 12th floor, Montreal, Quebec, H2Y 2W3, by visiting our website at by visiting SEDAR s website at or by contacting your advisor. You 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. Management Discussion of Fund Performance Investment Objective and Strategies The s investment objective is to obtain longterm capital appreciation and increase capital while focusing on the generation of dividend income. The Fund invests directly or indirectly in securities of other mutual funds or through the use of derivatives, in a portfolio composed mainly of equity securities of U.S. companies with large market capitalizations that pay or are likely to pay dividends. When selecting securities for the Fund, the portfolio manager uses a growth-ata-reasonable-price approach with a long-term investment horizon. Fundamental research is also conducted to identify securities with growth potential not recognized by the markets that are trading at attractive prices. The Fund invests primarily in a portfolio of equity securities of companies located in the United States that have large capitalizations. It may also invest in shares of Canadian or foreign companies, American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), convertible securities and income and real estate investment trusts. The portfolio manager may invest approximately 40% of the net assets of the Fund in underlying funds managed by the portfolio manager or third parties, including exchange-traded funds that are index participation units. When selecting units of underlying funds for the Fund, the portfolio manager assesses their ability to generate sustainable and optimal risk-adjusted returns. Risks Among other things, the Fund was influenced by actions taken by the U.S. Federal Reserve, who put an end to its monthly asset purchases in the latter half of the year. On the currency front, the U.S. dollar rose against most major currencies during the year. The Fund is suitable for investors who are seeking to invest in the long term, would like to get exposure to U.S. equity securities, to receive regular dividend income while still being able to realize capital gains and who are prepared to tolerate a medium level of risk.

2 Results of Operations Since the inception of the Fund in January 2014 until, 2014, the s Advisor Series units returned 17.15% compared to 20.51% for the Fund s benchmark, the S&P 500 Index (CAD). Unlike the benchmark, the Fund s performance is calculated after fees and expenses. Please see the Past Performance section for returns of the Fund s other series, which may vary mainly because of fees and expenses. Certain series of the Fund, as applicable, may make distributions at a rate determined by the portfolio manager. This rate may change from time to time. If the aggregate amount of distributions in such series exceeds the portion of net income and net realized capital gains allocated to such series, the excess will constitute a return of capital. The portfolio manager does not believe that the return of capital distributions made by such series of the Fund have a meaningful impact on the Fund s ability to implement its investment strategy or to fulfill its investment objective. The U.S. market finished the year near an all-time high as the economy continues to improve with the U.S. private sector leading the charge. Profit margins remain high and manufacturing activity is coming back to the U.S. and benefiting from the significant decline in energy prices. A weaker Canadian dollar also contributed to the performance. The S&P 500 ended the year near its historic high, recording one of the longest periods of annual gains (6 years) since the 1990s. Economic indicators showed that the U.S. recovery remained on solid footing as retail spending and corporate investments were buoyed by growing consumer and business confidence, as well as tailwinds from lower energy costs. The rally in the S&P 500 Index was broad based as all ten sectors ended the year with gains. Utilities, Health Care and Information Technology sectors outperformed, while Energy and Telecommunications lagged. Investors seeking an alternative to fixed income instruments bought into interest sensitive securities, such as those within the Utilities sector. Others, seeking exposure to fast growing companies bought into technology and biotechnology stocks, to the detriment of Energy issues. Such stocks declined in reaction to the dramatic decline in oil prices, which fell by more than 40% in the second half of the year. Under these circumstances, the Fund underperformed the benchmark. During the first half of the year, market returns were driven by strong performance from smaller capitalization levered companies. Notwithstanding this fact, the Fund still performed well, despite its concentration in high quality, larger companies. As the year progressed and volatility ensued, investors became more defensive and a flight-to-safety into the U.S. became increasingly apparent. For the year as a whole, the Fund s stock selection in Consumer Discretionary, Consumer Staples, Energy and Materials proved favorable while stock selection in Financials, Health Care, Industrials and Information Technology hampered gains. With regards to the Fund s individual holdings, Allergan, UnitedHealth Group, CVS Health Corp and Nike Inc, contributed positively to performance while Siemens, Sanofi, Google Inc and IBM negatively impacted performance. Recent Developments Among other positions carried out during the year, the portfolio manager initiated a position in Bemis Co Inc. Changes were made to positions in the Information Technology sector and the portfolio manager exited positions in Texas Instruments Incorporated and Automatic Data Processing Inc. The portfolio manager also exited a position in the Coca-Cola Company and Halliburton Inc. Additions were made to Google Inc., General Electric Company, and Borgwarner Inc. Additionally, some of the proceeds were used to initiate a position in Mondelez International. Mondelez (MDLZ) is one of the world s largest snack companies following the 2012 spin-off from Kraft Foods. MDLZ manufactures and distributes food and beverages in approximately 165 countries. The brand portfolio has nine $1 billion brands including Oreo, Nabisco, LU biscuits, Milka, Cadbury Dairy Milk, Cadbury chocolates, Trident gum, Jacobs coffee and Tang powdered beverage. MDLZ is the global leader in sweet snacks, with strong distribution assets and sales in 165 countries and with more than 40% of earnings coming from fastgrowing emerging markets. The Fund continues to be anchored around large weights in the Financials and Consumer Staples sectors, while being positioned to benefit from an improving U.S. economy in other sectors such as Information Technology and some names exposed to domestic U.S. cyclical improvements. In general, the portfolio manager will continue to look for pockets of attractive investment opportunities in both stable growth and U.S. cyclically exposed businesses. The current market is not charging a large premium for high quality names. Cyclical high value-added consumer brands, along with R&D intensive high margin information technology and financials with strong balance sheets, all continue to provide interesting opportunities for the Fund in the current market environment. The portfolio manager continues to believe that the current balanced market environment is favorable for the Fund s high quality approach. Strong U.S. stock market performance reflects healthy underlying fundamentals and valuations generally seem reasonable in areas in which the Fund is represented. On September 23, 2014, the Fund s management fees were reduced to 0.85%. On January 8, 2014, an Advisor Series, an F Series and an O Series were created.

3 Significant accounting policies Adoption of IFRS These are the Fund's first financial statements prepared in accordance with International Financial Reporting Standards (hereafter, "IFRS") as published in the CPA Canada Handbook - Accounting. The Funds adopted this financial reporting framework on January 1, 2014, as required under 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 set out in Part V of the CPA Canada Handbook - Accounting ( Canadian GAAP ). The Fund has applied the same accounting policies to prepare its opening Statement of Financial Position in IFRS as at January 1, 2013 and throughout all periods presented, as these policies had always been in effect. Transition to IFRS First-time adoption of IFRS These annual financial statements are the Funds' first audited IFRS annual financial statements. The date of transition to IFRS is January 1, The Funds' IFRS accounting policies presented in the financial statement were used to prepare the financial statements for the year ended, 2014, comparative information and the first Statement of Financial Position as at the date of transition. The Funds applied IFRS 1 First-time Adoption of International Financial Reporting Standards (IFRS 1) to prepare these first IFRS annual financial statements audited. The effect of the transition to IFRS on net assets, total comprehensive income, and cash flows is described in this note. First-time adoption exemptions Upon transition, IFRS 1 authorizes certain exemptions from retrospective application. As indicated below, the Funds have applied the following mandatory and optional exceptions: Mandatory exceptions: The financial assets and liabilities that were derecognized before January 1, 2013, according to previous GAAP, were not recorded according to IFRS. The Funds used estimates according to IFRS that are consistent with the estimates made under previous GAAP (after adjustments to reflect any difference between accounting policies), unless there is objective evidence that those estimates were in error. Optional exception: The Funds have decided to adopt the exemption to designate a financial asset or financial liability as at FVTPL upon transition to IFRS. All financial assets designated at FVTPL upon transition (see Note 2) were previously recognized at fair value under Canadian GAAP, in accordance with Accounting Guideline (AcG) 18 Investment Companies. Statement of Cash Flows Under Canadian GAAP, the Funds were not required to provide a Statement of Cash Flows. IAS 1, states that a complete set of financial statements should include, without exception, a statement of cash flows for the considered and comparative period. Classification of redeemable units/shares issued by the Funds Under Canadian GAAP the Funds recognized their redeemable units/shares under equity. Under IFRS, IAS 32 requires that units or shares of an entity which include a contractual obligation for the issuer to repurchase or redeem that instrument for cash or another financial asset be classified as financial liability. As the Funds' units/shares do not meet the IAS 32 criteria to be classified as equity (in part because the units/shares series do not have identical characteristics: difference in distribution policy for management fees and commissions), they were reclassified as financial liabilities upon transition to IFRS, with the exception of the shares of National Bank AltaFund Investment Corp. and the National Bank Dividend Income Fund Inc., which are classified as equity.

4 Revaluation of investments at FVTPL Under Canadian GAAP, the Funds measured fair value of their investments in accordance with Section 3855 Fnancial Instruments - Recognition and Measurement, which required the use of bid prices for long positions and ask prices for short positions, to the extent such prices are available. Under IFRS, the Funds measure the fair value of their investments using IFRS 13 Fair Value Measurement, under which fair value is based on a price within the bid-ask spread that is most representative of fair value. IFRS 13 also allows for the use of mid-market pricing or other pricing conventions that are used by market participants as a practical expedient for fair value measurements within a bid-ask spread. The Funds decided to use the close price as disclosed in the financial statements. As a result, upon adoption of IFRS, an adjustment was recognized to adjust the carrying amount of the Funds investments, as presented in the table reconciling net assets and comprehensive income. Differences in presentation In addition to the adjustments mentioned above, the Funds reclassified certain amounts upon transition to comply with the presentation of financial statements under IFRS. Under GAAP, the Funds presented Income from foreign sources after deducting the income tax withheld at source by the foreign countries. Under IFRS, the withholdings at source of foreign income are reclassified and presented separately as a tax expense under the Statement of Comprehensive Income. Reconciliation of net assets attributable to holders of redeemable units/shares and the comprehensive income presented previously under Canadian GAAP and under IFRS As mentioned in section Revaluation of investments at FVTPL, an adjustment was recognized to modify the carrying amount of the Funds' investments as disclosed in the financial statements. Related Party Transactions National Bank of Canada ( the Bank ) and its affiliated companies roles and responsibilities related to the Fund are as follows: Trustee, Custodian, and Registrar Natcan Trust Company ( NTC ), a direct or indirect wholly-owned subsidiary of the Bank, is the Fund s trustee. In this capacity, it is the legal owner of the Fund s investments. NTC acts as registrar for the Fund s securities and the names of securityholders. NTC also acts as the Fund s custodian. The fees for NTC s custodial services are based on the standard rates in effect at NTC. Fund Manager The Fund is managed by National Bank Investments Inc. ( NBII ), which is a wholly-owned subsidiary of the Bank. Therefore, NII provides or ensures the provision of all general management and administrative services required by the Fund s current operations, including investment consulting, the arrangement of brokerage contracts for the purchase and sale of the investment portfolio, bookkeeping and other administrative services required by the Fund. The Manager pays the operating expenses of the Fund other than its fund costs (defined below) (the variable operating expenses ), in exchange for the Fund s payment to the Manager of annual fixed-rate administration fees with respect to each series of the Fund. The administration fees are equal to a specified percentage of the net asset value of each series of the Fund, calculated and paid in the same manner as the Fund s management fees. The variable operating expenses payable by the Manager include, but are not limited to: transfer agency and recordkeeping costs; custodial costs; accounting and valuation fees; audit fees and legal fees; costs of preparing and distributing financial reports, simplified prospectuses, annual information forms, fund facts, continuous disclosure material and other securityholder communications; and costs of trustee services relating to registered tax plans, as applicable. In addition to administration fees, the Fund shall also pay certain Fund costs, namely: taxes (including, but not limited to, GST/HST and income taxes); costs of compliance with any changes to existing governmental or regulatory requirements introduced after August 1, 2013; costs of compliance with any new governmental or regulatory requirements, including any new fees introduced after August 1, 2013; interest and borrowing costs; costs related to external services that were not commonly charged in the Canadian mutual fund industry as at August 1, 2013; Independent Review Committee costs, including compensation paid to IRC members, travel expenses, insurance premiums and costs associated with their continuing education; and variable operating expenses incurred outside of the normal course of business of the Fund. The Manager may, from time to time and at its sole discretion, decide to absorb a portion of a series management fees, administration fees or Fund costs. As described under the heading Management Fees, the Fund pays annual management fees to NBII as consideration for its services.

5 Distribution and Representative's Firms Compensation NBII acts as principal distributor for the Fund. In this capacity, NBII buys, sells and swaps securities through Bank branches and the National Bank Investments Advisory Service in Canadian provinces and territories, and through external registered representatives. Fund securities are also offered by National Bank Direct Brokerage Inc., CABN Investments Inc. National Bank Financial Inc. and other affiliated entities. Each month, representative's firm receive a commission representing a percentage of the average daily value of the securities held by their clients. Holdings As at, 2014, National Bank Investments Inc. held Fund securities for a value of $1,875.35, which represented close to % of the net asset value of the Fund at that date. Transactions between National Bank Investments Inc. and the Fund were carried out in the normal course of business and at the Fund s net asset value as at the transaction date. Independent Review Committee Approvals and Recommendations The Fund followed the standing instructions of its Independent Review Committee with respect to one or more of the following transactions: a) Purchasing or holding the securities of a related issuer, in particular, those of National Bank of Canada; b) Investing in the securities of an issuer when an entity related to the manager acts as an underwriter for the placement or at any time during the 60-day period after the end of the placement; c) Purchasing or selling securities to another investment fund managed by the manager or a company in the same group; d) Purchasing or selling debt securities on the secondary market, through related brokers that are main brokers in the Canadian debt securities market (in accordance with an exemption received from the Canadian Securities Administrators); e) Entering into foreign exchange transactions (including both spot transactions and forward transactions) with National Bank of Canada. The manager has implemented policies and procedures to make sure that the conditions applicable to each of the above transactions are met. The applicable standing instructions require that these transactions be carried out in accordance with National Bank Investments ("NBII") policies, which specify, in particular, that investment decisions pertaining to these related party transactions must be made free from any influence by an entity related to NBII and without taking into account any consideration relevant to an entity related to NBII. Furthermore, the investment decisions must represent the business judgment of the securities advisor, uninfluenced by considerations other than the best interest of the Fund and must achieve a fair and reasonable result for the Fund. Registered Plan Trust Services NTC receives a fixed amount per registered account for services provided as trustee for registered plans. Administrative and Operating Services The provision of certain services was delegated by the Fund manager, NBII, to National Bank Trust Inc. ("NBT"), a wholly-owned indirect subsidiary of the Bank. These include accounting, reporting and portfolio valuation services. The fees incurred for these services are paid to NBT by the Fund manager.

6 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 accounting periods shown. Advisor Series* *Please note that the data presented below is in CAD although this Series is also available under the USD purchase option. The Fund's Net Assets per Unit $ Net Assets, Beginning of Accounting Period Shown Increase (Decrease) from Operations Total revenue 0.24 Total expenses (0.25) Realized gains (losses) 0.11 Unrealized gains (losses) 1.98 Transaction costs on purchase and sale of investments (0.01) Total Increase (Decrease) from Operations 2.07 Distributions From net income (excluding dividends) From dividends 0.10 From capital gains Return of capital 0.30 Total Annual Distributions 0.40 Net Assets, End of Accounting Period Shown This information is derived from the Fund's audited annual financial statements. The net assets per unit presented in the financial statements might differ from the net asset value calculated for fund pricing purposes. The differences are explained in the notes to the financial statements. Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase or decrease from operations is based on the average number of units outstanding over the accounting period. Distributions were paid in cash or reinvested in additional units of the Fund, or both. Since January 1st, 2013, the net assets are calculated in accordance with IFRS. Previously, it was the accounting principles as set out in Part V of the CPA Canada Handbook - Accounting ( Canadian GAAP ). Ratios and Supplemental Data Total net asset value (000's of $) 9,100 Number of units outstanding 807,508 Management expense ratio (%) 2.49 Management expense ratio before waivers or absorptions (%) 2.49 Trading expense ratio (%) 0.06 Portfolio turnover rate (%) Net asset value per unit ($) This information is provided as at the last day of the accounting period shown. Management expense ratio is based on total expenses including sales taxes for the accounting period indicated (excluding commission and other portfolio transaction costs) and is expressed as an annualized percentage of daily average net value during the accounting period. The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the accounting period. The Fund's portfolio turnover rate indicates how actively the Fund's portfolio manager manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the accounting period. The higher a Fund's portfolio turnover rate in an accounting period, the greater the trading costs payable by the Fund in the accounting period, and the greater the chance of an investor receiving taxable capital gains in the accounting period. There is not necessarily a relationship between a high turnover rate and the performance of a Fund.

7 Financial Highlights Series F* *Please note that the data presented below is in CAD although this Series is also available under the USD purchase option. The Fund's Net Assets per Unit $ Net Assets, Beginning of Accounting Period Shown Increase (Decrease) from Operations Total revenue 0.24 Total expenses (0.13) Realized gains (losses) 0.13 Unrealized gains (losses) 2.12 Transaction costs on purchase and sale of investments (0.01) Total Increase (Decrease) from Operations 2.35 Distributions From net income (excluding dividends) From dividends 0.10 From capital gains Return of capital 0.30 Total Annual Distributions 0.40 Net Assets, End of Accounting Period Shown This information is derived from the Fund's audited annual financial statements. The net assets per unit presented in the financial statements might differ from the net asset value calculated for fund pricing purposes. The differences are explained in the notes to the financial statements. Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase or decrease from operations is based on the average number of units outstanding over the accounting period. Distributions were paid in cash or reinvested in additional units of the Fund, or both. Since January 1st, 2013, the net assets are calculated in accordance with IFRS. Previously, it was the accounting principles as set out in Part V of the CPA Canada Handbook - Accounting ( Canadian GAAP ). Ratios and Supplemental Data Total net asset value (000's of $) 3,959 Number of units outstanding 347,594 Management expense ratio (%) 1.26 Management expense ratio before waivers or absorptions (%) 1.27 Trading expense ratio (%) 0.06 Portfolio turnover rate (%) Net asset value per unit ($) This information is provided as at the last day of the accounting period shown. Management expense ratio is based on total expenses including sales taxes for the accounting period indicated (excluding commission and other portfolio transaction costs) and is expressed as an annualized percentage of daily average net value during the accounting period. The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the accounting period. The Fund's portfolio turnover rate indicates how actively the Fund's portfolio manager manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the accounting period. The higher a Fund's portfolio turnover rate in an accounting period, the greater the trading costs payable by the Fund in the accounting period, and the greater the chance of an investor receiving taxable capital gains in the accounting period. There is not necessarily a relationship between a high turnover rate and the performance of a Fund.

8 Financial Highlights Series O The Fund's Net Assets per Unit $ Net Assets, Beginning of Accounting Period Shown Increase (Decrease) from Operations Total revenue 0.24 Total expenses Realized gains (losses) 0.08 Unrealized gains (losses) 1.74 Transaction costs on purchase and sale of investments (0.01) Total Increase (Decrease) from Operations 2.05 Distributions From net income (excluding dividends) From dividends 0.13 From capital gains Return of capital 0.27 Total Annual Distributions 0.40 Net Assets, End of Accounting Period Shown This information is derived from the Fund's audited annual financial statements. The net assets per unit presented in the financial statements might differ from the net asset value calculated for fund pricing purposes. The differences are explained in the notes to the financial statements. Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase or decrease from operations is based on the average number of units outstanding over the accounting period. Distributions were paid in cash or reinvested in additional units of the Fund, or both. Since January 1st, 2013, the net assets are calculated in accordance with IFRS. Previously, it was the accounting principles as set out in Part V of the CPA Canada Handbook - Accounting ( Canadian GAAP ). Ratios and Supplemental Data Total net asset value (000's of $) 8,586 Number of units outstanding 743,391 Management expense ratio (%) 0.02 Management expense ratio before waivers or absorptions (%) 0.02 Trading expense ratio (%) 0.06 Portfolio turnover rate (%) Net asset value per unit ($) This information is provided as at the last day of the accounting period shown. Management expense ratio is based on total expenses including sales taxes for the accounting period indicated (excluding commission and other portfolio transaction costs) and is expressed as an annualized percentage of daily average net value during the accounting period. The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the accounting period. The Fund's portfolio turnover rate indicates how actively the Fund's portfolio manager manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the accounting period. The higher a Fund's portfolio turnover rate in an accounting period, the greater the trading costs payable by the Fund in the accounting period, and the greater the chance of an investor receiving taxable capital gains in the accounting period. There is not necessarily a relationship between a high turnover rate and the performance of a Fund.

9 Management Fees The Fund pays annual management fees to the Fund manager for its management services. The fees are calculated based on a percentage of the Fund s daily net asset value before applicable taxes and are paid on a monthly basis. A portion of the management fees paid by the Fund covers trailer fees and sales commissions paid to brokers. The remainder of the management fees primarily covers investment management and general administration services. The breakdown of major services provided in consideration of the management fees, expressed as an approximate percentage of the management fees is as follows: Advisor Series* Series Management Fees Distribution Others Front-end load 2.00% 50.00% 50.00% Back-end load 2.00% 25.00% 75.00% Low load - 1 to 3 years 2.00% 25.00% 75.00% Low load - 4 years and more 2.00% 50.00% 50.00% Series F 0.85% % Series O N/A** % ( ) Includes all costs related to management, investment advisory services, general administration and profit. (*) Excluding sales commissions paid on the Advisors Series with low sales charges option and deferred sales charge option, which are not paid for out of the management fees. (**) There are no management fees paid by the Fund with respect to the Series O. Instead, Series O securityholders pay a negociated administration fee directly to National Bank Investments. Past Performance Information on the Fund s past performance is presented in the graphs below. The graphs assume that fund distributions during the periods presented were reinvested in full in additional fund securities and do not take into account sales, redemption charges, distributions, or optional charges that would have reduced returns. Past performance of a Fund or series of a Fund does not necessarily indicate how it will perform in the future. Annual Returns The bar chart indicates the Fund s annual performance for each series during the years shown, and illustrates how the Fund s performance has changed from year to year. It shows, in percentage terms, how much an investment made on the January 1, or made commencing from the start of the series, would have grown or decreased by of that year, or by June 30, as applicable. 25 Advisor Series Series F Series O Return (%) Year 1 Returns for the period from January 8, 2014 (inception date) to, 2014.

10 Annual Compounded Performance The following table shows the annual compound returns for each series of the Fund and for each of the periods ended on, 2014, compared with the following benchmark: S&P 500 Index (CAD) 1 year 3 years 5 years 10 years Since inception Advisor Series % Benchmark 20.51% Series F % Benchmark 20.51% Series O % Benchmark 20.51% 1 Inception date: January 8, 2014 A discussion of the Fund's relative performance in comparison to the index (or indices) can be found in the Results of Operations Section of this report. Index Description The S&P 500 Index is an index of 500 stocks weighted by capitalization and representing all major U.S. industries. It is a broad measure of the stock performance of the largest U.S. companies.

11 Summary of Investment Portfolio As of, 2014 Portfolio Top Holdings % of Net Asset Value Procter & Gamble Co. 4.4 Oracle Corp. 4.1 Target Corp. 3.8 CA Technologies Inc. 3.6 MetLife Inc. 3.3 Walgreens Boots Alliance Inc. 3.1 General Electric Co. 3.0 Chevron Corp. 3.0 CVS Caremark Corp. 3.0 Wells Fargo & Co. 3.0 Time Warner Cable Inc. 2.9 J. P. Morgan Chase & Co. 2.9 International Business Machines Corp. 2.9 Johnson & Johnson 2.8 Microsoft Corp. 2.7 Pfizer Inc. 2.6 US Bancorp 2.5 Colgate-Palmolive Co. 2.5 M&T Bank Corp. 2.4 Borg Warner Inc. 2.4 PepsiCo Inc. 2.3 Philip Morris International Inc. 2.2 Exxon Mobil Corp. 2.2 TJX Companies Inc. 2.1 Becton, Dickinson and Co Regional Allocation % of Net Asset Value United States 94.4 Canada 1.6 Germany 1.2 France 0.9 United Kingdom 0.8 Cash, Money Market and Other Net Assets 1.1 Sector Allocation % of Net Asset Value Financials 20.4 Consumer Staples 19.9 Information Technology 16.1 Consumer Discretionary 14.3 Health Care 11.8 Industrials 7.7 Energy 5.9 Materials 2.0 Utilities 0.8 Cash, Money Market and Other Net Assets 1.1 Net asset value $21,645,272 The above table shows the top 25 positions held by the Fund. In the case of a Fund with fewer than 25 positions, all positions are indicated. The Summary of Investment Portfolio may change due to ongoing portfolio transactions of the investment Fund. A quarterly update is available. Please consult our Web site at Notes on forward-looking statements This report may contain forward-looking statements concerning the Fund, its future performance, its strategies or prospects or about future events or circumstances. Such forward-looking statements include, among others, statements with respect to our beliefs, plans, expectations, estimates and intentions. The use of the expressions "foresee", "intend", "anticipate", "estimate", "assume", "believe" and "expect" and other similar terms and expressions indicate forward-looking statements. By their very nature, forward-looking statements imply the use of assumptions and necessarily involve inherent risks and uncertainties. Consequently, there is a significant risk that the explicit or implicit forecasts contained in these forward-looking statements might not materialize or that they may not prove to be accurate in the future. A number of factors could cause future results, conditions or events to differ materially from the objectives, expectations, estimates or intentions expressed in such forward-looking statements. Such differences might be caused by several factors, including changes in Canadian and worldwide economic and financial conditions (in particular interest and exchange rates and the prices of other financial instruments), market trends, new regulatory provisions, competition, changes in technology and the potential impact of conflicts and other international events. The foregoing list of factors is not exhaustive. Before making any investment decision, investors and others relying on our forward-looking statements should carefully consider the foregoing factors and other factors. We caution readers not to rely unduly on these forward-looking statements. We assume no obligation to update forward-looking statements in the light of new information, future events or other circumstances unless applicable legislation so provides.