MD Family of Funds 2016 ANNUAL FINANCIAL STATEMENTS

Transcription

1 MD Family of Funds 2016 ANNUAL FINANCIAL STATEMENTS

2 A Message About Your Financial Statements Dear MD Family of Funds Investor: As part of our commitment to keeping you informed about your MD fund investments, please find attached the 2016 Annual Financial Statements. The Annual Financial Statements are produced on a fund-by-fund basis, and your report only includes information on the funds you owned as of December 31, If you have any questions regarding these documents, please contact your MD Advisor or the MD Trade Centre at We thank you for your continued investment in the MD Family of Funds. Audited Annual Financial Statements for the Year Ended December 31, 2016 These audited Annual Financial Statements do not contain the Annual Management Report of Fund Performance ( MRFP ) of the investment fund. If you have not received a copy of the Annual MRFP with this report, you may obtain a copy of the Annual MRFP at your request, and at no cost, by calling the toll-free number , by writing to us at MD Financial Management Inc., 1870 Alta Vista Dr., Ottawa ON K1G 6R7, by visiting our website at md.cma.ca or by visiting the SEDAR website at 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. MD Financial Management Inc. wholly owns or has a majority interest in its seven subsidiaries (the MD Group of Companies). It provides financial products and services, is the fund manager for the MD Family of Funds and offers investment counselling services. For a detailed list of the MD Group of Companies, visit md.cma.ca. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Standard performance data assumes reinvestment of distributions only and does not take into account sales, redemption, distribution or optional charges payable by any securityholder which would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus before investing. You may obtain a copy of the prospectus before investing by calling your MD Advisor or the MD Trade Centre at

3 MD Family of Funds Management s Responsibility for Financial Reporting Management acknowledges responsibility for the preparation and presentation of the financial statements of MD Money Fund, MD Bond Fund, MD Short-Term Bond Fund, MD Balanced Fund, MD Dividend Income Fund, MD Dividend Growth Fund, MD Equity Fund, MD Select Fund, MD American Value Fund, MD American Growth Fund, MD International Value Fund, MD International Growth Fund, MD Growth Investments Limited, MD Strategic Yield Fund, MD Strategic Opportunities Fund, MD Precision Conservative Portfolio, MD Precision Moderate Balanced Portfolio, MD Precision Balanced Growth Portfolio, MD Precision Maximum Growth Portfolio, MD Precision Balanced Income Portfolio, MD Precision Moderate Growth Portfolio, MDPIM Canadian Equity Pool, MDPIM US Equity Pool, MD Fossil Fuel Free Bond Fund and MD Fossil Fuel Free Equity Fund (collectively the funds ). These financial statements have also been approved, in its capacity as trustee, by the Board of Directors of MD Financial Management Inc., with the exception of MD Growth Investments Limited, which has been approved by its own Board of Directors. The financial statements have been prepared by management in accordance with International Financial Reporting Standards. When alternative accounting methods exist, management has chosen those it deems most appropriate in the circumstances. Management has, where required, made these judgments and estimates on a reasonable basis to ensure that the financial statements are presented fairly in all material respects. Management also maintains strong internal controls to provide reasonable assurance that the financial information provided is reliable and accurate, that the funds assets are appropriately accounted for and safeguarded, and that any compliance requirements arising under corporate legislation, securities regulations and internal codes of business conduct are strictly adhered to. The Board of Directors of MD Financial Management Inc. and MD Growth Investments Limited are responsible to ensure that management fulfils its responsibilities for financial reporting and is ultimately responsible for reviewing and approving the respective financial statements as outlined above. The Board of Directors for MD Financial Management Inc. and MD Growth Investments Limited ( the Boards ), meet with the external auditors periodically to discuss internal control, accounting and auditing matters and financial reporting issues in order to satisfy themselves that each party s Board of Directors has properly discharged its statutory responsibilities with regard to financial reporting. The Boards review unaudited semi-annual financial statements and audited annual financial statements including the external auditors report thereon. The Boards consider these findings when making their ultimate approval of the financial statements for issuance. The Boards also review the appointment of the external auditors annually. The financial statements have been audited by PricewaterhouseCoopers LLP, the external auditors, in accordance with Canadian generally accepted standards. PricewaterhouseCoopers LLP has full and free access to the MD Financial Management Inc. and MD Growth Investment Limited Boards. Signed on behalf of MD Growth Investments Limited. Brian Peters President and Chief Executive Officer MD Growth Investments Limited John Riviere Chief Financial Officer MD Growth Investments Limited Signed on behalf of MD Financial Management Inc., in its capacity as trustee for MD Money Fund, MD Bond Fund, MD Short-Term Bond Fund, MD Balanced Fund, MD Dividend Income Fund, MD Dividend Growth Fund, MD Equity Fund, MD Select Fund, MD American Value Fund, MD American Growth Fund, MD International Value Fund, MD International Growth Fund, MD Strategic Yield Fund, MD Strategic Opportunities Fund, MD Precision Conservative Portfolio, MD Precision Moderate Balanced Portfolio, MD Precision Balanced Growth Portfolio, MD Precision Maximum Growth Portfolio, MD Precision Balanced Income Portfolio, MD Precision Moderate Growth Portfolio, MDPIM Canadian Equity Pool, MDPIM US Equity Pool, MD Fossil Fuel Free Bond Fund and MD Fossil Fuel Free Equity Fund. Brian Peters President and Chief Executive Officer MD Financial Management Inc. John Riviere Chief Financial Officer MD Financial Management Inc.

4 March 10, 2017 Independent Auditor s Report To the Unitholders and Trustee of: MD American Growth Fund MD American Value Fund MD Balanced Fund MD Bond Fund MD Dividend Growth Fund MD Dividend Income Fund MD Equity Fund MD Fossil Fuel Free Bond Fund* MD Fossil Fuel Free Equity Fund* MD International Growth Fund MD International Value Fund MD Money Fund MD Select Fund MD Short-Term Bond Fund MD Strategic Opportunities Fund MD Strategic Yield Fund MDPIM Canadian Equity Pool MDPIM US Equity Pool MD Precision Moderate Balanced Portfolio MD Precision Balanced Growth Portfolio MD Precision Balanced Income Portfolio MD Precision Conservative Portfolio MD Precision Maximum Growth Portfolio MD Precision Moderate Growth Portfolio *For the period May 11 December 31, 2016 And To the Shareholders of: MD Growth Investments Limited (collectively, the Funds) We have audited the accompanying financial statements of the Funds, which comprise the statements of financial position as at the dates indicated in the accompanying financial statements and the statements of comprehensive income, statements of changes in net assets attributable to holders of redeemable shares/units and statements of cash flow for the periods then ended, and the related notes, which comprise a summary of significant accounting policies and other explanatory information. Management s responsibility for the financial statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. PricewaterhouseCoopers LLP PwC Tower, 18 York Street, Suite 2600, Toronto, Ontario, Canada M5J 0B2 T: , F: PwC refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

5 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as at December 31, 2016 and 2015 and their financial performance and their cash flows for the periods then ended in accordance with International Financial Reporting Standards. Chartered Professional Accountants, Licensed Public Accountants

6 Schedule of Investment Portfolio as at December 31, 2016 (in $000's except for number of shares) Maturity Date Coupon (%) Principal Amount in Currency of Issue Average Cost Fair Value DOMESTIC BONDS Corporate Bonds (12.84%) 407 International Inc. 05/21/ % International Inc. 05/04/ % Algonquin Power Co. 02/15/ % Algonquin Power Co. 07/25/ % Alimentation Couche-Tard Inc. 06/02/ % Alimentation Couche-Tard Inc. 08/21/ % Allied Properties Real Estate Investment Trust 05/13/ % Allied Properties Real Estate Investment Trust 11/14/ % AltaGas, Ltd. 09/28/ % Altalink, LP 12/03/ % Arrow Lakes Power 04/05/ % Artis Real Estate Investment Trust 03/27/ % Bank of Montreal 03/31/ % 1,610 1,614 1,608 Bank of Montreal 10/06/ % Bank of Montreal, Floating Rate Note 06/01/ % Bank of Montreal, Floating Rate Note 12/08/ % Bank of Montreal 10/28/ % Bell Canada 03/02/ % Brookfield Asset Management Inc. 04/09/ % Brookfield Renewable Energy Partners ULC 06/02/ % Brookfield Renewable Partners ULC 01/15/ % Bruce Power L.P. 06/23/ % Bruce Power L.P. 06/23/ % Caisse Centrale Desjardins 11/19/ % Canadian Commercial Mortgage Origination Trust 1 11/12/ % Canadian Commercial Mortgage Origination Trust 1 11/12/ % Canadian Credit Card Trust II 03/24/ % Canadian Imperial Bank of Commerce 10/09/ % Canadian Imperial Bank of Commerce 04/26/ % Canadian Imperial Bank of Commerce 06/24/ % Canadian Imperial Bank of Commerce, Floating Rate Note 10/28/ % Canadian Imperial Bank of Commerce, Floating Rate Note 01/26/ % Canadian National Railway Company 09/22/ % Canadian Real Estate Investment Trust 01/15/ % CARDS II Trust 10/16/ % CHIP Mortgage Trust 04/29/ % CHIP Mortgage Trust 11/15/ % Choice Properties Limited Partnership 09/20/ % Choice Properties Limited Partnership 09/20/ % Choice Properties Real Estate Investment Trust 09/14/ % CI Financial Corp. 12/07/ % Cominar Real Estate Investment Trust 06/21/ % Cominar Real Estate Investment Trust 07/27/ % Crombie Real Estate Investment Trust 02/10/ % Crosslinx Transit Solutions General Partnership 09/30/ % CU Inc. 11/19/ % Daimler Canada Finance Inc. 08/19/ % Daimler Canada Finance Inc. 12/16/ % Eagle Credit Card Trust 09/17/ % Enbridge Gas Distribution Inc. 08/22/ % Enbridge Income Fund 11/19/ % Enbridge Income Fund 02/22/ % Percentages shown in brackets relate investments at fair value to net assets of the Fund. MD Family of Funds Annual Financial Statements

7 Schedule of Investment Portfolio as at December 31, 2016 (in $000's except for number of shares) Maturity Date Coupon (%) Principal Amount in Currency of Issue Average Cost Fair Value Enbridge Pipelines Inc. 09/29/ % EPCOR Utilities Inc. 11/24/ % EQUITABLE BANK 05/01/ % Fairfax Financial Holdings Limited 12/16/ % Fairfax Financial Holdings Limited 10/14/ % Fairfax Financial Holdings Limited 05/25/ % Ford Credit Canada Limited 05/07/ % Fortified Trust Series /23/ % Fortis Inc. 12/12/ % FortisAlberta Inc. 09/30/ % FortisAlberta Inc. 09/21/ % FortisBC Energy Inc. 10/02/ % Gaz Metro Inc. 05/25/ % Genesis Trust II 09/17/ % Genesis Trust II 04/15/ % Genesis Trust II 05/15/ % Glacier Credit Card Trust 09/20/ % Granite REIT Holdings Limited Partnership 11/30/ % Granite REIT Holdings LP 07/05/ % Greater Toronto Airports Authority 04/17/ % Health Montreal Collective LP 09/30/ % Hollis Receivables Term Trust II 02/26/ % Hollis Receivables Term Trust II 06/26/ % Honda Canada Finance Inc. 08/12/ % Honda Canada Finance Inc. 02/18/ % HSBC Bank Canada 07/07/ % HSBC Bank Canada 11/26/ % 1,020 1,021 1,030 HSBC Bank Canada 01/29/ % HSBC Bank Canada 09/29/ % Hydro One Inc. 11/18/ % Hydro One Inc. 02/23/ % Hydro One Inc. 10/09/ % Hydro-Quebec 02/15/ % Industrial Alliance Insurance and Financial Services Inc., Floating Rate Note 02/23/ % Industrial Alliance Insurance and Financial Services Inc., Floating Rate Note 05/16/ % Inter Pipeline, Ltd. 09/13/ % Inter Pipeline, Ltd. 12/16/ % Laurentian Bank of Canada 04/22/ % Lower Mattagami Energy LP 10/21/ % Lower Mattagami Energy LP 06/20/ % Manulife Bank of Canada 09/01/ % MCAP Commercial LP 03/11/ % MCAP Service 03/01/ % Merrill Lynch 08/01/ % Merrill Lynch 11/01/ % Merrill Lynch Mortgage Investors Trust 05/01/ % National Bank of Canada 03/18/ % NBC Asset Trust, Floating Rate Note 12/29/ % Nissan Canada Financial Services Inc. 10/07/ % North Battleford Power LP 12/31/ % OMERS Realty Corporation 05/09/ % OMERS Realty Corporation 02/23/ % OMERS Realty Corporation 11/12/ % Ontario Electricity Financial Corporation 05/26/ % Ontario Hydro Residual Strip 11/27/ % Percentages shown in brackets relate investments at fair value to net assets of the Fund. 6 MD Family of Funds Annual Financial Statements 2016

8 Schedule of Investment Portfolio as at December 31, 2016 (in $000's except for number of shares) Maturity Date Coupon (%) Principal Amount in Currency of Issue Average Cost Fair Value Pembina Pipeline Corporation 08/11/ % Pembina Pipeline Corporation 06/15/ % PSP Capital Inc. 11/22/ % Reliance LP 09/15/ % Reliance LP 03/15/ % Rogers Communications Inc. 03/22/ % Royal Bank of Canada 09/13/ % Royal Bank of Canada 07/15/ % 1,670 1,657 1,645 Royal Bank of Canada 12/05/ % Royal Bank of Canada, Floating Rate Note 06/04/ % Royal Bank of Canada, Floating Rate Note 01/20/ % 1,260 1,281 1,279 Saputo Inc. 11/21/ % Sea To Sky Highway Investment Limited Partnership 10/31/ % Spy Hill Power LP 03/31/ % Sun Life Financial Inc., Floating Rate Note 09/25/ % Sun Life Financial Inc., Floating Rate Note 09/19/ % Sun Life Financial Inc., Floating Rate Note 02/19/ % TD Capital Trust IV, Floating Rate Note 06/30/ % TD Securities Inc. 12/01/ % The Bank of Nova Scotia 09/09/ % The Bank of Nova Scotia 12/02/ % 1,160 1,157 1,152 The Manufacturers Life Insurance Company, Floating Rate Note 01/05/ % The Manufacturers Life Insurance Company, Floating Rate Note 01/15/ % The Manufacturers Life Insurance Company, Floating Rate Note 02/21/ % The Standard Life Assurance Company of Canada, Floating Rate Note 09/21/ % The Toronto-Dominion Bank 06/08/ % The Toronto-Dominion Bank 07/18/ % The Toronto-Dominion Bank 12/01/ % The Toronto-Dominion Bank, Floating Rate Note 06/24/ % The Toronto-Dominion Bank, Floating Rate Note 09/30/ % The Toronto-Dominion Bank, Floating Rate Note 03/04/ % Thomson Reuters Corporation 11/12/ % TMX Group Limited 10/03/ % Toronto Hydro Corporation 11/14/ % Toyota Credit Canada Inc. 02/19/ % Toyota Credit Canada Inc. 02/25/ % TransCanada PipeLines Limited 07/17/ % Trillium Windpower LP 02/15/ % Union Gas Limited 06/01/ % Union Gas Limited 09/17/ % Union Gas Limited 06/01/ % Vancouver Airport Authority 11/10/ % Wells Fargo Canada Corporation 01/29/ % WTH Car Rental, ULC 07/20/ % Total for Corporate Bonds 56,332 57,196 Government of Canada Bonds (4.06%) Canada Housing Trust No. 1 09/15/ % 1,630 1,571 1,584 Government of Canada 03/01/ % 10,371 10,394 10,237 Government of Canada 12/01/ % 2,063 2,389 2,502 Government of Canada 03/01/ % Government of Canada 12/01/ % 1,130 1,214 1,241 Government of Canada 06/01/ % Government of Canada 06/01/ % Percentages shown in brackets relate investments at fair value to net assets of the Fund. MD Family of Funds Annual Financial Statements

9 Schedule of Investment Portfolio as at December 31, 2016 (in $000's except for number of shares) Maturity Date Coupon (%) Principal Amount in Currency of Issue Average Cost Fair Value Government of Canada 06/01/ % Total for Government of Canada Bonds 18,182 18,113 Municipal Bonds (0.29%) City of Montreal 09/01/ % 1,320 1,314 1,309 Total for Municipal Bonds 1,314 1,309 Provincial Bonds (5.61%) Province of Alberta 12/01/ % 1,530 1,532 1,527 Province of British Columbia 06/18/ % Province of Manitoba 09/05/ % 1,330 1,289 1,196 Province of Ontario 06/02/ % Province of Ontario 07/13/ % Province of Ontario 12/02/ % 1, Province of Ontario 06/02/ % Province of Ontario, Floating Rate Note 10/27/ % Province of Ontario 06/02/ % 7,150 7,298 7,098 Province of Ontario 06/02/ % Province of Ontario 12/02/ % Province of Ontario 06/02/ % Province of Quebec 04/01/ % Province of Quebec 09/01/ % 5,190 5,345 5,185 Province of Quebec 12/01/ % 3,050 3,070 3,185 Province of Quebec 12/01/ % 1,754 1,903 1,848 Total for Provincial Bonds 25,510 24,999 Total for Domestic Bonds (22.80%) 101, ,617 FOREIGN BONDS Australia (0.62%) APT Pipelines, Ltd. 03/23/ % 290 USD APT Pipelines, Ltd. 07/24/ % Commonwealth Bank of Australia 04/09/ % 1,060 1,089 1,164 Sydney Airport Finance Company Property Limited 04/28/ % 380 USD Transurban Finance Company Property, Ltd. 03/06/ % Total for Australia 2,633 2,771 Belgium (0.09%) Anheuser-Busch Inbev Finance Inc. 02/01/ % 290 USD Total for Belgium Denmark (0.07%) Danske Bank A/S 03/10/ % 230 USD Total for Denmark Jersey (0.08%) Heathrow Funding Limited 05/21/ % Total for Jersey United Kingdom (0.29%) Aviva PLC 05/10/ % BP Capital Markets PLC 11/09/ % HSBC Holdings PLC 12/05/ % Total for United Kingdom 1,261 1,291 Percentages shown in brackets relate investments at fair value to net assets of the Fund. 8 MD Family of Funds Annual Financial Statements 2016

10 Schedule of Investment Portfolio as at December 31, 2016 (in $000's except for number of shares) Maturity Date Coupon (%) Principal Amount in Currency of Issue Average Cost Fair Value United States (1.85%) Citigroup Inc. 11/18/ % Citigroup Inc. 06/09/ % JPMorgan Chase & Co. 09/19/ % JPMorgan Chase & Co. 03/05/ % Metropolitan Life Global Funding I 04/16/ % Metropolitan Life Global Funding I 04/16/ % Metropolitan Life Global Funding I 04/16/ % Molson Coors International LP 07/15/ % Northgroup Preferred Capital Group, Floating Rate Note 01/29/ % 170 USD The Goldman Sachs Group, Inc. 02/12/ % The Goldman Sachs Group, Inc. 05/03/ % United States Treasury Inflation Index Bonds 02/15/ % 359 USD United States Treasury Inflation Index Bonds 02/15/ % 1,408 USD 2,009 1,900 Verizon Communications Inc. 08/15/ % 550 USD Wells Fargo & Company 03/15/ % Wells Fargo & Company 10/27/ % Wells Fargo & Company 05/19/ % Wells Fargo & Company 05/21/ % Total for United States 8,358 8,226 Total for Foreign Bonds (3.00%) 13,319 13,341 Number of Shares Average Cost Fair Value DOMESTIC EQUITIES Consumer Discretionary (3.67%) Alimentation Couche-Tard Inc. Cl. B 95,300 1,070 5,802 Canadian Tire Corporation, Limited Cl. A 27,750 1,775 3,865 Corus Entertainment Inc. Cl. B 58,921 1, Dorel Industries Inc. Cl. B Sub. Voting 26, ,040 Magna International Inc. 83,752 2,253 4,883 Total for Consumer Discretionary 7,141 16,332 Consumer Staples (1.40%) Empire Company Limited Cl. A 117,745 1,781 1,851 Loblaw Companies Limited 62,000 2,368 4,392 Total for Consumer Staples 4,149 6,243 Energy (8.66%) ARC Resources, Ltd. 80,100 1,903 1,851 Canada Energy Services & Technology Corporation 264, ,028 Canadian Natural Resources, Ltd. 156,300 3,651 6,688 Cenovus Energy Inc. 102,912 2,881 2,089 Crescent Point Energy Corp. Cl. A 58, ,069 Enbridge Inc. 186,495 5,901 10,537 EnCana Corporation 91,002 1,693 1,434 Precision Drilling Corporation 158,200 1,292 1,158 ShawCor, Ltd. 68,300 1,356 2,448 Suncor Energy Inc. 51,140 1,193 2,245 Tourmaline Oil Corp. 53,438 2,015 1,919 TransCanada Corporation 84,587 2,922 5,121 Total for Energy 26,582 38,587 Percentages shown in brackets relate investments at fair value to net assets of the Fund. MD Family of Funds Annual Financial Statements

11 Schedule of Investment Portfolio as at December 31, 2016 (in $000's except for number of shares) Number of Shares Average Cost Fair Value Financials (17.50%) Bank of Montreal 86,979 5,239 8,400 Boardwalk Real Estate Investment Trust 35,900 1,868 1,746 Canaccord Genuity Group Inc. 248,800 1,009 1,187 Canadian Imperial Bank of Commerce 79,700 5,141 8,732 Canadian Western Bank 42, ,278 CT Real Estate Investment Trust 64, Dream Office Real Estate Investment Trust 126,211 2,971 2,467 ECN Capital Corp. 733,752 2,363 2,421 Genworth MI Canada Inc. 74,825 1,829 2,519 Industrial Alliance Insurance and Financial Services Inc. 67,039 1,925 3,579 Manulife Financial Corporation 258,674 4,892 6,185 Royal Bank of Canada 117,820 4,579 10,706 Sun Life Financial Inc. 107,326 3,904 5,533 The Bank of Nova Scotia 146,400 8,261 10,945 The Toronto-Dominion Bank 170,214 5,495 11,272 Total for Financials 51,099 77,940 Industrials (6.39%) CAE Inc. 296,177 2,851 5,562 Canadian National Railway Company 97,900 3,457 8,846 Canadian Pacific Railway Company 30,600 3,900 5,862 Linamar Corporation 41, ,399 SNC-Lavalin Group Inc. Cl. A 46,500 1,882 2,687 WestJet Airlines, Ltd. 134,000 3,016 3,088 Total for Industrials 15,908 28,444 Materials (5.07%) Agrium Inc. 28,500 1,628 3,846 Barrick Gold Corporation 158,513 4,611 3,406 Goldcorp Inc. 146,804 4,328 2,683 Kinross Gold Corp. 142,900 1, Methanex Corporation 27, ,648 Potash Corporation of Saskatchewan Inc. 197,237 5,514 4,791 Teck Resources, Ltd. Cl. B Sub. Voting 168,500 4,375 4,528 West Fraser Timber Co., Ltd. 22, ,093 Total for Materials 23,264 22,594 Telecommunication Services (1.48%) Rogers Communications Inc. Cl. B 58,593 1,996 3,034 TELUS Corporation 83,015 1,712 3,549 Total for Telecommunication Services 3,708 6,583 Utilities (2.32%) Capital Power Corp. 132,492 3,091 3,078 Northland Power Inc. 183,117 2,977 4,267 TransAlta Corporation 401,136 2,081 2,980 Total for Utilities 8,149 10,325 Total for Domestic Equities (46.49%) 140, ,048 FOREIGN EQUITIES Australia (0.39%) Cochlear, Ltd. 6, Percentages shown in brackets relate investments at fair value to net assets of the Fund. 10 MD Family of Funds Annual Financial Statements 2016

12 Schedule of Investment Portfolio as at December 31, 2016 (in $000's except for number of shares) Number of Shares Average Cost Fair Value CSL Limited 10, Total for Australia 767 1,734 Bermuda (1.53%) Brookfield Property Partners LP 122,300 2,821 3,587 Bunge Limited 17,000 1,452 1,649 Jardine Matheson Holdings Limited 11, RenaissanceRe Holdings, Ltd. 4, Total for Bermuda 5,329 6,821 Curacao (0.20%) Schlumberger Limited 8, Total for Curacao Denmark (0.33%) Coloplast A/S Series B 6, Novo Nordisk A/S Cl. B 11, Novozymes A/S Series B 7, Total for Denmark 1,147 1,498 Finland (0.20%) Kone OYJ Series B 14, Total for Finland France (1.23%) Air Liquide SA 7, ,069 DANONE SA 9, Essilor International SA 5, L'Oréal SA 3, LVMH Moet Hennessy Louis Vuitton SA 4, ,028 Total SA 13, Total for France 3,728 5,495 Germany (0.47%) Adidas AG 4, ,021 SAP SE 9, ,080 Total for Germany 713 2,101 Hong Kong (1.04%) AIA Group Limited 125, China Mobile Limited 48, CLP Holdings Limited 55, CNOOC Limited 495, Hang Lung Properties, Ltd. 248, Hong Kong & China Gas Company Limited 333, Total for Hong Kong 3,003 4,652 Ireland (0.28%) Medtronic Public Limited Company 13, ,243 Total for Ireland 623 1,243 Japan (2.48%) Daikin Industries, Ltd. 11, ,444 Daito Trust Construction Company, Ltd. 5, ,172 DENSO Corporation 13, FANUC Corporation 4, Percentages shown in brackets relate investments at fair value to net assets of the Fund. MD Family of Funds Annual Financial Statements

13 Schedule of Investment Portfolio as at December 31, 2016 (in $000's except for number of shares) Number of Shares Average Cost Fair Value INPEX Corporation 49,200 1, Keyence Corporation 1, ,461 Komatsu, Ltd. 3, Murata Manufacturing Company, Ltd. 2, Rakuten, Inc. 42, Shimano Inc. 2, Shin-Etsu Chemical Co., Ltd. 11, ,157 SMC Corporation 2, Tokio Marine Holdings, Inc. 18, ,037 Total for Japan 6,607 11,050 Jersey (0.31%) Experian PLC 37, Shire PLC ADR 1, Total for Jersey 1,102 1,377 Spain (0.23%) Industria de Diseno Textil, SA 22, ,034 Total for Spain 206 1,034 Sweden (0.13%) Hennes & Mauritz AB Series B 15, Total for Sweden Switzerland (1.12%) Givaudan SA Kuehne & Nagel International AG 2, Nestlé SA 9, Novartis AG 7, Roche Holding AG 2, SGS SA Syngenta AG Registered Total for Switzerland 3,233 4,969 Taiwan (0.30%) Taiwan Semiconductor Manufacturing Company, Ltd. ADR 34, ,316 Total for Taiwan 438 1,316 United Kingdom (1.07%) Aggreko PLC 13, Compass Group PLC 36, Diageo PLC 23, Intertek Group PLC 7, Reckitt Benckiser Group PLC 8, Smith & Nephew PLC 38, Whitbread PLC 10, Total for United Kingdom 3,907 4,779 United States (10.67%) Abbott Laboratories 21, ,123 AbbVie Inc. 17, ,495 Amgen Inc. 2, Bank of America Corporation 77,000 1,125 2,285 Baxter International Inc. 10, Berkshire Hathaway Inc. Cl. B 10, ,331 Bloomin' Brands, Inc. 45,000 1,189 1,089 Percentages shown in brackets relate investments at fair value to net assets of the Fund. 12 MD Family of Funds Annual Financial Statements 2016

14 Schedule of Investment Portfolio as at December 31, 2016 (in $000's except for number of shares) Number of Shares Average Cost Fair Value Cabot Oil & Gas Corporation 31,000 1, Caterpillar Inc. 5, CenturyLink, Inc. 1, Chevron Corporation 8,000 1,001 1,264 Cisco Systems, Inc. 29, ,177 Citigroup Inc. 21,000 1,089 1,676 Comcast Corporation Cl. A 11,000 1,003 1,020 Commercial Metals Company Concho Resources Inc. 8,500 1,078 1,513 FedEx Corp. 6,000 1,291 1,500 Freeport-McMoRan Inc. 29, General Electric Company 21, General Motors Co. 9, Hewlett Packard Enterprise Company 22, HP Inc. 22, Humana Inc. 2, Intel Corporation 17, International Business Machines Corporation 5, ,114 ishares MSCI EAFE ETF 43,948 2,949 3,407 JPMorgan Chase & Co. 18, ,086 Lexington Realty Trust 53, Lockheed Martin Corporation 4, ,342 Merck & Co., Inc. 15, ,186 Microsoft Corporation 8, Motorola Solutions, Inc. 1, Outfront Media Inc. 38,722 1,111 1,293 Parker-Hannifin Corporation 8, ,504 PepsiCo, Inc. 9, ,264 Regal Entertainment Group 53,500 1,124 1,480 SPDR S&P 500 ETF Trust 2, The Goldman Sachs Group, Inc. 3, Verizon Communications Inc. 23,000 1,003 1,649 Visa Inc. Cl. A 17, ,833 Walgreens Boots Alliance, Inc. 10,000 1,103 1,111 Wal-Mart Stores, Inc. 16,181 1,273 1,502 Total for United States 32,000 47,542 Total for Foreign Equities (21.98%) 64,223 97,970 Total for Long-Term Investments (94.27%) $318,880 $419,976 Maturity Date Yield (%) Principal Amount in Currency of Issue Average Cost Fair Value SHORT-TERM INVESTMENTS Government of Canada 08/24/ % 19,800 19,726 19,726 Total for Short-term Investments (4.43%) $19,726 $19,726 Total for Investments (98.70%) $338,606 $439,702 Cash and Other Net Assets (1.30%) 5,774 Total Net Assets Attributable to Holders of Redeemable Units (100.00%) $445,476 Percentages shown in brackets relate investments at fair value to net assets of the Fund. MD Family of Funds Annual Financial Statements

15 Schedule of Investment Portfolio as at December 31, 2016 (in $000's) Schedule of Derivative Instruments FORWARD CURRENCY CONTRACTS Contracts Pay Receive Contract Rate Due Date Fair Value Counterparty Rating of the Counterparty* Canadian Dollar 2,800 Hong Kong Dollar /06/ State Street Bank and Trust Co. AA Canadian Dollar 730 Israeli Sheqel /28/ State Street Bank and Trust Co. AA Canadian Dollar 31,695 Japanese Yen /28/ State Street Bank and Trust Co. AA Canadian Dollar 10,230 Japanese Yen /28/ Royal Bank of Canada AA Canadian Dollar 75 New Zealand Dollar /17/ Toronto-Dominion Bank AA Canadian Dollar 102 Singapore Dollar /20/ Toronto-Dominion Bank AA Canadian Dollar 3,740 Swedish Krona /24/ Goldman Sachs Bank USA A Canadian Dollar 465 Swedish Krona /24/ Royal Bank of Canada AA Danish Krone 101 Canadian Dollar /24/ State Street Bank and Trust Co. AA Danish Krone 142 Canadian Dollar /24/ Bank of Montreal A+ 1 1,140 Danish Krone 218 Canadian Dollar /24/ Royal Bank of Canada AA Danish Krone 96 Canadian Dollar /24/ Royal Bank of Canada AA Euro Currency 263 Canadian Dollar /09/ State Street Bank and Trust Co. AA Euro Currency 585 Canadian Dollar /09/ State Street Bank and Trust Co. AA Euro Currency 110 Canadian Dollar /09/ Goldman Sachs Bank USA A Euro Currency 182 Canadian Dollar /09/ Royal Bank of Canada AA Euro Currency 179 Canadian Dollar /09/ State Street Bank and Trust Co. AA- 1 17,638 Japanese Yen 214 Canadian Dollar /28/ State Street Bank and Trust Co. AA- 1 49,622 Japanese Yen 579 Canadian Dollar /28/ State Street Bank and Trust Co. AA- 1 10,450 Japanese Yen 121 Canadian Dollar /28/ State Street Bank and Trust Co. AA- 1 10,170 Mexican Peso 702 Canadian Dollar /09/ Goldman Sachs Bank USA A+ 1 30,760 New Taiwan Dollar 963 U.S. Dollar /06/ State Street Bank and Trust Co. AA Swiss Franc 187 Canadian Dollar /28/ Royal Bank of Canada AA- 1 1,595 U.S. Dollar 110,780 Indian Rupee /02/ State Street Bank and Trust Co. AA U.S. Dollar 18,715 New Russian Ruble /20/ State Street Bank and Trust Co. AA U.S. Dollar 4,120 New Russian Ruble /20/ Goldman Sachs Bank USA A Canadian Dollar 214 Australian dollar /13/2017 (4) Royal Bank of Canada AA Canadian Dollar 500 Danish Krone /24/2017 (3) Royal Bank of Canada AA Canadian Dollar 45 Euro Currency /09/2017 (2) Royal Bank of Canada AA Canadian Dollar 80 Euro Currency /09/2017 (5) State Street Bank and Trust Co. AA Canadian Dollar 140 Euro Currency /09/2017 (10) Royal Bank of Canada AA Canadian Dollar 310 Euro Currency /09/2017 (11) State Street Bank and Trust Co. AA Canadian Dollar 370 Euro Currency /09/2017 (18) Toronto-Dominion Bank AA- 1 3,141 Canadian Dollar 2,130 Euro Currency /09/2017 (122) Bank of Montreal A Canadian Dollar 515 Israeli Sheqel /28/ State Street Bank and Trust Co. AA Canadian Dollar 725 Israeli Sheqel /28/2017 (1) State Street Bank and Trust Co. AA Canadian Dollar 11,460 Japanese Yen /28/2017 (2) State Street Bank and Trust Co. AA Canadian Dollar 25,969 Japanese Yen /28/2017 (11) State Street Bank and Trust Co. AA- 1 1,623 Canadian Dollar 24,100 Mexican Peso /09/2017 (55) Canadian Imperial Bank of Commerce A Canadian Dollar 1,723 Norwegian Krone /24/2017 (8) Bank of Montreal A Canadian Dollar 2,270 Polish Zloty /09/ State Street Bank and Trust Co. AA- 1 1,145 Canadian Dollar 685 Pound Sterling /28/2017 (10) State Street Bank and Trust Co. AA Canadian Dollar 4,027 Swedish Krona /24/2017 (3) Bank of Montreal A Canadian Dollar 270 U.S. Dollar /13/ State Street Bank and Trust Co. AA Canadian Dollar 150 U.S. Dollar /13/2017 (2) State Street Bank and Trust Co. AA Danish Krone 156 Canadian Dollar /24/ State Street Bank and Trust Co. AA Danish Krone 131 Canadian Dollar /24/2017 (1) State Street Bank and Trust Co. AA Euro Currency 67 Canadian Dollar /09/ State Street Bank and Trust Co. AA Euro Currency 362 Canadian Dollar /09/2017 (7) Goldman Sachs Bank USA A+ 14 MD Family of Funds Annual Financial Statements 2016

16 Schedule of Investment Portfolio as at December 31, 2016 (in $000's) Schedule of Derivative Instruments (continued) Contracts Pay Receive Contract Rate Due Date Fair Value Counterparty Rating of the Counterparty* 1 29,393 Hong Kong Dollar 5,070 Canadian Dollar /06/2017 (17) Bank of Montreal A+ 1 1,101 Israeli Sheqel 384 Canadian Dollar /28/2017 (1) Royal Bank of Canada AA- 1 14,310 Japanese Yen 165 Canadian Dollar /28/ State Street Bank and Trust Co. AA Pound Sterling 129 Canadian Dollar /28/ Goldman Sachs Bank USA A Swiss Franc 123 Canadian Dollar /28/ State Street Bank and Trust Co. AA- 1 1,178 U.S. Dollar 1,579 Canadian Dollar /03/2017 (1) Royal Bank of Canada AA U.S. Dollar 453 Canadian Dollar /13/2017 (3) State Street Bank and Trust Co. AA U.S. Dollar 210 Canadian Dollar /13/2017 (4) Royal Bank of Canada AA- 1 2,386 U.S. Dollar 3,193 Canadian Dollar /07/2017 (7) Canadian Imperial Bank of Commerce A+ 1 1,237 U.S. Dollar 1,636 Canadian Dollar /13/2017 (23) Bank of Montreal A U.S. Dollar 9,589,153 Indonesian Rupiah 13, /13/2017 (11) State Street Bank and Trust Co. AA- (342) Total Forward Currency Contracts (151) FUTURES CONTRACTS Description Type Expiration date Notional Amount Fair Value S+P 500 E-Mini Index Futures Long 03/17/2017 USD 2,702 (22) Total Futures Contracts (22) Total for Schedule of Derivative Instruments (173) * Source: Standard & Poor's Credit Rating Agency MD Family of Funds Annual Financial Statements

17 Financial Statements Statement of Financial Position (in $000's except for units outstanding and per unit amounts) December 31, 2016 December 31, 2015 Assets Current assets Investments $ 439,702 $ 395,741 Cash 4,243 3,662 Dividends and interest receivable 1,545 1,620 Financial derivative instruments Net margin due from broker on futures contracts Receivable for investment transactions Subscriptions receivable , ,086 Liabilities Current liabilities Payable for investment transactions Redemptions payable Financial derivative instruments ,038 Net assets attributable to holders of redeemable units $ 445,476 $ 401,048 Net assets attributable to holders of redeemable units per series Series A $ 444,596 $ 400,297 Series T $ 880 $ 751 Number of redeemable units outstanding (see Supplementary Schedules) Series A 14,841,839 14,891,941 Series T 96,245 87,973 Net assets attributable to holders of redeemable units per unit, per series Series A $ $ Series T $ 9.15 $ 8.54 Approved by the Board of Directors of MD Financial Management Inc., Trustee Statement of Comprehensive Income for the years ended December 31 (in $000 s except for per unit amounts) Income Net gain (loss) on investments Dividends $ 7,978 $ 8,822 Interest for distribution purposes 3,558 3,953 Net realized gain (loss) on sale of investments 13,511 25,073 Change in unrealized appreciation (depreciation) of investments 36,281 (34,882) Net gain (loss) on investments 61,328 2,966 Net gain (loss) on derivative instruments Net realized gain (loss) on derivative instruments 150 (216) Change in unrealized appreciation (depreciation) of derivative instruments 88 (223) Net gain (loss) on derivatives instruments 238 (439) Other Income Foreign exchange gain (loss) on cash (163) 192 Early redemption fee 3 14 Securities lending (see Supplementary Schedules) Total other income (6) 319 Total income (loss) 61,560 2,846 Expenses Management fees (Note 4) 5,687 5,783 Administration fees Interest expense 1 - Withholding tax on foreign income Transaction costs Total expenses 6,689 7,041 Increase (decrease) in net assets attributable to holders of redeemable units $ 54,871 $ (4,195) Increase (decrease) in net assets attributable to holders of redeemable units, per series Series A $ 54,803 $ (4,188) Series T $ 68 $ (7) Increase (decrease) in net assets attributable to holders of redeemable units per unit, per series Series A $ 3.73 $ (0.28) Series T $ 0.95 $ (0.08) Director (Signed by John Riviere) Director (Signed by Brian Peters) 16 MD Family of Funds Annual Financial Statements 2016

18 Financial Statements Statement of Changes in Net Assets Attributable to Holders of Redeemable Units ("Net Assets") for the years ended December 31 (in $000 s) SERIES A Net assets - beginning of year $ 400,297 $ 423,172 Add (deduct) changes during the year: Operations Increase (decrease) in net assets attributable to holders of redeemable units 54,803 (4,188) Redeemable unit transactions Proceeds from issue of redeemable units 49,968 46,975 Cash paid for redemption of redeemable units (60,170) (65,039) Units issued on reinvestment of distributions 9,382 17,994 (820) (70) Distributions From net investment income (5,033) (6,239) From net realized gains on investments (4,651) (11,967) Return of capital - (411) (9,684) (18,617) TOTAL FUND Net assets beginning of year $ 401,048 $ 424,004 Add (deduct) changes during the year: Operations Increase (decrease) in net assets attributable to holders of redeemable units 54,871 (4,195) Redeemable unit transactions Proceeds from issue of redeemable units 50,338 47,065 Cash paid for redemption of redeemable units (60,443) (65,129) Units issued on reinvestment of distributions 9,384 17,997 (721) (67) Distributions From net investment income (5,041) (6,251) From net realized gains on investments (4,651) (11,990) Return of capital (30) (453) (9,722) (18,694) Net assets - end of year $ 445,476 $ 401,048 Net assets - end of year $ 444,596 $ 400,297 SERIES T Net assets - beginning of year $ 751 $ 832 Add (deduct) changes during the year: Operations Increase (decrease) in net assets attributable to holders of redeemable units 68 (7) Redeemable unit transactions Proceeds from issue of redeemable units Cash paid for redemption of redeemable units (273) (90) Units issued on reinvestment of distributions Distributions From net investment income (8) (12) From net realized gains on investments - (23) Return of capital (30) (42) (38) (77) Net assets - end of year $ 880 $ 751 MD Family of Funds Annual Financial Statements

19 Financial Statements Statement of Cash Flows for the years ended December 31 (in $000 s) Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units $ 54,871 $ (4,195) Adjustments for: Proceeds from sale of investments 386, ,317 Purchase of investments (379,722) (338,479) Amortization Income (217) (68) Unrealized foreign exchange (gain) loss on cash (65) (36) Net realized (gain) loss on sale of investments (13,511) (25,073) Change in unrealized (appreciation) depreciation of investments (36,281) 34,882 Change in unrealized (appreciation) depreciation of derivative instruments (88) 223 Net change in non-cash working capital (12) (310) Net cash from (used in) operating activities 11,239 19,261 Cash flows from (used in) financing activities Proceeds from issue of redeemable units 50,157 47,208 Distributions to holders of redeemable units, net of reinvested distribution (338) (697) Cash paid for redemption of redeemable units (60,542) (65,037) Net cash from (used in) financing activities (10,723) (18,526) Unrealized foreign exchange gain (loss) on cash Net increase (decrease) in cash during the year Cash, beginning of year 3,662 2,891 Cash, end of year $ 4,243 $ 3,662 Interest received 3,566 3,995 Dividends received, net of withholding taxes 7,757 8, MD Family of Funds Annual Financial Statements 2016

20 Financial Statements Supplementary Schedules Redeemable Unit Transactions for the years ended December SERIES A Outstanding, beginning of year 14,891,941 14,877,895 Issued 2,079,416 2,294,243 Redeemed (2,129,518) (2,280,197) Outstanding, end of year 14,841,839 14,891,941 SERIES T Outstanding, beginning of year 87,973 87,545 Issued 41,366 9,813 Redeemed (33,094) (9,385) Outstanding, end of year 96,245 87,973 Soft Dollar Commissions for the years ended December 31 (in $000's) Soft dollar commissions $ 14 $ 7 Soft dollar commissions refers to the portion of total brokerage commissions paid to certain brokers that was available for payment to third party vendors for providing research, statistical or investment decision making services. These services assist the investment managers with their investment decision making for the Fund. Tax Loss Carry Forwards as at December 31 (in $000's) 2016 Net capital loss carried forward $ - Non-capital losses expiring: 2017 $ in 2019 and thereafter - Total $ - The Fund qualifies as a mutual fund trust under the provisions of the Income Tax Act (Canada) and, accordingly, is subject to tax on its income for the year, including net realized capital gains which is not paid or payable to its unitholders as at the end of the year. It is the intention of management that all annual net investment income and sufficient net realized taxable capital gains will be distributed to unitholders annually by December 31, such that there are no Canadian income taxes payable by the Fund. As a result, the Fund does not record income taxes. Since the Fund does not record income taxes, no benefit has been recorded by the Fund in its financial statements in respect of its unused losses as at December 31, As of the taxation year ended December 15, 2016, the Fund does not have any accumulated net realized capital losses or non-capital losses available for utilization against net realized capital gains in future years. Capital losses have no expiry. Noncapital losses can be carried forward for up to 20 years. Securities on Loan as at December 31 (in $000 s) Fair value of securities loaned $ 19,670 $ 25,794 Fair value of collateral (non-cash) $ 20,455 $ 27,368 State Street Bank and Trust Co. is entitled to receive payments out of the gross amount generated from the securities lending transactions of the Fund and bears all operational costs directly related to securities lending as well as the cost of borrower default indemnification. The table below sets out a reconciliation of the gross amount generated from the securities lending transactions of the Fund to the revenue from securities lending disclosed under securities lending income in the Fund s Statement of Comprehensive Income. for the years ended December 31 (in $000's) Gross amount generated from the securities lending transactions $ 191 $ 143 Amounts paid to State Street Bank and Trust Co. $ (37) $ (30) Net securities lending income as reported in the Statement of Comprehensive Income $ 154 $ 113 MD Family of Funds Annual Financial Statements

21 Financial Instruments Risks (in $000's) Financial Instruments MD Balanced Fund (the Fund ) invests in domestic and foreign equities, domestic and foreign corporate and government bonds, as well as forward and futures contracts as shown in the Schedule of Investment Portfolio. The Fund invests excess cash in high grade short-term notes with maturities of less than one year. These investments expose the Fund to risks associated with financial instruments. The Fund s exposures and sensitivities to these risks are presented below. A description of the risks and how the Fund manages these risks is discussed in Note 7 of the Notes to the Financial Statements. Credit Risk The Fund s credit risk is concentrated in investments in debt and derivative instruments. The Fund s maximum exposure to credit risk from debt instruments is the carrying value of short-term investments, domestic and foreign bonds presented on the Schedule of Investment Portfolio as well as the cash as shown on the Statement of Financial Position. The Fund s maximum exposure to credit risk from derivative instruments is the carrying value of derivative instrument asset as presented on the Statement of Financial Position. As at December 31, 2016 and December 31, 2015, the Fund invested in preferred shares and short-term debt instruments with the following credit ratings: Credit Rating % of Net Assets Attributable to Holders of Redeemable Units December 31, 2016 % of Net Assets Attributable to Holders of Redeemable Units December 31, 2015 Debt Instruments AAA / R-1 (High) 11.0% 10.6% AA / R-1 (Mid) 7.1% 8.9% A / R-1 (Low) 8.8% 9.2% BBB 3.3% 3.4% Unrated - 0.1% Total 30.2% 32.2% All credit ratings are from external credit rating agencies such as Dominion Bond Rating Service, Standard & Poor s and Moody s. Currency Risk Exposures to foreign currencies as at December 31, 2016 and December 31, 2015 are presented in the table below. Short-term investments, which are monetary in nature, are included in the Investments at Fair Value column. Currency Cash and Other Net Assets Attributable to Holders of Redeemable Units Investments at Fair Value Derivative Exposure Net Currency Exposure % of Net Assets Attributable to Holders of Redeemable Units December 31, 2016 U.S. Dollar $ 3,116 $ 59,507 $ (8,848) $ 53, % European Euro 24 9,498 2,624 12, % Australian Dollar - 1, , % Danish Krone 6 1,497 (745) % Hong Kong Dollar - 4,652 (4,603) % Indian Rupee - - 2,176 2, % Indonesian Rupiah % Israeli Shekel % Japanese Yen 3 11,051 (146) 10, % Mexican Peso % New Russian Ruble % New Taiwan Dollar - - (1,275) (1,275) (0.29)% New Zealand Dollar % Norwegian Krone % Polish Zloty % British Pound - 5,750 1,006 6, % Singapore Dollar % Swedish Krona ,219 1, % Swiss Franc 121 4,969 (309) 4, % Total $ 3,270 $ 99,246 $ (4,878) $ 97, % December 31, 2015 U.S. Dollar $ 3,338 $ 53,014 $ (3,771) $ 52, % European Euro 16 8,926 1,647 10, % Australian Dollar - 1, , % Czech Koruna % Danish Krone (100) % Hong Kong Dollar - 4,740 (4,259) % Indian Rupee - - 2,441 2, % Indonesian Rupiah - - 1,613 1, % Israeli Shekel - - (892) (892) (0.22)% Japanese Yen 6 10, , % New Russian Ruble % New Taiwan Dollar (51) - (936) (987) (0.25)% New Zealand Dollar % Norwegian Krone % Polish Zloty % British Pound - 5, , % Qatari Rial % Singapore Dollar (675) % Swedish Krona , % Swiss Franc 93 6,317 (3,831) 2, % Total $ 3,405 $ 92,499 $ (4,049) $ 91, % 20 MD Family of Funds Annual Financial Statements 2016