ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE

Transcription

1 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE For the period ended December, 06 Canadian Equity Funds 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. 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 or , by writing to us at National Bank Investments Advisory Service, 500, Place d Armes, th floor, Montreal, Quebec, HY W, 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.

2 Management Discussion of Fund Performance Investment Objective and Strategies The s investment objective is to ensure long-term capital growth. The Fund invests directly, or through investments in securities of other mutual funds, in a portfolio comprised mainly of equity securities of Canadian companies. The portfolio sub-advisor analyzes each company s potential for success in light of its current financial condition, its industry positioning, and economic and market conditions. The portfolio subadvisor considers factors like growth potential, earning estimates, quality of management and current market value of the securities. Risks The global investment risk of the Fund remains as described in the simplified prospectus or any amendments thereto and Fund Facts. Results of Operations For the twelve-month period ended December, 06, the National Bank Canadian All Cap Equity Fund s Investor Series units returned.7% compared to.08% for the Fund s benchmark, the S&P/TSX Composite Index (CAD). Unlike the benchmark, the Fund s performance is calculated after fees and expenses. Please see the Past Performance section for the returns of all of the Fund s 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 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 manager does not believe that the return of capital distributions made by such series of the Portfolio have a meaningful impact on the Fund s ability to implement its investment strategy or to fulfill its investment objective. The Fund's net asset value rose by % over the period, from $687.6 million as at December, 05 to $770. million as at December, 06. The increase stemmed mainly from market fluctuations. Global equities debuted the year on a tumultuous footing, amid heightened levels of market volatility and investor risk aversion (particularly in January and February). At the start of the year, some of the world s major equity indices collapsed after a slumping Chinese equity market threatened to derail the country s economy. Fortunately, an impressive market rally in March offset these early year losses. As the year progressed, markets were impacted by the United Kingdom s vote to exit the European Union in what was headlined by the media as the Brexit vote. Meanwhile, a new U.S. President was elected and oil prices soared after the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement, alongside nonmembers, to curtail oil output. On the monetary policy front, the U.S. Federal Reserve (the Fed ) proceeded in hiking the federal funds rate while the European Central Bank and the Bank of Japan moved in opposing directions by implementing additional stimulus measures. Against this backdrop, Canadian equities, as gauged by the S&P/TSX Composite Index, returned.08%. Ten of the eleven sectors ended the period in positive territory, particularly Materials, Energy and Financials. In contrast, Health Care fell significantly, due to challenges facing both Valeant Pharmaceuticals and Concordia International. Among the components that make up the benchmark index, Teck Resources, Ivanhoe Mines and Enerplus were the top performers over the period while Concordia International, Valeant Pharmaceuticals and Empire Company weakened the index s overall return. Following these events, the Fund outperformed its benchmark, the S&P/TSX Composite Index. The primary factor for the Fund s outperformance derived from its positions in the Health Care and Energy sectors. Another significant aspect in performance came from the Fund s positioning in the Industrials sector. An overweight position in the Consumer Discretionary sector and significant underweighting in Financials detracted from performance. In terms of security selection, Encana Corp., Tourmaline Oil Corp. and TFI International Inc. (formerly Transforce Inc.) made the largest individual contributions to performance among equities, while H&R Block Inc. was the biggest detractor. The Fund s sector positioning was not significantly changed during the year, although exposure to Materials was slightly reduced. In addition to the large Financials underweighting, the Fund was moderately underweight in Energy and Materials. It had large overweight positions in Consumer Discretionary, its largest sector, and in Industrials and Information Technology. Cash was increased to about 8% from % during 06. Recent Developments Among individual securities, an existing position in TFI International Inc. was increased and the company became the fund s largest individual holding. Significant additions within the Fund also included Walgreen s Boots Alliance Inc., Computer Science Corp., CCL Industries, and Keyera Corp. and Canandian Pacific Railway Ltd. Throughout the year, the portfolio manager maintained the Fund s strategy largely unchanged. His goal remained to protect capital, particularly in light of elevated risk appetites, and continues to position the Fund in a defensive manner. As we look forward, the portfolio manager believes that the Canadian market s exposure to economically sensitive sectors depends on improvement in global growth. Improved oil and commodity prices, accompanied by higher interest rates, should benefit the domestic market s significant over-exposure to the Energy, Materials and Financials sectors. Taking a look south of the border, the portfolio manager feels that it still remains to be seen whether the Trump administration s planned policies will boost equity valuations in the coming months. Overall, the portfolio manager feels their may be underlying factors, given the considerable political and macroeconomic uncertainty. He will therefore maintain a conservative stance until there is greater clarity or when attractive bottom-up opportunites are found. 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. Agent for securities lending transactions NTC acts as the agent for securities lending transactions acts on behalf of the Fund in administering securities lending transactions entered into by the Fund. NTC is an affiliate of the Manager.

3 Fund Manager The Fund is managed by National Bank Investments Inc. ( NBII ), which is a wholly-owned subsidiary of the Bank. Therefore, NBII 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, 0; costs of compliance with any new governmental or regulatory requirements, including any new fees introduced after August, 0; interest and borrowing costs; costs related to external services that were not commonly charged in the Canadian mutual fund industry as at August, 0; 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. Distribution and Dealer 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. Brokers may receive, depending on the distributed series, a monthly commission representing a percentage of the average daily value of the securities held by their clients. Brokerage Fees The Fund may pay broker s commissions at market rates to a corporation affiliated with NBII. The brokerage fees paid by the Fund for the period are as follows: Period ended December, 06 Total brokerage fees $89,59.7 Brokerage fees paid to National Bank Financial $, Holdings As at December, 06, National Bank Investments Inc. held Fund securities for a value of $,99., 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. 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. 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 maximum annual 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: Series Management Fees Distribution Others Investor Series and Series R Advisor Series and Series T5* Front-end load Back-end load - to 6 years Back-end load - 7 years and more Low load - to years Low load - years and more Series F and Series F Series O N/A** 00.0 ( ) Includes all costs related to management, investment advisory services, general administration and profit. (*) Excluding sales commissions paid on the Advisor Series and Series T5 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 The performance of each series of the Fund is presented below and calculated as at December of each year. It assumes that all distributions made in the periods shown were reinvested in additional securities and does not take into account sales, redemption charges, distributions, or optional charges that would have reduced returns. Past performance of a series of a Fund does not necessarily indicate how it will perform in the future. Annual Returns The bar charts indicate the performance for each the Fund's series in existence greater than one year during the years shown, and illustrate how the performance has changed from year to year. They show, in percentage terms, how much an investment made on January (or made commencing from the start of the series) would have grown or decreased by December of that year, or by June 0, as applicable.*

4 *Please note that financial years prior to 009 are from October to September 0. Investor Series Advisor Series Series F Series F Series O 6. Series T Returns for the period from June, 009 (commencement of operations) to December, 009. Returns for the 5-month period from October, 008 to December, 009. Returns for the period from May 7, 0 (commencement of operations) to December, 0. Returns for the period from April 7, 0 (commencement of operations) to December, 0 5 Returns for the period from May, 0 (commencement of operations) to December, 0 Annual Compounded Performance The following table shows the Fund's annual compound returns for each series in existence greater than one year and for each of the periods ended on December, 06, compared with the following benchmark: S&P/TSX Composite Index (CAD) year years 5 years 0 years.7 06 Since inception Investor Series.7%.05% % Benchmark.08% 7.06% 8.5%.7% Advisor Series.7%.05% 7..% Benchmark.08% 7.06% 8.5% 8.67% Series F.58%.57% 8.7%.6% Benchmark.08% 7.06% 8.5% 8.67% Series F5.7.7% Benchmark.08% 6.5% Series O 6.%. Benchmark.08% 6.9% Series R 5.9%. 7..8% Benchmark.08% 7.06% 8.5% 5.55% Series T5.7% 0. Benchmark.08% 6.5% Commencement of operations: October 5, 00 Commencement of operations: June, 009 Commencement of operations: May, 0 Commencement of operations: April 7, 0 5 Commencement of operations: May 7, 0 6 Series R 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/TSX Composite Index is composed of over 00 Canadian stocks and is designed to represent the Canadian equity market

5 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. Investor / Advisor Series Net Assets per Unit () Accounting Period Ended December December December December December $ $ $ $ $ Net Assets, Beginning of Accounting Period Shown () Total revenue Total expenses (0.6) (0.67) (0.69) (0.68) (0.56) Realized gains (losses) Unrealized gains (losses).8 (.60) (.9).5.0 Total ().9 (0.0) From net investment income (excluding dividends) From dividends From capital gains Return of capital Total Annual () Net Assets, End of Accounting Period Shown () units outstanding over the accounting period. The detailed calculation of the total as at December, 05 has been adjusted to reflect the The net assets value at the end of the 0 accounting period may differ from the value at the beginning of the 0 accounting period. Since January, 0, 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 ). Accounting Period Ended December December December December December Total net asset value (000's of $) () 697,68 658,87 655,059 55,699 8,657 Number of units outstanding () 6,6,95 0,06,777 7,80,798,9,57 8,68,87 Management expense ratio (%) () Management expense ratio before waivers or absorptions (%) Trading expense ratio (%) () Portfolio turnover rate (%) () Net asset value per unit ($) accounting period. The trading expense ratio includes, if necessary, the trading expenses from its underlying funds, as described in Article 5. of Regulation Since prior to 06. The trading expense ratio as at December, 0 has been ajusted to reflect a non-material correction related to a The Fund's portfolio turnover rate indicates how actively the Fund portfolio's manager manages its portfolio investments. A portfolio turnover rate of 0 is equivalent to the Fund

6 Series F Net Assets per Unit () Accounting Period Ended December December December December December $ $ $ $ $ Net Assets, Beginning of Accounting Period Shown () Total revenue Total expenses (0.6) (0.7) (0.6) (0.6) (0.0) Realized gains (losses) Unrealized gains (losses).77 (.98) (0.88) Total ().8 (0.) From net investment income (excluding dividends) From dividends From capital gains Return of capital Total Annual () Net Assets, End of Accounting Period Shown () units outstanding over the accounting period. The detailed calculation of the total as at December, 05 has been adjusted to reflect the The net assets value at the end of the 0 accounting period may differ from the value at the beginning of the 0 accounting period. Since January, 0, 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 ). Accounting Period Ended December December December December December Total net asset value (000's of $) (),77, 6,600,86 8 Number of units outstanding (),96,85 7,756 9,956 76,9 5,60 Management expense ratio (%) () Management expense ratio before waivers or absorptions (%) Trading expense ratio (%) () Portfolio turnover rate (%) () Net asset value per unit ($) accounting period. The trading expense ratio includes, if necessary, the trading expenses from its underlying funds, as described in Article 5. of Regulation Since prior to 06. The trading expense ratio as at December, 0 has been ajusted to reflect a non-material correction related to a The Fund's portfolio turnover rate indicates how actively the Fund portfolio's manager manages its portfolio investments. A portfolio turnover rate of 0 is equivalent to the Fund

7 Series F5 Net Assets per Unit () Accounting Period Ended December December December ( days) $ $ $ Net Assets, Beginning of Accounting Period Shown () Total revenue Total expenses (0.5) (0.5) (0.) Realized gains (losses) Unrealized gains (losses).8 (.9) (0.6) Total ().8 (0.) 0. From net investment income (excluding dividends) From dividends From capital gains Return of capital Total Annual () Net Assets, End of Accounting Period Shown () units outstanding over the accounting period. The detailed calculation of the total as at December, 05 has been adjusted to reflect the The net assets are calculated in accordance with IFRS. Accounting Period Ended December December December ( days) Total net asset value (000's of $) () Number of units outstanding () 8,5 9,,8 Management expense ratio (%) ()..5.7 Management expense ratio before waivers or absorptions (%)..7.8 Trading expense ratio (%) () Portfolio turnover rate (%) () Net asset value per unit ($) accounting period. The trading expense ratio includes, if necessary, the trading expenses from its underlying funds, as described in Article 5. of Regulation Since prior to 06. The trading expense ratio as at December, 0 has been ajusted to reflect a non-material correction related to a The Fund's portfolio turnover rate indicates how actively the Fund portfolio's manager manages its portfolio investments. A portfolio turnover rate of 0 is equivalent to the Fund

8 Series O Net Assets per Unit () Accounting Period Ended December December December (58 days) $ $ $ Net Assets, Beginning of Accounting Period Shown () Total revenue Total expenses (0.0) (0.0) (0.0) Realized gains (losses) Unrealized gains (losses). (.0) (0.) Total () From net investment income (excluding dividends) From dividends From capital gains Return of capital Total Annual () Net Assets, End of Accounting Period Shown () units outstanding over the accounting period. The detailed calculation of the total as at December, 05 has been adjusted to reflect the The net assets are calculated in accordance with IFRS. Accounting Period Ended December December December (58 days) Total net asset value (000's of $) (),97,75,87 Number of units outstanding (),,09,77,000,,07 Management expense ratio (%) () Management expense ratio before waivers or absorptions (%) Trading expense ratio (%) () Portfolio turnover rate (%) () Net asset value per unit ($) accounting period. The trading expense ratio includes, if necessary, the trading expenses from its underlying funds, as described in Article 5. of Regulation Since prior to 06. The trading expense ratio as at December, 0 has been ajusted to reflect a non-material correction related to a The Fund's portfolio turnover rate indicates how actively the Fund portfolio's manager manages its portfolio investments. A portfolio turnover rate of 0 is equivalent to the Fund

9 Series R Net Assets per Unit () Accounting Period Ended December December December December December $ $ $ $ $ Net Assets, Beginning of Accounting Period Shown () Total revenue Total expenses (0.5) (0.8) (0.0) (0.0) (0.6) Realized gains (losses) Unrealized gains (losses). (.0) (0.58) Total ().86 (0.06).07.. From net investment income (excluding dividends) From dividends From capital gains Return of capital Total Annual () Net Assets, End of Accounting Period Shown () units outstanding over the accounting period. The detailed calculation of the total as at December, 05 has been adjusted to reflect the The net assets value at the end of the 0 accounting period may differ from the value at the beginning of the 0 accounting period. Since January, 0, 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 ). Accounting Period Ended December December December December December Total net asset value (000's of $) (),765 5,0,66,6 86 Number of units outstanding () 67,07 57,759 8,77 7,97 9,9 Management expense ratio (%) () Management expense ratio before waivers or absorptions (%) Trading expense ratio (%) () Portfolio turnover rate (%) () Net asset value per unit ($) accounting period. The trading expense ratio includes, if necessary, the trading expenses from its underlying funds, as described in Article 5. of Regulation Since prior to 06. The trading expense ratio as at December, 0 has been ajusted to reflect a non-material correction related to a The Fund's portfolio turnover rate indicates how actively the Fund portfolio's manager manages its portfolio investments. A portfolio turnover rate of 0 is equivalent to the Fund

10 Series T5 Net Assets per Unit () Accounting Period Ended December December December ( days) $ $ $ Net Assets, Beginning of Accounting Period Shown () Total revenue Total expenses (0.) (0.7) (0.7) Realized gains (losses) Unrealized gains (losses). (.) 0.09 Total ().08 (0.09) 0.9 From net investment income (excluding dividends) From dividends From capital gains Return of capital Total Annual () Net Assets, End of Accounting Period Shown () units outstanding over the accounting period. The detailed calculation of the total as at December, 05 has been adjusted to reflect the The net assets are calculated in accordance with IFRS. Accounting Period Ended December December December ( days) Total net asset value (000's of $) (), Number of units outstanding () 0,95 7,76 8, Management expense ratio (%) () Management expense ratio before waivers or absorptions (%) Trading expense ratio (%) () Portfolio turnover rate (%) () Net asset value per unit ($) accounting period. The trading expense ratio includes, if necessary, the trading expenses from its underlying funds, as described in Article 5. of Regulation Since prior to 06. The trading expense ratio as at December, 0 has been ajusted to reflect a non-material correction related to a The Fund's portfolio turnover rate indicates how actively the Fund portfolio's manager manages its portfolio investments. A portfolio turnover rate of 0 is equivalent to the Fund

11 Private Series* *Please note that this Series is offered by way of private placement. Net Assets per Unit () Accounting Period Ended December December (0 days) $ $ Net Assets, Beginning of Accounting Period Shown () Total revenue Total expenses (0.) (0.0) Realized gains (losses) Unrealized gains (losses).9 (0.) Total (). (0.) From net investment income (excluding dividends) From dividends From capital gains Return of capital Total Annual () Net Assets, End of Accounting Period Shown () units outstanding over the accounting period. The detailed calculation of the total as at December, 05 has been adjusted to reflect the The net assets are calculated in accordance with IFRS. Accounting Period Ended December December (0 days) Total net asset value (000's of $) () 9,7 Number of units outstanding (),60,7 00 Management expense ratio (%) ().0.07 Management expense ratio before waivers or absorptions (%).0.8 Trading expense ratio (%) () Portfolio turnover rate (%) () Net asset value per unit ($) accounting period. The trading expense ratio includes, if necessary, the trading expenses from its underlying funds, as described in Article 5. of Regulation Since prior to 06. The Fund's portfolio turnover rate indicates how actively the Fund portfolio's manager manages its portfolio investments. A portfolio turnover rate of 0 is equivalent to the Fund * The management expense ratio before waivers or absorptions as at December, 05 has been adjusted to reflect an adequate annualization. The ratio changed from.7 to.8.

12 Summary of Investment Portfolio As of December, 06 Portfolio Top Holdings % of Net Asset Value Cash, Money Market and Other Net Assets 8.5 TFI International Inc..7 Tourmaline Oil Corp..0 Brookfield Infrastructure Partners LP.6 George Weston Ltd..5 Spartan Energy Corp.. Walgreens Boots Alliance Inc.. PrairieSky Royalty Corp.. Signature Bank/New York NY.0 Restaurant Brands International Inc..9 Texas Capital Bancshares Inc..9 Middleby Corp..7 Computer Sciences Corp..6 Canadian Pacific Railway Co..5 CCL Industries Inc., Class B.5 Keyera Corp..5 Athene Holding Ltd., Class A. Auto Trader Group PLC. Storm Resources Ltd..0 B&M European Value Retail SA.8 Kelt Exploration Ltd..8 Finning International Inc..7 Kinaxis Inc..6 Teledyne Technologies Inc..5 Tesco PLC.5 8. Net asset value $770,8,5 Asset Mix % of Net Asset Value Canadian Equity 5.6 US Equity. International Equity 7. Derivative Products 0. Cash, Money Market and Other Net Assets 8.5 Regional Allocation % of Net Asset Value Canada 5.6 United States. United Kingdom. Luxembourg.8 Bermuda. Derivative Products 0. Cash, Money Market and Other Net Assets 8.5 Sector Allocation % of Net Asset Value Energy 7. Industrials 5.5 Consumer Staples.7 Consumer Discretionary 0.0 Financials 0.0 Information Technology 7.6 Materials.5 Utilities.6 Health Care. Derivative Products 0. Cash, Money Market and Other Net Assets 8.5 The above table shows the top 5 positions held by the Fund. In the case of a Fund with fewer than 5 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