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MD Equity Fund

Management Report of Fund Performance (December 31, 2014)

DISCLOSURE

This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements of the

Investment Objectives and Strategies

The MD Equity Fund (the “Fund”) seeks to provide long-term capital growth, having due regard to the preservation of capital, with income production as a secondary consideration. The Fund invests in a diversified portfolio of Canadian equities of small, mid and large-cap companies. The Fund may invest in non-Canadian securities.

This is a multi-advisor Fund with ten separate Investment Advisors. Canadian equities are managed by Franklin Bissett Investment Management, QV Investors Inc., and Mackenzie Financial Corporation. The US equities are managed by Lord, Abbett & Company, and Fiduciary Management Inc. The International equities are advised by Earnest Partners, LSV Asset Management and Mondrian Investment Partners. CIBC Asset Management manages the cash reserves and foreign currency in the Fund. The Fund’s Canadian cash reserves are advised by MD Private Trust Company. MD Private Trust Company utilizes the investment sub-advisory services of Mackenzie Financial Corporation - Mackenzie Sentinel investment team. Franklin Bissett Investment Management advises on the fund’s Canadian equity component. The asset manager’s philosophy is to make long-term investments in high quality businesses. Using dedicated research provided by sector specific analysts, the management team constructs the portfolio using the securities of businesses with clearly visible, full-cycle profitability that are trading at a low valuation compared to what they believe the business is worth.

QV Investors Inc. advises on the fund’s all-cap Canadian value equity component. The name, QV Investors, stands for quality and value, and is directly aligned with their philosophy of buying businesses run by capable, committed, and candid people. Their team-based process is highly focused on risk management and protecting against the downside risk

Mackenzie All Cap Value Team identifies companies whose stock price, it believes, is below fair market value. Mackenzie’s research process is disciplined, both quantitatively and qualitatively. Its style of value investing produces what it believes to be a well-diversified portfolio with low volatility without sacrificing long-term returns.

Lord Abbett & Co. LLC advises on the US equity portion of the Fund. Lord Abbett utilizes a disciplined investment process based on in-depth fundamental and proprietary quantitative research that aims to identify undervalued securities while reducing downside risk. They believe macro-economic factors and company specific events influence the behaviour of stock prices and that the market consistently misprices stocks and groups of stocks. Lord Abbett continuously monitors and evaluates securities for sale as price appreciation changes relative valuation attraction or when fundamental changes in the business outlook develops. Fiduciary’s objective is to buy durable businesses at value prices in order to achieve outstanding investment results over a three to five year time horizon. The essential tenets of its investment philosophy are to utilize a business owner’s approach to investing and thoroughly investigate the economics of the business and the qualities of management of each company. Fiduciary’s approach is contrarian in nature as it invests in companies that have stumbled or are

temporarily out of favour with the market, and hence believed to be improperly priced; its goal is to invest in durable business franchises that are selling at low valuations and a significant discount to their intrinsic value.

Earnest Partners uses a proprietary investment approach called Return Pattern Recognition®, to identify the financial and market characteristics that have been in place when an individual company has produced outstanding performance. Earnest screens thousands of companies and selects for an in-depth fundamental review those exhibiting the set of characteristics that are believed to indicate future outperformance. Portfolios of stocks expected to have the best perfor-mance are combined using a statistical approach called downside deviation to measure and then constrain the likelihood of significantly underperforming the benchmark.

LSV Asset Management believes that superior long-term results can be achieved by systematically exploiting the judgmental biases and behavioural weaknesses that influence the decisions of many investors. These include: the tendency to extrapolate the past too far into the future, to wrongly equate a good company with a good investment irrespective of price, to ignore statistical evidence and to develop a “mind set” about a company. LSV uses a quantitative investment model to choose out-of-favour (undervalued) stocks in the marketplace at the time of purchase and have potential for near-term appreciation. LSV believes that these out-of-favour securities will produce superior future returns if their future growth exceeds the market’s low expectations.

Mondrian Investment Partners is a value-oriented investment manager that seeks to invest in stocks where rigorous dividend discount analysis has isolated value in terms of the long-term flow of dividends. Dividend yield and future real growth play a central role in their decision making process and over time the dividend component is expected to be a meaningful portion of expected total return. CIBC Asset Management Inc. (CAM) is the Investment Advisor for the Fund’s foreign cash reserves and its foreign currency exposure. In managing the foreign cash reserves, CAM seeks to maintain the equity market exposure and minimize the impact of cash on the Fund’s performance. CAM seeks to manage the currency risk and add value by managing the Fund’s exposure to foreign currency. CAM employs proprietary quantitative models focusing on key valuation, cyclical and momentum factors as well as qualitative analysis based on extensive internal research and insights from external sources.

The Fund may not invest in companies that manufacture tobacco or tobacco- related products.

Risk

At times, a portfolio can be subject to any number of investment risks. The risk level of the Fund did not change significantly during the year. Descriptions of the investment risks associated with this Fund are detailed in the Simplified Prospectus.

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MD Equity Fund

Management Report of Fund Performance (December 31, 2014)

Results of Operations

As part of MD Financial Management Inc. investment management discipline, we carefully select and monitor each of our Investment Advisors and integrate them in a manner to ensure that the investment performance remains consistent with the long-term objectives of the Fund.

At the end of 2014, the approximate allocation of assets was divided among the Investment Advisors at the following weights:

% OF ASSETS INVESTMENT ADVISOR INVESTMENT STYLE 48% Franklin Bissett Investment Canadian Large-Cap (GARP)

Management

14% QV Investors Inc. Canadian All-Cap Value 8% Mackenzie All Cap Value Team Canadian Small-Cap Value 7% Fiduciary Asset Management US Large Cap Value 7% Lord Abbett and Co. LLC US All Cap Value

6% Mondrian Investment Partners International Large Cap Value 4% LSV Asset Management International All Cap Value 4% Earnest Partners International All Cap Core 2% CIBC Asset Management Currency and Foreign Cash

Management

For the year ended December 31, 2014, the Fund had a total return of 10.9% (series A).

Due to its large weighting and positive performance, the Fund’s exposure to Canadian equities made the most significant contribution to the Fund’s overall return. U.S. equities, held at an average weight of 14.8 %, made the second highest contribution return as they experienced a 11% U.S. dollar return. As a result of the Canadian dollar having depreciated versus a basket of foreign currencies, most importantly against the heavily weighted U.S. dollar, the Fund’s currency exposure provided an added contribution to positive performance in 2014.

With a return of 10.6% for the S&P/TSX Composite Index, which represents 70% of the Fund’s strategic weight, Canadian equities were the beneficiary of modest expansion for global economic growth, specifically an accelerating recovery in the U.S., and ongoing stimulus from monetary policy makers; however, positive performance was concentrated in the first half of the year. As the price of oil, measured in USD by West Texas Intermediate, fell 49% between June 30, 2014 and December 31, 2014, the S&P/TSX Composite Index returned -2.1% during the same 6-month period.

From an industrial sector perspective, a 31% average weight to the Financials sector made the most significant positive contribution to the Fund’s performance; however, eight of the remaining nine sector exposures also made a positive contribution to one-year performance results. Only an allocation to the Energy sector, which was widely hindered by poorly performing oil prices, detracted from the MD Equity Fund’s return in 2014.

As at December 31, 2014 the total net asset value of the Fund was $1.63 billion, a decrease of 5% over the previous year. This decrease was due to net redemptions by a number of large series I unit holders of the Fund. This decrease was partially mitigated by the positive market returns within the Fund. Revenues and expenses were consistent with the previous year.

Recent Developments

STRATEGIC CHANGES

There were no strategic changes to the Fund during the year. The Fund continues to be managed in a manner consistent with its investment mandate and is positioned to achieve its long-term objectives. The Investment Advisors have adhered to their investment disciplines and portfolio strategies.

RELATED PARTY TRANSACTIONS

MD Financial Management Inc. is the Manager, Registrar and Trustee of the Fund. As Manager, MD Financial Management Inc. manages the overall business of the MD Fund and is responsible for; setting investment objectives, providing and/or retaining the services of third party service providers for fund accounting services, administration services, and promoting the sales of the Fund’s units.

As Registrar, MD Financial Management Inc. keeps track of the owners of units of the MD Fund, processes purchase, transfer and redemption orders, issues investor account statements, and issues annual tax reporting information.

As the Fund is organized as a Trust, investing in the Fund means purchasing units of the Trust. As Trustee to the Fund, MD Financial Management Inc. holds actual title to the property in the Fund—the cash and securities the Fund invests in—on behalf of the unitholders.

The principal distributor is MD Management Limited. As principal distributor, MD Management Limited markets the units of the MD Fund through its offices across Canada. MD Management Limited is owned by the Fund Manager, MD Financial Management , which is owned by MD Financial Holdings Inc.

Management Fees

MD Financial Management Inc. provides the Fund with investment management and administrative services, including fund accounting and unitholder record -keeping. In return, MD Financial Management Inc. receives a management fee and an administration fee based on the net asset value of the Fund calculated on a daily basis and paid weekly.

MD Financial Management Inc. pays MD Management Limited, a related party, a fee for providing financial planning services.

(As a percentage of management fees)

Financial Planning Services 32.0%

Investment management, administration and other 68.0%

Past Performance

The following bar chart shows the Fund’s annual performance for each of the years shown, and illustrates how the Fund’s performance changed from year to year. The chart shows, in percentage terms, how much an investment made on the first day of each calendar year would have grown or decreased by the last day of each calendar year.

The performance information assumes that all distributions made by the Fund were reinvested in additional units of the Fund and does not take into account sales, redemption, distribution or other optional charges that would reduce returns. How the Fund has performed in the past does not necessarily indicate how

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MD Equity Fund

Management Report of Fund Performance (December 31, 2014) YEAR-BY-YEAR RETURNS -30 -20 -10 0 10 20 30% Return 16.5% 18.3% 0.7% (28.8%) 25.5% (8.8%) (6.0%) (7.4%) 7.52% 7.53% 9.20% 25.1% 24.9% 26.9% 10.9% 10.9% 12.7% 10.6% MD Equity Fund – Series T

MD Equity Fund – Series I* MD Equity Fund – Series A

* Series I units do not charge a management fee at the fund level, and therefore may report higher returns. Series I units are available to qualified Institutional Investors who pay a separate negotiated management fee directly to MD Financial Management Inc.

** Series I and Series T units are not reported here as they have been in existence for less than 12 months.

2007 2008 2009 2010** 2011 2012 2013 2014

2006 2005

Annual Compound Returns

The following table shows MD Equity Fund’s historical annual compound returns for the past one, three, five and ten year periods ended on December 31 and since inception of the new series, as compared to the return of a MD Equity

Composite Index.

1 year 3 years 5 years 10 years Inception*Since

MD Equity Fund – Series A 10.93% 14.26% 8.51% 6.44% MD Equity Fund – Series T 10.89% 14.21% — — 9.61% MD Equity Fund – Series I 12.67% 16.01% — — 10.12% MD Equity Composite Index 11.94% 13.47% 9.23% 7.32% S&P/TSX Capped Composite Index 10.55% 10.22% 7.53% 7.60% MSCI World Index 15.01% 21.22% 13.04% 6.25%

*The Fund established series T units on November 22, 2010. The Fund established series I units on January 5, 2010. The series I units are available to institutional investors and pay a separate negotiated management fee and administration fee directly to MD Financial Management Inc.

** The Series T units existed through the reporting period, however, at times did not have any outstanding unitholders. Hence the one year return is not an accurate reflection of the Series T performance.

Management uses the MD Equity Composite Index as the benchmark for this Fund because it best represents the weightings in the Fund. The MD Equity Composite Index is comprised of:

• 70% S&P/TSX Capped Composite Index, which measures the aggregate common share returns of Canada’s largest companies.

• 30% MSCI World Index, which measures the aggregate common share returns of the world’s largest companies.

Although index returns are hypothetical—as they do not reflect the true cost of owning or managing the underlying securities— they are one of several useful indicators. By comparing the Fund’s performance to the movements of the benchmark, we are able to assess how the Fund is doing. For example, some short-term deviations can signal the need for change while others confirm the expectations of a longer-term strategy. If Management were to ascertain that a Fund’s over or under performance was the result of excessive risk-taking or deviation from the investment mandate, we would, on behalf of all our unitholders, address these issues with the Investment Advisors, and make changes

if necessary.

Over the past year, the MD Equity Fund underperformed its blended benchmark. From an industrial sector perspective, an underweight allocation and strong selection amongst the Materials sector added value, however, this was offset by the combined impact from an underweight to the outperforming Information Technology, Consumer Discretionary, and Health Care sectors, and poor selection amongst underperforming Energy securities. From a country specific perspective, U.S. equity exposure was the most significant source of underperformance as holdings amongst Consumer Discretionary and Information Technology stocks prevented full participation in robust results.

Regarding Forward-Looking Statements

This document contains forward-looking statements. Such statements are generally identifiable by the terminology used, such as “plan”, “anticipate”, “intend”, “expect”, “estimate”, or other similar wording.

These forward-looking statements are subject to known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Such factors include, but are not limited to: general economic, market and business conditions; fluctuations in securities prices; fluctuation in interest rates and foreign currency exchange rates; and actions by governmental authorities. Future events and their effects on the Fund may not be those anticipated. Actual results may differ materially from the results anticipated in these forward-looking statements.

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MD Equity Fund

Management Report of Fund Performance (December 31, 2014)

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 past five years, if applicable. This information is derived from the Fund’s audited annual financial statements. Years beginning on or after January 1, 2013 follow International Financial Reporting Standards (“IFRS”) and periods prior to January 1, 2013 follow Canadian generally accepted accounting principles (“GAAP”). Net assets attributable to holders of redeemable units are referred to as net assets.

THE FUND’S NET ASSETS PER UNIT1

Year ended December 31

SERIES A 2014 2013 2012 2011 2010

Net assets – beginning of the year 28.85 23.29 21.80 24.02 21.74

Increase (decrease) from operations:

 Total revenue 0.82 0.71 0.66 0.60 0.48

 Total expenses (0.48) (0.40) (0.34) (0.36) (0.33)  Net realized gains (losses) for the year 3.79 2.25 1.46 0.55 1.22  Net unrealized gains (losses) for the year (0.91) 3.23 (0.20) (2.86) 0.85 Total increase (decrease) from operations2 3.22 5.79 1.58 (2.07) 2.22

Distributions:

 From income (excluding dividends) — — — — —

 From dividends (0.21) (0.24) (0.18) (0.09) (0.05)

 From capital gains (1.77) — — — —

 Return of capital — — — — —

Total annual distributions3 (1.98) (0.24) (0.18) (0.09) (0.05)

Net assets – end of the year 30.01 28.85 23.29 21.80 24.02

Year ended December 31

SERIES I 2014 2013 2012 2011 20104

Net assets – beginning of the year 28.95 23.44 21.96 24.22 21.96

Increase (decrease) from operations:

 Total revenue 0.82 0.73 0.68 0.62 0.49

 Total expenses — — — — —

 Net realized gains (losses) for the year 3.81 2.24 1.44 0.26 1.21  Net unrealized gains (losses) for the year (1.76) 3.52 (0.16) (2.85) 2.36 Total increase (decrease) from operations2 2.87 6.49 1.96 (1.97) 4.06

Distributions:

 From income (excluding dividends) (0.25) (0.18) (0.17) (0.14) (0.09)  From dividends (0.69) (0.53) (0.38) (0.31) (0.11)

 From capital gains — — — — —

 Return of capital — — — — —

Total annual distributions3 (0.94) (0.71) (0.55) (0.45) (0.20)

Net assets – end of the year 31.66 28.95 23.44 21.96 24.22

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

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MD Equity Fund

Management Report of Fund Performance (December 31, 2014)

Financial Highlights (continued)

THE FUND’S NET ASSETS PER UNIT1

Year ended December 31

SERIES T 2014 2013 2012 2011 20105

Net assets – beginning of the year 11.11 9.39 9.25 10.37 10.00

Increase (decrease) from operations:

 Total revenue 0.31 0.28 0.28 0.29 0.04

 Total expenses (0.18) (0.16) (0.14) (0.16) (0.02)  Net realized gains (losses) for the year 1.43 0.88 0.66 0.02 0.06  Net unrealized gains (losses) for the year (0.38) 1.28 (0.42) (1.58) 0.33 Total increase (decrease) from operations2 1.18 2.28 0.38 (1.43) 0.41

Distributions:

 From income (excluding dividends) — — — — —

 From dividends (0.07) (0.08) (0.08) — —

 From capital gains (1.15) — — — —

 Return of capital (0.56) (0) (0.46) (0.52) —

Total annual distributions3 (1.78) (0.55) (0.54) (0.52)

Net assets – end of the year 10.52 11.11 9.39 9.25 10.37

1 This information is derived from the Fund’s audited annual financial statements. Under GAAP, the Fund measured fair value of its investments in accordance with CICA Handbook Section 3855

which required the use of bid prices for portfolio investments in place of closing price. Net Assets that are calculated in accordance with GAAP differ from the Net Assets calculated for fund pricing purposes as disclosed in the Ratios and Supplemental Data table. There is no significant difference between the two under IFRS.

2 Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of

units outstanding over the financial year. This table is not intended to a be a reconciliation of beginning to ending net assets per unit.

3 Distributions were paid in cash or reinvested in additional units of the Fund, or both. 4 The results shown are for the period January 5 – December 31, 2010.

5 The results shown are for the period November 22 – December 31, 2010.

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

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MD Equity Fund

Management Report of Fund Performance (December 31, 2014)

Financial Highlights (continued)

RATIOS AND SUPPLEMENTAL DATA

SERIES A 2014 2013 2012 2011 2010

Total net assets, end of the year1 1,387,038,324 1,424,999,254 1,324,260,885 1,466,650,474 1,911,248,057

Number of units outstanding 46,219,210 49,401,393 56,860,961 67,147,391 79,449,351 Management expense ratio2 1.54% 1.54% 1.55% 1.54% 1.50%

Management expense ratio before tax 1.40% 1.40% 1.40% 1.40% 1.40% Management expense ratio before waivers

or absorptions 1.54% 1.54% 1.55% 1.54% 1.50%

Trading expense ratio3 0.06% 0.07% 0.13% 0.16% 0.16%

Portfolio turnover rate4 43.80% 44.46% 65.36% 57.36% 44.39%

Net assets per unit 30.01 28.85 23.29 21.84 24.06

SERIES I 2014 2013 2012 2011 20105

Total net assets, end of the year1 244,125,155 295,780,110 190,538,817 122,142,152 77,033,662

Number of units outstanding 7,709,739 10,215,825 8,130,374 5,552,672 3,176,789

Management expense ratio2

Management expense ratio before tax — — — — —

Management expense ratio before waivers

or absorptions

Trading expense ratio3 0.06% 0.07% 0.13% 0.16% 0.16%

Portfolio turnover rate4 43.80% 44.46% 65.36% 57.36% 44.39%

Net assets per unit 31.66 28.95 23.44 22.00 24.25

SERIES T 2014 2013 2012 2011 20106

Total net assets, end of the year1 781,321 749,738 615,355 654,292 111,564

Number of units outstanding 74,236 67,461 65,532 70,565 10,744 Management expense ratio2 1.57% 1.58% 1.58% 1.57% 1.53%

Management expense ratio before tax 1.39% 1.40% 1.40% 1.39% 1.39% Management expense ratio before waivers

or absorptions 1.57% 1.58% 1.58% 1.57% 1.53%

Trading expense ratio3 0.06% 0.07% 0.13% 0.16% 0.16%

Portfolio turnover rate4 43.80% 44.46% 65.36% 57.36% 44.39%

Net assets per unit 10.52 11.11 9.39 9.27 10.38

1 This information is provided as at December 31 of the year shown.

2 Management expense ratio is based on total expenses (excluding commissions, withholding taxes and other portfolio transaction costs) for the stated period and is expressed as an

annualized percentage of daily average net asset value during the period. Certain provinces have harmonized their provincial sales tax (PST) with the federal goods and services tax (GST). The Harmonized Sales Tax (HST) combines the GST rate of 5% with the PST rate of certain provinces. HST is calculated as a weighted average application based on the residency of shareholders and the value of their interests in each Series at a point in time, rather than the physical location of the manager. HST is being paid by the Fund and results in a higher MER than in periods prior to harmonization.

3 The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net assets during the period. 4 The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio advisor 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 year. The higher a fund’s portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.

5 The results shown are for the period January 5 – December 31, 2010. 6 The results shown are for the period November 22 – December 31, 2010.

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

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MD Equity Fund

Management Report of Fund Performance (December 31, 2014)

PORTFOLIO ALLOCATION

TOP 25 HOLDINGS (PERCENTAGE OF NET ASSETS)

Note: Summary of Investment Portfolio may change due to ongoing portfolio transactions of the investment fund. A quarterly update is available.

The Net Assets, Portfolio Allocation and Top 25 Holdings in the tables are based on the net assets as at December 31, 2014.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. To obtain a copy of the prospectus, please call your MD Advisor, or the MD Trade Centre at 1 800 267-2332.

Canadian National Railway Company 3.4% The Toronto-Dominion Bank 3.3% Canadian Imperial Bank of Commerce 3.1% Cash and short-term investments 3.0%

The Bank of Nova Scotia 2.9%

Brookfield Asset Management Inc. Cl. A Limited Voting 2.7%

Royal Bank of Canada 2.6%

Bank of Montreal 2.4%

Enbridge Inc. 2.3%

Thomson Reuters Corporation 2.0% MacDonald, Dettwiler and Associates Ltd. 2.0% Canadian Natural Resources Ltd. 1.9% Power Financial Corporation 1.8%

Metro Inc. 1.7%

SNC-Lavalin Group Inc. 1.6%

TransCanada Corporation 1.6%

Canadian Pacific Railway Limited 1.6% Power Corporation of Canada 1.4% Alimentation Couche-Tard Inc. Cl. B Sub. Voting 1.4%

ATCO Ltd. Cl. I 1.3%

iShares S&P/TSX Capped Composite Index Fund 1.3% Potash Corporation of Saskatchewan Inc. 1.3% Rogers Communications Inc. Cl. B 1.3%

Home Capital Group Inc. 1.2%

Agrium Inc. 1.1%

Domestic Equities 71.1% Cash and Other Net Assets 3.3%

Foreign Equities 25.5% Domestic Equities – Income Trusts 0.1% DOMESTIC EQUITIES Consumer Discretionary 5.1% Consumer Staples 3.6% Energy 16.2% Exchange Traded Funds 1.6% Financials 25.4% Industrials 10.0% Information Technology 1.1% Materials 4.4% Telecommunication Services 1.9% Utilities 1.8% 71.1%

DOMESTIC EQUITIES – INCOME TRUSTS

Real Estate 0.1% 0.1% FOREIGN EQUITIES Australia 0.4% Austria 0.2% Belgium 0.1% Bermuda 0.2% Brazil 0.1% Cayman Islands 0.0% China 0.3% Colombia 0.0% Czech Republic 0.0% Denmark 0.0% Finland 0.0% France 1.2% Germany 0.8% Hong Kong 0.2% India 0.1% Indonesia 0.0% Ireland 0.6% Israel 0.2% Italy 0.2% Japan 2.0% Jersey 0.1% Luxembourg 0.1% Netherlands 0.5% New Zealand 0.0% Norway 0.3% Singapore 0.4% South Korea 0.2% Spain 0.6% Sweden 0.2% Switzerland 1.6% Taiwan 0.2% Turkey 0.1% United Kingdom 2.2% United States 12.4% 25.5%

CASH AND SHORT-TERM INVESTMENTS 3.0% OTHER NET ASSETS 0.3%

TOTAL NET ASSETS 100.0%

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References

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