Federal Reserve policy, especially the timing and pace of interest rate increases over the next year, will continue to be one of the most important drivers. Overall, the Fund participated well during up markets and avoided some of the drawdowns during market declines.įiscal year 2017, we believe several key themes will influence equity markets. Our overweight position in Utilities and Consumer Staples, along with an underweight position in Energy, added to performance, while an underweight position in Information With significant weight in sectors like Consumer Staples and Utilities. Sector positioning largely reflected our emphasis on risk reduction Result, the Funds exposure to the lowest risk segments of the market enhanced performance. Periods of heightened volatility, led by notable macroeconomic and geopolitical events, created risk-off sentiment among global investors. Emerging marketĮquities also finished in positive territory with the MSCI Emerging Markets Index returning 7.9% on the heels of a recovery in commodity prices.įunds investment universe, low-risk stocks were one of the best performing groups for the year. holding up better than abroad, the S&P 500 ® displayed resiliency relative to developed market peers, gaining 10.0%, while the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East Index (EAFE) lost 3.5%.

and abroad and a steepĭecline with a subsequent recovery in crude oil prices had the greatest impact on equity markets, while concerns over Brexit were quickly forgotten. The fiscal year featured a continuation of last years volatility, driven mostly by macroeconomic risk. The BMO Low Volatility Equity FundInstitutional Class (the Fund) returned 12.47% for the fiscal year ended August 31,Ģ016 versus the Russell 1000 ® Index and the Lipper Large-Cap Value Funds Index which returned 11.69% and 10.94%, respectively. Shareholder Report Disclosure of Directors Approval of Advisory Contracts Report of Independent Registered Public Accounting Firm The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (theīMO Disciplined International Equity FundīMO Institutional Prime Money Market FundĮxplanation of the Indices and Notes in the Commentary Registrants telephone number, including area code: (800) 236-3863ĭate of reporting period: August 31, 2016 (Address of principal executive offices) (Zip (Exact name of registrant as specified in charter) CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

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