The S&P 500® Index gained 6.07%* (in Canadian dollar terms, the return for the quarter was 5.25%) for the first quarter of 2017. The equity market posted positive returns each month of the quarter with the S&P 500® Index returning 1.90%*, 3.97%* and 0.12%* for January, February and March, respectively. The equity market’s advance was steady over the first two months and reached a year-to-date closing high on March 1st. The S&P 500® Index declined 2.16%* from March 1st through March 27th before advancing at month-end. Realized volatility and implied volatility were persistently low throughout the quarter.