In 4Q19, the Anchor BCI Global Technology Fund con..nued to experience inflows, which led to further purchases of equi..es throughout the period. The only notable changes to exis..ng investments were to Facebook and Amazon, which were upweighted in the por..olio due to rela..vely a..rac..ve market prices. Alibaba, the fund's largest holding at 8.2% of the por..olio at 4Q19, rose solidly during the quarter – probably due to the secondary lis..ng of the company on the Hong Kong Stock Exchange in November 2019. No new investments were made during the quarter. The fund’s equity content ended the quarter at 80.8%, up from 79.9% at the end of September 2019. The balance of 19.2% is largely invested in US dollar and euro.