Objective ABC North American Equity Fund searches out fundamentally attractive Canadian and American stock exchange-listed common shares. The investment objective of the Fund is to seek long‐term capital appreciation by investing primarily in a diversified portfolio of Canadian and American equity securities. This closed-end fund has maximum flexibility to invest in a diversified mix of value securities. The country and asset mix, as well as currency exposure, can vary and has no set limits. The portfolio, ordinarily, will have a mix of 40 to 50 holdings. Top Ten Holdings Brunswick Corp. Dave & Buster’s Entertainment Inc. Uni-Select Inc. Stingray Digital Group Inc. Boston Scientific Corp. Loblaw Companies Ltd. Visa Inc., Class A Amazon.com Inc. Anthem Inc. Celgene Corp. As at December 30, 2016 Sector Breakdown Geographic Breakdown Holding Commentaries Loblaw Companies Ltd. (L) Loblaw Companies Ltd., is a leading and well-managed Canadian grocer selling under its Loblaw, PC, Shoppers Drug Mart and Joe Fresh brands. The company, after the purchase of Shoppers Drug Mart, became the foremost pharmacy retailer in Canada. More importantly, with its huge distribution network of over 2400 grocery and pharmacy stores, Loblaw provides a wide selection of consumer staples and should be a major margin beneficiary of corporate cost cutting and increased company synergies. Looking forward, we see Loblaw’s continued success due to a large range of retail formats of both food and drugs enabling the company to grow market share. Continued cost-efficiency initiatives should drive double digit EPS growth and rising free cash flows will permit Loblaw to repurchase a significant amount of shares through corporate buybacks. The Closed End Network The Closed End Network handles the trading of units for our two closed-end funds: ABC North American Equity Fund and the ABC Global Equity Fund. Our Closed End Network enables investors to buy sell on a no-fee basis, and always at net asset value. We maintain a list of interested buyers and sellers and facilitate the distribution and redemption of units. For new investors looking to invest in the ABC North American Equity Fund or the ABC Global Equity Fund, please contact our office.