Objective ABC Fully-Managed Fund is a diversified Canadian balanced fund. 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 and fixed income securities. While our long-term asset mix target is 50% fixed income and 50% North American equities, in practice, our portfolio mix of stocks versus bonds is quite flexible to take advantage of periodic investment opportunities. Top Ten Holdings Stingray Digital Group Inc. Broadcom Ltd. Exco Technologies Ltd. Loblaw Companies Ltd. Uni-Select Inc. CCL Industries Inc., Class B Microsoft Corp. MasterCard Inc., Class A Becton, Dickinson and Co. Algonquin Power & Utilities Corp. As at December 30, 2016 Sector Breakdown Geographic Breakdown Holding Commentaries CCL Industries Inc., Class B (CCL.B) CCL Industries Inc., is a Toronto-based global leader in label and packaging solutions for large corporations and small businesses. The company has a vast distribution network operating 119 facilities in 31 countries. In December 2016, CCL announced the transformational acquisition of the Innovia Group of Companies for $1.13 billion. This acquisition will introduce CCL into the polymer banknote market, a new market for CCL with a strong growth trajectory. Innovia will be accretive to CCL by adding new manufacturing capabilities, unique technologies and will allow for cross-selling opportunities. We see continuing growth for CCL, driven by strong end markets, margin expansion, further acquisitions as well as solid organic growth. 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.