Objective ABC Fundamental-Value Fund seeks out fundamentally attractive North American equities. 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. Our extensive “value research” style attempts to ferret out North American equities with appealing valuations. With these discerning selections we cobble a diversified portfolio of all-capitalization North American value stocks. When fully invested and having discovered new, fundamentally attractive securities, our sell discipline forces us to cull our portfolios to liquidate the most expensive holdings. Top Ten Holdings Exco Technologies Ltd. Stingray Digital Group Inc. Uni-Select Inc. Microsoft Corp. Loblaw Companies Ltd. MasterCard Inc., Class A East West Bancorp Inc. Suncor Energy Inc. Nike Inc. Skyworks Solutions Inc. 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.