July 2015 Performance Commentary Our three open-ended funds, ABC Fully-Managed, ABC Fundamental Value and ABC American-Value all posted positive investment returns and relative outperformance versus their benchmarks for the month of July. These results were largely due to the excellent price gains of a blend of Canadian and American common stocks such as Loblaw Companies, Exco Technologies, Telus, Uni-Select, Amgen, Foot Locker, Google, H+R Block and Valero Energy. Our two closed end funds, ABC North American Deep-Value and ABC Dirt-Cheap Stock Fund also held a number of outperforming stocks, however, these two portfolios were impacted by a few smaller capitalization holdings such as Aveda Transportation, Polaris Materials and Com Dev International which fell during the latter part of the month. Overall, we remain very confident with regard to all five ABC Funds portfolios. Our securities holdings are relatively liquid and undervalued and, as a result, we remain quite optimistic with regard to second half 2015 investment performance. In fact, our funds are showing positive returns for the first three days of August. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.