July 2017 Pricing Commentary All five ABC Funds outperformed their respective benchmarks during the month of July, mainly due to our investments in select U.S. technology, industrial and consumer discretionary stocks. Although the Canadian dollar appreciated significantly versus the American dollar, our 100% $U.S. currency hedge protected our portfolio valuations. A more important outcome is that a weaker $U.S. should positively impact U.S. corporations, boost international revenues and earnings and improve investor confidence. Since our month end pricing, Apple Inc., held in all five ABC Funds, reported impressive quarterly results, helped by healthy demand for the iPhone and strong guidance for the upcoming quarter. We believe this should extend the overall positive stock market trend this year. We remain optimistic and believe that our portfolios are well-positioned for the future. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.