July 2018 Pricing Commentary The North America equity markets moved higher during the month of July. Interestingly, the U.S. stock indices continued to outperform the Canadian indexes and this event benefited our ABC Funds which are approximately 65% U.S. weighted. Our 100% U.S. dollar hedge continues to mitigate our currency risk. All five ABC Funds appreciated during July and are now at 2018 highs with the portfolios invested in a diversified mix of larger capitalization Canadian and American dividend paying equities. Outperforming ABC portfolio holdings over the past month include: Canadian and U.S. banks, Coca-Cola, PepsiCo, Becton Dickinson, Thermo Fisher Scientific, CNR, CP Railway and Waste Management. More importantly, after the month-end close, Apple Inc., a significant ABC Funds holding in all five portfolios, reported surprisingly strong quarterly results and has climbed to new record price highs. Looking ahead, despite anticipated market volatility, we remain optimistic with regard to the North American economies, corporate earnings and common stocks. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.