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June 2017 Pricing Commentary

Having just completed the first six months of 2017, we are pleased to report that all five ABC Funds outperformed their respective benchmarks during this period.

More importantly, we have continued to reposition the portfolios toward larger capitalization and dividend-paying common stocks while maintaining a 100% $U.S. currency hedge to de-risk our American investments.

Looking ahead to the second half of 2017, we remain optimistic and believe our portfolios are very well positioned for the balance of the year.

Irwin A. Michael Signature

Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.

May 2017 Pricing Commentary

Our ABC Funds’ investment strategy to overweight U.S. large capitalization equities, fully-hedge our $U.S. currency exposure as well as bulking up on solid, high dividend-paying Canadian pipelines and utilities, yielded significantly positive investment performance for the month of May.

This outperformance, compared to our index benchmarks, was achieved while upgrading our common stock holdings. Our portfolios are diversified and composed of high quality, dividend-paying companies with excellent growth prospects. More importantly, we are pleased to report that all five ABC Funds are showing positive investment returns for 1 month, 3 months, 6 months, 12 months, and 2 years. Additionally, three of our Funds have registered double digit year-to-date performance.

Irwin A. Michael Signature

Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.

April 2017 Pricing Commentary

Over the past 18 months we repositioned our ABC portfolios toward a significant weighting in larger capitalization American technology, financial services, consumer discretionary and health care companies while fully hedging our U.S. currency exposure.

Many of these purchases including Amazon.com, Alphabet, Apple, Netflix, MasterCard and Visa have been excellent investment performers, particularly over the past six months. As a result, we are pleased to report that all five ABC Funds meaningfully appreciated during the month of April and outperformed their respective benchmarks.

Looking ahead we remain confident with our diversified and defensively invested portfolios and will continue to be opportunistic for the balance of 2017.

Irwin A. Michael Signature

Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.

March 2017 Pricing Commentary

All five ABC Funds appreciated during the first quarter of 2017 outperforming various equity benchmarks. Our portfolios are diversified and composed of high quality companies with strong growth prospects. Heading into the second quarter we remain confident and opportunistic.

Irwin A. Michael Signature

Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.

February 2017 Pricing Commentary

All five ABC Funds improved during the month of February outperforming various equity benchmarks largely due to our significant commitment to U.S. common stocks. All five of our ABC Funds have a 100% currency hedge covering our American dollar exposure. Our portfolios are well diversified and should benefit from any improvement in U.S. economic activity as well as the proposed Trump administration tax reductions, fiscal stimulation and reduced government regulations.

Irwin A. Michael Signature

Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.

January 2017 Pricing Commentary

All five ABC Funds increased in price during the month of January.

This appreciation was largely due to a number of our U.S. holdings, which surged in value since the beginning of 2017, including:

• Electronic Arts• Amazon.com

• Brunswick Corp.

• Apple Inc.

• Skyworks Solutions• Broadcom

• Facebook Inc.

• Netflix Inc.

More importantly, as of January 31, 2017, all five ABC Funds produced positive period returns for 1 month, 3 months, 6 months, and 12 months.

We remain fully hedged on our U.S./Canadian currency exposure and believe that our portfolios are well-positioned for 2017.

Sincerely,

Irwin A. Michael Signature

Irwin A. Michael, President
I.A. Michael Investment Counsel Ltd.

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