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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