October 2016 Pricing Commentary

The ABC Funds modestly declined on the October 31st valuation date primarily a result of weaker U.S. share prices. Largely due to the uncertain outcome of the November 8th U.S. presidential election, the major U.S. stock averages fell between -1% to -4 ½% for the month. With the American election only six days away we expect considerable resolution to the overhanging political uncertainty and far greater investment clarity.

Irwin A. Michael Signature

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

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