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, President I.A. Michael Investment Counsel Ltd.