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, President I.A. Michael Investment Counsel Ltd.