March 2016 Pricing Commentary All five ABC Funds appreciated during the month of March. This improvement was largely due to a few factors including: Recently released and improved quarterly revenue and earnings performance of common share holdings held in the funds. Rising investment optimism/sentiments resulting in a meaningful stock advance during the month. More importantly, the ABC Funds have continued to appreciate during the first two days of April. The five funds have unofficially increased between +0.7% to +1.2% so far this month. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.