August 2016 Pricing Commentary The month of August was characterized by subdued stock trading volumes, the lowest daily volumes in about two years. Furthermore, the past four weeks were marked by a lack of price volatility, in which none of the major North American indices posted a 1% daily move to either the up or downside, despite a firming US jobs market, improving corporate earnings and increasing consumer confidence. With that said, our ABC Funds held up well during this period due to investments in high quality, dividend paying stocks with solid earnings and dividend growth prospects. Moreover, having positioned the funds towards a transforming investment environment, characterized by trends such as e-commerce, globalization and an aging baby boomer population, our outlook is quite optimistic for the balance of 2016 and beyond. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.