August 2017 Pricing Commentary Primarily due to our significant equity exposure in American healthcare, technology and financials the five ABC Funds have outperformed our index benchmarks for year-to-date 2017. We continue to have in place a 100% U.S. currency hedge which has protected our portfolios, particularly with the recent considerable strength of the Canadian dollar. Similar to our earlier 2017 comments we remain optimistic with regard to the North American economies and common stocks. More importantly, we believe that our five ABC portfolios are well-positioned for the balance of 2017. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.