February 2016 Pricing Commentary Although our five ABC Funds declined during the month of February several points should be noted: During the first two days of March the Funds have recovered almost all of the negative returns of February. Interestingly, at least ten of our ABC Funds’ holdings reported significantly better quarterly results than expected during February and this outperformance has yet to be fully-reflected in their stock prices. The companies include: – The Home Depot – Salesforce.com – AutoZone Inc. – The Kraft/Heinz Co. – Exco Technologies – Six Flags Entertainment Corp. – Gilead Sciences – NVIDIA Corp. – O’Reilly Automotive – CCL Industries It is our view that these improving corporate fundamentals will eventually be recognized by the market place and this will result in higher stock prices. Our portfolios are holding strong and very liquid common stock selections. We remain optimistic and expect a continuation of the slow but steadily advancing U.S. economic growth in 2016 along with elevated company earnings results. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.