January 2016 Pricing Commentary Notwithstanding the negativity of global equity markets, many ABC Funds’ holdings posted positive performance results over the past week, including Facebook, Aetna, Amgen, Microsoft, Visa, MasterCard, Skyworks Solutions, and Alphabet. More importantly, two of these ABC stock selections, Facebook and Alphabet, reached new, all-time price highs. These encouraging company results occurred despite the challenging investment environment and a very weak start to the 2016 year. Our strong belief in our investment thesis and common stock holdings has been reinforced with these positive earnings releases, and as a result, we remain deeply committed to our strategy. Overall, we believe that our companies’ strong fundamentals will be recognized as the financial environment stabilizes. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.