July 2016 Pricing Commentary All five ABC Funds appreciated during the month of July. This improvement was largely due to the unexpectedly positive earnings results released over the past several weeks of such ABC holdings including: Apple Inc., Celgene Corp., Facebook Inc., Alphabet (Google) and Microsoft. Overall, we believe our portfolios are very well positioned. More importantly, we are holding significant cash reserves for investment opportunities which we expect to occur over the next few months. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.