June 2017 Pricing Commentary Having just completed the first six months of 2017, we are pleased to report that all five ABC Funds outperformed their respective benchmarks during this period. More importantly, we have continued to reposition the portfolios toward larger capitalization and dividend-paying common stocks while maintaining a 100% $U.S. currency hedge to de-risk our American investments. Looking ahead to the second half of 2017, we remain optimistic and believe our portfolios are very well positioned for the balance of the year. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.