March 2019 Pricing Commentary All five ABC Funds posted positive investment returns for the month of March resulting in their comparative outperformance versus their index benchmarks over the one-month and year-to-date periods. More importantly, we believe the five funds are well-positioned. For instance, the portfolios are invested in a diversified mix of middle to larger capitalization, dividend-paying North American equities comprised of 2/3 American and 1/3 Canadian common shares. Furthermore, our $U.S. currency exposure is fully-hedged with a major Canadian bank. Top performing American holdings during the month included: Amazon.com Apple Inc. Broadcom Inc. (Avago) Mastercard Inc. Microsoft Corp. NVIDIA Corp. PepsiCo Inc. Thermo Fisher Scientific Inc. and Visa Inc. along with two Canadian common stock outperformers, Canadian National Railway and Emera Inc. Irwin A. Michael, PresidentI.A. Michael Investment Counsel Ltd.