May 2016 Pricing Commentary All five ABC Funds appreciated during the month of May rising between +3% to +4%. This improvement was greater than the various stock market indices largely due to better quarterly performance results of a number of ABC shareholdings including: Activision Blizzard, Electronic Arts Inc., Amazon.com, Kraft Heinz, NVIDIA Corp., Salesforce.com, TransCanada Corporation subscription receipts, Uni-Select Inc., and Stingray Digital Group. Looking ahead we remain optimistic with regard to our common stock holdings and expect continued positive results for the balance of 2016. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.