September 2016 Pricing Commentary All 5 ABC Funds produced positive investment returns for the month of September and improved three-month performance for the July 1 – September 30 quarter of between +3 1/4% to 5 1/2%. This appreciation was largely the result of rising share prices of such ABC holdings including: TransCanada Corp., Enbridge Inc., Amazon.com, MasterCard Inc., Activision Blizzard and Electronic Arts. With the November 8th U.S. presidential election fast approaching we believe that this event will bring positive political, economic and investment clarity to reluctant investors. We expect this political resolution to produce greater consumer confidence and investment assurance and, ultimately, higher common stock prices. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.