From the Desk of Irwin Michael – December 24, 2015 A new stock addition to one of our ABC Funds is Brunswick Corporation. Brunswick is a diversified manufacturer of consumer products including marine engines, fitness, billiards, and bowling equipment. We believe that the company has great assets and brands including its well-known Life Fitness exercise equipment division. The company has an excellent balance sheet, great fundamentals, including respectable free cash flow. It is our belief that consumer demand will drive the U.S. stock market higher in 2016 and we believe that Brunswick is strongly positioned to outperform. On behalf of all of the staff at ABC Funds, I want to wish everyone Happy Holidays. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.