December 2021 Pricing Commentary North American equity markets rebounded from the November decline to register positive returns for the month of December and 2021. Consequently, in December the ABC Funds recorded new 2021 price highs with their positive performance. More importantly, the Funds’ 12 month net returns enabled all three portfolios to outperform their respective index benchmarks for the year. This achievement was largely due to several factors: 1. A fully invested equity position throughout 2021 2. Diversified and larger capitalization common stocks within each portfolio 3. Canadian/U.S. dollar currency hedge which reduced monthly price volatility Of particular relevance during the month of December was the common share outperformance of about a dozen ABC Funds’ securities including Canadian holdings of Royal Bank, TD Bank, Algonquin Power, Brookfield Asset Management, and Brookfield Infrastructure Partners and the following U.S. stocks: Apple, Broadcom, Mastercard, McDonalds, Thermo Fisher Scientific, Visa, and Zoetis. As we enter 2022, we are optimistic on the outlook for the North American economy and common stocks. This stance is based on our view that equities remain in a secular bull market bolstered by continued low interest rates and improving corporate earnings. As a result our portfolios are fully invested and will remain so for at least the first half of 2022. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.