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ABC FUNDAMENTAL-VALUE FUND OVERVIEW
OBJECTIVE
ABC Fundamental-Value Fund seeks out fundamentally undervalued Canadian equities. Our extensive “value research” style attempts to ferret out overlooked and out of favour Canadian equities. With these discerning selections we cobble a diversified portfolio of small, medium and large capitalization Canadian value stocks. When fully invested and having discovered new, fundamentally attractive securities, our sell discipline forces us to cull our portfolios to liquidate the most expensive holdings.

ABC Fundamental Value Fund's
Top Ten Stock List

Genworth MI Canada Inc.
Daylight Energy Ltd.
Flint Energy Services Ltd.
Equitable Group Inc.
Legacy Oil + Gas Inc.
Westjet Airlines Ltd.
Canam Group Ltd., Class A
Ithaca Energy Inc.
ATS Automation Tooling Systems Inc.
Cogeco Cable Inc.
as at June 30, 2010 updated quarterly
SECTOR ALLOCATION
Sector allocation
PERFORMANCE
ABC Fundamental-Value Fund Annual Returns
Year ABC FVF (%) TSXTR (%)
1990 -1.98 -14.80
1991 22.92 12.02
1992 4.26 -1.43
1993 121.75 32.80
1994 3.03 -0.63
1995 11.08 14.83
1996 31.75 28.35
1997 20.35 14.98
1998 -13.81 -1.58
1999 16.25 31.71
2000 7.51 7.41
2001 26.06 -12.57
2002 7.62 -12.44
2003 23.55 26.72
2004 21.42 14.48
2005 16.62 24.13
2006 19.13 17.26
2007 -7.86 9.83
2008 -43.94 -33.00
2009 48.09 35.05
TSXTR = S&P/TSX Composite Total Return Index
as at December 31, 2009 updated annually
Compounded Annual Rates of Return
  ABC FVF (%) TSXTR (%)
1 year 25.29 11.95
2 year -9.05 -8.79
3 year -12.48 -3.88
5 year -0.86 5.45
10 year 7.81 3.27
15 year 9.11 8.48
20 year 12.96 8.43
Compounded Since Inception:
(March 20th, 1989) 		 12.96 8.10
TSXTR = S&P/TSX Composite Total Return Index
as at June 30, 2010 updated quarterly
VALUE OF $1000 INVESTED AT INCEPTION
Chart of $1000 invested at inception
PORTFOLIO
All dollar amounts in thousands (CDN$), Exchange rate used is 1.0627
No. of Shares Description Total Cost ($) Market Value ($)
CASH -- 7.11%
228,649 Cash - CAD 229 229
343,916 UBS Cash In Action Fund - CAD 34,392 34,392
955,331 STIC Liquidity Portfolio - USD 994 1,015
TOTAL CASH 35,614 35,635
COMMON STOCKS -- 92.89%
COMMUNICATIONS -- 3.10%
453,260 Cogeco Cable Inc. 15,184 15,556
TOTAL 15,184 15,556
REAL ESTATE -- 3.08%
350,000 Huntingdon Real Estate Inv. Trust 5,903 2,016
344,100 Morguard Corp. 7,575 13,420
TOTAL 13,478 15,436
FINANCIAL SERVICES -- 16.25%
1,100,000 Equitable Group Inc. 22,829 23,991
1,250,000 Genworth MI Canada Inc. 26,509 29,025
546,700 Onex Corp. 13,604 13,990
24,000,000 Westaim Corp. 12,000 14,400
TOTAL 74,942 81,406
OIL & GAS -- 30.51%
21,029,500 Alange Energy Corp. 10,341 7,360
6,500,000 Anderson Energy Ltd. 22,593 7,670
3,280,000 Blackpearl Resources Inc. 16,728 9,250
3,000,000 Daylight Energy Ltd. 25,895 26,790
3,100,000 Essential Energy Services Trust 18,597 3,534
2,200,000 Flint Energy Services Ltd. 26,542 26,268
10,000,000 Ithaca Energy Inc. 18,743 19,800
2,000,000 Legacy Oil + Gas Inc. 23,600 22,960
4,500,000 Midnight Oil Exploration Ltd. 16,398 4,320
1,500,000 Pengrowth Energy Trust 15,256 14,595
1,465,718 Precision Drilling Corp. 27,937 10,348
TOTAL 222,628 152,895
TRANSPORTATION -- 4.53%
1,915,700 Westjet Airlines Ltd. 21,247 22,720
TOTAL 21,247 22,720
INDUSTRIAL PRODUCTS -- 13.37%
3,000,000 ATS Automation Tooling Systems Inc. 12,837 17,070
3,150,000 Canam Group Inc. 31,740 22,082
5,000,000 Com Dev International Ltd. 14,839 9,500
884,300 Martinrea International Inc. 4,499 6,694
1,879,000 Vector Aerospace Corp. 11,660 11,650
TOTAL 75,575 66,995
MINING/PRECIOUS METALS -- 2.89%
3,500,000 Argonaut Gold Inc. 10,500 9,275
1,750,000 Argonaut Gold Inc., warrants 0 766
3,250,000 Polaris Minerals Corp. 15,805 4,453
TOTAL 26,305 14,493
CONSUMER PRODUCTS -- 5.15%
1,095,000 Andrew Peller Ltd., Class A 4,497 8,891
400,000 Arbor Memorial Services Inc., Class B 5,339 9,600
657,700 High Liner Foods, Inc. 4,963 7,333
TOTAL 14,799 25,825
MERCHANDISING -- 0.90%
503,500 Danier Leather Inc. 5,044 4,526
TOTAL 5,044 4,526
CONSTRUCTION -- 3.10%
1,500,000 Aecon Group Inc., common 15,878 15,510
TOTAL 15,878 15,510
U.S. STOCKS -- 10.00%
108,000 American National Insurance Co. 12,214 9,293
980,000 Fly Leasing Ltd. ADS 22,468 10,726
725,000 Blackstone Group LP 17,538 7,365
385,000 Kansas City Life Insurance Co. 21,852 12,098
1,000,000 Seaspan Corp. 25,671 10,627
TOTAL 99,742 50,109
TOTAL COMMON STOCK 584,821 465,471
TOTAL PORTFOLIO 620,435 501,107
as at June 30, 2010
updated quarterly
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