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ABC NORTH AMERICAN DEEP-VALUE FUND OVERVIEW
OBJECTIVE
ABC North American Deep-Value Fund searches out fundamentally undervalued Canadian and American stock exchange-listed common shares. This closed-end fund has maximum flexibility to invest in a diversified mix of deep value securities. There is, however, a particular emphasis on micro-caps. The country and asset mix, as well as currency exposure, can vary and has no set limits. The portfolio, ordinarily, will have a mix of 40 to 50 holdings. This fund closed to new money on November 1, 2005.
North American Deep-Value Fund's
Top Ten Stock List

Fortress Paper Ltd.
Equitable Group Inc.
Daylight Energy Ltd.
Genworth MI Canada Inc.
Cogeco Cable Inc.
Canam Group Inc., Class A
Flint Energy Services Ltd.
Tuscany Int. Drilling
ATS Automation Tooling Systems Inc.
Blackpearl Resources

as at June 30, 2010 updated quarterly
SECTOR ALLOCATION
Sector allocation
PERFORMANCE
ABC North American Deep-Value Fund Annual Returns
Year ABC NADVF (%) Russell 2000 (%) Dow Jones (%) TSXTR (%)
2005 25.49 3.32 -0.61 24.13
2006 3.92 17.00 16.29 17.26
2007 -11.81 -2.75 6.43 9.83
2008 -56.62 -34.80 -33.84 -33.00
2009 54.07 25.22 18.82 35.05
Russell 2000 = Russell 2000 in $US
Dow Jones = Dow Jones Industrials in $US
TSXTR = S&P/TSX Composite Total Return Index
as at December 31, 2009 updated annually
Compounded Annual Rates of Return
  ABC NADVF (%) Russell 2000 (%) Dow Jones (%) TSXTR (%)
1 Year 39.70 19.91 15.71 11.95
2 Year -9.99 -5.99 -7.20 -8.79
3 Year -18.04 -9.92 -10.00 -3.88
5 Year -5.40 -0.96 -0.99 5.45
Compounded Since Inception:
(November 1st, 2004) 		-2.43 0.76 -0.45 7.10
Russell 2000 = Russell 2000 in $US
Dow Jones = Dow Jones Industrials in $US
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 -- 2.34%
102,143 Cash - CAD 102 102
17,947 UBS Cash In Action Fund - CAD 1,795 1,795
74,135 STIC Liquidity Portfolio - USD 78 79
TOTAL CASH 1,975 1,976
COMMON STOCKS -- 97.66%
CANADIAN STOCKS -- 94.12%
COMMUNICATIONS -- 4.06%
100,000 Cogeco Cable Inc. 3,298 3,432
TOTAL 3,298 3,432
OIL & GAS -- 33.51%
2,602,000 Alange Energy Corp. 1,178 911
1,050,000 Anderson Energy Ltd. 4,630 1,239
1,000,000 Blackpearl Resources Inc. 4,500 2,820
400,000 Daylight Energy Ltd. 3,511 3,572
7,250,000 Enseco Energy Services Corp. 1,450 1,595
3,625,000 Enseco Energy Services Corp., warrants 0 0
250,000 Flint Energy Services Ltd. 3,091 2,985
225,000 Legacy Oil + Gas Inc. 2,655 2,583
1,400,000 Open Range Energy Corp. 2,600 2,044
150,000 Precision Drilling Corp. 2,145 1,059
8,000,000 Sea Dragon Energy Inc. 3,200 2,280
1,327,200 Twin Butte Energy Ltd. 3,987 1,778
2,500,000 Tuscany Int'l. Drilling 2,657 2,938
312,500 Tuscany Int'l. Drilling, warrants 0 0
12,500,000 Western Energy Services Corp. 2,500 2,500
TOTAL 38,105 28,304
MINING/PRECIOUS METALS -- 4.79%
700,000 Argonaut Gold Inc. 2,100 1,855
350,000 Argonaut Gold Inc., warrants 0 153
1,000,000 Energold Drilling Corp. 1,937 2,040
TOTAL 4,037 4,048
INDUSTRIAL PRODUCTS -- 9.35%
500,000 ATS Automation Tooling Systems Inc. 2,223 2,845
450,000 Canam Group Inc. 4,556 3,155
1,000,000 Com Dev International Ltd. 2,911 1,900
TOTAL 9,690 7,900
CONSUMER PRODUCTS -- 3.21%
250,000 High Liner Foods Inc., Class A 1,635 2,500
1,402,500 Jig-A-Loo World Inc. 1,148 210
TOTAL 2,783 2,710
REAL ESTATE -- 5.26%
207,611 Huntingdon Real Estate Inv. Trust 3,376 1,196
975,000 Lakeview Hotel Real Estate Inv. Trust 3,200 302
831,050 Northampton Group Inc. 888 511
450,000 Tricon Capital Group Inc. 2,700 2,430
TOTAL 10,163 4,439
PAPER & FOREST PRODUCTS -- 15.60%
625,000 Fortress Paper Ltd. 4,873 13,175
TOTAL 4,873 13,175
TECHNOLOGY -- 2.36%
600,000 March Networks Corp. 2,579 1,992
TOTAL 2,579 1,992
FINANCIAL SERVICES -- 12.82%
200,000 Equitable Group Inc. 3,747 4,362
1,750,000 GC Global Capital Corp. 1,898 884
150,000 Genworth MI Canada Inc. 3,307 3,483
3,500,000 Westaim Corp. 1,750 2,100
TOTAL 10,701 10,829
TRANSPORTATION -- 3.16%
225,000 Westjet Airlines Ltd. 2,515 2,669
TOTAL 2,515 2,669
U.S. STOCKS -- 3.54%
TRANSPORTATION -- 3.54%
137,500 Fly Leasing Ltd. ADS 3,168 1,505
140,000 Seaspan Corp. 3,649 1,488
TOTAL 6,817 2,993
TOTAL COMMON STOCK 95,562 82,490
TOTAL PORTFOLIO 97,537 84,465
as at June 30, 2010 updated quarterly

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