ABC Funds - ABC American-Value Fund Overview

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FRANCAIS

ABC AMERICAN-VALUE FUND OVERVIEW

OBJECTIVE
ABC American-Value Fund searches out fundamentally undervalued American, special situation and foreign U.S. stock exchange-listed common shares. While using the same investment techniques as our two Canadian ABC Funds, the American market due to its sheer size provides us with extensive value opportunities.

ABC American Value Fund's Top Ten Stock List
Western Goldfields Inc., common Village Super Market Inc., common Pioneer Natural Resources Co. Phoenix Coal Corp., conv. Pref. Keynote Systems Inc., common Superior Industries International Presidential Life Corp. Flexsteel Industries, common Kansas City Life Insurance Co. Morguard Corp., common
as at March 31, 2008	updated quarterly

SECTOR ALLOCATION

PERFORMANCE

ABC American-Value Fund Annual Returns
Year	ABC AVF (%)	RUSSELL 2000 (%)	DOW JONES (%)
1997	38.76	20.52	22.64
1998	0.75	-3.45	16.10
1999	1.47	19.62	25.22
2000	-6.66	-4.20	-6.18
2001	39.52	1.03	-7.10
2002	6.91	-21.58	-16.76
2003	32.74	45.37	25.32
2004	20.85	17.00	3.15
2005	7.16	3.32	-0.61
2006	6.65	17.00	16.29
2007	-23.46	-2.75	6.43
Russell 2000 = Russell 2000 in $US Dow Jones = Dow Jones Industrials in $US
as at December 31, 2007		updated annually

Compounded Annual Rates of Return
	ABC AVF (%)	Russell 2000 (%)	Dow Jones (%)
1 Year	-30.28	-14.08	-0.74
2 Year	-14.72	-5.18	5.06
3 Year	-6.98	3.80	5.30
5 Year	6.22	13.54	8.94
10 Year	4.95	3.65	3.37
Compounded Since Inception (May 2nd,1996)	9.34	5.88	6.85
as at March 31, 2008		updated quarterly

VALUE OF $1000 INVESTED AT INCEPTION

PORTFOLIO

All dollar amounts in thousands (CDN$), Exchange rate used is 0.9869524
No. of Shares	Description	Total Cost ($)	Market Value ($)
CASH -- 5.96%
522,850	Cash	523	523
18	RT CAP Cash In Action Fund	2	2
1,438,762	US$ Cash	1,420	1,420
30,294	RT CAP US$ Cash Fund	2,990	2,990
	TOTAL CASH	4,935	4,935
COMMON STOCKS -- 94.04%
FINANCIAL SERVICES -- 20.07%
20,000	Amer. Natl. Ins. Co.	2,191	2,393
125,000	Blackstone Group	3,198	2,730
62,500	Kansas City Life Insurance Co.	3,577	2,689
250,000	National Atlantic Holdings Corp.	3,265	1,093
175,000	Phoenix Companies Inc.	3,070	2,050
325,000	PMA Capital Corp.	3,474	2,637
175,000	Presidential Life	3,730	3,024
	TOTAL	22,505	16,616

CONSUMER PRODUCTS -- 3.22%
225,000	Flexsteel Industries, common	3,842	2,665
	TOTAL	3,842	2,665

OIL & GAS -- 4.37%
75,000	Pioneer Natural Resources	3,441	3,615
	TOTAL	3,441	3,615

AUTOMOTIVE -- 6.71%
300,000	Coachmen Industries Inc.,	3,644	1,762
45,000	General Motors Corp., common	2,563	1,105
150,000	Superior Industries Intl.	3,787	2,690
	TOTAL	9,994	5,557

COMMUNICATION -- 1.29%
700,000	Regent Communications Inc.	3,277	1,064
	TOTAL	3,277	1,064

MERCHANDISING -- 15.34%
263,000	Buca Inc.	2,216	234
325,000	Cost Plus Inc., common	3,307	1,392
150,000	Jo-Ann Stores	2,543	1,936
200,000	John B. Sanfilippo & Sons	3,203	1,662
150,000	Tandy Brands Accessories Inc.	2,669	1,443
120,000	Village Super Markets Inc.	2,422	6,027
	TOTAL	16,359	12,694

TRANSPORTATION -- 4.86%
150,000	Babcock & Brown Air Ltd. ADS	3,446	2,696
200,000	Covenant Transport Inc.	3,422	1,326
	TOTAL	6,868	4,022

TECHNOLOGY -- 5.03%
300,000	Keynote Systems Inc., common	3,747	4,160
	TOTAL	3,747	4,160

HOTELS -- 3.51%
300,000	Great Wolf Resorts Inc.	3,545	2,905
	TOTAL	3,545	2,905

MINING/PRECIOUS METALS -- 4.34%
2,910,000	Phoenix Coal Corp., conv deb	3,638	3,590
	TOTAL	3,638	3,590

SPECIAL SITUATION STOCKS -- 25.31%
450,000	Accrete Energy Inc.,common	3,072	2,223
950,000	Grey Wolf Exploration	2,658	1,596
100,000	Morguard Corp., common	2,074	3,910
450,000	Norbord Inc.	3,949	3,582
750,000	Pearl Exploration	3,371	1,950
550,000	Terravest Income Fund, units	3,775	1,975
1,500,000	Western Goldfields Inc., common	3,204	5,715
	TOTAL	22,102	20,951
TOTAL COMMON STOCK		99,318	77,839
TOTAL PORTFOLIO		104,253	82,773
as at December 31, 2007	updated quarterly