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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

Savanna Energy Services Corp.
Genworth MI Canada Inc.
Geodrill Ltd.
Equitable Group Inc.
Strad Energy Services Ltd.
Martinrea International Inc.
Legacy Oil + Gas Inc.
Flint Energy Services Ltd.
Antrim Energy Inc.
American National Insurance Co.

as at December 30, 2011 updated quarterly
SECTOR ALLOCATION
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
2008 -29.00 -34.80 -33.84
2009 44.15 25.22 18.82
2010 21.92 25.31 11.02
2011 -14.80 -5.45 5.53
Russell 2000 = Russell 2000 in $US
Dow Jones = Dow Jones Industrials in $US
as at December 31, 2011

updated annually

Compounded Annual Rates of Return
  ABC AVF (%) Russell 2000 (%) Dow Jones
(%)
1 Year -14.80 -5.45 5.53
2 Year 1.92 8.85 8.24
3 Year 14.40 14.05 11.66
5 Year -4.04 -1.22 -0.40
10 Year 4.78 4.25 2.00
15 Year 7.47 4.88 4.35
Compounded Since Inception
(May 2nd,1996)		 7.89 4.94

5.14
as at December 30, 2011 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 1.01825
No. of Shares Description Total Cost ($) Market Value ($)
CASH -- 11.42%
(401) Cash - CAD                -                  -  
66,935 UBS Cash In Action Fund - CAD          6,694          6,694
151,327 STIC Liquidity Portfolio - USD             154             154
  TOTAL CASH          6,848          6,848
COMMON STOCKS -- 88.58%
FINANCIAL SERVICES -- 9.64%
30,000 American National Insurance Co. 2,868 2,231
125,000 Blackstone Group LP 3,077 1,783
52,904 Kansas City Life Insurance Co. 3,030 1,768
  TOTAL          8,975          5,782
CONSUMER PRODUCTS -- 6.46%
275,000 Flexsteel Industries Inc. 4,582 3,875
  TOTAL          4,582          3,875
TRANSPORTATION -- 5.71%
137,500 Fly Leasing Ltd. ADS  3,159 1,753
120,000 Seaspan Corp. 3,321 1,672
  TOTAL          6,480          3,425
SPECIAL SITUATION STOCKS -- 66.76%
2,350,000 Antrim Energy Inc. 2,478 2,773
1,250,000 Bennett Environmental Inc. 2,867 2,250
600,000 Canam Group Inc. 4,253 2,460
725,000 Enseco Energy Services Corp. 1,450 935
125,000 Equitable Group Inc. 2,533 3,125
225,000 Flint Energy Services Ltd. 2,751 2,873
175,000 Genworth MI Canada Inc. 3,788 3,588
1,520,000 Geodrill Ltd. 3,038 3,496
275,000 Legacy Oil + Gas Inc. 3,759 2,882
400,000 Martinrea 2,885 2,980
2,000,000 Pacific Coal S.A. 2,520 860
1,000,000 Pacific Coal S.A., warrants 500 40
650,000 Renegade Petroleum Ltd. 2,849 1,885
10,000,000 Royal Coal Corp. 2,500 500
5,000,000 Royal Coal Corp., warrants 0 25
500,000 Savanna Energy Services Corp. 3,412 3,725
7,500,000 Sea Dragon Energy Inc. 2,906 563
700,000 Strad Energy Services Ltd. 2,784 3,010
500,000 Tricon Capital Group Inc. 2,951 2,060
  TOTAL        50,223        40,030
TOTAL COMMON STOCK        70,259        53,112
TOTAL PORTFOLIO        77,107        59,960
as at December 30, 2011 updated quarterly

 
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