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ABC DIRT-CHEAP STOCK FUND OVERVIEW
OBJECTIVE
ABC Dirt-Cheap Stock Fund is a "go-anywhere in the world" equity fund with unlimited investment flexibility. This deep-value fund has no company-size investment restrictions, and, as a result, can opportunistically purchase overlooked, undervalued and less liquid micro-capitalization stocks. We expect this fund to have a mix of 40-60 holdings comprised of Canadian, U.S. as well as Far East, Australian and European equities. The fund will be closed to new money after September 1, 2006.
ABC Dirt-Cheap Stock Fund's
Top Ten Stock List

Fortress Paper Ltd.
Ithaca Energy Inc.
Daylight Energy Ltd.
Genworth MI Canada Inc.
Equitable Group Inc.
Canam Group Ltd., Class A
Flint Energy Services Ltd.
Legacy Oil + Gas Inc.
ATS Automation Tooling System Inc.
Westjet Airlines Ltd.
as at June 30, 2010 updated quarterly
SECTOR ALLOCATION
Sector allocation
PERFORMANCE
ABC Dirt-Cheap Stock Fund Annual Returns
Year ABC DCSF (%) RUSSELL 2000 (%) TSXTR (%) MSCI EAFE (%)
2007 3.79 -2.75 9.83 8.08
2008 -54.34 -34.80 -33.00 -40.69
2009 62.87 25.22 35.05 34.39
Russell 2000 = Russell 2000 in $US
TSXTR = S&P/TSX Composite Total Return Index
MSCSI EAFE = MSCI EAFE + Canada in $US
as at December 31, 2009 updated annually
Compounded Annual Rates of Return
  ABC DCSF (%) Russell 2000 TSXTR MSCI EAFE
1 Year 43.58 19.91 11.95 7.51
2 Year -9.97 -5.99 -8.79 -14.01
3 Year -13.53 -9.92 -3.88 -12.16
Compounded Since Inception:
(April 1st, 2006)  		-3.18 -5.31 1.22 -3.21
Russell 2000 = Russell 2000 in $US
TSXTR = S&P/TSX Composite Total Return Index
MSCI EAFE = MSCI EAFE + Canada in US$
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 -- 4.02%
73,765 Cash - CAD               74               74
32,919 UBS Cash in Action Fund - CAD          3,292          3,292
96,690 STIC Liquidity Portfolio - USD               99             103
  TOTAL CASH          3,465          3,468
COMMON STOCKS -- 95.98%
CANADIAN STOCKS -- 87.98%
OIL & GAS -- 35.12%
4,500,000 Alange Energy Corp. 2,093 1,575
1,000,000 Anderson Energy Ltd. 3,792 1,180
800,000 Blackpearl Resources Inc. 3,600 2,256
400,000 Daylight Energy Ltd. 3,503 3,572
2,237,500 Ithaca Energy Inc. 4,383 4,430
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. 2,900 2,985
250,000 Legacy Oil + Gas Inc. 2,950 2,870
1,375,000 Open Range Energy Corp. 2,554 2,008
8,000,000 Sea Dragon Energy Inc. 3,200 2,280
663,600 Twin Butte Energy Ltd. 1,866 889
1,852,000 Tuscany Int'l Drilling  1,961 2,176
312,500 Tuscany Int'l Drilling, warrants 0 0
12,500,000 Western Energy Services Corp. 2,500 2,500
  TOTAL        36,751        30,316
REAL ESTATE -- 3.03%
500,000 Lanesborough Real Estate Inv. Trust 2,198 185
450,000 Tricon Capital Group Inc. 2,700 2,430
  TOTAL          4,898          2,615
MINING / PRECIOUS METALS -- 4.69%
700,000 Argonaut Gold Inc. 2,100 1,855
350,000 Argonaut Gold Inc., warrants 0 153
1,000,000 Energold Drilling Corp. 1,880 2,040
  TOTAL          3,980          4,048
INDUSTRIAL PRODUCTS -- 12.03%
500,000 ATS Automation Tooling Systems Inc. 2,328 2,845
450,000 Canam Group Inc. 4,328 3,155
1,000,000 Com Dev International Ltd. 2,962 1,900
400,000 Vector Aerospace Corp. 2,488 2,480
  TOTAL        12,106        10,380
MERCHANDISING -- 0.00%
2,157,900 CY Oriental Holdings  Ltd. 2,411 0
799,998 CY Oriental Holdings Ltd., warrants 0 0
  TOTAL          2,411                 0
CONSUMER PRODUCTS -- 2.90%
250,000 High Liner Foods Inc., Class A 1,635 2,500
  TOTAL          1,635          2,500
PAPER/FOREST PRODUCTS -- 12.21%
500,000 Fortress Paper Ltd. 3,867 10,540
  TOTAL          3,867        10,540
FINANCIAL SERVICES -- 10.26%
150,000 Equitable Group Inc. 2,478 3,272
150,000 Genworth MI Canada Inc. 3,121 3,483
3,500,000 Westaim Corp. 1,750 2,100
  TOTAL          7,349          8,855
UTILITIES -- 2.52%
750,000 Maxim Power Corp. 1,902 2,175
  TOTAL          1,902          2,175
TRANSPORTATION -- 2.92%
212,500 Westjet Airlines Ltd. 2,378 2,520
  TOTAL          2,378          2,520
TECHNOLOGY -- 2.31%
600,000 March Networks Corp. 2,424 1,992
  TOTAL          2,424          1,992
U.S. STOCKS -- 5.50%
TRANSPORTATION -- 3.22%
137,500 Fly Leasing Ltd. ADS 3,168 1,505
120,000 Seaspan Corp. 2,984 1,275
  TOTAL          6,152          2,780
FINANCIAL SERVICES -- 2.28%
62,500 Kansas City Life Insurance Co. 3,514 1,964
  TOTAL          3,514          1,964
FOREIGN STOCKS -- 2.51%
4,042,500 Harmony Asset Ltd. 2,830 2,163
  TOTAL          2,830          2,163
TOTAL COMMON STOCK        92,197        82,847
TOTAL PORTFOLIO        95,662        86,316
as at June 30, 2010 updated quarterly
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