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ABC FULLY-MANAGED FUND OVERVIEW
OBJECTIVE
ABC Fully-Managed Fund is a diversified Canadian balanced fund. While our long-term asset mix target is 50% fixed income and 50% Canadian equities, in practice, our portfolio mix of stocks versus bonds is quite flexible to take advantage of periodic investment opportunities.
ABC Fully Managed Fund's
Top Ten Stock List

Genworth MI Canada Inc.
High Liner Foods Inc.
Savanna Energy Services Corp.
Equitable Group Inc.
Flint Energy Services Ltd.
Strad Energy Services Ltd.
Martinrea International Inc.
Legacy Oil + Gas Inc.
Westjet Airlines Ltd.
Tricon Capital Group Inc.

as at December 30, 2011 updated quarterly
SECTOR ALLOCATION
Sector allocation
PERFORMANCE
ABC Fully-Managed Fund Annual Returns
Year ABC FMF (%) TSXTR/UBI (%)
1989 23.68 17.20
1990 2.17 -4.32
1991 14.69 17.35
1992 -1.48 4.75
1993 64.35 24.36
1994 2.82 -2.64
1995 17.25 17.97
1996 31.99 19.50
1997 10.56 12.22
1998 -2.02 3.84
1999 10.37 14.29
2000 8.31 8.71
2001 17.62 -2.96
2002 0.77 -1.47
2003 25.52 15.27
2004 15.89 10.42
2005 12.47 15.25
2006 -0.64 11.00
2007 -10.55 6.82
2008 -33.46 -16.04
2009 27.90 18.88
2010 20.91 12.35
2011 -11.97 -0.26
TSXTR = S&P/TSX Composite Total Return Index
UBI = PC-Bond Universe Bond Index
as at December 31, 2011 updated annually
Compounded Annual Rates of Return
  ABC FMF (%) TSXTR/UBI (%)
1 year -11.97 -0.26
2 year 3.17 5.86
3 year 10.83 10.03
5 year -4.12 3.68
10 year 2.87 6.75
15 year 4.80 6.85
20 year 8.60 8.19
Compounded Since Inception:
(February 22nd,1988) 		 9.19 8.35
TSXTR = S&P/TSX Composite Total Return Index
UBI = PC-Bond Universe Bond Index
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 -- 4.47%
15,058 Cash - CAD 15 15
30,798 UBS Cash In Action Fund - CAD 3,080 3,080
541,390 STIC Liquidity Portfolio - USD 550 551
TOTAL CASH 3,645 3,646
FIXED INCOME -- 16.81%
2,000,000 Aecon Group Inc. 7.00%, 09/30/2014 1,986 2,068
3,000,000 Canam Group Inc. 6.25%, 10/31/2015 2,995 3,053
2,500,000 Flint Energy Services Ltd. 7.50% 06/15/2019 2,472 2,472
2,015,000 Fortress Paper Inc. 6.50% 12/31/2016 2,015 2,049
4,000,000 Sherritt International Corp. 8.00% 11/15/2018 4,000 4,075
TOTAL 13,468 13,717
COMMON STOCKS -- 78.72%
MINING/PRECIOUS METALS -- 1.38%
2,500,000 Pacific Coal S.A. 3,150 1,075
1,250,000 Pacific Coal S.A., warrants 625 50
TOTAL 3,775 1,125
CONSUMER PRODUCTS -- 7.02%
350,000 High Liner Foods Inc. 2,694 5,723
TOTAL 2,694 5,723
FINANCIAL SERVICES -- 13.67%
200,000 Equitable Group Inc. 3,745 5,000
300,000 Genworth MI Canada Inc. 6,561 6,150
TOTAL 10,306 11,150
TRANSPORTATION -- 4.32%
300,000 Westjet Airlines Ltd. 3,792 3,528
TOTAL 3,792 3,528
INDUSTRIAL PRODUCTS -- 11.44%
1,750,000 Bennett Environmental Inc. 3,959 3,150
600,000 Canam Group Inc. 5,612 2,460
500,000 Martinrea International Inc. 3,538 3,725
TOTAL 13,109 9,335
OIL & GAS -- 27.96%
1,500,000 Essential Energy Services Ltd. 5,960 3,090
350,000 Flint Energy Services Ltd. 4,183 4,470
350,000 Legacy Oil + Gas Inc. 4,002 3,668
924,500 Renegade Petroleum Ltd. 3,866 2,681
675,000 Savanna Energy Services Corp. 4,638 5,029
900,000 Strad Energy Services Ltd. 3,266 3,870
TOTAL 25,915 22,808
REAL ESTATE -- 4.29%
850,000 Tricon Capital Group Inc. 4,903 3,502
TOTAL 4,903 3,502
U.S. STOCKS -- 8.64%
137,500 Fly Leasing Ltd. ADS 3,168 1,753
75,000 Kansas City Life Insurance Co. 4,439 2,506
200,000 Seaspan Corp. 5,168 2,786
TOTAL 12,774 7,045
TOTAL COMMON STOCK 77,268 64,216
TOTAL PORTFOLIO 94,381 81,579
as at December 30, 2011 updated quarterly
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