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ABC FUNDAMENTAL-VALUE FUND OVERVIEW
OBJECTIVE
ABC Fundamental-Value Fund seeks out fundamentally undervalued Canadian equities. Our extensive “value research” style attempts to ferret out overlooked and out of favour Canadian equities. With these discerning selections we cobble a diversified portfolio of small, medium and large capitalization Canadian value stocks. When fully invested and having discovered new, fundamentally attractive securities, our sell discipline forces us to cull our portfolios to liquidate the most expensive holdings.

ABC Fundamental Value Fund's
Top Ten Stock List

Equitable Group Inc.
Cogeco Cable Inc.
Nexen Inc.
Genworth MI Canada Inc.
Onex Corp.
Morguard Corp.
Dundee Corp., Class A
Westjet Airlines Ltd.
Canam Group Ltd., Class A
ATS Automation Tooling Systems Inc.
as at September 30, 2009 updated quarterly
SECTOR ALLOCATION
Sector allocation
PERFORMANCE
ABC Fundamental-Value Fund Annual Returns
Year ABC FVF (%) TSXTR (%)
1990 -1.98 -14.80
1991 22.92 12.02
1992 4.26 -1.43
1993 121.75 32.80
1994 3.03 -0.63
1995 11.08 14.83
1996 31.75 28.35
1997 20.35 14.98
1998 -13.81 -1.58
1999 16.25 31.71
2000 7.51 7.41
2001 26.06 -12.57
2002 7.62 -12.44
2003 23.55 26.72
2004 21.42 14.48
2005 16.62 24.13
2006 19.13 17.26
2007 -7.86 9.83
2008 -43.94 -33.00
TSXTR = S&P/TSX Composite Total Return Index
as at December 31, 2008 updated annually
Compounded Annual Rates of Return
  ABC FVF (%) TSXTR (%)
1 year -0.74 0.51
2 year -16.89 -7.24
3 year -7.90 1.85
5 year 0.71 8.34
10 year 7.87 7.27
15 year 8.66 8.79
20 year 12.76 7.93
Compounded Since Inception:
(March 20th, 1989) 		 13.17 8.35
TSXTR = S&P/TSX Composite Total Return Index
as at September 30, 2009 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 1.0732953
No. of Shares Description Total Cost ($) Market Value ($)
CASH -- 5.14%
4,579,173 Cash - CAD 4,579 4,579
0 Cash - USD - -
200,151 RT CAP Cash In Action Fund - CAD 20,014 20,014
715,604 RT CAP Cash In Actrion Fund - USD 794 768
TOTAL CASH 25,387 25,361
COMMON STOCKS -- 94.86%
REAL ESTATE -- 4.57%
3,150,000 Huntingdon Real Estate Inv. Trust 5,903 1,670
708,600 Morguard Corp. 15,599 20,904
TOTAL 21,502 22,573
FINANCIAL SERVICES -- 20.89%
1,830,100 Dundee Corp., Class A 20,323 20,424
32,100 E-L Financial Corp. 9,053 15,729
1,100,000 Equitable Group Inc. 22,829 24,299
900,000 Genworth MI Canada Inc. 17,084 21,681
800,000 Onex Corp. 20,424 20,992
TOTAL 89,713 103,125
OIL & GAS -- 23.01%
18,377,500 Alange Energy Corp. 8,546 12,313
6,500,000 Anderson Energy Ltd. 22,593 6,305
1,750,000 Avenir Diversified Income Trust 19,593 8,453
3,280,000 Blackpearl Resources 16,728 6,330
500,000 Crew Energy Inc. 7,988 4,325
2,000,000 Daylight Resources Trust 16,160 17,000
3,100,000 Essential Energy Services Trust 18,597 3,410
7,250,000 Ithaca Energy Inc. 16,299 5,510
4,500,000 Midnight Oil Exploration 16,398 4,500
920,500 Nexen Inc. 7,390 22,405
1,465,718 Precision Drilling Trust 27,947 10,495
17,020,000 Stratic Energy Corp. 21,172 5,106
400,000 Talisman Energy 2,410 7,452
TOTAL 201,821 113,603
TRANSPORTATION -- 4.07%
1,817,000 Westjet Airlines Ltd., common 20,030 20,078
TOTAL 20,030 20,078
INDUSTRIAL PRODUCTS -- 10.43%
3,000,000 ATS Automation Tooling Systems Inc. 12,837 17,250
2,825,000 Canam Group Inc. 29,455 19,803
2,000,000 Martinrea International Inc. 9,700 14,420
TOTAL 51,992 51,473
MINING/PRECIOUS METALS -- 2.38%
550,000 FNX Mining Company Inc. 5,307 5,159
3,250,000 Polaris Minerals Corp. 15,805 5,200
375,000 Polaris Minerals Corp., warrants 0 116
1,350,000 Whitemud Resources 10,658 1,283
TOTAL 31,770 11,758
CONSUMER PRODUCTS -- 6.94%
1,095,000 Andrew Peller Ltd., Class A 4,497 8,760
400,000 Arbor Memorial Services, Class B 5,339 8,796
300,000 George Weston Ltd. 16,960 16,722
TOTAL 26,796 34,278
MERCHANDISING -- 0.61%
503,500 Danier Leather Inc. 5,044 3,021
TOTAL 5,044 3,021
COMMUNICATIONS -- 4.61%
750,000 Cogeco Cable Inc., common 22,745 22,740
TOTAL 22,745 22,740
CONSTRUCTION -- 2.98%
1,250,000 Aecon Group Inc., common 13,263 14,713
TOTAL 13,263 14,713
U.S. STOCKS -- 14.36%
125,000 American National Insurance Co. 14,063 11,431
980,000 Babcock & Brown Air Ltd. ADS 22,468 10,098
725,000 Blackstone Group 17,538 11,050
385,000 Kansas City Life Insurance Co. 21,852 12,868
150,000 Pioneer Natural Resources Co. 8,835 5,842
900,000 Presidential Life Corp. 21,116 10,007
1,000,000 Seaspan Corp. 25,671 9,606
TOTAL 131,542 70,901
TOTAL COMMON STOCK 616,217 468,263
TOTAL PORTFOLIO 641,604 493,624
as at September 30, 2009
updated quarterly
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