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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

Addax Petroleum Corp., sub receipts
Nexen Inc.
Talisman Energy Inc.
Kansas City Life Insurance Co.
Jo-Ann Stores Inc.
George Weston Limited
ING Canada Inc.,common
Canam Group Ltd., Class A
E-L Financial Corp. Ltd.
Onex Corp.

as at March 31, 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 -44.91 -32.42
2 year -31.61 -16.17
3 year -19.06 -7.83
5 year -5.84 2.76
10 year 5.36 4.91
15 year 6.13 6.92
20 year 11.44 7.03
Compounded Since Inception:
(March 20th, 1989) 		 11.46 7.04
TSXTR = S&P/TSX Composite Total Return Index
as at March 31, 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 1.2581464
No. of Shares Description Total Cost ($) Market Value ($)
CASH -- 13.15%
7,220,528 Cash - CAD 7,221 7,221
2,596,805 Cash - USD 3,267 3,267
370,103 RT CAP Cash In Action Fund - CAD 37,010 37,010
0 RT CAP Cash In Actrion Fund - USD - -
TOTAL CASH 47,498 47,498
COMMON STOCKS -- 86.85%
REAL ESTATE -- 3.29%
2,950,000 Huntingdon Real Estate Inv. Trust 7,858 546
708,600 Morguard Corp. 15,599 11,345
TOTAL 23,456 11,890
FINANCIAL SERVICES -- 18.53%
1,306,800 Dundee Corp., Class A 15,972 6,717
36,033 E-L Financial Corp. 9,832 12,972
850,000 Equitable Group Inc. 18,274 9,342
385,900 ING Canada Inc., common 11,304 13,892
156,300 Laurentian Bank 4,526 4,158
525,000 Manulife Financial Corp. 10,185 7,455
800,000 Onex Corp. 20,424 12,384
TOTAL 90,517 66,920
OIL & GAS -- 26.37%
775,000 Addax Petroleum Corp. 20,385 21,158
3,000,000 Anderson Energy Ltd. 19,268 2,520
1,750,000 Avenir Diversified Income Trust 11,855 5,600
1,250,000 Crew Energy Inc. 19,971 4,888
3,100,000 Essential Energy Services Trust 18,627 2,666
7,250,000 Ithaca Energy Inc. 16,299 4,495
4,500,000 Midnight Oil Exploration 16,398 3,600
920,500 Nexen Inc. 7,390 19,680
3,280,000 Pearl Exploration 15,835 2,985
1,250,000 Precision Drilling Trust 27,322 4,225
22,500,000 Stratic Energy Corp. 27,989 5,400
1,350,000 Talisman Energy 8,136 18,023
TOTAL 209,474 95,239
INDUSTRIAL PRODUCTS -- 3.78%
2,750,000 Canam Group Inc. 28,981 13,640
TOTAL 28,981 13,640
MINING/PRECIOUS METALS -- 4.30%
3,250,000 Polaris Minerals Corp. 15,805 4,680
375,000 Polaris Minerals Corp., warrants 0 56
3,699,700 Western Goldfields Inc. 8,002 8,805
1,350,000 Whitemud Resources 10,658 1,998
TOTAL 34,465 15,540
CONSUMER PRODUCTS -- 7.87%
1,095,000 Andrew Peller Ltd. 4,497 7,435
400,000 Arbor Memorial Services, Class B 5,339 6,356
250,000 George Weston Ltd. 13,167 14,625
TOTAL 23,003 28,416
MERCHANDISING -- 0.43%
503,500 Danier Leather Inc. 5,044 1,553
TOTAL 5,044 1,553
COMMUNICATIONS -- 1.21%
138,800 Cogeco Cable Inc., common 4,374 4,372
TOTAL 4,374 4,372
U.S. STOCKS -- 20.71%
125,000 American National Insurance Co. 14,057 8,242
980,000 Babcock & Brown Air Ltd. ADS 22,529 5,302
725,000 Blackstone Group 17,538 6,613
728,878 Jo-Ann Stores Inc. 18,134 14,984
385,000 Kansas City Life Insurance Co. 21,852 17,365
150,000 Pioneer Natural Resources Co. 8,811 3,108
900,000 Presidential Life Corp. 21,231 8,821
1,000,000 Seaspan Corp. 22,283 10,342
TOTAL 146,435 74,778
FOREIGN STOCKS -- 0.35%
4,500,000 Australian Vintage Ltd. 8,942 1,278
TOTAL 8,942 1,278
TOTAL COMMON STOCK 574,693 313,626
TOTAL PORTFOLIO 622,191 361,124
as at March 31, 2009 updated quarterly


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