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ABC NORTH AMERICAN DEEP-VALUE FUND OVERVIEW
OBJECTIVE
ABC North American Deep-Value Fund searches out fundamentally undervalued Canadian and American stock exchange-listed common shares. This closed-end fund has maximum flexibility to invest in a diversified mix of deep value securities. There is, however, a particular emphasis on micro-caps. The country and asset mix, as well as currency exposure, can vary and has no set limits. The portfolio, ordinarily, will have a mix of 40 to 50 holdings. This fund closed to new money on November 1, 2005.
North American Deep-Value Fund's
Top Ten Stock List

Fortress Paper Ltd.
Equitable Group Inc.
Strad Energy Services Ltd.
Geodrill Ltd.
Genworth MI Canada Inc.
Martinrea International Inc.
High Liner Foods Inc. "A" non-voting
Antrim Energy Inc.
Savanna Energy Services Corp.
Bennett Environmental Inc.

as at December 30, 2011 updated quarterly
SECTOR ALLOCATION
Sector allocation
PERFORMANCE
ABC North American Deep-Value Fund Annual Returns
Year ABC NADVF (%) Russell 2000 (%) Dow Jones (%) TSXTR (%)
2005 25.49 3.32 -0.61 24.13
2006 3.92 17.00 16.29 17.26
2007 -11.81 -2.75 6.43 9.83
2008 -56.62 -34.80 -33.84 -33.00
2009 54.07 25.22 18.82 35.05
2010 44.14 25.31 11.02 17.61
2011 -13.63 -5.45 5.53 -8.71
Russell 2000 = Russell 2000 in $US
Dow Jones = Dow Jones Industrials in $US
TSXTR = S&P/TSX Composite Total Return Index
as at December 31, 2011 updated annually
Compounded Annual Rates of Return
  ABC NADVF (%) Russell 2000 (%) Dow Jones (%) TSXTR (%)
1 Year -13.63 -5.45 5.53 -8.71
2 Year 11.57 8.85 8.24 3.62
3 Year 24.24 14.05 11.66 13.18
5 Year -6.01 -1.22 -0.40 1.30
Compounded Since Inception:
(November 1st, 2004) 		0.27 3.38 2.79 7.01
Russell 2000 = Russell 2000 in $US
Dow Jones = Dow Jones Industrials in $US
TSXTR = S&P/TSX Composite Total Return 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 -- 8.41%
16,078 Cash - CAD               16               16
75,214 UBS Cash In Action Fund - CAD          7,521          7,521
337,467 STIC Liquidity Portfolio - USD             344             344
  TOTAL CASH          7,881          7,881
COMMON STOCKS -- 91.59%
CANADIAN STOCKS -- 83.87%
OIL & GAS -- 29.26%
3,200,000 Antrim Energy Inc. 3,363 3,776
1,400,000 Emerge Oil + Gas Inc. 4,758 1,722
725,000 Enseco Energy Services Corp. 1,450 935
2,500,000 Entrec Transportation Services Ltd. 2,500 2,875
250,000 Flint Energy Services Ltd. 3,980 3,193
300,000 Legacy Oil + Gas Inc. 3,360 3,144
850,000 Renegade Petroleum Ltd. 3,621 2,465
500,000 Savanna Energy Services Corp. 3,487 3,725
9,000,000 Sea Dragon Energy Inc. 3,412 675
1,050,000 Strad Energy Services Ltd. 4,858 4,515
181,000 Twin Butte Energy Ltd. 387 386
  TOTAL        35,175        27,411
MINING/PRECIOUS METALS -- 8.64%
500,000 Energold Drilling Corp. 968 2,280
1,810,000 Geodrill Ltd. 3,615 4,163
2,500,000 Pacific Coal S.A. 3,150 1,075
1,250,000 Pacific Coal S.A., warrants 625 50
10,000,000 Royal Coal Corp. 2,500 500
5,000,000 Royal Coal Corp., warrants 0 25
  TOTAL        10,858          8,093
TRANSPORTATION -- 3.77%
300,000 Westjet Airlines Ltd. 3,754 3,528
  TOTAL          3,754          3,528
INDUSTRIAL PRODUCTS -- 13.14%
2,000,000 Bennett Environmental Inc. 4,147 3,600
500,000 Canam Group Inc. 4,907 2,050
1,250,000 Com Dev International Ltd. 3,382 2,563
550,000 Martinrea International Inc. 3,991 4,098
  TOTAL        16,427        12,311
CONSUMER PRODUCTS -- 4.40%
250,000 High Liner Foods Inc., Class A 1,635 3,914
1,402,500 Jig-A-Loo World Inc. 1,148 210
  TOTAL          2,783          4,124
REAL ESTATE -- 3.30%
831,050 Northampton Group Inc. 888 623
600,000 Tricon Capital Group Inc. 3,452 2,472
  TOTAL          4,340          3,095
BASE METALS -- 3.50%
600,000 Sherritt International 3,150 3,276
  TOTAL          3,150          3,276
FINANCIAL SERVICES  -- 9.71%
200,000 Equitable Group Inc. 3,747 5,000
200,000 Genworth MI Canada Inc. 4,433 4,100
  TOTAL          8,180          9,100
PAPER & FOREST PRODUCTS -- 11.91%
7,500,000 Eacom Timber Corp. 3,671 525
400,000 Fortress Paper Ltd. 3,119 10,636
  TOTAL          6,790        11,161
U.S. STOCKS -- 3.95%
TRANSPORTATION -- 3.95%
137,500 Fly Leasing Ltd. ADS 3,168 1,753
140,000 Seaspan Corp. 3,649 1,950
  TOTAL          6,817          3,703
TOTAL COMMON STOCK        98,273        85,802
TOTAL PORTFOLIO      106,154        93,683
as at December 30, 2011 updated quarterly

 
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