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ABC AMERICAN-VALUE FUND OVERVIEW
OBJECTIVE
ABC American-Value Fund searches out fundamentally undervalued American, special situation and foreign U.S. stock exchange-listed common shares. While using the same investment techniques as our two Canadian ABC Funds, the American market due to its sheer size provides us with extensive value opportunities.

ABC American Value Fund's
Top Ten Stock List

Western Goldfields Inc., common
Village Super Market Inc., common
Pioneer Natural Resources Co.
Phoenix Coal Corp., conv. Pref.
Keynote Systems Inc., common
Superior Industries
International Presidential Life Corp.
Flexsteel Industries, common
Kansas City Life Insurance Co.
Morguard Corp., common

as at March 31, 2008

updated quarterly
SECTOR ALLOCATION
Sector allocation
PERFORMANCE

ABC American-Value Fund Annual Returns

Year

 ABC AVF (%) RUSSELL 2000 (%) DOW JONES (%)
1997 38.76 20.52 22.64
1998 0.75 -3.45 16.10
1999 1.47 19.62 25.22
2000 -6.66 -4.20 -6.18
2001 39.52 1.03 -7.10
2002 6.91 -21.58 -16.76
2003 32.74 45.37 25.32
2004 20.85 17.00 3.15
2005 7.16 3.32 -0.61
2006 6.65 17.00 16.29
2007 -23.46 -2.75 6.43
Russell 2000 = Russell 2000 in $US
Dow Jones = Dow Jones Industrials in $US
as at December 31, 2007

updated annually

Compounded Annual Rates of Return
  ABC AVF (%) Russell 2000 (%) Dow Jones
(%)
1 Year -30.28 -14.08 -0.74
2 Year -14.72 -5.18 5.06
3 Year -6.98 3.80 5.30
5 Year 6.22 13.54 8.94
10 Year 4.95 3.65 3.37
Compounded Since Inception
(May 2nd,1996)		 9.34 5.88 6.85
as at March 31, 2008 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 0.9869524
No. of Shares Description Total Cost ($) Market Value ($)
CASH -- 5.96%      
522,850 Cash 523 523
18 RT CAP Cash In Action Fund 2 2
1,438,762 US$ Cash 1,420 1,420
30,294 RT CAP US$ Cash Fund 2,990 2,990
  TOTAL CASH 4,935 4,935
COMMON STOCKS -- 94.04%      
FINANCIAL SERVICES -- 20.07%
20,000 Amer. Natl. Ins. Co. 2,191 2,393
125,000 Blackstone Group 3,198 2,730
62,500 Kansas City Life Insurance  Co. 3,577 2,689
250,000 National Atlantic Holdings Corp. 3,265 1,093
175,000 Phoenix Companies Inc. 3,070 2,050
325,000 PMA Capital Corp. 3,474 2,637
175,000 Presidential Life 3,730 3,024
  TOTAL 22,505 16,616
CONSUMER PRODUCTS -- 3.22%
225,000 Flexsteel Industries, common 3,842 2,665
  TOTAL 3,842 2,665
OIL & GAS -- 4.37%
75,000 Pioneer Natural Resources 3,441 3,615
  TOTAL 3,441 3,615
AUTOMOTIVE -- 6.71%
300,000 Coachmen Industries Inc., 3,644 1,762
45,000 General Motors Corp., common 2,563 1,105
150,000 Superior Industries Intl. 3,787 2,690
  TOTAL 9,994 5,557
COMMUNICATION -- 1.29%
700,000 Regent Communications Inc. 3,277 1,064
  TOTAL 3,277 1,064
MERCHANDISING -- 15.34%
263,000 Buca Inc. 2,216 234
325,000 Cost Plus Inc., common 3,307 1,392
150,000 Jo-Ann Stores  2,543 1,936
200,000 John B. Sanfilippo & Sons 3,203 1,662
150,000 Tandy Brands Accessories Inc. 2,669 1,443
120,000 Village Super Markets Inc. 2,422 6,027
  TOTAL 16,359 12,694
TRANSPORTATION -- 4.86%  
150,000 Babcock & Brown Air Ltd. ADS  3,446 2,696
200,000 Covenant Transport  Inc. 3,422 1,326
  TOTAL 6,868 4,022
TECHNOLOGY -- 5.03%  
300,000 Keynote Systems Inc., common 3,747 4,160
  TOTAL 3,747 4,160
HOTELS -- 3.51%
300,000 Great Wolf Resorts Inc. 3,545 2,905
  TOTAL 3,545 2,905
MINING/PRECIOUS METALS -- 4.34%
2,910,000 Phoenix Coal Corp., conv deb 3,638 3,590
  TOTAL 3,638 3,590
SPECIAL SITUATION STOCKS -- 25.31%
450,000 Accrete Energy Inc.,common 3,072 2,223
950,000 Grey Wolf Exploration 2,658 1,596
100,000 Morguard Corp., common 2,074 3,910
450,000 Norbord Inc. 3,949 3,582
750,000 Pearl Exploration  3,371 1,950
550,000 Terravest Income Fund, units 3,775 1,975
1,500,000 Western Goldfields Inc., common 3,204 5,715
  TOTAL 22,102 20,951
TOTAL COMMON STOCK   99,318 77,839
TOTAL PORTFOLIO   104,253 82,773
as at December 31, 2007 updated quarterly    


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