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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

Canam Group Inc.
ATS Automation Tooling Systems
Daylight Energy Limited
Genworth MI Canada Inc.
Flint Energy Services Ltd.
Flexsteel Industries
Legacy Oil + Gas Inc.
Westjet Airlines Ltd.
Western Energy Services Corp.
Vector Aerospace Corp.
as at June 30, 2010 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
2008 -29.00 -34.80 -33.84
2009 44.15 25.22 18.82
Russell 2000 = Russell 2000 in $US
Dow Jones = Dow Jones Industrials in $US
as at December 31, 2009

updated annually

Compounded Annual Rates of Return
  ABC AVF (%) Russell 2000 (%) Dow Jones
(%)
1 Year 26.05 19.91 15.71
2 Year 2.66 -5.99 -7.20
3 Year -9.61 -9.92 -10.00
5 Year -4.38 -0.96 -0.99
10 Year 7.29 1.65 -0.66
Compounded Since Inception
(May 2nd,1996)		 8.13 4.03

4.05
as at June 30, 2010 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 1.0627
No. of Shares Description Total Cost ($) Market Value ($)
CASH -- 2.81%
81,298 Cash - CAD 81 81
14,816 UBS Cash In Action Fund - CAD 1,482 1,482
161,413 STIC Liquidity Portfolio - USD 167 172
TOTAL CASH 1,730 1,734
COMMON STOCKS -- 97.19%
FINANCIAL SERVICES -- 11.01%
18,720 American National Insurance Co. 2,047 1,611
125,000 Blackstone Group LP 3,077 1,270
52,904 Kansas City Life Insurance Co. 3,030 1,662
325,000 PMA Capital Corp. 3,468 2,262
TOTAL 11,622 6,805
CONSUMER PRODUCTS -- 4.26%
225,000 Flexsteel Industries, Inc. 3,842 2,630
TOTAL 3,842 2,630
TRANSPORTATION -- 4.50%
137,500 Fly Leasing Ltd. ADS 3,159 1,505
120,000 Seaspan Corp. 3,321 1,275
TOTAL 6,480 2,780
SPECIAL SITUATION STOCKS -- 77.42%
200,000 Aecon Group Inc. 2,521 2,068
600,000 Argonaut Gold Inc. 1,800 1,590
300,000 Argonaut Gold Inc., warrants 0 131
550,000 ATS Automation Tooling Systems Inc. 2,424 3,130
750,000 Blackpearl Resources Inc. 3,825 2,115
550,000 Canam Group Inc. 3,902 3,856
350,000 Daylight Energy Ltd. 2,989 3,126
1,000,000 Energold Drilling Corp. 1,958 2,040
7,250,000 Enseco Energy Services Corp. 1,450 1,595
3,625,000 Enseco Energy Services Corp., warrants 0 0
112,500 Equitable Group Inc. 2,283 2,454
225,000 Flint Energy Services Ltd. 2,751 2,687
125,000 Genworth MI Canada Inc. 2,486 2,903
225,000 Legacy Oil + Gas Inc. 2,655 2,583
500,000 March Networks Corp. 1,916 1,660
750,000 Maxim Power Corp. 2,030 2,175
7,000,000 Sea Dragon Energy Inc. 2,800 1,995
450,000 Tricon Capital Group Inc. 2,700 2,430
400,000 Vector Aerospace Corp. 2,514 2,480
3,000,000 Westaim Corp. 1,500 1,800
12,500,000 Western Energy Services Corp. 2,500 2,500
212,500 Westjet Airlines Ltd. 2,378 2,520
TOTAL 49,381 47,836
TOTAL COMMON STOCK 71,324 60,051
TOTAL PORTFOLIO 73,055 61,785
as at June 30, 2010 updated quarterly
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