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 EMPLACEMENT: ENTREE > PAGE D'ACCUEIL > NOS FONDS > ABC DIRT-CHEAP STOCK FUND OVERVIEW ENGLISH
ABC DIRT-CHEAP STOCK FUND OVERVIEW
OBJECTIVE
ABC Dirt-Cheap Stock Fund is a "go-anywhere in the world" equity fund with unlimited investment flexibility. This deep-value fund has no company-size investment restrictions, and, as a result, can opportunistically purchase overlooked, undervalued and less liquid micro-capitalization stocks. We expect this fund to have a mix of 40-60 holdings comprised of Canadian, U.S. as well as Far East, Australian and European equities. The fund will be closed to new money after September 1, 2006.
ABC Dirt-Cheap Stock Fund's
Top Ten Stock List

U.S. Silver Corp., common
Western Areas NL units
Migao Corporation, common
Saxon Energy Services, common
Thakral Holdings Group
Seaspan Corp., common
Fortress Paper Ltd., common
Canam Group Inc.
Amerigo Resources
Standard Life PLC

as at March 31, 2008

updated quarterly
SECTOR ALLOCATION
Sector allocation
PERFORMANCE
ABC Dirt-Cheap Stock Fund Annual Returns
Year ABC DCSF (%) RUSSELL 2000 (%) TSXTR (%) MSCI EAFE (%)
2007 3.79 -2.75 9.83 8.08
Russell 2000 = Russell 2000 in $US
TSXTR = S&P/TSX Composite Total Return Index
MSCSI EAFE = MSCI EAFE + Canada in $US
as at December 31, 2007 updated annually
Compounded Annual Rates of Return
  ABC DCSF (%) Russell 2000 TSXTR MSCI EAFE
1 Month -3.50 0.26 -1.43 -1.38
Q1 2008 -9.21 -10.19 -2.84 -4.51
6 Month -16.20 -14.59 -4.05 -10.04
YTD -9.21 -10.19 -2.84 -4.51
1 Year -16.60 -14.08 4.00 -0.85
Compounded Since Inception:
(April 1st, 2006)  		1.84 -5.18 7.65 9.12
Russell 2000 = Russell 2000 in $US
TSXTR = S&P/TSX Composite Total Return Index
MSCI EAFE = MSCI EAFE + Canada in US$
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 -- 13.56%
12,802,137 Cash 12,802 12,802
94,860 Cash - SGD $ 65 65
50,278 Cash - AUD $ 44 44
550,000 Cash - AUD $ 70 70
3,264,633 Cash - US $ 3,222 3,222
0 RT CAP US$ Cash Fund   -   -
  TOTAL CASH 16,202 16,202
COMMON STOCKS -- 86.44%      
CANADIAN STOCKS -- 39.75%      
OIL & GAS / ENERGY -- 11.63%
500,000 Accrete Energy Inc., common 3,815 2,470
500,000 Anderson Energy Ltd., common 3,317 1,440
948,000 Buffalo Oil & Resources  1,866 1,005
800,000 Pearl Exploration & Prod. 3,600 2,080
750,000 Saxon Energy Services, common 3,419 3,825
3,500,000 Stratic Energy Corp., common 4,352 3,080
  TOTAL 20,369 13,900
REAL ESTATE -- 2.09%
500,000 Lanesborough Real Estate Trst 3,015 2,495
  TOTAL 3,015 2,495
COMMUNICATION -- 1.96%
325,000 Canwest Global Comm. Corp. 2,094 2,340
  TOTAL 2,094 2,340
MINERALS / PRECIOUS METALS -- 6.83%
1,500,000 Amerigo Resources Ltd. 3,669 3,450
1,783,500 Liberty Mines Inc., units 1,605 2,586
1,500,000 Scorpio Mining Corp. 1,725 2,130
  TOTAL 6,999 8,166
INDUSTRIAL PRODUCTS -- 9.12%
500,000 Migao Corp., common 1,425 5,790
375,000 Migao Corp., warrants 0 2,955
600,000 Terravest Income Fund, units 4,337 2,154
  TOTAL 5,762 10,899
PAPER/FOREST PRODUCTS -- 5.97%
450,000 Fortress Paper 3,574 3,150
500,000 Norbord Inc., common 4,369 3,980
  TOTAL 7,943 7,130
MERCHANDISING -- 1.23%
2,157,900 CY Oriental Holdings  2,411 1,467
799,998 CY Oriental Holdings, warrants 0 0
  TOTAL 2,411 1,467
CONSUMER PRODUCTS -- 0.93%
3,025,000 Orbus Pharma Inc. 1,510 1,112
1,500,000 Orbus Pharma Inc., warrants 0 0
  TOTAL 1,510 1,112
U.S. STOCKS -- 46.69%      
MERCHANDISING -- 1.16%
325,000 Cost Plus Inc., common 3,329 1,392
  TOTAL 3,329 1,392
TRANSPORTATION -- 4.78%
150,000 Babcock & Brown Air Ltd. ADS 3,450 2,696
125,000 Seaspan Corp., common 3,036 3,021
  TOTAL 6,486 5,717
TECHNOLOGY -- 2.90%
250,000 Keynote Sysytems Inc. 3,156 3,467
  TOTAL 3,156 3,467
COMMUNICATION -- 0.79%
625,000 Regent Communications 3,017 950
  TOTAL 3,017   950
AUTOMOTIVE -- 2.25%
150,000 Superior Industries Inc. 3,048 2,690
  TOTAL 3,048 2,690
MINERALS / PRECIOUS METALS -- 10.62%
2,500,000 Phoenix Coal Corp., conv. Pref. 3,288 3,084
12,012,500 US Silver Corporation, units 3,741 9,610
  TOTAL 7,029 12,694
FINANCIAL SERVICES -- 2.25%
62,500 Kansas City Life Insurance Co. 3,570 2,689
  TOTAL 3,570 2,689
FOREIGN STOCKS -- 21.93%
2,070,305 Challenger Wine Trust 1,349 1,328
1,412,000 Fortune Real Estate Inv. Trust 1,254 931
3,220,000 Fountain Set Holdings Ltd. 1,412 807
4,042,500 Harmony Asset Ltd. 2,830 3,194
1,750,000 McGuigan Simeon Wines Ltd. 3,453 3,412
300,000 Natuzzi SpA 2,374 1,392
27,500,000 Playmates Holdings Ltd. 3,851 2,889
650,000 Standard Life PLC 3,167 3,228
4,978,273 Thakral Holdings Group 3,065 4,487
1,000,000 Western Areas NL units 3,000 4,350
250,000 Western Areas NL units, warr. 0 186
  TOTAL 25,755 26,204
TOTAL COMMON STOCK 105,493 103,312
TOTAL PORTFOLIO 121,695 119,514
as at December 31, 2007 updated quarterly    
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