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 EMPLACEMENT: ENTREE > PAGE D'ACCUEIL > NOS FONDS > ABC NORTH AMERICAN DEEP-VALUE FUND OVERVIEW ENGLISH
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
U.S. Silver Corp., common
Polaris Minerals Corp.
Saxon Energy Services, units
Fortress Paper Ltd., common
Universal Energy Group Inc.
Keynote Systems Inc., common
Huntingdon Real Estate Trust Units
Seaspan Corporation common
Presidential Life Corp.
Phoenix Coal Corp., conv.preferred/common
as at March 31, 2008

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
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, 2007 updated annually
Compounded Annual Rates of Return
  ABC NADVF (%) Russell 2000 (%) Dow Jones (%) TSXTR (%)
1 Month -2.84 0.26 -0.03 -1.43
Q1 2008 -9.08 -10.19 -7.55 -2.84
1 Year -25.00 -14.08 -0.74 4.00
2 Year -11.47 -5.18 5.06 7.65
3 Year -0.27 3.80 5.30 14.17
Compounded Since Inception:
(November 1st, 2004) 		3.28 4.92 6.07 15.27
Russell 2000 = Russell 2000 in $US
Dow Jones = Dow Jones Industrials in $US
TSXTR = S&P/TSX Composite Total Return Index
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 -- 9.35%      
0 Cash - -
51,062 RT CAP Cash In Action Fund 5,106 5,106
40,456 Cash - US $ 40 40
77,984 RT CAP US$ Cash Fund 7,697 7,697
  TOTAL CASH 12,843 12,843
COMMON STOCKS -- 90.65%      
CANADIAN STOCKS -- 53.05%      
OIL & GAS / ENERGY -- 18.29%
650,000 Accrete Energy Inc., common 5,119 3,211
550,000 Anderson Energy Ltd., common 4,155 1,584
1,896,000 Buffalo Oil & Resources 3,987 2,010
3,675,000 Endev Energy Inc. 5,021 2,793
850,000 Grey Wolf Exploration 2,378 1,428
1,000,000 Pearl Exploration & Prod. 4,500 2,600
1,000,000 Saxon Energy Services, common 4,900 5,100
350,000 Universal Energy  4,380 6,405
  TOTAL 34,440 25,131
PAPER & FOREST PRODUCTS -- 5.79%
567,500 Fortress Paper Ltd., common 4,529 3,973
500,000 Norbord Inc. 4,390 3,980
  TOTAL 8,919 7,953
COMMUNICATION -- 2.13%
407,000 Canwest Global Comm. Corp. 2,627 2,930
  TOTAL 2,627 2,930
MINING/PRECIOUS METALS -- 16.34%
1,390,200 Amerigo Resources Ltd. 3,143 3,197
1,687,500 Avnel Gold Mining Ltd., units 1,594 759
5,000,000 Goldhawk Resources Inc., units 1,704 2,050
925,000 Polaris Minerals 4,440 10,554
1,500,000 Scorpio Mining Corp. 1,725 2,130
350,000 Whitemud Resources 2,800 3,763
  TOTAL 15,406 22,453
INDUSTRIAL PRODUCTS -- 1.89%
725,000 Terravest Income Fund, units 5,098 2,603
  TOTAL 5,098 2,603
CONSUMER PRODUCTS -- 1.64%
1,275,000 Jig-A-Loo World 1,148 1,148
3,025,000 Orbus Pharma Inc. 1,510 1,112
1,500,000 Orbus Pharma Inc., warrants 0 0
  TOTAL 2,657 2,259
REAL ESTATE -- 5.71%
1,750,000 Huntingdon Real Estate Trust 4,576 4,025
925,000 Lakeview Hotel Real Estate Trust 3,737 3,201
609,750 Northampton Group  661 616
  TOTAL 8,974 7,842
FINANCIAL SERVICES-- 1.25%
1,750,000 GC Global Capital  1,898 1,715
655,000 GC Global Capital , warrants 0 0
  TOTAL 1,898 1,715
U.S. STOCKS -- 37.60%      
MINERALS / PRECIOUS METALS -- 9.24%
2,500,000 Phoenix Coal Corp., conv pref. 3,288 3,084
12,012,500 U.S. Silver Corporation units 3,741 9,610
  TOTAL 7,028 12,694
HOTELS -- 2.47%
350,000 Great Wolf Resorts Inc. 4,137 3,389
  TOTAL 4,137 3,389
MERCHANDISING -- 10.40%
400,000 Cost Plus Inc., common 4,075 1,713
125,000 Frisch Restaurants Inc. 3,510 2,887
325,000 J. Alexander's Corp., common 3,040 3,368
175,000 Jo-Ann Stores, common 3,084 2,259
195,000 John B. Sanfilippo & Sons 3,123 1,620
120,000 S&K Famous Brands 2,383 1,051
143,819 Tandy Brands Accessories Inc. 2,403 1,384
  TOTAL 21,618 14,282
CONSUMER PRODUCTS -- 3.53%
300,000 Chromcraft Revington Inc. 4,032 1,451
325,000 Coachmen Industries Inc. 4,170 1,909
315,000 Cobra Electronics Corp. 3,006 1,486
  TOTAL 11,208 4,845
TRANSPORTATION -- 4.16%
150,000 Babcock & Brown Air Ltd., ADS 3,450 2,696
125,000 Seaspan Corporation, common 3,190 3,021
  TOTAL 6,640 5,717
FINANCIAL SERVICES -- 3.78%
124,900 Flagstar Bancorp Inc. 1,737 859
202,200 National Atlantic Holdings Corp. 2,319 884
200,000 Presidential Life Corp. 4,882 3,456
  TOTAL 8,938 5,199
TECHNOLOGY -- 3.28%
325,000 Keynote Systems Inc., common 3,915 4,507
  TOTAL 3,915 4,507
COMMUNICATIONS -- 0.75%
675,000 Regent Communications Inc. 2,901 1,026
  TOTAL 2,901 1,026
TOTAL COMMON STOCK   146,404 124,545
TOTAL PORTFOLIO   159,247 137,388
as at December 31, 2007 updated quarterly    
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