Returns as at January 31, 2010

*MSCI World ($ Cdn)

Growth of $10,000

Risk Measures as at January 31, 2010

Best/Worst 12 months (since inception)

Best (ending Jan 10):	28.42
Worst (ending Feb 09):	-33.77

Volatility meter (Based on 3 year standard deviation from Globefund.com)

Low  High

Fund Objectives

The portfolio seeks to achieve long term capital appreciation by investing in certain Canadian, U.S. and international equity mutual funds.

Fund Facts

Globe 5-Star Rating:

RRSP Eligible:

Canadian

Min. Invest (initial):

$1,000

Subsequent:

$100

Min. Invest (initial RRSP):

$1,000

Subsequent RRSP:

$100

Closed:

No

Restricted:

Yes

Restriction:

Not Available in PQ

 

 

Top Holdings as at October 31, 2009

Symbol	Company Name	Sector	Geographic Area	Asset Type	% of Total Assets		Performance as at January 31, 2010 1 Year Performance (%)
	Counsel Select America-A			Fund	18.87		-
	Counsel Global Small Cap-A			Fund	18.58		-
	Counsel Canadian Growth A			Fund	11.88		-
	Counsel Canadian Value A			Fund	11.85		-
	Counsel International Growth A			Fund	10.83		-
	Counsel International Value A			Fund	10.6		-
	Counsel Global Real Estate A			Fund	9.95		-
	Counsel U.S. Value A			Fund	2.27		-
	Counsel U.S. Growth A			Fund	2.21		-

Portfolio Manager(s)

Tom Marsico, MBA

Marsico Capital Management

Start Date: January, 2002

Fund Return: -0.64%

Tom Marsico is one of the industry's leading growth managers Tom has over 18 years of investment experience, and is best known for managing concentrated portfolios such as the Janus Twenty. He spent 9 ½ years as manager of the Janus Twenty Fund before creating his own concentrated portfolio, the Marsico Focus Fund. His dependable long-term performance is one of the reasons that Marsico Capital Management was named "the fastest growing fund company of all time" by SmartMoney magazine. Tom has attracted over US$14 billion in just over 2 years of starting his own firm.

Also manages:Counsel Balanced Portfolio-A, Counsel Conservative Portfolio-A, Counsel Growth Portfolio-A, Counsel Regular Pay Portfolio-A, Counsel Select America-A, Counsel U.S. Growth A

View fund manager performance report

Robert Tattersall, CFA, MBA, MA

Howson Tattersall Investment Counsel Ltd.

Start Date: June, 2005

Fund Return: -1.50%

Robert (Bob) Tattersall is Executive Vice-President of Howson Tattersall. He holds an M.A. from St. John's College, Cambridge and an MBA from Ohio State University. Bob holds the Chartered Financial Analyst designation and is a recognized expert on small cap stocks in Canada. Over an investment career spanning over 30 years, he has been a senior research analyst and a portfolio manager. He lectures on investments for pension funds at Humber College and has written numerous articles for professional journals. Bob joined Howson Tattersall in 1985, after a career at Confederation Life and Bolton Tremblay. Bob's responsibilities include Canadian small cap equities as well as international equities.

Also manages:Astra Howson Tattersall Global Equ, Astra Howson Tattersall Small Cap, Counsel Balanced Portfolio-A, Counsel Conservative Portfolio-A, Counsel Global Small Cap-A, Counsel Growth Portfolio-A, Counsel Managed Portfolio-A, Counsel World Managed Portfolio-A, Mackenzie Saxon Glo Small Cap Fd-SI, Mackenzie Saxon Int Equity Fund-SI, Mackenzie Saxon Microcap Fund-SI, Mackenzie Saxon Small Cap-SI, Mackenzie Saxon U.S. Equity Fund-SI, Mackenzie Saxon U.S. Small Cp Fd-SI, Mackenzie Saxon World Fund-SI, Symmetry Equity Class

View fund manager performance report

Gerald A. Cooper-Key, CFA

Mawer Investment Management Ltd.

Start Date: June, 2005

Fund Return: -1.50%

Gerald Cooper-Key is Honorary Chairman and Portfolio Manager at Mawer Investment Management Ltd., which he joined in 1981. He has managed the Mawer World Investment Fund since its inception. As part of the investment management team, he monitors investment style to ensure consistency within the firm and assumes primary responsibility for the research and analysis of international equities. He also manages portfolios for institutional clients. The Mawer World Investment Fund has won the Canadian Investment Award for the Best International Equity Fund in 2002, 2003, 2005, 2007, and 2008. Mr. Cooper-Key was also voted “Manager of the Year” in 2007. Previously, he was a Senior Investment Officer with Royal Trust Corporation from 1969 to 1981, and prior to that, he was a Management Trainee at Barclays Bank in England, which he joined in 1967. Mr. Cooper-Key is a Chartered Financial Analyst charterholder with 42 years of investment industry experience. He received his Trustee Diploma in Finance in 1971 from the Institute of Bankers in the United Kingdom and was designated a member of the Trust Companies Institute in 1977. He is a Founding Member and Past President of the Calgary CFA Society, a past Treasurer of the Canadian Pension and Benefits Conference - Alberta Region, a past President of the Board of Trustees of the Calgary Zoo, and a former member of the Chamber of Commerce Government and Economic Affairs Committee. He is currently an Honorary Director of Operation Eyesight Universal and an Honorary Commander of the Calgary Military Museums Society. Mr. Cooper-Key has been a speaker at several events and has written articles for business magazines. He has appeared as a guest on CBC NewsWorld Nightly Business Report, is often quoted in the financial press and has been a guest lecturer at the University of Calgary.

Also manages:C&MA Foreign Equity, Counsel Balanced Portfolio-A, Counsel Conservative Portfolio-A, Counsel Growth Portfolio-A, Counsel International Growth A, Counsel Managed Portfolio-A, Counsel Regular Pay Portfolio-A, Counsel Select International-A, Counsel World Managed Portfolio-A, Manulife Mawer World Investment Cl, Mawer World Investment

View fund manager performance report

Clifton Hoover

Dreman Value Management

Start Date: June, 2005

Fund Return: -1.50%

Also manages:Counsel Balanced Portfolio-A, Counsel Conservative Portfolio-A, Counsel Growth Portfolio-A, Counsel Regular Pay Portfolio-A, Counsel Select America-A, Counsel World Managed Portfolio-A

View fund manager performance report

David Ragan, CFA

Mawer Investment Management Ltd.

Start Date: June, 2005

Fund Return: -1.50%

David Ragan is a Director and Portfolio Manager at Mawer Investment Management Ltd., which he joined in 2004. He is the co-manager for Mawer’s international equity mandates, including the Mawer World investment Fund, and the back-up manager for the Mawer Global Small Cap Fund. Mr. Ragan received his Bachelor of Commerce in 2003 from the University of Calgary and also attended the Wirtschaftsuniversität Wien (the Business University of Vienna, Austria). He is a Chartered Financial Analyst charterholder, a member of the CFA Institute and the Calgary CFA Society. Mr. Ragan has been quoted in the financial press and has presented at the University of Alberta.

Also manages:C&MA Foreign Equity, Counsel Balanced Portfolio-A, Counsel Conservative Portfolio-A, Counsel Growth Portfolio-A, Counsel International Growth A, Counsel Managed Portfolio-A, Counsel Regular Pay Portfolio-A, Counsel Select International-A, Counsel World Managed Portfolio-A, Manulife Mawer World Investment Cl, Mawer World Investment

View fund manager performance report

David Dreman

Dreman Value Management

Start Date: June, 2005

Fund Return: -1.50%

Also manages:Counsel Balanced Portfolio-A, Counsel Conservative Portfolio-A, Counsel Growth Portfolio-A, Counsel Regular Pay Portfolio-A, Counsel Select America-A, Counsel U.S. Value A, Counsel World Managed Portfolio-A

View fund manager performance report

Scott Carscallen

Howson Tattersall Investment Counsel Ltd.

Start Date: June, 2005

Fund Return: -1.50%

Scott Carscallen is Portfolio Manager for Howson Tattersall Investment Counsel. Scott holds a Bachelor of Business Administration degree from Wilfred Laurier University and holds the Chartered Financial Analyst designation. Scott joined Howson Tattersall in 1999, where he provides fundamental investment research expertise in Canadian small caps.

Also manages:Astra Howson Tattersall Small Cap, Counsel Balanced Portfolio-A, Counsel Conservative Portfolio-A, Counsel Global Small Cap-A, Counsel Growth Portfolio-A, Counsel Managed Portfolio-A, Counsel World Managed Portfolio-A, Mackenzie Saxon Microcap Fund-SI, Mackenzie Saxon Small Cap-SI, Symmetry Equity Class

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Ted Chisholm

Invesco Trimark Ltd.

Start Date: June, 2005

Fund Return: -1.50%

Ted is a vice president and portfolio manager at Invesco Trimark. Ted was born in Guelph, Ontario. He began his career in the investment industry in 1991 as a Trimark marketing services representative. He then worked in progressive roles in sales before starting his own business, Coign Technology, in 2000. Prior to rejoining AIM Trimark Investments in 2003 as an investment analyst, he worked as an analyst at Patient Capital Management. He earned a bachelor of arts degree from the University of Western Ontario

Also manages:Counsel Balanced Portfolio-A, Counsel Conservative Portfolio-A, Counsel Global Small Cap-A, Counsel Growth Portfolio-A, Counsel World Managed Portfolio-A, Trimark Canadian Small Companies, Trimark Global Small Co Class A

View fund manager performance report

Lawrence Chin

Mackenzie Cundill Investment Management Ltd.

Start Date: June, 2005

Fund Return: -1.50%

Lawrence C. Chin is an Associate Portfolio Manager with Cundill Investment Research (CIR), specializing in American securities. Lawrence joined CIR in 1999 as an Equity Research Analyst. He holds a Bachelor of Business Administration from Simon Fraser University (1999) and received his Chartered Financial Analyst designation in 2002.

Also manages:Counsel Balanced Portfolio-A, Counsel Conservative Portfolio-A, Counsel Growth Portfolio-A, Counsel International Value A, Counsel Regular Pay Portfolio-A, Counsel Select International-A, Mackenzie Cundill American Cl, Mackenzie Cundill Cdn Balanced 'C', Mackenzie Cundill Cdn Sec Cl, Mackenzie Cundill Cdn Security 'A'

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Andrew Massie

Mackenzie Cundill Investment Management Ltd.

Start Date: June, 2005

Fund Return: -1.50%

Andrew Massie is a specialist in global equity research. Andrew has over 10 years of investment experience. He joined Peter Cundill in 1984 and has worked closely with Peter in various capacities. Andrew moved into the Investment Group as a Research Associate in 1993, assuming the title and responsibility of Senior Investment Analyst in 2004.

Also manages:CAN Global Value (M) 75/75, Counsel Balanced Portfolio-A, Counsel Conservative Portfolio-A, Counsel International Value A, Counsel Regular Pay Portfolio-A, Counsel Select International-A, IG Mac Cundill Global Value-A, Mackenzie Cundill Value 'A', Mackenzie Cundill Value 'C', Mackenzie Cundill Value Class

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Robert Mikalachki, CFA

Invesco Trimark Ltd.

Start Date: June, 2005

Fund Return: -1.50%

Rob is a vice president and portfolio manager at Invesco Trimark. Rob hails from London, Ontario. He began his career as an analyst at The Loyalty Group. He then worked as a senior associate in the investment banking division of PricewaterhouseCoopers before joining the company in 1999 as a small-caps investment analyst. He became a portfolio manager in 2000. He earned a BBA degree from Wilfrid Laurier University and is a CFA charterholder.

Also manages:Counsel Balanced Portfolio-A, Counsel Conservative Portfolio-A, Counsel Global Small Cap-A, Counsel Growth Portfolio-A, Counsel World Managed Portfolio-A, Trimark Canadian Small Companies, Trimark Global Small Co Class A, Trimark U.S. Small Companies Class

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Daniel Pine, CFA

Forum Partners Europe (UK), LLP

Start Date: January, 2009

Fund Return: 14.98%

Mr. Pine has a history of successful real estate securities investing and more than 27 years of investment experience. Prior to joining CPI, Mr. Pine was Senior Vice President of Real Estate Research and Portfolio Management at AllianceBernstein for 8 years. He was involved in creating a global REIT platform which operated successfully in retail, private bank and institutional products and public securities and real estate investing. Mr. Pine has also previously worked at Desai Capital Management as Senior Vice President, responsible for the public and private investments in real estate, consumer and health care companies. Mr. Pine is a graduate of the University of Pennsylvania, where he did post-graduate work in evolutionary biology. He holds a C.F.A. designation.

Also manages:Counsel Balanced Portfolio-A, Counsel Conservative Portfolio-A, Counsel Global Real Estate A, Counsel Growth Portfolio-A, Counsel Regular Pay Portfolio-A, Counsel World Managed Portfolio-A

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Colum McKinley, CFA

Sionna Investment Managers Inc.

Start Date: January, 2009

Fund Return: 14.98%

Colum has 14 years of industry experience and has managed Canadian small cap and small/mid cap funds with TD Asset Management. He holds a B.A. in Economics from the University of Western Ontario.

Also manages:Counsel Balanced Portfolio-A, Counsel Canadian Value A, Counsel Conservative Portfolio-A, Counsel Growth Portfolio-A, Counsel Select Canada-A

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David K Picton

Picton Mahoney Asset Management

Start Date: January, 2009

Fund Return: 14.98%

David Picton, President of Picton Mahoney, has 17 years of investment experience, including eight years as a top-ranked analyst and head of quantitative research at RBC Dominion Securities. Mr. Picton has managed portfolios for Synergy Asset Management since 1997, including the Synergy Canadian Class. Mr. Picton is a graduate of the University of British Columbia with a Bachelor of Commerce Honours degree. He also received a Leslie Wong Fellowship from UBC's prestigious Portfolio Management Foundation.

Also manages:Counsel Balanced Portfolio-A, Counsel Canadian Growth A, Counsel Conservative Portfolio-A, Counsel Growth Portfolio-A, Counsel Select Canada-A, PM Glbl Market Neutral Eq Cl A(US$), Picton Mahoney Gl Mkts Neutral Eq-A, Picton Mahoney Glo Long Short Equ-A, Picton Mahoney Long Short Equity A, Picton Mahoney Market Neutral Cl A, SW Elite Inst Mg i20/e80 Pt 100/100, SW Elite Inst Mg i30/e70 Pt 100/100, SW Elite Inst Mg i40/e60 Pt 100/100, SW Elite Inst Mg i50/e50 Pt 100/100, SW Elite Inst Mg i60/e40 Pt 100/100, SW Elite Inst Mg i70/e30 Pt 100/100, SW Elite Inst Mg i80/e20 Pt 100/100, SW Elite Inst Mgd e100 Pt 100/100, United Inst'l Mgd Cdn Eq Pool-A, United Inst'l Mgd Int'l Eq Pool-A, United Inst'l Mgd US Eq Pool-A, United Int'l Equity Gwth CC-A, United Int'l Equity Gwth Pool-W

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Teresa Lee, CFA

Sionna Investment Managers Inc.

Start Date: January, 2009

Fund Return: 14.98%

Teresa has 13 years of industry experience and previously managed a small cap value fund with Royal & SunAlliance. She holds a Bachelor of Commerce degree with Honours from the University of British Columbia.

Also manages:Counsel Balanced Portfolio-A, Counsel Canadian Value A, Counsel Conservative Portfolio-A, Counsel Growth Portfolio-A, Counsel Select Canada-A

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Kim Shannon, CFA, MBA

Sionna Investment Managers Inc.

Start Date: January, 2009

Fund Return: 14.98%

Kim founded Sionna in the summer of 2002, and has 25 years of investment management experience. She was previously Chief Investment Officer and Senior Vice President at Merrill Lynch Investment Managers, Canada. Kim is a past President of the Toronto CFA Society and is currently on the Boards of the Canadian Coalition for Good Governance, the Accounting Standards Oversight Committee, and the CFA Institute's Financial Analysts Seminar. Kim was awarded the Morningstar Fund Manager of the Year for 2005. She was also awarded the RBC Canadian Woman Entrepreneur Award and the WXN’s Canada’s Most Powerful Women Top 100 Award in 2007.

Also manages:Counsel Balanced Portfolio-A, Counsel Canadian Value A, Counsel Conservative Portfolio-A, Counsel Growth Portfolio-A, Counsel Select Canada-A, Quadrus Sionna Cdn Value Class

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Daniel Geber

GLG Inc.

Start Date: January, 2009

Fund Return: 14.98%

Also manages:Counsel Balanced Portfolio-A, Counsel Conservative Portfolio-A, Counsel Global Small Cap-A, Counsel Growth Portfolio-A, Counsel World Managed Portfolio-A

View fund manager performance report

Corrado Russo, CFA, MBA

Forum Partners Europe (UK), LLP

Start Date: January, 2009

Fund Return: 14.98%

Corrado Russo is Vice President at Citigroup Property Investors, where he is the Portfolio Manager for the Global Real Estate Securities Fund as well as the US REIT Fund. Mr. Russo has an extensive background in the investment management field, having held positions in portfolio management, equity research and direct real estate investments. Prior to joining Citigroup, Mr. Russo was the lead portfolio manager for the Empire Dividend Growth Fund. He has also held positions with the OTTPB, where he was responsible for direct real estate acquisitions. Mr. Russo's capital markets experience stems from equity research positions at BMO Nesbitt Burns and Investors Group. Corrado Russo has his Master in Business Administration from the Schulich School of Business at York University and holds the Chartered Financial Analyst designation.

Also manages:Counsel Balanced Portfolio-A, Counsel Conservative Portfolio-A, Counsel Global Real Estate A, Counsel Growth Portfolio-A, Counsel Regular Pay Portfolio-A, Counsel World Managed Portfolio-A

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Ismaël Chiadmi, MSc

Montrusco Bolton Inc.

Start Date: January, 2009

Fund Return: 14.98%

Ismaël Chiadmi is head of the quantitative management team. As such, he manages our quantitative funds, carries out econometric and quantitative analysis of financial markets, develops management measures and risk-budgets, and optimizes institutional portfolios. He is a member of the asset mix committee and the alternative investment team. Prior to joining Montrusco Bolton Investments Inc. in 1997, Ismaël worked as an institutional representative and trader for Midland Walwyn Capital on the fixed income side. From 1991 to 1994, he was the investment strategist for the Treasury Department of the Quebec Ministry of Finance. From 1987 to 1991, Ismaël worked for McNeil Mantha inc as chief economist . Ismaël holds a Bachelor's degree in Economics from France's Bordeaux Academy, a Diploma in Economics from the University of Rabat in Morocco as well as a Master's degree in Economics (specialized in econometrics) from the Sherbrooke University.

Also manages:Counsel Balanced Portfolio-A, Counsel Canadian Growth A, Counsel Conservative Portfolio-A, Counsel Growth Portfolio-A, Counsel Select Canada-A, Montrusco Bolton Balanced 'B', Montrusco Bolton Quant EAFE Eq 'B', Montrusco Bolton Quantitative Cd Eq

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Jana Sehnalova

Forum Partners Europe (UK), LLP

Start Date: July, 2009

Fund Return: 15.33%

Also manages:Counsel Balanced Portfolio-A, Counsel Conservative Portfolio-A, Counsel Global Real Estate A, Counsel Growth Portfolio-A, Counsel Regular Pay Portfolio-A, Counsel World Managed Portfolio-A

View fund manager performance report