The Globe and Mail

Returns as at July 31, 2010

*Blend: 60% MSCI World, 40% Barclays Cap

Growth of $10,000

Risk Measures as at July 31, 2010

Best/Worst 12 months (since inception)

Best (ending Jul 97):	37.59
Worst (ending Feb 09):	-22.71

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

Low  High

Fund Objectives

The investmentobjectives are: to achieve superior long-term results for the Fund through investment in capital markets that offer the best relative value at an accpetable and prudent level of risk; and, to outperform the passive benchmark over a market cycle. The passive benchmark is defined as: Canadian Equities 35%, U.S. Equities 10%, International Equities 10%, and Fixed Income 45%.

Fund Facts

Globe 5-Star Rating:

RRSP Eligible:

Canadian

Min. Invest (initial):

$150,000

Subsequent:

-

Min. Invest (initial RRSP):

$150,000

Subsequent RRSP:

-

Closed:

No

Restricted:

Yes

Restriction:

(Min Initial Investment $150,000); minimum $ amount varies by province.

 

 

Top Holdings as at July 31, 2010

Symbol	Company Name	Sector	Geographic Area	Asset Type	% of Total Assets		Performance as at September 3, 2010 1 Year Performance (%)
	PH&N Overseas Equity-D			Fund	12.11
	Canada Housing Trust, 2.95%, MAR/15/15			Bond	3.66		-
	Canada Housing Trust, 4.10%, DEC/15/18			Bond	3.52		4.01
SU-T	Suncor Energy	Integrated Oils	Canada	Stock	3.08		2.57
	Canada Housing Trust, 3.15%, JUN/15/14			Bond	2.78		2.19
BNS-T	Bank of Nova Scotia	Banks	Canada	Stock	2.58		19.8
TD-T	TD Bank	Banks	Canada	Stock	2.57		12.81
	Gov't of Canada, 2.00%, SEP/01/12			Bond	2.56		0.95
CM-T	CIBC	Banks	Canada	Stock	2.31		19.75

Distribution Report (18 months up to September 3, 2010)

Frequency of Income Distributions: Quarterly

Frequency of Capital Gain Distributions: Annually

Portfolio Manager(s)

Terry Bacinello,BA ,MA, CFA

BonaVista Asset Management Ltd.

Start Date: April, 1995

Fund Return: 8.57%

Ms. Bacinello has been able to combine her extensive background in economics with a wide variety of money management roles to lead BonaVista to superior long-term performance. Terry graduated from York University with a Bachelor of Arts (Economics) in 1976, following up with a post-graduate Master of Arts (Economics) degree from the University of Waterloo in 1978. In 1984, she received her Chartered Financial Analyst designation. In 1987, she joined Confed Investment Counselling (CICL) where she started as a portfolio manager of US equities and in 1988, switched over to the Canadian market. Terry stayed with this area and took an increasingly central role in client relationships and business development. In 1994, Terry was appointed President of CICL and led a management buyout that created BonaVista Asset Management. Since that time, Terry has been at the centre of the development of BonaVista's business strategy and investment performance.

Also manages:BonaVista Canadian Equity, BonaVista Fixed Income, BonaVista Private Balanced

View fund manager performance report

Carl Lytollis, MBA, CFA

BonaVista Asset Management Ltd.

Start Date: April, 1995

Fund Return: 8.57%

Mr. Lytollis graduated from the University of Toronto with a Bachelor of Applied Science (Chemical Engineering) degree in 1981 and spent the following two years working as a Project Engineer at the Sarnia Refinery for Imperial Oil. In 1983, Carl enrolled at York University and graduated with a Master of Business Administration degree and began to work in the Research Department of Confederation Life. While initially responsible for fundamental equity research in the oil and gas industry, over the next three years he took on coverage of additional Canadian industries, including consumer goods and industrial products and utilities. In addition, he completed special assignments, including fixed income credit reviews and detailed analysis of equity private placements. In 1987, Carl received his CFA designation and soon thereafter began to focus on equity research within the US market for Confed Investment Counselling. Over a period of years, Carl developed his expertise as a generalist, and ultimately began to manage money for discretionary accounts. Carl continued to manage the US equity portfolio through the management buyout that led to the creation of BonaVista Asset Management in 1994. He has now established a solid track record as a value investor, encompassing over fifteen years of continuous portfolio management experience in US equities.

Also manages:BonaVista Private Balanced, BonaVista U.S. Equity

View fund manager performance report