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Scotia Canadian Tactical Asset Allocation Fund (Formerly Scotia Total Return Fund)

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Scotia Canadian Tactical Asset Allocation Fund (Formerly Scotia Total Return Fund) Scotia Canadian Tactical Asset Allocation Fund (formerly Scotia Total Return Fund) Management Report of Fund Performance (as at December 31, 2007) This annual management report of fund performance contains money market instruments. The fund can invest up to 49% of financial highlights, but does not contain the complete annual its assets in foreign securities anywhere in the world. financial statements of the fund. You can get a copy of the The portfolio advisor determines the asset mix based on its annual financial statements at your request, and at no cost, by analysis of market conditions and how it expects each asset calling toll-free 1 800 268-9269 (416 750-3863 in Toronto) for class to perform. The portfolio advisor actively manages the English, or 1 800 387-5004 for French or by asking your mutual allocation between equity and fixed income securities to try to fund representative. You can also write to us at 40 King Street maximize returns. It will aggressively pursue opportunities for West, P.O. Box 4085, Stn. A Scotia Plaza, Toronto, Ontario capital gains or investment income, but will take measures to M5Z 2X6 or visit www.scotiabank.com/mutualfunds or SEDAR avoid undue risk or low returns from a particular security. The at www.sedar.com. portfolio advisor uses fundamental analysis to identify long- You may also contact us using one of these methods to request term investments. This involves evaluating the financial condi- a copy of the fund’s proxy voting policies and procedures, proxy tion and management of each company, as well as its industry voting disclosure record, or quarterly portfolio disclosure. and the economy. In this document, we, us and our refers to Scotia Securities Risk Inc. and fund refers to the Scotia Canadian Tactical Asset Allocation Fund. The overall risks of investing in the fund remain as discussed in its simplified prospectus. The fund remains suitable for This report may contain forward-looking statements about the investors who want growth through asset allocation among the fund. Such statements are predictive in nature and depend three major asset classes, who can accept medium risk and upon or refer to future events or conditions and may include who are investing for at least three years. such words as “expects”, “plans”, “anticipates”, “believes”, “esti- mates” or other similar expressions. In addition, any statement Results of operations regarding future performance, strategies, prospects, action or plans is also a forward-looking statement. Forward-looking Over the review period, the fund’s Class A units returned 0.0% statements are subject to known and unknown risks and compared to a 3.9% return for a blended index consisting of uncertainties and other factors that may cause actual results, 40% S&P/TSX Composite Index, 40% DEX Universe Bond Index performance, events, activity and achievements to differ mate- and 20% Morgan Stanley Capital International (MSCI) World rially from those expressed or implied by such statements. Index. In contrast to the blended index, the fund’s return is Such factors include general economic, political and market after the deduction of fees and expenses. Any difference conditions, interest and foreign exchange rates, regulatory or between the performance of Class A units and the performance judicial proceedings, technological change and catastrophic of the other class of the fund is solely the result of the events. You should consider these and other factors carefully different management fees charged to, and operating expenses before making any investment decisions and before relying on recovered from, each class. Please see Past Performance for forward-looking statements. We have no specific intention of the performance returns of the fund’s other class. updating any forward-looking statements whether as a result The global credit crisis that began in the summer of 2007 did of new information, future events or otherwise. not abate during the fourth quarter, with financial and eco- nomic conditions worsening as the year came to a close. Management Discussion of Fund Performance Announcements by many large U.S. financial institutions of Investment objectives and strategies massive write downs related to the U.S. sub-prime crisis was followed by these institutions reigning in lending activity, and The fund’s objective is to obtain capital growth over the long dampening economic growth as well as raising concerns over term, while providing modest income. It invests primarily in a the quality of their balance sheets. As a result, volatility across broad range of Canadian equity and fixed income securities. It financial markets remained at a heightened level despite may also invest in equity and fixed income securities from coordinated central bank intervention. around the world. Geopolitical risks also remained elevated with gold closing the The fund’s asset mix will generally vary within the following year at US$836/ounce and oil surpassing US$95/barrel. Cur- ranges: 20-80% in equity securities and 20-80% in fixed income rency markets were also volatile, and although the Canadian securities. The fund may also invest a portion of its assets in AM 71 E dollar finished the fourth quarter little changed from the 1 SCOTIA CANADIAN TACTICAL ASSET ALLOCATION FUND previous quarter, it gained over 15% vis-à-vis the U.S. dollar rate reductions, the likelihood of a recession would increase over the year. significantly. For the year, the S&P/TSX Composite Index was up 9.8%, the Effective May 1, 2007, in accordance with National Instru- DEX Universe Bond Index up 3.7%, and the MSCI World Index ment 81-107, Independent Review Committee for Investment down 4.9%. The fund underperformed the benchmark index Funds, we, as manager of the fund, have established an due to results from all three asset classes detracting from Independent Review Committee (“IRC”). The IRC became performance. In Canadian equities, value added from securities operational on November 1, 2007 and currently has three selection within the growth portion was offset by the fund’s members, each of whom is independent of the manager and value holdings that excluded market leader Research in Motion any party related to the manager. The current members of the (RIM). Seven out of ten sectors produced positive returns, with IRC are Eric F. Kirzner, Robert S. Bell and D. Murray Paton. Technology leading the way largely due to the strength of RIM, Additional information about the IRC is available in the fund’s which finished the year up 127%. The strong returns from the annual information form. Materials and Communications sectors were also noteworthy. On the negative side, Health Care was the worst performing Accounting policy change sector, with Consumer Staples and Financials also producing National Instrument 81-106 requires the fund’s net asset value negative returns. to be calculated in accordance with Canadian generally Within the global component, securities selection in the inter- accepted accounting principles (‘GAAP’). Effective October 1, national markets added value, while U.S. equities detracted 2006, CICA Handbook Section 3855, Financial Instruments – modestly. Both strategies were hurt significantly during the Recognition and Measurement, requires financial instruments first two weeks of August when most quantitative strategies which are actively traded to be valued based on the last bid suffered disproportionately as the credit crisis forced many price for the security. Prior to that date, fair value for GAAP hedge funds to liquidate stock positions and raise capital. The purposes was based on the last traded price for the day, when U.S. and international holdings combined delivered market available. performance for the period. The Canadian Securities Administrators (“CSA”) granted The bond component underperformed for the year. Despite interim relief to investment funds from complying with strong results from the yield curve strategy (positioned for National Instrument 81-106 for the purposes of calculating and steepening), the fund’s overweight to corporate credit and reporting of net asset value (other than for financial reporting specifically its concentration in high-quality Financials were purposes). This relief has been extended and will expire on both large detractors. the earlier of September 30, 2008 and the date upon which changes to National Instrument 81-106 come into effect. During the period, the fund experienced net sales of Accordingly, the value used to determine the daily price of the $5,367,366. fund’s units for purchase and redemption by investors (‘Pricing NAV’) is not affected by this accounting policy change. In Recent developments accordance with the decision of the CSA, a reconciliation In Canada, fundamentals continue to favour equity markets between the Pricing NAV and the net asset value calculated in over fixed income and real estate. Consensus earnings growth accordance with Section 3855 (‘GAAP NAV’) is required in the for 2008 is once again expected to be positive with the notes to the financial statements of the fund. possibility that Energy earnings could provide a significant positive surprise. If oil prices remain at the relatively high Related party transactions US$90 level versus US$61 a year ago, earnings from this sector We are the manager of the fund. The Bank of Nova Scotia, the will move sharply higher in the coming year. Furthermore, with parent company of the manager, earns fees as a result of corporate balance sheets generally in very good shape, the providing custodial services, including safekeeping and admin- portfolio advisor expects to see takeover activity continue to istrative services and unitholder record-keeping services to the play a role in moving markets higher. fund. Monetary policy remains a positive influence on markets. As at December 31, 2007, the fund paid brokerage fees to Although credit conditions have tightened, the global monetary Scotia Capital Inc., a subsidiary of The Bank of Nova Scotia environment remains accommodative with central bankers glo- and an affiliate of the manager, in the amount of $12,813.
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