Pinnacle Canadian Value Equity Fund Summary of Investment Portfolio as at March 31, 2010 Top 25 Holdings Sector Mix % of Net Assets Financials 32.9 % of Energy 26.0 Net Assets Materials 17.4 1. Royal Bank of Canada 8.4 Industrials 8.5 2. The Toronto-Dominion Bank 8.1 Telecommunication Services 6.8 3. Suncor Energy, Inc. 6.5 Consumer Discretionary 4.8 4. The Bank of Nova Scotia 6.1 Consumer Staples 1.9 5. Canadian Imperial Bank of Commerce 6.1 Information Technology 1.3 6. Barrick Gold Corporation 5.6 Cash, other assets and liabilities 0.4 7. Canadian Natural Resources Limited 4.9 8. Agrium Inc. 4.8 9. Manulife Financial Corporation 4.1 10. Talisman Energy Inc. 3.6 11. Rogers Communications Inc., Class B 3.2 12. TELUS Corporation Non-Voting 2.9 13. Sherritt International Corporation 2.8 14. Nexen Inc. 2.8 15. EnCana Corporation 2.8 16. Potash Corporation of Saskatchewan Inc. 2.6 17. Canadian National Railway Company 2.5 18. Cenovus Energy Inc. 2.5 19. Canadian Pacific Railway Limited 1.9 20. Methanex Corporation 1.7 21. RONA inc. 1.5 22. Research In Motion Limited 1.3 23 Cameco Corporation 1.3 24. Gerdau Ameristeel Corporation 1.3 25. Gildan Activewear Inc., Sub. Voting 1.3 Total 90.6 Total Net Assets – $112,727,199.09 The Summary of Investment Portfolio may change due to the Fund’s ongoing transactions. Updates are available quarterly at www.scotiabank.com/pinnaclefunds The Pinnacle Funds are offered and managed by Scotia Asset Management L.P., a limited partnership wholly-owned directly and indirectly by The Bank of Nova Scotia. Important information about the Pinnacle Funds is contained in their simplified prospectus. Commissions, trailing commissions, management fees and expenses may be associated with mutual fund investments. Mutual funds are not guaranteed or insured, their values change frequently and past performance may not be repeated. ™/® Trademark and registered trademark of The Bank of Nova Scotia, used under license. ScotiaMcLeod, ScotiaMcLeod Direct Investing and Scotia iTRADE are divisions of Scotia Capital Inc. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund. ScotiaMcLeod is a division of Scotia Capital, Inc., a wholly owned subsidiary of, and separate entity from, The Bank of Nova Scotia. .