Scotiabank Mutual Funds(Cayman) Ltd., Scotiabank Trinidad &Tobago Ltd. and Scotia DBG Fund Managers...

Scotiabank Mutual Funds

September 30, 2010

Quarterly Factsheet

(10/10)

† Scotiabank Mutual Funds is the brand name under which theScotiabank group of companies, including Scotiabank & Trust(Cayman) Ltd., Scotiabank Trinidad &Tobago Ltd. and Scotia DBGFund Managers Limited markets and distributes mutual funds.Scotiabank & Trust (Cayman) Ltd., and Scotia DBG InvestmentsLtd. are separate corporate entities from, although wholly ownedby, The Bank of Nova Scotia and distributes the Funds notedwithin this publication. Rates of return longer than one year areannualized. Figures do not reflect the effect of any applicablesales charges or redemption fees, which would lower thesereturns. Asset Management Service portfolio returns are thehistorical annual compounded total return assuming theinvestment strategy recommended by the asset allocation modelused. In calculating portfolio return, weights for each of theincluded funds are assumed to be as indicated in the portfoliobreakdown. Commissions, trailing commissions, managementfees and expenses all may be associated with mutual fundinvestments and the use of an asset allocation service. Please readthe prospectus for the Scotiabank Mutual Funds which are usedto create each asset allocation model before selecting the AssetManagement Service. Important information about ScotiabankMutual Funds and the Scotia DBG Caribbean Income Fund arecontained in their respective Funds’ prospectus. Prospectus copiesare available from your local Investment Advisor, the Bank ofNova Scotia and affiliates' branches. Share values and investmentreturns for the Funds will fluctuate. Past performance is noguarantee of future performance and may not be repeated.Mutual Funds are not covered by your local Deposit InsuranceCorporation or other government deposit insurer. ScotiabankMutual Funds are not insured by, nor guaranteed by, The Bank ofNova Scotia or its affiliates.

‡ The minimum initial investment in the Scotia DBG CaribbeanIncome Fund is US$5,000 with subsequent investments of US$1,000. Please be advised that the Scotia DBGCaribbean Income Fund is NOT available for distribution in theCayman Islands. Should you have any questions, please contactyour local Scotiabank Mutual Funds Investment Advisor.

® Standard and Poor’s, S&P and S&P 500 are trademarks of TheMcGraw-Hill Companies and have been licensed for use by TheBank of Nova Scotia and its subsidiary companies.

* Trademark of The Bank of Nova Scotia, used under licence.

Disclaimers

Fund DescriptionThis Fund is designed to invest primarily in high quality U.S.dollar denominated debt securities, obligations and moneymarket instruments to provide Shareholders with liqudityand preservation of capital. The Fund's assets are primarilyinvested in short-term securities and obligations issued bygovernments, corporations, banks and trust companies.These securities are not subject to withholding taxes.

Investment objective: The objective of this Fund is to earninterest income and provide liquidity, with a high level ofsafety.

Inception date: November 1999.

Fund AdvisorScotia Asset Management manages over $39 billion in assetsfor mutual funds, institutional mandates, private clients andfee based accounts.

Sales ChargesThere is no sales charge applicable to this Fund.

Asset ClassCash and Cash Equivalents.

Fund PerformanceNet Asset Value: US $13.0501 (as of Sep 30, 2010).

The Fund's yield was 0.03% for the quarter compared to thebenchmark's, 3-month US Treasury Bills, yield of 0.04%.

Net Asset Values and performance figures are net of allFund expenses.

†Average annual compound rate of return.

Market CommentaryThe Scotiabank Money Market Fund returned 0.03% for the3rd quarter of 2010 relative to a return of 0.04% for itsbenchmark, the Merrill Lynch 0-3 Month US T-bill Index. TheFund’s yield was 0.01% as at September 31, 2010.

Economic uncertainty has resulted in an increase in demandand price for money market securities and a drop in yield forthe fund. The fund has also been adversely affected by thedrop in LIBOR rates from 50 bps in June to 29 bps atSeptember 30. The average term to maturity of the fund hasdropped by about 9 days, to 41 days, during the quarter.

In the U.S., the federal funds target rate was 0.25% at theend of September and it is expected to remain at this levelfor an extended period in an effort to stimulate economicgrowth. The Bank of Canada has raised the overnightinterest rate target three times in 2010, from 0.25% inJanuary to 1.00% as at the end of September, which reflectsthe continued strengthening of Canada’s economy. Inflationin both countries remains low.

Portfolio Breakdownˆ %

Government Issues 36.3

Corporate Issues 63.7

Cash 0.0

Total 100.0

Returns:

Since Inception (Nov.’99): 2.48%†

2 3

10 Largest Holdings: Fund %

Alberta Treasury Branches Jan 10/11 11.0

Quebec Govt Sep 21/10 10.9

Ontario Province Of 05/12 Var May 22/12 5.6

Royal Bk of Canada BBA Libor USD 1 Mth Dec 09/10 5.2

Export Development Corp Oct 15/10 5.1

Pfizer Inc 03/11 Fltg Mar 15/11 5.1

Bank Of Nova Scotia Bba Libor Usd 3 Month Mar 12/12 3.9

KFW Medium Term NTS Book Mar 02/11 3.8

Bank Of Montreal 08/12 Var Aug 14/12 3.6

Canadian Wheat Board Sep 02/10 3.5

ˆ As of August 31, 2010

3 mth

6 mth

1 yr.

3 yr.

5 yr.

10 yr.

0.03%

0.05%

0.07%

1.13%†

2.47%†

2.22%†

Scotiabank Money Market Fund

Scotiabank US Dollar Bond Fund

Fund DescriptionThis Fund is designed to invest primarily in fixed incomesecurities, issued or guaranteed by governments andcompanies, to achieve modest capital appreciation over themedium to long-term. The Fund's asets are primarily investedin US Dollar denominated securities and obligations issuedor guaranteed by foreign governments and/or agencies,and corporations.

Investment objective: The objective of this Fund is to earnincome and provide some potential for capital gains.

Inception date: January 1993.


Sales ChargesA front-end load may apply.

Asset ClassIncome.

Fund PerformanceNet Asset Value: US $2.5379 (as of Sep 30, 2010)

The Fund returned 2.46% for the quarter, compared toMerrill Lynch Corporate & Government Bond Index, whichreturned 3.39%.


† Average annual compound rate of return.

Portfolio BreakdownˆUS Treasuries and Agencies 29.5 62.1

Other Governments and Supranationals

32.2 8.0

Corporates 38.3 29.9

Total 100.0 100.0

Returns:

Since Inception (Jan.’93): 5.39%†

10 Largest Holdings: Fund %

US Treasury BDS 4 1/2 Feb 15/36 7.2

US Treasury N/B 05/19 Fixed 3.125 May 15/19 5.2

US Treasury NTS 03/11 Fixed .875 Mar 31/11 4.9

Kreditanstalt fur Wiederaufbau Jul 16/18 4.2

Her Majesty Rgt Canada Nov 12/10 3.7

Intl BK for Recon + DEV Jan 19/23 3.6

Nova Scotia Prov CDA DEB Jul 01/19 3.4

US Treasury BDS 6 1/4 Aug 15/23 3.3

Inter Amern Dev Bk Global Tranche Mar 15/13 3.2

Export Development Canada Sep 24/12 3.1

ˆ As of August 31, 20104 5

3 mth

6 mth

1 yr.

3 yr.

5 yr.

10 yr.

2.46%

6.56%

7.88%

7.34%†

5.77%†

5.91%†

Market CommentaryThe Scotiabank US Dollar Bond Fund returned 2.46% over thepast 3 months relative to a return of 3.39% for its benchmark,the Merrill Lynch US Corporate & Government Master TotalReturn Index.

The Fund remained invested in high quality fixed incomesecurities in the 3rd quarter. The fund increased its exposure toCanadian and French government bonds and decreased itsexposure to US government bonds. The fund’s allocation tocorporate bonds decreased by 1.6% to 38.3%.

In the U.S., the federal funds target rate was 0.25% at the endof September and it is expected to remain at this level for anextended period in an effort to stimulate economic growth.The Bank of Canada has raised the overnight interest ratetarget three times in 2010, from 0.25% in January to 1.00%as at the end of September, which reflects the continuedstrengthening of Canada’s economy. Inflation in both countriesremains low.

Fund % Index/ Benchmark%

Scotiabank Global Growth Fund

Fund DescriptionThis Fund is designed to invest primarily in the equitysecurities of companies located around the world toacheive capital appreciation over the long-term. The Fund'sasset are are primarily invested in larger companies and arediversified by sector, industry, country and company..

Inception date: August 1994.

Fund AdvisorDavis Advisors is an independent money management firmthat manages approximately $75 billion in assets on behalf ofindividual and institutional clients worldwide. Davis Advisors'investment philosophy of buying durable well-managedcompanies at attractive prices and holding them for the longterm has proven highly successful for more than 60 years.The Davis family and employees of Davis Advisors haveapproximately $2 billion invested in mutual funds that thefirm manages.


Asset ClassGrowth.


The Fund returned 7.16% for the quarter, compared toMSCI All Country World Index, which returned 13.76%.



Returns:

Since Inception (Aug.’94): 3.65%†

Sectors:Health Care 19.9 8.6Financials 18.3 21.4Consumer Staples 17.7 10.1Industrials 15.0 10.4Materials 9.8 8.5Information Technology 8.9 11.5Telecommunication Services 3.2 5.1Consumer Discretionary 2.8 9.5Energy 2.6 10.6Utilities 1.9 4.4Total 100.0 100.0

Portfolio BreakdownˆLargest Holdings:Google Inc, Kuehne + Nagel Intl, Hang Lung Group Ltd, Coca Cola Co,Sino Forest Corporation


6 7

3 mth

6 mth

1 yr.

3 yr.

5 yr.

10 yr.

7.16%

-8.28%

-3.96%

-4.58%†

-16.30%†

-1.92%†

Germany 1.0%

United States 28.4%

France 3.2%

Mexico 4.9%Canada 7.0%

Belgium 2.0%

Netherlands 4.1%

Japan 1.5%

Brazil 2.2%Argentina 2.6%

Switzerland 18.3%

United Kingdom 3.8%

China 16.3%

Ireland 0.7%

Hong Kong 4.1%


Market CommentaryThe Scotiabank Global Growth Fund returned 7.16% over the past3 months relative to a return of 13.76% for its benchmark, theMSCI All Country World Index.

The Fund lagged its benchmark primarily due to negative securityselection. Key detractors from fund performance includedcompanies such as Idexx Labs (US), China Citic Bank (China) andCN Insure (China). Key contributors to fund performance includedcompanies such as Hang Lung (China), Google (US) and Potash(Canada). The fund increased its exposure to the health care sectorby 3.4%, to 19.9%, over the past month compared to 8.6% forthe benchmark.

Global equities rebounded in the 3rd quarter with positive returnsin all major markets. China overtook Japan as the 2nd largesteconomy in the world in the 2nd quarter with a GDP of US$1.34T.The global real GDP growth is forecasted at 4.4% for 2010 and isdriven primarily by emerging economies such as China at 10.0%,India at 8.3%, Brazil at 5.8% and Mexico at 4.8%. Real GDPgrowth in the US, Japan and Europe has been adversely affectedby the effects of high levels of sovereign debt.

Scotiabank US Growth Fund

SECTORS: Financials 31.1 15.9Consumer Staples 18.0 11.8Energy 14.9 10.9Health Care 13.9 11.7Information Technology 8.5 18.3Consumer Discretionary 6.4 10.3Materials 4.1 3.6Industrials 3.3 10.5Telecommunication Services 0.0 3.3Utilities 0.0 3.9Total 100.0 100.0

10 Largest Holdings:Costco Wholesale Corp: A company offering branded and private label products in warehouse facilities.

6.3

American Express Co: A bank holding company offering credit payment card products and travel-related services

5.9

Wells Fargo + Co: A diversified financial services company 5.3 EOG Resources Inc: One of the largest independent oil and natural gas companies in the United States.

5.0

Occidental Petroleum Corp: A company with operations in oil and gas, chemical, midstream and other segments.

4.4

CVS Caremark Corp: A pharmacy services company in the United States. 4.2Loews Corp: One of the largest diversified holding companies in the United States 4.0

Devon Energy Corporation: An independent energy companyconcentrated in the United States and Canada.

3.8

Merck Co Inc: A global heath care company providing humanhealth pharmaceutical and vaccine products.

3.5

Progressive Corp: An insurance holding company providinginsurance and related services.

3.4

Fund DescriptionThis Fund invests invests primarily in the equity securities ofU.S. companies to achieve capital appreciation over thelong-term. The Fund's assets are are primarily invested inlarger companies and are diversified by sector, industry andcompany.

Investment objective: The objective of this Fund is long-termcapital growth.

Inception date: November 1999.

Fund AdvisorDavis Advisors is an independent money management firmthat manages approximately $75 billion in assets on behalf ofindividual and institutional clients worldwide. Davis Advisors'investment philosophy of buying durable well-managedcompanies at attractive prices and holding them for thelong term has proven highly successful for more than 60years. The Davis family and employees of Davis Advisorshave approximately $2 billion invested in mutual funds thatthe firm manages.


Asset ClassGrowth.

Fund PerformanceNet Asset Value: US $6.8479 (as of Sep 30, 2010).The Fund returned 7.21% for the quarter compared to theS&P 500 Index, which returned 11.29%.



Portfolio Breakdownˆ

Returns:

Since Inception (Nov.’99): -3.42%†

Fund %

8 9

3 mth

6 mth

1 yr.

3 yr.

5 yr.

10 yr.

7.21%

-4.05%

5.79%

-10.28%†

-2.52%†

-3.41%†


Market CommentaryThe Scotiabank U.S. Growth Fund returned 7.21% over the past 3months relative to a return of 11.29% for its benchmark, the S&P500 TR Index.The Fund underperformed the benchmark in the 3rd quarterprimarily due to negative sector selection of 1.2% in informationtechnology, 1.1% in industrials and 0.7% in telecommunicationservices. This was offset by positive sector selection of 0.7% inconsumer staples and financials which contributed to the fund’sperformance. The fund increased its sector exposure to consumerstaples by 7.2% and decreased its sector exposure to consumerdiscretionary by 6.5% over the past month.U.S. equities rallied in the 3rd quarter as corporate earnings rosenearly 40% since April 2010 with gains being recorded in all 10industry sectors. US Real GDP was 1.7% in Q2, down from 3.7%in Q1, as imports increased and inventories dropped. The federalfunds rate was 0.25% at the end of September and it is expectedto remain at this level for an extended period. Inflation was 1.1%over the 1 year period as at the end of August.

Fund Index/ % Benchmark%

Scotiabank Canadian Growth Fund

Fund DescriptionThis Fund invests primarily in the equity securities of ofCanadian companies to achieve capital appreciation over thelong-term. The Fund's assets are primarily invested in largercompanies and are diversified by sector, industry and company.

Investment objective: The objective of this Fund is long-termcapital growth.

Inception date: August 1994.



Asset ClassGrowth.


The Fund returned 11.60% for the quarter compared to theS&P TSX Index, which returned 13.56%.


Returns:

Since Inception (Aug. ’94): 6.66%†

10 Largest Holdings:TD Bank: A core Canadian bank that has a large presence in the United States 6.6

Royal Bank: Canada’s largest listed company 5.9Barrick Corp: The world’s largest gold producer, with operations and projects in 10 countries 5.2

Potash Corp: The world’s leading producer of potash, with approx. 22% of world capacity 4.7

Suncor: An oil and gas company with a dominant presence in the Alberta Oil Sands 4.2

Canadian Natural Resources: A large-cap independent producer of oil and natural gas 4.0

Goldcorp Inc: Engaged in the acquisition, exploration, development and operation of precious metal properties 4.0

Can Imp Bk of Commerce: A diversified financial institution 3.2Teck Resources: A diversified resource company committed to mining and mineral development 3.0Research in Motion: A world leader in mobile messaging solutions 3.0

SECTORS:

Energy 27.5 25.7Financials 27.2 29.1Materials 23.6 22.7Industrials 5.6 5.8Consumer Discretionary 4.7 4.7Consumer Staples 3.6 2.7Telecommunication Services 3.3 4.7Information Technology 3.2 2.4 Utilities 1.3 1.7Health Care 0.0 0.5Total 100.0 100.0

Portfolio Breakdownˆ Fund %


10 11†Average annual compound rate of return.

3 mth

6 mth

1 yr.

3 yr.

5 yr.

10 yr.

11.60%

-1.71%

8.30%

-5.75%†

4.84%†

1.78%†


Market CommentaryThe Scotiabank Canadian Growth Fund returned 11.60% over the past3 months relative to a return of 13.56% for its benchmark, theS&P/TSX Composite Index.The Fund underperformed the benchmark in the 3rd quarter primarilydue to negative sector selection as it had an underweight position,relative to the benchmark, of 1.8% in energy, 1.9% in financials and1.9% in telecommunication services. A 0.9% overweight position,relative to the benchmark, in materials and consumer staplescontributed to the fund’s performance. The fund increased its sectorexposure to energy by 5.4% and to materials by 1.9%, and decreasedits exposure to financials by 5.7% over the past month.The Canadian equity market performed well in the 3rd quarter and hasoutperformed many other global developed markets in the first 9months of 2010. Real GDP fell 0.1% in July, the first monthly declinesince August 2009. The Bank of Canada’s key interest rate targetincreased to 1.00% in September from 0.75% in July. Core inflation was1.6% at the end of the 3rd quarter and remained below the 2% target.

Scotia DBG Caribbean Income Fund

Fund DescriptionThis fund is designed as a mid-term US Dollar denominatedbond fund that invests primarily in US Dollar denominateddebt instruments issued by countries and corporations fromthe Caribbean region.

Investment objective: The objective of this Fund is to providea regular stream of income and modest capital gains.

Inception date: March 29th, 2006.

Fund AdvisorScotia DBG Fund Managers is a subsidiary of Scotia DBGInvestments Limited. Scotia DBG Investments Limited is aJamaican based professional investment and portfoliomanagement firm which actively manages private andcorporate investment portfolios, unit trusts, pension fundsand other segregated funds. Scotia DBG Investments Limitedhas over US$ 468 million of clients' funds under management.


Asset ClassIncome.

Income DistributionQuarterly.


The Fund's return was 3.04% for the quarter.

Dividend Yield:Distribution Yield last 12 months: 5.25%


5 Largest Holdings:Govt of Jamaica 10 5/8% Jun 20/17 9.38

Petrotrin 9.75% Aug 14/19 8.16

Scotia DBG GOJ Repo Feb 23/11 7.13

Govt of Jamaica 8% Jun 24/19 7.01

Govt. of TT 9.75% Jul 1/20 6.43

Fund %

12 13†Average annual compound rate of return.

3 mth

6 mth

1 yr.

Portfolio Breakdownˆ Fund %

Government of Jamaica (GOJ) 21.68GOJ Guaranteed 8.00Corporates 9.77 Cash & Money Market 34.50Other Governments 26.05Total 100.00


Market CommentaryShareholders to the Fund enjoyed a total return of 3.04% for thequarter. During the period under review, significant amount of inflowswent into emerging market bonds, causing already narrow spreads totighten further and providing less credibility to the rationale of investingin these bonds given their relatively low risk-reward return.Nonetheless, inflows are anticipated to remain robust as we near theend of the year with investors remaining bearish on developed marketbonds and the macro economic fundamentals for emerging marketsovereigns proving to be healthier relative to previous periods. Duringthe quarter, two Caribbean sovereigns came to the market andprovided additional investment opportunities for the CIF, including theBermudan government which for the first time pursued long-termfinancing from the international market. Government of Jamaica(GOJ) Global bond market, whilst recorded impressive upticks in bondprices for most part of the quarter, rescinded the gains and closed thequarter at lower levels for most of the issues. This placed a downwardpressure on the market value of the CIF’s GOJ holdings. On the otherhand, a number of sovereigns in Latin American market receivedimproved credit reviews on their economic outlook which had apositive impact on CIF’s exposure to that market. In the upcomingmonths, the portfolio managers will continue to diversify the CIF in anattempt to strike the delicate balance between generating a steadyincome stream while pursuing attractive capital gain.

Returns:

Since Inception (Mar. ’06): 17.55%†

4.74%

8.74%

3.04%Government of Jamaica

CorporatesGOJ Guaranteed

Other Governments

Cash & Money Market

Scotiabank Conservative Income Portfolio

Scotiabank Preservation of Capital Portfolio

Portfolio DescriptionConservative IncomeYour primary objective is to earn a modest income whileprotecting your principal. You are willing to accept modestreturn in exchange for greater security. You accept thatthe value of your portfolio will fluctuate modestly fromtime to time.

Portfolio CommentaryThe Conservative Income Portfolio continued its course ofpositive performance in the third quarter of 2010. Its largestweighting, the US Dollar Bond Fund performed well as USfixed income markets continued to benefit from equity marketuncertainty. The yield on the Scotiabank Money Market Fundcontinued to stabilize over the quarter which has been anadded support vehicle for this portfolio. The small 10%equity component of the portfolio has strengthened asequity markets stabilize.

14 15

Income 70%Scotiabank US Dollar Bond Fund

Growth 10%Scotiabank US Growth FundScotiabank Global Growth FundScotiabank Canadian Growth Fund

Cash Equivalent 20%Scotiabank Money Market Fund

Portfolio DescriptionPreservation of CapitalYour primary objective is to protect your principal. You canonly accept minimal risk that your investments mightdecline in value even in the short term. You are willing toaccept potentially the lowest return in exchange for thehighest security.

Portfolio CommentaryThe Preservation of Capital Portfolio provided stableperformance throughout the third quarter of 2010. Much ofthis performance can be attributed to the strong performanceof the large US Dollar Bond Fund weighting. Stabilizing yieldson money market instruments throughout the quarter alsoprovided additional strength to the overall portfolio.

Portfolio Breakdown Portfolio Breakdown

Returns:

Fund performance has been updated to reflect balances triggered throughthe Asset Managment Service (AMS).Performance figures are net of all fund expenses and annual AMS fee.

† Average annual compound rate of return





Year to date return: 6.59%Since inception (Jan. ‘08): 4.64%†


Returns:

0.61%

2.57%

4.12%

5.64%

6.12%†

1 Mo

3 Mo

6 Mo

1 Yr.

2 Yr.

-0.11%1 Mo

3 Mo

6 Mo

1 Yr.

2 Yr.

2.02%

5.35%

6.17%

6.29%†

Growth of US$ 10,000:

12,000

10,000

8,000

12,000

10,000

8,000


21-012008

31-032008

30-062008

30-092008

31-122008

31-032009

30-062009

30-092009

31-122009

31-032010

30-062010

30-092010

Asset Management Service


$11,299.67

$11,095.87

21-012008

31-032008

30-062008

30-092008

31-122008

31-032009

30-062009

30-092009

31-122009

31-032010

30-062010

30-092010

Portfolio DescriptionIncome & Conservative GrowthYour primary objective is a high level of income withsome growth potential. You accept that the value ofyour portfolio will fluctuate modestly from time to time.

Portfolio CommentaryThe Income & Conservative Growth Portfolio in the third quarterof 2010 has recovered well from the weaker performance itexperienced in the second quarter. Much of this turnaroundcan be attributed to the large 55% weighting in the US DollarBond Fund which continues to anchor this portfolio from botha stability and performance perspective. In addition improvingequity markets has benefitted all three underlying equityfunds within the 30% equity weighting.

16 17




Portfolio Breakdown

2.07%

3.85%

Scotiabank Balanced Income & Growth Portfolio

Portfolio Description

Balanced Income & GrowthYour primary objective is growth with some income andexposure to the three major asset classes. You accept thatthe value of your portfolio will fluctuate moderately fromtime to time.

Portfolio CommentaryThe Balanced Income & Growth Portfolio performed positivelyover the third quarter of 2010 and recovered well from theprevious challenges it experienced in the previous quarter. Thisstrong improvement was the result of strong equity marketperformance for the months of July and September coupledwith positive contribution from the 40% US Dollar Bond Fundweighting.




Portfolio Breakdown

3.22%

4.76%

0.43%

4.79%†

4.45%

2.13%

5.13%

5.79†

Returns: Returns:1 Mo

3 Mo

6 Mo

1 Yr.

2 Yr.

1 Mo

3 Mo

6 Mo

1 Yr.

2 Yr.


Scotiabank Income & ConservativeGrowth Portfolio


Growth of US$ 10,000:12,000

10,000

8,000

Growth of US$ 10,000:12,000

10,000

8,000

Asset Management Service Asset Management Service





$10,680.24 $10,230.69

21-012008

31-032008

30-062008

30-092008

31-122008

31-032009

30-062009

30-092009

31-122009

31-032010

30-062010

30-092010

21-012008

31-032008

30-062008

30-092008

31-122008

31-032009

30-062009

30-092009

31-122009

31-032010

30-062010

30-092010

Scotiabank Aggressive Growth Portfolio

18 19


Aggressive GrowthYour primary objective is to achieve the maximum potentialgrowth over the long-term. You accept that the total valueof your portfolio will fluctuate extremely from time to time.

Portfolio CommentaryThe Aggressive Growth Portfolio had strong returns in thethird quarter of 2010. The high single-digit return for thelast three months was a direct result of increasing equitymarkets. All three underlying equity funds performed wellwith the Scotiabank Canadian Growth Fund leading thecharge as the best performer over the quarter.

Portfolio Breakdown




-2.79%

6.03%

7.24%

3.63%

1.79%†

Scotiabank Moderate Growth Portfolio


Moderate GrowthYour primary objective is to achieve a high level of growthwith some income potential. You accept that the total valueof your portfolio will fluctuate considerably from time to time.

Portfolio CommentaryEquity markets in the third quarter marked dramaticimprovement from the previous quarter as investorconfidence slowly starts to rebuild again. The underlyingequity funds of the Moderate Growth Portfolio benefittedfrom this shift in momentum as the 55% equity weightingwas the principal catalyst in strong performance in the quarter.Despite equity market volatility in the month of August,overall performance for the quarter has been strong.

Portfolio Breakdown




5.82%

-0.92%

4.15%

3.49%†

4.39%

Returns:

Returns:

1 Mo

3 Mo

6 Mo

1 Yr.

2 Yr.

1 Mo

3 Mo

6 Mo

1 Yr.

2Yr.



Year to date return: 1.89%Since inception (Jan. ‘08): -1.02%†

Year to date return: 0.52%Since inception (Jan. ‘08): -3.41%†

12,000

10,000

8,000

6,000







$9,728.32

12,000

10,000

8,000

6,00021-012008

31-032008

30-062008

30-092008

31-122008

31-032009

30-062009

30-092009

31-122009

31-032010

30-062010

30-092010

$9,108.55

21-012008

31-032008

30-062008

30-092008

31-122008

31-032009

30-062009

30-092009

31-122009

31-032010

30-062010

30-092010

2000

2001 2002

2003

2004

2005

2006

2007 2008

2009

50%

40%

30%

20%

10% 0

-10%

-20%

-30%

-40%

-50%

Money Market Fund

US Dollar Bond Fund

Global Growth Fund

US Growth Fund

Canadian Growth Fund

FUN

D C

ALE

ND

AR

RET

UR

NS

20 21

PO

RTF

OLI

O C

ALE

ND

AR

RET

UR

NS

2008

2009

30%

25%

20%

15%

10% 5%

0

-5%

-10%

-15%

-20%

-25%

-30%

Preservation of Capital

Conservative Income

Income & Conservative Growth

Balanced Income & Growth

Moderate Growth

Aggressive Growth

22 23

General InformationDealing Details:

The Scotiabank Mutual Funds that are distributed trade dailyat Net Asset Value (each respective trading day being theDealing Day). A duly signed Purchase Confirmation withcleared funds must be received by the designated cut-offtime on the relevant Dealing Day. Cleared funds receivedprior to daily valuation will be held without interest until thenext Dealing Day.

Initial minimum investment is US $5,000 in any AssetManagement Service portfolio, with sub sequent investmentsof US $100.

Initial minimum investment is US$1,000 per Fund withsubsequent investments of US $100.‡

Net Asset Value information of the Scotiabank Mutual Fundscan be found on Bloomberg, in the equities section, and onthe Cayman Islands Stock Exchange (CSX), websitewww.csx.ky under “Scotiabank”.

This report does not constitute an invitation to purchase orsell shares of the Funds.

Information also available directly from:

Scotiabank & Trust (Cayman) Ltd.

6 Cardinal Ave, Box 689

Grand Cayman, KY1 1107

(345) 949-7666

Scotiabank Mutual Funds(Cayman) Ltd., Scotiabank Trinidad &Tobago Ltd. and Scotia DBG Fund Managers...

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