ScotiaFunds(R) Announces Upcoming Investment Objective Change and Other Changes

TORONTO, ON--(Marketwired - June 25, 2015) - ScotiaFunds today announced that it is proposing to change the investment objective of Scotia U.S. $ Bond Fund to broaden it and allow it to invest in bonds and treasury bills that are denominated in U.S. dollars and issued by governments, corporations or supranational entities around the world. ScotiaFunds are managed by 1832 Asset Management L.P. (the "Manager"). The Manager believes the interests of unitholders will be better served by modifying the language in the investment objective of the fund to improve portfolio diversification and liquidity.

A special meeting of unitholders, is expected to be held (the "Special Meeting") on or about August 27, 2015 to consider the proposed change. The record date for the purpose of determining which unitholders are entitled to receive notice and vote at the Special Meeting will be the close of business on or about July 17, 2015. The information circular containing a complete description of the matter to be considered at the Special Meeting will be sent to unitholders shortly thereafter. The change is subject to the receipt of all necessary approvals.

Other Changes

ScotiaFunds Advisor Series

Effective July 24, 2015, the manager will lower the management fee on the Advisor Series of the following funds:

Fund	New Management Fee	Current Management Fee
Scotia Diversified Monthly Income Fund	1.25%	1.50%
Scotia Balanced Opportunities Fund	1.75%	1.95%
Scotia Canadian Dividend Fund	1.50%	1.75%
Scotia Canadian Growth Fund	1.85%	1.95%
Scotia Selected Balanced Income Portfolio	1.60%	1.80%
Scotia Selected Balanced Growth Portfolio	1.75%	1.95%
Scotia Selected Growth Portfolio	1.90%	2.10%
Scotia Selected Maximum Growth Portfolio	2.10%	2.20%

The Manager has capped all Advisor Series on ScotiaFunds to new purchases. All ScotiaFunds with an Advisor Series are available for purchase in an equivalent no load Series A version.