Semi-Annual Report. The Pinnacle Funds The Pinnacle Portfolios. June 30, Money Market Fund. Bond Funds. Real Estate Fund.

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1 The Pinnacle Funds The Pinnacle Portfolios Semi-Annual Report Money Market Fund Pinnacle Short Term Income Fund Bond Funds Pinnacle Income Fund Pinnacle High Yield Income Fund Pinnacle American Core-Plus Bond Fund Real Estate Fund Pinnacle Global Real Estate Securities Fund Balanced Fund Pinnacle Strategic Balanced Fund Canadian Equity Funds Pinnacle Canadian Value Equity Fund Pinnacle Canadian Mid Cap Equity Fund Pinnacle Canadian Growth Equity Fund Pinnacle Canadian Small Cap Equity Fund Foreign Equity Funds Pinnacle American Value Equity Fund Pinnacle American Mid Cap Value Equity Fund Pinnacle American Large Cap Growth Equity Fund Pinnacle American Mid Cap Growth Equity Fund Pinnacle International Equity Fund Pinnacle International Small to Mid Cap Value Equity Fund Pinnacle Emerging Markets Equity Fund Pinnacle Global Equity Fund The Pinnacle Portfolios Pinnacle Balanced Income Portfolio Pinnacle Conservative Balanced Growth Portfolio Pinnacle Balanced Growth Portfolio Pinnacle Conservative Growth Portfolio Pinnacle Growth Portfolio

2 The Pinnacle Funds and the Pinnacle Portfolios Semi-Annual Report Financial Statements Money Market Fund 3 Pinnacle Short Term Income Fund 1 Bond Funds 6 Pinnacle Income Fund 10 Pinnacle High Yield Income Fund 14 Pinnacle American Core-Plus Bond Fund Real Estate Fund 24 Pinnacle Global Real Estate Securities Fund Balanced Fund 28 Pinnacle Strategic Balanced Fund Canadian Equity Funds 34 Pinnacle Canadian Value Equity Fund 37 Pinnacle Canadian Mid Cap Equity Fund 40 Pinnacle Canadian Growth Equity Fund 43 Pinnacle Canadian Small Cap Equity Fund Foreign Equity Funds 46 Pinnacle American Value Equity Fund 49 Pinnacle American Mid Cap Value Equity Fund 53 Pinnacle American Large Cap Growth Equity Fund 57 Pinnacle American Mid Cap Growth Equity Fund 60 Pinnacle International Equity Fund 64 Pinnacle International Small to Mid Cap Value Equity Fund 69 Pinnacle Emerging Markets Equity Fund 73 Pinnacle Global Equity Fund The Pinnacle Portfolios 77 Pinnacle Balanced Income Portfolio 79 Pinnacle Conservative Balanced Growth Portfolio 81 Pinnacle Balanced Growth Portfolio 83 Pinnacle Conservative Growth Portfolio 85 Pinnacle Growth Portfolio 87 Notes to the Financial Statements

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4 3MONEY MARKET FUND Pinnacle Short Term Income Fund (Unaudited) STATEMENT OF NET ASSETS As at ASSETS Investments at fair value $6,726,901 $10,597,859 Cash 114,508 32,445 Accrued investment income 912 Accounts receivable 5,636 2,350 Prepaid expenses 4,597 6,852,554 10,632,654 LIABILITIES Distributions payable Redemptions payable 50,278 Accrued expenses 38, ,983 Net Assets $6,852,268 $10,543,671 NET ASSETS PER CLASS Class A Units $6,852,268 $10,543,671 UNITS OUTSTANDING Class A Units 685,227 1,054,359 NET ASSETS PER UNIT Class A Units $ $ STATEMENT OF OPERATIONS For the six month periods ended INVESTMENT INCOME Interest $ 47,810 $ 32,177 Securities lending ,817 32,184 EXPENSES Management fees (note 5) 15 Harmonized Sales Tax/Goods and Services Tax 3,823 1,822 Audit fees 6,164 6,488 Independent Review Committee fees 1,285 1,352 Custodian fees 818 2,462 Filing fees 9,777 8,716 Legal fees 1,813 1,896 Unitholder reporting costs 5,282 5,701 Unitholder administration and service fees 26,207 22,854 55,169 51,306 Absorbed expenses (33,484) (22,076) 21,685 29,230 Net investment income (loss) 26,132 2,954 Increase (decrease) in Net Assets from operations $ 26,132 $ 2,954 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS Class A Units $ 26,132 $ 2,933 Class F Units $ $ 21 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS PER UNIT Class A Units $ 0.04 $ Class F Units $ $ STATEMENT OF CHANGES IN NET ASSETS For the six month periods ended NET ASSETS BEGINNING OF PERIOD Class A Units $10,543,671 $ 15,685,538 Class F Units 10,543,671 15,685,538 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS Class A Units 26,132 2,933 Class F Units 21 26,132 2,954 DISTRIBUTIONS TO UNITHOLDERS From net investment income Class A Units (26,132) (3,055) Class F Units (21) (26,132) (3,076) UNIT TRANSACTIONS Proceeds from issue Class A Units 2,201,298 16,710,401 Class F Units 118,985 Reinvested distributions Class A Units 25,710 3,034 Class F Units 21 Payments on redemption Class A Units (5,918,411) (15,386,373) Class F Units (6,775) (3,691,403) 1,439,293 INCREASE (DECREASE) IN NET ASSETS Class A Units (3,691,403) 1,326,940 Class F Units 112,231 (3,691,403) 1,439,171 NET ASSETS END OF PERIOD Class A Units 6,852,268 17,012,478 Class F Units 112,231 $ 6,852,268 $ 17,124,709 Portfolio Advisor: Goodman & Company, Investment Counsel Ltd.

5 Pinnacle Short Term Income Fund (Unaudited - Continued) 4 MONEY MARKET FUND STATEMENT OF INVESTMENT PORTFOLIO As at Face MONEY MARKET INSTRUMENTS 98.2% Promissory Notes 15.8% 150,000 Provice of Alberta 1.00% due Jul. 18, 149, , ,000 Province of British Columbia 1.06% due Sep. 1, 498, , ,000 Province of Nova Scotia 1.03% due Jul. 18, 429, ,795 1,077,782 1,078,827 Bankers Acceptances 2.2% 150,000 HSBC Bank Canada 1.18% due Jul. 14, 149, ,937 Commercial Paper 9.5% 155,000 OMERS Realty Corporation 1.14% due Sep. 26, 154, , ,000 Province of Quebec 1.10% due Sep. 6, 298, , ,000 TransCanada PipeLines Ltd. 1.19% due Aug. 5, 99,737 99, ,000 Woodbridge Finance Corporation 1.16% due Sep. 15, 99,737 99, , ,623 Short-Term Bonds 70.7% Bank of Montreal (Floating Rate) 300, % due Dec. 10, , ,268 Caisse centrale Desjardins (Floating Rate) 200, % due Feb. 17, , ,598 Canadian Imperial Bank of Commerce (Floating Rate) 300, % due Apr. 8, , ,167 Caterpillar Financial Services Limited 200, % due Jun. 1, , ,901 GE Capital Canada Funding Company (Floating Rate) 300, % due Aug. 8, 300, ,263 Genesis Trust (Floating Rate) 150, % due Sep. 15, 149, , , % due Sep. 15, 150, ,629 Honda Canada Finance Inc. 100, % due Aug. 25, 100, ,122 Master Credit Card Trust 300, % due Nov. 21, 303, ,696 National Bank of Canada (Floating Rate) 150, % due Oct. 21, 150, ,051 Province of Alberta (Floating Rate) 300, % due Jun. 1, , ,110 Province of British Columbia 750, % due Sep. 1, 745, ,528 Province of New Brunswick 300, % due Jul. 12, 300, ,543 Province of Ontario (Floating Rate) 500, % due Jul. 15, 500, ,079 Province of Quebec 300, % due Sep. 2, 304, ,542 Suncor Energy, Inc. 100, % due Aug. 22, 100, ,142 Toronto-Dominion Bank, The (Floating Rate) 300, % due Jul. 12, 300, ,946 Wells Fargo Financial Corporation Canada 100, % due Sep. 13, 100, ,936 4,812,279 4,844,514 TOTAL INVESTMENT PORTFOLIO 6,692,617 6,726,901 OTHER ASSETS, LESS LIABILITIES 1.8% 125,367 NET ASSETS 100.0% 6,852,268 SUMMARY OF INVESTMENT PORTFOLIO Percentage of Net Assets (%) Investment Category Promissory Notes 15.8 Treasury Bills 47.6 Bankers Acceptance Commercial Paper Deposit Notes 3.8 Short-Term Bonds Portfolio Advisor: Scotia Asset Management L.P.

6 5MONEY MARKET FUND Pinnacle Short Term Income Fund (Unaudited - Continued) SUPPLEMENTARY SCHEDULES As at and Interest rate risk (note 3) The table below summarizes the Fund s exposure to interest rate risks by remaining term to maturity of the Fund s portfolio of money market instruments. Interest Rate Exposure* Less than 1 year $5,825,356 $ 9,595, years 901,545 1,001, years 5-10 years H 10 years Total $6,726,901 $10,597,859 * Excludes cash Credit risk (note 3) The table below summarizes the credit rating of the money market instruments, excluding cash, held by the Fund. Percentage of Total Money Market Instruments (%) Percentage of Net Assets (%) Percentage of Total Money Market Instruments (%) Percentage of Net Assets (%) Short-Term Rating R1 High R1 Middle R1 Low Bond Credit Rating A to AAA B to BBB+ Unrated Total Liquidity risk (note 3) The table below summarizes a maturity analysis of cash flows associated with the maturities of the Fund s financial liabilities: Less than 3 months Less than 3 months Accounts payable and accrued liabilities $286 $88,983 value classification (note 2) The tables below illustrate the classification of the Fund s financial instruments within the fair value hierarchy as at and, respectively. Level 1 Level 2 Level 3 Total Money Market Instruments $ $6,726,901 $ $6,726,901 Level 1 Level 2 Level 3 Total Money Market Instruments $ $10,597,859 $ $10,597,859 During the periods ended and, there were no transfers between Level 1 and Level 2.

7 Pinnacle Income Fund (Unaudited) 6 BOND FUNDS STATEMENT OF NET ASSETS As at ASSETS Investments at fair value $291,835,585 $288,141,280 Cash 275,193 24,913 Accrued investment income 1,284,935 1,441,540 Subscriptions receivable 1,619, ,284 Receivable for securities sold 3,090,792 Accounts receivable 2,577 2, ,017, ,116,899 LIABILITIES Payable for securities purchased 3,090,120 Distributions payable 24,864 Redemptions payable 134, ,148 Accrued expenses 46,821 81, ,704 3,816,873 Net Assets $294,811,664 $289,300,026 NET ASSETS PER CLASS Class A Units $262,021,943 $256,203,771 Class F Units $ 2,066,518 $ 1,714,436 Class I Units $ 30,723,203 $ 31,381,819 UNITS OUTSTANDING Class A Units 23,645,213 23,184,019 Class F Units 180, ,919 Class I Units 2,765,926 2,832,237 NET ASSETS PER UNIT Class A Units $ $ Class F Units $ $ Class I Units $ $ STATEMENT OF OPERATIONS For the six month periods ended INVESTMENT INCOME Interest $5,829,234 $ 5,795,712 Securities lending 8,256 11,224 Other income 90 5,837,580 5,806,936 EXPENSES Management fees (note 5) 6,751 3,441 Harmonized Sales Tax/Goods and Services Tax 10,671 5,414 Audit fees 7,699 8,409 Independent Review Committee fees 1,330 1,352 Custodian fees 7,629 17,015 Filing fees 8,764 7,514 Legal fees 1,879 1,896 Unitholder reporting costs 11,084 6,962 Unitholder administration and service fees 64,156 73,111 Overdraft charges , ,114 Absorbed Expenses (1,081) 120, ,033 Net investment income (loss) 5,717,469 5,682,903 Net realized gain (loss) on investments sold 2,348,204 1,231,152 Change in unrealized appreciation (depreciation) of investments (958,651) 7,116,455 Net gain (loss) on investments 1,389,553 8,347,607 Increase (decrease) in Net Assets from operations $7,107,022 $14,030,510 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS Class A Units $6,265,550 $13,991,285 Class F Units $ 45,681 $ 39,225 Class I Units $ 795,791 $ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS PER UNIT Class A Units $ 0.27 $ 0.52 Class F Units $ 0.27 $ 0.44 Class I Units $ 0.28 $ STATEMENT OF CHANGES IN NET ASSETS For the six month periods ended NET ASSETS BEGINNING OF PERIOD Class A Units $256,203,771 $284,824,352 Class F Units 1,714, ,535 Class I Units 31,381, ,300, ,408,887 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS Class A Units 6,265,550 13,991,285 Class F Units 45,681 39,225 Class I Units 795,791 7,107,022 14,030,510 DISTRIBUTIONS TO UNITHOLDERS From net investment income Class A Units (5,534,811) (6,061,694) Class F Units (38,117) (16,048) Class I Units (697,472) (6,270,400) (6,077,742) UNIT TRANSACTIONS Proceeds from issue Class A Units 24,538,780 34,221,524 Class F Units 403, ,536 Class I Units 1,689,708 Reinvested distributions Class A Units 5,489,374 6,002,396 Class F Units 34,420 13,933 Class I Units 697,472 Payments on redemption Class A Units (24,940,721) (35,839,031) Class F Units (93,265) (215,652) Class I Units (3,144,115) 4,675,016 4,832,706 INCREASE (DECREASE) IN NET ASSETS Class A Units 5,818,172 12,314,480 Class F Units 352, ,994 Class I Units (658,616) 5,511,638 12,785,474 NET ASSETS END OF PERIOD Class A Units 262,021, ,138,832 Class F Units 2,066,518 1,055,529 Class I Units 30,723,203 $294,811,664 $298,194,361 Portfolio Advisor: Fiera Sceptre Inc.

8 7BOND FUNDS Pinnacle Income Fund (Unaudited - Continued) STATEMENT OF INVESTMENT PORTFOLIO As at Face Face BOND AND DEBENTURE INSTRUMENTS 96.9% Federal Bonds 33.4% Government of Canada 15,045, % due Mar. 1, ,053,886 15,106,320 1,730, % due Jun. 1, ,790,706 1,785,882 41,095, % due Dec. 1, ,465,430 42,422,973 18,332, % due Jun. 1, ,147,685 18,049,380 19,443, % due Jun. 1, ,314,383 21,056,769 98,772,090 98,421,324 Mortgage-Backed Securities 9.1% Canadian Capital Auto Receivables 294, % due Nov. 17, , ,859 First CMBS Corporation 900, % due Nov. 15, , ,176 Merrill Lynch Financial Assets Inc. 2,410, % due May 12, ,360,123 2,457,546 2,003, % due Nov. 12, ,047,489 2,072,021 1,103, % due Aug. 12, ,046,874 1,139,232 2,600, % due Feb. 12, ,287,844 2,716,177 2,095, % due Oct. 12, ,939,236 2,184,930 7,550, % due Nov. 12, ,023,882 7,766, , % due Apr. 12, , ,149 2,642, % due May 7, ,769,041 2,607, , % due May 10, , ,499 Merrill Lynch Financial Assets Inc. (callable) 200, % due Aug. 5, 2021 (Sep. 5, 2021) 199, ,890 Real Estate Asset Liquidity Trust 738, % due Mar. 12, , ,433 1,804, % due Dec. 12, ,659,043 1,869,939 24,891,022 26,784,617 Municipal Bonds 0.8% Toronto Hospital 896, % due Dec. 8, , ,832 York Region District School Board 1,000, % due Apr. 12, ,850 1,191,646 1,878,029 2,161,478 Provincial Bonds 11.3% Ontario School Boards Financing Corporation 1,270, % due Oct. 11, ,370,330 1,433,954 3,627, % due Jun. 9, ,216,738 4,347,332 1,295, % due Oct. 11, ,309,353 1,441,953 Ontario Strategic Infrastructure Finance Authority 1,690, % due Jun. 1, ,751,685 1,812,268 Ornge Trust 1,600, % due Jun. 11, ,600,000 1,749,665 Province of New Brunswick 2,307, % due Nov. 30, ,320,079 2,692,168 Province of Quebec 15,895, % due Dec. 1, ,117,829 17,315,250 2,355, % due Dec. 1, ,554,376 2,581,665 32,240,390 33,374,255 Corporate Bonds 42.3% 407 International Inc. 1,850, % due Dec. 3, ,025,715 2,123,135 Alliance Pipeline LP 238, % due Dec. 31, , ,954 1,097, % due Dec. 31, ,097,849 1,296,267 Bayerische Motoren Werke AG 1,700, % due Mar. 28, ,699,813 1,729,534 Blue Water Bridge Authority 489, % due Jul. 9, , ,369 British Columbia Ferry Services Inc. 1,100, % due Mar. 20, ,100,000 1,116,140 BOND AND DEBENTURE INSTRUMENTS (cont d) Corporate Bonds (cont d) Canadian Imperial Bank of Commerce 3,500, % due Mar. 2, ,493,420 3,543,095 4,450, % due Nov. 2, 2020 Consumers Waterheater Operating Trust 4,440,611 4,400,072 4,000, % due Mar. 15, ,000,160 4,091,541 Electricity Distributors Financial Corp 1,022, % due Aug. 15, ,052,743 1,069,824 Enbridge Inc. 200, % due Jul. 24, , ,480 1,200, % due Jun. 18, ,218,300 1,495,575 Greater Toronto Airports Authority 5,491, % due Dec. 3, ,053,512 6,392,058 2,423, % due Jul. 30, ,315,778 2,774,020 1,600, % due Feb. 2, ,916,197 1,912,906 Health Montreal Collective Limited Partnership 6,740, % due Sep. 30, ,755,095 6,915,842 IGM Financial Inc. 500, % due Mar. 7, , ,252 Merrill Lynch & Company Inc. CAN7 1,656, % due May 12, ,717,822 1,696,838 Milit-Air Inc. 551, % due Jun. 30, , ,240 National Bank of Canada 1,800, % due May 26, ,800,000 1,876,740 Ontario Infrastructure Projects Corporation 1,400, % due Jun. 1, ,401,862 1,375,185 Ontario School Boards Financing Corporation 1,815, % due Oct. 19, ,807,599 2,109, , % due Nov. 7, , ,914 PSP Capital Inc. 17,000, % due Dec. 9, ,408,680 17,975,451 4,350, % due Dec. 3, ,348,173 4,376,795 Royal Bank of Canada 1,750, % due Jun. 18, ,917,073 1,897,758 Royal Bank of Canada (callable) 5,660, % due Nov. 2, 2020-(2015) 5,658,415 5,605,695 Royal Office Finance LP 10,966, % due Nov. 12, ,933,564 11,762,451 Strait Crossing Development Inc. 2,818, % due Sep. 15, ,625,622 2,756,451 Teranet Holdings LP 3,675, % due Dec. 17, ,675,000 3,590,756 1,640, % due Jun. 17, ,639,278 1,684,451 Toronto Community Housing Corporation Trust 1,400, % due May 11, ,400,000 1,379,720 2,000, % due Feb. 22, ,000,000 2,138,277 Toronto-Dominion Bank, The (callable) 8,500, % due Dec. 14, 2015-(2016) 7,968,070 8,910,254 11,080, % due Dec. 18, 2106-(2017) 11,149,440 12,142,320 Trans-Canada Pipelines Limited 321, % due Jun. 1, , , , % due Apr. 15, , , , % due Apr. 25, , , ,890, ,795,928 TOTAL BOND AND DEBENTURE INSTRUMENTS 276,671, ,537,602 MONEY MARKET INSTRUMENTS 2.1% 2,000,000 Province of Ontario Treasury Bills 1.00% due Jul. 20, 1,998,740 1,998,959 4,000,000 Province of British Columbia Promissary Notes 1.00% to 1.01% due from Jul. 5, to Jul. 11, 3,997,480 3,999,229 Portfolio Advisor: Fiera Sceptre Inc.

9 Pinnacle Income Fund (Unaudited - Continued) 8 STATEMENT OF INVESTMENT PORTFOLIO As at Face MONEY MARKET INSTRUMENTS (cont d) 300,000 Province of Saskatchewan Promissary Notes 1.00% due Jul. 26, 299, ,795 6,296,007 6,297,983 TOTAL INVESTMENT PORTFOLIO 282,967, ,835,585 OTHER ASSETS, LESS LIABILITIES 1.0% 2,976,079 NET ASSETS 100.0% 294,811,664 SUMMARY OF INVESTMENT PORTFOLIO Percentage of Net Assets (%) Investment Category Federal Bonds Provincial Bonds Municipal Bonds 0.8 Corporate Bonds Mortgage-backed Securities 9.1 Money Market Instruments BOND FUNDS Portfolio Advisor: Fiera Sceptre Inc.

10 9BOND FUNDS Pinnacle Income Fund (Unaudited - Continued) SUPPLEMENTARY SCHEDULES As at and Interest rate risk (note 3) The table below summarizes the Fund s exposure to interest rate risk by remaining term to maturity of the Fund s portfolio of bond and debenture instruments. Interest Rate Exposure* Less than 1 year $ 4,154,384 $ 5,004, years 47,365,273 47,526, years 81,542,359 65,683, years 41,552,935 30,499,221 H 10 years 110,922, ,754,477 Total $285,537,602 $285,467,517 * Excludes cash, money market instruments and preferred shares as applicable. As at, had prevailing interest rates increased or decreased by 0.25%, assuming a parallel shift in the yield curve and all other variables held constant, Net Assets would have decreased or increased by approximately $5,155,720 or 1.8% of total Net Assets ( $4,625,067, or 1.6% of total Net Assets). In practice, actual results may differ from this sensitivity analysis and the difference could be material. Credit risk (note 3) The table below summarizes the credit ratings of the bond and debenture instruments, excluding cash and money market instruments but including preferred shares, held by the Fund. Percentage of Total Bond and Debenture Instruments (%) Percentage of Net Assets (%) Percentage of Total Bond and Debenture Instruments (%) Percentage of Net Assets (%) Liquidity risk (note 3) The table below summarizes a maturity analysis of cash flows associated with the maturities of the Fund s financial liabilities: Less than 3 months Less than 3 months Accounts payable and accrued liabilities $205,704 $3,816,873 value classification (note 2) The tables below illustrate the classification of the Fund s financial instruments within the fair value hierarchy as at and, respectively. Level 1 Level 2 Level 3 Total Bond and Debenture Instruments $ $285,537,602 $ $285,537,602 Money Market Instruments 6,297,983 6,297,983 $ $291,835,585 $ $291,835,585 Level 1 Level 2 Level 3 Total Bond and Debenture Instruments $ $285,467,517 $ $285,467,517 Money Market Instruments 2,673,763 2,673,763 $ $288,141,280 $ $288,141,280 During the periods ended and, there were no transfers between Level 1 and Level 2. A to AAA B to BBB Total

11 Pinnacle High Yield Income Fund (Unaudited) 10 BOND FUNDS STATEMENT OF NET ASSETS As at ASSETS Investments at fair value $192,746,444 $146,272,339 Cash 249,985 4,592 Accrued investment income 2,726,748 2,378,792 Subscriptions receivable 619, ,335 Receivable for currency forward contracts 1,734,847 Accounts receivable 2,452 2, ,344, ,507,377 LIABILITIES Payable for securities purchased 186,325 Distributions payable 161,537 Redemptions payable 190, ,853 Accrued expenses 79,423 80,998 Payable for currency forward contracts 330, , , ,644 Net Assets $195,583,595 $149,564,733 NET ASSETS PER CLASS Class A Units $131,927,190 $131,588,514 Class F Units $ 5,429,352 $ 5,909,980 Class I Units $ 10,102,023 $ 10,226,418 Manager Class Units $ 48,125,030 $ 1,839,821 UNITS OUTSTANDING Class A Units 14,580,594 14,521,638 Class F Units 572, ,307 Class I Units 1,113,169 1,124,611 Manager Class Units 5,270, ,474 NET ASSETS PER UNIT Class A Units $ 9.05 $ 9.06 Class F Units $ 9.48 $ 9.44 Class I Units $ 9.08 $ 9.09 Manager Class Units $ 9.13 $ 9.13 STATEMENT OF OPERATIONS For the six month periods ended INVESTMENT INCOME Interest $ 5,367,704 $ 5,041,700 Securities lending 2,638 2,020 Foreign withholding taxes/tax reclaims (11,510) Other income 76 5,370,418 5,032,210 EXPENSES Management fees (note 5) 50,701 17,382 Harmonized Sales Tax/Goods and Services Tax 16,085 5,872 Audit fees 8,064 8,409 Independent Review Committee fees 1,396 1,352 Custodian fees 5,019 11,972 Filing fees 11,068 7,514 Legal fees 2,130 1,896 Unitholder reporting costs 11,598 6,965 Unitholder administration and service fees 52,516 72,994 Overdraft charges , ,356 Absorbed expenses (671) (1,039) 158, ,317 Net investment income (loss) 5,212,322 4,898,893 Net realized gain (loss) on investments sold 120,795 (4,550,859) Net realized gain (loss) on currency forwards 2,894,502 1,844,151 Net gain (loss) foreign exchange 90,018 Change in unrealized appreciation (depreciation) of investments (2,078,316) 10,317,049 Change in unrealized appreciation (depreciation) of currency forwards (1,634,598) (3,671,516) Net gain (loss) on investments (607,599) 3,938,825 Increase (decrease) in Net Assets from operations $ 4,604,723 $ 8,837,718 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS Class A Units $ 3,994,518 $ 8,608,070 Class F Units $ 189,385 $ 229,648 Class I Units* $ 307,020 $ Manager Class Units** $ 113,800 $ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS PER UNIT Class A Units $ 0.27 $ 0.51 Class F Units $ 0.31 $ 0.45 Class I Units* $ 0.27 $ Manager Class Units** $ 0.05 $ STATEMENT OF CHANGES IN NET ASSETS For the six month periods ended NET ASSETS BEGINNING OF PERIOD Class A Units $131,588,514 $150,648,914 Class F Units 5,909,980 3,730,685 Class I Units* 10,226,418 Manager Class Units** 1,839, ,564, ,379,599 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS Class A Units 3,994,518 8,608,070 Class F Units 189, ,648 Class I Units* 307,020 Manager Class Units** 113,800 4,604,723 8,837,718 DISTRIBUTIONS TO UNITHOLDERS From net investment income Class A Units (4,137,773) (5,118,986) Class F Units (155,456) (137,883) Class I Units* (322,056) Manager Class Units** (1,037,314) (5,652,599) (5,256,869) UNIT TRANSACTIONS Proceeds from issue Class A Units 11,438,262 9,785,966 Class F Units 352,925 1,649,283 Class I Units* 110,106 Manager Class Units** 47,524,306 Reinvested distributions Class A Units 4,110,182 5,072,276 Class F Units 73,240 70,586 Class I Units* 322,057 Manager Class Units** 907,207 Payments on redemption Class A Units (15,066,513) (23,275,484) Class F Units (940,722) (367,211) Class I Units* (541,522) Manager Class Units** (1,222,790) 47,066,738 (7,064,584) INCREASE (DECREASE) IN NET ASSETS Class A Units 338,676 (4,928,158) Class F Units (480,628) 1,444,423 Class I Units* (124,395) Manager Class Units** 46,285,209 46,018,862 (3,483,735) NET ASSETS END OF PERIOD Class A Units 131,927, ,720,756 Class F Units 5,429,352 5,175,108 Class I Units* 10,102,023 Manager Class Units** 48,125,030 $195,583,595 $150,895,864 * Start date October 12,. ** Start date October 5,. Portfolio Advisor: Guardian Capital LP

12 Pinnacle High Yield Income Fund (Unaudited - Continued) 11 STATEMENT OF INVESTMENT PORTFOLIO As at Face Face BOND AND DEBENTURE INSTRUMENTS 80.2% Mortgage-Backed Securities 1.1% Merrill Lynch Financial Assets Inc. 1,000, % due Jun. 12, ,460 1,016,433 Merrill Lynch Financial Assets Inc. 500, % due Nov. 12, , , , % due Jun. 12, , ,959 1,973,369 2,154,655 Corporate Bonds 79.1% Ahern Rentals Inc. (callable) 2,000, % due Aug. 15, 2013-() 2,411, ,337 AK Steel Corporation (callable) 2,570, % due May 15, 2020-(2015) 2,637,522 2,546,923 Bell Aliant Regional Communications, Limited Partnership 1,100, % due Feb. 26, ,090,920 1,038,649 Black Press Group Ltd. 3,000, % due Feb. 4, ,000,000 3,000,000 Bombardier Inc. 2,000, % due Dec. 22, ,025,000 2,046,560 Brookfield Power Corporation 3,000, % due Nov. 5, ,998,920 3,104,482 Canadian Satellite Radio Holdings Inc. (callable) 2,500, % due Jun. 21, 2018-(2014) 2,487,500 2,499,458 Canadian Tire Corporation, Limited 2,973, % due Sep. 4, ,709,647 2,796,250 Cascades Inc. (callable) 1,000, % due Dec. 15, 2017-(2013) 1,042, ,435 CCS Inc. (callable) 2,000, % due Nov. 15, 2015-() 1,814,907 1,988,985 Clear Channel Communications, Inc. (callable) 3,000, % due Aug. 1, 2016-(2012) 2,245,845 2,618,609 Clondalkin Acquisition B.V. (callable) 1,000, % due Dec. 15, 2013-() 786, ,618 Connacher Oil & Gas Limited (callable) 1,000, % due Aug. 1, 2018-(2015) 1,000, ,000 Connacher Oil and Gas Limited (callable) 3,500, % due Aug. 1, 2019-(2015) 3,404,305 3,196,150 Corrections Corporation of America (callable) 2,500, % due Jun. 1, 2017-(2013) 2,797,179 2,628,254 Cott Beverages Inc. (callable) 2,750, % due Sep. 9, 2018-(2014) 2,867,418 2,791,616 Data & Audio-Visual Enterprises Holdings Inc. (callable)* 2,672, % due Nov. 25, 2018-() 2,670,663 2,686,067 4,000, % due Apr. 29, 2018-(2014) 4,000,000 4,009,999 DISH DBS Corporation 1,000, % due May 31, ,052,980 1,046,479 Dole Food Company, Inc. (callable) 1,500, % due Oct. 1, 2016-(2012) 1,567,653 1,517,274 Domtar Corporation 250, % due Aug. 15, , ,750 1,250, % due Aug. 1, ,405,919 1,454,039 El Paso Corporation 2,500, % due Jun. 15, ,657,794 2,694, , % due Jun. 1, , ,063 fax Financial Holdings Limited 3,117, % due Apr. 15, ,299,803 3,199,103 3,000, % due Aug. 19, ,989,170 3,274,916 2,000, % due May 25, ,991,840 1,992,705 2,000, % due Jul. 15, ,943,339 1,881,078 Flint Energy Services Ltd. (callable) 2,000, % due Jun. 15, 2019-(2015) 1,980,000 1,977,744 BOND AND DEBENTURE INSTRUMENTS (cont d) Corporate Bonds (cont d) Freeport-McMoRan Copper & Gold Inc. (callable) 4,150, % due Apr. 1, 2017-(2012) 4,227,689 4,366,904 Garda World Security Corp. (callable) 3,000, % due Mar. 15, 2017-(2014) 3,195,000 3,193,140 2,000, % due Mar. 15, 2017-(2014) 1,962,960 2,140,867 Groupe Aeroplan Inc. 1,500, % due Jan. 26, ,505,760 1,600,238 Harvest Operations Corp. 1,000, % due Oct. 1, ,019, ,275 Iron Mountain Incorporated (callable) 3,375, % due Mar. 15, 2017-(2012) 3,330,363 3,531,212 Las Vegas Sands Corp. (callable) 1,000, % due Feb. 15, 2015-() 1,083, ,787 Leucadia National Corporation (callable) 2,500, % due Mar. 15, 2017-(2012) 2,496,709 2,513,720 MEG Energy Corp. 2,000, % due Mar. 15, ,960,609 1,925,155 Methanex Corporation 1,500, % due Aug. 15, ,636,051 1,539,988 MetroPCS Communications, Inc. (callable) 2,000, % due Sep. 1, 2018-(2014) 2,085,174 2,044,733 Milagro Oil & Gas, Inc. (callable) 3,000, % due May 15, 2016-(2014) 2,811,329 2,640,310 Millar Western Forest Products Ltd. (callable) 4,250, % due Apr. 1, 2021-(2016) 4,049,849 3,684,241 Molson Coors International LP 3,000, % due Oct. 6, ,990,550 2,977,879 NES Rentals Holdings, Inc. (callable) 500, % due Apr. 15, 2015-(2013) 480, ,370 Newalta Corporation (callable) 2,500, % due Nov. 23, 2017-(2013) 2,500,000 2,612,022 Nextel Communications, Inc. (callable) 3,150, % due Aug. 1, 2015-() 3,055,091 3,041,963 North American Energy Partners Inc. (callable) 4,500, % due Apr. 7, 2017-(2013) 4,500,000 4,547,813 Northgroup Preferred Capital (callable) 1,000, % due Oct. 15, 2049-(2017) 557, ,889 NOVA Chemicals Corporation 1,305, % due Jan. 15, ,369,909 1,280,594 NOVA Chemicals Corporation (callable) 400, % due Nov. 15, 2013-() 369, ,924 2,000, % due Nov. 1, 2016-(2013) 2,117,701 2,116,993 2,000, % due Nov. 1, 2019-(2014) 2,127,235 2,146,083 OPTI Canada Inc. (callable) 3,200, % due Dec. 15, 2014-() 2,747,292 1,295,636 1,000, % due Dec. 15, 2012-() 1,039, ,261 Paragon Gaming Inc.* 986, % due Apr. 15, , ,604 Paramount Resources Ltd. (callable) 4,000, % due Dec. 13, 2017-(2013) 4,000,000 4,110,000 Pilgrim s Pride Corp. (callable) 2,000, % due Dec. 15, 2018-(2014) 2,006,772 1,731,272 Precision Drilling Corporation 3,000, % due Mar. 15, ,000,000 3,023,400 Precision Drilling Corporation (callable) 1,000, % due Nov. 15, 2020-(2015) 999, ,818 Qwest Communications International Inc. (callable) 2,000, % due Apr. 1, 2018-(2013) 2,036,240 2,076,080 RTL-Westcan LP (callable) 1,500, % due Apr. 7, 2017-(2013) 1,518,750 1,552,366 BOND FUNDS Portfolio Advisor: Guardian Capital LP

13 Pinnacle High Yield Income Fund (Unaudited - Continued) 12 STATEMENT OF INVESTMENT PORTFOLIO As at Face Number of Shares/ Face BOND AND DEBENTURE INSTRUMENTS (cont d) Corporate Bonds (cont d) Savanna Energy Services Corp. (callable) 4,000, % due May 25, 2018-(2014) 4,000,000 3,980,000 Seminole Hard Rock Entertainment Inc. (callable) 500, % due Mar. 15, 2014-() 302, ,314 Sherritt International Corporation 2,000, % due Oct. 24, ,000,000 2,160,498 2,000, % due Oct. 15, ,000,000 2,157,000 SLM Corporation 1,000, % due Dec. 15, 905,519 1,017,793 Sobeys Inc. 650, % due Feb. 26, , ,323 SR Telecom Inc.* 867, % due Oct. 1, 1,052,691 1,019, % due Oct. 1, ,415 Taseko Mines Limited (callable) 1,000, % due Apr. 15, 2019-(2015) 962, ,078 Trident Exploration Corp. (callable) 7,000, % due Apr. 13, 2018-(2015) 6,987,500 6,825,000 Trinidad Drilling Ltd. (callable) 4,000, % due Jan. 15, 2019-(2015) 4,012,533 3,974,574 United Refining Company (callable) 500, % due Feb. 28, 2018-(2015) 471, ,688 Vermilion Energy Inc. (callable) 1,500, % due Feb. 10, 2016-(2014) 1,500,000 1,525,690 Windstream Corporation 1,000, % due Nov. 1, ,056,071 1,024, ,679, ,710,379 TOTAL BOND AND DEBENTURE INSTRUMENTS 160,652, ,865,034 EQUITIES 0.1% CANADIAN EQUITIES 0.1% 46,000 Data & Audio-Visual Enterprises Holdings Inc., Warrants $12.00 Sep. 25, 2018* 188,922 UNITED STATES 0.0% 44,000 InSight Health Services Holdings Corp. 580,990 TOTAL EQUITIES 580, ,922 MONEY MARKET INSTRUMENTS 18.2% 14,530,000 Government of Canada Treasury Bills 0.89% to 0.98% due from Jul. 7, to Sep. 15, 14,508,702 14,519,628 2,750,000 Province of Ontario Treasury Bills 1.07% due Aug. 10, 2,742,768 2,746,786 1,940,000 Province of Quebec Treasury Bills 1.05% due Jul. 29, 1,932,938 1,938,443 3,950,000 Province of Alberta Promissory Notes 1.00% due Aug. 12, 3,943,522 3,945,465 5,830,000 Province of British Columbia Promissory Notes 1.00% due Jul. 28, 5,824,403 5,825,682 2,350,000 Bank of Montreal Bankers Acceptances 1.07% due Jul. 20, 2,346,640 2,348,697 2,610,000 Royal Bank of Canada Bankers Acceptances 1.05% to 1.06% due from Jul. 7, to Jul. 22, 2,606,860 2,608, ,000 (U.S.) Canadian Wheat Board, The Commercial Paper 0.07% to 0.12% due Jul. 11, 838, , ,000 Canadian Wheat Board, The Commercial Paper 0.96% due Jul. 21, 929, ,510 35,674,000 35,692,488 TOTAL INVESTMENT PORTFOLIO 196,907, ,746,444 Currency Forward Contracts (0.2)% (330,219) OTHER ASSETS, LESS LIABILITIES 1.7% 3,167,370 NET ASSETS 100.0% 195,583,595 * This security is not actively traded and considered illiquid. CURRENCY FORWARD CONTRACTS Settlement Date Currency To Be Received Contractual Amount Currency To Be Delivered Contractual Amount Canadian Value as at ($) Canadian ($) Appreciation/ (Depreciation) Jul. 21, Canadian Dollar 17,605,198 U.S. Dollar 18,355,000 17,707,951 (102,753) Sep. 9, Canadian Dollar 21,972,970 U.S. Dollar 22,985,000 22,200,437 (227,466) (330,219) The currency forward contracts outstanding at are placed with a financial institution with a credit rating of AA by Standard & Poor s. SUMMARY OF INVESTMENT PORTFOLIO BOND FUNDS Percentage of Net Assets (%) Investment Category Bond and Debenture Instruments Equities Money Market Instruments Currency Forward Contracts (0.2) 0.9 Portfolio Advisor: Guardian Capital LP -For equities, all common shares unless otherwise noted.

14 Pinnacle High Yield Income Fund (Unaudited - Continued) 13 SUPPLEMENTARY SCHEDULES As at and Interest rate risk (note 3) The table below summarizes the Fund s exposure to interest rate risks by remaining term to maturity of the Fund s portfolio of bond and debenture instruments. Interest Rate Exposure* Less than 1 year $ 3,244,992 $ 978, years 27,198,913 13,147, years 35,597,770 26,898, years 80,906,169 86,279,887 H 10 years 9,917,190 9,271,106 Total $156,865,034 $136,575,319 * Excludes cash, money market instruments and preferred shares as applicable. As at, had prevailing interest rates increased or decreased by 0.25%, assuming a parallel shift in the yield curve and all other variables held constant, Net Assets would have decreased or increased by approximately $2,038,744, or 1.0% of total Net Assets ( $1,687,573, or 1.1% of total Net Assets). In practice, actual results may differ from this sensitivity analysis and the difference could be material. Currency risk (note 3) The tables below indicate the currencies to which the Fund had significant exposure, net of the impact of foreign currency forward contracts and foreign currency spot contracts, if any, based on the fair value of the Fund s financial instruments. Currency Net Currency Exposure ($) Percentage of Net Assets (%) Net Currency Exposure ($) Percentage of Net Assets (%) U.S. Dollar 37,569, ,163, Australian Dollar 1,017, , Total 38,586, ,141, As at, if the Canadian dollar had strengthened or weakened by 10% in relation to all currencies, with all other variables held constant, Net Assets would have decreased or increased, respectively by approximately $3,858,688, or 2.0% of total Net Assets ( $3,914,191, or 2.6% of total Net Assets). In practice, actual results may differ from this sensitivity analysis and the difference could be material. Credit risk (note 3) The table below summarizes the credit ratings of the bond and debenture instruments, excluding cash and money market instruments but including preferred shares, held by the Fund. Percentage of Bond and Debenture Instruments (%) Percentage of Net Assets (%) Percentage of Bond and Debenture Instruments (%) Percentage of Net Assets (%) A to AAA B to BBB C to CCC Unrated Total Liquidity risk (note 3) The table below summarizes a maturity analysis of cash flows associated with the maturities of the Fund s financial liabilities: Less than 3 months Less than 3 months Accounts payable and accrued liabilities $431,026 $512,176 Payable for currency forward contracts 330, ,468 $761,245 $942,644 value classification (note 2) The tables below illustrate the classification of the Fund s financial instruments within the fair value hierarchy as at and, respectively. Level 1 Level 2 Level 3 Total Warrants $ $ 188,922 $ $ 188,922 Bond and Debenture Instruments 156,865, ,865,034 Money Market Instruments 35,692,488 35,692, ,746, ,746,444 Currency Forward Contracts Liabilities (330,219) (330,219) $ $192,416,225 $ $ 92,416,225 Level 1 Level 2 Level 3 Total Equities $ $ 875 $ $ 875 Warrants 192, ,648 Bond and Debenture Instruments 136,575, ,575,319 Money Market Instruments 9,503,497 9,503,497 Currency Forward Contracts Assets 1,734,847 1,734, ,007, ,007,186 Currency Forward Contracts Liabilities (430,468) (430,468) $ $147,576,718 $ $147,576,718 During the periods ended and, there were no transfers between Level 1 and Level 2. BOND FUNDS

15 Pinnacle American Core-Plus Bond Fund (Unaudited) 14 BOND FUNDS STATEMENT OF NET ASSETS As at ASSETS Investments at fair value $178,462,450 $147,022,012 Cash 24,643, ,161 Accrued investment income 1,365,257 1,004,230 Receivable for securities sold 1,337,198 2,633,738 Subscriptions receivable 50,612 12,489 Receivable for currency forward contracts 1,796,952 2,555,564 Accounts receivable 2,667 2, ,658, ,350,025 LIABILITIES Payable for securities purchased 42,022,012 26,250,648 Distributions payable 1,441 Redemptions payable 3, ,126 Accrued expenses 10,715 63,321 Payable for currency spot contracts 153 Payable for currency forward contracts 32,878 74,919 42,070,272 26,751,167 Net Assets $165,588,277 $126,598,858 NET ASSETS PER CLASS Class A Units $ 23,806,683 $ 23,982,777 Class F Units $ 112,902 $ 80,774 Class I Units $141,668,692 $102,535,307 UNITS OUTSTANDING Class A Units 2,710,709 2,785,619 Class F Units 12,561 9,164 Class I Units 15,669,497 11,561,230 NET ASSETS PER UNIT Class A Units $ 8.78 $ 8.61 Class F Units $ 8.99 $ 8.81 Class I Units $ 9.04 $ 8.87 STATEMENT OF OPERATIONS For the six month periods ended INVESTMENT INCOME Dividends $ 16 $ 17 Interest 2,785,886 1,630,439 Securities lending 73 Foreign withholding taxes/tax reclaims (9,658) (1,329) 2,776,317 1,629,127 EXPENSES Management fees (note 5) Harmonized Sales Tax/Goods and Services Tax 8,265 5,822 Audit fees 7,762 8,416 Independent Review Committee fees 1,179 1,352 Custodian fees 25,711 56,783 Filing fees 8,473 8,142 Legal fees 1,658 1,896 Unitholder reporting costs 5,496 6,048 Unitholder administration and service fees 36,332 48,907 Overdraft charges , ,638 Absorbed expenses (1,078) (1,124) 94, ,514 Net investment income (loss) 2,681,840 1,492,613 Net realized gain (loss) on investments sold (561,846) (218,437) Net realized gain (loss) on currency forwards 4,336,688 Net gain (loss) foreign exchange 143,650 60,560 Change in unrealized appreciation (depreciation) of investments (297,390) 6,429,971 Change in unrealized appreciation (depreciation) of currency spots Change in unrealized appreciation (depreciation) of currency forwards (716,571) (2,392,088) Net gain (loss) on investments and transaction costs 2,904,684 3,880,160 Increase (decrease) in Net Assets from operations $5,586,524 $ 5,372,773 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS Class A Units $ 872,203 $ 1,566,886 Class F Units $ 3,782 $ 4,015 Class I Units $4,710,539 $ 3,801,872 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS PER UNIT Class A Units $ 0.32 $ 0.47 Class F Units $ 0.32 $ 0.47 Class I Units $ 0.34 $ 0.49 STATEMENT OF CHANGES IN NET ASSETS For the six month periods ended NET ASSETS BEGINNING OF PERIOD Class A Units $ 23,982,777 $ 27,424,631 Class F Units 80,774 81,265 Class I Units 102,535,307 41,296, ,598,858 68,802,842 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS Class A Units 872,203 1,566,886 Class F Units 3,782 4,015 Class I Units 4,710,539 3,801,872 5,586,524 5,372,773 DISTRIBUTIONS TO UNITHOLDERS From net investment income Class A Units (394,409) (444,584) Class F Units (1,551) (900) Class I Units (2,428,821) (1,112,560) (2,824,781) (1,558,044) UNIT TRANSACTIONS Proceeds from issue Class A Units 2,071,159 3,080,421 Class F Units 29,034 Class I Units 34,539,835 42,341,441 Reinvested distributions Class A Units 393, ,313 Class F Units 1, Class I Units 2,428,821 1,112,560 Payments on redemption Class A Units (3,118,881) (4,173,124) Class F Units (688) (17,987) Class I Units (116,989) (155,215) 36,227,676 42,628,309 INCREASE (DECREASE) IN NET ASSETS Class A Units (176,094) 468,912 Class F Units 32,128 (13,972) Class I Units 39,133,385 45,988,098 38,989,419 46,443,038 NET ASSETS END OF PERIOD Class A Units 23,806,683 27,893,543 Class F Units 112,902 67,293 Class I Units 141,668,692 87,285,044 $165,588,277 $115,245,880 Portfolio Advisor: Logan Circle Partners, L.P.

16 Pinnacle American Core-Plus Bond Fund (Unaudited - Continued) 15 STATEMENT OF INVESTMENT PORTFOLIO As at Face Face BOND AND DEBENTURE INSTRUMENTS 96.1% British Pound 2.7% Dubai Holding Commercial Operations Ltd. 900, % due Feb. 1, ,146,859 1,148,520 United Kingdom Treasury Gilt 900, % due Mar. 7, ,691,057 1,592, , % due Mar. 7, , , , % due Sep. 7, , , , % due Dec. 7, , ,356 4,590,705 4,456,026 Chile Peso 0.3% Republic of Chile 225,000, % due Aug. 5, , ,700 European Euro 1.4% Argentina, Republic of 1,628, % due Dec. 31, ,632,567 1,575,108 Bundesrepublik Deutschland 60, % due Jan. 4, ,750 88, , % due Jan. 4, , ,841 Republic of Korea 75, % due Dec. 7, , ,516 Vale S.A. 125, % due Mar. 24, , ,304 2,289,258 2,216,452 India Rupee 0.5% Inter American Development Bank* 40,000, % due Jan. 10, , ,969 Mexican Peso 0.7% Mex Bonos Desarr 6,200, % due Jun. 11, , ,360 United Mexican States 8,150, % due Jun. 18, , ,809 1,216,676 1,219,169 Norweigian Krone 0.6% The International Bank for Reconstruction and Development 2,350, % due Apr. 14, , ,780 3,000, % due May 19, , , , ,969 Philippines Peso 0.5% Republic of Philippines 41,000, % due Jan. 14, , ,620 Polish Zloty 1.4% Government of Poland 4,100, % due Oct. 25, ,362,354 1,421,734 2,500, % due Oct. 25, , ,102 2,160,220 2,264,836 South African Rand 0.7% Republic of South Africa 4,350, % due Sep. 15, , ,434 4,000, % due Mar. 31, , ,688 1,107,910 1,132,122 United States Dollar 87.3% Adjustable Rate Mortgage Trust (callable) 81, % due Jan. 25, 2036-(2018) 83,789 68,786 Ally Master Owner Trust 820, % due May 15, , ,125 Altria Group, Inc. BOND AND DEBENTURE INSTRUMENTS (cont d) United States Dollar (cont d) 150, % due Sep. 11, , , , % due Aug. 6, , , , % due May 5, , , , % due Feb. 6, , ,890 American Express Company 560, % due Sep. 15, , ,246 American International Group, Inc. 565, % due Oct. 18, , ,387 AmeriCredit Automobile Receivables Trust 275, % due Oct. 8, , , , % due Jun. 8, , ,848 Ameriprise Financial Inc. (callable) 285, % due Jun. 1, 2066-(2016) 278, ,533 AmerisourceBergen Corporation 40, % due Sep. 15, ,384 43,746 Amgen Inc. 425, % due Jun. 15, , ,099 Anadarko Petroleum Corporation 650, % due Sep. 15, , ,654 Anheuser-Busch Companies, Inc. 750, % due Jan. 15, , ,902 ArcelorMittal 565, % due Jun. 1, , , , % due Mar. 1, , ,930 Archer Daniels Midland Company 295, % due Mar. 1, , ,049 Argentina, Republic of 700, % due Apr. 17, , ,976 1,625, % due Dec. 31, , ,673 AT&T Inc. 220, % due Sep. 15, , , , % due May 15, , , , % due Nov. 15, , ,544 Banc of America Commercial Mortgage Inc. 285, % due Jul. 10, , , , % due Nov. 25, , ,631 34, % due Aug. 25, ,327 32, , % due Nov. 10, , ,734 50, % due Jul. 10, ,138 52, , % due May 10, , , , % due Feb. 10, , ,337 Banc of America Mortgage Securities (callable) 33, % due Oct. 25, 2034 (Apr. 25, 2017) 28,944 29, , % due Oct. 25, 2035 (Apr. 25, 2019) 126, , , % due Jan. 25, 2035 (Aug. 25, 2019) 160, ,250 90, % due Aug. 25, 2035-(2019) 87,515 75, , % due Sep. 25, 2037 (May 25, 2021) 175, ,418 Banc of America Alternative Loan Trust 80, % due Apr. 25, ,173 75,898 Bank of America Alternative Loan Trust (callable) 27, % due Nov. 25, 2034 (Jan. 25, 2022) 32,064 25,845 39, % due Dec. 25, 2034 (May 25, 2022) 49,689 37, , % due Jun. 25, 2034 (Feb. 25, 2023) 161, ,570 Bank of America Corporation 510, % due Jan. 15, , ,902 1,295, % due May 13, ,234,896 1,209,517 Barclays Bank PLC 410, % due Oct. 14, , ,508 BB&T Corporation (callable) 305, % due Apr. 28, 2014 (Jan. 28, 2014) 290, ,681 Bear Stearns Adjustable Rate Mortgage BOND FUNDS Portfolio Advisor: Logan Circle Partners, L.P.

17 Pinnacle American Core-Plus Bond Fund (Unaudited - Continued) 16 STATEMENT OF INVESTMENT PORTFOLIO As at Face Face BOND FUNDS BOND AND DEBENTURE INSTRUMENTS (cont d) United States Dollar (cont d) 662, % due Jan. 25, , ,657 Bear Stearns Alternative-A Trust (callable) 275, % due May 25, 2036 (Nov. 25, 2019) 181, ,771 Bear Stearns Commercial Mortgage Securities Inc. 21, % due Aug. 11, ,636 21, , % due Mar. 11, , ,387 30, % due Jul. 11, ,092 29,680 60, % due Sep. 11, ,834 59,605 30, % due Sep. 11, ,586 29,682 Bear Stearns Companies Inc., The 130, % due Oct. 12, , ,802 Bear Stearns Companies LLC 730, % due Jan. 22, , ,247 Bemis Company, Inc. 75, % due Aug. 1, ,095 78,929 Best Buy Co., Inc. 505, % due Jul. 15, , , , % due Mar. 15, , ,390 Boston Scientific Corporation 370, % due Jan. 15, , , , % due Jun. 15, , ,507 50, % due Jan. 15, ,451 55,374 Caterpillar Inc. 325, % due May 27, , ,778 Church & Dwight Co., Inc. 135, % due Dec. 15, , ,542 Cintas Corporation 165, % due Jun. 1, , ,465 Citicorp Mortgage Securities, Inc. (callable) 155, % due Jun. 25, 2036 (Apr. 25, 2015) 127, ,031 Citigroup Commercial Mortgage Trust 785, % due Oct. 15, , ,758 Citigroup Inc. 1,015, % due Jun. 15, ,008, ,894 Citigroup/Deutsche Bank Commercial Mortgage Trust 183, % due Oct. 15, , ,644 Comcast Corporation 580, % due Jan. 15, , , , % due May 15, , ,959 Commercial Mortgage Asset Trust 125, % due Jan. 17, , , , % due Jan. 17, , ,544 Commonwealth Edison Company 510, % due Mar. 15, , , , % due Jan. 15, , ,464 Commonwealth REIT (callable) 75, % due Feb. 15, 2014-(2013) 72,462 77,005 Consumers Energy Company 150, % due Mar. 15, , ,085 Continental Airlines Inc. 246, % due Jun. 2, , ,697 Corporacion Andina de Fomento 225, % due Jan. 15, , , , % due Jun. 4, , ,505 Countrywide Alternative Loan Trust (callable) 38, % due Jan. 25, 2036 (Aug. 25, 2017) 47,171 36,894 Countrywide Alternative Loan Trust BOND AND DEBENTURE INSTRUMENTS (cont d) United States Dollar (cont d) 31, % due Mar. 25, ,636 17,364 Countrywide Asset-Backed Certificates 150, % due Mar. 25, , ,887 Countrywide Home Loans (callable) 40, % due Sep. 20, 2034 (Apr. 20, 2015) 39,416 11,778 55, % due Mar. 25, 2036 (Dec. 25, 2017) 59,341 47,085 Countrywide Home Loans 285, % due Dec. 19, , ,725 Coventry Health Care, Inc. 185, % due Jun. 15, , ,149 Covidien International Finance S.A. 385, % due Oct. 15, , ,033 Credit Suisse First Boston Mortgage Securities Corp. (callable) 4, % due Feb. 25, 2034 (Sep. 25, 2016) 5,639 4,078 9, % due Dec. 25, 2033 (Jul. 25, 2018) 12,762 9,118 Credit Suisse First Boston Mortgage Securities Corp. 10, % due Mar. 15, ,898 9,971 36, % due Dec. 15, ,300 35, , % due Nov. 15, , ,657 94, % due Apr. 15, ,214 92,640 50, % due Apr. 15, ,499 50,195 CVS Caremark Corporation 260, % due May 18, , ,176 CVS Caremark Corporation (callable) 370, % due May 15, 2041-(2040) 358, ,080 CWMBS Inc. 170, % due May 20, , ,512 DCP Midstream, LLC 185, % due Oct. 1, , ,679 Delta Air Lines, Inc. 195, % due Jul. 2, , ,014 Deutsche Telekom International Finance B.V. 255, % due Jul. 8, , ,409 Developers Diversified Realty Corporation (callable) 175, % due Oct. 15, 2012 (Jul. 17, 2012) 174, ,697 DIRECTV Holdings LLC 655, % due Mar. 15, , ,182 Discover Financial Services 243, % due Jul. 15, , ,121 E*Trade Financial Corporation (callable) 125, % due Nov. 30, 2017 (2012) 145, ,359 El Paso Pipeline Partners, L.P 195, % due Apr. 1, , ,355 Enterprise Products Operating LLC 75, % due Apr. 15, ,622 78, , % due Sep. 15, , , , % due Jan. 31, , ,191 Enterprise Products Operating LLC (callable) 305, % due Jan. 15, 2068-(2018) 303, ,894 Export-Import Bank of Korea, The 400, % due Sep. 9, , ,296 Express Scripts, Inc. 440, % due Jun. 15, , ,912 Fannie Mae 345, % due Sep. 25, , , , % due Aug. 1, , , ,000 Stripped bond due Oct. 9, , , , % due May 25, , ,851 60, % due Aug. 25, ,904 63,045 Portfolio Advisor: Logan Circle Partners, L.P.