0001365151
2012-11-01
2012-11-01
0001365151
duwf:S000038129Member
duwf:C000117532Member
2012-11-01
2012-11-01
0001365151
duwf:S000038129Member
duwf:C000117530Member
2012-11-01
2012-11-01
0001365151
duwf:S000038129Member
duwf:C000117531Member
2012-11-01
2012-11-01
0001365151
duwf:S000038129Member
2012-11-01
2012-11-01
xbrli:pure
iso4217:USD
<div><font style="display: inline; font-family: times new roman; font-size: 12pt; font-weight: bold;">JOHCM EMERGING MARKETS OPPORTUNITIES FUND</font></div>
<div><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font style="display: inline; font-weight: bold;">Investment Objective:</font></font></div>
<div><font size="2" style="font-family:times new roman,times">The investment objective of the JOHCM Emerging Markets Opportunities Fund (the “Fund”) is to seek long-term capital appreciation.</font></div>
<div><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">Fees and Expenses of the Fund:</font></div>
<div><font size="2" style="font-family:times new roman,times">This table describes the fees and expenses that you pay if you buy and hold Fund shares.</font></div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;" cellspacing="0" cellpadding="0">
<tr style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">
<td style="border-top-color: black; border-top-width: 2px; border-top-style: solid; border-left-color: black; border-left-width: 2px; border-left-style: solid; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="top" width="36%"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';"> </font></td>
<td style="border-top-color: black; border-top-width: 2px; border-top-style: solid; border-left-width: medium; border-left-style: none; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;" valign="top" width="2%"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';"> </font></td>
<td style="border-top-color: black; border-top-width: 2px; border-top-style: solid; border-left-color: black; border-left-width: 0.5pt; border-left-style: solid; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="top" width="13%">
<div align="center" style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';">Institutional</font></div>
<div align="center" style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';">Shares</font></div>
</td>
<td style="border-top-color: black; border-top-width: 2px; border-top-style: solid; border-left-color: black; border-left-width: 0.5pt; border-left-style: solid; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="top" width="14%">
<div align="center" style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';">Class I Shares</font></div>
</td>
<td style="border-color: black; border-width: 2px 2px 2px 0.5pt; border-style: solid;" valign="top" width="14%">
<div align="center" style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';">Class II Shares</font></div>
</td>
</tr>
<tr style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">
<td align="left" style="padding-left: 0pt; margin-left: 9pt; border-left-color: black; border-left-width: 2px; border-left-style: solid; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="top" width="36%">
<div align="left" style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;"><font style="display: inline; font-weight: bold; font-size: 10pt; font-family: 'times new roman';">Shareholder Fees (fees paid directly from your investment)</font></div>
</td>
<td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="top" width="2%"><font style="display: inline; font-weight: bold; font-size: 10pt; font-family: 'times new roman';"> </font></td>
<td style="border-left-color: black; border-left-width: 0.5pt; border-left-style: solid; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="13%">
<div align="center" style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';">None</font></div>
</td>
<td style="border-left-color: black; border-left-width: 0.5pt; border-left-style: solid; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="14%">
<div align="center" style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';">None</font></div>
</td>
<td style="border-right-color: black; border-right-width: 2px; border-right-style: solid; border-left-color: black; border-left-width: 0.5pt; border-left-style: solid; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="14%">
<div align="center" style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';">None</font></div>
</td>
</tr>
<tr style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"></tr>
</table>
<div><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</font></div>
<div style='display: none;'> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact duwf_S000038129Member row primary compact * ~ </div>
<div><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font style="display: inline; font-weight: bold;">Example:</font></font></div>
<div align="justify" style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';" size="2">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font></div>
<div style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; text-align: justify;"> </div>
<div style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';" size="2">The example assumes that you invest $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and $10,000 in Class II Shares of the Fund for the time periods indicated and that you sell your shares at the end of those periods.  The example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same.  Although your actual costs and returns might be different, your approximate costs of investing $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and $10,000 in Class II Shares of the Fund would be:</font></div>
<div style='display: none;'> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact duwf_S000038129Member row primary compact * ~ </div>
<div><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font style="display: inline; font-weight: bold;">Portfolio Turnover:</font><font style="display: inline; font-weight: bold;"> </font></font></div>
<div><font size="2" style="font-family:times new roman,times">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. </font></div>
<div><font style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: inline; font-weight: bold;">Principal Investment Strategy</font>:</div>
<div align="left" style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';; font-family:times new roman,times" size="2">The Fund invests, under normal conditions, at least 80% of its assets in securities of companies domiciled in, or listed in, or whose principal business activities are located in, the emerging markets.  The Fund may invest in emerging market companies of any size, including small and mid capitalization companies in order to achieve its objective.  Emerging market countries include countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets Index, countries with low- to middle-income economies according to the International Bank for Reconstruction and Development (more commonly referred to as the World Bank) and other countries with similar emerging market characteristics.</font></div>
<div align="left" style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';; font-family:times new roman,times" size="2">  </font></div>
<div align="justify" style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';; font-family:times new roman,times" size="2">The Fund’s investment style can be considered as growth at a reasonable price (GARP).  The Fund employs a combination of top-down and bottom-up research to assess potential investments for the Fund.  JO Hambro Capital Management Ltd. (the “Sub-Adviser”) seeks to invest in companies that possess attractive fundamentals and fit with the Sub-Adviser’s top-down country views within the emerging markets.  The Fund will typically own between 40 and 60 companies that the Sub-Adviser believes exhibit strong business models, competitive industry positions and attractive valuations.  The Fund may also invest up to 5% of its assets in frontier markets, which are generally smaller, less liquid and less developed than emerging markets.</font></div>
<div style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block;"> </div>
<div style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';; font-family:times new roman,times" size="2">In addition, the Fund may invest in participatory notes. Participatory notes (commonly known as “P-notes”) are equity access products structured as debt obligations and used by investors to take positions in certain foreign securities. P-notes are generally issued by the associates of foreign-based foreign brokerages and domestic institutional brokerages.</font></div>
<div><font style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: inline; font-weight: bold;">Principal Risks of Investing in the Fund</font>:</div>
<div style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';; font-family:times new roman,times" size="2">Since it primarily purchases equity securities, the Fund is subject to the risk that equity security prices will fall over short or extended periods of time.  Price volatility is the principal risk of investing in the Fund.  You could lose all or some of your investment in the Fund.  In addition, common stocks represent a share of ownership in a company, and rank after bond and preferred stock in their claim on the company’s assets in the event of bankruptcy.</font></div>
<div style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block;"> </div>
<div align="justify" style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';; font-family:times new roman,times" size="2">Investing in foreign securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers.  In addition, investments in foreign securities are generally denominated in foreign currency.  As a result, changes in the value of those currencies compared to the U.S. dollar may affect the value of the Fund’s investments.  These risks are greater for securities of companies in emerging market countries because emerging market countries may have less stable governments, more volatile currencies and less established markets.</font></div>
<div style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block;"> </div>
<div align="justify" style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';; font-family:times new roman,times" size="2">Other risks include settlement, operational, custodial valuation risk, which is defined by the lack of active trading in emerging markets that may make it difficult to obtain an accurate price for a security held by the Fund.</font></div>
<div style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block;"> </div>
<div align="justify" style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';; font-family:times new roman,times" size="2">Developing countries may impose restrictions on the Fund’s ability to repatriate investment income or capital.  Even if there is no outright restriction on repatriation of investment income or capital, the mechanics of repatriation may affect certain aspects of the operations of the Fund.  For example, funds may be withdrawn from the People’s Republic of China only in U.S. or Hong Kong dollars and only at an exchange rate established by the government once each week.</font></div>
<div style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block;"> </div>
<div align="justify" style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';; font-family:times new roman,times" size="2">Some of the currencies in emerging markets have experienced devaluations relative to the U.S. dollar, and major adjustments have been made periodically in certain of such currencies.  Certain developing countries face serious exchange constraints.</font></div>
<div style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; white-space:
normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block;"> </div>
<div align="justify" style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';; font-family:times new roman,times" size="2">Governments of some developing countries exercise substantial influence over many aspects of the private sector. In some countries, the government owns or controls many companies, including the largest in the country.</font></div>
<div style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block;"> </div>
<div align="left" style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';; font-family:times new roman,times" size="2">Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries and, as a result, the risks of investing in emerging market countries are magnified in frontier countries.</font></div>
<div style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block;"> </div>
<div align="justify" style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';; font-family:times new roman,times" size="2">P-notes, in which the Fund may invest, represent interests in securities listed on certain foreign exchanges, and thus present similar risks to investing directly in such securities. P-notes also expose investors to counterparty risk, which is the risk that the entity issuing the note may not be able to honor its financial commitments.</font></div>
<div style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block;"> </div>
<div align="justify" style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';; font-family:times new roman,times" size="2">The small and mid capitalization companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies.  In particular, these small and midcap companies may have limited product lines, markets and financial resources, and may depend upon relatively small management groups.  Therefore, small and midcap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.</font></div>
<div align="justify" style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div>
<div align="justify" style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-size: 10pt; font-family: 'times new roman';; font-family:times new roman,times" size="2">The Fund should only be purchased by investors seeking long-term growth of capital who can withstand the share price volatility of equity investing with a focus on emerging market stocks.</font></div>
<div><font style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: inline; font-weight: bold;">Performance Information</font><font style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; display: inline; font-weight: bold;">:</font></div>
<div><font size="2" style="font-family:times new roman,times">The bar chart and performance table have been omitted because the Fund has not commenced operations as of the date of this Prospectus.  The Fund intends to compare its performance to the Morgan Stanley Capital International Emerging Markets NR Index. </font></div>
0.0105
0.0105
0.0105
0
0.0010
0.0025
0.0190
0.0200
0.0215
0.0129
0.0139
0.0154
485BPOS
2011-12-31
DundeeWealth Funds
0001365151
false
JOEMX
JOEIX
JOEAX
2012-10-31
2012-11-01
2012-11-01
13139
354
157
53780
1421
614
<div><font size="2" style="font-family:times new roman,times">The Fund invests, under normal conditions, at least 80% of its assets in securities of companies domiciled in, or listed in, or whose principal business activities are located in, the emerging markets. </font></div>
<div><font size="2" style="font-family:times new roman,times">You could lose all or some of your investment in the Fund. </font></div>
<div><font size="2" style="font-family:times new roman,times">The bar chart and performance table have been omitted because the Fund has not commenced operations as of the date of this Prospectus.  </font></div>
"Other Expenses" are estimated for the current fiscal year.
DundeeWealth US, LP (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) exceed 1.29%, 1.39% and 1.54% for Institutional Shares, Class I Shares and Class II Shares, respectively, until October 31, 2013. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) to exceed the applicable expense limitation that was in effect at the time of the waiver or reimbursement.