0001365151
2012-12-03
2012-12-03
0001365151
duwf:Prospectus1Member
duwf:S000025043Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus1Member
duwf:S000025043Member
duwf:StandardAndPoorsTorontoStockExchangeCappedEnergyIndexMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus1Member
duwf:S000025043Member
duwf:C000074500Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus1Member
duwf:S000025043Member
duwf:C000074500Member
rr:AfterTaxesOnDistributionsMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus1Member
duwf:S000025043Member
duwf:C000074500Member
rr:AfterTaxesOnDistributionsAndSalesMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus1Member
duwf:S000025043Member
duwf:C000074501Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus1Member
duwf:S000025043Member
duwf:C000117585Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus2Member
duwf:S000025044Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus2Member
duwf:S000025044Member
duwf:C000074502Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus2Member
duwf:S000025044Member
duwf:C000074503Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus2Member
duwf:S000025044Member
duwf:C000117586Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus3Member
duwf:S000025045Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus3Member
duwf:S000025045Member
duwf:C000074505Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus3Member
duwf:S000025045Member
duwf:C000074504Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus3Member
duwf:S000025045Member
duwf:C000117587Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus4Member
duwf:S000025046Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus4Member
duwf:S000025046Member
duwf:StandardAndPoorsTorontoStockExchangeEquityIncomeIndexMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus4Member
duwf:S000025046Member
duwf:StandardAndPoorsTorontoStockExchangeCompositeIncomeIndexMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus4Member
duwf:S000025046Member
duwf:StandardAndPoorsGlobalInfrastructureIndexMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus4Member
duwf:S000025046Member
duwf:MSCIWorldIndexMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus4Member
duwf:S000025046Member
duwf:C000074506Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus4Member
duwf:S000025046Member
duwf:C000074506Member
rr:AfterTaxesOnDistributionsMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus4Member
duwf:S000025046Member
duwf:C000074506Member
rr:AfterTaxesOnDistributionsAndSalesMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus4Member
duwf:S000025046Member
duwf:C000074507Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus4Member
duwf:S000025046Member
duwf:C000117588Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus5Member
duwf:S000025048Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus5Member
duwf:S000025048Member
duwf:MSCIWorldIndexMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus5Member
duwf:S000025048Member
duwf:C000074510Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus5Member
duwf:S000025048Member
duwf:C000074510Member
rr:AfterTaxesOnDistributionsMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus5Member
duwf:S000025048Member
duwf:C000074510Member
rr:AfterTaxesOnDistributionsAndSalesMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus5Member
duwf:S000025048Member
duwf:C000074511Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus5Member
duwf:S000025048Member
duwf:C000117590Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus6Member
duwf:S000025049Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus6Member
duwf:S000025049Member
duwf:MSCIWorldIndexMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus6Member
duwf:S000025049Member
duwf:C000074512Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus6Member
duwf:S000025049Member
duwf:C000074512Member
rr:AfterTaxesOnDistributionsMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus6Member
duwf:S000025049Member
duwf:C000074512Member
rr:AfterTaxesOnDistributionsAndSalesMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus6Member
duwf:S000025049Member
duwf:C000074513Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus6Member
duwf:S000025049Member
duwf:C000117591Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus7Member
duwf:S000025038Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus7Member
duwf:S000025038Member
duwf:StandardAndPoorsTorontoStockExchangeGlobalGoldIncomeIndexMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus7Member
duwf:S000025038Member
duwf:C000074490Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus7Member
duwf:S000025038Member
duwf:C000074490Member
rr:AfterTaxesOnDistributionsMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus7Member
duwf:S000025038Member
duwf:C000074490Member
rr:AfterTaxesOnDistributionsAndSalesMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus7Member
duwf:S000025038Member
duwf:C000074491Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus7Member
duwf:S000025038Member
duwf:C000117583Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus8Member
duwf:S000025040Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus8Member
duwf:S000025040Member
duwf:Russell1000GrowthIndexMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus8Member
duwf:S000025040Member
duwf:C000074494Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus8Member
duwf:S000025040Member
duwf:C000074494Member
rr:AfterTaxesOnDistributionsMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus8Member
duwf:S000025040Member
duwf:C000074494Member
rr:AfterTaxesOnDistributionsAndSalesMember
2012-12-03
2012-12-03
0001365151
duwf:Prospectus8Member
duwf:S000025040Member
duwf:C000074495Member
2012-12-03
2012-12-03
0001365151
duwf:Prospectus8Member
duwf:S000025040Member
duwf:C000117584Member
2012-12-03
2012-12-03
iso4217:USD
xbrli:pure
2012-09-30
DundeeWealth Funds
0001365151
duwf
DWEIX
DWEJX
DWEKX
DWGGX
DWGNX
DWGIX
DWGJX
DWGKX
DWGVX
DWGWX
DWGDX
DWGEX
DWGOX
DWGPX
DWGQX
DWUGX
DWUHX
DWUIX
2012-12-03
2012-12-21
<font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Investment Objective: </font></font>
<font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Investment Objective: </font></font>
<font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Investment Objective: </font></font>
<font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Investment Objective: </font></font>
<font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Investment Objective: </font></font>
<font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Investment Objective: </font></font>
<font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Investment Objective: </font></font>
<font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Investment Objective: </font></font>
<p style="margin: 0">The investment objective of the Dynamic Energy Income Fund (the “Fund”) is to seek to achieve
high income generation and long-term growth of capital.</p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif">The investment objective of the Dynamic Global Growth Fund (the
“Fund”) is to seek long-term capital appreciation.</p>
<p style="margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif">The investment objective of the Dynamic World Growth Fund (formerly, Dynamic
Growth Navigator Fund) (the “Fund”) is to seek long-term capital appreciation.</p>
<p style="font: 10pt Times New Roman, Times, Serif">The investment objective of the Dynamic Canadian Equity Income Fund (formerly,
Dynamic Infrastructure Fund)(the “Fund”) is to seek high income and long-term capital appreciation.</p>
<p style="font: 10pt Times New Roman, Times, Serif">The investment objective of the Dynamic Contrarian Fund (the “Fund”)
is to seek long-term capital appreciation.</p>
<p style="font: 10pt Times New Roman, Times, Serif">The investment objective of the Dynamic Discovery Fund (the “Fund”)
is to seek long-term capital appreciation.</p>
<p style="font: 10pt Times New Roman, Times, Serif">The investment objective of the Dynamic Gold & Precious Metals Fund (the
“Fund”) is to seek long-term capital appreciation.</p>
<p style="font: 10pt Times New Roman, Times, Serif">The investment objective of the Dynamic U.S. Growth Fund (the “Fund”)
is to seek long-term capital appreciation.</p>
<div>This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</div>
<div>This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</div>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
table describes the fees and expenses that you may pay if you buy and hold Fund shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif">This table describes the fees and expenses that you may pay if you buy and
hold Fund shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif">This table describes the fees and expenses that you may pay if you buy and
hold Fund shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif">This table describes the fees and expenses that you may pay if you buy and
hold Fund shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif">This table describes the fees and expenses that you may pay if you buy and
hold Fund shares.</p>
<font>This table describes the fees and expenses that you may pay if you buy and hold
Fund shares.</font>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt;">Shareholder Fees (fees paid directly from your investment)</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt;">Shareholder Fees (fees paid directly from your investment)</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="width: 788.4666748046875px; padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt;">Shareholder Fees (fees paid directly from your investment)</td>
<td style="width: 48px;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 188px; text-align: right;">None</td>
<td style="width: 47px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 188px; text-align: right;">None</td>
<td style="width: 47px;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 188px; text-align: right;">None</td>
<td style="width: 15px;"> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt;">Shareholder Fees (fees paid directly from your investment)</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
</tr>
</table>
<div> </div>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt;">Shareholder Fees (fees paid directly from your investment)</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt;">Shareholder Fees (fees paid directly from your investment)</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
</tr>
</table>
<div> </div>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt;">Shareholder Fees (fees paid directly from your investment)</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
</tr>
</table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt;">Shareholder Fees (fees paid directly from your investment)</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
<td> </td>
<td style="text-align: right;">None</td>
<td> </td>
</tr>
</table>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus1Member column dei_LegalEntityAxis compact duwf_S000025043Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus2Member column dei_LegalEntityAxis compact duwf_S000025044Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus3Member column dei_LegalEntityAxis compact duwf_S000025045Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus4Member column dei_LegalEntityAxis compact duwf_S000025046Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus5Member column dei_LegalEntityAxis compact duwf_S000025048Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus6Member column dei_LegalEntityAxis compact duwf_S000025049Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus7Member column dei_LegalEntityAxis compact duwf_S000025038Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus8Member column dei_LegalEntityAxis compact duwf_S000025040Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus1Member column dei_LegalEntityAxis compact duwf_S000025043Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus2Member column dei_LegalEntityAxis compact duwf_S000025044Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus3Member column dei_LegalEntityAxis compact duwf_S000025045Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus4Member column dei_LegalEntityAxis compact duwf_S000025046Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus5Member column dei_LegalEntityAxis compact duwf_S000025048Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus6Member column dei_LegalEntityAxis compact duwf_S000025049Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus7Member column dei_LegalEntityAxis compact duwf_S000025038Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus8Member column dei_LegalEntityAxis compact duwf_S000025040Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<p style="font: 10pt Times New Roman, Times, Serif">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.
During the most recent fiscal year, the Fund’s portfolio turnover rate was 78.92% of the average value of its portfolio.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">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.</p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif">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.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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. During the most recent fiscal year, the Fund’s portfolio
turnover rate was 29.89% of the average value of its portfolio.</p>
<p>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. During the most recent fiscal year, the Fund’s portfolio
turnover rate was 77.55% of the average value of its portfolio.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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. During the most recent fiscal year, the Fund’s portfolio
turnover rate was 63.26%<font style="color: #000000"> of the average value of its portfolio.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif">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.
During the most recent fiscal year, the Fund’s portfolio turnover rate was 75.56% of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif">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.
During the most recent fiscal year, the Fund’s portfolio turnover rate was 323.54% of the average value of its portfolio.</p>
<div><b>Principal Investment Strategy:</b></div>
<div><b>Principal Investment Strategy:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Principal Investment Strategy:</b></div>
<div><b>Principal Investment Strategy:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Principal Investment Strategy:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Principal Investment Strategy:</b> </div>
<div><b>Principal Investment Strategy:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Principal Investment Strategy:</b></div>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The Fund invests, under normal
market conditions, at least 80% of its assets in equity securities of energy and utility companies. Energy companies are involved
primarily in the exploration, development, production, sale and distribution of oil and natural gas and/or other commodities such
as fossil fuels, metals, minerals, wind and their by-products. Utility companies are energy-related companies and may be involved
in multiple aspects of the development and distribution of power and water resources and/or the development of energy pipelines.
The Fund may invest in U.S., Canadian and other foreign companies of any size, including small and mid capitalization companies,
in order to achieve its objective.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">To achieve its investment
objective, the Fund intends to invest primarily in U.S., Canadian and other foreign energy and utility companies, and in equity
securities of master limited partnerships (“MLPs”) and Canadian income trusts to the extent permitted by applicable
law. When investing in an income trust, GCIC US Ltd. (the “Sub-Adviser”) purchases an equity investment vehicle designed
to distribute cash flow from an underlying business to investors. The Fund also seeks to provide shareholders with current income
through investing in energy and utility MLPs.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">Techniques such as fundamental
analysis may be used to assess capacity for income generation and capital appreciation. In conducting fundamental analysis of companies,
income trusts and MLPs that are being considered for purchase by the Fund, the management team evaluates the financial condition
and management of a company or project, its industry and the overall economy. As part of this evaluation, the Sub-Adviser may:</p>
<p style="margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 4%"> </td>
<td style="width: 4%"> </td>
<td style="width: 92%"> </td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="text-align: left; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">analyze financial data and other information sources;</td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="text-align: left; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">assess the quality of management; and</td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="text-align: left; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">conduct company interviews, where possible.</td></tr>
</table>
<p style="text-align: justify; text-indent: 0pt; margin: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The Sub-Adviser may initiate
options positions and option/stock combination strategies (e.g. covered calls) in the Fund. While the primary use of the option
positions will be to generate additional income in the Fund, the option positions may also allow the portfolio manager to purchase
or sell the underlying stock at what the Sub-Adviser believes to be a fundamentally attractive price. More specifically, the Fund
may write covered call options on a security in order to collect the related premium on the call option and establish a sale price
for the related security that the Sub-Adviser believes to be attractive. The Fund may also write put options on a security in order
to collect the related premium on the put option and acquire the related security at a price the Sub-Adviser believes to be attractive.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund invests in a portfolio consisting of equity securities of U.S. and foreign companies chosen according to a growth oriented
investment approach. The Fund will invest significantly (at least 40% of its assets unless market conditions are deemed to be
unfavorable by DundeeWealth US, LP or GCIC US Ltd. (the “Sub-Adviser”) in which case the Fund will invest at least
30% of its assets) in the securities of companies organized or primarily located outside of the U.S. or doing a substantial amount
of business outside of the U.S. The Fund considers a company that derives at least 50% of its revenues from business outside the
U.S. or has at least 50% of its assets outside the U.S. as doing a substantial amount of business outside the U.S. Based on the
Sub-Adviser’s view of the global capital markets, the Fund may invest from time to time in a limited number of countries
and areas of the world. The Fund may invest in U.S. and foreign companies of any size, including small and mid capitalization
companies, and in emerging market countries, in order to achieve its objective.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">When
selecting investments for the Fund, the Sub-Adviser seeks to identify companies demonstrating strong current or prospective earnings
growth relative to the overall market and relative to their peer group.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Techniques
such as fundamental analysis may be used to assess potential investments for the Fund. In conducting fundamental analysis of companies
that are being considered for purchase in the Fund, the management team evaluates the financial condition and management of a
company, its industry and the overall economy. As part of this evaluation, the Sub-Adviser may:</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 4%"> </td>
<td style="width: 4%"> </td>
<td style="width: 92%"> </td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="text-align: left; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">analyze financial data and other information sources;</td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="text-align: left; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">assess the quality of management; and</td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="text-align: left; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">conduct company interviews, where possible.</td></tr>
</table>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund represents an actively traded portfolio of equity securities of businesses located in the U.S. and around the world chosen
according to a growth investment approach. The growth investment approach seeks to identify companies demonstrating the strongest
earnings growth relative to the overall market and relative to their peer group. The Fund may invest in U.S. and foreign companies
of any size, including small and mid capitalization companies, and in emerging market countries, in order to achieve its objective.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Techniques
such as fundamental analysis may be used to assess potential investments for the Fund. In conducting fundamental analysis of companies
that are being considered for purchase in the Fund, the management team evaluates the financial condition and management of a
company, its industry and the overall economy. As part of this evaluation, GCIC US Ltd. (the “Sub-Adviser”) may:</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="text-align: justify; vertical-align: top">
<td style="width: 4%"> </td>
<td style="width: 4%; text-align: left"> </td>
<td style="width: 92%; text-align: left"> </td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="text-align: left; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">analyze financial data and other information sources;</td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="text-align: left; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">assess the quality of management; and</td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="text-align: left; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">conduct company interviews, where possible.</td></tr>
</table>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund invests, under normal market conditions, at least 80% of its assets in the equity securities of companies located in Canada.
For the purposes of this policy, the Fund defines companies that are located in Canada as companies that are incorporated or organized
in Canada. The Fund invests primarily in dividend or distribution paying Canadian equity securities and real estate investment
trusts (“REITs”), as well as in other types of Canadian equity securities, including limited partnerships and master
limited partnerships (“MLPs”). The Fund may, to the extent permitted by applicable law, also invest in Canadian income
trusts. An income trust is an equity investment vehicle designed to contribute cash flow from an underlying business to investors.
In addition to its Canadian equity investments, the Fund may also invest in other foreign and U.S. companies of any size, including
small and mid capitalization companies, as well as in U.S. MLPs to the extent permitted by applicable law, in order to achieve
its objective. While the Fund will not concentrate its investments in any one industry, the Fund will focus on equity securities
in the energy, real estate and infrastructure sectors.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">In
considering an equity security, GCIC US Ltd. (the “Sub-Adviser”) also evaluates the equity security’s potential
for capital appreciation. The Sub-Adviser employs a Quality at a Reasonable Price (QUARP<font style="font-size: 70%; vertical-align: text-top">TM</font><font style="font-size: 10pt">)
philosophy and uses strict fundamental analysis due diligence measures to assess potential investments for the Fund. In conducting
fundamental analysis of companies that are being considered for purchase in the Fund, the management team evaluates the financial
condition and management of a company, its industry and the overall economy. As part of this evaluation, the Sub-Adviser may:</font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="text-align: justify; vertical-align: top">
<td style="text-align: justify; width: 4%"> </td>
<td style="text-align: justify; width: 4%"> </td>
<td style="text-align: justify; width: 92%"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify; text-indent: 0pt">●</td>
<td style="text-align: justify; text-indent: 0pt">analyze financial data and other information sources;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify; text-indent: 0pt">●</td>
<td style="text-align: justify; text-indent: 0pt">assess the quality of management; and</td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify; text-indent: 0pt">●</td>
<td style="text-align: justify; text-indent: 0pt">conduct company interviews, where possible.</td></tr>
</table>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund invests in businesses with sustainable cash flow distributions, dominant positions in their respective industry sector and
management that holds a significant equity stake.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Sub-Adviser may initiate options positions and option/stock combination strategies
(e.g. covered calls) in the Fund. While the primary use of the option positions will be to generate additional income in the Fund,
the option positions may also allow the portfolio manager to purchase or sell the underlying stock at what the Sub-Adviser believes
to be a fundamentally attractive price. More specifically, the Fund may write covered call options on a security in order to collect
the related premium on the call option and establish a sale price for the related security that the Sub-Adviser believes to be
attractive. The Fund may also write put options on a security in order to collect the related premium on the put option and acquire
the related security at a price the Sub-Adviser believes to be attractive. </p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund invests in a broadly diversified portfolio consisting of equity securities of U.S. and foreign companies chosen using a value
oriented investment approach. GCIC US Ltd. (the “Sub-Adviser”) believes that dividend growth may be a strong indicator
of future price performance, and therefore, seeks to identify high quality companies, selling at a discount to intrinsic value,
that are expected to initiate or increase their dividends. Based on the Sub-Adviser’s view of the global capital markets,
the Fund may invest from time to time in a limited number of countries and areas of the world. The Fund may invest in U.S., Canadian
and other foreign companies of any size, including small and mid capitalization companies, in order to achieve its objective.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">When
selecting investments for the Fund, the Sub-Adviser screens a broad universe of stocks that are expected to initiate or increase
their dividends using metrics that traditionally indicate a measure of value, including low price-to-cash-flow ratio, low-price-to-book
ratio and low-price-to-earnings ratio. The Sub-Adviser then conducts fundamental analysis to distinguish those that merit investment
from those that are inexpensive for a good reason. The Sub-Adviser also seeks to identify catalysts that may drive an increase
in stock price.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">In
conducting fundamental analysis of companies that are being considered for purchase in the Fund, the management team evaluates
the financial condition and management of a company, its industry and the overall economy. As part of this evaluation, the Sub-Adviser
may:</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="width: 8%"> </td>
<td style="width: 92%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">analyze financial data and other information sources;</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">assess the quality of management; and</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">conduct company interviews, where possible.</td></tr>
</table>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"></p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund may employ the use of derivative investments such as forward foreign currency contracts to actively hedge against adverse
price movements that may result from local currency and/or equity market exposure. The use of derivative investments, cash or cash
equivalents and larger capitalization companies may also be implemented for temporary defensive purposes in an effort to reduce
portfolio risk.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund will invest primarily in equity securities of U.S. and foreign companies. The Fund may invest the majority of its assets
in equity securities of U.S., Canadian and other foreign small capitalization companies.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Investment
analysis for this Fund follows a bottom-up approach, which emphasizes careful company specific analysis. Using a value investment
approach, this Fund invests in companies that represent good value based on current stock price relative to the company’s
intrinsic value.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Techniques
such as fundamental analysis may be used to assess potential investments for the Fund. In conducting fundamental analysis of companies
that are being considered for purchase in the Fund, the management team evaluates the financial condition and management of a
company, its industry and the overall economy. As part of this evaluation, GCIC US Ltd. (the “Sub-Adviser”) may:</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 8%"> </td>
<td style="width: 92%"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: center; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">analyze financial data and other information sources;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: center; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">assess the quality of management; and</td></tr>
<tr style="vertical-align: top">
<td style="text-align: center; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">conduct company interviews, where possible.</td></tr>
</table>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"></p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund may employ the use of derivative investments such as forward foreign currency contracts to actively hedge against adverse
price movements that may result from local currency and/or equity market exposure. The use of derivative investments, cash or cash
equivalents and larger capitalization companies may also be implemented for temporary defensive purposes in an effort to reduce
portfolio risk.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund invests, under normal market conditions, at least 80% of its assets in securities of companies which are engaged primarily
in activities related to gold and various precious metals, including exploration, mining, development, fabrication, processing
or distribution, in instruments that derive their value from the value of precious metals and in gold, silver, platinum and palladium
in the form of bullion, coins and storage receipts. The Fund may invest in U.S., Canadian and other foreign companies of any size,
including small and mid capitalization companies, in order to achieve its objective.<br />
<br />
Bullion and coins for the Fund will only be
bought from and sold to banks (both U.S. and foreign) who are members, or affiliated with members, of a regulated U.S. commodities
exchange. Gold, silver and other precious metals will not be purchased in any form that is not readily marketable. Coins will
only be purchased for the Fund if they can be bought and sold in an active market and will not be purchased for their numismatic
or “collector” value. Any bullion or coin purchased by the Fund will be delivered to and stored with a qualified custodian
bank in the United States. Bullion and coins do not generate income – they offer only the potential for capital appreciation
or depreciation. Direct investment in gold, silver and platinum in the form of bullion or coins may subject the Fund to higher
custody and transaction costs than those normally associated with the ownership of stocks.<br />
<br />
As a result of its specialized investment mandate, the Fund may be subject to pronounced cycles and widely varying conditions
in the stock markets. GCIC US Ltd. (the “Sub-Adviser”) anticipates that the Fund may invest greater than 25% of its
assets in securities of Canadian companies which are engaged primarily in activities related to gold, in instruments that derive
their value from the value of gold and in gold in the form of bullion, coins and storage receipts. Based on the Sub-Adviser’s
view of global supply and demand factors, however, the precious metals weightings within the portfolio may vary and, from time
to time, a substantial portion of the Fund’s assets may be invested in any one country and/or category of precious metals.<br />
<br />
Techniques such as fundamental analysis may be used to assess potential investments for the Fund. In conducting fundamental analysis
of companies that are being considered for purchase in the Fund, the management team evaluates the financial condition and management
of a company, its industry and the overall economy. As part of this evaluation, the Sub-Adviser may:</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 4%"></td>
<td style="width: 4%"> </td>
<td style="width: 92%"> </td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="text-align: left; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">analyze financial data and other information sources;</td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="text-align: left; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">assess the strength of a company’s management; and</td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="text-align: left; text-indent: 0pt">●</td>
<td style="text-align: left; text-indent: 0pt">conduct company interviews, where possible.</td></tr>
</table>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund invests, under normal market conditions, at least 80% of its assets in equity securities of U.S. companies chosen according
to a growth oriented investment approach. The Fund may invest in companies of any size, including small and mid capitalization
companies, in order to achieve its objective.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">When
selecting investments for the Fund, GCIC US Ltd. (the “Sub-Adviser”) seeks to identify companies demonstrating strong
current or prospective earnings growth relative to the overall market and relative to their peer group. While it will not concentrate
its investments in any one industry, the Fund may from time to time have significant exposure in one or more sectors of the economy,
especially the more growth-oriented sectors, such as the information technology, consumer discretionary and health care sectors.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Techniques
such as fundamental analysis may be used to assess potential investments for the Fund. In conducting fundamental analysis of companies
that are being considered for purchase in the Fund, the management team evaluates the financial condition and management of a
company, its industry and the overall economy. As part of this evaluation, the Sub-Adviser may: </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 4%"> </td>
<td style="width: 4%"> </td>
<td style="width: 92%"> </td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="text-align: left; text-indent: 0pt">●</td>
<td style="text-align: justify; text-indent: 0pt">analyze financial data and other information sources;</td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="text-align: left; text-indent: 0pt">●</td>
<td style="text-align: justify; text-indent: 0pt">assess the quality of management; and</td></tr>
<tr style="vertical-align: top">
<td> </td>
<td style="text-align: left; text-indent: 0pt">●</td>
<td style="text-align: justify; text-indent: 0pt">conduct company interviews, where possible.</td></tr>
</table>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Principal Risks of Investing in the Fund:</b> </div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Principal Risks of Investing in the Fund:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Principal Risks of Investing in the Fund:</b> </div>
<div><b>Principal Risks of Investing in the Fund:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Principal Risks of Investing in the Fund:</b> </div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Principal Risks of Investing in the Fund:</b></div>
<div><b>Principal Risks of Investing in the Fund:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Principal Risks of Investing in the Fund:</b></div>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">Since it purchases equity
securities and income trust and MLP units that trade on stock exchanges, the Fund is subject to the risk that equity security and
income trust and MLP unit 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 bonds and preferred stock in their claim on the company’s assets in the event of bankruptcy.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">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.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The Fund is also subject
to the risk that its primary market segment, investments in securities of companies involved in energy or related activities, may
underperform other market segments or the equity markets as a whole. Moreover, the Sub-Adviser’s investment approach may
be contrary to general investment opinion at times or otherwise fail to produce the desired result, causing the Fund to underperform
funds that also seek capital appreciation but use different approaches to select stocks.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The small and mid capitalization
companies, income trusts and MLPs the Fund invests in may be more vulnerable to adverse business or economic events than larger,
more established companies. In particular, these small and mid cap companies may have limited product lines, markets and financial
resources, and may depend upon a relatively small management group. Therefore, small and mid cap stocks may be more volatile than
those of larger companies. These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"></p>
<p style="text-align: justify; text-indent: 0pt; margin: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"></p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The Fund’s securities
may go up or down in value depending on changes in the Canadian stock market, on the relative exchange rates of the U.S. dollar
and the Canadian dollar, U.S. and Canadian political and economic developments, and U.S. and Canadian laws relating to investments
in Canada. Canadian securities may also be less liquid, more volatile and harder to value than U.S. securities. The Canadian economy
is highly dependent on the demand for, and supply and price of, natural resources. The Canadian market is relatively concentrated
in issuers involved in the production and distribution of natural resources. There is a risk that any changes in these sectors
could have an adverse impact on the Canadian economy.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">During periods of low interest
rates, Canadian income trusts may achieve higher yields compared with cash investments. During periods of high interest rates,
the opposite may be true. Income trusts may experience losses during periods of both low and high interest rates. In certain jurisdictions
where limited liability legislation for income trusts has not been enacted, there is a remote risk that where claims against an
income trust are not satisfied by that trust, investors in that trust could be held liable for any outstanding obligations.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The risks of investing in
MLPs are generally those involved in investing in a partnership as opposed to a corporation. Accordingly, there may be fewer protections
afforded to investors in an MLP than investors in a corporation. However, MLP investors typically have no personal liability, similar
to a corporation’s shareholders. MLPs allow for pass-through income, meaning that they are not subject to corporate income
taxes. Instead, owners of an MLP are personally responsible for paying taxes on their allocable portion of the MLP’s income,
gains, losses, and deductions whether or not they receive cash distributions. MLPs make distributions that are generally paid out
on a quarterly basis. Some distributions received by the Fund with respect to its investments in MLPs may, if distributed by the
Fund, be treated as a return of capital for federal income tax purposes because of accelerated deductions available with respect
to the activities of such MLPs and the MLPs’ distribution policies. Investments in units of MLPs involve risks that differ
from investments in common stock including risks related to limited control and limited rights to vote on matters affecting the
MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution
risks and risks related to the general partner’s limited call right. MLPs are generally engaged in the transportation, storage,
processing, refining, marketing, exploration, production, and mining of minerals and natural resources. As a result, MLPs will
be susceptible to adverse economic or regulatory occurrences affecting these sectors.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">Even a small investment in
derivative contracts can have a big impact on the Fund’s stock market, currency and interest rate exposure. Therefore, using
derivatives can disproportionately increase losses and reduce opportunities for gains when stock prices, currency rates or interest
rates are changing. Writing put and call options is a highly specialized activity and entails greater than ordinary investment
risks. The successful use of options depends in part on the ability of the Sub-Adviser to manage future price fluctuations and
the degree of correlation between the options and securities (or currency) markets. The Fund may write covered call options on
a security in order to collect the related premium on the call option and establish a sale price for the related security owned
by the Fund that the Sub-Adviser believes to be attractive. By writing covered call options on equity securities, the Fund gives
up the opportunity to benefit from potential increases in the value of the common stocks above the strike prices of the written
covered call options, but continues to bear the risk of declines in the value of its common stock portfolio. The Fund may write
put options on a security in order to collect the related premium on the put option and to acquire the related security at a price
the Sub-Adviser believes to be attractive. The Fund bears the risk that the price of the security will fall significantly below
the exercise price of the put option and the Fund will be required to acquire the related stock at a price that is less than attractive.
The Fund will receive a premium from writing a covered call or put option that it retains whether or not the option is exercised.
The premium received from the written options may not be sufficient to offset any losses sustained from the volatility of the underlying
equity securities over time.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">Dividends are not fixed
and the level of dividends may vary over time. There is no guarantee that the issuers of the Fund’s investments will declare
dividends in the future or that, if declared, they will either remain at current levels or increase over time.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"></p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"></p>
<p style="text-align: justify; text-indent: 0pt; margin: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"></p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The Fund is non-diversified
and invests in a limited number of securities. Therefore, the Fund’s investment performance may be more volatile, as it may
be more susceptible to risks associated with a single economic, political, or regulatory event than a fund that invests in a greater
number of issuers.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The Fund should only be purchased
by investors seeking income generation and long-term growth of capital who can withstand the share price volatility of equity investing
with a focus on global stocks of companies involved in energy or related activities.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since
it 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 bonds and preferred stock in their
claim on the company’s assets in the event of bankruptcy.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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 mid cap companies may have limited product lines, markets and
financial resources, and may depend upon relatively small management groups. Therefore, small and mid cap stocks may be more volatile
than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund may also invest in emerging market countries. 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.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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. As such, government actions in the future could have a
significant effect on economic conditions in developing countries in these regions, which could affect private sector companies,
the Fund and the value of its securities. Furthermore, certain developing countries are among the largest debtors to commercial
banks and foreign governments. Trading in debt obligations issued or guaranteed by such governments or their agencies and instrumentalities
involves a high degree of risk. </p>
<p style="font: 1pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">A
principal risk of growth stocks is that investors expect growth companies to increase their earnings at a certain rate that is
generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price
of its stock may decline significantly, even if it has increased earnings. Growth companies also typically do not pay dividends.
Companies that pay dividends may experience less significant stock price declines during market downturns.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Sub-Adviser expects a high portfolio turnover rate in excess of 300%.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund’s investment performance may
be more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than
a fund that invests in a greater number of issuers.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund should only be purchased by investors seeking long-term capital appreciation
who can withstand the share price volatility of equity investing with a focus on global stocks.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since
it 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 bonds and preferred stock in their
claim on the company’s assets in the event of bankruptcy.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
small and mid capitalization companies and income trusts the Fund invests in may be more vulnerable to adverse business or economic
events than larger, more established companies. In particular, these small and mid cap companies may have limited product lines,
markets and financial resources, and may depend upon a relatively small management group. Therefore, small and mid cap stocks
may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund may also invest in emerging market countries. 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.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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. As such, government actions in the future could have a
significant effect on economic conditions in developing countries in these regions, which could affect private sector companies,
the Fund and the value of its securities. Furthermore, certain developing countries are among the largest debtors to commercial
banks and foreign governments. Trading in debt obligations issued or guaranteed by such governments or their agencies and instrumentalities
involves a high degree of risk.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">A
principal risk of growth stocks is that investors expect growth companies to increase their earnings at a certain rate that is
generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price
of its stock may decline significantly, even if it has increased earnings. Growth companies also typically do not pay dividends.
Companies that pay dividends may experience less significant stock price declines during market downturns.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Sub-Adviser expects a high portfolio turnover rate of between 75% and 150%.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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 global stocks.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since
it purchases equity securities, REITs and income trust and MLP units that trade on stock exchanges, the Fund is subject to the
risk that equity security, REIT and income trust and MLP unit 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 bonds and preferred stock in their claim on the company’s
assets in the event of bankruptcy.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund’s securities may go up or down in value depending on changes
in the Canadian stock market, on the relative exchange rates of the U.S. dollar and the Canadian dollar, U.S. and Canadian political
and economic developments, and U.S. and Canadian laws relating to investments in Canada. Canadian securities may also be
less liquid, more volatile and harder to value than U.S. securities. The Canadian economy is highly dependent on the demand for,
and supply and price of, natural resources. The Canadian market is relatively concentrated in issuers involved in the production
and distribution of natural resources. There is a risk that any changes in these sectors could have an adverse impact on the Canadian
economy.</p>
<p style="text-align: justify; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">The small and mid capitalization companies, REITs, income trusts and MLPs
the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In
particular, these small and mid cap companies may have limited product lines, markets and financial resources, and may depend
upon a relatively small management group. Therefore, small and mid cap stocks may be more volatile than those of larger companies.
These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">During periods of low interest rates, Canadian income trusts may achieve higher yields compared with cash investments.
During periods of high interest rates, the opposite may be true. Income trusts may experience losses during periods of both low
and high interest rates. In certain jurisdictions where limited liability legislation for income trusts has not been enacted,
there is a remote risk that where claims against an income trust are not satisfied by that trust, investors in that trust could
be held liable for any outstanding obligations.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">A REIT is a corporation or trust that pools the capital of many investors to purchase income property
and/or mortgage loans. The Fund may purchase Canadian and U.S. equity REITs, which own and manage property, and Canadian and U.S.
mortgage REITs, which purchase mortgages and may also borrow money from banks to lend again at higher interest rates. Some REITs
also originate loans or develop properties. REITs must satisfy specific requirements for favorable tax treatment and can involve
unique risks in addition to the risks generally affecting the real estate industry. REITs are dependent upon the quality of their
management, may have limited financial resources and heavy cash flow dependency, and may not be diversified geographically or
by property type.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The risks of
investing in MLPs are generally those involved in investing in a partnership as opposed to a corporation. Accordingly, there may
be fewer protections afforded to investors in an MLP than investors in a corporation. However, MLP investors typically have no
personal liability, similar to a corporation’s shareholders. MLPs allow for pass-through income, meaning that they are not
subject to corporate income taxes. Instead, owners of an MLP are personally responsible for paying taxes on their allocable portion
of the MLP’s income, gains, losses, and deductions whether or not they receive cash distributions. MLPs make distributions
that are generally paid out on a quarterly basis. Some distributions received by the Fund with respect to its investments in MLPs
may, if distributed by the Fund, be treated as a return of capital for federal income tax purposes because of accelerated deductions
available with respect to the activities of such MLPs and the MLPs’ distribution policies. Investments in units of MLPs involve
risks that differ from investments in common stock including risks related to limited control and limited rights to vote on matters
affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow
risks, dilution risks and risks related to the general partner’s limited call right. MLPs are generally engaged in the transportation,
storage, processing, refining, marketing, exploration, production, and mining of minerals and natural resources. As a result,
MLPs will be susceptible to adverse economic or regulatory occurrences affecting these sectors.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Even a small investment in derivative
contracts can have a big impact on the Fund’s stock market, currency and interest rate exposure. Therefore, using derivatives
can disproportionately increase losses and reduce opportunities for gains when stock prices, currency rates or interest rates
are changing. Writing put and call options is a highly specialized activity and entails greater than ordinary investment risks.
The successful use of options depends in part on the ability of the Sub-Adviser to manage future price fluctuations and the degree
of correlation between the options and securities (or currency) markets. The Fund may write covered call options on a security
in order to collect the related premium on the call option and establish a sale price for the related security owned by the Fund
that the Sub-Adviser believes to be attractive. By writing covered call options on equity securities, the Fund gives up the opportunity
to benefit from potential increases in the value of the common stocks above the strike prices of the written covered call options,
but continues to bear the risk of declines in the value of its common stock portfolio. The Fund may write put options on a security
in order to collect the related premium on the put option and to acquire the related security at a price the Sub-Adviser believes
to be attractive. The Fund bears the risk that the price of the security will fall significantly below the exercise price of the
put option and the Fund will be required to acquire the related stock at a price that is less than attractive. The Fund will receive
a premium from writing a covered call or put option that it retains whether or not the option is exercised. The premium received
from the written options may not be sufficient to offset any losses sustained from the volatility of the underlying equity securities
over time.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund should only be purchased by investors seeking high income and long-term growth
of capital who can withstand the share price volatility of equity investing with a focus on Canadian securities.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since
it 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 bonds and preferred stock in their
claim on the company’s assets in the event of bankruptcy.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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 mid cap companies may have limited product lines, markets and
financial resources, and may depend upon relatively small management groups. Therefore, small and mid cap stocks may be more volatile
than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund’s securities may go up or down in value depending on changes in the Canadian stock market, on the relative exchange
rates of the U.S. dollar and the Canadian dollar, U.S. and Canadian political and economic developments, and U.S. and Canadian
laws relating to investments in Canada. Canadian securities may also be less liquid, more volatile and harder to value than U.S.
securities. The Canadian economy is highly dependent on the demand for, and supply and price of, natural resources. The Canadian
market is relatively concentrated in issuers involved in the production and distribution of natural resources. There is a risk
that any changes in these sectors could have an adverse impact on the Canadian economy.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Sub-Adviser believes that value stocks tend to be inexpensive based on various measures of their intrinsic value. These stocks
are inexpensive because they are out of investor favor for one or more reasons. The goal of the Sub-Adviser is to identify value
stocks that will increase in price and ultimately reflect their intrinsic value over time. Risks that may prevent value stocks
from appreciating include: the Sub-Adviser’s inability to correctly estimate a stock’s intrinsic value, the market’s
inability to realize the stock’s intrinsic value over time, or a poorly performing business causing the intrinsic value of
the stock to decline.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Even
a small investment in derivative contracts can have a big impact on the Fund’s stock market, currency and interest rate exposure.
Therefore, using derivatives can disproportionately increase losses and reduce opportunities for gains when stock prices, currency
rates or interest rates are changing. The Fund may not fully benefit from or may lose money on derivatives if changes in their
value do not correspond accurately to changes in the value of the Fund’s holdings. Forward foreign currency contracts are
privately negotiated transactions, and can have substantial price volatility. As a result, they offer less protection against
default by the other party than is available for instruments traded on an exchange. When used for hedging purposes, they tend
to limit any potential gain that may be realized if the value of the Fund’s foreign holdings increases because of currency
fluctuations. The institutions that deal in forward currency contracts are not required to continue to make markets in the currencies
they trade and these markets can experience periods of illiquidity.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Dividends
are not fixed and the level of dividends may vary over time. There is no guarantee that the issuers of the Fund’s investments
will declare dividends in the future or that, if declared, they will either remain at current levels or increase over time.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund’s investment performance may be
more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a
fund that invests in a greater number of issuers.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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 global stocks.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since
it 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 bonds and preferred stock in their
claim on the company’s assets in the event of bankruptcy.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Sub-Adviser believes that value stocks tend to be inexpensive based on various measures of their intrinsic value. These stocks
are inexpensive because they are out of investor favor for one or more reasons. The goal of the Sub-Adviser is to identify value
stocks that will increase in price and ultimately reflect their intrinsic value over time. Risks that may prevent value stocks
from appreciating include: the Sub-Adviser’s inability to correctly estimate a stock’s intrinsic value, the market’s
inability to realize the stock’s intrinsic value over time, or a poorly performing business causing the intrinsic value of
the stock to decline.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
small 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 cap companies may have limited product lines, markets and financial resources,
and may depend upon a relatively small management group. Therefore, small cap stocks may be more volatile than those of larger
companies. These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Even
a small investment in derivative contracts can have a big impact on the Fund’s stock market, currency and interest rate exposure.
Therefore, using derivatives can disproportionately increase losses and reduce opportunities for gains when stock prices, currency
rates or interest rates are changing. The Fund may not fully benefit from or may lose money on derivatives if changes in their
value do not correspond accurately to changes in the value of the Fund’s holdings. Forward foreign currency contracts are
privately negotiated transactions, and can have substantial price volatility. As a result, they offer less protection against
default by the other party than is available for instruments traded on an exchange. When used for hedging purposes, they tend
to limit any potential gain that may be realized if the value of the Fund’s foreign holdings increases because of currency
fluctuations. The institutions that deal in forward currency contracts are not required to continue to make markets in the currencies
they trade and these markets can experience periods of illiquidity.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund’s investment performance may be
more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a
fund that invests in a greater number of issuers.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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 global stocks.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since
it 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 bonds and preferred stock in their
claim on the company’s assets in the event of bankruptcy.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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 mid cap companies may have limited product lines, markets and financial
resources, and may depend upon relatively small management groups. Therefore, small and mid cap stocks may be more volatile than
those of larger companies. These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="font: 1pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund’s securities may go up or down in value depending on changes in the Canadian stock market, on the relative exchange
rates of the U.S. dollar and the Canadian dollar, U.S. and Canadian political and economic developments, and U.S. and Canadian
laws relating to investments in Canada. Canadian securities may also be less liquid, more volatile and harder to value than U.S.
securities. The Canadian economy is highly dependent on the demand for, and supply and price of, natural resources. The Canadian
market is relatively concentrated in issuers involved in the production and distribution of natural resources. There is a risk
that any changes in these sectors could have an adverse impact on the Canadian economy.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is also subject to the risk that its target market segment, investments in equity securities of businesses engaged primarily
in precious metals activities, may underperform other market segments or the equity markets as a whole. Moreover as a result of
the Sub-Adviser’s specialized investment mandate, the Fund may be subject to pronounced cycles and widely varying conditions
in the markets. Fluctuations in the price of gold and precious metals often dramatically affect the profitability of companies
in the gold and precious metals sector. Political and economic conditions in gold-producing countries may have a direct effect
on the mining and distribution of gold, and consequently, on its price. When inflation is low or expected to fall, prices tend
to be weak. The Sub-Adviser’s view of global supply and demand may be contrary to general investment opinion at times or
otherwise fail to produce the desired result, causing the Fund to underperform funds that also seek capital appreciation but use
different approaches to select stocks.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">When
the Fund invests in storage receipts, it receives certificates evidencing ownership of specific amounts of precious metals bullion,
instead of taking physical possession of the bullion represented by the certificate. The Fund relies on the issuers of such documents
to maintain the underlying precious metal on deposit. A default by any of the issuers could expose the Fund to loss of the metal
on deposit.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund’s investment performance may be
more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a
fund that invests in a greater number of issuers.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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 precious metal stocks.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since
it 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 bonds and preferred stock in their
claim on the company’s assets in the event of bankruptcy.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">A principal risk of growth stocks is that investors expect growth
companies to increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies.
If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased
earnings. Growth companies also typically do not pay dividends. Companies that pay dividends may experience less significant stock
price declines during market downturns.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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 mid cap companies may have limited product lines, markets and financial resources, and may depend
upon a relatively small management group. Therefore, small and mid cap stocks may be more volatile than those of larger companies.
These securities may be traded over-the-counter or listed on an exchange.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund may
focus its investments from time to time on one or more economic sectors, in particular the information technology sector. To the
extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the
Fund’s net asset value and total return. Information technology companies may produce or use products or services that prove
commercially unsuccessful, become obsolete or become adversely impacted by government regulation. Competitive pressures in the
information technology sector, and the Fund’s investments in information technology company securities, may subject it to
more volatile price movements than a more diversified securities portfolio.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Sub-Adviser expects a high portfolio turnover
rate in excess of 400%.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund is non-diversified and invests in a limited number
of securities. Therefore, the Fund’s investment performance may be more volatile, as it may be more susceptible to risks
associated with a single economic, political, or regulatory event than a fund that invests in a greater number of issuers.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund should only be purchased by investors seeking long-term growth of capital
who can withstand the share price volatility of equity investing.</p>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus1Member column dei_LegalEntityAxis compact duwf_S000025043Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus4Member column dei_LegalEntityAxis compact duwf_S000025046Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus5Member column dei_LegalEntityAxis compact duwf_S000025048Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus6Member column dei_LegalEntityAxis compact duwf_S000025049Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus7Member column dei_LegalEntityAxis compact duwf_S000025038Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus8Member column dei_LegalEntityAxis compact duwf_S000025040Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
0.0090
0.0090
0.0090
0.0095
0.0095
0.0095
0.0095
0.0095
0.0095
0.0089
0.0089
0.0089
0.0085
0.0085
0.0085
0.0095
0.0095
0.0095
0.0095
0.0095
0.0095
0.0065
0.0065
0.0065
0.001
0.0025
0
0.0010
0.0025
0
0.0010
0.0025
0
0.0010
0.0025
0
0.0010
0.0025
0
0.0010
0.0025
0
0.0010
0.0025
0
0.0010
0.0025
0
0.0073
0.0397
0.1396
0.1119
0.0074
0.0060
0.0163
0.0178
0.0153
0.0342
0.0357
0.0332
0.0341
0.0356
0.0331
0.0488
0.0503
0.0478
0.1481
0.1496
0.1471
0.1214
0.1229
0.1204
0.0169
0.0184
0.0159
0.0125
0.0140
0.0115
0.0109
0.0124
0.0099
0.0115
0.0130
0.0105
0.0115
0.0130
0.0105
0.0109
0.0124
0.0099
0.0115
0.0130
0.0105
0.0125
0.0140
0.0115
0.0120
0.0135
0.0110
0.0084
0.0099
0.0074
278
126
10098
293
132
10707
293
132
10707
278
126
10098
293
132
10707
318
143
11721
306
137
11215
214
101
7558
1130
498
42109
2003
846
77118
1998
844
76930
2664
1109
103624
6805
2758
269820
5800
2358
229465
1191
523
44548
872
396
31756
2067
905
77406
3871
1622
149954
3862
1618
149566
5224
2159
204347
12605
5087
501204
10948
4430
434547
2159
942
81124
1600
720
58640
4698
2042
176941
8807
3660
343022
8786
3651
342174
11653
4779
458098
22801
9158
909493
20927
8424
833504
4874
2111
184051
3672
1638
135449
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Fees and Expenses of the Fund:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Fees and Expenses of the Fund:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Fees and Expenses of the Fund:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Fees and Expenses of the Fund:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Fees and Expenses of the Fund:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Fees and Expenses of the Fund:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Fees and Expenses of the Fund:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Fees and Expenses of the Fund:</b></div>
<div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div>
<div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div>
<div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div>
<div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div>
<div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div>
<div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div>
<div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div>
<div><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></div>
<p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif"><b>Example:</b></p>
<p style="text-align: left; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">This example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="text-align: justify; text-indent: 0pt; margin: 0"> </p>
<p style="text-align: justify; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">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:</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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:</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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:</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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:</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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:</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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:</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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:</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br />
<br />
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:</p>
<div><b>Portfolio Turnover:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Portfolio Turnover:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Portfolio Turnover:</b> </div>
<div><b>Portfolio Turnover:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Portfolio Turnover:</b> </div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Portfolio Turnover:</b></div>
<div><b>Portfolio Turnover:</b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Portfolio Turnover:</b> </div>
<div><font style="font: normal 13px/normal times new roman, times, serif; text-transform: none; color: #000000; letter-spacing: normal; word-spacing: 0px"><b>Performance
Information:</b></font><b> </b></div>
<div><font style="font: normal 13px/normal times new roman, times, serif; text-transform: none; color: #000000; letter-spacing: normal; word-spacing: 0px"><b>Performance
Information:</b></font><b> </b></div>
<div><font style="font: normal 13px/normal times new roman, times, serif; text-transform: none; color: #000000; letter-spacing: normal; word-spacing: 0px"><b>Performance
Information:</b></font><b> </b></div>
<div><font style="font: normal 13px/normal times new roman, times, serif; text-transform: none; color: #000000; letter-spacing: normal; word-spacing: 0px"><b>Performance
Information:</b></font><b> </b></div>
<div><font style="font: normal 13px/normal times new roman, times, serif; text-transform: none; color: #000000; letter-spacing: normal; word-spacing: 0px"><b>Performance
Information:</b></font><b> </b></div>
<div><font style="font: normal 13px/normal times new roman, times, serif; text-transform: none; color: #000000; letter-spacing: normal; word-spacing: 0px"><b>Performance
Information:</b></font><b> </b></div>
<div><font style="font: normal 13px/normal times new roman, times, serif; text-transform: none; color: #000000; letter-spacing: normal; word-spacing: 0px"><b>Performance
Information:</b></font><b> </b></div>
<div><font style="font: normal 13px/normal times new roman, times, serif; text-transform: none; color: #000000; letter-spacing: normal; word-spacing: 0px"><b>Performance
Information:</b></font><b> </b></div>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif">The bar chart and performance table below provide an indication
of the risks of an investment in the Fund by showing the Fund’s performance for each full calendar year since its inception
and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance. Performance
reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. Performance for Institutional
Shares and Class II Shares is not shown because Institutional Shares and Class II Shares of the Fund had not commenced operations
as of the date of this prospectus. After-tax returns are calculated using the historical highest individual federal marginal income
tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation
and may differ from those shown. Actual after-tax returns shown are not relevant to investors who hold their Fund shares through
tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”). Past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information
is available at www.dundeewealthus.com or by calling 1-888-572-0968.</p>
<p style="margin: 0">The bar chart and performance table have been omitted because the Fund had not commenced operations as of
the date of this Prospectus. The Fund intends to compare its performance to the Morgan Stanley Capital International (MSCI) World
Index.</p>
<p style="font: 10pt Times New Roman, Times, Serif">The bar chart and performance table have been omitted because the Fund had
not commenced operations as of the date of this prospectus. The Fund intends to compare its performance to the Morgan Stanley
Capital International (MSCI) World Index.</p>
<p style="font: 10pt Times New Roman, Times, Serif">The bar chart and performance table below provide an indication of the risks
of an investment in the Fund by showing the Fund’s performance for each full calendar year since its inception and by showing
how the Fund’s average annual returns compare with those of broad measures of market performance. Performance reflects contractual
fee waivers in effect. The performance shown for periods prior to September 30, 2011 represents performance of the Fund’s
prior investment objective of capital appreciation and prior principal investment strategy of investing at least 80% of its assets
in infrastructure and infrastructure-related industries. If fee waivers were not in place, performance would be reduced. Performance
for Institutional Shares and Class II Shares is not shown because Institutional Shares and Class II Shares of the Fund had not
commenced operations as of the date of this prospectus. After-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an
investor’s tax situation and may differ from those shown. Actual after-tax returns shown are not relevant to investors who
hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”).
Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated
performance information is available at www.dundeewealthus.com or by calling 1-888-572-0968.</p>
<p style="font: 10pt Times New Roman, Times, Serif">The bar chart and performance table below provide an indication of the risks
of an investment in the Fund by showing the Fund’s performance for each full calendar year since its inception and by showing
how the Fund’s average annual returns compare with those of a broad measure of market performance. Performance reflects
contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. Performance for Institutional
Shares and Class II Shares is not shown because Institutional Shares and Class II Shares of the Fund had not commenced operations
as of the date of this prospectus. After-tax returns are calculated using the historical highest individual federal marginal income
tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation
and may differ from those shown. Actual after-tax returns shown are not relevant to investors who hold their Fund shares through
tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”). Past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information
is available at www.dundeewealthus.com or by calling 1-888-572-0968.</p>
<p style="font: 10pt Times New Roman, Times, Serif">The bar chart and performance table below provide an indication of the risks
of an investment in the Fund by showing the Fund’s performance for each full calendar year since its inception and by showing
how the Fund’s average annual returns compare with those of a broad measure of market performance. Performance reflects
contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. Performance for Institutional
Shares and Class II Shares is not shown because Institutional Shares and Class II Shares of the Fund had not commenced operations
as of the date of this prospectus. After-tax returns are calculated using the historical highest individual federal marginal income
tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation
and may differ from those shown. Actual after-tax returns shown are not relevant to investors who hold their Fund shares through
tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”). Past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information
is available at www.dundeewealthus.com or by calling 1-888-572-0968.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing the Fund’s
performance for each full calendar year since its inception and by showing how the Fund’s average annual returns compare
with those of a broad measure of market performance. Performance reflects contractual fee waivers in effect. If fee waivers were
not in place, performance would be reduced. Performance for Institutional Shares and Class II Shares is not shown because Institutional
Shares and Class II Shares of the Fund had not commenced operations as of the date of this prospectus. After-tax returns are calculated
using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. Actual after-tax returns
shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts (“IRA”). Past performance (before and after taxes) is not necessarily an indication of how the
Fund will perform in the future. Updated performance information is available at www.dundeewealthus.com or by calling 1-888-572-0968.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
bar chart and performance table below provide an indication of the risk of an investment in the Fund by showing the Fund’s
performance for its first full calendar year since its inception. Performance reflects contractual fee waivers in effect. If fee
waivers were not in place, performance would be reduced. Performance for Institutional Shares and Class II Shares is not shown
because Institutional Shares and Class II Shares of the Fund had not commenced operations as of the date of this prospectus. After-tax
returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact
of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.
Actual after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such
as 401(k) plans or individual retirement accounts (“IRA”). Past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future. Updated performance information is available at www.dundeewealthus.com
or by calling 1-888-572-0968.</p>
<div><b>Annual Return For the years ended December 31 </b></div>
<div><b>Annual Return For the years ended December 31 </b></div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Annual Return For the years ended December 31</b> </div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Annual Return For the years ended December 31</b> </div>
<div><b>Annual Return<br />For the years ended December 31</b> </div>
<div><b style="color: #000000; font-family: 'times new roman', times, serif; font-size: 13px; font-style: normal; font-variant: 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;">Annual Return<br />For the years ended December 31</b></div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus1Member column dei_LegalEntityAxis compact duwf_S000025043Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus4Member column dei_LegalEntityAxis compact duwf_S000025046Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus5Member column dei_LegalEntityAxis compact duwf_S000025048Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus6Member column dei_LegalEntityAxis compact duwf_S000025049Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus7Member column dei_LegalEntityAxis compact duwf_S000025038Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_DocumentInformationDocumentAxis compact duwf_Prospectus8Member column dei_LegalEntityAxis compact duwf_S000025040Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<p style="font: 10pt times new roman,times,serif; margin: 8pt 0pt 0pt"></p>
<p style="text-align: left; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">The Fund’s year-to-date
total return for Class I Shares through September 30, 2012 was (0.60)%.</p>
<p style="margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 22%"> </td>
<td style="width: 78%"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td>
<td> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt">December 31, 2010</td>
<td style="text-align: left; text-indent: 0pt">14.05%</td></tr>
<tr style="vertical-align: top">
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td>
<td> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt">September 30, 2011</td>
<td style="text-align: left; text-indent: 0pt">(14.56)%</td></tr>
</table>
<p style="text-align: justify; text-indent: 0pt; margin: 0"></p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund’s
year-to-date total return for Class I Shares through September 30, 2012 was 12.45%.</p>
<p style="text-align: left"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 30%">
<tr style="vertical-align: bottom">
<td style="width: 67%"> </td>
<td style="width: 33%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; text-indent: 0pt">September 30, 2010</td>
<td style="text-align: left; text-indent: 0pt">10.92%</td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; text-indent: 0pt">June 30, 2010</td>
<td style="text-align: left; text-indent: 0pt">(6.18)%</td></tr>
</table>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund’s
year-to-date total return for Class I Shares through September 30, 2012 was 9.44%.</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 30%">
<tr style="vertical-align: bottom">
<td style="width: 63%"> </td>
<td style="width: 37%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; text-indent: 0pt">December 31, 2010</td>
<td style="text-align: left; text-indent: 0pt">10.55%</td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; text-indent: 0pt">September 30, 2011</td>
<td style="text-align: left; text-indent: 0pt">(11.55)%</td></tr>
</table>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund’s
year-to-date total return for Class I Shares through September 30, 2012 was 7.83%.</p>
<p style="text-align: left"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 30%">
<tr style="vertical-align: top">
<td style="width: 63%"> </td>
<td style="width: 37%"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td>
<td> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt">December 31, 2010</td>
<td style="text-align: left; text-indent: 0pt">13.25%</td></tr>
<tr style="vertical-align: top">
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td>
<td> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt">September 30, 2011</td>
<td style="text-align: left; text-indent: 0pt">(14.54)%</td></tr>
</table>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund’s year-to-date total return for Class I Shares through September 30, 2012 was 8.61%.</p>
<p> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 20%"> </td>
<td style="width: 10%"> </td>
<td style="width: 70%"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt">September 30, 2010</td>
<td style="text-align: left; text-indent: 0pt">27.19%</td>
<td> </td></tr>
<tr style="vertical-align: top">
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt">September 30, 2011</td>
<td style="text-align: left; text-indent: 0pt">(16.69)%</td>
<td> </td></tr>
</table>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"> </p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund’s
year-to-date total return for Class I Shares through September 30, 2012 was 17.60%.</p>
<p> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 20%"> </td>
<td style="width: 10%"> </td>
<td style="width: 70%"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt">September 30, 2010</td>
<td style="text-align: left; text-indent: 0pt">22.36%</td>
<td> </td></tr>
<tr style="vertical-align: top">
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: left; text-indent: 0pt">September 30, 2011</td>
<td style="text-align: left; text-indent: 0pt">(16.50)%</td>
<td> </td></tr>
</table>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0"> </p>
<p style="text-align: left; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">Standard & Poor’s/Toronto
Stock Exchange Capped Energy Index** (reflects no deductions for fees, expenses or taxes)</p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Before
Taxes</p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">After
Taxes on Distributions</p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">After
Taxes on Distributions and Sale of Fund Shares</p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Standard
& Poor’s/Toronto Stock Exchange Equity Income Index**(reflects no deductions for fees, expenses or taxes)</p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Standard
& Poor’s/Toronto Stock Exchange Composite Index**(reflects no deductions for fees, expenses or taxes)</p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Standard
& Poor’s Global Infrastructure Index (reflects no deductions for fees, expenses or taxes)</p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Morgan
Stanley Capital International (MSCI) World Index (reflects no deductions for fees, expenses or taxes)</p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Before
Taxes</p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">After
Taxes on Distributions</p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">After
Taxes on Distributions and Sale of Fund Shares</p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Morgan
Stanley Capital International (MSCI) World Index (reflects no deductions for fees, expenses or taxes)</p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Before
Taxes</p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">After
Taxes on Distributions</p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">After
Taxes on Distributions and Sale of Fund Shares</p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Morgan
Stanley Capital International (MSCI) World Index (reflects no deductions for fees, expenses or taxes)</p>
Before Taxes
After Taxes on Distributions
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">After
Taxes on Distributions and Sale of Fund Shares</p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Standard
& Poor’s/Toronto Stock Exchange Global Gold Index (reflects no deductions for fees, expenses or taxes)</p>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Before
Taxes</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">After
Taxes on Distributions</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">After
Taxes on Distributions and Sale of Fund Shares</font></div>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Russell
1000® Growth Index (reflects no deductions for fees, expenses or taxes)</p>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Before
Taxes</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">After
Taxes on Distributions</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">After
Taxes on Distributions and Sale of Fund Shares</font></div>
0.0063
0.0066
0.0114
-0.0039
-0.0502
0.1097
0.0962
0.0884
-0.0502
-0.0676
-0.0833
-0.0229
-0.0502
-0.1226
-0.1471
-0.0469
-0.1569
-0.2968
-0.3255
-0.1912
0.0264
0.0461
0.0371
0.0303
2009-08-18
2009-08-18
2009-08-18
2009-08-18
2009-04-01
2009-04-01
2009-04-01
2009-04-01
2009-04-01
2009-04-01
2009-04-01
2009-04-02
2009-04-02
2009-04-02
2009-04-02
2009-04-02
2009-04-02
2009-04-02
2009-04-02
2009-04-01
2009-04-01
2009-04-01
2009-04-01
2009-04-01
2009-04-01
2009-04-01
2009-04-01
<div>year-to-date total return</div>
<div>year-to-date total return</div>
<div>year-to-date total return</div>
<div>year-to-date total return</div>
<div>year-to-date total return</div>
<div>year-to-date total return</div>
2012-09-30
2012-09-30
2012-09-30
2012-09-30
2012-09-30
2012-09-30
-0.0060
0.1245
0.0944
0.0783
0.0861
0.1760
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter</b></p>
<div>Best Quarter</div>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter</b></p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><b>Best
Quarter</b></p>
<div>Best Quarter</div>
<div>Best Quarter</div>
2010-12-31
2010-09-30
2010-12-31
2010-12-31
2010-09-30
2010-09-30
0.1405
0.1092
0.1055
0.1325
0.2719
0.2236
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><b>Worst
Quarter</b></p>
<div>Worst Quarter</div>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><b>Worst
Quarter</b></p>
<p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><b>Worst
Quarter</b></p>
<div>Worst Quarter</div>
<div>Worst Quarter</div>
2011-09-30
2010-06-30
2011-09-30
2011-09-30
2011-09-30
2011-09-30
-0.1456
-0.0618
-0.1155
-0.1454
-0.1669
-0.1650
0.2312
0.1122
0.1046
0.1873
0.7342
0.5067
0.0063
0.1097
-0.0676
-0.1226
-0.2968
0.0461
<div style="font: 12pt Times New Roman, Times, Serif"><b>DYNAMIC ENERGY INCOME FUND</b></div>
<div style="font: 12pt Times New Roman, Times, Serif"><b>DYNAMIC GLOBAL GROWTH FUND</b></div>
<div style="font: 12pt Times New Roman, Times, Serif"><b>DYNAMIC WORLD GROWTH FUND</b></div>
<div style="font: 12pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0"><b>DYNAMIC
CANADIAN EQUITY INCOME FUND</b></div>
<div style="font: 12pt Times New Roman, Times, Serif"><b>DYNAMIC CONTRARIAN ADVANTAGE FUND</b></div>
<div style="font: 12pt Times New Roman, Times, Serif"><b>DYNAMIC DISCOVERY FUND</b></div>
<div style="font: 12pt Times New Roman, Times, Serif"><b>DYNAMIC GOLD & PRECIOUS METALS FUND</b></div>
<div style="margin: 0pt"><b>DYNAMIC U.S. GROWTH FUND</b></div>
0.7892
0.2989
0.7755
0.6326
0.7556
3.2354
<p>The Fund invests, under normal market conditions, at least 80% of its assets in equity securities of energy and utility companies.</p>
<p>The Fund invests in a portfolio consisting of equity securities of U.S. and foreign companies chosen according to a growth
oriented investment approach.</p>
<p>The Fund represents an actively traded portfolio of equity securities of businesses located in the U.S. and around the world
chosen according to a growth investment approach.</p>
<p>The Fund invests, under normal market conditions, at least 80% of its assets in the equity securities of companies located
in Canada.</p>
<p>The Fund invests in a broadly diversified portfolio consisting of equity securities of U.S. and foreign companies chosen using
a value oriented investment approach.</p>
<p style="font: 10pt Times New Roman, Times, Serif">The Fund will invest primarily in equity securities of U.S. and foreign companies.
The Fund may invest the majority of its assets in equity securities of U.S., Canadian and other foreign small capitalization companies.</p>
<p>The Fund invests, under normal market conditions, at least 80% of its assets in securities of companies which are engaged primarily
in activities related to gold and various precious metals, including exploration, mining, development, fabrication, processing
or distribution, in instruments that derive their value from the value of precious metals and in gold, silver, platinum and palladium
in the form of bullion, coins and storage receipts.</p>
<p>The Fund invests, under normal market conditions, at least 80% of its assets in equity securities of U.S. companies chosen
according to a growth oriented investment approach.</p>
<p>You could lose all or some of your investment in the Fund.</p>
<p>You could lose all or some of your investment in the Fund.</p>
<p>You could lose all or some of your investment in the Fund.</p>
<p>You could lose all or some of your investment in the Fund.</p>
<p>You could lose all or some of your investment in the Fund.</p>
<p>You could lose all or some of your investment in the Fund.</p>
<p>You could lose all or some of your investment in the Fund.</p>
<p>You could lose all or some of your investment in the Fund.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund’s investment performance may be
more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a
fund that invests in a greater number of issuers.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund’s investment performance may be
more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a
fund that invests in a greater number of issuers.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund’s investment performance may be
more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a
fund that invests in a greater number of issuers.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund’s investment performance may be
more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a
fund that invests in a greater number of issuers.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund’s investment performance may be
more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a
fund that invests in a greater number of issuers.</p>
<p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The
Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund’s investment performance may be
more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a
fund that invests in a greater number of issuers.</p>
<p>The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing the Fund’s
performance for each full calendar year since its inception and by showing how the Fund’s average annual returns compare
with those of a broad measure of market performance.</p>
<p>The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing the Fund’s
performance for each full calendar year since its inception and by showing how the Fund’s average annual returns compare
with those of broad measures of market performance.</p>
<p>The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing the Fund’s
performance for each full calendar year since its inception and by showing how the Fund’s average annual returns compare
with those of a broad measure of market performance.</p>
<p>The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing the Fund’s
performance for each full calendar year since its inception and by showing how the Fund’s average annual returns compare
with those of a broad measure of market performance.</p>
<p>The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing the Fund’s
performance for each full calendar year since its inception and by showing how the Fund’s average annual returns compare
with those of a broad measure of market performance.</p>
<p>1-888-572-0968</p>
<p>1-888-572-0968</p>
<p>1-888-572-0968</p>
<p>1-888-572-0968</p>
<p>1-888-572-0968</p>
<p>1-888-572-0968</p>
<p style="font: 10pt Times New Roman, Times, Serif">1-888-572-0968</p>
<p>www.dundeewealthus.com</p>
<p>www.dundeewealthus.com</p>
<p>www.dundeewealthus.com</p>
<p>www.dundeewealthus.com</p>
<p>www.dundeewealthus.com</p>
<p>www.dundeewealthus.com</p>
<p>www.dundeewealthus.com</p>
<p>Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p>
<p>Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p>
<p>Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p>
<p>Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p>
<p>Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p>
<p>Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p>
<p>reflects no deductions for fees, expenses or taxes</p>
<p>reflects no deductions for fees, expenses or taxes</p>
<p>reflects no deductions for fees, expenses or taxes</p>
<p>reflects no deductions for fees, expenses or taxes</p>
<p>reflects no deductions for fees, expenses or taxes</p>
<p>reflects no deductions for fees, expenses or taxes.</p>
<p>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes.</p>
<p>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes.</p>
<p>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes.</p>
<p>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes.</p>
<p>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes.</p>
<p>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes.</p>
<p style="color: #000000; font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-transform: none; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><b>Average
Annual Total Returns For the Periods Ended December 31, 2011</b></p>
<p style="color: #000000; font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-transform: none; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><b>Average
Annual Total Returns For the Periods Ended December 31, 2011</b></p>
<p style="color: #000000; font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-transform: none; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><b>Average
Annual Total Returns For the Periods Ended December 31, 2011</b></p>
<p style="color: #000000; font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-transform: none; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><b>Average
Annual Total Returns For the Periods Ended December 31, 2011</b></p>
<p style="color: #000000; font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-transform: none; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><b>Average
Annual Total Returns For the Periods Ended December 31, 2011</b></p>
<p><b>Average Annual Total Returns</b><br style="clear: left" />
<b>For the Periods Ended December 31, 2011</b></p>
<p>The bar chart and performance table have been omitted because the Fund had not commenced operations as of the date of this
prospectus.</p>
<p>The bar chart and performance table have been omitted because the Fund had not commenced operations as of the date of this
prospectus.</p>
<p>Actual after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (“IRA”).</p>
<p>Actual after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (“IRA”).</p>
<p>Actual after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (“IRA”).</p>
<p>Actual after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (“IRA”).</p>
<p>Actual after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (“IRA”).</p>
<p>Actual after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts (“IRA”).</p>
2012-12-01
false
DundeeWealth Funds
Other
"Other Expenses" are estimated for the current fiscal year.
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 1.05% for Institutional Shares, 1.15% for Class I Shares and 1.30% for Class II Shares until January 31, 2014. 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.
"Other Expenses" for Institutional Shares and Class II Shares, which had not commenced operations as of the date of this prospectus, are estimated based on Class I Shares for the current fiscal year.
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 0.99% for Institutional Shares, 1.09% for Class I Shares and 1.24% for Class II Shares until January 31, 2014. 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.
While the Fund commenced operations on August 14, 2009, the Fund began investing consistent with its investment objective on August 18, 2009.
On February 2, 2011, the Board of Trustees approved a change in benchmark for the Fund from the Standard & Poor's/Toronto Stock Exchange Capped Energy Trust Index ("Prior Index") to the Standard & Poor's/Toronto Stock Exchange Capped Energy Index. This change was made in light of the conversion of the income trust constituent holdings of the Prior Index to corporations and the anticipated discontinuation of the Prior Index on March 18, 2011.
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 0.74% for Institutional Shares, 0.84% for Class I Shares and 0.99% for Class II Shares until January 31, 2014. 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.
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 1.15% for Institutional Shares, 1.25% for Class I Shares and 1.40% for Class II Shares until January 31, 2014. 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.
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 0.99% for Institutional Shares, 1.09% for Class I Shares and 1.24% for Class II Shares until January 31, 2014. 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 and reimbursement.
While the Fund commenced operations on March 31, 2009, the Fund began investing consistent with its investment objective on April 1, 2009.
While the Fund commenced operations on March 31, 2009, the Fund began investing consistent with its investment objective on April 2, 2009.
While the Fund commenced operations on March 31, 2009, the Fund began investing consistent with its prior investment objective on April 1, 2009.
Effective September 30, 2011, the Standard & Poor's/Toronto Stock Exchange Equity Income Index and Standard & Poor's/Toronto Stock Exchange Composite Index have replaced the Standard & Poor's Global Infrastructure Index and Morgan Stanley Capital International (MSCI) World Index as more appropriate benchmarks for the Fund. The Standard & Poor's/Toronto Stock Exchange Equity Income Index began its performance history on December 20, 2010. As such, performance results are not available for periods prior to that date.
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 1.10% for Institutional Shares, 1.20% for Class I Shares and 1.35% for Class II Shares until January 31, 2014. 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.
Acquired Fund Fees and Expenses ("AFFE") represent the pro rata expenses indirectly incurred by the Fund as a result of investing in other mutual funds that have their own expenses. AFFE are not used to calculate the Fund's net asset value and do not correlate to the ratio of Expenses to Average Net Assets found in the "Financial Highlights" section of the Prospectus.