0001534424-13-000071.txt : 20130221 0001534424-13-000071.hdr.sgml : 20130221 20130221142936 ACCESSION NUMBER: 0001534424-13-000071 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130221 DATE AS OF CHANGE: 20130221 EFFECTIVENESS DATE: 20130221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DundeeWealth Funds CENTRAL INDEX KEY: 0001365151 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-135371 FILM NUMBER: 13629866 BUSINESS ADDRESS: STREET 1: 1160 WEST SWEDESFORD ROAD STREET 2: SUITE 140 CITY: BERWYN STATE: PA ZIP: 19312 BUSINESS PHONE: (610) 854-0900 MAIL ADDRESS: STREET 1: 1160 WEST SWEDESFORD ROAD STREET 2: SUITE 140 CITY: BERWYN STATE: PA ZIP: 19312 FORMER COMPANY: FORMER CONFORMED NAME: BHR Institutional Funds DATE OF NAME CHANGE: 20060605 0001365151 S000017709 Smith Group Large Cap Core Growth Fund C000048914 Class I BSLGX C000048915 Class II 0001365151 S000018869 Mount Lucas U.S. Focused Equity Fund C000052243 Class I Shares BMLEX C000052244 Class II Shares 0001365151 S000025038 Dynamic Gold & Precious Metals Fund C000074490 Class I Shares DWGOX C000074491 Class II Shares C000117583 Institutional Shares 0001365151 S000025040 Dynamic U.S. Growth Fund C000074494 Class I Shares DWUGX C000074495 Class II Shares C000117584 Institutional Shares 0001365151 S000025043 Dynamic Energy Income Fund C000074500 Class I Shares DWEIX C000074501 Class II Shares C000117585 Institutional Shares 0001365151 S000025044 Dynamic Global Growth Fund C000074502 Class I Shares DWGGX C000074503 Class II Shares C000117586 Institutional Shares 0001365151 S000025045 Dynamic World Growth Fund C000074504 Class II Shares C000074505 Class I Shares DWGNX C000117587 Institutional Shares 0001365151 S000025046 Dynamic Canadian Equity Income Fund C000074506 Class I Shares DWGIX C000074507 Class II Shares C000117588 Institutional Shares 0001365151 S000025048 Dynamic Contrarian Advantage Fund C000074510 Class I Shares DWGVX C000074511 Class II Shares C000117590 Institutional Shares 0001365151 S000026154 JOHCM International Select Fund C000078467 Class I Shares JOHIX C000078468 Class II Shares JOHAX 0001365151 S000038129 JOHCM Emerging Markets Opportunities Fund C000117530 Class I Shares C000117531 Class II Shares C000117532 Institutional Shares 497 1 f13-0528.htm 497 FILING

These materials provide, in interactive data format using the Extensible Business Reporting Language, information relating to DundeeWealth Funds prospectuses dated February 1, 2013 that were filed with the with the Securities and Exchange Commission pursuant to Rule 497(c) under the Securities Act of 1933, as amended, on February 5, 2013 (SEC Accession No. 0001534424-13-000049).

 

 

 

 

 

 

 

EXHIBIT INDEX

 

 

 

Index No.   Description of Exhibit
     
EX-101.INS   XBRL Instance Document
EX-101.SCH   XBRL Taxonomy Extension Schema Document
EX-101.CAL   XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF   XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB   XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE   XBRL Taxonomy Extension Presentation Linkbase

 EX-101.INS 2 duwf-20120930.xml XBRL INSTANCE DOCUMENT 0001365151 2013-02-05 2013-02-05 0001365151 duwf:Prospectus1Member duwf:S000025043Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus1Member duwf:S000025043Member duwf:StandardAndPoorsTorontoStockExchangeCappedEnergyIndexMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus1Member duwf:S000025043Member duwf:C000074500Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus1Member duwf:S000025043Member duwf:C000074500Member rr:AfterTaxesOnDistributionsMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus1Member duwf:S000025043Member duwf:C000074500Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus1Member duwf:S000025043Member duwf:C000074501Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus1Member duwf:S000025043Member duwf:C000117585Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus2Member duwf:S000025044Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus2Member duwf:S000025044Member duwf:C000074502Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus2Member duwf:S000025044Member duwf:C000074503Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus2Member duwf:S000025044Member duwf:C000117586Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus3Member duwf:S000025045Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus3Member duwf:S000025045Member duwf:C000074505Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus3Member duwf:S000025045Member duwf:C000074504Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus3Member duwf:S000025045Member duwf:C000117587Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus4Member duwf:S000025046Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus4Member duwf:S000025046Member duwf:StandardAndPoorsTorontoStockExchangeEquityIncomeIndexMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus4Member duwf:S000025046Member duwf:StandardAndPoorsTorontoStockExchangeCompositeIndexMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus4Member duwf:S000025046Member duwf:C000074506Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus4Member duwf:S000025046Member duwf:C000074506Member rr:AfterTaxesOnDistributionsMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus4Member duwf:S000025046Member duwf:C000074506Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus4Member duwf:S000025046Member duwf:C000074507Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus4Member duwf:S000025046Member duwf:C000117588Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus5Member duwf:S000025048Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus5Member duwf:S000025048Member duwf:MorganStanleyCapitalInternationalWorldIndexMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus5Member duwf:S000025048Member duwf:C000074510Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus5Member duwf:S000025048Member duwf:C000074510Member rr:AfterTaxesOnDistributionsMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus5Member duwf:S000025048Member duwf:C000074510Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus5Member duwf:S000025048Member duwf:C000074511Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus5Member duwf:S000025048Member duwf:C000117590Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus6Member duwf:S000025038Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus6Member duwf:S000025038Member duwf:StandardAndPoorsTorontoStockExchangeGlobalGoldIndexMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus6Member duwf:S000025038Member duwf:C000074490Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus6Member duwf:S000025038Member duwf:C000074490Member rr:AfterTaxesOnDistributionsMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus6Member duwf:S000025038Member duwf:C000074490Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus6Member duwf:S000025038Member duwf:C000074491Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus6Member duwf:S000025038Member duwf:C000117583Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus7Member duwf:S000025040Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus7Member duwf:S000025040Member duwf:Russell1000GrowthIndexMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus7Member duwf:S000025040Member duwf:C000074494Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus7Member duwf:S000025040Member duwf:C000074494Member rr:AfterTaxesOnDistributionsMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus7Member duwf:S000025040Member duwf:C000074494Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus7Member duwf:S000025040Member duwf:C000074495Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus7Member duwf:S000025040Member duwf:C000117584Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus8Member duwf:S000038129Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus8Member duwf:S000038129Member duwf:C000117530Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus8Member duwf:S000038129Member duwf:C000117531Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus8Member duwf:S000038129Member duwf:C000117532Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus9Member duwf:S000026154Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus9Member duwf:S000026154Member duwf:MorganStanleyCapitalInternationalEAFEIndexMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus9Member duwf:S000026154Member duwf:C000078467Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus9Member duwf:S000026154Member duwf:C000078467Member rr:AfterTaxesOnDistributionsMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus9Member duwf:S000026154Member duwf:C000078467Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus9Member duwf:S000026154Member duwf:C000078468Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus10Member duwf:S000018869Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus10Member duwf:S000018869Member duwf:StandardAndPoorsIndexMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus10Member duwf:S000018869Member duwf:C000052243Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus10Member duwf:S000018869Member duwf:C000052243Member rr:AfterTaxesOnDistributionsMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus10Member duwf:S000018869Member duwf:C000052243Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus10Member duwf:S000018869Member duwf:C000052244Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus11Member duwf:S000017709Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus11Member duwf:S000017709Member duwf:StandardAndPoorsIndexMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus11Member duwf:S000017709Member duwf:C000048914Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus11Member duwf:S000017709Member duwf:C000048914Member rr:AfterTaxesOnDistributionsMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus11Member duwf:S000017709Member duwf:C000048914Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus11Member duwf:S000017709Member duwf:C000048915Member 2013-02-05 2013-02-05 0001365151 duwf:Prospectus5Member duwf:S000025048Member duwf:RussellDevelopedLargeCapIndexMember 2013-02-05 2013-02-05 0001365151 duwf:Prospectus9Member duwf:S000026154Member duwf:RussellDevelopedexNorthAmericaLargeCapIndexMember 2013-02-05 2013-02-05 iso4217:USD xbrli:pure Other 2012-09-30 DundeeWealth Funds 0001365151 false duwf DWEIX DWEJX DWEKX DWGGX DWGNX DWGIX DWGJX DWGKX DWGVX DWGWX DWGOX DWGPX DWGQX DWUGX DWUHX DWUIX JOEIX JOEAX JOEMX JOHIX JOHAX BMLEX BSLGX 2013-02-05 2013-02-21 2013-02-01 <p style="font: 12pt Times New Roman, Times, Serif"><b>DYNAMIC ENERGY INCOME FUND</b></p> <p style="font: 12pt Times New Roman, Times, Serif"><b>DYNAMIC GLOBAL GROWTH FUND</b></p> <p style="font: 12pt Times New Roman, Times, Serif"><b>DYNAMIC WORLD GROWTH FUND</b></p> <p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 12pt Times New Roman, Times, Serif"><b>DYNAMIC CANADIAN EQUITY INCOME FUND</b></p> <p style="font: 12pt Times New Roman, Times, Serif"><b>DYNAMIC CONTRARIAN ADVANTAGE FUND</b></p> <p style="font: 12pt Times New Roman, Times, Serif"><b>DYNAMIC GOLD &#38; PRECIOUS METALS FUND</b></p> <p style="font: 12pt Times New Roman, Times, Serif"><b></b><b>DYNAMIC U.S. GROWTH FUND</b></p> <p style="font: 12pt Times New Roman, Times, Serif"><b></b><b>JOHCM EMERGING MARKETS OPPORTUNITIES FUND</b></p> <p style="font: 12pt Times New Roman, Times, Serif"><a name="rhf130502b002v1"></a><b>JOHCM INTERNATIONAL SELECT FUND</b></p> <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font: bold 12pt Times New Roman">MOUNT LUCAS U.S. FOCUSED EQUITY FUND</font></font> <font style="display: inline; font: 10pt Times New Roman"><font style="font: 10pt Times New Roman"><font style="display: inline; font: bold 12pt Times New Roman">SMITH GROUP LARGE CAP CORE GROWTH FUND</font></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> <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 &#147;Fund&#148;) 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 &#147;Fund&#148;) 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 &#147;Fund&#148;) 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 &#147;Fund&#148;) 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 Advantage Fund (the &#147;Fund&#148;) is to seek long-term capital appreciation.</p> <p style="font: 10pt Times New Roman, Times, Serif">The investment objective of the Dynamic Gold &#38; Precious Metals Fund (the &#147;Fund&#148;) 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 &#147;Fund&#148;) is to seek long-term capital appreciation.</p> <p style="font: 10pt Times New Roman, Times, Serif">The investment objective of the JOHCM Emerging Markets Opportunities Fund (the &#147;Fund&#148;) is to seek long-term capital appreciation.</p> <p style="font: 10pt Times New Roman, Times, Serif">The investment objective of the JOHCM International Select Fund (the &#147;Fund&#148;) is to seek long-term capital appreciation.</p> <p style="font: 10pt Times New Roman, Times, Serif">The investment objective of the Mount Lucas U.S. Focused Equity Fund (the &#147;Fund&#148;) is to seek long-term capital appreciation.</p> <p style="font: 10pt Times New Roman, Times, Serif">The investment objective of the Smith Group Large Cap Core Growth Fund (the &#147;Fund&#148;) is to seek long-term capital appreciation.</p> This table describes the fees and expenses that you may pay if you buy and hold Fund shares. <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> <font>This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</font> <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font: 10pt Times New Roman"><font style="font: 10pt Times New Roman">This table describes the fees and expenses that you pay if you buy and hold Fund shares.</font></font></font> <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 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 pay if you buy and hold Fund shares.</p> <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 pay if you buy and hold Fund shares.</p> 0.009 0.009 0.009 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 0.0065 0.0065 0.0065 0.0105 0.0105 0.0105 0.0085 0.0085 0.0075 0.0075 0.0061 0.0061 0.001 0.0025 0 0.001 0.0025 0 0.001 0.0025 0 0.001 0.0025 0 0.001 0.0025 0 0.001 0.0025 0 0.001 0.0025 0 0.001 0.0025 0 0 0.0025 0 0.0025 0 0.0025 0.0073 0.0088 0.0063 0.0247 0.0262 0.0237 0.0246 0.0261 0.0236 0.0397 0.0412 0.0387 0.1396 0.1411 0.1386 0.0074 0.0089 0.0064 0.006 0.0075 0.005 0.0095 0.011 0.0085 0.0041 0.0066 0.0099 0.0124 0.0045 0.007 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 0.0169 0.0184 0.0159 0.0125 0.014 0.0115 0.02 0.0215 0.019 0.0126 0.0151 0.0174 0.0199 0.0106 0.0131 -0.0054 -0.0054 -0.0054 -0.0227 -0.0227 -0.0227 -0.0226 -0.0226 -0.0226 -0.0379 -0.0379 -0.0379 -0.1366 -0.1366 -0.1366 -0.0049 -0.0049 -0.0049 -0.0041 -0.0041 -0.0041 -0.0061 -0.0061 -0.0061 -0.0017 -0.0017 -0.0079 -0.0079 -0.0027 -0.0027 0.0109 0.0124 0.0099 0.0115 0.013 0.0105 0.0115 0.013 0.0105 0.0109 0.0124 0.0099 0.0115 0.013 0.0105 0.012 0.0135 0.011 0.0084 0.0099 0.0074 0.0139 0.0154 0.0129 0.0109 0.0134 0.0095 0.012 0.0079 0.0104 <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Portfolio Turnover: <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>&#160;</div> <div><b>Portfolio Turnover:</b></div> <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Portfolio Turnover: <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>&#160;</div> <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Portfolio Turnover: <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Portfolio Turnover: <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Portfolio Turnover: <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Portfolio Turnover: <p style="font: 10pt Times New Roman, Times, Serif">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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&#146;s performance. During the most recent fiscal year, the Fund&#146;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 &#147;turns over&#148; 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&#146;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 &#147;turns over&#148; 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&#146;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 &#147;turns over&#148; 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&#146;s performance. During the most recent fiscal year, the Fund&#146;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 &#147;turns over&#148; 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&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 77.55% 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 &#147;turns over&#148; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#146;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#146;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 &#147;turns over&#148; 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&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 323.54% 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 &#147;turns over&#148; 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&#146;s performance.</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 &#147;turns over&#148; 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&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 50.69% 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 &#147;turns over&#148; 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&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 118.67% 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 &#147;turns over&#148; 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&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 60.59% of the average value of its portfolio.</p> 0.7892 0.2989 0.7755 0.7556 3.2354 0.5069 1.1867 0.6059 <p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font-size: 10pt">&#160;&#147;Other Expenses&#148; 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.</font></p> <p style="font: 10pt Times New Roman, Times, Serif">&#147;Other Expenses&#148; are estimated for the current fiscal year.</p> <p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#147;Other Expenses&#148; are estimated for the current fiscal year.</font></p> <p style="font: 10pt Times New Roman, Times, Serif">&#147;Other Expenses&#148; 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.</p> <p style="font: 10pt Times New Roman, Times, Serif">&#147;Other Expenses&#148; 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.</p> <p style="font: 10pt Times New Roman, Times, Serif">&#147;Other Expenses&#148; 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.</p> <p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0">&#160;<font style="font-size: 10pt">&#147;Other Expenses&#148; 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.</font></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#147;Other Expenses&#148; are estimated for the current fiscal year.</p> <p style="font: 10pt Times New Roman, Times, Serif">&#147;Other Expenses&#148; for 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.</p> <p style="font: 10pt Times New Roman, Times, Serif">&#147;Other Expenses&#148; for 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.</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="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> 278 126 10098 293 132 10707 293 132 10707 278 126 10098 293 132 10707 306 137 11215 214 101 7558 354 157 13139 278 136 242 122 202 106 1153 508 43040 2097 883 80895 2092 881 80690 2816 1170 109751 7247 2934 287554 1212 531 45391 890 403 32470 1421 614 53780 957 461 1177 548 776 389 2089 914 78306 3958 1656 153460 3949 1652 153058 5361 2213 209842 12904 5205 513247 2179 950 81938 1617 727 59337 1688 808 2174 1000 1396 692 4719 2050 177755 8876 3687 345813 8854 3678 344955 11749 4817 462004 22849 9176 911494 4892 2118 184784 3688 1644 136095 3769 1787 4965 2253 3174 1555 <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Principal Investment Strategy:</font> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"><b>Principal Investment Strategy:</b></p> <p style="margin: 0"></p> <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>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> <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Principal Investment Strategy:</font> <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Principal Investment Strategy:</font> <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Principal Investment Strategy:</font> <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Principal Investment Strategy:</font> <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>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 style="font: 10pt Times New Roman, Times, Serif">The Fund invests, under normal conditions, at least 80% of its assets in securities of companies domiciled in, or listed in, or whose principal business activities are located in, the emerging markets.</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 headquartered outside the United States.</p> <p style="font-family: Times New Roman, Times, Serif"><font style="font-size: 10pt">The Fund invests, under normal market conditions, in U.S. common stocks and other equity securities.</font></p> <p style="font: 10pt Times New Roman, Times, Serif">The Fund invests, under normal market conditions, at least 80% of its assets in U.S.</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="font: 10pt Times New Roman, Times, Serif">You could lose all or some of your investment in the Fund.</p> <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font: 10pt Times New Roman"><font style="font: 10pt Times New Roman">You could lose all or some of your investment in the Fund.</font></font></font> <p style="font: 10pt Times New Roman, Times, Serif">You could lose all or some of your investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif">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&#146;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&#146;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&#146;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&#146;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&#146;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="font: 10pt Times New Roman, Times, Serif">The Fund is non-diversified and invests in a limited number of securities, typically 20 to 40 stocks.&#160;&#160;Therefore, the Fund&#146;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="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p> <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold">Performance Information: <p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p> <p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p> <p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p> <p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p> <p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p> <p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p> <p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p> <p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></p> <p style="font: 10pt Times New Roman, Times, Serif"><b>Performance Information:</b></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&#146;s performance for each full calendar year since its inception and by showing how the Fund&#146;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&#146;s performance for each full calendar year since its inception and by showing how the Fund&#146;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&#146;s performance for each full calendar year since its inception and by showing how the Fund&#146;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&#146;s performance for each full calendar year since its inception and by showing how the Fund&#146;s average annual returns compare with those of a broad measure of market performance.</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 how the Fund&#146;s performance has varied from year to year, and by showing how the Fund&#146;s average annual returns compare with those of a broad measure of market performance.</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&#146;s performance for each full calendar year since its inception and by showing how the Fund&#146;s average annual returns compare with those of a broad measure of market performance.</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&#146;s performance for each full calendar year since its inception and by showing how the Fund&#146;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 style="font: 10pt Times New Roman, Times, Serif">1-888-572-0968</p> <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font: 10pt Times New Roman"><font style="font: 10pt Times New Roman">1-888-572-0968</font></font></font> <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font: 10pt Times New Roman"><font style="font: 10pt Times New Roman">1-888-572-0968</font></font></font> <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> <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font: 10pt Times New Roman"><font style="font: 10pt Times New Roman">www.dundeewealthus.com</font></font></font> <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font: 10pt Times New Roman"><font style="font: 10pt Times New Roman">www.dundeewealthus.com</font></font></font> <font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font: 10pt Times New Roman"><font style="font: 10pt Times New Roman">www.dundeewealthus.com</font></font></font> <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 style="font: 10pt Times New Roman, Times, Serif">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</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>&#160;</div> <div><b>Annual Return For the years ended December 31 </b></div> <div><b>Annual Return For the years ended December 31 </b></div> <p> <b>Annual Return - Class I For the years ended December 31 </b></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> 0.2312 0.2312 0.1122 0.1122 0.1046 0.1046 0.7342 0.7342 0.5067 0.5067 0.2974 0.2974 0.2449 0.2449 0.1867 0.1867 0.0063 0.0063 0.1097 0.1097 -0.0676 -0.0676 -0.2968 -0.2968 0.0461 0.0461 -0.1524 -0.1524 -0.0654 -0.0654 0.0419 0.0419 -0.0713 -0.0713 0.1077 0.1077 0.0946 0.0946 -0.0767 -0.0767 0.0660 0.066 0.1548 0.1548 0.1562 0.1562 0.1254 0.1254 <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> <div>Best Quarter</div> <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> <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> 2010-12-31 2010-09-30 2010-12-31 2012-09-30 2010-09-30 2010-09-30 2009-06-30 2010-12-31 0.1405 0.1092 0.1055 0.2774 0.2236 0.208 0.2654 0.1447 <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> <div>Worst Quarter</div> <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> <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> 2011-09-30 2010-06-30 2011-09-30 2010-06-30 2011-09-30 2011-09-30 2008-12-31 2008-12-31 -0.1456 -0.0618 -0.1155 -18.28 -0.1650 -0.2101 -0.2488 -0.2456 <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 style="font: 10pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</p> <font style="display: inline; font: 10pt times new roman">reflects no deductions for fees, expenses or taxes</font> <td class="th" style="border-bottom-style: none; border-bottom-width: 0px"></td> <td class="text">reflects no deductions for fees, expenses or taxes</td> <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="font: 10pt Times New Roman, Times, Serif">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="font: 10pt Times New Roman, Times, Serif">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="font: 10pt Times New Roman, Times, Serif">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>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 (&#147;IRA&#148;).</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 (&#147;IRA&#148;).</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 (&#147;IRA&#148;).</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 (&#147;IRA&#148;).</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 (&#147;IRA&#148;).</p> <p style="font: 10pt Times New Roman, Times, Serif">Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown.&#160;&#160;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 (&#147;IRAs&#148;).</p> <p style="font: 10pt Times New Roman, Times, Serif">Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown.&#160;&#160;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 (&#147;IRAs&#148;)</p> <p style="font: 10pt Times New Roman, Times, Serif">Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown.&#160;&#160;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 (&#147;IRAs&#148;).</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, 2012</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, 2012</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, 2012</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, 2012</b></p> <p><b>Average Annual Total Returns</b><br style="clear: left" /> <b>For the Periods Ended December 31, 2012</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, 2012</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, 2012</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, 2012</b></p> <p style="text-align: left; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">Standard &#38; Poor&#146;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 &#38; Poor&#146;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 &#38; Poor&#146;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">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">Standard &#38; Poor&#146;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&#174; 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> <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 EAFE 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> <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> <p style="font-family: Times New Roman, Times, Serif"><font style="font-size: 10pt">S&#38;P 500</font><font style="font-size: 70%; vertical-align: text-top">&#174; </font><font style="font-size: 10pt">Index (reflects no deductions for fees, expenses or taxes)</font></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="font-family: Times New Roman, Times, Serif"><font style="font-size: 10pt">S&#38;P 500</font><font style="font-size: 70%; vertical-align: text-top">&#174; </font><font style="font-size: 10pt">Index (reflects no deductions for fees, expenses or taxes)</font></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 Developed Large Cap 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">Russell Developed ex-North America Large Cap Index (reflects no deductions for fees, expenses or taxes)</p> -0.0267 -0.0713 -0.076 -0.0321 0.1008 0.0962 0.1077 0.1051 0.0794 0.1654 0.0946 0.0941 0.0621 -0.1276 -0.0767 -0.0965 -0.0499 0.1526 0.066 0.066 0.0429 0.179 0.1548 0.1546 0.1028 0.1515 0.16 0.1562 0.1538 0.1048 0.16 0.1254 0.124 0.0833 0.1691 0.1842 0.0427 0.1122 0.1049 0.0979 0 0.1979 0.1786 0.1531 0.1443 0.1593 0.1023 0.0868 0.0842 0.0322 0.1558 0.1313 0.1221 0.1948 0.2608 0.2429 0.218 0.0732 0.095 0.0946 0.0827 0.0749 0.0068 -0.0026 -0.0054 -0.003 0.0087 -0.0155 -0.0162 -0.0132 0.1648 0.0783 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 2009-04-02 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 2007-10-01 2007-10-01 2007-10-01 2007-10-01 2007-06-01 2007-06-01 2007-06-01 2007-06-01 2009-04-02 <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 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> <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>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</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>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</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>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</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>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> </tr> </table> <div>&#160;</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>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</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>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</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>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</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>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right;">None</td> <td>&#160;</td> </tr> </table> <table cellspacing="0" cellpadding="0" 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"> <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>&#160;</td> <td>&#160;</td> <td style="text-align: right">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">None</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> </tr> </table> <table cellspacing="0" cellpadding="0" 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"> <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>&#160;</td> <td>&#160;</td> <td style="text-align: right">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">None</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> </tr> </table> <table cellspacing="0" cellpadding="0" 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"> <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>&#160;</td> <td>&#160;</td> <td style="text-align: right">None</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">None</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> </tr> </table> <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> <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="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">&#160;</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 (the minimum initial investment for Class II Shares is $2,000) 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 (the minimum initial investment for Class II Shares is $2,000) 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 (the minimum initial investment for Class II Shares is $2,000) 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 (the minimum initial investment for Class II Shares is $2,000) 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"><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 &#160;(the minimum initial investment for Class II Shares is $2,000) 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"><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 (the minimum initial investment for Class II Shares is $2,000) 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 (the minimum initial investment for Class II Shares is $2,000) 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><font style="font: 10pt Times New Roman, Times, Serif">&#160;This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font></p> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"><font style="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 (the minimum initial investment for Class II Shares is $2,000) for the time periods indicated and that you sell your shares at the end of those periods.&#160;&#160;The example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same.&#160;&#160;Although your actual costs and returns might be different, your approximate costs of investing $1,000,000 in Institutional Shares of the Fund, $25,000 in Class I Shares of the Fund and $10,000 in Class II Shares of the Fund would be:</font></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-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The example assumes that you invest $25,000 in Class I Shares of the Fund and $10,000 in Class II Shares of the Fund (the minimum initial investment for Class II Shares is $2,000) for the time periods indicated and that you sell your shares at the end of those periods.&#160;&#160;The example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same.&#160;&#160;Although your actual costs and returns might be different, your approximate costs of investing $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: left; 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-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The example assumes that you invest $25,000 in Class I Shares of the Fund and $10,000 in Class II Shares of the Fund (the minimum initial investment for Class II Shares is $2,000)&#160;for the time periods indicated and that you sell your shares at the end of those periods.&#160;&#160;The example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same.&#160;&#160;Although your actual costs and returns might be different, your approximate costs of investing $25,000 in Class I Shares of the Fund and $10,000 in Class II Shares of the Fund&#160;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-indent: 0pt; font: 10pt Times New Roman, Times, Serif">The example assumes that you invest $25,000 in Class I Shares of the Fund and $10,000 in Class II Shares of the Fund&#160;(the minimum initial investment for Class II Shares is $2,000)&#160;for the time periods indicated and that you sell your shares at the end of those periods.&#160;&#160;The example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same.&#160;&#160;Although your actual costs and returns might be different, your approximate costs of investing $25,000 in Class I Shares of the Fund and $10,000 in Class II Shares of the Fund&#160;would be:</p> <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">&#160;</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 (&#147;MLPs&#148;) and Canadian income trusts to the extent permitted by applicable law. When investing in an income trust, GCIC US Ltd. (the &#147;Sub-Adviser&#148;) 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">&#160;</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">&#160;</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%">&#160;</td> <td style="width: 4%">&#160;</td> <td style="width: 92%">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: left; text-indent: 0pt">&#9679;</td> <td style="text-align: left; text-indent: 0pt">analyze financial data and other information sources;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: left; text-indent: 0pt">&#9679;</td> <td style="text-align: left; text-indent: 0pt">assess the quality of management; and</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: left; text-indent: 0pt">&#9679;</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">&#160;</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 &#147;Sub-Adviser&#148;) 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&#146;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%">&#160;</td> <td style="width: 4%">&#160;</td> <td style="width: 92%">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: left; text-indent: 0pt">&#9679;</td> <td style="text-align: left; text-indent: 0pt">analyze financial data and other information sources;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: left; text-indent: 0pt">&#9679;</td> <td style="text-align: left; text-indent: 0pt">assess the quality of management; and</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: left; text-indent: 0pt">&#9679;</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 &#147;Sub-Adviser&#148;) 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%">&#160;</td> <td style="width: 4%; text-align: left">&#160;</td> <td style="width: 92%; text-align: left">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: left; text-indent: 0pt">&#9679;</td> <td style="text-align: left; text-indent: 0pt">analyze financial data and other information sources;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: left; text-indent: 0pt">&#9679;</td> <td style="text-align: left; text-indent: 0pt">assess the quality of management; and</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: left; text-indent: 0pt">&#9679;</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 (&#147;REITs&#148;), as well as in other types of Canadian equity securities, including limited partnerships and master limited partnerships (&#147;MLPs&#148;). 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 &#147;Sub-Adviser&#148;) also evaluates the equity security&#146;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%">&#160;</td> <td style="text-align: justify; width: 4%">&#160;</td> <td style="text-align: justify; width: 92%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify; text-indent: 0pt">&#9679;</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">&#160;</td> <td style="text-align: justify; text-indent: 0pt">&#9679;</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">&#160;</td> <td style="text-align: justify; text-indent: 0pt">&#9679;</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">&#160;</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.&#160;</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 &#147;Sub-Adviser&#148;) 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&#146;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%">&#160;</td> <td style="width: 92%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; text-indent: 0pt">&#9679;</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">&#9679;</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">&#9679;</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 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.</p> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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 &#147;collector&#148; 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 &#150; 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.</p> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">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 &#147;Sub-Adviser&#148;) 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&#146;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&#146;s assets may be invested in any one country and/or category of precious metals.</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:&#160;</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%">&#160;</td> <td style="width: 4%">&#160;</td> <td style="width: 92%">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: left; text-indent: 0pt">&#9679;</td> <td style="text-align: left; text-indent: 0pt">analyze financial data and other information sources;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: left; text-indent: 0pt">&#9679;</td> <td style="text-align: left; text-indent: 0pt">assess the strength of a company&#146;s management; and</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: left; text-indent: 0pt">&#9679;</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 &#147;Sub-Adviser&#148;) 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:&#160;</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%">&#160;</td> <td style="width: 4%">&#160;</td> <td style="width: 92%">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: left; text-indent: 0pt">&#9679;</td> <td style="text-align: justify; text-indent: 0pt">analyze financial data and other information sources;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: left; text-indent: 0pt">&#9679;</td> <td style="text-align: justify; text-indent: 0pt">assess the quality of management; and</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: left; text-indent: 0pt">&#9679;</td> <td style="text-align: justify; text-indent: 0pt">conduct company interviews, where possible.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif">The Fund invests, under normal conditions, at least 80% of its assets in securities of companies domiciled in, or listed in, or whose principal business activities are located in, the emerging markets.&#160;&#160;The Fund may invest in emerging market companies of any size, including small and mid capitalization companies in order to achieve its objective.&#160;&#160;Emerging market countries include countries included in the MSCI.</p> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Emerging Markets Index and MSCI Frontier Markets Index, countries with low&#160;to middle-income economies according to the International Bank for Reconstruction and Development (more commonly referred to as the World Bank) and other countries with similar emerging market characteristics.&#160;</p> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">The Fund&#146;s investment style can be considered as growth at a reasonable price (GARP).&#160;&#160;GARP investment strategy is a blend of growth and value investing and seeks to find companies that have strong earnings growth at a good price. The Fund employs a combination of top-down and bottom-up research to assess potential investments for the Fund.&#160;&#160;JO Hambro Capital Management Ltd. (the &#147;Sub-Adviser&#148;) seeks to invest in companies that possess attractive fundamentals and fit with the Sub-Adviser&#146;s top-down country views within the emerging markets.&#160;&#160;The Fund will typically own between 40 and 60 companies that the Sub-Adviser believes exhibit strong business models, competitive industry positions and attractive valuations.&#160;&#160;The Fund may also invest up to 5% of its assets in frontier markets, which are generally smaller, less liquid and less developed than emerging markets.&#160;</p> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">In addition, the Fund&#160; may invest in participatory notes. Participatory notes (commonly known as &#147;P-notes&#148;) are equity access products structured as debt obligations and used by investors to take positions in certain foreign securities. P-notes are generally issued by the associates of foreign-based foreign brokerages and domestic institutional brokerages.</p> <p style="font: 10pt Times New Roman, Times, Serif"></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 headquartered outside the United States.&#160;&#160;The Fund may invest in 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-indent: 0pt; font: 10pt Times New Roman, Times, Serif">To achieve its investment objective, JO Hambro Capital Management Ltd. (the &#147;Sub-Adviser&#148;) seeks to identify and make investments in foreign companies based on a multi-dimensional investment process.&#160;&#160;They consider a number of factors including growth, valuation, size, momentum, and beta.&#160;&#160;The Fund utilizes a core style with a modest growth tilt (growth at a reasonable price, or &#147;GARP&#148;) over all capitalization ranges.&#160;&#160;The Fund seeks those stocks, sectors and countries with positive earnings surprises, sustainably high or increasing return on equity, and attractive valuations.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The investment process utilizes a combination of bottom-up investing and top-down asset allocation and is not benchmark constrained.&#160;&#160;Bottom-up investing utilizes techniques such as fundamental analysis to assess growth and value potential.&#160;&#160;In conducting fundamental analysis of companies that are being considered for purchase by the Fund, the management team will evaluate among other things, the financial condition and management of a company, its industry, stability of the country in which the company is headquartered and the interrelationship of these variables over time.&#160;&#160;As part of this evaluation, the Sub-Adviser may without limitation analyze financial data and other information sources and conduct company interviews.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;Top-down asset allocation utilizes evaluations of, among other things, economic factors including country risk, sector trends within individual countries and regions, and currency impact.<br /></p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="font-family: Times New Roman, Times, Serif"><font style="font-size: 10pt">The Fund invests, under normal market conditions, in U.S. common stocks and other equity securities.&#160;&#160;The Fund will invest at least 80% of its assets in U.S. common stocks and equity securities.&#160;&#160;The Fund&#146;s sub-adviser, Mount Lucas Management LP (the &#147;Sub-Adviser&#148;), selects investments for the Fund based upon a proprietary equity model developed by the firm&#146;s principals that screens and ranks stocks within the S&#38;P 500</font><font style="font-size: 70%; vertical-align: text-top">&#174;</font><font style="font-size: 10pt"> Index.&#160;&#160;The Sub-Adviser&#146;s approach is purely quantitative.&#160;&#160;The computer equity model identifies stocks for purchase using a combination of fundamental value and price momentum criteria.&#160;&#160;Price momentum is calculated as the percentage change in the price of a stock between two dates.&#160;&#160;These securities may be traded over-the-counter or listed on an exchange. While the Fund will not concentrate its investments in any one industry, the Fund may from time to time have a significant exposure in one or more sectors of the economy if the Sub-Adviser&#146;s computer equity model favors such sector or sectors.</font></p> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font-family: Times New Roman, Times, Serif"><font style="font-size: 10pt">The Sub-Adviser&#146;s strategy maintains a focus on the large-cap universe and seeks to capitalize on the Sub-Adviser&#146;s belief that several ideas can lead to returns greater than the S&#38;P 500</font><font style="font-size: 70%; vertical-align: text-top">&#174; </font><font style="font-size: 10pt">Index: deep value stocks may outperform the market over the long-term, momentum can persist within the market, fewer stocks in a strategy may be beneficial, a long-term investment horizon is necessary because strategies need time to work, and asset weighted portfolio construction may hurt returns in the long-run.</font></p> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font-family: Times New Roman, Times, Serif"><font style="font-size: 10pt">The Fund invests, under normal market conditions, at least 80% of its assets in U.S. common stocks and other equity securities of large capitalization companies that Smith Asset Management Group, L.P. (the &#147;Sub-Adviser&#148;), believes will have the highest probability of an earnings growth rate that exceeds investor expectations.&#160;&#160;The Sub-Adviser defines large capitalization companies as companies within the range of the capitalization of companies constituting the Russell 1000</font><font style="font-size: 70%; vertical-align: text-top">&#174; </font><font style="font-size: 10pt">Growth Index.&#160;&#160;As of December 31, 2012, the capitalization range of the Russell 1000<font style="vertical-align: text-top">&#174;</font> Growth Index was between approximately $231 million and $499.7 billion.&#160;&#160;These securities may be traded over the counter or listed on an exchange.</font></p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">When selecting investments for the Fund, the Sub-Adviser employs quantitative and qualitative analysis to identify high quality companies that they believe have the ability to accelerate earnings growth and exceed investor expectations.&#160;&#160;The security selection process consists of three steps.&#160;&#160;Beginning with a universe of large capitalization stocks, the Sub-Adviser&#146;s investment team first conducts a series of risk control and valuation screens designed to eliminate those stocks that are highly volatile or are more likely to underperform the market.&#160;&#160;The Sub-Adviser considers four primary factors when conducting the risk control and valuation screens.&#160;&#160;Those factors are: valuation, financial quality, stock volatility and corporate governance.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Stocks that pass the initial screens are then evaluated using a proprietary methodology that attempts to identify stocks with the highest probability of producing an earnings growth rate that exceeds investor expectations.&#160;&#160;In other words, the investment team seeks to identify stocks that are well positioned to benefit from a positive earnings surprise.&#160;&#160;The process incorporates the following considerations:&#160;&#160;changes in Wall Street opinions, individual analysts&#146; historical accuracy, earnings quality analysis and corporate governance practices.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">The first two screening steps produce a list of eligible companies that are subjected to traditional fundamental analysis to further understand each company&#146;s business prospects, earnings potential, strength of management and competitive positioning.&#160;&#160;The investment team uses the results of this analysis to construct the portfolio for the Fund. While the Fund will not concentrate its investments in any one industry, the Fund may have a significant exposure to one or more sectors of the economy, such as the Information Technology sector.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">Holdings in the portfolio become candidates for sale if the investment team identifies any negative investment or performance characteristics.&#160;&#160;Reasons to sell a stock may include: a negative earnings forecast or report, valuation concerns, company officials&#146; downward guidance on company performance or earnings, or announcement of a buyout.</p> <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>&#160;</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>&#160;</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>&#160;</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>&#160;</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>&#160;</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>&#160;</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>&#160;</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&#146;s assets in the event of bankruptcy.</p> <p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</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&#146;s investments.</p> <p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</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&#146;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">&#160;</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">&#160;</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&#146;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">&#160;</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">&#160;</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&#146;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&#146;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&#146; 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&#146;s general partner, cash flow risks, dilution risks and risks related to the general partner&#146;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">&#160;</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&#146;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">&#160;</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&#146;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">&#160;</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.&#160;&#160;Therefore, the Fund&#146;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></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&#146;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&#146;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&#146;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&#146;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.&#160;</p> <p style="font: 1pt Times New Roman, Times, Serif; margin: 0">&#160;</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&#146;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&#146;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&#146;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&#146;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&#146;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&#146;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&#146;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&#146;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&#160;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&#146;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&#146;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&#146; 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&#146;s general partner, cash flow risks, dilution risks and risks related to the general partner&#146;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&#146;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&#146;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&#146;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&#146;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&#146;s inability to correctly estimate a stock&#146;s intrinsic value, the market&#146;s inability to realize the stock&#146;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&#146;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&#146;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&#146;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&#146;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&#146;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&#146;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&#146;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"><br /> The Fund&#146;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 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&#146;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&#146;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; 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; font: 10pt Times New Roman, Times, Serif">The Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund&#146;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 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&#146;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&#146;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&#146;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&#146;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> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Since it primarily purchases equity securities, the Fund is subject to the risk that equity security prices will fall over short or extended periods of time.&#160;&#160;Price volatility is the principal risk of investing in the Fund.&#160;&#160;You could lose all or some of your investment in the Fund.&#160;&#160;In addition, common stocks represent a share of ownership in a company, and rank after bond and preferred stock in their claim on the company&#146;s assets in the event of bankruptcy.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;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.&#160;&#160;In addition, investments in foreign securities are generally denominated in foreign currency.&#160;&#160;As a result, changes in the value of those currencies compared to the U.S. dollar may affect the value of the Fund&#146;s investments.&#160;&#160;These risks are greater for securities of companies in emerging market countries because emerging market countries may have less stable governments, more volatile currencies and less established markets.</p> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Other risks include settlement, operational, custodial valuation risk, which is defined by the lack of active trading in emerging markets that may make it difficult to obtain an accurate price for a security held by the Fund.</p> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif">Developing countries may impose restrictions on the Fund&#146;s ability to repatriate investment income or capital.&#160;&#160;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.&#160;&#160;For example, funds may be withdrawn from the People&#146;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-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;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.&#160;&#160;Certain developing countries face serious exchange constraints.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;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.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries and, as a result, the risks of investing in emerging market countries are magnified in frontier countries.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;P-notes, in which the Fund may invest, represent interests in securities listed on certain foreign exchanges, and thus present similar risks to investing directly in such securities. P-notes also expose investors to counterparty risk, which is the risk that the entity issuing the note may not be able to honor its financial commitments.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;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.&#160;&#160;In particular, these small and midcap companies may have limited product lines, markets and financial resources, and may depend upon relatively small management groups.&#160;&#160;Therefore, small and midcap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.</p> <p style="text-indent: 0pt; 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 emerging market stocks.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</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.&#160;&#160;Price volatility is the principal risk of investing in the Fund.&#160;&#160;You could lose all or some of your investment in the Fund.&#160;&#160;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&#146;s assets in the event of bankruptcy.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;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.&#160;&#160;In addition, investments in foreign securities are generally denominated in foreign currency.&#160;&#160;As a result, changes in the value of those currencies compared to the U.S. dollar may affect the value of the Fund&#146;s investments.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The Fund may also invest in emerging market countries.&#160;&#160;Developing countries may impose restrictions on the Fund&#146;s ability to repatriate investment income or capital.&#160;&#160;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.&#160;&#160;For example, funds may be withdrawn from the People&#146;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-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;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.&#160;&#160;Certain developing countries face serious exchange constraints.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;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.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;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.&#160;&#160;In particular, these small and midcap companies may have limited product lines, markets and financial resources, and may depend upon relatively small management groups.&#160;&#160;Therefore, small and midcap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;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.&#160;&#160;Price volatility is the principal risk of investing in the Fund.&#160;&#160;You could lose all or some of your investment in the Fund.&#160;&#160;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&#146;s assets in the event of bankruptcy.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The Fund is also subject to the risk that its primary market segment, investments in large value companies, may underperform other market segments or the equity markets as a whole.&#160;&#160;Moreover, the Sub-Adviser&#146;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-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The Sub-Adviser believes that value stocks tend to be inexpensive based on various measures of their intrinsic value.&#160;&#160;These stocks are inexpensive because they are out of investor favor for one or more reasons.&#160;&#160;The goal of the Sub-Adviser is to identify value stocks that will increase in price and ultimately reflect their intrinsic value over time.&#160;&#160;Risks that may prevent value stocks from appreciating include:&#160;&#160;the Sub-Adviser&#146;s inability to correctly estimate a stock&#146;s intrinsic value, the market&#146;s inability to realize the stock&#146;s intrinsic value over time, or a poorly performing business causing the intrinsic value of the stock to decline.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The Fund is non-diversified and invests in a limited number of securities, typically 20 to 40 stocks.&#160;&#160;Therefore, the Fund&#146;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-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;This Fund should only be purchased by investors seeking capital appreciation who can withstand the share price volatility of equity investing.</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.&#160;&#160;Price volatility is the principal risk of investing in the Fund.&#160;&#160;You could lose all or some of your investment in the Fund. &#160;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&#146;s assets in the event of bankruptcy.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">The Fund is also subject to the risk that its primary market segment, investments in larger, growing companies, may underperform other market segments or the equity markets as a whole.&#160;&#160;Moreover, the Sub-Adviser&#146;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-indent: 0pt; 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.&#160;&#160;If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings.&#160;&#160;Growth companies also typically do not pay dividends.&#160;&#160;Companies that pay dividends may experience less significant stock price declines during market downturns.</p> <p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">This Fund should only be purchased by investors seeking capital appreciation who can withstand the share price volatility of equity investing.</p> <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&#146;s performance for each full calendar year since its inception and by showing how the Fund&#146;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&#146;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 (&#147;IRA&#148;). 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&#146;s performance for each full calendar year since its inception and by showing how the Fund&#146;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&#146;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&#146;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 (&#147;IRA&#148;). 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&#146;s performance for each full calendar year since its inception and by showing how the Fund&#146;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&#146;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 (&#147;IRA&#148;). 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&#146;s performance for each full calendar year since its inception and by showing how the Fund&#146;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&#146;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 (&#147;IRA&#148;). 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&#160;investment in the Fund by showing the Fund&#146;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&#146;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 (&#147;IRA&#148;). 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 have been omitted because the Fund has no investment performance information to report. After the Fund has had operations for at least one full calendar year, a bar chart and table will show the Fund&#146;s performance from year to year.&#160;&#160;The Fund intends to compare its performance to the Morgan Stanley Capital International Emerging Markets NR Index as its primary benchmark and Russell Emerging Markets Large Cap Index as a secondary benchmark.</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 how the Fund&#146;s performance has varied from year to year, and by showing how the Fund&#146;s average annual returns compare with those of a broad measure of market performance.&#160;&#160;Performance reflects contractual fee waivers in effect.&#160;&#160;If fee waivers were not in place, performance would be reduced.&#160;&#160;After-tax returns are shown for Class I only and will vary for Class II Shares.&#160;&#160;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.&#160;&#160;Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown.&#160;&#160;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 (&#147;IRAs&#148;).&#160;&#160;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"></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&#146;s performance for each full calendar year since its inception and by showing how the Fund&#146;s average annual returns compare with those of a broad measure of market performance.&#160;&#160;Performance reflects contractual fee waivers in effect.&#160;&#160;If fee waivers were not in place, performance would be reduced.&#160;&#160;Performance for Class II Shares is not shown because Class II Shares of the Fund had not commenced operations as of the date of this prospectus.&#160;&#160;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.&#160;&#160;Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown.&#160;&#160;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 (&#147;IRAs&#148;)&#160;&#160;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 <u>www.dundeewealthus.com</u> 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&#146;s performance for each full calendar year since its inception and by showing how the Fund&#146;s average annual returns compare with those of a broad measure of market performance.&#160;&#160;Performance reflects contractual fee waivers in effect.&#160;&#160;If fee waivers were not in place, performance would be reduced.&#160;&#160;Performance for Class II Shares is not shown because Class II Shares of the Fund had not commenced operations as of the date of this prospectus.<b>&#160;</b>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.&#160;&#160;Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown.&#160;&#160;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 (&#147;IRAs&#148;).&#160;&#160;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 <u>www.dundeewealthus.com</u> or by calling 1-888-572-0968.</p> <p style="font: 10pt times new roman,times,serif; margin: 8pt 0pt 0pt"></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%">&#160;</td> <td style="width: 78%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; text-indent: 0pt">12/31/10</td> <td style="text-align: left; text-indent: 0pt">14.05%</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; text-indent: 0pt">9/30/11</td> <td style="text-align: left; text-indent: 0pt">(14.56)%</td></tr> </table> <p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p> <p style="text-align: left; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif"><b></b></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%">&#160;</td> <td style="width: 33%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt">9/30/10</td> <td style="text-align: left; text-indent: 0pt">10.92%</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt">6/30/10</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"></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%">&#160;</td> <td style="width: 37%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt">12/31/10</td> <td style="text-align: left; text-indent: 0pt">10.55%</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt">9/30/11</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"></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%">&#160;</td> <td style="width: 37%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt">9/30/12</td> <td style="text-align: left; text-indent: 0pt">27.74%</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0pt">6/30/12</td> <td style="text-align: left; text-indent: 0pt">(18.28)%</td></tr> </table> <p style="text-align: left; text-indent: 0pt; margin-right: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"></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%">&#160;</td> <td style="width: 10%">&#160;</td> <td style="width: 70%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; text-indent: 0pt">9/30/10</td> <td style="text-align: left; text-indent: 0pt">22.36%</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; text-indent: 0pt">9/30/11</td> <td style="text-align: left; text-indent: 0pt">(16.50)%</td> <td>&#160;</td></tr> </table> <p style="text-align: justify; text-indent: 0pt; margin-right: 0; margin-left: 0">&#160;</p> <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"></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%">&#160;</td> <td style="width: 78%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; text-indent: 0pt">9/30/10</td> <td style="text-align: left; text-indent: 0pt">20.80%</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; text-indent: 0pt">9/30/11</td> <td style="text-align: left; text-indent: 0pt">(21.00)%</td></tr> </table> <p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p> <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"></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%">&#160;</td> <td style="width: 78%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; text-indent: 0pt">6/30/09</td> <td style="text-align: left; text-indent: 0pt">26.54%</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; text-indent: 0pt"> 12/31/08</td> <td style="text-align: left; text-indent: 0pt">(24.88)%</td></tr> </table> <p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</p> <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"></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%">&#160;</td> <td style="width: 78%">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; font-weight: bold; text-indent: 0pt">Best Quarter</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; text-indent: 0pt"> 12/31/10</td> <td style="text-align: left; text-indent: 0pt">14.47%</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; font-weight: bold; text-indent: 0pt">Worst Quarter</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: left; text-indent: 0pt"> 12/31/08</td> <td style="text-align: left; text-indent: 0pt">(24.56)%</td></tr> </table> <p style="text-align: justify; text-indent: 0pt; margin: 0">&#160;</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 style="font: 10pt Times New Roman, Times, Serif">The bar chart and performance table have been omitted because the Fund has no investment performance information to report.</p> 0.0002 0.0002 0.0002 -0.4392 -0.4392 -0.4122 -0.4122 0.3727 0.3727 0.1066 0.1066 0.0166 0.007 0.0043 0.0052 0.0166 -0.0198 -0.0204 -0.0168 <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_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_Prospectus7Member column dei_LegalEntityAxis compact duwf_S000025040Member 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_Prospectus9Member column dei_LegalEntityAxis compact duwf_S000026154Member 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_Prospectus10Member column dei_LegalEntityAxis compact duwf_S000018869Member 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_Prospectus11Member column dei_LegalEntityAxis compact duwf_S000017709Member 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_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_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_Prospectus7Member column dei_LegalEntityAxis compact duwf_S000025040Member 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_Prospectus9Member column dei_LegalEntityAxis compact duwf_S000026154Member 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_Prospectus10Member column dei_LegalEntityAxis compact duwf_S000018869Member 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_Prospectus11Member column dei_LegalEntityAxis compact duwf_S000017709Member 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_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_Prospectus7Member 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_Prospectus8Member column dei_LegalEntityAxis compact duwf_S000038129Member 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_Prospectus9Member column dei_LegalEntityAxis compact duwf_S000026154Member 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_Prospectus10Member column dei_LegalEntityAxis compact duwf_S000018869Member 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_Prospectus11Member column dei_LegalEntityAxis compact duwf_S000017709Member 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_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_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_Prospectus7Member column dei_LegalEntityAxis compact duwf_S000025040Member 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_S000038129Member 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_Prospectus9Member column dei_LegalEntityAxis compact duwf_S000026154Member 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_Prospectus10Member column dei_LegalEntityAxis compact duwf_S000018869Member 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_Prospectus11Member column dei_LegalEntityAxis compact duwf_S000017709Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0.0405 0.0437 0.179 0.1842 "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. "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. 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. 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 prior investment objective on April 1, 2009. 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. While the Fund commenced operations on March 31, 2009, the Fund began investing consistent with its investment objective on April 2, 2009. 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. While the Fund commenced operations on March 31, 2009, the Fund began investing consistent with its investment objective on April 1, 2009. 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. DundeeWealth US, LP (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) exceed 1.29%, 1.39% and 1.54% for Institutional Shares, Class I Shares and Class II Shares, respectively, until 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 investment adviser (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 1.09% for Class I Shares and 1.34% 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 Class I Shares of the Fund commenced operations on July 29, 2009, Class I Shares began investing consistent with its investment objective on July 30, 2009. Class II Shares commenced operations on March 31, 2010. "Other Expenses" for 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 investment adviser (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 0.95% for Class I Shares and 1.20% 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 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 September 28, 2007, the Fund began investing consistent with its investment objective on October 1, 2007. The investment adviser (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 0.79% for Class I Shares and 1.04% 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 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 May 31, 2007, the Fund began investing consistent with its investment objective on June 1, 2007. EX-101.DEF 3 duwf-20120930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE