Equity Income Funds

Dynamic’s Equity Income team employs a Quality at a Reasonable Price (QUARP™) philosophy to investing in best in class businesses that pay a dividend or distribution.

Portfolio managers in this fund:

Fund Facts as at August 31, 2010

Mutual Fund Type

Mutual Fund Trust

Inception Date

3/2/2009

Fund Category

Diversified income

Total Assets

$1,645.7 million(s)

MER

2.29%

Management Fee

1.85%

# of Holdings

126

Risk Tolerance

low

moderate

high

Fund Codes

Series	FE	LL	DSC	NL
A	1560	1561	1562
DCAF	1563	1564	1565
F				1566
I				1567

Fundserv prefix: DYN

Recent Distributions

Date	Dist
August 2010	$0.0584
July 2010	$0.0584
June 2010	$0.0584
May 2010	$0.0584
April 2010	$0.0584
March 2010	$0.0584
February 2010	$0.0584
January 2010	$0.0584
December 2009	$0.1802
November 2009	$0.0584
October 2009	$0.0584
September 2009	$0.0584

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Unit Price (NAVPS) update

Latest Fund price (9/2/2010):	$13.10		$0.03	(0.23%)

Latest Fund price (9/2/2010):

$13.10

$0.03

(0.23%)

Key Reasons to Own This Fund

Provides investors with a high level of monthly income
Takes a flexible approach to investing across a broad range of yield-oriented asset classes
Led by an experienced and conservative award-winning management team
Disciplined investment process used for asset allocation and security selection
MER capped at 2.15% + taxes until June 30, 2010 (Series A)

Investment Discipline

The Fund is designed to provide a high level of income and long term capital growth through investment in a diversified portfolio of fixed-income and income-oriented equity securities. Among both the equity and fixed income components of the portfolio the Managers focus on high-quality companies with strong balance sheets and sustainable dividends, distributions or coupon payments. An allocation to high yield bonds is made primarily through units of Dynamic High Yield Bond Fund.

Compounded Returns (%) (Series A) • as at August 31, 2010

1 month	3 months	6 months	1 year	3 years	5 years	10 years	Inception
1.9	5.0	5.3	16.1	--	--	--	27.3
Mutual fund regulations restrict the presentation of performance figures until a fund reaches its one-year anniversary.

Calendar Returns (%) (Series A) • as at August 31, 2010

2010 (YTD)	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000
7.7	--	--	--	--	--	--	--	--	--	--
Mutual fund regulations restrict the presentation of performance figures until a fund reaches its one-year anniversary.

Historical Returns (%) (Series A) • as at August 31, 2010

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2010	0.3	1.9	2.0	1.5	-3.1	0.4	2.7	1.9					7.7
2009			2.1	4.5	4.9	2.9	4.8	2.7	2.4	-0.2	3.5	1.9	33.7

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Initial investment:

From:

To:

Asset Allocation (%)
as at July 31, 2010

	Holding	%
	Common Stocks-CDN	22.2
	Income Trusts	15.9
	Dynamic High Yield Bond Fund, Series "O"	14.9
	Corporate Bonds - CDN	14.8
	Foreign Bonds & Debentures	10.9
	Cash, Short-Term Investments & Other Net Assets	7.4
	Real Estate Investment Trusts	4.5
	Canadian - Foreign Pay Bonds	4.5
	Common Stocks-US	2.4
	Preferred Stocks-CDN	1.3

Geographic Allocation (%)
as at July 31, 2010

	Holding	%
	Canada	77.2
	United States	14.1
	Australia	0.9
	United Kingdom	0.3
	Luxembourg	0.1

Sector Allocation (%)
as at July 31, 2010

	Holding	%
	Energy	16.0
	Real Estate	14.7
	Financials	14.5
	Utilities	9.0
	Telecommunication Services	7.6
	Consumer Staples	6.9
	Consumer Discretionary	4.0
	Materials	2.5
	Industrials	2.4
	Health Care	0.1

Sector Allocation, year-end (%)
as at December 31, 2009

	Holding	%
	Financials	31.3
	Real Estate	17.6
	Energy	17.2
	Consumer Staples	12.9
	Utilities	4.6
	Telecommunication Services	4.4
	Consumer Discretionary	4.2
	Materials	1.1
	Health Care	0.5
	Industrials	0.2

Top Equity Holdings July 31, 2010

Holding	%
Dynamic High Yield Bond Fund, Series "O"
Toronto-Dominion Bank
Royal Bank of Canada
Altria Group, Inc., 9.70% Nov.10 18
Brookfield Renewable Power Fund
Bank of Nova Scotia
Calloway Real Estate Investment Trust
Northland Power Income Fund
Viterra Inc., 8.50% Jul.07 12
BCE Inc.
Total allocation in top equity holdings	36.4

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Disclaimer:

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in units [share] value and reinvestment of all distributions [dividends] and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. The rates of return are used only to illustrate the effects of the compound growth rate and are not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

Risk tolerance measures the degree of uncertainty that an investor can handle regarding fluctuations in the value of their portfolio. The amount of risk associated with any particular investment depends largely on your own personal circumstances including your time horizon, liquidity needs, portfolio size, income, investment knowledge and attitude toward price fluctuations. Investors should consult their financial advisor before making a decision as to whether this Fund is a suitable investment for them.