Dynamic Strategic Yield Fund

Equity Income Funds • Series A • CDN

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.

Co-managers for this fund:

Fund Details
as at December 31, 2011

Mutual Fund Type	Mutual Fund Trust
Inception Date	3/2/2009
Fund Category	Diversified income
Total Assets	$3,501.5 million(s)
MER	2.29%
Management Fee	1.85%
# of Holdings	203

Risk Tolerance

low

moderate

high

Recent Distributions

Date	Dist
December 2011	$0.0584
November 2011	$0.0584
October 2011	$0.0584
September 2011	$0.0584
August 2011	$0.0584
July 2011	$0.0584
June 2011	$0.0584
May 2011	$0.0584
April 2011	$0.0584
March 2011	$0.0584
February 2011	$0.0584
January 2011	$0.0584

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

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.

Unit Price (NAVPS) Update

Current Price (1/27/2012) Daily change	$13.76 -$0.06 (-0.01%)

Current Price (1/27/2012)

Daily change

$13.76

-$0.06 (-0.01%)

Compounded Returns (%) (Series A) • as at December 31, 2011

1 month	3 months	6 months	1 year	3 years	5 years	10 years	Inception
2.1	5.0	2.2	7.2	--	--	--	18.6
Mutual fund regulations restrict the presentation of performance figures until a fund reaches its one-year anniversary.

Calendar Returns (%) (Series A) • as at December 31, 2011

2011 (YTD)	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001
7.2	13.3	--	--	--	--	--	--	--	--	--
Mutual fund regulations restrict the presentation of performance figures until a fund reaches its one-year anniversary.

Historical Returns (%) (Series A) • as at December 31, 2011

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2011	1.0	2.3	1.2	0.2	1.4	-1.3	-0.6	-0.2	-1.9	2.2	0.5	2.1	7.2
2010	0.3	1.9	2.0	1.5	-3.1	0.4	2.7	1.9	2.3	1.8	0.3	0.8	13.3
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 December 31, 2011

	Holding	%
	Common Stocks-CDN	40.4
	Corporate Bonds - CDN	13.4
	Cash, Short-Term Investments & Other Net Assets	10.7
	Dynamic High Yield Bond Fund, Series "O"	10.4
	Common Stocks-US	7.7
	Foreign Bonds & Debentures	7.3
	Real Estate Investment Trusts	4.5
	Income Trusts	2.3
	Canadian - Foreign Pay Bonds	2.1
	Preferred Stocks-CDN	0.7

Geographic Allocation (%)

as at December 31, 2011

	Holding	%
	Canada	73.9
	United States	14.9
	United Kingdom	0.4
	France	0.1

Sector Allocation (%)¹

as at December 31, 2011

	Holding	%
	Energy	13.6
	Real Estate	13.3
	Financials	12.9
	Energy Infrastructure	12.4
	Telecommunication Services	10.7
	Utilities	5.7
	Consumer Staples	4.0
	Consumer Discretionary	3.3
	Materials	1.8
	Industrials	0.7

Sector Allocation, year-end (%)

as at December 31, 2011

	Holding	%
	Energy	13.6
	Real Estate	13.3
	Financials	12.9
	Energy Infrastructure	12.4
	Telecommunication Services	10.7
	Utilities	5.7
	Consumer Staples	4.0
	Consumer Discretionary	3.3
	Materials	1.8
	Industrials	0.7

Top Equity Holdings (%)¹
December 31, 2011

Holding	%
Bank of Nova Scotia
BCE Inc.
Crescent Point Energy Corp.
Dynamic High Yield Bond Fund, Series "O"
Enbridge Inc.
Enerplus Corporation
Pengrowth Energy Corporation
Rogers Communications Inc., Class "B"
TELUS Corporation
Toronto-Dominion Bank
Total allocation in top equity holdings	31.4

Related Documents

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.

Equity Income Funds

Portfolio Manager

Co-managers for this fund:

Fund Details as at December 31, 2011

Risk Tolerance

Recent Distributions

Key Reasons to Own This Fund

Investment Discipline

Unit Price (NAVPS) Update

Compounded Returns (%) (Series A) • as at December 31, 2011

Calendar Returns (%) (Series A) • as at December 31, 2011

Historical Returns (%) (Series A) • as at December 31, 2011

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Asset Allocation (%)

Geographic Allocation (%)

Sector Allocation (%)1

Sector Allocation, year-end (%)

Top Equity Holdings (%)1 December 31, 2011

Related Documents

Disclaimer:

Fund Details
as at December 31, 2011

Sector Allocation (%)¹

Top Equity Holdings (%)¹
December 31, 2011