Emerging Markets Equity Flash Report - March 2015 DuPont Capital Emerging Markets Fund (DCMEX) WITHIN EMERGING MARKETS: Global equity markets posted slight declines in March; both emerging and developed markets fell approximately -1.5%. The U.S. Dollar continued to appreciate versus most major currencies. Equity market returns were influenced by fluctuating views regarding the speed of interest rate normalization in the U.S., signs of better growth in the major European economies, and increasing expectations for financial stimulus in China amid slower than expected economic growth. Within Emerging Markets, the health care and technology sectors continued to outperform as investors sought companies seen as offering growth not tied to general economic activity. Commodity oriented sectors such as energy and materials continued to lag. This underperformance occurred despite relatively flat oil prices and mixed industrial commodity prices; copper prices rebounded, while iron ore prices continued to fall. From a country perspective, China and Hungary outperformed. The Chinese government is increasingly taking steps to support economic growth with financial stimulus, while investors were pleased with the Hungarian government’s decision to provide greater support for the banks in the country. Brazil and Greece were among the worst performing countries. The scandal at Petrobras and overall weak economic activity within Brazil have caused domestic equities and the currency to lag. Greece’s battle with its creditors continues to create significant volatility. Erik Zipf, CFA Portfolio Manager, Emerging Markets Equity MARKET OUTLOOK: Overall, the Fund’s positioning is broadly the same as year-end. We continue to see excellent value in many of the cyclical/economically sensitive areas of the market such as industrials, materials, and certain areas of consumer discretionary. From a country perspective, we believe the rise in the US Dollar and increasing US interest rates could put pressure on US Dollar borrowers, and we have been careful to limit exposure to these vulnerable companies. Lode J. Devlaminck Senior Portfolio Manager, Global Equity Page 1 For a prospectus or other information, please call 1-888-447-0014 www.DuPontCapital.com Emerging Markets Equity Flash Report - March 2015 DuPont Capital Emerging Markets Fund (DCMEX) As of 3/31/2015 MTD QTD YTD 1Year 3Year 5Year 10Year Since Inception Fund -1.52 1.70 1.70 -10.51 -4.89 -- -- -4.65 Benchmark -1.42 2.24 2.24 0.44 0.31 -- -- -0.92 Relative Performance -0.10 -0.54 -0.54 -10.95 -5.20 -- -- -3.73 PERFORMANCE (%) Relative performance represents the arithmetic difference of Fund and benchmark returns. All returns greater than one year are annualized. Inception date is December 7, 2010. All returns expressed in US Dollars and Fund returns are net of fees. The benchmark is the MSCI Emerging Markets Index. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance current to the most recent month-end, please call 1-888-447-0014. Performance results reflect the reinvestment of dividends and other earnings. Total returns reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers. The quoted returns do not reflect a 2% redemption fee on shares redeemed within 60 days of purchase. The total operating expense ratio is 1.33%. The Adviser has contractually agreed to reduce and/or reimburse certain expenses until August 31, 2015. Furthermore, the Adviser may recoup such amounts for up to three years from the year it reduced and/or assumed expenses. RELATIVE PERFORMANCE: The DuPont Capital Emerging Markets Fund returned -1.52% in March compared to -1.42% for the MSCI Emerging Market Index, an underperformance of -0.10%.  The Fund was approximately equal to the benchmark for the month.  Favorable stock selection in the financial and materials sectors positively impacted performance, with an over allocation to OPT Bank in Hungary providing the biggest benefit.  Unfavorable stock selection in industrials detracted from performance; industrials in Brazil were particularly weak.  From a country perspective, favorable stock selection in Hungary and Russia positively impacted performance. Stock selection in China was the largest detractor from performance, particularly not owning Chinese internet company Tencent Holdings. The information contained in this memorandum is intended for the sole use in understanding and evaluating the impact of market events on DCMEX and is not designed or intended to be used for any other purpose. The document may contain forward-looking statements, which are based on current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements. Risk Considerations Mutual fund investing involves risks, including possible loss of principal. The Fund invests primarily in markets of emerging countries, which are riskier than more developed markets and may be considered speculative. Emerging markets are riskier than more developed markets because they tend to develop unevenly or may never fully develop. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. Foreign securities are subject to political, social, or economic risks, including instability in the country of the issuer of a security, variation in international trade patterns, the possibility of the imposition of exchange controls, expropriation, confiscatory taxation, limits on movement of currency or other assets, and nationalization of assets. Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other information about the Fund and may be obtained by calling 1-888-447-0014 or by accessing www.mutualfunds.dupontcapital.com. Please read the prospectus carefully before investing. Shares of the DuPont Capital Emerging Markets Fund are distributed by Foreside Funds Distributors LLC. Page 2 For a prospectus or other information, please call 1-888-447-0014 www.DuPontCapital.com