UN) (the "Fund"), announces it will increase its monthly distribution from $0. JPMorgan polled 125 advisors who make
investment allocations for affluent clients, most with portfolios of $1
million to 10 million, for their views on top-performing asset classes, return
expectations and risk metrics in alternative investments. U.

shareholder rcm

96%
5) Argentina 4.90%
7) Brazil 8.75% (09/19/13) 2.47%
Brady Bonds 1.31%
Corporate 0.42%
Nigeria 1.07%
Total 100.
JPMorgan Funds are distributed by JPMorgan Distribution Services Inc.

westbury transcontinental

43%
6) Russian Federation 5.35%
Cable 0.083 per unit to $0.S.

allocation cibc

33%
2) United Mexican States 8.14%
Venezuela 5.64
Number of Holdings: 105

* Investment Operations may include the use of certain portfolio
management techniques such as credit default swaps, dollar rolls, negative
cash, reverse repurchase agreements and when-issued securities.

This Fund allows unitholders to participate in the returns of an actively managed portfolio consisting primarily of income trusts in the energy trust sector and, to a lesser extent, energy shares. Goodman & Company, is a subsidiary of Dundee Wealth Management Inc.

S.7% in private equity. The prospectus
contains this and other information about the mutual fund.

ofs grenfell

-- When asked to rank the top 7 risks in making alternative investments,
advisors said:

1. Morgan Alternative Asset Management , Inc.

grenfell jurisdictional

NEW YORK, Alliance World Dollar
Government Fund II, Inc.00% (05/14/08) 6 .60% (10/25/14) 2.35%
Germany 3.77%
Netherlands 0.64%
Hong Kong 0.41%
Bulgaria 0.93%

Avg.
as of December 31, 2004. Affiliates of JPMorgan Chase +
Co.

onshore transcontinental

Alliance World Dollar Government Fund II, Inc.63%
9) Venezuela 9.25% (09/15/27) 2.20 %
Public Utilities - Gas 0.26%
Lebanon 1.28%
Kazakhstan 0.S. ("Goodman & Company"), the manager of the Fund, also manages other TSX-listed closed-end including; diversiTrust Income Fund, diversiTrust Stable Income Fund and diversiTrust Income + Fund, and co-manages the diversiYield Income Fund with Marret Asset Management Inc. Large
Cap Equities finished a relatively distant second with 11%, followed by
U.9% said their clients had invested in a
hedge fund of funds in the past year, as compared to 64. Illiquidity
7.
The combined fund family is primarily advised by JPMorgan Investment
Management (JPMIM ) and JPMorgan Investment Advisors (JPMIA), which are part of
JPMorgan Asset Management, one of the largest asset and wealth managers in the
world, with over $790 billion in AUM (as of 12/31/04).,
which is an affiliate of JPMorgan Chase + Co.

offshore equities

00%

Credit Quality Breakdown
Portfolio%
A 1.9%
said that the dollar will rise against the Euro.

* Hypothetical estimate based on information from Financial Research Corp.

fund valette

93%*
Preferred Stock: 0%
Total: 18. P. Goodman & Company is a leader in the income trust market managing a broad range of core and specialized income trust funds including Dynamic Focus+ Diversified Income Trust Fund, Dynamic Focus+ Energy Income Trust Fund and Dynamic Focus+ Small Business Fund. (TSX:DW).3%, believe that the dollar will
stay about the same or fall against the Euro this year. Eighty-one percent of advisors surveyed
expected 5-10% returns from a hedge fund of funds over the next 3-5
years, while only 40 % expected 5-10% returns for individual hedge funds
and 41% expected 10-15% returns for individual hedge funds over the
same time period. Read the prospectus
carefully before investing.

bvi shareholder

(NYSE: AWF) (the "Fund") today released its monthly
portfolio update as of January 31, 2006.63%
Petroleum Products 2.00%

Country Breakdown
Portfolio%
Brazil 16.85%
Dominican Republic 0.54 Years
Total Net Assets: $990.

The foregoing portfolio characteristics are as of the date indicated and
can be expected to change.09 per unit, commencing with the distribution payable on June 14, 2006 to unitholders of record as of May 31, 2006.), hedge funds and high net-worth investment counsel (Goodman Private Wealth Management).

Best Geography for Investors: U .1%.

Dollar to Have Another Bad Year Against Euro

-- An equal number of respondents , 34.

grenfell cibc

13% (12/30/19) 5.77%
Banking 0.36%
Bermuda 0.96%
CCC 1.00%

Portfolio Statistics
Percentage of Leverage:
Bank Loans: 0%
Investment Operations: 18. Mid Cap Equities (7.3% in individual hedge funds and 25.

-- Though independent financial advisors favored hedge fund of funds as an
alternative investment, they acknowledged a more conservative
expectation for returns.

cibc denominated

52%
Communications-Mobile 1.31%
Energy 0.66%
Uruguay 1.4 Million
Net Asset Value: $14.7% when measured against the net asset value per unit). Dean Prodan of Calgary-based UTA Asset Management Corp.

International Equities Hold Most Opportunity Say U.S. Independent Financial Advisors

-- For hedge fund strategies, advisors think long/short equities will
produce the best returns over the next two years, according to 36% of
respondents . and its affiliates, including, without
limitation, JPMorgan Investment Advisors Corporation, JPMorgan High Yield
Partners, LLC, JPMorgan Security Capital Research + Management Incorporated,
and J .

ofs domiciled

00% (09/24/22) 3.01% (08/03/12) 3.77%
Argentina 4.

Goodman and Company, Investment Counsel Ltd.com.

grenfell dresdner

04 Years
Duration: 6.-- hedge fund of funds widely preferred for future alternative investments --

NEW YORK, The best investment
opportunities over the next two years are in international large cap equities,
according to a survey of top independent financial advisors who participated
in an Alternative Investments Forum hosted by JPMorgan Asset Management in New
York and San Francisco (January, 2005).S.

bvi valette

Top 10 Fixed-Income Holdings
Portfolio%
1) Russian Federation 3.02%
Mexico 14.99 %
Ukraine 0.

Hedge Fund of Funds in Favor

-- Of the 125 advisors polled, 72. Underperformance relative to a return target
4. Investors
should carefully consider the investment objectives and risk as well as
charges and expenses of the mutual fund before investing. Those businesses include J.P.

allocation jurisdictional

60%
Colombia 2.77%
Luxembourg 0.25%
BB 38.08%
A-1+ 10.

PRESS RELEASE Dynamic Mutual Funds Ltd.: diversiTrust'TM' Energy Income Fund Announces Distribution Increase

As at March 31, 2006 the net asset value per unit was $12. Lack of transparency , information

"The alternative asset class is clearly an area of interest for affluent
investors ," said Sharon Weinberg, head of the Institutional Advisory business
for JPMorgan Funds. "Sophisticated independent financial advisors acknowledge
and are aware of risks, but are reasonably optimistic that the portfolios they
construct can act independently of traditional markets and provide consistent
returns."
As of December 31, 2004, JPMorgan Funds has $208 billion in assets under
management in 101 funds. receive fees for providing various services to the funds.

ofs westbury

Alliance World Dollar Government Fund II Releases Monthly Portfolio Update

03%
4) United Mexican States 8.68%
Panama 2.08%
Malaysia 0.22%
NR 0. Global/macro followed with 18. Loss of Capital
2.

Contact JPMorgan Funds Distribution Services at 1-800-480-4111 for a fund
prospectus. You can also visit us at http://www .
Morgan Investment Management Inc.

sparinvest cibc

97%
Corporate:
Financial 2.62%
Communications 0.36%
Cayman Islands 0.91 (representing a discount of 2.

Risks Expected to Stay the Same or Rise

-- While 37% of respondents see the risks of investing in alternative
investments rising, an equal number of respondents believe the risks
will stay the same and only 22% believe the risks will decrease.

denominated kroner

00% (03/31/30) 2.27%
Sovereign 0.22 %
Total 100.32%
Indonesia 1.08%
El Salvador 1.31%
BBB 33.16%
B 15. Maturity: 13.4 million.1%). Underperformance relative to peers
6.

jurisdictional equities

75% (01/15/20) 5.83%
8) Aries Vermogensverwalting 9.59%
10 ) Venezuela 10.31%

Security Type Breakdown
Portfolio%
Sovereign 76.14%
Russia 15.40%
United States 11.05%
Peru 2.24 and the closing trading price was $11. As at March 31, 2006 the net asset value of the Fund was approximately $85. Goodman & Company, including Dynamic Funds and its affiliates, offers a wide range of wealth management solutions through registered financial advisors, including: mutual funds, fee-based programs (Viscount and Marquis), limited partnerships (CMP and Canada Dominion), a labour sponsored fund (Dynamic Venture Opportunities Fund Ltd.3% in real
estate, 44.
JPMorgan Asset Management is the marketing name for the asset management
businesses of JPMorgan Chase + Co (NYSE: JPM).

allocation domiciled

10%
SUBTOTAL 11.34%

Short-term:
Time Deposit 10.39%
Turkey 4. Only 22.

cibc equities

25% (01/20/34) 2.-registered management
investment company advised by AllianceBernstein L. bets on International/Emerging International and emerging markets hold the most opportunity for
individual investors, according to over 40% of respondents. Small Cap Equities (10%) and U.6% and Relative Value
Strategies with 7 .

allocation cibc

36%
Philippines 4.15%
Ecuador 1.29%
Costa Rica 0.02%
Total 100.

Goodman & Company is a leading Canadian investment firm tracing its portfolio management roots back nearly 50 years, with approximately $20 billion in assets under management. Fund Blow-Ups
3. Standard deviation of monthly returns
5.P.

vaneyk rcm

21%
3) Brazil 12.36%
Metals/Mining 1.10%
South Korea 0.
diversiTrust Energy Income Fund (TSX:DTN.S.

ended grenfell

90%
Agriculture 0.22%
SUBTOTAL 10.24%
Trinidad + Tobago 0. The Fund is a closed-end U., the sub-advisor to the Fund, has over seventeen years experience in the oil and gas industry and also serves as sub-advisor to the CMP and Canada Dominion Resource limited partnerships.jpmorganfunds.

westbury arvest

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