Portfolio and Performance
Top Sectors
(as of December 31, 2011)
| Top Sectors1 | |
| Energy | 21.2% |
| Industrials | 17.6% |
| Discretionary | 12.4% |
| Cash | 11.0% |
| Health Care | 10.2% |
| Staples | 8.8% |
| Materials | 6.4% |
| Financials | 5.1% |
| Technology | 4.7% |
| Telecommunication | 2.7% |
1As a percentage of net assets. Represents equity portfolio only. The Fund's holdings are subject to change at any time. Energy sector represents Fund holdings in Master Limited Partnerships (MLP's) and oil companies.
Portfolio Statistics
(as of December 31, 2011)
| Portfolio Statistics2 | |
| P/E Ratio | 14.3 |
| Weighted Average Market Cap ($B) | 50.8 |
| Turnover Percentage | 52% |
| Beta (3 year) | 0.7 |
| Total Holdings | 41 |
2Represents equity portion of portfolio only. Statistics will vary over time.
Price/earnings (P/E) ratio is the price of a share of a stock divided by earnings per share, usually calculated using the latest year’s earnings. The P/E ratio is also called the multiplier.
Beta measures a fund's sensitivity to market movements. A fund with a 1.10 beta is expected to perform 10% better than the market in up markets and 10% worse in down markets.
Top Holdings
(as of December 31, 2011)
| Top Holdings3 (SYMBOL) | 10 Year Average Annual Dividend Increase | Number of Years Dividend Has Increased |
| Praxair, Inc. | PX | 19.7% | 18 |
| Novo-Nordisk | NVO | 22.7% | 15 |
| McDonald's Corp | MCD | 29.0% | 34 |
| Roper Industries Inc | ROP | 11.8% | 19 |
| Int'l Business Machines | IBM | 18.6% | 16 |
| Fastenal Co | FAST | 64.5% | 13 |
| Vodaphone Group – ADR | VOD | 20.1% | 21 |
| Franklin Resources Inc. | BEN | 14.8% | 22 |
| Norfolk Southern Corp | NSC | 22.0% | 11 |
| TEVA Pharmaceutical | TEVA | 29.2% | 12 |
3Represents equity portion of portfolio only. Listed in order of rank in portfolio. Top 10 Holdings represent 31.8% of total portfolio. Listed in order of rank in portfolio. Average Annual Dividend Increase represents 10-year average annual dividend increase through March 2, 2011. Consecutive Number of Years Dividend Increase through March 2, 2011. *Source: Bloomberg Finance LP and Dividend Growth Advisors
Performance Data
(as of January 31, 2012)
| Average Annual Total Returns | |||||||||||||
| Exp Ratio** | Cumulative |
Monthly (as of 1/31/12) | Quarterly (as of 12/31/11) | ||||||||||
| Share Class | Gross | Net | 1 Mo | 3 Mo | YTD | 1 Yr | 3 Yr | 5 Yr | Since Inception* | 1 Yr | 3 Yr | 5 Yr | Since Inception* |
| A Class, NAV |
1.86% | 1.65% | 1.85% | 4.28% | 1.85% | 4.16% | 17.85% | 4.57% |
6.73% | 3.30% | 15.85% | 4.59% | 6.53% |
| A Class, POP |
1.86% | 1.65% | -4.97% | -1.70% | -4.97% | -1.80% | 15.53% | 3.34% | 5.93% | -2.66% | 13.61% | 3.35% | 5.73% |
| C Class, NAV |
2.46% | 2.25% | 1.82% | 4.09% | 1.82% | 3.74% |
17.39% | 4.08% |
6.31% | 2.82% | 15.42% | 4.09% | 6.09% |
| C Class, POP | 2.46% | 2.25% | -0.19% | 3.09% | -0.19% | 3.74% | 17.39% | 4.08% |
6.31% | 2.82% | 15.42% | 4.09% | 6.09% |
| I Class, NAV |
1.46% | 1.25% | 1.88% | 4.29% | 1.88% | 4.69% | 18.37% |
N/A | 5.15% | 3.85% | 16.37% | N/A | 4.84% |
| S&P 500 Index*** |
4.48% | 5.32% | 4.48% | 4.22% | 19.22% | 0.33% | N/A | 2.11% | 14.13% | -0.25% | N/A | ||
*Commencement of operations dates are Class A Shares March 18, 2004, Class C Shares April 14, 2005, Class I Shares March 21, 2007
**Gross Annual Fund Operating Expenses, before any expense waivers or reimbursements, are disclosed in the Fund’s prospectus dated 02/01/2011. The Fund’s adviser has contractually agreed to waive its management fees and/or reimburse fees and expenses of the Fund, with certain exceptions, to maintain Net Annual Fund Expenses at not greater than 1.65% for Class A shares, 2.25% for Class C shares, and 1.25% for Class I shares. Cumulative Total Returns through January 31, 2012. This illustration represents past performance. Performance assumes reinvestment of distributions and does not account for taxes. Returns at public offering price (POP) for Class A shares reflect the current maximum initial sales charges of 5.75%. Securities in the Fund do not match those in the Index and performance of the Fund will differ. Data obtained from sources deemed to be reliable, but neither the Fund nor the Advisor guarantees reliability or accuracy. The performance shown reflects a fee waiver and expense reimbursement so that the total annual fund expenses do not exceed 1.65% for Class A shares, 2.25% for Class C shares, and 1.25% for Class I shares. Without the waiver and reimbursement, Fund performance would have been lower.
You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund’s prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a current copy of the fund’s prospectus by calling 1-888-826-2520 or by visiting www.dividendgrowthadvisors.com. Past performance is no guarantee of future results. The investment return and principal value of an investment in the fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
***The S&P 500 Index is a widely recognized unmanaged index of equity prices and is representative of a broader market and range of securities than is found in the Fund’s portfolio. The Index returns do not reflect the deduction of expenses, which have been deducted from the Fund’s returns. The Index return assumes reinvestment of all distributions and does not reflect the deduction of taxes and fees. Individuals cannot invest directly in the Index, however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.
Growth of Hypothetical $10,000 Investment
Class A Without Sales Charge (Inception [March 18, 2004] through December 31, 2009)
Reflects dollar-weighted returns with all dividends reinvested
source: Morningstar
© 2010 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Year By Year Total Returns
(Class A Without Sales Charge)
| Total Returns | 2004* | 2005 | 2006 | 2007 | 2008 | 2009 |
| Class A NAV | 14.16% | -2.21% | 17.26% | 8.90% | -26.11% | 26.80% |
