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Dover Funds

Dover Management was started formally in March 2001. They began to articulate an investment strategy that could address the crisis of confidence in the financial markets and provide a collection of traditional, high performing investment products to its clients.
The Dover Responsibility Funds are long term investment spotlight on responsible and philanthropic companies leads them to those with high cash flows, strong balance sheets, and significant corporate philanthropy. As of the October 31, 2005 fiscal period, the Fund’s Institutional shares return since inception May 5, 2005 was 1.50 percent. This compares to benchmark returns from the Dow Jones Industrial Average and S&P 500 Index, the Fund’s primary benchmark, of 2.06 percent and 3.83 percent respectively. During this time there was a wide performance disparity between high and low quality stocks. From this viewpoint, according to FactSet Research Systems, dividend paying stocks underperformed non dividend payers by seven percentage points since May 2005.
Dover Responsibility Fund seeks long term capital appreciation. The fund invests in companies included in the S&P 500 index that the advisor believes demonstrates high liquidity and positive cash flow, as measured by the extent of the company's philanthropic giving. The fund will invest greater than 25 percent of assets in industries in which the S&P 500 index is concentrated because the individual stock weightings loosely track those of the S&P 500 index. They usually invest in companies with market capitalizations of 3.0 billion dollars or more. It is no diversified.
Results of a Dover investment funds made today may differ substantially from the Fund’s historical performance. 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. Shares redeemed or exchanged within 90 days of purchase will be charged a 1.00 percent redemption fee, subject to limited exceptions, which are more fully described in the Fund’s prospectus. During the period, certain fees were waived and/or expenses reimbursed; otherwise, returns would have been lower. The performance table and graph do not reveal the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Dover is successful and developing in its sector by providing investment variety products to its clients.

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