"There has been a notable return among market strategists and in the media toward time-tested classic approaches of investing. Among the foremost elements of classic investing is the demand for dividends."
 
  -Lowell Miller
 
 
Investment Strategies
 
A dividend-growth portfolio utilizing reliable companies from across the broad market. Stocks are conservative, high quality, high yield, and are projected to have a rising stream of income. Benefits: solid total returns comprised of both income and growth, high current income that increases every year and a lower federal tax rate on qualified dividends.    
A large-cap core/growth strategy that utilizes primarily established and seasoned companies with high financial strength that are likely to provide steadily growing earnings and dividends.
 
A portfolio of energy and utilities focusing on opportunities in the broad utilities sector: electric, gas, telephone, sanitation, and water. It offers growth and income for total return investors and functions as a bond alternative and moderate equity approach.
 
A conservative, opportunistic portfolio focusing on mid-sized gas and electric utility companies that we believe are likely to be acquired during an era of utility consolidation and convergence. The companies are largely regulated, old-style rate of return monopolies that pay a dividend.  
 
A high yielding portfolio (with tax deferred income) primarily composed of high-quality pipelines and energy facilities (B+ or better), that we feel have strong prospects for growth of distributions. The portfolio is comprised primarily of Master Limited Partnerships we believe have long-life, durable
and stable business model assets that generate substantial cash flow to provide attractive yields to the unit holders while allowing for long-term organic growth.
Portfolio Focus
Yield†
Projected
Dividend Growth ††

Beta

**
YTD Return (Gross)*
YTD Return (3% Pro Forma Net)
Since Composite Inception
Return (Gross)*
Since Composite Inception
Return (3% Pro Forma Net)

††† Composite Inception: 6/97
High yield, high quality, dividend growth, broadmarket
5.4%
6.3%
0.7
(2.9)%
(4.3)%
4.7%
1.6%
††† Composite Inception: 1/04
High yield, high quality, dividend growth, broadmarket (excludes MLPs)
5.2%
6.3%
0.9
(5.4)%
(6.8)%
0.7%
(2.2)%
††† Composite Inception:12/04 Focus on high dividend growth, diversified technical factors
1.9%
11.9%
0.9
(11.2)%
(12.5)%
(0.1)%
(3.1)%
††† Composite Inception: 9/91
Utilities sector: natural gas, electric, telecom, water and infrastructure enabling companies
3.2%
6.6%
0.7
(5.5)%
(6.9)%
8.5%
5.3%
Composite Inception: 1/99
Utility and related companies that are acquisition candidates
4.0%
4.0%
0.5
(3.3)%
(4.7)%
8.0%
4.9%

Composite Inception:12/08		 Specializing in pipelines & other mid-stream energy assests. High yield & growth of yield, steady cash flow
6.8%
5.8%
0.3
12.7%
11.1%
59.6%
55.0%
Disclosure †Weighted Average
as of June 30, 2010
††Projected Dividend Growth is MHI Portfolio Team's projection based on data from various sources adjusted to reflect our view on future economic and market condition.There is no assurance projections will be realized.
††† Socially Screened
* Gross returns are supplemental information to the pro forma net returns which are not actual net returns but a simulation of the effects of a 3% total annual fee, deducted monthly. MHI highest annual fee as stated in our ADV is 1%.
** Since composite inception annualized vs. S&P 500