-0.02Performance and Disclosure Information
Top Ten Equity Holdings
December 31, 2011
| Company Name | Industry | Percent Invested |
| Philip Morris International | Tobacco | 2.4 |
| Molson Coors Brewing Co | Beverages – Brewers | 2.4 |
| Pepsico Inc. | Beverages – Soft Drinks | 2.4 |
| Merck & Co. Inc. New | Drug Manufacturers – Major | 2.2 |
| Microsoft Corp. | Application Software | 1.9 |
| Wal Mart Stores. | Discount Variety Stores | 1.9 |
| Medtronic Inc | Medical Appliances & Equipment | 1.9 |
| Medco Health Solutions, Inc. | Drugs Wholesale | 1.7 |
| Unilever NV | Processed & Packaged Goods | 1.5 |
| Hospira Inc. | Health Care – Drug Delivery | 1.4 |
Performance By Calendar Year
December 31, 2011
| Auxier Focus Fund | S&P 500 Index | Difference* | |
| 12/31/10-12/31/11 | 5.57% | 2.11% | 3.46 |
| 12/31/09-12/31/10 | 10.10% | 15.06% | -4.96 |
| 12/31/08-12/31/09 | 24.76% | 26.46% | -1.70 |
| 12/31/07-12/31/08 | -24.52% | -37.00% | 12.48 |
| 12/31/06-12/31/07 | 5.71% | 5.49% | 0.22 |
| 12/31/05-12/31/06 | 11.75% | 15.79% | -4.04 |
| 12/31/04-12/31/05 | 4.58% | 4.91% | -0.33 |
| 12/31/03-12/31/04 | 10.73% | 10.87% | -0.14 |
| 12/31/02-12/31/03 | 26.75% | 28.69% | -1.94 |
| 12/31/01-12/31/02 | -6.76% | -22.10% | 15.31 |
| 12/31/00-12/31/01 | 12.67% | -11.88% | 24.55 |
| 12/31/99-12/31/00 | 4.05% | -9.10% | 13.15 |
| since inception 7/9/99 | 113.49% | 12.48% | 101.01 |
* in percentage points
Cumulative Total Returns
December 31, 2011
| Auxier Focus Fund - No Load Investor Share Class |
S&P 500 Index | |
| YTD | 5.57% | 2.11% |
| 1 Month | 1.75% | 1.02% |
| 3 Month | 8.65% | 11.82% |
| 6 Month | -2.64% | -3.69% |
| 1 Year | 5.57% | 2.11% |
| 3 Year | 45.02% | 48.59% |
| 5 Year | 15.71% | -1.24% |
| 10 Year | 76.91% | 33.35% |
| Life of Fund (7/9/1999) | 113.49% | 12.48% |
Average Annual Total Returns
December 31, 2011
| Auxier Focus Fund - No Load Investor Share Class |
S&P 500 Index | |
| 1 Year | 5.57% | 2.11.83% |
| 3 Year | 13.19% | 14.11% |
| 5 Year | 2.96% | -0.25% |
| 10 Year | 5.87% | 2.92% |
| Life of Fund (7/9/1999) | 6.27% | 0.95% |
Quarter End Average Annual Total Returns
December 31, 2011
| Auxier Focus Fund - No Load Investor Share Class |
1 Year | 5 Year | 10 Year | Since Inception (July 9, 1999) |
| Return Before Taxes | 5.57% | 2.96% | 5.87% | 6.27% |
| Return After Taxes on Distributions | 4.93% | 2.43% | 5.28% | 5.70% |
| Return After Taxes on Distributions and Sale of Fund Shares |
3.91% | 2.41% | 4.94% | 5.31% |
| S&P 500 Index | 2.11% | -0.25% | 2.92% | 0.95% |
Important Disclosure Information
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Fund returns assume the reinvestment of all dividends and capital gain distributions. As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 1.25%. The Fund charges a 2.0% redemption fee on shares redeemed within six months of purchase. Returns shown for less than six months do not reflect the 2.0% redemption fee.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained from this website or by calling (877) 328-9437. Please read the prospectus carefully before you invest.
The Fund may invest in value and/or growth stocks. Investments in value stocks are subject to risk that their intrinsic value may never be realized and investments in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. In addition, the Fund may invest in mid-sized companies which generally carry greater risk than is customarily associated with larger companies. Moreover, if the Fund’s portfolio is overweighted in a sector, any negative development affecting that sector will have a greater impact on the Fund than a fund that is not overweighted in that sector. An increase in interest rates typically causes a fall in the value of a debt security (Fixed-Income Securities Risk) with corresponding changes to the Fund’s value.
Returns shown are for Investor shares only; other share class returns will vary. Some of the Fund’s fees were waived or expenses reimbursed; otherwise, returns would have been lower. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’’ tax situation and may differ from those shown. Actual after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on 500 widely held common stocks. One cannot invest directly in an index.
Stock dividend yields discussed in articles do not represent the Fund’s yield.
Morningstar Large Value Category funds’ 1-, 3-, 5- and 10-year average annual return, for the period ended 12/31/2011, was -0.75%, 11.76%, -2.00% and 3.32%, respectively. Performance during these time frames included a total of 1258, 1127, 996 and 571 funds, respectively.
The Auxier Focus Fund was rated against the following numbers of U.S.-domiciled Large Value funds over the following time periods (ending 12/31/2011): 1127 funds in the last three years, 996 funds in the last five years and 571 funds in the last ten years. With respect to these Large Value funds, the Auxier Focus Fund received a Morningstar Rating of 5 stars, 5 stars and 5 stars for the 3-, 5- and 10-year periods, respectively. For the period ended 12/31/2011, the fund ranked 177 out of 1258, 22 out of 996 and 28 out of 571 Large Value funds for the 1-, 5- and 10-year periods, respectively. Morningstar ranks funds in various categories by making comparative calculations using total returns. Past performance is no guarantee of future results.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year Morningstar Rating metrics.
Copyright © 2011 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.