That does not include this month’s distribution payable March 30 th, as well as the performance over standardized time periods on a market price and NAV basis. Slide three does the same for AGD. The Alpine Global Dynamic Dividend Fund with cumulative dividend funds of $8.40 since inception again through February not including the March 30 th pay date. The portfolio managers will review portfolio strategy and then conclude with Q&A that we welcome you to ask via the web’s Q&A interface. Without any further adieu I would like to ask co-manager since inception Jill Evans to start today's discussion. Jill?Jill Evans Great, thank you very much Marc. First I wanted to say thank you to everyone for being on the call today and that we really do appreciate your interest in our funds. Let me start out by saying the goal of this call is to give you an overview of our investment process so that you can better understand how we manage the portfolio for an objective of high dividend income and total returns. We are also going to give you an update on the drivers of our performance and our outlook for the markets. So turning the page four, before we get into the investment processes, why don't we take a step back and highlight what we see is the three key reasons to invest in AOD and AGD. The number one reason is that our funds can provide investors with high dividend income in a low yield world. The current trailing 12 month dividend yield for AOD is 13.7% and for AGD is 11.6%. Now as you know these are very competitive relative to yields available on other equity income or fixed-income investments right now. And this is a reminder we do not use managed distribution or covered call writing to generate our income. It's 100% earned dividend income generated from our equity holdings.
The second key reason that we see to own our funds is that we provide our investors with a global portfolio and access to dividend paying stocks around the world. We ended 2011 with investments at approximately 13 different countries and this really gives our investors a chance to tap into some of the higher growth that we are saying globally and outside of not only the developed markets, but the emerging markets.The third key reason is that our funds offer equity exposure and sector diversification. And what we mean by that is that we invest in all ten S&P sectors, we are not just in Utilities and Telecom which some equity income funds focus on those sectors alone. But we are surely an equity income fund which you know can be good or bad depending on the markets, but we just want your investors to know that we do provide access to the potential growth over the long term in equities in addition to providing that dividend income. To the next question we always get is how do we do it? How do we manage the portfolio for high income and total return? And the answer is that we take the balanced approach in our attempt to optimize both dividend income and capital appreciation by running one portfolio with three dynamic sub-strategies and on page 5 we illustrate how we do this. The slide shows our three different sub-strategies, those being dividend capture and special dividends, value restructuring and growth and income. Our first strategy is our dividend capture and special dividends. Our goal with this strategy is to maximize our dividend income by capturing annual, semiannual, quarterly and special dividends. Now how do we do that, we do that by tracking to the best of our ability every dividend that's paid over the globe, really to the best of our ability and then we look to put the stocks in the portfolio that best meet our investment criteria. Read the rest of this transcript for free on seekingalpha.com