Broad Market Bond Strategy Risk / Reward Comparison
4/1/89-12/31/11

The Broad Market Strategy delivered a higher return than these three major high-quality indices. Risk was comparable and low. Important to the comparison is that the indices have no transaction costs. For many classes of bonds this could add up to 5% to the cost, depending on how the bonds are purchased, portfolio turnover and the size of each transaction. Index calculations assume constantly liquid markets with universal availability and common prices. These assumptions are uncharacteristic of many sectors of the bond markets.

Cincinnati Asset Management claims compliance with the Global Investment Performance Standards (GIPS) and such compliance has been verified for the period January 1, 2006 through December 31, 2010 by Ashland Partners & Company LLP and for prior periods through December 31, 2005 by previous indepent verifiers. In addition a performance examination was conducted on the High Yield, Investment Grade and Short Duration composites for the period January 1, 2006 through December 31, 2010 by Ashland Partners & Company LLP and for prior periods by previous independent verifiers. Copies of the verification reports are avilable upon request.

Returns are calculated monthly in U.S. dollars and include reinvestment of dividends and interest.

The Advisors High Yield, Investment Grade and Short Duraiton investment performance data conforms to the following standards from April 1, 1989, January 1, 1993 and June 1, 2004, respectivley:
a) The High Yield, Investment Grade and Short Duration composites consist of all discretionary portfolios in each respective style under management, including all securities and cash held in the portfolios, appropriately weighted for the size of the portfolios. All portfolios are included after three months under management or upon reaching 65% invested by CAM, whichever occurs first.
b) Returns are calculated monthly and include reinvestment of dividends and interest.
c) Gross of fees performance results include all transaction costs and exclude management fees.

The Broad Market Program allocates portoflio assets to CAM's regular high yield and investment grade styles in proportion of one-third and two-thirds, respectively, and the asset allocations are included in the appropriate composites. The Broad Market Performance Results (gross of fees) shown have been derived from the High Yield Composite and the Investment Grade Composite in the same proportion in which the portfolio assets are allocated and managed.

The indices shown for comparative purposes are based on or derived from information generally available to the public from sources believed to be reliable. No representation is made to their accuracy or completeness.