Cincinnati Asset Management, Inc., (“CAM”) an independent privately held corporation established in 1989, is registered with the United States Securities and Exchange Commission as an investment advisor.  CAM claims compliance with the GIPS® standards 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 independent 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, 2009 by Ashland Partners & Company LLP and for prior periods by previous independent verifiers.  Copies of the verification reports are available upon request.

The Adviser’s High Yield and Short Duration investment performance data conform to the following standards from April 1, 1989 and from June 1, 2004, respectively:

• The High Yield 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.
• Returns are calculated monthly in U.S. dollars and include reinvestment of dividends and interest.
• Gross of fees performance results include all transaction costs and exclude management fees, except where noted; when performance is compared to Lipper mutual fund averages gross performance net of CAM’s management fees is used.

The Adviser’s Investment Grade investment performance data conforms to the following standards from January 1, 1993:

• The CAM Investment Grade composite consists of all discretionary “Investment Grade” portfolios under management, include all securities and cash held in the portfolios, and has been 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.
• Returns are calculated monthly in U.S. dollars and include reinvestment of dividends and interest.
• Gross  of fees performance results include all transaction costs and exclude management fees, except where noted; when performance is compared to Lipper mutual fund averages gross performance net of CAM’s management fees is used

d)     Prior to January 1, 1993 performance represents the experience of previous employer’s property & casualty insurance company’s fully invested high grade fixed income portfolio.  The results shown have been reduced to reflect the advisory fee that would have been charged using the Advisers’ current fee schedule.  The results were calculated quarterly and include reinvestment of income.

Broad market historical performance is hypothetical, complied by combining two-thirds of the actual monthly Investment Grade Composite performance, and one-third of the actual monthly High Yield Composite performance.

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.

“Gross Yield Comparisons”:  CAM yields are for client account purchases over the last thirty days, gross before the impact of fees or expenses. Municipal Bond Tax Equivalent Yield assumes a 40% marginal tax rate.

Past performance should not be taken as an indication of future results.
High yield bonds may not be suitable investments for all individuals.

Privacy Notice

Cincinnati Asset Management is committed to maintaining your trust and confidence.  We want you to understand how we protect your privacy when we obtain and use information about you.  We also want you to understand the measures we take to safeguard that information.
We obtain nonpublic personal information about you from:

• Information we receive from you on investment advisory agreements such as your name, address and personal assets.
• Information about your investment transactions in the accounts which we manage for you.

We do not disclose any of this personal information about you to anyone without your consent except as permitted by law.

We restrict access to nonpublic personal information about you to those employees who need to know that information to provide services to you.  We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard nonpublic personal information.

This notice is required by federal law; however, it has always been the practice of Cincinnati Asset Management to respect and safeguard the privacy of your personal information in our possession.