Cincinnati Asset Management, Inc. (“CAM”) was established in 1989 as a registered investment advisor with the United States Securities and Exchange Commission specializing in U.S. dollar denominated fixed income investments. CAM is an independent privately held corporation. CAM claims compliance with the Global Investment Performance Standards (GIPS®). Please contact us at the number referenced herein to obtain a compliant presentation or a list of composite descriptions. Performance examinations were conducted on the High Yield, Investment Grade and Short Duration composites for the period January 1, 2006 through December 31, 2015 by Ashland Partners & Company LLP and for prior periods by previous independent verifiers. The Broad Market composite has been examined by Ashland Partners & Company LLP for the period January 1, 2007 through December 31, 2015. Copies of the verification reports are available upon request.

The High Yield composite includes investments with credit ratings which average B2/B with average maturity of six to seven years. The Investment Grade composite includes investments in fixed income securities with credit ratings averaging A3/A- with at least one investment grade credit rating and an average maturity of six to eight years. The Short Duration composite includes investments in fixed income securities with credit rating averaging Baa3/BBB- and a target duration of three years. The Broad Market composite includes investments in fixed income securities with credit rating averaging Baa2/BBB, an average duration of six years and an average maturity of eight years.

The Advisor’s High Yield, Investment Grade, Short Duration and Broad Market investment performance data conform to the following standards from April 1, 1989, January 1, 1993, June 1, 2004 and January 1, 2002, respectively:

a) The 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 in U.S. dollars and include reinvestment of dividends and interest.

c) Gross of fees performance results include all transaction costs and exclude management fees. When performance is compared to Lipper mutual fund averages gross performance net of CAM’s management fees is used.

d) For the period from April 1, 1989 through 1992, the High Yield composite includes all assets of all accounts that meet the above criteria, except that not all accounts were added to the composite by the beginning of the third full reporting period for which the account was under management. In addition, prior to 1990 certain diversification requirements were not met.

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.

Past performance should not be taken as an indication of future results.
High Yield bonds may not be suitable investments for all individuals.
This presentation is for informational purposes and is not an offer to solicit the purchase or sale of securities.