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Morningstar® Investment Profile™ | Disclosure Statement

AAM/Bahl & Gaynor Income Growth A AFNAX

Morningstar Report

Overall Morningstar Rating™
What is this?


As of

Out of Large Blend Funds

Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.

Morningstar? Style Box™
What is this?

		Large
		Blend




As of 2013-03-31

Day Change
$ 0.08

NAV (2013-06-18)
$ 11.67

YTD Return % (2013-06-18)
15.71%

Total Assets ($ mil)
6

View Data Definitions

Performance

Growth of $10,000	Fund:	AAM/Bahl & Gaynor Income Growth A
(from 2012-07-13 to 2013-05-31)	Category:	Large Blend
	Index:	S&P 500 TR USD

Total Annualized Returns %	1yr, 3yr and 5yr Returns as of 2013-06-18
Inception date: 2012-07-13	10yr and Inception Returns as of 2013-05-31
	YTD Returns as of 2013-06-18

YTD

1 Year

3 Year

5 Year

10 Year

Since Inception

(2012-07-13)

Fund

15.71

---

16.99

+/- Category

-0.68

---

+/- S&P 500 TR USD

-1.27

---

	Standardized Return %		After Tax Returns %	as of

	as of	as of 2013-05-31	On Distribution	2013-05-31 On Distr & Sales of Shrs
1 Yr Annualized	---	---	---	---
5 Yr Annualized	---	---	---	---
10 Yr Annualized	---	---	---	---
Inception(2012-07-13)	---	8.43	10.56	---

Max Front Load %	Max Back Load %	Net Exp Ratio %	Gross Expense Ratio %

5.50	---	1.40	44.50

The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein. For performance data current to the most recent month-end, please call 888-966-9661 or visit .

Portfolio Profile


Asset Allocation



% of Net Assets
	Cash	6.2
	Stocks	93.8
	Bonds	0.0
	Other	0.0


	Foreign Stocks	7.1
	(as a % of Assets)

Data through 2013-03-31


Holding Status

Total Number of Stock Holdings	44	Turnover %	14
Total Number of Bond Holdings	0	30 Day SEC Yield %	---
% of Assets in Top 10 Holdings	33.08	ending as of 2013-03-31
		View Data Definitions

Top 10 Holdings		Sector	P/E	YTD Return %	% of Net Assets

	Federated Treasury Obligs Instl	---	---	---	5.26
	McDonald's Corporation		16.45	14.83	3.75
	Johnson & Johnson		18.15	25.01	3.32
	Kinder Morgan, Inc.		88.50	11.29	3.03
	General Electric Co		15.11	16.82	3.01


	Chevron Corp		8.12	14.13	3.01
	Williams Companies Inc		28.49	3.64	3.01
	Bristol-Myers Squibb Company		28.09	45.90	2.95
	Philip Morris International, Inc.		16.18	11.79	2.89
	ONEOK, Inc.		26.04	5.94	2.85



	Data through 2013-03-31
YTD Return through 2013-06-18

Other Information

Fund Inception: 2012-07-13


	Portfolio Manager (Start Date)


	William F. Bahl (2012-07-05)

	PROFESSIONAL HISTORY: Senior Vice President and Chief Investment Officer, Northern Trust Company, Chicago. Established investment policy and strategy, and developed risk control procedures for over $38 billion under management. Directly managed a commingled equity fund valued at $200 million. Vice President and Chief Investment Officer, Fifth Third Bank, Cincinnati. Managed performance oriented eleemosynary, employee benefit and personal relationships.


	Edward E. Dohrmann (2012-07-05)

	Mr. Dohrmann is a vice president and owner of Bahl & Gaynor, Inc. His current responsibilities include portfolio management, investment research of the consumer staples sector, and client service. Prior to joining Bahl & Gaynor, Mr. Dohrmann was a Principal of Scudder, Stevens & Clark and a Senior Portfolio Manager. Prior to joining Scudder in 1981, Mr. Dohrmann was President of a local manufacturing company and had spent ten years at the Fifth Third Bank as a Trust Investment Officer.


	Vere W. Gaynor (2012-07-05)

	Gaynor is co-founder and owner of Bahl & Gaynor, Inc. His current responsibilities include portfolio management and investment research. Prior to forming Bahl & Gaynor, Gaynor was a Managing Director of Scudder, Stevens & Clark and the Cincinnati Office Manager. He was the head of Scudder's Quality Growth Equity Product. In addition, Gaynor managed institutional and personal relationships with assets aggregating over $750 million. Prior to joining Scudder in 1973, Gaynor spent two years at U.S. Trust.


	Lori A. Hudson (2012-07-05)

	Prior to joining Bahl & Gaynor Investment Counsel Inc. in 2003, Mrs. Hudson was as Assistant Vice President and Senior Trust Officer, Fifth Third Bank, Cincinnati from 1983 to 2003 where she was a portfolio manager for personal and charitable clients with a combined market value of over $500 million. She also served as a research analyst, covering the consumer and transportation sectors.


	Ellis D. Hummel (2012-07-05)

	Ellis D. Hummel, CFP is Vice President and Principal of Bahl & Gaynor, Inc. Mr. Hummel is responsible for portfolio management, investment research of the utilities and transportation sectors, wealth advisory, and client service. Prior to joining Bahl & Gaynor in 2008, Mr. Hummel was a Senior Vice President and Portfolio Manager for Haberer Registered Investment Advisor, Inc, a wholly owned subsidiary of Huntington National Bank, from 2000 to 2008. From 1998 to 2000, Mr. Hummel was a portfolio manager with Foster & Motley, Inc. Mr. Hummel earned a B.A. from Skidmore College.


	Matthew D. McCormick (2012-07-05)

	Prior to joining Bahl & Gaynor Investment Counsel Inc. in 2003, Mr. McCormick was a Vice President, Principal, and Portfolio Manager, Apex Capital Management, Dayton from 2000 to 2003 where he was an Investment Committee member, responsible for analysis of consumer oriented sectors and assisted in top down economic research. He specializes in institutional management of Public Funds, Corporations, Foundations/Endowments, and Taft-Hartley Plans. From 1989 to 2000, he was a Vice President, Director of Marketing, Director of Institutional Services, and Institutional Portfolio Manager, Dean Investment Associates, Dayton where he was a member of Executive and Central Investment Committees, responsible for the majority of the $4 billion dollar firm’s largest clients, and created the $324 million Flex-Cap Equity strategy.


	Eleanor K. Moffat (2012-07-05)

	Eleanor K. Moffat is an owner of Bahl & Gaynor, Inc. Her current responsibilities include portfolio management and investment research. Prior to joining Bahl & Gaynor, Mrs. Moffat was a Senior Portfolio Manager at Bartlett & Co. in Cincinnati. She co-managed the Private Client model account, personal, foundation, and employee benefit portfolios for a $3 billion firm. She also served as a research analyst during her tenure at Bartlett. Prior to joining Bartlett, Mrs. Moffat was a Vice President and Unit Head at The First National Bank of Maryland in Baltimore, where she managed a unit responsible for relationships with 50 of the bank’s largest customers. Her responsibilities included analyzing investment and credit opportunities, marketing and establishing operating procedures. From 1978-1981, Ellie was a Divisional Representative for the Mellon Bank. She served as the credit officer for Mellon’s European branches, as well as National Division.


	P. Declan O'Sullivan (2012-07-05)

	P. Declan O'Sullivan, CFA is Vice President of Bahl & Gaynor, Inc. Mr. O’Sullivan is responsible for portfolio management, top down investment research, and client service. Prior to joining Bahl & Gaynor in 2006, Mr. O'Sullivan was the Co-Founder and Managing Director of River Point Capital Management from 1995 to 2005. From 1989 to 1995, Mr. O'Sullivan was President and Chief Investment Officer of Provident Bank's Trust Department. From 1983 to 1989, Mr. O'Sullivan was Vice President and Portfolio Manager for Reynolds, DeWitt Securities. Mr. O’Sullivan earned an M.B.A. Columbia University and a B.E. from the University College, Dublin.


	Charles A. Pettengill (2012-07-05)

	Charles A. Pettengill is an owner of Bahl & Gaynor, Inc. His current responsibilities include portfolio management and investment research. Prior to joining Bahl & Gaynor, Mr. Pettengill was an Assistant Vice President and Senior Portfolio Manager for the Fifth Third Bank. Prior to joining Fifth Third in 1993, Mr. Pettengill was the Chief Financial Officer of Kendle Research Associates. From 1986 - 1992, Mr. Pettengill was a Manger of Deloitte & Touche’s Capital Markets Group.


	Scott D. Rodes (2012-07-05)

	Scott D. Rodes is an owner of Bahl & Gaynor, Inc. His current responsibilities include portfolio management and investment research. Prior to joining Bahl & Gaynor, Mr. Rodes was a Vice President and Senior Portfolio Manager for Northern Trust in Chicago. He was responsible for investment management of agency accounts for high net worth individuals, with assets under management in excess of $900 million. Prior to joining Northern Trust, Mr. Rodes was a research analyst for Waddell & Reed.


	John B. Schmitz (2012-07-05)

	John B. Schmitz, CFA, CIC is Vice President and Principal of the Sub-advisor. Mr. Schmitz is responsible for portfolio management, investment research the energy sector, REITs, and client service. Prior to joining Bahl & Gaynor in 2005, Mr. Schmitz was responsible for various functions for Fifth Third Bank and Fifth Third Asset Management from 1986 through 2005. From 1984 through 1986 he was an investment analyst at The Central Trust Company in Cincinnati. From 1982 through 1984 he was a commercial loan officer for The Citizens and Southern National Bank in Atlanta, Georgia. Mr. Schmitz earned a B.B.A. from the University of Cincinnati.


	George G. Strietmann (2012-07-05)

	Strietmann is an owner of Bahl & Gaynor, Inc. His current responsibilities include portfolio management and investment research. Prior to joining Bahl & Gaynor, Strietmann was a Vice President and Senior Trust Officer for the Fifth Third Bank. In addition, Mr. Strietmann was responsible for the portfolio management of personal and employee benefit accounts with a combined market value of more than $500 million. Prior to joining Fifth Third, Strietmann was a portfolio manager for Empire National Bank.


	Edward A. Woods (2012-07-05)

	Prior to joining Bahl & Gaynor in 2004, Mr. Woods was VP, Senior Investment Counselor, Northern Trust, from 1999-2004 where he was a member of the equity, fixed income, & asset allocation committees and managed over $750 million for institutions and individuals. From 1996-1999 he was an AVP, Portfolio Manager for LaSalle Bank, where he was also a financial services analyst. From 1994-1996 he was a portfolio manager for Star Bank, & from 1989-1994 he was a trust officer and portfolio manager for 5/3 Bank.

Sales Charge % (taken from prospectus dated 2013-05-17)
Front:	5.50
Deferred:	None

Expense Ratio %	1.40
based on net assets (taken from annual report dated 2012-12-31)