AAM/ Bahl & Gaynor I ncom e Grow th Fund Carefully consider the - PowerPoint PPT Presentation

AAM/ Bahl & Gaynor I ncom e Grow th Fund Carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund prior to investing. The Fund’s prospectus and summary prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a current copy of the Fund’s prospectus and summary prospectus by calling 888.966.9661. An investment in the Fund is subject to risks and you could lose money on your investment in the Fund. The principal risks of investing in the Fund include, but are not limited to, investing in foreign securities, investing in small and mid-cap companies, and focused risk. The prices of foreign securities may be more volatile than the securities of U.S. issuers because of economic conditions abroad, political developments, and changes in the regulatory environment of foreign countries. Investments in small and mid-cap companies involve greater risks including increased price volatility compared to the market or larger companies. Although the Fund is diversified, the Sub-advisor intends to focus its investments in the securities of a comparatively small number of issuers. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers. More information about these risks may be found in the Fund’s prospectus. Updated 1 2 / 3 1 / 1 5 1

Bahl & Gaynor Overview • Founded July 2, 1990 in Cincinnati, Ohio. • $14.0 billion* under management/advisement as of 12/31/15. • 15 portfolio managers / analysts. • 100% owned by investment professionals. • Never lost an investment professional to “another opportunity.” • 25 years of expertise investing in high quality, dividend-paying stocks. • “Dividends pay dividends.”™ Source: Bahl & Gaynor. * Bahl & Gaynor assets under management were $8.1 billion and SMA platform assets under advisement were $5.9 billion as of 12/31/2015. 2

I nvestm ent Com m ittee 3

W hy Dividends? Bahl & Gaynor typically invests in high-quality companies that pay growing dividends. They believe a strong dividend policy signals: Earnings power Earnings quality Regular dividends that follow a The ability to pay cash from defined payout ratio are a useful reported earnings points to the proxy for management’s inherent quality of those earnings. confidence in the business. Business stability Financial strength The ability to pay a dividend is an Dividends are a powerful tool in important indicator to investors communicating financial health that the company has a proven to the capital markets. and sustainable business model. 4

I ndex Returns by Decade Dividends are crucial total return – especially in uncertain times S&P 500 Price, Dividend, Total Return by Decade (and 2010, 2011, 2012, 2013, 2014 and 2015)* (%) 1930s 1940s 1950s 1960s 1970s 1980s 1990s 2000s 2010 2011 2012 2013 2014 2015 Price -5.26 2.98 13.57 4.39 1.60 12.58 15.31 -2.72 12.78 0.00 13.42 29.60 11.39 -0.73 Return Income 5.59 5.95 5.63 3.33 4.12 4.77 2.82 1.76 2.28 2.11 2.58 2.78 2.29 2.11 Return Total 0.33 8.93 19.20 7.72 5.72 17.35 18.13 -0.96 15.06 2.11 16.00 32.38 13.68 1.38 Return  In 2015, the S&P 500’s price return was negative, with dividends returning over 150% of the index’s total return.  Dividends were 1,693% of the S&P 500’s total return in the 1930s and 72% in the 1970s.  S&P 500’s dividend rate of return (ROR) was greater than its price return or total return for the 2000s decade.  Dividends represented 100% of S&P 500’s 2011 total return, 16% of its 2012 total return, 8.6% of the 2013 total return, 16.7% of the 2014 total return and 153% of the 2015 total return.  Dividend tax rates used to be tied to the highest marginal tax rate (e.g., 70% average in the ‘70s) prior to 2000.  Investors traditionally seek income, downside protection and less volatile returns via dividends – regardless of tax rates – in times of uncertainty. Source: Bahl & Gaynor, Bloomberg, Ned Davis Research. *Annualized. Past performance does not guarantee future results and is not indicative of the performance of the AAM/Bahl & Gaynor Income Growth Fund. 5

I nvestm ent Process The Bahl & Gaynor Income Growth strategy invests in high-quality companies that typically produce steady earnings and dividend growth. Investment Bottom Up Fundamental Fundamental 4 1 2 3 Committee Quantitative Sector Security Review & Screen Review Investigation Implementation  Consensus decision-making   At least 2% dividend yield and Conducted by 15 Portfolio  Target dominant companies process $1 billion market cap at Managers/Analysts, each with a historically clear  Portfolio typically contains 35- purchase with a sector responsibility competitive advantage and 45 stocks and is fully invested reasonable valuation   (1%-3% cash) Historical earnings and Review current and potential  Shareholder-friendly dividend growth (e.g., two holdings  Minimum 0.5% and maximum management with large dividend increases in the last 5.0% security position at insider ownership  five years) Quantitative and qualitative purchase  Emphasize companies with comparison of stocks versus  No minimum or maximum  consistently growing revenue Strong balance sheets and peers, history and market sector weights and earnings (R 2 ) cash flow generation  Each stock may only represent  Seek to meet with senior a maximum of 6% of the management portfolio’s total income  Reduces stock universe to a  Pursue harmonic balance Focus List of 100-150 stocks between absolute yield and growth of income 6

Sell Process Bahl & Gaynor will consider selling or trimming their Income Growth positions for any one of the following reasons: 1 2 3 4 Dividend Policy Fundamental Cash Flow or Management Earnings  Declining growth rate  Valuation  Unexpected leadership  Declining cash flow return change on investment  No increase for some time  Oversized capital or  New ownership, income position  Negative operating cash  Dividend payment acquisition or rising debt flow  Better opportunity for level reduction yield, enhanced  Declining earnings quality  Unusual insider trading fundamentals, or income growth  Accounting issues elsewhere 7

Fund Facts Minimum Initial Minimum Subsequent Expense Ratios** Share Class* Ticker CUSIP Purchase Amount Purchase Amount (gross / net) Class A AFNAX 461 418 188 $2,500 $500 1.45% / 1.40% Class C AFYCX 461 418 170 $2,500 $500 2.20% / 2.15% Class I AFNIX 461 418 162 $25,000 $5,000 1.20% / 1.15% *All share classes may not be available. Please consult with your financial advisor for more details. **The Fund’s advisor has contractually agreed to waive certain fees/expenses until October 31, 2016 and may recoup previously waived expenses that it assumed during the previous three-year period. 8

Perform ance ( % ) Trailing Performance as of 12/31/15 Quarter Year-to- Three Since Class* End Date One Year Years Inception 1,4 2013 2014 2015 Class A - AFNAX 2 6.47 -0.71 -0.71 10.97 10.11 22.68 12.19 -0.71 With sales charge 3 0.62 -6.16 -6.16 8.90 8.35 15.94 6.02 -6.16 Class I - AFNIX 2,4 6.53 -0.54 -0.54 11.22 10.33 22.83 12.62 -0.54 Class C - AFYCX 2,4 6.23 -1.51 -1.51 N/A 8.47 N/A 11.31 -1.51 14.62 1 / 13.62 4 S&P 500 Index 5 32.39 7.04 1.38 1.38 15.13 13.69 1.38 The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that 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 information quoted. To obtain performance information current to the most recent month-end, call 888.966.9661. *All share classes may not be available. Please consult with your financial advisor for more details. Performance shown for periods longer than one year is annualized. 1 For A and I Shares, inception date is 07/05/12 2 Redemption fee if redeemed within 90 days of purchase 2.00% 3 Sales charge fee for Class A 5.50% 4 For C Shares, inception date is 01/31/13. Subject to a CDSC of 1% on any shares sold within 12 months of purchasing them. 5 S&P 500 Index is an unmanaged capitalization-weighted index (weighted by the market value of the companies) of 500 stocks listed on various exchanges. It is not possible to invest directly in an index. 9

About the Portfolio Sector Diversification (as of 12/31/15) Top Ten Holdings (as of 12/31/15) % Net Assets % Net Assets Consumer Staples 12.90 Microsoft Corp 4.10 Financials 23.46 Paychex Inc 3.66 Information Technology 16.55 Kimberly-Clark Corp 3.41 Health Care 11.50 3M Co 3.41 Industrials 12.07 Home Depot Inc/The 3.35 Energy 6.48 JPMorgan Chase & Co 3.35 Utilities 5.36 PepsiCo Inc 3.11 Consumer Discretionary 8.06 AbbVie Inc 3.05 Materials 1.98 NextEra Energy Inc 2.96 Telecommunication Services 0.00 BlackRock Inc 2.94 Cash 1.64 Top 10 Holdings 33.34 Note: Top ten holdings does not include cash allocation. Portfolio holdings will change due to ongoing management of the funds. References to specific securities [or sectors] should not be construed as recommendations by the Funds, the Adviser or the Distributor. 10