Bahl & Gaynor, Inc. ("B&G") is a SEC-registered investment adviser with its principal place of
business located in Ohio. B&G began conducting business in 1990. Bahl & Gaynor, Inc. is also
conducting business using the name Bahl & Gaynor Investment Counsel.
Listed below are the firm's directed shareholders and executive officers:
Vere W. Gaynor, Director Emeritus
Charles A. Pettengill, Chairman of the Board
Edward A. Woods, Director, Secretary
John B. Schmitz, Director, Treasurer
Ellis D. Hummel, Director
W. Jeff Bahl, Director
Robert S. Groenke, Chief Executive Officer & President
Kevin T. Gade, Chief Operating Officer
Peter M. Kwiatkowski. Chief Investment Officer
Tita A. Rogers, Chief Compliance Officer
Jenelle M. Armstrong, Chief Administrative Officer
Glenn D. Warden, Chief Technology Officer
Stephanie S. Thomas, Institutional Client Managing Director
Nicholas W. Puncer, Institutional Product Managing Director
Christopher J. Heekin, Wealth Management Managing Director
Peter G. Knipe, Managing Director
John P. Galvin, Sr., Managing Director
B&G offers the following advisory services to our clients:
4.a. Management Services
Bahl & Gaynor provides portfolio management investment advisory services for individual and
institutional clients.
Meetings and discussions with clients help determine an appropriate asset allocation and
portfolio strategy. The portfolio may be managed uniquely for that client or it may be determined
that a model portfolio better suits the clients’ objectives.
If an account is invested in a particular model the goals and objectives of the model are followed.
The client still has the ability to place certain restrictions on the securities chosen. The client
retains individual ownership of the securities. The following models are currently managed at
B&G:
Quality Growth – Income Growth, Downside Protections and Capital Appreciation
Income Growth – Current and Growing Income, Downside Protection and Capital Appreciation
Small Growth – Capital Appreciation, Downside Protection and Income focusing on small
capitalization stocks
smig - Current and Growing Income, Downside Protection and Capital Appreciation focusing on
small to middle capitalization stocks
Some of these model strategies are also available to clients of some other investment advisory
firms through Separately Managed Accounts (SMA) and Unified Managed Accounts (UMA)
programs. In this instance B&G does not work directly with the individual client to determine if
the model portfolio meets that client’s investment objectives or risks. Furthermore, B&G
engages a wholesaler for the operations and servicing responsibilities of several SMA programs
where B&G’s investment strategies are available. These wholesalers do not have any
responsibility, discretion or authority for any investment decisions for these SMA accounts. In
some cases, B&G will provide the model trade to the wholesaler. The wholesaler interacts with
some of the SMA providers that are responsible for executing the recommended transactions.
B&G also provide certain financial planning services to clients who have elected this service,
which includes an analysis of a client’s current financial situation and assistance in identifying
and implementing appropriate strategies to meet their financial objectives. We gather
information through in-depth personal interviews and/or the use of a questionnaire completed
by the client. Information includes the client’s current financial status, tax status, future goals,
and return objectives. We then review the information provided by the client, conduct analysis
and present a written financial analysis to the client. There is no separate fee schedule for
utilizing financial planning tools.
Financial planning service may include the following as selected by the client:
• Assisting clients in developing and prioritizing goals and objectives
• Creating a current net worth statement
• Review of your current investment holdings and evaluate options for suggested asset
allocation
• Developing an action plan to implement agreed upon recommendations
• Work with outside professionals to implement tax strategies, insurance planning, and
estate planning as directed by the client
• B&G does not
provide tax, insurance, or legal advice, and recommends you consult with
your tax and/or legal adviser for guidance
B&G has also presented a Sub-Adviser to clients who it believes is a suitable candidate for the
provision of investment advisory services to invest and reinvest the account, primarily in tax-
exempt fixed income municipal securities. B&G would have discretionary authority to hire and
fire the sub-adviser and re-allocate assets among them.
B&G is the Adviser to the Bahl & Gaynor Income Growth ETF (BGIG). As the Fund’s investment
advisor, B&G arranges for transfer agency, custody, fund administration, distribution, and all
other services necessary for the Fund to operate. For the services it provides to the Fund, the
Fund pays Bahl & Gaynor a unified management fee, which is calculated daily and paid monthly,
at an annual rate of 0.45% of the fund’s average daily net assets.
You can obtain information regarding the Fund by contacting the Fund at c/o U.S. Bank Global
Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701 or by calling 1-800-617-0004.
B&G is a Sub-Adviser to a mutual fund, AAM/Bahl & Gaynor Income Growth Fund. The Fund’s
investment adviser, Advisors Asset Management, Inc. (AAM), 18925 Base Camp Road, Monument,
Colorado 80123, is registered as an investment adviser with the SEC. As the Fund’s investment
adviser, AAM provides investment advisory services to the Fund, including: (i) the selection,
oversight, termination and replacement of sub advisers;(ii) ensuring quality control of the sub-
adviser’s investment process; and (iii) monitoring and measuring the Fund’s risk and return
against appropriate benchmarks and peers. For providing services to the Fund, the adviser
receives an annual advisory fee equal to 0.65% of average daily net assets of the Fund. The adviser
pays a portion of its advisory fee to the Sub-Adviser. The Fund’s SAI provides additional
information about the fees paid to the Adviser and Sub-Adviser. B&G is responsible for the day-
to-day management of the Fund’s portfolio, selection of the Fund’s portfolio investments and
supervision of its portfolio transactions subject to the general oversight of the Board and the
adviser.
You can obtain information regarding the fund by calling the Fund (toll-free) at 1-888-966-9661
or by writing to, AAM/Bahl & Gaynor Fund, c/o UMB Fund Services, Inc., P.O. Box 2175, Milwaukee,
WI 53201.
B&G is a Sub-Adviser to the AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG). The
Fund’s investment adviser, Advisors Asset Management, Inc. (AAM), 18925 Base Camp Road,
Monument, Colorado 80123. AAM is a wholly-owned subsidiary of AAM Holdings, Inc. AAM is a
registered broker dealer, and SEC registered investment adviser. As the Fund’s investment
advisor, AAM arranges for sub-advisory, transfer agency, custody, fund administration,
distribution, and all other services necessary for the Fund to operate. AAM provides oversight of
the Sub-Adviser, monitoring of the Sub-Adviser’s buying and selling of securities for the Fund,
and review of the Sub-Adviser’s performance. For the services it provides to the Fund, the Fund
pays AAM a unified management fee, which is calculated daily and paid monthly, at an annual rate
of 0.60% of the fund’s average daily net assets. The Advisor pays a portion of its advisory fee to
the Sub-Advisor.
You can obtain information regarding the Fund by contacting the Fund at c/o U.S. Bank Global
Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701 or by calling 1-800-617-0004.
B&G has a unique investment strategy, see Item 8, but individual client portfolios may be very
different due to the unique circumstances of each client. All investments contain some level of
risk. Upon client request and a further review of objectives and risk tolerances, we may also
invest in other investment vehicles. These include option contracts, real estate, limited
partnerships, exchange traded funds and private equity.
4. b. Assets Under Management
As of 1/31/2024, we were actively managing $17,685,634,458 of clients' assets on a discretionary
basis plus $344,236,299 of clients' assets on a non-discretionary basis and oversee
$29,823,140,460 (1/31/2024) of clients' assets through Separately Managed Accounts (SMA)
programs.