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COPYRIGHT © 2016 DONALDSON CAPITAL MANAGEMENT, LLC. The content is subject to applicable statutes and regulations, and is presented without warranty of any kind, expressed or implied. Observations expressed here are intended to be of a general nature only and do not in any way constitute advice or recommendations to purchase or sell any securities or other financial instruments, and may not be construed as such. While the information contained here is believed to be from reliable sources, DCM does not guarantee its accuracy, completeness or suitability, for any particular purpose, and its timeliness is subject to change without notice. DCM maintains a copyright in the text, logos and graphics, except where specifically noted and such information is protected by copyright and other intellectual property laws. No part of this data or information contained therein may be reproduced, copied, duplicated or transmitted in any way without the express written consent of DCM. The data in this Disclaimer are governed by and construed in accordance with the laws of the State of Indiana without giving effect to its conflict of law provisions. If for any reason a court of competent jurisdiction finds any provision or portion of this Disclaimer to be unenforceable, the remainder will continue in full force and effect. Actual composite performance results represent actual client accounts within the Endowment Cornerstone (ENCS) strategy managed by DCM during the corresponding time period used in this brochure. The ENCS strategy’s inception date was 12/31/94 and has been actively managed since. Other strategies managed by DCM have performed worse than the ENCS while others have performed better. For example, our Preservation of Capital strategy (100% fixed income) has returned 7.39% annually since 12/31/94 while Cornerstone (100% equities) has returned 9.34% annually. ENCS has returned 8.61% annually since inception. The composite performance results reflect time-weighted rates of return, the reinvestment of dividends and other account earnings, and are net of applicable account transaction and custodial charges, DCM’s investment management fees, third-party solicitor/advisor fees. We do not hold mutual funds in this strategy. Thus there are no fees assessed directly by each unaffiliated mutual fund holding. The reinvestment of dividends and other earnings may have a material impact on overall returns. For reasons including variances in strategy account holdings, variances in the investment management fee incurred, market fluctuation, the date on which a client engaged DCM’s investment management services, and any account contributions or withdrawals, the performance of a specific client's account may vary substantially from the indicated DCM composite performance results. A portion of each account may be actively managed in an attempt to respond to changing conditions. Past performance is not indicative of future results and the performance of a specific individual client account may vary substantially from the composite performance results. Therefore, no current or prospective client should assume that future performance will be profitable, or equal either the ENCS composite performance results reflected above, or the performance results for any of the comparative index benchmarks provided. DCM managed accounts may own assets and follow investment strategies which cause them to differ materially from the composition and performance of the indices or benchmarks shown on performance or other reports. Because the strategies used in the accounts or portfolios involve active management of a potentially wide range of assets, no widely recognized benchmark is likely to be representative of the performance of any managed account. Widely known indices and/or market indices are shown simply as a reference to familiar investment benchmarks, not because they are, or are likely to become, representative of past or expected managed account performance. The historical performance results of the comparative indexes do not include dividends. The results do not reflect the deduction of transaction and custodial charges, nor the deduction of an investment management fee, the incurrence of which would have the effect of decreasing indicated historical performance results. The historical index performance results are provided exclusively for comparison purposes only, so as to provide general comparative information to assist an individual client or prospective client in determining whether a specific strategy meets, or continues to meet, his/her investment objective(s). It should not be assumed that account holdings will correspond directly to any of the comparative indexes. Different types of investments and/or investment strategies involve varying levels of risk, and there can be no assurance that any specific investment or investment strategy (including the investments purchased and/or investment strategies devised by DCM will be either suitable or profitable for a client's or prospective client's portfolio and may result in a loss of principal. Accordingly, no client or prospective client should assume that the above portfolios (or any component thereof) serve as the receipt of, or a substitute for, personalized advice from DCM or from any other investment professional. All performance results have been compiled solely by DCM, are unaudited, and have not been independently verified. Information pertaining to DCM’s advisory operations, services, and fees is set forth in DCM’s current disclosure statement, as same is on file with the United States Securities and Exchange Commission, a copy of which is available from DCM upon request. The S&P 500 Index is an unmanaged index and includes a representative sample of large-cap U.S. companies in leading industries. SPY is an Exchange Traded Fund (ETF) sponsored by State Street Global. The investment seeks to provide investment results that, before expenses, generally correspond to the price and yield performance of the S&P 500 Index. The Trust holds the Portfolio and cash and is not actively "managed" by traditional methods. To maintain the correspondence between the composition and weightings of Portfolio Securities and component stocks of the S&P 500 Index ("Index Securities"), the Trustee adjusts the Portfolio from time to time to conform to periodic changes in the identity and/or relative weightings of Index Securities. Advisor Impact, a paid, third party organization, surveyed DCM clients by request in August 2014 using a list of questions chosen from a pool of options. A survey was sent to each DCM client (700 in total). 257 were returned to Advisor Impact, or 37%. Full results are available by request or at Responses to “Please rate your overall level of satisfaction with your financial advisor” are shown because it directly represents the emphasis we place on client service as emphasized on page 6 of this brochure. DCM received lower scores in some areas featured on the survey.


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