IMPORTANT DISCLOSURES: Halbert Wealth Management, Inc. (HWM), Landis Financial and Investment Services (Landis), and Purcell Advisory Services, LLC (Purcell) are Investment Advisors registered with the SEC and/or their respective states. Information in this report is taken from sources believed reliable but its accuracy cannot be guaranteed.  Any opinions stated are intended as general observations, not specific or personal investment advice.  Please consult a competent professional and the appropriate disclosure documents before making any investment decisions.  There is no foolproof way of selecting an Investment Advisor. Investments mentioned involve risk, and not all investments mentioned herein are appropriate for all investors.  HWM receives compensation from the Advisors in exchange for introducing client accounts to the Advisors.  For more information on HWM or any other Advisor mentioned, please consult their respective Form ADV II, available at no charge upon request.  Any offer or solicitation can only be made by way of the Form ADV Part II.  Officers, employees, and affiliates of HWM may have investments managed by the Advisors discussed herein or others.
 
As benchmarks for comparison, the Standard & Poor's 500 Stock Index (which includes dividends) and the Lehman High-Yield Credit Bond Index were used.  Both represent unmanaged, passive buy-and-hold approaches, and are designed to represent their specific market.  The volatility and investment characteristics of these indexes may differ materially (more or less) from that of this program.  The performance of the S & P 500 Stock Index (with dividends reinvested) and the Lehman High-Yield Credit Index is not meant to imply that investors should consider an investment in the Columbus High-Yield trading program as comparable to an investment in the “blue chip” stocks that comprise the S & P 500 Stock Index or the investments that comprise the Lehman High-Yield Credit Index. Historical performance data from inception through December 2005 represents a tracking account managed by Steven D.  Landis and audited by MoniResearch, an independent corporation, Steve Shellans, President.  Performance from January 2006 forward is from an actual account in Purcell Advisory Services Columbus High-Yield Bond Program.  Since all accounts in the program are managed similarly, the results shown are representative of the majority of participants in the Columbus High-Yield Bond Program.  The actual performance of your account may differ substantially from these results, based on several factors, including, but not limited to, account restrictions, differences in transaction costs and other expenses. 

Purcell utilizes research signals purchased from Landis, an unaffiliated investment advisor.  The signals are generated by the use of a proprietary model developed by Landis.  Assets in the program are allocated 100% to the appropriate high-yield mutual funds or 100% to the money market according to the purchased research signals.  Statistics for "Worst Drawdown" are calculated as of month-end. Drawdowns within a month may have been greater.  PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. 

When reviewing past performance records, it is important to note that different accounts, even though they are traded pursuant to the same strategy, can have varying results.  The reasons for this include: i) the period of time in which the accounts are active; ii) the timing of contributions and withdrawals; iii) the account size; iv) the minimum investment requirements and/or withdrawal restrictions; and v) the rate of brokerage commissions and transaction fees charged to an account. There can be no assurance that an account opened by any person will achieve performance returns similar to those provided herein for accounts traded pursuant to the Columbus High-Yield trading program.

In addition, you should be aware that (i) the Columbus High-Yield trading program is speculative and involves risk; (ii) the Columbus High-Yield trading program’s performance may be volatile; (iii) an investor could lose all or a substantial amount of his or her investment in the program; (iv) Purcell will have trading authority over an investor’s account and the use of a single advisor could mean lack of diversification and consequently higher risk; and (v) the Columbus High-Yield  trading  program’s fees and expenses (if any) will reduce an investor’s trading profits, or increase any trading losses.

Any investment in a mutual fund or money market fund carries the risk of loss.  Mutual funds and money market funds have their own expenses which are outlined in the fund's prospectus.  An account with any Advisor is not a bank account and is not guaranteed by FDIC or any other governmental agency.  Returns illustrated are net of the maximum annual management fee of 2.5%, custodial fees, underlying mutual fund management fees, and other fund expenses such as 12b-1 fees.  They do not include the effect of annual IRA fees or mutual fund sales charges, if applicable. Individual account results may vary based on each investor's unique situation.  No adjustment has been made for income tax liability. Performance for individual accounts may differ materially (more or less) from the results illustrated.  The results shown are for a limited time period and may not be representative of the results that would be achieved over a full market cycle or in different economic and market environments.