IMPORTANT NOTES: Halbert Wealth Management, Inc. (HWM) and Schreiner Capital Management, Inc. (SCM) 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. Investments mentioned involve risk, and not all investments mentioned herein are appropriate for all investors.  HWM receives compensation from SCM in exchange for introducing client accounts.  For more information on HWM or SCM, please consult Form ADV Part 2, and The Select Advisors Wrap Program Brochure, available at no charge upon request. 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 NASDAQ Composite Index represent unmanaged, passive buy-and-hold approaches.  The volatility and investment characteristics of these benchmarks may differ materially (more or less) from that of the Select Advisors Conservative or Moderate Strategy since they are unmanaged Indexes which cannot be invested in directly. The performance of the S & P 500 Stock Index and the NASDAQ Composite Index is not meant to imply that investors should consider an investment in the Select Advisors Conservative or Moderate Strategy, which are actively managed, as comparable to an investment in the “blue chip” stocks that comprise the S&P 500 Stock Index or the stocks listed on The NASDAQ Stock Market that comprise the NASDAQ Composite Index.   Historical performance data is provided by SCM and from July 2009 to present, it represents composites of all fully discretionary accounts, including accounts that are no longer with the firm, that are allocated in a range of equity investments with a view towards capital appreciation.  SCM maintains a complete list and description of composites, which is available upon request.  Returns are net of fees, calculated using an accrual method by taking 1/12th of each account’s assigned annual management fee and subtracting that from the gross performance of each account.  SCM’s composite policy is to remove accounts from the composite that changed their investment strategy and to remove closed accounts.  The removal of such accounts occurs at the beginning of the month in which it occurred and the account re-enters the applicable composite at the beginning of the month that follows.  Prior to July 2009, the performance numbers represent actual tracking accounts monitored by SCM, but do not reflect the performance of an actual SCM client account.  This performance reflects the deduction of a model investment management fee of 2.5% which is the highest fee charged by SCM.  The model fee was calculated quarterly and based on the average daily account balance for the previous quarter, and assessed on the first day of the next quarter.  Actual investment management fees vary by individual account, but generally range between 1.9% and 2.5% of the value of assets under management.

These performance numbers have not been verified by HWM, and therefore HWM is not responsible for their accuracy. Since all accounts in the programs are managed similarly, the results shown are representative of the majority of participants in the Select Advisors Conservative or Moderate Strategy.  The signals are generated by the use of a proprietary model developed by Select Advisors with the objective of participating in stock markets gains while keeping the level of risk moderate.  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.  Mutual funds carry 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.

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 Select Advisors Conservative or Moderate Strategy. 
In addition, you should be aware that (i) in the Select Advisors Strategies, your principal is not guaranteed and there are risks involved; (ii) the Select Advisors Strategies’ performance may be volatile; (iii) an investor could lose all or a substantial amount of his or her investment in the program; (iv) Select Advisors 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 Select Advisors Strategies’ fees and expenses (if any) will reduce an investor’s trading profits, or increase any trading losses.