Advisor Services: Model Portfolio Program

Important Disclosure Information

Glencrest Investment Advisors, Inc. was formed in April 2002. The performance information presented in the accompanying charts represents actual returns in client accounts for the period described. Our strategy attempts to allocate assets in a manner that capitalizes on changing cycles in the equity and fixed income markets.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than average annual returns shown. Investment return and the principal value of an investment will fluctuate. The performance presented is based on time-weighted rates of return, is asset weighted, and net of all management fees and expenses. Time-weighted returns are used in calculating the investment performance because they adjust for client-directed contributions and withdrawals, which affect portfolio cash flows not related to investment performance. Dividends, interest, and capital gains are not assumed to be re-invested the day they are paid in calculating performance for the portfolio. GIA Composite portfolio performance does not reflect the effect of taxes.

The MPP Composites include all actively managed, fully discretionary portfolios that contain both equity and fixed income securities, such as the following: individual stocks, stock mutual funds, bonds, preferred stocks, and bond funds. The target allocations for the portfolios are shown for each of the models described.

The portfolio benchmarks are weighted according to the target asset mix of balanced accounts. The benchmark for the portfolios are described on each portfolio page.

The results reflect the reinvestment of dividends and other earnings. The performance of the strategy reflects the effect of the maximum annual advisory fee of 1.00%, which is in addition to any mutual fund expenses levied by the underlying mutual funds. More information about advisory fees and fund expenses is available upon request. As with any investment strategy, there is potential for profit as well as the possibility of loss.

Past performance does not guarantee future results.

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