Martin Capital Advisors, LLP is a registered investment advisor with offices in San Antonio and Austin. We manage individual investment portfolios for long-term growth and income. Our highest priority is to achieve outstanding long-term returns for our clients. For over twenty years, the performance of our investment portfolios has often been ranked at or near the top of all diversified investment strategies. We trust you will find our website to be informative and easy to use. Please take advantage of the economic and financial charts and data that are regularly updated under U.S. Financial Data. We also publish a quarterly newsletter, The Compass, and other investment reports from time to time, which can be found under Reports and Newsletters. If you would like more information on investing with Martin Capital Advisors, LLP, or simply would like to be added to our complimentary email list, please contact us.
Comparison of Investment Results Martin Capital Flexible Portfolios vs. Relevant Indices, 1/01/1991 - 6/30/2014
  Martin Capital Advisors1 S&P 500 Dow Jones Wilshire 5000 Barclay's Agg. Bond Index 3 Month T-Bill Consumer Price Index Total2 1363.2% 877.1% 942.6% 334.6% 98.6% 77.8% Avg.3 12.0% 10.1% 10.4% 6.4% 2.9% 2.5% Important Disclosure Notice:

Past performance does not guarantee future results. Figures include the reinvestment of all dividends received and reflect cash and cash equivalents. Martin Capital Advisors, LLP (MCA) composite returns are net of all fees and expenses. From time to time, portfolio performance may reflect the use of margin investing and options, as well as material investments in bonds and cash, and volatility may differ from that of the benchmark. As of 06/30/2014, the MCA Flexible Growth/Balanced/Conservative returns represent, respectively, 33/6/1 individual portfolios and 68%/27%/2% of all funds under management by MCA. Clients explicitly elect these management styles on their Personal Data Form. The MCA Flexible Growth are managed for capital appreciation, and the MCA Balanced and Conservative Portfolios are managed for capital appreciation and income. Independent performance reporting is provided by CGM Investment Management. Independent performance reporting is provided by CGM Investment Management.

MCA claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report in compliance with the GIPS standards. MCA has been independently verified for the periods January 1, 2000 to June 30, 2014 by Dabney Investment Consulting Associates, Inc. The verification reports are available upon request. The GIPS standards permit non-compliant returns prior to 1/1/2000 to be presented with and linked to compliant returns post 1/1/2000. MCA performance for periods prior to 1/1/2000 is not yet GIPS-compliant, but has been linked to the subsequent GIPS-compliant performance for cumulative periods. The listed composites contain all fee-paying accounts with an investment strategy as indicated by the composite title. Non-fee paying or nondiscretionary portfolios are excluded from the composites, but are included in the definition of total firm assets. Performance results are expressed in U.S. dollars. To receive a complete list and description of Martin Capital composites and a presentation that adheres to the GIPS standards, contact Robert Godines at (210) 694-2100, ext. 2, or robert@martincapital.com.
1Total performance, net of commissions, fees, and expenses of all Martin Capital Advisors' Flexible Growth Portfolios.
2Total compounded return, including reinvestment of dividends and interest.
31991-2014 annualized return.
Additional Disclosure Notice:

MARTIN CAPITAL ADVISORS, LLP (MCA) is a registered investment advisor based in Austin and San Antonio, Texas, founded in 1989. MCA specializes in managing customized equity and balanced investment portfolios with an all-cap equity strategy to grow capital, as well as balanced strategies to grow capital with less volatility. MCA claims compliance with the Global Investment Performance Standards (GIPS). Martin Capital Advisors, LLP has been independently verified for the periods January 1, 2000 to June 30, 2014 by Dabney Investment Consulting Associates, Inc. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Returns are shown in U.S. dollars net of fees. Leverage (margin) is not normally used except temporarily or at client request. Derivatives such as options may be used occasionally as a risk reduction measure.

The GIPS standards allow firms to link non-GIPS-compliant performance to their compliant history provided that no non-compliant performance is shown for periods beginning on or after 1 January 2000. Performance for periods prior to 1/1/2000 is not GIPS-compliant, but has been linked to the subsequent GIPS-compliant performance for cumulative periods.

MCA Flexible Growth Portfolios are invested in publically traded companies with the goal of maximizing long-term returns. These portfolios are classified as an all-cap core strategy, but predominately invest in large and mid-cap stocks, blending the characteristics of both growth and value investing. Each portfolio typically invests in 30 to 40 stocks that are rigorously selected to meet our core philosophy of investing in companies with an enduring competitive advantage that offer growth at a reasonable price. These portfolios are for investors who are willing to accept significant short-term volatility in the pursuit of superior long-term returns. The benchmark for this composite is the S&P 500 Index, which is an index of the 500 leading companies in the U.S. and is designed to reflect the risk and return characteristics of the large-cap U.S. equities universe.

MCA Balanced Portfolios are invested in equities and fixed income securities with a target asset allocation of 75% equities and 25% fixed income. These portfolios are for investors with a long-term investment horizon who seek to grow capital, but want to do so with less short-term volatility than the MCA Flexible Growth Portfolios. The equity investments in the portfolios are classified as an all-cap core strategy and are managed in the same way as the MCA Flexible Growth Portfolios. Fixed income investments include both individual and ETF fixed income securities. The benchmark for this composite is a blend of 75% S&P 500 Index and 25% Barclays U.S. Aggregate Bond Index, rebalanced monthly. The S&P 500 is an index of the 500 leading companies in the U.S. and is designed to reflect the risk and return characteristics of the large-cap U.S. equities universe. The Barclays U.S. Aggregate Bond index is made up of the Barclays U.S. Government/Corporate Bond Index, Mortgage-Back Securities Index, and Asset-Backed Securities Index, and only includes securities that are investment grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $100 million.

MCA Conservative Portfolios are invested in equities and fixed income securities with a target asset allocation of 50% equities and 50% fixed income. These portfolios are for investors who prefer to significantly reduce short-term volatility in their investments rather than maximize long-term returns. The equity investments in the portfolios are classified as an all-cap core strategy and are managed in the same way as the MCA Flexible Growth Portfolios. Fixed income investments include both individual and ETF fixed income securities. The benchmark for this composite is a blend of 50% S&P 500 Index and 50% Barclays U.S. Aggregate Bond Index, rebalanced monthly. The S&P 500 is an index of the 500 leading companies in the U.S. and is designed to reflect the risk and return characteristics of the large-cap U.S. equities universe. The Barclays U.S. Aggregate Bond index is made up of the Barclays U.S. Government/Corporate Bond Index, Mortgage-Back Securities Index, and Asset-Backed Securities Index, and only includes securities that are investment grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $100 million.

To receive a list of composite descriptions of MCA and/or a compliant presentation, contact Robert Godines at (210) 694‐2100, ext. 2, or robert@martincapital.com.
Martin Capital Advisors, LLP
100 Congress Avenue, Suite 2000
Austin, Texas 78701
(512) 477-7036
Martin Capital Advisors, LLP
3463 Magic Drive, Suite 100
San Antonio, TX 78229
(210) 694-2100
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