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flexible plan investments

I spent the last two weeks on a Caribbean island (as I always say: Timing is everything!). We rented a house and had lots of visitors from “Up North” (my wife will be there a month and during that time we will have had seventeen people staying in the house!).

With the enormous amount of snow experienced in the Northeast and the abnormally low temperatures that stretched from there throughout the Midwest, all of our visitors were talking about the winter weather during the last two years in our neck of the woods.

No surprise there, right? But, what I was surprised by was the fact that almost every waking hour saw The Weather Channel exclusively displayed on the TV screen in the family room of the vacation rental.

I know some older family members and acquaintances that have turned TWC into a 24/7 permanent image in their TV viewing rooms. But at our vacation spot, I observed this latest TWC fixation across all age ranges. And this was with outside temperatures in the mid-80s, an infinity pool just outside the doorway, and azure blue surf beckoning just 30 feet away across a pristine white sand beach!

Of course, I could not help but compare this TWC fascination of our visitors to the CNBC obsession many investors and their financial advisors have demonstrated over the years. During market hours, I have often observed this phenomenon on home and office visits. When I ask, “What actionable ideas do you get from the station?”, I usually get a response about wanting to keep up on what’s happening.

Now, of course, there is nothing wrong with that answer. I love to steal a look at the screen to get a quick update on the direction of the markets each day. I do, however, worry about those viewers who actually listen in for a while—be it for a short or long period of time.

I can understand the “train wreck” phenomenon, the tendency to be a gawker when passing by a car accident, for example. Like watching the abnormal weather of late, the tendency of people to stop and look is hard to avoid—whether it’s an auto or a market crash.

But there is so much that is wrong about most people exposing themselves to a steady diet of financial news shows. It tends to make them much more short-term oriented, and a constant air of crisis is continually instilled. Both lead to investment behavior that preys upon our predisposition as humans to emotionally overreact.

Worst still, there is a tendency to focus on the behavior of the usual gang of pre-packaged, general market indexes—you know, the Dow, S&P, NASDAQ and Russell, etc. While these can definitely tell you something about the equity market environment, on the financial news shows they tend, instead, to be offered as THE standard against which to measure investment performance.

While I have often commented on the inappropriateness of this, I must say I have often felt like I was the lone voice in the financial wilderness. It seems so obvious to me. How can one judge investment success of a portfolio meant to reflect the suitability of each individual client by comparing it to the performance of a mass-marketed index, like the S&P 500, that has twice experienced 50% losses in the short lifetime of the current century? Yet the financial media does this every day, week, month, and, especially, quarter, with no disclaimer of inappropriateness.

Thus, it was with great pleasure that I noticed this recent headline in the periodical for Registered Investment Advisors, the Investment News

When underperforming the S&P 500 is a good thing

Matching the index last year would have involved too much risk

Read full article at Investment News

The article written in Jeff Benjamin’s Investment View column acknowledged that “Blame the ever-expanding financial media or the increased awareness among investors, but there is no getting around the reality that clients have become programmed to dwell on the performance of a few high-profile benchmarks.”

The problem with this, he explained, was that last year’s 13%-plus S&P 500 performance caused many clients to question why their accounts had lagged the index. Yet, the “(f)act is, a truly diversified investment portfolio should have returned less than 5% in 2014. It was that kind of year. Any adviser who generated returns close to the S&P was taking on way too much risk, and should probably be fired.”

Jeff pointed out that while the S&P 500 had an above-average year, foreign stocks and commodities posted negative returns, and broader-based domestic stock indexes that are also required in a diversified portfolio experienced sub-par years. As Ed Butowsky, managing partner at Chapwood Capital Investment Management was quoted in the article: “Sure, the S&P 500 had a good 2014, and if you had all or most of your money invested in [that index], you did, too. But what were you doing with most of your money in a single index?”

Diversified portfolios, whether created from asset classes or actively managed strategies, or both, as in our Fusion service, rarely outperform the best performing index, whether it’s the S&P 500 or some other top performer in another given year. Diversification by definition can only achieve average returns. Diversification’s advantage, easily ignored in a bull market, is that it delivers below-average risk or volatility.

So, how do you measure performance? We do it by comparing our performance to the estimate of each client’s likely performance. We make these estimates in advance, before they invest. Our clients’ quarterly OnTarget Monitors demonstrate whether or not their customized portfolios are “OnTarget” or within the expected glide path to their investment goal.

As Jeff said, one of the big reasons diversified portfolios underperformed the domestic-based S&P 500 was the losing performance posted by international funds—both the developed and emerging market versions . At the beginning of this year, a lot of commentators were expecting the US stock market indexes, buoyed by a rising dollar, to again outperform their international brethren this year.

Yet a quick look at the financial markets demonstrates why only holding domestic stock-based investments can be as damaging to a portfolio as investing solely in the foreign variety would have been last year. Although the domestic stock market has managed to eke out new highs, it has done so without much fervor and has been flat to down most of this year. In contrast, as the chart demonstrates, foreign stocks have soared:

flexible plan investments
Source: Bespoke Investment Group

Just as market “experts” expected the reverse price action, they also said that the companies in the S&P 500 that would likely earn the most in the quarter and thus lead the charge forward were those that derived their revenue from right here in the US. Yet, in the 4th quarter earnings reporting season just completed last week, the S&P 500 companies with a majority of foreign revenue were the ones that, on average, best beat estimates.

Speaking of earnings season, it was encouraging to the bullish case that we have been making for over two years now that we saw so many companies beat the pre-reporting earnings estimates of the analysts. In fact, this quarter’s results placed it in the top five quarters out of the last fifteen. More than 60% of firms reporting beat analyst estimates.

As I mentioned right before earnings season commenced, the very fact that most companies’ earnings estimates had been downgraded by analysts before the reports began virtually assured that we were going to have more earnings surprises to the upside than to the downside. Revenue reports similarly did better than expected.

Most of the market indexes are in mildly overbought territory (indicating they may have gone up too far too fast in the last three weeks, during which the S&P 500 registered gains and the last nine trading days when the NASDAQ did the same). As a result, it would not be surprising to see a pause here, be it a decline or sideways action in the short term.

However, the major trend remains firmly in an uptrend and all of our intermediate- and long-term tactical indicators (read market timing measures) remain positive. Until the trend conclusively reverses, use any weakness in stocks to make greater use of our equity-based, actively managed strategies. Actively managed strategies allow you to participate in bull markets while having a pre-established defensive game plan should the bull market end.

At the same time, take the weather forecasts of TWC and the voices on CNBC, as well as the opinions of this commentator, with a grain of salt, which I found on my return to be on our roadways in abundance. And a tip of the hat (and newly donned scarf and gloves) to Mr. Benjamin at the Investment News. Finally, at least one financial media person gets it …

All the best,

Jerry


Jerry Wagner in the news

Jeff Benjamin of Investment News sought out Jerry for comments on the latest news on gold investors. Check out this February 9, 2015 article.

(Note: you may need to register for a free subscription to view the article.)

 


Important announcement

Tomorrow, February 24th, our home office will be closing at 1:00 pm EDT so that the staff can participate in an off-site team building event. All trading signals generated on Tuesday will be executed, but there will be limited access to voicemail and email during the afternoon. Thank you in advance for planning your service needs, if possible, around this closure.


US equity markets were up last week. The NASDAQ Composite gained 1.27%, the S&P 500 was up 0.63%, and the Dow Jones Industrial Average gained 0.67%. Eight of the ten S&P industrial sectors were up for the week. The move upward was led by Health Care (2.01%), Industrials (1.75%), Information Technology (1.26%), and Utilities (1.19%). Except for the Quantified Managed Bond Fund (QBDSX, -0.21%), the Quantified Funds were up for the week. The largest gain was in the Quantified Market Leaders Fund (QMLFX, 2.02%), followed by the Quantified Alternative Investment Fund (QALTX, 0.72%), and then the Quantified All-Cap Equity Fund (QACFX, 0.20%).

Last week the Quantified All-Cap Equity Fund (QACFX) shifted its weightings in four leading stock baskets, which were over 44% of the portfolio’s composition: “All-Cap Low Debt” (27%), “All-Cap High Flier” (6%), “All-Smart Money” (6%), and “All-Cap Quality Acceleration” (5%). Among domestic sector distributions, Information Technology and Health Care led with portfolio allocations of 18% and 13%, respectively. The largest stock holdings in the All-Cap portfolio were in the common stock of Diodes Inc. (DIOD, 3.00%) and the common stock of II VI Inc. (IIVI, 2.97%).

The cash level within the All-Cap Fund remained at 9.96% last week. The Fund’s daily pattern trading of S&P 500 futures started the week 8% short, changed to 16% short on Tuesday’s close, 20% short on Wednesday’s close, and neutral on Friday’s close to begin this week. Our TVA-based futures hedge remained neutral throughout last week.

The Market Environment Indicator (MEI) remained bullish last week. On Friday, equity asset class allocations in the Quantified Market Leaders Fund remained at the following: Large-Cap Growth (12.37%), Mid-Cap Growth (14.40%), Mid-Cap Value (4.80%), and Small-Cap Growth (19.20%). Total sector ETF weightings remained at 49.23% from the prior week. Distribution of sector holdings and weights were as follows: Health Care (14.14%), Biotech (13.00%), Real Estate (12.99%), and Retail (9.10%). The individual ETF positions with the leading portfolio weightings were the ProShares Ultra Russell 2000 ETF (UWM, 11.00%), the iShares Russell 2000 Growth Index ETF (IWO, 7.53%), the ProShares Ultra Mid-Cap 400 ETF (MVV, 7.50%), and the SPDR S&P Retail ETF (XRT, 7.00%).

Within the Quantified Alternative Investment Fund (QALTX), the Long/Short Market Neutral Alternative sub-portfolio increased allocation to the John Hancock Asset Allocation Trust (JHAAX, 5.88%) and decreased allocation to the Bridgeway Managed Volatility Fund (BRBPX, 0%).

Among the largest ETF positions there were a few changes: allocations to the iShares US Pharmaceuticals ETF (IHE, 4.20%) and the Guggenheim S&P 500 Equal Weight Consumer Staples ETF (RHS, 3.98%) increased, while allocations to the iShares S&P Global Infrastructure ETF (IGF, 0%) and the iShares MSCI Emerging Markets Minimum Volatility ETF (EEMV, 0%) decreased.

The cash level within the Fund decreased to 11.89% last week. The daily pattern trading of S&P 500 Index futures with 10% fund capital allocation started the week 4% short, changed to 8% short on Tuesday’s close, 10% short on Wednesday’s close, and neutral on Friday’s close to begin this week. The 7.5% capital allocation of the volatility-based systematic trading of NASDAQ 100 Index futures started the week 9.0% long and changed to 10.5% long on Tuesday’s close to begin this week.

The Quantified Managed Bond Fund’s (QBDSX) two leading broad-bond index ETF holdings, the iShares Intermediate Credit Bond ETF (CIU, 0.05%) and the PIMCO Total Return Bond ETF (BOND, -0.31%), were mixed for the week.

The 10-year US Treasury yield increased to 2.11% for the week. The Fund increased weightings in the SPDR Barclay’s Capital High Yield Bond ETF (JNK) from 4.92% to 7.32% and in the Peritus High Yield ETF (HYLD) from 6.42% to 6.92%, while decreasing allocations in the iShares Barclays Aggregate Bond ETF (AGG) from 10.30% to 5.56% and in the iShares Barclay’s 7-10 Year Treasury Bond ETF (IEF) from 7.52% to 6.32%. Cash increased to 8.80%.

The 10% active portfolio exposure to 30-Year US Treasury bond futures in the Fund started the week short, changed to long on Tuesday’s close, short on Thursday’s close, and long on Friday’s close to begin this week. The position gained around 2.17%.

Total Return

Fund (Inception) Symbol Qtr Ending 12/31/14 YTD Ending 12/31/14 1 Year Ending (12/31/14) Since Inception Ending (12/31/14)* Annual Expense Ratio
The Gold Bullion Strategy Fund (7/5/13) QGLDX (3.20%) (3.75%) (3.75%) (4.53%) 1.66%
Quantified Managed Bond Fund (8/9/13) QBDSX (0.05%)
1.96%
1.96% 1.31% 1.68%
Quantified All-Cap Equity Fund (8/9/13) QACFX 4.18%
(0.50%)
(0.50)% 2.93% 1.51%
Quantified Market Leaders Fund (8/9/13) QMLFX 3.74%
2.85% 2.85% 6.53% 1.71%
Quantified Alternative Investment Fund (8/9/13) QALTX (0.14%) 0.71% 0.71% 6.38% 2.20%

*Annualized

As of the most recent prospectus, the expense ratios for the Gold Bullion Strategy Fund are as follows: Investors’ Class (No Load), 1.66%; Class A, 1.66%; Class C, 2.41%. The maximum sales charge imposed on Class A share purchases (as percentage of offering price) is 5.75%. An additional 2% redemption fee applies to all share classes, including Investors’ Class, when shares are redeemed within 7 days of purchase.

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate and an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. For current performance, please call 1-855-647-8268.

Risks associated with the Quantified Funds include active frequent trading risk, aggressive investment techniques, small and mid-cap companies risk, counter party risk, depository receipt risk, derivatives risk, equity securities risk, foreign securities risk, holding cash risk, limited history of operations risk, lower quality debt securities risk, non-diversification risk, investing in other investment companies (including ETFs) risk, shorting risk, asset backed securities risk, commodity risk, credit risk, interest risk, prepayment risk, and mortgage backed securities risk. For detailed information relating to these risks, please see prospectus. 

The principal risks of investing in The Gold Bullion Strategy Fund are Risks of the Sub-advisor’s Investment Strategy, Risks of Aggressive Investment Techniques, High Portfolio Turnover, Risk of Investing in Derivatives, Risks of Investing in ETFs, Risks of Investing in Other Investment Companies, Leverage Risk, Taxation Risk, Concentration Risk, Gold Risk, Wholly-owned Corporation Risk, Risk of Non-Diversification and interest rate risk. “Gold Risk” includes volatility, price fluctuations over short periods, risks associated with global monetary, economic, social and political conditions and developments, currency devaluation and revaluation and restrictions, trading and transactional restrictions. 

An investor should consider the investment objectives, risks, charges and expenses of each Quantified Fund and The Gold Bullion Strategy Fund before investing. This and other information can be found in the Funds’ prospectus, which can be obtained by calling 1-855-647-8268. The prospectus should be read carefully prior to investing in The Quantified Funds or The Gold Bullion Strategy Fund. 


There is no guarantee that any of the Quantified Funds or The Gold Bullion Strategy Fund will achieve their investment objectives.

Flexible Plan Investments, Ltd., serves as investment sub-advisor to The Gold Bullion Strategy and Quantified Funds, distributed by Ceros Financial Services, Inc. (member FINRA/SIPC). Ceros Financial Services, Inc., and Flexible Plan Investments, Ltd., are not affiliated entities.

Advisors Preferred, LLC, is the Funds’ investment adviser. Advisors Preferred, LLC, is a wholly owned subsidiary of Ceros Financial Services, Inc.

 

For more information on the Quantified Funds, sub-advised by Flexible Plan Investments, Ltd., please review the prospectus and fund performance.

Current or historical holdings of the funds

 


Over last week, the gold spot price dropped 2.26%, while the US Dollar Index strengthened slightly. The Gold Bullion Strategy Fund (QGLDX) lost 1.82% for the week, its difference against the gold spot price due mostly to QGLDX’s early close at 1:30 PM (rather than 4:00 PM for the gold spot price). The prices of short-duration fixed income ETF holdings were flat, on average, over last week, while the value of the COMEX gold futures, which has the same early 1:30 PM close as the Fund, moved lower by 1.81%.

 Total Return

Fund (Inception) Symbol Qtr Ending 12/31/14 YTD Ending 12/31/14 1 Year Ending (12/31/14) Since Inception Ending (12/31/14)* Annual Expense Ratio
The Gold Bullion Strategy Fund (7/5/13) QGLDX (3.20%) (3.75%) (3.75%) (4.53%) 1.66%
Quantified Managed Bond Fund (8/9/13) QBDSX (0.05%)
1.96%
1.96% 1.31% 1.68%
Quantified All-Cap Equity Fund (8/9/13) QACFX 4.18%
(0.50%)
(0.50)% 2.93% 1.51%
Quantified Market Leaders Fund (8/9/13) QMLFX 3.74%
2.85% 2.85% 6.53% 1.71%
Quantified Alternative Investment Fund (8/9/13) QALTX (0.14%) 0.71% 0.71% 6.38% 2.20%

*Annualized

As of the most recent prospectus, the expense ratios for the Gold Bullion Strategy Fund are as follows: Investors’ Class (No Load), 1.66%; Class A, 1.66%; Class C, 2.41%. The maximum sales charge imposed on Class A share purchases (as percentage of offering price) is 5.75%. An additional 2% redemption fee applies to all share classes, including Investors’ Class, when shares are redeemed within 7 days of purchase.

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate and an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. For current performance, please call 1-855-647-8268.

Risks associated with the Quantified Funds include active frequent trading risk, aggressive investment techniques, small and mid-cap companies risk, counter party risk, depository receipt risk, derivatives risk, equity securities risk, foreign securities risk, holding cash risk, limited history of operations risk, lower quality debt securities risk, non-diversification risk, investing in other investment companies (including ETFs) risk, shorting risk, asset backed securities risk, commodity risk, credit risk, interest risk, prepayment risk, and mortgage backed securities risk. For detailed information relating to these risks, please see prospectus. 

The principal risks of investing in The Gold Bullion Strategy Fund are Risks of the Sub-advisor’s Investment Strategy, Risks of Aggressive Investment Techniques, High Portfolio Turnover, Risk of Investing in Derivatives, Risks of Investing in ETFs, Risks of Investing in Other Investment Companies, Leverage Risk, Taxation Risk, Concentration Risk, Gold Risk, Wholly-owned Corporation Risk, Risk of Non-Diversification and interest rate risk. “Gold Risk” includes volatility, price fluctuations over short periods, risks associated with global monetary, economic, social and political conditions and developments, currency devaluation and revaluation and restrictions, trading and transactional restrictions. 

An investor should consider the investment objectives, risks, charges and expenses of each Quantified Fund and The Gold Bullion Strategy Fund before investing. This and other information can be found in the Funds’ prospectus, which can be obtained by calling 1-855-647-8268. The prospectus should be read carefully prior to investing in The Quantified Funds or The Gold Bullion Strategy Fund. 


There is no guarantee that any of the Quantified Funds or The Gold Bullion Strategy Fund will achieve their investment objectives.

Flexible Plan Investments, Ltd., serves as investment sub-advisor to The Gold Bullion Strategy and Quantified Funds, distributed by Ceros Financial Services, Inc. (member FINRA/SIPC). Ceros Financial Services, Inc., and Flexible Plan Investments, Ltd., are not affiliated entities.

Advisors Preferred, LLC, is the Funds’ investment adviser. Advisors Preferred, LLC, is a wholly owned subsidiary of Ceros Financial Services, Inc.

 

For more information on the Quantified Funds, sub-advised by Flexible Plan Investments, Ltd., please review the prospectus and fund performance.

Current or historical holdings of the funds

 


shanghai 

The World Gold Council’s just-released Gold Demand Trends Full Year 2014 report highlights their finding that “Asia’s share of global comsumer demand has increased from 47% to 60%  in five years.

This demand growth has led to the creation of regional infastructure to service the increase. The report points out the following structural developments:

  • The growth in regional vaulting capacity

  • The creation of the shanghai gold exchanges’ international board

  • The expansion of china’s gold retail network

The report also notes two major changes in China’s gold financial markets: The granting of licenses to western banks to import gold into China; and the launching of gold investment products in the regional hubs of Singapore and Hong Kong in response to the increased demand among Asian investors.

In addition to all of this retail demand, the Chinese government has been steadily, stealthily purchasing and importing gold bullion into the country. “China’s secretive central bank may have stocked up heavily on gold in the past few years, and might own about 2,710 tons as of the end of 2013.” Intl Business Times Jan 17, 2014    

It would appear from all of this that as wealth flows to the East, their choice is to store that wealth as gold.


Stocks move north

Solid gains occurred during a short trading week: DJIA, 0.67% to 18,140.44; NASDAQ, 1.27% to 4,955.97; S&P 500, 0.63% to 2,110.30. WTI crude fell 5.20% for the week, settling Friday at $49.91 a barrel; gold slipped 2.36% for the week to a Friday COMEX settlement of 1,199.10.3

% Change Y-T-D 1-Yr Chg 5-Yr Avg 10-Yr Avg
DJIA
+1.78
+12.44
+14.88
+6.82
NASDAQ
+4.64
+16.13
+24.17
+14.07
S&P 500
+2.50
+14.70
+18.05
+7.56
Real Yield 1/16 Rate 1-Yr Ago 5-Yrs Ago 10-Yrs Ago
10Yr TIPS Yd
0.38%
0.63%
1.52%
1.67%

  January returns
DJIA
-3.69%
NASDAQ
-2.13%
S&P 500
-3.10%

Sources: online.wsj.com, bigcharts.com, treasury.gov - 2/20/15 4,5,6,7
Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.
These returns do not include dividends.


Greece deal, Fed minutes reassure investors

On Friday, Greece reached an agreement with eurozone finance ministers to extend its economic bailout through June. The four extra months of financial aid depend on reforms that the country will present to its creditors this week (they must be approved by April). Stateside, minutes from the Federal Reserve’s January policy meeting noted that most Fed officials favored “keeping the federal funds rate at its effective lower bound for a longer time,” which also pleased the markets.1,2


Producer prices fall by most in 5 years

Labor Department data showed an 0.8% dip in the Producer Price Index in January, the largest monthly decline since November 2009. Cheaper fuel costs were the major factor. The core PPI (minus food and energy prices) was flat year-over-year.2


Less groundbreaking in January

The pace of housing starts slowed 2.0% last month – not surprising given the rough weather in much of the nation. January also saw building permits decline 0.7%. While the Commerce Department reported fewer single-family projects starting up, multi-family construction actually accelerated in the year’s opening month.2



Citations

1 - tinyurl.com/kfx2gv2 [2/20/15]
2 - bloomberg.com/news/articles/2015-02-18/factory-production-in-u-s-climbed-less-than-forecast-in-january [2/18/15]
3 - markets.on.nytimes.com/research/markets/usmarkets/usmarkets.asp [2/20/15]
4 - markets.wsj.com/us [2/20/15]
5 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=2%2F20%2F14&x=0&y=0 [2/20/15]
5 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=2%2F20%2F14&x=0&y=0 [2/20/15]
5 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=2%2F20%2F14&x=0&y=0 [2/20/15]
5 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=2%2F19%2F10&x=0&y=0 [2/20/15]
5 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=2%2F19%2F10&x=0&y=0 [2/20/15]
5 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=2%2F19%2F10&x=0&y=0 [2/20/15]
5 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=2%2F18%2F05&x=0&y=0 [2/20/15]
5 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=2%2F18%2F05&x=0&y=0 [2/20/15]
5 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=2%2F18%2F05&x=0&y=0 [2/20/15]
6 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [2/20/15]
7 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [2/20/15]

 


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Disclosures

To our readers
Everything in the newsletter pertains to strategies available on our Strategic Solutions platform at Trust Company of America. The same strategies are implemented on many other products: mutual funds, variable annuity, variable life and retirement platforms. Therefore, we expect the strategic discussion may be of interest to you. Note, however, that since these products have their own subaccount and fund universes and different internal expenses, the results and trading of the same strategy on other platforms may differ substantially from those described herein.

Managed Retirement Plan Participants:
Most of you are managed using Lifetime Evolution and our sub-advised funds, so those topics will be most applicable to your account. But, more and more of you are in plans using Market Leaders. If so, that newsletter section may interest you

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