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I’ve always loved music and have tried to work it into my columns every once in a while. After writing an article centered on Passenger’s Let her go last week, I was not looking to do another one so soon.

Still, when I saw the following chart on the State of the Markets blog this morning, the song title just popped into my head.



Source: Bespoke Investment Group

The Dylanesque pop song, Stuck in the Middle With You, that you might remember playing in the background of Quentin Tarantino's 1992 debut film, Reservoir Dogs, kind of sums it up for investors this year, doesn’t it?

The 1972 song, sung by one-hit-wonder Stealers Wheel, really encapsulates the quandary most investors find themselves in today. (Can it really have been that long ago? I was just graduating from the University of Michigan Law School when this one made its appearance on the Billboard charts, ultimately reaching the #6 position!)

As the chart illustrates, we are stuck in the middle of a trading range that stretches all the way back to February of 2015. Throughout this year, stocks have essentially gone nowhere. Last week’s close was just about the same as that on February 21st, except that the latter was a wee bit higher! While that’s better than the over 8% loss experienced this year by the 20-year-plus US Treasury bond, it is certainly nothing to get excited about.

It’s hard to believe but the S&P has crossed back and forth over its key 50-day moving average (an indication of short-term trend direction) 24 times in the last six months. There have never been so many flip flops in any past six-month period in the over 80-year history of the S&P 500! Fortunately, the trend of the market has been slightly higher overall throughout all of these switches.

 

Source: Bespoke Investment Group

Yes I'm stuck in the middle with you,
And I'm wondering what it is I should do,
It's so hard to keep this smile on my face,
Losing control, yeah, I'm all over the place

A trading range is defined as a period where prices move in a narrow band. This year’s S&P 500 certainly fills the bill as it has traded in a narrow 90-point (4.4%) range since mid-February. The range has been bounded by a low of 2040 on March 11 and an all-time high of 2130 on May 21. Friday’s close was just above the midpoint of the range and its value as I write this, after the markets have absorbed the latest act of this year’s Greek tragedy, was just below the mid-point.

Speaking of the latest drama from the Aegean, it is important to remember that we have been here before and each time we had daily declines of 2-4% on bad news on Greece from which the markets quickly recovered. Remember, too, that Greece is a speck among global economies and has little impact on the US economic picture, in any event.

As I have often written, it is usually the case that markets fall during uncertainty and recover when the crisis abates. With no vote on the Greek referendum scheduled until Sunday, uncertainty and a declining market could easily continue until next Monday, although with positive seasonality from Wednesday on it seems likely some sort of a bounce in response to today’s decline will occur during that period.

It is always possible that this time will be different. If the market takes out the support at the bottom of the trading range (the 2040 level on the S&P), a short-term breakdown could commence that would finally put us at risk of the 10% correction I have been warning of all year.

There is not a lot supporting the market here except the most important indicators, the long-term and intermediate-term trends that are not as yet near turning down. Interest rates continue to trend higher. And market breadth (the direction of most stocks as compared to the market indices) is weaker.

But stuck in the middle are the economic reports that have been directionless—eight better and eight worse than expectations last week. (Although some of the more significant numbers were in the “beat” column.) Similarly on the investor sentiment front, both the number of bears and the number of bulls jumped precipitously last week—so no clear direction there either.

Well I don't know why I came here tonight,
I got the feeling that something ain't right,
I'm so scared in case I fall off my chair,
And I'm wondering how I'll get down the stairs

Earnings season begins in a little more than a week. As analysts have been doing their usual round of downgrades, which often tend to lead to more positive earnings surprises and higher stock prices, these could spark rising values in the stock indexes next week just as the extent of the current crisis is known.

Our time-tested strategies continue mostly positive and the US economy, US-traded companies, and our financial markets are in good shape as we approach another celebration of our nation’s birth.

Beyond that, there is nothing very encouraging to report on in this week’s report. All I can do is supply a little perspective to the dialogue should we experience further declines. And as I watch the play spin out of control on the other side of the Atlantic, I can’t help but hear the song’s refrain repeat in my head:

Clowns to the left of me, jokers to the right,
Here I am, stuck in the middle with you

Enjoy the Fourth!

All the best,

Jerry




Fourth of July Hours

Due to the close of the markets on Friday, July 3rd, our office will be closed for the Fourth of July holiday. Our staff will be back in the office on Monday, July 6th. Have a fun and safe celebration of our nation’s birthday!

Posted 6/29/15

Flexible Plan Investments, Ltd. named to 2015 Financial Times 300 Top Registered Investment Advisers for second year in a row

Flexible Plan has been recognized by Financial Times as one of the 300 Top Registered Investment Advisers in the nation for the second year in a row. This is the second annual FT 300 list, produced independently by the FT in collaboration with Ignites Research, a subsidiary of the FT that provides business intelligence on the investment management industry. More than 2,000 elite RIA firms were invited to apply for consideration, based on their assets under management (AUM). The 630 RIA firms that applied were then graded on six criteria: AUM; AUM growth rate; years in existence; advanced industry credentials; online accessibility; and compliance records.

Read the press release for more information: http://www.flexibleplan.com/about/press-room/2015-ft-300-top-advisers.

Posted 6/29/15


Flexible Plan Investments, Ltd. recognized as one of Michigan’s Economic Bright Spots by Corp! magazine

FPI has been honored as a Michigan Economic Bright Spot by Corp! magazine based on its economic growth and expansion, joining 82 winners this year demonstrating that there are Michigan-based companies who are growing, thriving, and innovating in Michigan’s economy.

Read the press release for more information: http://www.flexibleplan.com/about/press-room/corp-magazine-recognizes-fpi-2015

Posted 6/29/15


Fusion Prime Longevity Fee Credit Program

Eligible clients for the Fusion Prime Longevity Fee Credit Program will be paid after July 30, 2015. Clients who maintained the minimum balance requirements and are invested in Fusion Prime will receive a 5% fee credit based on the quarterly gross fee of the Fusion Prime account. This fee credit will be paid in the form of a VISA prepaid gift card. Registration by the client is required at www.flexibleplan.com/fusionprime. The deadline to register for the Q2 credit is Friday, July 17th.

Posted 6/29/15


US equity markets were down last week. The NASDAQ Composite lost 0.71% last week, the S&P 500 was down 0.40%, and the Dow Jones Industrial Average recorded a weekly loss of 0.38%. Seven of the ten S&P industrial sectors were down for the week. The move downward was led by Utilities (-2.42%), Materials (-1.85%), Industrials (-1.19%), and Information Technology (-1.02%). The Quantified Funds were also down for the week: the Quantified Market Leaders Fund (QMLFX) lost 0.94%, the Quantified Managed Bond Fund (QBDSX) was down 0.43%, the Quantified Alternative Investment Fund (QALTX) lost 0.31%, and the Quantified All-Cap Equity Fund (QACFX) recorded a weekly loss of 0.30%.

Last week the Quantified All-Cap Equity Fund (QACFX) shifted its weightings in four leading stock baskets, which were over 49% of the portfolio’s composition: “All-Cap Low Debt” (16%), “All-Cap Liquidity Premium” (12%), “CPMS-Earnings Growth” (11%), and “CPMS-Price Momentum” (10%). Among domestic sector distributions, Information Technology and Financials led with portfolio allocations of 20% and 19%, respectively. The largest stock holdings in the All-Cap portfolio were in the common stock of II VI Inc. (IIVI, 2.15%) and the common stock of CTS Corp. (CTS, 2.88%).

The cash level within the All-Cap Fund remained at 10% last week. The Fund’s daily pattern trading of S&P 500 futures started the week 16% long and remained there to begin this week. Our TVA-based futures hedge remained neutral throughout the 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 (4.80%), Mid-Cap Growth (14.40%), Developed Countries / World Stock (9.60%), and Small-Cap Growth (19.20%). Total sector ETF weightings remained at 52% from the prior week. Distribution of sector holdings and weights were as follows: Health Care (13.00%), Electronics (13.00%), Internet (13.00%), and Biotech (13.00%). The individual ETF positions with the leading portfolio weightings were the First Trust Dow Jones Internet Index ETF (FDN, 13.00%), the iShares Russell 2000 Growth Index ETF (IWO, 9.20%), the ProShares Ultra Nasdaq Biotechnology ETF (BIB, 6.50%), and the iShares MSCI EAFE Index ETF (EFA, 6.20%).

Within the Quantified Alternative Investment Fund (QALTX), the Long/Short Market Neutral Alternative sub-portfolio increased allocations to the Guggenheim Long/Short Equity Fund (RYAMX, 3.70%), the Hancock Horizon Quantitative Long-Short Fund (HHQAX, 2.00%), and the Schooner Hedged Alternative Income Fund (SWHEX, 2.00%), while eliminating allocations in the Diamond Hill Long-Short Fund (DIAMX) and the Nataxis ASG Managed Futures Strategy Fund (AMFAX).

Among the largest ETF positions there were a few changes: allocations to the PowerShares Dynamic Food & Beverage ETF (PBJ, 3.02%) and the iShares U.S. Industrials ETF (IYJ, 2.42%) increased, while allocations to the iShares S&P Global Infrastructure ETF (IGF, 2.83%) and the iShares US Pharmaceuticals ETF (IHE, 3.02%) were decreased.

The cash level within the Fund increased to 12.93% last week. The daily pattern trading of S&P 500 Index futures with 10% fund capital allocation started the week 8% long and remained there to begin this week. The 7.5% capital allocation of the volatility-based systematic trading of NASDAQ 100 Index futures started the week 7.5% long, changed to 9% long on Tuesday, and 10.5% long on Thursday’s close to begin this week.

The Quantified Managed Bond Fund’s (QBDSX) two leading broad-bond index ETF holdings, the Vanguard Short-Term Government Bond Index ETF (VGSH, -0.14%) and the Guggenheim Enhanced Short Duration ETF (GSY, 0.00%), were mixed for the week.

The 10-year US Treasury yield increased to 2.47% for the week. The Fund increased weighting in the iShares Barclays 1-3 Year Treasury Bond ETF (SHY) from 4.20% to 4.80% and in the Vanguard Short-Term Government Bond Index ETF (VGSH) from 6.30% to 8.25%, while decreasing allocations in the Guggenheim Enhanced Short Duration ETF (GSY) from 13.88% to 12.68% and in the ProShares Ultra 20+ Year Treasury ETF (UBT) from 2.18% to 1.78%. Cash increased to 19.18%.

Untitled Document

Total Return

Fund (Inception) Symbol Qtr Ending 3/31/15 YTD Ending 3/31/15 1 Year Ending 3/31/15 Since Inception Ending 3/31/15* Annual Expense Ratio
The Gold Bullion Strategy Fund (7/5/13) QGLDX (0.39%) (0.39%) (9.92%) (4.11%) 1.66%
Quantified Managed Bond Fund (8/9/13) QBDSX 0.31%
0.31%
0.29% 1.31% 1.68%
Quantified All-Cap Equity Fund (8/9/13) QACFX 2.16%
2.16%
3.03% 3.83% 1.51%
Quantified Market Leaders Fund (8/9/13) QMLFX 4.86%
4.86% 6.77% 8.62% 1.71%
Quantified Alternative Investment Fund (8/9/13) QALTX 1.67% 1.67% 1.53% 6.46% 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. To obtain performance data current to the most recent month-end 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. Advisors Preferred, LLC serves as the Funds’ investment advisor.

 

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

 

Untitled Document

Total Return

Fund (Inception) Symbol Qtr Ending 3/31/15 YTD Ending 3/31/15 1 Year Ending 3/31/15 Since Inception Ending 3/31/15* Annual Expense Ratio
The Gold Bullion Strategy Fund (7/5/13) QGLDX (0.39%) (0.39%) (9.92%) (4.11%) 1.66%
Quantified Managed Bond Fund (8/9/13) QBDSX 0.31%
0.31%
0.29% 1.31% 1.68%
Quantified All-Cap Equity Fund (8/9/13) QACFX 2.16%
2.16%
3.03% 3.83% 1.51%
Quantified Market Leaders Fund (8/9/13) QMLFX 4.86%
4.86% 6.77% 8.62% 1.71%
Quantified Alternative Investment Fund (8/9/13) QALTX 1.67% 1.67% 1.53% 6.46% 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. To obtain performance data current to the most recent month-end 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. Advisors Preferred, LLC serves as the Funds’ investment advisor.

 

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 declined 2.06% as the US Dollar Index strengthened. The Gold Bullion Strategy Fund (QGLDX) lost 2.51% 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 fell slightly, 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, went lower by 2.39%. The Fund continued buying into short maturity individual bonds and Certificates of Deposit last week.

Untitled Document

Total Return

Fund (Inception) Symbol Qtr Ending 3/31/15 YTD Ending 3/31/15 1 Year Ending 3/31/15 Since Inception Ending 3/31/15* Annual Expense Ratio
The Gold Bullion Strategy Fund (7/5/13) QGLDX (0.39%) (0.39%) (9.92%) (4.11%) 1.66%
Quantified Managed Bond Fund (8/9/13) QBDSX 0.31%
0.31%
0.29% 1.31% 1.68%
Quantified All-Cap Equity Fund (8/9/13) QACFX 2.16%
2.16%
3.03% 3.83% 1.51%
Quantified Market Leaders Fund (8/9/13) QMLFX 4.86%
4.86% 6.77% 8.62% 1.71%
Quantified Alternative Investment Fund (8/9/13) QALTX 1.67% 1.67% 1.53% 6.46% 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. To obtain performance data current to the most recent month-end 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. Advisors Preferred, LLC serves as the Funds’ investment advisor.

 

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

 


 

As we approach our national Independence Day celebrations, it is time to also exam our bonds to old outdated portfolio strategies.

In the past, asset allocation has centered on a mix of stocks and bonds, using Modern Portfolio Theory calculations as a way to diversify.

But today bonds face a significant problem if the Federal Reserve raises rates later this year as expected. After six years of record-low interest rates, investors may be unprepared, and even unaware, of the impact these rates may have had on their bond portfolio.

“Investors have fled U.S. and European bonds over the past few days. Is this the end of a great rally for bonds ... the bursting of a bubble?

It's too soon to say. But the yield on the 10-Year U.S. Treasury was around 1.92% at the beginning of last week. It's now at about 2.21%. Rates go up as investors sell.

That might not sound like a huge move, but it is massive in the often sleepy world of fixed income. And it will mean big losses for anyone that has money in bonds—which many average investors do.”    CNNMoney 5/7/2015

Now is the time to diversify out of bonds and consider a better union with gold bullion …

Rick Andrews is the President of Avant Capital Mgmt, LLC.

Untitled Document

5-Day losses for the 3 major indices

The impasse between Greece and its creditors weighed on global equity markets last week, including ours. Across five trading days, the Dow gave back 0.38% to settle Friday at 17,947.02. The Nasdaq lost 0.71% on the week to a Friday settlement of 5,080.51 while the S&P 500 slipped 0.40% to wrap the week at 2,101.61.4

% Change Y-T-D 1-Yr Chg 5-Yr Avg 10-Yr Avg
DJIA
+0.70
+6.53
+15.39
+7.44
NASDAQ
+7.27
+16.02
+25.70
+14.84
S&P 500
+2.07
+7.38
+19.04
+7.65
Real Yield 5/8 Rate 1-Yr Ago 5-Yrs Ago 10-Yrs Ago
10Yr TIPS Yd
0.57%
0.26%
1.21%
1.62%

  May YTD returns
DJIA +1.05%
NASDAQ +7.05%
S&P 500 +2.36%

Sources: wsj.com, bigcharts.com, treasury.gov - 6/26/15 5,6,7,8
Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.
These returns do not include dividends.


Consumer spending increases 0.9%

This May gain represents quite a change from the mere 0.1% improvement recorded by the Commerce Department for April. It appears households have started to spend some of the money they saved on fuel and energy costs this winter. Consumer incomes rose 0.5% in May, replicating their April advance.1


Households feel more optimistic

The University of Michigan announced a final June reading of 96.1 for its consumer sentiment index – its highest mark since January. Analysts polled by Briefing.com had expected no change from the final May reading of 94.6.2


Housing market leaves doldrums behind

A 2.2% increase in May took new home buying to a level unseen since February 2008: an annualized pace of 546,000 units. Moreover, the Census Bureau reported a 19.5% year-over-year gain for new home purchases. Existing home sales rose 5.1% in May according to the National Association of Realtors, nearing a 6-year peak.3


Silver lining in durable goods, Q1 GDP numbers

America’s economy shrank 0.2% in Q1 according to the final estimate of the federal government, but that was an improvement from the 0.7% setback previously announced. Census Bureau data showed hard goods orders down 1.8% in May, but they were actually up 0.5% last month with transportation orders factored out.1



Citations

1 - briefing.com/investor/calendars/economic/2015/06/22-26 [6/26/15]
2 - briefing.com/Investor/Calendars/Economic/Releases/mich.htm [6/26/15]
3 - nasdaq.com/article/us-new-home-sales-climb-to-sevenyear-high-in-may-20150623-00645 [6/23/15]
4 - markets.on.nytimes.com/research/markets/usmarkets/usmarkets.asp [6/26/15]
5 - markets.wsj.com/us [6/26/15]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=6%2F26%2F14&x=0&y=0 [6/26/15]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=6%2F26%2F14&x=0&y=0 [6/26/15]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=6%2F26%2F14&x=0&y=0 [6/26/15]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=6%2F25%2F10&x=0&y=0 [6/26/15]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=6%2F25%2F10&x=0&y=0 [6/26/15]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=6%2F25%2F10&x=0&y=0 [6/26/15]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=6%2F27%2F05&x=0&y=0 [6/26/15]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=6%2F27%2F05&x=0&y=0 [6/26/15]
6 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=6%2F27%2F05&x=0&y=0 [6/26/15]
7 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [6/26/15]
8 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [6/26/15]

 



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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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