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Flexible Plan Investments


5 reasons why stocks may be primed to move higher

The panic would set in as soon as Dad would bellow “Where’s the clicker?” Everyone had to move. Cushions on chairs and sofas would be quickly tossed aside. Hands would stretch and scramble among the stale crumbs in the creases underneath in search of the elusive foe. Failure was not an option. There would be no TV that night until Dad’s hands grasp the clicker once more.

We called it a “clicker” because when you pushed one of the two, then on later models, four, buttons, a little hammer inside would strike one of four aluminum rods making a clicking sound that sent an ultrasonic signal to the TV set. Amazingly, even though today the electronic versions make no sounds that humans can hear, some people still refer to their remotes with this name tag.

The nightly (for some reason the remote never remained until the next evening on the table beside Dad’s chair) exploration began in the late ‘50s with the general availability of Zenith’s Space Commander remote control (which won its creators, Robert Adler and Eugene Polley, an Emmy and Inventor of the Year honors).

I’ll bet something like this search still happens in your house. I know it does in mine.

Of course, once the “clicker” was secured, the real fun began. Channel surfing at first was the attraction. Rather than watching the same network all night, we could now flip from channel to channel (to the extent that today the remote is called a “flipper” by many). Back in the day, this only occurred at the program’s end. Today, I know many who flip every time a commercial appears. They then come back to the story late or not at all. Sound familiar?

Also sounds frustrating, doesn’t it? At first the channel change was dictated by the TV Guide listings, but then that stopped coming. Cable offered hundreds of channels, and soon TV watchers began to click or flip between the channels randomly just looking for something to catch their interest.

It’s like that with most investors today. They flip between investment choices looking for something to catch their interest. One minute they’re scared and seeking safety, and the next minute they are feeling all confident and ready to take a fling on the next big, overhyped show.

Last week was a good example. Stocks sank to near their April lows intra-day on Monday as investors wanted anything but stocks, then came roaring back as stocks began to march higher for most of the rest of the week while investors clamored to get back on board the equity train looking for new highs.

Remote controls were invented to minimize the effort of changing channels—you no longer had to get out of your easy chair or argue with your children, who were probably lying on the carpet in front of the set, to do it. It just seemed like a lot of wasted effort.

At first investors traveled this same path in search of effortless investing. Remember when online investing first started and everyone was going to become a day-trading millionaire? It was kind of like a remote control; you didn’t have to call a broker to trade stocks; you just clicked away on your keyboard.

Losses and the work involved in keeping up with the markets soon ended that fad. Investors sought, instead, someone to do it for them. That’s what we have been doing here at Flexible Plan Investments since 1981 with our separately managed account (SMA) programs.

It’s still kind of like remote control. Our clients open the account, that clicks the “start” button, and we begin changing the investment channels for them. It’s further automated internally because we only use computer-driven, quantitative strategies to manage our clients’ portfolios.

Like with TV remote controls, however, the very automation of the process makes it easy for the user to begin to channel surf. And investors today, like TV watchers, may be doing so without a guide. Remember how frustrating such flipping was for the TV viewer. Be careful in changing channels, you could miss all of the good parts.

There were lots of good parts last week and the Second Season of the current bull market could be just beginning. Remember how I mentioned last time that April is one of the best months for stocks? Well, the second half of the month (after a brief respite after the 16th) is historically the best part of the month, and investors have already gained over 2% this month in the S&P and more on other indexes.

There are at least five keys to higher stock prices, and all of them are clicking on the same channel at the present time. There does not seem to be a good reason to switch.

First, interest rates remain low. As the chart shows, there has been no better time than now to refinance a mortgage or buy a new home. And early indicators are that the housing market, the primary driver of past recoveries, is accelerating in response to this.


Source: Bespoke Investment Group

Second, economic reports have been disappointing throughout this year. Week after week we’ve had to report that most were underperforming expectations. While there were only ten reports last week, it is pleasing to report that all ten met or exceeded expectations.

Third, investor sentiment continues to trend lower for stocks even as stock indexes move higher. This is not the characteristic common to bubble-type speculation. Instead, it is the behavior one normally sees in the early days after a market bottom has been made.

Fourth, we just entered earnings reporting season. These reports will concern private company operations in 2015’s first quarter. Because of the difficult winter and three months of declining retail sales, earnings analysts are extremely bearish on company prospects and have been lowering their earnings estimates at near record rates.

But this actually has been a good thing during the market rally since 2009. As the chart shows in the lower left-hand quadrant, when analysts have downgraded more companies than they have upgraded, stocks have declined only three times over the next six-week earnings reporting season. In contrast, stocks have risen during that period in the remaining fourteen time periods (upper left-hand quadrant).


Source: Bespoke Investment Group

The number by which the company earnings downgrades have exceeded the upgrades has only been greater than the current number three times since 2009. In the six weeks after these incidents, stocks historically have registered gains between 4.7% and 5.2%.

Last, but certainly not least, the primary upward trend in stocks continues. As the final chart shows, however, the trend is being tested. The S&P has been consolidating, but Friday’s price action seemed to be signaling a breakout to the upside, which could mean new highs yet this month. Unfortunately, there was no follow-through today, which might mean more consolidation in the short run.


Source: Bespoke Investment Group

Regardless, many of our quantitative strategies are geared to respond to a break in the trend should it occur. Other strategies can further diversify a portfolio to seek to generate a positive response during a down trend, as well.

 

As remote controls developed, soon it was not enough simply to have a TV clicker. The types of remotes have multiplied. The average media room probably has at least four. Of course, this proliferation has led to a new development—the universal remote where all the devices can be controlled from a single remote.

Our Strategic Solutions platform at Trust Company of America and on a tax-deferred variable annuity at Jefferson National provides a similar tool. We have scores of strategies available all on a single platform so you don’t have to use anything else if you do want to change channels. No additional paperwork and all just a click away.

One of the most annoying parts about watching TV with Dad was that until his dying day when the ads came on, if he wasn’t changing the channel, he would always mute the commercials. You’d go from full involvement in a drama to what seemed like a long period of silence before the action would begin again.

But now that I think back on that silence, I wish I had a clicker for all of the investment noise emanating from the financial media today. It’s such a distraction. I would love to be able to mute it. And in its place it would be great to hear my Dad’s voice once more, even if it was only to roar “Where’s the remote?”

All the best,

Jerry

 


Fusion Prime Longevity Fee Credit Roll-out

The first of our annual Fusion Prime Longevity Fee Credit Program eligible clients will be paid after April 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. Clients received a letter indicating if they qualified for this incentive. Advisors can see which of their clients qualify this quarter by accessing the Advisor Correspondence section of our website.


 1st Quarter Statements

1st quarter account summaries and OnTarget statements are scheduled to be delivered later this week. For those clients who have elected to receive electronic delivery of our correspondence to you, be sure to go to ontargetinvesting.com to verify that we have your current email address in our system. If you haven’t already done so, you can contact Client Services at 800-347-3539 x1 to set up e-delivery.

 

 


US equity markets were up last week. The NASDAQ Composite gained 2.23% last week, the S&P 500 was up 1.70%, and the Dow Jones Industrial Average recorded a weekly gain of 1.66%. All ten of the S&P industrial sectors were up for the week. The move upward was led by Industrials (3.29%), Energy (3.09%), Health Care (2.90%), and Information Technology (1.91%). Except for the Quantified Managed Bond Fund (QBDSX), which was flat, the Quantified Funds were up for the week. The largest gain was in the Quantified Market Leaders Fund (QMLFX, 2.09%), followed by the Quantified All-Cap Equity Fund (QACFX, 1.20%), and then the Quantified Alternative Investment Fund (QALTX, 0.92%).

Last week the Quantified All-Cap Equity Fund (QACFX) shifted its weightings in four leading stock baskets, which were over 56% of the portfolio’s composition: “All-Cap Liquidity Premium” (21%), “All-Cap Low Debt” (14%), “International- Liquidity Premium” (11%), and “All-Cap Quality Acceleration” (11%). Among domestic sector distributions, Financials and Information Technology led with portfolio allocations of 19% and 14%, respectively. The largest stock holdings in the All-Cap portfolio were in the common stock of CTS Corp. (CTS, 3.51%) and the common stock of Employers Holdings, Inc. (EIG, 2.10%).

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 neutral, changed to 8% short on Thursday’s close, and 16% short on Friday’s close 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 changed to the following: Large-Cap Growth (1.80%), Mid-Cap Growth (9.60%), Mid-Cap Value (4.30%), Small-Cap Growth (19.20%), and Small-Cap Value (14.40%). Total sector ETF weightings changed to 50.70% from the prior week. Distribution of sector holdings and weights were as follows: Health Care (14.14%), Biotech (13.00%), Retail (10.56%), and Real Estate (13.00%). The individual ETF positions with the leading portfolio weightings were the iShares Russell 2000 Growth Index ETF (IWO, 8.50%), the ProShares Ultra Russell 2000 ETF (UWM, 8.10%), the ProShares Ultra NASDAQ Biotechnology ETF (BIB, 6.50%), and the Direxion Daily Small Cap Bull 3X Shares ETF (TNA, 5.60%).

Within the Quantified Alternative Investment Fund (QALTX), the Long/Short Market Neutral Alternative sub-portfolio increased allocation to the Dreyfus Dynamic Total Return Fund (AVGRX, 2.52%).

Among the largest ETF positions there were a few changes: allocations to the First Trust Consumer Staples Alphadex ETF (FXG, 3.81%) and the PowerShares Dynamic Food and Beverage ETF (PBJ, 3.28%) increased, while allocations to the iShares US Pharmaceuticals ETF (IHE, 3.14%) and the PowerShares Dynamic Retail ETF (PMR, 2.39%) decreased.

The cash level within the Fund decreased to 11.98% last week. The daily pattern trading of S&P 500 Index futures with 10% fund capital allocation started the week neutral, changed to 4% short on Thursday’s close, and 8% short 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 7.5% long, changed to 6% long on Wednesday’s close, and 10.5% long on Friday’s close to begin this week.

The Quantified Managed Bond Fund’s (QBDSX) two leading broad-bond index ETF holdings, the iShares Barclays Aggregate Bond ETF (AGG, -0.16%) and the iShares Barclays 7-10 Year Treasury Bond ETF (IEF, -0.31%), were down for the week.

The 10-year US Treasury yield increased to 1.95% for the week. The Fund increased weightings in the iShares Barclay’s Aggregate Bond ETF (AGG) from 11.95% to 12.93% and in the iShares Barclay’s 7-10 Year Treasury Bond ETF (IEF) from 6.90% to 8.10%, while decreasing allocations in the PowerShares Senior Loan Portfolio ETF (BKLN) from 9.08% to 4.60% and in the iShares Barclays Intermediate Credit Bond ETF (CIU) from 8.48% to 5.55%. Cash decreased to 6.80%.

The 10% active portfolio exposure to 30-Year US Treasury bond futures in the Fund started the week 85% long, changed to 80% long on Tuesday’s close, neutral on Wednesday’s close, and 85% long on Thursday’s close to begin this week. The position lost around 0.24%.

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. 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 added 0.41% despite that the US Dollar Index resumed rallying higher. The Gold Bullion Strategy Fund (QGLDX) gained 0.25% 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 slightly higher, 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, gained 0.31%. The Fund continued buying into short maturity individual bonds and Certificates of Deposit last week.

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. 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

 


“In 20 years, the world may run out of minable gold”—MarketWatch 3/31/2015—Read all about it

Here are some excerpts from the article:

“According to Goldman Sachs, the world has about 20 years’ worth … of known minable reserves of gold …

‘The combination of very low concentrations of metals in the Earth’s crust, and very few high-quality deposits, means some things are truly scarce. Perhaps unsurprisingly, these are the so-called precious metals (and diamonds), and that their value is derived from the fact they are rare,’ wrote Eugene King, European metals and mining analyst at Goldman Sachs, wrote in a recent research note.

‘Gold has been used as a measure of wealth for more than 4,000 years, as the ancient Egyptians soon worked out that gold was not only shiny and heavy, but rare,’ he said.

All told, their ‘relative scarcity and the market’s belief that new discoveries will be limited, is what drives the price of these super-rare commodities,’ King said.”

If Goldman is correct that "peak gold" may have arrived, this is yet another reason to follow our motto for your 2015 portfolio: “hold gold."

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





Stocks push higher

Intriguing M&A activity helped the market rally last week. The Nasdaq advanced 2.23% in five days to close at 4,995.98 Friday. The Dow moved north 1.66% to 18,057.65 while the S&P 500 rose 1.70% to 2,102.06.5

% Change Y-T-D 1-Yr Chg 5-Yr Avg 10-Yr Avg
DJIA
+1.32
+11.67
+12.84
+7.28
NASDAQ
+5.49
+23.23
+20.72
+15.08
S&P 500
+2.10
+14.67
+15.20
+7.80
Real Yield 4/3 Rate 1-Yr Ago 5-Yrs Ago 10-Yrs Ago
10Yr TIPS Yd
0.14%
0.51%
1.56%
1.82%

  March YTD returns
DJIA -0.26%
NASDAQ +3.48%
S&P 500 +0.44%

Sources: online.wsj.com, bigcharts.com, treasury.gov - 4/10/15 6,7,8,9
Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.
These returns do not include dividends.


Service sector continues to expand

At 56.5, the Institute for Supply Management’s March non-manufacturing index came in 0.4 points beneath its February reading but still indicated healthy expansion for the service industry. While business activity fell by 1.9%, new orders improved 1.1% and new export orders 6.0%. America’s service sector grew for a 62nd straight month.1


Could the Fed tighten late in Q2?

Minutes from the Federal Open Market Committee’s March policy meeting stated that “several participants” felt economic data was strong enough to prompt an interest rate increase at its June meeting. (Federal Reserve board officials and regional presidents are all defined by the Fed as “participants.”) Richmond Fed president Jeffrey Lacker reiterated his support for a hike to reporters last week, noting that rates could be reduced again if economic conditions warranted.2


Oil prices climb 5.1% in a week

That advance took light sweet crude to a NYMEX close of $51.64 a barrel Friday, and that rise came even with a 6% descent last Wednesday. Gold had a relatively flat week, gaining 0.3% on the COMEX to settle Friday at $1,204.60; silver futures moved south 1.9%, ending the week at $16.38.3,4



Citations

1 - ism.ws/ismreport/nonmfgrob.cfm [4/6/15]
2 - tinyurl.com/oyqdoyl [4/10/15]
3 - marketwatch.com/story/oil-futures-stable-after-volatile-week-wti-above-50-a-barrel-mark-2015-04-10 [4/10/15]
4 - marketwatch.com/story/gold-struggles-to-hold-weekly-winning-streak-alive-2015-04-10 [4/10/15]
5 - markets.on.nytimes.com/research/markets/usmarkets/usmarkets.asp [4/10/15]
6 - markets.wsj.com/us [4/10/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=4%2F3%10F14&x=0&y=0 [4/10/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=4%2F10%2F14&x=0&y=0 [4/10/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=4%2F10%2F14&x=0&y=0 [4/10/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=4%2F9%2F10&x=0&y=0 [4/10/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=4%2F9%2F10&x=0&y=0 [4/10/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=4%2F9%2F10&x=0&y=0 [4/10/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=4%2F11%2F05&x=0&y=0 [4/10/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=4%2F11%2F05&x=0&y=0 [4/10/15]
7 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=4%2F11%2F05&x=0&y=0 [4/10/15]        
8 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [4/10/15]
9 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [4/10/15]


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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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