1. Emotions and Your Money
5 potentially costly mistakes and how to avoid them
Welcome to our presentation on Emotions and Your Money.
We all know that emotions play an important role in the everyday decisions that we make, especially when it comes to our financial matters. Sometimes emotions like fear can benefit you—for example, scared investors who stayed in cash during the bear market of may have avoided double-digit losses of 50% or more.
But other times, this same fear can cause you to make costly investment mistakes. For example, investors who stayed out of the market through the end of 2009 would have missed out on one of the most impressive equity comebacks in recent history.
In this presentation, we’ll explore the different types of emotions that you could face as an investor. We’ll also take a look at some of the most common emotional mistakes that investors make, and show you time-tested strategies and valuable investment tips that can help you avoid these errors.

2. SunAmerica is a sponsor of this seminar
SunAmerica is a sponsor of this seminar. As a sponsor, it has contributed a fee or services to help defer seminar costs. During the course of this seminar, your financial advisor may recommend products from SunAmerica Mutual Funds. Neither SunAmerica nor its representatives may provide individual investment recommendations or advice. SunAmerica and the Broker Dealer that employs your financial advisor may or may not be affiliated. Please see your financial advisor for details.
[Note to presenter: when appropriate, please read this disclosure to the audience. If SunAmerica is NOT a sponsor of your seminar, you may delete this slide from the presentation.]

3. Agenda Understanding Emotions
Emotions and Investing—5 potentially costly mistakes and how to avoid them
Managing Emotions—the keys to staying calm in a turbulent market
Today’s presentation will be divided into three sections:
First, we’ll help you gain a better understanding of your emotions and how they can influence your investment decisions.
Next, we’ll discuss five of the most common and potentially costly mistakes that investors make and how you can avoid these errors in your own investment portfolio.
And finally, we’ll highlight the keys to managing emotions, staying calm and potentially investing with greater success in varying market conditions.

4. Understanding Emotions
Let’s start by exploring the role emotions play in the decision-making process.

5. Many psychologists believe that people are “hard-wired” to make irrational, emotional decisions
Many psychologists believe that people are “hard-wired” to make irrational, emotional decisions. Numerous studies have been conducted that show evidence of this irrational behavior. Some of the most famous were conducted by Dr. Daniel Kahneman, one of the founding fathers of behavioral finance and the 2002 Nobel Prize winner for Economics.
[Note to presenter]
You can read about studies that support this statement in books such as:
Judgment Under Uncertainty By Daniel Kahneman, Paul Slovic and Amos Tversky, Cambridge, 1982
The Winner's Curse By Richard H. Thaler, Princeton, 1992
Predictably Irrational By Dan Ariely, HarperCollins, 2008
Sway: The Irresistible Pull of Irrational Behavior By Ori and Rom Brafman, Currency, 2008

6. It’s known as a Psychological Bias.
A tendency for the human brain to respond emotionally and make errors in judgment when faced with uncertainty.
One of the most common biases is Loss Aversion, a psychological trait that makes losses seem twice as painful as the pleasure of gains.
In his research, Dr. Kahneman found that most people have psychological biases—a tendency to respond emotionally and make errors in judgment when faced with uncertainty. One of the most common biases is Loss Aversion, a psychological trait that makes losses seem twice as painful as the pleasure of gains.

7. It’s known as a Psychological Bias.
One of the most common biases is
Loss Aversion
A psychological trait that makes losses seem twice as painful as the pleasure of gains.
It’s known as a Psychological Bias.
A tendency for the human brain to respond emotionally and make errors in judgment when faced with uncertainty.
[Animated slide]
In his research, Dr. Kahneman found that most people have psychological biases—a tendency to respond emotionally and make errors in judgment when faced with uncertainty. One of the most common biases is Loss Aversion, a psychological trait that makes losses seem twice as painful as the pleasure of gains.

8. Let’s put this bias to the test
Which investment would you choose in each of the following scenarios?
1. If you had $1,000 to invest:
Investment A Offers a sure gain of $500 OR
Investment B Offers a 50% chance of either gaining $1,000 or gaining nothing
2. If you had $2,000 to invest:
Investment A Offers a sure loss of $500 OR
Investment B Offers a 50% chance of either losing $1,000 or losing nothing
[Hidden slide]
Let’s put this bias to the test and see if you have an aversion for losses. We’ll replicate a landmark study* by Dr. Daniel Kahneman and his colleague Amos Tversky, in which they asked people to choose between two different investments.
Which investment would you choose in each scenario?
First, let’s assume that you have savings of $1,000. Would you rather have Investment A which provides you with a sure gain of $500? Or Investment B which offers a 50% chance of either gaining $1,000 or gaining nothing?
[Pause]
Now, let’s assume that you have savings of $2,000. Would you prefer Investment A which provides you with a sure loss of $500? Or would you choose Investment B which offers you a 50% chance of either losing $1,000 or losing nothing?
*Source: "Prospect Theory: An Analysis of Decision under Risk” by Daniel Kahneman and Amos Tversky, Econometrica, XLVII (1979),

9. Let’s put this bias to the test
Scenario 2
Scenario 1
If you had $1,000 to invest, would you select:
If you had $2,000 to invest, would you select:
Investment A Offers a sure gain of $500
Investment A Offers a sure loss of $500
Which investment would you choose in each of the following scenarios?
Let’s put this bias to the test OR OR
Investment B
Offers a 50% chance of either gaining $1,000 or gaining nothing
Investment B
Offers a 50% chance of either losing $1,000 or losing nothing
[Animated slide]
Let’s put this bias to the test and see if you have an aversion for losses. We’ll replicate a landmark study* by Dr. Daniel Kahneman and his colleague Amos Tversky, in which they asked people to choose between two different investments.
Which investment would you choose in each of the following scenarios?
First, let’s assume that you have savings of $1,000. Would you rather have Investment A which provides you with a sure gain of $500? Or Investment B which offers a 50% chance of either gaining $1,000 or gaining nothing?
[Pause]
Now, let’s assume that you have savings of $2,000. Would you prefer Investment A which provides you with a sure loss of $500? Or would you choose Investment B which offers you a 50% chance of either losing $1,000 or losing nothing?
*Source: "Prospect Theory: An Analysis of Decision under Risk” by Daniel Kahneman and Amos Tversky, Econometrica, XLVII (1979),

10. Surprising results If you’re like most people, you chose:
A sure gain of $500 (Investment A) for the first scenario. (84%)
A 50% chance of losing $1,000 or nothing (Investment B) for the second scenario, even though it’s the riskier choice. (69%)
Why did most people make this choice? Because Loss Aversion causes you to take on more risk to avoid a sure loss!
Based on logic alone, your answers should be the same: Either A or B for both scenarios, since they would give you identical numerical results. Let’s do the math:
Scenario 1:
Investment A: Savings of $1,000 + $500 gain = $1,500
Investment B: Savings of $1,000 + ($1,000 gain or $0 gain) = $1,000 or $2,000
Scenario 2:
Investment A: Savings of $2,000 - $500 loss = $1,500
Investment B: Savings of $2,000 – ($1,000 loss or $0 loss) = $1,000 or $2,000
But if you’re like most people in Kahneman and Tversky’s studies, your answers were different. You chose a sure gain of $500 (Answer A, 84%) for the first scenario and the 50/50 chance to lose nothing for the second question (Answer B, 69%), even though it’s the riskier choice.
So why did you respond differently? The reason is due to Loss Aversion. People respond differently to the same situation depending on whether the choices are framed within the context of gains or losses. In Scenario 1, you’re reluctant to take risks when faced with a sure gain of $500. However, when faced with the certainty of losing $500 in Scenario 2, you become a risk-taker to avoid this sure loss.

11. 69% chose this answer, even though it’s the riskier choice
Surprising results
Scenario 1:
If you’re like most people, you chose:
Scenario 2: 
Investment A Offers a sure gain of $500
Investment A Offers a sure loss of $500
Why did most people make this choice? Because Loss Aversion causes you to take on more risk to avoid a sure loss!
84% chose this answer OR OR 
Investment B
Offers a 50% chance of either gaining $1,000 or gaining nothing
Investment B
Offers a 50% chance of either losing $1,000 or losing nothing
[Animated slide]
Based on logic alone, your answers should be the same: Either A or B for both scenarios, since they would give you identical numerical results. Let’s do the math:
Scenario 1:
Investment A: Savings of $1,000 + $500 gain = $1,500
Investment B: Savings of $1,000 + ($1,000 gain or $0 gain) = $1,000 or $2,000
Scenario 2:
Investment A: Savings of $2,000 - $500 loss = $1,500
Investment B: Savings of $2,000 – ($1,000 loss or $0 loss) = $1,000 or $2,000
But if you’re like most people in Kahneman and Tversky’s studies, your answers were different. You chose a sure gain of $500 (Answer A, 84%) for the first scenario and the 50/50 chance to lose nothing for the second question (Answer B, 69%), even though it’s the riskier choice.
So why did you respond differently? The reason is due to Loss Aversion. People respond differently to the same situation depending on whether the choices are framed within the context of gains or losses. In Scenario 1, you’re reluctant to take risks when faced with a sure gain of $500. However, when faced with the certainty of losing $500 in Scenario 2, you become a risk-taker to avoid this sure loss.
69% chose this answer, even though it’s the riskier choice

12. Psychological biases combined with the emotions of investing can lead to costly mistakes
When you combine a psychological bias like loss aversion with the emotions of investing in a volatile market, it can lead to costly investment mistakes.
In fact, take a look at this cycle of emotional investing chart. In bull markets when prices are going up, investors typically experience an upward swing in emotions, going from optimism to excitement to overconfidence. But while investors may be happy at the top of the market, this moment actually offers the greatest risk of loss.
The old adage says, “buy low and sell high,” but many investors do just the opposite. They get so excited and overconfident that they simply follow the crowd, investing at the top of a bull market just in time to see their portfolio’s value decline.
On the other hand, in a down market, investors may be overcome by fear and panic, selling their stocks at the market’s bottom. However, this point in the equity market cycle actually provides investors with the greatest opportunity for gains over time.

13. As Dr. Daniel Kahneman said: “The more emotional event is, the less sensible people are.”

14. Emotions and Investing
5 potentially costly mistakes and how to avoid them
Now let’s answer the question:
What are five of the most common and potentially costly mistakes that investors make and how do you avoid them?

15. 1. Impatience
Investment Trap: Trading more frequently to try to quickly enhance returns
Unintended Consequence: Potential for higher trading costs, more taxes and lower returns
How to Avoid the Trap: Build and follow an investment plan that can help you stay invested
The first is Impatience.
In bull markets, some investors get impatient waiting for their investments to increase in value. They try to enhance performance by trading more frequently, constantly moving in and out of equities in search of higher returns. While this strategy can work if you pick the right stocks or time the market correctly, it can also lead to higher trading costs, more taxes and lower returns. A more effective and consistent approach is to build a long-term financial plan that can help you stay invested through changing markets.

16. Many investors don’t have the patience to stay invested
How long do you think most equity fund investors have remained in their investment over the last 20 years?
Only 3.33 years!
[Animated slide]
[Read the question on the slide and pause before providing the answer]
Source: 2014 Quantitative Analysis of Investment Behavior, DALBAR.

17. Moving in and out of the market can lead to lower returns
Investor behavior contributed to a performance gap of almost 7.5% per year over 30 years!
[Animated slide]
Let’s take a look at how emotions like impatience can impact your portfolio’s return.
In their annual study of investor behavior and its impact on portfolio returns, DALBAR, Inc., a leading investment research firm, showed that while equities performed well over the 30 years from , investors’ emotional decisions to buy, sell and switch in and out of the market led to annual average returns of only 3.69%. In comparison, the S&P 500 Index generated average annual returns of 11.11% over the 30-year period. That’s a difference of almost 7.5% per year.
Of course, it's important to keep in mind that the investor returns reflect investment selection, as well as sales charges, fees, expenses and transaction costs, whereas the S&P 500 Index returns do not. These factors also contribute to the difference in returns. The S&P 500 Index is an unmanaged index in which you cannot invest directly. Past performance is not a guarantee of future results.
[Please review the additional disclosures on the slide]
Source: 2014 Quantitative Analysis of Investment Behavior, DALBAR. This study utilizes data from the Investment Company Institute and Standard & Poor’s to compare investor behavior with the returns of the overall equity market. The Average Equity Fund Investor represents the aggregate action of all investors in equity mutual funds. Investor returns are determined using the change in total equity fund assets after excluding sales, redemptions and exchanges. This method of calculation captures realized and unrealized capital gains, dividends, interest, trading costs, sales charges, fees, expenses and any other costs. The S&P 500 Index is an unmanaged index of large-cap U.S. stocks that is considered to be representative of the U.S. equity market.

18. Following a plan can help control emotions
Stay focused on strategy, not emotions
Don’t get distracted by the short-term movement of the market
Remain on track with your long-term goals
Why is following an investment plan important? It can help you control your emotions in volatile times by:
Staying focused on strategy, not emotions
Keeping you from being distracted by the short-term movements of the equity market
Allowing you to remain on track with your long-term goals

19. 2. Overconfidence
Investment Trap: Relying on “hot” investments to help boost your portfolio’s performance
Unintended Consequence: Lower performance and increased risk of loss
How to Avoid the Trap: Diversify and select investments based on research, not emotions or hot tips
Overconfidence is another emotion that can cause you to make potentially costly mistakes. When you’re overconfident, you may ignore key facts, relying on momentum or hot tips from a friend to help boost your portfolio’s performance. But chasing performance through overconfidence can have unintended consequences. It can increase your risk of loss and potentially lower your returns over time. You can avoid this investment trap by diversifying your assets and selecting investments based on research, not emotions and hot tips.

20. Momentum can turn at any time
Follow the crowd and you may end up buying at the top of the market, right before a significant decline!
For example, the 2 best years in terms of new money invested into the financial markets were followed by the 2 worst years in terms of investment returns!
[Animated slide]
When you invest in stocks and bonds, momentum can turn at any time. Follow the crowd and you may end up buying at the top of the market, right before a significant decline.
For example, take a look at the flow of assets into mutual funds over the last 15 years. The two best years in terms of new money invested in stock and bond funds were in 2001 and 2007, the top of the last two bull markets. They were followed by the two worst years with stock market returns of % in 2002 and -37% in 2008.
Please note that stocks are represented by the S&P 500 Index, an unmanaged index of large-cap stocks in the U.S. stock market. Stock and bond investments are subject to investment risk, including the possible loss of principal. Indices are unmanaged. An investment cannot be made directly in an index. Past performance is not a guarantee of future results.
Source: Investment Company Institute Fact Book 2014

21. What a difference a year makes— Last year’s winner may be this year’s loser!
Here’s another way to look at the risks of chasing performance. If you make investment decisions based on last year’s performance, you may be in for a surprise. Investments that perform well one year may not do as well the next.
For example, international stocks was the top asset class performer in 2007, earning 11.17%, but in 2008, its returns dropped to the bottom of the rankings with returns of %!
[Read the note on the slide and adding the following]
International stocks are represented by the MSCI Europe, Australasia, Far East (EAFE) Index which measures the performance of the leading stocks in 20 developed countries outside of North America.
Emerging Markets stocks are represented by the MSCI Emerging Markets Index, a free float-adjusted market capitalization index that is designed to measure equity market performance of 21 emerging markets.
Indices are unmanaged. An investment cannot be made directly in an index. Past performance is not a guarantee of future results.
Source: Callan Associates, International stocks are represented by the MSCI EAFE Index. Emerging Markets stocks are represented by the MSCI Emerging Markets Index. Asset class rankings are based on eight indices representing different asset classes from bonds to international stocks. Investments in non-US stocks are subject to additional risks including political and social instability, differing securities regulations and accounting standards and limited public information.

22. Annual returns for select asset classes (1994-2013)
Diversification can help you generate more consistent returns in any market
Annual returns for select asset classes ( )
[Animated slide]
Rather than chasing performance, diversification can help you generate more consistent returns in any market. The gold boxes in this chart show the returns of a hypothetical diversified portfolio with assets spread evenly among eight different investment categories. As you can see, it generated returns that were more consistent than other asset classes over the last 20 years. A diversified portfolio can also provide you with the comfort level you need to stay invested through turbulent times and to participate in the long-term growth potential of the equity market. Please note that diversification does not ensure a profit or protect against market loss.
[Read the note on the slide and adding the following]
International Stocks are represented by the MSCI EAFE Index. This index includes a selection of stocks from 21 developed markets, but excludes those from the U.S. & Canada.
Large Growth is represented by the Russell 1000 Growth Index, which measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
Large Value is represented by the Russell 1000 Value Index, which measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.
S&P 500 Index is one of the most commonly used benchmarks for the U.S. equity market. The 500 stocks are market-capitalization weighted and adjusted for free float. They are selected by the S&P Index Committee based to be broadly representative of the U.S. large-cap equity market.
Small Cap is represented by the Russell 2000 Index, which measures the performance of the small-cap segment of the U.S. equity universe. It includes the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.
High-Yield Bond is represented by the Merrill Lynch High Yield Master II Index. This index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.
Bonds are represented by Barclays Capital U.S. Aggregate Bond Index. This index covers a broad array of domestic fixed income securities, including government, corporate, mortgage and asset-backed securities.
Cash is represented by Citigroup Global Markets 3 Month T-Bill Index, which measures monthly return equivalents of yield averages for the last three three-month Treasury bill issues.
Diversified Portfolio is composed of equal annual investments in the eight different market segments noted above.
PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. The historical performance data for each index is provided to illustrate market trends. Indices are unmanaged and do not represent the performance of any specific fund or investment product. You cannot invest directly in the indices. Indices do not include expenses, fees, or sales charges that are typically associated with investments and would lower performance results. Equity investments are subject to market risk. Stocks with lower market capitalization generally involve greater risks. An investment in foreign securities may be subject to different and additional risks associated with, but not limited to: foreign currencies, securities regulation, investment disclosure, commissions, accounting, taxes, political or social instability, war, or expropriation. Bonds and bond funds are subject to interest rate risks. If held to maturity, bonds can provide a fixed rate of return and a fixed principal value, while bond funds will fluctuate in value and may be worth more or less than your original investment when redeemed. High yield bonds are subject to greater price swings than higher-rated bonds and payment of interest and principal is not assured. Source: Wilshire Compass, 2014.

23. Annual returns for key asset classes (1994-2013)
Diversification can help you generate more consistent returns in any market
Annual returns for key asset classes ( )
[Hidden slide]
Rather than chasing performance, diversification can help you generate more consistent returns in any market. The gold boxes in this chart show the returns of a hypothetical diversified portfolio with assets spread evenly among eight different investment categories. As you can see, it generated returns that were more consistent than other asset classes over the last 20 years. A diversified portfolio can also provide you with the comfort level you need to stay invested through turbulent times and to participate in the long-term growth potential of the equity market. Please note that diversification does not ensure a profit or protect against market loss.
[Read the note on the slide and adding the following]
International Stocks are represented by the MSCI EAFE Index. This index includes a selection of stocks from 21 developed markets, but excludes those from the U.S. & Canada.
Large Growth is represented by the Russell 1000 Growth Index, which measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
Large Value is represented by the Russell 1000 Value Index, which measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.
S&P 500 Index is one of the most commonly used benchmarks for the U.S. equity market. The 500 stocks are market-capitalization weighted and adjusted for free float. They are selected by the S&P Index Committee based to be broadly representative of the U.S. large-cap equity market.
Small Cap is represented by the Russell 2000 Index, which measures the performance of the small-cap segment of the U.S. equity universe. It includes the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.
High-Yield Bond is represented by the Merrill Lynch High Yield Master II Index. This index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.
Bonds are represented by Barclays Capital U.S. Aggregate Bond Index. This index covers a broad array of domestic fixed income securities, including government, corporate, mortgage and asset-backed securities.
Cash is represented by Citigroup Global Markets 3 Month T-Bill Index, which measures monthly return equivalents of yield averages for the last three three-month Treasury bill issues.
Diversified Portfolio is composed of equal annual investments in the eight different market segments noted above.
PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. The historical performance data for each index is provided to illustrate market trends. Indices are unmanaged and do not represent the performance of any specific fund or investment product. You cannot invest directly in the indices. Indices do not include expenses, fees, or sales charges that are typically associated with investments and would lower performance results. Equity investments are subject to market risk. Stocks with lower market capitalization generally involve greater risks. An investment in foreign securities may be subject to different and additional risks associated with, but not limited to: foreign currencies, securities regulation, investment disclosure, commissions, accounting, taxes, political or social instability, war, or expropriation. Bonds and bond funds are subject to interest rate risks. If held to maturity, bonds can provide a fixed rate of return and a fixed principal value, while bond funds will fluctuate in value and may be worth more or less than your original investment when redeemed. High yield bonds are subject to greater price swings than higher-rated bonds and payment of interest and principal is not assured. Source: Wilshire Compass, 2014.

24. 3. Fear
Investment Trap: Waiting too long to get back into the equity market
Unintended Consequence: Inability to capitalize fully on a potential market rebound
How to Avoid the Trap Consider easing back into equities with an automatic investing strategy like dollar cost averaging (DCA)
The next emotion we’ll discuss is fear.
In bear markets, investors are often reluctant to invest in equities because of earlier losses and the fear that they’ll make more costly mistakes. Some delay making investment decisions and wait for definitive signs of a market recovery before moving assets back into equities.
While this approach may seem sensible at the time, it can also hinder the growth potential of your investment portfolio. In fact, the longer you wait to invest in equities, the less chance you’ll have to take advantage of “sale prices” and a potential market rebound.
One way to address your fear is to consider easing back into the equity market using an automatic investing strategy like dollar cost averaging (DCA). By making fixed, regular investments, DCA can help you reduce risk, while increasing your exposure to the growth potential of equities.
Note: Dollar cost averaging does not guarantee a profit or protect against a loss in declining markets. Dollar cost averaging involves continuous investment in securities regardless of fluctuating price levels. Before starting such a program, you should consider your ability to make purchases through periods of fluctuating price levels.

25. Fear may result in lost income
Research has shown that bull markets are front-loaded. Miss the first year of a rebound and you could lose out on NEARLY HALF of the average bull market’s total gains!
Returns of the Dow Jones Industrial Average for every bull market since 1900
How much can fear impact your portfolio’s returns?
Research has shown that bull markets are front-loaded. If you miss the first year of a rebound, you could lose out on NEARLY HALF of the average bull market’s total gains!
For example, the Leuthold Group, a leading investment research firm, found that the Dow Jones Industrial Average generated a median return of 41.8% in the first year of every bull market since That’s almost half of the median total gain of 85.7% for the 23 bull markets during this period!
Past performance is not a guarantee of future results.
Note: Past performance is not a guarantee of future results. The Dow Jones Industrial Average is an index that consists of 30 of the largest and most widely held public companies in the U.S. Indices are unmanaged and cannot be invested in directly. Source: The Leuthold Group, 2014.

26. Take the guesswork out of timing the market
Dollar cost averaging (DCA) allows you to increase your exposure to the growth potential of equities, while potentially reducing the average cost of your investment
[Animated slide]
You can reduce your fear and take the guesswork out of timing the market by using dollar cost averaging (DCA). Rather than trying to guess when today’s bear market might end, DCA can help you increase your exposure to the equity market through fixed, regular investments over a specific period of time. By investing the same amount, no matter how the market is performing, DCA can help reduce the average cost of your investment and potentially enhance your returns.
Consider the example on this slide. It compares a $40 lump-sum investment with one invested on four separate occasions for a total of $40.
When you invest in a single large purchase, you increase the chance that you’ll lose money in a volatile market. Here, a $40 lump-sum investment buys four units at $10 each. If the unit price decreases to less than $10, your investment value will drop.
Now, take a look at what happens with DCA. By investing on four separate occasions, you can minimize the risk of getting into the market at the wrong time and potentially reduce your investment costs. That’s because you’ll buy more units when the price is low and less when the price is high.
In this example, unit prices fluctuated from $5 to $12, and you ended up buying 5.08 units at an average unit cost of $7.87. That’s 21% lower than the unit cost of $10 for the lump-sum investment. Plus, if the market goes back up, you’ll be better positioned to take advantage of the market’s growth with more units at lower cost.
In this example, more units at lower cost equals greater potential for future growth!
NOTE: Dollar cost averaging does not guarantee a profit or protect against a loss in declining markets. Dollar cost averaging involves continuous investment in securities regardless of fluctuating price levels. Before starting such a program, you should consider your ability to make purchases through periods of fluctuating price levels. This hypothetical illustration is for illustrative purposes only. It is only intended to show how dollar cost averaging works, not to reflect the performance of an actual investment.

27. 4. Panic
Investment Trap: Selling equities in down markets and moving to cash for short-term safety
Unintended Consequence: Potential shortfall in retirement income
How to Avoid the Trap: Stay calm and use history as a guide to maintaining your long-term focus
Panic can also lead to costly investment mistakes. In down markets, many investors panic and sell stocks in order to move to cash and other fixed income investments.
While this move can provide you with short-term safety, it can also mean less long-term growth in your portfolio and a potential shortfall in retirement income.
How can you avoid this trap? The key is to stay calm and to use history as a guide to maintaining your long-term focus.

28. The cost of selling stocks can be high
Stocks have historically outperformed bonds and cash over time.
In fact, stocks generated nearly $2 million more over the last 30 years!
You should realize that the cost of selling stocks can be high. While stocks can certainly drop in value over the short term, they’re also one of the few investments that offer the long-term growth potential necessary for investors to reach their retirement goals.
As you can see from this slide, $100,000 invested in stocks at the end of 1983 would have increased to $2,346,227 by the end of 2013—despite the worst recession since the Great Depression. The same amount invested in bonds and cash would have reached $936,107 and $360,672 respectively. That’s a difference of nearly $2 million!
Keep in mind that past performance is not a guarantee of future results.
Note: Past performance is not a guarantee of future results. Stocks are represented by the S&P 500 Index; bonds by the Barclays U.S. Aggregate Bond Index; and cash by the BofA Merrill Lynch US Treasury Bill 3-Month Index. Stocks are subject to significant price fluctuations and therefore an investor may have a gain or loss in principal when shares are sold. Government Bonds and Treasury Bills are subject to interest rate risk but are backed by the full faith and credit of the U.S. government if held to maturity. Indices are unmanaged and cannot be invested in directly. Source: Morningstar, 2014

29. It can pay to stay invested in the market
The price of missing the best days of the equity market from
Here’s another way to look at the cost of leaving the equity market. By constantly moving in and out of equities, investors may miss out on the market’s best days and negatively impact their returns.
For example, take a look at the impact of missing just the 40 best investing days over the 20-year period ended 12/31/13. Excluding the 40 best days, the S&P 500 Index generated a return of -1.00%, compared to a return of 9.20% if the money were invested for the full period of time. That’s a difference of more than 10%!
Of course, you should realize that past performance is not a guarantee of future results.
Source: Wellington Management Company, This chart is for illustrative purposes only. It is based on the S&P 500 Index and is not intended to be indicative of the performance of any specific investment. Indices are unmanaged. An investment cannot be made directly in an index. Past performance is not a guarantee of future results.

30. History has been on your side
Since 1926, stocks have consistently provided long-term growth through wars, recessions, financial crises, natural disasters and more
When it comes to equity investing, history is also on your side.
As you can see from this graph, despite war, recession, corporate scandal and other financial crises, stocks have historically offered strong returns over time. Indeed, from 1926 to 2013, a $1 investment in large-cap stocks as represented by the S&P 500 Index would have grown to an impressive $4,642. Keep in mind that past performance is not a guarantee of future results.
Source: Ibbotson, Large company stocks are represented by the S&P 500 Index, an unmanaged index of large-cap stocks in the U.S. stock market. Stocks are often subject to significant price fluctuations and therefore an investor may have a gain or loss in principal when shares are sold. Higher volatility and greater risk may be associated with investing in stocks of small or emerging companies. This chart is for illustrative purposes only and is not representative of any specific investment. Performance for any specific investment is available from your investment representative. Past performance is not a guarantee of future results. Indices are unmanaged; you cannot invest directly in these indices.

31. 5. Indecision
Investor Behavior: Staying in cash to help protect your assets from market volatility
Unintended Consequence: Loss of purchasing power over time
How to Avoid the Trap Review your asset allocation mix
Finally, let’s talk about indecision. Sometimes investors stay in cash because they’re not sure what else to do. They feel that at the very least, cash investments will help protect their assets from market volatility. The problem is that cash investments won’t help you offset the loss of purchasing power over time. With taxes and inflation, you may have a lot less than what you expect.
To avoid this trap, it’s important to work with your financial advisor to review your asset allocation mix on a regular basis. He or she can help you determine the appropriate amount of assets to keep liquid in your portfolio.

32. Don’t let indecision reduce your returns
Cash alone is unlikely to generate the returns necessary to achieve your retirement goals
10.1%
2013
5.5%
5.1%
0.4%
It’s true that cash investments like Treasury Bills and money market funds can help preserve your principal and provide you with liquidity in turbulent markets.
But over time, they’re unlikely to generate the returns needed to offset the impact of taxes and inflation. In fact, after taxes and inflation, cash has an average annualized return of -0.8% since 1926! Please note that past performance is not a guarantee of future results.
-0.8%
Source: Ibbotson Associates, Stocks are represented by the S&P 500 Index; bonds by 20-Year U.S. Government Bonds; cash by 30-day U.S. Treasury Bills; and inflation by the Consumer Price Index. Stocks are often subject to significant price fluctuations and therefore an investor may have a gain or loss in principal when shares are sold. Government bonds and Treasury Bills are subject to interest rate risk but are backed by the full faith and credit of the U.S. government if held to maturity. The data assumes reinvestment of income and does not account for transaction costs. Federal income tax is calculated using the historical marginal and capital gains tax rates for a single taxpayer earning $110,000. No state income taxes are included. Indices are unmanaged and cannot be invested in directly. Past performance is not a guarantee of future results.

33. Use the “3 Buckets” model to determine the right asset allocation for you
Short Term Investment Bucket
Intermediate Term Investment Bucket
Long Term Investment Bucket
Investment time horizon: Less than 1 year
Includes assets like CDs and cash
Average annual return on investment: 3.5%
Investment time horizon: 2-5 years
Includes assets like bonds
Average annual return on investment: 5.5%
Investment time horizon: 6+ years
Includes assets like stocks
Average annual return on investment: 10.1%
[Animated slide]
The “3 Buckets Model” can be used to determine if you have the right investment mix for your long-term goals and to help you make adjustments when necessary.
Here’s how it works:
Think of investing as filling three types of investment buckets: 1) short-term; 2) intermediate-term; and 3) long-term.
Evaluate your needs and goals with these buckets in mind.
Then use the buckets to determine whether or not your money is allocated appropriately for your profile.
For example, if you’re building an emergency fund or if you need money to pay for your living expenses in six months or less, you should put this money in short-term assets like CDs and cash, which can offer principal guarantees, but limited, historical returns of 3-4%.
However, if you have money that you won’t use for six years or more and want to invest it for greater risk/reward potential, then it’s best to allocate it to long-term assets like stocks that have historically generated returns averaging 10.1% per year since 1926.
The key is to allocate your money to the “right buckets” to help reach your financial goals.
NOTE: Performance is based on annualized of various investments from Short term investments are represented by 30-day U.S. Treasury Bills; intermediate term investments by 20-Year U.S. Government Bonds; and long-term investments by the S&P 500 Index. Stocks are often subject to significant price fluctuations and therefore an investor may have a gain or loss in principal when shares are sold. Government bonds and Treasury Bills are subject to interest rate risk but are backed by the full faith and credit of the U.S. government if held to maturity. Individuals may not invest directly in an index. Past performance is not a guarantee of future results. Source: Ibbotson Associates, 2014.

34. Managing Emotions
Let’s move to the final section of our presentation: Managing Emotions—strategies that can help you control your emotions in a turbulent market.

35. The keys to staying calm in a turbulent market
Knowledge: Understand how your investments will react to different market conditions.
Strategy: Build a broadly diversified portfolio that may help you generate more consistent returns.
Perspective: Work with a trusted financial advisor who has the expertise, experience and third-party objectivity to guide you through difficult times.
What are the keys to staying calm in uncertain markets?
Knowledge, Strategy, and Perspective.
To help steady your emotions, it’s important to understand how your investments will react to different market conditions, and to build a broadly diversified portfolio that may help you generate more consistent returns, regardless of which way the market is headed.
It is also beneficial to work with a trusted financial advisor who has the expertise, experience and third-party objectivity to help you keep things in perspective and to guide you through difficult times. Keep in mind that there may be costs associated with the products and services offered by a financial advisor.

36. Understanding your investments
Focus on three areas:
Volatility and income
Key benefits
Potential pitfalls
Remember, the more volatile your investment, the greater the range of emotions you may feel and the more likely it may be that you’ll make costly emotional mistakes
Knowledge is power. To understand your investments, it’s important to focus on three key areas:
Volatility and Income: How is your investment likely to perform in turbulent markets? What is the effect on your retirement income?
Key Benefits: You should have a clear idea of why you’re selecting an investment for your portfolio. Is it for growth, income, protection or some other reason?
Potential Benefits: Before choosing an investment, you should understand the risks and potential drawbacks of putting your money in this investment.
Remember, the more volatile your investment, the greater the range of emotions you may feel and the more likely it may be that you’ll make costly emotional mistakes
In the next several slides, we’ll look at a number of different types of investments and explore how your emotions may be impacted depending on which investments you choose.

37. Monthly returns of the S&P 500 Index (2003-2013)
Stocks
Volatility and Income
Key Benefits
Growth potential
Diversification opportunities
Possibility of dividend income
Monthly returns of the S&P 500 Index ( )
Potential Pitfalls
No protection against market uncertainty
No income guarantees
Let’s start with equities. As you can see from this slide, equities as represented by the S&P 500 Index have been fairly volatile over the last 10 years, with monthly returns ranging from 11% to nearly -17%. With these swings, you’re more likely to experience emotions like fear and excitement with equities than other less volatile investments. Your income is also more likely to go up and down in value, and the potential for you to make costly emotional mistakes during turbulent times may be higher as well.
In terms of key benefits, equities offer growth potential, the opportunity to diversify your portfolio and spread out risk, and the possibility of dividend income, depending on which stocks you choose. Dividend-paying stocks can provide you with a tax advantage. Qualified dividends (those that meet certain requirements) are currently taxed at the lower long-term capital gains tax rate, rather than at the higher rate for an individual’s ordinary income.
On the downside, equities offer no protection against market uncertainty. Investments in stocks are subject to risk, including the possible loss of principal. Equities also do not offer optional income guarantees or beneficiary protection that can help you feel more financially secure in difficult times. These protection features may be important to you, depending on your financial goals and situation.
When you invest in equities, your emotions and income may go up or down with the market.

38. Monthly returns of the Barclays U.S. Aggregate Bond Index (2003-2013)
Bonds
Volatility and Income
Key Benefits
Fixed rate
Government bonds backed by the U.S. government
Certain types of bonds offer tax advantages
Monthly returns of the Barclays U.S. Aggregate Bond Index ( )
Potential Pitfalls
No potential for market growth
No lifetime income options
Next, we’ll look at bonds. As the graph on this slide shows, the volatility of bond returns has been significantly lower than stocks over the last 10 years. As a result, the range of emotions that you feel may be smaller with these types of income investments.
In fact, bonds offer several key benefits for investors who are concerned about market volatility. With a fixed rate of return, bonds can help protect your assets from market risk. Government bonds and Treasury securities are also guaranteed by the U.S. government as to the timely payment of principal and interest, and if held to maturity, offer a fixed rate of return and fixed principal value.
Certain types of bonds also offer tax advantages. For example, Treasury securities are exempt from state and local income taxes, and municipal bonds—those issued by states, cities, counties and other local government entities—are generally exempt from federal income taxes and sometimes from state and local taxes too. Municipal bonds may be subject to the Alternative Minimum Tax (AMT). Please consult with your financial or tax advisor for more information.
However, the returns from bonds may not offer the growth potential you need to keep pace with inflation. With rising costs, you could lose the purchasing power of your retirement dollars. Plus, if the market goes up, you may experience regret and disappointment that you missed out on the growth opportunities.
While bonds are not impacted by market volatility directly, the value of these investments will be affected by credit defaults and interest rate volatility. If rates rise significantly, investors may sell their bonds before maturity and lock in their losses. In addition, bonds don’t offer death benefits or optional retirement income guarantees that are available in certain annuity products, for which you pay certain fees and charges. These annuity guarantees are backed by the claims-paying ability of the insurer. We’ll learn about them later in this presentation.
Bonds tend to be less volatile than stocks, so your emotions and income may not fluctuate as much.

39. Monthly returns of 91-day Treasury Bills (2003-2013)
Cash
Volatility and Income
Key Benefits
Fixed rate
Returns guaranteed by the FDIC (CDs) or the U.S. government (T-bills)
Good for short-term investing
Monthly returns of 91-day Treasury Bills ( )
Potential Pitfall
No potential for market growth
No lifetime income options
The third category we’ll discuss is Cash.
Treasury Bills, CDs and other cash investments are popular among individuals who are looking for short-term financial security, or to diversify their portfolio with more conservative investments. In terms of monthly yields, CDs are less volatile than equities or bonds. They offer a fixed rate of return if held to maturity, and they’re insured by the Federal Deposit Insurance Corporation (FDIC). Treasury Bills are also backed by the U.S. government.
These investments can help you stay calm in a volatile market, but they offer no potential for market growth. Plus, they offer no lifetime income options or beneficiary protection features, both of which may be important considerations, depending on your individual needs and objectives.
Treasury Bills and other cash investments can help you stay calm, but they offer little income and no potential for market growth.

40. Build a broadly diversified portfolio of traditional and alternative assets
Help control emotions and earn potentially higher, more consistent returns by combining asset classes, such as:
Traditional
Stocks
Bonds
Cash
International
Small Cap
Alternative
Commodities
Hedge funds
Managed futures
Currencies
Metals
To help control emotions and earn potentially higher, more consistent returns in changing markets, it’s important to build a broadly diversified portfolio of traditional and alternative assets.
What do we mean by traditional and alternative investments? Traditional investments include investments like stocks, bonds, cash, international stocks and small-cap stocks.
Alternative investments are simply investments that fall outside of the conventional asset classes of stocks, bonds and cash. They include tangible assets like metals, currencies, and commodities, as well as alternative investment strategies, such as hedge fund strategies and managed futures.
Alternative assets and strategies often have a low correlation—or the tendency to act independently—to stocks and bonds. By combining asset classes that may move in opposite direction of stocks, bonds and each other, you’ll have the opportunity to generate positive returns in both rising and falling markets.
Please note that investments made directly in alternatives such as commodities, hedge funds and managed futures involve risks that may not be found in traditional investments. These risks include but are not limited to greater volatility; greater exposure to economic, regulatory or political developments and overall market movements; and decreased liquidity.    

41. Six ways to manage emotions while diversifying your portfolio
Consider adding:
Global allocation strategies that use a rules-based approach to get in and out of changing markets
Dividend-yielding stocks for income and capital appreciation potential
Managed portfolios that rely on the stock-picking expertise of premier money managers to deliver potential results
Senior floating rate bank loans to help provide consistent income in any interest rate environment
Multi-sector bond investments to seek total returns
Alternative Investments that can help enhance returns and lower overall portfolio volatility.
In addition to using alternative investments, there are other ways to manage emotions while diversifying your portfolio. In today’s market, you may want to consider adding:
Global allocation portfolios that use a rules-based approach to get in and out of changing markets. These portfolios follow market trends and use technical signals like price movement to determine buy-and-sell decisions and help take the emotions out of investing. The goal is to enhance return potential and reduce volatility by participating in upward-trending healthy markets, while reducing or limiting exposure to unhealthy markets.
Dividend-yielding stocks for income and capital appreciation potential. Dividend stocks may enhance the returns of your portfolio, and their consistent income stream can help stabilize your portfolio in volatile times. Plus, dividend stocks in the U.S. and abroad have the potential to generate higher yields than those of many bonds and U.S. Treasuries.
Managed portfolios that rely on the stock-picking expertise of premier money managers to deliver potential results. By taking advantage of the expertise and “best ideas” of investment professionals who have been managing capital assets for years, you’ll be better able to navigate the complexities and uncertainties of today’s quickly changing global markets.
Senior floating rate bank loans to help provide consistent income in any interest rate environment. With the magnitude of the government stimulus programs in recent years, there is potential that interest rates may rise in the future. Senior floating rate loans have adjustable coupons that can increase with rising inflation. In addition, their senior, secured status can provide you with greater protection against defaults, and allow you to better control your emotions in a tough, inflationary environment.
Multi-sector bond investments that seek total returns in terms of both income and capital appreciation. Some multi-sector bond funds diversify your assets across multiple sectors with low correlation to each other, such as U.S. investment grade bonds, U.S. high-yield bonds, non-U.S. investment grade bonds, and emerging market bonds. By making strategic and tactical allocations among these bond sectors and capitalizing on changing market conditions, you’ll have the opportunity to stay calm and generate positive returns through all market cycles.
Alternative Investments that can help enhance returns and lower overall portfolio volatility because they are not correlated to traditional stock and bond investments.

42. Global Trends Fund: Futures and forward contracts are contractual agreements that involve the right to receive, or obligation to deliver, assets or money depending on the performance of one or more underlying assets, currencies or a market or economic index. The risks associated with the Fund’s use of futures contracts include the risk that: (i) changes in the price of a futures contract may not always track the changes in market value of the underlying reference asset; (ii) trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts; and (iii) if the Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. Forwards are not exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations of
the contracts. Thus, the Fund faces the risk that its counterparties may not perform their obligations. Forward contracts are also not regulated by the Commodity Futures Trading Commission (“CFTC”) and therefore the Fund will not receive any benefit of CFTC regulation when trading forwards. The Fund’s investment in futures may provide leveraged exposure which may cause the Fund to lose more than the amount it invested in those instruments. The Fund also has exposure to the commodities markets, which may subject the Fund to greater volatility than investments in traditional securities. The value of commodity futures instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or events affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Investments that provide exposure to foreign markets involve special risks, such as currency fluctuations, differing financial reporting and regulatory standards, and economic and political instability. These risks are highlighted when the issuer is in an emerging market. Fixed income securities and currency and fixed income futures are subject to changes in their value when prevailing interest rates change. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from futures instruments that are tied to foreign instruments or currencies. Emerging market exposure generally has a higher level of currency risk. Credit risk (i.e., the risk that an issuer might not pay interest when due or repay principal at maturity of the obligation) could affect the value of the investments in the Fund’s portfolio exposed to fixed income securities. The Fund’s investments in repurchase agreements involve certain risks involving the default or insolvency of the seller and counterparty risk (i.e. the risk that the counterparty will not perform its obligations). Active trading of the Fund’s portfolio may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Fund and which will affect the Fund’s performance. Active trading may also result in increased tax liability for Fund shareholders. Investors should note that the ability of the sub-adviser to successfully implement the Fund’s strategies, including the proprietary investment process used by the sub-adviser, will influence the performance of the Fund significantly.
Focused Dividend Strategy Portfolio and the International Dividend Strategy Fund: Investments in stocks are subject to risk, including the possible loss of principal. Stocks of small-cap and mid-cap companies are generally more volatile than, and not as readily marketable as those of larger companies, and may have less resources and a greater risk of business failure than do large companies. The Focused Dividend Strategy Portfolio and the International Dividend Strategy Fund each employ a disciplined strategy and will not deviate from their respective strategies (except to the extent necessary to comply with federal tax laws or other applicable laws). If either Fund is committed to a strategy that is unsuccessful, that Fund will not meet its investment goals. Because the Funds will not use certain techniques available to other mutual funds to reduce stock market exposure, the Funds may be more susceptible to general market declines than other mutual funds.
<<Please read disclosure>>

43. International Dividend Strategy Fund: Effective July 2, 2012, the name of the Fund was changed to the SunAmerica International Dividend Strategy Fund and certain changes were made to the Fund’s investment strategy and techniques. Prior to this date, the Fund was managed as an international equity fund employing a different strategy. Stocks of international companies are subject to additional risks including currency fluctuations, economic and political instability, greater market volatility, and limited liquidity. These risks can be greater in the case of emerging country securities. Preferred stock is subject to interest rate fluctuations as well as credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments. The market may fail to recognize the intrinsic value of particular dividend-paying stocks the Fund may hold.
Senior Floating Rate Fund and Strategic Bond Fund: Senior floating rate funds are not money market funds; their NAVs will fluctuate and may lose value. Investment in these loans involves certain risks, including, among others, risks of nonpayment of principal and interest; collateral impairment; non-diversification and borrower industry concentration; and lack of full liquidity. High yield debt instruments carry a greater default risk, and may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than other debt instruments.
Alternative Strategies Fund: The commodity and hedge fund-linked derivative instruments in which the Fund invests have substantial risks, including risk of loss of a significant portion of their principal value. Commodity and hedge fund-linked derivative instruments may be more volatile and less liquid than the underlying instruments and their value will be affected by the performance of the commodity markets or underlying hedge funds, as well as overall market movements and other factors. Commodity and hedge fund exposure may also subject the Fund to greater volatility than investing in traditional securities. The value of commodity-linked derivative instruments may be affected by commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The hedge funds comprising a hedge fund index invest in and may actively trade securities and other financial instruments using a variety of strategies and investment techniques that may involve significant risks. Managed futures involve going long or short in futures contracts and futures-related instruments. If the Fund’s investment advisor uses a future or other derivative instrument at the wrong time or judges market conditions incorrectly, use of such instruments may result in a significant loss to the Fund. The Fund could also experience losses if the prices of its futures or other derivative instruments were not properly correlated with other investments. Managed futures instruments and some other derivatives the Fund buys involve a degree of leverage. The Fund’s use of certain economically leveraged futures and other derivatives can result in a loss substantially greater than the amount invested in the futures or other derivatives. Certain futures and other derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When the Fund uses futures and other derivatives for leverage, a shareholder’s investment in the Fund will tend to be more volatile, resulting in larger gains or losses in response to the fluctuating prices of the Fund’s investments. The Fund is not a complete investment program and should not be an investor’s sole investment because its performance is linked to the performance of highly volatile commodities and hedge funds. Investors should consider buying shares of the Fund only as part of an overall portfolio strategy that includes other asset classes, such as fixed income and equity investments. Investors in the Fund should be willing to assume greater risks of potentially significant short-term share price fluctuation because of the Fund’s investments in commodity-linked and hedge fund-linked instruments.
<<Please read disclosure>>

44. Gain a new perspective on retirement income planning
Checklist for finding the right financial advisor
Knowledge
Experience
Responsiveness
Availability
Trust
[Animated slide]
Finally, to stay calm in turbulent times, you may need to adopt a new perspective on retirement income planning. One way to do this is to work with a trusted and experienced financial advisor.
How can you find the right financial advisor for your individual situation?
Here are some questions to ask yourself:
Does this person have the knowledge, experience and expertise I’m looking for?
Is he/she responsive to my needs?
Can I get a hold of him/her when I need to?
Has he/she been referred to me by someone I trust?

45. A good financial advisor can help you navigate the ups and downs of investing
A good financial advisor can help you navigate the ups and downs of investing. In good times, he or she can help you overcome emotions like overconfidence and impatience and build an investment strategy with the right balance of risk and reward potential. When times are bad, he or she can also help you stay focused on long-term goals rather than short-term returns.

46. Schedule a free investment review today!
Let’s work together to create a customized investment strategy that can smooth out the emotional volatility of investing in today’s market!
Schedule a free investment review today!
So let’s work together to create a customized investment strategy that can smooth out the emotional volatility of investing in today’s market. If you’re interested, you may want to consider scheduling a time for a FREE investment review. I can help you evaluate your current portfolio and work with you to take the emotions out of investing for your financial future.

47. Thank you for attending!
Investors should carefully consider a Fund’s investment objectives, risks, charges and expenses before investing. The prospectus, containing this and other important information, can be obtained at the end of this presentation, by calling the SunAmerica Sales Desk at , ext. 6003, or by visiting our website at Read the prospectus carefully before investing.
Please also see me to pick up a product prospectus. Investors should carefully consider a Fund’s investment objectives, risks, charges and expenses before investing. The prospectus, containing this and other important information, can be obtained at the end of this presentation, by calling the SunAmerica Sales Desk at , ext. 6003, or by visiting our website at Read the prospectus carefully before investing.
Thank you for your time, and let me help you take the emotions out of investing!
[Read disclosures in the rest of the slide]
Funds distributed by AIG Capital Services, Inc., Harborside Financial Center, 3200 Plaza 5, Jersey City, NJ ,
S5187PPT (6/14)