WHITE PAPER

Why we manage for risk and not just return

A Tri-state Market Classification for Evaluating Active Investment Strategies

Based on the daily closing prices of well-known stock market indexes like the Dow Jones Industrial Average (DJIA since 1885) and the S&P 500 Composite Index (SPX since 1928), we used a set of simple and well-known quantitative criteria to define three primary states of the stock market—a bull market, a bear market, and a sideways market—to the accuracy of a particular market trading day. Over the long histories of the two indexes, the tri-state partitions break down to about 60% of the time in bull markets, 20% in bear markets, and 20% in sideways markets.

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PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding twelve months is available upon written request. Please read Flexible Plan Investments’ Brochure Form ADV Part 2A carefully before investing.

There is no guarantee that any investment strategy will generate a profit or prevent a loss. There is no guarantee the Gold Bullion Strategy Fund or Gold Bullion Strategy Portfolio (VIT) will achieve its objective.

The principal risks of investing in The Gold Bullion Strategy Fund are detailed in the prospectus and include 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 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 Gold Bullion Strategy Fund.

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