2012 Commentary

Kevin Ryan and Derrigan Sheedy registered representatives, offering securities and investment advisory services through Royal Alliance Associates, Inc., member FINRA/SIPC and a registered investment advisor. Additional investment advisory services offered through NWF Advisory Services, Inc., registered investment advisor not affiliated with Royal Alliance Associates, Inc. Managed Mutuals is not affiliated with Royal Alliance Associates Inc. or registered as a broker dealer or investment advisor. In this regard, this communication is strictly intended for individuals residing in the states of AL, AK, AZ, CA, CO, CT, DC, FL, ID, IL, IN, MA, MI, NJ, NM, NV, NY, OR, PA, TX, UT, VA, WA. No offers may be made or accepted from any resident outside the specific state(s) referenced.  An investor should consider the investment objectives, risks, charges, and expenses of the investment company carefully before investing; the prospectus contains this and other information about the investment company.