March 12, 2018

To: All Clients in the Multi-Asset Strategy – Growth and Moderate Models

Below is our Rationale of the recent change we made in the Multi-Asset Strategy – Growth and Moderate Models:

RATIONALE

In the Growth Model we are selling Catalyst/Millburn Hedge Strategy (MBXIX) and buying JP Morgan Hedged Equity Strategy (JHEQX). This space in the portfolio is reserved for a lower volatility position. During this last downturn Catalyst/Milburn did not perform in the manner we had counted on with their hedged strategy. JP Morgan Hedged Equity Strategy did precisely what was needed during the downturn. Its well defined strategy is a more transparent and orthodox one of being option based. It is in the top 17% of its peers in the last three years according to Morningstar and is managed by Hamilton Reiner and Raffele Zingone since inception. It has returned an average of 6.8% for the last three years and has a beta of .49 versus the S & P 500.

In the Moderate Model we are selling Lazard Global Infrastructure (GLIFX) and buying Janus Henderson Balanced Fund (JBALX). It was anticipated that an infrastructure bill in this country would be passed. However as time as passed it has not and its passage may take quite a while longer, be tabled and/or be watered down as the expense of it is being calculated and debated. Should this change there is always the possibility of re-entry into this position, but it is our opinion that the poor performance or non-performance should be eliminated at this time. Janus Henderson Balanced Fund is a 5 Star Morningstar fund and is in the top 7% of its category for the past one, three and five year periods, averaging 9.8% annual return over the past five years. It is currently 61% in equities and 34% in bonds and moves those percentages as warranted. It has captured 109.2% of the upside in its equity portion of the portfolio while capturing only 79.3% of downside moves. Its lead portfolio manage, E. Mark Pinto has been so since 2005.

Thank you.

Richard Rodman

Securities offered through Royal Alliance Associates, Inc., member FINRA/SIPC. Advisory services offered through Investment

Advisors Asset Management, LLC, a registered investment advisor. Listed entities are not affiliated with Royal Alliance Associates, Inc.

Past Performance is No Guarantee of Future Results.

DISCLOSURES: All information is subject to change without notice. Past performance may not be indicative of future results and there can be no assurance that any particular investment or strategy will prove profitable. Investors should understand that market fluctuations may affect some or all of the underlying securities within their portfolios. In general, frequent trading and rebalancing may cause a taxable event for investors where the portfolio is not held as part of a qualified plan. This notice contains certain forward-looking statements that indicate future possibilities. Due to known and unknown risks, other uncertainties and factors, actual results may differ materially from the expectations portrayed in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of their dates. Additionally, this notice contains information derived from third party sources. Although we believe these third party sources to be reliable, we make no representations as to the accuracy or completeness of any information prepared by any unaffiliated third party incorporated herein, and take no responsibility therefore. There is no guarantee that views and opinions expressed herein will come to pass. This notice should not be regarded as a complete analysis of the subjects discussed.

Investment Advisors Asset Management, LLC (“IAAM” or the “Firm”) is an SEC registered investment adviser that maintains a principal place of business in the Commonwealth of Pennsylvania. Registration does not imply a certain level of skill or training. The Firm may only transact business in those states where it is notice filed or qualifies from a corresponding exemption there from. Any subsequent, direct communication with a prospective client shall be initiated by a representative of the Firm that is either registered or exempt from registration under applicable state law. For additional information about IAAM, please refer to the Firm's Form ADV disclosure documents, the most recent versions of which can be found on the SEC's Investment Adviser Public Disclosure website at

Investing involves risk, including the potential loss of principal invested. Investors should be aware that certain fees and tax implications may occur as a result of this transaction. Mutual Fund investments are not guaranteed by any source and can lose money including principal invested. Note: Differing classes of shares have varying expenses, loads, fees and breakpoints. These differing classes also have time line holding periods which are appropriate depending on the investor objectives and goals.

There is no guarantee that a diversified portfolio will outperform a non-diversified portfolio in any given market environment.

In general, the bond market is volatile as prices rise when interest rates fall and vice versa. This effect is usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

Investors should note that funds that invest in international securities involves special risks not present with U.S. investments due to factors such as increased volatility, currency fluctuation, and differences in auditing and other financial standards. These risks can be accentuated in emerging markets.

Morningstar Rating for Funds

This is a proprietary Morningstar data point. Morningstar rates mutual funds from 1 to 5 stars based on how well they've performed (after adjusting for risk and accounting for sales charges) in comparison to similar funds.

Within each Morningstar Category, the top 10% of funds receive 5 stars and the bottom 10% receive 1 star. Funds are rated for up to three time periods-three-, five-, and 10-years and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated.

Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a useful tool for identifying funds worthy of further research, but shouldn't be considered buy or sell signals.