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DREIFUS: CONFIDENT INVESTOR TRANSCRIPT

September 18, 2015

CONSUELO MACK: This week on WEALTHTRACK, great investor Charlie Dreifus is calmly sailing through market storms with portfolios loaded with undervalued companies with long histories of strong cash flows and dividend increases. Royce special equity multi-cap fund’s Charlie Dreifus is next on Consuelo Mack WEALTHTRACK. Hello and welcome to this edition of WEALTHTRACK, I’m Consuelo Mack. Until the recent market correction, one of the key characteristics of the U.S. stock market has been how narrow the market leadership was. A handful of stocks were responsible for the bulk of the S&P 500’s gains. According to Strategas Research the S&P’s top

FRANKLIN: RETIREMENT ESSENTIALS TRANSCRIPT

September 4, 2015

CONSUELO MACK: This week on WEALTHTRACK, the new retirement pyramid that’s built to last. Retirement and Social Security guide Mary Beth Franklin takes us on a tour of plans that will last through the ages… next on Consuelo Mack WEALTHTRACK. Hello and welcome to this edition of WEALTHTRACK, I’m Consuelo Mack. No question about it, even the “me generation” baby boomers have to face the facts. They are becoming senior citizens. And that transition is bringing another major reality shift. Increasing numbers of boomers are moving from the accumulation phase of their savings to what’s known as the distribution phase.

FRANKLIN: RETIREMENT ESSENTIALS TRANSCRIPT

September 4, 2015

CONSUELO MACK: This week on WEALTHTRACK, the new retirement pyramid that’s built to last. Retirement and Social Security guide Mary Beth Franklin takes us on a tour of plans that will last through the ages… next on Consuelo Mack WEALTHTRACK.

Hello and welcome to this edition of WEALTHTRACK, I’m Consuelo Mack. No question about it, even the “me generation” baby boomers have to face the facts. They are becoming senior citizens. And that transition is bringing another major reality shift. Increasing numbers of boomers are moving from the accumulation phase of their savings to what’s known as the distribution phase. They have to spend what they have saved, earned and possibly inherited to fund their retirement.

It’s a daunting challenge. There are an estimated 76 million baby boomers in the U.S., born between 1946 and 1964 and now ranging between 69 and 51 years of age. They represent about 25% of the U.S. population and about 68% of them are still in the work forces.

And according to a Gallup poll many of them are reluctant to retire. Nearly half of boomers still working say they don’t expect to retire until they are 66 or older. That compares to the average retirement age of 61 among current retirees. And one in ten boomers predicts they will never retire. Concerns about money play a significant role in boomer’s plans to postpone retirement.

No matter what your personal goals are this new phase requires new thinking and planning. There are few more qualified to advise us than this week’s guest, whom we are delighted to have as a WEALTHTRACK regular. She is Mary Beth Franklin, now a Contributing Editor at InvestmentNews, a leading publication for financial advisors. She is a Certified Financial Planner, an award winning personal finance journalist who has been covering retirement issues for most of her career and is a recognized expert on Social Security. Her latest book is “Maximizing Your Social Security Retirement Benefits” which is a recommendation on WEALTHTRACK’s Bookshelf.

I started the conversation with a basic question. What is the first thing we need to do as we approach retirement?

MARY BETH FRANKLIN: When people are saving for retirement they tend to use these broad rules of thumb. “Gee, I should save 10 or 15 percent of my gross income,” but when you get to the point you’re going to start tapping those investments for income, you need to know what your expenses are and what your sources of income are and how they match up. You know many of us can go through our entire lives with never creating a budget, but at least having a starting point, a plan for retirement is critical. What are your fixed costs in retirement? What are your discretionary costs? Do I have guaranteed or predictable sources of income to at least cover those fixed costs, whether it’s taxes or mortgage, food, insurance. Get those big-ticket items covered, and then the rest of your investments can have a little more flexibility because if you needed to cut back on those discretionary items you could.

SINGER: MACRO MATTERS TRANSCRIPT

August 28, 2015

Why are events in Greece and China so important to investors? In a rare interview, top performing, five star rated Portfolio Manager, Brian Singer of the William Blair Macro Allocation Fund explains why macro matters.

Brian Singer Portfolio Manager, William Blair Macro Allocation Fund

CONSUELO MACK: This week on WEALTHTRACK, as tensions flare up in Greece, the Middle East and China, five-star fund manager Brian Singer decides which strategies to follow to keep his William Blair Macro Allocation Fund moving in the right direction. That’s next on Consuelo Mack WEALTHTRACK.

Hello and welcome to this edition of WEALTHTRACK, I’m Consuelo Mack. Most of the top rated money managers we interview on WEALTHTRACK are what are called “bottom up” investors, they build their portfolios one security at a time, stock by stock, bond by bond by carefully analyzing the fundamentals of the security itself, the company it represents, the business it’s in, and the customers it serves.

This week’s guest takes a different approach. He is what is known as a macro investor. He is Brian Singer, Portfolio Manager of the William Blair Macro Allocation Fund which he and his team launched when they joined William Blair in late 2011.

The Macro Allocation Fund is rated five-star by Morningstar and has outperformed its Multialternative Category handily over the last three years with over nine percent annualized returns. Prior to joining William Blair, Singer was Head of Investment Strategies at his namesake firm, Singer Partners and prior to that was Head of Global Investment Solutions and Americas Chief Investment Officer for UBS Global Asset Management.

Singer’s top down approach doesn’t involve choosing individual securities. It does mean actively managing across asset classes, geographies, currencies and risk themes.

I began the interview by asking Singer why macro matters in a portfolio?

BRIAN SINGER: Well, it’s interesting. If you think back to the Cold War, the world was very geopolitically stable back then, and after the Berlin Wall went down in 1989 something changed, and we’re really not that geopolitically stable these days. You could call it Ukraine. You might call it Greece these days, the Middle East, but there are a lot of developments like this in regions around the world that portfolios need to navigate, and it’s this type of macro management that enables those portfolios to navigate the rough waters of geopolitical instability.

SINGER: MACRO MATTERS TRANSCRIPT

August 28, 2015

CONSUELO MACK: This week on WEALTHTRACK, as tensions flare up in Greece, the Middle East and China, five-star fund manager Brian Singer decides which strategies to follow to keep his William Blair Macro Allocation Fund moving in the right direction. That’s next on Consuelo Mack WEALTHTRACK. Hello and welcome to this edition of WEALTHTRACK, I’m Consuelo Mack. Most of the top rated money managers we interview on WEALTHTRACK are what are called “bottom up” investors, they build their portfolios one security at a time, stock by stock, bond by bond by carefully analyzing the fundamentals of the security itself, the

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