Investors who use investment strategies that center on dollar-cost-averaging or asset allocation may be able to reap greater returns with a variable annuity than they can with mutual funds, according to a study released last month by the National Association for Variable Annuities.

The study, prepared for NAVA by PricewaterhouseCoopers of New York, shows that the return on $1000 invested in a variable annuity can exceed the return from a mutual fund by between $210 and $33,762 with the use of dollar-cost-averaging or asset allocation strategies.

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