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DISCLOSURES & INDEX DESCRIPTIONS

All indexes are unmanaged and an individual cannot invest directly in an index. Index returns do not reflect fees or expenses.

The MSCI ACWI (All Country World Index) Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. As of June 2009 the MSCI ACWI consisted of 45 country indices comprising 23 developed and 22 emerging market country indices. "Total Global Stock Market".

The S&P 500 Index is widely regarded as the best single gauge of the U.S. equities market. This world-renowned index includes a representative sample of 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 Index focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also an ideal proxy for the total market. An investor cannot invest directly in an index.

The Dow Jones Industrial Average® (The Dow®), is a price-weighted measure of 30 U.S. blue-chip companies. The index covers all industries except transportation and utilities.

The Russell 3000 Index® ("Total US Stock Market") measures the performance of the 3,000 largest U.S. companies based on total market capitalization.

The Russell Midcap Index ® measures the performance of the 800 smallest companies in the Russell 1000 Index.

The Russell 2000 Index ® ("Small Cap US Stocks") measures the performance of the 2,000 smallest companies in the Russell 3000 Index.

The Nasdaq-100 Index® defines today’s modern-day industrials—comprised of 100 of the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.

The MSCI® EAFE (Europe, Australia, Far East) Net Index is recognized as the pre-eminent benchmark in the United States to measure international equity performance. It comprises 21 MSCI country indexes, representing the developed markets outside of North America. "International Developed".

The MSCI Emerging Markets Index SM is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. As of June 2007, the MSCI Emerging Markets Index consisted of the following 25 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.

The Dow Jones Composite REIT Index measures the performance of Real Estate Investment Trusts (REIT) and other companies that invest directly or indirectly through development, management or ownership, including properties.

Bloomberg Commodity Index (BCOM) The index is made up of 24 exchange-traded futures on physical commodities, representing 22 commodities which
are weighted to account for economic significance and market liquidity. Weighting restrictions on individual commodities and commodity groups promote diversification.

The U.S. dollar index (USDX) is a measure of the value of the U.S. dollar relative to the value of a basket of currencies of the majority of the U.S.'s most significant trading partners. This index is similar to other trade-weighted indexes, which also use the exchange rates from the same major currencies.

The US Dollar Index is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of US trade partners' currencies.

The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.

The Bloomberg Capital U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indexes that are calculated and reported on a regular basis.

The Bloomberg Municipal Bond Index serves as a benchmark for long-term, investment-grade, tax-exempt municipal bonds.

The Bloomberg U.S. Treasury Index is U.S. Treasury component of the U.S. Government index. Public obligations of the U.S. Treasury with a remaining maturity of one year or more.

Treasury bills are excluded (because of the maturity constraint). Certain special issues, such as flower bonds, targeted investor notes (TINs), and state and local government series (SLGs) bonds are excluded. Coupon issues that have been stripped are reflected in the index based on the underlying coupon issue rather than in stripped form. Thus STRIPS are excluded from the index because their inclusion would result in double counting. However, for investors with significant holdings of STRIPS, customized benchmarks are available that include STRIPS and a corresponding decreased weighting of coupon issues. Treasuries not included in the Aggregate Index, such as bills, coupons, and bellwethers, can be found in the index group Other Government on the Index Map. As of December 31, 1997, Treasury Inflation-Protected Securities (Tips) have been removed from the Aggregate Index. The Tips index is now a component of the Global Real index group.

The Bloomberg U.S. Treasury: 1-3 Year includes securities in the Treasury Index (i.e., public obligations of the U.S. Treasury) with a maturity from 1 up to (but not including) 3 years.

U.S. Treasury Bill 90 Days Rate is an index comprised of short-term obligations issued by the United States government.

U.S. 2-Year Treasury Rate is the yield received for investing in a US government-issued treasury security that has a maturity of 2 years.

U.S. 10-year Treasury Rate is the yield received for investing in a US government-issued treasury security that has a maturity of 10 years.

U.S. 30-year Treasury Rate is the yield received for investing in a US government-issued treasury security that has a maturity of 30 years.

The 30 Year Mortgage Rate is the fixed interest rate that US home-buyers would pay if they were to take out a loan lasting 30 years.

The Barclays U.S. Corporate Investment Grade Index is the Corporate component of the U.S. Credit index. Publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered.

Gold Spot Price The spot gold price is simply the current market price of gold at which traders can perform over-the-counter trades with each other. It is the cost of one troy ounce of gold.

Silver Spot Price The spot silver price is simply the current market price of silver at which traders can perform over-the-counter trades with each other. It is the cost of one troy ounce of silver.

Bitcoin Bitcoin (BTC) is a cryptocurrency launched in 2010. Users are able to generate BTC through the process of mining.

The S&P GSCI Crude Oil index provides investors with a reliable and publicly available benchmark for investment performance in the crude oil market.

The Cboe Volatility Index® (VIX® Index)  is based on options of the S&P 500® Index, considered the leading indicator of the broad U.S. stock market. The VIX Index is recognized as the world’s premier gauge of U.S. equity market volatility.

Global Liquidity is a source of funding that measures the gross flows of credit and international capital feeding through the world’s banking systems and collateral-based wholesale money markets. It is determined by the balance sheet capacity of all credit providers and represents the private sector’s ability to access cash through savings and credit.

US M2 money supply consists of M1 plus (1) small-denomination time deposits (time deposits in amounts of less than $100,000) less IRA and Keogh balances at depository institutions; and (2) balances in retail MMFs less IRA and Keogh balances at MMFs. Seasonally adjusted M2 is constructed by summing savings deposits (before May 2020), small-denomination time deposits, and retail MMFs, each seasonally adjusted separately, and adding this result to seasonally adjusted M1.

Global M2 money supply is a measure of the world's four major central banks (the United States, Europe, Japan, and China). It represents the market's liquidity level, as money supply can reflect changes in the total market demand for funds and future inflationary pressures. 

M1 (narrow money supply) = currency in circulation + deposit currency

M2 (broad money supply) = M1 + time deposits + household savings deposits

US Total Debt Outstanding is a measure of the public debt of the United States. The public debt is the total outstanding debt that is owed by the federal government. This figure is comprised of debt owed to the public (for example, through bonds) and intragovernmental debt (debt owed to various governmental departments), such as Social Security.

US Debt/GDP Federal Debt: Total Public Debt as Percent of Gross Domestic Product (GFDEGDQ188S) was first constructed by the Federal Reserve Bank of St. Louis in October 2012. It is calculated using Federal Government Debt: Total Public Debt (GFDEBTN) and Gross Domestic Product, 1 Decimal (GDP):

GFDEGDQ188S = ((GFDEBTN/1000)/GDP)*100

GFDEBTN/1000 transforms GFDEBTN from millions of dollars to billions of dollars.

Index Date sources: MSCI, Russell, Standard & Poors, Morningstar, Kwanti, Bloomberg, Yahoo Finance, CNBC, Yardeni Research, FRED, Statista, Macromicro

Asset Allocation Quilt Sources: Bloomberg, Kwanti, MSCI, Russell. Large Cap: S&P 500 Index TR, Small Cap: Russell 2000 Index TR, World Equity: MSCI All Country World Index TR, International Developed: MSCI EAFE Index TR, Emerging Markets: MSCI Emerging Markets Index TR, Bonds: Bloomberg US Aggregate Bond Index, Cash: US Treasury Bill 90 Days Rate, Gold: Gold Spot, Commodities: Bloomberg Commodity Index. The “Balanced” portfolio assumes the following weights: 36% S&P 500 Index, 3% Russell 2000 Index, 15% MSCI EAFE Index, 6% MSCI EM Index, 12.5% Gold Spot, 12.5% Bloomberg US Aggregate Bond Index, 12.5% US Treasury Bill 90 Days Rate, 2.5% Bloomberg Commodity Index. The “Balanced” portfolio assumes annual rebalancing. All data represent returns for the stated period. The “Balanced” portfolio is for illustrative Model portfolio results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown.

Past performance is no guarantee of future results. Diversification does not assure profit or protect against a loss in a declining market. While we have gathered this information from sources believed to be reliable, we cannot guarantee the accuracy of the information provided. The views, opinions, and forecasts expressed in this commentary are as of the date indicated, are subject to change at any time, are not a guarantee of future results, do not represent or offer of any particular security, strategy, or investment, and should not be considered investment advice. Investors should consider the investment objectives, risks, and expenses of a mutual fund or exchange-traded fund carefully before investing. Furthermore, the investor should make an independent assessment of the legal, regulatory, tax, credit, and accounting and determine, together with their own professional advisers if any of the investments mentioned herein are suitable to their personal goals.

International investing involves additional risks, including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. Small and mid-cap stocks carry greater risks than investments in larger, more established companies. Fixed-income securities are subject to interest-rate risk. Investing in high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. Investing in commodities is generally considered speculative because of the significant potential for investment loss due to cyclical economic conditions, sudden political events, and adverse international monetary policies. Digital Assets are loosely regulated and there is no central marketplace for currency exchange. Supply is determined by a computer code, not by a central bank, and prices can be extremely volatile. The trading prices of many digital assets have experienced extreme volatility in recent periods and may continue to do so. Many factors may affect the price of Digital Assets such as supply and demand, investors’ expectations with respect to the rate of inflation, interest rates, currency exchange rates or future regulatory measures (if any) that restrict the trading of Digital Assets or the use of Digital Assets as a form of payment. There is no assurance that Digital Assets will maintain their long-term value in terms of purchasing power in the future, or that acceptance of Digital Asset payments by mainstream retail merchants and commercial businesses will grow. Digital assets were introduced in the 2010s, and the medium-to-long-term value is subject to several factors relating to the value of the blockchain and associated technologies. It may be illegal, now or in the future, to own, hold, sell, or use Digital Assets in one or more countries, including the United States. There are risks associated with alternative or non-traditional investments above and beyond the typical risks associated with traditional investments including higher fees, more complex/less transparent investment strategies, less liquid investments, and potentially less tax-friendly. Some strategies may disappoint in strong up markets and may not diversify risk in extreme down markets.

All indexes are unmanaged and an individual cannot invest directly in an index. Index returns do not reflect fees or expenses.

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