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Q3 2020 Disclosures
Q3 2020 Disclosures

General Disclosure:

Any reproduction of this information, in whole or in part, is prohibited. The information contained herein has been prepared solely for informational purposes
and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or to participate in any trading strategy. All data presented herein is
unaudited, subject to revision by your advisor and is provided solely as a guide to current expectations. This document is only made available to persons of a
kind to whom may lawfully be promoted.

Market indexes are included in this report only as context reflecting general market results during the period. Your advisor may provide research on funds
that are not represented by such market indexes. Accordingly, no representations are made that the performance or volatility of any fund where your advisor
provides research will track or reflect any particular index. Market index performance calculations are gross of management fees.

Research/Outlook Disclosure:

This document and the opinions expressed are as of the date of writing and are subject to change. This proprietary research is analysis of global markets
and investing. The information and/or analysis contained in this material have been compiled or arrived at from sources believed to be reliable, however your
advisor does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof. Some
internally generated information may be considered theoretical in nature and is subject to inherent limitations associated therein. The reader should not
assume that any investments in sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss of
principal. The use of tools cannot guarantee performance. Past performance is no guarantee of future results. The information in this material may contain
projections or other forward-looking statements regarding future events, targets or expectations, and is only current as of the date indicated. There is no
assurance that such events or targets will be achieved, and may be significantly different than that shown here. The information in this material, including
statements concerning financial market trends, is based on current market conditions, which will fluctuate and may be superseded by subsequent market
events or for other reasons.

Securities may be offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC Investment Advisory Services may be offered through NFP
Retirement, Inc Kestra IS is not affiliated with NFP Retirement Inc a subsidiary of NFP.

NFPR-2020-226 ACR# 360114 10/20

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