LOSS AVERSE INVESTINGP R O T E C T I O N – VA L U E – G R O W T H

P V G A S S E T M A N A G E M E N T

L O S S AV E R S E I N V E S T I N G

TACTICAL ASSET ALLOCATION

T A C T I C A L T O T A L R E T U R N – L O S S A V E R S E E Q U I T Y I N C O M E

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PVG PORTFOLIO MANAGEMENT TEAM

Mr. Patrick Adams, CFA, has over 30 years of investment experience with an intense, bottom-up research process to invest both long and short in the U.S. equity markets. Mr.Adams is also the Chief Executive Officer and Lead Portfolio Manager of PVG Asset Management. He is the chair of the investment committee. He has been managing hedge fundssince 1999 and private equity funds since 2005. Prior funds managed at Berger Funds, Kemper, Founders, and Parkstone were all sizable funds and some over $3 billion in size. Mr.Adams has an outstanding long term track record significantly outperforming the S&P 500. Barron’s recognized Mr. Adams as having “All the Right Moves” and “Perfect Timing-because he knows when to get into a stock and when to exit.” Mr. Adams received his MBA from Xavier University and graduated B.S. from the Ohio State University. He has passedrigorous requirements to earn his international professional certification as a Chartered Financial Analyst issued by the CFA Institute.

Patrick Adams – CEO/CIO

Joseph Pecoraro – CCO/Portfolio ManagerMr. Joe Pecoraro, CFA, has been managing money since 1969. Mr. Pecoraro’s career includes experience as a securities analyst with Security Pacific National Bank and the Britishbrokerage firm, Joseph Sebags, in Los Angeles and London. Mr. Pecoraro was a top performing fund manager with the Oppenheimer Funds Group from 1974 through 1981, afterwhich he helped form an investment advisory firm, Alpine Capital Management, which he sold in 1988 to form PVG Asset Management. Mr. Pecoraro developed the Loss AverseInvesting approach during 1998/1999 when he became concerned about the possibility of unfavorable future market conditions and the impact of such conditions on clients. Heearned MS and BA Economics degrees from California State University, Fullerton. He has passed rigorous requirement to earn his international professional certification as a Char-tered Financial Analyst issued by the CFA Institute.

Mr. Rick Garcia is President and a portfolio manager for PVG. His leadership role includes management of the sales and marketing division at PVG Asset Management. Mr. Garcia has been in the financial industry for over 10 years. Prior to joining PVG, he was a Stock Broker for Charles Schwab & Company and a Business Development Consultant with Jackson National Life. Preceding the financial industry, Mr. Garcia served in the United States Marine Corps for 5 years, with overseas deployment during Operation Enduring Freedom (2001) and Operation Iraqi Freedom (2003). He was honorably discharged as a Sergeant in 2003. Mr. Garcia has his Bachelor of Science Finance degree from Metropolitan State University of Denver.

Rick Garcia – President/Portfolio Manager

Mr. Timothy J. McIntosh serves as an Investment Officer for PVG. He oversees all aspects of major client accounts and serves as the lead portfolio manager for the firm's ValueLeaders Long/Short and US Corporate Flexible Bond portfolios. Tim serves on the firm’s investment committee. He also serves as Compliance Officer. He served as a Professor ofFinance at Eckerd College from 1998 to 2008. Mr. McIntosh’s is the author of The Snowball Effect, The Bear Market Survival Guide, The Sector Strategist, and a contributor tothe Comprehensive Financial Planning Strategies for Doctors and Advisors. Tim has a Bachelor of Science Degree in Economics from Florida State University and Masters of BusinessAdministration (M.B.A) degree from the University of Sarasota-Argosy and a Master of Public Health Degree (M.P.H) from the University of South Florida. Tim is a CERTIFIEDFINANCIAL PLANNER™. Tim is an Army veteran, having served active duty in the Army Military Intelligence Unit.

Timothy McIntosh – Portfolio Manager

Mr. Paul MacNamara is a senior market strategist and also provides equity/bond analysis for the firm. He is a member of the firm's investment committee. Paul is the portfoliomanager for the Global Macro Strategy. Paul is a CERTIFIED FINANCIAL PLANNER™. Prior to joining PVG, Paul was CEO for SIPCO Investment Management Company. He also ownedand operated an independent investment advisory firm. He retired from the U.S. Army as a disabled-veteran Lt. Colonel in the Special Forces. He and his wife currently reside inMechanicsburg, PA.

Paul MacNamara – Portfolio Manager

PVG LOSS AVERSE INVESTING SOLUTION SET

40%

60%

PVG 60/40 Tactical Allocation

PVG Loss Averse Equity Income (Value and Fixed Income Alt)

PVG Tactical Total Return (Growth Alt)

30%

30%

10%

30%

Traditional 60/40 Allocation

Growth Stocks Value Stocks

High Yield Bonds Traditonal Bonds

Alternative Tactical Allocation Model

PVG provides time-tested, tactical portfolios that can protect from falling equity markets or falling bond prices due to rising interest rates. Depending on where your portfolio risk exposure is, PVG has a solution for either Equity, Fixed Income or both. 3

PVG LOSS AVERSE INVESTING SOLUTION SET

LOSS AVERSE EQUITY INCOME

The strategy invests in dividend paying stocks and seeks an

annual distributable dividend yield of 4% to 6%.

The strategy utilizes inverse ETFs, stop-losses and cash to

protect against volatile markets.

The Loss Averse Equity Income Strategy is suitable for

income oriented investors, who also seek appreciation, but

are uncomfortable with substantial stock or bond market

risks.

• Beta .24 vs. S&P 500 Since Inception

• Outperforms Stock and Bond Market over full

market cycle with minimized volatility

• High Dividend Yield of 4% - 6%

• +0.85% (Net of Fees) in 2008

• Minimum Investment: $60,000 (UMA Sleeve)

• Minimum Investment: $100,000 (SMA)

TACTICAL TOTAL RETURN

The strategy seeks to outperform US and International

Indexes and avoid significant market losses.

The investments include 4 Index ETF’s (SPY, QQQ, IWM,

EFA) which will be invested to an aggregate of 90% of the

portfolio when there is a long-only signal.

The strategy has a 10% sleeve of alpha generating securities

which are tactically deployed.

The strategy employs standby technical indicators to

generate trading signals. When the trend of the market

indexes change to the downside, the portfolio goes into a

protection mode.

• Beta .44 vs. S&P 500 Since Inception

• Index exposure with the ability to avoid major bear

markets

• Alpha generating stock selection in 10% of

Portfolio

• Tax Efficient

• -6.40% (Net of Fees) in 2008

• Minimum Investment: $40,000 (UMA Sleeve)

• Minimum Investment: $100,000 (SMA)

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5

PVG LOSS AVERSE INVESTING SOLUTION SET

Market Cycle Chart

Market Neutral Market Neutral

Mar

ket

Val

ue

vs. P

VG

Val

ue

Time

Long/Short

CURRENT PORTFOLIO RISK SPECTRUM

Risk Averse

Risk Seeking

As of 3/31/2018

Equity Income

Tactical Total

Return

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PVG TACTICAL SOLUTION SET

Wealth Preservation

Assuming you invested $1 Million during a bear market, you might sustain substantial losses which take anextremely long time to make up. PVG focuses on preservation of capital during adverse market conditions.

Timing is everything

Period Start ValueS&P 500

DrawdownS&P 500

End ValuePVG

Drawdown*PVG

End Value*

2008 $1,000,000 -37.45% $625,500 -2.05% $979,500

2002 $1,000,000 -22.10% $779,000 0.89% $1,008,840

* Investing in a 60/40 blend of Equity Income and Tactical Total Return respectively.

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PVG TACTICAL TOTAL RETURN

➢The investments include 4 Index ETFs (SPY, QQQ, IWM, EFA) which will be invested up to an aggregate of

90% of the portfolio when there is a long-only signal in the given index.

➢The strategy also incorporates a 10% “Alpha Sleeve” which is tactically deployed using our best ideas in

individual securities or ETFs.

15%

10%

10%

10%15%

10%

10%

10%

10%

SPDR S&P 500 ETF (SPY)

Powershares QQQ Trust (QQQ)

iShares MSCI EAFE (EFA)

iShares Russell 2000 (IWM)

ProShares Short S&P 500 (SH)

ProShares Short Russell 2000 (RWM)

ProShares Short QQQ (PSQ)

ProShares Short MSCI EAFE (EFZ)

Alpha Sleeve

Long Portfolio Neutral Portfolio

TACTICAL TOTAL RETURN

HEDGED PORTFOLIO

TACTICAL TOTAL RETURN

INVESTED PORTFOLIO

30%

20%20%

20%

10%

SPDR S&P 500 ETF (SPY)

Powershares QQQ Trust

(QQQ)

iShares MSCI EAFE (EFA)

iShares Russell 2000

(IWM)

Alpha Sleeve

*1% invested into cash/cash equivalent *1% invested into cash/cash equivalent

HOW IS TTR INVESTED?

7

PVG DYNAMIC CORE

➢ The strategy follows the moving averages of each Index. (S&P 500, NASDAQ, EAFE, RUSSELL 2K)

➢ When the market is in a bear market PVG uses the 20-day moving average and 50-day moving

average to try and find a market bottom. Otherwise it will move back to a long position when the

market breaks back above the 200-day moving average.

➢ Below is an example of a buy and sell signal using the 200-day moving average. The algorithm is a bit

more complex; this is just a sample illustration.

HOW DOES TTR WORK?

Market Bear Starting - Sell Signal

Index

200 Day Moving Average

Market Bull Starting - Buy Signal

Index200 Day Moving Average

SAMPLE TRADE SCENARIOS

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PVG TACTICAL TOTAL RETURN

Strategy Performance By YearQTR 1 QTR 2 QTR 3 QTR 4 PVG ANNUAL BARCLAY

BOND INDEXS&P 500

GROSS NET GROSS NET GROSS NET GROSS NET GROSS NET

2018 1.11 0.84 1.11 0.84 -1.54 -0.76

2017 2.92 2.57 1.55 1.16 4.92 4.56 5.77 5.44 15.99 14.39 3.73 21.83

2016 1.00 0.64 0.29 -0.06 2.84 2.45 0.62 0.27 4.82 3.30 2.81 11.98

2015 2.55 2.21 -0.85 -1.19 -5.25 -5.56 0.76 0.40 -2.94 -4.24 0.58 1.38

2014 1.76 1.47 2.31 2.01 -2.80 -3.11 -4.42 -4.73 -3.27 -4.46 5.88 13.70

2013 6.21 5.94 0.48 0.21 3.13 2.85 1.90 1.62 12.15 10.95 -2.02 32.44

2012 8.67 8.37 0.61 0.33 5.47 5.18 -1.92 -2.19 13.10 11.86 4.22 16.00

2011 2.22 1.98 1.25 0.99 -10.89 -11.12 5.84 5.54 -2.39 -3.40 7.84 2.11

2010 -0.96 -1.21 2.36 2.10 2.98 2.73 2.23 1.99 6.74 5.67 6.54 15.06

2009 -5.58 -5.84 15.92 15.62 2.26 1.99 -1.65 -1.91 10.07 8.91 5.93 26.46

2008 2.46 2.19 -0.25 -0.51 -7.18 -7.43 -0.26 -0.53 -5.38 -6.39 5.24 -37.00

2007 1.36 1.08 1.19 0.92 2.03 1.77 -1.72 -1.98 2.86 1.76 6.97 5.49

2006 1.12 0.83 0.07 -0.19 6.37 6.08 3.89 3.61 11.82 10.62 4.33 15.79

2005 -2.53 -2.82 3.46 3.18 3.67 3.36 1.92 1.64 6.56 5.33 2.43 4.91

2004 2.74 2.44 -2.19 -2.48 -0.26 -0.55 7.01 6.69 7.25 5.99 4.34 10.88

2003 -0.53 -0.83 10.47 10.14 2.68 2.39 7.61 7.28 21.42 19.98 4.10 28.68

2002 -0.31 -0.57 -5.92 -6.06 -9.8 -9.93 5.08 4.77 -11.10 -11.86 10.26 -22.10

2001 - - - - - - 10.64 10.35 10.64 10.36 8.43 -11.89

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PVG RISK MODEL HYPOTHETICAL BACKTEST SUPPLEMENT

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BACKTEST AVERAGE ANNUAL RETURNS (NET OF FEES)

DECEMBER 31, 1999 - DECEMBER 31, 2014

1 YEAR 3 YEAR 5 YEAR 10 YEAR INCEPTION

RISK MODEL 8.94% 15.95% 9.05% 10.00% 8.54%

S&P 500 TR 13.69% 20.41% 15.45% 7.67% 5.30%50K

100K

150K

200K

250K

300K

350K

400K

Jan '99 Jan '01 Jan '03 Jan '05 Jan '07 Jan '09 Jan '11 Jan '13 Jan '15

RISK MODEL BACKTEST - GROWTH OF $100,000

Dynamic Core Strategy S&P 500 Index

Backtest

ResultsQTR 1 QTR 2 QTR 3 QTR4 ANNUAL

S&P 500

GROSS NET GROSS NET GROSS NET GROSS NET GROSS NET

2014 1.70 1.19 5.16 4.63 1.13 0.63 2.76 2.25 11.15 8.94 13.70

2013 10.50 9.95 2.94 2.42 5.24 4.71 10.53 9.98 32.31 29.68 32.39

2012 11.02 10.46 -2.85 -3.33 6.35 5.82 -1.86 -2.35 12.57 10.34 16.00

2011 5.90 5.37 0.03 -0.47 -5.82 -6.29 -1.58 -2.08 -1.81 -3.76 2.11

2010 5.42 4.90 -8.48 -8.94 -1.84 -2.33 10.75 10.20 4.89 2.81 15.06

2009 17.63 17.04 16.28 15.70 15.38 14.81 6.11 5.58 67.47 64.14 26.46

2008 -5.91 -6.38 0.19 -0.31 -0.37 -0.87 2.84 2.33 -3.42 -5.33 -37.00

2007 0.66 0.16 6.39 5.86 -1.70 -2.19 -4.88 -5.35 0.15 -1.84 5.49

2006 4.69 4.17 -2.03 -2.52 2.07 1.56 6.61 6.08 11.62 9.40 15.79

2005 -2.02 -2.51 1.45 0.94 3.68 3.16 -0.35 -0.84 2.70 0.66 4.91

2004 1.98 1.47 1.64 1.13 -5.83 -6.30 6.46 5.93 3.92 1.85 10.88

2003 0.28 -0.22 8.50 7.96 2.77 2.25 11.86 11.30 25.08 22.60 28.68

2002 -1.26 -1.75 -0.89 -1.38 7.63 7.10 0.33 -0.18 5.68 3.59 -22.10

2001 0.79 0.29 0.74 0.23 7.99 7.45 1.99 1.48 11.82 9.60 -11.89

2000 0.18 -0.32 -7.20 -7.67 -0.89 -1.38 0.98 0.48 -6.95 -8.80 -9.10

1999 4.36 3.84 7.03 6.50 -6.43 -6.89 6.01 5.48 10.81 8.61 21.04

PVG LOSS AVERSE EQUITY INCOME

10%

20%

20%30%

20%

Growth Stocks

Value Stocks

Income Stocks

Inverse ETFs

Cash

Long Portfolio Neutral Portfolio

PRE-BEAR MARKETPOST-BEAR MARKET

50%

20%

20%

10%

Growth Stocks

Value Stocks

Income Stocks

Cash

➢ The Strategy invests in both Common Stocks and Income Stocks to generate a 4%-6% Yield

➢ When the market is overvalued the strategy migrates to a more “market neutral” position using inverse

ETFs to protect against systemic risk

➢ The strategy will be more tilted to Value and Income Stocks or defensive positions such as cash and

inverse ETFs at market tops

➢ The strategy will be more tilted to Growth Stocks with little to no hedge after significant bear markets

HOW IS LOSS AVERSE EQUITY INCOME INVESTED?

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PVG LOSS AVERSE EQUITY INCOME STRATEGY

Portfolio Holdings

Position %

The Walt Disney Company (dis) 3

PEPSICO INC (pep) 2.5

Olin Corp. (oln) 2.5

CAMPBELL SOUP COMPANY (cpb) 2

AT&T, Inc.(t) 2

Merck & Company Inc. (mrk) 2

Procter & Gamble Co. (pg) 2

INTERNATIONAL BUSINESS MACHINE CORP (ibm) 2

Telefonica, S.A. (tef) 1.5

ROCHE HOLDINGS LTD ADR (rhhby) 1.5

Walgreens Boots Alliance Inc. (wba) 1.5

KINDER MORGAN INC DEL (kmi) 1.5

CITIGROUP INC COM (c) 1.5

Amgen Inc (amgn) 1.5

CVS Health Corp (cvs) 1

AMC Entertainment Holdings Inc (amc) 1

KIMBERLY-CLARK CORP (kmb) 1

International Paper Company (ip) 1

Intel Corp (intc) 1

Eli Lilly (lly) 1

HOME DEPOT INC (hd) 1

SPDR DOW JONES INDL ETF (dia) 1

WELLS FARGO COMPANY (wfc) 1

GLAXOSMITHKLINE PLC-ADR (gsk) 0.8

OWENS & MINOR INC NEW (omi) 0.7

TARGET CORP (tgt) 0.5

NUCOR CORP (nue) 0.5

Exxon Mobil Corporation (xom) 0.5

ANADARKO PETROLEUM CORP (apc) 0.5

LOWES COMPANIES INC (low) 0.5

UNITED PARCEL SERVICE INC (ups) 0.5

Office Depot Inc (odp) 0.5

Verizon Communications (vz) 0.5

Marvell Tech Group (mrvl) 0.5

MACY'S INC (m) 0.5

Total 42.5

Common Stock HoldingsPosition %

MEDLEY CAPITAL CORP (mcc) 4

ARES CAPITAL CORP (arcc) 4

ALPS ALERIAN MLP ETF (amlp) 4

Whitestone Reit (wsr) 3.8

SELECT INCOME REIT (sir) 2.5

Sr. Housing Properties Trust (snh) 2.5

Independence Realty Trust, Inc. (irt) 2

New Senior Investment Group Inc. (snr) 1.5

CENTURYLINK INC (ctl) 1.5

Apollo Investment Corp (ainv) 1.5

Global Medical REIT, Inc. (gmre) 1.3

BP PLC SPONS ADR (bp) 1

Uniti Group Inc. (unit) 1

Oaktree Specialty Lending Corp. (ocsl) 1

HCP Inc. (hcp) 1

CBL & ASSOC PROPERTIES REIT INC (cbl) 0.7

Prospect Capital Corp. (psec) 0.7

Two Harbors Investment Corp (two) 0.7

Triplepoint Venture Growth Corp (tpvg) 0.6

Solar Capital Ltd. (slrc) 0.5

Ladder Capital Corp. (ladr) 0.5

CYS INVESTMENTS INC (cys) 0.5

Arlington Asset Investment (ai) 0.5

LEXINGTON REALTY TRUST REIT (lxp) 0.5

Solar Senior Capital Ltd. (suns) 0.5

Total 38.3

Income Stock Holdings

Position

ProShares UltraShort S&P 500 (sds) 15.0

Total Hedge Weight 30.0

Cash 4.5%

Cash and Hedge

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PVG LOSS AVERSE EQUITY INCOME STRATEGY

Strategy Performance By YearQTR 1 QTR 2 QTR 3 QTR 4 PVG ANNUAL BARCLAY

BOND INDEXS&P 500

GROSS NET GROSS NET GROSS NET GROSS NET GROSS NET

2018 -1.96 -2.31 -1.96 -2.31 -1.54 -0.76

2017 -1.47 -1.80 -0.66 -1.00 -1.61 -1.96 -0.13 -0.49 -3.82 -5.14 3.73 21.83

2016 1.93 1.59 3.91 3.55 4.12 3.78 -1.92 -2.25 8.17 6.71 2.79 11.96

2015 -0.34 -0.65 -1.84 -2.16 -5.26 -5.55 2.62 2.29 -4.90 -6.09 0.58 1.38

2014 1.47 1.22 0.65 0.35 -2.22 -2.52 -2.77 -3.08 -2.91 -4.03 5.88 13.70

2013 3.33 3.06 -2.27 -2.51 0.16 -0.07 0.91 0.68 2.05 1.08 -2.02 32.44

2012 3.73 3.37 2.28 1.92 3.80 3.43 1.05 0.74 11.30 9.76 4.22 16.00

2011 -0.22 -0.51 2.24 1.89 -4.09 -4.44 7.35 6.98 5.04 3.97 7.84 2.11

2010 0.45 0.29 11.61 11.41 9.41 9.29 1.74 1.54 24.41 23.99 6.54 15.06

2009 -4.65 -4.86 13.67 13.44 6.91 6.66 -4.07 -4.30 11.16 10.17 5.93 26.46

2008 4.51 4.26 3.36 3.12 -10.91 -11.11 5.77 5.52 1.79 0.85 5.24 -37.00

2007 1.44 1.19 -3.01 -3.26 2.76 2.52 -2.58 -2.81 -1.50 -2.47 6.97 5.49

2006 0.39 -0.63 0.25 -0.01 3.56 3.28 0.85 0.60 4.29 3.24 4.33 15.79

2005 -0.32 -0.54 3.04 2.80 3.24 3.00 0.33 0.10 6.39 5.36 2.43 4.91

2004 4.56 4.28 -5.41 -5.67 3.30 3.09 0.88 0.65 3.07 2.35 4.34 10.88

2003 9.98 9.71 5.30 5.03 2.05 1.82 5.39 5.18 24.55 21.74 4.10 28.68

2002 4.25 3.98 -0.55 -0.80 -0.09 -0.35 6.79 6.55 10.62 9.38 10.26 -22.10

2001 3.33 3.04 3.33 3.04 8.43 -11.89

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14

PVG LOSS AVERSE INVESTING

Bulls and Bears…

Given the duration of this currentbullish move for the stock market,the probability that a cyclical bearmarket will occur is rising. Thecurrent Bull Market is now the 2nd

longest in modern history.

PVG LOSS AVERSE INVESTING

Stock and Bond Market ValuationBoth stocks and bonds are overvalued

The yield of the 10 year treasury iscurrently 2.96%. Generally, the 10 yearnote trends around the nominal GDPgrowth rate. For instance, real GDPgrowth of 3% plus inflation rate of 3%,plus a risk premium, gets an expectedyield on the 10 year treasury of 6-7%.When the bond yields more than 6% itgenerally represents good value, andbelow 4% has a high degree of risk.

The current S&P 500 Shiller P/E ratio shows31.88x. Generally, 15 times earnings orlower, represents attractive periods forowning stocks, and above 15 times, higherrisk periods. It should be noted that thereare periods during recessions whenearnings fall to very low levels and shouldnot be used to assess the value of theequity markets for these purposes like in2008 and 2009.

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16

PVG LOSS AVERSE INVESTING

Technicals

➢ During the last year, value stocks have dramatically underperformed growth stocks.

➢ Value stocks are generally much more dependent on the economy, and this underperformance disparity tends to happen at the end of a bull market.

➢ Many value stocks also tend to be nice income producers as well.

17

PVG LOSS AVERSE INVESTING

Technicals

• Fed Policy and central banks around the world have driven valuations to excessive levels.

• Collectively, Central Banks have purchased over $20 Trillion in Debt since 2009.

• The US Federal Reserve will now begin rolling off their balance sheet which should lead to higher rates.

Bottom of Wave 4

2

4

3

1

5

• 5 Major Waves• Waves 1, 3, and 5 are up• Waves 2 and 4 are corrective waves that move

between optimism and pessimism

• Wave 5 is the final leg up in the cycle

18

History may not repeat, but it sure does rhyme…

S&P 500 – 20-50-200 MDA (1965-1975)

S&P 500 – 20-50-200 MDA (1985-1988)

S&P 500 – 20-50-200 MDA (2003-2009)

S&P 500 – 20-50-200 MDA (2009-2018?)

Bottom of Wave 4

Below Bottom of Wave 4

Current Wave 4 Bottom is at 1800

PVG LOSS AVERSE EQUITY INCOME STRATEGY

Elliott Wave Theory

19

PVG LOSS AVERSE INVESTING SOLUTION SET

This is a very dynamic investment model ranging from conservative to index basedwith protection as a primary driver.• Tactical “Alpha” Sleeve with US and Int’l Indexing• Loss Averse Equity Income

➢ Loss Averse Equity Income▪ Beta .24 vs. S&P500 Since 2001▪ +1.79% in ‘08▪ Dividend Yield Target: 4% - 6%

➢ Tactical Total Return▪ Beta .44 vs. S&P500 Since 2001▪ -5.38% in ‘08▪ Tactical Indexing (US and Int’l)▪ Technical Hedging Signals▪ “Alpha” Sleeve

Conservative Value and Income Tactical Growth

19

P V G A S S E T M A N A G E M E N T

L O S S AV E R S E I N V E S T I N G

WWW.PVGASSETMANAGEMENT.COM

6898 S. University Blvd. | Centennial, CO 80122 | 800-777-0818

information@pvgasset.com

www.pvgassetmanagement.com

Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value

Investment Products:

Risk Considerations:

Past performance is not a guarantee of future results.

Performance results are presented in U.S. dollars and are net-of-actual-management fees and trading expenses of the composite and reflect the reinvestment of dividends and capital gains. Actual fees may vary based on, among other factors, account

size and custodial relationship. *Annual returns are compounded over the specified period. The current dividend yield is calculated gross of fees as of quarter end date and is the expected forward yield. No current or prospective client should assume

future performance of any specific investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Changes in investment strategies, contributions or withdrawals may cause the

performance results of your portfolio to differ materially from the reported composite performance. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or

profitable for a client's investment portfolio. PVG’s Portfolio Risk Spectrum is based off a number of factors including portfolio structure, holdings, weighting and risk measures. It is not meant to define the client’s risk profile or appetite when

investing with PVG. The Portfolio Risk Spectrum may change from the current position at any time depending on the factors stated for measurement. Historical performance results for market indices generally do not reflect the deduction of

transaction and/or custodial charges or the deduction of an investment-management fee, the incurrence of which would have the effect of decreasing historical performance results. Economic factors, market conditions, and investment strategies will

affect the performance of any portfolio and there are no assurances that it will match or outperform any particular benchmark. Portfolios in the composite utilize levered index products. Leveraged ETFs are considered risky. The use of leverage

strategies by a fund increases the risk to the fund and magnifies gains or losses on the investment. You could incur significant losses even if the long-term performance of the underlying index showed a gain. Most leveraged ETFs “reset” daily. Due to

the effect of compounding, their performance over longer periods of time can differ significantly from the performance of their underlying index or benchmark during the same period of time. Exchange traded funds (ETFs) are offered by prospectus

only. Investors should consider a fund’s investment objective, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other important information, is available from your Financial Advisor and should be read

carefully before investing. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. ETFs trade like stocks and may trade for less than

their net asset value. The S&P500 Total Return Index is the total return version of the S&P 500 Index which includes the effects of reinvested dividends. The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure

performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-

denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. The U.S. Aggregate rolls up into other Barclay’s flagship

indices, such as the multi-currency Global Aggregate Index and the U.S. Universal Index, which includes high yield and emerging markets debt. The U.S. Aggregate Index was created in 1986, with index history backfilled to January 1, 1976.The

investment strategy and types of securities held by the comparison indices may be substantially different from the investment strategy and the types of securities held by the PVG Equity Income strategy. PVG Asset Management (“PVG”) is a

registered investment advisor with the United States Securities Exchange Commission (the “SEC”). SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the advisor has attained a particular

level of skill or ability. Inception for the Equity Income strategy is 10/1/2010; prior performance represents the Income portion of the Balanced Strategy Composite, which PVG believes was managed with the same investment goals. Inception for the

Tactical Total Return strategy is 09/30/2001. Composite performance represents the results of the PVG management team, which has changed over time due to retirements and new staff. Additional information is available upon request.