TICE/TAO/TICE Income Opportunities Disclosure

Important Disclosures

Composite Disclosure (For Model Performance Disclosure, Please Scroll Down)

Past performance does not guarantee future results. All investment strategies have the potential for profit or loss. Changes in investment strategies and economic conditions, as well as contributions or withdrawals, can materially change how your portfolio will perform. Different types of investments involve higher and lower levels of risk.

Performance results displayed are derived from a composite of similarly managed portfolios. Individual portfolio returns are calculated quarterly using an approximated time-weighted rate of return. Composite returns are then calculated quarterly using asset-weighting portfolio returns based on market values at the beginning of the period measured.

Valuations are computed and performance is reported in U.S. dollars. All returns include the reinvestment of dividends and capital gains. Net performance results have been reduced by actual management fees. In the event that all accounts in a composite are non-fee-paying during a given quarter, iCM will apply the firm’s stated maximum fee (2.00%) to calculate net-of-fees returns.

Historical performance returns for investment indexes do not deduct transaction and/or custodial charges or an advisory fee, which would decrease historical performance results. There are no guarantees that a portfolio will match or outperform a specific benchmark. Where applicable, portfolio characteristics are shown gross of fees.

This composite includes all discretionary fee and non-fee-paying accounts that qualify as discretionary AUM and excludes record kept assets such as 401k plans. Accounts will be included during their first full performance period after complying with composite rules. Terminated portfolios will remain in their respective composites for the dates which they were in compliance with composite procedures. An account will change composites when the client directs a mandate change.

The composite excludes portfolios where any client directed action causes a gross quarterly performance deviation from the asset-weighted composite average of greater than 1.00 %, including but not limited to; Tax loss harvesting, accounts with specific cash needs, timing delays caused by extraneous factors, accounts with external cash flows, and accounts with restricted trading instructions.

Client portfolios included in each composite are based on client’s stated investment mandate and not on actual asset class weightings within each client’s portfolio.

The strategy invests in closed end mutual funds. Closed end funds are exchange traded, may trade at a discount to their net asset values and may deploy leverage. When the strategy purchases shares of a closed end fund at a discount to its net asset value, there can be no assurance that the discount will decrease and may possibly increase. If a closed-end fund uses leverage, increases and decreases in the value of its share price may be magnified. Distributions by a closed end fund may include a return of capital, which would reduce the fund’s net asset value and its earnings capacity. Closed end funds are offered by prospectus. The prospectus and/or other applicable offering documents contain this and other important information about the investment strategy. You should read the prospectus and/or other applicable offering documents carefully before investing.

iCM Tactical Income Closed End (TICE) Benchmark:

Blended Index: 32% S&P 500/8% MSCI EAFE/38% Bloomberg Aggregate Bond/20% Bloomberg Municipal Bond/2% Cash

iCM TICE Alpha Opportunities Benchmarks:

TAO 35/65‐Blended Index: 26.25% Russell 3000/8.75% MSCI EAFE/63% Bloomberg Aggregate Bond/2% Cash

TAO 50/50‐Blended Index: 37.5% Russell 3000/12.5% MSCI EAFE/48% Bloomberg Aggregate Bond/2% Cash

TAO 60/40‐Blended Index: 45% Russell 3000/15% MSCI EAFE/38% Bloomberg Aggregate Bond/2% Cash

TAO 80/20‐Blended Index: 60% Russell 3000/20% MSCI EAFE/18% Bloomberg Aggregate Bond/2% Cash

iCM Income Opportunities Benchmark:

Blended Index: 7.50% Russell 3000/2.50% MSCI EAFE/88% Bloomberg Aggregate Bond/2% Cash

Model Disclosure

This report contains information that is intended for use by a Financial Professional along with an investor (the intended audience). The Financial Professional must have the ability, expertise, and resources to interpret and assess all information communicated including the validity of model results. The Financial Professional must have the ability to make a reasonable judgment about the investment objectives and financial situation of the investor. If you are not the intended audience, you are notified that any review, copying, distribution or use of this report is strictly prohibited. Past performance is no guarantee of future results, and every investment may lose value. No guarantees or assurances can be made as to future performance.

Return data is presented both gross of advisory fees and net of iCM’s management fee on Envestnet and similar platforms (.28% annually). Return data is shown net of the underlying funds’ operating expenses. Returns do not include investment platform fees. Investment advisory fees may also apply and are not included. Consult the Form ADV of each entity for additional fee information. The returns will be reduced by the addition of platform and advisory fees. Where applicable, portfolio characteristics are shown gross of fees.

Model results are defined as performance results that were not actually achieved by any portfolio of the investment adviser. Model results have inherent limitations and do not represent trading of actual client assets, but are for illustrative purposes and reflect actual positions, weights, and trade-date accounting. Returns are calculated quarterly using asset-weighted portfolio returns based on market values at the beginning of the period measured. This may not reflect the impact that material economic and market factors might have had on investment decision-making if actual client funds were being managed. Performance results for clients that are invested in the strategy may vary from model performance due to market conditions and other factors, including investment cash flows, frequency and precision of rebalancing, tax-management strategies, cash balances, advisory and other fees, and/or the timing of fee deductions, all of which may have reduced the returns shown. iCM’s Model returns are independently audited on an annual basis and assume the reinvestment of dividends and capital gains. Performance does not include taxes payable on dividends and interest.

Information for this report was gathered from third party sources that are believed to be reliable. iCM cannot guarantee the accuracy or completeness of this data. All investing involves the assumption of risk and the possible loss of principal. The main risks as it pertains to this strategy are US equity risk, international equity and fixed-income market risk, interest rate risk, currency risk, and others yet to be identified. Investors should consider the investment objectives, risks, charges and expenses of the investment strategy and review with their Financial Professional before investing. This is a managed portfolio and at any time, the number of securities may be higher or lower than stated due to client/custodian-imposed restriction(s) (alternates). Alternate securities can be the addition or removal of securities otherwise included in a strategy. Correspondingly, the use of alternate securities may cause account performance to be higher or lower than stated. Specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients, and may not reflect any restriction a client may have placed on a portfolio. Indexes are unmanaged and cannot be purchased or sold and do not reflect the deduction of any fees or expenses.

The strategy invests in closed-end mutual funds. Closed end funds are exchange traded, may trade at a discount to their net asset values and may deploy leverage. When the strategy purchases shares of a closed end fund at a discount to its net asset value, there can be no assurance that the discount will decrease and may possibly increase. If a closed-end fund uses leverage, increases and decreases in the value of its share price may be magnified. Distributions by a closed-end fund may include a return of capital, which would reduce the fund’s net asset value and its earnings capacity. Closed end funds are offered by prospectus. The prospectus and/or other applicable offering documents contain this and other important information about the investment strategy. You should read the prospectus and/or other applicable offering documents carefully before investing.

Envestnet and similar platforms are responsible for the trading and rebalancing of client accounts based on model portfolio investment recommendations it receives from iCM. The TAMP platforms and iCM are not affiliates of each other and make no representation with respect to each other.