Not FDIC Insured May Lose Value No Bank Guarantee

NAVIGATING Downside RiskFOURTH QUARTER | 2019

GLOBAL TACTICAL Portfolio Manager

MANDATE INVESTMENT ObjectiveCougar Tactical Allocation – IMG (Formerly MAR 6) Income Moderate Growth

Cougar Tactical Allocation – GWI (Formerly MAR 8) Growth with Income

Cougar Tactical Allocation – G (Formerly MAR 10) Growth

Cougar Tactical Allocation – AG (Formerly MAR 12) Aggressive Growth

There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes. The purchase of certain securities may be required to effect some of the strategies.

OUR FOUR Models

THREE STEP Investment Process

Cougar Global Investments is a macro-driven, global tactical asset allocation strategist. Cougar Global believes the goal of investing is to generate compound growth that seeks to achieve clients’ investment objectives. The primary means of pursuing adequate compound growth is to avoid losing money. Since 1993, Cougar Global Investments has been practicing a strict discipline of downside risk management, and strives to participate in bull markets while avoiding, if possible, the downside in bear markets.

Cougar Global’s Research Team conducts ongoing macroeconomic and asset class analysis, reviewing the asset mix for each mandate monthly and rebalances as required. As new opportunities emerge or if new threats are on the horizon, Cougar Global has the ability to adjust the asset mix accordingly with no restrictions. We are registered and regulated by the Ontario Securities Commission (OSC) as a Portfolio Manager and registered as a “non-resident” investment advisor with the United States Securities and Exchange Commission (SEC).

Cougar Global’s proprietary portfolio optimizer seeks the highest expected return constrained to the specific level of downside risk consistent with the mandate. Cougar Global Investments selects Exchange Traded Funds (ETFs) that represent broad markets with low tracking error, high liquidity and low costs.

Our investment process consists of three steps. We begin with our proprietary Macro Economic Scenario (MES) analysis, which is centered on the U.S. economy.

• Cougar Global first establishes the probabilities for five macroeconomic scenarios over the coming year:

GROWTH: U.S. economy is growing at or above its potential growth rate STAGNATION: U.S. economy is growing at lower than its potential growth rate RECESSION: U.S. economy is shrinking (negative quarter over quarter growth rate) INFLATION: Consumer Price Index (CPI) inflation rate is higher than U.S. economy’s potential growth rate CHAOS: A high impact, low probability event (“Black Swans”)

• Cougar Global then constructs investment portfolios using a proprietary portfolio optimization process in order to generate the optimal asset mix for each of the four mandates.

Scenario AnalysisUpdate Expected Return Distribution & Correlation

Construct Portfolio

Equity, Gold and Cash/Bonds are consolidated allocations of the Cougar Tactical Allocation - Income Moderate Growth (formerly MAR 6), Cougar Tactical Allocation - Growth with Income (formerly MAR 8), Cougar Tactical Allocation - Growth (formerly MAR 10) and Cougar Tactical Allocation - Aggressive Growth (formerly MAR 12). Bonds could be government or corporate. Equities could be foreign and/or domestic. Asset Allocation does not ensure a profit or protect against a loss. Past performance is no guarantee of future results. The indexes mentioned above are unmanaged and cannot be invested into directly. The returns do not reflect fees, sales charges or expenses. Index performance is not indicative of the performance of any investment. Source: Cougar Global Investments

1The net performance quoted reflects the reinvestment of dividends, earnings and capital gains, is net of expenses and the maximum annual account fee of 2.5% prior to January 1, 2016; 2.83% prior to October 1, 2016; 2.78% prior to January 1, 2017; and 2.65% after, deducted monthly. 2Performance data for the Cougar Tactical Allocation - Growth (formerly MAR 10) composite ends July 31, 2010, and restarts on February 28, 2011. The Cougar Tactical Allocation - Growth (formerly MAR 10) composite initially launched December 31, 1999. However, since inception returns are calculated starting on February 28, 2011 since the Cougar Tactical Allocation - Growth (formerly MAR 10) was not active between July 31, 2010, and February 28, 2011. 3Custom Client Benchmark: Stocks - Russell 3000 Index; Bonds - Barclays Capital US Aggregate Index; TB3 – FTSE 3-month T-Bil. Index performance is not indicative of the performance of any investment. Past performance is no guarantee of future results. Standard deviation is commonly used measure of risk that measures the average deviations of a return series from its mean. A large standard deviation implies there were large swings in the return series. Standard Deviation assumes that the returns series is a sample of the population.

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60/40 Portfolio: 60% MSCI All Country World Index, 40% FTSE USBIG Bond Index

Return and Standard Deviation are annualized

Inception Date Since Inception

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Cougar Tactical Allocation - Income Moderate Growth (Formerly MAR 6) (December 31,1999)

Gross 6.07% 11.68% 5.53% 3.70% 3.58%

Net1 3.41% 8.76% 2.77% 0.99% 0.95%

Custom Client Benchmark: 40% Stocks, 53% Bonds, 7% TB33 5.65% 16.97% 8.18% 6.33% 7.53%

Cougar Tactical Allocation - Growth with Income (Formerly MAR 8) (October 31, 2001)

Gross 7.78% 14.45% 6.79% 4.42% 4.58%

Net1 5.08% 11.46% 4.00% 1.69% 1.92%

Custom Client Benchmark: 60% Stocks, 35% Bonds, 5% TB33 7.11% 21.57% 10.34% 8.01% 9.53%

Cougar Tactical Allocation - Growth (Formerly MAR 10)2 (February 28, 2011)

Gross 5.99% 21.68% 9.07% 5.85% N/A

Net1 3.29% 18.50% 6.22% 3.08% N/A

Custom Client Benchmark: 80% Stocks, 15% Bonds, 5% TB33 10.67% 26.07% 12.41% 9.60% N/A

Cougar Tactical Allocation - Aggressive Growth (Formerly MAR 12) (December 31, 2011)

Gross 8.03% 25.05% 9.70% 6.66% N/A

Net1 5.26% 21.78% 6.83% 3.87% N/A

Custom Client Benchmark: 95% Stocks, 5% TB33 13.93% 29.47% 13.93% 10.75% N/A

Standard Deviation

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RISK & RETURN - Cougar Tactical Allocation - GWI(Dec. 31, 2009 - Dec. 31, 2019)

ANNUALIZED Returns (Dec. 31, 2019)

Cougar Tactical Allocation - GWI (Formerly MAR 8) Gross Returns

Cougar Tactical Allocation - GWI (Formerly MAR 8) Net Returns1

MSCI All Country World Index

60/40 Portfolio

S&P 500

This chart illustrates how Cougar Global manages asset allocation tactically in an attempt to participate in upside markets and avoid downside markets.

COUGAR GLOBAL Asset Allocation & MSCI All Country World Index (Dec. 1999 - Dec. 2019)

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ABOUT COUGAR GLOBAL InvestmentsCougar Global Investments is a globally oriented macro asset-class portfolio manager that uses a disciplined portfolio-construction methodology which combines macroeconomic analysis with downside-risk management. Cougar Global’s guiding belief is that the goal of investing is to generate consistent compound growth, primarily achieved by seeking to minimize loss.

ABOUT CARILLON TOWER AdvisersCarillon Tower Advisers is a global asset-management company that combines the exceptional insight and agility of individual investment teams with the strength and stability of a full-service firm. Carillon Tower and partner affiliates – ClariVest Asset Management, Cougar Global Investments, Eagle Asset Management, Reams Asset Management (a division of Scout Investments) and Scout Investments – offer a range of investment strategies through multiple vehicles in order to help investors meet their long-term business and financial goals.

AN AFFILIATE OF CARILLON TOWER ADVISERS

Scotia Plaza, 40 King Street West, Suite 2706 | Toronto, Ontario, Canada M5H 3Y2 | 800.521.1195 | cougarglobal.com

©2020 Cougar Global Investments Limited. All rights reserved. CG20-0057 Exp. 4/30/2020 BR-CO-LPLNDR

DISCLOSURES All investments are subject to risk. Asset allocation and diversification do not ensure a profit or protect against a loss. There is no assurance that any investment strategy will be successful or that any securities transaction, holdings, sectors or allocations discussed will be profitable.Cougar Global Investments calculates the Macro Economic Scenario Analysis (MES) by assigning probabilities to each of the five economic scenarios (Growth, Stagnation, Inflation, Chaos and Recession) over a one-year forecast horizon. The MES is based on quantitative data sourced from various firms and then weighted and may be adjusted based upon Cougar Global Investments thought capital. MES is subject to change. Macro Economic Scenarios: Growth - U.S. economy is growing at or above its potential growth rate, Recession - U.S. economy is shrinking (negative quarter over quarter growth rate), Stagnation - U.S. economy is growing more slowly than its potential growth rate, Inflation - Consumer Price Index (CPI) inflation rate is higher than U.S. economy’s potential growth rate, Chaos - A high-impact, low-probability event (aka “black swan”). Current Consensus: Wall Street Journal Economic Forecasting Survey – a survey of quarterly U.S. Real GDP forecasts over the next 12 months. Cougar Global Investments MES Source: Cougar Global Investments.Principal Risk: An investment in Exchange Traded Funds (ETF), structured as a mutual fund or unit investment trust, involves the risk of losing money and should be considered as part of an overall program, not a complete investment program. An investment in ETFs involves additional risks: non-diversified, the risks of price volatility, competitive industry pressure, international political and economic developments, possible trading halts, and index tracking error.Past performance is not an indicator of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. Any charts and tables presented herein are for illustrative purposes only and should not be considered as the sole basis for an investment decision. This information should not be construed as a recommendation.High-yield (below investment grade) bonds are not suitable for all investors and may present greater credit risk than other bonds. There is an inverse relationship between interest rate movements and fixed income prices. Generally, when interest rates rise, fixed income prices fall and when interest rates fall, fixed income prices generally rise. Bond and bond fund investors should carefully consider risks such as: interest rate risk, credit risk, liquidity risk and inflation risk. International investing involves special risks, including currency fluctuations, different financial accounting standards, and possible political and economic volatility. Investing in emerging markets can be riskier than investing in well-established foreign markets. Emerging and developing markets may be less liquid and more volatile because they tend to reflect economic structures that are generally less diverse and mature and political systems that may be less stable than those in more developed countries. Investing in small-cap stocks generally involves greater risks, and therefore, may not be appropriate for every investor. Stocks of smaller or newer or mid-sized companies may be more likely to realize more substantial growth as well as suffer more significant losses than larger or more established issuers. Commodities trading is generally considered speculative because of the significant potential for investment loss. Among the factors that could affect the value of the fund’s investments in commodities are cyclical economic conditions, sudden political events, changes in sectors affecting a particular industry or commodity, and adverse international monetary policies. Markets for precious metals and other commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. Changes in the value of a hedging instrument may not match those of the investment being hedged. These portfolios may be subject to international, small-cap and sector-focus exposures as well. Accounts may have over weighted sector and issuer positions, and may result in greater volatility and risk. Companies in the technology industry are subject to fierce competition, and their products and services may be subject to rapid obsolescence. The calculation of the performance data includes reinvestment of all income and gains and is depicted on a time-weighted and size-weighted average for the entire period. Performance is shown after deduction of transaction costs and both “gross” (before the deduction of management fees) and “net” (after the deduction of management fees). Performance data since last verification has not been audited and subject to revision. No inference should be drawn by present or prospective clients that managed accounts will achieve similar investment performance in the future. Because accounts are individually managed, returns for separate accounts may be higher or lower than the average performance stated in the charts. Investing in equities may result in a loss of capital. The volatility of the benchmark used to compare is materially different from that of the composites. The potential for profit is accompanied by the potential of loss. Valuations are computed and performance reported in US dollars. The conversion dates from sub-advisors to ETFs are April 30, 2008, for Cougar Tactical Allocation - Income Moderate Growth (formerly MAR 6); February 29, 2008 for Cougar Tactical Allocation - Growth (formerly MAR 10); and October 31, 2007 for Cougar Tactical Allocation - Growth with Income (formerly MAR 8). As of December 31, 2008, Cougar Global stopped using sub-advisors.Please note: the since inception returns are comprised exclusively of SEG account performance from the date of inception of the composite to the ETF conversion date. After this date, the returns are based exclusively on ETF performance. During the period of transition from SEG to ETFs, accounts which did not begin to purchase ETFs were in a period of transition and in the process of liquidating the SEG holdings. At the time these accounts were considered non-discretionary and were not included in the composite. This meant that the composite performance during the transition period was sometimes based only on one account that had begun to purchase ETFs and did not include any other accounts managed under their respective strategies. As such, the since-inception performance figures omit certain assets that were being managed pursuant to the strategy during the 2007-2008 transition from implementation using sub-advisers to using ETFs.Index Definitions: Russell 3000 measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The Bloomberg Barclays 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. FTSE 3-Month U.S. Treasury Bill Index: Tracks the performance of U.S. Treasury bills with a remaining maturity of three months. Investing in an index is not possible.To the extent you are receiving investment advice from a separately registered independent investment advisor, please note that LPL Financial is not an affiliate of and makes no representation with respect to such entity. Securities and advisors services are offered LPL Financial, a registered investment advisor member of FINRA/SIPC LPL Financial and Cougar Global Investments are not affiliates of each other and make no representation with respect to each other ‘About Cougar Global Investments: Cougar Global Investments Limited (Cougar Global) is an investment manager that utilizes tactical asset allocation to construct globally diversified portfolios. Effective 4/30/15, Cougar Global was acquired by Raymond James Financial, Inc. (NYSE:RJF) and in 2016, Cougar Global became an affiliate of Carillon Tower Advisers, Inc., a wholly owned subsidiary of Raymond James Financial, Inc. Prior to 4/30/15, Cougar Global was an independent investment management firm not affiliated with any parent organization. Cougar Global is registered as a Portfolio Manager with the Ontario Securities Commission (OSC) and with the United States Securities and Exchange Commission (SEC) as a Non-Resident Investment Advisor. Prior to 01/02/2013, the firm was named Cougar Global Investments LP.

To learn more about Cougar Global’s strategies, philosophy and capabilities visit cougarglobal.com or call 1.800.521.1195.