Tactical Wealth Planning 1 Research Dr. Ste. 101-A Rockville, MD 20850 301.563.1440 T

Tactical Wealth Planning, LLC Investment Policy Statement

“This report is provided as a courtesy for informational purposes only. The report may include information regarding assets that are not held through Kestra Investment Services, LLC (Kestra IS) or Kestra Advisor Services, LLC (Kestra AS) an affiliate of Kestra IS, and are not included on the books and records of Kestra IS or Kestra AS. The value of such assets may be an estimate only and while obtained from sources believed to be reliable, including values provided by the client, none of these values have been audited or verified for accuracy. Such values are listed at the request of the client and will not be updated unless such updates are provided by the client. This report is not an official statement of your account. The value of assets listed in this report may differ from the current market or liquidation value of the assets. You should refer to the account statements issued by the custodian or contact your custodian for information regarding the value of your account or assets held in your account. Assets held through institutions other than Kestra IS or Kestra AS may not be covered by SIPC.”

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Tactical Wealth Planning, LLC is not affiliated with Kestra IS or Kestra AS.

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Statement Purpose

The purpose of this Investment Policy Statement (IPS) is to establish a clear understanding between the Investor (hereto referenced as “We”) and the Investment Advisor (hereto referenced as “the Advisor” or “Advisors”) as to the investment objectives and policies applicable to the Investor’s asset allocation portfolio. This Statement will: -

Establish reasonable expectations, objectives, and guidelines in the investment of the Portfolio assets. Set forth an investment structure detailing permitted asset classes, normal allocations and permissible ranges of exposure for the Portfolio. Encourage effective communication between the Investor and the Investment Advisor. Create the framework for a well-diversified asset mix that can be expected to generate acceptable long term returns at a level of risk suitable to the Investor.

In this Statement, we describe our concerns, goals and risk tolerance which our Advisors will use in documenting, implementing, monitoring, and evaluating our Portfolio. This Statement is not a binding contract. It is intended to be a summary of an investment philosophy that provides guidance for the Investor and the Advisor.

General Information

Client Name Client Date‐of‐Birth Employer Co‐Client Name Co‐Client Date‐of‐Birth Employer Address Best Contact # Email Account Type Objective Phase

Accumulation or Distribution

Current Investable Assets Investment Adviser

Tactical Wealth Planning, LLC

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Tactical Wealth Planning, LLC is not affiliated with Kestra IS or Kestra AS.

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Portfolio Considerations

The purpose of this Portfolio is to:

___________________________________________________________________________________ ___________________________________________________________________________________ To support our current lifestyle, our gross annual income must exceed:

___________________________________________________________________________________ It is expected that this Portfolio will contribute to our gross annual income needs by distributing annually:

___________________________________________________________________________________ Should we not require the resources within this Portfolio to support our gross annual income needs, our Advisors should plan for utilization of Portfolio resources by the year:

___________________________________________________________________________________ Our Advisors should be aware that we would like to plan for the following: (please check those that apply)

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Creating or protecting our income to meet financial obligations

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Protecting our lifestyle in the event of a loss

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Distribution of Assets to Heirs

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Distribution of assets to a Charity(s)

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Reducing our tax liability

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Company stock options / Benefits

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Purchase or Sale of a Business, Asset or Partnership

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Tactical Wealth Planning, LLC is not affiliated with Kestra IS or Kestra AS.

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Goals

Let’s put finances aside for a moment. What would make you feel like you’ve succeeded in life? ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________

Keeping in mind the above question, what task is most important to accomplish within the next 3 years: ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ 5 years: ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________

10 years or more: ___________________________________________________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Tactical Wealth Planning, LLC is not affiliated with Kestra IS or Kestra AS.

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The Portfolio

The Portfolio will maintain an active asset allocation strategy. The Board of Trustees of each investment selection is ultimately responsible for selecting and monitoring investment managers used in the Advisor’s models. Investment managers are selected and monitored on the basis of the following criteria: • Manager's specification of and adherence to a clearly articulated investment philosophy and process. • Material changes in the manager's organization and personnel. • Comparisons of performance results to appropriate indices that take into account asset class and investment style. Each investment manager is responsible for managing the assets of a particular mutual fund in accordance with the stated objectives and policies of that fund as set forth in each prospectus. The Investor should read this information carefully before investing. Investment Objective

______________: The objective is to achieve a long‐term, after‐tax and after‐expense annual rate of return on the portfolio. Time Horizon

Our investment guidelines are based upon a time horizon lasting no less than 5 years; therefore, cyclical market fluctuations will be viewed with that perspective. We recognize that investing is ultimately a long‐term exercise and that short‐term reactions to market events can be counter‐productive and harmful to successful investing. We believe we have both the temperament and the financial wherewithal to ride out short‐term market activity which may benefit from the rewards that have historically accrued to long‐term investors. Cash Flow and Portfolio Withdrawals

__________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Tactical Wealth Planning, LLC is not affiliated with Kestra IS or Kestra AS.

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Income Taxes

Our Advisor and the recommended investment managers should recognize that our accounts are subject to current federal and Maryland taxation, (except our IRAs and other qualified retirement accounts). To the extent possible, our accounts should be managed in a manner consistent with maximizing the long‐term return on the portfolio on an after‐tax basis, recognizing the long‐term eroding effects of income and capital gains taxes on wealth. We understand that is it important to monitor and discuss our tax situation over time with our tax accountant and investment adviser. Any changes to our tax situation may result in an adjustment to our portfolio to better maximize its after‐tax performance.

Risk Tolerance

We recognize that achieving our investment objectives, in light of the uncertainties and complexities of the capital markets, will require that some investment risk be incurred. We understand that there is no such thing as a risk‐free investment and we could lose money if this investment policy is implemented. Several factors have been considered in determining our ability to withstand short and intermediate term market price and total return volatility. These factors are (but limited to): Loss tolerance

We have defined our risk tolerance targets and understand that losses in excess of our defined risk tolerance targets can occur during extreme, negative market conditions.

Liquidity Reserve

We will maintain liquid reserves in low risk cash equivalent investments. This prevents us from liquidating the portfolio at inopportune times and provides a psychological safety net.

Experience with riskier assets (i.e. stocks, mutual funds)

We have experience with similar investment holdings.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Tactical Wealth Planning, LLC is not affiliated with Kestra IS or Kestra AS.

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Risk Allocation and Asset Allocation

We understand that TWP assigns each asset class to one of three broad risk categories: higher risk, medium risk and lower risk. These classifications are based upon the risk of principal loss. Based on our financial situation, objectives, return expectations, risk tolerance and constraints, our strategic (long‐term) allocation and acceptable ranges are below: Risk Category

Strategic (Long-term) Target Higher Limit

Lower Limit

Large Cap Mid Cap Small Cap Intl Equity

0.0% 0.0% 0.0% 0.0%

100.0% 100.0% 60.0% 60.0%

0.0% 0.0% 0.0% 0.0%

Medium Risk Commodities Real Estate High Yield Alternatives / Other

0.0% 0.0% 0.0% 0.0%

60.0% 60.0% 60.0% 60.0%

0.0% 0.0% 0.0% 0.0%

0.0% 0.0%

100.0% 100.0%

0.0% 0.0%

Higher Risk

Lower Risk Fixed Income Cash Equivalent

Note: Please see Glossary later in this document for definitions

However, over time the financial situation, objectives, and/or risk tolerance may change, so the appropriateness of the asset allocation strategy will be reviewed at least annually.

Custodian

The Custodian is responsible for the safekeeping of the Portfolio assets. The specific duties and responsibilities of the custodian are: -

Providing monthly reports that detail transactions, cash flows, securities held and their value, including any change in value from a prior reporting period. Maintain separate accounts by legal registration. Value the holdings. Collect all income and dividends owed to the Client. Settle all transactions initiated by the Investment Managers

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Tactical Wealth Planning, LLC is not affiliated with Kestra IS or Kestra AS.

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Tactical Portfolio Positioning

In general, the portfolio will be allocated according to the strategic (long‐term) asset allocation. However, investment markets are volatile and experience periods of dislocation that can provide opportunities to increase return and/or reduce risk by departing from the strategic (long‐term) asset allocation. From time to time specific asset classes and/or styles may, in TWP’s view, be undervalued (or less risky) implying a higher expected return, or overvalued (riskier) implying a lower expected return. As a result, TWP will under or overweight one or more of the three risk categories (higher, medium and lower) within each risk category based upon its analysis of the investment markets. These tactical shifts may or may not employ the use of “stop losses” which by definition are designed to limit losses once a traded position falls to a pre-determined value. This sensible approach allows us to keep to a minimum if utilized. Portfolio Rebalancing

Market forces will shift the weightings of the three risk categories (higher, medium and lower) and the various asset classes within each risk category. If not corrected, over time the portfolio’s composition could materially vary from the intended asset allocation and therefore result in a portfolio that is too risky or too conservative. TWP will review and rebalance at least quarterly, when actual risk category weightings vary significantly from the current target weightings. Finally, there can be costs associated with rebalancing the portfolio, such as transaction costs and taxes, and that these costs will be considered by TWP before the portfolio is rebalanced. Also, rebalancing activities may be constrained by the illiquid investment(s) within the portfolio. Portfolio Performance Expectations

Based on Modern Portfolio Theory, an analysis of historical data, and assumptions contained in TWP’s modeling software (maintained by Ibbotson Associates, a wholly owned subsidiary of Morningstar, Inc.), TWP has informed us that our portfolio, based upon our strategic asset allocation, is projected to achieve an annual long‐term average return consistent with my risk tolerance and investment objective. We realize that market performance will vary and our desired investment rate of return may not be achieved during some or all time periods and that we could lose money. We also understand, as described within the Tactical Portfolio Positioning section, our portfolio will not always be allocated exactly to our strategic asset allocation. As a result, the long‐term average annual return and risk estimates may differ based on our actual asset allocation at any given time. Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Tactical Wealth Planning, LLC is not affiliated with Kestra IS or Kestra AS.

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In general, the average annual market returns will be evaluated over periods of three to five years. Again, we understand that these returns are illustrations only and are not predictions of how any specific portfolio or any managers or funds selected for our portfolio will perform. Separate Account Managers – Evaluation & Selection Process

TWP conducts separate account manager research using a process that is a blend of qualitative and quantitative evaluation techniques resulting in a list of candidates which TWP believes suitable for the portfolio.

Criteria TWP considers at various stages in the search include: 

Performance track record, for consistency and frequency of outperformance relative to appropriate peers and benchmark

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Appropriate return given the level of risk

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Asset size, number of securities, portfolio turnover and strategy capacity

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Organizational stability, including ownership structure and compensation programs

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Sound, consistent and repeatable investment process

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Investment professionals’ experience in the industry and tenure with the firm

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Experience with taxable clients and willingness to negotiate reduced fees

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Responses to TWP’s proprietary questionnaires

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Absence of unfavorable publicity or material litigation

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Review of Form ADV for compliance record

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ʹʹIn personʹʹ visits to confirm the above criteria

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Tactical Wealth Planning, LLC is not affiliated with Kestra IS or Kestra AS.

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ETFs, Mutual Funds – Evaluation & Selection Process

TWP conducts mutual fund research using a process that is a blend of qualitative and quantitative evaluation techniques resulting in a list of candidates which TWP believes suitable for the portfolio.

Criteria TWP considers at various stages in the search include: 

Performance track record, for consistency and frequency of outperformance relative to appropriate peers and benchmark

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Appropriate return given the level of risk

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Asset size, number of securities, portfolio turnover and strategy capacity

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Organizational stability, including ownership structure and compensation

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Sound, consistent and repeatable investment process

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Investment professionals’ experience in the industry and tenure with the firm

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Ability of the funds to construct and maintain portfolios in a tax‐efficient manner

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Cost structure, including expense ratios, brokerage commissions and pricing

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ʹʹIn personʹʹ visits to confirm the above criteria

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Tactical Wealth Planning, LLC is not affiliated with Kestra IS or Kestra AS.

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Additional Information

This IPS is based upon information that we have made available to TWP. The IPS is prepared for our confidential use. We understand that changes in our financial situation or the investment markets could cause certain portions of this IPS to be inapplicable or inappropriate in the future. Consequently, if we have any changes in our situation, we should review the potential impact on our IPS. Changes in our IPS may require a change the allocation of our assets or the identity of our investment managers.

We understand the asset allocation software used to estimate certain portfolio statistics, mainly risk and return, is maintained by Ibbotson Associates, a wholly owned subsidiary of Morningstar, Inc. In addition, we realize the returns, standard deviations and correlation coefficients of the various asset classes used in the program are based upon data provided by Ibbotson Associates. We understand these measurements are not intended to accurately predict future investment performance, but are intended to be used as tools to gauge our tolerance for volatility. We recognize the information contained in this analysis should be viewed as an illustration and not as a prediction and does not guarantee results.

This Investment Policy Statement does not include legal, accounting, tax or other advice.

Finally, we understand that there is no such thing as a risk‐free investment and we could lose money if this investment policy is implemented.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Tactical Wealth Planning, LLC is not affiliated with Kestra IS or Kestra AS.

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Client Responsibilities

We will meet with our investment adviser at least annually to confirm the accuracy and appropriateness of this IPS and TWP’s implementation of this IPS. We will provide TWP information necessary to update this IPS, including: 

Any changes to our projected cash flow, withdrawal requirements, or tax situation;

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Any changes in employment status or financial obligations;

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Any changes in family structure or health;

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Any changes in risk tolerance or investment constraints;

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Any changes to our net worth or inheritances.

We have reviewed and understand this IPS and confirm that it is a suitable approach given our financial situation, objectives, return expectations, and risk tolerance.

Client Signature

Date

Advisor Signature

Date

Client Signature

Date

Advisor Signature

Date

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Tactical Wealth Planning, LLC is not affiliated with Kestra IS or Kestra AS.

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Glossary

Global Equities – Includes: Large Cap Equity This asset class primarily consists of U.S. equity securities similar in size to those in the S&P 500 or Russell 1000 indices, generally with a market capitalization of $2 billion or greater. Large cap portfolios are typically representative of the overall U.S. equity market in size, growth rates, and price. Large cap equity managers may manage assets to individual styles such as value, which targets stocks trading below underlying business value, or growth, which targets stocks exhibiting high growth prospects relative to the broader market. Small Cap Equity This asset class primarily consists of U.S. equity securities similar in size to those in the Russell 2000 index, generally with a market capitalization of $2 billion or smaller. Small cap equity managers may manage assets to individual styles such as value, which targets stocks trading below underlying business value, or growth, which targets stocks exhibiting high growth prospects relative to the broader market. All Cap Equity This asset class primarily consists of U.S. equity securities across both the large and small cap universes. All cap managers invest according to individual styles that are typically difficult to categorize. All cap managers may also take advantage of opportunities in foreign markets or tactically hold significant amounts of cash. International Equity This asset class primarily consists of equities similar to those in the MSCI EAFE index. International equity managers invest in equities representing companies headquartered in developed countries outside of the U.S. (some trade as American Depository Receipts (ADR’s) on U.S. exchanges), such as the United Kingdom, Germany, France, Australia, and Japan. Managers may also allocate to emerging markets. International Small Cap Equity This asset class primarily consists of equities similar to those in the MSCI EAFE Small Cap index, generally with a market capitalization of $2 billion or smaller. International small cap equity managers invest in equities representing companies headquartered in developed countries outside of the U.S. (some trade as American Depository Receipts (ADR’s) on U.S. exchanges), such as the United Kingdom, Germany, France, Australia, and Japan. Managers may also allocate to emerging markets.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Tactical Wealth Planning, LLC is not affiliated with Kestra IS or Kestra AS.

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Emerging Markets Equity This asset class primarily consists of equities similar to those in the MSCI Emerging Markets index. Managers invest in equities representing companies headquartered in emerging markets (some trade as American Depository Receipts (ADR’s) on U.S. exchanges), such as Brazil, China, Russia, India and South Africa. Real Estate – Includes: Real Estate Investment Trusts (REITs) This asset class primarily consists of equity securities in publicly traded companies whose primary business is ownership and operation of commercial real estate, similar to those in the Morgan Stanley REIT Index for US REITS and the S&P/Citi Global ex U.S. Property Index for those located outside the United States. Commodities Real or hard assets that are generally the raw materials in the production process, including energy, livestock, grains and metals. Fixed Income – Includes: Taxable This asset class primarily consists of investment grade fixed income securities similar to those in the Barclays Capital U.S. Aggregate Bond index. Managers invest in securities that are not exempt from federal taxation, such as securities issued by corporations, federal governments, and government agencies. Manager portfolio duration is typically three to seven years. Municipal This asset class primarily consists of investment grade fixed income securities similar to those in the Barclays Capital 1‐10 Year Municipal Bond index. Managers invest in securities that are exempt from federal taxation, such as those issued by state and local governments. Manager portfolio duration is typically three to seven years. High‐Yield Fixed Income This asset class primarily consists of U.S. non‐investment grade (credit rating below BBB) fixed income securities similar to those in the Barclays Capital High‐Yield index. Bonds in this category generally have higher yields because the issuing companies are less financially secure and must pay higher rates than more creditworthy borrowers.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Tactical Wealth Planning, LLC is not affiliated with Kestra IS or Kestra AS.

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Cash Equivalents Fixed income securities or money markets with maturities of less than 90 days with investment‐grade credit ratings that are very liquid. This category may also include bank deposits. Consumer Price Index (CPI) A non‐seasonally adjusted measure of the average change over time in the prices paid by all urban consumers for a market basket of consumer goods and services arranged in the following categories: food, housing, apparel, transportation, medical care, recreation, education, and other goods and services. The index is also known as ʹheadline inflationʹ and includes the price changes of food and energy. The index uses as a base the average price level of that basket of consumer goods and services for the 36‐month period from 1982 to 1984. Long‐Term and Short‐Term Benchmarks The primary and secondary benchmarks respectively used to measure manager performance. For example, the long‐term (primary) benchmark for any US large‐cap manager is the S&P 500 Index, while the short‐term (secondary) benchmark is based upon the manager’s style (i.e. Russell 1000 Growth Index for a growth style or Russell 1000 Value Index for a value style). Some asset classes and managers only have a long‐term (primary) benchmark.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Tactical Wealth Planning, LLC is not affiliated with Kestra IS or Kestra AS.

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