CHARGES, BREAKPOINT DISCOUNTS, FEES, AND REVENUE SHARING

Transcription

1 Mutual Fund, Money Fund and Bank Deposit Program Disclosures CHARGES, BREAKPOINT DISCOUNTS, FEES, AND REVENUE SHARING Before investing in mutual funds, it is important that you understand the sales charges, expenses and management fees that you will be charged, as well as the breakpoint discounts to which you may be entitled. Understanding these charges and breakpoint discounts will assist you in identifying the best investment for your particular needs and may help you to reduce the cost of your investment. This section will give you general background information about these charges and discounts; however, sales charges, expenses, management fees and breakpoint discounts vary from mutual fund to mutual fund. Therefore, you should discuss these matters with your advisor and review each mutual fund's prospectus and statement of additional information (which are available from your advisor) to obtain the specific information regarding the charges and breakpoint discounts associated with a particular mutual fund. MUTUAL FUND SALES CHARGES Investors who purchase mutual funds must make certain choices, including which funds to purchase and which share class is most advantageous in light of their specific investing needs. Each mutual fund has a specified investment strategy. You should consider whether the mutual fund's investment strategy is compatible with your investment objectives. Additionally, many mutual funds offer different share classes. Although each share class represents a similar interest in the mutual fund's portfolio, the mutual fund will charge you different fees and expenses depending upon your choice of share class. As a general rule, Class A shares carry a "front-end" sales charge or "load" that is deducted from your investment at the time you buy the fund shares. This sales charge is a percentage of your total purchase. As explained below, many mutual funds offer volume discounts to the front-end sales charge assessed on Class A shares at certain predetermined levels of investment, which are called "breakpoint discounts." In contrast, Class B and C shares usually do not carry any front-end sales charges. Instead, investors who purchase Class B or C shares pay asset-based sales charges, which may be higher or lower than the charges associated with Class A shares. Investors who purchase Class B or C shares may also be required to pay a sales charge known as a contingent deferred sales charge when they sell their shares, depending upon the rules of the particular mutual fund. This is known as a "back-end" sales charge or "load." MUTUAL FUND BREAKPOINT DISCOUNTS Many mutual funds offer investors a variety of ways to qualify for breakpoint discounts on the sales charge associated with the purchase of Class A shares. In general, most mutual funds provide breakpoint discounts to investors who make large purchases at one time. The extent of the discount depends upon the size of the purchase. Generally, as the amount of the purchase increases, the percentage used to determine the sales load decreases. The entire sales charge may be waived for investors who make very large purchases of Class A shares. Mutual fund prospectuses contain tables that illustrate the available breakpoint discounts and the investment levels at which breakpoint discounts apply. Additionally, many mutual funds allow investors to qualify for breakpoint discounts based upon current holdings from prior purchases through Rights of Accumulation (ROA) and from future purchases based upon Letters of Intent (LOI). Mutual funds have different rules regarding the availability of ROAs and LOIs. Therefore, you should discuss these matters with your advisor and review the mutual fund's prospectus and statement of additional information to determine the specific terms upon which a mutual fund offers ROAs or LOIs. Rights of Accumulation Many mutual funds allow investors to count the value of previous purchases of the same fund, or another fund within the same fund family, with the value of the current purchase to qualify for breakpoint discounts. Moreover, mutual funds may allow investors to count existing holdings in multiple accounts, such as individual retirement accounts (IRAs) or accounts at other financial organizations to qualify for breakpoint discounts. Therefore, if you have accounts at other financial organizations and wish to take advantage of the balances in these accounts to qualify for a breakpoint discount, you must advise your advisor about those balances. You may need to provide documentation if you wish to rely upon balances in accounts at another firm.

2 In addition, many mutual funds allow investors to count the value of holdings in accounts of certain related parties, such as spouses or children, to qualify for breakpoint discounts. Each mutual fund has different rules that govern when relatives may rely upon each other's holdings to qualify for breakpoint discounts. You should consult with your advisor and review the mutual fund's prospectus and statement of additional information to determine what these rules are for the fund family in which you are investing. If you wish to rely upon the holdings of related parties to qualify for a breakpoint discount, you should advise your advisor about these accounts. You may need to provide documentation to your advisor if you wish to rely upon balances in accounts at another firm. Mutual funds also follow different rules to determine the value of existing holdings. Some funds use the current net asset value (NAV) of existing investments in determining whether an investor qualifies for a breakpoint discount. However, a small number of funds use the historical cost, which is the cost of the initial purchase, to determine eligibility for breakpoint discounts. If the mutual fund uses historical costs, you may need to provide account records, such as confirmation statements or monthly statements, to qualify for a breakpoint discount based upon previous purchases. You should consult with your advisor or firm, and review the mutual fund's prospectus and statement of additional information to determine whether the mutual fund uses NAV or historical costs to determine breakpoint eligibility. Letters of Intent Many mutual funds allow investors to qualify for breakpoint discounts by signing a LOI, which commits the investor to purchasing a specified amount of Class A shares within a defined period of time, usually 13 months. For instance, if an investor plans to purchase $50,000 worth of Class A shares over a period of 13 months, but each individual purchase would not qualify for a breakpoint discount, the investor could sign an LOI at the time of the first purchase and receive the breakpoint discount associated with a $50,000 investment on the first and all subsequent purchases. Additionally, some funds offer retroactive LOIs that allow investors to rely upon purchases in the recent past to qualify for a breakpoint discount. However, if an investor fails to invest the amount required by the LOI, the fund is entitled to retroactively deduct the correct sales charges based upon the amount that the investor actually invested. If you intend to make several purchases within a 13-month period, you should consult your advisor and the mutual fund prospectus to determine if it would be beneficial for you to sign an LOI. As you can see, understanding the availability of breakpoint discounts is important because it may allow you to purchase Class A shares at a lower price. The availability of breakpoint discounts may save you money and may also affect your decision regarding the appropriate share class in which to invest. Therefore, you should discuss the availability of breakpoint discounts with your advisor and carefully review the mutual fund prospectus and its statement of additional information when choosing among the share classes offered by a mutual fund. If you wish to learn more about mutual fund share classes or mutual fund breakpoints, you can also review the investor alerts via the Financial Industry Regulatory Authority (FINRA) website. MUTUAL FUND FEES AND REVENUE SHARING Pershing may receive servicing fees from mutual funds that participate in Pershing's mutual fund no-transaction-fee program (FundVest ) in lieu of clearance charges to your financial organization. Participation by your financial organization in this program is optional and your financial organization may share with Pershing in such fees. These fees may be considered revenue sharing and are a significant source of revenue for Pershing and may be a significant source of revenue for your financial organization. These fees are paid in accordance with an asset-based formula. Pershing also receives operational reimbursements from mutual funds in the form of networking or omnibus processing fees. These reimbursements are based either on a flat fee per holding or a percentage of assets and are remitted to Pershing for its work on behalf of the funds. This work may include, but is not limited to, subaccounting services, dividend calculation and posting, accounting, reconciliation, client confirmation and statement preparation and mailing, and tax statement preparation and mailing. These fees are a significant source of revenue for Pershing. Pershing has agreements with the mutual funds listed below to receive servicing fees to participate in Pershing's mutual fund no-transaction-fee program, FundVest, in lieu of clearance charges to your financial organization. Participation by your financial organization in this program is optional and your financial organization may share with Pershing in such fees. These fees may be considered revenue sharing and are a significant source of revenue for Pershing and may be a significant source of revenue for your financial organization. The funds listed below are in highest-to-lowest order for their 2014 gross dollar payments to Pershing. 1. FRANKLIN TEMPLETON 2. AMERICAN 3. T ROWE PRICE 4. RUSSELL 5. OPPENHEIMER 6. PIMCO 7. OAKMARK 8. AMERICAN CENTURY 9. BLACKROCK 10. PUTNAM 11. LOOMIS SAYLES 12. JP MORGAN 13. BMO 14. FIRST EAGLE 15. COLUMBIA

3 16. WADDELL & REED 17. MFS 18. MAINSTAY 19. PRINCIPAL 20. DOUBLELINE 21. MANAGERS 22. WELLS FARGO ADVANTAGE 23. PIONEER 24. INVESCO 25. ALLIANCE BERNSTEIN 26. EATON VANCE 27. DWS 28. JOHN HANCOCK 29. LORD ABBETT 30. THORNBURG 31. SCOUT 32. NATIXIS 33. FEDERATED 34. MATTHEWS 35. DREYFUS 36. PRUDENTIAL 37. HARTFORD 38. NORTHERN 39. PARNASSUS 40. ROYCE 41. NUVEEN 42. VOYA 43. HARBOR 44. ALGER 45. PERMANENT 46. RIDGEWORTH 47. BARON 48. GOLDMAN SACHS 49. TRANSAMERICA 50. METROPOLITAN 51. BUFFALO 52. VIRTUS 53. ARTISAN 54. TOCQUEVILLE 55. GABELLI 56. RS 57. CALAMOS 58. WASATCH 59. IVA 60. GUGGENHEIM 61. ASTON 62. NEUBERGER & BERMAN 63. MANNING & NAPIER 64. LEGG MASON 65. COHEN & STEERS 66. AMERICAN BEACON 67. AMANA 68. CALVERT 69. UBS 70. LAZARD 71. FMI 72. JENSEN PORTFOLIO 73. PRO 74. WILLIAM BLAIR 75. TOUCHSTONE 76. RIVERNORTH 77. NATIONWIDE 78. MARSICO 79. DIAMOND HILL 80. HENNESSY 81. USAA 82. MERGER FUND 83. HOTCHKIS & WILEY 84. HEARTLAND 85. FORWARD 86. DRIEHAUS 87. DRIEHAUS ALT 88. TCW 89. PAX WORLD 90. GRANDEUR PEAK 91. THIRD AVENUE 92. WESTCORE 93. CREDIT SUISSE 94. EAGLE 95. ADVISORS INNER CIRCLE 96. KEELEY 97. VAN ECK 98. JAMES 99. GPS I 100. ARIEL 101. VICTORY 102. GPS II 103. ARTIO/ABERDEEN 104. HODGES 105. JANUS 106. PMC 107. AQR 108. CLIPPER 109. THE ARBITRAGE 110. LYRICAL 111. ICON 112. BRANDES 113. ALLIANZ 114. MUNDER 115. BBH 116. WBI 117. STERLING CAPITAL 118. HARDING LOEVNER 119. SENTINEL 120. SALIENT 121. FRANKLIN TEMPLETON OFFSHORE 122. VALUE LINE 123. MFS MERIDIAN OFFSHORE 124. SSGA 125. PACIFIC LIFE 126. SIT 127. AKRE FOCUS 128. USA MUTUALS 129. DOMINI SOCIAL 130. CATALYST 131. HIGHLAND 132. API 133. PEAR TREE 134. LEADERS 135. TIAA CREF 136. U.S. GLOBAL INVESTORS 137. ABERDEEN 138. TURNER 139. ALTEGRIS MANAGED 140. LEGG MASON / WESTERN ASSET 141. INTREPID 142. MUHLENKAMP FUND 143. HANCOCK HORIZON 144. RIVERPARK 145. DIREXION 146. CRM 147. COMPASS EMP 148. INVESTEC OFFSHORE 149. FORUM 150. DUNHAM 151. BAIRD 152. SCHRODER 153. FINANCIAL INV TRUST 154. OBERWEIS 155. CULLEN 156. RAINIER 157. SMEAD 158. WILMINGTON 159. TRANSPARENT VALUE 160. THOMAS WHITE 161. FAM 162. HENDERSON GLOBAL 163. PARADIGM 164. BROADVIEW 165. WILSHIRE 166. FUNDVANTAGE TRUST 167. SUNAMERICA 168. STADION 169. ADIRONDACK 170. PATHWAY ADVISORS 171. CAVANAL HILL 172. APPLESEED FUND 173. SCHRODER OFFSHORE 174. SELECTED 175. PTA 176. FPA 177. BROWN ADVISORY 178. NEEDHAM 179. COPELAND 180. WESTPORT 181. PERRITT 182. MOTLEY FOOL 183. SIERRA

4 184. FORESIDE 185. LOCORR CAPITAL 187. NICHOLAS 188. SOUTHERNSUN 189. EQUINOX 190. TOREADOR 191. IRON STRATEGIC 192. PIA 193. HENSSLER FUND 194. ORINDA 195. MORGAN STANLEY 196. CHASE 197. ALPINE 198. CROFT 199. BECKER 200. QUAKER 201. PNC 202. DEARBORN 203. HATTERAS ALTERNATIVE 204. BURNHAM 205. INVESTMENT MANAGERS SERIES 206. FORESTER 207. PAYDEN & RYGEL 208. PFS 209. CENTURY 210. GERSTEIN FISHER 211. JACOB 212. SARATOGA 213. TAYLOR XPLOR 214. ARROW 215. PORTFOLIO NEW CENTURY PORTFOLIO 217. PSI 218. CORTINA 219. ROOSEVELT FUND 220. GRANT PARK 221. AMIDEX 222. GUINNESS ATKINSON 223. MARKETOCRACY 224. OCM GOLD 225. HANSBERGER 226. CENTRE 227. CUSHING 228. SCHOONER 229. RAMIUS 230. CMG 231. GLENMEDE 232. AMERICAN INDEPENDENCE 233. AR CAPITAL 234. BTS 235. MEEDER 236. EVENTIDE 237. PUTNAM OFFSHORE 238. WRIGHT 239. CNI/ROCHDALE 240. CONGRESS 241. DAVIS OFFSHORE 242. CRA 243. SEMPER MBS 244. INTEGRITY 245. CAN SLIM 246. STEELPATH 247. LONGBOARD 248. NOMURA PARTNERS 249. MIRAE 250. FIRST TRUST 251. NUANCE 252. OLSTEIN 253. RBC 254. SHELTON 255. EMPIRIC 256. STEWART CAPITAL 257. LIFETIME ACHIEVEMENT FUND 258. NAVIGATOR 259. FUND*X 260. ASPEN 261. CAMELOT 262. BABSON 263. WALL STREET 264. NILE 265. HILTON 266. ASHMORE 267. COMMONWEALTH 268. POPLAR FOREST 269. HSBC INVESTOR 270. FIRSTHAND 271. INDEX IQ 272. DESTRA 273. O'SHAUGHNESSY 274. HUNTINGTON 275. CALAMOS OFFSHORE 276. BROOKFIELD 277. CRYSTAL STRATEGY 278. INNEALTA CAPITAL 279. MADISON 280. LARKIN POINT 281. SNOW 282. BANDON 283. EVERMORE 284. AURORA 285. BPV 286. PIP NEW GENERATION FUND 287. MATTHEWS OFFSHORE 288. SCHWAB 289. IRON HORSE FUND 290. DREMAN VALUE 291. WEITZ 292. TWO OAKS 293. THE WORLD 294. MIDAS 295. JOHCM 296. KCM 297. ADVISORONE 298. SPARROW 299. MONTEAGLE 300. MERIDIAN 301. ARDEN 302. PLUMB 303. HEARTLAND INTL FUND 304. TANAKA GROWTH 305. FBR 306. VALLEY FORGE FUND 307. EMERALD 308. STR FEES NETWORKING AND OMNIBUS PROCESSING FEES Pershing receives operational reimbursements from mutual funds in the form of networking or omnibus processing fees. These reimbursements are based either on a flat fee per holding or a percentage of assets and are remitted to Pershing for its work on behalf of the funds. This work may include, but is not limited to, subaccounting services, dividend calculation and posting, accounting, reconciliation, client confirmation and statement preparation and mailing, and tax statement preparation and mailing. These fees represent a significant source of revenue for Pershing. The funds listed below are in highest-to-lowest order for their 2014 gross dollar payments to Pershing. 1. AMERICAN 2. FRANKLIN TEMPLETON 3. FIDELITY 4. OPPENHEIMER 5. INVESCO 6. MFS 7. BLACKROCK 8. PRINCIPAL 9. JP MORGAN 10. PIMCO 11. T ROWE PRICE 12. PUTNAM 13. WADDELL & REED 14. LORD ABBETT 15. PIMCO CLASS P

5 16. HARBOR 17. COLUMBIA 18. THORNBURG 19. FIDELITY 20. MANAGERS 21. FIRST EAGLE 22. PRUDENTIAL 23. HARTFORD 24. FEDERATED 25. NUVEEN 26. JOHN HANCOCK 27. LEGG MASON 28. ALLIANCE BERNSTEIN 29. RUSSELL 30. MAINSTAY 31. ROYCE 32. EATON VANCE 33. VIRTUS 34. DELAWARE 35. FPA 36. JANUS 37. NATIXIS 38. DREYFUS 39. DWS 40. CALAMOS 41. GOLDMAN SACHS 42. TCW 43. TIAA CREF 44. MORGAN STANLEY 45. WELLS FARGO ADVANTAGE 46. DAVIS 47. ARTISAN 48. VOYA 49. TOUCHSTONE 50. PIONEER 51. SCHWAB 52. AQR 53. TRANSAMERICA 54. ALLIANZ 55. METROPOLITAN 56. FRANKLIN TEMPLETON OFFSHORE 57. GUGGENHEIM 58. SUNAMERICA 59. ASTON 60. DOUBLELINE 61. PRIMECAP ODYSSEY 62. SA 63. ALGER 64. CALVERT 65. SCOUT 66. FORWARD 67. RIDGEWORTH 68. MFS MERIDIAN OFFSHORE 69. GABELLI 70. LAZARD 71. AMERICAN CENTURY 72. CREDIT SUISSE 73. THIRD AVENUE 74. RS 75. VAN ECK 76. PACIFIC LIFE 77. NEUBERGER & BERMAN 78. HENDERSON GLOBAL 79. DIAMOND HILL 80. LOOMIS SAYLES 81. OSTERWEIS 82. COHEN & STEERS 83. LONGLEAF PARTNERS 84. ABERDEEN 85. EAGLE 86. HARDING LOEVNER 87. TWEEDY BROWNE 88. MATTHEWS 89. IVA 90. CULLEN 91. ADVISORS INNER CIRCLE 92. WILLIAM BLAIR 93. ALLIANCE OFFSHORE 94. KEELEY 95. RIVERNORTH 96. MUNDER 97. HOMESTEAD 98. DRIEHAUS ALT 99. BARON 100. PRO 101. LEGG MASON / WESTERN ASSET O 102. FIRST INVESTORS 103. VONTOBEL ETTLE 104. ACTINVER ETTLE 105. INVESTEC OFFSHORE 106. HENDERSON ETTLE 107. WASATCH 108. USAA 109. SENTINEL 110. BROWN ADVISORY 111. DRIEHAUS 112. SCHRODER 113. SCHRODER OFFSHORE 114. BMO 115. BLACKROCK OFFSHORE 116. CLIPPER 117. MANNING & NAPIER 118. SANFORD BERNSTEIN 119. BERWYN 120. AMANA 121. JENSEN PORTFOLIO 122. NATIONWIDE 123. DYLAN ETTLE 124. NORTHERN 125. BRANDES 126. CREDIT SUISSE ETTLE 127. BROWN CAPITAL 128. CAUSEWAY 129. WEITZ 130. PIONEER OFFSHORE 131. SELECTED 132. NEUBERGER & BERMAN 133. STERLING CAPITAL 134. AMERICAN BEACON 135. TOCQUEVILLE 136. ALTEGRIS MANAGED 137. MADISON 138. MERIDIAN 139. ARTIO/ABERDEEN 140. BAIRD 141. THE ARBITRAGE 142. MARKETFIELD ETTLE 143. NAVIGATOR 144. HOTCHKIS & WILEY 145. AVENUE 146. NICHOLAS 147. POLAR CAPITAL ETTLE 148. INTEGRITY 149. WASATCH 150. MAIRS & POWERS 151. VICTORY 152. HUSSMAN 153. LITMAN GREGORY 154. PRO 155. JP MORGAN OFFSHORE 156. PARNASSUS 157. INVESTMENT MANAGERS SERIES 158. HORIZON ACTIVE ASSET 159. ANGEL OAK 160. UBS 161. HSBC INVESTOR 162. NUANCE 163. MORGAN STANLEY OFFSHORE 164. SEI 165. SMEAD 166. HUSSMAN 167. BERWYN 168. API CAPITAL 170. MCC ETTLE 171. FORUM 172. PIMCO OFFSHORE 173. VICTORY 174. GREENSPRING 175. PERMANENT 176. HIGHLAND 177. MERGER FUND 178. STONE RIDGE 179. HENNESSY 180. MUNDER 181. ALLIANZ CLASS P 182. LEADERS

6 183. LARRAIN ETTLE 184. PMC 185. RIVERPARK 186. FUNDVANTAGE TRUST 187. BTG CAYMAN ETTLE 188. ROBECO INVESTMENT 189. THE WORLD 190. NC SHAREHOLDER SERVICES 191. WESTPORT 192. GERSTEIN FISHER 193. EVENTIDE 194. HENDERSON OFFSHORE 195. HANCOCK HORIZON 196. HIGHLAND 197. INTERNET / KINETICS 198. VAN ECK 199. HEPTAGON OFFSHORE 200. BROWN ADVISORY ETTLE 201. ABERDEEN OFFSHORE 202. CATALYST 203. SIERRA 204. DIAMOND HILL 205. HOMESTEAD 206. RIVERNORTH 207. MFS MERIDIAN ETTLE 208. HODGES 209. BBH 210. OSTERWEIS 211. BTG PACTUAL ETTLE 212. DIREXION 213. PRINCETON 214. GOOD HARBOR 215. TIMOTHY PLAN 216. PEAR TREE 217. STERLING CAPITAL 218. APPLESEED FUND 219. FINANCIAL INV TRUST 220. CULLEN 221. LAZARD ETTLE 222. BRIDGEWAY 223. HATTERAS ALTERNATIVE 224. TAM ETTLE 225. EAGLE 226. VERTICAL CAPITAL FUND 227. LEUTHOLD 228. RIDGEWORTH 229. OPPENHEIMER 230. NUANCE 231. CAVANAL HILL 232. JOHCM 233. EDM ROTHSCHILD OFFSHORE 234. AVE MARIA 235. HOTCHKIS & WILEY 236. SENTINEL 237. VALUE PARTNERS ETTLE 238. HEARTLAND 239. DUNHAM 240. STADION 241. THOMPSON IM 242. PAX WORLD 243. AQUILA 244. POWER INCOME 245. AMERICAFIRST 246. SOUNDSHORE FUND 247. AKRE FOCUS 248. FORUM 249. SALIENT 250. VILLERE 251. NEUBERGER & BERMAN OFFSHORE 252. ANDBANC ETTLE 253. MANNING & NAPIER 254. KNOSSOS ETTLE 255. SARATOGA 256. SWAN 257. LW ETTLE 258. GLG ETTLE (CAYMAN-LUX) 259. SEI 260. SSGA 261. COMPASS EMP 262. TOTAL INCOME+ FUND 263. FMI 264. SCHRODER LUX ETTLE 265. PRESTIGE ETTLE 266. WESTCORE 267. POPULAR OFFSHORE 268. PARNASSUS 269. ICON 270. ASCENDANT 271. TOEWS 272. ARTIO/ABERDEEN 273. GALLOWAY ETTLE 274. MERIDIAN LEGACY 275. FINANCIAL INV TRUST 276. PRINCIPAL GLOBAL OFFSHORE 277. DRIEHAUS 278. FORESIDE 279. LAUDUS 280. FIDELITY ADV WORLD OFFSHORE 281. TFS 282. NATIONWIDE 283. EASTSPRING ETTLE 284. QUEENS ROAD 285. PACIFIC FINANCIAL 286. MAN AHL ETTLE 287. PACIFIC LIFE 288. RAMIUS 289. TORTOISE 290. PNC 291. QUAKER 292. JANUS OFFSHORE 293. NORTHERN 294. ROBECO OFFSHORE 295. MAIRS & POWERS 296. MONETTA 297. EATON VANCE OFFSHORE 298. PAYDEN & RYGEL 299. GLG ETTLE (IRELAND) 300. ARROW 301. ADVISORS INNER CIRCLE 302. LORD ABBETT OFFSHORE 303. WINTERGREEN 304. BROADVIEW 305. PIA 306. PERMAL OFFSHORE 307. ROBECO ETTLE 308. GLENMEDE 309. MATTHEW 25 FUND 310. WEITZ 311. NORDEA ETTLE 312. BUFFALO 313. INVESCO ZODIAC ETTLE 314. RAINIER 315. OLSTEIN 316. BAIRD 317. PICTET OFFSHORE 318. LKCM 319. REYNOLDS 320. PRINCETON 321. OBERWEIS 322. MARSICO 323. MAINGATE MLP 324. USA MUTUALS 325. FIRST TRUST 326. EMERALD 327. BURNHAM 328. PACIFIC ADVISORS 329. RBC 330. ORINDA 331. MILLER CONVERTIBLE 332. SIT 333. NEIMAN 334. PIONEER ETTLE 335. ELFUN 336. CREDIT SUISSE INTL FS 337. DOMINI SOCIAL 338. GAM OFFSHORE 339. EQUINOX 340. TRANSPARENT VALUE 341. BTS 342. INVESCO AIM MONEY MKT FDS 343. CRM 344. GOLETA ETTLE 345. MMA PRAXIS 346. DWS OFFSHORE 347. PORTFOLIO MULTI-STRATEGY 349. GOODHAVEN 350. IRON STRATEGIC 351. TORTOISE 352. VULCAN VALUE

7 353. WBI 354. OAK 355. ARIEL 356. HSBC INVESTOR 357. TURNER 358. HUNDREDFOLD 359. SCHOONER 360. HENNESSY 361. ING OFFSHORE 362. DEAN 363. SCHRODER 364. OLD MUTUAL GLOBAL OFFSHORE 365. AR CAPITAL 366. CUSHING 367. AMERICAN INDEPENDENCE 368. CONESTOGA 369. LIFETIME ACHIEVEMENT FUND 370. EQUINOX 371. INNEALTA CAPITAL 372. THOMAS WHITE 373. SNOW 374. JAMES 375. ISI 376. COLLINS 377. KALMAR FUND 378. GAM ETTLE 379. DEARBORN 380. PARADIGM 381. MATTHEWS OFFSHORE 382. LYRICAL 383. CNI/ROCHDALE 384. EDM ROTHSCHILD ETTLE 385. CAMELOT 386. SATUIT 387. AMERICAN BEACON 388. ALTEGRIS MANAGED 389. GUINNESS ATKINSON 390. ASHMORE 391. TILSON 392. BANDON 393. FAM 394. INVESCO STIC ETTLE 395. LINDE HANSEN 396. ACAP STRATEGIC FUND 397. LOCORR 398. INTREPID 399. MUZINICH OFFSHORE 400. PINEBRIDGE ETTLE 401. T ROWE PRICE OFFSHORE 402. LV ETTLE 403. GRANDEUR PEAK 404. U.S. GLOBAL INVESTORS 405. S ICON 407. SHELTON D ACTIVIST 409. WHITE FLEET ETTLE 410. BLACKSTONE 411. POPLAR FOREST 412. EAS GENESIS 413. THE ARP ETTLE 414. CALAMOS OFFSHORE 415. HENSSLER FUND 416. INFLATION HEDGES 417. ASTOR 418. BNY MELLON OFFSHORE 419. APEX 420. SEMPER MBS 421. LONGBOARD 422. O'SHAUGHNESSY 423. BPV 424. PORTFOLIO CNI/ROCHDALE 426. ALPHA CAPITAL 427. GENEVA ADVISORS 428. RESOURCE REAL ESTATE 429. BUFFALO 430. EDM ETTLE 431. NUVEEN OFFSHORE 432. HODGES 433. AMERICAN GROWTH 434. M&G ETTLE 435. SCHARF 436. WBI 437. WALTHAUSEN 438. PAX WORLD 439. BLACKROCK BATS 440. CULLEN OFFSHORE 441. ABERDEEN ETTLE 442. THE GREEN OWL FUND 443. TOCQUEVILLE ETTLE 444. MIRAE 445. ALLIANZ ETTLE 446. COPELAND 447. AL FRANK 448. CITI ETTLE 449. PERFORMANCE TRUST 450. EPIPHANY 451. CAPSTONE SERIES FUND 452. INVESTMENT PARTNERS FUND 453. SOUND MIND INVESTING 454. ACCUVEST ETTLE 455. CENTRE 456. ASPEN 457. HCM TACTICAL 458. WILSHIRE 459. BBH 460. INVESTEC ETTLE 461. BECKER 462. GREEN CENTURY 463. UNIMAR ETTLE 464. BRANDES ETTLE 465. STEWART CAPITAL 466. VALUE LINE ADVISORONE 469. CALDWELL & ORKIN 470. BOGLE 471. STEWARD 472. MORGAN DEMPSEY 473. BB ETTLE 474. SMITH GROUP 475. THE FX STRATEGY 476. CENTURY 477. LS 478. GBM OFFSHORE 479. SIT 480. PSI 481. FUND*X 482. JAG 483. LEGG MASON ETTLE 484. BEECH HILL 485. HUNTINGTON 486. IRON HORSE FUND 487. WITHERSPOON 488. INDEX IQ 489. THE COVERED BRIDGE 490. MANOR 491. SHARESPOST 492. PENSION PARTNERS FUND 493. MIDAS 494. DWS ETTLE 495. SOUTHERNSUN 496. THE TORRAY 497. THORNBURG 498. CAN SLIM 499. MEEDER 500. THE RBB 501. JACOB 502. FRANK 503. TAYLOR XPLOR 504. LOEB 505. BROOKFIELD 506. DREMAN VALUE 507. WHITEBOX 508. OCM GOLD 509. INVESCO OFFSHORE 510. ACADEMY 511. NEEDHAM 512. AMUNDI OFFSHORE 513. FRONTEGRA 514. E.I. STURDZA ETTLE 515. COZAD 516. GRANT PARK 517. TDAM 518. DESTRA 519. INVESTMENT MANAGERS SERIES 520. AMERICAN CENTURY 521. NEW CENTURY PORTFOLIO

8 522. PUTNAM OFFSHORE 523. ALCEDA ETTLE 524. CRA 525. FIRSTHAND 526. HUBER CAPITAL 527. NOMURA PARTNERS 528. MOTLEY FOOL 529. NAVIGATOR ETTLE 530. CROFT 531. M.D. SASS 532. ALPHA GENESIS ETTLE 533. GL 534. MUZINICH 535. PIMCO ETTLE 536. PERRITT 537. WELLS FARGO ETTLE 538. AEQUILLIBRIUM ETTLE 539. BRAVER TACTICAL 540. INVESTMENT MANAGERS SERIESII 541. CHINA AMC ETTLE 542. IVA GLOBAL OFFSHORE 543. BOSTON COMMON 544. GRIFFIN 545. SCA 546. COMMONWEALTH 547. HILTON 548. AURORA 549. TRIBUTARY 550. NILE 551. VERSUS 552. BOFA 553. KKM 554. IMS CAPITAL 555. CMG 556. MUHLENKAMP FUND 557. ADIRONDACK 558. ENTREPRENEUR 559. LJM PRESERVATION 560. PERRSANT ETTLE 561. FORESTER 562. TOREADOR 563. THREADNEEDLE ETTLE UK 564. AMIDEX 565. SEAFARER 566. DAVIS OFFSHORE 567. CHESAPEAKE 568. OAKVIEW ETTLE 569. MONEDA ETTLE 570. LOOMIS GLOBAL OFFSHORE 571. MAKEFIELD 572. BBVA ETTLE 573. EVERMORE 574. DOMINION ETTLE 575. MATRIX ADVISORS FUND 576. CROW POINT 577. ALQUITY ETTLE 578. ADAPTIVE ALLOCATION 579. NATIXIS GLOBAL OFFSHORE 580. OTTER CREEK 581. CONSILIUM 582. CUTLER 583. CAPITAL OFFSHORE 584. CWC 585. FRANK OFFSHORE 586. DSM 587. BABSON 588. PICTET ETTLE 589. KELLNER 590. BOYAR FUND 591. DAVENPORT 592. CHOU AMERICA 593. STEBEN 594. ALGER OFFSHORE 595. ZEO 596. FIRST AMERICAN 597. PFS 598. NEW CAPITAL ETTLE 599. ALPHACENTRIC 600. JOHCM ETTLE 601. CONVERGENCE 602. COOK & BYNUM 603. COHEN & STEERS OFFSHORE 604. DAY HAGAN 605. DUPREE 606. EMPIRIC 607. JORDAN OPPORTUNITY FUND 608. REDWOOD 609. HSBC GIF OFFSHORE 610. CHASE 611. BIONDO 612. MERIDIAN 613. GABELLI ETTLE 614. BOSTON TRUST & WALDEN 615. RANGER 616. INSIGNIA 617. AZZAD 618. PARVEST OFFSHORE 619. AC ONE 620. TRANSAMERICA PARTNERS 621. PTA 622. SYMONS 623. THE IMAN FUND 624. SPARROW 625. VRM 626. CONVERGENCE 627. COVE STREET 628. DIVERSIFIED RISK 629. SHENKMAN 630. PROSPECTOR 631. VERICIMETRY 632. MARATHON VALUE FUND 633. PERSIMMON 634. BARCLAYS OFFSHORE 635. CIMA LANIN ETTLE 636. AUER GROWTH FUND 637. CORTINA 638. HOLLAND 639. AFTERSHOCK 640. IRONBRIDGE 641. PATHWAY ADVISORS 642. RESQ 643. DANA 644. AMM 645. INFINITY 646. SELECTOR OFFSHORE 647. VALLEY FORGE FUND 648. BP CAPITAL 649. CRYSTAL STRATEGY 650. RIVERSIDE FRONTIER 651. UOB OFFSHORE 652. POLEN ETTLE 653. NEW CAPITAL OFFSHORE 654. AMUNDI ETTLE 655. CM 656. CRAWFORD 657. THIRD AVENUE OFFSHORE 658. STONE HARBOR 659. CONGRESS 660. STONEBRIDGE 661. BELVEDERE 662. FIDELTIY (LUX) ETTLE 663. CREDIT SUISSE OFFSHORE 664. NEWFOUND 665. MARTIN 666. SIGNALPOINT 667. VOLUMETRIC FUND 668. SFG FUTURES STRATEGY 669. EII REALTY 670. THE TEBERG 671. THREADNEEDLE ETTLE 672. CAPITAL ADVISORS 673. NORTH STAR 674. THORNBURG OFFSHORE 675. SUPERFUND ETTLE 676. BRANDES OFFSHORE 677. LARKIN POINT 678. WAKEFIELD 679. NORTH COUNTRY 680. CONTRAVISORY 681. ROGE 682. SAMSON 683. SOUND POINT 684. TIEDMANN 685. ARCHER 686. TACTICAL ASSET 687. BARROW

9 688. CCA 689. GREAT LAKES 690. LEADSMAN 691. WALL STREET 692. YCG 693. TOMORROW'S SCHOLAR 529 FD 694. CGM ARGENTINA ETTLE 695. FMG ETTLE 696. FORT PITT 697. KCM D PRINTING 699. ADVANTUS 700. ANFIELD 701. PECORA CAPITAL ETTLE 702. CONGRESSIONAL EFFECT FUND 703. AR REALTY 704. CONDUCTOR GLOBAL 705. DAVIDSON 706. GOTTEX 707. AIS TACTICAL 708. BBH OFFSHORE 709. PHYSICAL ASSET ETTLE 710. PZENA 711. REINHART 712. TWO OAKS 713. STRALEM 714. THE PROFIT VALUE FUND May 2015