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.
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.
2.
3.
4.
5.
FRANKLIN TEMPLETON FUNDS
AMERICAN FUNDS
T ROWE PRICE FUNDS
RUSSELL FUNDS
OPPENHEIMER FUNDS
6.
7.
8.
9.
10.
PIMCO FUNDS
OAKMARK FUNDS
AMERICAN CENTURY FUNDS
BLACKROCK FUNDS
PUTNAM FUNDS
11.
12.
13.
14.
15.
LOOMIS SAYLES FUNDS
JP MORGAN FUNDS
BMO FUNDS
FIRST EAGLE FUNDS
COLUMBIA FUNDS
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
51.
52.
53.
54.
55.
56.
57.
58.
59.
60.
61.
62.
63.
64.
65.
66.
67.
68.
69.
70.
71.
WADDELL & REED FUNDS
MFS FUNDS
MAINSTAY FUNDS
PRINCIPAL FUNDS
DOUBLELINE FUNDS
MANAGERS FUNDS
WELLS FARGO ADVANTAGE
FUNDS
PIONEER FUNDS
INVESCO FUNDS
ALLIANCE BERNSTEIN FUNDS
EATON VANCE FUNDS
DWS FUNDS
JOHN HANCOCK FUNDS
LORD ABBETT FUNDS
THORNBURG FUNDS
SCOUT FUNDS
NATIXIS FUNDS
FEDERATED FUNDS
MATTHEWS FUNDS
DREYFUS FUNDS
PRUDENTIAL FUNDS
HARTFORD FUNDS
NORTHERN FUNDS
PARNASSUS FUNDS
ROYCE FUNDS
NUVEEN FUNDS
VOYA FUNDS
HARBOR FUNDS
ALGER FUNDS
PERMANENT FUNDS
RIDGEWORTH FUNDS
BARON FUNDS
GOLDMAN SACHS FUNDS
TRANSAMERICA FUNDS
METROPOLITAN FUNDS
BUFFALO FUNDS
VIRTUS FUNDS
ARTISAN FUNDS
TOCQUEVILLE FUNDS
GABELLI FUNDS
RS FUNDS
CALAMOS FUNDS
WASATCH FUNDS
IVA FUNDS
GUGGENHEIM FUNDS
ASTON FUNDS
NEUBERGER & BERMAN FUNDS
MANNING & NAPIER FUNDS
LEGG MASON FUNDS
COHEN & STEERS FUNDS
AMERICAN BEACON FUNDS
AMANA FUNDS
CALVERT FUNDS
UBS FUNDS
LAZARD FUNDS
FMI FUNDS
72. JENSEN PORTFOLIO
73. PROFUNDS
74. WILLIAM BLAIR FUNDS
75. TOUCHSTONE FUNDS
76. RIVERNORTH FUNDS
77. NATIONWIDE FUNDS
78. MARSICO FUNDS
79. DIAMOND HILL FUNDS
80. HENNESSY FUNDS
81. USAA FUNDS
82. MERGER FUND
83. HOTCHKIS & WILEY FUNDS
84. HEARTLAND FUNDS
85. FORWARD FUNDS
86. DRIEHAUS FUNDS
87. DRIEHAUS ALT FUNDS
88. TCW FUNDS
89. PAX WORLD FUNDS
90. GRANDEUR PEAK FUNDS
91. THIRD AVENUE FUNDS
92. WESTCORE FUNDS
93. CREDIT SUISSE FUNDS
94. EAGLE FUNDS
95. ADVISORS INNER CIRCLE FUNDS
96. KEELEY FUNDS
97. VAN ECK FUNDS
98. JAMES FUNDS
99. GPS I FUNDS
100. ARIEL FUNDS
101. VICTORY FUNDS
102. GPS II FUNDS
103. ARTIO/ABERDEEN FUNDS
104. HODGES FUNDS
105. JANUS FUNDS
106. PMC FUNDS
107. AQR FUNDS
108. CLIPPER FUNDS
109. THE ARBITRAGE FUNDS
110. LYRICAL FUNDS
111. ICON FUNDS
112. BRANDES FUNDS
113. ALLIANZ FUNDS
114. MUNDER FUNDS
115. BBH FUNDS
116. WBI FUNDS
117. STERLING CAPITAL FUNDS
118. HARDING LOEVNER FUNDS
119. SENTINEL FUNDS
120. SALIENT FUNDS
121. FRANKLIN TEMPLETON
OFFSHORE
122. VALUE LINE FUNDS
123. MFS MERIDIAN OFFSHORE
FUNDS
124. SSGA FUNDS
125. PACIFIC LIFE FUNDS
126. SIT FUNDS
127. AKRE FOCUS FUNDS
128. USA MUTUALS FUNDS
129. DOMINI SOCIAL FUNDS
130. CATALYST FUNDS
131. HIGHLAND FUNDS
132. API FUNDS
133. PEAR TREE FUNDS
134. LEADERS FUNDS
135. TIAA CREF FUNDS
136. U.S. GLOBAL INVESTORS
137. ABERDEEN FUNDS
138. TURNER FUNDS
139. ALTEGRIS MANAGED FUNDS
140. LEGG MASON / WESTERN ASSET
141. INTREPID FUNDS
142. MUHLENKAMP FUND
143. HANCOCK HORIZON FUNDS
144. RIVERPARK FUNDS
145. DIREXION FUNDS
146. CRM FUNDS
147. COMPASS EMP FUNDS
148. INVESTEC OFFSHORE FUNDS
149. FORUM FUNDS
150. DUNHAM FUNDS
151. BAIRD FUNDS
152. SCHRODER FUNDS
153. FINANCIAL INV TRUST FUNDS
154. OBERWEIS FUNDS
155. CULLEN FUNDS
156. RAINIER FUNDS
157. SMEAD FUNDS
158. WILMINGTON FUNDS
159. TRANSPARENT VALUE FUNDS
160. THOMAS WHITE FUNDS
161. FAM FUNDS
162. HENDERSON GLOBAL FUNDS
163. PARADIGM FUNDS
164. BROADVIEW FUNDS
165. WILSHIRE FUNDS
166. FUNDVANTAGE TRUST FUNDS
167. SUNAMERICA FUNDS
168. STADION FUNDS
169. ADIRONDACK FUNDS
170. PATHWAY ADVISORS FUNDS
171. CAVANAL HILL FUNDS
172. APPLESEED FUND
173. SCHRODER OFFSHORE FUNDS
174. SELECTED FUNDS
175. PTA FUNDS
176. FPA FUNDS
177. BROWN ADVISORY FUNDS
178. NEEDHAM FUNDS
179. COPELAND FUNDS
180. WESTPORT FUNDS
181. PERRITT FUNDS
182. MOTLEY FOOL FUNDS
183. SIERRA FUNDS
184. FORESIDE FUNDS
185. LOCORR FUNDS
186. 361 CAPITAL FUNDS
187. NICHOLAS FUNDS
188. SOUTHERNSUN FUNDS
189. EQUINOX FUNDS
190. TOREADOR FUNDS
191. IRON STRATEGIC FUNDS
192. PIA FUNDS
193. HENSSLER FUND
194. ORINDA FUNDS
195. MORGAN STANLEY FUNDS
196. CHASE FUNDS
197. ALPINE FUNDS
198. CROFT FUNDS
199. BECKER FUNDS
200. QUAKER FUNDS
201. PNC FUNDS
202. DEARBORN FUNDS
203. HATTERAS ALTERNATIVE FUNDS
204. BURNHAM FUNDS
205. INVESTMENT MANAGERS SERIES
206. FORESTER FUNDS
207. PAYDEN & RYGEL FUNDS
208. PFS FUNDS
209. CENTURY FUNDS
210. GERSTEIN FISHER FUNDS
211. JACOB FUNDS
212. SARATOGA FUNDS
213. TAYLOR XPLOR FUNDS
214. ARROW FUNDS
215. PORTFOLIO 21 FUNDS
216. NEW CENTURY PORTFOLIO
217. PSI FUNDS
218. CORTINA FUNDS
219. ROOSEVELT FUND
220. GRANT PARK FUNDS
221. AMIDEX FUNDS
222. GUINNESS ATKINSON FUNDS
223. MARKETOCRACY FUNDS
224. OCM GOLD FUNDS
225. HANSBERGER FUNDS
226. CENTRE FUNDS
227. CUSHING FUNDS
228. SCHOONER FUNDS
229. RAMIUS FUNDS
230. CMG FUNDS
231. GLENMEDE FUNDS
232. AMERICAN INDEPENDENCE
FUNDS
233. AR CAPITAL FUNDS
234. BTS FUNDS
235. MEEDER FUNDS
236. EVENTIDE FUNDS
237. PUTNAM OFFSHORE FUNDS
238. WRIGHT FUNDS
239. CNI/ROCHDALE FUNDS
240. CONGRESS FUNDS
241. DAVIS OFFSHORE FUNDS
242. CRA FUNDS
243. SEMPER MBS FUNDS
244. INTEGRITY FUNDS
245. CAN SLIM FUNDS
246. STEELPATH FUNDS
247. LONGBOARD FUNDS
248. NOMURA PARTNERS FUNDS
249. MIRAE FUNDS
250. FIRST TRUST FUNDS
251. NUANCE FUNDS
252. OLSTEIN FUNDS
253. RBC FUNDS
254. SHELTON FUNDS
255. EMPIRIC FUNDS
256. STEWART CAPITAL FUNDS
257. LIFETIME ACHIEVEMENT FUND
258. NAVIGATOR FUNDS
259. FUND*X FUNDS
260. ASPEN FUNDS
261. CAMELOT FUNDS
262. BABSON FUNDS
263. WALL STREET FUNDS
264. NILE FUNDS
265. HILTON FUNDS
266. ASHMORE FUNDS
267. COMMONWEALTH FUNDS
268. POPLAR FOREST FUNDS
269. HSBC INVESTOR FUNDS
270. FIRSTHAND FUNDS
271. INDEX IQ FUNDS
272. DESTRA FUNDS
273. O'SHAUGHNESSY FUNDS
274. HUNTINGTON FUNDS
275. CALAMOS OFFSHORE FUNDS
276. BROOKFIELD FUNDS
277. CRYSTAL STRATEGY FUNDS
278. INNEALTA CAPITAL FUNDS
279. MADISON FUNDS
280. LARKIN POINT FUNDS
281. SNOW FUNDS
282. BANDON FUNDS
283. EVERMORE FUNDS
284. AURORA FUNDS
285. BPV FUNDS
286. PIP NEW GENERATION FUND
287. MATTHEWS OFFSHORE FUNDS
288. SCHWAB FUNDS
289. IRON HORSE FUND
290. DREMAN VALUE FUNDS
291. WEITZ FUNDS
292. TWO OAKS FUNDS
293. THE WORLD FUNDS
294. MIDAS FUNDS
295. JOHCM FUNDS
296. KCM FUNDS
297. ADVISORONE FUNDS
298. SPARROW FUNDS
299. MONTEAGLE FUNDS
300. MERIDIAN FUNDS
301. ARDEN FUNDS
302. PLUMB FUNDS
303. HEARTLAND INTL FUND
304. TANAKA GROWTH FUNDS
305. FBR FUNDS
306. VALLEY FORGE FUND
307. EMERALD FUNDS
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.
2.
3.
4.
5.
AMERICAN FUNDS
FRANKLIN TEMPLETON FUNDS
FIDELITY FUNDS
OPPENHEIMER FUNDS
INVESCO FUNDS
6.
7.
8.
9.
10.
MFS FUNDS
BLACKROCK FUNDS
PRINCIPAL FUNDS
JP MORGAN FUNDS
PIMCO FUNDS
11.
12.
13.
14.
15.
T ROWE PRICE FUNDS
PUTNAM FUNDS
WADDELL & REED FUNDS
LORD ABBETT FUNDS
PIMCO FUNDS CLASS P
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
51.
52.
53.
54.
55.
56.
57.
58.
59.
60.
61.
62.
63.
64.
65.
66.
67.
68.
69.
HARBOR FUNDS
COLUMBIA FUNDS
THORNBURG FUNDS
FIDELITY FUNDS
MANAGERS FUNDS
FIRST EAGLE FUNDS
PRUDENTIAL FUNDS
HARTFORD FUNDS
FEDERATED FUNDS
NUVEEN FUNDS
JOHN HANCOCK FUNDS
LEGG MASON FUNDS
ALLIANCE BERNSTEIN FUNDS
RUSSELL FUNDS
MAINSTAY FUNDS
ROYCE FUNDS
EATON VANCE FUNDS
VIRTUS FUNDS
DELAWARE FUNDS
FPA FUNDS
JANUS FUNDS
NATIXIS FUNDS
DREYFUS FUNDS
DWS FUNDS
CALAMOS FUNDS
GOLDMAN SACHS FUNDS
TCW FUNDS
TIAA CREF FUNDS
MORGAN STANLEY FUNDS
WELLS FARGO ADVANTAGE
FUNDS
DAVIS FUNDS
ARTISAN FUNDS
VOYA FUNDS
TOUCHSTONE FUNDS
PIONEER FUNDS
SCHWAB FUNDS
AQR FUNDS
TRANSAMERICA FUNDS
ALLIANZ FUNDS
METROPOLITAN FUNDS
FRANKLIN TEMPLETON
OFFSHORE
GUGGENHEIM FUNDS
SUNAMERICA FUNDS
ASTON FUNDS
DOUBLELINE FUNDS
PRIMECAP ODYSSEY FUNDS
SA FUNDS
ALGER FUNDS
CALVERT FUNDS
SCOUT FUNDS
FORWARD FUNDS
RIDGEWORTH FUNDS
MFS MERIDIAN OFFSHORE
FUNDS
GABELLI FUNDS
70. LAZARD FUNDS
71. AMERICAN CENTURY FUNDS
72. CREDIT SUISSE FUNDS
73. THIRD AVENUE FUNDS
74. RS FUNDS
75. VAN ECK FUNDS
76. PACIFIC LIFE FUNDS
77. NEUBERGER & BERMAN FUNDS
78. HENDERSON GLOBAL FUNDS
79. DIAMOND HILL FUNDS
80. LOOMIS SAYLES FUNDS
81. OSTERWEIS FUNDS
82. COHEN & STEERS FUNDS
83. LONGLEAF PARTNERS FUNDS
84. ABERDEEN FUNDS
85. EAGLE FUNDS
86. HARDING LOEVNER FUNDS
87. TWEEDY BROWNE FUNDS
88. MATTHEWS FUNDS
89. IVA FUNDS
90. CULLEN FUNDS
91. ADVISORS INNER CIRCLE FUNDS
92. WILLIAM BLAIR FUNDS
93. ALLIANCE OFFSHORE FUNDS
94. KEELEY FUNDS
95. RIVERNORTH FUNDS
96. MUNDER FUNDS
97. HOMESTEAD FUNDS
98. DRIEHAUS ALT FUNDS
99. BARON FUNDS
100. PROFUNDS
101. LEGG MASON / WESTERN ASSET
O
102. FIRST INVESTORS FUNDS
103. VONTOBEL FUNDSETTLE
104. ACTINVER FUNDSETTLE
105. INVESTEC OFFSHORE FUNDS
106. HENDERSON FUNDSETTLE
107. WASATCH FUNDS
108. USAA FUNDS
109. SENTINEL FUNDS
110. BROWN ADVISORY FUNDS
111. DRIEHAUS FUNDS
112. SCHRODER FUNDS
113. SCHRODER OFFSHORE FUNDS
114. BMO FUNDS
115. BLACKROCK OFFSHORE FUNDS
116. CLIPPER FUNDS
117. MANNING & NAPIER FUNDS
118. SANFORD BERNSTEIN FUNDS
119. BERWYN FUNDS
120. AMANA FUNDS
121. JENSEN PORTFOLIO
122. NATIONWIDE FUNDS
123. DYLAN FUNDSETTLE
124. NORTHERN FUNDS
125. BRANDES FUNDS
126. CREDIT SUISSE FUNDSETTLE
127. BROWN CAPITAL FUNDS
128. CAUSEWAY FUNDS
129. WEITZ FUNDS
130. PIONEER OFFSHORE FUNDS
131. SELECTED FUNDS
132. NEUBERGER & BERMAN FUNDS
133. STERLING CAPITAL FUNDS
134. AMERICAN BEACON FUNDS
135. TOCQUEVILLE FUNDS
136. ALTEGRIS MANAGED FUNDS
137. MADISON FUNDS
138. MERIDIAN FUNDS
139. ARTIO/ABERDEEN FUNDS
140. BAIRD FUNDS
141. THE ARBITRAGE FUNDS
142. MARKETFIELD FUNDSETTLE
143. NAVIGATOR FUNDS
144. HOTCHKIS & WILEY FUNDS
145. AVENUE FUNDS
146. NICHOLAS FUNDS
147. POLAR CAPITAL FUNDSETTLE
148. INTEGRITY FUNDS
149. WASATCH FUNDS
150. MAIRS & POWERS FUNDS
151. VICTORY FUNDS
152. HUSSMAN FUNDS
153. LITMAN GREGORY FUNDS
154. PROFUNDS
155. JP MORGAN OFFSHORE FUNDS
156. PARNASSUS FUNDS
157. INVESTMENT MANAGERS SERIES
158. HORIZON ACTIVE ASSET FUNDS
159. ANGEL OAK FUNDS
160. UBS FUNDS
161. HSBC INVESTOR FUNDS
162. NUANCE FUNDS
163. MORGAN STANLEY OFFSHORE
164. SEI FUNDS
165. SMEAD FUNDS
166. HUSSMAN FUNDS
167. BERWYN FUNDS
168. API FUNDS
169. 361 CAPITAL FUNDS
170. MCC FUNDSETTLE
171. FORUM FUNDS
172. PIMCO OFFSHORE FUNDS
173. VICTORY FUNDS
174. GREENSPRING FUNDS
175. PERMANENT FUNDS
176. HIGHLAND FUNDS
177. MERGER FUND
178. STONE RIDGE FUNDS
179. HENNESSY FUNDS
180. MUNDER FUNDS
181. ALLIANZ FUNDS CLASS P
182. LEADERS FUNDS
183. LARRAIN FUNDSETTLE
184. PMC FUNDS
185. RIVERPARK FUNDS
186. FUNDVANTAGE TRUST FUNDS
187. BTG CAYMAN FUNDSETTLE
188. ROBECO INVESTMENT FUNDS
189. THE WORLD FUNDS
190. NC SHAREHOLDER SERVICES
191. WESTPORT FUNDS
192. GERSTEIN FISHER FUNDS
193. EVENTIDE FUNDS
194. HENDERSON OFFSHORE FUNDS
195. HANCOCK HORIZON FUNDS
196. HIGHLAND FUNDS
197. INTERNET / KINETICS FUNDS
198. VAN ECK FUNDS
199. HEPTAGON OFFSHORE FUNDS
200. BROWN ADVISORY FUNDSETTLE
201. ABERDEEN OFFSHORE FUNDS
202. CATALYST FUNDS
203. SIERRA FUNDS
204. DIAMOND HILL FUNDS
205. HOMESTEAD FUNDS
206. RIVERNORTH FUNDS
207. MFS MERIDIAN FUNDSETTLE
208. HODGES FUNDS
209. BBH FUNDS
210. OSTERWEIS FUNDS
211. BTG PACTUAL FUNDSETTLE
212. DIREXION FUNDS
213. PRINCETON FUNDS
214. GOOD HARBOR FUNDS
215. TIMOTHY PLAN FUNDS
216. PEAR TREE FUNDS
217. STERLING CAPITAL FUNDS
218. APPLESEED FUND
219. FINANCIAL INV TRUST FUNDS
220. CULLEN FUNDS
221. LAZARD FUNDSETTLE
222. BRIDGEWAY FUNDS
223. HATTERAS ALTERNATIVE FUNDS
224. TAM FUNDSETTLE
225. EAGLE FUNDS
226. VERTICAL CAPITAL FUND
227. LEUTHOLD FUNDS
228. RIDGEWORTH FUNDS
229. OPPENHEIMER FUNDS
230. NUANCE FUNDS
231. CAVANAL HILL FUNDS
232. JOHCM FUNDS
233. EDM ROTHSCHILD OFFSHORE
234. AVE MARIA FUNDS
235. HOTCHKIS & WILEY FUNDS
236. SENTINEL FUNDS
237. VALUE PARTNERS FUNDSETTLE
238. HEARTLAND FUNDS
239. DUNHAM FUNDS
240. STADION FUNDS
241. THOMPSON IM FUNDS
242. PAX WORLD FUNDS
243. AQUILA FUNDS
244. POWER INCOME FUNDS
245. AMERICAFIRST FUNDS
246. SOUNDSHORE FUND
247. AKRE FOCUS FUNDS
248. FORUM FUNDS
249. SALIENT FUNDS
250. VILLERE FUNDS
251. NEUBERGER & BERMAN
OFFSHORE
252. ANDBANC FUNDSETTLE
253. MANNING & NAPIER FUNDS
254. KNOSSOS FUNDSETTLE
255. SARATOGA FUNDS
256. SWAN FUNDS
257. LW FUNDSETTLE
258. GLG FUNDSETTLE (CAYMAN-LUX)
259. SEI FUNDS
260. SSGA FUNDS
261. COMPASS EMP FUNDS
262. TOTAL INCOME+ FUND
263. FMI FUNDS
264. SCHRODER LUX FUNDSETTLE
265. PRESTIGE FUNDSETTLE
266. WESTCORE FUNDS
267. POPULAR OFFSHORE FUNDS
268. PARNASSUS FUNDS
269. ICON FUNDS
270. ASCENDANT FUNDS
271. TOEWS FUNDS
272. ARTIO/ABERDEEN FUNDS
273. GALLOWAY FUNDSETTLE
274. MERIDIAN LEGACY FUNDS
275. FINANCIAL INV TRUST FUNDS
276. PRINCIPAL GLOBAL OFFSHORE
277. DRIEHAUS FUNDS
278. FORESIDE FUNDS
279. LAUDUS FUNDS
280. FIDELITY ADV WORLD OFFSHORE
281. TFS FUNDS
282. NATIONWIDE FUNDS
283. EASTSPRING FUNDSETTLE
284. QUEENS ROAD FUNDS
285. PACIFIC FINANCIAL FUNDS
286. MAN AHL FUNDSETTLE
287. PACIFIC LIFE FUNDS
288. RAMIUS FUNDS
289. TORTOISE FUNDS
290. PNC FUNDS
291. QUAKER FUNDS
292. JANUS OFFSHORE FUNDS
293. NORTHERN FUNDS
294. ROBECO OFFSHORE FUNDS
295. MAIRS & POWERS FUNDS
296. MONETTA FUNDS
297. EATON VANCE OFFSHORE FUNDS
298. PAYDEN & RYGEL FUNDS
299. GLG FUNDSETTLE (IRELAND)
300. ARROW FUNDS
301. ADVISORS INNER CIRCLE FUNDS
302. LORD ABBETT OFFSHORE FUNDS
303. WINTERGREEN FUNDS
304. BROADVIEW FUNDS
305. PIA FUNDS
306. PERMAL OFFSHORE FUNDS
307. ROBECO FUNDSETTLE
308. GLENMEDE FUNDS
309. MATTHEW 25 FUND
310. WEITZ FUNDS
311. NORDEA FUNDSETTLE
312. BUFFALO FUNDS
313. INVESCO ZODIAC FUNDSETTLE
314. RAINIER FUNDS
315. OLSTEIN FUNDS
316. BAIRD FUNDS
317. PICTET OFFSHORE FUNDS
318. LKCM FUNDS
319. REYNOLDS FUNDS
320. PRINCETON FUNDS
321. OBERWEIS FUNDS
322. MARSICO FUNDS
323. MAINGATE MLP FUNDS
324. USA MUTUALS FUNDS
325. FIRST TRUST FUNDS
326. EMERALD FUNDS
327. BURNHAM FUNDS
328. PACIFIC ADVISORS FUNDS
329. RBC FUNDS
330. ORINDA FUNDS
331. MILLER CONVERTIBLE FUNDS
332. SIT FUNDS
333. NEIMAN FUNDS
334. PIONEER FUNDSETTLE
335. ELFUN FUNDS
336. CREDIT SUISSE INTL FS
337. DOMINI SOCIAL FUNDS
338. GAM OFFSHORE FUNDS
339. EQUINOX FUNDS
340. TRANSPARENT VALUE FUNDS
341. BTS FUNDS
342. INVESCO AIM MONEY MKT FDS
343. CRM FUNDS
344. GOLETA FUNDSETTLE
345. MMA PRAXIS FUNDS
346. DWS OFFSHORE FUNDS
347. PORTFOLIO 21 FUNDS
348. MULTI-STRATEGY FUNDS
349. GOODHAVEN FUNDS
350. IRON STRATEGIC FUNDS
351. TORTOISE FUNDS
352. VULCAN VALUE FUNDS
353. WBI FUNDS
354. OAK FUNDS
355. ARIEL FUNDS
356. HSBC INVESTOR FUNDS
357. TURNER FUNDS
358. HUNDREDFOLD FUNDS
359. SCHOONER FUNDS
360. HENNESSY FUNDS
361. ING OFFSHORE FUNDS
362. DEAN FUNDS
363. SCHRODER FUNDS
364. OLD MUTUAL GLOBAL OFFSHORE
365. AR CAPITAL FUNDS
366. CUSHING FUNDS
367. AMERICAN INDEPENDENCE
FUNDS
368. CONESTOGA FUNDS
369. LIFETIME ACHIEVEMENT FUND
370. EQUINOX FUNDS
371. INNEALTA CAPITAL FUNDS
372. THOMAS WHITE FUNDS
373. SNOW FUNDS
374. JAMES FUNDS
375. ISI FUNDS
376. COLLINS FUNDS
377. KALMAR FUND
378. GAM FUNDSETTLE
379. DEARBORN FUNDS
380. PARADIGM FUNDS
381. MATTHEWS OFFSHORE FUNDS
382. LYRICAL FUNDS
383. CNI/ROCHDALE FUNDS
384. EDM ROTHSCHILD FUNDSETTLE
385. CAMELOT FUNDS
386. SATUIT FUNDS
387. AMERICAN BEACON FUNDS
388. ALTEGRIS MANAGED FUNDS
389. GUINNESS ATKINSON FUNDS
390. ASHMORE FUNDS
391. TILSON FUNDS
392. BANDON FUNDS
393. FAM FUNDS
394. INVESCO STIC FUNDSETTLE
395. LINDE HANSEN FUNDS
396. ACAP STRATEGIC FUND
397. LOCORR FUNDS
398. INTREPID FUNDS
399. MUZINICH OFFSHORE FUNDS
400. PINEBRIDGE FUNDSETTLE
401. T ROWE PRICE OFFSHORE
FUNDS
402. LV FUNDSETTLE
403. GRANDEUR PEAK FUNDS
404. U.S. GLOBAL INVESTORS
405. S1 FUNDS
406. ICON FUNDS
407. SHELTON FUNDS
408. 13D ACTIVIST FUNDS
409. WHITE FLEET FUNDSETTLE
410. BLACKSTONE FUNDS
411. POPLAR FOREST FUNDS
412. EAS GENESIS FUNDS
413. THE ARP FUNDSETTLE
414. CALAMOS OFFSHORE FUNDS
415. HENSSLER FUND
416. INFLATION HEDGES FUNDS
417. ASTOR FUNDS
418. BNY MELLON OFFSHORE FUNDS
419. APEX FUNDS
420. SEMPER MBS FUNDS
421. LONGBOARD FUNDS
422. O'SHAUGHNESSY FUNDS
423. BPV FUNDS
424. PORTFOLIO 21 FUNDS
425. CNI/ROCHDALE FUNDS
426. ALPHA CAPITAL FUNDS
427. GENEVA ADVISORS FUNDS
428. RESOURCE REAL ESTATE FUNDS
429. BUFFALO FUNDS
430. EDM FUNDSETTLE
431. NUVEEN OFFSHORE FUNDS
432. HODGES FUNDS
433. AMERICAN GROWTH FUNDS
434. M&G FUNDSETTLE
435. SCHARF FUNDS
436. WBI FUNDS
437. WALTHAUSEN FUNDS
438. PAX WORLD FUNDS
439. BLACKROCK BATS FUNDS
440. CULLEN OFFSHORE FUNDS
441. ABERDEEN FUNDSETTLE
442. THE GREEN OWL FUND
443. TOCQUEVILLE FUNDSETTLE
444. MIRAE FUNDS
445. ALLIANZ FUNDSETTLE
446. COPELAND FUNDS
447. AL FRANK FUNDS
448. CITI FUNDSETTLE
449. PERFORMANCE TRUST FUNDS
450. EPIPHANY FUNDS
451. CAPSTONE SERIES FUND
452. INVESTMENT PARTNERS FUND
453. SOUND MIND INVESTING FUNDS
454. ACCUVEST FUNDSETTLE
455. CENTRE FUNDS
456. ASPEN FUNDS
457. HCM TACTICAL FUNDS
458. WILSHIRE FUNDS
459. BBH FUNDS
460. INVESTEC FUNDSETTLE
461. BECKER FUNDS
462. GREEN CENTURY FUNDS
463. UNIMAR FUNDSETTLE
464. BRANDES FUNDSETTLE
465. STEWART CAPITAL FUNDS
466. VALUE LINE FUNDS
467. 1919 FUNDS
468. ADVISORONE FUNDS
469. CALDWELL & ORKIN FUNDS
470. BOGLE FUNDS
471. STEWARD FUNDS
472. MORGAN DEMPSEY FUNDS
473. BB FUNDSETTLE
474. SMITH GROUP FUNDS
475. THE FX STRATEGY FUNDS
476. CENTURY FUNDS
477. LS FUNDS
478. GBM OFFSHORE FUNDS
479. SIT FUNDS
480. PSI FUNDS
481. FUND*X FUNDS
482. JAG FUNDS
483. LEGG MASON FUNDSETTLE
484. BEECH HILL FUNDS
485. HUNTINGTON FUNDS
486. IRON HORSE FUND
487. WITHERSPOON FUNDS
488. INDEX IQ FUNDS
489. THE COVERED BRIDGE FUNDS
490. MANOR FUNDS
491. SHARESPOST FUNDS
492. PENSION PARTNERS FUND
493. MIDAS FUNDS
494. DWS FUNDSETTLE
495. SOUTHERNSUN FUNDS
496. THE TORRAY FUNDS
497. THORNBURG FUNDS
498. CAN SLIM FUNDS
499. MEEDER FUNDS
500. THE RBB FUNDS
501. JACOB FUNDS
502. FRANK FUNDS
503. TAYLOR XPLOR FUNDS
504. LOEB FUNDS
505. BROOKFIELD FUNDS
506. DREMAN VALUE FUNDS
507. WHITEBOX FUNDS
508. OCM GOLD FUNDS
509. INVESCO OFFSHORE FUNDS
510. ACADEMY FUNDS
511. NEEDHAM FUNDS
512. AMUNDI OFFSHORE FUNDS
513. FRONTEGRA FUNDS
514. E.I. STURDZA FUNDSETTLE
515. COZAD FUNDS
516. GRANT PARK FUNDS
517. TDAM FUNDS
518. DESTRA FUNDS
519. INVESTMENT MANAGERS SERIES
520. AMERICAN CENTURY FUNDS
521. NEW CENTURY PORTFOLIO
522. PUTNAM OFFSHORE FUNDS
523. ALCEDA FUNDSETTLE
524. CRA FUNDS
525. FIRSTHAND FUNDS
526. HUBER CAPITAL FUNDS
527. NOMURA PARTNERS FUNDS
528. MOTLEY FOOL FUNDS
529. NAVIGATOR FUNDSETTLE
530. CROFT FUNDS
531. M.D. SASS FUNDS
532. ALPHA GENESIS FUNDSETTLE
533. GL FUNDS
534. MUZINICH FUNDS
535. PIMCO FUNDSETTLE
536. PERRITT FUNDS
537. WELLS FARGO FUNDSETTLE
538. AEQUILLIBRIUM FUNDSETTLE
539. BRAVER TACTICAL FUNDS
540. INVESTMENT MANAGERS
SERIESII
541. CHINA AMC FUNDSETTLE
542. IVA GLOBAL OFFSHORE FUNDS
543. BOSTON COMMON FUNDS
544. GRIFFIN FUNDS
545. SCA FUNDS
546. COMMONWEALTH FUNDS
547. HILTON FUNDS
548. AURORA FUNDS
549. TRIBUTARY FUNDS
550. NILE FUNDS
551. VERSUS FUNDS
552. BOFA FUNDS
553. KKM FUNDS
554. IMS CAPITAL FUNDS
555. CMG FUNDS
556. MUHLENKAMP FUND
557. ADIRONDACK FUNDS
558. ENTREPRENEUR FUNDS
559. LJM PRESERVATION FUNDS
560. PERRSANT FUNDSETTLE
561. FORESTER FUNDS
562. TOREADOR FUNDS
563. THREADNEEDLE FUNDSETTLE UK
564. AMIDEX FUNDS
565. SEAFARER FUNDS
566. DAVIS OFFSHORE FUNDS
567. CHESAPEAKE FUNDS
568. OAKVIEW FUNDSETTLE
569. MONEDA FUNDSETTLE
570. LOOMIS GLOBAL OFFSHORE
571. MAKEFIELD FUNDS
572. BBVA FUNDSETTLE
573. EVERMORE FUNDS
574. DOMINION FUNDSETTLE
575. MATRIX ADVISORS FUND
576. CROW POINT FUNDS
577. ALQUITY FUNDSETTLE
578. ADAPTIVE ALLOCATION FUNDS
579. NATIXIS GLOBAL OFFSHORE
580. OTTER CREEK FUNDS
581. CONSILIUM FUNDS
582. CUTLER FUNDS
583. CAPITAL OFFSHORE FUNDS
584. CWC FUNDS
585. FRANK OFFSHORE FUNDS
586. DSM FUNDS
587. BABSON FUNDS
588. PICTET FUNDSETTLE
589. KELLNER FUNDS
590. BOYAR FUND
591. DAVENPORT FUNDS
592. CHOU AMERICA FUNDS
593. STEBEN FUNDS
594. ALGER OFFSHORE FUNDS
595. ZEO FUNDS
596. FIRST AMERICAN FUNDS
597. PFS FUNDS
598. NEW CAPITAL FUNDSETTLE
599. ALPHACENTRIC FUNDS
600. JOHCM FUNDSETTLE
601. CONVERGENCE FUNDS
602. COOK & BYNUM FUNDS
603. COHEN & STEERS OFFSHORE
604. DAY HAGAN FUNDS
605. DUPREE FUNDS
606. EMPIRIC FUNDS
607. JORDAN OPPORTUNITY FUND
608. REDWOOD FUNDS
609. HSBC GIF OFFSHORE FUNDS
610. CHASE FUNDS
611. BIONDO FUNDS
612. MERIDIAN FUNDS
613. GABELLI FUNDSETTLE
614. BOSTON TRUST & WALDEN
FUNDS
615. RANGER FUNDS
616. INSIGNIA FUNDS
617. AZZAD FUNDS
618. PARVEST OFFSHORE FUNDS
619. AC ONE FUNDS
620. TRANSAMERICA PARTNERS
FUNDS
621. PTA FUNDS
622. SYMONS FUNDS
623. THE IMAN FUND
624. SPARROW FUNDS
625. VRM FUNDS
626. CONVERGENCE FUNDS
627. COVE STREET FUNDS
628. DIVERSIFIED RISK FUNDS
629. SHENKMAN FUNDS
630. PROSPECTOR FUNDS
631. VERICIMETRY FUNDS
632. MARATHON VALUE FUND
633. PERSIMMON FUNDS
634. BARCLAYS OFFSHORE FUNDS
635. CIMA LANIN FUNDSETTLE
636. AUER GROWTH FUND
637. CORTINA FUNDS
638. HOLLAND FUNDS
639. AFTERSHOCK FUNDS
640. IRONBRIDGE FUNDS
641. PATHWAY ADVISORS FUNDS
642. RESQ FUNDS
643. DANA FUNDS
644. AMM FUNDS
645. INFINITY FUNDS
646. SELECTOR OFFSHORE FUNDS
647. VALLEY FORGE FUND
648. BP CAPITAL FUNDS
649. CRYSTAL STRATEGY FUNDS
650. RIVERSIDE FRONTIER FUNDS
651. UOB OFFSHORE FUNDS
652. POLEN FUNDSETTLE
653. NEW CAPITAL OFFSHORE
654. AMUNDI FUNDSETTLE
655. CM FUNDS
656. CRAWFORD FUNDS
657. THIRD AVENUE OFFSHORE
FUNDS
658. STONE HARBOR FUNDS
659. CONGRESS FUNDS
660. STONEBRIDGE FUNDS
661. BELVEDERE FUNDS
662. FIDELTIY (LUX) FUNDSETTLE
663. CREDIT SUISSE OFFSHORE
FUNDS
664. NEWFOUND FUNDS
665. MARTIN FUNDS
666. SIGNALPOINT FUNDS
667. VOLUMETRIC FUND
668. SFG FUTURES STRATEGY FUNDS
669. EII REALTY FUNDS
670. THE TEBERG FUNDS
671. THREADNEEDLE FUNDSETTLE
672. CAPITAL ADVISORS FUNDS
673. NORTH STAR FUNDS
674. THORNBURG OFFSHORE FUNDS
675. SUPERFUND FUNDSETTLE
676. BRANDES OFFSHORE FUNDS
677. LARKIN POINT FUNDS
678. WAKEFIELD FUNDS
679. NORTH COUNTRY FUNDS
680. CONTRAVISORY FUNDS
681. ROGE FUNDS
682. SAMSON FUNDS
683. SOUND POINT FUNDS
684. TIEDMANN FUNDS
685. ARCHER FUNDS
686. TACTICAL ASSET FUNDS
687. BARROW FUNDS
688. CCA FUNDS
689. GREAT LAKES FUNDS
690. LEADSMAN FUNDS
691. WALL STREET FUNDS
692. YCG FUNDS
693. TOMORROW'S SCHOLAR 529 FD
694. CGM ARGENTINA FUNDSETTLE
695. FMG FUNDSETTLE
696. FORT PITT FUNDS
697. KCM FUNDS
698. 3D PRINTING FUNDS
699. ADVANTUS FUNDS
700. ANFIELD FUNDS
701. PECORA CAPITAL FUNDSETTLE
702. CONGRESSIONAL EFFECT FUND
703. AR REALTY FUNDS
704. CONDUCTOR GLOBAL FUNDS
705. DAVIDSON FUNDS
706. GOTTEX FUNDS
707. AIS TACTICAL FUNDS
708. BBH OFFSHORE FUNDS
709. PHYSICAL ASSET FUNDSETTLE
710. PZENA FUNDS
711. REINHART FUNDS
712. TWO OAKS FUNDS
713. STRALEM FUNDS
714. THE PROFIT VALUE FUND
May 2015