Investor Research Report— Online Survey Appendix

Submitted to: The U.S. Securities and Exchange Commission July 25, 2012
This study presents the findings of Siegel & Gale LLC and does not necessarily reflect the views of the U.S. Securities and Exchange Commission (SEC), its Commissioners, or members of the SEC’s staff.

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Investor Research Report: Online Survey Appendix

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Table of Contents

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Topic Online Survey Respondent Demographics Form ADV Part 2A Brochure (Brochure or ADV) Appendix + + ADV Appendix 1: Additional Survey Results ADV Appendix 2: Full Exhibits Mutual Fund Summary Prospectus Appendix 1: Detailed Perception Results Mutual Fund Summary Prospectus Appendix 2: Full Exhibits
Trade Confirmations/Account Statements Appendix 1: Consolidated Exhibits

Page 4 13 14 20 28 29 39 48 49

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Mutual Fund Summary Prospectus Appendix + +

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Trade Confirmations/Account Statements Appendix
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A 3

Online Survey Respondent Demographics
A4

Composite

Demographic profiles (continued)

Age 21-34 35-44 45-54 55-61 62-72 73 and over

Investor Decision Makers 26.1% 19.2% 20.6% 15.0% 15.1% 4.0%

ADV 11.7% 16.8% 18.9% 20.8% 26.3% 5.5%

Confirmations 18.2% 18.4% 22.8% 16.2% 18.8% 5.7%

POS 19.5% 16.6% 17.5% 16.3% 21.8% 8.3%

Summary Prospectus 17.2% 19.9% 23.0% 16.7% 20.0% 3.2%

Gender Male Female

Investor Decision Makers 52.5% 47.5%

ADV 63.3% 36.8%

Confirmations 58.5% 41.5%

POS 64.6% 35.4%

Summary Prospectus 55.5% 44.5%

Role in Financial Decisions Sole Joint

Investor Decision Makers 59.3% 40.7%

ADV 65.1% 34.9%

Confirmations 65.3% 34.8%

POS 66.5% 33.5%

Summary Prospectus 61.5% 38.5%

Note: Investor Decision Maker profile was derived from the 30,631 individuals who were screened and met the fundamental criteria for inclusion in the overall online survey. Each of the subsequent sub-survey columns represent the profile of the 1,200 or 1,201 individuals who completed the respective survey branch (ADV, Confirmations, POS, Summary Prospectus). Totals may not add to 100% due to rounding. A 5

Composite

Demographic profiles (continued)

Education Some high school High school or received a GED Graduated 2 year college Graduated 4 year college Master's degree Professional or PhD degree Other

Investor Decision Makers 2.4% 24.8% 16.8% 34.5% 14.1% 3.7% 3.7%

ADV 0.8% 14.5% 13.6% 41.7% 21.2% 6.0% 2.3%

Confirmations 1.3% 16.0% 13.4% 39.2% 21.4% 6.3% 2.3%

POS 1.4% 14.2% 12.7% 40.0% 21.6% 7.5% 2.6%

Summary Prospectus 1.3% 15.5% 14.0% 41.0% 21.3% 5.1% 1.8%

Household Income Under $25,000 $25,000 - $49,999 $50,000 - $99,999 $100,000 - $149,999 $150,000 - $249,999 $250,000 or more Prefer not to say

Investor Decision Makers 7.9% 26.5% 43.0% 13.8% 4.6% 1.3% 3.0%

ADV 1.8% 11.8% 47.6% 22.0% 11.8% 2.6% 2.3%

Confirmations 3.0% 14.6% 44.6% 24.5% 9.3% 2.5% 1.6%

POS 2.4% 14.2% 42.4% 26.1% 9.3% 3.3% 2.3%

Summary Prospectus 3.0% 13.5% 47.1% 23.1% 9.2% 2.2% 1.8%

Note: Investor Decision Maker profile was derived from the 30,631 individuals who were screened and met the fundamental criteria for inclusion in the overall online survey. Each of the subsequent sub-survey columns represent the profile of the 1,200 or 1,201 individuals who completed the respective survey branch (ADV, Confirmations, POS, Summary Prospectus). Totals may not add to 100% due to rounding. A 6

Composite

Demographic profiles (continued)

Employment status Employed full time Employed part time Out of work and looking for work Out of work but not looking for work A homemaker A student Retired Unable to work

Investor Decision Makers 53.9% 11.2% 4.7% 0.7% 8.1% 2.1% 17.3% 2.0%

ADV 51.8% 8.5% 2.4% 0.1% 4.5% 0.8% 30.6% 1.3%

Confirmations 56.6% 9.6% 3.5% 0.5% 5.8% 1.3% 21.0% 1.8%

POS 57.4% 8.8% 2.7% 0.7% 3.8% 1.2% 24.9% 0.6%

Summary Prospectus 59.0% 8.6% 3.9% 0.7% 6.0% 0.7% 19.9% 1.2%

Marital status Married Single Divorced/Separated Widowed

Investor Decision Makers 63.7% 22.2% 10.9% 3.3%

ADV 73.1% 14.8% 8.4% 3.8%

Confirmations 70.1% 16.3% 9.9% 3.8%

POS 72.8% 15.3% 8.2% 3.8%

Summary Prospectus 70.8% 16.8% 9.6% 2.8%

Note: Investor Decision Maker profile was derived from the 30,631 individuals who were screened and met the fundamental criteria for inclusion in the overall online survey. Each of the subsequent sub-survey columns represent the profile of the 1,200 or 1,201 individuals who completed the respective survey branch (ADV, Confirmations, POS, Summary Prospectus). Totals may not add to 100% due to rounding. A 7

Composite

Demographic profiles (continued)

Race American Indian/Alaskan Native alone Asian alone Black/African American alone Native Hawaiian/Other Pacific Islander alone White alone 2+ races

Investor Decision Makers 0.8% 5.1% 5.6% 0.3% 86.6% 1.6%

ADV 0.6% 3.9% 3.4% 0.1% 90.8% 1.2%

Confirmations 0.3% 8.7% 3.8% 0.2% 85.7% 1.4%

POS 1.2% 5.3% 3.4% 0.3% 88.1% 1.7%

Summary Prospectus 1.0% 6.5% 3.8% 0.3% 87.3% 1.2%

Ethnicity Hispanic Non-Hispanic

Investor Decision Makers 6.3% 93.7%

ADV 5.6% 94.4%

Confirmations 5.0% 95.0%

POS 7.9% 92.1%

Summary Prospectus 5.7% 94.3%

Note: Investor Decision Maker profile was derived from the 30,631 individuals who were screened and met the fundamental criteria for inclusion in the overall online survey. Each of the subsequent sub-survey columns represent the profile of the 1,200 or 1,201 individuals who completed the respective survey branch (ADV, Confirmations, POS, Summary Prospectus). Totals may not add to 100% due to rounding. Percentages exclude those who selected “Prefer not to say.”

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Composite

Demographic profiles (continued)

Total investments (except real estate) $1 - $5,000 $5,000-$9,999 $10,000-$49,999 $50,000-$99,999 $100,000-$249,999 $250,000-$499,000 $500,000-$1,000,000 $1,000,000 or more

Investor Decision Makers 17.3% 9.9% 22.1% 14.9% 17.2% 9.9% 5.8% 2.9%

ADV 0.0% 0.0% 0.0% 12.3% 30.8% 27.8% 18.9% 10.2%

Confirmations 0.0% 2.8% 16.0% 17.4% 24.3% 19.3% 12.4% 7.7%

POS 0.0% 1.8% 10.8% 14.0% 25.8% 20.6% 16.7% 10.3%

Summary Prospectus 0.0% 2.6% 19.8% 16.4% 25.4% 18.0% 11.0% 6.8%

Total investments (except 401(k) and retirement accounts, real estate) None $1 - $5,000 $5,000-$9,999 $10,000-$49,999 $50,000-$99,999 $100,000-$249,999 $250,000-$499,000 $500,000-$1,000,000 $1,000,000 or more

Investor Decision Makers 21.8% 18.8% 9.8% 17.2% 10.7% 11.2% 5.4% 3.1% 1.9%

ADV 0.0% 0.0% 0.0% 0.0% 26.8% 34.3% 19.8% 12.8% 6.2%

Confirmations 0.0% 0.0% 5.2% 29.3% 19.3% 21.8% 11.7% 7.8% 4.8%

POS 0.0% 0.0% 4.1% 19.6% 18.8% 24.5% 15.1% 10.6% 7.4%

Summary Prospectus 11.2% 7.1% 7.9% 19.8% 13.8% 18.9% 10.5% 5.8% 5.1%

Note: Investor Decision Maker profile was derived from the 30,631 individuals who were screened and met the fundamental criteria for inclusion in the overall online survey. Each of the subsequent sub-survey columns represent the profile of the 1,200 or 1,201 individuals who completed the respective survey branch (ADV, Confirmations, POS, Summary Prospectus). Totals may not add to 100% due to rounding.

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Composite

Demographic profiles (continued)

Types of investments (except 401(k) and retirement accounts, real estate) Stocks Corporate bonds Municipal bonds Mutual funds ETFs (exchange-traded funds) Money market funds Variable annuities Options Retail structured products Treasury bonds Other

Investor Decision Makers 61.9% 13.0% 14.6% 50.3% 10.9% 39.1% 16.7% 7.4% 4.9% 15.2% 9.5%

ADV 75.5% 25.3% 29.4% 76.5% 18.9% 57.9% 36.9% 11.8% 9.4% 21.6% 4.8%

Confirmations 69.6% 16.1% 18.3% 61.7% 16.3% 45.9% 19.1% 8.4% 4.8% 15.1% 7.5%

POS 83.9% 29.8% 33.3% 72.4% 21.8% 59.0% 28.5% 12.7% 10.3% 22.3% 3.4%

Summary Prospectus 68.5% 17.0% 21.4% 70.1% 16.6% 52.5% 21.2% 9.0% 5.5% 15.5% 5.2%

Note: Investor Decision Maker profile was derived from the 30,631 individuals who were screened and met the fundamental criteria for inclusion in the overall online survey. Each of the subsequent sub-survey columns represent the profile of the 1,200 or 1,201 individuals who completed the respective survey branch (ADV, Confirmations, POS, Summary Prospectus). Totals may not add to 100% due to rounding. A 10

Composite

Demographic profiles (continued)

Investments in employee retirement accounts Yes No

Investor Decision Makers 63.5% 36.5%

ADV 62.9% 37.1%

Confirmations 63.1% 36.9%

POS 64.3% 35.7%

Summary Prospectus 75.3% 24.8%

Types of investments in employee retirement accounts Mutual funds Stocks Variable annuities ETFs (exchange-traded funds) Money market funds Other

Investor Decision Makers 66.3% 53.0% 16.4% 9.7% 31.1% 11.5%

ADV 79.2% 56.4% 26.8% 18.8% 40.8% 5.4%

Confirmations 74.3% 56.9% 16.5% 14.0% 33.2% 6.9%

POS 83.5% 63.1% 25.5% 19.4% 42.4% 5.7%

Summary Prospectus 81.3% 56.0% 16.1% 13.2% 37.5% 5.6%

Note: Investor Decision Maker profile was derived from the 30,631 individuals who were screened and met the fundamental criteria for inclusion in the overall online survey. Each of the subsequent sub-survey columns represent the profile of the 1,200 or 1,201 individuals who completed the respective survey branch (ADV, Confirmations, POS, Summary Prospectus). Totals may not add to 100% due to rounding. A 11

Composite

Demographic profiles (continued)

Use of investment professional Yes No Don’t know

Investor Decision Makers 39.6% 58.4% 2.0% Investor Decision Makers 20.7% 19.7%

ADV 100.0% 0.0% 0.0%

Confirmations 49.0% 50.0% 1.0%

POS 100.0% 0.0% 0.0%

Summary Prospectus 49.3% 49.8% 0.9%

How investment professional is paid I pay a commission for each transaction I pay a flat fee that covers all of my transactions I pay a percentage of the total value of the assets I hold with my financial services firm (for example, 1.00 % of my assets) I pay a flat fee for a financial plan I pay a combination of commissions (i.e., per transaction) and fees (i.e., flat fees or fees based on the value of my assets) I pay a type of fee not mentioned above Don't know

ADV 0.0% 25.3%

Confirmations 23.5% 16.2%

POS 70.3% 0.0%

Summary Prospectus 23.4% 18.1%

16.1% 10.3% 8.5% 6.4% 18.3%

33.8% 13.0% 18.0% 9.8% 0.0%

19.1% 8.7% 11.4% 7.5% 13.6%

0.0% 0.0% 29.7% 0.0% 0.0%

16.4% 9.3% 10.0% 5.6% 17.1%

Note: Investor Decision Maker profile was derived from the 30,631 individuals who were screened and met the fundamental criteria for inclusion in the overall online survey. Each of the subsequent sub-survey columns represent the profile of the 1,200 or 1,201 individuals who completed the respective survey branch (ADV, Confirmations, POS, Summary Prospectus). Totals may not add to 100% due to rounding. A 12

Form ADV Part 2 Brochure (ADV) Appendix
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ADV Appendix 1: Additional Survey Results
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ADV

A20: In selecting your current adviser, did you interview-consider multiple advisers?

I don't remember/I don't know 3.8%

Yes 35.7%

No 60.5%

n=1,200
A 15

ADV

A21: Please indicate how many you interviewed or considered, including the one you selected.

10 or more 0% 5-9 6% 4 13% 2 26% 1 3%

3 41%

n=408 Sample comprised of individuals who recalled interviewing multiple advisers in A20 Note: Figures do not add to 100% due to rounding..

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ADV

A22: What were the reasons for which you chose your current adviser over the other advisers you considered? Check all that apply.

Your current adviser's reputation Your current adviser's investment strategy Your current adviser's investment performance history Your current adviser's fees Your current adviser's geographic location A personal relationship with the adviser Your current adviser's disciplinary history The name of the adviser Other I don't remember-I don't know 5.7% 0.6% 0% 10% 20% 30% 40% 50% 60% 16.9% 32.9% 30.6% 26.4%

67.3% 62.6% 55.5% 48.1%

70%

80%

n=408 Sample comprised of individuals who recalled interviewing multiple advisers in A20 Note: Figures do not add to 100% due to multiple responses.

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ADV

A24: Would it have been helpful to be able to compare among advisers on the information in the Brochures before selecting your current adviser?

I don't know 6.0%

No 5.6%

Yes 88.4%

n=639
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ADV

A25: What are the primary reason(s) you think that receiving the information before you made your decision would not have been helpful?

I don't know 8.9%

Because I would not have read the Brochure 10.4%

Other (Please specify): 17.2%

Because I selected my adviser based on a referral 63.5%

n=370
A 19

ADV Appendix 2: Full Exhibits

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IAPD screen shot (shown with A26)

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Fees/Compensation exhibit 1 (shown with A34-A39)

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ADV

Fees/Compensation exhibit 2 (shown with A40-A48)

Note: Order of exhibits was rotated by respondent to eliminate order bias

A 23

ADV

Fees/Compensation exhibit 3 (shown with A40-A48)

Note: Order of exhibits was rotated by respondent to eliminate order bias

A 24

Conflicts of Interest exhibit 1 (shown with A49-A67)

A 25

Conflicts of Interest exhibit 2 (shown with A49-A67) 1 of 2

A 26

Conflicts of Interest exhibit 2 (shown with A49-A67) 2 of 2

A 27

Mutual Fund Summary Prospectus Appendix
A 28

Mutual Fund Summary Prospectus Appendix 1: Detailed Perception Results

A 29

Summary Prospectus

Perception comparison across Summary Prospectus exhibits

S32: For each statement below, mark the extent to which you agree or disagree.

The Summary Prospectus is visually appealing Hydrangea Bush 14.1% 38.4% 32.1% 8.1% 5.3% 2.0% 3.42 400

Average* Strongly agree (5) Somewhat agree (4) Neither agree nor disagree (3) Somewhat disagree (2) Strongly disagree (1) Don’t know (excluded) Mean rating (using scoring above) Sample size 13.2% 34.4% 33.4% 12.4% 5.1% 1.6% 3.33 1,201

Petunia 13.3% 34.8% 34.5% 10.8% 5.0% 1.8% 3.35 401

Gardenia 12.1% 30.0% 33.7% 18.3% 5.0% 1.0% 3.23 400

*Average calculated as the average of the percentage results across the three Summary Prospectus documents

A 30

Summary Prospectus

Perception comparison across Summary Prospectus exhibits

S32: For each statement below, mark the extent to which you agree or disagree.

The Summary Prospectus is easy to read Hydrangea Bush 19.0% 41.0% 17.7% 15.4% 4.8% 2.0% 3.48 400

Average* Strongly agree (5) Somewhat agree (4) Neither agree nor disagree (3) Somewhat disagree (2) Strongly disagree (1) Don’t know (excluded) Mean rating (using scoring above) Sample size 16.7% 37.6% 20.2% 18.1% 5.8% 1.6% 3.37 1,201

Petunia 17.8% 39.5% 21.3% 15.5% 4.3% 1.8% 3.46 401

Gardenia 13.4% 32.4% 21.5% 23.3% 8.4% 1.0% 3.16 400

*Average calculated as the average of the percentage or mean score results across the three Summary Prospectus documents

A 31

Summary Prospectus

Perception comparison across general perceptions and Summary Prospectus exhibits

S32: For each statement below, mark the extent to which you agree or disagree.

The Summary Prospectus is user friendly Hydrangea Bush 14.9% 45.6% 23.4% 9.6% 4.0% 2.5% 3.50 400

Before Strongly agree (5) Somewhat agree (4) Neither agree nor disagree (3) Somewhat disagree (2) Strongly disagree (1) Don’t know (excluded) Mean rating (using scoring above) Sample size 10.9% 29.0% 24.0% 24.2% 11.6% 0.4% 3.04 539

After 15.2% 39.9% 24.2% 13.3% 5.1% 2.3% 3.40 1,201

Petunia 15.8% 40.1% 23.6% 13.3% 4.5% 2.8% 3.41 401

Gardenia 14.9% 34.0% 25.6% 16.9% 6.9% 1.7% 3.28 400

“Before” Summary Prospectus questions referred to “a Summary Prospectus…” or “Summary Prospectuses,” while document-specific questions referred to the name of the Fund (e.g., “the Gardenia Summary Prospectus”) “After” figures calculated as the average of the percentage or mean score results across the three Summary Prospectus documents A 32

Summary Prospectus

Perception comparison across general perceptions and Summary Prospectus exhibits

S32: For each statement below, mark the extent to which you agree or disagree.

The Summary Prospectus highlights important information Hydrangea Bush 22.4% 51.9% 16.1% 4.8% 1.8% 3.0% 3.79 400

Fund Strongly agree (5) Somewhat agree (4) Neither agree nor disagree (3) Somewhat disagree (2) Strongly disagree (1) Don’t know (excluded) Mean rating (using scoring above) Sample size

Before 20.5% 49.4% 19.5% 7.1% 2.7% 0.8% 3.79 539

After 21.3% 50.8% 18.3% 4.8% 1.8% 2.9% 3.76 1,201

Petunia 21.9% 47.9% 19.0% 6.0% 2.0% 3.2% 3.72 401

Gardenia 19.7% 52.7% 19.9% 3.5% 1.7% 2.5% 3.78 400

“Before” Summary Prospectus questions referred to “a Summary Prospectus…” or “Summary Prospectuses,” while document-specific questions referred to the name of the Fund (e.g., “the Gardenia Summary Prospectus”) “After” figures calculated as the average of the percentage or mean score results across the three Summary Prospectus documents A 33

Summary Prospectus

Perception comparison across general perceptions and Summary Prospectus exhibits

S32: For each statement below, mark the extent to which you agree or disagree.

The Summary Prospectus is well organized Hydrangea Bush 22.9% 55.7% 13.6% 3.8% 1.5% 2.5% 3.97 400

Before Strongly agree (5) Somewhat agree (4) Neither agree nor disagree (3) Somewhat disagree (2) Strongly disagree (1) Don’t know (excluded) Mean rating (using scoring above) Sample size 13.5% 46.6% 26.9% 11.1% 1.2% 0.7% 3.60 539

After 23.0% 52.0% 17.6% 3.8% 1.5% 2.2% 3.93 1,201

Petunia 24.9% 50.4% 18.5% 3.0% 1.0% 2.2% 3.97 401

Gardenia 21.1% 49.9% 20.6% 4.5% 2.0% 2.0% 3.85 400

“Before” Summary Prospectus questions referred to “a Summary Prospectus…” or “Summary Prospectuses,” while document-specific questions referred to the name of the Fund (e.g., “the Gardenia Summary Prospectus”) “After” figures calculated as the average of the percentage or mean score results across the three Summary Prospectus documents A 34

Summary Prospectus

Perception comparison across general perceptions and Summary Prospectus exhibits

S32: For each statement below, mark the extent to which you agree or disagree.

The Summary Prospectus contains too much legal jargon* Hydrangea Bush 8.4% 26.3% 27.8% 23.8% 11.4% 2.3% 3.04 400

Before Strongly agree (1) Somewhat agree (2) Neither agree nor disagree (3) Somewhat disagree (4) Strongly disagree (5) Don’t know (excluded) Mean rating (using scoring above) Sample size 20.4% 36.5% 20.2% 15.6% 6.1% 1.2% 2.50 539

After 9.7% 28.2% 26.9% 21.9% 10.9% 2.3% 2.97 1,201

Petunia 7.5% 26.6% 26.6% 22.8% 13.5% 3.0% 3.09 401

Gardenia 13.2% 31.8% 26.3% 19.1% 7.9% 1.7% 2.77 400

*Note: Because this statement is worded negatively, the scoring was reversed in calculating the mean scores

“Before” Summary Prospectus questions referred to “a Summary Prospectus…” or “Summary Prospectuses,” while document-specific questions referred to the name of the Fund (e.g., “the Gardenia Summary Prospectus”) “After” figures calculated as the average of the percentage or mean score results across the three Summary Prospectus documents A 35

Summary Prospectus

Perception comparison across general perceptions and Summary Prospectus exhibits

S32: For each statement below, mark the extent to which you agree or disagree.

The Summary Prospectus is clear and concise Hydrangea Bush 17.4% 42.9% 23.2% 10.6% 3.5% 2.3% 3.61 400

Before Strongly agree (5) Somewhat agree (4) Neither agree nor disagree (3) Somewhat disagree (2) Strongly disagree (1) Don’t know (excluded) Mean rating (using scoring above) Sample size 10.2% 31.8% 28.1% 21.7% 7.8% 0.4% 3.15 539

After 15.6% 41.9% 23.2% 12.4% 5.1% 1.8% 3.51 1,201

Petunia 16.5% 45.8% 20.0% 12.3% 3.5% 2.0% 3.61 401

Gardenia 12.9% 37.0% 26.3% 14.4% 8.4% 1.0% 3.32 400

“Before” Summary Prospectus questions referred to “a Summary Prospectus…” or “Summary Prospectuses,” while document-specific questions referred to the name of the Fund (e.g., “the Gardenia Summary Prospectus”) “After” figures calculated as the average of the percentage or mean score results across the three Summary Prospectus documents A 36

Summary Prospectus

Perception comparison across general perceptions and Summary Prospectus exhibits

S32: For each statement below, mark the extent to which you agree or disagree.

The Summary Prospectus is missing key information* Hydrangea Bush 4.5% 10.1% 31.0% 28.2% 15.4% 10.8% 3.45 400

Before Strongly agree (1) Somewhat agree (2) Neither agree nor disagree (3) Somewhat disagree (4) Strongly disagree (5) Don’t know (excluded) Mean rating (using scoring above) Sample size 5.4% 16.5% 33.4% 30.1% 10.9% 3.6% 3.25 539

After 4.8% 9.9% 30.4% 27.5% 16.1% 11.3% 3.45 1,201

Petunia 5.7% 13.0% 28.4% 25.7% 16.7% 10.5% 3.39 401

Gardenia 4.2% 6.7% 31.8% 28.5% 16.1% 12.7% 3.52 400

*Note: Because this statement is worded negatively, the scoring was reversed in calculating the mean scores

“Before” Summary Prospectus questions referred to “a Summary Prospectus…” or “Summary Prospectuses,” while document-specific questions referred to the name of the Fund (e.g., “the Gardenia Summary Prospectus”) “After” figures calculated as the average of the percentage or mean score results across the three Summary Prospectus documents A 37

Summary Prospectus

Perception comparison across general perceptions and Summary Prospectus exhibits

S32: For each statement below, mark the extent to which you agree or disagree.

The Summary Prospectus is written in language I understand Hydrangea Bush 17.2% 43.2% 17.9% 14.9% 5.1% 1.8% 3.53 400

Fund Strongly agree (5) Somewhat agree (4) Neither agree nor disagree (3) Somewhat disagree (2) Strongly disagree (1) Don’t know (excluded) Mean rating (using scoring above) Sample size

Before 14.8% 32.8% 20.9% 24.2% 6.9% 0.3% 3.25 539

After 17.5% 38.8% 19.8% 16.0% 6.3% 1.7% 3.46 1,201

Petunia 19.5% 38.8% 20.8% 14.3% 4.5% 2.3% 3.56 401

Gardenia 15.9% 34.5% 20.6% 18.9% 9.2% 1.0% 3.29 400

“Before” Summary Prospectus questions referred to “a Summary Prospectus…” or “Summary Prospectuses,” while document-specific questions referred to the name of the Fund (e.g., “the Gardenia Summary Prospectus”) “After” figures calculated as the average of the percentage or mean score results across the three Summary Prospectus documents A 38

Mutual Fund Summary Prospectus Appendix 2: Full Exhibits

A 39

Summary Prospectus

Petunia Core Equity Fund Summary Prospectus (1 of 2)

A 40

Summary Prospectus

Petunia Core Equity Fund Summary Prospectus (2 of 2)

A 41

Summary Prospectus

Gardenia Fund Summary Prospectus (1 of 4)

A 42

Summary Prospectus

Gardenia Fund Summary Prospectus (2 of 4)

A 43

Summary Prospectus

Gardenia Fund Summary Prospectus (3 of 4)

A 44

Summary Prospectus

Gardenia Fund Summary Prospectus (2 of 4)

A 45

Summary Prospectus

Hydrangea Bush Investments Fund Summary Prospectus (1 of 2)

A 46

Summary Prospectus

Hydrangea Bush Investments Fund Summary Prospectus (2 of 2)

A 47

Trade Confirmations/ Account Statements Appendix
A 48

Confirmations/ Account Statements Appendix 1: Consolidated Exhibits
A 49

Confirmations

Trade Confirmation: Stock Example (shown with C1-C4 and C14-C15)

A 50

Confirmations

Trade Confirmation: Mutual Fund Example (shown with C5-C7 and C14-C15)

A 51

Confirmations

Trade Confirmation: Mortgage-Backed Debt Security Example (shown with C8C10 and C14-C15)

A 52

Confirmations

Account Statements Exhibit 1 / Total Market Value Exhibit (shown with C16-C17)

A 53

Confirmations

Account Statement Exhibit 2 / SIPC Overview (shown with C19-C22)

The following information may be presented to you as part of your account statement. Please read the information and answer the questions that follow.

Accounts are protected in accordance with the Securities Investor Protection Corporation (“SIPC”) up to $500,000 (including cash claims limited to $250,000). For details, including the SIPC brochure, please see www.sipc.com or call 1-800-555-5555. We have arranged for additional protection for cash and covered securities to supplement the SIPC coverage. Neither coverage protects against a decline in the market value of securities.

A 54

Confirmations

Account Statement Exhibit 3 / “Information about your Account Statement” exhibit (shown with C23-C27)

Here is another example of information which may be presented to you as part of your account statement. Please read the information and answer the questions that follow.

Information about your Account Statement We deliver statements at least four times during the calendar year for any account with a balance. Please review your statement and report any inaccuracies or discrepancies, inquiries, concerns or questions regarding your brokerage account or the activity therein to us by calling 1-800-555-5555. Any oral communication regarding inaccuracies or discrepancies should be reconfirmed in writing to further protect your rights, including those under the Securities Investor Protection Act (“SIPA”). Please advise us of material changes in your investment objectives or financial situation related to your brokerage account(s).

A 55

Confirmations

Account Statements Exhibit 4 / “Information about the Compensation We Receive” Exhibit (shown with C28-C31)

Here is one more example of information which may be presented to you as part of your account statement. Please read the information and answer the questions that follow.

Information about Compensation We Receive In addition to sales loads and 12b-1 fees described in the prospectus, we receive other compensation in connection with the purchase and/or the ongoing maintenance of positions in certain mutual fund shares and other investment products in your brokerage account. This additional compensation may be paid by the mutual fund or other products in your brokerage account, its investment advisor or one of its affiliates. Additional information about the source(s) and amount(s) of compensation as well as other remuneration received by us will be furnished to you upon written request.

A 56

Confirmations

Sweep Accounts Section 1: Operations (shown with C34-C38)

A 57

Confirmations

Sweep Accounts Section 2: Statements, Interest and Fees (shown with C39-C41)

A 58

Confirmations

Sweep Accounts Section 3: Withdrawals (shown with C42-C43)

A 59

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