ThZeal - The Zeal

DEF 14A 1 aicii-def14a.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934, as amended Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [X] Definitive Proxy Statement [ ] Definitive Additional Materials [ ] Soliciting Material Pursuant to [section]240.14a-12 THE ADVISORS' INNER CIRCLE FUND THE ADVISORS' INNER CIRCLE FUND II BISHOP STREET FUNDS -------------------------------------------------------------------------------- (Name of Registrant as Specified In Its Charter) -------------------------------------------------------------------------------- (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): [X] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. 1) Title of each class of securities to which transaction applies: ------------------------------------------------------------------------ 2) Aggregate number of securities to which transaction applies: ------------------------------------------------------------------------ 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): ------------------------------------------------------------------------ 4) Proposed maximum aggregate value of transaction: ------------------------------------------------------------------------ 5) Total fee paid: ------------------------------------------------------------------------ [ ] Fee paid previously with preliminary materials. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. 1) Amount Previously Paid: ------------------------------------------------------------------------ 2) Form, Schedule or Registration Statement No.: ------------------------------------------------------------------------ 3) Filing Party: ------------------------------------------------------------------------ 4) Date Filed: ------------------------------------------------------------------------ IMPORTANT PROXY INFORMATION FOR THE ADVISORS' INNER CIRCLE FUND

THE ADVISORS' INNER CIRCLE FUND THE ADVISORS' INNER CIRCLE FUND II BISHOP STREET FUNDS ONE FREEDOM VALLEY DRIVE OAKS, PENNSYLVANIA 19456 Dear Shareholder: Enclosed is a notice, proxy statement and proxy card for a Joint Special Meeting of Shareholders (the "Meeting") of the series of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II and Bishop Street Funds (each a "Fund," and together, the "Funds"). The Meeting is scheduled for March 26, 2018. If you are a shareholder of record of a Fund as of the close of business on January 19, 2018, you are entitled to vote at the Meeting, and any adjournment of the Meeting. At the Meeting, shareholders of each Fund will be asked to elect eight Trustees to the Board of Trustees of the Fund. Information about the nominees is provided in the accompanying proxy statement. THE BOARD OF TRUSTEES OF EACH FUND HAS UNANIMOUSLY APPROVED THE NOMINEES AND RECOMMENDS THAT YOU VOTE "FOR" THE ELECTION OF ALL NOMINEES. YOUR VOTE IS IMPORTANT TO US. PLEASE TAKE A FEW MINUTES TO REVIEW THIS PROXY STATEMENT AND VOTE YOUR SHARES TODAY. We have enclosed a proxy card that we ask you to complete, sign, date and return as soon as possible, unless you plan to attend the Meeting and vote in person. You may also vote your shares by telephone or through the Internet. Please follow the enclosed instructions to utilize any of these voting methods. If we do not receive your vote promptly, you may be contacted by a representative of the Funds, who will remind you to vote your shares. Thank you for your attention and consideration of this important matter and for your investment in the Funds. If you need additional voting information, please call (877) 896-3197 Monday through Friday 9 a.m. to 10 p.m. Eastern Time. Sincerely, /s/ Michael Beattie Michael Beattie President PROMPT EXECUTION AND RETURN OF THE ENCLOSED PROXY CARD IS REQUESTED. A SELF-ADDRESSED, POSTAGE-PAID ENVELOPE IS ENCLOSED FOR YOUR CONVENIENCE, ALONG WITH INSTRUCTIONS ON HOW TO VOTE OVER THE INTERNET OR BY TELEPHONE, SHOULD YOU PREFER TO VOTE BY ONE OF THOSE METHODS. THE ADVISORS' INNER CIRCLE FUND THE ADVISORS' INNER CIRCLE FUND II BISHOP STREET FUNDS ONE FREEDOM VALLEY DRIVE OAKS, PENNSYLVANIA 19456 NOTICE OF JOINT SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON MARCH 26, 2018 Notice is hereby given that a Joint Special Meeting of Shareholders (the "Meeting") of the series of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II and Bishop Street Funds (each a "Fund," and together, the "Funds"), will be held at the offices of SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456 on Monday, March 26, 2018, at 10:00 a.m., Eastern Time. At the Meeting, shareholders of record of each Fund will be asked to elect eight Trustees to the Board of Trustees of the Fund, and to transact such other business, if any, as may properly come before the Meeting. All Shareholders are cordially invited to attend the Meeting and vote in person. However, if you are unable to attend the Meeting, you are requested to mark, sign and date the enclosed proxy card and return it promptly in the enclosed, postage-paid envelope so that the Meeting may be held and a maximum number of shares may be voted. In addition, you can vote easily and quickly by Internet or by telephone. Your vote is important no matter how many shares you own. You may change your vote even though a proxy has already been returned by providing written notice to the Funds, by submitting a subsequent proxy by mail, Internet, or telephone, or by voting in person at the Meeting. Shareholders of record of each Fund at the close of business on January 19, 2018 are entitled to notice of and to vote at the Meeting or any adjournment thereof. IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE JOINT SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON MARCH 26, 2018. The proxy statement is available at www.proxyonline.com/docs/SEI2018.pdf. By Order of the Board of Trustees /s/ Michael Beattie Michael Beattie President THE ADVISORS' INNER CIRCLE FUND THE ADVISORS' INNER CIRCLE FUND II BISHOP STREET FUNDS ONE FREEDOM VALLEY DRIVE OAKS, PENNSYLVANIA 19456 PROXY STATEMENT JOINT SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON MARCH 26, 2018 This proxy statement is furnished in connection with the solicitation of proxies by the Board of Trustees of the series of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II and Bishop Street Funds (each, a "Fund," and together, the "Funds"), to be voted at a joint special meeting of shareholders of the Funds at the offices of SEI Investments, One Freedom Valley Drive, Oaks, Pennsylvania 19456, on Monday, March 26, 2018 at 10:00 a.m., Eastern Time, and at any adjournments thereof (such joint special meeting and any adjournment thereof are hereinafter referred to as the "Meeting"). Shareholders of record of each Fund at the close of business on January 19, 2018 (the "Record Date") are entitled to notice of, and to vote at, the Meeting. This proxy statement and the accompanying notice of joint special meeting and proxy card are first being mailed to shareholders on or about February 12, 2018. At the Meeting, shareholders of record of each Fund will be asked to elect eight Trustees to the Board of Trustees of the Fund, and to transact such other business, if any, as may properly come before the Meeting. Each full share of a Fund will be entitled to one vote at the Meeting, and each fraction of a share will be entitled to the fraction of a vote equal to the proportion of a full share represented by the fractional share. The number of shares of each Fund issued and outstanding as of the Record Date is included in Appendix A. The Funds will pay all expenses related to conducting this proxy, including, but not limited to, preparation, printing and mailing of this proxy statement and its enclosures, legal fees, and solicitation costs. In this proxy statement, the term "Board" refers to the Board of Trustees of the Funds, and the term "Trustee" includes each trustee of the Funds. A Trustee who is an "interested person," as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of the Funds is referred to in this proxy statement as an "Interested Trustee." A Trustee who is not an "interested person," as defined in the 1940 Act, of the Funds is referred to in this proxy statement as an "Independent Trustee." The Advisors' Inner Circle Fund ("AIC"), The Advisors' Inner Circle Fund II ("AIC II") and Bishop Street Funds ("BSF") are each referred to in this proxy statement as a "Trust," and are collectively referred to in this proxy statement as the "Trusts." 1 ELECTION OF TRUSTEES It is proposed that Robert Nesher, N. Jeffrey Klauder, Joseph T. Grause, Jr., Mitchell A. Johnson, Betty L. Krikorian, Bruce Speca, George J. Sullivan, Jr. and Tracie E. Ahern (each, a "Nominee" and collectively, the "Nominees") be elected at the Meeting to serve as Trustees of the Funds. All of the Nominees, with the exceptions of Mr. Klauder and Ms. Ahern, currently serve on the Board. Mr. Klauder has been nominated to succeed William M. Doran as an Interested Trustee, and Ms. Ahern has been nominated to succeed John K. Darr, as an Independent Trustee. Mr. Darr retired from the Board as of December 31, 2017. Mr. Doran is scheduled to retire from the Board prior to the Meeting. Section 16(a) of the 1940 Act generally requires the trustees of an investment company to be elected by shareholder vote. Section 16(a) provides, however, that trustees may be appointed without the election of shareholders if, immediately after such appointment, at least two-thirds of the trustees then holding office have been elected by shareholders. Currently, five of the seven Trustees (Messrs. Nesher, Doran, Johnson and Sullivan, and Ms. Krikorian) have been elected by shareholders, while two of the seven Trustees (Messrs. Grause and Speca) have been appointed by the Board, but not elected by shareholders. Accordingly, a shareholder vote must be held in order for Mr. Klauder and Ms. Ahern to serve on the Board with Messrs. Nesher, Johnson, Sullivan, Grause and Speca, and Ms. Krikorian. Each Nominee has consented to being named in this proxy statement and has agreed to serve as a Trustee if elected. The Board does not know of any reason why any Nominee would be unable to serve as a Trustee, but if any Nominee should become unable to serve prior to the Meeting, the proxy holders reserve the right to vote for another person of their choice as Trustee. INFORMATION ABOUT THE NOMINEES Set forth below are the names, years of birth, position with the Funds and length of time served, and the principal occupations and other directorships held during at least the last five years of each of the Nominees. There is no stated term of office for the Nominees. The business address of each Nominee is One Freedom Valley Drive, Oaks, Pennsylvania 19456.

* Messrs. Nesher and Klauder may be deemed to be "interested" persons, as that term is defined in the 1940 Act, of the Funds by virtue of their affiliation with SEI Investments Distribution Co. (the "Distributor") and/or its affiliates. INDIVIDUAL NOMINEE QUALIFICATIONS The Funds have concluded that each of the Nominees should serve on the Board because of their ability to review and understand information about the Funds provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management and other service providers regarding material factors bearing on the management and administration of the Funds, and to exercise their business judgment in a manner that serves the best interests of the Funds' shareholders. The Funds have concluded that each of the Nominees should serve as a Trustee based on their own experience, qualifications, attributes and skills as described below. The Funds have concluded that Mr. Nesher should serve as Trustee because of the experience he has gained in his various roles with SEI Investments, which he joined in 1974, his knowledge of and experience in the financial services industry, and the experience he has gained serving as a Trustee of the Funds since 1991. The Funds have concluded that Mr. Klauder should serve as Trustee because of the experience he has gained in his various roles with SEI Investments, which he joined in 2004, his knowledge of and experience in the financial services industry, and the experience he gained serving as a partner of a large law firm. 6 The Funds have concluded that Mr. Grause should serve as Trustee because of the knowledge and experience he gained in a variety of leadership roles with different financial institutions, his knowledge of the mutual fund and investment management industries, his past experience as an interested trustee and chair of the investment committee for a multi-managed investment company, and the experience he has gained serving as a Trustee of the Funds since 2011. The Funds have concluded that Mr. Johnson should serve as Trustee because of the experience he gained as a senior vice president, corporate finance, of a Fortune 500 company, his experience in and knowledge of the financial services and banking industries, the experience he gained serving as a director of other mutual funds, and the experience he has gained serving as a Trustee of the Funds since 2005. The Funds have concluded that Ms. Krikorian should serve as Trustee because of the experience she gained serving as a legal and financial services consultant, in-house counsel to a large custodian bank and Vice President of Compliance of an investment adviser, her background in fiduciary and banking law, her experience in and knowledge of the financial services industry, and the experience she has gained serving as a Trustee of the Funds since 2005. The Funds have concluded that Mr. Speca should serve as Trustee because of the knowledge and experience he gained serving as president of a mutual fund company and portfolio manager for a $95 billion complex of asset allocation funds, his over 25 years of experience working in a management capacity with mutual fund boards, and the experience he has gained serving as a Trustee of the Funds since 2011. The Funds have concluded that Mr. Sullivan should serve as Trustee because of the experience he gained as a certified public accountant and financial consultant, his experience in and knowledge of public company accounting and auditing and the financial services industry, the experience he gained as an officer of a large financial services firm in its operations department, and the experience he has gained serving as a Trustee of the Funds since 1999. The Funds have concluded that Ms. Ahern should serve as Trustee because of the experience she gained in numerous finance, accounting, tax, compliance and administration roles in the investment management industry, and her experience serving as a director of multiple hedge funds, private equity funds and nonprofit organizations. NOMINEE OWNERSHIP OF FUND SHARES The following table shows the dollar range of Fund shares beneficially owned by each Nominee as of December 31, 2017.

7 NOMINEE COMPENSATION The Funds paid the following fees to the Nominees during the year ended December 31, 2017:

Each Trust would compensate Ms. Ahern for serving as an Independent Trustee, but would not compensate Mr. Klauder for serving as an Interested Trustee. BOARD LEADERSHIP STRUCTURE AND ROLE IN RISK OVERSIGHT There are currently seven members of the Board, five of whom are Independent Trustees. Robert Nesher, an Interested Trustee, serves as Chairman of the Board. Joseph T. Grause, Jr., an Independent Trustee, serves as the lead Independent Trustee. The Funds have determined that their leadership structure is appropriate given the specific characteristics and circumstances of the Funds. The Funds made this determination in consideration of, among other things, the fact that the Independent Trustees constitute more than two-thirds of the Board, the fact that the chairperson of each committee of the Board is an Independent Trustee, the amount of assets in the Funds, and the number of Funds (and classes of shares) overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from Fund management. The Board has two standing committees: the Audit Committee and the Governance Committee. The Audit Committee and the Governance Committee are chaired by an Independent Trustee and composed of all of the Independent Trustees. In his role as lead Independent Trustee, Mr. Grause, among other things: (i) presides over Board meetings in the absence of the Chairman of the Board; (ii) presides over executive sessions of the Independent Trustees; (iii) along with the Chairman of the Board, oversees the development of agendas for Board meetings; (iv) facilitates communication between the Independent Trustees and management, and among the Independent Trustees; (v) serves as a key point person for dealings between the Independent Trustees and management; and (vi) has such other responsibilities as the Board or Independent Trustees determine from time to time. Like most mutual funds, the day-to-day business of the Funds, including the management of risk, is performed by third party service providers, such as the Funds' investment advisers and sub-advisers (each, an "Adviser," and, together, the "Advisers"), the Distributor, and SEI Investments Global Funds Services (the "Administrator"). The Trustees are responsible for overseeing the Funds' service providers 8 and, thus, have oversight responsibility with respect to risk management performed by those service providers. Risk management seeks to identify and address risks, i.e., events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the Funds. The Funds and their service providers employ a variety of processes, procedures and controls to identify various possible events or circumstances, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for one or more discrete aspects of a Fund's business (e.g., the Adviser is responsible for the day-to-day management of the Fund's portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the Funds' service providers the importance of maintaining vigorous risk management. The Trustees' role in risk oversight begins before the inception of a Fund, at which time certain of the Fund's service providers present the Board with information concerning the investment objectives, strategies and risks of the Fund, as well as proposed investment limitations for the Fund. Additionally, the Adviser provides the Board with an overview of, among other things, its investment philosophy, brokerage practices and compliance infrastructure. Thereafter, the Board continues its oversight function as various personnel, including the Funds' Chief Compliance Officer, as well as personnel of the Adviser and other service providers, such as the Fund's independent accountants, make periodic reports to the Audit Committee or to the Board with respect to various aspects of risk management. The Board and the Audit Committee oversee efforts by management and service providers to manage risks to which the Funds may be exposed. The Board is responsible for overseeing the nature, extent and quality of the services provided to a Fund by the Adviser and receives information about those services at its regular meetings. In addition, on an annual basis, in connection with its consideration of whether to renew the advisory agreement with the Adviser, the Board meets with the Adviser to review such services. Among other things, the Board regularly considers the Adviser's adherence to the Fund's investment restrictions and compliance with various Fund policies and procedures and with applicable securities regulations. The Board also reviews information about the Fund's investments, including, for example, reports on the Adviser's use of derivatives in managing the Fund, if any, as well as reports on the Fund's investments in other investment companies, if any. The Funds' Chief Compliance Officer reports regularly to the Board to review and discuss compliance issues, and Fund and Adviser risk assessments. At least annually, the Funds' Chief Compliance Officer provides the Board with a report reviewing the adequacy and effectiveness of the policies and procedures of the Funds and their service providers, including the Advisers. The report addresses the operation of the policies and procedures of the Funds and each service provider since the date of the last report; any material changes to the policies and procedures since the date of the last report; any recommendations for material changes to the policies and procedures; and any material compliance matters since the date of the last report. The Board receives reports from the Funds' service providers regarding operational risks and risks related to the valuation and liquidity of portfolio securities. The Funds' Fair Value Pricing Committee makes regular reports to the Board concerning investments for which market quotations are not readily available. Annually, the independent registered public accounting firms review with the Audit Committee their audits of the Funds' financial statements, focusing on major areas of risk encountered by the Funds and noting any significant deficiencies or material weaknesses in the Funds' internal controls. Additionally, in connection with its oversight function, the Board oversees Fund management's implementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Funds in their periodic reports with the SEC are recorded, processed, summarized, and reported within the required time periods. The Board also oversees the Funds' internal controls over financial 9 reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Funds' financial reporting and the preparation of the Funds' financial statements. From their review of these reports and discussions with the Advisers, the Chief Compliance Officer, the independent registered public accounting firms and other service providers, the Board and the Audit Committee learn in detail about the material risks of the Funds, thereby facilitating a dialogue about how management and the service providers identify and mitigate those risks. The Board recognizes that not all risks that may affect the Funds can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Funds' goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Trustees as to risk management matters are typically summaries of the relevant information. Most of the Funds' investment management and business affairs are carried out by or through the Advisers and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the Funds' and each other's in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations. BOARD MEETINGS AND COMMITTEES During the fiscal years ended January 31, 2017, July 31, 2017, October 31, 2017 and December 31, 2017, the Board met seven, six, five and five times, respectively. The Board has established the following standing committees: AUDIT COMMITTEE. The Board has a standing Audit Committee that is composed of each of the Independent Trustees. The Audit Committee operates under a written charter approved by the Board. The principal responsibilities of the Audit Committee include: (i) recommending which firm to engage as each Fund's independent registered public accounting firm and whether to terminate this relationship; (ii) reviewing each independent registered public accounting firm's compensation, the proposed scope and terms of its engagement, and the firm's independence; (iii) pre-approving audit and non-audit services provided by each Fund's independent registered public accounting firm to the Fund and certain other affiliated entities; (iv) serving as a channel of communication between the independent registered public accounting firms and the Trustees; (v) reviewing the results of each external audit, including any qualifications in an independent registered public accounting firm's opinion, any related management letter, management's responses to recommendations made by the independent registered public accounting firm in connection with the audit, reports submitted to the Audit Committee by the internal auditing department of the Administrator that are material to the Funds, if any, and management's responses to any such reports; (vi) reviewing each Fund's audited financial statements and considering any significant disputes between Fund management and the independent registered public accounting firm that arose in connection with the preparation of those financial statements; (vii) considering, in consultation with the independent registered public accounting firms and the Funds' senior internal accounting executive, if any, the independent registered public accounting firms' reports on the adequacy of the internal financial controls; (viii) reviewing, in consultation with each Fund's independent registered public accounting firm, major changes regarding auditing and accounting principles and practices to be followed when preparing each Fund's financial statements; and (ix) other audit related matters. Mr. Sullivan serves as the Chairman of the Audit Committee. The Audit Committee meets periodically, as necessary, and met four times during each Fund's last fiscal year. 10 GOVERNANCE COMMITTEE. The Board has a standing Governance Committee (formerly the Nominating Committee) that is composed of each of the Independent Trustees. The Governance Committee operates under a written charter approved by the Board, a copy of which is attached hereto as Appendix B. The principal responsibilities of the Governance Committee include: (i) considering and reviewing Board governance and compensation issues; (ii) conducting a self-assessment of the Board's operations; (iii) selecting and nominating all persons to serve as Independent Trustees; and (iv) reviewing shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Governance Committee at the Funds' office. Ms. Krikorian serves as the Chairperson of the Governance Committee. The Governance Committee meets periodically, as necessary. During the fiscal years ended January 31, 2017, July 31, 2017, October 31, 2017 and December 31, 2017, the Governance Committee met four, five, five and five times, respectively. The Governance Committee reviews shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Governance Committee at the Funds' offices. When identifying and evaluating nominees, including those recommended by shareholders, the Governance Committee considers the complementary individual skills and experience of the individual nominee primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the Funds. The Committee has not adopted any specific minimum qualifications with respect to nominees and reviews each nominee's qualifications on a case-by-case basis. The Independent Trustees recommended Ms. Ahern to the Governance Committee for nomination as an Independent Trustee. SHAREHOLDER COMMUNICATIONS WITH TRUSTEES Shareholders wishing to submit written communications to the Board or an individual Trustee should send their communications to SEI Investments, One Freedom Valley Drive, Oaks, Pennsylvania 19456. REQUIRED VOTE All Nominees receiving a plurality of the votes cast at the Meeting with respect to a Trust will be elected as Trustees of the Trust, provided that a majority of the shares of the Trust entitled to vote are present in person or by proxy at the Meeting. The election of Trustees for one Trust is not contingent on the election of Trustees for any other Trust. Under a plurality vote, the Nominees who receive the highest number of votes will be elected, even if they receive approval from less than a majority of the votes cast. Because the Nominees are running unopposed, all eight Nominees are expected to be elected as Trustees, as all Nominees who receive votes in favor will be elected, while votes not cast or votes to withhold (or abstentions) will have no effect on the election outcome. THE BOARD OF TRUSTEES, INCLUDING THE INDEPENDENT TRUSTEES, UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE "FOR" THE ELECTION OF ALL NOMINEES. ADDITIONAL INFORMATION FUND OFFICERS Set forth below are the names, years of birth, position with the Funds and length of time served, and the principal occupations for the last five years of each of the persons currently serving as executive officers of the Funds. There is no stated term of office for the officers of the Funds. Unless otherwise noted, the business address of each officer is SEI Investments, One Freedom Valley Drive, Oaks, Pennsylvania 11 19456. The Chief Compliance Officer is the only officer who receives compensation from the Funds for his services.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS PricewaterhouseCoopers LLP ("PwC"), Ernst & Young LLP ("EY"), Deloitte and Touche LLP ("Deloitte") and BBD, LLP ("BBD") (each, an "Auditor," and, together, the "Auditors") serve as the independent registered public accounting firms for the Funds. Representatives of the Auditors are not expected to be present at the Meeting, but have been given an opportunity to make a statement if they so desire and will be available should any matter arise requiring their presence. AUDIT FEES. Below are the aggregate fees billed by the Auditors in the Funds' last two fiscal years for professional services rendered by the Auditors for the audit of the Funds' annual financial statements and services normally provided by the Auditors in connection with statutory and regulatory filings.

AUDIT-RELATED FEES. There were no fees billed by the Auditors in the Funds' last two fiscal years for assurance and related services rendered by the Auditors that are reasonably related to the performance of the audit of the Funds' financial statements, and are not reported under "Audit Fees" above. TAX FEES. Below are the aggregate fees billed by the Auditors in the Funds' last two fiscal years for professional services rendered by the Auditors for tax compliance, tax advice, and tax planning ("Tax Services").

Below are the aggregate fees billed by the Auditors in the Funds' last two fiscal years that were required to be approved by the Audit Committee for Tax Services rendered to the Service Providers that relate directly to the operations or financial reporting of the Funds.

ALL OTHER FEES. There were no fees billed by the Auditors in the Funds' last two fiscal years for products and services provided by the Auditors, other than the services reported above. None of the services described above were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. AGGREGATE NON-AUDIT FEES. Below are the aggregate non-audit fees billed by the Auditors in the Funds' last two fiscal years for services rendered to the Funds and the Service Providers.

All non-audit services rendered by the Auditors to the Funds and the Service Providers in the last two fiscal years were pre-approved by the Audit Committee. In pre-approving the non-audit services, the Audit Committee considered whether the provision of the non-audit services is compatible with maintaining the Auditors' independence. (1) Fee information is provided with respect to the listed Funds, as well as terminated funds that were in the same Trust, and had the same independent registered public accounting firm and fiscal year end, as the listed Funds. (2) On May 16, 2016, BBD replaced PwC as the independent registered public accounting firm of the Funds. (3) On August 15, 2017, the fiscal year ends of the Funds changed from April 30 to October 31. (4) On November 16, 2015, the New Sheridan Developing World Fund, a series of ALPS Series Trust, reorganized into the Fund. AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES. The Audit Committee has adopted, and the Board has ratified, an Audit and Non-Audit Services Pre-Approval Policy (the "Policy"), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the Auditors of the Funds may be pre-approved. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with the SEC's rules on auditor independence and whether the provision of such services by the Auditor would impair the Auditor's independence. 17 Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval. The Policy states that the Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting. The Policy provides that all requests or applications for proposed services to be provided by an Auditor must be submitted to the Funds' Chief Financial Officer ("CFO") and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services: (1) require specific pre-approval; (2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or (3) have been previously pre-approved in connection with the Auditor's annual engagement letter for the applicable year or otherwise. Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the Auditor. Except for matters as to which an engagement letter would be impractical because of timing issues or because the matter is small, all services to be provided pursuant to the Policy shall be provided by an Auditor pursuant to an engagement letter with the Funds that (1) is in writing and signed by the Auditor or its authorized representative, (2) sets forth the particular services to be provided by the Auditor and the total fees to be paid to the Auditor for those services, and (3) includes a confirmation by the Auditor that any contemplated non-audit services are not within a category of services the provision of which would impair the Auditor's independence under applicable SEC regulations. In addition, the Policy states that the Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the Auditors and to assure the Auditors' independence from the Funds, such as reviewing a formal written statement from an Auditor delineating all relationships between the Auditor and the Funds, and discussing with the Auditor its methods and procedures for ensuring independence. OWNERSHIP OF THE FUNDS Appendix C sets forth the persons who owned of record, or were known by the Funds to own beneficially, more than 5% of the shares of any class of the Funds as of the Record Date. On that date, the Nominees and officers of the Funds, together as a group, beneficially owned less than 1% of each class of each Fund's outstanding shares. The information as to beneficial ownership is based on statements furnished to the Funds by the Nominees and officers of the Funds, and/or on the records of the Funds' transfer agents. SERVICE PROVIDERS The names and addresses of the Advisers are included in Appendix D. The Distributor and the Administrator are located at One Freedom Valley Drive, Oaks, Pennsylvania 19456. ANNUAL AND SEMI-ANNUAL REPORTS TO SHAREHOLDERS For a free copy of a Fund's most recent annual and/or semi-annual report, shareholders of the Fund may call (877) 446-3863 or write to the Fund at: One Freedom Valley Drive, Oaks, Pennsylvania 19456. 18 SUBMISSION OF SHAREHOLDER PROPOSALS The Trusts are organized as voluntary associations under the laws of the Commonwealth of Massachusetts. As such, the Funds are not required to, and do not, hold annual meetings. Nonetheless, the Board may call a special meeting of shareholders for action by shareholder vote as may be required by the 1940 Act or as required or permitted by the Declaration of Trust and By-Laws of a Trust. Shareholders of a Fund who wish to present a proposal for action at a future meeting should submit a written proposal to the Fund for inclusion in a future proxy statement. Submission of a proposal does not necessarily mean that such proposal will be included in the Fund's proxy statement since inclusion in the proxy statement is subject to compliance with certain federal regulations. Shareholders retain the right to request that a meeting of the shareholders be held for the purpose of considering matters requiring shareholder approval. VOTING AND OTHER MATTERS If you wish to participate in the Meeting, you may vote by mail, Internet or telephone, or in person. Your vote is important no matter how many shares you own. You may change your vote even though a proxy has already been returned by providing written notice to the Funds, by submitting a subsequent proxy by mail, Internet or telephone, or by voting in person at the Meeting. For additional voting information, shareholders should call (877) 896-3197 Monday through Friday 9 a.m. to 10 p.m. Eastern Time. The solicitation of proxies will be largely by mail, but may include telephonic, Internet or oral communication by officers and service providers of the Funds, who will not be paid for these services, and/or AST Fund Solutions, LLC, a professional proxy solicitor ("AST") that has been retained by the Funds for solicitation services for an estimated fee of $950,000, plus out-of-pocket expenses. Pursuant to this arrangement, AST has agreed to contact shareholders, banks, brokers, and proxy intermediaries to solicit votes for the Meeting. All proxy cards that are properly executed and received in time to be voted at the Meeting will be voted at the Meeting or any adjournment thereof according to the instructions on the proxy card. IF NO CONTRARY DIRECTION IS GIVEN ON AN EXECUTED PROXY CARD, IT WILL BE VOTED FOR THE ELECTION OF ALL NOMINEES. If your shares are held of record by a broker-dealer and you wish to vote in person at the Meeting, you should obtain a legal proxy from your broker of record and present it to the Inspector of Elections at the Meeting. The presence in person or by proxy of shareholders holding a majority of the total number of votes eligible to be cast by all shareholders of a Trust as of the Record Date constitutes a quorum for the transaction of business at the Meeting with respect to the Trust. For purposes of determining the presence of a quorum, abstentions or broker non-votes will be counted as present; however, they will have no effect on the election outcome. As used above, "broker non-votes" relate to shares that are held of record by a broker-dealer for a beneficial owner who has not given instructions to such broker-dealer. The Funds may request that selected brokers or nominees, in their discretion, submit broker non-votes if doing so is necessary to obtain a quorum. If a quorum is not present at the Meeting with respect to a Trust, the Meeting may be adjourned with respect to the Trust to permit further solicitation of proxies. The Funds will bear the costs of any adjournment and additional solicitations. 19 No business other than the matter described above is expected to come before the Meeting, but should any other business properly come before the Meeting, the persons named in the enclosed proxy will vote thereon in their discretion. SHAREHOLDERS WHO DO NOT EXPECT TO BE PRESENT AT THE MEETING AND WHO WISH TO HAVE THEIR SHARES VOTED ARE REQUESTED TO VOTE BY MAIL, TELEPHONE OR INTERNET AS EXPLAINED IN THE INSTRUCTIONS ON THE PROXY CARD. By Order of the Board of Trustees /s/ Michael Beattie Michael Beattie President 20 APPENDIX A FUND SHARES ISSUED AND OUTSTANDING THE ADVISORS' INNER CIRCLE FUND

A-4 APPENDIX B GOVERNANCE COMMITTEE CHARTER (THE "CHARTER") I. GOVERNANCE COMMITTEE: MEMBERSHIP The Governance Committee (the "Committee") shall be composed entirely of "Independent Trustees" (members of the Board of Trustees (the "Board") who are not interested persons of the Trusts as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended), and consist of all the Independent Trustees with one Independent Trustee elected as chair of the Committee (the "Chair"). Matters to be addressed "periodically" under the terms of this Charter shall be addressed at least annually, normally in conjunction with the annual self-assessment required by Section V.C. hereof. II. BOARD: SELECTION AND TENURE A. The Committee shall periodically review the composition of the Board, including its size and the balance of its members' skills, experience and background. B. The Committee shall periodically review and make recommendations with regard to the tenure of the Independent Trustees, including term limits and/or age limits. C. The Committee shall periodically review and make recommendations with respect to adoption of and administration of any policy for retirement from Board membership. III. BOARD: NOMINATIONS AND FUNCTIONS A. The Committee shall select and nominate all persons to serve as Independent Trustees. The Committee shall evaluate candidates' qualifications for Board membership and the independence of such candidates from the investment advisers and other principal service providers for the funds of the Trusts. Persons selected must be independent in terms of both the letter and the spirit of the 1940 Act. The Committee shall also consider the effect of any relationships beyond those delineated in the 1940 Act that might impair independence, E.G., business, financial or family relationships with investment advisers or service providers. B. The Committee also may consider proposals for "interested" Trustee candidates to the Board. C. The Committee may adopt from time to time specific, minimum qualifications that the Committee believes a candidate must meet before being considered as a candidate for Board membership and shall comply with any rules adopted from time to time by the U.S. Securities and Exchange Commission regarding investment company nominating committees and the nomination of persons to be considered as candidates for Board membership. B-1 D. The Committee shall review shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the applicable Trust's offices. The Committee shall adopt, a policy regarding its procedures for considering candidates for the Board, recommended by shareholders. IV. COMMITTEES: SELECTION AND REVIEW A. The Committee shall periodically review committee assignments and make nominations for Independent Trustee membership on all committees. B. The Committee shall periodically review and make recommendations to the full Board regarding the responsibilities and charters of any committees (other than the Audit Committee) of the Board, whether there is a continuing need for each committee, whether there is a need for additional committees, and whether committees should be combined or reorganized. V. BOARD: EDUCATION AND OPERATIONS A. The Committee shall periodically review and make recommendations about ongoing education for incumbent Independent Trustees and about appropriate orientation for new Trustees. B. The Committee shall periodically review and make recommendations about the organization of board meetings, including the frequency, timing and agendas of the meetings. C. The Committee shall conduct a self-assessment and coordinate evaluation of the performance of the Board (and, in particular, the Independent Trustees) as a whole, at least annually, with a view towards enhancing its effectiveness. D. The Committee may periodically, with the assistance of its counsel, discuss the duties and responsibilities of Board members, including legal and fiduciary duties, expectations regarding preparation, attendance, participation at meetings, fund ownership and limitations on investments. VI. GOVERNANCE COMMITTEE: OPERATIONS A. The Committee shall meet at the direction of its Chair as often as appropriate to accomplish its purpose. In any event, the Committee shall meet at least once each year and shall conduct at least one meeting in person. B. A majority of the members of the Committee shall constitute a quorum for the transaction of business at any meeting of the Committee. The action of a majority of the members of the Committee present at a meeting at which a quorum is present shall be the action of the Committee. The Committee may meet in person or by telephone, and the Committee may act by written consent, to the extent B-2 permitted by law and by the applicable Trust's by-laws. In the event of any inconsistency between this Charter and a Trust's organizational documents, the provisions of the Trust's organizational documents shall govern. C. The Committee shall submit minutes of its meeting on a regular basis and shall regularly report to the full Board no later than the next regularly scheduled Board meeting. D. The Committee shall review the Committee charter at least annually and recommend appropriate changes. E. The Committee shall have the resources and authority to discharge its responsibilities, including authority to retain special counsel and other experts or consultants at the expense of the appropriate Fund(s) or Trust. VII. OTHER POWERS AND RESPONSIBILITIES A. The Committee shall monitor the performance of legal counsel for the Independent Trustees, and any other service providers (other than the independent auditors, which are monitored by the Audit Committee) that are chosen by the Independent Trustees, and shall supervise counsel for the Independent Trustees. B. The Committee shall periodically review and approve any appropriate changes to Independent Trustee compensation, taking into consideration such factors as deemed relevant by the Committee, including any input from management and data from third-party sources. C. The Committee has the authority to review and make recommendations to the Board concerning all other matters not listed above pertaining to the functioning of the Board and committees of the Board and pertaining generally to the governance of the Trusts, including the adequacy and appropriateness of insurance coverage and the review and evaluation of possible conflicts of interest. Adopted: 2009 Amended: 2014 B-3 APPENDIX C SHARE OWNERSHIP THE ADVISORS' INNER CIRCLE FUND -------------------------------------------------------------------------------- ACADIAN EMERGING MARKETS PORTFOLIO -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Investor Class Shares 46.68% LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS 499 WASHINGTON BLVD FL 5 JERSEY CITY NJ 07310-2010 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Investor Class Shares 26.11% REINVEST ACCOUNT ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- WELLS FARGO BANK, NA FBO Investor Class Shares 14.13% OMNIBUS ACCOUNT CASH 550 S 4TH ST MINNEAPOLIS MN 55415-1529 -------------------------------------------------------------------------------- SEI INVESTMENT COMPANY Y Class Shares 71.45% 1 FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Y Class Shares 7.15% CUST IRA A/C DST IRA AUDIT ACCT ATTN SEI CRM TEAM 430 W 7TH ST KANSAS CITY MO 64105-1407 -------------------------------------------------------------------------------- DST SYSTEMS INC Y Class Shares 7.15% OUTPUT AUDIT ACCOUNT ATTN SEI CRM TEAM 430 W 7TH ST KANSAS CITY MO 64105-1407 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Y Class Shares 7.13% CUST IRA A/C DST IRA AUDIT ACCT ATTN SEI CRM TEAM 430 W 7TH ST KANSAS CITY MO 64105-1407 -------------------------------------------------------------------------------- DST SYSTEMS INC Y Class Shares 7.13% OUTPUT AUDIT ACCOUNT ATTN SEI CRM TEAM 430 W 7TH ST KANSAS CITY MO 64105-1407 -------------------------------------------------------------------------------- EDWARD D JONES & CO I Class Shares 28.78% FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 -------------------------------------------------------------------------------- C-1 -------------------------------------------------------------------------------- WELLS FARGO BANK, NA FBO I Class Shares 16.33% OMNIBUS ACCOUNT REINV/REINV 550 S 4TH ST MINNEAPOLIS MN 55415-1529 -------------------------------------------------------------------------------- WELLS FARGO BANK NA FBO I Class Shares 11.97% WFC DCP CUSTODY ACCOUNT 550 S 4TH ST MINNEAPOLIS MN 55415-1529 -------------------------------------------------------------------------------- WELLS FARGO CLEARING I Class Shares 11.95% SERVICES 2801 MARKET STREET SAINT LOUIS MO 63103-2523 -------------------------------------------------------------------------------- WELLS FARGO BANK FBO I Class Shares 9.29% VARIOUS RETIREMENT PLANS 1525 WEST WT HARRIS BLVD CHARLOTTE NC 28288-1151 -------------------------------------------------------------------------------- PERSHING LLC I Class Shares 8.52% PO BOX 2052 JERSEY CITY NJ 07303-2052 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC I Class Shares 6.09% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES I Class Shares 5.39% LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS 499 WASHINGTON BLVD FL 5 JERSEY CITY NJ 07310-2010 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- ALPHAONE SMALL CAP OPPORTUNITIES FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- THE DENVER FOUNDATION Institutional Class Shares 18.84% 55 MADISON ST 8TH FL DENVER CO 80206-5419 -------------------------------------------------------------------------------- POLK BROS FOUNDATION Institutional Class Shares 9.49% 20 W KINZIE ST STE 1110 CHICAGO IL 60654-5815 -------------------------------------------------------------------------------- MINNEAPOLIS SOCIETY OF FINE Institutional Class Shares 6.92% ARTS 2400 3RD AVE S MINNEAPOLIS MN 55404-3506 -------------------------------------------------------------------------------- JAMES LANDIS MARTIN & Institutional Class Shares 6.43% CHRISTOPHER W HUNT TR 10/23/2012 CLYFFORD STILL MUSEUM FOUNDATION CHARITABLE ORGANIZATION 1250 BANNOCK ST DENVER CO 80204-3631 -------------------------------------------------------------------------------- C-2 -------------------------------------------------------------------------------- GREATER MIAMI JEWISH Institutional Class Shares 5.54% FEDERATION CHARITABLE ORGANIZATION 8910 PURDUE RD SUITE 500 INDIANAPOLIS IN 46268-6100 -------------------------------------------------------------------------------- TEMPLE HOYNE BUELL Institutional Class Shares 5.15% FOUNDATION CHARITABLE ORGANIZATION 1666 S UNIVERSITY BLVD STE B DENVER CO 80210-2834 -------------------------------------------------------------------------------- LINCOLN CENTER FOR THE Institutional Class Shares 5.12% PERFORMING ARTS INC 70 LINCOLN CENTER PLAZA 9TH FL NEW YORK NY 10023-6548 -------------------------------------------------------------------------------- NFS LLC FEBO Institutional Class Shares 5.00% THE NORTHERN TRUST COMPANY MUTUAL FUND SERVICE C-5 SOUTH 801 S CANAL ST CHICAGO IL 60607-4715 -------------------------------------------------------------------------------- FIIOC FBO Investor Class Shares 22.82% THE NORTHWEST COMPANY LLC 401K PLAN 100 MAGELLAN WAY KW1C COVINGTON KY 41015-1987 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Investor Class Shares 15.44% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- STEVEN A DRAY & Investor Class Shares 12.75% ELIZABETH H B DRAY JTWROS SUBJECT TO DST TOD RULES 130 JASON ST ARLINGTON MA 02476-8034 -------------------------------------------------------------------------------- NFS LLC FEBO Investor Class Shares 9.70% ALEXANDRA REBAY 12 OAK HILL DR BASKING RIDGE NJ 07920-2400 -------------------------------------------------------------------------------- DANIEL J GOLDFARB Investor Class Shares 8.03% SUBJECT TO DST TOD RULES 9 BROWNSTONE LN SUDBURY MA 01776-2272 -------------------------------------------------------------------------------- NFS LLC FEBO Investor Class Shares 5.17% FMTC CUSTODIAN-ROTH IRA FBO PAUL JAMES HONDROS ALPHAONE CAPITAL PARTNERS 789 EAST LANCASTER AVE VILLANOVA PA 19085-1522 -------------------------------------------------------------------------------- C-3 -------------------------------------------------------------------------------- ALPHAONE NEXTGEN TECHNOLOGY FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- ALPHAONE CAPITAL PARTNERS Institutional Class Shares 99.94% LLC 789 E LANCASTER AVE STE 120 VILLANOVA PA 19085-1523 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- ALPHAONE VIMCO SMALL CAP VALUE FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- EDWARD A TRUMPBOUR Institutional Class Shares 74.72% SUBJECT TO DST TOD RULES 1606 LARK LN VILLANOVA PA 19085-1908 -------------------------------------------------------------------------------- ALPHAONE CAPITAL PARTNERS Institutional Class Shares 17.12% LLC 789 E LANCASTER AVE STE 120 VILLANOVA PA 19085-1523 -------------------------------------------------------------------------------- RASTISLAV BERLANSKY Institutional Class Shares 8.15% 860 GOSHEN RD NEWTOWN SQ PA 19073-2601 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- AT DISCIPLINED EQUITY FUND INSTITUTIONAL CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional 35.15% SPECIAL CUSTODY FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- VALLEE & CO FBO VA Institutional 22.44% C/O BMO HARRIS BANK NA ATTN MF 480 PILGRIM WAY, SUITE 1000 GREEN BAY WI 54304-5280 -------------------------------------------------------------------------------- MITRA & CO FBO VA Institutional 15.91% C/O BMO HARRIS BANK NA ATTN MF 480 PILGRIM WAY, SUITE 1000 GREEN BAY WI 54304-5280 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Institutional 15.74% LLC FEBO CUSTOMERS ATTN MUTUAL FUNDS DEPT 499 WASHINGTON BLVD FL 4 JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- AT MID CAP EQUITY FUND INSTITUTIONAL CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional 42.83% SPECIAL CUSTODY FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- C-4 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Institutional 21.38% LLC FEBO CUSTOMERS ATTN MUTUAL FUNDS DEPT 499 WASHINGTON BLVD FL 4 JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- VALLEE & CO FBO VA Institutional 17.97% C/O BMO HARRIS BANK NA ATTN MF 480 PILGRIM WAY, SUITE 1000 GREEN BAY WI 54304-5280 -------------------------------------------------------------------------------- MITRA & CO FBO VA Institutional 12.64% C/O BMO HARRIS BANK NA ATTN MF 480 PILGRIM WAY, SUITE 1000 GREEN BAY WI 54304-5280 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- AT INCOME OPPORTUNITIES FUND INSTITUTIONAL CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- VALLEE & CO FBO VA Institutional 42.35% C/O BMO HARRIS BANK NA ATTN MF 480 PILGRIM WAY, SUITE 1000 GREEN BAY WI 54304-5280 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional 26.01% SPECIAL CUSTODY FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- MITRA & CO FBO VA Institutional 13.31% C/O BMO HARRIS BANK NA ATTN MF 480 PILGRIM WAY, SUITE 1000 GREEN BAY WI 54304-5280 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Institutional 10.06% LLC FEBO CUSTOMERS ATTN MUTUAL FUNDS DEPT 499 WASHINGTON BLVD FL 4 JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- MARIL & CO FBO VA Institutional 7.06% C/O BMO HARRIS BANK NA ATTN MF 480 PILGRIM WAY, SUITE 1000 GREEN BAY WI 54304-5280 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CAMBIAR OPPORTUNITY FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- MORGAN STANLEY SMITH Institutional Class Shares 27.35% BARNEY HARBORSIDE FINANCIAL CENTER PLAZA 2 3RD FL JERSEY CITY NJ 07311 -------------------------------------------------------------------------------- C-5 -------------------------------------------------------------------------------- AMERITRAD INC FOR THE Institutional Class Shares 20.26% EXCLUSIVE BENEFIT OF OUR CLEINTS PO BOX 2226 OMAHA NE 68103-2226 -------------------------------------------------------------------------------- WELLS FARGO CLEARING Institutional Class Shares 16.96% SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SVCS Institutional Class Shares 7.46% CORP FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Class Shares 5.70% SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SVCS Investor Class Shares 36.71% CORP FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Investor Class Shares 19.15% REINVEST ACCOUNT ATTN MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- MERRILL LYNCH PIERCE FENNER Investor Class Shares 10.62% & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DRIVE EAST JACKSONVILLE FL 32246-6484 -------------------------------------------------------------------------------- CAPINCO C/O US BANK NA Investor Class Shares 6.68% 1555 N. RIVERCENTER DRIVE STE. 302 MILWAUKEE WI 53212-3958 -------------------------------------------------------------------------------- C-6 -------------------------------------------------------------------------------- CAMBIAR INTERNATIONAL EQUITY FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Class Shares 27.28% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- BAND & CO C/O US BANK NA Institutional Class Shares 20.23% 1555 N. RIVERCENTER DRIVE STE. 302 MILWAUKEE WI 53212-3958 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SVCS Institutional Class Shares 16.21% CORP FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- SPECIAL CUSTODY ACCOUNT Institutional Class Shares 14.78% FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS OF UBS FINANCIAL SERVICES INC ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 -------------------------------------------------------------------------------- MORGAN STANLEY SMITH Investor Class Shares 63.34% BARNEY HARBORSIDE FINANCIAL CENTER PLAZA 2 3RD FL JERSEY CITY NJ 07311 -------------------------------------------------------------------------------- MERRILL LYNCH PIERCE FENNER Investor Class Shares 25.95% & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DRIVE EAST JACKSONVILLE FL 32246-6484 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CAMBIAR SMALL CAP FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- NATIONAL FINANCIAL SVCS Institutional Class Shares 29.05% CORP FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- VANGUARD FIDUCIARY TRUST Institutional Class Shares 14.66% 400 DEVON PARK DR WAYNE PA 19087-1816 -------------------------------------------------------------------------------- HOCO Institutional Class Shares 9.85% 922 WALNUT ST MAILSTOP TBTS 2 KANSAS CITY MO 64106-1802 -------------------------------------------------------------------------------- C-7 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Class Shares 8.14% REINVEST ACCOUNT ATTN MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- SPECIAL CUSTODY ACCOUNT Institutional Class Shares 7.76% FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS OF UBS FINANCIAL SERVICES INC ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 -------------------------------------------------------------------------------- MORGAN STANLEY SMITH Investor Class Shares 25.00% BARNEY HARBORSIDE FINANCIAL CENTER PLAZA 2 3RD FL JERSEY CITY NJ 07311 -------------------------------------------------------------------------------- KEYBANK NA FBO FIRST Investor Class Shares 12.59% CONTINENTAL SERVICE CO PO BOX 94871 CLEVELAND OH 44101-4871 -------------------------------------------------------------------------------- MERRILL LYNCH PIERCE FENNER Investor Class Shares 10.88% & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DRIVE EAST JACKSONVILLE FL 32246-6484 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SVCS Investor Class Shares 10.48% CORP FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Investor Class Shares 9.49% ATTN MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- CAPINCO C/O US BANK NA Investor Class Shares 7.82% 1555 N. RIVERCENTER DRIVE STE. 302 MILWAUKEE WI 53212-3958 -------------------------------------------------------------------------------- ORCHARD TRUST CO TTEE Investor Class Shares 5.74% EMPLOYEE BENEFITS CLIENTS 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111- 5002 -------------------------------------------------------------------------------- C-8 -------------------------------------------------------------------------------- CAMBIAR GLOBAL ULTRA FOCUS FUND INVESTOR CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Investor Class Shares 27.78% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SVCS Investor Class Shares 15.64% CORP FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- BRIAN M BARISH Investor Class Shares 10.21% 75 S FOREST ST DENVER CO 80246-1144 -------------------------------------------------------------------------------- CAMBIAR HOLDINGS LLLP Investor Class Shares 5.67% 200 COLUMBINE ST STE 800 DENVER CO 80206-4734 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CAMBIAR SMID FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- CAMBIAR HOLDINGS LLLP Institutional Class Shares 53.13% 200 COLUMBINE ST STE 800 DENVER CO 80206-4734 -------------------------------------------------------------------------------- BRIAN M BARISH Institutional Class Shares 26.04% 75 S FOREST ST DENVER CO 80246-1144 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SVCS Institutional Class Shares 16.18% CORP FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- MORGAN STANLEY SMITH Investor Class Shares 95.50% BARNEY HARBORSIDE FINANCIAL CENTER PLAZA 2 3RD FL JERSEY CITY NJ 07311 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CAMBIAR GLOBAL EQUITY FUND INVESTOR CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- MORGAN STANLEY SMITH Investor Class Shares 77.64% BARNEY HARBORSIDE FINANCIAL CENTER PLAZA 2 3RD FL JERSEY CITY NJ 07311 -------------------------------------------------------------------------------- C-9 -------------------------------------------------------------------------------- CAMBIAR HOLDINGS LLLP Investor Class Shares 13.47% 200 COLUMBINE ST STE 800 DENVER CO 80206-4734 -------------------------------------------------------------------------------- CAMBIAR INTERNATIONAL SMALL CAP FUND INSTITUTIONAL CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- CAMBIAR HOLDINGS LLLP 55.31% 200 COLUMBINE ST STE 800 DENVER CO 80206-4734 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SVCS CORP 43.14% FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND INSTITUTIONAL CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 99.64% 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CORNERSTONE ADVISORS INCOME OPPORTUNITIES FUND INSTITUTIONAL CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 99.41% 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CORNERSTONE ADVISORS PUBLIC ALTERNATIVES FUND INSTITUTIONAL CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 99.90% 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CORNERSTONE ADVISORS REAL ASSETS FUND INSTITUTIONAL CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 99.40% 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CORNERSTONE ADVISORS CORE PLUS BOND FUND INSTITUTIONAL CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC 99.56% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- C-10 -------------------------------------------------------------------------------- EDGEWOOD GROWTH FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Class Shares 16.88% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Institutional Class Shares 14.31% LLC FOR THE EXCLUSIVE BENE OF OUR CUST 499 WASHINGTON BLVD FL 5 JERSEY CITY NJ 07310-2010 -------------------------------------------------------------------------------- MERRILL LYNCH PIERCE FENNER Institutional Class Shares 12.08% & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 -------------------------------------------------------------------------------- EDWARD D JONES & CO Institutional Class Shares 10.48% FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729 -------------------------------------------------------------------------------- MORGAN STANLEY SMITH Institutional Class Shares 8.28% BARNEY HARBORSIDE FINANCIAL CENTER PLAZA 2 3RD FL JERSEY CITY NJ 07311 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Retail Shares 39.86% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Retail Shares 33.75% LLC FOR THE EXCLUSIVE BENE OF OUR CUST 499 WASHINGTON BLVD FL 5 JERSEY CITY NJ 07310-2010 -------------------------------------------------------------------------------- MERRILL LYNCH PIERCE FENNER Retail Shares 5.72% & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN SERVICE TEAM 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 -------------------------------------------------------------------------------- C-11 -------------------------------------------------------------------------------- FMC SELECT FUND -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- PERSHING LLC ATTN MUTUAL FUNDS 1 PERSHING PLZ 83.22% JERSEY CITY NJ 07399-0001 -------------------------------------------------------------------------------- VANGUARD FIDUCIARY TRUST COMPANY FBO 401(K) PLANS 14.92% PO BOX 2600 VALLEY FORGE PA 19482-2600 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- FMC STRATEGIC VALUE FUND -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- PERSHING LLC ATTN MUTUAL FUNDS 1 PERSHING PLZ 76.84% JERSEY CITY NJ 07399-0001 -------------------------------------------------------------------------------- VANGUARD FIDUCIARY TRUST COMPANY FBO 401(K) PLANS PO BOX 2600 16.37% VALLEY FORGE PA 19482-2600 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- HAMLIN HIGH DIVIDEND EQUITY FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Class Shares 15.86% SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Institutional Class Shares 10.56% LLC ATTN: MUTUAL FUNDS DEPT 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- SPECIAL CUSTODY ACCOUNT Institutional Class Shares 10.46% FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS OF UBS FINANCIAL SERVICES INC ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 -------------------------------------------------------------------------------- MORGAN STANLEY SMITH Institutional Class Shares 5.35% BARNEY LLC HARBORSIDE FINANCIAL CENTER PLAZA 2 3RD FLOOR JERSEY CITY NJ 07311 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Investor Class Shares 58.36% LLC ATTN: MUTUAL FUNDS DEPT 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- C-12 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Investor Class Shares 26.46% SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- HARVEST ASIAN BOND FUND (FORMERLY, HARVEST FUNDS INTERMEDIATE BOND) -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Institutional Class Shares 48.87% LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS 499 WASHINGTON BLVD ATTN MUTUAL FUNDS DEPT 4TH FL JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- TD AMERITRADE INC FOR THE Institutional Class Shares 25.24% EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Class Shares 15.28% SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- ALLIANZ FUNDS MULTI Institutional Class Shares 10.25% STRATEGY TR FBO ALLIANZGI RETIREMENT INCOME FD 1633 BROADWAY 43RD FL NEW YORK NY 10019-6708 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- HAVERFORD QUALITY GROWTH STOCK FUND -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- HTC & CO 70.53% ATTN TRUST OPERATIONS DEPT 3 RADNOR CORP CTR STE 450 RADNOR PA 19087-4580 -------------------------------------------------------------------------------- HTC & CO 17.62% CASH DIV ACCOUNT ATTN TRUST OPERATIONS DEPT 3 RADNOR CORP CTR STE 450 RADNOR PA 19087-4580 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- ICM SMALL COMPANY PORTFOLIO INSTITUTIONAL CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT 29.20% OF OUR CUSTOMERS 499 WASHINGTON BLVD FL 4 JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- C-13 -------------------------------------------------------------------------------- NORTHERN TRUST AS TRUSTEE FBO OHIOHEALTH CORPORATION PO BOX 92956 14.14% CHICAGO IL 60675-2994 -------------------------------------------------------------------------------- IHC HEALTH SERVICES INC 36 S STATE ST STE 2300 11.13% SALT LAKE CTY UT 84111-1471 -------------------------------------------------------------------------------- WSSC EMPLOYEES RETIREMENT PLAN ATTN ROBERT HOLMES 8.48% 14501 SWEITZER LN FL 11 LAUREL MD 20707-5901 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC SPECIAL CUSTODY REINVEST ACCOUNT FOR EXCLUSIVE BENEFIT OF CUSTOMERS 8.14% 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- GREAT-WEST TRUST COMPANY LLC TTEE F BANK OF THE WEST 401K SAVINGS PLAN 5.15% 8525 E ORCHARD RD GREENWOOD VLG CO 80111-5002 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LOOMIS SAYLES FULL DISCRETION SECURITIZED FUND INSTITUTIONAL CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- LOOMIS SAYLES MULTISECTOR FULL DISCRETION TRUST ONE FINANCIAL CENTER 16.12% BOSTON MA 02111-2621 -------------------------------------------------------------------------------- IAM NATIONAL PENSION FUND 1300 CONNECTICUT AVE NW STE 300 9.74% WASHINGTON DC 20036-1711 -------------------------------------------------------------------------------- ARKANSAS TEACHERS RETIREMENT SYSTEM 1400 WEST THIRD ST 8.31% LITTLE ROCK AR 72201-1889 -------------------------------------------------------------------------------- LOOMIS SAYLES HIGH YIELD CONSERVATIVE TRUST ONE FINANCIAL CENTER 7.31% BOSTON MA 02111-2621 -------------------------------------------------------------------------------- FRESNO COUNTY EMPLOYEES RETIREMENT ASSOCIATIONS 6.34% 1111 H ST FRESNO CA 93721-2515 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LSV VALUE EQUITY FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC REINVEST ACCOUNT Institutional Class Shares 26.46% 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Institutional Class Shares 20.99% LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL Investor Class Shares 97.08% FUNDS DEPARTMENT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LSV CONSERVATIVE VALUE EQUITY FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- PRUDENTIAL BANK & TRUST 80 LIVINGSTON AVE Institutional Class Shares 83.88% ROSELAND NJ 07068-1753 -------------------------------------------------------------------------------- WELLS FARGO BANK NA FBO APTAR GROUP INC PO BOX 1533 Institutional Class Shares 9.23% MINNEAPOLIS MN 55480-1533 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACT FBO CUSTOMERS ATTN MUTUAL FUNDS Investor Class Shares 86.22% 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- PERSHING LLC 1 PERSHING PLAZA Investor Class Shares 8.36% JERSEY CITY NJ 07399-0002 -------------------------------------------------------------------------------- KEVIN THOMAS PHELAN SUBJECT TO DST TOD RULES 336 E 1ST ST Investor Class Shares 5.28% HINSDALE IL 60521-4205 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LSV SMALL CAP VALUE FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS Institutional Class Shares 44.47% 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF Institutional Class Shares 21.81% OUR CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- C-14 -------------------------------------------------------------------------------- CAPINCO C/O US BANK NA 1555 N RIVERCENTER DR STE 302 Institutional Class Shares 9.17% MILWAUKEE WI 53212-3958 -------------------------------------------------------------------------------- SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS OF UBS FINANCIAL SERVICES INC Institutional Class Shares 6.04% ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS Investor Class Shares 36.19% DEPARTMENT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- VANTAGETRUST - NAV C/O ICMA RETIREMENT CORPORATION 777 NORTH CAPITOL STREET, NE Investor Class Shares 32.83% WASHINGTON DC 20002-4239 -------------------------------------------------------------------------------- VANTAGETRUST-UNITIZED C/O ICMA RETIREMENT CORPORATION Investor Class Shares 24.58% 777 NORTH CAPITOL STREET, NE WASHINGTON DC 20002-4239 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACT FBO CUSTOMERS ATTN MUTUAL FUNDS Investor Class Shares 5.90% 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LSV U.S. MANAGED VOLATILITY FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL Institutional Class Shares 31.31% FUNDS DEPARTMENT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- AMALGAMATED BANK OF CHICAGO FBO CONSTRUCTION WORKERS PENSION TRUST FUND-LAKE COUNTY & VICINITY Institutional Class Shares 27.11% 30 N LA SALLE ST ATTN TRUST OPERATIONS 38TH FL CHICAGO IL 60602-2590 -------------------------------------------------------------------------------- BANK OF AMERICA CUSTODIAN FBO MFO PO BOX 843869 Institutional Class Shares 12.15% DALLAS TX 75284-1575 -------------------------------------------------------------------------------- WELLS FARGO BANK NA FBO BERKSHIRE HEALTH-LSV PO BOX 1533 Institutional Class Shares 10.88% MINNEAPOLIS MN 55480-1533 -------------------------------------------------------------------------------- MAC & CO ATTN MUTUAL FUND OPS 500 GRANT STREET Institutional Class Shares 5.27% ROOM 151-1010 PITTSBURGH PA 15219-2502 -------------------------------------------------------------------------------- C-15 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Investor Class Shares 99.14% LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LSV GLOBAL MANAGED VOLATILITY FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS Institutional Class Shares 44.90% 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- IBJ INVESTMENTS LLC 1943 N BURLING ST Institutional Class Shares 22.62% CHICAGO IL 60614-5123 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL Institutional Class Shares 16.76% FUNDS DEPARTMENT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- MENNO VERMEULEN TR U/A 12/30/2008 MENNO VERMEULEN 2008 GRANTOR Institutional Class Shares 7.54% RETAINED ANNUITY TRUST 397 S KENILWORTH AVE ELMHURST IL 60126-3926 -------------------------------------------------------------------------------- TD AMERITRADE INC FBO OUR CUSTOMERS PO BOX 2226 Institutional Class Shares 6.69% OMAHA NE 68103-2226 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL Investor Class Shares 72.50% FUNDS DEPARTMENT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACT FBO CUSTOMERS Investor Class Shares 11.19% ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- LESLIE M KONDZIELA TR U/A 10/20/2007 LESLIE KONDZIELA REVOCABLE TRUST Investor Class Shares 8.06% 1421 W ROSCOE ST APT 3E CHICAGO IL 60657-7379 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- LSV GLOBAL VALUE FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- IBJ INVESTMENTS LLC 1943 N BURLING ST Institutional Class Shares 42.46% CHICAGO IL 60614-5123 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACT FBO CUSTOMERS ATTN MUTUAL FUNDS Institutional Class Shares 26.35% 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- MENNO VERMEULEN TR U/A 12/30/2008 MENNO VERMEULEN 2008 GRANTOR Institutional Class Shares 14.15% RETAINED ANNUITY TRUST 397 S KENILWORTH AVE ELMHURST IL 60126-3926 -------------------------------------------------------------------------------- TD AMERITRADE INC FBO OUR CUSTOMERS Institutional Class Shares 12.72% PO BOX 2226 OMAHA NE 68103-2226 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACT FBO CUSTOMERS ATTN MUTUAL FUNDS Investor Class Shares 61.76% 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL Investor Class Shares 35.47% FUNDS DEPARTMENT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- MCKEE INTERNATIONAL EQUITY PORTFOLIO INSTITUTIONAL CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- SAXON & CO 32.80% FBO WESTMORELAND COUNTY EMPLOYEES RETIREMENT FUND PO BOX 7780 PHILADELPHIA PA 19182-0001 -------------------------------------------------------------------------------- C-16 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC 18.67% REINVEST ACCOUNT ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- NFS LLC FEBO 9.29% PATTON & CO AS NOMINEE AGENT FOR COMMUNITY BANK NA PO BOX 690 ATTN TRUST DEPT OLEAN NY 14760-0690 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- RICE HALL JAMES MICRO CAP PORTFOLIO INSTITUTIONAL CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC 40.00% REINVEST ACCOUNT ATTN MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- WELLS FARGO BANK NA CUST 8.48% FBO OLMSTED KAEHR NANCY PO BOX 1533 MINNEAPOLIS MN 55480-1533 -------------------------------------------------------------------------------- BNY MELLON NA 7.46% PO BOX 534005 PITTSBURGH PA 15253-4005 -------------------------------------------------------------------------------- WACHOVIA BANK FBO 6.17% VARIOUS RETIREMENT PLANS NC 1076 1525 WEST WT HARRIS BLVD CHARLOTTE NC 28262-8522 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- RICE HALL JAMES SMALL CAP PORTFOLIO INSTITUTIONAL CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- NFS LLC FEBO 16.89% FIIOC AS AGENT FOR QUALIFIED EMPLOYEE BENEFIT PLANS (401K) FINOPS-IC FUNDS 100 MAGELLAN WAY # KW1C COVINGTON KY 41015-1987 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC 15.19% FBO REINVEST ACCOUNT ATTN MUTUAL FUND 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- NFS LLC FEBO 7.91% FMTC AS TRUSTEE FBO FMC TARGET RET 2050 FMTC-UNITIZED 1 SPARTAN WAY MERRIMACK NH 03054-4300 -------------------------------------------------------------------------------- NFS LLC FEBO 7.12% FMTC AS TRUSTEE FBO FMC TARGET RET 2040 FMTC-UNITIZED 1 SPARTAN WAY # TS2O MERRIMACK NH 03054-4300 -------------------------------------------------------------------------------- C-17 -------------------------------------------------------------------------------- NFS LLC FEBO 5.68% FMTC AS TRUSTEE FBO FMC TARGET RET 2030 FMTC-UNITIZED 1 SPARTAN WAY # TS2O MERRIMACK NH 03054-4300 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- RICE HALL JAMES SMID CAP PORTFOLIO INVESTOR CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- WELLS FARGO FBO 34.57% VARIOUS RETIREMENT PLANS NC1151 1525 WEST WT HARRIS BLVD CHARLOTTE NC 28262-8522 -------------------------------------------------------------------------------- BNY MELLON NA 26.00% PO BOX 534005 PITTSBURGH PA 15253-4005 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO 12.11% 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- PERSHING LLC 7.82% 1 PERSHING PLZ JERSEY CITY NJ 07399-0001 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- SANDS CAPITAL GLOBAL GROWTH FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- CAPINCO C/O US BANK NA Institutional Class Shares 23.70% 1555 N RIVERCENTER DR STE 302 MILWAUKEE WI 53212-3958 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Institutional Class Shares 14.91% LLC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS DEPT 5TH FL 499 WASHINGTON BLVD FL 5 JERSEY CITY NJ 07310-2010 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Class Shares 9.34% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- STATE STREET BANK AND Institutional Class Shares 8.47% TRUST CO FBO ANGELES GLOBAL EQUITY OPPORTUNITIES FUND LLC ATTN REGISTRATION SERVICES MANAGER 30 ADELAIDE ST E STE 1100 TORONTO ONTARIO M5C 3G6 -------------------------------------------------------------------------------- C-18 -------------------------------------------------------------------------------- ALASKA ELECTRICAL PENSION Institutional Class Shares 7.62% FUND 701 E TUDOR RD STE 200 ANCHORAGE AK 99503-7458 -------------------------------------------------------------------------------- MERCY HEALTH Institutional Class Shares 5.96% 1701 MERCY HEALTH PL CINCINNATI OH 45237-6147 -------------------------------------------------------------------------------- JOHN TEMPLETON FOUNDATION Institutional Class Shares 5.46% 300 CONSHOHOCKEN STATE RD STE 500 CONSHOHOCKEN PA 19428-3815 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Investor Class Shares 44.22% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Investor Class Shares 35.19% LLC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS DEPT 5TH FL 499 WASHINGTON BLVD FL 5 JERSEY CITY NJ 07310-2010 -------------------------------------------------------------------------------- PERSHING LLC Investor Class Shares 8.76% P O BOX 2052 JERSEY CITY NJ 07303-2052 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- SAROFIM EQUITY FUND -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY C/O HOUSTON TRUST ID 458 ATTN MUTUAL FUNDS ADMINISTRATOR 43.33% ONE FREEDOM VALLEY DRIVE OAKS, PA 19456 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- THOMSON HORSTMANN & BRYANT MICROCAP FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Class Shares 84.25% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Investor Class Shares 44.95% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Investor Class Shares 37.81% LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT FL 4 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- C-19 -------------------------------------------------------------------------------- TS&W EQUITY PORTFOLIO -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC 79.76% REINVEST ACCOUNT ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- WESTWOOD LARGECAP VALUE FUND NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- WELLS FARGO BANK, NA FBO A Class Shares 84.37% GL WILSON MUT FD PO BOX 1533 MINNEAPOLIS MN 55480-1533 -------------------------------------------------------------------------------- PERSHING LLC A Class Shares 11.42% 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Institutional Shares 40.57% LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Shares 21.55% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- WESTWOOD LOW VOLATILITY EQUITY FUND INSTITUTIONAL SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- TD AMERITRADE INC 75.89% FBO OUR CUSTOMERS PO BOX 2226 OMAHA NE 68103-2226 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- WESTWOOD SMIDCAP PLUS FUND INSTITUTIONAL SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- PIMS/PRUDENTIAL RETIREMENT 46.08% AS NOMINEE FOR THE TTEE/CUST PL 111 HARTFORD HEALTHCARE 401(K) SYSTEM SUPPORT OFFICE 389 JOHN DOWNEY DR NEW BRITAIN CT 06051-2924 -------------------------------------------------------------------------------- PIMS/PRUDENTIAL RETIREMENT 26.02% AS NOMINEE FOR THE TTEE/CUST PL 111 HARTFORD HEALTHCARE SYSTEM SUPPORT OFFICE 389 JOHN DOWNEY DR NEW BRITAIN CT 06051-2924 -------------------------------------------------------------------------------- C-20 -------------------------------------------------------------------------------- STATE STREET BANK & TRUST COMPANY 7.74% CUST U/A 12/21/2007 HANESBRANDS INC RETIREMENT SAVINGS PLAN 801 PENNSYLVANIA AVE KANSAS CITY MO 64105-1307 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC 7.12% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- WESTWOOD SMIDCAP FUND INSTITUTIONAL SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES LLC 38.76% FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- STATE STREET BANK & TRUST COMPANY 29.40% FBO BAE SYSTEMS 401K SAVINGS PLAN PO BOX 5501 BOSTON MA 02206-5501 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC 9.25% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- BART 457 MODEL 8.23% C/O ICMA RETIREMENT CORPORATION 777 NORTH CAPITOL STREET, NE WASHINGTON DC 20002-4239 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- WESTWOOD SMALLCAP FUND INSTITUTIONAL SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES LLC 47.51% FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC 12.92% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- MERRILL LYNCH PIERCE FENNER & 7.34% SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DRIVE EAST JACKSONVILLE FL 32246-6484 -------------------------------------------------------------------------------- C-21 -------------------------------------------------------------------------------- WESTWOOD MLP AND STRATEGIC ENERGY FUND INSTITUTIONAL SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES LLC 88.69% FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- WESTWOOD INCOME OPPORTUNITY FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC A Class Shares 48.54% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- PERSHING LLC A Class Shares 9.95% 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 -------------------------------------------------------------------------------- LPL FINANCIAL A Class Shares 8.00% 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Shares 32.78% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Institutional Shares 21.99% LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- CAPINCO C/O US BANK NA Institutional Shares 7.04% 1555 N RIVERCENTER DR STE 302 MILWAUKEE WI 53212-3958 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- WESTWOOD WORLDWIDE INCOME OPPORTUNITY FUND INSTITUTIONAL SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES LLC 54.67% FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- PROTRUST CO. 29.81% 8401 W DODGE RD STE 256 OMAHA NE 68114-3493 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC 7.44% SPECIAL CUSTODY ACCT FOR THE BENEFIT OF CUST ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- C-22 -------------------------------------------------------------------------------- TD AMERITRADE INC 6.15% FBO OUR CUSTOMERS PO BOX 2226 OMAHA NE 68103-2226 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- WESTWOOD GLOBAL EQUITY FUND INSTITUTIONAL SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Institutional Shares 47.91% LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- PROTRUST CO. Institutional Shares 26.66% 8401 W DODGE RD STE 256 OMAHA NE 68114-3493 -------------------------------------------------------------------------------- TD AMERITRADE INC Institutional Shares 17.33% FBO OUR CUSTOMERS PO BOX 2226 OMAHA NE 68103-2226 -------------------------------------------------------------------------------- WELLS FARGO BANK NA FBO Institutional Shares 5.21% TIMMERMAN & SONS FEEDING P/S PLAN PO BOX 1533 MINNEAPOLIS MN 55480-1533 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- WESTWOOD EMERGING MARKETS FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- NFS LLC FEBO A Class Shares 57.64% TCTCO NOMINEE AGT WESTWOOD TRU 200 CRESCENT CT STE 1200 DALLAS TX 75201-1807 -------------------------------------------------------------------------------- TD AMERITRADE INC A Class Shares 36.29% FBO OUR CUSTOMERS PO BOX 2226 OMAHA NE 681032226 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Shares 65.10% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Institutional Shares 19.53% LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- C-23 -------------------------------------------------------------------------------- WESTWOOD SHORT DURATION HIGH YIELD FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- NFS LLC FEBO A Class Shares 79.34% SRG59 VENTURES LP A PARTNERSHIP SJ GP LLC 21 BELLECHASE GARDENS DR BEAUMONT TX 77706-8728 -------------------------------------------------------------------------------- RAYMOND JAMES A Class Shares 15.87% OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN COURTNEY WALLER 880 CARILLON PKWY SAINT PETERSBURG FL 33716- 1100 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Shares 54.04% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Institutional Shares 20.50% LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- PERSHING LLC Institutional Shares 5.12% 1 PERSHING PLZ JERSEY CITY NJ 07399-0002 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- WESTWOOD OPPORTUNISTIC HIGH YIELD FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Shares 61.84% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO, CA 94104-4122 -------------------------------------------------------------------------------- TD AMERITRADE INC Institutional Shares 38.14% FBO OUR CUSTOMERS PO BOX 2226 OMAHA NE 68103-2226 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Ultra Shares 90.91% LLC FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY, NJ 07310 -------------------------------------------------------------------------------- C-24 -------------------------------------------------------------------------------- PROTRUST CO. Ultra Shares 9.07% 8401 W DODGE RD STE 256 OMAHA NE 68114-3493 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- WESTWOOD MARKET NEUTRAL INCOME FUND INSTITUTIONAL SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS CHARLES SCHWAB & CO INC Institutional Shares 86.69% SPECIAL CUSTODY ACCT FOR THE BENEFIT OF CUST ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- TD AMERITRADE INC Institutional Shares 6.63% FBO OUR CUSTOMERS PO BOX 2226 OMAHA NE 68103-2226 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Ultra Shares 100% LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- WESTWOOD STRATEGIC CONVERTIBLES FUND INSTITUTIONAL SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES LLC 75.26% FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- PROTRUST CO. 9.53% 8401 W DODGE RD STE 256 OMAHA NE 68114-3493 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC 8.86% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- THE ADVISORS' INNER CIRCLE FUND II -------------------------------------------------------------------------------- CARDINAL SMALL CAP VALUE FUND INSTITUTIONAL CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC 25.74% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO, CA 94104-4122 -------------------------------------------------------------------------------- WASHINGTON & CO 23.41% C/O US BANK NA PO BOX 1787 MILWAUKEE, WI 53201 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES LLC 20.32% FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY, NJ 07310 -------------------------------------------------------------------------------- WELLS FARGO BANK NA FBO 10.95% OMNIBUS ACCOUNT CASH CASH PO BOX 1533 MINNEAPOLIS, MN 55480 -------------------------------------------------------------------------------- WELLS FARGO BANK NA FBO 5.48% OMNIBUS ACCOUNT REINVEST REINVEST PO BOX 1533 MINNEAPOLIS, MN 55480 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CHAMPLAIN SMALL COMPANY FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Advisor Shares 41.78% LLC FBO EXCLUSIVE BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS DEPT 5TH FLOOR 499 WASHINGTON BLVD FL 5 JERSEY CITY NJ 07310-2010 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Advisor Shares 20.09% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Shares 22.40% ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Institutional Shares 7.29% LLC FBO EXCLUSIVE BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS DEPT 5TH FLOOR 499 WASHINGTON BLVD FL 5 JERSEY CITY NJ 0731-02010 -------------------------------------------------------------------------------- RBC CAPITAL MARKETS LLC Institutional Shares 6.76% MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 60 S 6TH ST # P08 MINNEAPOLIS MN 55402-4413 -------------------------------------------------------------------------------- C-25 -------------------------------------------------------------------------------- CHAMPLAIN MID CAP FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Advisor Shares 15.97% LLC FBO EXCLUSIVE BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS DEPT 5TH FLOOR 499 WASHINGTON BLVD FL 5 JERSEY CITY NJ 07310-2010 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Advisor Shares 7.52% SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-415 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Shares 30.02% SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Institutional Shares 20.95% LLC FBO EXCLUSIVE BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS DEPT 5TH FLOOR 499 WASHINGTON BLVD FL 5 JERSEY CITY NJ 07310-2010 -------------------------------------------------------------------------------- TD AMERITRADE Institutional Shares 17.70% PO BOX 2226 OMAHA NE 68103-2226 -------------------------------------------------------------------------------- BNYM IS TRUST CO Institutional Shares 7.71% FBO WRAP CLIENTS MAILSTOP 19K-0105 760 MOORE RD KNG OF PRUSSA PA 19406-1212 -------------------------------------------------------------------------------- EDWARD D JONES & CO Institutional Shares 7.09% ATTN MUTUAL FUND SHAREHOLDER ACCOUNTING 201 PROGRESS PKWY MARYLAND HEIGHTS MO 63043- 3042 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CHAMPLAIN EMERGING MARKETS FUND ADVISOR SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND CHARLES SCHWAB & CO INC 66.50% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- C-26 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY CUST 15.54% IRA A/C DEBORAH R HOSS 30195 HILLSIDE TER SAN JUAN CAPISTRANO CA 92675-1539 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC 9.51% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- FROST GROWTH EQUITY FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Investor Class Shares 62.91% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Investor Class Shares 21.47% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Institutional Class Shares 59.21% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Institutional Class Shares 17.54% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- RELIANCE TRUST CO Institutional Class Shares 13.75% CUSTODIAN FBO MASSMUTUAL OMNIBUS PLL/SMF PO BOX 28004 ATLANTA GA 30358-0004 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- FROST VALUE EQUITY FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Investor Class Shares 73.22% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Institutional Class Shares 40.18% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Institutional Class Shares 32.45% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- C-27 -------------------------------------------------------------------------------- RELIANCE TRUST CO Institutional Class Shares 14.72% CUSTODIAN FBO MASSMUTUAL OMNIBUS PLL/SMF PO BOX 28004 ATLANTA GA 30358-0004 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Class Shares 9.08% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- FROST LOW DURATION BOND FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Investor Class Shares 37.62% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Investor Class Shares 31.83% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- NFS LLC FEBO Investor Class Shares 7.05% BMO HARRIS BANK NA FBO BANK 98 DLY RCRDKPG 480 PILGRIM WAY STE 1000 GREEN BAY WI 54304-5280 -------------------------------------------------------------------------------- NFS LLC FEBO Investor Class Shares 5.12% POINT INVESTMENTS LTD A PARTNERSHIP PO BOX 829 SAN ANTONIO TX 78293-0829 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Institutional Class Shares 55.54% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Institutional Class Shares 19.94% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Institutional Class Shares 7.20% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- RELIANCE TRUST CO Institutional Class Shares 5.55% CUSTODIAN FBO MASSMUTUAL OMNIBUS PLL/SMF PO BOX 28004 ATLANTA GA 30358-0004 -------------------------------------------------------------------------------- C-28 -------------------------------------------------------------------------------- FROST TOTAL RETURN BOND FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Investor Class Shares 13.62% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Investor Class Shares 12.17% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Investor Class Shares 8.58% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- TD AMERITRADE INC FOR THE Investor Class Shares 6.23% EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Institutional Class Shares 36.37% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Institutional Class Shares 15.21% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Class Shares 11.28% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- WELLS FARGO BANK FBO Institutional Class Shares 10.10% VARIOUS RETIREMENT PLANS 1525 WEST WT HARRIS BLVD CHARLOTTE NC 28288-1076 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- FROST MUNICIPAL BOND FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- NFS LLC FEBO Investor Class Shares 74.10% POINT INVESTMENTS LTD A PARTNERSHIP PO BOX 829 SAN ANTONIO TX 78293-0829 -------------------------------------------------------------------------------- NFS LLC FEBO Investor Class Shares 14.78% CAROLYN SEALE CAROL LEE KLOSE 249 WESTOVER RD ALAMO HEIGHTS TX 78209-5651 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Institutional Class Shares 89.63% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- C-29 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Institutional Class Shares 5.81% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- FROST MID CAP EQUITY FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Investor Class Shares 46.93% LLC 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- NFS LLC FEBO Investor Class Shares 17.84% JOHN W ROBB BARBARA F ROBB 220 E FAIR OAKS PL SAN ANTONIO TX 78209-3811 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Investor Class Shares 12.44% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Investor Class Shares 11.19% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- NFS LLC FEBO Investor Class Shares 6.40% FMT CO CUST IRA ROLLOVER FBO ROBERT SEAN BAMBACE 2230 BUROAK RIDGE SAN ANTONIO TX 78248-2334 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Institutional Class Shares 92.90% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- FROST CREDIT FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Investor Class Shares 47.86% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Investor Class Shares 22.75% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- TD AMERITRADE INC FOR THE Investor Class Shares 18.26% EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Investor Class Shares 5.75% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- C-30 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Institutional Class Shares 66.86% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Institutional Class Shares 23.63% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Institutional Class Shares 5.20% C/O FROST ID 390 ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- HANCOCK HORIZON MISSISSIPPI TAX-FREE INCOME FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- HANCO Institutional Class Shares 97.75% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- NFS LLC FEBO ZOR ENTERPRISES Investor Class Shares 5.33% LLC BILOXI MS 39532 -------------------------------------------------------------------------------- RBC CAPITAL MARKETS Investor Class Shares 5.27% CORPORATION 510 MARQUETTE AVE SOUTH MN 55402 -------------------------------------------------------------------------------- NFS LLC FEBO GEORGE W WHITE Class C Shares 99.39% PASS CHRIS MS 39571 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- HANCOCK HORIZON LOUISIANA TAX-FREE INCOME FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- HANCO Institutional Class Shares 87.67% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- HANCO Institutional Class Shares 11.90% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- NFS LLC FEBO KENNETT F Investor Class Shares 18.08% STEWART BELLE CHASSE LA 70037 -------------------------------------------------------------------------------- NFS LLC FEBO PETER ARMATO Investor Class Shares 9.71% INDEPENDENCE LA 70443 -------------------------------------------------------------------------------- NFS LLC FEBO JACK DROUILHET Investor Class Shares 8.10% 4113 WOODSIDE LAKE CHARLES LA 70605 -------------------------------------------------------------------------------- NFS LLC FEBO RHAOUL A Investor Class Shares 7.93% GUILLAUME BATON ROUGE LA 70808 -------------------------------------------------------------------------------- NFS LLC FEBO CHANCE BROWN Investor Class Shares 6.04% 3684 WEATHERBY SULPHUR LA 70665 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO Investor Class Shares 5.67% 211 MAIN ST SAN FRANCISCO CA 94105 -------------------------------------------------------------------------------- STIFEL NICOLAUS & COMPANY Class C Shares 98.82% INCORPORATED ALEXANDRIA LA 71303 -------------------------------------------------------------------------------- C-31 -------------------------------------------------------------------------------- HANCOCK HORIZON DIVERSIFIED INCOME FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- HANCO Institutional Class Shares 75.45% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- HANCO Institutional Class Shares 11.45% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- GWFS EQUITIES INC Institutional Class Shares 7.28% GREENWOOD VILLAGE CO 80111 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO Investor Class Shares 19.41% 211 MAIN ST SAN FRANCISCO CA 94105 -------------------------------------------------------------------------------- NFS LLC FEBO ROBERT E ADAMS Investor Class Shares 11.16% 141 MAXWELL MARRERO LA 70072 -------------------------------------------------------------------------------- MORGAN STANLEY Class C Shares 17.42% 1 HARBORSIDE FINANCIAL CNTR PLAZA 3 NEW YORK NY 10004 -------------------------------------------------------------------------------- NFS LLC FEBO JUDITH W NUNN Class C Shares 12.08% AUBURN AL 36830 -------------------------------------------------------------------------------- NFS LLC FEBO HOWARD E BODE Class C Shares 10.03% 23400 CHEF NEW ORLEANS LA 70129 -------------------------------------------------------------------------------- NFS LLC FEBO KENNETH Class C Shares 9.23% ROWELL 14045 DAUPHIN ISL CODEN AL 36523 -------------------------------------------------------------------------------- NFS LLC FEBO RUPPEL FAMILY Class C Shares 9.02% TRUST 3 TRUST 1000 TCHOUPITOULAS NEW ORLEANS LA 70130 -------------------------------------------------------------------------------- NFS LLC FEBO JOSEPHINE Class C Shares 8.40% GROSSKOPF 10111 RUNNYMEDE BATON ROUGE LA 70815 -------------------------------------------------------------------------------- NFS LLC FEBO NFS FMTC Class C Shares 5.61% ROLLOVER IRA NEW ORLEANS LA 70119 -------------------------------------------------------------------------------- NFS LLC FEBO SPECIAL NEEDS Class C Shares 5.05% TRUST ROBERT GRA 3924 ROSE OF SHARON ORLANDO FL 32808 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- HANCOCK HORIZON QUANTITATIVE LONG/SHORT FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- HANCO Institutional Class Shares 33.35% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- NFS LLC FEBO EXCLUSIVE Institutional Class Shares 15.61% BENEFIT OF OUR CUSTOMERS 9801 BARLOW JERSEY CITY NJ 07310 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO Institutional Class Shares 12.65% 211 MAIN ST SAN FRANCISCO CA 94105 -------------------------------------------------------------------------------- C-32 -------------------------------------------------------------------------------- HANCO Institutional Class Shares 10.71% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- MSCS FINANCIAL SERVICES FBO Institutional Class Shares 7.31% NABANK CO TULSA OK 74101 -------------------------------------------------------------------------------- MSCS FINANCIAL SERVICES FBO Institutional Class Shares 7.16% NABANK CO TULSA OK 74101 -------------------------------------------------------------------------------- MSCS FINANCIAL SERVICES FBO Institutional Class Shares 5.16% NABANK CO TULSA OK 74101 -------------------------------------------------------------------------------- MORGAN STANLEY Investor Class Shares 30.18% 1 HARBORSIDE FINANCIAL CNTR PLAZA 3 NEW YORK NY 10004 -------------------------------------------------------------------------------- LPL FINANCIAL SERVICES Investor Class Shares 30.15% 4707 EXECUTIVE SAN DIEGO CA 92121 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO Investor Class Shares 7.99% 211 MAIN ST SAN FRANCISCO CA 94105 -------------------------------------------------------------------------------- MORGAN STANLEY Class C Shares 42.67% 1 HARBORSIDE FINANCIAL CNTR PLAZA 3 NEW YORK NY 10004 -------------------------------------------------------------------------------- HANCOCK HORIZON BURKENROAD SMALL CAP FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- HANCO Institutional Class Shares 18.97% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- NFS LLC FEBO EXCLUSIVE Institutional Class Shares 17.17% BENEFIT OF OUR CUSTOMERS 9801 BARLOW JERSEY CITY NJ 07310 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO Institutional Class Shares 10.19% 211 MAIN ST SAN FRANCISCO CA 94105 -------------------------------------------------------------------------------- HANCO Institutional Class Shares 10.10% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- MERRILL LYNCH Institutional Class Shares 8.20% 4800 DEER LAKE JACKSONVILLE FL 32246 -------------------------------------------------------------------------------- GWFS EQUITIES INC Institutional Class Shares 8.04% GREENWOOD VILLAGE CO 80111 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO Investor Class Shares 24.01% 211 MAIN ST SAN FRANCISCO CA 94105 -------------------------------------------------------------------------------- MORGAN STANLEY Investor Class Shares 10.81% 1 HARBORSIDE FINANCIAL CNTR PLAZA 3 NEW YORK NY 10004 -------------------------------------------------------------------------------- LPL FINANCIAL SERVICES Investor Class Shares 8.78% 4707 EXECUTIVE SAN DIEGO CA 92121 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO Class D Shares 24.47% 211 MAIN ST SAN FRANCISCO CA 94105 -------------------------------------------------------------------------------- C-33 -------------------------------------------------------------------------------- HANCO Class D Shares 7.27% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- LPL FINANCIAL SERVICES Class D Shares 5.08% 4707 EXECUTIVE SAN DIEGO CA 92121 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- HANCOCK HORIZON DIVERSIFIED INTERNATIONAL FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- HANCO Institutional Class Shares 36.93% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- HANCO Institutional Class Shares 23.91% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- MERRILL LYNCH Institutional Class Shares 16.30% 4800 DEER LAKE JACKSONVILLE FL 32246 -------------------------------------------------------------------------------- WELLS FARGO BANK FBO Institutional Class Shares 10.03% NATIONAL FIRE PROTECTION ASSOC MINNEAPOLIS MN 55480 -------------------------------------------------------------------------------- MSCS FINANCIAL SERVICES FBO Institutional Class Shares 9.77% COMERICA BANK FBO DINGLE DETROIT MI 48275 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO Investor Class Shares 19.40% 211 MAIN ST SAN FRANCISCO CA 94105 -------------------------------------------------------------------------------- MML DISTRIBUTORS, LLC Investor Class Shares 7.60% SPRINGFIELD MA 01111 -------------------------------------------------------------------------------- MORGAN STANLEY Class C Shares 21.24% 1 HARBORSIDE FINANCIAL CNTR PLAZA 3 NEW YORK NY 10004 -------------------------------------------------------------------------------- NFS LLC FEBO LINDA W Class C Shares 10.44% CROWSON 8649 LOVAS TRINITY FL 34655 -------------------------------------------------------------------------------- NFS LLC FEBO WAYNE M STEIN Class C Shares 8.64% SR PONCHATOULA LA 70454 -------------------------------------------------------------------------------- NFS LLC FEBO CHARLES H VOSS Class C Shares 8.02% 1018 LOURAY BATON ROUGE LA 70808 -------------------------------------------------------------------------------- NFS LLC FEBO FRANCIS DANIEL Class C Shares 7.94% CHAVIS 5830 STRATFORD BATON ROUGE LA 70808 -------------------------------------------------------------------------------- NFS LLC FEBO SHARON L RIDER Class C Shares 7.48% 13541 ARNOLD WALKER LA 70785 -------------------------------------------------------------------------------- NFS LLC FEBO PAUL C WIENCEK Class C Shares 6.98% BRADENTON FL 34208 -------------------------------------------------------------------------------- NFS LLC FEBO RUTH THORNHILL Class C Shares 6.64% 8948 SMOKE ROCK BATON ROUGE LA 70817 -------------------------------------------------------------------------------- NFS LLC FEBO CHARLES J OATES Class C Shares 5.69% 327 ALLEN PANAMA CITY FL 32401 -------------------------------------------------------------------------------- C-34 -------------------------------------------------------------------------------- HANCOCK HORIZON U.S. SMALL CAP FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- HANCO Institutional Class Shares 64.38% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- HANCO Institutional Class Shares 16.58% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- GWFS EQUITIES INC Institutional Class Shares 9.86% GREENWOOD VILLAGE CO 80111 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO Institutional Class Shares 6.13% 211 MAIN ST SAN FRANCISCO CA 94105 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO Investor Class Shares 69.13% 211 MAIN ST SAN FRANCISCO CA 94105 -------------------------------------------------------------------------------- OPPENHIEIMER & CO INC Class C Shares 17.20% FRANKLIN MI 48025 -------------------------------------------------------------------------------- PERSHING LLC Class C Shares 16.15% JERSEY CITY NJ 07303 -------------------------------------------------------------------------------- OPPENHIEIMER & CO INC Class C Shares 15.40% CHESTERFIELD MI 48047 -------------------------------------------------------------------------------- OPPENHIEIMER & CO INC Class C Shares 13.78% DEARBORN MI 48124 -------------------------------------------------------------------------------- OPPENHIEIMER & CO INC Class C Shares 9.48% BLOOMFIELD HILLS MI 48302 -------------------------------------------------------------------------------- NFS LLC FEBO SARAH GRIFFIN Class C Shares 6.93% LANDRUM 30 VERSAILLES NEW ORLEANS LA 70125 -------------------------------------------------------------------------------- NFS LLC FEBO JARROD POLLET Class C Shares 6.80% 9235 VILLA CROSSING GREENWEL SPGS LA 70739 -------------------------------------------------------------------------------- NFS LLC FEBO WYATT M Class C Shares 5.70% FERGUSON 856 IRIS BATON ROUGE LA 70802 -------------------------------------------------------------------------------- NFS LLC FEBO RAY J Class C Shares 5.60% ROBICHAUX MONTEGUT LA 70377 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- HANCOCK HORIZON DYNAMIC ASSET ALLOCATION FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- HANCO Institutional Class Shares 72.04% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- HANCO Institutional Class Shares 22.51% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- NFS LLC FEBO NFS FMTC IRA Investor Class Shares 20.51% COVINGTON LA 70433 -------------------------------------------------------------------------------- NFS LLC FEBO NFS FMTC IRA Investor Class Shares 17.23% JACKSONVILLE FL 32256 -------------------------------------------------------------------------------- NFS LLC FEBO W SIMNICK Investor Class Shares 10.13% SHARON SIMNICK T 239 LANTANA LONG BEACH MS 39560 -------------------------------------------------------------------------------- C-35 -------------------------------------------------------------------------------- NFS LLC FEBO MARGIA M Investor Class Shares 10.00% BLANKENSHIP HOUSTON TX 77057 -------------------------------------------------------------------------------- NFS LLC FEBO NFS FMTC IRA Investor Class Shares 8.59% TRINITY FL 34655 -------------------------------------------------------------------------------- NFS LLC FEBO NFS FMTC IRA Investor Class Shares 7.36% METAIRIE LA 70003 -------------------------------------------------------------------------------- NFS LLC FEBO NFS FMTC IRA Investor Class Shares 5.39% HOUSTON TX 77027 -------------------------------------------------------------------------------- NFS LLC FEBO LARRY AVANT Class C Shares 63.81% PRATTVILLE AL 36066 -------------------------------------------------------------------------------- NFS LLC FEBO KAREN MARIE Class C Shares 10.73% HAWKINS TTEE KAREN MARI TALLAHASSEE FL 32317 -------------------------------------------------------------------------------- NFS LLC FEBO CATHERINE C Class C Shares 8.64% MYERS CUST GULFPORT MS 39503 -------------------------------------------------------------------------------- NFS LLC FEBO CATHERINE C Class C Shares 8.64% MYERS CUST GULFPORT MS 39503 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- HANCOCK HORIZON INTERNATIONAL SMALL CAP FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- HANCO Institutional Class Shares 76.45% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- HANCO Institutional Class Shares 14.95% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- HANCO Institutional Class Shares 6.75% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- NFS LLC FEBO JOHN T RED Investor Class Shares 6.33% POPLARVILLE MS 39470 -------------------------------------------------------------------------------- NFS LLC FEBO MARGIA M Investor Class Shares 5.94% BLANKENSHIP HOUSTON TX 77057 -------------------------------------------------------------------------------- NFS LLC FEBO NFS FMTC IRA Investor Class Shares 5.55% GULFPORT MS 39507 -------------------------------------------------------------------------------- HANCO Class C Shares 50.00% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- SIDCO Class C Shares 50.00% 530 EAST SWEDESFORD WAYNE PA 19087 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- HANCOCK HORIZON MICROCAP FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- HANCO Institutional Class Shares 78.65% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- HANCO Institutional Class Shares 18.41% NEW ORLEANS LA 70122 -------------------------------------------------------------------------------- NFS LLC FEBO MR JOHN M Investor Class Shares 37.43% BOULWARE 1005 BEAUREGARD BOGALUSA LA 70427 -------------------------------------------------------------------------------- NFS LLC FEBO NFS FMTC SEP IRA Class C Shares 25.93% BRADENTON FL 34208 -------------------------------------------------------------------------------- C-36 -------------------------------------------------------------------------------- NFS LLC FEBO TIMOTHY B Class C Shares 24.27% HATCHER WILMER AL 36587 -------------------------------------------------------------------------------- NFS LLC FEBO WILLIAM M Class C Shares 15.11% GREMILLION GREENVILLE AL 36037 -------------------------------------------------------------------------------- PERSHING LLC Class C Shares 12.86% JERSEY CITY NJ 07303 -------------------------------------------------------------------------------- NFS LLC FEBO THE MYRNA K Class C Shares 12.13% BIRCHER REVOCABLE PEORIA HEIGHTS IL 61616 -------------------------------------------------------------------------------- NFS LLC FEBO TIMOTHY B Class C Shares 9.21% HATCHER CUST WILMER AL 36587 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- KOPERNIK GLOBAL ALL-CAP FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- MORGAN STANLEY SMITH Class A Shares 17.75% BARNEY LLC HARBORSIDE FINANCIAL CTR PLAZA 2 3RD FL JERSEY CITY NJ 07311 -------------------------------------------------------------------------------- MERRILL LYNCH PIERCE Class A Shares 15.79% FENNER & SMITH FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Class A Shares 13.87% SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- PERSHING LLC Class A Shares 9.98% 1 PERSHING PLZ JERSEY CITY NJ 07399-0001 -------------------------------------------------------------------------------- RBC CAPITAL MARKETS LLC Class A Shares 8.69% MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 60 SOUTH SIXTH ST P08 MINNEAPOLIS MN 55402-4413 -------------------------------------------------------------------------------- RAYMOND JAMES Class A Shares 8.45% OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 -------------------------------------------------------------------------------- MORGAN STANLEY SMITH Class I Shares 31.23% BARNEY LLC HARBORSIDE FINANCIAL CTR PLAZA 2 3RD FL JERSEY CITY NJ 07311 -------------------------------------------------------------------------------- C-37 -------------------------------------------------------------------------------- MERRILL LYNCH PIERCE Class I Shares 24.61% FENNER & SMITH FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Class I Shares 7.69% LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Class I Shares 7.12% SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- COMERICA BANK FBO DINGLE Class I Shares 5.25% ERISA PO BOX 75000 MSC 3446 DETROIT MI 48275-0001 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- KOPERNIK INTERNATIONAL FUND CLASS I SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES Class I Shares 39.80% LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- MERRILL LYNCH PIERCE Class I Shares 34.88% FENNER & SMITH FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 -------------------------------------------------------------------------------- MORGAN STANLEY SMITH Class I Shares 8.73% BARNEY LLC HARBORSIDE FINANCIAL CTR PLAZA 2 3RD FL JERSEY CITY NJ 07311 -------------------------------------------------------------------------------- OPPENHEIMER & CO INC Class I Shares 5.16% FBO DAVID R BELDING TTEE DAVID R BELDING REVOCABLE TRUST U/A/DTD 12/18/2012 395 E SUNSET RD LAS VEGAS NV 89119-3566 -------------------------------------------------------------------------------- C-38 -------------------------------------------------------------------------------- LM CAPITAL OPPORTUNISTIC BOND FUND INSTITUTIONAL CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- JOANIE BRONFMAN Institutional Class Shares 98.32% 1731 BEACON ST BROOKLINE, MA 02445 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- REAVES UTILITIES AND ENERGY INFRASTRUCTURE FUND INSTITUTIONAL CLASS SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- JOHN CARSON GRAVES & 13.03% & JUDITH CANTY GRAVES TRUSTEES U/A DTD 05/21/2004 THE JOHN CARSON GRAVES TRUST PO BOX 9823 ASHEVILLE NC 28815-0823 -------------------------------------------------------------------------------- PERSHING LLC 6.82% P O BOX 2052 JERSEY CITY NJ 07303-2052 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- RSQ INTERNATIONAL EQUITY FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Institutional Class Shares 92.85% SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- STRAFE & CO Institutional Class Shares 7.15% FBO PELL FAMILY 2012 GST TRUST PO BOX 6924 NEWARK DE 19714-6924 -------------------------------------------------------------------------------- STRAFE & CO Investor Class Shares 97.97% FBO PELL FAMILY 2012 GST TRUST PO BOX 6924 NEWARK DE 19714-6924 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- RQSI SMALL CAP HEDGED EQUITY FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- RAMGUARD LLC Institutional Shares 99.12% 706 JEFFERSON ST TELL CITY IN 47586-1757 -------------------------------------------------------------------------------- JAIDEEP KARNAWAT Retail Shares 50.54% 3016 LEDGEBROOK CT LOUISVILLE KY 40241-6543 -------------------------------------------------------------------------------- BRADLEY R SHAFER & Retail Shares 25.27% BRENDA M SHAFER JTWROS SUBJECT TO DST TOD RULES 1302 ISLEWORTH DR LOUISVILLE KY 40245-5252 -------------------------------------------------------------------------------- C-39 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC Retail Shares 23.68% SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- WESTFIELD CAPITAL LARGE CAP GROWTH FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS Investor Class Shares 99.90% ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS Institutional Class Shares 16.86% ATTN MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151 -------------------------------------------------------------------------------- CITI PRIVATE BANK 0 480 WASHINGTON BLVD 15TH FLOOR-NJ NEWPORT Institutional Class Shares 15.61% OFFICE CTR 7 JERSEY CITY NJ 07310-2053 -------------------------------------------------------------------------------- ELEUTHERIAN MILLS HAGLEY FOUNDATION INC PO BOX 3630 Institutional Class Shares 11.29% WILMINGTON DE 19807-0630 -------------------------------------------------------------------------------- KEY BANK NA CUST FBO MUNSON WILLIAMS PROCTOR INSTITUTE ACCT Institutional Class Shares 9.88% UAD 102312 PO BOX 94871 CLEVELAND OH 44101-4871 -------------------------------------------------------------------------------- THE NORTHERN TRUST COMPANY AS TRUSTEE FBO BAKER HUGHES DV Institutional Class Shares 6.76% PO BOX 92994 CHICAGO IL 60675-2994 -------------------------------------------------------------------------------- CAPINCO C/O US BANK NA 1555 N RIVERCENTER DR STE 302 Institutional Class Shares 5.76% MILWAUKEE WI 53212-3958 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- WESTFIELD CAPITAL DIVIDEND GROWTH FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR Investor Class Shares 92.34% CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- INDRANI MITRA & INDRAJIT MITRA JTWROS SUBJECT TO DST TOD RULES Investor Class Shares 7.66% 82 N MAIN ST APT 3121 NATICK MA 01760-3477 -------------------------------------------------------------------------------- W JOHNSTON ASSOCIATES LLC C/O KATHRYN M COOK Institutional Class Shares 24.30% 132 TURNPIKE RD #100 SOUTHBOROUGH MA 01772-2129 -------------------------------------------------------------------------------- WILLIAM A MUGGIA 15 LONGFELLOW RD Institutional Class Shares 22.56% WELLESLEY HLS MA 02481-5220 -------------------------------------------------------------------------------- ANNETTE JANE CAMPBELL WHITE SUBJECT TO DST TOD RULES Institutional Class Shares 8.07% 4400 KELLER AVE # 412 OAKLAND CA 94605-4281 -------------------------------------------------------------------------------- NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH Institutional Class Shares 7.12% FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 -------------------------------------------------------------------------------- BISHOP STREET FUNDS -------------------------------------------------------------------------------- BISHOP STREET DIVIDEND VALUE FUND CLASS I SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- SEI PRIVATE TRUST CO 59.68% FBO FIRST HAWAIIAN BANK ID 909 C/O FIRST HAWAIIAN BANK ONE FREEDOM VALLEY DR OAKS PA 19456-9989 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY 38.10% C/O FIRST HAWAIIAN BANK ONE FREEDOM VALLEY DRIVE OAKS PA 19456-9989 -------------------------------------------------------------------------------- BISHOP STREET HIGH GRADE INCOME FUND CLASS I SHARES -------------------------------------------------------------------------------- NAME AND ADDRESS % OF FUND -------------------------------------------------------------------------------- SEI PRIVATE TRUST CO 45.32% FBO FIRST HAWAIIAN BANK ID 909 ATTN MUTUAL FUNDS ONE FREEDOM VALLEY DRIVE OAKS PA 19456-9989 -------------------------------------------------------------------------------- SEI TRUST COMPANY 35.49% C/O FIRST HAWAIIAN BANK ATTN MUTUAL FUNDS ONE FREEDOM VALLEY DRIVE OAKS PA 19456-9989 -------------------------------------------------------------------------------- C-40 -------------------------------------------------------------------------------- GREAT-WEST TRUST COMPANY LLC TTEE F 10.95% RECORDKEEPING FOR LARGE BENEFIT PL 8525 E ORCHARD RD GREENWOOD VLG CO 80111-5002 -------------------------------------------------------------------------------- WELLS FARGO BANK NA 5.77% FBO BANCWEST HOLDINGS INC ERC 26062401 PO BOX 1533 MINNEAPOLIS MN 55480-1533 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BISHOP STREET HAWAII MUNICIPAL BOND FUND -------------------------------------------------------------------------------- NAME AND ADDRESS CLASS OF SHARES % OF CLASS -------------------------------------------------------------------------------- HARRY MARTENS VON HOLT TR Class A Shares 5.67% HARRY MARTENS VON HOLT REV LIV TR U/A DTD 04/16/1991 PO BOX 1879 KAMUELA HI 96743-1879 -------------------------------------------------------------------------------- SEI PRIVATE TRUST COMPANY Class I Shares 63.13% C/O FIRST HAWAIIAN BANK ATTN MUTUAL FUNDS ONE FREEDOM VALLEY DRIVE OAKS PA 19456-9989 -------------------------------------------------------------------------------- C-41 APPENDIX D ADVISERS THE ADVISORS' INNER CIRCLE FUND

D-1

D-2

D-3

D-4

* Adviser serves as a sub-adviser or a sub-sub-adviser to the Fund. D-5