Rishabh Shukla

MAP: You will pay us an inclusive wrap fee based on a percentage of assets under management that includes most transaction costs and fees and is therefore higher than a typical asset-based advisory fee. This fee is assessed quarterly.

Third party Wrap Programs: The Program Sponsor will generally charge you an inclusive wrap fee based on a percentage of assets under management and will typically pay us a portion of that fee. With respect to “dual contract” third party Wrap Programs where you have separate agreements with us and the Program Sponsor, you may pay us our advisory fee directly. The wrap fee includes most transaction costs and fees and is therefore higher than a typical assetbased advisory fee. The Program Sponsor will provide you information about the wrap fee and how frequently it is assessed.

The more assets there are in your account, the more you will pay in fees. Thus, we may have an incentive to encourage you to increase the assets in your account.

Other fees and costs: When you purchase a mutual fund in the Mutual Fund Series, you will bear a portion of the underlying fees and expenses of the fund.

Additional information

You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying. For more detailed information about the fees and costs associated with our brokerage services, please refer to the commission and fee schedule applicable to the brokerage account you are considering. For more detailed information about the fees and costs associated with our advisory services, please refer to our Firm Brochure and Wrap Fee Program Brochure. In addition, transaction confirmations, account statements and prospectuses typically provide information about your fees and costs.

When we provide you with a recommendation as your broker-dealer or act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money may create conflicts with your interests. You should understand and ask us about these conflicts because they can affect the recommendations and investment advice we provide you. Here are some examples to help you understand what this means:

1. Proprietary products: We and our affiliates provide services to the proprietary products we offer. We and our affiliates receive compensation for these services when you purchase these products, which encourages us to recommend them to you. We and our affiliates generally receive higher levels of compensation from proprietary products than non- proprietary products.

2. Revenue sharing and third-party payments: When we recommend a non-proprietary annuity to you, we are compensated by the issuing insurance company. We and our affiliates also receive compensation from the nonproprietary funds in the Mutual Fund Series for services provided to these funds, which encourages us to recommend them to you.

Additional Information

For more detailed information about our conflicts of interest, please refer to the Important Disclosures document applicable to the business unit making the recommendation to you; our Firm Brochure; and our Wrap Fee Program Brochure.

Our financial professionals who make recommendations are compensated in different ways, depending on the product you purchase and the business unit through which they operate. Below is a brief overview of how they are compensated.

• Salary: Our financial professionals typically receive a base salary.

• Sales compensation: Certain of our financial professionals receive upfront sales compensation based on a fixed percentage of the purchase amount. Other professionals receive compensation paid over time based on a percentage of the revenue we or our affiliates receive from your investment in a product, which may vary based on the product category or within a category. Commissions are paid by us (not you). These payments can incentivize our financial professionals to make recommendations to you, recommend certain products over others or encourage you to remain invested.

• Discretionary compensation: Certain of our financial professionals may receive periodic discretionary compensation based on a variety of factors, such as achievement of overall corporate/business unit and individual performance goals, and actual sales production during the period. While this compensation is discretionary, it may incentivize our financial professionals to make recommendations to you

• Non-cash compensation: Certain of our financial professionals may receive non-cash compensation from sponsors of non-proprietary mutual funds offered in MAP, typically in the form of an occasional meal or other type of business entertainment. This may incentivize our financial professionals to recommend these products to you.

• Ongoing compensation: Certain of our financial professionals who offer MAP receive a percentage of the investment advisory fee paid to us. Such compensation may be paid to the professional for the duration of your participation in MAP. This provides an incentive for our professionals to recommend MAP and to encourage you to remain invested.

Commissions and other transaction-based fees: You will typically pay a commission when you purchase and sell securities in your brokerage account, although no commission will be assessed for certain transactions (e.g., no transaction fee (NTF) funds). The commission amount will vary based on the security type and/or transaction size. Transactions where we or an affiliate acts as principal will be subject to a markup or markdown that is reflected in the price of the security itself rather than an explicit commission charge. You would be charged more when there are more trades in your account, and we may therefore have an incentive to encourage you to trade often.

Other fees and costs: Other common fees and costs that you may pay in a brokerage account include: (i) a redemption fee on sales of NTF funds not held for a specified time period, (ii) low balance and inactive account fees, (iii) an annual retirement account fee and (iv) margin interest if you elect to trade on margin. In addition, when you purchase a mutual fund, annuity or other pooled investment vehicle (e.g., private fund), you will pay the applicable fees and expenses of those products, including a sales load for certain non-proprietary products.

Additional information

You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying. For more detailed information about the fees and costs associated with our brokerage services, please refer to the commission and fee schedule applicable to the brokerage account you are considering. For more detailed information about the fees and costs associated with our advisory services, please refer to our Firm Brochure and Wrap Fee Program Brochure. In addition, transaction confirmations, account statements and prospectuses typically provide information about your fees and costs.

When we provide you with a recommendation as your broker-dealer or act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money may create conflicts with your interests. You should understand and ask us about these conflicts because they can affect the recommendations and investment advice we provide you. Here are some examples to help you understand what this means:

1. Proprietary products: We and our affiliates provide services to the proprietary products we offer. We and our affiliates receive compensation for these services when you purchase these products, which encourages us to recommend them to you. We and our affiliates generally receive higher levels of compensation from proprietary products than non- proprietary products.

2. Revenue sharing and third-party payments: When we recommend a non-proprietary annuity to you, we are compensated by the issuing insurance company. We and our affiliates also receive compensation from the nonproprietary funds in the Mutual Fund Series for services provided to these funds, which encourages us to recommend them to you.

Additional Information

For more detailed information about our conflicts of interest, please refer to the Important Disclosures document applicable to the business unit making the recommendation to you; our Firm Brochure; and our Wrap Fee Program Brochure.

Our financial professionals who make recommendations are compensated in different ways, depending on the product you purchase and the business unit through which they operate. Below is a brief overview of how they are compensated.

• Salary: Our financial professionals typically receive a base salary.

• Sales compensation: Certain of our financial professionals receive upfront sales compensation based on a fixed percentage of the purchase amount. Other professionals receive compensation paid over time based on a percentage of the revenue we or our affiliates receive from your investment in a product, which may vary based on the product category or within a category. Commissions are paid by us (not you). These payments can incentivize our financial professionals to make recommendations to you, recommend certain products over others or encourage you to remain invested.

• Discretionary compensation: Certain of our financial professionals may receive periodic discretionary compensation based on a variety of factors, such as achievement of overall corporate/business unit and individual performance goals, and actual sales production during the period. While this compensation is discretionary, it may incentivize our financial professionals to make recommendations to you

• Non-cash compensation: Certain of our financial professionals may receive non-cash compensation from sponsors of non-proprietary mutual funds offered in MAP, typically in the form of an occasional meal or other type of business entertainment. This may incentivize our financial professionals to recommend these products to you.

• Ongoing compensation: Certain of our financial professionals who offer MAP receive a percentage of the investment advisory fee paid to us. Such compensation may be paid to the professional for the duration of your participation in MAP. This provides an incentive for our professionals to recommend MAP and to encourage you to remain invested.