Ticker

Fund

Out with the old

In with the new

Dt

AHFAX

Aurora Horizons Fund

No one, but . . .

Gregory Schneiderman and Patrick Sheedy will join Justin Sheperd, Scott Schweighauser, Anne Morley, and Roxanne Martino, as Pine River Capital Management is added as an eleventh subadvisor to the fund

4/15

BLSAX

BlackRock Emerging Markets Long/Short Equity Fund

Rodolfo Martell is no longer listed as a portfolio manager on the fund

Jeff Shen is joined by Dan Blumhardt and Clint Newman.

4/15

BAGEX

BMO Pyrford Global Equity Fund

Bruce Campbell is no longer listed as a portfolio manager

Suhail Arain, Tony Cousins, Daniel McDonagh, and Paul Simons will carry on

4/15

BPIAX

BMO Pyrford International Stock Fund

Bruce Campbell is no longer listed as a portfolio manager

Tony Cousins, Daniel McDonagh, and Paul Simons will carry on

4/15

CALSX

Calamos Long/Short Fund

Naveen Yalamanchi and Himanshu Sheth are no longer listed as portfolio managers

Gary Black, John Calamos, Daniel Fu, Brendan Maher, and Matthew Wolfson remain on the fund

4/15

LACAX

Columbia Acorn Fund

Robert Mohn will be stepping down near the end of the year

David Frank will be joined by P. Zachary Egan

4/15

LAUAX

Columbia Acorn USA

Robert Mohn will be stepping down near the end of the year

William Doyle will remain on the fund

4/15

EGFFX

Edgewood Growth Fund

James Robillard no longer serves as a portfolio manager of the fund

Alan Breed, Lawrence Creel, Scott Edwardson, Alexander Farman-Farmaian, Peter Jennison, Kevin Seth, and Nicholas Stephens carry on

4/15

FAGAX

Fidelity Advisor Growth Opportunities Fund

Steven Wymer no longer serves as co-manager of the fund

Gopal Reddy continues to server as sole portfolio manager

4/15

GMAMX

Goldman Sachs Multi-Manager Alternatives Fund

GAM International Management is no longer listed as a subadvisor to the fund

The primary management team, Jason Gottlieb and Ryan Roderick, remain with the fund.

4/15

EXCRX

Manning & Napier Core Bond Fund

Jack Bauer is no longer listed as a portfolio manager. At about this point Chip, the proprietor of this list, discovered that M&N had changed management on virtually every fund and began grinding her teeth.

Marc Bushallow and R. Keith Harwood remain on the fund

4/15

MNCPX

Manning & Napier Core Plus Bond Fund

Jack Bauer is no longer listed as a portfolio manager

Marc Bushallow and R. Keith Harwood remain on the fund

4/15

EXDVX

Manning & Napier Diversified Tax Exempt

Jack Bauer and James Nawrocki are no longer listed as portfolio managers

Elizaveta Akselrod and Marc Bushallow have taken over portfolio management

4/15

MDOIX

Manning & Napier Dynamic Opportunities Fund

Ebrahim Busheri is no longer a portfolio manager

Brian Lester and Ajay Sadarangani remain, and are joined by Habibe Hakiqi

4/15

MNIEX

Manning & Napier Emerging Markets Fund

Jeffrey Herrmann and Marc Tommasi are no longer listed as portfolio managers of the fund

Christian Andreach remains, and is joined by Muris Demirovic, Brian Ecker, and Ben Rozen.

4/15

MNFIX

Manning & Napier Focused Opportunities Fund

Walter Stackow is no longer a portfolio manager

John Mitchell and Robert Pickels are joined by William Moore in managing the fund

4/15

MNGIX

Manning & Napier Global Fixed Income Fund

Jack Bauer is no longer listed as a portfolio manager

Marc Bushallow, Marc Tommasi, and R. Keith Harwood remain on the fund

4/15

MNHAX

Manning & Napier High Yield Bond Fund

Jack Bauer is no longer listed as a portfolio manager

Marc Bushallow and R. Keith Harwood remain on the fund

4/15

EXWAX

Manning & Napier World Opportunities Fund

Christian Andreach, Jeffrey Coons, Ebrahim Busheri, Brian Gambill, Jeffrey Herrmann, Brian Lester, Michael Magiera, Christopher Petrosino, Robert Pickels, and Virge Trotter are no longer portfolio managers of the fund

Marc Tommasi, Ben Rosin, and Ebrahim Busheri remain, and are joined by Ajay Sadarangani.

4/15

MNIIX

Manning and Napier International Fund

Sidharth Abrol is no longer a portfolio manager

Marc Tommasi and Ben Rosin are joined by Robert Crawford and Scott Shattuck

4/15

QVGIX

Oppenheimer Global Allocation Fund

No one, but . . .

Mark Hamilton and Benjamin Rockmuller are joined by Dokyoung Lee and Alessio de Longis

4/15

PWAGX

Pathway Advisors Aggressive Growth Fund

No one, but . . .

James Worden joins David Schauer in managing the fund

4/15

PWCNX

Pathway Advisors Conservative Fund

No one, but . . .

James Worden joins David Schauer in managing the fund

4/15

PIPGX

Philadelphia Investment Partners New Generation Fund

“Joseph Duncan is no longer the Vice President or Portfolio Manager of Philadelphia Investment Partners, LLC, and is no longer affiliated with the Fund, Trust, or Adviser in any capacity.” Do you suppose Joseph was naughty?

Peter Zeuli continues on as the sole portfolio manager

4/15

SBMBX

Saratoga Energy & Basic Materials Fund

Salil Sharma is no longer listed as a portfolio manager

David Cohen continues as sole portfolio manager

4/15

SNTNX

Sentinel Mid Cap Fund

Carole Hersam will resign at the end of May, 2015

Jason Ronovech will continue as the sole portfolio manager

4/15

SAGWX

Sentinel Small Company Fund

Carole Hersam will resign at the end of May, 2016

Jason Ronovech will continue as the sole portfolio manager

4/15

WAEGX

Sentinel Sustainable Mid Cap Opportunities Fund

Carole Hersam will resign at the end of May, 2017

Jason Ronovech will continue as the sole portfolio manager

4/15

SPABX

SilverPepper Merger Arbitrage Fund

Daniel Lancz and Jeff O’Brien, along with sub-advisor Glenfinnen Capital, are out.

Steven Gerbel is in, with sub-advisor Brown Trout Management

4/15

PAGEX

T. Rowe Price Global Real Estate Fund

David Lee is no longer listed as a portfolio manager

Nina Jones is the new portfolio manager

4/15

PRFEX

T. Rowe Price Institutional International Growth Equity Fund

Robert Smith is no longer listed as a portfolio manager

Richard Clattenburg has taken over as portfolio manager

4/15

PRITX

T. Rowe Price International Stock Fund

Robert Smith is no longer listed as a portfolio manager after an eight year stint in which he produced modestly average returns for average risk.

Richard Clattenburg, who hasn’t previously managed a fund, gets his chance to be mediocre here. That’s no knock on Mr. C., but this fund has been doggedly mediocre through several sets of managers.

4/15

TEMFX

Templeton Foreign Fund

Lisa Myers is no longer listed as a manager of the fund

Tucker Scott, Norman J. Boersma, James Harper, and Heather Arnold remain

4/15

TAGBX

Templeton Global Balanced Fund

Lisa Myers is no longer listed as a manager of the fund

Heather Arnold joins Norman Boersma, James Harper, Michael Hasenstab, and Christopher Molumphy in running the fund.

4/15

TEPLX

Templeton Growth Fund

Lisa Myers is no longer listed as a manager of the fund

Tucker Scott, Norman J. Boersma, James Harper, and Heather Arnold remain

4/15

TEMWX

Templeton World Fund

Lisa Myers is no longer listed as a manager of the fund

Tucker Scott, Norman J. Boersma, James Harper, and Heather Arnold remain

4/15

TEQAX

Touchstone Large Cap Growth Fund

Navellier & Associates, Inc. has been terminated as a sub advisor to the fund, and Louis Navellier is no longer a portfolio manager

Russell Implementation Services will act as an interim advisor until Rockefeller & Company comes on board around May 4th. William Hollister will serve as the portfolio manager until that time.

4/15

GBTFX

US Global Investors All American Equity Fund

John Derrick no longer serves as a portfolio manager to the fund

Frank Holmes is joined by Ralph Aldis in managing the fund

4/15

USCOX

US Global Investors China Region Fund

John Derrick no longer serves as a portfolio manager to the fund

Frank Holmes and Xian Liang continue on

4/15

EUROX

US Global Investors Emerging Europe Fund

John Derrick no longer serves as a portfolio manager to the fund

Frank Holmes is joined by Ralph Aldis in managing the fund

4/15

MEGAX

US Global Investors Holmes Macro Trends Fund

John Derrick no longer serves as a portfolio manager to the fund

Frank Holmes and Brian Hicks continue on

4/15

NEARX

US Global Investors Near-Term Tax Free Fund

John Derrick no longer serves as a portfolio manager to the fund

Frank Holmes is joined by Ralph Aldis in managing the fund

4/15

UGSDX

US Global Investors US Government Securities Ultra-Short Bond Fund

John Derrick no longer serves as a portfolio manager to the fund

Frank Holmes is joined by Ralph Aldis in managing the fund

4/15

WRAAX

Wilmington Multi-Manager Alternatives Fund

Naveen Yalamanchi and Himanshu Sheth are no longer listed as portfolio managers

The rest of the team remains for now.

4/15