Deutsche Bank Securities Inc.

Deutsche Bank Securities Inc. provides proprietary Research Services to institutional clients, including investment managers and pension plans, and delivers certain written equity and strategy reports to Raymond James under a continuing relationship. These services consist of published macro, equity, fixed-income, credit, quant and sector research and analyst access provided for negotiated cash advisory fees rather than percentage-of-assets arrangements; DBSI reports no assets under management for these advisory services.

DBSI’s research group uses fundamental financial modeling, valuation techniques (for example discounted cash flow and sum‑of‑the‑parts), channel checks and company meetings to produce impersonal, non‑customized investment views across several growth‑oriented sectors. The firm does not provide discretionary trading, custody, or tailored investment advice in connection with the Research Services, and execution of securities transactions is handled separately in its capacity as a broker‑dealer.

The firm’s structure and regulatory registrations are notable for an investment‑manager profile: DBSI is a registered broker‑dealer, a CFTC‑registered futures commission merchant and a designated primary dealer in U.S. government securities, and it is an indirect, wholly owned subsidiary of Deutsche Bank AG with banking and other financial affiliates. DBSI also has a record of multiple regulatory settlements and disclosures (including FINRA and SEC actions addressing research, supervisory and share‑class issues) and maintains information barriers and a code of ethics to address conflicts that arise from its affiliated trading and brokerage activities.