Mutual Fund Constitution

We the members of Wall Street Insight declare on this day a new order in the mutual

fund industry.

This new order is one the members of Wall Street Insight will defend, enforce, promote,

and live by. This document is to serve as a new constitution for the mutual fund investor.

Let it be known to all financial professionals and consumers alike, if there are any bi-laws

contained in this Mutual Fund Constitution that they are in disagreement with or feel is

unfair, inequitable, or unethical they are free to join the educational social network at

www.wallstreetinsight.net. It is there they can debate in the open forums their various

perspectives, opinions, and ideologies.

The following articles will outline the new order of the Wall Street Insight Mutual Fund

Constitution.

Article 1.

Any member of the financial community that is in disagreement with this constitution in

any way has the right to debate their perspectives in the open forum.

Let it be further known that the membership of Wall Street Insight will only recognize

those opinions about potential changes to this Mutual Fund Constitution that are

expressed in the open forum. Wall Street Insight will not recognize opinions about

constitutional changes that are not expressed in the open forum.

Article 2.

Any members of the financial community that fail to acknowledge in any way (written or

verbal) that there are problems in the mutual fund industry that are in great need of

attention will be considered a negative influence in the industry and a contributor to the

problems that have plagued the customer for years.

Let it be further known those members of the financial community that fail to

acknowledge the existence of problems in the mutual fund industry will also be

considered the customer’s adversary. Those financial professionals will not receive any

good will from our network, no patronage, nor will they be afforded any opportunities to

solicit business from the membership of Wall Street Insight or any other organization that

is sympathetic to this Mutual Fund Constitution.

The membership of Wall Street Insight will further do all they can within legal

boundaries to persuade financial professionals that fail to recognize and acknowledge the

problems that exist in the mutual fund industry.

Article 3.

The Membership of Wall Street Insight will use a simplified uniform numerical scoring

system to determine if a mutual fund is in distress.

Mutual funds that are determined to be in distress according to the new scoring system

will be eligible to receive aid and assistance in the Mutual Fund Performance Clinic.

Article 4.

All members of the financial community will be expected to recognize the Wall Street

Insight Numerical Scoring System.

Those members of the financial community that fail to recognize the Wall Street Insight

scoring system and fail to express their opinions in the open forum will be considered a

negative influence and a contributor to the problems that have plagued the customer for

years.

Let it be further known those members of the financial community that fail to recognize

the Wall Street Insight numerical scoring system will receive no good will, no patronage,

or nor will they be afforded any opportunities to solicit business from the membership of

Wall Street Insight or any other organization that is sympathetic to this Mutual Fund

Constitution.

The membership of Wall Street Insight will further do all they can within legal

boundaries to persuade financial professionals that fail to recognize and acknowledge the

Wall Street Insight Simplified Numerical Scoring System.

Article 5.

The following is a breakdown of the numerical scoring system that will be used to

determine when a mutual fund is in distress.

The Clinic Administrator first calculates the mutual fund’s Performance Measure. This is

done by taking a straight average of a particular mutual fund’s 5 year, 3 year, 1 year, and

6 month peer group percentile ranking.

A Performance measure of 1 is the best possible score. A performance measure of 99 is

the worst possible score.

Mutual Funds with Performance Measures from 1-40 are not considered to be in distress.

Mutual Funds with Performance Measures ranging from 41- 55 will be eligible to be

issued a Citation and will be placed on a Watch List.

Any mutual fund that has a Performance Measure over 55 is considered to be in distress

and in great need of rehabilitative assistance.

Article 6.

Any mutual fund that receives a Citation will need to improve their Performance Measure

to 32.50 or less within a time frame that will be specified on the citation itself.

Anytime a particular mutual fund fails to improve their Performance Measure to 32.5 or

less within the Citation’s prescribed time period the management of that mutual fund will

have the following choices.

A) They will be allowed to enter the Performance Clinic with the assurance the Clinic

Administrator will make room to accommodate.

B) They will be allowed to implement their own plan to improve the Performance

Measure of their fund with the understanding if their plan fails to improve the fund’s

Performance Measure to 32.50 or less within six months after the Citation Period expires,

the membership of Wall Street Insight will lobby intensely for the removal of that same

fund’s management team.

The membership of Wall Street Insight may also lobby the broker dealer community for

the reallocation of assets away from that same fund to other mutual funds with higher

Performance Measures or other funds already participating in the Performance Clinic.

Article 7.

If a mutual fund is issued a Citation and during that same citation’s prescribed time frame

that same mutual fund merges or consolidates with another fund the following will apply.

The Clinic Administrator will calculate the Performance Measure of the new combined

mutual fund prior to the merger.

The Administrator will also calculate the last known Performance Measure for the fund

that has merged.

The Administrator will then take a straight average of the two Performance Measures.

If this average turns out to be between 32.50 and 55 the citation will then be rewritten to

require the newly merged fund to reach a performance measure of 25 or less before the

citation period expires.

If this average is 32.50 or less on the other hand, no new citation will be written at that

time.

Any time a newly combined mutual fund that has been issued a citation fails to attain a

Performance Measure of 25 or less before the Citation Period expires that same fund’s

management will have the following choices;

A) They will be allowed to enter the Performance Clinic with the assurance the

administrator will make room to accommodate.

B) They will be allowed to implement their own plan to improve the Performance

Measure of their fund with the understanding if their plan fails to improve the fund’s

Performance Measure to 25 or less within six months after the citation period expires, the

membership of Wall Street Insight will lobby intensely for the removal of that same

fund’s management.

The membership of Wall Street Insight may also lobby the broker dealer community for

the reallocation of assets away from that same fund to other mutual funds with higher

Performance Measures or other funds already participating in the Performance Clinic.

Article 8.

If a mutual fund is issued a citation and that same fund’s management feels as if the

citation’s corrective period is un-reasonable, the management of that same fund will be

allowed to petition the Advocate General’s Office for an Corrective Period Extension.

A maximum of two Corrective Period Extensions may be issued during the lifetime of a

financial professional.

The issuance of any an all Corrective Period Extensions will be at the sole desertion of

the Review Board of the Advocate General’s Office.

Article 9

When members of Wall Street Insight invite a mutual fund that is considered to be in

distress to participate in the Mutual Fund Performance Clinic that same mutual fund’s

management will have the following choices.

A) They will be allowed to enter the Performance Clinic with the assurance the

administrator will make room to accommodate.

B) They will be allowed to implement their own plan to improve the Performance

Measure of their fund with the understanding if their plan fails to improve the fund’s

Performance Measure to 30.00 or less within six months after the date of the invitation,

the membership of Wall Street Insight will lobby intensely for the removal of that same

fund’s management.

The membership of Wall Street Insight may also lobby the broker dealer community for

the reallocation of assets away from that same fund to other mutual funds with higher

Performance Measures or other funds already participating in the Performance Clinic.

Article 10.

Once a mutual fund receives an invitation to the Performance Clinic that same fund’s

management will have 15 calendar days (including weekends and holidays) to inform the

Clinic Administrator in writing as to how they intend to respond to the invitation.

If for whatever reason a fund’s management fails to properly respond to the first Wall

Street Insight Performance Clinic Invitation within 15 calendar days, a second invitation

will be sent out to the fund in question.

The following actions will possibly be taken by the Wall Street Insight membership if for

whatever reason a fund’s management fails to respond to the second invitation within 10

calendar days after receipt.

I) A very aggressive social network and media campaign launched against the existence

of that same fund.

II) A very aggressive lobby for the replacement of the fund’s management.

III) A very aggressive lobby against broker/dealers who actively market shares in those

funds.

IV) Lobbying members of the broker dealer community to transfer assets away from

those non-responsive funds.

V) Extreme peer pressure applied to institutions with assets being managed by those non-

responsive funds

VI) Boycotting the businesses that have accounts with those same non-responsive funds.

VII) In addition to the actions outlined above the members of Wall Street Insight may

initiate further actions to promote behavior modification in the mutual fund industry as

long as those actions are within securities laws compliance, tort law adherence, ethically

sound, and morally just.

Article 11

Once a mutual fund elects to enter the Performance Clinic, that same fund’s management

will have 20 calendar days (including weekends and holidays) from the date their election

to process all required documents with Clinic Administration and begin treatments with

the Designated Curve Setter.

If for whatever reason a fund’s management fails to meet the 20-calendar day deadline,

the Clinic Administrator will add one week to that same fund’s treatment period for each

day of tardiness.

Article 12.

The management of mutual funds that are not considered to be in distress can request to

enter the Performance Clinic if they feel the need to do so.

Priority will be given to funds with Performance Measures that are closest to 99. In short

the funds with the worst scores will have a priority when being admitted into the

Performance Clinic.

Request can be made via email at info@wallstreetininsight.net

The request should include the funds name, ticker symbol, and contact information of the

proper representative to communicate with the Wall Street Insight Clinical Administrator.

Article 13.

The membership of Wall Street Insight will be looking to identify a set of Preferred

Product Providers to help service their membership’s investment needs.

The financial professionals that are accepted as a Preferred Product Providers will be

considered a positive influence, an ally to the customer, and a contributor towards

improving industry conditions.

The members of Wall Street Insight and their affiliates will use the Preferred Product

Providers as a go to resource with respect to mutual funds.

Let it be further known those members of the financial community that become Preferred

Product Providers will receive much good will, loyal patronage, and endless

opportunities to solicit business from the membership of Wall Street Insight and any

other organization that is sympathetic to this Mutual Fund Constitution.

Article 14.

Wall Street Insight Preferred Product Providers will need to meet the following

requirements:

Preferred Product Providers will have to be properly licensed to sell mutual funds and be

in good standing with the applicable regulatory bodies.

Preferred Product Providers must only market and or sell mutual funds with a

Performance Measures of 32.50 or less at the time they are sold to the customer.

Preferred Product Providers will be allowed to sell mutual funds with Performance

Measures above 32.50 so long as those mutual funds are participating in the Wall Street

Performance Clinic.

If for whatever reason the Preferred Product Provider cannot locate a mutual fund with a

Performance Measure of 32.50 or less that suites the needs of a particular client, the

Preferred Product Provider will inform the Wall Street Insight Clinic Administrator in

writing (preferably by email). The notification must only include the type of fund that

was being sought after, the sector, the industry, and geographic area of focus, no

customer specific information. The Preferred Product Provider must also indicate the

actual fund that was ultimately selected as a substitute.

Preferred Product Providers must regularly (preferably every six months) take inventory

of the Performance Measures for the funds being held by their clients. Wall Street

Insight will address any funds in that Provider’s book of business with Performance

measures over 40. Wall Street Insight will be looking to enforce provisions contained in

this document. The Preferred Product Provider will support the enforcement actions of

Wall Street Insight in any way possible that does not violate applicable securities laws.

Preferred Product Providers must be proactive in the recognition of the provisions

contained in this Mutual Fund Constitution. If at anytime the Performance Measure of a

mutual fund sold by a Preferred Product Provider is over 40, the Provider will support

Wall Street Insight in any way legally possible in the application of the provisions

contained in this Constitution. This will be done in an effort to aid and assist the

management of that fund modify their behavior and improve performance.

Preferred Product Providers must aid, assist, and service clients that have accounts with

distressed mutual funds move assets away from those distressed mutual funds. These

assets will be transferred to mutual funds with management teams that are willing to

comply with the provisions contained in this document. This is to be done in situations

where those distressed fund’s management refuse or fail to comply with the provisions of

this Mutual Fund Constitution in a timely manner. These transfers will have to be done in

such a way not violate the mutual fund switching rules and not to cause any undue

expense to the customer.

Preferred Product Providers must lobby the wholesaler representatives of distressed

mutual funds to encourage their management to comply with the provisions of this

constitution.

Preferred Product Providers must apply peer pressure to the management of distressed

funds to comply with the provisions contained in this Mutual Fund Constitution.

Article 15.

If at any time a Preferred Product Provider is found in violation of any aspect of this

document they will be promptly removed from the Wall Street Insight list of Providers.

Let it be further known that any Preferred Product Provider that fails to adhere to all the

provisions of this Mutual Fund Constitution will be considered the customer’s adversary.

They will no longer receive any good will from our network, all patronage will stop, and

all opportunities to solicit business from the membership of Wall Street Insight and any

other organization that is sympathetic to this Mutual Fund Constitution will be promptly

discontinued.

The membership of Wall Street Insight may also lobby the broker dealer community for

the reallocation of assets away from those Preferred Product Providers that violate any of

the provisions of this Mutual Fund Constitution.

Article 16

All grievances by financial professionals as to the how rules and by-laws of this

Constitution are being implemented can be heard by the Professional Liaison

Department.

Article 17

Let it be known to all members of the investment community that any of the provisions

contained in this Mutual Fund Constitution can be changed, added, modified, or deleted

from time to time in response new circumstances and the changing sentiment of our

membership.

Simplified Mutual Fund Scoring System

The following is a breakdown of the numerical scoring system that will be used to

determine when a mutual fund is in distress.

The Clinic Administrator first calculates the mutual fund’s Performance Measure. This is

done by taking a straight average of a particular mutual fund’s 5 year, 3 year, 1 year, and

6 month peer group percentile ranking.

A Performance measure of 1 is the best possible score. A performance measure of 99 is

the worst possible score.

Mutual Funds with Performance Measures from 1-40 are not considered to be in distress.

Mutual Funds with Performance Measures ranging from 41- 55 will be eligible to be

issued a Citation and will be placed on a Watch List.

Any mutual fund that has a Performance Measure over 55 is considered to be in distress

and in great need of rehabilitative assistance

Glossary of Terms for the Wall Street Insight Mutual Fund Constitution

Mutual Fund Constitution: This is the document that will serve as a guideline for how

the members of Wall Street Insight and its affiliates will interact with members of the

financial community. This document will further act as a corrective mechanism for

mutual under performance.

Mutual Fund Performance Clinic: This is the arm of Wall Street Insight that gives aid

and assistance to money managers that are in distress. This is a match making initiative

whereby Wall Street Insight pairs top financial talent to coach, teach, and assist money

managers that are experiencing difficulties in the market place. Fees, expenses, and

market performance will be managed by selected top talent in such a way to increase the

bottom line for the fund’s account holders and ultimately improve the standing of the

fund itself. Mutual Funds that participate in the Performance Clinic will pay no more

than 15% of their advisory fees to receive treatments. The actual amount to be paid for

treatments will be determined by the Professional Treatment Provider and will depend on

the amount of aid a particular fund needs in order to move up in the ranks of their peer

group. The payments made by the mutual funds for the treatments will be paid directly to

the Professional Treatment Providers themselves.

The objective of the clinic is to rehabilitate a fund’s management team in such a way to

quickly get them back on their own, paired up with third party vendors that bring the

most value, and on an economically cost efficient maintenance plan to keep them at the

top of their peer group.

Clinic Administration: This is the arm of Wall Street Insight that

oversees how many mutual funds can be in the Performance Clinic at any one time. This

department makes sure spaces in the clinic are properly filled and that treatment

providers are in place to accommodate the clinic’s population. This is the department of

Wall Street Insight that calculates Performance Measures for mutual funds being

evaluated, issue Citations, and manage the workload of the Treatment Providers and the

Designated Curve Setters.

Performance Measure: This is Wall Street Insight’s simplified numerical system for

determining when a fund is in distress. This system heavily corresponds to other well-

known and accepted services in the industry such as Morning Star and Lipper. The scores

are expressed from 1 to 99. The best possible score is 1, and the worst possible score is

99. The actual Mutual Fund Constitution itself outlines the guidelines for the various

cutoff points from 1 to 99.

Citation: This is a document that is sent to a mutual fund’s management team when that

mutual fund’s performance is not acceptable by most conventional standards but not to

the point of needing rehabilitative services. The citation is simply a notification to a

fund’s management team that the membership of Wall Street Insight would like see them

improve their Performance Measure by a certain degree by a certain period of time.

Watch List: This is a list of mutual funds maintained by the Clinic Administrator. These

mutual funds are ones that have open Citations. This means the Performance measure of

these funds are being monitored to see if they improve to the degree required before the

deadline specified in the Citation that they were issued.

Professional Liaison Department: This is the department of Wall Street Insight that acts

as advisors and advocates to financial professionals in such a way to promote cooperation

and good relations with the membership of Wall Street Insight. This is also the

department that hears the grievances of financial professionals when and if they feel the

rules and by-laws of the Constitution are being enforced and or implemented unfairly in

any way.

Corrective Period Extension: This is an extension of the amount of time allowed for a

mutual fund to meet the deadline specified on a Citation that they were issued.

Corrective Period Extensions can be applied for through the Advocate General’s Office of

Wall Street Insight.

Designated Curve Setter: This is the independent professional arm that acts as the

primary Professional Treatment Provider for mutual funds participating in the

Performance Clinic. The Designated Curve Setter also acts as a coach to additional curve

setters and treatment providers to insure they are confidant, prepared, and capable to meet

the needs of the mutual funds participating in the clinic. The Supra Vantage® has been

selected for this roll. Detailed information about the Supra Vantage® can be found at

www.supravantage.net

Preferred Product Provider: These are broker/dealers, investment advisor, and licensed

solicitors that are selected as go to resources with respect to mutual sales and advice. The

management of Wall Street Insight will maintain this list for the benefit of its members

and affiliates. Preferred Product Providers will have to adhere to the provisions of the

Mutual Fund Constitution in order to keep their name on this provider list.

Professional Treatment Providers: These are investment advisors, broker/dealers,

custodians, economist, and securities traders among others that are to be managed by the

Designated Curve Setter in such a way to bring the most value and assistance possible to

the mutual funds admitted into the performance clinic.

Advocate General’s Office: This is the arm of Wall Street Insight that administers the

regulations and by-laws of the Mutual Fund Constitution. This office also issues

Corrective Period Extensions, oversees competitive disputes between Preferred Product

Providers, and acts as the general voice and leadership of Wall Street Insight.