American Growth Fund, Inc.
1636 Logan St.
Denver, CO 80203
Toll Free: (800) 525-2406
Local: (303) 626-0600
Fax: (303) 626-0614
New Account
Agreement

Distributed by World Capital Brokerage, Inc. | 1636 Logan Street, Denver, CO 80203 | Toll Fee: (888) 742-0631 | Local: (303) 626-0631 | Fax: (303) 626-0614
For your account to be opened promptly and accurately, please provide the information requested on the form as outlined in the instructions below.

* Required
NOTICE: We at American Growth Fund, Inc. (AGF) will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with our privacy policy. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features to try to prevent unauthorized access. If you wish to fill out this information on a paper application, please call our distributor at (888) 742-0631 or Click Here.

By checking this box, I (the client or person filling out this application) agree to submitting, transferring, storing, or processing of my personal data. I also understand the transmission of information via the internet is not completely secure.*

By checking this box, I (the client or person filling out this application) agree that I have read in full the prospectus and fully understand the objectives and risks associated with investing in shares of Series 2 of American Growth Fund, Inc.*

By checking this box, I (the client or person filling out this application) agree that I have read the World Capital Brokerage (WCB) Account Agreement and wish to open an account thru WCB.*

Step 1. Account Registration (check one)
Additional documentation may be required to open certain account types. Use the supplemental form to identify all participants and their respective roles in the account. Contact your investment professional for more information.




Please call our distributor at (888) 742-0631 to apply for other retail accounts or retirement accounts.
For Joint Accounts Only

Yes No




Step 2. Institutional/Non-Institutional Account
This section MUST be completed in order to establish the account.





Equities Options Fixed Income Mutual Funds Unit Investment Trusts
Exchanged Traded Funds Other

For Broker-Dealer Use Only. If the selection above represents a full or partial waiver of the servicing broker/dealer's suitability obligation, the servicing broker/dealer represents that the institutional client account is capable of exercising independent judgment with respect to security and investment strategy decisions made in connection with the waiver.

Step 3. USA Patriot Act Information
This section MUST be completed in order to establish the account.



SPECIAL NOTE FOR NON-U.S. ACCOUNTS: WITH RESPECT TO ASSETS CUSTODIED BY PERSHING ON YOUR BEHALF, YOU ACKNOWLEDGE THAT INCOME AND CAPITAL GAINS OR DISTRIBUTIONS TO YOU FROM THIS ACCOUNT MAY BE TAXABLE IN YOUR HOME JURISDICTION. YOU ACKNOWLEDGE TO YOUR FINANCIAL ORGANIZATION AND TO PERSHING THAT YOU HAVE OBTAINED YOUR OWN TAX ADVICE IN THIS REGARD.

Disclosures Required Under the USA PATRIOT ACT
Yes No
Yes No
Yes No
Yes No
Yes No
Yes No
Yes No
Yes No

Step 4. Primary Account Holder Information
The legal address MUST be a street address. A post office box is not acceptable for a legal address. A legal address is the account holder's permanent residence address or, in the case of an entity, the place where it maintains a physical presence. For those accounts opened for nonresident aliens and foreign entities, the legal address must be the same as the permanent residence address listed on IRS Form W-8BEN or W-8IMY. You must provide annual income and net worth in the same manner. For instance, if the account is a joint account, and you are providing a combined annual income, you must also provide a combined net worth.
NOTE: To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial organizations to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask you to provide a copy of your driver's license or other identifying documents. The information you provide in this form may be used to perform a credit check and verify your identity by using internal sources and third-party vendors. If additional space is needed, attach a separate sheet.





Person Entity


















Yes No


Male Female

Single Married Divorced Domestic Partner Widowed
Dependents

Employed Self Employed Retired Unemployed Homemaker Student









Limited Moderate Extensive None *
Knowledge and Experience by Industry Type
Investment Investment Knowledge Investment Expirence
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None

Limited Moderate Extensive None
Financial Information

Complaince Data Center Report Regulatory Data Corp Internal Review Other ID Vendor
By Checking this box, I (the client or person filling out this application) agree to have my identity run thru a third party processor.*

Annual Income
Net Worth
Liquid Net Worth
Yes No

0-15% 15.0-32% 32.1-50% 51.0%+

Unexpired Government Identificaiton
Government issued unexpired photo identification should be provided for all individuals that were not verified using nondocumentary methods, and for non-resident aliens, along with an IRS Form W-88en.

Government Photo ID # 1 Government Photo ID # 2













Scan/Image
Scan/Image
Corporate/Business Information




Broker-Dealer Affiliations
Yes No
Yes No


Yes No

Yes No



Yes No

Yes No

Yes No

Click Here if your filling out this application as an Individual Account and Not a Joint Account

Step 5. Secondary Account Holder Information
The legal address MUST be a street address. A post office box is not acceptable for a legal address. A legal address is the account holder's permanent residence address or, in the case of an entity, the place where it maintains a physical presence. For those accounts opened for nonresident aliens and foreign entities, the legal address must be the same as the permanent residence address listed on IRS Form W-8BEN or W-8IMY. You must provide annual income and net worth in the same manner. For instance, if the account is a joint account, and you are providing a combined annual income, you must also provide a combined net worth.
NOTE: To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial organizations to obtain, verify, and record information that id entifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask you to provide a copy of your driver's license or other identifying documents. The information you provide in this form may be used to perform a credit check and verify your identity by using internal sources and third-party vendors. If additional space is needed, attach a separate sheet.



Person Entity


















Yes No


Male Female

Single Married Divorced Domestic Partner Widowed
Dependents

Employed Self Employed Retired Unemployed Homemaker Studentt









Limited Moderate Extensive None
Knowledge and Experience by Industry Type
Investment Investment Knowledge Investment Expirence
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None
Limited Moderate Extensive None

Limited Moderate Extensive None
Financial Information

Complaince Data Center Repor Regulatory Data Corp Internal Review Other ID Vendor
By Checking this box, I (the client or person filling out this application) agree to have my identity run thru a third party processor.

Annual Income
Net Worth
Liquid Net Worth
Yes No

0-15% 15.0-32% 32.1-50% 51.0%+

Unexpired Government Identificaiton
Government issued unexpired photo identification should be provided for all individuals that were not verified using nondocumentary methods, and for non-resident aliens, along with an IRS Form W-88en.

Government Photo ID # 1 Government Photo ID # 2















Corporate/Business Information




Broker-Dealer Affiliations
Yes No
Yes No


Yes No

Yes No



Yes No

Yes No

Yes No


Additional Participants

Yes No

Step 6. Interested Parties Click here if you do not have any interested parties to declare
If you would like to add an interested party to your account, provide the interested party’s contact information in this section. Indicate if you would like the interested party to receive copies of your statements, confirmations, and proxies.

First Interested Party










Statement Confirmation Proxy

Second Interested Party Please call our distributor at (888) 742-0631 to add additional interested parties.










Statement Confirmation Proxy

Step 7. Cash Management
Check the appropriate box to tell us how your proceeds should be handled. If you elect to sweep proceeds, enter the product name or acronym to designate your sweep instruction.

The sweep program consists of sweep options, which may include money market mutual funds as well as bank deposit products. Once a sweep option is elected, any free credit balance in your brokerage account will be automatically invested into the sweep product selected and any debits in your brokerage account will also be covered automatically by redemptions, to the extent you have a balance in the sweep product sufficient to cover the debit balance. You should contact your advisor for additional information on the products available to you through the sweep program.

Remit Hold in Account
Hold and sweep to cash management sweep option. If this option is chosen, please enter the sweep option below.


For Money Market Fund, FDIC Insured Deposit or Bank Sweep.

Step 8. Objective, Investment Details and Risks
Use this section to provide details about your account objectives and investments.
Account investment objectives are defined as follows:
Income – An investment approach by which an investor generally seeks current income over time.
Long-Term Growth – An investment approach by which an investor generally seeks capital appreciation through buying and holding securities over an extended period of time.
Short-Term Growth – An investment approach by which an investor generally seeks short-term capital gains through buying and selling securities over a short period of time.

Income Long-Term Growth Short-Term Growth


High Medium Low
Other Investments
Investment Type Investment Value Investment Type Investment Value
Equities Fixed Annuities
Options Precious Metals
Fixed Income Commodities and Futures
Mutual Funds
Unit Investment Trust
Exchange-Traded Funds
Real Estate
Insurance
Variable Annuities

Senior Considerations (Required for those investors age 65 and over.) Click Here if you are not 65 and over
I, the client, do wish to disclose the information requested under the heading "Senior Consideration" I, the client, do not wish to disclose the information requested under the heading "Senior Considerations" and, in my opinion, this investment is suitable for my circumstances.
Employed full time Retired Partially retired Planning to retire in years.
Yes No
Senior Monthly Financial Expenses
$
$
$
$
$
$
Senior Monthly Income
Source Amount
Fixed Variable
Fixed Variable
Fixed Variable
Personal Risk Assessment (required).
Retirement (1 pt) College (2 pts)
Short-term savings (3 pts) Long-term savings (3 pts)



10% (0 pts) 15% (0 pts)
25% (0 pts) 28% (0 pts)
33% (0 pts) 35% (0 pts)



$0 - $15k (0 pts) $15k - $25k (0 pts)
$25k - $50k (0 pts) $50k - $100k (0 pts)
$100k - $200k (0 pts) $200k + (0 pts)



$0 - $15k (0 pts) $15k - $25k (0 pts)
$25k - $50k (0 pts) $50k - $100k (0 pts)
$100k - $500k (0 pts) $500k - $1m (0 pts)
$1m + (0 pts)



$0 - 15k (0 pts) $15k - $25k (0 pts)
$25k - $50k (0 pts) $50k - $100k (0 pts)
$100k - $500k (0 pts) $500k - $1m (0 pts)
$1m + (0 pts)



0% - 25% (4 pts) 25% - 50% (3 pts)
51% - 75% (2 pts) 75% + (0 pts)



None (0 pts) Limited (1 pt)
Good (2 pts) Extensive (3 pts)



Money Market Funds/Cash (0 pts)
Bonds/Bond Funds (2 pts)
Stock/Stock Funds (3 pts)
International Securities/ Funds (4 pts)



Determining your investment time frame can be critical to your investment decision.
0-3 years (1 pt) 3-5 years (3 pts)
6-10 years (7 pts) 10+ years (10 pts)



0-2 years (0 pts) 2-5 years (1 pt)
6-10 years (4 pts) 10+ years (8 pts)



my earnings increase & outpace inflation (4 pts)
my earnings increase & stay somewhat ahead of inflation (3 pts)
my earnings keep pace with inflation (2 pts)
my earnings decrease (ie. retirement, inflation, etc.) (0 pts)



Income obligations such as paying off debt may increase your need for available cash.
<10% (3 pts) 10% - 25% (2 pts)
25% - 50% (1 pt) 50%+ (0 pts)



Single (0 pts) Married (0 pts)
Divorced (0 pts) Widowed (0 pts)



None (3 pts) 1 (2 pts)
2 - 3 (1 pt) 3+ (0 pts)



No (0 pts) Yes (3 pts)
Yes but less than 3 months (2 pts)



Yes I have a separate savings plan (4 pts)
I do not expect these expenses (4 pts)
I intend to fund a portion of these with this plan (0 pts)
I have no separate saving for these (0 pts)



Personal Risk Tolerance
Most oncerned about my investment losing value (0 pts)
Most concerned with my investment gaining value (4 pts)
Equally concerned (2 pts)



Sell all (0 pts) Sell some (1 pt)
Keep all (2 pts) Buy more (4 pts)





Average Annual Best Case Scenario Worst Case Scenario
Plan A (0 pts) 7.2% 16.3% -5.6%
Plan B (2 pts) 9.0% 25.0% -12.1%
Plan C (3 pts) 10.4% 33.6% -18.2%
Plan D (4 pts) 11.7% 42.8% -24.0%
Plan E (5 pts) 12.5% 50.0% -28.2%
These figures are hypothetical and do not represent the performance of any particular investment.


1-22 points Conservative This investment allocation is for investors who seek current income and stability and are less concerned about growth.
23-34 points Moderate Conservative This investment allocation is for investors who seek current income and stability with some modest potential for increase in the value of their investments.
35-50 points Moderate This investment allocation is for long-term investors who don’t need current income and want some growth potential. Likely to entail fluctuations in value, but presents less volatility, in general, then in the overall stock market.
51-60 points Moderate Agressive^ This investment allocation is for long-term investors who want good growth potential and don’t need current income. Entails an amount of volatility consistent with a portfolio exclusively invested in the stock market.
60+ points Aggressive^ This investment allocation is for long-term investors who want high growth potential and don’t need current income. May entail substantial year-to-year volatility in value in exchange for potentially high long-term returns.

Conservative Moderate Conservative
Moderate Moderate Aggressive^
Aggressive^

^By checking this box; I (Client(s)) acknowledge that this program contains a high level of risk and that this risk may translate into the potencial for a high degree of returns or the possibility of substantial losses in the account.
By checking this box; Client(s) acknowledge that they have discussed with their investment professional the appropriateness of this investment/program(s) and understand the objectives and risks.
By checking this box; Client(s) acknowledge that if they utilize programs outside of the risk tolerance indicated on this form; that they have discussed have discuessed their financial objectives with their Registered Representative.
World Capital Brokerage, Inc. is not responsible for ensuring the appropriateness of the client(s) program chosen.




By checking this box, I, am aware that of my total net assets are being put into one investment at .*
I further understand the primary risks of investing are:
  • Stock Market risk is the risk that all or a majority of the securities in a certian market, such as the stock or bond market, will decline in value because of factors such as economic conditions, future expectations or investor confidence.
  • Industry and security risk is the risk that the value of securities in a particular industry or the value of an individual stock or bond will decline because of changing expectations for the performance of that industry or for the individual company issuing the stock or bond.
  • Management risk is the risk that the Adviser's assessment of a company's ability to increase earnings faster than the rest of the market is not correct, the securities in the portolio may not increase in value and could decrease in value.
  • Interest rate risk is the risk that as rates rise, the price of a frixed rate bond will fall.
  • Foreign investment risk is the risk that foreign securities may be adversely affected by political instability, changes in currency exchange rates, foreign economic conditions or inadequate regulatory and accounting standards.
  • Liquidity risk is the possiblity that securities cannont be readily sold, or can only be sold at a price lower than the price that the Fund has valued them.
  • Small Cap stocks tend to have a high risk exposure to market fluctuations and failure.
  • Mid Cap stocks also tend to have a greater risk exposure to market fluctuations and failure but normally not as much as the Small Cap stocks.
  • Convertible Securities have the risk of loss of principle and maturity, however, this loss is limited to the value of the bond floor. Before you invest you should carefully evaluate the risks.
  • Loss of some or all of the money you invest is a risk of investing in the market.
  • I also understand that diversification and hedging would be partial means of moderating risks.

Step 9. Tax Lot Disposition Methods Pershing Accounts Only
First In, First Out (the tax lot(s) with the earliest trade date(s) will be disposed, sold, transferred or exchanged first based on the order of their acquisition).
Last In, First Out (the tax lot(s) with the latest trade date(s) will be disposed, sold, transferred or exchanged first based on the order of their acquisition).
Average Cost Using First In, First Out (this option is available ONLY for mutual fund shares and covered stocks in Pershing’s dividend reinvestment plans, and it reflects the average cost per share, considering all tax lots of a security, even those no longer held by the investor. Upon disposition of mutual fund shares, the average cost per share is used to calculate gain or loss and although the calculation of gain or loss is based on an average cost, the tax lots are disposed of on a FIFO basis).
High Cost (the tax lot(s) with the highest unit cost are disposed of first, whether the tax lot(s) are short-term or long-term for capital gain tax purposes).
High Cost Long-Term (the tax lot(s) that have the highest unit cost, and produce a long-term capital gain or loss, are disposed of first — If no long-term shares are identified, or if an inadequate number of long term shares are identified, then the short-term shares with the highest unit cost will be disposed of ).
High Cost Short-Term (the tax lot(s) that have the highest unit cost, and produce a short-term capital gain or loss, are disposed of first — If no short-term shares are identified, or if an inadequate number of short-term shares are identified, then the long-term shares with the highest unit cost will be disposed of).
Low Cost (the tax lots with the lowest unit cost are disposed of first, whether the tax lots are short-term or long-term for capital gain tax purposes).
Low Cost Long-Term (the tax lots with the lowest unit cost, and produce a long-term gain or loss, are disposed of first — If no long-term shares are identified, or if an inadequate number of long-term shares are identified, then the short-term shares with the lowest unit cost will be disposed of).
Low Cost Short-Term (the tax lot(s) with the lowest unit cost, and produce a short-term capital gain or loss, are disposed of first — If no short-term shares are identified, or if an inadequate number of short-term shares are identified, then the long-term shares with the lowest unit cost will be disposed of).
Minimize Short Term Gains (take losses first and gains last. The tax lots are disposed in the following order: Short-term lots sold at a loss, from highest cost to lowest cost; long term lots sold at a loss, from highest cost to lowest cost; short-term lots sold at no gain or loss; long-term lots sold at no gain or loss; long term loss sold at a gain, from highest to lowest cost; short-term lots sold at a gain, from highest cost to lowest cost).
Please consult a tax advisor before selecting a tax lot disposition method. Pershing LLC may not provide tax advice, and accordingly, you are solely responsible for the tax effect of any selected method (or your use of your introducing brokerage firm’s default method), and change from or to a new method, for federal, state, local and foreign tax purposes. Please contact your introducing brokerage firm to change a selection. Pershing LLC reserves the right to introduce new tax lot disposition methods at any time or to make any change in the offered tax lot disposition methods that is required by applicable law or regulations, without prior notice.
Pershing’s application of the tax lot disposition methods to all account trades and transactions shall control in all instances.
NOTE: Data provided by outside vendors may not be the actual data that is reported to the IRS, Pershing LLC will be reporting the data that is maintained at Pershing LLC.

Please choose one disposition method as your default for a) Mutual Funds, b) Sotcks in Pershing's Dividend Reinvestmest Plans and c) All other securities. If a default disposition method is not chosen by you or your Financial Organization, the federally mandated default method will be applied on the account.
Average Cost (using FIFO)
First In/First Out (FIFO)
High Cost
High Cost Long-Term
High Cost Short-Term
Last In/First Out (LIFO)
Low Cost
Low Cost Long-Term
Low Cost Short-Term
Minimize Short-Term Gains

Step 10. Additional Information
Use this section to provide additional information about your account.
Please provide the names and addresses of your banks: Please contact our distributor at (888) 742-0631 to add additional banks.






Step 11. Initial Investment
Please fill in the amount you wish to invest per fund. There is no minimum investment. All new accounts will be considered American Growth Fund Class E investments.
American Growth Fund Series Two Class E (AMREX) *
I will send a check for the amount of my inital investment. Please make checks payable to: American Growth Fund, Inc. - Series Two
I give American Growth Fund, Inc. and their transfer agent permission to initate an ACH for the inital investment amount. from the banking information in Step 13.
Risk Warning
American Growth Funds Series Two is an aggressive investment and may not be suitable for all investors. Trading in the products and services offered even if made in accordance with the guidelines may result in losses as well as profits. In particular, the principal risks of investing in the Fund are General Risk, Political, Economic, and Regulatory Risk, REITs Risk, Stock Market Risk, Industry and Security Risk, Management Risk, Liquidity Risk, Small Cap Risk, Mid Cap Risk, Micro Cap Risk, Convertible Security Risk, and New Issuer Risk. These risks can be very speculative and losses and profits may fluctuate both violently and rapidly and the loss of some or all of the money you invest is at risk. For more information on our principal risks please refer to the American Growth Fund, Inc. Series Two Prospectus.

Mutual Fund Investing
The following elements of mutual fund investing have been explained to me. I understand and have considered each element applicable to my investment(s).
INVESTMENT GOALS - I acknowledge receipt of the following prospectus and have read and understand the investment objective of the American Growth Fund Series Two as is fully described in the fund's prospectus:
Initial Sales
Mutual Fund Name
Class Charge Next
Breakpoint/
Breakprice
Sales Charge at
next Break
Roll Over
Discount
American Growth Fund, Inc. E 5.75% N/A N/A N/A
VALUE OF SHARES - I understand the value of my shares in any period may increase or decrease. Depending on the net asset value at the time I redeem my shares, I may receive more or less then I paid for them.
COST TO PURCHASE - I understand that several factors enter into my decision to purchase a specific class of shares, including the purchase amount, anticipated holding period and other relevant circumstances.
CLASS E SHARES - Purchase price includes a "front end" sales charge of a percentage of the offering price and may also be subject to a Rule 12(b)-1 expense fees.
CLARIFICATION OF DISTRIBUTIONS - I am aware that there is no advantage to buying shares in anticipation of a stock dividend or capital gain distribution. Any subsequest dividend is actually part of the offering price and thus becomes a refund of part of my investment.
TAX ASPECTS - I understand that my investment activity may affect the amount of tax I owe.
SOURCE OF FUNDS -Were other investment company securities liquidated to provide funds for the indicated transaction(s)? Yes / No (if "Yes" a Switch Form must be completed.)
What are the source(s) of the funds you are investing?
Important Information About Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record, information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.


Step 12. Dividends and Capital Gains Distributions
Dividends and Capital Gains will be reinvested unless otherwise noted. Distributions with be reinvested into the same Class.
Reinvest Cash
Reinvest Cash
By check to the address in Step 4 of this application By ACH to the bank in Step 13

Step 13. Bank Account of Record
Banking information will be taken from your purchase check unless a blank, voided check, or deposit slip is enclosed. Checks must be preprinted; starter or counter checks will not be accepted.
Checking Savings

Step 14. Systematic Withdrawal
Please contact our distributor at (888) 742-0631 to set up a Systematic Withdrawal Plan.

Step 15. Automatic Investment Plan
Please contact our distributor at (888) 742-0631 to set up an Automatic Investment Plan.

Step 16. Telephone Exchange / Redemption Privilege
I authorize the Transfer Agent to accept instructions from registered person(s) to exchange or redeem shares in my account(s) by telephone, in accordance with the procedures and conditions set forth in the current Prospectus.

Redemptions by telephone will be sent via U.S. Mail to the address of record, or sent to the bank of record, if Step 14 is completed with bank instructions.

Neither the Fund nor the Transfer Agent will be liable for properly acting upon telephone instructions believed to be genuine. Should the Fund or its Transfer Agent fail to utilize reasonable procedures, it may be liable for any losses due to unauthorized or fraudulent instructions.

Step 17. Automatic Dollar Cost Averaging Plan
Please contact our distributor at (888) 742-0631 to set up an Automatic Dollar Cost Averaging Plan.

Step 18. U.S. Taxpayer Number Certification
U.S. persons must sign the U.S. taxpayer certification built into the New Account Form. If the account is a JOINT account, you must provide the Social Security Number or the Taxpayer Identification Number of the individual whose name appears first. For custodial accounts, use the Social Security Number of the minor. If you are a nonresident alien or foreign entity, you should not sign the taxpayer certification included in this form, and instead submit an IRS Form W-8BEN, W-8IMY or other appropriate W8 series forms with this application. Nonresident alien joint accounts require IRS Form W-8BEN for each account holder. The account holder’s country of permanent residence is the country where the account holder claims to be a resident for purposes of that country’s income tax. If a reduced rate of withholding is being claimed under an income tax treaty, residency must be determined in the manner required by the treaty. If the account holder does not have a tax residence in any country, the permanent residence is where the account holder normally resides (or maintains an office for accounts not owned by individuals). The primary account owner whose Social Security Number or Taxpayer Identification Number is used should sign the Taxpayer Certification on Step 18.

Taxpayer Certification
This section is not to be used by nonresident aliens and foreign entities.
Under penalties of perjury, I certify that:
  1. The number shown on this form in Step 4 is my correct Social Security Number or Taxpayer Identification Number (or I am waiting for a number to be issued to me);
  2. I am not subject to backup withholding because (a) I am exempt from backup withholding or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and
  3. I am a U.S. citizen or other U.S. person (defined below); and
  4. The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct.
Certification instructions.
You must cross out Item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN. If you are an exempt payee (if you are unsure, ask us for a complete set of IRS instructions), enter your exempt payee code (if any) here:

If you are exempt from FATCA reporting (if you are unsure, ask us for a complete set of IRS instructions), enter your exemption from FATCA reporting code (if any) here:

Definition of a U.S. person.
For federal tax purposes, you are considered a U.S. person if you are:
  • An individual who is a U.S. citizen or U.S. resident alien,
  • A partnership, corporation, company or association created or organized in the United States or under the laws of the United States,
  • An estate (other than a foreign estate), or
  • A domestic trust (as defined in Regulations section 301.7701-7)
By checking this box, I (the client or person filling out this application) agree, that I certify the information above.*
The signature provided below is that of the primary account holder. When you submit your application you will be taken to e-Signature the application.

Step 19. Signatures
Sign and date the form. The primary and secondary owners of a joint account will receive the signature pages after the application has been accepted.
Additional owners must sign the additional participant form. For a custodial account, only the custodian needs to sign.

Please review your information, read the agreement contained in Step. 19, and when the account agreement has been accepted the signature pages will be given to you to sign. Keep a copy for your records.
The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding.
    Under penalty of perjury, by signing the application, I certify that:
  • I have carefully read and understand the Prospectus and I agree to the terms and conditions in the Prospectus.
  • I have the authority and legal capacity to purchase fund shares, I am of legal age and believe each investment is suitable for me.
  • I understand that for joint tenant accounts, “I” refers to all account owners and each of the account owners agrees that any account owner has the authority to act on an account without notice to other account owners.
  • I understand that World Capital Brokerage, Inc. or the Fund is not a bank and fund shares are not guaranteed by a bank or insured by the FDIC.
  • The number(s) set forth in step 4 & step 5 is(are) my correct Social Security Number(s) or Taxpayer Identification Number(s).
  • I am not the subject of backup withholding (as discussed in the Prospectus under “Taxes”) either because I have not been notified that I am subject thereto as a result of a failure to report all interest or dividends, or the Internal Revenue Service (“IRS”) has notified me that I am no longer subject thereto.
    • You must strike out the previous sentence if you have been notified that you are subject to backup withholding due to under reporting and if you have not received a notice from the IRS that you are no longer subject to backup withholding.
  • If I am a Non-Resident Alien, as stated above, I certify under penalties of perjury that I am an “exempt foreign person” as defined by IRS regulations.
  • I ratify any instructions, including telephone instructions, given on this account. I agree that neither World Capital Brokerage, Inc. nor the Fund will be liable for any loss, costs or expenses for acting upon any instructions if it follows reasonable procedures designed to protect against unauthorized transactions.
I ACKNOWLEDGE AND AGREE THAT THIS AGREEMENT CONTAINS A PREDISPUTE ARBITRATION CLAUSE, SETFORTH BELOW. I HEREBY ACKNOWLEDGE RECEIPT OF THIS NEW ACCOUNT AGREEMENT WITH THE PREDISPUTE ARBITRATION CLAUSE THEREIN.

Primary Account Holder or Entity Authorized Person
Print Name When you submit your application you will be taken to e-Signature the application. Date When you submit your application you will be taken to e-Signature the application.
Signature When you submit your application you will be taken to e-Signature the application.

Secondary Account Holder(if applicable)
Print Name When you submit your application you will be taken to e-Signature the application. Date When you submit your application you will be taken to e-Signature the application.
Signature When you submit your application you will be taken to e-Signature the application.

For Broker-Dealer Use Only, If Accepted: Investment professional is registered in the state of the client’s residence.
RR Printed Name : WORLD CAPITAL BROKERAGE, INC. (DEALER # 1 /BRANCH # 000 / REP # 050) Principal Printed Name
Date Signature will be mailed with the entire application after it has been accepted Date Signature will be mailed with the entire application after it has been accepted
Signature Signature will be mailed with the entire application after it has been accepted Signature Signature Page will be sent after application has been accepted

PRIVACY NOTICE – World Capital Brokerage, Inc.
The following information contains World Capital Brokerage, Inc.’s (WCB) privacy policy designed to protect the confidentiality of current or former customer’s (“you”) nonpublic information. WCB has established a relationship with you as a result of your opening an account with WCB. We receive your nonpublic information for the sole purpose of servicing your account.
This information is presented to you in conformity with 15 USC 6801-6810 and the Securities and Exchange Act of 1934 as amended by 15 USC 6801- 6810. The nonpublic personal information which identifies you or your account is hereafter referred to as “personal information”.
Maintaining personal information secure and confidential is a WCB priority. The following information will explain our privacy policy in more detail.
YOUR NONPUBLIC PERSONAL INFORMATION.
WCB does not sell your nonpublic personal information. We will only disclose your nonpublic personal information, which includes any personally identifiable information about you, as indicated in this policy, if we have obtained your consent or we are required by law to disclose such information.
NONPUBLIC PERSONAL INFORMATION COLLECTED.
In order to provide you with the highest quality of service, WCB collects the following types of nonpublic personal information:
  1. Information about you.
    1. Information you provide to us on applications or forms, such as your income and accounts with others;
    2. Information we receive from an outside company, such as a credit bureau, regarding your credit history or employment status; or
  2. Information about your transactions with us.
    1. Information that relates to account balance, payment history, trading activity and any other such transactions which WCB provides.
    2. Information we collect as part of authentication for purposes of servicing your account in a secure and confidential fashion.
  3. Information about your transactions with nonaffiliated third parties.
    1. Information provided to other nonaffiliated third parties as required by law, including information shared in connection with a subpoena or other legal document compelling our compliance; and
    2. Information related to servicing your account for purposes of providing clearing services.
  4. Information from a consumer-reporting agency.
    1. Information from a consumer-reporting agency regarding your creditworthiness or credit history or other information with regard to lending;
    2. Information about the fact that you are a customer of WCB and we have provided you a financial product or service; and
    3. Information from other outside sources regarding their employment of, credit to, or other relationship with you, or verifying representations made by you, such as your employment history, loan or credit card balances.
NONPUBLIC PERSONAL INFORMATION DISCLOSED.
Nonpublic personal information is disclosed in connection with servicing your account for the purposes of providing clearing services which includes, among other things, settlement, billing, processing, clearing, transferring, reconciling, collection and tax reporting, provided to nonaffiliated third parties as required by law or with your consent.
AFFILIATES AND NONAFFILIATED THIRD PARTIES TO WHOM WE DISCLOSE.
WCB does not disclose any nonpublic personal information about you except as permitted by law, or required by legal process.
FORMER CUSTOMERS.
WCB will only disclose nonpublic personal information about former customers as required by law.
PRIORITIZING SECURITY OF INFORMATION.
WCB is committed to maintaining appropriate measures to insure that your information is secure and confidential. WCB's information and security procedures include, but are not limited to, the following features:
  1. Access controls on customer information systems, including controls to authenticate and permit access only to authorized individuals and controls to prevent employees from providing customer information to unauthorized individuals who may seek to obtain this information through fraudulent means.
  2. Physical access restrictions at locations containing customer information, such as buildings, computer facilities, and record storage facilities to restrict access to unauthorized individuals.
  3. Encryption of electronic customer information where appropriate.
  4. Stringent pre-employment screening, including fingerprinting, and segregation of duties for employees with responsibilities for or access to customer information.
  5. Monitoring systems and procedures to detect actual and attempted attacks on or intrusions into customer information systems.
  6. Response programs that specify actions to be taken when WCB suspects or detects that unauthorized individuals may have gained access to customer information systems.
  7. A disaster recovery plan to protect against loss or damage to customer information due to potential environmental hazards, such as fire and water damage or technological failures.
WCB regularly revises and updates its information security program to keep pace with changes in technology.

TO: FINANCIAL ORGANIZATION AND ITS ASSIGNS
  1. Provisions in the Event of Failure to Pay or Deliver Whenever I (we) do not, on or before the settlement date, pay in full for any security purchased for my (our) account, or deliver any security sold for such account, you are authorized (subject to the provisions of any applicable statute, rule, or regulation):
    1. Until payment or delivery is made in full, to pledge, repledge, hypothecate, or rehypothecate, without notice, any or all securities which you or your clearing agent may hold for me (either individually or jointly with others), separately or in common with other securities or commodities or any other property, for the sum then due or for a greater or lesser sum and without retaining in your possession and control for delivery a like amount of similar securities.
    2. To sell any or all securities which you or your clearing agent may hold for me (either individually or jointly with others), to buy any or all securities required to make delivery for my (our) account, or to cancel any or all outstanding orders or commitments for my (our) account.
  2. Cancellation Provisions You are authorized, in your discretion, should I (we) die or should you for any reason whatever deem it necessary for your protection, without notice, to cancel any outstanding orders in order to close out my (our) accounts, in whole or in part, or to close out any of the commitments made on my (our) behalf.
  3. General Provisions Any sale, purchase, or cancellation authorized hereby may be made according to your judgement and at your discretion on the exchange or other market where such business is then usually transacted, at public auction, or at private sale without advertising the same and without any notice, prior to tender, demand, or call. You may purchase the whole or any part of such securities free from any right of redemption, and I (we) shall remain liable for any deficiency. It is further understood that any notice, prior to tender, demand, or call, from you shall not be considered a waiver of any provision of this agreement. I (we) shall include any person executing this agreement. With my (our) signature on this document, I (we) authorize any free credit balance in my account to be automatically invested into the sweep product elected, unless I (we) instruct my financial organization differently. Pershing LLC is further authorized to rely on instructions that I (we) give to my financial organization regarding my (our) sweep elections. I (we) agree, that my (our) sweep option may be changed, including changes between money market funds and bank deposit products, with prior notification to me (us).
  4. Successors This agreement and its provisions shall be continuous, and shall inure to the benefit of your present organization, and any successor organization or assigns, and shall be binding upon me (us) and/or the estate, executors, administrators, and assigns of my (our) account.
  5. Age I (we), if an individual, represent that I (we) am (are) of full age.
  6. Interest in Account No one except me (us) has an interest in any of my (our) accounts with you unless such interest is revealed in the title of such account, and in any case, I (we) have the interest indicated in such title.
  7. Orders and Statements Reports of the execution of orders and statements of my (our) account shall be conclusive if not objected to in writing, the former within two days and the latter within ten days, after forwarding by you to me (us) by mail or otherwise.
  8. Extraordinary Events You shall not be liable for loss or delay caused directly or indirectly by war, natural disasters, government restrictions, exchange, or market rulings, or other conditions beyond your control.
  9. Fees and Charges I (we) agree to the fees and charges on the fee schedule received by me (us). You may change the fee schedule from time to time.
  10. Joint Accounts If this is a joint account, unless we notify you otherwise and provide such documentation, as you require, the brokerage account(s) shall be held by us jointly with rights of survivorship (payable to either or the survivor of us). Each joint tenant irrevocably appoints the other as attorney-in-fact to take all action on his or her behalf and to represent him or her in all respects inconnection with this Agreement. You shall be fully protected in acting, but shall not be required to act upon the instructions of either of us. Each of us shall be liable, jointly and individually, for any amounts due to you pursuant to this Agreement, whether incurred by either or both of us.
  11. Address Communications may be sent to me (us) at my (our) current address which is on file at your office, or at such other address as I (we) may hereafter give you in writing. All communications so sent, whether by mail, telegraph, messenger, or otherwise, shall be deemed given to me (us) personally, whether actually received or not.
  12. Recording Conversations I (we) understand and agree that for our mutual protection you may electronically record any of my (our) telephone conversations.
  13. ARBITRATION DISCLOSURES THIS AGREEMENT CONTAINS A PREDISPUTE ARBITRATION CLAUSE. BY SIGNING AN ARBITRATION AGREEMENT THE PARTIES AGREE AS FOLLOWS:
    • ALL PARTIES TO THIS AGREEMENT ARE GIVING UP THE RIGHT TO SUE EACH OTHER IN COURT, INCLUDING THE RIGHT TO A TRIAL BY JURY, EXCEPT AS PROVIDED BY THE RULES OF THE ARBITRATION FORUM IN WHICH A CLAIM IS FILED.
    • ARBITRATION AWARDS ARE GENERALLY FINAL AND BINDING; A PARTY’S ABILITY TO HAVE A COURT REVERSE OR MODIFY AN ARBITRATION AWARD IS VERY LIMITED.
    • THE ABILITY OF THE PARTIES TO OBTAIN DOCUMENTS, WITNESS STATEMENTS, AND OTHER DISCOVERY IS GENERALLY MORE LIMITED IN ARBITRATION THAN IN COURT PROCEEDINGS.
    • THE ARBITRATORS DO NOT HAVE TO EXPLAIN THE REASON(S) FOR THEIR AWARD, UNLESS, IN AN ELIGIBLE CASE, A JOINT REQUEST FOR AN EXPLAINED DECISION HAS BEEN SUBMITTED BY ALL PARTIES TO THE PANEL AT LEAST 20 DAYS PRIOR TO THE FIRST SCHEDULED HEARING DATE.
    • THE PANEL OF ARBITRATORS WILL TYPICALLY INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE SECURITIES INDUSTRY.
    • THE RULES OF SOME ARBITRATION FORUMS MAY IMPOSE TIME LIMITS FOR BRINGING A CLAIM IN ARBITRATION. IN SOME CASES, A CLAIM THAT IS INELIGIBLE FOR ARBITRATION MAY BE BROUGHT IN COURT.
    • THE RULES OF THE ARBITRATION FORUM IN WHICH THE CLAIM IS FILED, AND ANY AMENDMENTS THERETO, SHALL BE INCORPORATED INTO THIS AGREEMENT.
  14. ARBITRATION AGREEMENT
    ANY CONTROVERSY BETWEEN YOU OR PERSHING AND US SHALL BE SUBMITTED TO ARBITRATION BEFORE AND ONLY BEFORE THE FINANCIAL INDUSTRY REGULATORY AUTHORITY. NO PERSON SHALL BRING A PUTATIVE OR CERTIFIED CLASS ACTION TO ARBITRATION, NOR SEEK TO ENFORCE ANY PREDISPUTE ARBITRATION AGREEMENT AGAINST ANY PERSON WHO HAS INITIATED IN COURT A PUTATIVE CLASS ACTION; OR WHO IS A MEMBER OF A PUTATIVE CLASS WHO HAS NOT OPTED OUT OF THE CLASS WITH RESPECT TO ANY CLAIMS ENCOM PASSED BY THE PUTATIVE CLASS ACTION UNTIL; (I) THE CLASS CERTIFICATION IS DENIED; (II) THE CLASS IS DECERTIFIED; OR (III) THE CUSTOMER IS EXCLUDED FROM THE CLASS BY THE COURT. SUCH FORBEARANCE TO ENFORCE AN AGREEMENT TO ARBITRATE SHALL NOT CONSTITUTE A WAIVER OF ANY RIGHTS UNDER THIS AGREEMENT EXCEPT TO THE EXTENT STATED HEREIN. THE LAWS OF THE STATE OF NEW YORK GOVERN THIS ARBITRATION AGREEMENT.