securities clearing, record-keeping, and custody-related functions. Its clients execute and clear their securities transactions, and engage the company to perform various related administrative back-office functions, such as record-keeping and reconciliations. Integrated Solutions The company’s core systems for processing equity, option, and mutual fund transactions in the U.S. markets could be combined with its specialized systems for processing fixed income and international securities transactions. These specialized securities processing services could be integrated with operations outsourcing services. In addition, its clients could integrate its securities processing and operations outsourcing services with its other services, including processing trade confirmations and account statements, delivered in paper or electronically; equity and mutual fund prospectus processing; automated workflow tools that help its clients streamline their securities processing and operations activities; and a suite of wealth management products, including data aggregation tools, end-customer Websites, broker desktop, financial planning and modeling tools, performance reporting, and portfolio accounting. Strategy The company’s strategy in the transfer agency business is to address the needs public companies have expressed for lower cost, more reliable stockholder record maintenance and communication services. Clients The company serves a client base in the financial services industry, including retail and institutional brokerage firms, global banks, mutual funds, annuity companies, institutional investors, specialty trading firms, independent broker-dealers, and clearing firms. Acquisitions In 2011, the company acquired Paladyne Systems, Inc., a provider of buy-side technology solutions for the global investment management industry. Regulation The company is subject to examination by the member agencies of the Federal Financial Institutions Examination Council, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Association. In addition, its operations outsourcing services are subject to regulatory oversight by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority, Inc. The company’s transfer agency business, Broadridge Corporate Issuer Solutions, Inc., is subject to certain rules and regulations promulgated by the SEC, including without limitation, with respect to registration with the SEC, annual reporting, examination, internal controls, proper disposal of shareholder information, and obligations relating to its operations. Additionally, it is subject to U.S. Internal Revenue Service and postal regulations, as well as certain provisions of the Gramm-Leach-Bliley Act and the Federal Trade Commission’s regulations with respect to maintenance of information security safeguards. Seasonality The company processes and distributes the greatest number of proxy materials and annual reports during its fourth fiscal quarter (the second quarter of the calendar year) (year ending June 2012). The seasonality of its revenues makes it difficult to estimate future operating results based on the results of any specific fiscal quarter and could affect an investor’s ability to compare its financial condition, results of operations, and cash flows on a fiscal quarter-by-quarter basis. Significant Events In August 2012, FolioDynamix, Inc. announced it has partnered with Broadridge Financial Solutions, Inc.'s Forefield business, to seamlessly integrate Forefield Advisor into the FolioDynamix wealth management technology platform.