Money Funds and FDIC-Insured Bank Programs

Pershing strives to increase the efficiency and effectiveness of financial organizations, by continually building, enhancing, and supporting innovative financial products and services. Money funds and FDIC-insured bank deposit programs processing and revenue sharing fees are significant sources of revenue for Pershing and may be significant sources of revenue for your financial organization. Pershing receives fees from the providers listed below for making available money market funds or FDIC-insured bank deposit programs, which you may have selected through your financial organization. These fees are typically paid in accordance with an asset-based formula. Your financial organization may share in these fees. A portion of Pershing’s fees are applied against costs associated with providing services on behalf of the participating providers, which may include maintaining cash sweep systems, sub-accounting services, dividend and interest calculation and posting, accounting, reconciliation, client statement preparation and mailing, tax statement preparation and mailing, marketing and distribution related support, and other services. The providers listed below are in order of 2013 gross dollar payments to Pershing from highest to lowest.

Money Funds and FDIC-Insured Bank Programs

1. Federated Investors, Inc.
2. Dreyfus Insured Deposits
3. Dreyfus Corporation
4. Liquid Insured Deposits
5. Reich & Tang Funds
6. Deutsche Bank Insured Deposits
7. Legg Mason Western Asset Funds
8. Invesco AIM Funds
9. Wells Fargo Funds
10. DWS Scudder Funds
11. BlackRock Funds

Money Fund and FDIC-Insured Bank Fees and Revenue Sharing

Pershing receives processing fees from certain money fund and bank providers, which may be associated with your financial organization. These fees reimburse Pershing for operational services it performs on behalf of the providers, which may include maintaining cash sweep systems, sub-accounting services, dividend and interest calculation and posting, accounting, reconciliation, client statement preparation and mailing, tax statement preparation and mailing, or other services. Pershing receives fees for the processing it performs on behalf of the providers listed below and they are listed in order of 2013 gross dollar fees paid to Pershing.

Funds
1. First Republic Bank Insured Deposits 16. BMO Harris Funds
2. DWS Scudder Funds 17. Key Bank Insured Deposit Account
3. Deutsche Bank Insured Deposit Program 18. Banco Santander Insured Deposits
4. Citibank Bank Deposit Porgram 19. Principal Funds
5. HSBC Funds 20. Puerto Rico Money Market Funds
6. AIG Insured Deposit Program 21. Waddell & Reed Funds
7. Hewitt Funds 22. Banorte Funds
8. SunAmerica Funds 23. First Citizens Bank Insured Deposits
9. BNY Mellon Insured Deposit Program 24. Bank of the West Insured Deposit Account
10. American Century Funds 25. M&T Bank Insured Deposits
11. Touchstone Funds 26. First Puerto Rico Funds
12. T. Rowe Price Funds 27. Principal Bank Insured Deposit Account
13. AIG Federal Savings Bank Cash Account  
14. Wilmington Funds  
15. Goldman Sachs Funds  

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