Mutual Fund Programs

FundVest® Servicing Fees

Pershing may receive servicing fees from mutual funds listed below to participate in Pershing's mutual fund no-transaction-fee program, FundVest, in lieu of clearance charges to your financial organization. Participation by your financial organization in this program is optional and your financial organization may share with Pershing in such fees. These fees may be considered revenue sharing and are a significant source of revenue for Pershing and may be a significant source of revenue for your financial organization. The funds listed below are in highest-to-lowest order for their 2009 gross dollar payments to Pershing.    


FundVest

1. Russell Funds 77. American Beacon Funds 153. Legg Mason Funds
2. American Funds 78. Forward Funds 154. North Track Funds
3. Loomis Sayles Funds 79. Ariel Funds 155. Firsthand Funds
4. Columbia Funds 80. Yacktman Funds 156. Madison Mosaic Funds
5. American Century Funds 81. Evergreen Funds 157. Ascentia Funds
6. Allianz Funds 82. Van Eck Funds 158. Glenmede Funds
7. First Eagle Funds 83. CRM Funds 159. Amidex Funds
8. Goldman Sachs Funds 84. Selected Funds 160. Marketocracy Funds
9. Franklin Templeton Funds 85. Merger Fund 161. Allegiant Funds
10. Blackrock Funds 86. TA IDEX Funds 162. Nomura Partners Funds
11. Thornburg Funds 87. Turner Funds 163. Rockland Funds
12. Eaton Vance Funds 88. Direxion Funds 164. Marketfield Fund
13. Permanent Funds 89. Clipper Funds 165. Wright Funds
14. JP Morgan Funds 90. Muhlenkamp Fund 166. Tocqueville Funds
15. Oakmark Funds 91. FPA Funds 167. Dunham Funds
16. Putnam Funds 92. Marshall Funds 168. Leaders Funds
17. Pioneer Funds 93. Hartford Funds 169. Legg Mason / Western Asset
18. Marsico Funds 94. Transamerica Funds 170. The Oak Value Fund
19. Royce Funds 95. Highland Funds 171. Delafield Fund
20. Third Avenue Funds 96. IVA Funds 172. Appleseed Fund
21. Principal Funds 97. Riversource Funds 173. Burnham Funds
22. Oppenheimer Funds 98. Rainier Funds 174. API Funds
23. T Rowe Price Funds 99. First American Funds 175. MTB Funds
24. DWS Funds 100. PMC Funds 176. Baird Funds
25. Dreyfus Funds 101. Advisors Inner Circle Funds 177. Empiric Funds
26. Matthews Funds 102. Old Mutual Funds 178. ND Holdings Funds
27. Federated Funds 103. Franklin Templeton Offshore 179. Rivernorth Funds
28. Artio Funds 104. Quantitative Funds 180. Activepassive Funds
29. Assetmark Funds 105. William Blair Funds 181. Wilmington Funds
30. Natixis Funds 106. SIT Funds 182. Rising Dividend Funds
31. Baron Funds 107. Domini Social Funds 183. AFBA Funds
32. Rydex Funds 108. Hodges Funds 184. Forester Funds
33. Nuveen Funds 109. Aberdeen Funds 185. Umb Scout Funds
34. Wells Fargo Advantage Funds 110. Highmark Funds 186. Sterling Capital Funds
35. Waddell & Reed Funds 111. James Funds 187. Legg Mason / Western Asset O
36. Calamos Funds 112. Kensington Funds 188. Munder Funds
37. AIM Funds 113. Quaker Funds 189. Fifth Third Funds
38. Mainstay Funds 114. Chase Funds 190. Atlantic Whitehall Funds
39. Amana Funds 115. Fund*X Funds 191. CMG Funds
40. Manning & Napier Funds 116. Nationwide Funds 195. American Independence Funds
41. Calvert Funds 117. Hennessy Funds 193. Davis Offshore Funds
42. Victory Funds 118. Credit Suisse Warburg Pincus 194. Ancora Funds
43. Eagle Funds 119. MFS Funds 195. Harding Loevner Funds
44. USAA Funds 120. The Arbitrage Funds 196. Satuit Funds
45. Harbor Funds 121. Schroder Offshore Funds 197. Epoch Funds
46. Parnassus Funds 122. MFS Meridian Offshore Funds 198. Legg Mason Partners Funds
47. Metropolitan Funds 123. Wilshire Funds 199. Cavanal Hill Funds
48. Managers Funds 124. Nicholas Funds 200. The World Funds
49. Prudential Funds 125. Perritt Funds 201. CNI Charter Funds
50. Lazard Funds 126. Winslow Green Funds 202. Autopilot Funds
51. Heartland Funds 127. Pinebridge Funds 203. First Dominion Funds
52. Fiduciary Family of Funds 128. FAM Funds 204. Snow Funds
53. Northern Funds 129. Alpha/Beta Funds 205. Seligman Funds
54. Brandywine Funds 130. New Century Portfolio 206. Embarcadero Funds
55. Aston Funds 131. Schroder Funds 207. Hansberger Funds
56. TCW Galileo Funds 132. Paradigm Funds 208. Stephens Funds
57. ProFunds 133. Wells S & P Funds 209. Wall Street Fund
58. Gabelli Funds 134. Neuberger & Berman Funds 210. Hancock Horizon Funds
59. Jensen Portfolio 135. Hotchkis & Wiley Funds 211. Roanoke Funds
60. Westcore Funds 136. Ameristock Funds 212. Midas Funds
61. Touchstone Funds 137. Century Funds 213. Advisorone Funds
62. John Hancock Funds 138. Tamarack Funds 214. Lifetime Achievement Fund
63. U.S. Global Investors 139. Forum Funds 215. CNL Funds
64. ICON Funds 140. Guinness Atkinson Funds 216. Financial Inv Trust Funds
65. Value Line Funds 141. Adelante Funds 217. Stadion Funds
66. RS Funds 142. Thomas White Funds 218. Appleton Funds
67. Virtus Funds 143. Sentinel Funds 219. Schwab Funds
68. Alger Funds 144. SPARX Funds 220. Valley Forge Fund
69. Keeley Funds 145. Laudus Rosenberg Funds 221. Greenwich Advisor Funds
70. UBS Funds 146. Becker Fund 222. CRA Funds
71. FBR Funds 147. Needham Funds 223. Putnam Offshore Funds
72. Wasatch Funds 148. Navellier Funds 224. AQR Funds
73. Cohen & Steers Funds 149. Henssler Fund 225. Huntington Funds
74. PAX World Funds 150. USA Mutuals Funds 226. Schooner Funds
75. Buffalo Funds 151. Jacob Internet Fund 227. Rebate
76. SSGA Funds 152. Roosevelt Fund    


Networking and Omnibus Processing Fees

Pershing receives operational reimbursements from mutual funds in the form of networking or omnibus processing fees. These reimbursements are based either on a flat fee per holding or a percentage of assets and are remitted to Pershing for its work on behalf of the funds. This work may include, but is not limited to, subaccounting services, dividend calculation and posting, accounting, reconciliation, client confirmation and statement preparation and mailing, and tax statement preparation and mailing. These fees represent a significant source of revenue for Pershing. The funds listed below are in highest-to-lowest order for their 2009 gross dollar payments to Pershing.


1. American Funds 131. PMC Funds 261. DWS Offshore Funds
2. Franklin Templeton Funds 132. Icon Funds 262. Advisorone Funds
3. Oppenheimer Funds 133. Timothy Plan Funds 263. Pacific Advisors Funds
4. Fidelity Funds 134. Actinver Fundsettle 264. Jordan Opportunity Fund
5. AIM Funds 135. Legg Mason Partners Funds 265. Sound Mind Investing Funds
6. Hartford Funds 136. Credit Suisse Warburg Pincus 266. Snow Funds
7. Van Kampen Funds 137. Accessor Funds 267. Hancock Horizon Funds
8. Allianz Funds 138. James Funds 268. Perkins Funds
9. MFS Funds 139. Permal Offshore Funds 269. Ocm Gold Fund
10. Federated Funds 140. Allegiant Funds 270. Bogle Funds
11. Putnam Funds 141. The Arbitrage Funds 271. Seligman Offshore Funds
12. Alliance Funds 142. Olstein Funds 272. Becker Fund
13. Goldman Sachs Funds 143. Delafield Fund 273. Credit Suisse Offshore Funds
14. Principal Funds 144. EDM Rothschild Fundsettle 274. Can Slim Funds
15. Janus Funds 145. Wintergreen Funds 275. Alger Offshore Funds
16. Calamos Funds 146. MMA Praxis Funds 276. Putnam Offshore Funds
17. Columbia Funds 147. Winslow Green Funds 277. IMS Capital Funds
18. Blackrock Funds 148. Wasatch Funds 278. Chase Funds
19. T Rowe Price Funds 149. Oak Funds 279. Amidex Funds
20. Eaton Vance Funds 150. Homestead Funds 280. HSBC Investor Funds
21. Waddell & Reed Funds 151. Tocqueville Funds 281. Matrix Advisors Fund
22. JP Morgan Funds 152. Skandia Offshore Funds 282. Transamerica Funds
23. Dreyfus Funds 153. Appleseed Fund 283. AQR Runds
24. Davis Funds 154. Pioneer Offshore Funds 284. Empiric Funds
25. Thornburg Funds 155. Nakoma Funds 285. Incline Capital Fund
26. First Eagle Funds 156. Jensen Portfolio 286. Croft Funds
27. DWS Funds 157. Nicholas Funds 287. Blackrock Bats Funds
28. Royce Funds 158. Osterweis Funds 288. Navellier Funds
29. Harbor Funds 159. Aquila Funds 289. EAS Genesis Funds
30. John Hancock Funds 160. Arrow Funds 290. Kalmar Fund
31. Natixis Funds 161. Payden & Rygel Funds 291. Toews Funds
32. Lord Abbett Funds 162. Westport Funds 292. GBM Offshore Funds
33. Prudential Funds 163. U.S. Global Investors 293. Davis Offshore Funds
34. ING Pilgrim Funds 164. Hotchkis & Wiley Funds 294. Merger Fund
35. Russell Funds 165. Elfun Funds 295. Presidio Funds
36. Pioneer Funds 166. Morgan Stanley Offshore 296. Holland Funds
37. Delaware Funds 167. EPH China Funds 297. Palantir Funds
38. Calvert Funds 168. Ave Maria Funds 298. Parvest Offshore Funds
39. Mainstay Funds 169. Queens Road Funds 299. Monetta Funds
40. Keeley Funds 170. Dunham Funds 300. Wall Street Fund
41. TA Idex Funds 171. Harding Loevner Funds 301. Yield Quest Funds
42. Evergreen Funds 172. Saratoga Funds 302. New Century Portfolio
43. DST - New Business 173. ISI Funds 303. Ralph Parks Funds
44. Munder Funds 174. Paradigm Funds 304. Stewart Capital Funds
45. Franklin Templeton Offshore 175. Wilmington Funds 305. American Independence Funds
46. Legg Mason Funds 176. Lifetime Achievement Fund 306. Manor Funds
47. Rydex Funds 177. Jackson Perspective Funds 307. Liberty Street Horizon Funds
48. Riversource Funds 178. Parnassus Funds 308. Frontegra Funds
49. Virtus Funds 179. Wilshire Funds 309. Keystone Funds
50. Nuveen Funds 180. Causeway Funds 310. Toreador Funds
51. Alger Funds 181. Al Frank Funds 311. Hodges Funds
52. FPA Funds 182. Manning & Napier Funds 312. First Dominion Funds
53. Artisan Funds 183. Fifth Third Funds 313. Sit Funds
54. Touchstone Funds 184. Gam Fundsettle 314. Monterey Funds
55. Sentinel Funds 185. Fam Funds 315, Autopilot Funds
56. Third Avenue Funds 186. Robeco Investment Funds 316, Smartgrowth Funds
57. RS Funds 187. Rising Dividend Funds 317. Commonwealth Funds
58. MFS Meridian Offshore Funds 188. Miller Convertible Funds 318. Aberdeen Offshore Funds
59. Eagle Funds 189. Baron Funds 319. Sierra Funds
60 Selected Funds 190. Burnham Funds 320. Sterling Capital Funds
61. Hussman Funds 191. Cavanal Hill Funds 321. Wireless Fund
62. Lazard Funds 192. Thomas White Funds 322. KCM Funds
63. Amana Funds 193. Aston Funds 323. Forester Funds
64. Van Eck Funds 194. Leaders Funds 324. Adelante Funds
65. William Blair Funds 195. Fund*X Funds 325. JP Morgan Offshore Funds
66. Security Benefit Funds 196. Ssga Funds 326. Stephens Funds
67. DST- New Business I 197. Ameristock Funds 327. CNI Charter Funds
68. Profunds 198. Schroder Funds 328. Financial Inv Trust Funds
69. Managers Funds 199. Cullen Funds 329. Brandes Funds
70. Neuberger & Berman Funds 200. Satuit Funds 330. E*Trade Funds
71. TIAA Cref Funds 201. Portfolio 21 Funds 331. Sollertia Offshore Funds
72. Forward Funds 202. Caldwell & Orkin Funds 332. Auer Growth Fund
73. UMB Scount Funds 203. Domini Social Funds 333. Zacks Funds
74. Wells Fargo Advantage Funds 204. AFBA Funds 334. The Ram Funds
75. American Century Funds 205. First Investors Funds 335. RBB Funds
76. Morgan Stanley Dean Witter 206. Stadion Funds 336. Shepherd Funds
77. Internet / Kinetics Funds 207. American Growth Funds 337. Dean Funds
78. TCW Galileo Funds 208. Driehaus Funds 338. Viking Funds
79. First American Funds 209. Buffalo Funds 339. Ceros Fundsettle
80. Pacific Life Funds 210. Performance Funds 340. Neiman Funds
81. Highmark Funds 211. Eaton Vance Offshore Funds 341. Adaptive Allocation Fund
82. Ridgeworth Funds 212. Popular Offshore Funds 342. Capital Offshore Funds
83. Heartland Funds 213. The World Funds 343. The Collar Fund
84. Highland Funds 214. Dreman Value Funds 344. Hansberger Funds
85. Forum Funds 215. The Torray Funds 345. Stockcar Funds
86. Legg Mason / Western Asset O 216. Blackrock Offshore Funds 346. Greenwich Advisor Funds
87. Gabelli Funds 217. Westcore Funds 347. Advantage Advisors Fund
88. Henderson Global Funds 218. CMG Funds 348. Markman Funds
89. Dylan Fundsettle 219. Epoch Funds 349. Huntington Funds
90. Leuthold Funds 220. PIA Funds 350. Oxford Funds
91. Old Mutual Funds 221. Investec Offshore Funds 351. Iron Strategic Fund
92. Primecap Odyssey Funds 222. Conestoga Funds 352. CNL Funds
93. GE Funds 223. Midas Funds 353. Eden Fundsettle
94. Alliance Offshore Funds 224, Intrepid Funds 354. Prospector Funds
95. Clipper Funds 225. Sparx Funds 355. Leeb Focus Fund
96. Schroder Offshore Funds 226. Thompson Plumb Funds 356. American National Funds
97. Morgan Stanley Funds 227. Tocqueville Fundsettle 357. AMM Funds
98. UBS Funds 228. RBC Funds 358. Pennsylvania Avenue Fund
99. Members Funds 229 Catalyst Funds 359. 300 North Capital Funds
100. Advisors Inner Circle Funds 230. USA Mutual Funds 360. The Lacerte Guardian Funds
101. SEI Funds 231. Perritt Funds 361. Schooner Funds
102. Diamond Hill Funds 232. Quantitative Funds 362. Index IQ Funds
103. Greenspring Funds 233. Brown Advisory Funds 363. Astor Funds
104. Quaker Funds 234. FBR Funds 364. Nordea Fundsettle
105. Schwab Funds 235. Chesapeake Funds 365. First Focus Funds
106. Direxion Funds 236. Embarcadero Funds 366. Stonebridge Funds
107. Aberdeen Funds 237. Baird Funds 367. The Currency Fund
108. Fiduciary Family Of Funds 238. Century Funds 368. Roge Funds
109. Berwyn Funds 239. Rainier Funds 369. Volumetric Fund
110. Kensington Funds 240. Yacktman Funds 370. Marathon Value Fund
111. Artio Funds 241. BNY Mellon Offshore Funds 371. Cornercap Funds
112. Fidelity Offshore Funds 242. NC Shareholder Services 372. Penn Street Funds
113. Soundshore Fund 243. Lateef Funds 373 Iman Fund
114. TFS Funds 244. California Investment Funds 374. Generations Multi Strat Fund
115. Seligman Funds 245. LKCM Funds 375. ETF Funds
116. Tweedy Browne Funds 246. Ascentia Funds 376. Marketfield Fund
117. Pax World Funds 247. Reynolds Funds 377. Cookson Peirce Funds
118. Nationwide Funds 248. Camco Funds 378. Symons Funds
119. Brandywine Funds 249. North Country Funds 379. Akre Focus Funds
120. Wells S & P Funds 250. Henssler Fund 380. Optique Funds
121. Metropolitan Funds 251. Dundeewealth Funds 381. Pacific Financial Funds
122. Iva Funds 252. Nomura Partners Funds 382. Frank Funds
123. Loomis Sayles Funds 253. Activepassive Funds 383. CRA Funds
124. Masters Select Funds 254. Janus Offshore Funds 384. Azzad Funds
125. Laudus Rosenberg Funds 255. Oppenheimer Offshore Funds 385. EM Capital Funds
126. Matthews Funds 256. The Flex Funds 386. Alphastream Funds
127. Guinness Atkinson Funds 257. Rivernorth Funds 387. Fort Pitt Funds
128. CRM Funds 258. Turner Funds 388. Skyhawk Funds
129. API Funds 259. Boyar Fund 389. Winans Long/Short Fund
130. Weitz Funds 260. Green Century Funds 390. Giant 5 Funds