Mutual Fund Programs

Information for Investors


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 2012 gross dollar payments to Pershing.

1. Franklin Templeton Funds 91. Pax World Funds 181. FundVantage Trust Funds
2. American Funds 92. The Arbitrage Funds 182. Hansberger Funds
3. Russell Funds 93. Icon Funds 183. Century Funds
4. T. Rowe Price Funds 94. GPS II Funds 184. API Funds
5. Pimco Funds 95. Marketfield Funds 185. Financial Investment Trust Funds
6. Loomis Sayles Funds 96. FBR Funds 186. Roosevelt Fund
7. Oppenheimer Funds 97. Altegris Managed Funds 187. Croft Funds
8. American Century Funds 98. SSGA Funds 188. OCM Gold Funds
9. Columbia Funds 99. FPA Funds 189. Toreador Funds
10. Permanent Funds 100. Keeley Funds 190. Liberty Street Horizon Funds
11. BlackRock Funds 101. Clipper Funds 191. Burnham Funds
12. Pioneer Funds 102. Ariel Funds 195. Emerald Funds
13. Oakmark Funds 103. Sentinel Funds 193. Rising Dividend Funds
14. First Eagle Funds 104. Aberdeen Funds 194. Guinness Atkinson Funds
15. Putnam Funds 105. Value Line Funds 195. Copeland Funds
16. JP Morgan Funds 106. AQR Funds 196. New Century Portfolio
17. MFS Funds 107. Legg Mason Funds 197. Locorr Funds
18. Thornburg Funds 108. Diamond Hill Funds 198. Commonwealth Funds
19. Principal Funds 109. U.S. Global Investors 199. Huntington Funds
20. Wells Fargo Advantage Funds 110. James Funds 200. Amidex Funds
21. Doubleline Funds 111. Advisors Inner Circle Funds 201. Appleton Funds
22. Eaton Vance Funds 112. Turner Funds 202. Grandeur Peak Funds
23. Matthews Funds 113. Highmark Offshore 203. The World Funds
24. Yacktman Funds 114. RiverNorth Funds 204. Marketocracy Funds
25. Royce Funds 115. PMC Funds 205. Autopilot Funds
26. DWS Funds 116. Janus Funds 206. RiverPark Funds
27. Natixis Funds 117. BBH Funds 207. Fund*X Funds
28. Waddell & Reed Funds 118. Allianz Funds 208. CMG Funds
29. Nuveen Funds 119. CRM Funds 209. Investment Managers Series
30. Dreyfus Funds 120. Harding Loevner Funds 210. PNC Funds
31. Invesco AIM Funds 121. Rainier Funds 211. Fifth Third Funds
32. BMO Funds 122. Muhlenkcamp Fund 212. RBC Funds
33. Goldman Sachs Funds 123. TIAA-CREF Funds 213. Niemann Funds
34. Federated Funds 124. Highland/Pyxis Funds 214. Investec Offshore Funds
35. Alliance Bernstein Funds 125. Franklin Templeton Offshore Funds 215. Cushing Funds
36. Metropolitan Funds 126. Hotchkis & Wiley Funds 216. Schooner Funds
37. Prudential Funds 127. Domini Social Funds 217. Wright Funds
38. Scout Funds 128. Needham Funds 218. Legg Mason/Western Asset Funds
39. Parnassus Funds 129. Baird Funds 219. Grant Park Funds
40. Aston Funds 130. Intrepid Funds 220. Stephens Funds
41. John Hancock Funds 131. Paradigm Funds 221. Navigator Funds
42. Calamos Funds 132. Snow Funds 222. Davis Offshore Funds
43. Harbor Funds 133. Leaders Funds 223. Lifetime Achievement Fund
44. Hartford Funds 134. Hodges Funds 224. CRA Funds
45. Credit Suisse Funds 135. Pacific Life Funds 225. Orinda Funds
46. Amana Funds 136. Direxion Funds 226. ND Holdings Funds
47. Tocqueville Funds 137. Schroder Funds 227. Nomura Partners Funds
48. Lord Abbett Funds 138. Hennessy Funds 228. Brown Advisory Funds
49. Baron Funds 139. Old Mutual Funds 229. Pinebridge Funds
50. Gabelli Funds 140. Madison Mosaic Funds 230. Payden & Rygel Funds
51. Manning & Napier Funds 141. MFS Meridian Offshore Funds 231. Saratoga Funds
52. RS Funds 142. Forester Funds 232. Ascentia Alternative Funds
53. Calvert Funds 143. Selected Funds 233. Emperic Funds
54. IVA Funds 144. ActivePassive Funds 234. Can Slim Funds
55. Artio Funds 145. Forum Funds 235. Reich & Tang Offshore Funds
56. Mainstay Funds 146. Stadion Funds 236. Geier Funds
57. Jensen Portfolio 147. WBI Funds 237. Transparent Value Funds
58. Alger Funds 148. FAM Funds 238. CNI Charter Funds
59. Buffalo Funds 149. Sterling Capital Funds 239. Sierra Funds
60. Eagle Funds 150. MutualHedge Funds 240. Gerstein Fisher Funds
61. TA Index Funds 151. Wilmington Funds 241. PFS Funds
62. TCW Galileo Funds 152. Quaker Funds 242. First Trust Funds
63. Virtus Funds 153. Pear Tree Funds 243. Alpine Funds
64. UBS Funds 154. Thomas White Funds 244. Stewart Capital Funds
65. Northern Funds 155. Wilshire Funds 245. FirstHand Funds
66. Guggenheim Funds 156. Appleseed Fund 246. Motley Fool Funds
67. Lazard Funds 157. Dunham Funds 247. Arrow Funds
68. Westcore Funds 158. Munder Funds 248. PIA Funds
69. Cohen & Steers Funds 159. Nationwide Funds 249. Calamos Offshore Funds
70. Ridgeworth Funds 160. Cavanal Hill Funds 250. Olstein Funds
71. Brandywine Funds 161. Jacob Funds 251. Wall Street Funds
72. FMI Funds 162. Henssler Fund 252. Nile Funds
73. Third Avenue Funds 163. Perritt Funds 253. Iron Horse Funds
74. Heartland Funds 164. Adirondack Funds 254. Two Oaks Funds
75. Forward Funds 165. SouthernSun Funds 255. Adaptive Allocation Fund
76. Van Eck Funds 166. Chase Funds 256. Mirae Funds
77. Wasatch Funds 167. Nicholas Funds 257. Schwab Funds
78. Neuberger & Berman Funds 168. Ameristock Funds 258. Midas Funds
79. ProFunds 169. Becker Funds 259. CIFG Funds
80. Touchstone Funds 170. Winslow Green Funds 260. Glenmede Funds
81. Merger Fund 171. Westport Funds 261. Tanaka Growth Funds
82. William Blair Funds 172. USA Mutuals Funds 262. Pip New Generation Fund
83. GPS I Funds 173. Hatteras Alternative Funds 263. Dreman Value Funds
84. USAA Funds 174. SteelPath Funds 264. Advisorone Funds
85. ING Funds 175. American Independence Funds 265. Sparrow Funds
86. Managers Funds 176. Akre Focus Funds 266. Cotina Funds
87. American Beacon Funds 177. Valley Forge Fund 267. American Israel Fund
88. Marsico Funds 178. Brandes Funds 268. Heartland International Fund
89. Victory Funds 179. Schroder Offshore Funds 269. Santa Barbara Funds
90. SIT Funds 180. Hancock Horizon Funds


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 2012 gross dollar payments to Pershing.

1. American Funds 189. Popular Offshore Funds 377. Forester Funds
2. Franklin Templeton Funds 190. Nationwide Funds 378. PFS Funds
3. Fidelity Funds 191. Wintergreen Funds 379. Locorr Funds
4. Oppenheimer Funds 192. Saratoga Funds 380. OCM Gold Funds
5. Invesco Aim Funds 193. Soundshore Fund 381. Sound Mind Investing Funds
6. Pimco Funds 194. Arrow Funds 382. Schooner Funds
7. Blackrock Funds 195. CRM Funds 383. Beech Hill Funds
8. Principal Funds 196. Jensen Portfolio 384. DWS Offshore Funds
9. MFS Funds 197. Schroder Funds 385. Adaptive Allocation Fund
10. JP Morgan Funds 198. Forum Funds 386. EAS Genesis Funds
11. Waddell & Reed Funds 199. Navigator Funds 387. First Trust Funds
12. Harbor Funds 200. Grant Park Funds 388. The Flex Funds
13. Hartford Funds 201. Ave Maria Funds 389. EDM Rothschild Offshore Funds
14. Janus Funds 202. BMO Funds 390. Astor Funds
15. Federated Funds 203. Brandes Funds 391. Niemann Funds
16. First Eagle Funds 204. Polar Capital Fundsettle 392. LV Fundsettle
17. Lord Abbett Funds 205. PNC Funds 393. Can Slim Funds
18. Legg Mason Funds 206. Interbolsa Fundsettle 394. Green Century Funds
19. Thornburg Funds 207. Hotchkis & Wiley Funds 395. CGM Argentina Fundsettle
20. Alliance Bernstein Funds 208. Permal Offshore Funds 396. Firsthand Funds
21. Columbia Funds 209. Icon Funds 397. Henderson Offshore Funds
22. T. Rowe Price Funds 210. Miller Convertible Funds 398. Dean Funds
23. Putnam Funds 211. Paydon & Rygel Funds 399. Capital Offshore Funds
24. Eaton Vance Funds 212. Laudus Rosenberg Funds 400. Credit Suisse Offshore Funds
25. Royce Funds 213. American Independence Funds 401. CRA Fund
26. John Hancock Funds 214. Queens Road Funds 402. IMS Capital Funds
27. Dreyfus Funds 215. Conestoga Funds 403. Frontegra Funds
28. Delaware Funds 216. ISI Funds 404. Jacob Funds
29. DWS Funds 217. Reynolds Funds 405. SCA Funds
30. Nuveen Funds 218. Fundvantage Trust Funds 406. 361 Capital Funds
31. Calamos Funds 219. Aquila Funds 407. Cushing Funds
32. Putnam Funds 220. Westcore Funds 408. New Century Portfolio
33. Davis Funds 221. MFS Meridian Fundsettle 409. Walthausen Funds
34. Goldman Sachs Funds 222. Aberdeen Offshore Funds 410. Transparent Value Funds
35. Pioneer Funds 223. LW Fundsettle 411. Hansberger Funds
36. Natixis Funds 224. EDM Rothschild Fundsettle 412. Chesapeake Funds
37. FPA Funds 225. Thompson Plumb Funds 413. Grandeur Peak Funds
38. ING Funds 226. Robeco Investment Funds 414. Perkins Funds
39. Pimco Funds - Class P 227. NC Shareholder Services 415. JAG Funds
40. Artisan Funds 228. Catalyst Funds 416. The FX Strategy Funds
41. T. Rowe Price Funds 229. MMA Praxis Funds 417. Amidex Funds
42. Hussman Funds 230. BMO Funds 418. Commonwealth Funds
43. Allianz Funds 231. Paradigm Funds 419. Putnam Offshore Funds
44. Prudential Funds 232. Hancock Horizon Funds 420. Epiphany Funds
45. TCW Galileo Funds 233. GLG Investment Series Trust 421. Nuveen Offshore Funds
46. Guggenheim Funds 234. PIA Funds 422. Gerstein Fisher Funds
47. Touchstone Funds 235. Burnham Funds 423. Destra Funds
48. Mainstay Funds 236. Olstein Funds 424. Performance Trust Funds
49. Franklin Templeton Offshore Funds 237. Kalmar Fund 425. Marketfield Funds
50. Schwab Funds 238. Knossos Fundsettle 426. Adironback Funds
51. TIAA-CREF Funds 239. Heptagon Fundsettle 427. S1 Funds
52. Russell Funds 240. Skandia Offshore Funds 428. Frank Funds
53. Virtus Funds 241. Oppenheimer Funds 429. Brandes Offshore Funds
54. Prudential Funds 242. WBI Funds 430. Swan Funds
55. Forward Funds 243. ActivePassive Funds 431. Davis Offshore Funds
56. Yacktman Funds 244. FBR Funds 432. O’Shaughnessy Funds
57. RS Funds 245. HSBC Investor Funds 433. Empiric Funds
58. Calvert Funds 246. Eaton Vance Offshore Funds 434. Alpha Capital Funds
59. Wells Fargo Advantage Funds 247. Brandywine Funds 435. Ell Realty Funds
60 DoubleLine Funds 248. AmericaFirst Funds 436. Matrix Advisors Fund
61. Ridgeworth Funds 249. Old Mutual Funds 437. The Collar Fund
62. TA Idex Funds 250. Pioneer Fundsettle 438. Manor Funds
63. Alger Funds 251. Invesco STIC Fundsettle 439. Bogle Funds
64. Van Eck Funds 252. Elfun Funds 440. IVA Global Offshore Funds
65. Longleaf Partners Funds 253. Oak Funds 441. Steward Funds
66. Morgan Stanley Institutional Funds 254. The World Funds 442. M.D. Sass Funds
67. Eagle Funds 255. LKCM Funds 443. Academy Funds
68. Wells Fargo Advantage Funds 256. Pacific Advisors Funds 444. Alger OffshoreFunds
69. MFS Meridian Offshore Funds 257. Rainier Funds 445. First American Funds
70. IVA Funds 258. Orinda Funds 446. Ascendant Funds
71. Lord Abbett Funds 259. Dreman Value Funds 447. Schroder Fundsettle (Luxembourg)
72. Principal Funds 260. Portfolio 21 Funds 448. Morgan Dempsey Funds
73. Metropolitan Funds 261. Aquila Fundsettle 449. Taylor Xplor Funds
74. Russell Funds 262. Lifetime Achievement Fund 450. Boyar Fund
75. Credit Suisse Funds 263. Intrepid Funds 451. Selector Offshore Funds
76. Loomis Sayles Funds 264. Neiman Funds 452. Iron Horse Fund
77. Gabelli Funds 265. BTS Funds 453. Scharf Funds
78. PrimeCap Odyssey Funds 266. GAM Fundsettle 454. Jordan Opportunity Fund
79. Lazard Funds 267. Capstone Series Fund 455. Aspen Funds
80. Munder Funds 268. Jensen Portfolio 456. Day Hagan Funds
81. Cohen & Steers Funds 269. Power Income Funds 457. GE Funds
82. TA Idex Funds 270. Brown Advisory Funds 458. Tributary Funds
83. AQR Funds 271. Hennessy Funds 459. The Currency Fund
84. Keeley Funds 272. Hatteras Alternative Funds 460. Chase Funds
85. Neuberger & Berman Funds 273. Satuit Funds 461. CWC Funds
86. Aberdeen Funds 274. Cavanal Hill Funds 462. Superfund Fundsettle
87. Driehaus Funds 275. Thomas White Funds 463. Motley Fool Funds
88. Wasatch Funds 276. The ARP Fundsettle 464. Parvest Offshore Funds
89. Pacific Life Funds 277. First Investors Funds 465. Tatro Capital Funds
90. American Century Funds 278. Domini Social Funds 466. Muhlenkamp Funds
91. Managers Funds 279. Janus Offshore Funds 467. Bandon Funds
92. Forum Funds 280. Geneva Advisors Funds 468. Pinebridge Fundsettle
93. Sentinel Funds 281. Buffalo Funds 469. Boston Common Funds
94. Artio Funds 282. Winslow Green Funds 470. Mirae Funds
95. Virtus Funds 283. U.S. Global Investors 471. Symons Funds
96. Mainstay Funds 284. Keystone Funds 472. Marathon Value Fund
97. ProFunds 285. Snow Funds 473. Performance Funds
98. Aston Funds 286. Sterling Capital Funds 474. HSBC GIF Fundsettle
99. Advisors Inner Circle Funds 287. CNI Charter Funds 475. Auer Growth Fund
100. Selected Funds 288. Hundredfold Funds 476. Boston Trust & Walden Funds
101. HighMark Funds 289. FAM Funds 477. CIFG Funds
102. Morgan Stanley Funds 290. Invesco AIM Money Market Funds 478. ETF Funds
103. Alliance Offshore Funds 291. Henssler Fund 479. Nile Funds
104. Third Avenue Funds 292. Riverpark Funds 480. Del Rey Funds
105. Legg Mason/Western Asset Funds 293. JP Morgan Offshore Funds 481. Sparrow Funds
106. Lazard Funds 294. Altrius Funds 482. Versus Funds
107. Berwyn Funds 295. BTG Pactual Fundsettle 483. Evermore Funds
108. Amana Funds 296. Akre Focus Funds 484. Prospector Funds
109. Guinness Atkinson Funds 297. Toews Funds 485. Valley Forge Fund
110. Clipper Funds 298. AmeriStock Funds 486. VRM Funds
111. Baron Funds 299. SIT Funds 487. Camelot Funds
112. William Blair Funds 300. James Funds 488. RBB Funds
113. Dylan Fundsettle 301. Compass EMP Funds 489. Seafarer Funds
114. Harding Loevner Funds 302. PSI Funds 490. Cove Street Funds
115. Actinver Fundsettle 303. Liberty Street Horizon Funds 491. Generations Multi Strategy Fund
116. SEI Funds 304. Hodges Funds 492. Ascentia Alternative Funds
117. Diamond Hill Funds 305. American Growth Funds 493. Cullen Offshore Funds
118. Delaware Funds 306. Goodhaven Funds 494. Holland Funds
119. Henderson Global Funds 307. Reich & Tang Offshore Funds 495. New Frontiers Fund
120. Highland/Pyxis Funds 308. Caldwell & Orkin Funds 496. IMAN Fund
121. Matthews Funds 309. Huntington Funds 497. Barclay Offshore Funds
122. Members Funds 310. BlackRock BATS Funds 498. Team Funds
123. Allianz Funds – Class P 311. Fifth Third Funds 499. Newgate Funds
124. Homestead Funds 312. ACAP Strategic Funds 500. Salient Funds
125. Scout Funds 313. Pimco Fundsettle 501. Liongate Commodities Funds
126. Bridgeway Funds 314. Eventide Funds 502. LS Funds
127. Altegris Managed Funds 315. Emerald Funds 503. Foxhall Funds
128. The Arbitrage Funds 316. Al Frank Funds 504. TransAmerica Partners Funds
129. Osterweis Funds 317. Horizon Acitve Asset Funds 505. CM Funds
130. Schroder Offshore Funds 318. Angel Oak Funds 506. Natixis Global Offshore Funds
131. RiverNorth Funds 319. Linde Hansen Funds 507. FMG Fundsettle
132. Accuvest Fundsettle 320. BBH Funds 508. Cortina Funds
133. Nuveen Funds 321. Fund*X Funds 509. Summit Funds
134. Man Ahl Fundsettle 322. USA Mutuals Funds 510. GLG Fundsettle (Ireland)
135. Westport Funds 323. Pictet Offshore Funds 511. NCM Funds
136. Sanford Bernstein Funds 324. Tortoise Funds 512. Autopilot Funds
137. Pax World Funds 325. Dundeewealth Funds 513. Total Income+ Fund
138. Direxion Funds 326. Iron Strategic Fund 514. AMM Funds
139. Wells Fargo Fundsettle 327. Pear Tree Funds 515. Azzad Funds
140. Weitz Funds 328. Robeco Fundsettle 516. Huber Capital Funds
141. Tweedy Browne Funds 329. Principal Global Offshore Funds 517. Biondo Funds
142. Leuthold Funds 330. CMG Funds 518. Pension Funds
143. MutualHedge Funds 331. Investment Partners Fund 519. Whitebox Funds
144. Vontobel Fundsettle 332. Legg Mason Fundsettle 520. GE Funds
145. BlackRock Offshore Funds 333. Calamos Offshore Funds 521. Vulcan Value Funds
146. UBS Funds 334. BNY Mellon Offshore Funds 522. Amundi Fundsettle
147. TAM Fundsettle 335. California Investment Funds 523. Third Avenue Offshore Funds
148. Tocqueville Funds 336. Midas Funds 524. Contravisory Funds
149. Investec Offshore Funds 337. Toreador Funds 525. Monteagle Funds
150. American Beacon Funds 338. GLG Fundsettle (Cayman-Luxembourg) 526. WorldCommodity Funds
151. Baird Funds 339. Maingate MLP Funds 527. Alphamark Funds
152. MarketField Fund 340. Permal Fundsettle 528. DSM Funds
153. GreenSpring Funds 341. Becker Funds 529. Congressional Effect Fund
154. Manning & Napier Funds 342. Liongate Fundsettle 530. BPV Funds
155. Internet/Kinetics Funds 343. Nuance Funds 531. Parr Funds
156. Litman Gregory Funds 344. Longview Funds 532. SFG Futures Strategy Funds
157. Cullen Funds 345. Copeland Funds 533. Crawford Funds
158. Investment Managers Series 346. Brandes Fundsettle 534. Ironbridge Funds
159. Heartland Funds 347. Croft Funds 535. KCM Funds
160. Victory Funds 348. Villere Funds 536. North Country Funds
161. SteelPath Funds 349. Bank of America Funds 537. Volumetric Fund
162. Pimco Offshore Funds 350. Invesco Offshore Funds 538. Bishop Funds
163. Princeton Funds 351. T. Rowe Price Offshore Funds 539. Stonebridge Funds
164. Madison Mosaic Funds 352. The Torray Funds 540. Leeb Focus Fund
165. Parnassus Funds 353. AdvisorOne Funds 541. Ashmore Funds
166. Pioneer Offshore Funds 354. Poplar Forest Funds 542. DWS Fundsettle
167. Henderson Fundsettle 355. Century Funds 543. Roge Funds
168. Fidelity Offshore Funds 356. Neuberger & Berman Offshore Funds 544. Stralem Funds
169. TFS Funds 357. Innealta Capital Funds 545. The Guardian Funds
170. FMI Funds 358. Glenmede Funds 546. The Profit Value Fund
171. Stadion Funds 359. RBC Funds 547. Wintrust Capital Funds
172. Merger Fund 360. Index IQ Funds 548. Nordea Fundsettle
173. SSGA Funds 361. Perritt Funds 549. 13D Activist Funds
174. Sierra Funds 362. Camco Funds 550. Archer Funds
175. Nicholas Funds 363. SouthernSun Funds 551. Mariner Hyman Funds
176. Credit Suisse Fundsettle 364. GBM Offshore Funds 552. Martin Funds
177. Timothy Plan Funds 365. The Green Owl Fund 553. Multi-Strategy Fund
178. Appleseed Fund 366. Monetta Funds 554. Quantitative Managed Funds
179. API Funds 367. Stewart Capital Funds 555. Bull Path Funds
180. MCC Fundsettle 368. Aberdeen Fundsettle 556. Fort Pitt Funds
181. Leaders Funds 369. Tocqueville Fundsettle 557. Russell Fundsettle
182. Dunham Funds 370. Nomura Partners Funds 558. Granite Funds
183. Quaker Funds 371. Wall Street Funds 559. Mariner Funds
184. PMC Funds 372. Advisors Inner Circle Funds 560. American Israel Fund
185. Turner Funds 373. Pacific Financial Funds 561. Yield Quest Funds
186. Financial Investor Trust Funds 374. Vertical Funds 562. Wilshire Funds
187. Causeway Funds 375. Larrain Fundsettle    
188. Morgan Stanley Offshore Funds 376. Wilshire Funds