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 have selected through your financial organization. These fees are 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, subaccounting services, dividend 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 2011 gross dollar payments to Pershing from highest to lowest.

Money Funds and FDIC-Insured Bank Programs

1. Federated Investors, Inc.
2. Dreyfus Corporation
3. Liquid Insured Deposits
4. Reich & Tang Funds
5. Deutsche Bank Insured Deposits
6. Legg Mason Western Assets Funds
7. DWS Scudder
8. Invesco AIM 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, subaccounting services, dividend 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 2011 gross dollar fees paid to Pershing.

Funds
1. DWS Scudder Funds	21. Marshall Funds
2. Deutsche Bank Insured Deposits Program	22. Banco Santander Insured Deposit Account
3. First Republic Bank Insured Deposit Account	23. BB&T Funds
4. MetLife Bank Insured Deposit Account	24. BB&T Insured Deposit Account
5. Citibank Bank Deposit Program	25. Bank of the West Insured Deposit Account
6. HSBC Funds	26. Puerto Rico Money Market Funds
7. AIG Insured Deposit Program	27. Mercantile Funds
8. LPL Insured Deposit Account	28. Waddell & Reed Funds
9. SunAmerica Funds	29. M&T Bank Insured Deposit Account
10. Hewitt Funds	30. First Citizens Bank Insured Deposit Account
11. AIG Bank Insured Deposit Account	31. First Puerto Rico Funds
12. American Century Funds	32. Bishop Street Funds
13. Goldman Sachs Funds	33. ING Funds
14. T. Rowe Price Funds	34. Twin Cities Financial Insured Deposit Account
15. Touchstone Funds	35. Webster Bank Insured Deposit Account
16. Western Asset Funds	36. Victory Funds
17. M&T Funds	37. Citizens & Farmers Bank Insured Deposit Account
18. Banorte Funds	38. BNYM Insured Deposit Account
19. Key Bank Insured Deposit Account	39. Balentine Funds
20. Principal Funds	40. Pioneer Funds