Mutual Fund Service Guide 2008

From the Publishers of Money Management Executive
Providing Comparative Analysis of Mutual Fund Service Providers Since 1986
FUND ACCOUNTING TRANSFER AGENT CUSTODY SHAREHOLDER COMMUNICATIONS
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Mutual Fund
FUND ACCOUNTING SERVICES
Part 1 Industry Commentary
130/30:The Long and Short of It . . . . . . . . . . . . 6 By Peter Muldoon The Business Case for ASP: Critical Success Factors for Todays Investment Firms and Asset Servicers. . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 By Paul zur Nieden
The
2008
From the Publishers of Money Management Executive
Providing Comparative Analysis of Mutual Fund Service Providers Since 1986
Service Guide
Part 4 Business Statistics
Remote Service Providers . . . . . . . . . . . . . . . . . . . . 14 System Sale or Lease Providers. . . . . . . . . . . . . . . . 14 Full-Service Providers . . . . . . . . . . . . . . . . . . . . . . . 15
TABLE OF CONTENTS
Part 5 Services . . . . . . . . . . . . . . . . . . . . . . . 18 Part 6 Company Profiles . . . . . . . . . . . . . 28
TRANSFER AGENT SERVICES

When In Rome (or Luxembourg or China), Global Service Providers Support Global Strategies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 By Tom McCullough and Stephen Hooley Next Generation Technologies Are Challenging Traditional Thinking . . . . . . . . . . . 40 By Tim Kan Inside the Boardroom: Fund Directors On Their Changing Roles and Responsibilities. . 41 By Linda Hoard
Part 2 Rankings
40 Act Mutual Funds Full-Service Providers . . . . . . . . . . . . . . . . . . . . . . . 10 Remote Service Providers . . . . . . . . . . . . . . . . . . . . 10 System Sale or Lease Providers. . . . . . . . . . . . . . . . 10 Non-U.S. Domiciled Funds Full-Service Providers . . . . . . . . . . . . . . . . . . . . . . . 11 Remote Service Providers . . . . . . . . . . . . . . . . . . . . 11 System Sale or Lease Providers. . . . . . . . . . . . . . . . 11 All Funds Full-Service Providers . . . . . . . . . . . . . . . . . . . . . . . 12 Remote Service Providers . . . . . . . . . . . . . . . . . . . . 12 System Sale or Lease Providers. . . . . . . . . . . . . . . . 12
Part 2 Rankings
Number of Accounts Full-Service Providers . . . . . . . . . . . . . . . . . . . . . . . 42 Remote Service Providers . . . . . . . . . . . . . . . . . . . . 42 System Sale or Lease Providers. . . . . . . . . . . . . . . . 42 Number of Clients Full-Service Providers . . . . . . . . . . . . . . . . . . . . . . . 42
Part 3 Five-Year Snapshot

40 Act Mutual Funds Full-Service Providers . . . . . . . . . . . . . . . . . . . . . . . 13 Remote Service Providers . . . . . . . . . . . . . . . . . . . . 13 System Sale or Lease Providers. . . . . . . . . . . . . . . . 13
TABLE OF CONTENTS
Remote Service Providers . . . . . . . . . . . . . . . . . . . . 42 System Sale or Lease Providers. . . . . . . . . . . . . . . . 42

Full-Service Providers . . . . . . . . . . . . . . . . . . . . . . . 44 Remote Service Providers . . . . . . . . . . . . . . . . . . . . 46 System Sale or Lease Providers. . . . . . . . . . . . . . . . 47
Part 4 Business Statistics . . . . . . . . . . . . . 74 Part 5 Services . . . . . . . . . . . . . . . . . . . . . . . 76 Part 6 Company Profiles . . . . . . . . . . . . . 80
Part 4 Services . . . . . . . . . . . . . . . . . . . . . . . 48 Part 5 Five-Year Snapshot

Number of Accounts Full-Service Providers . . . . . . . . . . . . . . . . . . . . . . . 58 Remote Service Providers . . . . . . . . . . . . . . . . . . . . 58 System Sale or Lease Providers. . . . . . . . . . . . . . . . 58
SHAREHOLDER COMMUNICATIONS SERVICES

Meaningful Market Data Drives Financial Intermediary Sales . . . . . . . . . . . . . . . . . . . . . . . 86 By Frank Polefrone Enhancing Relationships with Financial Advisors: A Strategic Approach . . . . . . . . . . . .88 By Devin Davis
Part 6 Company Profiles . . . . . . . . . . . . . 59
CUSTODY SERVICES
Under Pressure-The Mutual Fund Industry Strives to Compete. . . . . . . . . . . . . . . . . . . . . . . 66 By Joseph F. Keenan Valuation Challenges in Todays Market. . . . . 68 Interview with Peter Donatio

Mail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89 Print . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89 Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89 Marketing Communications . . . . . . . . . . . . . . . . . . .90 Proxy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .90 VRU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .90 CRM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .90
Part 2 Rankings
Total Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 40 Act Fund Assets . . . . . . . . . . . . . . . . . . . . . . . . . 70 40 Act Domestic Fund Assets. . . . . . . . . . . . . . . . . 70 40 Act Global/International Fund Assets . . . . . . . . 70 Open-End Fund Assets. . . . . . . . . . . . . . . . . . . . . . . 72 Closed-End Fund Assets . . . . . . . . . . . . . . . . . . . . . 72 Unit Investment Trust Assets . . . . . . . . . . . . . . . . . . 72 Exchange-Traded Fund Assets . . . . . . . . . . . . . . . . . 72 Offshore Fund Assets. . . . . . . . . . . . . . . . . . . . . . . . 72 Variable Annuity Assets . . . . . . . . . . . . . . . . . . . . . . 72
Part 3 Services
CRM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91 Mail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92 Marketing Communications . . . . . . . . . . . . . . . . . . .94 Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96 Print . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .98 Proxy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100 VRU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .101
Part 4 Company Profiles . . . . . . . . . . . .102
Part 3 Five -Year Snapshot

40 Act Fund Assets . . . . . . . . . . . . . . . . . . . . . . . . . 73 Total Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
THE 2009 MUTUAL FUND SERVICE GUIDE

Secure your opportunity to reach mutual fund executives with buying power and authority by planning ahead to advertise in The 2009 Mutual Fund Service Guide. Buyers rely on The Mutual Fund Service Guide every year to perform due diligence, to review and select vendors, and to obtain insight into the changing directions of the industry. Filled with rankings, statistics and company profiles of vendor capabilities as well as information on vendors assets, number of accounts and number of clients, The Mutual Fund Service Guide is the most comprehensive sourcebook available for the industry and will be referred to numerous times throughout the year. For more information or to reserve advertising space, please contact Louis Fugazy at 212.803.8773 or louis.fugazy@sourcemedia.com.
LOCK IN YOUR ADVERTISING SPACE FOR
Editors Note Look at What Everyone is Talking About

e all know how it is when the annual issue of the Mutual Fund Service Guide arrives in the mail or is picked up at the Investment Company Institutes general membership meeting in Washington in May. Everyone scrambles to check out the Rankings, Five-Year Snapshots, Business Statistics, Services and Company Profiles. After all, thats what its all about seeing where your company stands in relation to the others. Once youve digested those figures, however, go back and take a look at the Industry Commentaries located in each section throughout the MFSG. Industry pundits weigh in on heavy-hitting issues that are top-of-mind for mutual fund service providers today. And this year is no exception. Fund Accounting Peter Muldoon of Linedata sees if these funds measure up in 130/30: The Long and Short of It. SunGards Paul zur Nieden writes about the success factors for investment firms and asset servicers in The Business Case for ASP. Transfer Agent Dont be fooled by the title When in Rome (or Luxembourg or China).... Its not travel tips Tom McCullough and Stephen Hooley of DST are handing out. Envision Financials Tim Kan helps unravel some of the confusion in Next Generation Technologies Are Challenging Traditional Thinking. Linda Hoard of PFPC goes behind closed doors to offer her insight with Inside the Boardroom: Fund Directors On Their Changing Roles and Responsibilities. Custody The term spitzerization will be revealed in Under Pressure-The Mutual Fund Industry Strives to Compete by Joseph F. Keenan of BNY Mellon Asset Servicing. Valuation Challenges in Todays Market is an informative interview with JPMorgans Peter Donatio. Shareholder Communications Frank Polefrone of Access Data offers a challenge and a solution in Meaningful Market Data Drives Financial Intermediary Sales. Harte-Hanks Devin Davis gives the scoop on Enhancing Relationships with Financial Advisors: A Strategic Approach. So you see, its not just the numbers that tell the story. MFSGs Industry Commentaries are offered as a complement to the statistics. Think of all you missed by not reading the Mutual Fund Service Guide commentaries since the guide was first published in 1986. Who knows? Your byline might appear next year. Mary Ann Tasoulas Editor
The2008
Mutual Fund
One State Street, 27th Floor New York, NY 10004 Phone: 212-803-8200 Fax: 212-292-5216 www.sourcemedia.com Editor Mary Ann Tasoulas matterseditorial@aol.com 201-941-2045 National Account Manager Louis Fugazy louis.fugazy@sourcemedia.com 212-803-8773
Service Guide
Publisher Adam Reinebach adam.reinebach@sourcemedia.com Subscription Inquiries Jessica Silveira jessica.silveira@sourcemedia.com 212-803-8761 Director, Reprints/Web Rights Denise Petratos denise.petratos@sourcemedia.com 212-803-6557 Executive Director of Creative Services Sharon Pollack sharon.pollack@sourcemedia.com Group Production Director Elina Shnayder elina.shnayder@sourcemedia.com Production Director, Manufacturing Deborah Kim deborah.kim@sourcemedia.com Associate Production Manager Naphtali David naphtali.david@sourcemedia.com Marketing Manager Robert Han robert.han@sourcemedia.com 212-803-6551 Customer Service custserv@sourcemedia.com 800-221-1809
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The 2008 Mutual Fund Service Guide is published annually by SourceMedia, Inc., One State Street, 27th Floor, New York, NY 10004. Subscription Rates - $150 per copy, Domestic; $200, Foreign. POSTMASTER: Send address changes to The 2008 Mutual Fund Service Guide/SourceMedia, Inc., One State Street, 27th Floor, New York, NY 10004. Reprints of information and bulk discounts are available. Copying, photocopying or duplicating the publication without express written permission of the publisher is prohibited and may constitute copyright infringement subject to liability of up to $100,000 per infringement. 2008 The 2008 Mutual Fund Service Guide and SourceMedia, Inc.All rights reserved. Subscribers who would like multiple copies of The 2008 Mutual Fund Service Guide, photocopy permission, back issues and bulk distribution needs should call Denise Petratos at 212.803.6557 or e-mail denise.petratos@sourcemedia.com.
Fund Accounting
FUND ACCOUNTING SERVICES

130/30:The Long and Short of It . . . . . . . . . . . . . . . . . . 6
By Peter Muldoon
The Business Case for ASP: Critical Success Factors for Today's Investment Firms and Asset Servicers. . . . 8
By Paul zur Nieden
Part 2 Rankings
40 Act Mutual Funds Full-Service Providers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Remote Service Providers . . . . . . . . . . . . . . . . . . . . . . . . . . 10 System Sale or Lease Providers. . . . . . . . . . . . . . . . . . . . . . 10 Non-U.S. Domiciled Funds Full-Service Providers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Remote Service Providers . . . . . . . . . . . . . . . . . . . . . . . . . . 11 System Sale or Lease Providers. . . . . . . . . . . . . . . . . . . . . . 11 All Funds Full-Service Providers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Remote Service Providers . . . . . . . . . . . . . . . . . . . . . . . . . . 12 System Sale or Lease Providers. . . . . . . . . . . . . . . . . . . . . . 12

40 Act Mutual Funds Full-Service Providers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Remote Service Providers . . . . . . . . . . . . . . . . . . . . . . . . . . 13 System Sale or Lease Providers. . . . . . . . . . . . . . . . . . . . . . 13

Remote Service Providers . . . . . . . . . . . . . . . . . . . . . . . . . . 14 System Sale or Lease Providers. . . . . . . . . . . . . . . . . . . . . . 14 Full-Service Providers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Part 5 Services . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Part 6 Company Profiles . . . . . . . . . . . . . . . 28
130/30: The Long and Short of It

By Peter Muldoon
oday more than ever before there is an increasing trend towards the convergence of traditional (longonly) asset managers and their hedge fund cousins. Traditional mutual fund companies are reacting to either the oversized returns or the less volatile performance offered with short investment strategies especially in these currently volatile markets. Sometimes that can mean adjusting investment styles within existing funds, but what is quickly gaining interest is a new type of fund, specifically structured to hold a percentage of short holdings. Aptly named, 130/30 funds entail shorting assets up to 30% of the portfolio value and then using the cash to take additional long positions in the assets the investor feels will outperform the market. Similarly there are 120/20 funds. From a technology point of view, short holdings can create real challenges for asset managers who have traditionally used back-office systems built with a basic, fundamental and structural longonly assumption. Unfortunately, its not just a matter of adding a sell short menu option to enter short sales trades. If an accountant is trying to account for 130/30 products with a system that has a long-only assumption the challenges they will almost certainly encounter could pop up all over the core accounting engine; in areas such as tax lot liquidation; amortization, interest and dividend income accruals; and in the computations for various compliance and regulatory reporting. When using a system that doesnt easily account for shorting, tax lot liquidation can become a major issue. (A tax lot is defined as a record of the details of a purchase or acquisition of a security). While there are many methodologies used to liquidate tax lots, FIFO (first-in, first-out), LIFO (last in, first out) and Specific Lot, for example, the logic one uses to liquidate lots can be problematic if all of a sudden there are both long and short tax lots to choose from. Portfolio reporting is another concern as managers commonly want their short holdings organized in different ways segregated or netted by security. Other
surprises can appear as interest, dividends withholding taxes and amortization must continue to process as they would for long holdings. Often times an accountant will Peter Muldoon also want short income classified separately on various accounting ledgers and on the general ledger. This results in lines and lines of very established yet complicated core business logic built and tested against long-only scenarios for numerous functions. These include processing stock splits, returns of capital, various types of security exchanges plus the basics like cash settlements, coupons and maturities. It is not likely all of this will operate correctly when shorts are thrown in the mix. One step removed from the core accounting processes are regulatory or compliance reporting functions such as those that ensure a fund does not overly invest in any one issuer and industry segment. This logic may well need to be modified to produce accurate results with short positions. While a wide range of investment philosophies and strategies can happily co-exist in the world of fund products, back-office accounting practices tend to be much less dimensional. Fund accountants tend to agree that the best way to account for their funds is to use a single robust software solution that keeps them away from the spreadsheets often created as stop gap solutions to solve shortcomings of their fund accounting system. Second to using spreadsheets are odd work-arounds that must be used within the accounting system to deal with system shortcomings. For example, some widely used systems used in traditional fund shops have work-arounds that require completely separate long and short security master records for the same security. Some administrators might attempt to solve these problems by purchasing a separate fund accounting system just to handle their more hedge-like funds. However,
this requires the maintenance of two systems, which can be taxing on staff, redundant and full of the risks inherent in keeping data in multiple repositories. Additionally, these more hedge oriented fund accounting solutions often lack many regulatory features that U.S. mutual fund groups would take for granted (like U.S. tax classifications on realized gain/losses and performance reporting such as the SEC Yield calculation); and their workflow designs are not centered around a daily NAV calculation. Other accountants are currently living with their traditional systems, with all their supplemental spreadsheets and special workarounds while they make requests to their fund accounting system vendor for modifications. But realistically, this could take a long timeno pun intended. A long portfolio was a basic assumption in many traditional fund accounting systems. It is doubtful that long would have even been considered an assumption back when these systems were first written long would have been more like a state of being. To that point, changing a system so that it is as natural at being short as it is at being long might be like asking a right-handed pitching ace to pitch lefty as well (to lefty batters of course). As we look ahead, we will continue to see the line between traditional and alternative asset management become more and more blurred as hedge fund investment philosophies become more and more mainstream. As the pace of this convergence accelerates, more traditional firms will be increasingly looking for flexible and robust technology platforms that can change with them as they grow. Software vendors that already have a market presence in both traditional and hedge fund market segments should have a distinct advantage in this blended landscape. MFSG Peter Muldoon is an executive vice president at Linedata Services, in Hackensack, N.J. He runs the operations for the companys back-office accounting products, which includes a comprehensive U.S. mutual fund and hedge fund accounting solution with over 75 clients in use in 17 countries.
Fund Accounting Services
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Fund Administration | Asset Servicing
The Business Case for ASP: Critical Success Factors for Todays Investment Firms and Asset Servicers
By Paul zur Nieden
ver the past several years, the investment sector has revealed its appreciation for the increasingly sophisticated and secure solutions offered by leading application service providers (ASPs). A fast, easy-to-implement alternative to costlier installed platforms, ASPs hosted model gives companies access to essential applications such as investment accounting and portfolio management systems, while also offering complete hardware/software maintenance, support and disaster recoveryall without compromising a companys need for control. Todays leading ASP providers have the scale necessary to offer cutting-edge solutions. This means ASP clients can benefit from many current IT initiatives, ranging from data mirroring and replication, to disk-to-disk backups and virtualization, all utilizing Internet bandwidth. It also means that technology providers can deliver new technology and functionality to their ASP clients faster than to their installed clients by leveraging their ASP infrastructure. Serving Both Mid-Size and Large Firms As investment firms increasingly see the value of reducing costs and concentrating on their core competencies in todays complex marketplace, they are finding it attractive to seek an efficient third-party platform to help them meet their goals. Leading ASP providers are well poised to address such needs. For small- to mid-tier buy-side firms without the means to support an internal application, ASP represents a golden opportunity to cover front, middle and back-office operations in a cost-effective and highly efficient package, giving investors the potential for higher returns and diminished risk through technologies that might otherwise be unattainable. At the same time, the rapid increase in ASP deployment among large global firms, particularly in investment accounting and portfolio-management applications, has proven itself many times overcurrently processing trillions in assets. ASP - ASAP Given todays exceedingly fast-moving markets, launching a new system quickly
and efficiently (and inexpensively) is paramount, and ASP does just that, in many instances allowing clients to be up and running in a matter of weeks. Clients must be secure in the knowlPaul zur Nieden edge that their ASP solution will be able to easily integrate with internal trading, custody and reconciliation systems and processes. Using abstraction layers and open standards, leading vendors have factored in such requirements, thereby assuring successful ASP deployment. While providers with a longstanding record of fast and cost-effective system delivery may have a leg up on the competition, initial speed to market isnt the end-all. The best vendors also ensure that ongoing upgrades and software installations will be implemented with the same degree of efficiency, and in many instances can be loaded at the flip of a switch. Customization The importance of establishing client relationships with a focus on individualized business strategies cannot be overestimated. Top providers can offer solutions that span the entire spectrum of workflows and operations, addressing the specific needs of the client through customized reporting capabilities, role-based workflows tailored to multiple users, connections to multiple market data sources, and more. Solutions should also be flexible enough to allow the company to focus on its own client relationships. Security Encrypted communications circuits, intrusion detection systems, multi-layered firewalls and secure storage of authentication credentials have dramatically reduced concerns over compromising control, and are essential elements for providers seeking access to the most mission-critical applications. Additionally, vendors must be able to deliver platforms that sport fast, efficient and error-free VPN or direct-line connec-
tivity, have the ability to connect with multiple-market data sources, and offer easy access to data in both shared and dedicated environments. Stability and Reliability While price is a compelling factor, reliability of service over the long haul is of greatest importance. As such, ASP is beneficial only if an experienced, reliable vendor is selected, and clients who perform due diligence on a prospective provider require a history of stability, ongoing investments in product development, and support staff with the expertise and knowledge to make the technology work to its fullest extent. Sealing the Deal Demonstrating the value of risk management first-hand is essential to winning over even the most skeptical clients. Accordingly, vendors should be prepared to show how the software can specifically address a companys problem areas, as well as how the providers support staff can effectively integrate with the clients own personnel. Additionally, service level management standards offered by the ASP provider ensure a level of accountability often missing in an internal relationship. This gives businesses more visibility and greater control of their environment. Looking Ahead As the trend toward outsourced solutions continues, the need for proven investment-accounting and portfolio-management solutions bodes well for the future of ASP. At the same time, increased competition will compel providers to continually make ASP product innovation a top priority as they refine and develop their platforms as never before, while also distinguishing themselves through excellent client service. The more complex it becomes to do business from an operational, compliance and reporting standpoint, the more these benefits will assert themselvesand ASP users will be the winners. MFSG Paul zur Nieden is a vice president for SunGard Institutional Asset Management.
Part 2 Rankings
40 Act Open-End Mutual Funds Full-Service Providers
Assets
2007 Rank Service Provider Assets ($ millions) 2007 Rank Service Provider
Number of Funds
Number of Funds
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
State Street Corp. JPMorgan Worldwide PFPC BNY Mellon Asset Servicing State Street Corp./PAS Citi SEI U.S. Bancorp Fund Services Northern Trust Brown Brothers Harriman Jackson Fund Services UMB Fund Services Ultimus Fund Solutions ALPS Fund Services Unified Fund Services Nottingham Investment
4,174,014 773,966 689,117 592,094 238,831 227,523 178,265 175,849 83,751 81,147 36,539 19,040 8,356 7,536 2,900 1,600
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
State Street Corp. JPMorgan Worldwide PFPC BNY Mellon Asset Servicing SEI Citi U.S. Bancorp Fund Services State Street Corp./PAS Jackson Fund Services Brown Brothers Harriman Unified Fund Services Ultimus Fund Solutions Northern Trust ALPS Fund Services UMB Fund Services Nottingham Investment
3,861 1,084 918 692 685 637 392 332 108 98 70 62 61 60 44 21
Remote Service Providers

Assets
Number of Funds
Number of Funds
1 2
State Street Corp./PAS State Street Corp.
884,868 250,203
1 2
941 72
System Sale or Lease Providers

Assets
Number of Funds
Number of Funds
1 2 3 4
SunGard Investment Systems Linedata Services State Street/Princeton Financial Investment Systems Co.
4,066,023 272,695 32,104 2,289
1 2 3 4
SunGard Investment Systems Linedata Services State Street/Princeton Financial Investment Systems Co.
4,151 1,506 382 2
All data as of 12/31/07
10
Part 2 Rankings
Non-U.S. Domiciled Funds Full-Service Providers
Assets
Number of Funds
Number of Funds
1 2 3 4 5 6 7 8 9
State Street Corp. JPMorgan Worldwide Citi BNY Mellon Asset Servicing Northern Trust Brown Brothers Harriman PFPC SEI Nottingham Investment
2,373,214 2,305,605 955,558 813,839 213,000 163,159 135,220 61,000 200
1 2 3 4 5 6 7 8 9
JPMorgan Worldwide State Street Corp. Citi BNY Mellon Asset Servicing Northern Trust PFPC Brown Brothers Harriman SEI Nottingham Investment
7,327 5,799 3,824 1,959 1,202 668 610 187 9

Assets
Number of Funds
Number of Funds
1 2
30,187 22,700
1 2
State Street Corp. State Street Corp./PAS
176 6

Assets
Number of Funds
Number of Funds
1 2 3
SunGard Investment Systems Linedata Services State Street/Princeton Financial
2,816,637 944,012 143,055
1 2 3
SunGard Investment Systems Linedata Services State Street/Princeton Financial
6,044 1,712 289
2008 Mutual Fund Service Guide
11
Part 2 Rankings
All Funds Full-Service Providers
Assets
Number of Funds
Number of Funds
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
State Street Corp. BNY Mellon Asset Servicing JPMorgan Worldwide Citi PFPC Northern Trust SEI State Street Corp./PAS Brown Brothers Harriman U.S. Bancorp Fund Services Jackson Fund Services UMB Fund Services Nottingham Investment ALPS Fund Services Ultimus Fund Solutions Unified Fund Services
16,252,423 5,015,038 4,392,239 1,272,673 909,023 836,700 426,000 348,366 327,612 178,709 57,734 21,727 21,325 18,269 10,974 3,050
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
State Street Corp. BNY Mellon Asset Servicing JPMorgan Worldwide Citi PFPC SEI Northern Trust Brown Brothers Harriman State Street Corp./PAS U.S. Bancorp Fund Services Jackson Fund Services UMB Fund Services Unified Fund Services ALPS Fund Services Ultimus Fund Solutions Nottingham Investmernt
39,735 27,985 23,142 4,790 1,988 1,767 1,703 911 470 399 129 86 75 74 67 51

Assets
Number of Funds
Number of Funds
1 2
1,035,904 272,903
1 2
1,105 248

Assets
Number of Funds
Number of Funds
1 2 3 4
SunGard Investment Systems 14,235,878 Linedata Services 1,344,499 State Street/Princeton Financial Systems78,609 Investment Systems Co. 2,289
1 2 3 4
SunGard Investment Systems 52,574 Linedata Services 4,264 State Street/Princeton Financial Systems 1,563 Investment Systems Co. 2
12

Full-Service Providers
40 Act Mutual Fund Assets
Service Provider ALPS Fund Services BNY Mellon Asset Servicing Brown Brothers Harriman Citi Jackson Fund Services JPMorgan Worldwide Securities Services Northern Trust Nottingham Investment Administration PFPC SEI State Street Corp. State Street Corp./PAS Ultimus Fund Solutions UMB Fund Services Unified Fund Services U.S. Bancorp Fund Services 2004 7,160 256,922 34,498 6,805 8,758 286,049 51,000 ** 508,135 160,000 2,419,517 190,853 3,192 5,406 1,174 105,022 2005 9,560 238,380 37,476 6,762 13,064 422,911 50,000 ** 524,705 152,419 2,365,564 160,835 4,117 11,631 1,754 126,776 2006 ** 207,574 50,842 5,430 17,884 432,915 57,089 ** 601,811 159,943 2,723,827 146,840 5,317 14,156 1,802 141,281 2007 ** 263,500 57,282 ** 26,301 564,359 71,579 ** 575,700 165,000 3,085,704 165,164 6,486 16,379 2,956 151,017 2008 7,536 592,094 81,147 227,523 36,539 773,966 83,751 1,600 689,117 178,265 4,174,014 238,831 8,356 19,040 2,900 175,849

Service Provider State Street Corp. State Street Corp./ PAS 2004 137,468 808,375 2005 227,172 735,972 2006 174,205 654,640 2007 206,334 723,464 2008 250,203 884,868

Service Provider Investment Systems Co. Linedata Services State Street/Princeton Financial Systems SunGard Investment Systems 2004 1,959 156,700 103,409 2,281,061 2005 1,993 195,875 71,100 2,570,722 2006 1,478 237,239 65,312 2,842,067 2007 1,588 176,979 68,018 3,027,033 2008 2,289 272,695 32,104 4,066,023
Assets listed above are shown in millions of dollars as reported in prior Service Guides. Assets for 2008 are as of 12/31/07 and so on for preceding years. ** Information not available
13

State Street Corp.
REMOTE SERVICE FUND ACCOUNTING ASSETS ($ MILLIONS) 40 Act Open-End Mutual Funds remote service 40 Act Closed-End Mutual Funds remote service 40 Act Unit Investment Trusts remote service Non-US Domiciled Mutual Funds remote service Pension Funds/Master Trust Funds remote service Bank Common/Collective Funds remote service Exchange-Traded Funds remote service All other funds remote service Total Remote Assets FUND ACCOUNTING ASSETS ($ MILLIONS) 40 Act Open-End Mutual Funds 40 Act Closed-End Mutual Funds 40 Act Unit Investment Trusts Non-US Domiciled Funds Pension Funds/Master Trust Funds Bank Common/Collective Funds Exchange-Traded Funds All other funds Total Fund Accounting Assets CLIENT INFORMATION Total # remote funds Total # remote fund complexes 250,203 0 0 22,700 0 0 0 0 272,903 4,424,217 382,394 20,853 2,395,914 5,405,321 262,445 493,999 3,634,182 16,525,326 248 5
State Street/PAS
884,868 96 0 30,187 54,627 13,678 0 6,935 1,035,903 1,123,699 86,839 0 30,187 109,254 27,356 0 6,935 1,384,270 1,105 13

Investment Systems Co.
SALE OR LEASE FUND ACCOUNTING ASSETS ($ MILLIONS) 40 Act Open-End Mutual Funds sale or lease 40 Act Closed-End Mutual Funds sale or lease 40 Act Unit Investment Trusts sale or lease Non-US Domiciled Mutual Funds sale or lease Pension Funds/Master Trust Funds sale or lease Bank Common/Collective Funds sale or lease Exchange-Traded Funds sale or lease All other funds sale or lease Total System Sale or Lease Assets FUND ACCOUNTING ASSETS ($ MILLIONS) 40 Act Open-End Mutual Funds 40 Act Closed-End Mutual Funds 40 Act Unit Investment Trusts Non-US Domiciled Funds Pension Funds/Master Trust Funds Bank Common/Collective Funds Exchange-Traded Funds All other Funds Total Fund Accounting Assets CLIENT INFORMATION Total # system funds Total # system fund complexes
**Not reported
Linedata Services
State Street/ Princeton Financial Systems

32,104 182 23,010 14,306 45,082 0 0 65,592 78,609 32,104 182 23,010 14,306 45,082 0 0 65,592 184,133 1,563 25
SunGard Investment Systems

4,066,023 78,145 6,197 2,816,637 4,757,279 450,298 32,238 2,029,061 14,235,878 4,066,023 78,145 6,197 2,816,637 4,757,279 450,298 32,238 2,029,061 14,235,878 52,754 898
2,289 0 0 0 0 0 0 0 2,289 2,289 0 0 0 0 0 0 0 2,289 2 1
272,695 0 ** 944,012 22,902 0 0 104,890 1,344,499 272,695 0 944,012 22,902 0 0 0 104,890 1,344,499 4,264 84
14

BNY Mellon Asset Servicing Brown Brothers Harriman Nottingham Investment Administration
1,600 0 0 200 0 0 0 19,400 21,325 1,600 0 0 200 0 0 0 19,400 21,200 51 22 20,000 1,111 3 68 100 0 100 0 0 0 0 0 0 18 15 ** 213,000 ** 244,003 ** 297,900 836,700 83,751 131 ** ** ** 244,003 ** 508,815 836,700 1,703 268 ** ** 4.3 ** 100 17 83 4 4 0 0 0 0 397 **
Jackson Fund Services
JPMorgan Worldwide Securities Services
ALPS Fund Services
FULL-SERVICE FUND ACCOUNTING ASSETS ($ millions) 40 Act Open-End Mutual Funds full service 40 Act Closed-End Mutual Funds full service 40 Act Unit Investment Trusts full service Non-US domiciled funds full service Pension Funds/Master Trust Funds full service Bank Common/Collective Funds full service Exchange-Traded Funds full service All other funds full service Total Full-Service Assets 40 Act Open-End Mutual Funds 40 Act Closed-End Mutual Funds 40 Act Unit Investment Trusts Non-US domiciled funds Pension Funds/Master Trust Funds Bank Common/Collective Funds Exchange-Traded Funds All other funds Total Assets CLIENT INFORMATION Total # full-service funds Total # full-service fund complexes BUSINESS ESSENTIALS # of trades per year # of trades/accountant/year # of funds/accountant % total firm revenue from full service % total FA revenue from full service % for proprietary funds % for third party funds # offices outside of the US # offices in Europe # offices in North America (Non-US) # offices in Asia # offices in Australia # offices in South America PERSONNEL # of accountants % of staff with specialized designations ** Not reported N/A Not Applicable 42 10 ** ** ** ** 1,134 11 25 16 ** ** 102,000 4,250 3 23 100 16 84 0 0 0 0 0 0 ** ** ** ** ** 4 96 70 25 13 21 3 5 ** 6,207,744 ** ** ** ** ** ** 7 4 2 2 0 0 5,474 4.2 ** ** 0 100 18 7 3 7 0 1 183,287 7,331 5 100 100 83 17 0 0 0 0 0 0 ** ** ** ** ** 0.1 0.9 9 5 0 1 1 ** 74 23 27,985 1,810 911 105 4,790 332 129 5 23,142 158 7,536 10,495 0 0 0 0 0 238 18,269 7,536 10,495 0 0 0 0 0 238 18,269 592,094 76,488 52,671 813,839 2,915,288 17,164 86,403 461,091 5,015,038 592,094 76,488 52,671 813,839 2,915,288 17,164 86,403 461,091 5,015,038 81,147 6,747 116 163,159 225 N/A 1,113 71,605 227,523 4,233 0 955,558 54,570 26,173 0 4,616 36,539 188 ** ** ** ** ** 21,007 57,734 36,539 188 0 0 0 0 0 21,007 57,734 773,966 0 0 2,305,605 832,340 0 12,000 468,328 4,392,239 773,966 0 0 2,305,605 832,340 ** 12,000 468,328 4,392,239 83,751 131
327,612 1,272,673 81,147 6,747 116 163,159 225 N/A 1,113 71,605 227,523 4,233 0 955,558 54,570 26,173 0 4,616
TOTAL FUND ACCOUNTING ASSETS ($ millions)
327,612 1,272,673
Northern Trust
Citi
15

State Street Corp./PAS Unified Fund Services UMB Fund Services U.S. Bancorp Fund Services, LLC
175,849 2,860 0 0 0 0 0 0 178,709 175,849 2,860 0 0 0 0 0 0 178,709 399 102 325,470 2,932 6 12 100 14 86 0 0 0 0 0 0 111 15
State Street Corp.
FULL-SERVICE FUND ACCOUNTING ASSETS ($ millions) 40 Act Open-End Mutual Funds full service 40 Act Closed-End Mutual Funds full service 40 Act Unit Investment Trusts full service Non-US domiciled funds full service Pension Funds/Master Trust Funds full service Bank Common/Collective Funds full service Exchange-Traded Funds full service All other funds full service Total Full-Service Assets 40 Act Open-End Mutual Funds 40 Act Closed-End Mutual Funds 40 Act Unit Investment Trusts Non-US domiciled funds Pension Funds/Master Trust Funds Bank Common/Collective Funds Exchange-Traded Funds All other funds Total Assets CLIENT INFORMATION Total # full-service funds Total # full-service fund complexes BUSINESS ESSENTIALS # of trades per year # of trades/accountant/year # of funds/accountant % total firm revenue from full service % total FA revenue from full service % for proprietary funds % for third party funds # offices outside of the US # offices in Europe # offices in North America (Non-US) # offices in Asia # offices in Australia # offices in South America PERSONNEL # of accountants % of staff with specialized designations ** Not reported N/A Not Applicable ** 15 354 N/A 2,797 ** N/A N/A 14 7.14 21 15 12 3 4,200,000 ** ** ** 100 6.08 93.92 5 4 0 0 0 0 N/A N/A N/A N/A N/A N/A N/A 15 5 7 2 N/A N/A ** ** 5 81 81 ** ** 38 18 4 9 3 1 N/A N/A N/A N/A N/A N/A N/A 0 0 0 0 0 0 ** ** 4.8 16 100 0 100 0 0 0 0 0 0 ** ** 4.1 ** 100 26 74 ** ** ** ** ** ** 35,000 2,917 5.8 24 100 ** 100 0 0 0 0 0 0 1,988 245 1,767 242 39,735 12,544 470 2 67 27 86 37 75 30 689,117 20,690 2,701 135,220 0 12,609 0 48,686 909,023 689,117 20,690 2,701 135,220 0 12,609 0 48,686 909,023 178,265 3,000 N/A 61,000 3,837 65,015 N/A 115,000 4,174,014 382,394 20,853 2,373,214 5,405,321 262,445 493,999 3,634,182 238,831 41,230 0 0 54,627 13,678 0 0 348,366 8,356 2,618 0 0 0 0 0 0 10,974 8,356 2,618 0 0 0 0 0 0 10,974 19,040 ** ** ** ** ** ** 2,687 21,727 19,040 ** ** ** ** ** ** 2,687 21,727 2,900 50 ** ** ** 100 ** ** 3,050 ** ** ** ** ** ** ** ** **
426,000 16,252,423 178,265 3,000 N/A 61,000 3,837 65,015 N/A 115,000
TOTAL FUND ACCOUNTING ASSETS ($ millions) 4,424,217 1,123,699 382,394 20,853 2,395,914 5,405,321 262,445 493,999 3,634,182 86,839 0 30,187 109,254 27,356 0 6,935
426,000 16,525,326 1,384,270
16
Ultimus Fund Solutions, LLC
PFPC
SEI
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Part 5 Services
Services
BNY Mellon Asset Servicing Brown Brothers Harriman Investment Systems Co. Nottingham Investment Administration
U U U U A U U A U A U U U A U U A U U U U A U U A A A A A A N U A A A A A
ALPS Fund Services
Linedata Services
DOMESTIC SECURITIES Straight asset-backed securities Commercial paper Common stock Corporate bonds Demand notes Floating-rate bonds/notes Futures Municipal bonds Mutual funds Options on futures Options Preferred stock Repurchase agreements Reverse repurchase agreements Time deposits Rights/warrants When-issued securities Zero coupon bonds GICs SICs CDs TIPs INTERNATIONAL SECURITIES Common stock Corporate bonds Currencies Floating-rate bonds/notes Forwards Futures Gilts Government bonds/notes Index-linked gilts Options Preferred stock Time deposits Rights/warrants Zero coupon bonds CDs U U U U U U A U A U U A U U A U U U U U U U U A U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U N N N N N N N N N N N N N N N U U U U U U A U A U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U A U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U N N U U U U U U U U U U U U U U U U U U U U U U U U U U U U A U N U A N N U U A U U U U A A A A U U U U A U U U U U U U U A U U U U A A U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U A U U U U U U U U U U U U
**Not reported
N=Not available
U=In use
A=Available
D=In development
18
Northern Trust
Citi
Part 5 Services
Services
Ultimus Fund Solutions Unified Fund Services
UMB Fund Services
Princeton Financial
State Street Corp.
State Street/PAS
DOMESTIC SECURITIES Straight asset-backed securities Commercial paper Common stock Corporate bonds Demand notes Floating-rate bonds/notes Futures Municipal bonds Mutual funds Options on futures Options Preferred stock Repurchase agreements Reverse repurchase agreements Time deposits Rights/warrants When-issued securities Zero coupon bonds GICs SICs CDs TIPs INTERNATIONAL SECURITIES Common stock Corporate bonds Currencies Floating-rate bonds/notes Forwards Futures Gilts Government bonds/notes Index-linked gilts Options Preferred stock Time deposits Rights/warrants Zero coupon bonds CDs U U U U U U U U A U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U N U N U U U U U U U U U U U U U U U U U U U U U U U U U U A A U A A U A U A A U A U A U U A U A A U A U A A U U U U U U A U A U U A U U U U U U U U U A U A U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U A U U A U U U A A U U U A A A U U U U U U U U U U U U U U U A U U A A A A U U U U U U U U U U U U U A A A U U U U A U U U U U U U U U U U U U U U U U U U U U A U U
**Not reported
N=Not available
U=In use
A=Available
D=In development
U.S. Bancorp
SunGard
PFPC
SEI
19
Part 5 Services
Services
U U U U U U U U U U U U U N U U U U U U A U U U U A N U A A U U U A
ALPS Fund Services
Linedata Services
SYSTEMS CAPABILITIES Online entry of trade data On trade date T+1 Any as-of date Online editing/verification for validity/logic User can input additional data For prospectus/regulatory/compliance monitoring Electronic trade interface with client's system Generate journal entries for trade data Adjustments Correcting original trade Reversing/re-entering trade Date range CUSIP Transaction type Display live trades Monitor stock loans Record sales FIFO LIFO Highest cost Lowest cost Closest to average cost Least tax liability Adjust lots for dividends, splits Accounting for wash sales Provide audit trail of activity Process short-term instruments without CUSIP Security master add/trade short-term one screen Reflect trade data in portfolio valuation on entry Trade settlement Based on custodian download In currency other than trade currency Default to end-of-day exchange rates Multiple local currencies in one fund Multiple base currencies Tax-withholding and reclaim processing Translate online local currency balance to base U U U U A U U U U U U U U U U U U U U U U U U U U U U U A N N N N A N U A N U N U U U U U U U U U U U U U U U U N U U U U U U U U U U A A U U U U U U U U U U U U U U U U U U U U U U U N U U U U U U U U U U U U U U U U U U U A A A A N U U U N N U U A A A A A A A U A U U U U U U U U U U U U U U U U U U U U U U U U U U U U U A U U U U U U N U N U U U U U U U U U U U U U U U U U U U D U U U U U U N N U U U U U U U U U U U U U U U U U U U U N U U U U N N N U U U U U A U U A U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U A A A U U U U U A U U U U U U U U U U U U U U U U U U U U U U U U U U U
Online transaction history maintenance
**Not reported
N=Not available
U=In use
A=Available
D=In development
20
Northern Trust
Citi
Part 5 Services
Services
UMB Fund Services
Princeton Financial
State Street Corp.
State Street/PAS
SYSTEMS CAPABILITIES Online entry of trade data On trade date T+1 Any as-of date Online editing/verification for validity/logic User can input additional data For prospectus/regulatory/compliance monitoring Electronic trade interface with client's system Generate journal entries for trade data Adjustments Correcting original trade Reversing/re-entering trade Date range CUSIP Transaction type Display live trades Monitor stock loans Record sales FIFO LIFO Highest cost Lowest cost Closest to average cost Least tax liability Adjust lots for dividends, splits Accounting for wash sales Provide audit trail of activity Process short-term instruments without CUSIP Security master add/trade short-term one screen Reflect trade data in portfolio valuation on entry Trade settlement Based on custodian download In currency other than trade currency Default to end-of-day exchange rates Multiple local currencies in one fund Multiple base currencies Tax-withholding and reclaim processing Translate online local currency balance to base A U U U U U U U U U U U U U N U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U N U U A U U U A U U N U U U N U U U U U U A U U U U U U U U U U U U U U U U U U U U U N U N N U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U A A U U U U U U U U A U A A A U U U U A U U U U U U U U U U U N U U A U U A A U U U N N U U U U U U U A U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U N U U U U U U A N U U U U U U N U U U U U N U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U A A U A U U U U U U U U U N D U U U U U U U U U U U U
Online transaction history maintenance
**Not reported
N=Not available
U=In use
A=Available
D=In development
U.S. Bancorp
SunGard
PFPC
SEI
21
Part 5 Services
Services
U U A A U U U U U U U U U U A U U U U U U U U U U U N N A U U U U A
ALPS Fund Services
Linedata Services
PRICING AND VALUATION Automated pricing interface IDC Bear Stearns FRI J.J. Kenney Reuters Fair Value Pricing Manual override prices from external services Online viewing Current prices from external sources Historical prices from external sources Permit exchange rates base to local U U U U U U U A U U U U U U U N U U U N U U U U N U U
N=Not available
U U A U U U U
U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U
U=In use
U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U D U U
U U N U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U
U N N N U N U U U N N N N N N U N N N N N N N U N N N N U N U N U U
A=Available
U A A A U U U U U U A A A A A A A A U U U U U U U U U U U U U A U U
U N U U N U U U U U U U U U U U U U U U U U U U U U U U U U U N U U
Manual entry
30-day rates 60-day rates 90-day rates 180-day rates Cross-currency rates Domestic prices Local currency prices Spot rates Automated interface 30-day rates 60-day rates 90-day rates 180-day rates Cross-currency rates Domestic prices Local currency prices Spot rates Automated calculation Cross-currency rates Forward contract interpolation Information and reports Different funds/price for one CUSIP Repricing trades after a price change Compare pricing sources and data Matrix pricing Pricing reports available prior to valuation List of daily prices by fund online
**Not reported
D=In development
22
Northern Trust
U U A U U U U U U U A A A A A A A A U U U U U U U U U U U U U U U U
Citi
Part 5 Services
Services
UMB Fund Services
Princeton Financial
State Street Corp.
State Street/PAS
PRICING AND VALUATION Automated pricing interface IDC Bear Stearns FRI J.J. Kenney Reuters Fair Value Pricing Manual override prices from external services Online viewing Current prices from external sources Historical prices from external sources Permit exchange rates base to local Manual entry 30-day rates 60-day rates 90-day rates 180-day rates Cross-currency rates Domestic prices Local currency prices Spot rates Automated interface 30-day rates 60-day rates 90-day rates 180-day rates Cross-currency rates Domestic prices Local currency prices Spot rates Automated calculation Cross-currency rates Forward contract interpolation Information and reports Different funds/price for one CUSIP Repricing trades after a price change Compare pricing sources and data Matrix pricing Pricing reports available prior to valuation List of daily prices by fund online
**Not reported N=Not available
U U U U U N U U U U U U U U N U U U U U U U N U U U U U U U U N U N
U=In use
A=Available
U A A U A U U U U U U U U U U U U U U U U U U U U U U U U U U U U U
U A A A U U U U U U A A A A U U U U A A A A A U U U U U U U U N U U
D=In development
U N N N U N U U U U U U U U U U U U U U U U U U U U U U N U N N U U
U.S. Bancorp
U U A U U U U U U U A A A A A U U U U U U U U U U U A U U U U N U U
SunGard
PFPC
SEI
23
Part 5 Services
Services
A U U U U U U U U A U U A U A U U U U U U U U A U U A U A U U A A A A A
ALPS Fund Services
Linedata Services
List of changes in securities by fund online Electronic reporting to outside service providers Pricing with no other functions inhibited Calculating NAV & offering price Domestic funds International funds Automated CTCI NASDAQ interface 1-, 7- & 30-day SEC yields SEC yield over any 30-day period Recalculate historical NAVs in real time Automated fund of funds processing Report stale prices Report prices entered manually Online portfolio valuation reporting INCOME AND AMORTIZATION Security accounting/posting Dividend payments Futures variation margin Interest payments Mortgage payups/paydowns Option expirations Reclaims Security maturities Stock splits Stock dividends Tax withholding Wash sale adjustment of cost basis Daily interest variable/short-term/long-term securities Daily interface for variable rate change Best call date Explicit call date Worst call date Maturity call date User-defined date Discount accretion, scientific method Best call date Explicit call date Worst call date Maturity call date User-defined date
N U U U U U U U N N U U U
U U U U U U U U U U U U U
U U U U U U U U A U U U U
N U U U N N U N A N U A A
U U U U U N U U U N U U U
U U U U U U U U U U N U U N U U U U N U U U U
U U U U U U U U U U U U U U U U U U U U U U U
U=In use
U U U U U U U U U U A U U U A U U U U A U U U
U U U U U U U U U U N U U U U U U U U U U U U
U N U A N N U U U N N U A N N N U N N N N U N
A=Available
U U U U U U U U U U A U U A A U A A A A U A A
D=In development
Discount accretion, straight-line method U U A U U U U A U U
24
Northern Trust
U U U U U U U U U A U U U U U U A A U U U U U A U U
Citi
Part 5 Services
Services
UMB Fund Services
Princeton Financial
State Street Corp.
State Street/PAS
List of changes in securities by fund online Electronic reporting to outside service providers Pricing with no other functions inhibited Calculating NAV & offering price Domestic funds International funds Automated CTCI NASDAQ interface 1-, 7- & 30-day SEC yields SEC yield over any 30-day period Recalculate historical NAVs in real time Automated fund of funds processing Report stale prices Report prices entered manually Online portfolio valuation reporting INCOME AND AMORTIZATION Security accounting/posting Dividend payments Futures variation margin Interest payments Mortgage payups/paydowns Option expirations Reclaims Security maturities Stock splits Stock dividends Tax withholding Wash sale adjustment of cost basis Daily interest variable/short-term/long-term securities Daily interface for variable rate change Best call date Explicit call date Worst call date Maturity call date User-defined date Discount accretion, scientific method Best call date Explicit call date Worst call date Maturity call date User-defined date
U U U U U N U U U U U U U
U U U U U U U U N U U U U
U U U U U U U U N U U U U
N U U U U U U U U N U U U
U U U U U U U U U U U U U U A U U U U A U U U
U U U U N U U U U U N U U U U U U U U U U U U
U=In use
A=Available
U A U U U U U U U U A U A A A A A A U U U U U
U U U U U U U U U U U U U A A A U A U U A U A
D=In development
U U U U U U U U U U U U N U U U U N U U U U N
Discount accretion, straight-line method N N A U U N A A U U
U.S. Bancorp
U U U U U U U U U U U U U U U U U U U U U U U U U U
SunGard
PFPC
SEI
25
Part 5 Services
Services
A U A U U A A A A A U U U U U U U U U U U U U U U U U U U U U U U U U U
ALPS Fund Services
Linedata Services
Premium amortization, straight-line method Best call date Explicit call date Worst call date Maturity call date User-defined call date Best call date Explicit call date Worst call date Maturity call date User-defined call date N U U U U N U U U U U U U U U U U U U U U A U U U U A U U U U U U U U U U U U U N N N U N N N N U N A A U A A A A U A A U U U U U U U U U U U U U U U U U U U U U U A U U U U A U U
Premium amortization, scientific method
CORPORATE ACTION/CAPITAL CHANGES
Process domestically
Cash dividends CUSIP changes Exchanges Full calls Issuing rights/warrants Maturities Mergers Name changes Partial calls Spinoffs Stock dividends Stock splits Tenders Unit splits Liquidations Return of capital Process internationally Cash dividends SEDOL/ VALOREN changes Exchanges Full call Issuing rights/warrants Maturities Mergers Name changes Partial calls Spinoffs
U=In use
U U N U N U U U U U U U U N A A N N N N N N N N N N
A=Available
D=In development
26
Northern Trust
Citi
Part 5 Services
Services
Ultimus Fund Solutions
Unified Fund Services
UMB Fund Services
Princeton Financial
State Street Corp.
State Street/PAS
Premium amortization, straight-line method Best call date Explicit call date Worst call date Maturity call date User-defined call date Best call date Explicit call date Worst call date Maturity call date User-defined call date Process domestically Cash dividends CUSIP changes Exchanges Full calls Issuing rights/warrants Maturities Mergers Name changes Partial calls Spinoffs Stock dividends Stock splits Tenders Unit splits Liquidations Return of capital Process internationally Cash dividends SEDOL/ VALOREN changes Exchanges Full Call Issuing rights/warrants Maturities Mergers Name changes Partial calls Spinoffs
U A U U U U A U U U
U U U U U U U U U U
U U U U U U U U U U
U U U U U U U U U U
U U U U U U U U U U
U U U U U U U U U U
A A A A A U U U U U
A A A A A U U A U A
U U U U N U U U U N
Premium amortization, scientific method N U A U U
CORPORATE ACTION/CAPITAL CHANGES U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U

U=In use
A=Available
U U U U U U U U U U U U U A U U U U U U U U U U U U
U U U U U U U U U U U U U A U U U U U U U U U U U U
D=In development
U.S. Bancorp
N U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U
SunGard
PFPC
SEI
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Part 6 Company Profiles

ALPS Fund Services, Inc.
Lisa B. Mougin Vice President, National Sales Director 1290 Broadway, Suite 1100 Denver, CO 80203 Phone: 303-623-2577 Fax: 303-623-7850 Email: lisa.mougin@alpsinc.com Web: www.alpsinc.com Year FA services began: 1996 ALPS Fund Services offers a full-service partnership approach to a select group of mutual fund clients looking for truly customized service. We have become a leader in the mutual fund industry by continually providing exceptional customer service to each and every one of our clients. Clients experience a seamless extension of their own workforce as they outsource services to ALPS. Our turnkey package includes compliance, creative services, distribution, fund accounting, fund administration, legal, marketing, shareholder servicing, tax and transfer agency services to open-end, closedend, exchange-traded funds and hedge funds. Our services are tailored to meet your needs and our consultative approach provides an integrated, client-oriented alliance. We consider ourselves to be a partner to our clients, not a vendor, and we provide service beyond what is required in our contracts. Part of what makes this possible is that ALPS has made a conscious decision to control growth, so that we never have to compromise our service levels or our reputation in the industry for delivering tailored, hightouch services. By following this philosophy, ALPS has demonstrated a consistent ability over the years to grow revenues while maintaining high levels of service and excellence. While fund companies share a number of common functions, each have some unique needs; identifying and developing those areas is part of what differentiates ALPS. But dont take our word for itread what our clients had to say in the Global Custodian 2007 Mutual Fund Administration Survey. ALPS was ranked #1 in the industry in the following categories: Domestic Service Providers, Fixed Income Funds and Equity Funds. In addition, ALPS handily beat the industry benchmark scores (the average score of all survey participants) in each of eight service areas: Client Services, Value, Fund Accounting, Transfer Agency, Distribution Support, Portfolio Servicing, Fund Reporting and Compliance. Once you do, we think youll find that ALPS lives up to its mission statement: We are a dynamic financial services firm built on relationships. We have a contagious enthusiasm for our people, our clients, our business partners, and our mutual opportunities for success. nerships, hedge funds, exchange-traded funds, and unit investment trusts. We continually reinvest in the technology and personnel needed to deliver the superior value clients expect from one of the worlds leading financial institutions.
BNY Mellon Asset Servicing

Joseph Keenan Managing Director One Wall Street, 25th Floor New York, NY 10285 Phone: 212-635-7150 Fax: 212-635-4587 Email: joe.keenan@bnymellon.com Web: www.bnymellon.com Year FA services began: 1978 BNY Mellon Asset Servicing can provide fund accounting services to all pooled structures in any of the worlds leading fund domiciles. Our services include calculating and reporting NAVs in an accurate and timely manner, computing yields, reconciling accounts, maintaining expense files, coordinating bill payments, maintaining broker and commission ledgers, assisting with SEC requirements, producing fund documentation, and responding to inquiries during account audits. From this comprehensive suite of services, and using innovative technology, we create solutions for the widest range of fund structures and performance objectives. Our global pricing and valuation platform is a real-time, full multicurrency, accounting system. The system generates daily NAV calculations, according to industry guidelines, automatically interfaces with compliance, performance, and financial reporting software, and handles multi-managed funds using the following methods: advisor accounting, hierarchical valuations, or manager reporting. Fund accounting data is available online, via our Internet portal, through which clients can access comprehensive real-time reporting and functionality including valuation tools, daily cash balances and forecasts, pricing history, security transaction history, general ledger entries, exception based reporting, and ad hoc queries. Overall, fund accounting is a key business for BNY Mellon Asset Servicing, and we provide these services to registered open and closed-end mutual funds, offshore funds, separate and commingled accounts, common and collective trusts, investment part-
Brown Brothers Harriman

Peter Poulin Managing Director 40 Water Street Boston, MA 02109 Phone: 617-772-2344 Email: peter.poulin@bbh.com Web: www.bbh.com Year FA services began: 1975 BBH is an industry leader in fund accounting and administration services, having provided these services to the global investment industry for over 30 years. We are consistently ranked at the top of industry surveys for the modules that make up our integrated full service offering, including global custody, investment administration, and accounting, as well as securities lending and foreign exchange. Today, we provide accounting and administration services for client groups representing over $500 billion. Our current range of offerings incorporates flexible service models, innovative technology solutions, and development support of our clients products. (Ranging from basic single-class funds to complex funds using derivatives, fund-of-funds, real estate funds, multi-manager accounts, etc.) BBH was the first financial institution to complete a successful implementation of the Eagle STAR multi-currency global investment accounting system to support its global business across all asset classes and instrument types. The system provides integrated reporting via BBHs single web-based portal, BBH WorldView, alongside its other administration and custody products.
Citi
James Nolan Managing Director 100 Summer Street, Suite 1500 Boston, MA 02110 Phone: 617-824-1397 Fax: 617-824-1477 Email: james.nolan@citi.com Web: www.transactionservices. citigroup.com Year FA services began: 1986
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Through its Global Transaction Services group, Citi delivers the industrys most comprehensive suite of customized fund accounting solutions supporting a wide range of fund structures across the globe. Our fund accounting capabilities have earned Citi Best-in-Class status from Global Custodians most recent Mutual Fund Administration Survey. With over 20 years of industry experience Citis accounting group has unparalleled knowledge of the securities markets. This team also brings a depth of experience across all facets of fund operations, ensuring a seamless integration of service solutions. Citi can process the most complex securities instruments and fund structures, including fund-of-funds, master-feeder, 130/30s, multi-class, lifecycle, target-date, multi-manager and investment partnerships. With Citis breadth of capabilities, sophisticated infrastructure and operational efficiencies, our clients are well positioned to focus on managing and growing fund assets. Our services include: Securities pricing / fair valuation Portfolio accounting NAV calculation Reconciliation Data management Web-based reporting Citi has set high standards for the accuracy of NAVs and NASDAQ timeliness, and we consistently exceed our benchmarks. Citis daily NAV generation process is supported by an industry-leading technology platform, supplemental systems and an extensive array of proprietary and customized application solutions. Our best-ofbreed technology is tightly integrated with all key fund support processes, including fund compliance, financial reporting, fund performance and tax services. The flexibility of our platform combined with the expertise of our accounting professionals, allows Citi to provide a high degree of customized reporting to our clients. The driving force behind all of our solutions is Citis experienced personnel. The fund accounting group employs an extensively trained and quality driven staff with a senior management team that averages more than 20 years of industry experience. Citi continually recruits outstanding professionals and provides career development opportunities, which correlates to a stable workforce and service continuity for our clients. In addition to fund accounting, Citi offers the industrys broadest spectrum of support services for fund managers including, fund administration, transfer agency, compliance, regulatory support, alternative investment services and front- and middleoffice asset manager solutions. Global Transaction Services is also a trusted custodian of over $12.5 trillion in client assets. Our centralized client-servicing model provides a single point of contact across all disciplines. We are dedicated to fostering true client partnerships based on a collaborative culture. Sponsors of a multitude of investment strategies and product offerings turn to Citi for innovative and tailored solutions. a no-load mutual fund transfer agent system as well as the Bonds Payable System for organizations issuing bonds.

Mark D. Nerud President 225 West Wacker Drive Suite 950 Chicago, IL 60606 Phone: 312-338-5801 Fax: 312-236-3911 Email: mark.nerud@jnli.com Web: jacksonfundservices.com Year FA services began: 1998 Jackson Fund Services, a division of Jackson National Life Insurance Company, offers customized solutions to meet the accounting and administration needs of small and mid-size fund groups and investment advisers. Headquartered in Chicago, Jackson Fund Services provides a wide range of quality services to 133 funds with over $57 billion in assets. Jackson Fund Services provides comprehensive fund accounting and administrative services to both registered and non-registered investment companies utilizing SunGards INVEST ONE investment accounting system. INVEST ONE, the leading investment accounting system, is an integrated U.S. domestic and global multicurrency, multi-class investment accounting system that accounts for virtually every type of investment security. Administrative services offered include start-up assistance, financial reporting, tax services, expense budgeting, regulatory administration and complianceincluding Chief Compliance Officer (CCO) support. We are committed to providing the highest level of service and accuracy. Because of our unique size and structure, we have the resources to meet your growing needs while also providing the customized solutions, individual attention and access to key personnel that you would expect from a business partner.
Investment Systems
Ronni Bialosky President 37840 Jackson Road Moreland Hills, OH 44022 Phone: 440-247-2865 Fax: 440-247-4961 Email: ronni@investmentsystems.com Web: www.investmentsystems.com Year FA services began: 1984 ISC provides a full portfolio accounting system for mutual funds. The package is a comprehensive yet cost effective solution for managing the accounting function inhouse, thereby maintaining complete control over the process. The software is designed to be flexible and can be customized to meet any special requirements. Interfaces to general ledgers, custodians and a variety of pricing services are available. A graphical interface provides an easy means of navigating the system. Extensive reporting and inquiry capabilities allow easy access to all your data in a variety of formats. An interface to a website can be customized. Reports can be converted to PDF documents for a common format. The software runs on an IBM Iseries server, which is both extremely reliable and scalable as your business needs may grow. The data is stored in a relational database which provides easy access for report writers and data extracts. The software is constantly being enhanced to meet changing requirements. ISC provides ongoing support, system enhancements and maintains a close working relationship with our clients. We also license the Shareholder Accounting System,
JPMorgan Worldwide
Carl J. Ferrara Managing Director 1 Chase Manhattan Plaza 9th Floor New York, NY 10005-1401 Phone: 212-552-2839
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Email: Carl.J.Ferrara@jpmorgan.com Web: www.jpmorgan.com/wss Year: FA services began: 1970 JPMorgan Worldwide Securities Services delivers a full range of products for fund managers and their institutional/retail client base, including custody, fund accounting, transfer agency, administration, performance measurement and compliance.We offer an on-the-ground approach to service through our 25 regional service centers worldwide, delivering an end-to-end array of services that includes trading, capital markets, financing and operating services. JPMorgans accounting system has the capabilities for accounting for many types of portfolios, including mutual funds, common trust, commingled trusts, private accounts, separate accounts, multimanager funds, exchange-traded funds and multicurrency funds. JPMorgan provides accounting services for over 15,700 accounts worldwide, representing total assets of $3.6 trillion. We leverage our global accounting system and worldwide expertise across our offices to share best practices and implement innovative solutions for our clients. Through strategic investments in our accounting product and people, we have developed several competitive advantages: Experienced, Quality People. JPMorgan Fund Accounting has a breadth of experience that spans the industrys most challenging investment products and structures, including multiclass, multimanager, offshore funds and complex derivative investment strategies. Single Global Accounting System. JPMorgan uses one accounting system globally (excluding Australia), enabling economies of scale, broad product knowledge that is transferable across regions, and pass-the-book capabilities for those funds requiring service in multiple locations. Full Integration. The accounting system provides a high level of embedded controls, integration with other key business areas and functionality to deliver a seamless service to our investment management client base. Our accounting system is fully integrated with our custody, transfer agency, compliance, tax and performance measurement systems, allowing for the highest degree of first-time quality trade and shareholder data to be integrated into the accounting system. Control Environment and Risk Management. The accounting management team has established and continually reviews the operational procedures, staff performance standards and tools that are critical to a daily valuation environment. Client Reporting and Delivery. JPMorgan Worldwide Securities Services offers a number of vehicles and methods for delivering information and data to its clients. Accounting data can be delivered through direct transmission or Internet delivery to provide clients with critical information in the method that best meets their needs. profit and loss allocations for complex multi-tiered fund structures such as master feeders, class/series and funds-of-funds. MPartner provides book accounting, handles the tax and regulatory issues specific to cross-fund investments and simplifies tax accounting for hedge funds. Linedata Services Asset Management has other complementary offerings that address the specific technology requirements of the buy-side, including MShare, a highly scalable shareholder accounting (transfer agency) system, Linedata Compliance, a multi-user, enterprise-wide global compliance solution, LongView Trading, an award-winning trade order management system, and the Beauchamp line of hedge fund solutions.
Linedata Services
Joyce Karpel Vice President of Sales 401 Hackensack Avenue Hackensack, NJ 07601 Phone: 201-996-9300 Email: Joyce.Karpel@nj.linedata.com Web: www.ldsam.com Year FA services began: 1989 Linedata Services (NYSE Euronext: LIN) is the global technology leader for investment software, solutions, and support. Linedata Services Asset Management (www.ldsam.com) provides comprehensive, scalable solutions to the buy-side, with more than 950 clients, 1,100 sites, and 13,000 users in 40 countries. Linedata Services Asset Management manages the entire investment process from pre-trade through post-settlement for mutual and institutional funds, hedge funds, fund administrators, prime brokers, and private wealth companies. Linedatas fund accounting solution MFact is a fully integrated system that addresses all functions of mutual fund, hedge fund, and pension fund accounting and administration. MFact meets the accounting demands of any organization managing or administering pooled investment funds. From trade entry to NAV calculation, MFact can handle complex securities and fund structures, foreign exchange considerations, as well as regulatory compliance and reporting needs. MFact features on-line access and reporting, a highly flexible and integrated general ledger for all types of securities, and fully integrated income, expense and valuation functions, eliminating the need for offline spreadsheet applications. MPartner is a powerful accounting solution for investment partnerships and hedge funds that automates capital activity and
Northern Trust
Michael Blake Vice President 50 S. LaSalle Street Chicago, IL 60603 Phone: 312-444-5655 Fax: 312-444-5258 Email: michael.blake@ntrs.com Web: www.northerntrust.com Year FA services began: 1970 Northern Trust offers a full range of services to its global fund clients, including: fund accounting, fund administration, transfer agency and shareholder servicing, trustee services and custody. With fund accounting offices located in Chicago, Dublin, Limerick, Guernsey, London and Luxembourg, Northern Trust services a wide variety of fund structures and investment objectives, including but not limited to: registered mutual funds, collective investment funds, trust funds, offshore funds, partnerships and hedge funds. Northern Trust has been providing fund accounting services for our institutional clients for over 20 years. We have approximately 600 staff involved in the provision of fund accounting services for our clients globally, and we currently provide fund accounting services for over 2,800 funds representing US$981 billion in assets. Northern Trust utilizes SunGards Invest One fund accounting system, which is integrated into our global custody system for straight-through transaction processing, data feeds and client reporting. As a result of our straight-through processing approach, fund accountants are able to better focus their energies and resources
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on the refinement and enrichment of client data, which consistently results in accurate information and timely reporting. Fund accounting is a key component of our fund administration offering to investment managers and fund companies worldwide. As such, we have made significant investments in the advancement of our capabilities in 2007, and we remain committed to the delivery of superior services going forward. necessary to maintain records on their own. Working with Nottingham: Enables diversified asset allocation. Generates more revenue. Saves time so managers can focus on trading. Offers flexibility. Provides compliance and security assurance. Allows for continuous solution development. We leverage our knowledge and experience to avoid a cookie-cutter approach, thus offering customized systems and processes that help our clients gain economies of scale that will ultimately improve investment returns. PFPCs tax services leverage our 30 years of experience as a leading fund accounting provider. With our comprehensive suite of services, you benefit from a dedicated staff of professionals to assist you, along with analytical tools to make strategic portfolio investment decisions in a timely, efficient manner. PFPCs regulatory administration services include the fund library, a secure, online, searchable compilation of a funds most important documents, including board meeting minutes, prospectuses, statements of additional information, shareholder reports and key fund procedures and contracts. Our Internet-based accounting and custody data repository and analytics suite enables easy access to portfolio, issue, transaction and distribution information, NAV history and more, for queries, reports and exporting current and historical data. PFPCs Mutual Fund Dashboard, powered by Coates Analytics, offers automated, actionable intelligence on the key metrics for your fund, delivered in an easy-to-understand format. Our customized Dashboard simplifies fund oversight by delivering the data you need when you need it. PFPC is a leading provider of processing, technology and business solutions to the global investment industry. We specialize in creating and delivering personalized solutions tailored to fit the specific preferences and evolving requirements of our clients. A member of The PNC Financial Services Group, PFPC offers a comprehensive array of securities and investor services. In addition to fund accounting and administration, we offer alternative investment services, international fund services, global custody and securities lending. PFPC also provides transfer agency and shareholder services, advanced output solutions, distribution services, banking transaction services, subaccounting and managed account services.
Nottingham Investment
Kip Meadows Founder & CEO 116 S. Franklin Street Rocky Mount, NC 27804 Phone: 800.525.3863 Fax: 252.442.4226 Email: kip.meadows@ncfunds.com Web: www.ncfunds.com Year FA services began: 1989 Perhaps you need comprehensive services for a mutual or hedge fund, or innovative solutions for a foundation or government budget to increase yields and reduce idle funds. At Nottingham, we concentrate on the depth of your investment administration needs so that you can focus on your investment goals. We understand striving to meet the investment objectives your investors demand requires your constant attention. This is where we can help. Nottingham Investment Administration specializes in fund accounting and administration services for mutual funds, hedge funds, foundations, endowments, and government budgets and investment pools. Our team of fund accountants, shareholder representatives, information technology professionals, and legal/compliance group works closely with our clients to develop ingenious, tailor-made unitized accounting and reporting solutions that improve efficiency, timeliness, and accuracy. Headquartered in North Carolina, Nottingham is one of the largest, independently owned unitized accounting providers in the United States, currently administering more than $20 billion in assets. Our client relationships go further than meeting market closing deadlines or preparing financial reporting. Nottingham prides itself on striving to provide individualized service of the highest quality as well as the best solutions available to advisors and organizations that desire efficiency but do not want the expense or infrastructure
PFPC Inc.
Jay F. Nusblatt Senior Vice President Senior Managing Director 301 Bellevue Parkway Wilmington, DE 19809 Phone: 302-791-2000 Email: information@pfpc.com Web: www.pfpc.com Year fund accounting services began: 1972 PFPC offers a comprehensive fund accounting and administration solution, delivered by a seasoned, multi-disciplined staff, to support mutual funds, alternative investments and offshore vehicles. PFPC processes the industrys most complex security instruments and fund structures worldwide, including fund-of-funds, master/feeder, multi-class, multi-manager and investment partnerships. Our full range of administration services includes financial reporting, tax services featuring an automated wash sale capability, treasury and regulatory services. Controlling risk is critical to our clients and the funds we service, so we have developed a comprehensive internal control structure, resulting in an excellent NAV accuracy rate. In addition, an outside auditor conducts an independent SAS 70 review every six months and the results of that review are shared with clients. PFPCs automated compliance module provides reporting of IRC, SEC and prospectus compliance. We also offer a variety of services designed to help chief compliance officers (CCOs) comply with SEC Rule 38a-1 under the Investment Company Act of 1940.
Princeton Financial Systems A State Street Company

Lorne Whitmore Vice President, Global Sales & Product Management 600 College Road East Princeton, NJ 08540 Phone: 613-599-2464 Fax: 609-987-9320 Email: lwhitmore@pfs.com Web: www.pfs.com Year FA services began: 1992
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Princeton Financials PAM comprehensive functionality automates the entire investment process, fully integrating your front-, middle- and back-office functions to facilitate straight-through processing of your investment operations. PAM allows you to streamline your operations, reduce your overhead costs and achieve greater control over your business. Because of Princeton Financials development discipline and PAMs object-oriented approach, PAM has emerged as the only global system with the functionality and technology to meet the needs of major institutional investors. PAMs capabilities provide full functionality with the integration provided by PAM, your front-, middle- and back-office operations will achieve greater efficiencies. PAMs comprehensive capabilities cover the entire investment process, including: Portfolio management, recordkeeping, compliance, reconciliation, settlement, accountingincluding full multi-currency capabilities, mutual fund and unit trust pricing and multiple bases accounting, performance measurement, analytics and reporting strong implementation and client support. Princeton Financials dedicated team of implementation experts is there to guide you every step of the way as you convert from your existing system to PAM. We continue to provide a high level of support through our dedicated client and technical support staff, which is based in our global operations centers. You can also use our highly regarded online support system to report and track problems, and our research and resolution of them. Available as an ASP Solution, PAM offers you an opportunity to run a functionally robust investment management system without the overhead of an in-house data center. Through a web browser, you can have real-time access to ePAM, our ASP solution. Princeton Financial assumes responsibility for the PAM software, hardware capitalization, network and applications management, while providing you with round-the-clock support. We provide high levels of security, performance and reliability through our experienced staff and sophisticated data center. Princeton Financial Systems, a wholly owned subsidiary of State Street Corporation, is a leading provider of investment management and accounting systems and ASP services for global institutional investors. Its flagship PAM investment management systems provide comprehensive STPready functionality that can be licensed for inhouse use or accessed via the Internet. PAM systems are currently used worldwide by over 350 leading investment managers, insurance companies, mutual funds and unit trusts, pension funds, hedge funds, endowments, banks and corporations, which manage combined total assets over US $3 trillion. Princeton Financial has offices located in the United States, United Kingdom, Belgium, Australia, Singapore, Amsterdam and Canada. For more information, visit Princeton Financials website at www.pfs.com. capabilities enable us to create an end-toend operating solution that is customized to fit your products, your existing systems, and the client experience you want to deliver. At the same time, we look beyond your operating needs to your overall business challenges. Business and regulatory knowledge is embedded in everything we do. That knowledge is not only built into our service offering, it is integral to our ongoing client relationships. We partner with you, our clients, to help you advance operationally, tactically, and strategicallyin short, to be more competitive on every level. By taking advantage of SEIs capabilities and expertise, you can: Focus on your competitive strengths and core competenciesmanaging money and servicing your clients. Control risk and better manage all information related to your business. Gain competitive insights and actionable strategies by leveraging SEIs industry knowledge. Capitalize on new growth opportunities by leveraging our flexible and scalable infrastructure. Take advantage of a wide range of operational and distribution solutions as your needs evolve.
SEI
Gary Harris Vice President & National Sales Director 1 Freedom Valley Drive Oaks, PA 19456 Phone: 610-676-1270 Email: ManagerServices@seic.com Web: www.seic.com/ims Year FA services began: 1981 SEI is a leading global outsourcer of asset management, investment processing and investment operations solutions. The companys innovative solutions help corporations, financial institutions, financial advisors, and affluent families create and manage wealth. As of September 30, 2007, through its subsidiaries and partnerships in which the company has a significant interest, SEI administers $423 billion in mutual fund and pooled assets and manages $202 billion in assets. SEI serves clients, conducts or is registered to conduct business and/or operations from more than 20 offices in over a dozen countries. For more information, visit www.seic.com. SEIs Investment Manager Services unit is a leading independent provider of business operating solutions to investment management organizations worldwide. Our clients are retail and institutional investment managers with global offerings that span the investment management industry. Our complete services provide everything from fund accounting and administration to distribution and compliance, in addition to other value-added services. We integrate best-of-class technology, best practices and people from around the world into a total operations outsourcing solution that is tailored to each of our clients. Our wide-ranging industry expertise and
State Street Corporation

Pete L. Thurmond, Jr. Senior Vice President State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Phone: 617-664-6676 Fax: 617-664-7733 Email: peter.thurmond@ statestreet.com Web: www.statestreet.com Year FA services began: 1924 for full service, 1984 for remote service State Street services more than 44% of the U.S. mutual fund market, and provides the industrys most comprehensive array of customized investment solutions to mutual fund managers. These solutions cover the entire investment spectrum, from research and analytics to multiasset-class trade execution to complex fund accounting and administration. As the worlds leading provider of financial services to institutional investors, we offer the fully integrated products and services they need to be successful. Our Services Include:
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Global custody Multicurrency fund accounting Daily pricing Fund administration Brokerage services Transition management Investment management Multiasset-class trading and research Cash management Securities lending Performance measurement and analytics Investment operations (middle-office) services Wealth management services Transfer agency services. Our Core Strengths Investment in the Future For growth-based companies to succeed, they have to partner with service providers that possess the resource capacity and commitment to deliver necessary today, and the foresight to build for tomorrow. State Street has a long tradition of investing in the future. We have consistently invested 20 to 25% of our operating budget in technology, and plan to continue investing at this same rate over the next three to five years. Global Experience State Street has been a leader in the mutual funds industry since 1924, growing with the market to meet the changing needs of our customers. For example, when Merrill Lynch invented multiclass funds in 1988, we developed the first multiclass accounting system to support them. Our product includes a detailed set of allocation procedures that serve as the basis for customers filings with the Securities and Exchange Commission. As a result of our specialized solution, State Streets procedures have become the industry standard. As the largest accounting agent for daily valued domestic mutual funds, we generate pricing for more than 10,000 funds every day and price more than 40% of the mutual fund market. State Street also submits more than 6,000 net asset values (NAVs) to NASDAQ daily4.5 times the number of NAVs produced by the second-ranked provider. Approximately 56% of the mutual funds State Street prices have multiple classes. We have extensive experience in accounting for very large, highly complex portfolios with structures that involve various mixes of complex securities in multi-manager, multiclass master-feeder and offshore funds. Our experience in accounting, custody, administration and shareholder servicing has been extremely valuable to institutional investors around the world. State Street experts were members of the working party that formulated the regulations for Open Ended Investment Companies (OEICs) in the United Kingdom. We now service more than 100 OEICs and have assisted our customers, including Morgan Stanley and Martin Currie, among others, in launching OEICs, converting existing unit trust funds to OEICs and converting bid/ask-priced unit trusts to single pricing. Focus on Key Initiatives Derivatives State Street customers and the market in general are increasingly using OTC derivatives, with interest rate swaps and credit default swaps being the most rapidly growing product types. As client demand has grown, so has the processing complexity and risk for clients. Industry utilities (e.g., Deriv/SERV, SwapsWire) have entered to automate selected functions, with the goal of transforming a paper-based process into a straight-through process. State Street is rolling out an OTC derivatives processing platform that will allow customers to fulfill their derivative processing needs in conjunction with our traditional asset servicing and custodial businesses. Each service can be selected individually or as a package to meet the full range of processing needs across the OTC derivatives processing lifecycle. The State Street platformwhich will span the middle and back officewill have the highest level of automation (straight-through processing) in the market and will be based on industry standard FpML, enabling links to industry utilities. State Street is investing in resources and expertise to ensure a smooth transition during customer implementation, as well as Centers of Excellence to provide highquality customer service for ongoing needs. Private Equity Private equity is the largest segment of the alternative investment market and is anticipated to grow at a compound annual growth rate of 14% to $2.8 trillion in 2010. An estimated 15% of private equity fund sponsors outsource back- and middle-office services. With the acquisitions of Investors Financial and Palmeri Fund Administrators in 2007, State Streets Private Equity Fund Administration Group currently services approximately 91 fund sponsors managing more than 330 primary funds globally, representing over $83 billion of committed capital. We also service 5% of the total private equity market and 31% of outsourced assets under management. Palmeri Fund Administrators and Investors Financial use the same investment accounting and investor reporting platform: InvestAI/Equitrak. Investors Financial and State Streets custody platforms provide identical functionality and the PrivateEdge technology complements the fund administration offering by providing performance and analytics services. Performance and Analytics State Streets Investment Analytics capabilities encompass a wide range of information and tools that support the investment decision process and risk management activities. We continually expand our product and service capabilities to assist customers in evaluating plan and portfolio results. Planned near-term enhancements include: Compliance: advanced workflow to include alerts routing to internal staff and to asset managers; expanded alerts notification through My State Street Alert Center; expanded graphical reporting. Risk Measurement: additional reporting and data frequency, user-defined scenario analysis. Alternatives: Expansion of real estate portfolio management capabilities through Private Edge Request. Performance and Attribution: Expansion of reporting capabilities, calculations and measures, and user inter face-related enhancements. A series of internal enhancements to increase automated data flow and auditing capabilities. Several new and expanded services and analytics capabilities were also added to my.statestreet.com, State Streets secure webbased platform for customer data and applications. My.statestreet.com allows customers access to a consolidated view of their account information, performance measurement and risk analysis tools, State Street research reports on global financial markets and securities lending tools.
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Enhancements implemented include: Investment Compliance Dashboard and Interactive Fail Management - From simple to complex, tests can be performed at any desired portfolio level for a wide range of criteria. Risk Measurement - Integrated capabilities offer an intuitive, interactive online reporting interface with extensive aggregation and drill-down capabilities. Alternative Assets Analysis Online / Private Edge - Analyze your alternative assets portfolio online, any time. Capabilities allow you to browse, sort and evaluate characteristics, investment summaries, financial statements and legal terms at the composite, partnership and portfolio company level. Daily Performance Services - Daily audited returns offered to the aggregate, portfolio, sector, industry and security level on the my.statestreet.com platform. Plan Attribution Reporting - Create or receive attribution based on customized hierarchies with attribution concentrations along the spectrum from Total Fund to Individual Portfolio. Headquarters Reporting Service (HQR) - A consolidated and coherent view of select investment information across plans and portfolios in multiple countries, encompassing both plans that are serviced by State Street and those that are serviced by other providers. Quick Query - Offers users the ability to create, run, view, edit, copy, schedule, standardize, save and delete queries. Users may filter to see only their own queries or include queries standardized by other users. At State Street, we understand the need for service solutions centered around controlling costs, developing and launching competitive new investment products and expanding globally. We also realize the importance and convenience of having all servicing needs met by a single provider. That is why we focus on flexibility in our service model, bundling our capabilities within a customizable framework that meets the unique needs of each investment manager. Email: JFDobbie@statestreet.com Web: www.statestreetpas.com Year FA services began: 1980 for both full and remote service State Streets Portfolio Accounting System (PAS) is a fully integrated multicurrency system providing investment management and accounting for leading investment companies. PAS combines the power of mainframe processing with an easy to use web-based Graphical User Interface (GUI). Automated data feeds and straight-through processing (STP) ensure efficient and accurate data entry. InfoQuest, our data warehouse, allows users access to refresh, query and retrieve virtually all system data. PAS Alert provides an automated checks and controls process, greatly increasing backoffice accounting operating efficiencies. PAS processes and calculates market values and NAVs for over 1,800 portfolios, over 2,300 classes of shares and over $1 trillion in assets daily. PAS can be used as a remote or full service accounting solution providing the advantages of software development, data processing operations, training and support without the high cost and risk of operating your own system. Evolving through more than 25 years of service, PAS delivers a solution that is robust, solid and dependable. PAS processes a wide variety of fund types from mutual funds to Unit Trusts, separate accounts, off shore funds, hedge funds, and more. PAS supports all types of account structures including multi-class, master feeder, multi-managed or any combination. PAS accounts for the most complex security types from derivatives, mortgage-backs, Swaps and Tips. In 2007 PAS brought greater automation to accounting operations and expanded support for international funds. New features assist with compliance of FAS 157 standards, automation of foreign security master setup and enhanced Fund-of-Fund processing. For international funds, PAS implemented the addition of an average cost accounting method, support for compliance with IFRS Fair Value, tracking of IFRS Transaction Costs, and dual sourcing of dividends. Our 2008 enhancements continue to focus on increasing automation and support for international funds. Projects include a security master customization project that will allow clients to create new security masters real-time through automated transmissions, enhanced PAS Alert and TURBO processing, and a user defined calendar. PAS continues to provide solutions that address the complexities faced by investment accounting operations making PAS the most widely used remote accounting product today.
SunGard Asset Arena

Vic Khanna Senior Vice President 3 Post Office Square Boston, MA 02109 Phone: 617-728-7722 Fax: 617-482-5682 Email: AssetArena@sungard.com Web: www.sungard.com/AssetArena Year FA services began: 1984 SunGard Asset Arena is a global family of software solutions to meet a comprehensive range of investment servicing needs. The Asset Arena family provides in-house and ASP solutions to the buy-side investment management industry for trading, portfolio management, compliance, investment accounting, investor accounting, transfer agent record keeping, and performance measurement and attribution and more. Asset Arena solutions support the complex needs of many of the largest financial services firms in the world representing in aggregate over $18 trillion in assets processed daily by these solutions. SunGards Asset Arena Investment Accounting (formerly InvestOne Enterprise), one of the industrys most trusted investment accounting solutions, is the powerful, innovative, and industry-leading investment accounting solution proven to improve operational efficiencies. A configurable, enterprise solution based on an extensible and scalable service-oriented architecture, Asset Arena Investment Accounting processes more than $12 trillion in assets and helps meet the needs of a range of financial institutions, including many of the worlds largest banks and financial services companies. Asset Arena Investment Accounting accounts for virtually any kind of security held in nearly any kind of fund from mutual funds and pension funds to hedge funds, funds-of-funds, bank commingled funds, offshore trusts, and more specialized funds. A real-time, multicurrency system supporting straight-through processing, Asset Arena Investment Accounting features a platform-independent architecture that is
State Street Corp./PAS

Jim Dobbie Vice President 801 Pennsylvania Avenue Kansas City, MO 64105 Phone: 816-871-1817 Fax: 816-871-1910
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available on an ASP or installed basis, integrated Business Process Management (BPM), message-based integration with third-party systems and data sources, a meta data-driven architecture and extensive webbased administration features for easy system configuration and maintenance. With an easy-to-use Dynamic Desktop interface and features designed to streamline back-office operations, Asset Arena Investment Accounting helps improve fund accounting and operational efficiencies. Features include a customizable browser-based Dynamic Desktop with role-based workflows, extended reporting capabilities, and the Exception Manager Module which helps process accounting exceptions on a more proactive basis by employing customized rules. With annual revenue exceeding $4 billion, SunGard is a global leader in software and processing solutions for financial services, higher education, and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the worlds 50 largest financial services companies. work in an environment of strong internal controls providing the highest level of personalized service. Our fund accounting services include: calculating and reporting daily net asset values, determining cash availability, maintaining general ledgers, preparing financial statements and reports, calculating fund performance and providing customized management reporting. Ultimus utilizes SunGards INVEST ONE investment accounting system, version 05.210, the leading multi-currency investment accounting system in use today. Ultimus accesses INVEST ONE on a remote basis via a networked PC environment which connects to SunGard utilizing a dedicated line. Additionally, Ultimus utilizes Fund Station.net from Confluence Technologies to calculate the performance of our clients mutual funds and their aftertax rates of return. This system is also used to transmit daily reports to investors, analysts and advisors. class and fund-of-funds, separate accounts, investment partnerships, alternative investment products, hedge funds, registered fund-of-funds, master-feeder, offshore funds, and private equity. Were also experienced in handling special situations such as fund mergers and conversions. Our core fund accounting system is Linedatas Mutual Fund Accounting system (MFACT). This robust system features multi-currency and foreign exchange accounting, automated data interfaces, easy interface of data extracts via spreadsheets, database management and ad-hoc report writing capabilities. Were fully automated for enhanced efficiency, offering automated trade interfaces, automated custody reconciliations, and automated transmission of NAVs to NASDAQ, transfer agencies, websites and VRUs. If you have special needs, talk to us. Your preferences determine our approach. UMB Fund Services has 60 years of mutual fund experience and currently services more than 125 clients with assets of over $200 billion. We offer a complete line of investment product services, including administration, fund accounting, investor services and transfer agency, distribution, marketing, custody, cash management and alternative investment product services. Our mission is to provide solutions that save you time and money, while providing the best service in the industry to you and your clients.
UMB Fund Services

Lonnie Macdonald Senior Vice President Business Development Manager 803 West Michigan Street Milwaukee, WI 53233 Phone: 414-299-2209 Email: lon.macdonald@umb.com Web: www.umbfs.com Year FA services began: 1992 Enjoy peace of mind with UMB Fund Services providing your fund accounting and administration services. We handle the day-to-day operational details, meeting every deadline, and providing outstanding accuracy, leaving no loose ends. Whats more, our compliance services help you be sure youre meeting regulatory requirements. UMB Fund Services fund accounting and administration team offers solid experience, expertise, a full range of accounting capabilities and an exceptional track record. Our strong system of controls has ensured weve met NAV reporting deadlines virtually 100% of the time. We perform fund accounting and administration services for a wide variety of fund types, including registered funds (open and closed), load and noload funds, common and pooled trust funds, money market, bond, equity, international, municipal, tax-free, REITs, multi-
Ultimus Fund Solutions, LLC

Bob Dorsey Managing Director 225 Pictoria Drive Suite 450 Cincinnati, OH 45246 Phone: 513-587-3401 Fax: 513-587-3450 Email: bdorsey@ultimusfundsolutions.com Web: www.ultimusfundsolutions.com Year FA services began: 1999 Ultimus Fund Solutions provides highly personal and comprehensive mutual fund services to small- and medium-sized fund groups. We offer mutual fund organization, administration, distribution, fund accounting, transfer agent and shareholder services. And were unique. By supporting only a limited number of clients, we deliver highly individual and unsurpassed service. While this may contradict todays business philosophy of Grow, Grow, Grow, our philosophy is Your Fund Matters. At Ultimus, we provide comprehensive fund accounting services in an industry where accuracy and timeliness are critical. Our experienced accounting professionals
Unified Fund Services

Mike Landis Vice President, Fund Accounting and Fund Administration 2960 North Meridian Street Suite 300 Indianapolis, IN 46208 Phone: 317-917-7425 Fax: 317-631-3701 Email: mlandis@ufsonline.com Web: www.unifiedfunds.com Year Fund Accounting Services Began: 1983 Unified Fund Services provides highquality, comprehensive fund accounting and fund administration services for mutual funds. Supported by the state-of-the-art Mfact Accounting system, developed by Linedata Systems (formerly GIS), Unifieds seasoned accounting staff utilizes exacting and thorough work processes developed from years of experience servicing many dif-
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ferent types of funds. By employing methodical procedures and utilizing multiple controls, we are able to ensure superior accuracy. Unifieds Fund Accounting and Fund Administration Departments are also subject to annual internal (separate Internal Audit Department) and external (SAS70) audits, designed to evaluate work processes and established control procedures. As a Fund Accountant, Unified provides the following services: calculates a daily net asset value per share; reconciles daily cash positions to custodians and brokers, and reports cash available for investing to the investment advisor; reconciles and records all daily expense accruals; records and verifies daily income accruals; maintains all security transactions for NAV calculation; enters fund share transactions for NAV calculation; reviews and reconciles schedule of positions with custodial and broker statements; submits accounting reports to clients; submits NAV and distribution information to NASDAQ; calculates all dividend distributions; and calculates yields in accordance with regulatory guidance. As a Fund Administrator, Unified provides the following service: prepares semiannual and annual financial statements; completes monthly and quarterly compliance testing; calculate and report Portfolio performance to outside services as directed by Trust Management; compile data for and prepare, with respect to the portfolios, Form N-Q required pursuant to Rule 30b-1-5; coordinate the preparation and filing of all required Trust filings with the Commission; Prepare Board material for all Board Meetings as deemed necessary by the Trust; and other duties as necessary. Unified furnishes value-added products and integrated business solutions not always available from stand-alone providers. These include a growing list of Internet capabilities; customized website development and hosting; and trust, qualified plan, distribution, and fulfillment services. Experience, technology, and most of all, client-oriented staff makes Unified an ideal business partner. Web: www.usbfs.com Year FA services began: 1987 U.S. Bancorp Fund Services, LLC provides the benefit of 38 years of servicing mutual funds and investment management firms. We provide specialized talent and technology resources to support over $700 billion in client mutual fund assets across our various services. Our single source solution for all mutual fund investment product services allows fund sponsors to offer competitive, economical products expertly administered. We provide fund accounting services for all types of registered investment products and instruments. Our services are available either independently or integrated with our other fund services, including: Fund Administration & Compliance Services; Transfer Agent & Shareholder Services; Custody & Lending Services; Distribution Services; Alternative Investment Product Administration. Valuation Quality Assurance With accuracy and precision, U.S. Bancorp Fund Services produces over 13,000 NAVs and factors each month. Our specialized investment accounting professionals are organized into dedicated client service teams, providing customized, personal attention to our clients throughout the entire process. The combination of our experienced management team and our adherence to strict daily controls provides quality assurance for our clients. Our fund accounting quality measurements and reporting include accuracy and timeliness of all valuations within strict service level standards. Most Current Technology We utilize the most current fund accounting and investment securities applications available. Our fund accounting platform, Eagle STAR, is a state-of-the-art fund accounting software system and our Advisor Information Source (AIS) data warehouse web portal provides the most flexible access to portfolio and securities data. All fund accounting and portfolio data can be customized in user-defined, flexible format and delivery options. Sample service features include: On-line real-time NAV status Control Center; Automated security pricing validation; Price variances based upon tolerance edits; Customized security master file; Automated NAV delivery and integration with websites, transfer agent, third parties; 24/7 on-line access to portfolio, security position, NAV, and transaction data; Standard or user-defined reporting. Complete Service Integration Since 1969, U.S. Bancorp Fund Services has provided an integrated package of services for mutual fund clients. We have integrated the data and service delivery of our fund administration and compliance, fund accounting, custody, transfer agent, and distribution services. This provides mutual fund boards and fund sponsors with a seamless, efficient, turn-key service solution.
U.S. Bancorp Fund Services

Bob Kern Director of Sales 615 East Michigan Street Milwaukee, WI 53202 Phone: 414-765-5678 Fax: 414-212-7360 Email: bob.kern@usbank.com
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Transfer Agent
DST Visiona decade of excellence

DST Vision, the leading Web site for nancial intermediaries, is celebrating more than a decade of innovation, transforming how advisors and mutual funds interact. Our mission is to streamline mutual fund operations while enhancing an advisors practice. Thats why we offer information from more than 240 mutual funds, including 24 of the top 25 wholesale distributed funds. Advisors also can access variable annuities and retirement plans, plus a wide array of robust and essential tools that streamline mutual fund operations and enhance advisor efciency. Whats next? We have added non-traded real estate investment trusts. For the rst time, advisors can see aggregated REIT information alongside their other client investments. Plus, in the coming months, we evolve the overall Vision experience with a new look, new features, new content, and a new perspective.
For the last 10 years, Vision has changed how mutual funds and advisors work together. Watch how Vision continues to evolve. To learn more about Vision, contact Kyle Mallot at kmallot@dstsystems.com or visit www.dstvision.com.
TRANSFER AGENT SERVICES

When in Rome (or Luxembourg or China), Global Service Providers Support Global Strategies . . . . . 38
By Tom McCullough and Stephen Hooley
Next Generation Technologies Are Challenging Traditional Thinking . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

By Tim Kan
Inside the Boardroom: Fund Directors On Their Changing Roles and Responsibilities. . . . . . . . . . . . . . 41
By Linda Hoard
Part 2 Rankings
Number of Accounts Full-Service Providers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Remote Service Providers . . . . . . . . . . . . . . . . . . . . . . . . . . 42 System Sale or Lease Providers. . . . . . . . . . . . . . . . . . . . . . 42 Number of Clients Full-Service Providers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Remote Service Providers . . . . . . . . . . . . . . . . . . . . . . . . . . 42 System Sale or Lease Providers. . . . . . . . . . . . . . . . . . . . . . 42

Full-Service Providers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 Remote Service Providers . . . . . . . . . . . . . . . . . . . . . . . . . . 46 System Sale or Lease Providers. . . . . . . . . . . . . . . . . . . . . . 47
Part 4 Services . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Part 5 Five-Year Snapshot

Number of Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Full-Service Providers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Remote Service Providers . . . . . . . . . . . . . . . . . . . . . . . . . . 58 System Sale or Lease Providers. . . . . . . . . . . . . . . . . . . . . . 58
Part 6 Company Profiles . . . . . . . . . . . . . . . 59
When in Rome (or Luxembourg or China), Global Service Providers Support Global Strategies
By Tom McCullough and Stephen Hooley
s industry observers report a shift in the pace of fund growth internationally, the worlds top asset managers are increasingly looking abroad for new opportunities. According to the European Fund and Asset Management Association (EFAMA), Europe is now home to collective funds representing approximately 35% of the global investment fund industrys total net assets. While the U.S. maintains about 46% of total net assets, European-domiciled funds have gained in size and growth while the U.S. fund market share has declined in the last few years. The foreign regulatory and economic climate favors the establishment of collective funds in domiciles abroad, particularly in Europe. For example, the European Union directive for Undertakings for Collective Investment in Transferable Securities (UCITS) allows collective funds to be marketed within all countries that are a part of the European Union, provided that the fund and fund managers are registered within the country. The benefits of being able to register and sell in 42 different countries havent been lost on global managers. In fact, UCITS products are being sold in an increasing number of jurisdictions. According to a recent KNEIP report, Luxembourg leads other foreign domiciles in the number of foreign funds registered for sale in Asian countries. Developing markets in South America, Asia and the Middle East represent compelling opportunities for firms looking to gain global assets. Against this backdrop, global asset managers have begun to rationalize their fund product lines in order to gain economies of scale and realize greater efficiencies. By operating and managing assets from one domicile and working with a single transfer agent and a single custodian, global asset managers reduce expenses and maintain greater control of their distribution strategies. Facing Global Challenges Recent growth of collective funds operating under various distribution models suggests that the globalization trend will continue for the foreseeable future. As asset man-
Tom McCullough
Stephen Hooley
agers look to take advantage of new markets, they must be aware of the challenges unique to international fund operations and distribution. They face a wide range of tax structures, regulatory requirements and risk management concerns, including local language requirements, multiple trading platforms and local market practices. In these conditions, it is critical that global asset managers engage trusted technology and service providers that are positioned to help them meet these challenges. Following are a few critical qualities that asset managers should demand from their technology and service providers. Local market knowledge and support Asset managers require more than a cursory understanding of local business conditions. Their providers must be experts on the local markets, with in-depth knowledge of key factors surrounding distribution, performance reporting and compensation schemes. Deceptively small issues such as whether market practice is to use commas or decimals when transacting can have milliondollar implications. Understanding nuances in custom and culture can make the difference between building local product support and remaining a foreigner in an unfamiliar market. On-the-ground support teams can be crucial to smoothing the way as asset managers encounter language and cultural issues around the globe. Global technology solutions As asset managers sell their products in multiple markets, their systems must interact with local financial networks, integrate with specialist software that provides jurisdictional expertise and offer a level of ecommerce appropriate for each particular market. Their technology service provider must have the scale and capital required to create industrial-strength solutions, as well
as the ability to integrate with local best-inbreed applications as necessary to reduce time to market and limit exposure. Complex compensation and performance structures in different markets must be developed as new products are introduced. Additionally, asset managers want to have a single view of their customers holdings and cumulative value, along with reporting that supports distribution decisions across all their product lines. In order to manage these decisions and meet increasingly complex demands, asset managers require integrated workflow, database support and web-enabled reporting. In addition, the selection of the right technology service provider can go a long way in mitigating expenses associated with serving multiple markets and channels. A service provider prepared to deliver costeffective offshore processing locations, as well as workflow to control and distribute work and maximize straight-through processing (STP), is critical to realizing operational efficiencies on a global scale. Long-term commitment Distributing globally is not a one-off exercise for the asset manager. Regulatory requirements continue to evolve and develop at different paces in different countries. Products and distribution channels change. New centers of wealth and investment emerge. Technology and service providers must continuously invest in their solutions, and global asset managers must be assured that their suppliers are committed to supporting them for the long term. Distributing globally presents many exciting opportunities and rewarding challenges. As the European UCITS model becomes more widely accepted, asset managers will be able to continue to standardize their product ranges. In this continuously developing global marketplace, the choice of the right global service provider becomes a critical step toward a successful international business model. MFSG Tom McCullough is chief operating officer of DST Systems, Inc. and Stephen Hooley is chairman of International Financial Data Services.
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Transfer Agent Services
Meeting the challenges of the Global Investments Marketplace.
For more information, call Craig Hill at 816-843-8894 or visit our website at: www.bostonfinancial.com.
Next Generation Technologies Are Challenging Traditional Thinking

By Tim Kan
he technology world has changed so dramatically that we tend to lose perspective over time. The teenagers and college students of today have grown accustomed to technology, which was truly inconceivable for their parents. Many of the business leaders of 2008 can recall when there were no microwaves, no fax machines and computers were dumb text based terminals used for specific business applications. Those younger than the Baby Boomer are businesses next leaders. They grew up with technology beyond the dreams of the prior generation and they are challenging traditional thinking. The technologies seen as rocket science as few as 25 years ago now represent basic commodities. With these extreme advances in capability and continuously decreasing costs, businesses are expecting their IT systems to be as accessible, valuable and intuitive to become an ever increasing force in the delivery of their products and services. Unfortunately, in many cases within mature industries, huge investments in first generation technologies have been extended over time resulting in technology anchors holding back progress. The question today is how long can a company remain competitive on legacy systems that may have such inherent limitations? This question applies to technology requirements such as real time and open access to data as well as the ability to exploit the education and experience of our employees. Our employees are comfortable with and expect graphical interfaces, real-time data access, and flexibility to rapidly adopt changes in business rules and processes. Enabling business applications to the point where their usability and access to information is on par with the Yahoo!s and iPhones of the world provide the optimum environment. It is this type of instant gratification that is required across the board to maintain pace in todays business world. It has been long known that systems based on the legacy tools and programming languages are inflexible, difficult to navigate and expensive to maintain. Yet
they remain prominent in the financial services industry due to historical investments and aversion to change. Companies have had to wrap their Tim Kan core technology to produce the aura of instant gratification. Business leaders must question how they can bring the real world of today into their business to create differentiation and long-term sustainability while attending to employee and customer expectations. Rapid time to market, 24 X 7 access, open integration, real-time data access through intuitive user interfaces and the retention of talent are difficult to achieve in a business world of depressing margins using legacy technologies. Yet todays technology allows us to meet these objectives.
Technology educators focus on the technology of today.

In todays world, companies are exploiting modern technologies by focusing resources on innovation as opposed to maintenance while keeping the profitability pressures in check. Firms are providing their employees instant access to information and opportunities to think beyond the traditional, leveraging their life and educational experiences. All while creating cost efficiencies for their organizations. As an example, Hewlett Packard clients have experienced a total cost of ownership savings of up to 80% transitioning from mainframe technology. Further, companies find integration with the core system and its surrounding applications simpler and cheaper using modern web services technology. Through modern technology, mission critical applications no longer need to be locked into archaic, ring-fenced environments. Without the need to rewrite millions of lines of code, companies
can take advantage of next-generation systems to quickly launch best-of-breed solutions to create product and service differentiation. Many of todays business leaders have come to accept the need for systems to shut down overnight to update data while consumers have the opposite expectation of having 24 X 7 access to their information. Through the use of intuitive graphical user interfaces, modern day systems provide what most people have come to take for granted: easy to use software that leverages todays expectations of continuously available systems and technology that distills complex processes into effortless ones without the need to learn complex commands, dramatically reducing operator training time and increasing accuracy, while providing open standards for employee innovation. Technology educators focus on the technology of today. Attracting and retaining employees who are excited about using technology to advance the firm is difficult when you are asking the younger generation to step into our past. Stifling the creativity of our younger employees drives up labor costs due to the graying of the workforce and employee turnover. The supply and demand of programmers versed in the older programming languages, willing to work in restrictive technology environments or the sheer volume of code dictates a premium price compared to the huge pool of labor for standardized modern day languages. At Envision, we have long understood the advantages of leveraging emerging technology and our clients are benefiting from our vision. Our clients see the clear advantages of flexible and open technology and more and more companies are taking a closer look at how they can use the technology of today to create product differentiation and innovation, provide continuous access to information, attract and retain employees, and reduce costs to take their business to the next level. MFSG Tim Kan is president of Envision Financial Systems, Inc.
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Inside the Boardroom: Fund Directors On Their Changing Roles and Responsibilities
By Linda Hoard
hile mutual fund shareholders have benefited from the new regulations that emerged in the wake of the market-timing and lateday trading scandals uncovered in 2003, the burden of regulatory compliance has combined with the growing complexity of financial services to place significant demands on fund boards. A survey of more than 150 fund directors and executives commissioned by PFPC illustrates the challenges boards face, from heavier workloads to greater risk of personal liability to difficulties finding experienced directors. The impact of the added demands on fund boards is clear. Two-thirds of directorsincluding three in four independent directors and almost all of those with more than 15 years experiencesaid their job is harder than it used to be. Many are devoting longer hours to board business, with a third of directors spending more than 200 hours annually on their board responsibilities. Serving on a fund board requires a significant commitment for what is usually a second job. Even two-thirds of independent directors, often assumed to be retirees, are under age 65 and likely to have additional work responsibilities. Personal Liability Directors are also concerned about a growing risk of personal liability, and more than a third of interested directors have taken out supplemental personal liability coverage. These concerns are discouraging some directors from continuing to serve: One in four directors said that at least one member of their board has resigned because of the time required or their concerns about liability. Moreover, this is making it more difficult to recruit new outside directors and qualified candidates for audit committees, particularly the financial experts required by Sarbanes-Oxleytroublesome given that boards already are fishing in a very small pool of qualified, available candidates. The breadth and complexity of director concerns add to the workload. For
instance, the survey results indicate that independent directors, especially, are focused on evaluating performance and ensuring that the pricing and valuation of portfolio securities Linda Hoard are accurate, tasks that are both crucial and challenging within the current market environment. They also stress the review and approval of service provider contracts, which require an in-depth understanding of such functions as transfer agency, custodianship and fund
A survey of more than 150 fund directors and executives commissioned by PFPC illustrates the challenges boards face, from heavier workloads to greater risk of personal liability to difficulties finding experienced directors.
administration. With half of all board members overseeing 10 or more funds, the amount of operational detail that must be mastered can be daunting. With increased workloads a given, directors are developing ways to handle their responsibilities more effectively. Many directors have tools such as electronic board books and designated password-protected websites; full access to past board minutes, shareholder reports and key fund contracts; and education through conferences and paid memberships in industry associations. However, according to the survey
results, not all directors have equal access to these tools. Interested directors are more likely than independent directors to receive regular in-house training and laptop computers provided by the investment advisor, while the directors of smaller funds lack the tools and support available to their larger counterparts. Both independent and interested directors are nearly unanimous in saying they enjoy their jobs and plan to continue to serve, and most would recommend board service to others. In spite of this optimistic view, the bottom line for the mutual fund industry would appear to be that growing responsibilities, greater workloads and increasing concerns over personal liability are weighing on fund boards and making it harder to attract new directors. Recruit and Retain Mutual fund complexes can take steps to recruit and retain qualified board members, especially outside directors. The survey suggests that a key step is to provide greater support and resources to boards, including education, training and analytical tools that can make work more efficient. Additionally, boards should provide appropriate compensation for directors work, taking into account the increase in time commitments. Finally, fund boards should ensure that directors are provided insurance sufficient to alleviate the fear of potential litigation without adequate coverage. The directors of mutual fund boards have extraordinary discretion and power over investments that are vital to Americans personal economic security and the functioning of our market economy. It is essential to have dedicated, well-qualified individuals serve on these boards, and fund complexes must take every step possible to attract and retain the best of the best. Only that will ensure the continued high caliber of mutual fund directors. MFSG Linda Hoard is senior vice president and senior counsel, PFPC, a member of The PNC Financial Services Group.
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Part 2 Rankings
Number of Accounts
2007 Rank 1 2 3 4 5 6 7 8 9 10 11 Service Provider Number of Accounts (Ks) 2007 Rank 1 2 3 4 5 6 7 8 9 10 11 Service Provider
Number of Clients
Number of Clients 185 146 120 116 94 63 41 31 26 22 18
Boston Financial Data Services 25,400 PFPC 19,202 DST Systems 8,600 U.S. Bancorp Fund Services 2,785 Citi 1,000 JPMorgan Worldwide Securities Services 364 ALPS Fund Services 350 Northern Trust 349 UMB Fund Services 286 Unified Fund Services 109 Nottingham Investment Administration 24
Northern Trust PFPC U.S. Bancorp Fund Services Boston Financial Data Services Citi JPMorgan Worldwide Securities Services DST Systems UMB Fund Services Nottingham Investment Administration Unified Fund Services ALPS Fund Services

Number of Accounts
2007 Rank 1 2 3 4 Service Provider Number of Accounts (Ks) 2007 Rank 1 2 3 4 Service Provider
Number of Clients
Number of Clients 209 146 16 2
DST Systems 110,500 PFPC 36,038 SunGard 9,981 JPMorgan Worldwide Securities Services 5
SunGard DST Systems PFPC JPMorgan Worldwide Securities Services

Number of Accounts
2007 Rank 1 2 3 4 Service Provider Envision Financial Systems SunGard Linedata Services Investment Systems Co. Number of Accounts (Ks) 5,750 2,000 250 23 2007 Rank Service Provider
Number of Clients
Number of Clients 28 28 2 1
1 Envision Financial Systems (Tie for 1st) Linedata Services 2 Investment Systems Co. 3 SunGard
Data as of 12/31/07 Rankings for number of accounts based on open accounts in open-end U.S. mutual funds
42
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JPMorgan Worldwide Securities ALPS Fund Services Boston Financial Data Services
CLIENT INFORMATION # Mutual fund complexes 18 # Portfolios 196 # Open-end U.S. mutual fund shareholder accounts (Ks) 350 # Closed-end U.S. mutual fund shareholder accounts (Ks) 0 # Mutual fund complexes added/lost in 2007 3/(1) # Shareholder accounts added/lost in 2007 97,241/(28,350) # Clients outside of the U.S. ** # Clients operate offshore funds ** # Clients sell funds in their country of domicile ** # Offices outside of the U.S. ** SERVICE SUMMARY Overflow facilities N DC participant recordkeeping N Portfolio accounting Y Domestic custody N Global custody N Require funds to sign multiyear contract Y Offer hybrid servicing (mix of full and remote service) Y
PERSONNEL
116 11,972 25,400 0 (7) 1,700,000 ** ** ** ** Y Y N N N N Y ** 6.9 Y N U U U U U U U U U U U U

A=Available
94 1,900 1,000 3 47 800,000 162 162 162 7 Y N Y Y Y N Y 11 4 Y N U U U U U U U U U U U U
41 3,222 8,600 17 1 40 38 11 27 4 Y Y N N N N Y ** 10.4 Y N U U U U U U U U U U U U
63 555 364 0 31/(12) 283,132 32 20 ** 4 Y N Y Y Y N Y 16 7 Y N U U U U U U N N U U U U
185 90 349 0 0 104,026 ** ** ** ** ** N Y Y Y Y N 5 4 Y N U D D N U U N N N A A N
Average industry experience (years) Average tenure with company (years) Quality incentives available In-house fulfillment facility
TYPE OF FUNDS SERVICED
4 2 Y N U U U U U U A U N A N U
No-Load Funds Front Load Funds CDSC (Back Load) Funds Spread Load Funds Multiple Class Funds Money Market Funds Contractual Plans Variable Annuities Closed-End Funds Offshore Funds Foreign Managed Funds State Investment Pool
U=In use
D=In development
44
Northern Trust
DST Systems
Citi

Nottingham Investment Administration Unified Fund Services UMB Fund Services
CLIENT INFORMATION # Mutual fund complexes # Portfolios # Open-end U.S. mutual fund shareholder accounts (Ks) # Closed-end U.S. mutual fund shareholder accounts (Ks) # Mutual fund complexes added/lost in 2007 # Shareholder accounts added/lost in 2007 # Clients outside of the U.S. # Clients operate offshore funds # Clients sell funds in their country of domicile # Offices outside of the U.S. SERVICE SUMMARY Overflow facilities DC participant recordkeeping Portfolio accounting Domestic custody Global custody Require funds to sign multiyear contract Offer hybrid servicing (mix of full and remote service) PERSONNEL Average industry experience (years) Average tenure with company (years) Quality incentives available In-house fulfillment facility TYPE OF FUNDS SERVICED No-Load Funds Front Load Funds CDSC (Back Load) Funds Spread Load Funds Multiple Class Funds Money Market Funds Contractual Plans Variable Annuities Closed-End Funds Offshore Funds Foreign Managed Funds State Investment Pool
26 26 24 0 2 4 7 7 7 0 N N Y Y Y N Y 5.7 5.7 Y Y U U U A U U N U A U U U
U=In use
146 4,475 19,202 19,479 10/(4) 1,542,255 116 116 ** 5 Y N Y Y Y N Y ** 6.57 Y N U U U U U U N U U U U A

A=Available
31 138 286 0 6 42,183 0 0 0 0 N N Y Y Y N Y 9.4 5.4 Y Y U U A A U U N N A U U N

D=In development
22 209 109 0 1/(1) 39,973 ** ** ** ** N Y Y Y Y N N 4.5 2.6 N N U U U U U U U U N N U N
120 548 2,785 406 9 258,618 1 ** 1 0 N N Y Y Y N Y 16.98 14.47 Y N U U U N U U U U U U U U
U.S. Bancorp Fund Services
PFPC
45

DST Systems
CLIENT INFORMATION # Mutual fund complexes # Portfolios # Open-end U.S. mutual fund shareholder accounts (Ks) # Open-end for brokers performing subaccounting (Ks) # Closed-end U.S. mutual fund shareholder accounts (Ks) # Mutual fund complexes added/lost in 2007 # Shareholder accounts added/lost in 2007 # Clients outside of the U.S. # Clients operate offshore funds # Clients sell funds in their country of domicile # Offices outside of the U.S. SERVICE FUNCTIONS Overflow facilities DC participant recordkeeping Portfolio accounting Domestic custody Global custody Require funds to sign multiyear contract Offer hybrid servicing (mix of full and remote service) PERSONNEL Average industry experience (years) Average tenure with company (years) Quality incentives available In-house fulfillment facility TYPE OF FUNDS SERVICED No-Load Funds Front Load Funds CDSC (Back Load) Funds Spread Load Funds Multiple Class Funds Money Market Funds Contractual Plans Variable Annuities Closed-End Funds Offshore Funds Foreign Managed Funds State Investment Pool
**Not reported N=Not available U=In use
146 10,262 110,500 1,855 27 11 7,141,793 8 0 8 4 Y Y N N N Y Y ** 10.4 Y N U U U U U U U U U U U U

A=Available
2 50 5 ** 0 0 2,411 ** ** ** ** Y Y Y Y Y N Y 16 7 Y N U U U U U U N N U U U U
16 25 36,038 36,023 0 -1 4,002,726 0 ** ** 5 Y N Y Y Y N Y ** 6.57 Y N U U U U U U N U U U U A

D=In development
209 ** 9,981 0 0 1/(1) 611,682 1 1 1 50+ N Y Y N N Y Y ** ** ** ** U U U U U U N N N U U U
46
SunGard
PFPC

Envision Financial Systems Linedata Services
Investment Systems Co.
CLIENT INFORMATION # Purchase or licensing clients # Open-end, for brokers performing sub-accounting (Ks) # Closed-end U.S. mutual fund shareholder accounts (Ks) # Clients added/lost in 2007 # Clients outside of the U.S. # Clients operate offshore funds # Clients sell funds in their country of domicile # Offices outside of the U.S. SERVICE SUMMARY DC participant recordkeeping Portfolio accounting Domestic custody Global custody SYSTEM SALE OR LEASE FEATURES Source code available Source code held in escrow On-line help Database open to other applications Database ODBC compliant System can be customized SUPPORT Phone support Dial in support Web page support Separate fee for support TYPE OF FUNDS SERVICED No-Load Funds Front Load Funds CDSC (Back Load) Funds Spread Load Funds Multiple Class Funds Money Market Funds Contractual Plans Variable Annuities Closed-End Funds Offshore Funds Foreign Managed Funds State Investment Pool
28 5,750 0 0 3 3 3 1 ** ** ** ** N Y Y Y Y Y Y Y Y N U U U U U U U N D U U U
A=Available
2 23 0 0 0 0 0 0 N Y N N Y Y N Y Y Y Y Y Y Y U N N N D U N N N N N N
D=In development
28 250 ** 4 17 17 17 9 ** ** ** ** N Y Y Y Y Y Y Y Y Y U U U U U U U U U U U U
1 2,000 0 0 1 0 1 50+ Y Y N N Y Y Y Y Y Y Y Y Y Y U U U U U U N N N U U U
SunGard
47
Part 4 Services
JPMorgan Worldwide Securities Services U U U A U U U U U U U A N U U U U U U U U U U U U A A A U U U U
Services
Envision Financial Systems Boston Financial Data Services DST Systems Investment Systems Co. U U A U N N N N U U U D N N N U N N N A U N N N U N U N N N N N
ALPS Fund Services
MAJOR SERVICE FEATURES Document management and retrieval facilities Electronic document imaging U U Document & data on single screen U U Automated document distribution U U Character recognition N U Instant hard copy output of images U U Automatic faxing of images U U Financial control Real-time updates to transactions U U Real-time portfolio cash reporting U U Integrated with fund accounting system U U Automated DDA reconciliations U U Cost basis accounting/performance Cost basis reporting U U Individual performance results A U Account statements Integrated across multiple services N U Automated telephone service Inquiries/customer transactions U U SYSTEM CAPABILITIES SALES Direct sales Fed funds purchases U U Hold funds for check to clear U U Override load level U U Override minimum U U Automatically calculate ROA U U Wire order sales On line entry of phone orders U U Support NSCC Fund/SERV U U Dealer input via PC (non-Internet) N U Dealer input via PC (Internet) U U Assign shares before registration N U Aging report of unpaid items U U NASD letters U N Partial payment capability U U Split registration capability U U Access to orders by Dealer's name U U Dealer's branch designation U U Rep number U U Dealer confirmation number U U
U U U U U U U U U U U U U U
Citi
U U U U U U U U U U U U U U U U U U
A=Available
U U U U U U U U U U U N U U U U U U
U U U U U U U U U U U N U U U U U U
D=In development
48
Part 4 Services
Services
Linedata Services PFPC Worldwide Nottingham Investment Administration U.S. Bancorp Fund Services U U U U U A U U U U U U N U U U U U U U U N N U U U N A U U U U Northern Trust Unified Fund Services U U D D U U U A U U U U U U U U U U U U U A A A U A A A U U U U
MAJOR SERVICE FEATURES Document management and retrieval Electronic document imaging U Document & data on single screen U Automated document distribution A Character recognition A Instant hard copy output of images A Automatic faxing of images A Financial control Real-time updates to transactions U Real-time portfolio cash reporting U Integrated with fund accounting system U Automated DDA reconciliations U Cost basis accounting/performance Cost basis reporting U Individual performance results U Account statements Integrated across multiple services U Automated telephone service Inquiries/customer transactions U SYSTEM CAPABILITIES: SALES Direct sales Fed funds purchases U Hold funds for check to clear U Override load level U Override minimum U Automatically calculate ROA U Wire order sales On-line entry of phone orders U Support NSCC Fund/SERV U Dealer input via PC (non-Internet) U Dealer input via PC (Internet) U Assign shares before registration U Aging report of unpaid items U NASD letters U Partial payment capability U Split registration capability U Access to orders by Dealer's name U Dealer's branch designation U Rep number U Dealer confirmation number U
facilities U U U A U U U U U U U D N U
U U A U A U N N U U U U N U
U U U A U U U U U U U D A U
U U A U A U U N A U U A N N A A A U
U=In use
N N U U U A U N U U A N N U U U U U
U U U U U U U U U N U U N N U U U U
A=Available
U U U U U U U A U U U U A N U U U U
D=In development
UMB Fund Services U U U A U A U A A A U U N U U U U U U U U A A U U N A U U U U U
SunGard
49
Part 4 Services
JPMorgan Worldwide Securities Services U U U U U U U U U U U U U U U U U U U U U U U U A A A U U U U U U U
Services
Envision Financial Systems Boston Financial Data Services DST Systems Investment Systems Co. U U U U U N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
ALPS Fund Services
NSCC control number U History of orders for Two weeks U 30 days U 90 days U Unlimited U Letters of Intent (LOI) On-line access to LOI N Automatic warning reports N System-generated letters N Escrow automatically calculated U Escrow automatically released U Purchase pick up for back-dated LOI U Multiple accounts and funds U Rights of accumulation Link multiple accounts and funds U On-line display of ROA value/level N Contingent deferred sales charge Aging of purchases U Apply liquidation to oldest shares U Calculate appreciation U Track exchanges U Commission statements Paper U Computer tape U Floppy disk U Transmission U NSCC Commission System U Trail commissions U Commission information on-line By dealer U By branch U By rep U Calculate trail commissions Based on "record date" U Average daily balance U Vary method by dealer U Vary rates by dealer U Bonus rates by dealer U Bonus rates by fund U Tiered rates by asset size U
U U U U U U U U U U U U U U U U U U U U N U U U U U U U U U U U U U
Citi
U U U U U U U U U U U U U U U U U U U N A U U U U U U N U N U U U U
**Not reported
N=Not available
U=In use
A=Available
D=In development
50
Part 4 Services
Services
Linedata Services PFPC Worldwide Nottingham Investment Administration U.S. Bancorp Fund Services U U U U U U U U U U U U U U U U U U U A A U U U U U U U U A U U U A Northern Trust Unified Fund Services U U U U U U U A U U U U U U U U U U U N N U U U U U U U U U U A A U
NSCC control number History of orders for Two weeks 30 days 90 days Unlimited
Letters of Intent (LOI)
U U U U U
U U U U N A A A A A A A A A A A A A U N N A A A D D D A A A A A A A
U=In use
U U U U U A A A A A A A U A U U U U U A N U U U U U U A U U U A A U
U U U U U U U U U U U U U U U U U U U N N U U U U U U N U U U U A U
A=Available
U U U U U U U U U U U U U U U U U U U U A U U U D D D A U U U U U U
On-line access to LOI U Automatic warning reports U System-generated letters U Escrow automatically calculated N Escrow automatically released N Purchase pick up for back-dated LOI U Multiple accounts and funds U Rights of accumulation Link multiple accounts and funds U On-line display of ROA value/level U Contingent deferred sales charge Aging of purchases U Apply liquidation to oldest shares U Calculate appreciation U Track exchanges U Commission statements Paper U Computer tape U Floppy disk U Transmission U NSCC Commission System U Trail commissions U Commission information on-line By dealer U By branch U By rep U Calculate trail commissions Based on "record date" U Average daily balance U Vary method by dealer U Vary rates by dealer U Bonus rates by dealer U Bonus rates by fund U Tiered rates by asset size U
D=In development
UMB Fund Services U U U U U U U U U U U U U U A A A A U A A U U U U U U A U A U A A A
SunGard
51
Part 4 Services
JPMorgan Worldwide Securities Services U U A U U U U U U U U U U U U U U U U U U U U U U U U U U U A U U
Services
Envision Financial Systems Boston Financial Data Services DST Systems Investment Systems Co. N N N N N U U U U U N U N N N N N N U U N U U N N N N U U U N U N
ALPS Fund Services
SYSTEM CAPABILITIES: ASSET ALLOCATION Based on multiple plans U U Across multiple accounts U U Including non-fund products N U Including external funds N U Re-balance feature U U SYSTEM CAPABILITIES: DIVIDENDS Overlapping record/pay dates for Dividend U U Short-term gain U U Mid-term gain U U Long-term gain U U Stock split/stock dividend U U Return of capital U U Daily accruals separately for Dividends U U Short-term capital gains U N Long-term capital gains U N Interest U U Process offering price dividend and Auto-calculate ROA discounts U U Auto-calculate LOI discounts U U Auto-pay commissions to dealers U U Payment options Cash distribution by check U U Cash distribution by fed wire U U Cash distribution by ACH U U Reinvest in same fund U U Reinvest in another fund U U Reinvest in certificates U U Issue check in lieu of fractionals U U Hold cash U U Split cash and reinvest U U Payment to multiple payees U U Reinvest from non-IRA to IRA account U U Reinvest from IRA to non-IRA account U U Reinvest from outside fund complex U U SYSTEM CAPABILITIES: MAINTENANCE Do routine maintenance changes Record of date of the change U U On-line history of changes U U
U U A U U
Citi
U U U U U
U U N N U
U U U U U U U U U U U U U U U U U U U U U U U U U A
U U U U U U U N N U U U U U U U U U U U U U U U U U
U U A U U U U N N U U U U U U U U U U A N U U U U A
U U
U U
A=Available
U U
D=In development
52
Part 4 Services
Services
Linedata Services PFPC Worldwide Nottingham Investment Administration U.S. Bancorp Fund Services U U N N U U U N U U U U U U U A A A U U U U U A A N U N U U N U U Northern Trust Unified Fund Services U U N N U A A A A A A A A A A A A A A A A A A N N A A A A A N U U
SYSTEM CAPABILITIES: ASSET ALLOCATION Based on multiple plans N N Across multiple accounts U U Including non-fund products N N Including external funds N N Re-balance feature N U SYSTEM CAPABILITIES: DIVIDENDS Overlapping record/pay dates for Dividend U U Short-term gain U U Mid-term gain U U Long-term gain U U Stock split/stock dividend U N Return of capital U U Daily accruals separately for Dividends U U Short-term capital gains U U Long-term capital gains U U Interest U U Process offering price dividend and Auto-calculate ROA discounts U A Auto-calculate LOI discounts U A Auto-pay commissions to dealers U A Payment options Cash distribution by check U U Cash distribution by fed wire U U Cash distribution by ACH U U Reinvest in same fund U U Reinvest in another fund U U Reinvest in certificates N A Issue check in lieu of fractionals U A Hold cash U A Split cash and reinvest U A Payment to multiple payees U A Reinvest from non-IRA to IRA account U U Reinvest from IRA to non-IRA account U U Reinvest from outside fund complex U N SYSTEM CAPABILITIES: MAINTENANCE Do routine maintenance changes Record of date of the change U U On-line history of changes U U
A A A A A
U U A U U
N U N N U
U U U U U U U U U U A U U U U U U A N U A A U A A N
U U U U U U U U U U U U U U U U U U N N N U U U U N
U U N U U U U U U A A A A U U U U U N N A U U U U A
U U
U U
U U
**Not reported
N=Not available
U=In use
A=Available
D=In development
UMB Fund Services U U N N U U U A U U U U A A N U U U U U U U U A N U U U U U N U U
SunGard
53
Part 4 Services
JPMorgan Worldwide Securities Services U U U U U U U U U U U U U U A U U U A U U U U U U U U U U U U
Services
Envision Financial Systems Boston Financial Data Services DST Systems Investment Systems Co. U N U N N N N N N U N U U N N U U N U N N N N U N N N N U U N
ALPS Fund Services
Cross-reference to source, image or microfilm U Hard copy journal of changes U Ability to key verify changes U Global changes to multiple accounts Dealer main office changes U Branch office changes U Rep changes U Wholesaler changes U Territory reassignments U Account number changes U SYSTEM CAPABILITIES: EXCHANGES Select accounts with phone exchange privilege U Select accounts identified by a timing service N SYSTEM CAPABILITIES: REDEMPTIONS Select accounts with phone redemption privileges Automatic transfer of proceeds via ACH U Automated input from check writing privilege U Automated input from credit card charges N Daily report of money to be wired N SYSTEM CAPABILITIES: TRANSFERS Prevent out-of-proof conditions U Auto transfer account options to new account U Carry cost basis with a transfer U Transfer by single transaction From one account to many U From many accounts to one U One certificate N Multiple certificates N Consolidate duplicate accounts Via transfer U Other automated means U Automatic match list U Automatic consolidation U If certificates exist U SYSTEM CAPABILITIES: CERTIFICATES Print certificates by computer N Show certificate address on-line N Show certificate address off-line N
U U U U U U U U U U U U U U U U U U U U N U U U U N N N U U U
U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U
Citi
U U U U U U U U U U U U U U U U U U U U N U U U U N N N U U U
U U U U U U U U U U U U U U U U U U D U U A A U U U U N D U U
**Not reported
N=Not available
U=In use
A=Available
D=In development
54
Part 4 Services
Services
Linedata Services PFPC Worldwide Nottingham Investment Administration U.S. Bancorp Fund Services U U A U U U U U A U U U U U A U U U U U U U U U U N N N U U U Northern Trust Unified Fund Services U A A U U U U U U U U U U U N U U U U U U A A A A A A A N N N
Cross-reference to source, image or microfilm U U Hard copy journal of changes U U Ability to key verify changes U U Global changes to multiple accounts Dealer main office changes U U Branch office changes U U Rep changes U U Wholesaler changes U A Territory reassignments U A Account number changes N A SYSTEM CAPABILITIES: EXCHANGES Select accounts with phone exchange privilege U U Select accounts identified by a timing service U N SYSTEM CAPABILITIES: REDEMPTIONS Select accounts with phone redemption privileges U U Automatic transfer of proceeds via ACH U U Automated input from check writing privilege U U Automated input from credit card charges N N Daily report of money to be wired U U SYSTEM CAPABILITIES: TRANSFERS Prevent out-of-proof conditions U U Auto transfer account options to new account U U Carry cost basis with a transfer U U Transfer by single transaction From one account to many N U From many accounts to one N N One certificate N A Multiple certificates N A Consolidate duplicate accounts Via transfer U U Other automated means N N Automatic match list N A Automatic consolidation N A If certificates exist U N SYSTEM CAPABILITIES: CERTIFICATES Print certificates by computer A N Show certificate address on-line A A Show certificate address off-line A A
A U U A A A A A A U A U U A A U U N U A A N N A A A A N N N N
U U U U U U U U U U U U U U N U U U U U U U U U U N A A U U U
U U D U U U U U N U U U U U U U U U U U U N N U N U U N U U U
**Not reported
N=Not available
U=In use
A=Available
D=In development
UMB Fund Services U U U U U U A A N U A U U U N U U U N U A A A U N N N N N N N
SunGard
55
Part 4 Services
JPMorgan Worldwide Securities Services U U U U U U U U U U U U U U U U U A A A A A A A A A A A A A A
Services
Envision Financial Systems Boston Financial Data Services DST Systems Investment Systems Co. U N N U N N A N N U U N U N N A A A A N N N A A N N N U N N A
ALPS Fund Services
Stopped certificate numbers on-line For inquiry U U For editing U U By reason code U U SYSTEM CAPABILITIES: ADJUSTMENTS Identify reasons for reversals U U Periodic operator error statistics U U X-reference to hard copy/microfilm U U Reverse/reprocess with trail/recalculations Affected distributions U U Dealer commissions U U Gain/loss on transaction U U SYSTEM CAPABILITIES: WITHDRAWAL PLANS Make periodic payments based on Prescribed dollar amount U U Specified number of shares U U Percentage of the account value U U Prescribed number of payments U U Life expectancy U U Pay non-registered holders Split among multiple payees U U Use a payee for specific payments U U Send confirm to registered holder U U SYSTEM CAPABILITIES: PROXY PROCESSING Proxy record date calculation U U Provide proxy mailing & tabulation N U Proxy trial run before actual date N U Show mixed votes (omnibus accounts) N U Info via computer at annual meeting N U Provide on-line proxy information By individual shareholder N U Cumulative by fund N U Automatic machine-readable proxies N U On-line proxy voting N U On-line proxy tabulation N U Select based on proxy responses: Large non-voting accounts N U Accounts with negative votes N U Geographical non-voting accounts N U Final how voted list N U
U U U U U U U U U
Citi
U U U U U U U U U
D D D U U U U U U
U U U U U U U U U U U U U U U U U U U U U U
U U U U U U U U U N N N N N N N N N N N N N
**Not reported
N=Not available
U=In use
A=Available
D=In development
56
Part 4 Services
Services
Linedata Services PFPC Worldwide Nottingham Investment Administration U.S. Bancorp Fund Services U U U U U U U U U U U U U U U U U U N U N N N N N N N N N N N Northern Trust Unified Fund Services U U A U U A U U U U U U U U U U U U U U U ** U U U U U U U U U
Stopped certificate numbers on-line For inquiry A N For editing A N By reason code A N SYSTEM CAPABILITIES: ADJUSTMENTS Identify reasons for reversals U U Periodic operator error statistics U U X-reference to hard copy/microfilm U A Reverse/reprocess with trail/recalculations Affected distributions U U Dealer commissions U A Gain/loss on transaction U U SYSTEM CAPABILITIES: WITHDRAWAL PLANS Make periodic payments based on Prescribed dollar amount U U Specified number of shares U U Percentage of the account value U U Prescribed number of payments U U Life expectancy N U Pay non-registered holders Split among multiple payees U U Use a payee for specific payments U U Send confirm to registered holder U U SYSTEM CAPABILITIES: PROXY PROCESSING Proxy record date calculation A U Provide proxy mailing & tabulation A A Proxy trial run before actual date A A Show mixed votes (omnibus accounts) A N Info via computer at annual meeting A N Provide on-line proxy information By individual shareholder A N Cumulative by fund A N Automatic machine-readable proxies A N On-line proxy voting A N On-line proxy tabulation A N Select based on proxy responses: Large non-voting accounts A N Accounts with negative votes A N Geographical non-voting accounts A N Final how voted list A A
N N N U A N U U U
U U U U U U U U U
U U U U U U U U U
U U U U U A A U U U A N A U U N A A N N N N
U U U U U U U U U U U A A U U U A A A A N A
**Not reported
N=Not available
U=In use
A=Available
D=In development
UMB Fund Services N N N U U U U U U U U U U U U U U U N N N N N N N N N N N N N
SunGard
57

Number of Accounts
Full-Service Provider 2004 ALPS Fund Services 34 Boston Financial Data Services 19,700 Citi 182 DST Systems 6,500 JPMorgan Worldwide Securities Services 1,467 Northern Trust ** Nottingham Investment Administration ** PFPC 31,650 UMB Fund Services 216 Unified Fund Services 127 U.S. Bancorp Fund Services 2,000 2005 99 21,200 123 7,900 98 ** ** 19,768 217 115 2,015 2006 ** 23,100 133 7,800 67 ** ** 17,749 232 ** 2,289 2007 220 23,700 *** 7,500 81 302 ** 17,660 243 109 2,526 2008 350 25,400 1,000 8,600 364 349 24 19,202 286 109 2,785

Number of Accounts
Remote Provider 2004 DST Systems 81,400 JPMorgan Worldwide Securities Services ** PFPC 31,958 SunGard 11,485 2005 84,300 12 25,688 8,745 2006 94,400 12 29,683 8,862 2007 98,300 9 32,035 9,538 2008 110,500 5 36,038 9,981

Number of Accounts
System Sale or Lease Provider Envision Financial Systems Investment Systems Co. Linedata Services SunGard 2004 4,000 40 125 2,000 2005 4,200 27 100 2,200 2006 4,400 ** 90 2,000 2007 5,100 35 200 2,000 2008 5,750 23 250 2,000
Number of accounts listed above are shown in thousands as reported in prior year Service Guides. Data for 2008 based on open accounts in open-end U.S. mutual funds as of 12/31/07. ** Not reported
58
ALPS Fund Services, Inc.

Lisa B. Mougin Vice President, National Sales Director 1290 Broadway, Suite 1100 Denver, CO 80203 Phone: 303-623-2577 Fax: 303-623-7850 Email: lisa.mougin@alpsinc.com Web: www.alpsinc.com Year TA service began: 1997 ALPS Fund Services offers a full-service partnership approach to a select group of mutual fund clients looking for truly customized service. We have become a leader in the mutual fund industry by continually providing exceptional customer service to each and every one of our clients. Clients experience a seamless extension of their own workforce as they outsource services to ALPS. Our turnkey package includes compliance, creative services, distribution, fund accounting, fund administration, legal, marketing, shareholder servicing, tax and transfer agency services to open-end, closed-end, exchange-traded funds and hedge funds. Our services are tailored to meet your needs and our consultative approach provides an integrated, client-oriented alliance. We consider ourselves to be a partner to our clients, not a vendor, and we provide service beyond what is required in our contracts. Part of what makes this possible is that ALPS has made a conscious decision to control growth, so that we never have to compromise our service levels or our reputation in the industry for delivering tailored, hightouch services. By following this philosophy, ALPS has demonstrated a consistent ability over the years to grow revenues while maintaining high levels of service and excellence. While fund companies share a number of common functions, each have some unique needs; identifying and developing those areas is part of what differentiates ALPS. But dont take our word for itread what our clients had to say in the Global Custodian 2007 Mutual Fund Administration Survey. ALPS was ranked #1 in the industry in the following categories: Domestic Service Providers, FixedIncome Funds and Equity Funds. In addition, ALPS handily beat the industry benchmark scores (the average score of all survey partici-
pants) in each of eight service areas: Client Services, Value, Fund Accounting, Transfer Agency, Distribution Support, Portfolio Servicing, Fund Reporting and Compliance. Once you do, we think youll find that ALPS lives up to its mission statement: We are a dynamic financial services firm built on relationships. We have a contagious enthusiasm for our people, our clients, our business partners, and our mutual opportunities for success.
Boston Financial Data Services, Inc.

Craig Hill Vice President, Mutual Fund Sales 330 West 9th Street Kansas City, MO 64015 Phone: 816-843-8894 Fax: 816-843-8652 Email: clhill@bfdsmidwest.com Web: www.bostonfinancial.com Year TA services began: 1973 Boston Financial has been providing the mutual fund industry with a complete range of bundled and shared outsourcing services for 35 years. Boston Financials focus, experience, and commitment to our clients is unmatched in the industry. Our ability to balance performance today with service capabilities for tomorrow provides our clients with a strong competitive advantage. Whether your funds are retail or institutional based, broker or third-party distributed, Boston Financial will work with you to design and execute a service delivery plan that supports your specific operational needs while also meeting your long-range strategic business goals. We provide a fullline of end-to-end services ranging from front-end mail processing, shareholder transaction processing, reconciliation and control, call center, and tax withholding and reporting, through output media. Boston Financial offers a comprehensive compliance program, Compliance+ to help our customers and their Chief Compliance Officers (CCOs) meet the requirements of Rule 38a-1. By staying current on industry trends, we help clients proactively address ever-changing compliance regulations. In addition, Boston Financial offers fund companies a broad range of compliance and regulatory services. Our innovative 22c-2
solution enables you to address this complex regulation with a suite of services that include a flexible operating model, customized reporting, and data management monitoring. A dedicated trade surveillance group allows us to work closely with your CCO to develop a solution tailored to your compliance needs. Beyond open-end mutual fund transfer agency services, our other principal lines of business are: Retirement Plans 529 Plans Managed Accounts REITs Settlement Administration Boston Financial provides you the dual benefits of delivering solutions for the financial services industry today, while at the same time investing for tomorrow. Our performance-based organization ensures that you will immediately see the efficiencies, accuracy, timeliness, controls, and security of a world-class operation. Together with our corporate partners DST Systems, Inc. and State Street Corporation, Boston Financials track record for developing new and enhanced products and services is unsurpassed in the industry.
Citi
Jim Nolan Managing Director 100 Summer Street Suite 1500 Boston, MA 02110 Phone: 617-824-1397 Email: james.nolan@citi.com Web: www.transactionservices. citigroup.com Year TA Services Began: 1984 Through its Global Transaction Services group, Citi is one of the largest Transfer Agent providers in North America with shareholder accounts in excess of 10 million. Our transfer agency capabilities have earned Citi Best-in-Class status from Global Custodians Mutual Fund Administration Survey for the past four years as well as the National Quality Review (NQR) Five-Star rating from 2003 to date. We provide customized shareholder servicing solutions to domestic and offshore clients, supporting both retail and institutional clients whose products are sold direct-
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ly or through intermediaries. With a service model aligned by distribution channel broker/dealers, financial planners, registered investment advisors, institutional servicing teams and direct shareholdersCiti caters to the unique requirements and expectations of a particular client constituency. We offer customized shareholder services accommodating all processing requirements. Our services include: Consolidated statements Cash sweep Draft processing VRU customer service Internet-based account service Clients benefit from our best-of-breed technology and rigorous service and quality control standards. Citis strict operating controls were designed to minimize risk to the fund and to our clients. Citi employs a dedicated 22c-2 monitoring team as well as a comprehensive anti-money laundering and fraud prevention program. The driving force behind all of our solutions is Citis experienced personnel. The transfer agency group employs an extensively trained and quality driven staff with a senior management team that averages more than 20 years of industry experience. Citi continually recruits outstanding professionals and provides career development opportunities, which correlates to a stable workforce and service continuity for our clients. In addition to its award-winning transfer agency services, Citi offers fund and partnership accounting, fund administration, compliance, regulatory support, alternative investment services and front- and middleoffice asset manager solutions. Global Transaction Services is also a trusted custodian of over $12.5 trillion in client assets. Our centralized client servicing model provides a single point of contact across all disciplines. We are dedicated to fostering true client partnerships based on a collaborative culture. Sponsors of a multitude of investment strategies and product offerings turn to Citi for innovative and tailored solutions.
Email: mjtobin@dstsystems.com Web: www.dstsystems.com Year TA services began: 1969 for full services, 1973 for remote service As the leading provider of mutual fund servicing in the U.S, DST Systems, Inc. (DST) offers comprehensive access to fund information for shareholders, financial advisors, client service representatives, and operations managers. With fully integrated solutions on a single platform, we collaborate with clients to provide state-of-the-art technology and flexible servicing options. Continual investment in innovation ensures that our technology is relevant to todays business challenges and prepares customers for the future. Solutions such as integrated compliance and transparency tools place DST at the forefront of current industry initiatives. DSTs shareholder recordkeeping platform also integrates with our AWD business process management suite to provide automated workflow, process efficiencies, and customer service tools. For shareholder self-servicing, DST offers a variety of Internet-based functionality, wireless devices, and voice-response applications with natural language speech recognition. These options include functions for new account setup, account inquiry, transaction processing, and electronic communication. As DSTs premier Web site for financial advisors, DST Vision is a single point of access to comprehensive shareholder detail from more than 270 mutual fund, variable annuity and REIT companies. Features such as custom portfolio capabilities, e-mail alerts, and batch statements set Vision apart as the most extensive site of its kind. We offer an innovative solution to the demands of 22c-2 and data sharing. Regardless of the data source, we provide a single point of access to clean, actionable information. Our rules-based engine, TA2000, currently maintains ROA, market timing and frequent trader rules for more than 280 mutual fund companies, making our solution the most comprehensive in the industry. Additional DST solutions include retirement plan recordkeeping and administration; call center and customer support; sub-
accounting; and 529 Plan processing. DST provides international mutual fund accounting, shareholder servicing, and investment management solutions through International Financial Data Services (a joint venture with State Street Bank and Trust Company) and DST International. These companies build technology solutions that accommodate the needs of the international financial services marketplace. With ongoing investment in an integrated solution platform, DST is committed to the growth of our clients, development of our technology, and the future of the mutual fund industry.
Envision Financial Systems

Brian Jones Executive Vice President 18101 Von Karman Avenue Suite 1420 Irvine, CA 92612 Phone: 714-247-0030 X114 Fax: 443-836-2353 Email: brian.jones@enfs.com Web: www.enfs.com Year T/A System sale/ lease began: 1997 Envision Financial Systems, Inc. is a leading provider of innovative, scalable and adaptable transfer agency and shareholder recordkeeping solutions for the Asset Management industry. Envisions product suite provides fund companies and service providers integrated solutions to: improve shareholder servicing; increase productivity; reduce costs; and create operating efficiencies through the use of flexible open technology standards, rule based application architecture and intuitive graphical user interfaces. These attributes make Envisions products easy to use and designed to optimize transfer agency resources for improved performance. Envisions flagship product is the awardwinning PowerAgent transfer agency and shareholder recordkeeping system. PowerAgent is a real-time, highly intuitive, full featured rules based transfer agency system specializing in 40 Act Mutual Funds, alternative investments, advisor and direct sold 529 plans, and protected principal funds. PowerAgent comes complete with over 500 validation features to ensure compliance with
DST Systems, Inc.

Michael J. Tobin Vice President of Mutual Fund Sales 333 West 11th Street Kansas City, MO 64105 Phone: 617-483-2151 Fax: 617-483-2629
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regulatory, company and fund policies. PowerAgent can be hosted at your site or run remotely in a Software as a Service model. Other features of PowerAgent include, complete load and no-load capabilities, multi currency support, institutional money market fund support, dealer services and a DTCC interface. Envision also offers complementary products which are integrated with PowerAgent and include PAFlow, an imaging and workflow system; PACash, an award winning real-time portfolio management cash availability dashboard; and PAWeb, a shareholder and Financial Service Intermediary Internet inquiry and trading portal. Like PowerAgent these surround systems provide you the tools to increase operational efficiency, and service quality. To address rule 22c-2 Envision offers its Clarity Compliance solution as an OnDemand Software Service. This solution allows fund companies and service providers, regardless of your transfer agency system, the ability to import shareholder trading data and efficiently monitor activity against established trading rules. The system is completely configurable and includes Business Process Management to help you automate processing workflows. All of Envisions products are designed from the ground up to adopt and exploit open-industry standard technologies and allow unlimited capabilities to import and export data with your enterprise systems. This provides a stable, future-proof foundation for critical business applications.
house. The Shareholder Accounting System runs on the most reliable business system on the market, the IBM iSeries (AS/400), offering a secure and scalable architecture. The client/server environment integrates with Windows/MSOffice and Lotus Domino. The data is stored in a relational database providing easy access for report writers and data extracts. The software is constantly being enhanced to meet changing requirements. The system supports a seamless interface with NSCC for FundServ, ACATS and Network processing. Processing is available to support Market Timing reports. An interface to a website can be customized. ISC provides ongoing support, system enhancements and maintains a close working relationship with our clients. ISC also licenses the Portfolio Accounting System, which performs fund accounting for mutual funds, as well as the Bonds Payable System used by organizations issuing bonds.
specific mutual fund clients. All team associates are cross-trained to process transactions, respond to shareholder correspondence, perform quality control functions and answer telephone inquiries. Our management team members have extensive industry experience, averaging approximately 25 years. Associates have an average of four years of experience. We are recognized industry experts and maintain memberships in the Investment Company Institute and The National Investment Company Service Association (NICSA). These active memberships ensure that we remain informed of all changes within the mutual fund industry, developing solutions in conjunction with our clients based on their individual needs.
Linedata Services
Joyce Karpel Vice President Sales 401 Hackensack Avenue Hackensack, NJ 07601 Phone: 201-996-9300 Fax: 201-996-9340 Email: Joyce.Karpel@nj.linedata.com Web: www.ldsam.com Year TA system sale/lease began: 1998 Linedata Services (NYSE Euronext: LIN) is the global technology leader for investment software, solutions, and support. Linedata Services Asset Management (www.ldsam.com) provides comprehensive, scalable solutions to the buy-side, with more than 950 clients, 1,100 sites, and 13,000 users in 40 countries. Linedata Services Asset Management manages the entire investment process from pre-trade through post-settlement for mutual and institutional funds, hedge funds, fund administrators, prime brokers, and private wealth companies. MShare is a state-of-the-art transfer agency and shareholder record-keeping system thats ideal for both retail and institutional investment funds. Completely scalable and employing the most recent advances in client/server technology, MShare supports a wide range of sizes and types of transfer agency operations, both onshore and offshore. MShare is fully integrated with MPartner, providing a single platform for both unitized and capital based investors. From proprietary fund groups focusing on

Carl J. Ferrara Managing Director 1 Chase Manhattan Plaza 9th Floor New York, NY 10005-1401 Phone: 212-552-2839 Email: Carl.J.Ferrara@jpmorgan.com Web: www.jpmorgan.com/wss Year: FA services began: 1970 JPMorgan Worldwide Securities Services provides transfer agency services within the institutional and retail mutual fund markets, utilizing the SunGard Investar*ONE real-time recordkeeping system. SunGard uses IBMs operating system, IMS transaction monitor, IMS and DB2 databases, DCE and MQSeries middleware and a variety of supporting products. This operating system is designed to meet the needs of each distribution channel. To meet the strategic goals of each transfer agency client, we have the flexibility to offer both full-service and shared servicing models. JPMorgan has provided premier retail and institutional transfer agency services to the mutual fund industry for more than 20 years. Strengths of JPMorgans transfer agency service include: Client service teams are dedicated to
Investment Systems Company

Ronni Bialosky President 37840 Jackson Road Moreland Hills, OH 44022 Phone: 440-247-2865 Fax: 440-247-4961 Email: ronni@investmentsystems.com Web: www.investmentsystems.com Year TA system sale/lease began: 1984 The Shareholder Accounting System is a transfer agent system for no-load mutual funds. This software provides a cost effective method for maintaining control over shareholder servicing by keeping the function in-
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shareholder services, institutional groups serving high-net-worth investors and the institutional marketplace, to third-party transfer agencies and organizations serving large numbers of retail shareholders; MShare provides an intuitive, rules-based processing and inquiry system designed to respond to the industrys most exacting and demanding service environments. MShare is supported by Oracle DBMS. With its open architecture, client/serverbased system, MShare is highly flexible and easily customized. Using a table-driven hierarchy that begins at the fund family level and continues to the level of fund/class, investor, shareholder, and transaction, MShare gives servicing reps rapid access to critical account information with a minimum of keystrokes. Linedata Services Asset Management has other complementary offerings that address the specific technology requirements of the buy-side, including: MFact, a mutual fund accounting system that meets the investment management, portfolio accounting, daily NAV calculation, and regulatory compliance and reporting needs for mutual funds, hedge funds and pension funds; Linedata Compliance, a multi-user, enterprise-wide global compliance solution; LongView Trading, an award-winning trade order management system, and; Beauchamp hedge fund solutions.
Northern Trust
Michael Blake Vice President 50 S. LaSalle Street Chicago, IL 60603 Phone: 312-444-5655 Fax: 312-444-5258 Email: michael.blake@ntrs.com Web: www.northerntrust.com Year TA services began: 1990 Northern Trust offers a full range of services to its global fund clients, including: fund accounting, fund administration, transfer agency and shareholder servicing, trustee services and custody. Northern Trust has been providing Transfer Agency services since 1993. Today we maintain almost 500,000 open shareholder accounts worldwide with over 300,000 in the United States. In addition, Northern Trust has a dedicated worldwide staff of over 300 industry profes-
sionals currently servicing 178 clients. Northern Trusts U.S. Transfer Agency platform is built on strong technology and an efficient processing philosophy. Our recordkeeping system is SunGards Investar*ONE, one of the worlds largest recordkeeping systems and supports over 12.5 million accounts. We use SunGards workflow imaging system, EXP AG, to facilitate an efficient, paperless environment. Investar*ONE is fully integrated with our Fund Accounting platform, SunGards Invest One, and with our global custody and banking platforms, allowing for straight-through processing for client transactions. As a result of our straight-through processing approach, our Transfer Agency professionals are able to focus on providing the highest quality client servicing and ensuring highly accurate client transaction entry. In addition to providing full transaction processing services, including NSCC trading and online shareholder access, Northern Trust has the capabilities to develop and operate a full-service call center for our clients. All Northern Trust client servicing staff is FINRA registered. Transfer Agency is a key component of our fund administration offering to investment managers and fund companies worldwide. As such, we have made significant investments in the advancement of our capabilities in 2007, and we remain committed to the delivery of superior services going forward.
Nottingham Investment Administration

Kip Meadows Founder & CEO 116 S. Franklin Street Rocky Mount, NC 27804 Phone: 800-525-3863 Fax: 252-442-4226 Email: kip.meadows@ncfunds.com Web: www.ncfunds.com Year FA services began: 1989 Perhaps you need comprehensive services for a mutual or hedge fund, or innovative solutions for a foundation or government budget to increase yields and reduce idle funds. At Nottingham, we concentrate on the depth of your investment administration needs so that you can focus on your investment goals. We understand striving to meet the investment objectives your investors
demand requires your constant attention. This is where we can help. Nottingham Investment Administration specializes in fund accounting and administration services for mutual funds, hedge funds, foundations, endowments, and government budgets and investment pools. Our team of fund accountants, shareholder representatives, information technology professionals, and legal/compliance group works closely with our clients to develop ingenious, tailor-made unitized accounting and reporting solutions that improve efficiency, timeliness and accuracy. Headquartered in North Carolina, Nottingham is one of the largest, independently owned unitized accounting providers in the United States, currently administering more than $20 billion in assets. Our client relationships go further than meeting market closing deadlines or preparing financial reporting. Nottingham prides itself on striving to provide individualized service of the highest quality as well as the best solutions available to advisors and organizations that desire efficiency but do not want the expense or infrastructure necessary to maintain records on their own. Working with Nottingham: Enables diversified asset allocation. Generates more revenue. Saves time so managers can focus on trading. Offers flexibility. Provides compliance and security assurance. Allows for continuous solution development. We leverage our knowledge and experience to avoid a cookie-cutter approach, thus offering customized systems and processes that help our clients gain economies of scale that will ultimately improve investment returns.
PFPC
Michael DeNofrio Executive Vice President 4400 Computer Drive Westborough, MA 01581 Phone: 508-871-9665 Fax: 508-871-9030 Email: michael.denofrio@pfpc.com Web: www.pfpc.com Year TA service began: 1973
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PFPC offers clients comprehensive, integrated transfer agency services along with flexible delivery optionsfrom full-service to shared servicing and remote arrangements. We are a leading provider of processing, technology and business solutions to the global investment industry, with over 35 years of experience providing a comprehensive array of investor recordkeeping, distribution and shareholder servicing capabilities. PFPC ranks among the nations top transfer agent service providers for mutual fund complexes and is the industrys largest provider of subaccounting services, with over 72 million shareholder accounts. PFPC has extensive experience helping clients to expand their capabilities, maintain a technical edge, maximize internal resources, grow revenues and stay ahead of competitors. Our wide range of transfer agency services includes shareholder recordkeeping, broker/dealer services, health savings account services, automated remittance processing, 529 processing and aggregation, online cost basis accounting, a browserbased integrated desktop solution, data repository and analytics suite, and professional telesales/teleservicing. Our service offerings also help facilitate quick entry into key markets, such as managed accounts. PFPC continues to bring significant incremental value to clients, creating innovative solutions to help them meet the complex challenges of profitable growth in an increasingly difficult business climate. Our recent acquisitions of Albridge Solutions and Coates Analytics, LP are important milestones in a 35+ year history of delivering cutting-edge business solutions to both asset manager and brokerage firms. Our combined companies draw on a wealth of operational expertise, rich transactional data and powerful analyticsall designed to provide deeper insights into advisor and investor needs so that clients can deliver more targeted products and services. Albridge, the leader in powering wealth management tools and platforms for financial advisors, expands PFPCs family of advisor-focused services, including our industryleading subaccounting business, AdvisorCentral and the ADVISORport unified managed account platform. Albridge offers greater reach into the independent and insurance broker/dealer channels. Based on relationships with 150 financial institu-
tions and more than 100,000 financial advisors, clients can penetrate this important channel more efficiently. Coates, the market leader in distribution data and technology services, helps fund management and sales teams work smarter through its powerful analytics engine and intelligent, easy-to-use Web-based dashboard applications. Coates enriches data through robust tools to drive distribution strategy, including how best to target the right opportunities, develop the right products, measure wholesaler success, deepen shelf-space penetration and optimize sales force and territory effectiveness. Coates also helps our clients meet their internal and regulatory requirements. A member of The PNC Financial Services Group, PFPC offers a comprehensive array of investor and securities services. In addition to transfer agency services, we offer shareholder communication services, advanced output solutions, banking transaction services, subaccounting, managed account services, fund accounting and administration, global custody, securities lending, alternative investment services and international fund services.
SunGard
Mike Melles Senior Vice President and Product Manager 2300 Main Street Suite 400 Kansas City, MO 64108 Phone: 816-460-3217 Fax: 816-472-8230 Email: mike.melles@sungard.com Web: www.sungard.com/InvestarOne/ Year TA service began: 1969 With annual revenue exceeding $4 billion, SunGard is a global leader in software and processing solutions for financial services, higher education and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the worlds 50 largest financial services companies. SunGard Financial Systems provides mission-critical software and IT services to institutions in virtually every segment of the financial services industry including the
mutual fund marketplace where our integrated solutions are used for portfolio accounting, trading, compliance, defined contribution recordkeeping, reconciliation and transfer agency support. Investar*ONE is a performance-proven, scalable, real-time mutual fund recordkeeping solution with Global reach. The system provides 24/7 real-time processing, XMLenabled data, real-time APIs, and a complement of capabilities, all delivered through the strength and security of SunGard. Investar*ONE features a Rich Internet Application user interface that requires no installation of software on user workstations, reducing IT administration costs and increasing system accessibility. Our browserbased interface can be tailored for the operational requirements of various products and geographic locations. The Rich Internet Application is further complemented by other browser products and Portal connections offered with Investar*ONE for Investors and Financial Intermediaries. For Investor self-servicing, Investar* ONEs OnlineAccess browser and Interactive Voice Response options allow shareholders to obtain real-time account information and place financial transactions. Moreover, the Investar*ONE OnlineAccess product enables investors to establish new accounts, update account information or download transaction data online. In providing excellent support to mutual fund distributors, Investar*ONE offers comprehensive NSCC capabilities, real-time interactive Portal connections serving financial advisors, and multiple interfaces with distributors located within and outside the U.S. Investar*ONE supports operational efficiency with real-time reporting of individual transactions and consolidated financial activity along with integration to complementary SunGard products. For example, Investar*ONE integrates SunGards EXP workflow application which provides sophisticated workflow, imaging, reporting, analytical and business process management support for Investar*ONE clients. In 2008, SunGard will complete a multimillion dollar project to re-platform the Investar*ONE system to a server-based structure utilizing an Oracle database. The update will further enhance the efficiency, accessibility, portability and scalability of Investar*ONE.
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UMB Fund Services

Lonnie Macdonald Senior Vice President Business Development Manager 803 West Michigan Street Milwaukee, WI 53233 Phone: 414-299-2209 Email: lon.macdonald@umb.com Web: www.umbfs.com Year TA services began: 1995 Flexibility, superior technology and unparalleled service make UMB Fund Services an excellent choice to be your transfer agent. We utilize two outstanding platforms to enhance the breadth, power, efficiency and flexibility of our transfer agent services: SunGards PowerImage and Investar*ONE. PowerImage provides a complete imaging and automated workflow solution for our transfer agent, capturing incoming requests and outgoing correspondence made via mail, e-mail and fax. Investar*ONE has outstanding integration capabilities with the PowerImage platform and is the only true real-time TA processing solution among major financial services systems. UMB Fund Services also offers leadingedge applications for on-line and interactive voice response services that maximize the benefits of real-time transaction posting. In addition, our proprietary tool, Advanced Reporting Solutions, gives you control of shareholder data analysis, providing a userfriendly, on-line interface that allows easy data manipulation, view customization, and ad-hoc report creation. While technology is key to enhancing service and efficiency, it is only part of the equation. It takes qualified, well-educated and highly trained people to use technology properly to serve you and your shareholders. In many respects, the human factor becomes more crucial with each technological advance. UMB Fund Services takes great pride in hiring well-qualified people focused on providing you with the highest level of service. We get the details right, while taking an innovative, results-oriented approach to problem-solving. Call us to learn how our unique approach to providing transfer agent services can better serve your needs. Our mission is to provide integrated solu-
tions that save you time and resources, while offering unparalleled service to you and your clients. With 60 years of mutual fund experience and currently servicing clients with over $200 billion in assets, we offer a complete line of investment product services, including administration, fund accounting, investor services and transfer agency, distribution, marketing, custody, cash management and alternative investment product services.
Unified Fund Services, Inc.

Matt Miller Vice President 431 N. Pennsylvania Street Indianapolis, IN 46204-6110 Phone: 317-917-7035 Fax: 317-266-8756 Email: mmiller@ufsonline.com Web: www.ufsonline.com Year TA services began: 1963 Unified provides seasoned, customer-orientated service for start-up and existing mutual funds. Offering both standalone and series trust solutions, we utilize a Windows environment and flexible, real-time technology to support retail and institutional funds that are load, no-load and multi-class. Services include: Start-up & Conversion Transfer Agency Fund Accounting Fund Administration Distribution and Marketing Internet and Web Service NSCC Fund/SERV and Networking Fulfillment Unifieds commitment to quality and desire to help shareholders and advisors makes us an ideal business partner. We invite you to contact us.
U.S. Bancorp Fund Services, LLC

Bob Kern Director of Sales 615 East Michigan Street Milwaukee, WI 53202 Phone: 414-765-5678 Email: bob.kern@usbank.com Web: www.usbfs.com TA services began: 1969 For more than 35 years, fund sponsors
committed to excellence in investment management have sought partnership with U S. Bancorp Fund Services to extend excellence in service to their investors. Fund sponsors can be confident that U.S. Bancorp Fund Services will offer and provide the products, services, technology and expertise necessary to equal and exceed exacting standards. In more than three decades of transfer agent services, U.S. Bancorp has developed a strong service culture where client and shareholder satisfaction are paramount. Equally strong is our compliance culture and adherence to the internal controls that we have implemented in response to industry challenges. Our professional and experienced staff focuses on accuracy, responsiveness, and value with every client, customer, and financial intermediary contact. The tenure of our team allows us to anticipate client needs and to offer customized service and business solutions in an evolving market place. Generating ideas and solutions with the resources to support them is the cornerstone of our commitment. U.S. Bancorp Fund Services combines the expertise of our staff, and state-of-the-art technology which includes DSTs TA 2000, the leading shareholder record keeping system, to provide numerous options for investor, financial intermediary and fund sponsor access to service and information. Investors and financial advisors have opportunities to establish new accounts, execute transactions, perform maintenance, view account history, prospectus and tax forms using online as well as voice capabilities. To support your distribution channels, financial advisors can take advantage of DST Vision as a single point of Internet access to view and place trades in client portfolios, to obtain client data downloads for customized reporting and to view media. Fund sponsors have multiple alternatives for retrieving data to monitor cash flows and analyze distribution channels and trading activity. Dedication to service, commitment to excellence, innovation in product offerings and superior technology make U.S. Bancorp Fund Services a clear leader in transfer agent servicing and a key partner for your mutual fund.
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Fund Accounting
You make decisions about the market every day. You need to analyze the impact every second. Whos helping you?
Dedicated asset servicing support.
Having the precise information you need, delivered the instant you need it, is critical. BNY Mellon Asset Servicing offers the local experts, products, and tools to support your investment decisions around the clock, around the world. Were here for the long term, helping you reach your highest goal.
Transfer Agent Custody
To learn more, please contact: US: Joseph Keenan +1 212 635 7150 EMEA: Robert Darmanin +44 207 163 3444 ASIA: Richard Surrency +656 4320 227
Shareholder Communications
bnymellon.com/assetservicing
2008 The Bank of New York Mellon Corporation. Authorized and Regulated by the Financial Services Authority. Products and services provided by various subsidiaries of The Bank of New York Mellon Corporation.
CUSTODY SERVICES

Under Pressure-The Mutual Fund Industry Strives to Compete . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
By Joseph F. Keenan
Valuation Challenges in Today's Market . . . . . . . . . . 68

Interview with Peter Donatio
Part 2 Rankings
Total Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 40 Act Fund Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 40 Act Domestic Fund Assets. . . . . . . . . . . . . . . . . . . . . . 70 40 Act Global/International Fund Assets . . . . . . . . . . . . . 70 Open-End Fund Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 Closed-End Fund Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . 72 Unit Investment Trust Assets . . . . . . . . . . . . . . . . . . . . . . . 72 Exchange-Traded Fund Assets . . . . . . . . . . . . . . . . . . . . . . 72 Offshore Fund Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 Variable Annuity Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
Part 3 Five -Year Snapshot

40 Act Fund Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 Total Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
Part 4 Business Statistics. . . . . . . . . . . . . . 74 Part 5 Services

. . . . . . . . . . . . . . . . . . . . . . . . . 76
Part 6 Company Profiles . . . . . . . . . . . . . . 80
Under Pressure-The Mutual Fund Industry Strives to Compete

By Joseph F. Keenan
or the first half of the new millennium the U.S. Mutual Fund Industry deftly demonstrated its resiliency, having weathered the challenges posed by the burst of the tech bubble, the crisis of confidence and regulatory scrutiny driven by the spitzerization (probably not a term that will find its way into the 2008 version of Merriam-Websters Collegiate Dictionary) of the fund industry, poor relative performance due to historically low interest rates and muted stock market returns, and the rapid emergence of new more agile structuresHedge Funds and Exchange-Traded Funds (ETFs) presented significant threats on both the alpha and beta ends of the investment continuum. The last two and one half years of the decade have offered quite a turnaround for many battered fund families. With a strong market driven tailwind at its back, investors bought fund shares in drovesin particular within their defined contribution retirement accounts which still hold more than half of their assets in mutual funds. Those fund companies that delivered superior performance outpaced their competitors in gathering assets, and firms that embraced proposed rules for transparency and independent oversight rapidly regained the trust of their investors. While the industry successfully negotiated the turbulent waters it found itself in during the last several years, the forces of increased competition are still lashing hard at the hulls of the traditional funds business. Hedge funds continue to gather assets at an exponential rate from sophisticated investors, and ETFs have led the charge among traditional retail investors in terms of new net inflows driven by their inherent transparency, ease of use, tax efficiency, and significantly lower total cost. To respond to these competitive threats, active and passive managers alike have begun to reinvent themselves through the usage of sophisticated strategies including embracing leverage and shorting via hedge fund lite approaches. Traditional funds are also using more complex derivative instruments within their long only portfolios in order to maximize potential returns and
minimize overall risk. Additionally, many traditional index fund sponsors have dramatically lowered fees to respond to the challenge posed by the demonstrated success of very low cost exchange listed Joseph F. Keenan products. The regulatory environment hasnt made it any easier for the fund industry to compete either. Sarbanes-Oxley, CCO Rules, greater disclosure requirements of portfolio holdings and incentives paid for distribution, fair valuation and pricing transparency rules have all added significant costs in an environment where revenue compression is a troubling reality. Fortunately for the traditional fund companies, it seemed as if the trend toward greater regulatory oversight would also temper the unbridled success of the hedge fund industry, and the lengthy 40 Act exemptive application process at least served to limit the number of firms each year that would be able to secure approval to launch ETFs...or so it seemed. Broadly the regulators appear to have turned their attention away from more stringent oversight of unregistered portfolios to a collective sigh of relief from the hedge fund industry. Additionally the recent shift in the ETF approval application logjam at the SEC has led to the launch of an astounding number of new products during the last two years, with even more new sponsors expected to enter the fray when the Commission moves forward with plans to formally codify the ETF structure and fast track the approval of both passive and now active portfolios willing to embrace specific guidelines for the regular disclosure of their holdings. In spite of the many challenges the industry faces, it would be foolish to consider the traditional funds business down for the count just yet, however. The one-two punch of distribution and brand awareness that the mutual fund industry possesses, coupled with the sheer force of more than $10 trillion in assets under management make the industry a formidable opponent
for any upstart structure seeking to unseat the dominant position enjoyed by traditional mutual funds. In particular, mutual funds continue to be the product of choice within 401(k) programs, and the vast majority of retail investors and fee based advisors still purchase actively managed funds for their accounts. Many fund companies have begun to develop 130/30 funds designed to deliver enhanced returns, and leading firms are now seriously considering the development of exchange traded products to round out their suite of fund offerings. As mature U.S. fund franchises seek to address the many pressures they now face, including the wave of retiring Baby Boomers destined to cash in their long-term investments to support their coming retirement years, the range of capability of chosen fund service providers gains even greater prominence. In an era of reduced margins, many leading fund companies are now striving to focus solely on their core competencies of product creation, management and distribution in order to control the overall expenses of their businesses, and in doing so have sought out strategic alliances with service providers committed to the long-term success of their franchise. Now more than ever it is essential that fund companies form mutually beneficial partnerships with vendors who will help guide them through the rapidly evolving regulatory environment, assist them with the launch of new products and the processing of complex investments. Those companies who stand ready to step in to support fund firms needs for robust middle-office support, will be particularly well positioned to capture the maximum benefit for their unwavering commitment to their fund company clients. Every heavyweight champion needs the right team in its corner, and the most successful fund companies in the years to come will have a team of topnotch legal counsel, auditors, custodians and administrators poised to wipe the sweat from their brow or if necessary jump into the ring on their behalf. MFSG Joseph F. Keenan is a managing director and head of relationship management and sales for BNY Mellon Asset Servicing.
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Custody Services
Valuation Challenges in Todays Market
ollowing is an interview with Peter Donatio, Executive Director, Fund Accounting & Administration for JPMorgan Securities Services. Recent difficulties in the credit markets have elevated mutual fund clients concerns in a number of areas, particularly around fair valuation and pricing. Given recent turbulent market conditions and the dislocation in the credit market, its no surprise that valuations have moved to the forefront of the mutual fund industrys biggest challenges. With multiple pricing vendors operating in the marketplace against the lack of a single fair value pricing standard, mutual fund clients are demanding greater transparency and more detail from their service providers in regard to the process and data employed in circumstances where fair market values are not readily available. Add to this backdrop the pricing of derivatives and other non-traditional investment instruments, combined with the absence of readily available market quotations and increased pressure on funds themselves to adhere to tightening corporate-governance standards, and the valuation challenge facing mutual funds becomes even more complex. A Best-Practice Solution The most compelling reason in favor of a standardized approach is that when the marketplace operates according to differing and inconsistent pricing procedures, pricing differences can result. Because the objective of fair-value pricing is not standardized or clearly delineated, the manner and degree to which funds make fair-value adjustments can vary widely between funds, says Peter Donatio, Executive Director, Fund Accounting & Administration for JPMorgan Securities Services. FAS 157: Now in Effect Financial Accounting Standard No. 157, Fair Value Measurement, took effect for calendar-year companies with the start of the 2008 fiscal year, offering fund companies some prospect for consistency. While the single definition of fair value as well as the established framework for measuring fair value that FAS 157 brings should result in increased consistency and comparability in fair-value measurements, FAS 157 remains
complex. Compliance experts agree that many companies will need to rely on outside expertise to comply with FAS 157, especially in regard to its more complex valuations. Although groups such as the Peter Donatio FASBs Valuation Resource Group are disseminating guidance on FAS 157, there remains a critical need for particularized direction as fund companies embark on valuations under FAS 157 for the first time. Mutual fund boards and chief compliance officers (CCOs) are heavily reliant on service providers expertise in delivering accurate security valuations, whether the security has halted trading, broker quotes have dried up on that security or it represents an exotic derivative that is valued only on a monthly basis, Donatio says. JPMorgans Approach: An Amalgam of Best-Practices JPMorgan works in partnership with mutual fund clients to confront these challenges head-on. The firm leverages the multi-dimensional capabilities of the entire JPMorgan franchise to assist clients in on-boarding new processes, procedures and technology platforms and applications in regard to managing and triumphing over the challenge of valuation fund firms face today. Specifically supporting funds in managing the valuation challenge is a centralized structure. At JPMorgan, a centralized valuation team controls all aspects of the pricing process, says Donatio, which leads to greater seamlessness and tighter controls. Greater flexibility is another advantage. JPMorgans centralized pricing team works individually with clients to customize reporting solutions, says Donatio. With many of the banks competitors offering reporting from a decentralized, manual basis, or, through a one-size-fits-all approach, Donatio explains, Our structure and our philosophy have enabled us to provide a significantly higher degree of flexibility to our fund clients, through a process in which best-practices are shared and implemented much more rapidly and seamlessly.
A centralized pricing system: Allows securities to be priced at the asset type or position level, or, at various intervals. Permits second-sourcing of all equity and, where available, fixed income securities. Lends itself to a more structured, valid and reliable process based on verifiable sources. Enhances client communication. Our structure allows us to work very closely with clients on any halted, suspended or stale-priced security, enabling communication on these events early enough to secure a prompt decision, says Donatio. Expertise Around FAS 157-Meeting a Critical Need With the practical implications and implementation challenges of FAS 157 now at hand, fluency is critical in assisting clients in adjusting to this new regulatory guidance. Fortifying the level of consultation and expertise the bank provides its fund clients on this critical development is JPMorgans specific internal committee, which is dedicated to reviewing all aspects of FAS 157 and its potential impact on mutual fund clients. We continue to work side-by-side with our technology and auditing partners to align our systems with the new rules, Donatio says. Our aim is to offer our fund clients an agility and flexibility unseen elsewhere in the service provider universe. The Global Franchise Advantage The depth and breadth of the JPMorgan global franchise also translates into a competitive advantage in regard to valuation. JPMorgans prominent presence in most global markets provides close access to best-practices in valuation from a multitude of sources, allowing for innovation and development. And, because the JPMorgan franchise is highly integrated, consistent implementation across the organization is easily facilitated. The markets are changing everyday, and JPMorgans global reach allows us greater access to assist our clients in the future challenges they face, says Donatio. Our ability to customize solutions for clients is a tactical way of leveraging our global reach, every day. MFSG
68
Custody Services
DISTINGUISHING EXCELLENCE
IN THE CRITICAL WORK OF FUND TECHNOLOGY AND OPERATIONS EXECUTIVES
Money Management Executives 6th Annual
Fund Operations Awards

Money Management Executives 2008 Fund Operations Awards
Recognize people in the back ofce who make things happen. Our panel of industry judges will be selecting notable individuals, teams or fund companies who have excelled in four categories:
NE NEW MEDIA Original, strategic thinking and/or partnership with a communications, software or fund operations specialist to create a Web 2.0 solution or next-generation medium to serve asset management clients and/ or investors. W
2007 WINNERS
LEADERSHIP 1st Place Christopher L. Wilson, Head of Mutual Funds & Product Management, Columbia Funds INNOVATION 1st Place T. Rowe Price EFFICIENCIES 1st Place DTCC
LEADERSHIP Honoring a back-ofce executive or service provider for his or her contribution to the profession. INNOVATION Distinction in the use of cutting-edge technologies by mutual fund companies. EFFICIENCIES/STREAMLINING Recognizing an individual, back-ofce team or rm that has used technology and organizational restructuring to improve their rms bottom line and service.
Deadline for entries is Friday, July 18, 2008.

Winners will be announced in September 2008.
For more information about this years Awards or how to enter, please visit www.mmexecutive.com.
Part 2 Rankings
Total Assets
2007 Rank 1 2 3 4 5 6 7 8 9 10 Custody Provider BNY Mellon Asset Servicing JPMorgan Worldwide State Street Corporation U.S. Bancorp Fund Services Northern Trust Brown Brothers Harriman PFPC Union Bank of California Fifth Third Bank UMB Fund Services Assets ($ millions) 23,100,000 15,946,000 15,299,187 4,184,870 4,100,000 1,979,000 719,302 257,000 223,000 126,812 2007 Rank 1 2 3 4 5 6 7 8 9 10 Custody Provider
40 Act Fund Assets

Assets ($ millions) 4,766,847 2,797,022 1,722,646 652,401 581,380 397,162 222,697 77,484 30,800 5,800
State Street Corporation JPMorgan Worldwide BNY Mellon Asset Servicing Brown Brothers Harriman U.S. Bancorp Fund Services PFPC Northern Trust UMB Fund Services Union Bank of California Fifth Third Bank
40 Act Domestic Fund Assets

2007 Rank 1 2 3 4 5 6 7 8 9 10 Custody Provider State Street Corporation JPMorgan Worldwide BNY Mellon Asset Servicing U.S. Bancorp Fund Services Brown Brothers Harriman PFPC Northern Trust UMB Fund Services Union Bank of California Fifth Third Bank Assets ($ millions) 4,089,271 1,769,487 1,503,077 574,513 427,255 379,911 200,116 62,096 28,790 5,200 2007 Rank 1 2 3 4 5 6 7 8 9 10
40 Act Global/International Assets

Custody Provider JPMorgan Worldwide State Street Corporation BNY Mellon Asset Servicing Brown Brothers Harriman Northern Trust PFPC UMB Fund Services U.S. Bancorp Fund Services Union Bank of California Fifth Third Bank Assets ($ millions) 957,777 677,576 219,569 164,003 21,807 17,251 15,388 6,867 2,010 825
70
Custody Services
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Part 2 Rankings
Open-End Fund Assets
2007 Rank 1 2 3 4 5 6 7 8 9 10 Custody Provider State Street Corporation JPMorgan Worldwide BNY Mellon Asset Servicing Brown Brothers Harriman U.S. Bancorp Fund Services PFPC Northern Trust UMB Fund Services Union Bank of California Fifth Third Bank Assets ($ millions) 4,476,076 2,789,645 1,640,534 648,384 581,380 374,495 222,697 76,840 30,800 5,827 2007 Rank 1 2 3 4 5 6 7
Closed-End Fund Assets

Custody Provider State Street Corporation BNY Mellon Asset Servicing PFPC JPMorgan Worldwide Brown Brothers Harriman U.S. Bancorp Fund Services UMB Fund Services Assets ($ millions) 290,771 85,057 14,891 7,376 4,017 2,830 644
Unit Investment Trust Assets

2007 Rank 1 Custody Provider BNY Mellon Asset Servicing Assets ($ millions) 52,671 2007 Rank 1 2 3 4 5
Exchange-Traded Fund Assets

Custody Provider State Street Corporation BNY Mellon Asset Servicing JPMorgan Worldwide Brown Brothers Harriman PFPC Assets ($ millions) 494,177 86,403 42,100 1,113 43
Offshore Fund Assets

2007 Rank 1 2 3 4 5 6 7 Custody Provider State Street Corporation JPMorgan Worldwide BNY Mellon Asset Servicing Northern Trust PFPC U.S. Bancorp Fund Services UMB Fund Services Assets ($ millions) 886,507 581,000 448,515 230,600 80,977 16,270 510 2007 Rank 1 2 3 4 5
Variable Annuity Assets

Custody Provider State Street Corporation JPMorgan Worldwide UMB Fund Services BNY Mellon Asset Servicing U.S. Bancorp Fund Services Assets ($ millions) 369,271 143,230 11,952 7,054 4,523
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Custody Services

40 Act Fund Assets
Service Provider BNY Mellon Asset Servicing Brown Brothers Harriman Fifth Third Bank JPMorgan Worldwide Securities Services Northern Trust PFPC State Street Corporation UMB Fund Services Union Bank of California U.S. Bancorp Fund Services 2004 1,246,115 305,000 23,027 1,572,712 70,316 400,550 3,094,323 54,825 20,071 148,384 2005 1,385,858 380,000 22,648 1,782,105 139,563 397,360 3,088,044 46,702 26,487 175,000 2006 1,305,426 506,000 21,286 2,314,869 143,496 417,715 3,441,976 64,765 20,246 476,895 2007 1,500,018 614,376 9,900 2,339,961 170,934 353,367 3,800,000 62,064 31,669 554,973 2008 1,722,646 652,401 5,800 2,797,022 222,697 397,162 4,766,847 77,484 30,800 581,380
Total Assets
Service Provider BNY Mellon Asset Servicing Brown Brothers Harriman Fifth Third Bank JPMorgan Worldwide Securities Services Northern Trust PFPC State Street Corporation UMB Fund Services Union Bank of California U.S. Bancorp Fund Services 2004 8,300,000 900,000 194,010 7,602,000 2,155,100 558,947 9,400,000 101,433 155,000 1,738,000 2005 2006 2007 2008 23,100,000 1,979,000 223,000 15,946,000 4,100,000 719,302 15,299,187 126,812 257,000 4,184,870 9,700,000 10,900,000 13,000,000 1,130,000 1,340,000 1,741,000 182,191 196,312 219,970 9,321,497 11,249,522 13,903,000 2,648,700 2,900,000 3,300,000 637,170 636,718 639,737 9,497,000 10,120,700 11,900,000 70,900 81,180 111,631 204,000 209,000 230,090 2,225,000 2,428,300 4,029,100
Assets listed above are shown in $ millions as reported in prior year Service Guides. Assets for 2008 are as of 12/31/07 and so on for preceding years. **Not reported
73

Business Statistics
BNY Mellon Asset Servicing ASSETS ($ millions) Total Assets Under Custody Total 40 Act Fund Assets 40 Act Open-End Domestic Funds 40 Act Open-End Global Funds 40 Act Open-End Emerging Market Total 40 Act Open-End Fund Assets 40 Act Closed-End Domestic Funds 40 Act Closed-End Global Funds 40 Act Closed-End Emerging Market Total 40 Act Closed-End Fund Assets 40 Act UITs United Kingdom UITs Offshore Funds ETFs Variable Annuities All Other Types of Funds % Custody Assets Domestic % Custody Assets Global (Mature) % Custody Assets Global (Emerging) NUMBER OF FUNDS SERVICED Open-End Funds Closed-End Funds UITs Offshore Funds ETFs Variable Annuities All Other Types of Funds Total Number of Funds Under Custody NUMBER OF CLIENTS Domestic Global Emerging Markets Offshore ETFs Variable Annuities VITAL STATISTICS Tier 1 Ratio (%) Publicly Traded Closely Held New Owner in Past 12 Months Total Shareholder Equity ($ millions) % 2007 Revenue from Custody STAFF Total # of Custody Employees % Annual Custody Staff Retention Rate # Accounts per Manager 23,100,000 1,722,646 1,503,077 211,445 4,447 1,640,534 77,988 7,069 0 85,057 52,671 301,818 448,515 86,403 7,954 5,176,297 65 30 5 2,985 256 6,044 445 323 36 2648 12,737 77 54 21 98 20 6 9.32 Y N Y 29,400 32 12,000 94 3 to 5
Brown Brothers Harriman 1,979,000 652,401 427,255 162,408 58,721 648,384 0 1,594 2,423 4,017 ** ** ** 1,113 ** ** 74.2 20.7 5.1 741 10 ** 971 12 ** ** 1,734 40 30 21 90 4 ** ** N Y N ** ** 2,313 ** **
Fifth Third Bank 223,000 5,800 5,200 825 ** 5,827 ** ** ** ** ** ** ** ** ** ** 93 4 2 44 ** ** ** ** ** ** 44 20 3 ** ** ** ** ** Y N N 9,160 37 200 90 10 to 20
JPMorgan Worldwide 15,946,000 2,797,022 1,768,070 956,622 64,953 2,789,645 1,417 1,154 4,805 7,376 0 980,100 581,000 42,100 143,230 11,402,548 72 21 7 1,039 28 1,623 953 90 198 ** 3,931 41 28 18 74 6 6 8.40 Y N N 146,986 ** 10,141 ** **
Northern Trust 4,100,000 222,697 200,116 21,807 774 222,697 0 0 0 0 0 171,014 230,600 0 0 3,475,683 52 38 10 463 0 420 698 0 0 2,967 4,548 13 13 1 150 0 0 9.7 Y N N 4,200 ** 7,259 95 6 to 8
**Not reported Data as of 12/31/07
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Custody Services

Business Statistics
PFPC ASSETS ($ millions) Total Assets Under Custody Total 40 Act Fund Assets 40 Act Open-End Domestic Funds 40 Act Open-End Global Funds 40 Act Open-End Emerging Market Total 40 Act Open-End Fund Assets 40 Act Closed-End Domestic Funds 40 Act Closed-End Global Funds 40 Act Closed-End Emerging Market Total 40 Act Closed-End Fund Assets 40 Act UITs United Kingdom UITs Offshore Funds ETFs Variable Annuities All Other Types of Funds % Custody Assets Domestic % Custody Assets Global (Mature) % Custody Assets Global (Emerging) NUMBER OF FUNDS SERVICED Open-End Funds Closed-End Funds UITs Offshore Funds ETFs Variable Annuities All Other Types of Funds Total Number of Funds Under Custody NUMBER OF CLIENTS Domestic Global Emerging Markets Offshore ETFs Variable Annuities VITAL STATISTICS Tier 1 Ratio (%) Publicly-Traded Closely Held New Owner in Past 12 Months Total Shareholder Equity ($ millions) % 2007 Revenue from Custody STAFF Total # of Custody Employees % Annual Custody Staff Retention Rate # Accounts per Manager 719,302 397,162 359,793 14,702 222 374,495 14,115 776 0 14,891 0 0 80,977 43 0 202,767 93.3 5.8 0.8 900 48 3 414 3 0 76,138 2,085 49 22 3 36 2 0 6.8 Y N N 14,900 ** 260 ** varies
State Street Corp. 15,299,187 4,766,847 3,816,796 659,280 49,297 4,476,076 272,475 18,296 2,274 290,771 0 6,648 886,507 494,177 369,271 9,639,185 79 20 1 3,265 496 118 2,171 290 395 29,096 35,831 140 108 39 209 14 21 ** Y N N ** 82 1,778 91 4 to 6
UMB Fund Services 126,812 77,484 61,452 15,388 3,219 76,840 644 0 0 644 0 0 510 0 11,952 48,817 87.7 9.8 2.5 183 1 0 5 0 80 15,282 15,551 29 5 0 5 0 3 13.74 Y N N 891 28 75 85 varies
Union Bank of California 257,000 30,800 28,790 2,010 1,000 30,800 0 0 0 0 ** ** ** ** ** 2,058 95 4 1 104 0 ** 0 0 0 32 104 37 12 6 ** ** ** 8.4 Y N N 4,669 20 700 95 35
U.S. Bancorp Fund Services 4,184,870 581,380 574,513 6,867 773,700 581,380 2,830 0 0 2,830 0 0 16,270 0 4,523 3,583,480 99 1.2 0.5 1,397 12 0 3 0 149 247,370 1,397 219 15 8 3 0 3 6.48 Y N N 21,046 16.3 343 74.7 45
**Not reported
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Part 5 Services
Services
BNY Mellon Asset Servicing BASIC SERVICES Credit financing Letters of credit Real-time custody reporting Service for tri-party repurchase agreements Tri-party repurchase agreements/equity collateral Foreign exchange services Tax reclaim services Regulatory filings Financial statement preparation Domestic proxy services Overseas proxy services Cash management services Charge separately for cash movements and FX Fund accounting services Fund administration services Transfer agent services Full-service brokerage domestically Full-service brokerage overseas Pre-trade portfolio compliance Post-trade portfolio compliance On-line compliance data Treasury services Partnership accounting Proprietary dial-up lines Government securities clearance services Disaster recovery plans STIF vehicles Agency securities lending Non-custody lending Sub-advisory investment services Draft processing for check-writing ACH and EFT services Performance measurement Risk analysis M&A advisory services Proprietary funds for creating spokes Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y N
Brown Brothers Harriman Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y N Y Y N Y Y Y Y Y N Y Y Y Y Y Y Y Y Y Y Y
Fifth Third Bank Y Y Y Y Y Y Y Y Y Y Y Y N N N N Y N N N N Y N N Y Y Y Y N Y N Y N N N N
JPMorgan Worldwide Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y N Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y N
Northern Trust Y N Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y N Y Y Y Y Y Y N Y Y Y Y Y Y Y Y Y N Y
**Not reported
76
Custody Services
Part 5 Services
Services
PFPC BASIC SERVICES Credit financing Letters of credit Real-time custody reporting Service for tri-party repurchase agreements Tri-party repurchase agreements/equity collateral Foreign exchange services Tax reclaim services Regulatory filings Financial statement preparation Domestic proxy services Overseas proxy services Cash management services Charge separately for cash movements and FX Fund accounting services Fund administration services Transfer agent services Full-service brokerage domestically Full-service brokerage overseas Pre-trade portfolio compliance Post-trade portfolio compliance On-line compliance data Treasury services Partnership accounting Proprietary dial-up lines Government securities clearance services Disaster recovery plans STIF vehicles Agency securities lending Non-custody lending Sub-advisory investment services Draft processing for check-writing ACH and EFT services Performance measurement Risk analysis M&A advisory services Proprietary funds for creating spokes Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y N N N Y Y Y Y Y Y Y Y Y Y N Y Y N N N N
State Street Corp. Y Y Y Y Y Y Y Y Y Y Y Y ** Y Y Y Y Y N Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y N Y
UMB Fund Services Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y N Y Y Y Y Y ** Y
Union Bank of California Y Y Y Y Y Y Y N N Y Y Y Y N N N Y N N Y Y Y N Y Y Y Y Y Y Y N Y Y N N N
U.S. Bancorp Fund Services Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y N N Y Y Y Y Y Y Y Y Y Y Y Y Y Y N Y Y
**Not reported
77
Part 5 Services
Services
BNY Mellon Asset Servicing Interest on cash in foreign currency Disclosing spread on interest paid/cash balances Client workstations Support for fund of funds activity Support for master/feeder structures Daily consolidated cash forecasting Check disbursement services for dividends Straight-through processing Automated reconciliation SECURITIES LENDING # Countries where can lend # Countries lending % of Mutual fund assets participating % of Lendable portfolio on loan PARTICIPATING ORGANIZATIONS Federal Reserve Depository Trust Euroclear CEDEL Clearstream Emerging Market Networks INTERNET SERVICES Client workstation accessible via the Internet Client access to on-line market information Internet home page Clients access information through home page Communicate with clients using the Internet SUBCUSTODIAL RELATIONSHIPS Europe Asia Middle East Africa Latin America/Central America/Caribbean Y N Y Y Y Y Y Y Y
Brown Brothers Harriman Y N Y Y Y Y N Y Y
Fifth Third Bank N N Y N N N Y N Y
JPMorgan Worldwide Y N Y Y Y Y Y Y Y
Northern Trust Y N Y Y Y Y Y Y Y
63 30 28 23
22 22 ** **
** ** ** **
31 30 26 22
49 49 10 20
Y Y Y Y Y Y
N Y Y N N Y
Y Y Y Y Y N
Y Y Y N Y Y
Y Y Y Y Y Y
Y Y Y Y Y
Y Y Y Y Y
Y N Y N Y
Y Y Y Y Y
Y Y Y Y Y
Y Y Y Y Y
Y Y Y Y Y
Y Y Y Y Y
Y Y Y Y Y
Y Y Y Y Y
**Not reported
78
Custody Services
Part 5 Services
Services
PFPC Interest on cash in foreign currency Disclosing spread on interest paid/cash balances Client workstations Support for fund of funds activity Support for master/feeder structures Daily consolidated cash forecasting Check disbursement services for dividends Straight-through processing Automated reconciliation SECURITIES LENDING # Countries where can lend # Countries lending % Mutual fund assets participating % of Lendable portfolio on loan PARTICIPATING ORGANIZATIONS Federal Reserve Depository Trust Euroclear CEDEL Clearstream Emerging Market Networks INTERNET SERVICES Client workstation accessible via the Internet Client access to on-line market information Internet home page Clients access information through home page Communicate with clients using the Internet SUBCUSTODIAL RELATIONSHIPS Europe Asia Middle East Africa Latin America/Central America/Carribbean Y Y Y Y Y Y Y Y Y
State Street Corp. Y Y Y Y Y Y Y Y Y
UMB Fund Services Y Y Y Y Y Y Y Y Y
Union Bank of California Y Y Y Y Y Y N Y Y
U.S. Bancorp Fund Services Y Y Y Y Y Y Y N Y
30 30 22 12.5
35 35 15 **
18 1 3.3 23
18 18 65 24
27 27 6.5 37
Y Y Y Y Y N
Y Y Y Y Y Y
Y Y Y N Y Y
Y Y Y Y Y Y
Y Y Y Y Y Y
Y Y Y Y Y
Y Y Y Y Y
Y Y Y Y Y
Y N Y Y Y
Y Y Y Y Y
Y Y Y Y Y
Y Y Y Y Y
Y Y Y Y Y
Y Y Y Y Y
Y Y Y Y Y
**Not reported
79

BNY Mellon Asset Servicing
Joseph Keenan Managing Director One Wall Street 25th Floor New York, NY 10285 Phone: 212-635-7150 Fax: 212-635-4587 Email: joseph.keenan@bnymellon.com Web: www.bnymellon.com Year Custody services began: 1875 With over $23 trillion under custody and administration, BNY Mellon Asset Servicings approach to the custody business is exceptional and distinctive, and we have positioned ourselves as a truly global provider. Our global funds services team provides clients with full service custody, fund accounting, transfer agency and fund administration capabilities, including: state-of-the-art systems and interfaces, extensive global network, trade settlement and cash management, flexible solutions to client specific information delivery needs, and online access to fund information. In addition, we provide hedge fund administration, an increasingly important and growing service to institutional investors. With our broad set of capabilities, we are meeting the needs of firms who are seeking custodians with extensive hedge fund expertise worldwide. Integrated services may also include: 24-hour foreign exchange, performance measurement and risk analytics, offshore fund administration, and global securities lending. Our commitment to the custody business is substantiated by our proven ability to provide innovative products to address the needs of each individual client. What sets BNY Mellon Asset Servicing apart from the competition is our people, technology and innovative solutions. More than 12,000 highly trained, dedicated individuals located worldwide devote 100% of their time to our asset servicing clients, products and services. Real-time trade status, security positions and multicurrency cash movements are maintained and executed by our internally developed online security movement and control system. We provide clients with online access to real-time custody, accounting, instruction processing, and foreign exchange as well as a variety of reference materials and market updates. Our systems are continually enhanced to anticipate and meet innovative industry products and services. Most prominently, Eagle Investment Systems Corp., developer of Web-based investment management software solutions, continues to have its products integrated across BNY Mellon Asset Servicing franchise. Eagles webbased investment servicing platforms significantly enhance the range and technological sophistication of investment support services available from us.
Relationship Orientation
BBHs first priority is solving the business needs of our clients, and we are uniquely positioned to assist them in achieving sustainable cost efficiencies while identifying opportunities to improve shareholder value.
Operational Excellence
BBH is at the forefront of initiatives to streamline operational processes and realize efficiencies for our clients. Our goal is to understand each clients strategy and to deliver services in ways that assist these clients in meeting their business objectives, thereby improving and enhancing profitability.
Brown Brothers Harriman

James Kent Managing Director 40 Water Street Boston, MA 02109 Phone: 617-772-1040 Fax: 617-772-2263 Email: james.kent@bbh.com Web: www.bbh.com Year Custody services began: 1928
Commitment to the Investor Services Business

The Investor Services division is BBHs largest business line. BBH began offering custody services in 1928, expanding to global custody in 1963 when our firm's major U.S. clients began to acquire non-U.S. securities. Today, Investor Services & Markets is BBHs largest line of business both in terms of revenue contribution and employees.
Global Custody
Recognized as the Best of the Best global custodian by Global Investor magazine based on the consistency of our performance in their annual survey and the #1 global custodian for fund managers in the 2007 Global Custodian Global Custody Survey, Brown Brothers Harriman (BBH) provides global financial services to many of the worlds largest sophisticated institutional investors and financial institutions. BBH Investor Services has been a market leader for over 75 years and provides local relationship management in seven domiciles worldwide, servicing over $2 trillion in total assets under custody. BBH provides custody, accounting, administration, securities lending, outsourcing solutions, foreign exchange, data connectivity and routing services (Infomediary) and offshore fund solutions. Factors contributing to our success as a global custody provider can be attributed primarily to our partnership structure, relationship orientation, and operational excellence and commitment to the business.
Fifth Third Bank

Mike Dailey Director, Global Securities Services 38 Fountain Square Plaza 1090CD Cincinnati, OH 45263 Phone: 866-719-0014 Fax: 513-534-4735 Email: Mike.Dailey@53.com Web: www.53.com Year Custody services began: 1920 Fifth Third Bank's Global Securities Services division, with approximately $223 billion under it's care, offers a broad array of services to the mutual fund market. Through our CUSTODY PLUS offering, we provide: global custody, securities lending, foreign exchange, institutional brokerage/ transition management, cash management, treasury management and a full line of commercial services. Fifth Third is a diversified financial services company headquartered in Cincinnati, Ohio. For further information, please call 866-719-0014.
Partnership Structure
BBH's partnership structure allows us to invest for the long-term with our senior management immersed in day to day business performance. This hands-on management style has allowed us to anticipate and respond successfully to changing financial climates for close to 200 years.

Carl J. Ferrara Managing Director
80
Custody Services

1 Chase Manhattan Plaza 9th Floor New York, NY 10005-1401 Phone: 212-552-2839 Email: Carl.J.Ferrara@jpmorgan.com Web: www.jpmorgan.com/wss Year Custody services began: 1939 JPMorgan Worldwide Securities Services delivers a full range of products for fund managers and their institutional/retail client base, including custody, fund accounting, transfer agency, administration, performance measurement and compliance. We manage client relationships across the firm with a combination of product suite and geographical management and infrastructure that no other firm in the world can deliver. We offer an on-the-ground approach to service through our 25 regional service centers worldwide. In addition to a full suite of global custody and related products, JPMorgan delivers an end-to-end array of services that includes trading, capital markets, financing and operating services. JPMorgan draws on its core product and organizational strengths to provide a premier global custody offering strengthened by the support of an exceptional investment bank. As such, a broad array of ancillary products available across the franchise complement Worldwide Securities Services core product set, enabling us to build a robust product offering for mutual fund clients around the globe. Today, JPMorgan provides services to more than 2,200 clients, representing assets in excess of $15.6 trillion across all regions. The fundamentals of our broader business strategy include leveraging the full range of JPMorgan Chase products and expertise to deliver a superior range of high-quality financial products and services to our clients; providing state-of-the-art systems and technology and continually investing in our infrastructure to adapt to changing industry needs; maximizing our clients bottom line by delivering innovative operating and information services that help mitigate risk and increase efficiency; and emphasizing a partnership approach with our clients. JPMorgan has created a high-touch, high-tech environment for our mutual fund clients, who receive the highest-quality full-service product offering from a large global custodian while reaping the benefits of a business within a business. This strategy has enabled us to create a distinctive fund servicing capability that takes advantage of our size and scale while retaining the personal service that sets us apart. driven expansion to complement our existing capabilities and expertise in the servicing of funds. We have made significant investments in the advancement of our capabilities in 2007, including the rollout of the following new U.S. fund administration services: Direct Hedge Funds Hedge Fund of Funds Private Equity Funds Northern Trust is working on new product offerings, particularly in Asia, the delivery of enhanced performance and risk services, and further automating and creating industry standards around derivatives.
Northern Trust
Michael Blake Vice President 50 S. LaSalle Street Chicago, IL 60603 Phone: 312-444-5655 Fax: 312-444-5258 Email: michael.blake@ntrs.com Web: www.northerntrust.com Year Custody services began: 1889 Northern Trust, as a leader in asset servicing, fund administration and advisory services to investment managers and fund companies worldwide, remains committed to delivering superior services with an emphasis on client relationships. We are focused on continuing to deliver four key benefits to our clients: a strong risk and control environment; faster, more accurate results; greater access to higher quality information; and innovations that create advantages for our clients. In addition to our core custody services, our clients can benefit from these Northern Trust services: Fund accounting Fund administration Transfer agency & shareholder services Trustee services Securities lending Cash management Risk management and investment policy monitoring Performance analysis Treasury services Foreign exchange Systems consulting Commission management Investment operations outsourcing Sub-advisory services Transaction services Brokerage/Execution services Banking Distribution opportunities Northern Trust believes in capability-
PFPC
Paul Chi Managing Director and Vice President Global Custody and Securities Lending 301 Bellevue Parkway Wilmington, DE 19809 Phone: 302-791-2000 Email: information@pfpc.com Web: www.pfpc.com Year custody services began: 1972 PFPC provides comprehensive global custody services to U.S. and international mutual funds and alternative investment companies as well as other institutional investors. We combine a highly personalized approach with the breadth and depth of services necessary to deliver the custody and securities lending services you need, when and where you need them, the way you want them. PFPC custody services include safekeeping and securities processing, recordkeeping, real-time corporate actions notification and processing, electronic interfaces with the fund accounting agent, and cash management, securities lending and foreign exchange capabilities. Our automated cash management capabilities help clients sweep excess cash. Clients choose from a variety of cash sweep product options. PFPCs securities lending program offers fund clients an opportunity to generate incremental income on portfolio securities that would otherwise remain idle. Our program focuses on enhancing fund revenues and maintaining a low risk profile. PFPCs programs incorporate management of cash collateral and detailed reporting of
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loan activity, collateralization, profitability and spreads. PFPCs Web-enabled data repository and analytics suite provides customized reporting and data extracts for global custody as well as securities lending information. PFPC is a leading provider of processing, technology and business solutions to the global investment industry. We specialize in creating and delivering personalized solutions tailored to fit the specific preferences and evolving requirements of our clients. A member of The PNC Financial Services Group, PFPC offers a comprehensive array of securities and investor services. In addition to global custody and securities lending services, PFPC offers fund accounting and administration, alternative investment services, international fund services, and banking transaction services. PFPC also provides transfer agency and shareholder services, advanced output solutions, distribution services, subaccounting and managed account services. Brokerage services Transition management Investment management Multiasset-class trading and research Cash management Securities lending Performance measurement and analytics Investment operations (middle-office) services Wealth management services Transfer agency services Our Core Strengths Investment in the Future For growth-based companies to succeed, they have to partner with service providers that possess the resource capacity and commitment to deliver necessary today, and the foresight to build for tomorrow. State Street has a long tradition of investing in the future. We have consistently invested 20 to 25 percent of our operating budget in technology, and plan to continue investing at this same rate over the next three to five years. Global Experience State Street has been a leader in the mutual funds industry since 1924, growing with the market to meet the changing needs of our customers. For example, when Merrill Lynch invented multiclass funds in 1988, we developed the first multiclass accounting system to support them. Our product includes a detailed set of allocation procedures that serve as the basis for customers filings with the Securities and Exchange Commission. As a result of our specialized solution, State Streets procedures have become the industry standard. Focus on Key Initiatives Derivatives State Street customers and the market in general are increasingly using OTC derivatives, with interest rate swaps and credit default swaps being the most rapidly growing product types. As client demand has grown, so has the processing complexity and risk for clients. Industry utilities (e.g., Deriv/SERV, SwapsWire) have entered to automate selected functions, with the goal of transforming a paper-based process into a straight-through process. State Street is rolling out an OTC derivatives processing platform that will allow customers to fulfill their derivative processing needs in conjunction with our traditional asset servicing and custodial businesses. Private Equity Private equity is the largest segment of the alternative investment market and is anticipated to grow at a compound annual growth rate of 14 percent to $2.8 trillion in 2010. An estimated 15 percent of private equity fund sponsors outsource back- and middle-office services. With the acquisitions of Investor Financial and Palmeri Fund Administrators in 2007, State Streets Private Equity Fund Administration Group currently services approximately 91 fund sponsors managing more than 330 primary funds globally, representing over $83 billion of committed capital. Performance and Analytics State Streets Investment Analytics capabilities encompass a wide range of information and tools that support the investment decision process and risk management activities. We continually expand our product and service capabilities to assist customers in evaluating plan and portfolio results. At State Street, we understand the need for service solutions centered around controlling costs, developing and launching competitive new investment products and expanding globally. We also realize the importance and convenience of having all servicing needs met by a single provider. That is why we focus on flexibility in our service model, bundling our capabilities within a customizable framework that meets the unique needs of each investment manager.
State Street Corporation

Pete L. Thurmond, Jr. Senior Vice President State Street Financial Center One Lincoln Street Boston, MA 02111-2900 Phone: 617-664-6676 Fax: 617-664-7733 E-mail:
peter.thurmond@statestreet.com
Web: www.statestreet.com Year Custody services began: 1924 State Street services more than 44 percent of the U.S. mutual fund market, and provides the industrys most comprehensive array of customized investment solutions to mutual fund managers. These solutions cover the entire investment spectrum, from research and analytics to multiassetclass trade execution to complex fund accounting and administration. As the worlds leading provider of financial services to institutional investors, we offer the fully integrated products and services they need to be successful. Our Services Include: Global custody Multicurrency fund accounting Daily pricing Fund administration
UMB Fund Services

Lonnie Macdonald Senior Vice President Business Development Manager 803 West Michigan Street Milwaukee WI 53233 Phone: 414-299-2209 Email: lon.macdonald@umb.com Web: www.umbfs.com Year Custody services began: 1947 UMB Fund Services is the provider of choice for many of the nations leading financial service companies. With 60 years of experience in the custody business, UMB views client relationships as partnerships and tailors its services to optimize operational efficiencies and straight-through processing routines. Customers receive the highest-quality service from UMBs experi-
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Custody Services

enced administrative professionals, timely and accurate securities processing in a flexible operating environment, proactive settlement and income crediting policies, client-specific technology solutions and value-priced fee structures. UMB utilizes a real-time multi-currency custody system that enables our staff to review the status of trades, positions, entitlements, cash/currency balances, history and all other detail related to your investment portfolios. For our clients, we offer Web access to fund-specific information through UMB TrustDirect. Our clients can view on-line their trades, cash and FX movements, the previous days activity (blotter), a current-day forecast updated throughout the day, traded and settled positions, 15 months of portfolio history and cash/currency balances. TrustDirect also allows our clients to download their portfolio transaction and asset detail into a spreadsheet or database format. Our custody product is integrated with other systems, numerous client and vendor platforms/applications, Depository Trust Company (DTC) and the Federal Reserve. We support automated wire transfer capabilities and files, remote deposit, lockbox services, ARP, ACH and shareholder check and draft processing. Furthermore, system integration with our clients trading, accounting and shareholder record-keeping systems supports intraday trade files, auto-affirmation routines, position reconcilement, cash forecasting and the automated upload of shareholder activity to your custody portfolio. Depository integration supports the flow of trades, affirmations, entitlements and other data between UMB, DTC and the Federal Reserve throughout the day. In addition to core custody processing, UMB Fund Services offers a complete line of fund and portfolio services including administration, fund accounting, investor services and transfer agency, distribution, marketing, Blue Sky compliance, alternative investment services, securities lending and an extensive array of cash management products. San Francisco, CA 94104 Phone: 415-705-5021 Fax: 415-705-5052 Email: kevin.galvin@uboc.com Web: www.uboc.com Year Custody services began: 1914 Union Bank of California, N.A. is a fullservice commercial bank providing a broad mix of financial services: consumer and small business banking; middle market banking; real estate finance; corporate banking; correspondent banking; trade finance; personal and business trust services; domestic and global custody; and securities lending. Union Bank of California maintains a long-standing commitment to securities processing and today administers $257 billion in client assets under administration. Through its Institutional Services & Asset Management Division, Union Bank supports fully integrated global and domestic securities services, custody and securities lending for financial institutions, mutual funds, investment advisors, insurance companies, foundations and endowments. Union Bank also supports complete services for traditional retirement and other employee benefit plans. We are also a fullservice corporate trust provider. fund services, including: Transfer Agent & Shareholder Services Fund Administration & Compliance Fund Accounting Prospect Services Alternative Investment Administration Distribution & Marketing Services Securities & Lending Tailored Fund Custody Services As one of the nation's largest custodian service providers, U.S. Bancorp custody professionals assist each client with unique, customized transaction activity, corporate actions, trade settlements, income collection, and reporting. We support domestic and global securities processing for all investment types. With standard and customizable query options, our online corporate action notification enables users to view and submit responses to corporate actions. We maintain an array of investment vehicles for daily short-term cash, from treasury products to automated sweep options at very competitive rates. Our custody accounting system is available online and offers customized reporting and flexible trade interfaces for each advisor. Securities Lending Services Not only does U.S. Bancorp specialize in securities lending for mutual funds, but we also manage all aspects of the lending program so that your funds can maximize lending revenue. We monitor the credit quality of a select, approved list of borrowers and we maintain an SEC registered 2a-7 money market collateral investment pool to protect your investment. Our lending program averages twice the industry utilization rates, generating more securities on loan and more corresponding revenue for our clients. We offer complete support to our lending clients, including online access to loan and revenue information, security restrictions and a trading desk of lending experts. Complete Service Integration Since 1969, U.S. Bancorp Fund Services has provided an integrated package of services for mutual fund clients. We have integrated the data and service delivery of our fund administration and compliance, fund accounting, custody, transfer agent, and distribution services. Our consultative approach combines experience with premier technology to provide clients with services tailored to fit their unique needs.

Bob Kern Director of Sales 615 East Michigan Street Milwaukee, WI 53202 Phone: 414-765-5678 Fax: 414-212-7360 Email: bob.kern@usbank.com Web: www.usbfs.com Year Custody services began: 1853 With over three decades of experience, U.S. Bancorp Fund Services, LLC understands the challenges facing fund sponsors. By providing the right combination of experienced industry experts and state-ofthe-art technology, U.S. Bancorp Fund Services ensures delivery of the highest quality service. Our single source solution for mutual fund and alternative investment product services allows fund sponsors to offer competitive, economical products. Our Custody services are available independently or in conjunction with our other
Union Bank of California

Kevin Galvin Vice President 350 California Street 11th Floor
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SHAREHOLDER COMMUNICATIONS SERVICES

Meaningful Market Data Drives Financial Intermediary Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86
By Frank Polefrone
Enhancing Relationships with Financial Advisors: A Strategic Approach. . . . . . . . . . . . . . . . . . . . . . . . . . 88

By Devin Davis

Mail. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 Print . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 Pricing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 Marketing Communications . . . . . . . . . . . . . . . . . . . . . . . 90 Proxy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 VRU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 CRM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
Part 3 Services
CRM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 Mail. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 Marketing Communications . . . . . . . . . . . . . . . . . . . . . . . 94 Pricing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Print . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 Proxy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 VRU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
Part 4 Company Profiles . . . . . . . . . . . . . . 102
Meaningful Market Data Drives Financial Intermediary Sales

The Challenge: Access to Meaningful Market Data
By Frank Polefrone
ore than 90% of all mutual fund sales are made through financial intermediaries. Selling to these intermediaries, however, can be very frustrating and inefficient. This frustration stems from the fact that historically, access to detailed sales and market information about financial intermediaries has been almost impossible to gather. It is only recently that new technologies have emerged to provide fund companies with an enterprise wide solution to aggregate, process and analyze detailed sales and asset flows from multiple financial intermediary trading platforms. Clouded the Picure The shifting dynamics of mutual fund sales between different types of financial intermediaries has further clouded the picture for national sales managers trying to focus finite resources on an expanding number of financial intermediaries. In the past, a large mutual fund firm could focus most of its resources and attention on a limited number of large Wirehouse Broker/Dealers to drive sales. Today, a successful firm must have a focused sales effort across multiple financial intermediary channels to include Wirehouse B/Ds, Regional B/Ds, Regional Banks, Independent Registered Investment Advisors (RIAs) and Insurance Companies. A recent report from an Ignites poll indicated that 48% of fund companies named the RIA channel as the market segment that will produce the most asset flows in 2008. (The second largest channel was Wirehouse B/Ds with 27%). The sales approach to RIAs, however, is very different than the sales tactics used to sell to Broker/Dealers. Independent RIAs expect mutual fund salespeople to understand their firms overall investment approach, the clientele they serve, and the manner in which investment decisions are made within the RIA firm. Without meaningful market data, mutual fund sales managers find that it is very difficult to understand these important factors about RIAs and gain traction in the financial intermediary
channel that they expect to produce the most sales. The Solution: Combine Detailed Trading Data with Important Market Information To help your sales staff effectively target and communicate with all types of financial intermediaries, your firm will need to provide easy access to business intelligence information about that intermediary. Mutual fund companies need business intelligence tools and technology platforms that will integrate detailed trading data gathered from financial intermediary platforms with rich market data about those intermediaries. Providing this combination of trading data with market demographic information takes the guesswork out of managing sales and enables national sales managers to point their sales team to their best prospects. Web native technologies provide capabilities to integrate data from multiple databases, which provides market insight into financial intermediaries not available to mutual fund companies in the past. One of the most important points of integration is comparing the current sales an RIA firm has with your firm, versus the total assets managed by the RIA. By comparing this information a Share of Wallet calculation can be determined. When this information is combined with other market demographic data related to investment and business preferences, RIA client profiles can be created. At this point, sales management is in a position to compare client profiles with prospect information to identify their best prospects. The Result: Can Access to This Information Really Drive Sales? When business intelligence tools are used to profile best clients and identify ideal prospects that have similar characteristics, the sales process gets much more efficient and results in more assets gathered. Many firms estimate that their sales staff can waste up to 30% of their time dealing with administrative tasks required to qualify their best clients and
prospects, or simply calling on the wrong prospects due to the lack of market information. When client and prospect profiles are developed and made available to salespeople through a Frank Polefrone CRM system, or a hand-held device, the salespeople at your firm have everything they need at their fingertips. This information about financial intermediaries enables them to drive sales and grow your business. The ability to easily identify your best clients and prospects becomes especially important if you consider the confusion that can occur when some RIAs are dually registeredhave their own firm, but also retain a Broker/Dealer license as a registered representative with a Broker/Dealer. The ability to track break-away brokers and understand the differences in the type of business they do as an Advisor versus a B/D is also an important ingredient for success when selling to financial intermediaries. If your firm cannot identify where the sales are coming from, and cannot combine trading information with market data that provides important demographic information about your clients and prospects, your firm is destined to fall behind in sales. Whether your sales teams increased efficiencies amount to a 30% increase in sales, or help your limited staff reach their sales goals with 30% less cost due to increased efficiency, the results can be dramatic. In short, access to the right information does matter, and can have a big impact on your firms success selling through financial intermediaries. MFSG Frank Polefrone, senior vice president, is responsible for product development and marketing for Access Data, the leading provider of enterprise reporting and data management services for financial services firms representing over $2.5 trillion in assets under management. For more information about Access Data, visit www.accessdc.com.
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Shareholder Communications Services
WOULDNT IT BE GREAT IF YOUR BEST PROSPECTS STOOD OUT FROM THE CROWD?
Introducing AccessDiscoverySM, an exclusive offering from Access Data and Discovery providing Mutual Fund Companies a clear, concise picture of their best nancial intermediary clients and ideal prospects. With AccessDiscovery, your rm can now match detailed sub accounting trade data with important market and demographic information to create prole ratings for sales representatives and Advisors. For more information please contact Chip Miller at 1-888-799-1744 or visit www.accessdc.com.
Enhancing Relationships with Financial Advisors: A Strategic Approach

By Devin Davis
inancial advisors constantly receive communications from the investment managers with whom they work. The communications come in varying forms, including sales oriented (field wholesalers and sales desks) and marketing driven (direct mail, e-mail, Internet). For these touches to be successful, each interaction opportunity needs to compliment the financial advisors perception of the investment managers brand and capabilities, as well as provide continual value to the financial advisors business. In addition, many investment management firms need to overcome the difficulty of aligning their sales and marketing activities to work in unison with one another so that the client experience is unique, yet consistent. Integrated Technology Firms need to identify and close gaps in their technology that will improve the client experience. This can be achieved by careful analysis of their customer relationship management (CRM), transaction history, campaign management and web systems. Investment management firms spend a large amount of their annual budgets on improving their websites, micro sites and CRM systems. How do they ensure maximum return and organizational alignment? How does sales management ensure a CRM system is not only a log of client activity, but also a source of intelligence for wholesalers on the desk and in the field? The key is to extract the intelligence that sales and marketing needs to build stronger relationships. By ensuring the firms technology is able to provide channel marketing managers and wholesalers with a singular view of the client experience and preferences, their marketing campaigns and valueadd programs can be launched in a more effective manner. Not having key information on the financial advisor linked to a single data system leaves the sales and marketing units poorly aligned and unable to perform their duties as best as possible. Business Intelligence From in-person sales meetings to email marketing, senior management teams need to assess every manner of communication on a continual basis, to determine how each vehicle serves to build stronger rela-
tionships in their intermediary channels. Once technology systems speak to each other, the first step to building strategic communications is to identify and build some high-level segmentation of the sales model. Today, the Devin Davis typical investment management firm derives more than 80% of its sales business from just 20% of its financial advisor population. How then can investment firms create scale among wholesalers to reach a larger universe of top financial advisors? The answer lies in an enhanced business intelligence and modeling capability to identify additional promising advisors and to convert them into clients more quickly and personally through multiple communication channels. This requires not only conducting full-scale analysis of data on current clients, but also working with wholesalers to understand better the sales prospect pipeline. From acquisition to onboarding, and then from conversion to creating loyal financial advisors, business intelligence and modeling capabilities allow firms to: identify financial advisors that are gaining or losing momentum in their activity and delivering trigger-based marketing programs to stem poor behaviors; identify financial advisors that should qualify for clubs or value-add programs to enhance loyalty with business advocates; and monitor and manage growth in financial advisor relationships to ensure activities are working as expected. Advanced Communications Once an investment firm has updated intelligence around the sales business, it can now start to build more aggressive marketing programs and communications to enhance the client experience. Creating marketing communications based on financial advisor behaviors and preferences will allow marketing to work with wholesalers more intelligently as they start building stronger relationships within their territory. By combining 1:1 marketing techniques and advanced analytics, marketing managers can develop truly personalized mes-
sages, product information and offers for various types of financial advisors. This allows marketing to have a stronger impact on the sales process and become a true partner to the sales force. It also allows marketing to create test designs for their promotions and campaigns to understand with certainty, which mechanisms are working most effectively. Snapshot: Targeting and the Bottom Line One investment management firm needed to differentiate its brand messaging and product offering in an ocean of competitors. At the same time, the firm was looking for creative strategies to help it improve how its sales and marketing organizations interacted during the cycle of acquiring new financial advisors. The firm applied a strategic planning methodology with a six-step process that included business model assessment, business goals identification, current distribution model, target distribution model, migration strategy and implementation plan. The firm gathered a complete understanding of its distribution model, identifying its challenges as well as opportunities for improvement. The assignment included a detailed analysis of the financial advisors trading behaviors and communication preferences, wholesaler contact and the use of marketing collateral. From this analysis, a new approach for marketing to financial advisors was created. The targeted approach drove bottomline results. Financial advisors who received the new structured marketing in a timely fashion placed their clients into $325,000 worth of the investment firms products in one year versus $120,000 for a non-targeted control group. An effective turnkey financial advisor optimization program is one that is based on deep expertise in marketing strategy, analytics and modeling, and creative strategy. As a result, at every point in the process, brand engagement is strengthened and the financial advisor relationship is improved with the investment firm. MFSG Devin Davis is vice president of strategy, financial markets for Harte-Hanks.
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Mail
Years in Mailing # # Mailing Employees Employees # Seasonal Employees Fund % of Business Fund % of Revenue # Fund Clients ISO 9000 Certified Operation Hours (Hrs./Day)
Service Provider
The Altman Group Asset Communications Capital Fulfillment Group Computershare DST Output Harte-Hanks Merrill Corporation PFPC RR Donnelley Smart Source Services Smith-Edwards-Dunlap
4 20+ 7 20 38 50+ 24 18 30+ 20 17
175 12 120 120 3,000 7,500 6,300 4,845 60,000+ 65 135
20 outsourced 4 90 ** 3000 150 200+ ** 40 10
as needed 0 ** 125-150 ** ** ** 55 ** as needed 0
65 75 100 98 ** 10 25 80 ** 25 **
25 ** 50 ** ** 10 25 ** ** 20 **
100+ 25 41 100 200+ 20+ 150 400+ 100+ 100+ **
N N N N ** N Y N Y N N
as needed 8/5 11.5/5 24/7 24/7 varies 24/7 24/6 24/7 9/7 24/5
Print
Service Provider Years in Printing # Employees # Printing Employees Fund % of Print Business Fund % of Revenue # Fund Clients
Asset Communications Bowne & Company Bowne GCom2 Solutions Capital Fulfillment Group Command Financial Press Computershare Communication Services DST Output Hanson Printing Company Merrill Corporation PFPC RR Donnelley Smart Source Services Smith-Edwards-Dunlap
20 235 16 8 18 12 38 72 40 19 144 20 135
12 ** 235 131 150 90 3,000 40 6,300 4,845 60,000+ 65 135
** ** 100 32 40 70 ** 12 410 200+ ** 40 125
75 ** 80 100 70 30 ** 8 25 80 ** 25 **
20-25 ** 10 20 35 ** ** 9 25 ** ** 25 **
25 ** 5,500+ 41 32 30 200+ 8 150 400+ 100+ 25 **
Pricing
Service Provider Years in Pricing # Employees Fund % of Pricing Business Fund % of Revenue # Fund Clients
Standard & Poor's Securities Evaluations Street Software Technology Telekurs Financial
36+ 30 78
113 ** 1,350
50 10 **
** ** **
800+ ** **
**Not reported
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Marketing Communications
Service Provider Years in Marketing Communications # Employees Fund % of Business # Fund Clients
Asset Communications BergerBrown Communications Capital Fulfillment Group Harte-Hanks Kanter and Company Langton Cherubino Group Merrill Corporation PFPC RR Donnelley S2 Marketing + Communications Smart Source Services Suasion Resources UMB Fund Services U.S. Bancorp Fund Services Wechsler Ross & Partners
20 25 7 50+ 12 13 40 13 40+ 25+ 20 27 15+ 8 23
12 6 131 7,000 4 9 6,300 4,845 60,000+ 17 65 18 171 545 60+
75 50 100 ** 100 25 25 100 ** 100 25 50 98 100 50
25 1 41 20+ 9 3 150 400+ 100+ 15 25+ varies 125 250 10
Proxy
Service Provider Years in Proxy # Employees Fund % of Business # Fund Clients
The Altman Group Computershare Fund Services DST Output PFPC RR Donnelley
10 20 38 19 30+
175 120 3,000 4,845 60,000+
65 98 ** 100 **
100+ 250 200+ 400+ 100+
VRU
Service Provider Years in VRU # Employees Fund % of Business # Fund Clients
ARGOS Computer Systems PFPC
27 13
** 4,845
75 100
** 400+
CRM
Service Provider Years in CRM # Employees # CRM Employees Fund % Fund % of Business of Revenue # Fund Clients
Access Data Capital Fulfillment Group Harte-Hanks Merrill Corporation PFPC SalesFocus Solutions SalesPage Technologies
**Not reported
8 8 50+ 10 10+ 9 23
125 131 7,000 6,300 4,845 ** 28
60 2 750 50 ** ** 25
90 100 <10 25 100 100 80
** 0 <10 <2 ** 100 80
40 41 20+ 150 400+ ** 52
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Part 3 Services
CRM
Service Provider Access Data Capital Fulfillment Group Harte-Hanks Merrill Corp. Sales Focus Sales Page
PFPC
Transaction reporting Transaction reporting: Supermarket participants Transaction reporting: Omnibus participants Asset reporting Asset reporting: Supermarket participants Asset reporting: Omnibus participants Marketing reporting Marketing reporting: Supermarket participants Marketing reporting: Omnibus participants Performance reporting Performance reporting: Supermarket participants Performance reporting: Omnibus participants Implementation of new system Conversion of existing systems Order entry management Data cleaning Inventory management Literature fulfillment management Contact management E-mail integration Wireless communication capability Remote synchronization Product sales data integration Representative consolidation Wholesaler territory management Wholesaler tracking Transfer agent interface Fulfillment company interface Electronic business plans
Y Y Y Y Y Y Y Y Y N N N Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y N
Y N N N N N Y N N N N N Y Y Y Y Y Y Y N Y Y Y N Y Y Y ** N
Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y N
**Not reported
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Part 3 Services
Mail
LIST PROCESSING
The Altman Group Y Y Y Y Y Y Y Y Y Y Y Y Y 4 Y 6 Y Y Y Y N Y Y Y Y Y Y Y Y Y Y Y Y Y Y ** unlimited 8 to 6 1 0 Y Y Y Y Y Y Y
Asset Capital Communications Fulfillment Group Computershare Y Y Y Y Y Y Y Y Y Y Y Y Y 6 Y ** Y Y Y Y Y Y Y Y Y Y N Y Y Y Y Y Y N Y within 24 hours unlimited 9 to 5 ** 0 Y Y Y Y Y N Y Y N Y Y ** N Y N Y Y N Y Y 5 N unlimited Y Y Y Y N N Y N Y N N Y Y Y Y Y Y Y Y same day unlimited 8 to 7:30 5 0 Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y 7 Y unlimited Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y as req'd as req'd 8 to 8 3 ** Y Y Y Y Y Y Y
DST Output Y N Y Y Y Y Y N Y Y N Y Y 6 Y unlimited Y Y Y Y Y Y Y Y Y Y N Y Y Y Y Y Y Y N ** ** ** ** ** ** N N N N N N
Harte-Hanks Y Y Y Y Y Y Y Y Y Y Y Y Y 8 Y 4 Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y as needed as needed varies 7 varies Y Y Y Y Y Y Y
Bar Code Cheshire Labels Diskette Consolidating CR-RT Sort Householding Inkjet/Laser Magnetic Tape Merge/Purge NTH Select Piggyback P/S Sort
INSERTING
Maximum stations on inserter Intelligent/selected inserting Demographic variables supported

ENVELOPE SIZE
Number 10 Number 11 6x9 9x12

OTHER CAPABILITIES
On-site post office(s) Burst/fold continuous feed forms USPS address standardization In-house postal verification/acceptance Bulk shipment delivery Local bulk delivery Truck from National BMC/SCF mail drops First class mail pre-sort
INVENTORY
Warehouse inventory facilities Secured and insured inventory Computer-generated tracking PC-to-PC on-line review Order inventory by modem/fax Distributive print/mail service
LITERATURE FULFILLMENT
Inbound literature fulfillment Turnaround time Daily order transmission capacity Fulfillment hours of operation # domestic fulfillment sites # non-U.S. fulfillment sites
KIT ASSEMBLY
Automated By hand Direct mail Fax Internet Modem Toll-free number

**Not reported
FULFILLMENT REQUESTS VIA
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Mail
Merrill Corp. LIST PROCESSING PFPC RR Donnelley Smart Source Smith-Edwards-Dunlap
Bar Code Cheshire Labels Diskette Consolidating CR-RT Sort Householding Inkjet/Laser Magnetic Tape Merge/Purge NTH Select Piggyback P/S Sort
INSERTING
Y Y Y Y Y Y Y Y Y Y Y Y Y 8 Y unlimited Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y same day unlimited 12 6 0 Y Y Y Y Y Y Y
Y Y Y Y Y Y Y Y Y N N Y Y 6 Y ** Y Y Y Y N Y Y Y N Y N Y Y Y Y Y N Y N ** ** ** ** ** N N ** ** ** ** **
Y Y Y Y Y Y Y Y Y N Y Y Y 18 Y unlimited Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y <24 continuously 24/7 27 10 Y Y Y Y Y Y Y
Y Y Y Y Y Y Y Y Y Y Y Y Y 6 Y 3 Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y 24 hourly 8 to 5 7 multiple Y Y Y Y Y Y Y
Y N Y Y Y N Y Y Y Y N Y Y 6 N ** Y Y Y Y N N Y N Y Y N Y Y Y Y Y Y N Y varies 2 8 1 0 N Y Y Y Y Y Y
Maximum stations on inserter Intelligent/selected inserting Demographic variables supported

ENVELOPE SIZE
Number 10 Number 11 6x9 9x12

OTHER CAPABILITIES
On-site post office(s) Burst/fold continuous feed forms USPS address standardization In-house postal verification/acceptance Bulk shipment delivery Local bulk delivery Truck from National BMC/SCF mail drops First class mail pre-sort
INVENTORY
Warehouse inventory facilities Secured and insured inventory Computer-generated tracking PC to PC on-line review Order inventory by modem/fax Distributive print/mail service
LITERATURE FULFILLMENT
Inbound literature fulfillment Turnaround time Daily order transmission capacity Fulfillment hours of operation # domestic fulfillment sites # non-U.S. fulfillment sites
KIT ASSEMBLY
Automated By hand
FULFILLMENT REQUESTS VIA
Direct Mail Fax Internet Modem Toll-free number

**Not reported
93
Part 3 Services
Capital Fulfillment Group Y Y Y Y N Y Y N Y Y Y N Y Y Y Y Y Y Y Y N N N N N Y Y Y Y Y Y Y Y Y Y Y Y N Y Y Y Y Kanter & Company N N N N N Y Y N N N N N N N N N N N N N N N Y Y Y N N N N N N N N N N Y N Y N Y Y N Merrill Corporation Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y N N N N N N N N Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Asset Comm.
SERVICES
BergerBrown Y N Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Harte-Hanks Y Y Y Y Y Y Y N Y Y Y Y ** ** ** ** ** Y Y Y ** ** ** ** ** Y Y Y Y Y Y Y Y ** Y Y Y Y Y Y Y Y
PFPC Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Writing Graphic Design Copywriting Editing Proofreading Consulting Branding Foreign language translations Prepress preparation Printing Website design & development Review for NASD compliance
PRODUCTS
Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y ** Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Quarterly reports Semi-annual reports Annual reports Prospectuses Simplified prospectuses Broker/dealer communications Product kits Newsletters Magazines Speeches Byline articles Press releases Portfolio manager interviews Sales literature Websites CD-ROM presentations
FORMATS AVAILABLE
Hard copy (print) Multi-media Internet Audio visual CD-ROM Video Multi-media laptop presentations
PRODUCT SUPPORT
Mutual funds Retirement plans Offshore funds Annuities Institutional products Bank mutual funds UITs
94
Part 3 Services
S2 Marketing + Smart Source RR Donnelley Communications Services
SERVICES
Suasion Resources Y Y Y Y Y Y Y N Y Y Y Y Y Y Y N N Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
UMB Fund Services Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y N Y Y Y Y
U.S. Bancorp Fund Services Y Y Y Y Y Y Y N Y Y Y Y Y Y Y Y Y Y Y Y Y N N Y Y Y Y N Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Wechsler Ross & Partners Y Y Y Y Y Y Y N N N Y N N N N N N Y Y Y Y N Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Writing Graphic Design Copywriting Editing Proofreading Consulting Branding Foreign language translations Prepress preparation Printing Website design & development Review for NASD compliance
PRODUCTS
N N N Y Y Y N Y Y Y N Y Y Y Y Y Y Y Y Y Y N N N N Y Y Y Y Y Y N Y Y Y Y Y Y Y Y Y Y
Y Y Y Y Y Y Y N Y Y Y N Y Y Y N Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Quarterly reports Semi-annual reports Annual reports Prospectuses Simplified prospectuses Broker/dealer communications Product kits Newsletters Magazines Speeches Byline articles Press releases Portfolio manager interviews Sales literature Websites CD-ROM presentations
FORMATS AVAILABLE
Hard copy (print) Multi-media Internet Audio visual CD-ROM Video Multi-media laptop presentations
PRODUCT SUPPORT
Mutual funds Retirement plans Offshore funds Annuities Institutional products Bank mutual funds UITs
**Not reported
95
Part 3 Services
Pricing
S&P Securities Evaluations
DOMESTIC PRICING
Street Software Technology ** ** ** ** ** ** ** ** ** ** Y Y Y Y Y Y Y ** ** Y Y ** ** ** ** ** ** ** ** Y ** Y Y ** ** ** ** ** ** ** Y ** ** Y Y ** ** ** ** **
Telekurs Financial Y ** Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y ** Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y ** Y ** Y Y
ADRs ADRs - trader prices Convertible securities Common stock Preferred stock - perpetual Preferred stock - redeemable Corporate bonds Corporate notes Corporate commercial paper Floating rate notes Government Treasury bonds Government Treasury bills Government notes FNMAs FHLMCs (Freddie Macs) GNMAs Sallie Maes Nellie Maes Ruthie Maes Inverse Floaters Mortgage-backed securities Municipal bonds Municipal notes Private Placements REITs Repurchase agreements Rights/warrants Variable annuities When-issued securities Zero-coupon bonds ETFs
DERIVATIVE PRICING
Y N Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y N Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
ABSs CMOs Commodity options Equity options Forward contracts Financial futures Index futures Index options Interest rate options Mortgage-backed securities Options on futures Corporate strips Government strips Structured notes Swaps - equity Swaps - interest rate Swaptions Caps Floor
**Not reported
96
Part 3 Services
Pricing
S&P Securities Evaluations
INTERNATIONAL PRICING
Street Software Technology ** Y ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** Y Y Y Y ** ** ** ** ** ** Y Y Y
Telekurs Financial Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y ** ** ** Y Y Y
GDRs Corporate bonds Corporate debt Currency contracts - forward Currency contracts - spot Currency options Eurobonds Exchange-traded equities Gov't bonds (sovereign debt) Index futures Index options Private debt Equities - publicly traded Equities - thinly traded World Bank bonds
PRIMARY MARKETS PRICING
Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y N Y Y Y Y Y
Asia Australia Europe North America Pacific South Africa

EMERGING MARKETS PRICING
Africa Asia East Europe (newly independents) India and bordering countries Latin America Pacific Rim
SERVICES OFFERED
Direct interfaces Internet connectivity 3rd party info delivery Customization for reporting Modified tolerance checks
CORPORATE ACTIONS
Direct feed for corporate actions Non-U.S. firms

RETRIEVE NON-U.S. ACTIONS FROM
FT Interactive Data/Extel Standard and Poor's Reuters

DISASTER RECOVERY
Hot site team ready Backup system immediately available Disaster recovery always available
**Not reported
97
Part 3 Services
Print
Asset Communications TRADITIONAL PRINT 401(k) documents Prospectuses Annual reports Account applications Consolidated statements Daily confirmations Broker statements Marketing materials Envelopes Proxy materials Registration statements Redemption checks Checkwriting checks VA documents Offset printing base stock
ELECTRONIC DELIVERY
Bowne & Company Y Y Y Y Y Y Y Y N Y Y Y N Y N Y Y Y Y Y Y Y N N N Y Y Y Y Y Y Y Y Y Y Y N N N Y N
Bowne GCom2 Solutions N Y Y N N N Y Y Y N N N N N Y N Y Y N N N N Y Y N N Y Y Y Y Y Y Y Y Y Y Y N Y Y Y
Capital Fulfillment Group Y Y Y Y Y Y N Y Y N N N N Y Y Y Y Y Y Y Y N Y N N Y N Y N Y Y Y Y Y Y Y Y N Y Y Y
Command Financial Press Y Y Y N N N N Y Y Y Y N N Y Y Y Y Y Y N N N Y Y Y Y Y Y Y Y Y Y Y Y Y Y N N N Y Y
Computershare Communication Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
DST Output Y Y Y Y Y Y Y Y N Y Y Y N Y N Y Y Y Y Y Y Y Y Y Y Y N N Y N N N Y Y Y Y Y Y Y Y Y
Y Y Y Y N N N Y Y N N N N N Y Y Y Y Y N N N Y N N Y Y Y Y Y Y Y Y Y Y Y Y N Y Y Y
401(k) documents Prospectuses Annual reports Account applications Consolidated statements Daily confirmations Broker statements Marketing materials Proxy materials Registration statements VA documents
SERVICE CAPABILITIES
Proofreading Diskette alteration/File manipulation Typesetting Print on demand (POD) POD integrated with fulfillment Desktop publishing Computerized inventory tracking Distributive printing Document management Document building/distribution Document storage: hard copy Document storage: microform Document storage: CD-ROM Database management Digital imaging
98
Part 3 Services
Print
Hanson Printing TRADITIONAL PRINT 401(k) documents Prospectuses Annual reports Account applications Consolidated statements Daily confirmations Broker statements Marketing materials Envelopes Proxy materials Registration statements Redemption checks Checkwriting checks VA documents Offset printing base stock
ELECTRONIC DELIVERY
Merrill Corporation Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y N N N Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
PFPC Y N N N Y Y Y Y N Y N Y N Y N Y Y Y N Y Y Y Y Y N Y N N N Y Y N Y Y Y Y Y Y Y Y Y
RR Donnelley Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Smart Source Services Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Smith-EdwardsDunlap Y Y Y Y Y Y Y Y Y Y Y N N N Y N N N N N N N N N N N Y Y Y Y Y Y Y N N N N N N N N
N N Y N N N N Y Y Y N N N N N N N N N N N N N N N N N Y Y Y Y Y Y N Y Y N N Y N Y
401(k) documents Prospectuses Annual reports Account applications Consolidated statements Daily confirmations Broker statements Marketing materials Proxy materials Registration statements VA documents
SERVICE CAPABILITIES
Proofreading Diskette alteration/File manipulation Typesetting Print on demand (POD) POD integrated with fulfillment Desktop publishing Computer inventory tracking Distributive printing Document management Document building/distribution Document storage: hard copy Document storage: microform Document storage: CD-ROM Database management Digital imaging
**Not reported
99
Part 3 Services
Proxy
The Altman Group SOLICITATION PREPARATION Recordholder tape conversion Inspector for shareholder meetings Strategic planner for s/h meetings Shareholder profile analysis Profit analysis for efficient mailing Assist in design of materials Supply other printed enclosures Household proxies
Print on proxies
Computershare Fund Services Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
DST Output Y N N N Y Y Y Y Y Y Y N Y Y N N N N Y Y Y N Y Y Y Y N Y Y Y Y Y Y Y Y Y N
PFPC Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
RR Donnelley N N Y N N Y Y Y Y Y Y Y Y ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** **
Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Text Names, addresses, shares

Mail proxies directly to
Recordholders Brokers, banks for street accounts

SOLICITATION SERVICES
Separate disaster recovery site Proxy solicitation services Merger/acquisition proxy services Solicit recordholders, street, instl. accts. Provide search/distribution svcs. Keep contact w/agents' proxy depts. Record shareholder conversations Daily analyses of overall results Mass calls to ind. recordholders Contact shareholders internationally Interactive VRU systems for votes Answer recordholders' questions Accept incoming calls/votes Accept incoming calls/reg. accts. Accept incoming calls/street accts. Touch-tone voting Internet voting Coordinate calls w/tabulation agents
PROXY TABULATION SERVICES
Proxy tabulation services ADP interface for street positions Optical scanning for proxy tabulation Real-time, on-line tabulation system Client on-line access to voting results Report unvoted proxies (many shares) Analysis of voter shareholder profiles
**Not reported
100
Part 3 Services
VRU
ARGOS Computer Systems CALLERS CAN Access an account by number Access an account by SSN Access the system by phone Access the system by computer Access help within the system Use action-specific help function Exit the system to speak to a rep Transfer to individuals, extensions Leave a message Return to prior menus Skip ahead bypassing prompts Change their own PINs Customize their VRU selections Obtain current fund price/yields Obtain historical fund price/yields Obtain customer account balances Obtain customer portfolio balances Obtain year-end account balances Obtain recent transaction history Obtain recent fund DIVs/Cap gains Obtain total return information Hear recent information bulletins Hear fund objectives/descriptions Obtain stock/bond index updates Hear the MF firm's market outlook Obtain MF firm's mailing address Exchange from one fund to another Order literature fulfillment Order checkbooks Redeem by wire to a bank account Redeem via check to home address Purchase shares via ACH Redeem shares via ACH Order tax forms Order account statements Request materials to be faxed
SYSTEM FEATURES
PFPC Y Y Y ** Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Utilizes existing phone equipment Voice recognition capabilities Monitoring and security features Customization for each client Vocabulary design consultation Internet connectivity Call management reporting Real-time information retrieval Dedicated service contact Emergency backup to re-route calls Clients can update their system 24/7 operational capability
101
Access Data Corp.

Frank Polefrone Senior Vice President Two Chatham Center, 2nd Floor Pittsburgh, PA 15219 Phone: 412-201-6077 Fax: 412-201-6088 Toll Free: 1-888-790-1744 Email: fpolefrone@accessdc.com Web: www.accessdc.com Services offered: CRM Access Data Corp. is the leading provider of enterprise reporting and data management services for mutual fund companies. Access Datas flagship product, SalesVision, provides a suite of business applications including Shareholder Compliance (22c-2), Sales Reporting, and Compensation Tracking. Today, financial services firms representing over $2.5 trillion in assets under management are benefiting from Access Datas solutions and services. Access Data Insight Services provides SalesVision clients with outsourced operational and analytical services for enterprise sales reporting, customer relationship management (CRM), compensation tracking and 22c-2 compliance monitoring. Working with your management team, Access Data business experts will provide insight into best practices for your 22c-2 shareholder compliance and analysis as well as an in depth interpretation of your sales and compensation results. AccessDiscovery, a new product offering from Access Data and Discovery, is designed to provide fund companies a clear, concise picture of their best clients and ideal prospects. With AccessDiscovery, firms will finally be able to match trade data with market information allowing them to create profile ratings of reps and identify their best sales and cross selling opportunities.
Fax: 717-754-7409 Email: ptorre@altmangroup.com Web: www.investorconnect.com Services offered: mail, proxy
The Altman Group, Inc. (TAG) is a full service proxy management firm servicing mutual funds, insurance and public companies in all aspects of the shareholder meeting process. These services include initial planning and development, design, printing, mailing, tabulation, solicitation and vote certification for both annual and special shareholder meetings. Our successes are derived from the knowledge, enthusiasm and work ethic of our executive proxy staff. In our pursuit of client satisfaction and dedication to success, we have been awarded the proxy solicitor TOPS award two consecutive terms. The TOPS award is awarded to the solicitation firm with the highest overall customer satisfaction ratings. The executive staff at TAG is made up of a team of industry leading executives, who combined, have over 100 years of solicitation experience. In addition to our executive team, we have developed stateof-the-art mail, tabulation and call center technology enabling us to provide custom print and communication solutions for each clients unique proxy campaigns requirements.
ARGOS Computer Systems

Gresford Priestley Vice President, Marketing 110 West 32nd Street, 3rd Floor New York, NY 10001 Phone: 212-594-5400 Fax: 212-967-1195 Email: vru@argoscomp.com Web: argoscomp.com Services offered: VRU ARGOS Computer Systems is the recognized leader in offering complete turnkey solutions, as well as designing and implementing customized software for the financial services market. We are an IBM solutions provider, and AUDIO/1 IVR is the most functionally advanced of any in the mutual fund industry, providing quality solutions to meet the demands of the industry.
Users can access our high-performance IVR via touch-tone and natural language speech recognition. The system is capable of handling Web-based services, touch screens, and wireless devices. AUDIO/1 interfaces with all types of data and host formats of the fund record keepers or back-office systems. All files, including host files, are presented to the script in a uniform manner. This offers immunity from external changes. An interface to Oracle, Sybase, XML and other custom systems is available. AUDIO/1 also contains a set of library functions that allow our IVR to collect DNIS information, as well as provide call transfer and screen-pop coordination. This integration facility provides a seamless transfer for customers from self-service mode to assisted live-agent interactions without loss on content. We provide support for VoIP, including enhanced call-routing functions with speaker independent, continuous speech, and voice recognition applications. We also support computer-telephone integration featuring a synchronized host data screen along with the call transfer (screen pop). ARGOS can take total responsibility for installation of the system at your facilities, including hardware and software, or provide the service to you, with all facilities and staff required to run the system. As we have in past implementations, our staff will work closely with your company to develop an optimum system to meet your requirements. Our applications also have a crossindustry focus. Other areas where our solutions work well include 401(k) defined benefit plans and human resources.
Asset Communications, Inc.

Christina Shiebler Managing Director 1764 Prospector Avenue, Suite 1 Park City, UT 84060 Phone: 435-645-9108 Fax: 435-649-3793 Email: cshiebler@assetcommunications.com Web: www.assetcommunications.com Services offered: mail, marketing communications, print
The Altman Group, Inc.

Paul J. Torre Senior Managing Director 60 East 42nd Street Suite 405 New York, NY 10165 Phone: 212-400-2610
102
Asset Communications, Inc. is a full services marketing and communications firm specializing in the financial services industry. We provide strategic consulting, financial writing, design development, Internet design, traditional print and mailing services. Our staff has worked in the financial industry since 1988 and offer years of experience. We offer a network of financial strategists and writers. Many of these individuals hold securities licenses and certifications. Asset Communications provides full service mailing capabilities including database management, laser and ink jet technology, print-on-demand printing and mailing, and an on-location post office. Strategic partners operate two to three shifts year around. Quality control procedures ensure accuracy and timely delivery. Our area of expertise is to work with the designer/marketing manager to effectively plan the mailing service, ensuring accuracy and quality. We are in the process of expanding our Internet design capabilities, including tracking and response reporting through a proprietary software. Our principal business is financial services marketing and communications. We offer turnkey services or la carte pricing for individual services. As a printing broker, Asset Communications maintains vendor relationships with numerous vendors throughout the country. We provide due diligence on quality printers with a competitive pricing advantage as well as full range of technology and state-of-the-art equipment. At each step of the manufacturing process, Asset Communications works with our strategic partners to effectively plan your print project including press supervision. The partners we have selected are high quality shops, with a competitive pricing advantage.
Email: l.berger@bergerbrown.com Web: www.bergerbrown.com Services offered: marketing communication BergerBrown Communications is a nationally recognized public relations and marketing communications firm, specializing in serving the needs of the financial services industry. Our mission is to provide our clients with world-class financial communications services that meet the highest professional standards. As a client driven firm, BergerBrown takes a pro-active approach to helping our clients achieve their goals, allowing them to maximize the benefits of using print, television, radio and electronic media to enhance your companys exposure and position your spokespeople as industry experts. Regardless of your funds investment performance, it is important to communicate strongly and consistently to the investing public. BergerBrowns team of talented professionals has the skills necessary to promote a strong positive image to investors and raise your funds visibility and credibility in the marketplace. We have been building relationships with the media for over twenty years, and have strong, long-term relationships with reporters, editors and producers. This provides us with invaluable access, so that we can facilitate interviews, present accurate information and shape stories in significant ways. Our clients appear regularly in prestigious publications such as: The Wall Street Journal, The New York Times, Investment News, Pensions & Investments, Barrons, Institutional Investor Newsletters, Money Magazine, Business Week, and Kiplingers Personal Finance. They are also seen on CNBC, Fox Business News, Bloomberg and PBSs Wealth Track. BergerBrown Communications offers a full range of public relations services, which will guide your company in reaching large numbers of your target audience. We would like the opportunity to discuss how we can strategically position your fund in the marketplace, and we welcome the chance to put our knowledge to work for you.
Bowne & Company, Inc.

Tom Siedzik Director of Sales 55 Water Street New York, NY 10041 Phone: 212-658-5301 Email: tom.siedzik@bowne.com Web: www.bowne.com Services offered: print Bowne & Company, Inc. offers an endto-end solution for meeting the complex needs and changing regulations of fund disclosure. Our range of integrated products and services enable investment and fund administration firms to create, manage and produce reports, prospectuses and other disclosures accurately and efficiently. Our products provide commercial-grade solutions for increasingly complex fund structures and global financial reporting requirements. Our services range from EDGARization and XBRL-production to typeset and distribution of financial reporting and fund disclosures.
Bowne GCom2 Solutions

Kevin Flavin Vice President, Sales and Marketing 500 West Dutton Mill Road Aston, PA 19014 Phone: 610-364-0200, ext. 4261 Fax: 610-364-0210 E-mail: kflavin@gcom2.com Web: www.bowne.com/about /gcom2.asp Services offered: print Bowne GCom2 Solutions offers an endto-end solution for meeting the complex needs and changing regulations of fund disclosure. Our range of integrated products and services enable investment and fund administration firms to create, manage and produce reports, prospectuses and other disclosures accurately and efficiently. Our products provide commercial-grade solutions for increasingly complex fund structures and global financial reporting requirements. Our services range from EDGARization and XBRL-production to typeset and distribution of financial reporting and fund disclosures.
BergerBrown Communications, Inc.

Laura J. Berger Chairman & CEO 215 Ridgedale Avenue Florham Park, NJ 07932 Phone: 973-410-0500 Fax: 973-410-0600
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Capital Fulfillment Group

Thomas J. Matson Managing Director, Sales & Marketing 75 Research Road Hingham, MA 02043 Phone: 781-783-6500 Fax: 781-783-5061 Email: tmatson@cfgweb.com Web: www.cfgweb.com Services offered: CRM, mail, marketing communications, print Capital Fulfillment Group (CFG) brings a new standard of excellence in sophisticated fulfillment solutions exclusively to the financial services industry. Our real-time, online customized fulfillment programs offer the most responsive, efficient, and cost-effective methods to support the distribution needs of sales and marketing. We know that excellence in client relationships requires excellence in communicationnot just between a client and CFG, but between our clients and their customers. That is why we strive to provide better, faster, easier fulfillment solutions. We enhance our fulfillment programs with complementary offerings through three distinct divisions; CFGDigital, dynamic, personalized print-on-demand and direct mail solutions; CFGCreative, integrated marketing communications and graphic design services; and CFGRewards, a measurable corporate and personal reward premium program. Entering our eighth year, we will continue our philosophy of making strategic investments and empowering clients with the most comprehensive sales and marketing tools in the industry.
Command Financial Press

Bruce Bezpa Vice President, Marketing 75 Varick Street New York, NY 10013 Phone: 212-274-0070 Fax: 212-334-8783 Email: bbezpa@commandfinancial.com Web: www.commandfinancial.com Services offered: print
Command Financial Press, one of the countrys largest privately held financial printers, offers the latest in technologybased solutions and personalized service to the investment company community. As part of Commands philosophy, and in furtherance of our goal of working with clients in a partnership mode, Command offers a comprehensive and integrated solution under one roof. The services we offer include document creation, typesetting, proofreading, customer service, content management, web-based project and workflow management, language translation, traditional and electronic fulfillment, and EDGAR services. Additionally, we have extensive in-house press capacity including web offset, sheet fed, and on-demand printing, as well as full bindery capabilities. Our latest innovation, Command Automated Typesetting System (CAPS), is a web-based content and document management tool for automating the prospectus creation process through a virtual library of content that can be reused across various documents. For prospectuses, this effort has been spearheaded by an experienced 40 Act attorney who has helped ensure that the application is enduser driven. Client benefits related to this product include reduced costs associated with drafting/editing; reduced costs associated with legal review; reduced legal liability associated with possible incorrect or incomplete information; and improved speed to complete your SEC filings. We recently launched our shareholder report module of CAPS, which is led by an experienced fund administrator. This module addresses the SOI, financial statements, notes to the financial statements, and other sections of shareholder reports. In the second quarter of 2008, Command will launch our integration module, which will bridge our prospectus module with our shareholder report module, creating a single platform and data source.
Phone: 781-356-4533 Fax: 781 356 4152 Email: Cindi.Boudreau@computershare.com Web: www.computershare.com Services offered: mail, print, proxy Computershare Fund Services (CFS) is the single source for all proxy and shareholder meeting requirements. Fund executives chose us for their mega-proxies because of our management talent, innovative technology, call center capacity and continually evolving service offerings. Large, full-service campaigns have increased our back office contacts and deepened our extensive proprietary telephone number databasefactors that help clients of all sizes. For the second wave of these mega-campaigns we were able to review voting patterns and used their preferred voting methodologies to target individuals who previously participated so as not to spend campaign dollars on unresponsive shareholders. CFS technology provides shareholders with a better voting experience while maximizing vote gathering and timely recording for our clients. Using our Smarttm data processing and vote recording systems gives CFS a greater hit rate than standard voting methods. The proxy SmartCardtm allows us to group all of a shareholders positions within a single proxy statement onto one voting card. Regardless of voting method all funds owned appear exactly as represented on the proxy card, and all the positions can be voted with one control number. If casting a TeleVotetm, the representative also sees all positions held and other accounts that are linked to that shareholder. The TeleVote system improves our vote gathering resultsan unmatched 65% response when connected to the right party. Votes received are tabulated and posted to our web-based reporting site within the hour. Clients can review voted data whenever they want. As the meeting date approaches, updates are in their hands immediately allowing for targeted decision making to best achieve results and insure efficiency in targeting shareholders who have not yet voted. In total compliance with the SECs new
Computershare Fund Services

Cynthia Boudreau Executive Vice President, Sales & Marketing 250 Royall Street Canton, MA 02021
104
notice and access rules, Computershare offers mutual fund and annuity issuers the ability to utilize its cost-saving features. CFS offers advanced print and mailing solutions for non-proxy compliance mailings. Our industry-unique NOBO mailing program saves customers money even after purchasing NOBO shareholder records. CFS NoEnvelope.comtm full-service electronic delivery includes capturing of consent, notification of document availability and e-delivery failure follow-up. To see why we are the firm of choice for proxy and compliance mailing services, call Cindi Boudreau at 781-356-4533 or email cindi.boudreau@computershare.com.
DST Output
Cheryl Kananowicz Vice President, Financial Services Sales 125 Ellington Road South Windsor, CT 06074 Phone: 860-290-7270 Fax: 860-290-7269 Email: cakananowicz@dstoutput.com Web: www.dstoutput.com Services offered: mail, print, proxy DST Output delivers the best products, quality, service and innovation at a competitive price to help solve our clients print, postal, and electronic communication needs. We help clients improve relationships by leveraging the latest technologies, including the use of color and personalization to create forceful, integrated print and electronic communications. Leveraging over 35 years of experience, DST Output clients can select various cost-effective document output options, including high speed digital color. Our online, secure Customer Portal is the gateway to auditing, job tracking, statement production reporting, and postage reports, as well as our campaign management toolset to support administrative and operational needs. National locations and use of corporate-owned world-class Winchester Data Center data processing offers additional levels of redundancy and security. DST Output clients create, schedule and target on-statement messages, graphics and inserts to manage the customer lifecycle using online campaign management
tools, integrated with statement production. We also offer sophisticated direct marketing services and award-winning design services. In addition, our electronic delivery modular solution provides the ability to present the same document for viewing to as many audiences as required. Information can be stored for as long as business needs dictate, using formats including Web-based PDF or HTML, or CD/DVD and COM. Secure e-mail distribution is available. Through our eProxy platform, consenting shareholders can access electronic versions of their proxy material via links received by e-mail. The solution is integrated with our consent management and voting platforms. DST Output can support our clients in complying with the SECs new Internet Availability of Proxy Materials rule. We can also deliver printed proxies as needed. We work closely with the United States Postal Service and often contribute to solutions development that helps our clients and the mail industry create mail efficiencies and streamline postal expenses. In addition, we can help clients to implement strategies to alleviate the impact of rising postage costs through optimized mail piece design, consolidated mailings, permit imprint utilization and improved Move Update compliance.
Hanson Printing Company

Paul Cicone Principal 200 Montello Street P Box 1990 .O. Brockton, MA 02303 Phone: 800-696-3590 Fax: 508-588-4516 Email: paul.cicone@hansonprinting.com Web: www.hansonprinting.com Services offered: print Massachusetts-based Hanson Printing Company celebrates its 72nd anniversary in 2008. With our recent change in ownership and ongoing commitment to continually invest in new technology, the company is well positioned to maintain
its reputation as one of the premiere multi-color printers in our area. A corporate focus on productivity and profitability will lead Hanson Printing through the next 70 years. We continue to focus on job planning and customer communication to assure that each project can be produced on time, within budget and at the highest quality. Living up to the adage that printing is more than ink on paper we continue to suggest alternative stocks, different size options and optimal ink usage to assist our clients in producing a job that is printable and economical. Our digital prepress workflow with computer-to-plate technology, efficiently processes work for our 2 through 6 color presses. We are a two shift plant that offers maximum production capacity to meet customers deadlines. In-house bindery, fulfillment and finished goods inventory assure additional value added service for our clients. In early 2006, we added digital color print on demand services, as an adjunct to our multi-color sheet-fed capabilities, for projects where turnaround times may be short, print runs low or where customization or versioning are needed. At the present time, we work with several clients in the mutual funds/financial market producing fund sheets, sales/marketing materials, mailers, newsletters and postcards. We also offer consultation on mailing specifications and postage considerations to ensure that items arrive in the most timely and economical manner.
Harte-Hanks Inc.
Contact Harte-Hanks 200 Concord Plaza Dr. San Antonio, TX 78216-6942 Phone: 866-494-2667 Email: contactus@Harte-Hanks.com Web: www.harte-hanks.com Services provided: CRM, mail, marketing communications Harte-Hanks, Inc. is a worldwide, direct and targeted marketing company that provides direct marketing services to local, regional, national and international companies. Among our clients are Fortune 1000 companies in consumer and business-to-business markets across the Americas, Europe and the Pacific Rim.
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Harte-Hanks is vertically focused, with financial services being one of our largest segments, with specialization in solutions for the challenges facing broker/dealer and investment management firms. Harte-Hanks delivers world-class direct marketing solutions that enable clients to acquire new financial advisor and client relationships, keep them active longer, and increase their value. Our clients gain insights about advisors' and clients known behaviors and preferences so they can continually refine marketing models and business decisions, and improve marketing ROI. No matter how complex a firms needs, we make it happen. That means employing the appropriate communication channel(s) to influence the target audience: traditional mail and e-mail, outbound and inbound calls from customers and prospects, fulfillment and emarketing. It means using the Web to attract and grow relationships, using print on demand when the value of personalization is evident, and building strategic marketing plans that improve response and satisfaction while measuring program effectiveness to guide continuous improvement.
any coverage of their firms. We also arrange for media training when needed.
Merrill Corporation
Roy Gross President, Marketing and Communication Solutions 225 Varick Street New York, NY 10014 Phone: 212-229-6602 Fax: 212-367-5989 Email: roy.gross@merrillcorp.com Web: www.merrillcorp.com Merrill Corporation is a leading provider of outsourcing solutions for marketing and compliance driven business communication and information management. Merrills services include document and data management, litigation support, branded communication programs, fulfillment, imaging and printing. Merrills target markets include the legal, financial services, healthcare, insurance and real estate industries. With more than 6,300 people in over 70 domestic and 15 international locations, Merrill empowers the communications of the worlds leading companies. Merrill is an industry-leading provider of financial printing and related services including SEC EDGAR and XBRL filings, corporate finance, public and private transactions, M&A transactions and shareholder communications. Our comprehensive communications solutions are tailored to the specific needs of mutual fund and variable annuity companies, as well as retirement plan providers and financial advisors. We offer a broad range of technologyenabled products that empower our clients to create and manage variable content documents such as prospectuses, shareholder reports, fact sheets, retirement plan kits and personalized marketing programs. Each custom solution addresses the full communications life cycle from point of creation through filing and distribution. Merrill emphasizes continuous analysis of efficiency and effectiveness of all integrated programs. Merrills virtual data room (VDR) solution, Merrill DataSite, is a complete and secure virtual data room solution designed to optimize the due diligence process and accelerate transactions for asset sales and purchases, M&A transac-
Langton Cherubino Group

David Langton Principal 119 West 23rd Street Suite 700 New York, NY 10011 Phone: 212-533-2585 Fax: 212-533-2448 Email: david@langtoncherubino.com Web: langtoncherubino.com Services offered: marketing communications Langton Cherubino Group creates communication programs that effectively combine content and imagery in ways that inspire interaction and response. Were a New York-based firm with over 12 years experience in delivering smart and compelling solutions for communication programs. Our approach results in creative and unique designs that are innovative, fresh and distinctive. Langton Cherubino Group provides comprehensive branding solutions that cross all media experiences including: Corporate Identity New Media Print Web Exhibits Signage Packaging Langton Cherubino Group works with leading financial service firms to develop strategic communications programs targeted to shareholders, brokers, and prospective investors for retail and institutional sales. Marketing Communications components include: Annual Reports Branding / Identity/ Logo Design Capabilities Programs E-marketing newsletters and emails Fact sheets Fund Commentary Interactive Marketing (Flash, Video presentations) Sales Literature Shareholder Communications Tradeshow Exhibits Websites
Kanter and Company, LLC

Victoria Odinotska President 5313 Lee Highway, 2nd Floor Arlington, VA 22207 Phone: 703-534-2150 Fax: 703-534-6199 Web: www.kanter-associates.com Services offered: marketing communications Kanter and Company enhances clients marketing and branding efforts by increasing awareness of their funds and managers through a steady flow of publicity in newspapers, magazines, online news services, TV and radio. We are well known for our especially good relationships with financial journalists. Our primary focus and expertise is developing publicity for funds, managers and investment firms through very close working relationships with national and regional news media. We provide our clients with a daily news media database search for
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tions, merger integration and IPO transactions. Accessible from any Internet browser, DataSite allows multiple parties and prospective buyers to participate concurrently from anywhere, dramatically reducing transaction time and complexity. Merrill Brink International provides a wide range of language services, including translation, localization, internationalization and globalization services. In addition, Merrill Brink has also developed a unique set of tools for the integration with document management systems, budgeting and translation project management. Merrill Corporation works with some of the worlds most recognized brands, providing a broad range of production, distribution and corporate identity and compliance services. Our brand management expertise assures quality, consistency and exceptional cost savings.
Email: leo.boyle@pfpc.com Web: www.pfpc.com Services offered: CRM, print/mail, proxy, marketing communications, VRU
Service Offered
CRM: PFPCs customer management suite is a robust, Web-based desktop solution. Integrated with our core recordkeeping functionality, it provides investment companies with innovative functionality including enhanced call center, correspondence, transfer of assets, problem resolution, e-forms, workflow management, intelligent character recognition and contact manager capabilities. This modular suite of tools enables clients to improve efficiencies and strengthen their relationships with investors across multiple service channels. Print/Mail: PFPC provides extensive, one-stop output capabilities. With more than 18 years of experience and a dedicated warehouse operation, PFPC has significant expertise in producing high-resolution, variable-image documents. We operate state-of-the-art, 600 DPI high-speed laser printers and intelligent inserting and presort equipment. Our automated mail operation uses automated bar codes to control the process for both straightforward inserting and selective inserting. E-delivery offers presentment of key financial documents via the Internet in PFD for HTML, along with e-notification, suppression and electronic bill payment and presentment capabilities. From traditional transaction output, like statements and confirms, to new fulfillment, print-on-demand and commercial printing, PFPC offers a single source to meet our clients output needs. Proxy: PFPCs proxy services are a comprehensive offering that cover every aspect of the proxy process. With our team of trained mutual fund professionals, PFPC utilizes many strategies to ensure that fund proposals reach quorum. Our share stratification analysis, robust tabulation capability, open and modular technology, state-ofthe-art call center and print mail capabilities are all key differentiators in the proxy services marketplace.
Marketing Communications: PFPC takes an individualized approach to marketing communications needs. Our team of marketing professionals focuses on building programs to support business objectives and asset growth goals. Key to this approach is our ability to help firms understand their various customer bases and facilitate delivery of targeted marketing programs. We provide a comprehensive offering, including customer profiling and market segmentation, research, strategic planning, marketing planning and a wide range of marketing, sales and shareholder communications programs. VRU: PFPCs voice response services provide maximum flexibility, offering clients options to use the existing template with minor modifications or to develop a full-scale customized application. Comprehensive features available through the touch-tone and speech recognition based voice response platform include account balance, transaction history, checkbook reorder, statement orders, tax form orders, trading, fund price inquiry, fund dividend inquiry, fund capital gain inquiry, fund watch list, historic prices, year-end information, fund objectives, total return and yield information and portfolio manager commentary. Other Services: PFPC is a leading provider of processing, technology and business solutions to the global investment industry. A member of The PNC Financial Services Group, PFPC offers a comprehensive array of investor and securities services. In addition to shareholder communications services, we offer transfer agency services, advanced output solutions, banking transaction services, subaccounting, managed account services, fund accounting and administration, global custody, securities lending, alternative investment services and international fund services.
PFPC
For CRM: Chuck Gallant Senior Vice President 66 Broadway Lynnfield, MA 01940 Phone: 781-477-4115 Email: charles.gallant@pfpc.com For mail, print and proxy services: Michael DeNofrio Executive Vice President 66 Broadway Lynnfield, MA 01940 Phone: 508-871-9665 Fax: 508-871-9030 Email: michael.denofrio@pfpc.com For marketing communications: John Marchand Vice President 4400 Computer Drive Westborough, MA 01581 Phone: 508-871-9050 Email: john.marchand@pfpc.com For VRU: Leo Boyle Director 4400 Computer Drive Westborough, MA 01581 Phone: 508-871-9541 Fax: 508-871-9958
RR Donnelley
John Hagerty, Vice President - New Business Development and Applications RR Donnelley Global Investment Markets 20 Custom House Street
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Boston, MA 02110 Phone: 617-345-4313 Fax: 617 345 4385 Email: john.hagerty@rrd.com Web: www.rrdgim.com Steve Keca, Director - Product Development RR Donnelley Business Communication Services 111 S. Wacker Drive Chicago, IL 60606 Phone: 630-313-7183 Fax: 630-377-4620 Email: steve.keca@rrd.com Web: www.bcs.rrd.com Services provided: mail, marketing communications, print, proxy RR Donnelley is the worlds premier full-service provider of print and related services. An $11 billion, Fortune 300 corporation, we have an unparalleled network of over 60,000 employees in more than 600 locations worldwide available to you 24 hours a day, 7 days a week. For the global investment marketplace, we leverage the capabilities of the worlds largest printer to produce compliance materials, marketing materials, statements and notices.
capabilities required for investor communicationscomposition, offset and traditional print, digital print and print on demand, e-Delivery, data management, and fulfillment with online ordering and inventory management.
Business Communications Services

RR Donnelleys Business Communications Services (BCS) is a leading provider of print, mail, and e-delivery of statements, invoices, and related documents. We use innovative data management and imaging techniques, such as our revolutionary IPS color imaging platform, to make your client contacts more profitable. Our nationwide network of production and support facilities provide you with experienced professionals and the most advanced technology to endure the right tools for each project. We produce over 1.5 billion vital customer mailings each year for nearly a thousand clients nationwide. For more information, contact your local sales representative or visit our websites at www.rrdgim.com and www.bcs.rrd.com.
are achieved. With over 27 years of experience, we help our clients capture mindshare before marketshare, leverage brand capital and gain a better return on ideas. s2 helps move the decimal point for our clients. Strategic planning Brand architecture and integration Net marketing Sales support Advertising Shareholder and Advisor communications
SalesFocus Solutions
Kathy Walsh Sales Manager 2401 Kerner Boulevard San Rafael, CA 94901 Phone: 1-888-325-6277 x 4523 Fax: 415-485-4823 Email: kwalsh@phxa.com Web: www.salesfocussolutions.com Services offered: CRM SalesFocus Solutions is a premier provider of sales and compliance reporting software for the Financial Services industry. Our MARS product is used by mutual fund firms, banks, insurance companies, brokerages and RIA firms to grow asset, increase profitability, reduce operating expenses and to address business challenges such as SEC Rule 22c-2 compliance reporting. The new MARS compliance reporting module provides fund firms with a powerful integrated application to effectively manage all aspects of your 22c-2 compliance program, including; analyzing sales data coming from your transfer agent or from intermediaries providing detail for omnibus account trades, identifying suspicious trading activity based upon your firms specific criteria and managing all compliance related activities. MARS seamlessly integrates with other CRM solutions to enhance your sales and asset reporting. Some additional features include: market timer tracking, omnibus sub-account transparency, business analytics, sales/asset reporting on all product types and products and MARS is available on Blackberries, Palm, and IPAQ devices. MARS will provide your business with a competitive advantage.
s2 marketing+ communications
Stephen Schmieder President 656 West Randolph Street Suite 3E Chicago, IL 60661 Phone: 312-382-9000 Fax: 312-335-1292 Email: schmieder@s2b2b.com Web: www.s2b2b.com Services offered: marketing communications s2 marketing+communications supplies a rare balance of strategic insight, creative thinking and tactical know-how to businesses that market to other businesses. We are a team of financial veterans who know the market, the language, the challenges and the opportunities of the financial industry. From branding to campaigns to the Web, our clients call on us to be an extension of their staffs, where ideas are exchanged, insights are shared, and goals
Investment Markets Services

RR Donnelley Global Investment Markets manages, produces, and delivers compliance and marketing communications for the global investment marketplace. Whether your communications need is print, electronic or both, our unparalleled range of capabilities, industry-centric solutions and superior technology combine with our process, content management, RightMix optimization and compliance expertise to make it easier for you to reach your investors and comply with SEC regulations. From start to finish, we focus on ensuring regulatory compliance, keeping costs in check and building your brand while delivering your documents with accuracy and speed. Our consistent, professional and responsive service teams, who are solely focused on 1940 Act business, partner with you to bring added predictability and peace-of-mind. Thats why we are the industry leader at providing all of the key
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Sales Page Technologies

Michael Pessetti VP Sales and Marketing 2725 Airview Boulevard Suite 301 Kalamazoo, MI 49002 Phone: 269-567-7406 Fax: 269-567-7427 Email: mpessetti@salespage.com Web: www.salespage.com Service offered: CRM SalesPage Technologies, a leading provider of Customer Relationship Management software, is committed to working closely with companies large and small to transform challenges into opportunities. Our core values center around a dedication to service, superior quality and constant innovation. We take great pride in the technological, professional and business expertise of our dedicated employees, each of whom understands that SalesPage Technologies ongoing success depends on satisfied clients and a continuing quest for high-quality innovation. SalesPage Technologies views each new client engagement as the beginning of a longterm relationship and the opportunity to solve some of the most pressing issues facing businesses today and tomorrow. Committed to serving the investment management industry for more than 15 years, SalesPage developed the SalesPage Financial CRM solution to address the specific needs of the financial services community. SalesPage Financial gives companies real-time access to mission-critical information via standard web browsers and mobile devices. The targeted components of SalesPage Financial include: Transfer Agent interfaces, compliance tools, sales/asset reporting, contact management, calendar/activity management, literature fulfillment and territory/channel Management. These features serve your total business including the Wholesale and Retail Distribution channels as well as Institutional and Insurance Sales organizations. The growing list of clients for SalesPage includes Allianz, BlackRock Funds, Eaton Vance, Federated Investors, ING Funds, JPMorgan, Old Mutual Capital, and Phoenix Investments.
Smart Source Services

Art Tweedie Vice President 321 Commonwealth Road Wayland, MA 01778 Phone: 508-661-6802 Fax: 508-661-6900 Email: atweedie@smartsourcellc.com Web: www.smartsourcellc.com Services offered: mail, marketing communication, print Smart Source Services is your print solution for all your print & print/mail needs. As a BPO (Business Process Outsourcer) we work with category leading providers and specialists who are known to be best-in-class production facilities. We work with some of Americas largest companies to provide statement processing, other print mail applications, inventory management products and services for operational, marketing and collateral print, warehousing, distribution and fulfillment services through our eight strategically located nationwide distribution centers, other graphic and data based services, direct mail, print-on-demand, promotional products for branding and events planning. NOW, all of this can be offered under GateKeeper, our unique inventory management, web-based program. GateKeeper allows our clients to realize costs savings up to 30%, using your own supplier base (offering cost-plus pricing also). Smart Source Services helps its clients communicate with their customers and prospects by delivering a closed-loop approach to the marketing and communications process. Our team of experienced professionals function as an extension of your marketing department as we assist you in each step involved in the development of strategic communications. Let Smart Source Services help you generate Fresh Ideas that improve your brand and image. As we help you measure the effect of the program, we help you to maximize your marketing investment and measure its ROI. Our focus is on execution and whether its a single project or an integrated campaign, you can count on Smart Source Services to deliver quality results that add value.
We can build a campaign from start to finish by combining variable on-demand and digital four-color printed information tailored to meet your marketing goals.
Smith-Edwards-Dunlap Company
Robert McNamee Vice President 2867 E. Allegheny Avenue Philadelphia, PA 19134 Phone: 215-425-8800 Fax: 215-425-9715 Email: rmcnamee@sed.com Web: www.sed.com Services offered: mail, print Smith-Edwards-Dunlap Company is a general Commercial/Financial Printer in Philadelphia, PA. Our company was founded in the 1870s and has been serving the financial and commercial printing market in the Northeast area ever since. Diversity of capability is the keystone of our offerings to the Mutual Fund Industry. We can provide single color financial documents on our web presses, as well as highend marketing materials. Our in-house mailing and fulfillment capability completes the package.
Standard & Poors Securities Evaluations, Inc.

A wholly owned subsidiary of The McGraw-Hill Companies Frank Ciccotto Senior Vice President 55 Water Street 45th Fl. New York, NY 10041 Web: standardandpoors.com/pricing Services Offered: Pricing Standard & Poors Securities Evaluations, Inc. ("SPSE") provides independent fixed-income evaluations on approximately 2.9 million North American and Non-North American fixed income instruments. It also distributes to its client base evaluations and equity pricing services of other unaffiliated firms1. In total, SPSE provides coverage for more than six million global securities. Clients use our
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evaluations to help monitor portfolios, calculate margin, analyze holdings, calculate net asset values and provide prices on client statements. Our team of evaluators, proprietary-pricing systems, methodology and customer support uniquely position us as a leader in global pricing services. Asset coverage available as either a feed or through a web front-end includes: U.S. Municipal, U.S. Corporate, Treasury, Agencies, CMO, ABS, CMBS, MBS, Municipal Indices, Municipal Yield Curves, Equities, International Fixed Income, Syndicated Loans, Certificate of Deposits (CD), Interest Rate Swaps, Credit Default Swaps, CDOs and other complex security types. Bonds evaluated by Standard & Poors Securities Evaluations are priced using a methodology that is driven in large part on market data. Our proprietary databases and access to outside sources also contribute to how we determine prices. S&P Supplemental Feeds reflect evaluations and equity pricing services of other, unaffiliated firms with which SPSE has contracted to distribute to its client base1. We uitilize our Masterfeed platform which provides clients with the ability to integrate multiple pricing sources such as S&P, CSV, CIBC, Kestrel Technologies, ICAP and Yieldbroker (to name a few) according to their own source hierarchy. Another feature of Masterfeed is the ability for clients to customize data fields of an easy-to-program delimited file delivery to fulfill their end of day pricing needs or intra-day snapshots pricing needs (available at this time for international bonds and equities only). In addition to pricing, we provide a number of services to the mutual fund community. These services include: Securities DataManager Intraday Service which is the terms and conditions for asset set up and database maintenance, Standard & Poor's/InvestorTools Municipal Performance Index, now also available within the Bloomberg desktop, Housing Call Reports, Global Corporate Actions, Municipal Yield Curves, and Securities Identifications and CrossReferencing services. Prices of firms other than the use of Securities Evaluations (SPSE) are the
responsibility of those firms and not SPSE and are produced under the firms methodologies and policies and procedures, not those of SPSE.
Street Software Technology, Inc.

Bret Black President 230 Park Avenue Suite 857 New York, NY 10169 Phone: 212-922-0500 Fax: 212-922-0588 Email: b.black@mkts.com Web: www.streetsoftware.com Services offered: pricing Street Software Technology, Inc. offers daily pricing of one million bonds, including CMO/CMBS/IO/IOInverse, ABS, ARM, Pool, Corp, Agency, SBA and Treasuries. Prices are sourced from a major primary dealer. We also produce Intraday price feeds for Treasuries and Mortgages. Multiple data delivery methods supported including ftp and web access, dial modem, 3780 bisynchronous, and private lines. Our mortgage pricing is available via Bloomberg. Our coverage can be searched at our web site. Price history also available. Banks, brokers, mutual funds, vendors, and newspapers have depended upon our reliable service since 1978.
petitive advantage that can be leveraged to provide the foundation for market impact and profitability. We place at our clients disposal an uncommon level of both talent and technique in the areas of strategy formation, creative development and implementationoffered as a totally integrated set of services from a single source. Suasion Resources consultants are financial marketing professionals who partner with clients to develop all the components of an effective, disciplined marketing program. We provide complete copywriting, design, Web programming, Search Engine Optimization, Internet marketing, and print production services to create persuasive printed and electronic marketing initiatives. By orchestrating the entire process, we can ensure that everything is designed and presented as part of an attractive, integrated package that helps our clients build strong brand identities, increase their marketing reach and enhance relationships with their customers and distribution partners.
Telekurs Financial Company

Karl Malchow Sales Manager River Bend Center One Omega Drive, Building 3 Stamford, CT 06907 Phone: 203-353-8100 x209 Fax: 203-967-2961 Email: sales@tkusa.com Web: www.tkusa.com Services offered: pricing Since 1930, Telekurs has been dedicated to delivering the best quality, farthest-reaching, global market and reference data available in the industry. That focus and commitment have never wavered, and today we offer the flexible data solutions you need to respond with speed and confidence to changes driven by external forces or internal strategy. Through our network of offices in 22 countries, Telekurs sources complete information on nearly 4 million global financial instruments directly from approximately 850 exchanges and thirdparty contributors. Our pricing and processing solutions cover virtually every requirement from real-time streaming prices to robust securities master data and everything in between.
Suasion Resources Inc.

Jay Nagdeman President 103 Eisenhower Parkway Roseland, NJ 07068 Phone: 973-403-7600, x222 Fax: 973-403-7800 Email: jnagdeman@suasion.com Web: www.suasion.com Services offered: marketing communications Suasion Resources is a specialized organization that has provided financial marketing consulting services to some of the countrys leading mutual fund organizations for over two decades. Our innovative, process-driven approach focuses on helping clients identify (or create) a com-
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Telekurs flexible portfolio valuation solution delivers just the pricing information you need, exactly when and how you need it. With intraday and closing prices from all our worldwide sources, you can choose to receive valuation pricing for a wide range of securities or for your specific holdings. For greater depth, Telekurs streaming Market Data Feed (MDF) delivers a broad array of reported, derived and statistical elements. Data is normalized and consolidated, then delivered through broadcast or cache-based solutions. Telekurs Valordata Feed (VDF) is the leading source for securities reference, descriptive and corporate actions information. VDF uniquely offers the linkage of reference data to valuation pricing, issuer, events and other key elements. Literally all information about a security is linked, enabling easy identification of instruments, related derivatives, issuer, corporate action history, dividends, splits and even trading place. Linkage extends to funds, where we offer asset allocation information, and to indices, where we offer composition and constituent information. From valuation pricing and real-time market data feeds to streamlined back office products and services for improved STPTelekurs is your one source for quality global data.
so that your communications campaigns can be assessed in terms of their effectiveness, impact and results. Our creative teams familiarity with the regulatory requirements of our industry saves our clients time and money by producing communications that are both creative and compliant. UMB Fund Services industry research tools and experience add value and context to the communications strategies and campaigns we help our clients develop. UMB Fund Services offers a complete line of investment product services, including administration, fund accounting, investor services and transfer agency, distribution, custody, cash management and alternative investment product services.
paigns. In addition to creating marketing materials, we review all materials to ensure FINRA compliance. We also provide a comprehensive, integrated array of fund services, including fund administration and compliance, legal administration, transfer agent, shareholder services, fund accounting, prospect services, custody and securities lending, cash management services, consulting and support services and alternative investment product servicing.
Wechsler Ross & Partners

Debbie Folsom Executive Assistant 641 Avenue of the Americas New York, NY 10011 Phone: 212-924-3337 Fax: 212-675-2810 Email: mailto:info@wechsler.com Web: www.wechsler.com Services offered: marketing communications Since 1985, Wechsler Ross & Partners has helped financial products and companies stand out in a crowded marketplace. Working exclusively with financial and investment firms, our in-depth knowledge and experience add significant value to your communications. Our clients include many leading mutual fund companies, broker/dealers, banks and both traditional and alternative investment management firms. We will continue to help clients create high-quality strategic and marketing communications using a proven, threestep methodology that we have developed and refined over the past 22 years. We specialize in brand identity, creative strategy, Internet strategy, website development, marketing communications, sales literature and multimedia presentations and dynamic print-on-demand publishing. Other services provided to mutual funds include: Advertising and promotion, integrated Web/print marketing; custom newsletters and magazines knowledgeable collaboration with document simplification specialists and IT and back-end developers.

Bob Kern Director of Sales 615 East Michigan St. Milwaukee, WI 53202 Phone: 414-765-5678 Fax: 414-212-7360 Email: bob.kern@usbank.com Web: www.usbfs.com Services offered: marketing communications As a complement to U.S. Bancorp Fund Services full spectrum of fund services, Quasar Distributors, LLC, a wholly owned subsidiary of U.S. Bancorp and a registered broker/dealer in 50 states, U.S. Bancorp Fund Services assists each client with analyzing their products and developing effective marketing strategies. We also underwrite and distribute mutual funds. We work closely with each client to evaluate the funds selling attributes and develop a unique sales and marketing strategy. Our marketing services include designing sales collateral, fund fact sheets, newsletters and informational brochures; coordinating media promotions and speaking engagements; and developing websites and coordinating e-mail cam-
UMB Fund Services

Lonnie Macdonald Senior Vice President Business Development Manager 803 West Michigan Street Milwaukee, WI 53233 Phone: 414-299-2209 Email: lon.macdonald@umb.com Web: www.umbfs.com Services offered: marketing communication UMB Fund Services partners with our clients to create distinctive, differentiating customer communications. Our strategic process starts with analysis and creativity and ends with measurement and evaluation
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Consider the number of open-end mutual fund complexes out there and its hard to imagine that U.S. Bancorp Fund Services is one of the largest providers. But we are. Its because we come in every morning ready to work hard to protect our clients business. Well do the same for you. usbfs.com protect your turf
Administration Compliance Transfer Agent, Shareholder & Prospect Services Distribution Marketing Accounting Custody & Lending Consulting Alternative Investment Products

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From the Publishers of Money Management Executive

Providing Comparative Analysis of Mutual Fund Service Providers Since 1986

FUND ACCOUNTING TRANSFER AGENT CUSTODY SHAREHOLDER COMMUNICATIONS

Expanding our business so you can do the same.

From the Publishers of Money Management Executive

Providing Comparative Analysis of Mutual Fund Service Providers Since 1986

Part 5 Services . . . . . . . . . . . . . . . . . . . . . . . 18 Part 6 Company Profiles . . . . . . . . . . . . . 28

TRANSFER AGENT SERVICES

Part 3 Five-Year Snapshot

Part 3 Business Statistics

Part 4 Business Statistics . . . . . . . . . . . . . 74 Part 5 Services . . . . . . . . . . . . . . . . . . . . . . . 76 Part 6 Company Profiles . . . . . . . . . . . . . 80

Part 4 Services . . . . . . . . . . . . . . . . . . . . . . . 48 Part 5 Five-Year Snapshot

SHAREHOLDER COMMUNICATIONS SERVICES

Part 6 Company Profiles . . . . . . . . . . . . . 59

Part 2 Business Statistics

Part 4 Company Profiles . . . . . . . . . . . .102

Part 3 Five -Year Snapshot

THE 2009 MUTUAL FUND SERVICE GUIDE

LOCK IN YOUR ADVERTISING SPACE FOR

Editors Note Look at What Everyone is Talking About

FUND ACCOUNTING SERVICES

Part 3 Five-Year Snapshot

Part 4 Business Statistics

Part 5 Services . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Part 6 Company Profiles . . . . . . . . . . . . . . . 28

Part 1 Industry Commentary

130/30: The Long and Short of It

Fund Accounting Services

2008 Northern Trust Corporation.

MAXIMIZING ABILITY TO MAXIMIZE RETURNS

Fund Administration | Asset Servicing

Part 1 Industry Commentary

Fund Accounting Services

3,861 1,084 918 692 685 637 392 332 108 98 70 62 61 60 44 21

Remote Service Providers

State Street Corp./PAS State Street Corp.

State Street Corp./PAS State Street Corp.

System Sale or Lease Providers

4,066,023 272,695 32,104 2,289

4,151 1,506 382 2

All data as of 12/31/07

Fund Accounting Services

2,373,214 2,305,605 955,558 813,839 213,000 163,159 135,220 61,000 200

7,327 5,799 3,824 1,959 1,202 668 610 187 9

Remote Service Providers

State Street Corp./PAS State Street Corp.

State Street Corp. State Street Corp./PAS

System Sale or Lease Providers

SunGard Investment Systems Linedata Services State Street/Princeton Financial

2,816,637 944,012 143,055

SunGard Investment Systems Linedata Services State Street/Princeton Financial

6,044 1,712 289

All data as of 12/31/07

2008 Mutual Fund Service Guide

Remote Service Providers

State Street Corp./PAS State Street Corp.

State Street Corp./PAS State Street Corp.

System Sale or Lease Providers

Fund Accounting Services

Part 3 Five-Year Snapshot

Remote Service Providers

System Sale or Lease Providers

2008 Mutual Fund Service Guide

Part 4 Business Statistics

System Sale or Lease Providers