The Account Inquiry function allows mutual fund companies to provide broker/dealers, financial reps and planners with real-time account information for their clients' financial planning and investment decisions.  The Express Order Entry function facilitates new account set-ups, purchases, redemptions and exchange orders interactively to participating funds.

Benefits
Fund/SPEED's versatile functionality provides enormous flexibility and efficiency.  With Fund/SPEED, participants can:

• Access Real-Time Information
  Request and retrieve real-time information on any client's account(s), regardless of Networking status, in order to facilitate financial planning and investment decisions.
   
• Experience 'One-Stop Shopping'
  Use a single sign-on access to multiple funds' products and customer accounts.
   
• Increase Operational Efficiency
  Enhance compliance and back-office operations and reduce expenses with Fund/SPEED's real-time access to critical account information.  In addition, automated trade messages reduce manual processing at the fund's transfer agent, eliminating phone calls and faxes.

Features
Fund/SPEED's technology supports the delivery of information on demand.  Features include:

• XML Standard Formats
  Fund/SPEED is based on XML technology, an easy format that can be incorporated into customers' Web-based services.
   
• Secure Access
  Fund/SPEED's encrypted security supports the exchange of information within various environments.
   
• Regular and Alternative Settlement Options
  Orders flow to fund participants in a Fund/SERV^® format stream, maximizing efficiency in all participant fund companies' transfer agent systems.

How Fund/SPEED Works
Using a mainframe or Internet connection, distributors can perform account inquiries or utilize express order processing.

The Account Inquiry function allows distributors to access the following:

• Financial History
  Provides transaction and other financial activity information within an account, including purchases, redemptions, distributions, and adjustments.  Summary level or detailed information is available.
   
• Account Positions
  Provides for number of shares, market value, as well as registration information per mutual fund account owned by a shareholder.  Includes client name, social security number, address, and account options.
   
• CDSC Hypothetical
  Reps receive potential contingent-deferred sales charges for hypothetical liquidations placed for a specific dollar amount, share amount, or total CUSIP position.  Determines free shares for investment decisions.
     
• Rights of Accumulation/Letter of Intent (ROA/LOI)
  Provides relevant information that qualifies a share holder for a discount based on the total holdings within a fund company.  Includes the discount level (e.g., $100,000), the related accounts that are aggregated for purposes of the ROA/LOI, LOI Escrow shares, effective date, and more.
   
• Money Transfer Options
  Includes transactions such as systemic withdrawals, on-demand purchases or redemptions, and distributions.  Each carry settlement instructions registered with the fund, such as ACH or ABA routing instructions.  Money Transfer Options allows inquiry against this information.

The Express Order Entry function includes:

• Order Types
  Fund/SPEED supports new account, purchase, redemption and exchange orders.
   
• Order Processing
  Order processing occurs through Fund/SERV in one of the 29 scheduled processing cycles.  Cycles run from 2:00 a.m. EST until midnight, Monday through Friday.
   
• Alternative Settlement
  An indication on orders gives firms access to NSCC's automated order processing through Fund/SERV while settling directly with investment companies.  Supports ACH routing and money wires for purchases and redemptions, and checks for redemptions.

Who Can Use Fund/SPEED
Mutual fund companies and other product issuers, distributors including broker/dealers, independent broker/dealers, banks and trust companies, financial reps and planners, insurance carriers and other financial intermediaries can use Fund/SPEED either directly or through a service provider.  Participants must become members of National Securities Clearing Corporation in order to utilize the service.