The Mutual Fund Profile Service (MFPS) improves the flow of information between firms in the mutual fund industry by bringing automation and standardization to the process of data exchange.  Acting as a central data repository, MFPS enables fund companies and distributors to exchange accurate and timely information on daily prices and dividend rates, distributor and fund members, individual security identifications, processing capabilities, and projected and actual distribution declarations.

Benefits
MFPS provides an alternative that replaces the current manual methods of sending or receiving critical information, which are subject to errors, delays, and other difficulties.  With this automation and standardization participants can:

• Reduce Costs
  Decrease operating costs and process transactions more efficiently using automated and standardized procedures.  Overhead costs associated with paper transmittals, faxes and phone calls are reduced.
   
• Access Timely Information
  Receive information as soon as it is made available.  Participants can access time-sensitive data without delays, and amend their file regularly with up-to-date information from their trading partners.
     
• Increase Reporting Accuracy
  Decrease processing errors related to manual procedures for obtaining information as firms access information through MFPS's automated, standardized process.

Features
MFPS streamlines the process for fund companies and distributors to obtain and exchange information.  Features include:

• Daily Price and Rate File
  This file reports daily Net Asset Value (NAV) and daily distribution rates for individual mutual funds.  Both funds and distributors may receive this file.  The National Association of Security Dealers, Inc. (NASD) Price file is also available through MFPS.
    
• Member, Security and Distribution Declarations
  These three features provide participants with up-to-date information on distributor and fund members, individual securities and projected and actual distributions.
    
• Real-Time Updates Via PCWeb Direct
  The real-time update capability enables fund companies to add, change and delete information in the database using PCWeb Direct (DTCC's Web-based application), eliminating the need to wait for end-of-day processing and transmission of information.
      
• Branch and Rep Profile
  Using the Branch & Rep Profile front-end on PCWeb Direct, distributors can set up, store and update their account representative and branch information in the repository online.

How MFPS Works
MFPS is a repository that enables participants to retrieve mutual fund data that was provided by fund companies.  The category of information and its availability dictates the frequency by which it is transmitted.

Participants can choose one of several options for sending and receiving data and can access MFPS through either mainframe or Internet connections.

Who Can Use MFPS
Mutual fund companies and other product issuers, distributors including broker/dealers, independent broker/dealers, banks and trust companies, third-party administrators, insurance carriers and other financial intermediaries can use MFPS.  Participants must become members of National Securities Clearing Corporation in order to utilize the service.