Dear Customers and Friends:

Ann Bergin

Since our last issue of Wealth Management Services Quarterly, we have made important progress, not only with our core Mutual Fund Services, but also with the development of new services for the increasingly relevant market spaces of managed accounts and alternative investment products.

Record volumes allowed us to reduce fees again for Fund/SERV and Networking. Industry usage of our new Mutual Fund Profile Service is expanding. Its vast potential as a central repository for prospectus processing and information is just beginning to be tapped, and we are well into finalizing a long-term positioning strategy for the service.

Development also continues on our Managed Accounts Service, and we are readying it to support a host of new models being created to meet the demands of baby boomers and other investors looking to safeguard wealth and increase returns.

Our solution for alternative investment products (close to being approved by the Securities and Exchange Commission) is nearing its target release date. A growing number of global organizations, administrators and their distributors are partnering with us and offering their expertise as advisory committee members to lead this effort forward.

Overseas, our EuroCCP subsidiary gained approval on March 31 as a U.K. Recognised Clearing House by the Financial Services Authority. This approval solidifies our position as a competitive, low-cost alternative for clearing and settlement in Europe and allows us to leverage our successes in the U.S. markets over the past three decades.

For those readers who are our customers, we hope your firm weathers well the considerable challenges facing all of us during this difficult year. We look forward to deepening our relationship with you so that we can more fully support your business.

As always, we welcome your comments.

Ann Bergin
Managing Director & General Manager
Wealth Management Services
The Depository Trust & Clearing Corporation