Cash Management

U.S. Brokerage, Inc. provides its clients with a convenient way to manage investment account cash. By selecting one of 12 available money market funds, investors can keep idle dollars fully invested and automatically available when needed to pay for stock, option, mutual fund, and bond transactions. All the funds seek to earn current income for shareholders, but may be invested in different securities to do so. Talk to your investment representative to find out which fund is most appropriate for you. These money market funds are managed by the investment professionals at Alliance Capital, one of America's leading mutual fund companies.

An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Pen Account

• Daily sweep of all cash balances
• Unlimited check writing with no minimum per check
• Expense code monitoring of checks
• Gold MasterMoney™ Card with worldwide purchasing power
• ATM access with no transaction fees charged by Penson Financial
• Bill payment service through the client's personal computer
• Internet access to the client's money fund balance and activity through the www.moneyaccess.com website
• $250,000 free travel accident insurance

Money Market Choices:

• Alliance Government Reserves (portfolio of high quality U.S. government obligations)
• Alliance Municipal Trust (portfolio of short term municipal securities for the tax sensitive investor)
• Alliance Capital Reserves (portfolio of high-quality money market instruments)
• Alliance Treasury Reserves (portfolio of U.S. Treasury securities)
• Alliance Money Reserves (portfolio of high quality U.S. dollar-denominated  money market securities)

Pen Account Fees:

• No fee for check writing except a reorder fee of $10.00
• Annual fee for Pen Account debit card - $30.00, which includes internet access and PC bill payment
• Return check fee - $30.00
• Stop Payment of checks - $25.00

For more information call U.S. Brokerage, Inc.

State Specific Funds Municipal Money Market Funds

State Specific funds allow you to pursue income that is exempt from both federal regular income tax and state taxes, provided you are investing in the fund specific to your home state. (Income may be subject to the federal alternative minimum tax and local taxes.)