Trying to search arrayList "fields" and return Index

Hi everyone,

I've got an ArrayList that has been populated with objects defined in our business logic, using data returned from a SQL Stored Procedure.  The app I'm working in is developed in VB.NET 2.0 (yes, I know. :) ).

I'm trying to figure out how to search through that ArrayList for a specific substring of characters in one "field" from the objects in the ArrayList, return the index of that item, and then remove it from the ArrayList.  

I was trying something like this:  

        For i As Integer = 0 To oAcc.FundList.Count - 1
            If oAcc.FundList.Item(i).OptionCode.ToString().Substring(0, 2) = "CD" Then
                oAcc.FundList.RemoveAt(i)
            End If
        Next

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Where oAcc.FundList() is my ArrayList and OptionCode is one of the fields in the object contained in oAcc.FundList().

The problem I'm getting is that nothing is being returned, and I verified that there should be something returned based on the data from the Stored Procedure.  

Where am I going wrong?  

Changing the datatype of the Object returning the ArrayList is, unfortunately, not an option here.