Pershing's Comment on Market Turbulence and Money Funds

Recent industry news has generated increased shareholder and investor questions. It is prudent for you, your investment professionals, and your clients to understand the various cash management alternatives that are available through Pershing.

With that in mind, we want to remind you of the cash management alternatives available to your clients, each of which have their own investment characteristics, risks, and possible returns.

Money Fund Choice

Listed below are the money market fund options available through Pershing's Money Fund Choice Program. You may click on each provider name to access the respective fund prospectus. Within money market fund families there are various types of money market fund options including general money market funds, U.S. Government/Treasury funds, and state tax-free funds. All of these options have varying portfolio characteristics, risks, and possible returns, which you should consider in the money market fund selection process.

While a money market fund investment is intended to provide relative safety through protection of principal, liquidity, and reasonable rate of return, an investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency, and it is possible that the principal value of a money market fund may decline. A money market fund has the right to limit purchases and redemptions. For additional information on any money market fund, including investment objectives, risks, charges, and expenses, please consult the money market fund's prospectus.

Invesco Aim: https://www.invescoaim.com

Deutsche Bank Advisors: http://www.dbadvisors.com

Dreyfus: http://www.dreyfus.com

Federated: http://www.federatedinvestors.com

Reich & Tang Fund: http://www.rntfunds.com

The Reserve Fund: http://www.reservefunds.com

Wells Fargo: https://www.wellsfargo.com

As a registered broker-dealer in the United States, Pershing LLC is a member of the Securities Investor Protection Corporation (SIPC) that protects a client's assets up to $500,000 of which $100,000 can be in cash.
Please note that money market fund securities (registered with the SEC and sold by prospectus) are considered securities (not cash) by SIPC and are therefore covered up to the $500,000 limit. More information about SIPC protection can be obtained at www.sipc.org.

Pershing LLC carries “Excess SIPC” (in excess of the SIPC limits discussed
above) protection through a private insurance company, Customer Asset Protection Company (CAPCO), for the net equity of your clients’ securities positions and cash in their accounts in excess of the SIPC limits. Net equity refers to the value of your clients’ securities, plus cash minus any amount that may be owed, such as a margin loan. CAPCO is a captive insurance company licensed by the state of Vermont. More information on CAPCO can be obtained at www.capcoexcess.com.

FDIC Insured Deposits Program

The Reserve Insured Deposits® and The Dreyfus Insured Deposits® Programs are bank deposit sweep programs that provide FDIC insurance on cash balances up to $1 million per client through a multi-bank investment approach. Balances in these programs that are over $1 million are not covered by FDIC insurance. Client assets are swept daily and deposited among multiple banking institutions. To ensure that a client’s balance, in addition to accrued interest, receives full coverage, the principal amount of client assets are held at each bank up to $98,500 as determined by the client’s available cash balance, providing aggregate FDIC insurance coverage. To help you manage the balances in these programs, two daily reports entitled "FDIC Balances over 1 Million Dollars" and "FDIC Insured Money Fund Balances Report" are available through Report Center in the Office section of NetExchange Pro®.

Reserve Insured Deposits and Dreyfus Insured Deposit Programs are not considered securities and are not protected by SIPC or Excess SIPC coverage.

More information on the FDIC can be obtained at www.fdic.gov.

Free Credit Balances Awaiting Reinvestment

This alternative enables your clients to potentially earn interest on cash awaiting reinvestment in their accounts. Cash balances awaiting reinvestment are protected, at the client level, through SIPC up to $100,000 and through Excess SIPC for cash in excess of the SIPC limits. For more information about SIPC and Excess SIPC, see account protection information noted earlier.

Current rates and yields for cash management alternatives are available on the Rate Board in the Market Data and News section in NetExchange Pro®.

Please contact your Account Manager for additional information.