Auction Rate Securities Payments Disclosure

Pershing may receive payments from the distribution agent for trades in municipal auction rate securities and closed end fund/preferred auction rate securities executed by Pershing upon your financial organization’s instruction. These payments are not charged to or paid by you.

To the extent Pershing receives such payment, it is paid monthly by the distribution agent to Pershing. Distribution agents that have paid Pershing as described above are listed below in the order of 2013 gross dollar payments from highest to lowest.


Oppenheimer and Co.

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