Securities held in custody by Pershing for our clients are protected up to the total amount held in
their accounts. Of this total, the Securities Investor Protection Corporation (SIPC) provides
$500,000 of coverage, no more than $100,000 of which may be in cash. The remaining coverage, on
securities only, is provided by Pershing through a commercial insurer. This protection applies in
the event Pershing fails financially. It does not protect against losses resulting from the rise
and fall of the stock market.
