Margin

Before trading securities in a margin account, it is important to carefully review the written Margin Agreement provided by Pershing Advisor Solutions or its clearing firm (Pershing), and, where applicable, to consult with your Investment Advisor regarding any questions or concerns you may have regarding margin accounts. When you purchase securities, you have the option of paying for them in full or borrowing part of the purchase price from Pershing. If you choose to borrow funds from Pershing, you will need to open a margin account with Pershing through Pershing Advisor Solutions. The securities purchased are used as collateral for the loan that was made to you or any other indebtedness arising after the initial transaction. If the securities in your investment account decline in value, so does the value of the collateral supporting your loan. As a result, Pershing Advisor Solutions or Pershing can take action. For instance, Pershing Advisor Solutions or Pershing may issue a margin call and/or sell securities or liquidate other assets in any of your investment accounts held with Pershing Advisor Solutions or Pershing to maintain the required equity in the margin account. It is important that you fully understand the risks involved in trading securities on margin.