SIPC
Disclosure.

1. What Is SIPC?

The Securities Investor Protection Corporation (SIPC) is a nonprofit membership organization created under the Securities Investor Protection Act of 1970. SIPC protects customers of SIPC-member broker-dealers in the event that the firm fails financially.

SIPC protection is not insurance against market losses. It specifically protects customers against the loss of cash and securities held at a failed SIPC-member brokerage firm — not against declines in the market value of investments.

2. Coverage Limits

SIPC provides the following coverage for customers of member firms:

3. What SIPC Does Not Cover

SIPC protection has important limitations. The following are not covered:

• Investment losses due to market fluctuations or poor investment decisions
• Commodity futures contracts, foreign exchange positions, and fixed annuities
• Losses resulting from fraudulent investments that were never actually purchased
• Unregistered investments that are not recognized as securities
• Losses from fraud perpetrated by the account holder themselves

4. How to File a SIPC Claim

If a SIPC-member broker-dealer fails, SIPC typically applies to a federal court to appoint a trustee to handle the firm's liquidation. The trustee will notify customers and provide claim forms. Most customers receive their assets within one to three months.

For more information about SIPC and your coverage, visit www.sipc.org or call SIPC at (202) 371-8300.