Asset Protection FAQs

Privacy Policy

Protecting the confidentiality of your nonpublic personal information is of paramount importance to Pershing. As such, Pershing maintains high industry standards in protecting and safeguarding such nonpublic personal information.

To what does this Online Privacy Statement apply?
This Online Privacy Statement applies to the personal information that we collect from or about you via this Pershing website (this "Site"). This Site may contain links to other websites, and this Online Privacy Statement does not apply to those sites. If you link to any of those sites, we recommend that you review their privacy policies. If we materially change our privacy policies or practices, we will also change this Online Privacy Statement to notify you of such changes.

What personal and technical information do we collect via this Site?
This Site will collect personal information that you voluntarily provide, such as your name, address, telephone number or e-mail address. This Site may collect information on what country you are accessing this Site from; information on which pages within this Site you visit; and certain technical information regarding your computer and operating systems, such as your Internet protocol address, domain name and system configurations and settings. We will not know who you are unless you tell us. Additionally, if this Site is a password-protected site, then (a) once you submit your password and enter, this Site will recognize who you are and will collect all information that you submit, including all electronic instructions (including all transaction information), and (b) any information collected about you from this Site may be associated with other identifying information that we have about you.

On this Site, Pershing may use "cookies" in order to provide better service, to facilitate its customers' use of the website, to track usage of the website, and to address security hazards. A cookie is a small piece of information that a website stores on a personal computer, and which it can later retrieve. Pershing may use cookies for some administrative purposes; for example, to store its customers' preferences for certain kinds of information. None will contain information that will enable anyone to contact its customers via telephone, e-mail, or any other means. You can set your Web browser to prompt you before you accept a cookie, accept cookies automatically, or reject all cookies. However, if you choose not to accept cookies from this Site, then you may not be able to access and use all or part of this Site or benefit from the information and services which it offers.

How does Pershing use, share and secure the information collected via this Site?

Pershing uses the information collected via this Site in accordance with our Privacy Policy.

How does Pershing protect your personal information?

• Internal data security policies restrict access to nonpublic personal information to authorized associates. Pershing maintains physical, electronic, and procedural safeguards that are designed to comply with federal standards to guard nonpublic personal information. Associates who violate these policies are subject to disciplinary action, up to and including termination.


• Pershing trains and educates our employees in the handling and safeguarding of personal information in accordance with applicable laws, rules, and regulations.

Business Continuity Disclosure

DISCLOSURE REQUIRED BY FINRA Rule 4370

To address interruptions to our normal course of business, Pershing maintains a business continuity plan, which includes geographically dispersed data centers and alternate processing facilities. The plan is reviewed annually and updated as necessary.

The plan outlines the actions Pershing will take in the event of a building, city, or regional incident, including:

• Continuous processing support by personnel located in unaffected facilities
• Relocating technology or operational personnel to alternate regional facilities
• Switching technology data processing to an alternate regional data center

All Pershing operational facilities are equipped for resumption of business and are tested. Regarding all circumstances within our control, Pershing's recovery time objective for business resumption, including those involving a relocation of personnel or technology, is four (4) hours, depending upon the availability of external resources.

Your introducing financial institution is required to maintain a business continuity plan designed to address unplanned business interruptions as well. However, in the event your introducing firm is unable to conduct business, you may contact Pershing directly to process limited trade-related transactions, cash disbursements and security transfers.

In the event that your financial organization experiences a significant business interruption, you may contact Pershing directly to process limited trade-related transactions, cash disbursements, and security transfers. Instructions to Pershing must be in writing and transmitted via facsimile at (201) 413-5368 or by postal service as follows:

Pershing LLC
P.O. Box 2065
Jersey City, New Jersey 07303-2065

For additional information about how to request funds and securities when your financial organization cannot be contacted due to a significant business interruption, please visit the Customer Support section or call (201) 413-3635 for recorded instructions.

If you cannot access the instructions from the web site or the previously noted telephone number, you may call (213) 624-6100, extension 500, an alternate Pershing number for recorded instructions.

Copyright/Terms of Use

© 2013 Pershing LLC. All Rights Reserved. Notices
Interactive Data Corporation Terms & Conditions of Use
Dow Jones Indexes Terms of Use

© 2013 Pershing LLC. All Rights Reserved. Notices

Except with respect to information about your financial organization and unless otherwise specified, the content of this service is owned or licensed by Pershing LLC and is protected by the United States Copyright Act of 1976, as amended, and the copyright laws of other countries. Certain materials are used by permission of their respective owners. Certain specified content is the property of your financial organization.

Pershing LLC (member FINRA/NYSE/SIPC) is a leading global provider of financial business solutions to more than 1,150 institutional and retail financial organizations and independent registered investment advisors who collectively represent over five million active investors. Financial organizations, investment professionals and independent registered investment advisors depend on Pershing's depth of experience and consultative approach to provide them with forward-thinking solutions that help them to grow their businesses. Located in 19 offices worldwide, Pershing is committed to delivering dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions, practice management support and service excellence. Pershing is a member of every major U.S. securities exchange and its international affiliates are members of the Deutsche Borse, the Irish Stock Exchange and the London Stock Exchange. Pershing LLC is a subsidiary of The Bank of New York Mellon Corporation. Additional information is available at www.pershing.com.

The material provided in this service, including graphic images, buttons, and text, may not be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, without the prior written permission of Pershing LLC, except that you may download, display, or print one copy of the materials on any single computer solely for your personal, non-commercial, home use, provided that you keep intact all copyright, trademark, and other proprietary notices. Modification of the materials or use of the materials for any other purpose is a violation of Pershing LLC's or its third-party information providers' copyrights and other proprietary rights. Nothing contained herein shall be construed as conferring by implication, estoppel, or otherwise, any license or right under any copyright, patent, trademark, or other proprietary interest of Pershing LLC or any third party. Pershing LLC acts solely as clearing agent for your financial organization. Pershing LLC is not an affiliate nor does it exercise supervisory authority over your financial organization or its employees.

PERSHING LLC, YOUR FINANCIAL ORGANIZATION AND OTHER PROVIDERS OF MATERIALS ON THIS SITE DISCLAIM ANY WARRANTY OF ANY KIND, WHETHER EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER RELATING TO THIS SERVICE, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NONINFRINGEMENT. REFERENCE TO A FUND OR SECURITY INCLUDED ANYWHERE IN THIS SERVICE IS NOT A RECOMMENDATION TO BUY, SELL, OR HOLD THAT, OR ANY OTHER SECURITY.

No judgment or warranty is made with respect to the accuracy, timeliness, or suitability of the content of other services or sites to which these screens link, and neither Pershing LLC nor your financial organization take any responsibility therefore. A link from this service to another service or site outside of your financial organization is not an endorsement of the service or site, its content, or its sponsoring organization.

By using this service, you accept at your own risk that the Internet and online communications medium may not perform as intended despite the efforts of Pershing LLC, your Internet service provider and you.

If you have questions about these Notices contact Pershing LLC at:
brokerage.info@pershing.com .

© 2013 Pershing LLC.

Interactive Data Corporation Terms & Conditions of Use

All information provided by Interactive Data Real Time Services ("Real-Time Services") and its affiliates (the "Real-Time Services Information") is owned by or licensed to Real-Time Services and its affiliates and any user is permitted to use such Real-Time Services Information only for such user's personal use. In no event shall any user publish, retransmit, redistribute or otherwise reproduce any Real-Time Services Information in any format to anyone, and no user shall use any Real-Time Services Information in or in connection with any business or commercial enterprise, including, without limitation, any securities, investment, accounting, banking, legal or media business or enterprise.

Prior to the execution of a security trade based upon the Real-Time Services Information, you are advised to consult with your broker or other financial representative to verify pricing information.

THE REAL-TIME SERVICES INFORMATION IS PROVIDED TO THE USERS "AS IS." NEITHER REAL-TIME SERVICES NOR ITS AFFILIATES NOR ANY THIRD_PARTY DATA PROVIDER MAKE ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND REGARDING THE REAL-TIME SERVICES INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. NEITHER REAL-TIME SERVICES NOR ITS AFFILIATES NOR ANY THIRD_PARTY DATA PROVIDER WILL BE LIABLE TO ANY USER OR ANYONE ELSE FOR ANY INTERRUPTION, INACCURACY, ERROR OR OMISSION, REGARDLESS OF CAUSE, IN THE REAL-TIME SERVICES INFORMATION OR FOR ANY DAMAGES (WHETHER DIRECT OR INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY) RESULTING THEREFROM.

Dow Jones Indexes Terms of Use

Pershing LLC, at our discretion, provide you with services including, but not restricted to, news and information services. You agree to comply with the conditions imposed on your use of the services, as set out in these Terms and Conditions of Access and elsewhere in our services. These services may be outside our control or provided by a third party in which in case we cannot take responsibility for their content, or for any delays, interruptions or errors in the provisions of these additional services, provided we have exercised reasonable care and diligence in the selection of such providers.

Certain data accessible on our services is the intellectual property of the relevant news and information services provider or third parties that provide such data to the relevant service provider, or us. The data is protected by copyright and other intellectual laws and all ownership rights remain with the information service provider or the third party or us, as the case may be.

You may only use the data retrieved from our services for your own personal and non-commercial purposes while accessing our services. Such use will be in accordance with these Terms and Conditions of Access and the requirements set out elsewhere on our services. You may not copy, distribute or redistribute the data, including by caching, framing or similar means or sell, resell, re-transmit or otherwise make the data retrieved from our services available in any manner to any third party. You may not store the data for the purposes of creating a historical database or historical data product. You may not use any of the data in connection with the issuance, trading, marketing or promotion of investment products (e.g., derivatives, structured products, investment funds, investment portfolios, etc. where the price, return and/or performance of the investment product is based on or related to the data) without a separate written agreement with us, the information service provider or third party, as the case may be, that has ownership rights to the data (e.g. Dow Jones & Company, Inc., S&P, etc.).

The data is provided "as is." We, any information service provider or any third party shall not be liable to you or any third party for any loss or damage, direct, indirect or consequential, arising from (i) any inaccuracy or incompleteness in, or delays, interruptions, errors or omissions in the delivery of the data or any other information supplied to you through our services or (ii) any decision made or action taken by you or any third party in reliance upon the data. Nor shall we, any information service provider or any third party be liable for loss of business revenues, lost profits or any punitive, indirect, consequential, special or similar damages whatsoever, whether in contract, tort or otherwise, even if advised of the possibility of such damages incurred by you or any third party.

Where the information consists of pricing or performance data, the data contained therein has been obtained from sources believed reliable. Data computations are not guaranteed by any information service provider, third party or us or any affiliates and may not be complete. Neither we, any information service provider, nor any third party give any warranties, as to the accuracy, adequacy, quality or fitness, timeless, non-infringement, title, of any information for a particular purpose or use and all such warranties are expressly excluded to the fullest extent that such warranties may be excluded by law. You bear all risk from any use or results of using any information. You are responsible for validating the integrity of any information received over the Internet.

Transmission may be subject to arbitrary delays beyond our control, which may delay the provision of our services and the execution of your orders. You acknowledge that neither we, any information service provider, nor any third party will be liable to you or any third party for any losses arising from such delay.

You understand and acknowledge that confirmations of executions or cancellations may be delayed or may be erroneous (e.g. due to computer system issues) or may be cancelled/adjusted by an exchange, market center or executing broker. Any reporting or posting errors, including errors in reporting or posting execution prices or cancellations, will be corrected to reflect what actually occurred in the marketplace.

You understand and acknowledge that when you place a request to cancel an order, the cancellation of that order is not guaranteed. The order will only be cancelled if the request is received by the market center to which the order was routed and matched with the order to be canceled before it is executed. During market hours, it is rarely possible to cancel market orders or marketable limit or as such orders are subject to immediate execution. You should not assume that any order has been executed or canceled until you have received a transaction or cancellation confirmation.

In no event will we, any information provider, or third party be liable for any consequential loss including but not limited to special, incidental, direct or indirect damages resulting from delay or loss of use of our services. We are not responsible for any damage to your computer, software, modem, telephone or other property resulting from your use of our services.

Exchange Agreements

Non-Professional Definition

New York Stock Exchange & NYSE MKT LLC Non-Professional Agreement
NASDAQ OMX Global Subscriber Agreement
Options Price Reporting Authority Agreement

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Exchange Agreements

Non-Professional Definition

New York Stock Exchange & NYSE MKT LLC Non-Professional Agreement

NASDAQ OMX Global Subscriber Agreement
Options Price Reporting Authority Agreement

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New York Stock Exchange ("NYSE") Subscriber Agreement

AGREEMENT FOR MARKET DATA DISPLAY SERVICES
(Electronic Version)

Pershing LLC ("Vendor") agrees to make "Market Data" available to you pursuant to the terms and conditions set forth in this agreement. By manifesting your assent in the space indicated below, you ("Subscriber") agree to comply with those terms and conditions. Section 1 sets forth terms and conditions of general applicability. Section 2 applies insofar as Subscriber receives and uses Market Data made available pursuant to this Agreement as a Nonprofessional Subscriber.

SECTION 1: TERMS AND CONDITIONS OF GENERAL APPLICABILITY

1. MARKET DATA DEFINITION - For all purposes of this Agreement, "Market Data" means (a) last sale information and quotation information relating to securities that are listed on a national securities exchange, (b) such bond and other equity last sale and quotation information, and such index and other market information, as United States-registered national securities exchanges and national securities associations (each, an "Authorizing SRO") may make available and as the New York Stock Exchange ("NYSE") may from time to time designate as "Market Data"; and (c) all information that derives from any such information.

2. PROPRIETARY NATURE OF DATA - Subscriber understands and acknowledges that each Authorizing SRO and Other Data Disseminator has a proprietary interest in the Market Data that originates on or derives from it or its market(s).

3. ENFORCEMENT - Subscriber understands and acknowledges that (a) the Authorizing SROs are third-party beneficiaries under this Agreement and (b) the Authorizing SROs or their authorized representative(s) may enforce this Agreement, by legal proceedings or otherwise, against Subscriber or any person that obtains Market Data that is made available pursuant to this Agreement other than as this Agreement contemplates. Subscriber shall pay the reasonable attorney's fees that any Authorizing SRO incurs in enforcing this Agreement against Subscriber.

4. DATA NOT GUARANTEED - Subscriber understands that no Authorizing SRO, no other entity whose information is made available over the Authorizing SROs' facilities (an "Other Data Disseminator") and no information processor that assists any Authorizing SRO or Other Data Disseminator in making Market Data available (collectively, the "Disseminating Parties") guarantees the timeliness, sequence, accuracy or completeness of Market Data or of other market information or messages disseminated by any Disseminating Party. Neither Subscriber nor any other person shall hold any Disseminating Party liable in any way for (a) any inaccuracy, error or delay in, or omission of, (i) any such data, information or message or (ii) the transmission or delivery of any such data, information or message, or (b) any loss or damage arising from or occasioned by (i) any such inaccuracy, error, delay or omission, (ii) non-performance or (iii) interruption in any such data, information or message, due either to any negligent act or omission by any Disseminating Party, to any "force majeure" (e.g., flood, extraordinary weather conditions, earthquake or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, communications or power failure, equipment or software malfunction) or to any other cause beyond the reasonable control of any Disseminating Party.

5. PERMITTED USE - Subscriber shall not furnish Market Data to any other person or entity and, subject to Paragraph 10, shall use Market Data only for its individual use in its business.

6. DISSEMINATION DISCONTINUANCE OR MODIFICATION - Subscriber understands and acknowledges that, at any time, the Authorizing SROs may discontinue disseminating any category of Market Data, may change or eliminate any transmission method and may change transmission speeds or other signal characteristics. The Authorizing SROs shall not be liable for any resulting liability, loss or damages that may arise therefrom.

7. DURATION; SURVIVAL - This Agreement remains in effect for so long as Subscriber has the ability to receive Market Data as contemplated by this Agreement. In addition, Vendor may terminate this Agreement at any time, whether at the direction of the Authorizing SROs or otherwise. Paragraphs 2, 3 and 4, and the first two sentences of Paragraph 8, survive any termination of this Agreement.

8. MISCELLANEOUS - The laws of the State of New York shall govern this Agreement and it shall be interpreted in accordance with those laws. This Agreement is subject to the Securities Exchange Act of 1934, the rules promulgated under that act, and the joint-industry plans entered into pursuant to that act. This writing contains the entire agreement between the parties in respect of its subject matter. Subscriber may not assign all or any part of this Agreement to any other person. The person manifesting assent to this agreement below represents and warrants that it has legal capacity to contract and, if that person is manifesting assent on behalf of a proprietorship or a business, partnership or other organization, represents and warrants that he or she has actual authority to bind the organization.

ACCEPTED AND AGREED: I, the "Subscriber" to which the preceding terms and conditions refer, acknowledge that I have read the preceding terms and conditions of this Section 1, that I understand them and that I hereby manifest my assent to, and my agreement to comply with, those terms and conditions by "clicking" on the following box:

  I Agree

SECTION 2: NONPROFESSIONAL SUBSCRIBER

9. NONPROFESSIONAL SUBSCRIBER DEFINITION - "Nonprofessional Subscriber" means any natural person whom Vendor has determined to qualify as a "Nonprofessional Subscriber" and who is not:

(a) registered or qualified with the Securities and Exchange Commission (the "SEC"), the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association.

(b) engaged as an "investment advisor" as that term is defined in Section 201(11) of the Investment Advisor's Act of 1940 (whether or not registered or qualified under that Act), nor

(c) employed by a bank or other organization exempt from registration under Federal and/or state securities laws to perform functions that would require him or her to be so registered or qualified if he or she were to perform such functions for an organization not so exempt.

10. PERMITTED USE - If Subscriber is a Nonprofessional Subscriber, he or she shall receive Market Data solely for his or her personal, non-business use.

11. PERSONAL AND EMPLOYMENT DATA - As a prerequisite to qualifying as a "Nonprofessional Subscriber", Subscriber shall provide the following information:

(a) Subscriber's name and address:
(b) Occupation:	Please select one Accounting/Auditing Administrative and Support Services Advertising/Marketing/Public Relations Aerospace/Avionics Architectural Agriculture, Foresty & Fishing Arts, Entertainment & Media Armed Forces/Military Attorney/Legal Counsel Automotive Banking Biotechnology and Pharmaceutical Community, Social Services & Non-profit Computers, Hardware Computers, Software Construction, Mining & Trades Customer Service Education, Training and Library Engineering - Civil, Electrical, etc. Environment Finance/Economics Financial Services Geological/Geotechnical/Oil/Gas Government & Policy Healthcare/Medical Hospitality/Tourism Human Resources Information Technology Insurance Internet/E-Commerce/Web Law Enforcement & Security Manufacturing & Production Not Currently Employed Portfolio/Money Management Real Estate Restaurant and Food Service Retail/Wholesale Retired Sales Science Sports and Recreation Strategy/Business Development Student Telecommunications Transportation and Warehousing
(c) Employer Name:
(d) Position/Title:
(e) Employee Function:
(f) Employer Address:
(g) City:
(h) State:
(i) Postal Code:
(j) Country:	United States Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua And Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia And Herzegowina Botswana Bouvet Island Brazil British Indian Ocean Territory Brunei Darussalam Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos (Keeling) Islands Colombia Comoros Congo, Democratic Republic Of (Was Zaire) Congo, People's Republic Of Cook Islands Costa Rica Cote D'ivoire Croatia (Local Name: Hrvatska) Cuba Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic East Timor Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands (Malvinas) Faroe Islands Fiji Finland France France, Metropolitan French Guiana French Polynesia French Southern Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guinea Guinea-Bissau Guyana Haiti Heard And Mc Donald Islands Honduras Hong Kong Hungary Iceland India Indonesia Iran (Islamic Republic Of) Iraq Ireland Israel Italy Jamaica Japan Jordan Kazakhstan Kenya Kiribati Korea, Democratic People's Republic Of Korea, Republic Of Kuwait Kyrgyzstan Lao People's Democratic Republic Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macau Macedonia, The Former Yugoslav Republic Of Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia, Federated States Of Moldova, Republic Of Monaco Mongolia Montserrat Morocco Mozambique Myanmar Namibia Nauru Nepal Netherlands Netherlands Antilles New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island Northern Mariana Islands Norway Oman Pakistan Palau Palestinian Territory, Occupied Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Poland Portugal Puerto Rico Qatar Reunion Romania Russian Federation Rwanda Saint Kitts And Nevis Saint Lucia Saint Vincent And The Grenadines Samoa San Marino Sao Tome And Principe Saudi Arabia Senegal Seychelles Sierra Leone Singapore Slovakia (Slovak Republic) Slovenia Solomon Islands Somalia South Africa South Georgia And The South Sandwich Islands Spain Sri Lanka St. Helena St. Pierre And Miquelon Sudan Suriname Svalbard And Jan Mayen Islands Swaziland Sweden Switzerland Syrian Arab Republic Taiwan Tajikistan Tanzania, United Republic Of Thailand Togo Tokelau Tonga Trinidad And Tobago Tunisia Turkey Turkmenistan Turks And Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States Minor Outlying Islands Uruguay Uzbekistan Vanuatu Vatican City State (Holy See) Venezuela Viet Nam Virgin Islands (British) Virgin Islands (U.S.) Wallis And Futuna Islands Western Sahara Yemen Yugoslavia Zambia Zimbabwe

Subscriber shall notify Vendor promptly in writing of any change in his or her circumstances that may cause him or her to cease to qualify as a Nonprofessional Subscriber.

12. CERTIFICATION - By clicking on the following box, Subscriber hereby certifies that he or she falls within Paragraph 9's definition of "Nonprofessional Subscriber" and that the personal and employment information that he or she has included in Paragraph 11 is truthful and accurate.

  I Agree

ACCEPTED AND AGREED: I, the "Subscriber" to which the preceding terms and conditions refer, acknowledge that I have read the preceding terms and conditions of this Section 2, that I understand them and that I hereby manifest my assent to, and my agreement to comply with, those terms and conditions by "clicking" on the following box:

Type in 'I Agree':

Exchange Agreements

Non-Professional Definition
New York Stock Exchange & NYSE MKT LLC Non-Professional Agreement

NASDAQ OMX Global Subscriber Agreement

Options Price Reporting Authority Agreement

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Exchange Agreements

Non-Professional Definition
New York Stock Exchange & NYSE MKT LLC Non-Professional Agreement
NASDAQ OMX Global Subscriber Agreement

Options Price Reporting Authority Agreement

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Exchange Agreements

Non-Professional Definition
New York Stock Exchange & NYSE MKT LLC Non-Professional Agreement
NASDAQ OMX Global Subscriber Agreement
Options Price Reporting Authority Agreement

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Mutual Funds

Mutual Fund Breakpoint Discounts and Other Disclosures Relating to Mutual Fund, Money Fund, FDIC-Insured Bank Products, and Annuity Fees and Revenue Sharing

Mutual Funds

Before investing in mutual funds, it is important that you understand the sales charges, expenses, and management fees that you will be charged, as well as the breakpoint discounts to which you may be entitled. Understanding these charges and breakpoint discounts will assist you in identifying the best investment for your particular needs, and may help you to reduce the cost of your investment.

The following sections will give you general background information about these charges and discounts; however, sales charges, expenses, management fees, and breakpoint discounts vary from mutual fund to mutual fund. Therefore, you should discuss these matters with your financial organization and review each mutual fund's prospectus and statement of additional information (which are available from your financial organization) to obtain the specific information regarding the charges and breakpoint discounts associated with a particular mutual fund.

Sales Charges

Investors who purchase mutual funds must make certain choices, including which funds to purchase and which share class is most advantageous in light of their specific investing needs. Each mutual fund has a specified investment strategy. You should consider whether the mutual fund's investment strategy is compatible with your investment objectives. Additionally, many mutual funds offer different share classes. Although each share class represents a similar interest in the mutual fund's portfolio, the mutual fund will charge you different fees and expenses depending upon your choice of share class. As a general rule, Class A shares carry a "front-end" sales charge or "load" that is deducted from your investment at the time you buy the fund shares. This sales charge is a percentage of your total purchase.

As explained below, many mutual funds offer volume discounts to the front-end sales charge assessed on Class A shares at certain predetermined levels of investment, which are called "breakpoint discounts." In contrast, Class B and C shares usually do not carry any front-end sales charges. Instead, investors who purchase Class B or C shares pay asset-based sales charges, which may be higher or lower than the charges associated with Class A shares. Investors that purchase Class B or C shares may also be required to pay a sales charge known as a contingent deferred sales charge when they sell their shares, depending upon the rules of the particular mutual fund. This is known as a "back-end" sales charge or "load."

Breakpoint Discounts

Most mutual funds offer investors a variety of ways to qualify for breakpoint discounts on the sales charge associated with the purchase of Class A shares. In general, most mutual funds provide breakpoint discounts to investors who make large purchases at one time. The extent of the discount depends upon the size of the purchase. Generally, as the amount of the purchase increases, the percentage used to determine the sales load decreases. The entire sales charge may be waived for investors that make very large purchases of Class A shares. Mutual fund prospectuses contain tables that illustrate the available breakpoint discounts and the investment levels at which breakpoint discounts apply. Additionally, most mutual funds allow investors to qualify for breakpoint discounts based upon current holdings from prior purchases through Rights of Accumulation (ROA) and from future purchases based upon Letters of Intent (LOI). Mutual funds have different rules regarding the availability of ROAs and LOIs. Therefore, you should discuss these matters with your investment professional and review the mutual fund's prospectus and statement of additional information to determine the specific terms upon which a mutual fund offers ROAs or LOIs.

Rights of Accumulation - Many mutual funds allow investors to count the value of previous purchases of the same fund, or another fund within the same fund family, with the value of the current purchase to qualify for breakpoint discounts. Moreover, mutual funds may allow investors to count existing holdings in multiple accounts, such as individual retirement accounts (IRAs) or accounts at other financial organizations to qualify for breakpoint discounts. Therefore, if you have accounts at other financial organizations and wish to take advantage of the balances in these accounts to qualify for a breakpoint discount, you must advise your financial organization about those balances. You may need to provide documentation if you wish to rely upon balances in accounts at another firm.

In addition, many mutual funds allow investors to count the value of holdings in accounts of certain related parties, such as spouses or children, to qualify for breakpoint discounts. Each mutual fund has different rules that govern when relatives may rely upon each other's holdings to qualify for breakpoint discounts. You should consult with your financial organization and review the mutual fund's prospectus and statement of additional information to determine what these rules are for the fund family in which you are investing. If you wish to rely upon the holdings of related parties to qualify for a breakpoint discount, you should advise your financial organization about these accounts. You may need to provide documentation to your financial organization if you wish to rely upon balances in accounts at another firm. Mutual funds also follow different rules to determine the value of existing holdings. Some funds use the current net asset value (NAV) of existing investments in determining whether an investor qualifies for a breakpoint discount. However, a small number of funds use the historical cost, which is the cost of the initial purchase, to determine eligibility for breakpoint discounts. If the mutual fund uses historical costs, you may need to provide account records, such as confirmation statements or monthly statements, to qualify for a breakpoint discount based upon previous purchases. You should consult with your financial organization and review the mutual fund's prospectus and statement of additional information to determine whether the mutual fund uses NAV or historical costs to determine breakpoint eligibility.

Letters of Intent - Most mutual funds allow investors to qualify for breakpoint discounts by signing a LOI, which commits the investor to purchasing a specified amount of Class A shares within a defined period of time, usually 13 months. For instance, if an investor plans to purchase $50,000 worth of Class A shares over a period of 13 months, but each individual purchase would not qualify for a breakpoint discount, the investor could sign an LOI at the time of the first purchase and receive the breakpoint discount associated with a $50,000 investment on the first and all subsequent purchases. Additionally, some funds offer retroactive LOIs that allow investors to rely upon purchases in the recent past to qualify for a breakpoint discount. However, if an investor fails to invest the amount required by the LOI, the fund is entitled to retroactively deduct the correct sales charges based upon the amount that the investor actually invested. If you intend to make several purchases within a 13-month period, you should consult your financial organization and the mutual fund prospectus to determine if it would be beneficial for you to sign an LOI. As you can see, understanding the availability of breakpoint discounts is important because it may allow you to purchase Class A shares at a lower price. The availability of breakpoint discounts may save you money and may also affect your decision regarding the appropriate share class in which to invest. Therefore, you should discuss the availability of breakpoint discounts with your financial organization and carefully review the mutual fund prospectus and its statement of additional information when choosing among the share classes offered by a mutual fund. If you wish to learn more about mutual fund share classes or mutual fund breakpoints, you can also review the investor alerts that are available on the Financial Industry Regulatory Authority (FINRA) web site.

Mutual Fund Fees and Revenue Sharing

Pershing may receive servicing fees from mutual funds that participate in Pershing's mutual fund no-transaction-fee program (FundVest®) in lieu of clearance charges to your financial organization. Participation by your financial organization in this program is optional and your financial organization may share with Pershing in such fees. These fees may be considered revenue sharing and are a significant source of revenue for Pershing and may be a significant source of revenue for your financial organization. These fees are paid in accordance with an asset-based formula.

Pershing also receives operational reimbursements from mutual funds in the form of networking or omnibus processing fees. These reimbursements are based either on a flat fee per holding or a percentage of assets and are remitted to Pershing for its work on behalf of the funds. This work may include, but is not limited to, sub-accounting services, dividend calculation and posting, accounting, reconciliation, client confirmation and statement preparation and mailing, and tax statement preparation and mailing. These fees represent a significant source of revenue for Pershing. For additional details about Pershing's mutual fund no-transaction-fee program, or a listing of funds that pay Pershing networking or omnibus fees, please refer to www.pershing.com/mutual_fund.htm.

Money Fund and FDIC-Insured Bank Product Fees and Revenue Sharing

Money fund processing and revenue sharing fees are significant sources of revenue for Pershing and may be significant sources of revenue for your financial organization. Pershing receives fees from money fund providers for making available money market funds or FDIC-insured bank deposit programs, which you have selected through your financial organization. These fees are paid in accordance with an asset-based formula. Your financial organization may share in these fees. A portion of Pershing's fees is applied against costs associated with providing services on behalf of the funds, which may include maintaining cash sweep systems, sub-accounting services, dividend calculation and posting, accounting, reconciliation, client statement preparation and mailing, tax statement preparation and mailing, marketing and distribution related support, and other services.

Pershing receives processing fees from certain money fund providers, which may be associated with your financial organization. These fees reimburse Pershing for operational services it performs on behalf of the funds, which may include maintaining cash sweep systems, sub-accounting services, dividend calculation and posting, accounting, reconciliation, client statement preparation and mailing, tax statement preparation and mailing, or other services. For a listing of money funds that pay Pershing revenue sharing and processing fees, please refer to www.pershing.com/money_fund.htm.

Margin Disclosures

The Margin Disclosure Statement is intended to provide some basic facts about purchasing securities on margin and to alert you to the risks involved with trading securities in a margin account. Before trading stocks in a margin account, it is important to carefully review the Margin Account Agreement provided by Pershing LLC ("Pershing"), and 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. 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 brokerage account decline in value, so does the value of the collateral supporting your loan. As a result, Pershing can take action. For instance, Pershing can issue a margin call and/or sell securities or liquidate other assets in any of your brokerage accounts held with Pershing, in order to maintain the required equity in the margin account.

It is important that you fully understand the risks involved in trading securities on margin. These risks include the following:

You can lose more funds or securities than you deposit in the margin account.
A decline in value of securities that are purchased on margin may require you to provide additional funds to Pershing to avoid the forced sale of those securities or other securities or assets in your account(s).

Pershing can force the sale of securities or other assets in your account(s).
If the equity in your account falls below Pershing's maintenance margin requirements, Pershing can sell the securities or other assets in any of your accounts held at Pershing to cover the margin deficiency. You also will be responsible for any short fall in the account after such a sale.

Pershing can sell your securities or other assets without contacting you.
Some investors mistakenly believe that a financial organization must contact them for a margin call to be valid, and that the financial organization cannot liquidate securities or other assets in their accounts to meet the call unless the financial organization has contacted them first. This is not the case. Most financial organizations will attempt to notify their clients of margin calls, but they are not required to do so. However, even if a financial organization has contacted a client and provided a specific date by which the client can meet a margin call, the financial organization can still take necessary steps to protect its financial interests, including immediately selling the securities without notice to the client.

Pershing may change margin requirements or margin call time periods without notice to you.
In regard to house, maintenance, and other margin calls, in lieu of immediate liquidations, Pershing may permit you a period of time to satisfy a call. This time period shall not in any way waive or diminish Pershing's right in its sole discretion, to shorten the time period in which you may satisfy a call, including one already outstanding, or to demand that a call be satisfied immediately. Nor does such practice waive or diminish the right of Pershing to sell out positions to satisfy the call, which can be as high as the full indebtedness owed by you. Margin requirements may be established and changed by Pershing in its sole discretion and judgment.

You are not entitled to choose which securities or other assets in your brokerage account(s) are liquidated or sold to meet a margin call.
Because the securities are collateral for the margin loan, Pershing has the right to decide which security to sell in order to protect its interests. Pershing can increase its "house" maintenance margin requirements at any time and is not required to provide you with advance written notice. These changes in firm policy often take effect immediately and may result in the issuance of a maintenance margin call. Your failure to satisfy the call may cause Pershing to liquidate or sell securities in your brokerage account(s).

You are not entitled to an extension of time on a margin call.
While an extension of time to meet margin requirements may be available to clients under certain conditions, a client does not have a right to the extension.

Your written Margin Agreement with Pershing provides for certain important obligations by you.
The Margin Agreement is a legally binding agreement, cannot be modified by conduct, and no failure on the part of Pershing at any time to enforce its rights under the Margin Agreement to the greatest extent permitted shall in any way be deemed to waive, modify, or relax any of the rights granted Pershing, including those rights vested in Pershing to deal with collateral on all loans advanced to you.

Also, the Margin Agreement constitutes the full and entire understanding between the parties with respect to the provision of the Margin Agreement, and there are no oral or other agreements in conflict with the Margin Agreement unless you have advised in writing to Pershing of such conflict. Any future modification, amendment, or supplement to the Margin Agreement or any individual provision of the Margin Agreement can only be in writing signed by a representative of Pershing. You should carefully review your Margin Agreement for the rights and limitations governing your margin account relationship.

Order Routing

SEC Rule 606 Disclosure of Order Routing Practices

Our clearing firm, Pershing LLC ("Pershing") has provided the data concerning the routing of order flow (the "Data") on this web site. Although Pershing has used commercially reasonable efforts to provide accurate Data, the Data is provided to you on an "as is" basis.

If you would like to read this information, you will be required to enter the Broker-Dealer name when you access the website. Please note that disclosure information will only be available to customers of those firms that are required to display their data.
If you would like to enter the site now, please click here.

Statement Disclosure

The following disclosure pertains to estimated annual income (EAI) and estimated current yield (ECY) figures displayed on Pershing LLC's brokerage account statements.

The EAI and ECY figures are estimates and for informational purposes only. These figures are not considered to be a forecast or guarantee of future results. These figures are computed using information from providers believed to be reliable, however, no assurance can be made as to the accuracy. Since interest and dividend rates are subject to change at any time, and may be affected by current and future economic, political, and business conditions, they should not be relied on for making investment, trading, or tax decisions. These figures assume that the position quantities, interest and dividend rates, and prices remain constant. A capital gain or return of principal may be included in the figures for certain securities, thereby overstating them.

The EAI figure for U.S. government, corporate, and municipal securities is computed by multiplying the coupon rate by the quantity of the security and then dividing that figure by 100. The resulting figure is reflected on the brokerage account statement in the EAI field.

The EAI for equity, mutual fund, unit investment trust and exchange traded fund securities is computed using either a historical methodology (HM) or projected methodology (PM), depending on the information from the issuer. The PM annualizes the latest regular cash dividend. The HM accumulates the regular cash dividends over the past twelve months. If there is less than one year of dividend history, the accumulated dividends are annualized. The EAI for preferred securities is computed using the PM. The HM or PM figure, whichever is calculated, is then multiplied by the quantity of the security and the resulting figure is reflected on the brokerage account statement in the EAI field.

The following are important caveats to the HM figure and PM figure.

• The figure is denominated in the same currency as the dividend announcement.
• The figure does not contemplate special or extra dividends.
• When a security pays its first dividend with no specificity as to dividend frequency, the initial dividend will be the reported figure.
• If a security announces a stock split and does not announce a new dividend rate, the figure will be adjusted on the ex-distribution/dividend date.
• For a called security, the figure will remain unchanged until the payment date, at which point it will revert to zero.
• The figure for Canadian securities is calculated the same way as for U.S. securities.
• The figure for mutual funds only includes dividends treated as income.
• The figure will be zero under the following scenarios: a security that has only paid capital gains during the preceding year; a security that has only had stock splits, stock (not cash) dividends, or reverse stock splits during the preceding year; a security other than an open end mutual fund (excluding a money market fund), ADR preferred, or exchange traded fund which rescinds or omits a dividend payment; and a security from an issuer which is in arrears and uncertain about its ability to make a dividend payment.

The ECY figure is computed by dividing the EAI figure by the current market price of the security, which may be higher or lower than the purchase price, and then the figure is multiplied by 100. The resulting figure is reflected on the brokerage account statement in the ECY field. With specific regard to a fixed income security, the initial purchase confirmation oftentimes reflects yield to maturity, yield to call, and/or yield to worst figures which are more relevant figures from the point of purchase.

Other Disclosures

Disclosure Statement

Annuity Servicing Fees Disclosure

Auction Rate Securities Payments Disclosure

Unit Investment Trust (UIT) Payments Disclosure

Pershing LLC Disclosure Statement

Pershing LLC acts on behalf of many financial organizations as clearing agent and custodian for various types of brokerage accounts. Pershing delivers a Disclosure Statement at account opening to new accounts of record.

The Disclosure Statement details the relationship and allocation of responsibilities between the introducing financial organization and Pershing as clearing agent and custodian. This document also discloses other important information. We encourage you to carefully review the Disclosure Statement and contact your financial organization if you have any questions.
Download Pershing LLC's 2009 Disclosure Statement
(Adobe Acrobat required)

Annuity Servicing Fees Disclosure

Pershing may receive servicing fees from certain insurance companies that participate in Pershing's annuity program. Participation by your financial organization in this program is optional. These fees may be considered revenue sharing and are a source of revenue for Pershing.

Pershing also receives operational reimbursement fees from certain insurance companies. A flat fee per holding is paid to Pershing for the services it provides, which may include, but is not limited to posting, accounting reconciliation, and client statement preparation and mailing. These fees are a source of revenue for Pershing. For a listing of insurance companies that pay Pershing revenue sharing and processing fees, please refer to www.pershing.com/annuity_fees.htm.

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. Additional information regarding such payments is available at www.pershing.com/ARS_fees.html.

Unit Investment Trust (UIT) Payments Disclosure

When Pershing acts upon the instruction of your financial organization to execute the purchase of a UIT, Pershing may receive a payment based on the volume of sales processed by Pershing. Your financial organization may receive a concession for the sale of the UIT to you. Such payments are disclosed in the applicable trust prospectus. Additional information regarding such payment and a list of sponsors are available at www.pershing.com/UIT_fees.html.

Systems Requirements

	Windows	Mac
Operating Systems Supported	Windows 7, XP and Vista	OS X (10.5.x or higher)
Browsers Supported	IE 7, 8 and 9  Firefox 3.6.x and 9.0.x  with JRE plugin 1.4x or higher	Safari 4.x and 5.x with JRE plugin 1.4x or higher

Dreyfus Consumer Privacy Policy

View Consumer Privacy Policy

Online Agreement

By clicking on the "I Agree" button below and using the dreyfuslionaccount.netxselect.com web site, You acknowledge that You have reviewed this Agreement and agree to its terms and conditions.

You agree to use the MBSC Securities Corporation ("MBSC Securities") online trading and customer account services (“Online Services”) strictly in accordance with the terms and conditions of The Dreyfus Lion Account® Agreement, as amended from time to time. You also agree to be bound by any rules, procedures and conditions established by MBSC Securities or Pershing LLC concerning the use of the Online Services provided by Pershing LLC.

You acknowledge that MBSC Securities or Pershing LLC may modify or discontinue the Online Services offered without prior notice to You. In addition, MBSC Securities or Pershing LLC reserves the right to terminate Your access to the Online Services or any portion thereof, in its sole discretion, without notice and without limitation, for any reason whatsoever, including but not limited to, the unauthorized use of Your access numbers, passwords and/or account numbers.

Access and Security

You agree that You are responsible for the confidentiality and use of Your User ID, password and PIN. You agree to be responsible for all orders entered through the Online Service via the use of Your User ID, password, or PIN. You agree to promptly notify MBSC Securities if You: (i) become aware of the theft or unauthorized use of Your USER ID, password, or PIN; (ii) fail to receive confirmation of an order placed through the Online Services; or (iii) receive confirmation of an order that You did not place or other inaccurate report of activities in Your account(s).

Risks of Online Trading

Your access to the Online Services, or any portion thereof, may be restricted or unavailable during periods of peak demand, extreme market volatility, systems upgrades or other reasons. In the event that Your access to the Online Services, or any portion thereof, is restricted or unavailable, You agree to use other means to place Your orders or access information, such as calling a MBSC Securities representative. By placing a trade through the Online Services, You acknowledge that Your order may not be reviewed by a registered representative prior to execution. You agree that MBSC Securities and Pershing LLC are not liable to You for any losses, lost opportunities or increased commissions that may result from Your inability to use the Online Services to place orders or access information.

Fast and Volatile Markets

During periods of heavy trading and/or wide price fluctuations, in addition to possible delays in placing Your orders or accessing information through the Online Services, You acknowledge that there may be a significant difference between the quote You receive prior to or at the time You place the order and the execution price You receive.

Market Data

You understand and agree that: (1) The proprietary rights to all Market Data (last sales prices, bids, offers and related information provided to You) are owned by the Data Disseminators (i.e., the various securities markets such as the NYSE and NASDAQ and other entities that make, or assist in making, Market Data available to You); (2) the Market Data and other information provided to You is on a "best-efforts" basis and that neither MBSC Securities, Pershing LLC nor any Data Disseminator guarantees the timelines, sequence, accuracy or completeness of Market Data or other messages that the Data Disseminators may disseminate; (3) the Data Disseminators, MBSC Securities and Pershing LLC shall not be liable to You or to any other person for any loss or damage arising from inaccuracies, errors, omissions, delays, interruptions or non-performance due to any negligent act or omission of any Data Disseminator, MBSC Securities or Pershing LLC or for any other cause beyond their reasonable control; (4) neither MBSC Securities, Pershing LLC nor any Data Disseminator may be held liable for any discontinuance on the provision of Market Data or for any change in the manner of distribution for any reason; (5) Market Data is made available for Your own individual use and You are prohibited from furnishing it to any other person or entity; (6) MBSC Securities or Pershing LLC may terminate Your access to any or all Market Data, or any Data Disseminator may terminate my authorization to receive Market Data, at any time; (7) Data Disseminators are third party beneficiaries under this Agreement and are entitled to enforce this Agreement by legal proceeding or otherwise against You or any person that gains access to or uses Market Data other than as this Agreement contemplates. You shall pay the reasonable attorney's fees that any Data Disseminator may incur in so enforcing this Agreement; (8) MBSC Securities and Pershing LLC shall have no liability under any conditions should You use the Online Services or facilities of the Internet and/or its private data network to conduct business with MBSC Securities or Pershing LLC; and (9) nothing in this Agreement should be deemed as a solicitation or recommendation to buy or sell any securities or options.

Online Communications

You agree to the following terms with respect to Your use of online communications, such as e-mails, via Online Services: You will not transmit orders using online communications except through those online features designated by MBSC Securities or Pershing LLC for placing orders; You will not use any online communication feature of the Online Services for purposes that may be unlawful, libelous, defamatory, obscene or threatening; You will not post, reproduce or distribute any information, software or other materials protected by copyright or other intellectual property rights without first obtaining the permission of the owner of such rights; You agree to provide MBSC Securities with Your e-mail address, promptly notify MBSC Securities with any changes to Your e-mail address and accept online communications from MBSC Securities at the indicated e-mail address; and You agree to be bound by any consent or agreement You transmit through the Online Services, including but not limited to, any consent or agreement You give to receive communications from MBSC Securities solely through online means. You acknowledge that when You click on an "I agree," "I consent" or other similarly-worded entry with Your keystroke or other computer device, Your consent or agreement will be legally binding and enforceable.

Order Flow

Payment for Order Flow Practices

The Dreyfus Lion Account® has entered into a Clearing Agreement with Pershing pursuant to applicable regulations including NYSE Rule 382. Under the terms of the Clearing Agreement, Pershing provides certain services to The Dreyfus Lion Account® including trade execution, clearance, and custodial services. Equity orders placed with The Dreyfus Lion Account® that are routed to Pershing may be sent to exchanges, Electronic Communication Networks, or other broker-dealers during normal business hours and during extended trading sessions. Certain of these venues provide payments or charge access fees to Pershing depending upon the characteristics of the order and any subsequent execution.

In addition, Pershing may execute as a principal certain equity orders received from or through The Dreyfus Lion Account®. The details of these payments and fees are available upon written request. Pershing receives payments for directing listed options order flow to certain option exchanges. Compensation is generally in the form of a per option contract cash payment. This disclosure only applies to orders placed with The Dreyfus Lion Account® that are routed to Pershing.

The Dreyfus Lion Account® does not receive payment for order flow.

Best Execution

Notwithstanding the previous paragraph regarding payment for order flow, Pershing selects certain market centers to provide execution of over-the-counter and exchange-listed securities transactions which agree to accept orders, transmitted electronically up to a specified size, and to execute them at or better than the National Best Bid or Offer (NBBO). On certain larger orders, or if the designated market centers do not make a market in the subject security, Pershing directly contacts market centers to obtain an execution. The designated market centers to which orders are automatically routed are selected based on the consistent high quality of their executions in one or more market segments and their ability to provide opportunities for executions at prices superior to the NBBO.

If an order for an exchange-listed security is not immediately executable in the marketplace to which it is routed, such order may be represented in the national marketplace using the various means available for price discovery. Pershing also regularly reviews reports for quality of execution purposes.

The Dreyfus Lion Account®, directly and through third-party market data providers, regularly reviews and monitors transactions executed by Pershing to determine whether clients have received best execution.

Dreyfus Sales Load Discounts

Dreyfus Sales Load Discounts

Email Encryption

Protect Yourself from Email Scams (e.g. Phishing)
You may have experienced or read about recent incidents of unsolicited email messages masquerading as legitimate companies, attempting to solicit recipients into divulging personal and financial information. These "phishing" (also called "brand spoofing") emails may send you to web sites pretending to be legitimate companies or government agencies that ask for your personal and financial information. At no time do we request personal or financial information by sending out unsolicited emails. As a good practice, we advise our clients to NOT send personal identification numbers, account passwords or any other confidential information by email, since email should not be considered a secure method of communication.

How The Scams Work
A common email scam uses unsolicited email to deceive consumers into disclosing confidential personal information. The deceptive email may suggest clicking on a link or attachment for any one of the following reasons:

• Change / update to personal information
• Contests
• Possible suspension of client cards or accounts
• Possible loss of deposit insurance
• Application for products

After clicking on an attachment or link from the unsolicited email, the user will be taken to a bogus site that requests confidential personal information, which could include:

• Bank Card Numbers/User ID's
• Account Numbers
• Personal Identification Numbers (PINs)
• Credit Card Numbers
• Social Security Numbers
• Passwords
• Other Personal or Private Information

How to Identify Scams
There are some commonalities that can help you identify the scams:

• They are designed to mimic the look and feel of a genuine site.
• They are most commonly sent out through unsolicited emails, containing links or attachments.
• The Web address will often have the "@" symbol or a numeric address (eg.123.456.1.2).
• The address may also include the word, phrase or text 'Dreyfus' to make it appear authentic.

How to Help Protect Yourself
It is important to understand that there are ways in which you can help protect yourself from email fraud and web sites that request your personal or banking information:

• If you receive an email that appears to have been sent from MBSC Securities asking for personal or financial information, do not reply or click on the link in the email. The most prudent course of action would be to delete this type of email. If you have any questions, please feel free to contact customer service.
• Always access The Dreyfus Lion Account® web site using your bookmarks or our published URLs.
• Review your financial statements regularly for unauthorized or suspicious transactions.
• Never send personal and/or financial information via unsecured email.
• Do not trust email headers. They can be easily forged.

Dreyfus Business Continuity

Business Continuity

Disclosure Required by New York Stock Exchange Rule 446(D) and NASD Rule 3510

Business Continuity

Dreyfus Brokerage Services takes great pride in the trust that our customers place in us. With that in mind, we want to tell you about our policy for safeguarding customer assets and maintaining our customer service during a significant business disruption.

Dreyfus Brokerage Services maintains a business continuity plan that covers all aspects of the resumption of our business processes. This plan is updated whenever there is a material change to the business. Additionally, Dreyfus Brokerage Services' policy is subject to formal semi-annual reviews, including business risk assessments of the business continuity plan. Changes to processes, products, or business environment are evaluated, and required modifications to the configuration of the recovery sites (described below) are performed. Current copies of Dreyfus Brokerage Services' business continuity plan are maintained at several off-site locations.

As part of our business recovery plan, Dreyfus Brokerage Services maintains alternate business resumption sites for our personnel. These facilities provide for the relocation of Dreyfus Brokerage Services' associates so that we may resume processing operations and trading functions. Each operations or trading workstation used in business continuity is equipped with all the software, as well as all the telecommunication equipment, needed for each associate to continue in their role. Dreyfus Brokerage Services maintains centralized faxes and wire printer rooms where communications are controlled. Dreyfus Brokerage Services also employs telephone rollover technology whereby the telephone company is able to route inbound calls and faxes to our alternate business recovery sites

Whether we are affected by a firm-only, single building or regional disruption, our firm's policy is clear: We will safeguard our employees' lives, make immediate financial and operational assessments, attempt to quickly recover and resume operations, and allow our customers to conduct business. During our recovery period, investors may continue to access their investments electronically. Please bear in mind that if securities markets in general are disrupted, there may be an additional impact.

Dreyfus Brokerage Services can be contacted at 1-800-THE-LION for further instructions or inquiries.

In addition to the Dreyfus Brokerage Services' business continuity plan, Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation (Pershing), also maintains such a plan which is outlined below.

Pershing maintains a business continuity plan, including redundant data centers and alternate processing facilities, to address interruptions to its normal course of business. These plans are reviewed annually and updated as necessary.

The plans outline the actions Pershing will take in the event of a building, city-wide, or regional incident, including relocating technology and operational personnel to preassigned alternate regional facilities. Technology data processing can also be switched to an alternate regional data center. All Pershing operational facilities are equipped for resumption of business and are tested several times per year. Pershing's recovery time objective for business resumption, including those involving a relocation of personnel or technology, is four (4) hours. This recovery objective may be negatively affected by the unavailability of external resources and circumstances beyond our control.

In the event that Dreyfus Brokerage Services experiences a significant business interruption, you or your IA may contact Pershing directly to process limited trade-related transactions, cash disbursements, and security transfers. Instructions to Pershing must be in writing and transmitted via facsimile at (201) 413-5368 or by postal service as follows:

Pershing LLC
P.O. Box 2065
Jersey City, New Jersey 07303-2065

For additional information about how to request funds and securities when Dreyfus Brokerage Services and your IA, cannot be contacted due to a significant business interruption, please visit the Business Continuity and other disclosures section of the Pershing web site at www.pershing.com or call (201) 413-3635 for recorded instructions. If you cannot access the instructions from the web site or the previously noted telephone number, Pershing may be contacted at (213) 624-6100, ext. 500, as an alternate telephone number for recorded instructions."

S&P Agreement

REGISTERED END USER TERMS OF USE FOR S&P PRODUCTS
PLEASE READ THE AGREEMENT BELOW BEFORE USING ANY OF THE PRODUCTS OR SERVICES AVAILABLE AND INDICATE YOUR ACCEPTANCE BY CLICKING ON THE "I ACCEPT" BUTTON AT THE END OF THE AGREEMENT TO CONTINUE
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ADDITIONAL ACKNOWLEDGEMENT
You agree and acknowledge that the CUSIP Database and the information contained therein is and shall remain valuable intellectual property owned by, or licensed to, Standard & Poor's CUSIP ServiceBureau ("CSB") and the American Bankers Association ("ABA"), and that no proprietary rights are being transferred to you in such materials or in any of the information contained therein. You agree that misappropriation or misuse of such materials will cause serious damage to CSB and ABA and that in such event money damages may not constitute sufficient compensation to CSB and ABA; consequently, you agree that in the event of any misappropriation or misuse, CSB and ABA shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which CSB and ABA may be entitled. You agree that you shall not publish or distribute in any medium the CUSIP Database or any information contained therein or summaries or subsets thereof to any person or entity except in connection with the normal internal processing of security transactions. You further agree that the use of CUSIP numbers and descriptions is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a file of CUSIP descriptions or numbers for any other third party recipient of such service and is not intended to create and does not serve in any way as a substitute for the CUSIP MASTER TAPE, PRINT, ELECTRONIC and/or CD-ROM Services.

NEITHER CSB, ABA NOR ANY OF THEIR AFFILIATES MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY OF THE INFORMATION CONTAINED IN THE CUSIP DATABASE. ALL SUCH MATERIALS ARE PROVIDED TO YOU ON AN "AS IS" BASIS, WITHOUT ANY WARRANTIES AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE NOR WITH RESPECT TO THE RESULTS WHICH MAY BE OBTAINED FROM THE USE OF SUCH MATERIALS. NEITHER CSB, ABA NOR THEIR AFFILIATES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY FOR ANY ERRORS OR OMISSIONS NOR SHALL THEY BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT OR INDIRECT, SPECIAL OR CONSEQUENTIAL EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL THE LIABILITY OF CSB, ABA OR ANY OF THEIR AFFILIATES PURSUANT TO ANY CAUSE OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE EXCEED THE FEE PAID BY YOU FOR ACCESS TO SUCH MATERIALS IN THE MONTH IN WHICH SUCH CAUSE OF ACTION IS ALLEGED TO HAVE ARISEN. FURTHERMORE, CSB AND ABA SHALL HAVE NO RESPONSIBILITY OR LIABILITY FOR DELAYS OR FAILURES DUE TO CIRCUMSTANCES BEYOND THEIR CONTROL.

By clicking below I hereby represent and warrant that the S&P Products shall not be reproduced, disseminated, sold, redistributed or circulated in any manner by me to third parties except as permitted in writing by S&P, and such information shall not be electronically stored in my computer system. I agree to protect the copyright and/or other proprietary rights of S&P and its licensors in the S&P services, and I shall honor and comply with all reasonable written requests of S&P to protect S&P's and its licensors contractual, statutory and common law rights in the S&P Products.