Callable Securities Disclosure
Wells Fargo Clearing Services, LLC (WFCS) acts as the clearing broker for Wells Fargo Advisors, providing certain record-keeping, operational and clearing services. For securities that may be called in part, WFCS uses an impartial lottery process to determine which securities will be called. The impartial lottery process uses a mathematical formula that will allocate among our customers the securities selected to be called on a fair and impartial basis. For calls deemed favorable to the called parties, WFCS shall not allocate the securities to any account in which it or its associated persons have an interest until all of our other customers’ positions in such securities have been satisfied. For calls deemed unfavorable to the called parties, WFCS shall include its positions and those of its associated persons in the pool of securities eligible to be called.