PNC Capital Markets LLC (“PNCCM”) or its affiliates may trade the securities/instruments that are the subject of/mentioned above for its own account for resale to clients and, as a result, may have an ownership interest in these financial instruments.

This is informational only and is not intended as an offer or a solicitation to buy or sell any security/instrument or to participate in any trading strategy. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who read it. PNCCM believes the information contained herein to be reliable and accurate, however; neither PNCCM nor its affiliates make any guaranty or warranty as to its reliability or accuracy.

PNCCM is not providing investment, legal, tax, financial, accounting, or other advice to you or any other party. PNCCM is not acting as an advisor or fiduciary in any respect in connection with providing this information, and no information or material contained herein is to be construed as either projections or predictions. Past performance is not indicative of future results.

Allocation of Callable Securities: account may contain “callable” securities, which allow the issuer to repurchase or redeem the securities by a specified date.  In the event of a partial redemption or call of securities by the issuer, PNCCM will allocate among its customers, the securities being selected as called, on a fair and impartial basis through a randomized lottery system.  If your account contains callable securities subject to a partial redemption or call, the probability of your securities being selected as called is proportional to the holdings of all customers of such securities held in bulk by PNCCM.  Notwithstanding the foregoing statements, PNCCM will further ensure equitable allocation of the callable securities by excluding itself as well as its interested persons from the lottery system when the redemption is made on terms that are favorable to PNCCM; and including itself as well as its interested persons in the lottery system when the redemption is made on terms that are unfavorable to PNCCM.

PNCCM, member of FINRA and SIPC, is an affiliate of PNC Bank, National Association (“PNC Bank”). PNC Bank and PNCCM are subsidiaries of The PNC Financial Services Group, Inc. (“PNC”).   Investment banking and capital markets activities are conducted by PNC through its subsidiaries PNC Bank, National Association, PNCCM, Harris Williams LLC, Solebury Capital LLC, and Sixpoint Partners LLC. Services such as public finance investment banking services, securities underwriting, and securities sales and trading are provided by PNCCM.

PNCCM is registered with the U.S. Securities and Exchange Commission and the Municipal securities Board, customers may obtain an investor brochure that is posted on the website of the Municipal Securities Rulemaking Board at www.msrb.org that describes the protections that may be provided by the Municipal Securities Rulemaking Board rules and how to file a complaint with an appropriate regulatory authority.

"PNC Public Finance Disclosure" »

Important Investor Information – Securities, insurance, foreign exchange, and derivative products are:

Not FDIC Insured • Not Bank Guaranteed • Not A Deposit
Not Insured By Any Federal Government Agency • May Lose Value