Alternative Trading Systems Notice to IRA and ERISA Accounts

Wells Fargo Advisors (WFA), as part of its on-going efforts to provide best execution to its clients, frequently uses electronic communication networks, alternative trading systems, or similar execution systems or trading venues (collectively, “Alternative Trading Systems”) for transactions involving the purchase or sale of securities or other property. This notice is designed to give Individual Retirement Account investors and retirement plan clients information about WFA’s use of such systems as required by the Employee Retirement Income Security Act of 1974 (ERISA).

The Alternative Trading Systems to which WFA directs IRA and ERISA client order flow:

• Are subject to applicable Federal regulation and oversight (or to a foreign regulatory entity’s regulation and oversight);
• Generally match purchase and sale orders either (1) by rules designed to find the best price available or (2) by not taking into account the identity of the parties involved in the transaction
• Executes transactions at prices that are at levels that are no greater than the price and compensation levels associated with other arm’s length transaction providers. WFA receives compensation from such transactions.

WFA may route order flow to affiliate firm, Wells Fargo Securities, LLC (WFS), who may subsequently route certain orders to the below list of Alternative Trading Systems (ATS) or other similar electronic trading venues for matching and price improvement opportunities. WFS may also route certain orders to MEMX, a market operator in which an affiliate of Wells Fargo holds a minority ownership interest.

• Citadel Connect
• Hudson River SDP
• IEX Exchange
• Intelligent Cross ATS
• Jane Street JX
• Jump Execution, LLC
• Level ATS
• NASDAQ MELO
• OneChronos
• UBS ATS
• Virtu Ping
• Virtu vEQ Link

Below please find a list of Electronic Communication Networks, Alternative Trading Systems or similar Execution or Trading System to which WFA may direct trades:

Equities:

• CBOE BZX Equities Exchange
• Citadel Securities
• Miami Stock Exchange
• NASDAQ
• National Stock Exchange
• NASDAQ International Securities Exchange (ISE)
• NASDAQ PHLX
• New York Stock Exchange (NYSE)
• NYSE American Stock Exchange – formerly NYSE MKT and NYSE Amex NYSE
• NYSE ARCA
• NYSE Chicago Stock Exchange
• OTC Link, LLC
• Two Sigma Securities, LLC
• Virtu Financial

Options:

• BOX Exchange
• Chicago Board Options Exchange (CBOE)
• CBOE BZX Options Exchange
• CBOE C2 Options Exchange
• CBOE EDGX Exchange
• Citadel Securities
• Dash Financial Technologies
• Interactive Brokers
• ISE
• ISE Gemini
• ISE Mercury
• Members Exchange
• MIAX Exchange
• MIAX Emerald
• MIAX Pearl
• MIAX Sapphire
• Morgan Stanley
• NASDAQ OMX
• NASDAQ OMX BX
• NASDAQ OMX PHLX
• NYSE Amex Options
• NYSE ARCA Options
• Susquehanna
• Wolverine Execution Services

Fixed Income

• Bonds.com
• ICE Bondpoint
• ICE NYSE Bonds
• ICE TMC Bonds
• MarketAxess
• Tradeweb Direct