BOK Financial Securities logo

Money Market Fund Disclosures

Cash Sweep Program

Money Market Fund and FDIC Insured Choices
An investment in a money market fund (“Fund”) is neither insured nor guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Investors should consider the investment objective, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other important information, is available from your Financial Advisor and should be read carefully before investing. Sweep Choices.

BOK Financial Securities, Inc. ("BOKFS") provides our customers with the convenience of sweeping available cash from your brokerage account into one or more investment or depository vehicles upon settlement. These options are detailed below. There are two choices: the Money Market Sweep Program or the FDIC Insured Bank Deposit Program. Within the Money Market Sweep Program, you may choose from a varied selection of available money market funds. For the FDIC Insured Bank Deposit Program, there is only one selection.

Why choose a sweep account? Our cash sweep program allows you to earn a return on the uninvested cash balances for which no interest is otherwise earned or paid. The funds are automatically placed (“swept”) into a sweep vehicle until such balances are invested by you or otherwise needed to satisfy obligations in connection with your account.

Rates of Return and Minimum Investment Amounts
The rates of return you will earn vary over time and by the program and money market fund you choose. Current rates and minimum investment amounts may be obtained from your Financial Advisor There is no guarantee that the yield on any particular cash sweep will remain higher than others over any given period of time. The rate of return on any of the sweep vehicles offered may be lower than that of similar investments offered outside of this program.

Money Market Sweep Choices
BOKFS has entered into an agreement with Pershing, LLC ("Pershing") for the distribution of certain money market funds ("Fund"). You may select one of these money market funds to be linked to your BOKFS account. If you choose to link your account(s) to a Fund, your available cash balances are swept to the Fund upon settlement.

The money market funds available to choose from are listed in Appendix A. BOKFS may change these funds with 30 days written notice. Each fund has a different investment approach and may provide added benefits to investors.

Pershing, LLC is a wholly owned subsidiary of The Bank of New York Mellon Corporation (BNY Mellon) and a member of FINRA, the New York Stock Exchange (NYSE) and SIPC. Our brokerage and advisory accounts are custodied at Pershing.

Affiliated Money Market Funds
BOKFS has entered into additional agreements with Pershing for the distribution of certain money market funds (“Cavanal Hill Funds”) operated by Cavanal Hill Investment Management, Inc., an affiliate of BOKFS. The Cavanal Hill Funds are also listed on Appendix A.

Because Cavanal Hill Funds are affiliated with BOKFS, BOKFS and its affiliates will earn direct and indirect compensation when you choose a Cavanal Hill Fund. This compensation will be earned by Cavanal Hill Funds, Cavanal Hill Investment Management, BOK Financial Securities, Inc. and BOKF, NA. BOKFS serves as the distributor for Cavanal Hill Funds and BOKF, NA serves as the custodial bank. BOKF, NA also provides shareholder services and receives custody and shareholder service fees for providing these services to Cavanal Hill Funds.

Please discuss your particular needs and circumstances with your BOKFS Financial Advisor to determine which fund is best suited for your investment needs. Even though these are money market funds, each will have different levels of risk and different expenses that will affect the return. Of course, past performance is no guarantee of future results.

Money Market Service, Support, and Operating Costs
Money market funds typically bear ongoing fees and expenses to operate their business. These fees can include management fees, 12b‐1 fees, shareholder services fees, and other expenses. These costs are deducted from a fund’s assets, reducing investment returns. Many money market funds, including those listed on Appendix A, pay 12b‐1 fees that compensates third parties for distribution activities and/or shareholder servicing. In addition, a financial institution, such as BOKF, NA may also provide shareholder services, sub accounting, processing of purchases, redemptions and exchanges, dividend reinvestment, consolidated account statements, tax reporting and/or marketing services and support to its clients that are invested in the money market funds.

In general, money market funds are offered to meet the liquidity needs of clients but unlike bank deposits, money market funds are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund (see Fund Prospectus). In general, money market funds seek to achieve the highest rate of return (less fees and expenses) consistent with prudence and their investment objectives.

FDIC‐Insured Bank Deposit Program Sweep Choice
If you choose this program, you are able to invest in the Reich & Tang Deposit Solutions, LLC Liquid Insured Deposits Program (the “Program”). In this Program available cash in your brokerage account will be deposited into an interest‐bearing deposit account (“Deposit Account”) at up to 10 or more FDIC‐insured banks (“Program Banks”) set forth in the Program Bank List (each a “Bank”). The Program seeks to make available up to $2.5 million of FDIC insurance coverage (or $5 million for Joint Accounts as defined in the Program’s terms and conditions) subject to any limitations.

The rate of return on the FDIC‐Insured Bank Deposit Sweep Program is set by the affiliated banks, which may seek to pay as low a rate as possible consistent with their views of competitive necessities.

The Program Bank List may be obtained from your BOKFS representative or https://www.fdic.gov/bank/statistical/.

Pershing will act as your agent and custodian in establishing and maintaining the Deposit Accounts at each Bank. Although the Deposit Accounts are obligations of the Banks and not BOKFS or Pershing, you will not have a direct relationship with the Banks. All deposits and withdrawals will be made by Pershing on your behalf. Information about your Deposit Accounts may be obtained from Pershing, not the Banks.

The deposit insurance limit for most insurable capacities (e.g., individual, IRAs, etc.) is $250,000. The deposit insurance limit for joint insurable capacities is $500,000. Funds in the Deposit Accounts at each Bank are eligible for deposit insurance by the FDIC up to a total of $250,000 principal and accrued interest per depositor when aggregated with all other deposits held in the same insurable capacity at a Bank. For example, funds in the Deposit Accounts at a Bank held by an individual are insured up to $250,000 and funds in the Deposit Accounts at a Bank held jointly by two or more individuals are insured up to $250,000 per joint owner.

Any deposits (including certificates of deposit) that you maintain in the same capacity directly with a Bank or through an intermediary (such as another broker), regardless of the number of brokerage accounts, will be aggregated with deposits in your Deposit Accounts at the Bank for purposes of the Maximum Applicable Deposit Insurance Amount. You are responsible for monitoring the total amount of deposits that you have with each Bank, including an Excess Bank (described below), in order to determine the extent of FDIC deposit insurance coverage available to you. Funds maintained in the Deposit Accounts at the Bank are not eligible for coverage by the Securities Investor Protection Corporation (“SIPC”). You should review carefully the Terms & Conditions of the Liquid Insured Deposit for information about FDIC insurance and SIPC.

Multiple brokerage accounts held in the same insurable capacity (e.g., more than one brokerage account in your own name, more than one brokerage account held jointly with the same person) do not receive separate FDIC insurance for funds deposited in Deposit Accounts at the same Bank. As a result, if you have brokerage accounts that have been linked for purposes of the Program, the aggregate funds from those linked brokerage accounts deposited at one Bank through the Program will not exceed the Deposit Limit. You may at any time ask your Financial Advisor to identify the brokerage accounts that have been linked, and you may direct Pershing to link brokerage accounts that have not been linked. In any event, it remains at all times your obligation to monitor the total amount of your deposits at any one Bank for purposes of ensuring FDIC coverage for your funds, particularly since you may have other deposits at a particular Bank of which we are unaware.

As described above, you will not have a direct account relationship with the Banks. However, each Deposit Account constitutes an obligation of a Bank and is not directly or indirectly an obligation of BOKFS or Pershing. You can obtain publicly available financial information concerning each Bank at https://www.fdic.gov/bank/statistical/ or by contacting the FDIC Public Information Center by mail at L. William Seidman Center, Virginia Square, 3501 North Fairfax Drive, Arlington, Virginia 22226 or by phone at (703) 562‐2200. BOK Financial Securities, Inc. does not guarantee in any way the financial condition of the Banks or the accuracy of any publicly available financial information concerning such Banks.

The Liquid Insured Deposit Terms and Conditions, which contains other important information, is available from a BOKFS Financial Advisor and should be read carefully before investing.

The FDIC‐Insured Sweep Program is not subject to market risk and value loss but is subject to the risk of a bank’s failure. In the unlikely event a bank fails, deposits at each bank are eligible for FDIC insurance protection as outlined.

How Compensation is Paid to BOKFS and Your Financial Advisor
BOKFS receives a monthly fee from Pershing for distribution and shareholder services provided by BOKFS. The fee is based upon a fixed percentage applicable to each fund. The fee paid to BOKFS will defray the various costs of offering the program to BOKFS customers, including those associated with the daily sweep arrangement. BOKFS Financial Advisors will be compensated on these investments.

How do I choose?
If you do not select a program when you open your account, or you select an ineligible Cash Sweep Vehicle, the default selection will be the Cavanal Hill Cash Management Premier Money Fund. This is an affiliated fund as outlined in the section Affiliated Money Market Funds. Available funds from retirement accounts may only be swept into certain options, please consult your BOKFS Financial Advisor.

FUND ACRONYM TICKER SYMBOL CUSIP MANAGER NAME
CAVANAL HILL CASH MGMT PREMIER CHCP APPXX 14956p695 CAVANAL
CAVANAL HILL TAX FREE PREMIER CHXP ACPXX 14956P695 CAVANAL
FEDERATED CA MUNI CAPITAL SH CACS CCCXXX 608919502 FEDERATED
FEDERATED CA MUNI CASH TRS INV CMIV CMIXX 608919692 FEDERATED
FEDERATED CA MUNI CASH SERIES FCAC CCSXX 608919403 FEDERATED
FEDERATED CAPITAL RESERVES FCR FRFXX 608919304 FEDERATED
FEDERATED CT MUNI CASH SERIES FCTCR CTCXX 608919601 FEDERATED
FEDERATED FL MUNI CASH SERIES FFLC FLSXX 608919700 FEDERATED
FEDERATED GA MUNI CASH TRUST FGA GAMXX 60934N328 FEDERATED
FEDERATED GOVERNMENT RESERVES FGR GRFXX 608919205 FEDERATED
FEDERATED MA MUNI CASH SERIES FMA FMCXX 608919882 FEDERATED
FEDERATED MI MUNI SERVICE SH FMI MIMXX 60934N377 FEDERATED
FEDERATED MN MUNI CASH SERIES FMN MNMXX 60934N484 FEDERATED
FEDERATED MUNICIPAL TRUST FMU MUTXX 608919106 FEDERATED
FEDERATED NJ MUNI CASH SERIES FNJC NJCXX 608919874 FEDERATED
FEDERATED NY MUNI CASH SERIES FNYC FNCXX 608919866 FEDERATED
FEDERATED OH MUNI CASH TRST II FOH FOHXX 60934N419 FEDERATED
FEDERATED PA MUNI SERVICE SH FPAS FPAXX 60934N542 FEDERATED
FEDERATED VA MUNI CASH SERIES FVAC VCSXX 608919825 FEDERATED
FEDERATED GOVT OBLIG CAPITAL GOFC GOCXX 608919809 FEDERATED
FEDERATED GOVT OBLIG SERVICE GOSS GOSXX 60934N807 FEDERATED
FEDERATED GOV OBL TAX‐MNGD SVC GOTS GTSXX 60934N849 FEDERATED
FEDERATED MUNI OBLIG CAPITAL MOCS MFCXX 60934N633 FEDERATED
FEDERATED MUNI OBLIG SERVICE MOSS MOSXX 60934N641 FEDERATED
FEDERATED NC MUNI CASH TRUST NCTF NCMXX 60934N278 FEDERATED
FEDERATED NY MUNI CASH WEALTH NYIS NISXX 608919858 FEDERATED
FEDERATED PRIME CASH OBLIG CAP PCOC PCCXX 60934N591 FEDERATED
FEDERATED PRIME CASH OBLIG SVCX PCOS PRCXX 60934N617 FEDERATED
PERSHING GOVERNMENT ACCOUNT PGR GRFXX 608919205 FEDERATED
FEDERATED PA MUNI CASH SERIES PMCT PACXX 60934N526 FEDERATED
FEDERATED PRIME OBLIG SERVICE POSS PRSXX 60934N708 FEDERATED
PERSHING PRIME RESERVES PPR FRFXX 608919304 FEDERATED
FEDERATED PRIME VALUE OBL CAP PVOC PVCXX 60934N567 FEDERATED
FEDERATED PRIME VALUE OBL SVC PVOS PVSXX 60934N57 FEDERATED
FEDERATED TAX‐FREE OBL SERVICE TFOS TBSXX 60934N880 FEDERATED
FEDERATED TREAS OBLIG CAPITAL TROC TOCXX 60934N823 FEDERATED
FEDERATED TREAS OBLIG SERVICE TROS TOSXX 60934N872 FEDERATED
FEDERATD TRST FOR TREAS CSH SR TTOC TCSXX 608919569 FEDERATED
FEDERATED US TREASURY INSTL SH USTI UTIXX 60934N682 FEDERATED
FEDERATED US TREASURY SERVICE USTS TISXX 60934N674 FEDERATED
SHORT TERM US GOVT ISDS CLASS OGSD OFFSHR G3355L101X FEDERATED
SHORT TERM US GOVT IDS CLASS OGVD OFFSHR G3355L119 FEDERATED
SHORT TERM US PRIME IS CLASS OPIS OFFSHR G33562169 FEDERATED
SHORT TERM US PRIME ISDS CLASS OPSD OFFSHR G33562144 FEDERATED
SHORT TERM US PRIME IDS CLASS OPVD OFFSHR G33562151 FEDERATED
SHORT TERM US TREAS ISS CLASS OTSS OFFSHR G3356B102 FEDERATED
GENERAL MNY MKT FUND CL B GMMB GMBXX 370375206 FEDERATED
PERSHING PRIME MONEY MARKETX PPM GMBXX 370375206 DREYFUS
CASH ACCT TRST GOV & AGNCY SRV CGAA CAGXX 147539837 SCUDDER
CASH ACCT TRST TAX EX SERVICE CTES CHSXX 147539696 SCUDDER

Securities, insurance, and advisory services offered through BOK Financial Securities, Inc., member FINRA/SIPC and an SEC registered investment adviser. Services may be offered under our trade name, BOK Financial Advisors. Invest­ment and insurance products are: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Investments involve risk, including loss of principal. Past performance does not guarantee future results. There is no assurance that the investment process will consistently lead to successful investing. Asset allocation and diversification do not eliminate the risk of experiencing investment losses. Risks applicable to any portfolio are those associated with its underlying securities.

This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only and on the understanding that the recipient has sufficient knowledge and experience to be able to understand and make their own evaluation of the proposals and services described herein, any risks associated therewith and any related legal, tax, accounting or other material consid­erations. Recipients should not rely on this material in making any future investment decision. To the extent that the reader has any questions regarding the applicability of any specific issue discussed above to their specific portfolio or situation, you are encouraged to consult with a qualified lawyer, accountant, or financial professional.

BOKF, NA is the bank subsidiary of BOK Financial Corporation (BOKF), a financial services holding company (NASDAQ:BOKF). BOKF offers trust and wealth management services through its subsidiaries including BOKF, NA (and its banking divisions Bank of Oklahoma, Bank of Texas, Bank of Albuquerque, and BOK Financial) and investment advisory services through its non-bank subsidiaries Cavanal Hill Investment Management, Inc., and BOK Financial Private Wealth, Inc., each an SEC registered investment adviser, and BOK Financial Securities, Inc., also an SEC registered investment adviser and registered broker/dealer, member FINRA/SIPC (each an “Investment Affiliate”) (collectively, “BOKF”).

INVESTMENT AND INSURANCE PRODUCTS ARE: NOT FDIC INSURED | NOT GUARANTEED BY THE BANK OR ITS AFFILIATES | NOT DEPOSITS | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | MAY LOSE VALUE.