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Cash Sweep Program Terms and Conditions

BOK Financial Securities, Inc. Cash Sweep Program

Money Market Fund Sweep and FDIC Insured Bank Deposit Sweep
BOK Financial Securities, Inc. ("BOKFS") provides our customers with the convenience of sweeping available cash (i.e., free credit balances) from your brokerage account into one or more sweep products. There are two sweep products available: the Money Market Sweep and the FDIC Insured Bank Deposit Sweep.

The BOKFS Cash Sweep Program allows you to earn a return on uninvested cash balances in your account, for which no interest is otherwise earned or paid. Once enrolled, available cash is automatically invested (“swept”) into the selected sweep product until such balances are otherwise invested by you or used to satisfy obligations associated with your account.

BOKFS may change the terms and conditions of the Cash Sweep Program, including the selection of sweep products, with 30 days written notice.

Rates of Return and Minimum Investment Amounts

The Cash Sweep Program rates of return will vary over time and by the cash sweep product you choose. Current rates and minimum investment amounts may be obtained from your financial professional. There is no guarantee that the yield on any cash sweep product will remain consistent or comparable to others over any given period of time. The rate of return on any of the sweep products offered may be lower than that of similar investments offered outside of this program.

Money Market Sweep Product

The Money Market Sweep product sweeps your available cash balances to a money market fund (“Fund”). BOKFS has entered into agreements with Pershing, LLC* ("Pershing") to make available certain money market funds, which are listed below. You may select one of the listed Funds as the sweep product for your BOKFS account. Your available cash balances are swept to the selected Fund upon settlement. BOKFS may change the Funds with 30 days written notice.

Please discuss your needs and circumstances with your BOKFS financial professional to determine which Fund is best suited for your investment needs. Each available Fund differs in investment approach, associated level of risk, and expense. Past performance is no guarantee of future results. In general, money market funds are offered to meet the liquidity needs of clients. 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 the selected Fund’s 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.

*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. BOKFS brokerage and advisory accounts are custodied at Pershing.

Affiliated Money Market Funds

Included in the Funds available for your selection are certain money market funds administered and advised by Cavanal Hill Investment Management, Inc., an affiliate of BOKFS (“Cavanal Hill Funds”). The available Cavanal Hill Funds are identified in the list below with the Cavanal Hill name.

Cavanal Hill Funds relationships with BOKFS and its affiliates result in direct and indirect compensation for services provided to Cavanal Hill Funds. This creates a conflict of interest. The compensation will be earned by Cavanal Hill Funds, Cavanal Hill Investment Management, BOK Financial Securities, Inc., and BOKF, NA. Cavanal Hill Distributors 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 services to Cavanal Hill Funds.

Money Market Service, Support, and Operating Costs

Money market funds typically bear ongoing fees and expenses used 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 the Funds listed below, pay fees that compensate third parties for distribution activities and/or shareholder servicing. In addition, a financial institution, such as BOKF, NA, may provide, and be compensated for, shareholder services, sub-accounting, processing of purchases, redemptions and exchanges, dividend reinvestment, consolidated account statements, tax reporting, marketing services and support to its clients that are invested in money market funds. See, Compensation Paid to BOKFS and Your Financial Professional.

FDIC‐Insured Bank Deposit Sweep Product

The FDIC-Insured Bank Deposit Sweep product sweeps your available cash balances to the BOKF, NA Bank Deposit Program (the “Program”). Please see the BOK Financial Securities, Inc. Bank Deposit Product Disclosure Statement and Terms and Conditions (“Program Terms and Conditions”) for more details. Capitalized terms used in this document but not otherwise defined herein are as defined in the Program Terms and Conditions.

Under the Program, available cash in your brokerage account will be deposited into an interest‐bearing deposit account (“Deposit Account”) at BOKF, NA, an FDIC‐insured bank (“Program Bank”). BOKFS is affiliated with the Program Bank. When your cash balances are swept to the Program Bank, it will realize an economic benefit. BOKFS will receive a fee from BOKF, NA for Program balances directed to it, which it can choose to share with your financial professional. These relationships create conflicts of interest.

For brokerage accounts opened on or after July 10, 2024, uninvested cash balances exceeding the Product Deposit Limit will be swept into the Default Money Fund, the Cavanal Hill Government Securities Money Market Fund (APPXX). Cavanal Hill Funds is a registered investment company, with service providers that are affiliates of BOKFS. When your Excess Balance is allocated to the Cavanal Hill Government Securities Money Market Fund, the Cavanal Hill Funds and its service providers will realize an economic benefit from the investment. This creates conflicts of interest.

Rate of Return and Program Bank Account

The rate of return on the FDIC‐Insured Bank Deposit Sweep Program is set by the Program Bank, and will vary over time. The current rate of return may be obtained from your financial professional.

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

FDIC Insurance Coverage and Limitations

The Program seeks to make available up to $250,000 of FDIC insurance coverage (or $500,000 for Joint Accounts) subject to applicable limitations. 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 Account at the Program 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 the Program Bank or through an intermediary (such as another broker), regardless of the number of accounts, will be aggregated with deposits in your Deposit Accounts at the Program Bank for purposes of the Maximum Applicable Deposit Insurance Amount. You are responsible for monitoring the total amount of deposits that you have with the Program Bank in order to determine the extent of FDIC deposit insurance coverage available to you. Funds maintained in Deposit Accounts at the Program Bank are not eligible for coverage by the Securities Investor Protection Corporation (“SIPC”). You should carefully review the Program Terms and Conditions 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 at the Program Bank. If you have brokerage accounts that have been linked for purposes of the Program, the aggregate funds from those linked brokerage accounts, plus any other accounts held in the same capacity, deposited at the Program Bank should not exceed the Deposit Limit. You may at any time ask your financial professional 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, in part because you may have other deposits at the Program Bank of which BOKFS is unaware, it remains at all times, your obligation to monitor the total amount of your deposits at the Program Bank for purposes of ensuring FDIC coverage for your funds.

You can obtain publicly available financial information concerning the Program 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 Program Bank or the accuracy of any publicly available financial information concerning the Program Bank.

The FDIC‐Insured Bank Deposit Sweep Product 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 in the Program Terms and Conditions, which contains other important information, is available from a BOKFS financial professional and should be read carefully before investing.

Additional Information

Compensation Paid to BOKFS and Your Financial Professional

Cash Sweep Program processing fees and revenue sharing arrangements are a source of revenue for Pershing and for BOKFS. Money market funds typically bear ongoing fees and expenses used 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. Pershing receives remuneration paid out of the total operating expenses of the fund. Pershing also receives fees for providing access to its platform from money market funds and bank deposit program providers. Pershing shares some of the fees it receives from the money market fund and bank deposit providers listed below with BOKFS. Specifically, BOKFS receives from Pershing a monthly fee based upon a fixed percentage applicable to each sweep product. BOKFS financial professional compensation is set, based in part, on revenues they generate for BOKFS, including Cash Sweep Program revenues with respect to their client accounts.

Retirement Accounts

Available funds from retirement accounts may only be swept into certain options, which can be identified to you by your BOKFS financial professional. Neither BOKFS nor its financial professionals receive any compensation for sweep products held in advisory retirement and 403 B accounts.

How do I choose?

Please consult your BOKFS financial professional. If you do not select a Cash Sweep Program product when you open your account, or if you select an ineligible product, a default selection, the FDIC-Insured Bank Deposit Sweep will be selected for you.

FUND ACRONYM TICKER SYMBOL MANAGER NAME
BOKF, NA BANK DEPOSIT PRODUCT BOKF
CAVANAL HILL GOVERNMENT SECURITIES MONEY FUND (PREMIER) CHCP APPXX CAVANAL HILL
CAVANAL HILL GOVERNMENT SECURITIES MONEY MARKET FUND (SELECT) CHCSA APSXX CAVANAL HILL
FEDERATED HERMES CAPITAL RESERVES FUND FCR FRFXX FEDERATED HERMES
PERSHING PRIME RESERVES FUND PPR FRFXX FEDERATED HERMES
FEDERATED HERMES MUNI OBLIGATIONS CASH SERIES FUND FMCS MFSXX FEDERATED HERMES
FEDERATED HERMES U.S. TREASURY CASH RESERVE SERVICE SHARES USTS TISXX FEDERATED HERMES

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