BOK FINANCIAL CORPORATION TULSA, Okla., Oct. 18, 2018 (GLOBE NEWSWIRE) -- BOK Financial Corporation (NASDAQ: BOKF) today announced the Cavanal Hill U.S. Treasury Fund and Cavanal Hill Government Securities Money Market Fund will be moving their daily closing time to 3 p.m. CDT effective October 22, 2018.
The 2A-7 Money Market Reforms enacted in 2016 changed the structure of money market funds for the industry. Since that time, Cavanal Hill and its customers have complied with an 11 a.m. CDT daily closing time due to regulatory limitations on late-day liquidity dealers and repurchase agreement counterparties.
Cavanal Hill has since been looking for a way to move the Funds’ daily closing back to 3 p.m. CDT where it had been prior to the enactment of the reforms. Fortunately, changes in late-day liquidity markets have allowed us to once again provide our clients with the convenience that a later daily closing offers.
As of June 29, 2018, both the Cavanal Hill U.S. Treasury Fund and the Cavanal Hill Government Securities Money Market Fund are AAA-mf rated by Standard & Poor’s and Aaa by Moody’s Investors Services, the two main ratings agencies. This signifies that the portfolios’ credit quality, investment policies, market price exposure, and management have the highest possible rating.
For additional information about the Cavanal Hill Funds please visit our website www.cavanalhill.com.
Disclosures:
Cavanal Hill Investment Management, Inc. is an SEC registered investment adviser and a wholly-owned subsidiary of BOKF, NA, a wholly-owned subsidiary of BOK Financial Corporation, a financial holding company (“BOKF”). BOKF, NA serves as the custodian for the Cavanal Hill Funds. BOKF holdings also include the distributor for Cavanal Hill Funds, Cavanal Hill Distributors, Inc., member FINRA.
Cavanal Hill Distributors, Inc. is a wholly-owned subsidiary of BOK Financial Corporation, and an affiliate of BOKF, NA and Cavanal Hill Investment Management, Inc.
These Funds are rated by Standard & Poor’s and Moody’s. The rating is historical and is based upon the Fund’s credit quality, market exposure and management. It signifies that the Funds’ safety is excellent and that it has superior capacity to maintain a $1.00 net asset value per share. Ratings are subject to change and do not remove market risk. For more information on credit ratings including a description of the methodology upon which each rating is based, visit standardandpoors.com and moodys.com.
Past performance does not guarantee future results. Investments are subject to risks, including the possible loss of the principal amount invested. An investor should consider the Funds’ investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the Funds’ prospectus or summary prospectus. To obtain a prospectus or summary prospectus online, please visit cavanalhillfunds.com or call 800-762-7085. Please read the prospectus or summary prospectus carefully before investing.
Investment Risks
An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation 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 Funds. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.
NASD: BOKF
For Further Information Contact:
Cody McAlester
(918) 595-3030
