An announcement entitled, "First American Funds Announce Closing Time Change" says, "Effective October 30, 2018, the First American Government Obligations, Treasury Obligations and Retail Prime Obligations Funds will close later each day, at 3:45 p.m. Central Standard Time (CST). The former closing time was 3:30 p.m. CST. For shareholders trading the fund through an intermediary, the deadline may be earlier to allow for processing, so please confirm with your service provider. All classes of the funds are included in the change." A separate earlier release, "Cavanal Hill Closing Times," explains, "BOK Financial Corporation ... 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."

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