Municipal Commentary by Tom Kozlik

Hilltop Securities Inc. Sweep Account Disclosure

Sweep accounts are a service provided by Hilltop Securities Inc. (“HTS”) to its customers offering you the option of transferring excess cash balances in your securities accounts to either an account at a bank whose deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”) or a money market mutual fund. A sweep of your excess cash allows you to earn interest on the funds while retaining the flexibility to quickly access that cash to purchase securities or withdraw it. Our sweep account program enables you to choose between money market funds and our Bank Insured Deposit (“BID”) program.

To participate in the sweep account program, you must select a sweep account product upon account opening by affirmative written consent. If you decline participation in the sweep account program, fail to make a selection by affirmative written consent, or if your account is ineligible to participate, your excess cash balances must be retained in an interest-bearing Securities Investor Protection Corporation (“SIPC”) insured credit interest program (“CIP”) account held at HTS. Unlike cash accounts, retirement accounts are required to participate in the sweep account program by selecting a sweep account product by affirmative written consent prior to account opening. Retirement accounts may not select CIP. For existing accounts, you should notify your Financial Professional if you wish to sweep balances to the BID program or a money market mutual fund or if you wish to make a change in your sweep product selection.

HTS is, and your Financial Professional may be, a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). An explanatory brochure is available at www.sipc.org or by calling 202.371.8300. In addition, HTS has purchased Excess SIPC Insurance which covers the net equity of customers’ accounts up to an aggregate of $200 million from underwriting syndicates at Lloyd’s of London.

The customer securities component, which restricts coverage with respect of any one customer, will be a maximum of $25,000,000 with the aggregate coverage of cash set at $900,000.

SIPC and Excess SIPC covers accounts of the member firm in the event of a member’s bankruptcy or insolvency. Coverage does not apply to losses due to market fluctuation or to any decline in the market value of your securities.

The BID program is an FDIC-insured account that sweeps funds to participant banks in increments of $248,000, to achieve FDIC insurance coverage up to $5.0 million per account owner, per ownership category depending on the number of participant banks in the program. Deposits in these participant banks are generally insured up to $250,000 per account owner, while IRAs and other qualifying self-directed retirement funds on deposit are separately insured up to $250,000. Prior or additional bank accounts at any participant bank may affect your insurance coverage. If your funds on deposit at the participant bank exceed the applicable FDIC insurance limit of $250,000 per account owner ($250,000 for qualifying retirement accounts), the FDIC will not insure your funds at that participant bank which are in excess of the limit. If you have a deposit with one of the participant banks that is separate from a balance in the BID, you should notify your Financial Professional if the combined deposits are in excess of $250,000.

For a list of Bank Insured Deposit participant banks, please click here: Participant Banks

For the Bank Insured Deposit Terms and Conditions, please click here: BID Terms and Conditions

Bank Insured Deposit Current Rate: 0.01%

It is important that you understand the unique nature, insurance coverage and risk associated with each type of account and account category. SIPC coverage does not protect cash balances created and maintained solely for the purpose of earning interest, so funds in money market or CIP accounts must be intended for future reinvestment.

HTS may temporarily suspend or discontinue the sweep arrangement, or change the timing or frequency of the sweep, anytime without advance notice to you. HTS may change your sweep account terms by giving you written notice. If HTS fails to sweep your excess cash balances in the manner described in the Customer Information Brochure, HTS’ liability is limited to the actual amount of the dividends or interest you would have earned had the sweep been performed. HTS may automatically sweep funds from your sweep account to your brokerage account anytime without advance notice to you to pay for securities transactions and withdrawal requests, satisfy a debit balance, settle any other obligation you owe HTS, pay your margin loan, provide necessary collateral in your margin account, or for any other permissible purposes. Should you wish to access these funds or information regarding the fund rates, please contact your Financial Professional. With ongoing changes to the rates of return for the available sweep options, your personal financial circumstances and market conditions, you should always consider all of your investment options.

Bank Insured Deposit

We anticipate receiving fees, including fees for administrative services, and other financial benefits for providing sweep funds on deposit with the BID. A portion of fees received may be paid to your Financial Professional. The FDIC insures bank deposit accounts such as checking, interest-bearing checking and savings accounts, money market deposit accounts, and certificates of deposit (CDs) if an insured bank or savings association fails. Your bank deposits are generally insured up to $250,000 per account owner, while your IRA and other qualifying self-directed retirement funds on deposit are separately insured up to $250,000. The FDIC does not insure the money you invest in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities, even if you purchased those products from an insured bank. Prior or additional bank accounts at the Bank may affect insurance coverage. If your funds on deposit exceed the applicable FDIC insurance limit of $250,000 per account owner ($250,000 for qualifying retirement accounts), the FDIC will not insure your funds in excess of the limit. Additional information regarding FDIC coverage is available at www.fdic.gov. Please consult your Financial Professional, as certain types of accounts may not be eligible to invest in the BID.

Interest on funds in a BID account is accrued daily, compounded monthly and credited to your account monthly. Interest begins to accrue on the date of deposit in the Bank up to, but not including, the date of withdrawal. The daily balance method is used to calculate the interest on these accounts. The daily rate is 1/365 of the interest rate. Account rates are set in accordance with other Bank products and may be changed at any time. The rate of return paid on BID funds may vary from the rates of return available to depositors making deposits with the Bank directly, through other types of accounts at your Financial Professional, or with other depository institutions in comparable accounts. The bank deposit account may be more profitable to HTS and its affiliates, than other available sweep options. You should compare the terms, rates of return, required minimum amounts, charges and other features with other accounts and alternative investments.

Money Market Funds

Money market mutual funds, which may also be available as customer selected sweep options, are treated as securities and are registered with the Securities and Exchange Commission, pursuant to the Investment Company Act of 1940. Certain types of accounts, including corporations, partnerships and employee benefit plans, may not be eligible to invest in the funds, please consult your Financial Professional for additional information. We anticipate receiving fees or other financial benefits based on your sweep account balance. For money market funds, those benefits can include annual payments based on the amount you invest in the sweep account. A portion of fees received may be paid to your Financial Professional. Please note that shares in a money market fund are not FDIC-insured, not guaranteed by the Federal government, and are not deposits or obligations of any bank or guaranteed by any bank. There can be no assurance that a money market fund will be able to maintain a stable net asset value of $1 per share. Tax-exempt money market funds may be subject to the alternative minimum tax. See the money market fund prospectus for more complete information, including terms, management fees, prevailing rates and expenses. You can obtain a prospectus by contacting your registered representative. You should consider the fund's investment objectives, risks and expenses carefully before investing.

Money Market Funds Current Rates
Money Market Fund	Symbol	Current Rate %
Dreyfus General Money Market Fund, Inc.	GMBXX	0.01
Dreyfus General Government Securities Money Market Fund	GSBXX	0.01
Dreyfus General Municipal Money Market Fund	GBMXX	0.01
Dreyfus General Treasury Securities Money Market Fund	GTBXX	0.01
Dreyfus Treasury Obligations Cash Management	DTAXX	0.01
Federated California Municipal Cash Trust	CACXX	0.00
Federated New York Municipal Cash Trust	NYCXX	0.00
Federated Prime Cash Obligations Fund	PCDXX	0.01
Federated Municipal Obligations Fund	MFSXX	0.01
Federated Government Obligations Fund	GFSXX	0.01

Revised, 07/10/2020

Disclosures

Hilltop Securities Inc.