Cavanal Hill Investment Management Inc

Item 5 – Fees and Compensation
Cavanal Hill receives an investment management fee based on the clients’ assets under management. Cavanal
Hill’s standard fee schedules are set forth below, although fees are subject to negotiation based on the facts and
circumstances of each client. Customized strategies are available upon request and fees for such accounts will be
determined on a case-by-case basis. Cavanal Hill reserves the right to impose a minimum advisory fee.

        Cash Management Strategies
             Portfolio Market Value                  Basis Points
                $0 to $25,000,000                      15 bps
                Next $25,000,000                       12 bps
                Next $50,000,000                       10 bps
           Amount over $100,000,000                     8 bps

        Equity Strategies
             Portfolio Market Value                  Basis Points
                 $0 to $5,000,000                     60-70 bps
                 Next $5,000,000                      55-60 bps
                Next $15,000,000                      50-55 bps
                Next $25,000,000                      45-55 bps
                Next $50,000,000                      40-50 bps
           Amount over $100,000,000                   35-45 bps

        Fixed Income Strategies
             Portfolio Market Value                  Basis Points
                $0 to $10,000,000                      35 bps
                Next $15,000,000                       30 bps
                Next $25,000,000                       25 bps
                Next $50,000,000                       20 bps
            Amount over $100,000,000                   15 bps

        Enhanced Yield Tax Free
            Portfolio Market Value                   Basis Points
               $0 to $10,000,000                       50 bps
               Next $15,000,000                        45 bps
               Next $25,000,000                        40 bps
               Next $50,000,000                        35 bps
           Amount over $100,000,000                    30 bps

The Strategic Fixed Income and Strategic Enhanced Fixed Income strategies are generally charged a fee of
75 basis points, respectively, for any account size.

The Cavanal Hill Funds are charged fees in accordance with Fund governing documents and are described in more
detail below.

How Management Fees Are Charged
The specific manner in which fees are charged is established in each clients’ written investment management
agreement (“IMA”). Cavanal Hill invoices separately managed account clients in arrears on a quarterly basis, or
as otherwise agreed upon in the IMA. Accounts opened during a calendar quarter are charged a prorated fee.
Cavanal Hill does not deduct its fees directly from client accounts.

Bank Clients and BOKF RIA clients do not pay a fee directly to Cavanal Hill. Rather, Cavanal Hill has an
investment management agreement directly with BOKF, NA and BOK Financial Private Wealth, Inc., to provide
investment advisory services to Bank Clients on behalf of BOKF, NA. Cavanal Hill is reimbursed certain costs
and expenses by BOKF, NA directly. Bank Clients and BOKF RIA clients are subject to various fees charged by
BOKF, NA, which may include custodial, advisory, trust, and various other service fees, as agreed upon by the
Bank Client and BOKF, NA or as agreed upon by the BOKF RIA clients and BOK Financial Private Wealth, Inc.

Other Fees and Expenses
All fees paid to Cavanal Hill for investment advisory services are separate and distinct from the commissions,
fees, and expenses charged by brokerage firms, custodians, and mutual funds, including the Cavanal Hill Funds,
as discussed in more detail below. Clients are solely responsible for all transactions fees, mutual fund fees, and
any charges relating to the custody of client assets.

Transaction Fees/Trade-Away Fees
With minimal exceptions, BOKF RIA clients that invest in a Cavanal Hill investment strategy, and choose to
custody their assets at a brokerage firm (i.e., Schwab, Pershing) will incur additional transaction costs (trade-away
fees, also sometimes referred to as step-out trade fees) charged by these custodians when Cavanal Hill purchases
or sells a security with a different brokerage firm than the custodian. The amount of trade-away fees BOKF RIA
clients will be charged varies depending on the brokerage firm custodian selected. BOKF RIA clients should
inquire about the trade-away fee schedule associated with their brokerage custodian as the amount of trade-away
fees charged can be significant. To achieve best execution for its security transactions, Cavanal Hill executes the
majority if not all fixed income security trades away from brokerage custodians, and consequently, BOKF RIA
will incur additional trade-away and other transaction related fees.

Transaction Fees
The investment management fee charged by the Firm does not cover commission charges, mark-up or mark-down
charges resulting from securities transactions affected with or through broker-dealers on the clients’ behalf.
Cavanal Hill purchases securities for client accounts that a client could purchase on their own through a broker or
another agent not affiliated with Cavanal Hill. Cavanal Hill itself does not charge transactions fees.

Unaffiliated Mutual Fund Fees
In addition to management fees charged by the Firm, clients will pay fees and expenses charged by third-party
mutual funds held in their account. Cavanal Hill does not receive any compensation or consideration from third
parties for recommending specific mutual funds. However, BOK Financial Securities, Inc. or BOKF, NA, both
affiliates of Cavanal Hill, will receive shareholder servicing or distribution fees from certain mutual funds
recommended to clients. In addition, clients will incur additional sales charges if assets are allocated to a load-
based fund.
...

Item 7 – Types of Clients

Description of Clients
Cavanal Hill provides professional investment management services to a broad and diverse client base that
includes trusts, retirement plans, and banking institutions. As previously indicated, Cavanal Hill also serves as
the investment manager to the Cavanal Hill Funds. BOKF, NA is the Firm’s largest client. Through an investment

agreement with BOKF, NA, the Firm provides advisory services to a number of BOKF, NA’s customer accounts.
Cavanal Hill also has an investment management agreement in place with BOK Financial Private Wealth, Inc. for
advisory services provided to BOKF RIA clients. Cavanal Hill also has an investment management agreement in
place with BOKFA to provide advisory services.

Separately Managed Account Minimums

Separately managed account minimums vary by strategy and range from $2,000,000 to $15,000,000 in assets
under management. The following account minimums apply to our strategies:

                              Strategy Name                                       Account Minimum
 Large Cap Core Equity                                                               $2,000,000
 Dividend Equity                                                                     $2,000,000
 Large Cap Core Quantitative Equity                                                  $2,000,000
 Large Cap Value Equity                                                              $2,000,000
 Large Cap Growth Equity                                                             $2,000,000
 Mid Cap Core Quantitative Equity                                                    $2,000,000
 Durable Equity                                                                      $2,000,000
 Concentrated Equity Income                                                          $2,000,000
 Lighthouse Equity                                                                   $2,000,000
 Focused Large Cap Value Equity                                                      $2,000,000
 Focused Large Cap Growth Equity                                                     $2,000,000
 Small Cap Equity                                                                    $2,000,000
 Short Investment Grade Fixed Income                                                $10,000,000
 Intermediate Investment Grade Fixed Income                                         $10,000,000
 Core Investment Grade Fixed Income                                                 $10,000,000
 Short Intermediate Insurance                                                       $10,000,000
 Ultra-short Tax Free Income                                                         $2,000,000
 Enhanced Yield Tax Free Fixed Income                                                $2,000,000
 Strategic Fixed Income                                                              $5,000,000
 Strategic Enhanced Fixed Income                                                     $5,000,000
 Limited Duration Government Fixed Income                                           $10,000,000
 Short-Intermediate Government Fixed Income                                         $10,000,000
 Short Term Tax Free A or Better Fixed Income                                       $10,000,000
 Intermediate Tax Free A or Better Fixed Income                                     $10,000,000
 Oklahoma Municipal Fixed Income                                                    $10,000,000
 Enhanced Yield Tax-Free Ladder                                                      $2,000,000
 Short-Term Tax-Free Ladder                                                          $2,000,000
 Intermediate Tax-Free Ladder                                                        $2,000,000
 Oklahoma Municipal Ladder                                                           $2,000,000
 Tax Exempt Cash                                                                    $15,000,000
 Government Securities Money Market                                                 $15,000,000
 U.S. Treasury Money Market                                                         $15,000,000

Cavanal Hill reserves the right to lower or waive account minimums. Account minimums will vary depending on
client’s custodians. In particular, these strategies will generally be available for lower account minimums to
BOKF, NA customers and certain affiliates. Account minimums applicable to the Cavanal Hill Funds are
disclosed in each Fund’s prospectus.