Money Market Funds

An investment in a money market fund is neither insured nor guaranteed by the FDIC 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 fund. Investors should consider the investment objective, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other important information, is available from a Stifel Financial Advisor or through the link above and should be read carefully before investing.

Sweep Choices

Stifel provides accounts with the convenience to sweep available cash from your securities account into one or more investment or depository vehicles on a daily basis. These sweep options are detailed below.

Money Market Sweep Choices

In order to provide you, our client, additional services in conjunction with your Stifel securities account, Stifel has entered into an additional agreement with Dreyfus Service Corporation ("Dreyfus") for the distribution of certain money market mutual funds. The services you may choose include: linking your selected money market fund to your Stifel account to sweep cash balances upon settlement, check writing, a debit card with ATM access, ACH, and electronic bill payment. The money market funds available for eligible accounts are the General Government Securities Money Market Fund (symbol GSBXX) and General Treasury Securities Money Market Fund (symbol GTBXX). Each fund has a different investment approach and may provide added benefits to investors. Dreyfus money market funds seek to generate competitive current yields. Please discuss your particular needs and circumstances with your Financial Advisor to determine the fund that may be best suited for your investment needs. Of course, past performance is no guarantee of future results.

Money Market Service, Support, and Operating Costs

Money market funds typically bear ongoing fees and expenses 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 Dreyfus, pay a 12b-1 fee that compensates third parties for distribution activities and/or shareholder servicing. In addition, a financial institution, such as Stifel, may also provide shareholder services, subaccounting, processing of purchases, redemptions and exchanges, dividend reinvestment, consolidated account statements, and tax reporting and/or marketing services and support to its clients that are invested in the money market funds.

Stifel offers money market mutual funds distributed by Dreyfus. In general, money market funds are offered to meet the liquidity needs of clients, but, 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 Fund Prospectus). In general, money market funds are designed and managed with the investment objective of preservation of capital, maintenance of liquidity, and generation of high current income.

FDIC-Insured Bank Deposit Program Sweep Choices


For Non-Retirement Accounts: Stifel Insured Bank Deposit Program

Through the Stifel Insured Bank Deposit Program (the "Program"), available cash in your securities account (“Account”) will be deposited into interest-bearing deposit accounts (the "Deposit Accounts") at up to 10 or more FDIC-insured banks set forth in the Priority Bank List (each a "Bank"). The Program seeks to make available up to $2.5 million (or $5 million for Joint Accounts as defined in the sections titled “9. Information About FDIC Insurance” and “10. Securities Investor Protection Corporation Coverage”) of FDIC insurance coverage subject to any limitations. One of the Banks on the Priority Lists will be Stifel Bank & Trust ("Stifel Bank"), an affiliate of Stifel. Please refer to the section titled “3. Operation of the Program” for more information.

Stifel will act as your agent and custodian in establishing and maintaining the Deposit Accounts at each Bank. Although the Deposit Accounts are obligations of the Banks and not Stifel, you will not have a direct relationship with the Banks. All deposits and withdrawals will be made by Stifel on your behalf. Information about your Deposit Accounts may be obtained from Stifel, not the Banks.

The deposit insurance limit for most insurable capacities (e.g., individual, joint, etc.) is $250,000 per owner, including 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.

Stifel will place up to $246,500 ($493,000 for Joint Accounts of two or more individuals) (the "Deposit Limit") of your available cash in each Bank on the Priority Lists irrespective of the capacity in which you hold your Account and of the FDIC insurance limit available for the deposits held in that capacity. Once funds equal to the Deposit Limit have been deposited for you through the Program in each Bank on the Priority Lists, any additional funds will be deposited in Deposit Accounts at an "Excess Bank," which will accept funds without limitation and without regard to the FDIC insurance limit.

Any deposits (including certificates of deposit) that you maintain in the same insurable capacity directly with a Bank or through an intermediary (such as Stifel or another broker), regardless of the number of Accounts, will be aggregated with funds in your Deposit Accounts at the Bank for purposes of the FDIC insurance limit. You are responsible for monitoring the total amount of deposits that you have with each Bank, including an Excess Bank (described below), in order to determine the extent of FDIC insurance coverage available to you. Funds maintained in the Deposit Accounts at the Banks are not eligible for coverage by the Securities Investor Protection Corporation ("SIPC"). You should review carefully the section titled "10. Securities Investor Protection Corporation Coverage.”

To assist you in attempting to avoid having more than the FDIC insurance limit in the Deposit Accounts at any one Bank in one insurable capacity, we will endeavor to identify Accounts held by you in the same insurable capacity and link them for purposes of the Deposit Limit at each Bank on the Priority Lists. As a result, if you have Accounts that have been linked for purposes of the Program, the aggregate funds from those linked Accounts deposited at one Bank through the Program will not exceed the Deposit Limit. You may at any time ask your Financial Advisor to identify the Accounts that we have linked, and you may direct us to link Accounts that have not been linked. In any event, it remains at all times your obligation to monitor the total amount of your deposits at any one Bank for purposes of ensuring FDIC coverage for your funds, particularly since you may have other deposits at a particular Bank of which we are unaware.

Interest rates on the Deposit Accounts will be tiered based on aggregate household assets ("Interest Rate Tiers"). This means that the greater the value of your household assets at Stifel, the higher the rate of interest you will receive on your funds. Current interest rates are as follows:

As described above, you will not have a direct account relationship with the Banks. However, each Deposit Account constitutes an obligation of a Bank and is not directly or indirectly an obligation of Stifel. You can obtain publicly available financial information concerning each Bank at www.ffiec.gov/nic 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. Stifel does not guarantee in any way the financial condition of the Banks or the accuracy of any publicly available financial information concerning such Banks.

How Compensation Is Paid to Stifel and Your Financial Advisor

Stifel incurs direct and indirect expenses as a result of providing these services, for which Dreyfus pays Stifel a fee that is derived from a combination, as applicable, of a Fund's 12b-1 and shareholder services fees, and subaccounting charges, in addition to the past profits of Dreyfus or its parent company, The Dreyfus Corporation. This fee can be at an aggregate annual rate as high as 0.91%, and is paid based on the level of Stifel client assets in a Fund account. Please see each Fund's Prospectus for more detail.

All Banks, except Stifel Bank, will pay Stifel a fee equal to a percentage of the average daily deposit balance in your Deposit Accounts at the Bank. The fee paid to Stifel by these Banks may be as much as 1.20% annually on some of the Deposit Accounts. In its discretion, Stifel may reduce its fee and may vary the amount of the reductions between clients. The fee may vary from Bank to Bank. The amount of fee received by Stifel will affect the interest rate paid by the Bank on your Deposit Accounts.

Your Financial Advisor is currently not receiving a fee in connection with the Program. Stifel reserves the right to pay a fee to your Financial Advisor in connection with the Program at any time without prior notice. Upon request, Stifel will provide you with information about Stifel's compensation arrangements with respect to its sweep investments.

In addition to Stifel, other service providers will receive fees from each Bank.

Other than applicable fees imposed by Stifel on your Account, there will be no charges, fees, or commissions imposed on your Account with respect to the Program.

Please discuss your particular needs and circumstances with your Financial Advisor to determine the investment product that may be best suited for your investment needs. Please see each particular fund's Prospectus and Statement of Additional Information ("SAI" - available from Dreyfus upon request) and the Stifel Account Agreement and Disclosure Booklet that includes the Stifel Insured Bank Deposit Program Disclosure Statement.

For Retirement Accounts: Stifel Insured Bank Deposit Program for Retirement Accounts

Through the Stifel Insured Bank Deposit Program for Retirement Accounts (the "Program"), available cash in a securities account (“Account”) will be deposited into interest-bearing deposit accounts (the "Deposit Accounts") at Stifel Bank & Trust (“Stifel Bank”), a bank that is affiliated with Stifel and whose deposits are insured by the FDIC. Please refer to the section titled “3. Operation of the Program” for more information.

Stifel will act as your agent and custodian in establishing and maintaining the Deposit Accounts at Stifel Bank. Although the Deposit Accounts are obligations of Stifel Bank and not Stifel, you will not have a direct relationship with Stifel Bank. All deposits and withdrawals will be made by Stifel on your behalf. Information about your Deposit Accounts may be obtained from Stifel, not Stifel Bank.

Funds on deposit at Stifel Bank are eligible for deposit insurance from the FDIC up to $250,000 (including principal and accrued interest) per depositor in each insurable capacity in which you hold your Account in accordance with applicable FDIC rules.

Any deposits (including certificates of deposit) that you maintain in the same insurable capacity directly with Stifel Bank or through an intermediary (such as Stifel or another broker), regardless of the number of Accounts, will be aggregated with funds in your Deposit Accounts at Stifel Bank for purposes of the FDIC insurance limit. You are responsible for monitoring the total amount of deposits that you have with Stifel Bank in order to determine the extent of FDIC insurance coverage available to you.

Neither Stifel nor its Affiliates, including Stifel Bank, monitor the amount of your deposited funds to determine whether those amounts exceed the FDIC insurance limits applicable to your deposits at Stifel Bank, and they are not responsible for any insured or uninsured portion of the Deposit Accounts held at Stifel Bank

You should review carefully the section titled “9. Information About FDIC Insurance.”

Funds maintained in the Deposit Accounts at Stifel Bank are not eligible for coverage by the Securities Investor Protection Corporation ("SIPC"). You should review carefully the section titled "10. Securities Investor Protection Corporation Coverage.”

Interest on the Deposit Accounts will be tiered based on aggregate household assets ("Interest Rate Tiers"). This means that the greater the value of your household assets at Stifel, the higher the rate of interest you will receive on your funds. Current interest rates are as follows:

As described above, you will not have a direct account relationship with Stifel Bank. However, each Deposit Account constitutes an obligation of Stifel Bank and is not directly or indirectly an obligation of Stifel. You can obtain publicly available financial information concerning each Bank at www.ffiec.gov/nic 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. Stifel does not guarantee in any way the financial condition of Stifel Bank or the accuracy of any publicly available financial information concerning the Bank.

How Compensation Is Paid to Stifel and Your Financial Advisor

Stifel incurs direct and indirect expenses as a result of providing these services, for which Dreyfus pays Stifel a fee that is derived from a combination, as applicable, of a Fund's 12b-1 and shareholder services fees, and subaccounting charges, in addition to the past profits of Dreyfus or its parent company, The Dreyfus Corporation. This fee can be at an aggregate annual rate as high as 0.91%, and is paid based on the level of Stifel client assets in a Fund account. Please see each Fund's Prospectus for more detail

As of the date of the Disclosure Statement, Stifel Bank is not paying any fees to Stifel in connection with the Program. Stifel reserves the right to receive a fee from Stifel Bank at any time without prior notice. The amount of the fee received by Stifel, if any, may affect the interest rate paid by Stifel Bank on your Deposit Accounts.

Your Financial Advisor is currently not receiving a fee in connection with the Program. Stifel reserves the right to pay a fee to your Financial Advisor in connection with the Program at any time without prior notice. Upon request, Stifel will provide you with information about Stifel's compensation arrangements with respect to its sweep investments.

Other than applicable fees imposed by Stifel on your Account, there will be no charges, fees, or commissions imposed on your Account with respect to the Program.

Please discuss your particular needs and circumstances with your Financial Advisor to determine the investment product that may be best suited for your investment needs. Please see the Stifel Account Agreement and Disclosure Booklet that includes the Stifel Insured Bank Deposit Program Disclosure Statement for Retirement Accounts.