The Hilliard Lyons Bank Deposit Program Disclosure Document

Clients in higher tax brackets should carefully examine the after-tax return of the Programcompared to available non-FDIC-insured tax-exempt money market mutual fund return.For current rates for existing money market mutual funds and the Program, call your financialconsultant or visit http://currentrates.hilliard.com. Interest will accrue on the bank deposit balancesfrom the business day the funds are deposited into the bank deposit account at PNC Bank through thebusiness day preceding the date of withdrawal from such bank deposit account. Interest will becompounded and credited to the applicable accounts monthly. The daily balance method is used tocalculate interest on bank deposit account balances. This method applies a daily periodic rate to theprincipal in the account each day. The rate you earn on your bank deposit may be higher or lower thanthe rates available to depositors making non-Program deposits with PNC Bank directly, through othertypes of accounts at Hilliard Lyons, or with other depository institutions in comparable accounts. Youshould compare the terms, rates of return, required minimum amounts, charges and other features ofthe Program with other accounts and investment alternatives. Subject to Hilliard Lyons right to imposea seven day delay on any withdrawal request, in the event of a similar delay by PNC Bank, thereis no minimum period that your money must remain on deposit, and there is no penalty for withdrawalof your entire balance, or any part thereof, at any time. Hilliard Lyons makes a profit on deposits atPNC Bank determined by negotiated fees between PNC Bank and Hilliard Lyons.Conflicts of InterestHilliard Lyons receives fees for services provided in connection with the Program. Hilliard Lyons mayearn a higher fee if you elect to participate in the Program than if you purchase shares in a moneymarket mutual fund. PNC Bank may use the cash balances in the deposit account to fund certainlending and investing activities. As with other depository institutions, the profitability of PNC Bank isdetermined in large part by the difference between the interest paid and other costs incurred on itsdeposit accounts, and the interest or other income earned on its loans, investments and other assetsProgram RisksPNC Bank is permitted to impose a seven-day delay on any withdrawal request. PNC Bank reservesthe right to not accept deposits as part of this Program. In the event of a failure of PNC Bank, theremay be a time period during which you may not be able to access your money. If you have money ondeposit at PNC Bank outside the Program, this may negatively impact the availability of FDICinsurance for the total amount of your funds held within and outside the Program. Program depositsexceeding the FDIC applicable limit may not be insured, depending on ownership category and otherrules established by the FDIC. If you expect to have total deposits at PNC Bank, including Programbalances at Hilliard Lyons and in other deposit accounts at PNC Bank, that exceed the FDIC insurancecoverage limits, you should carefully evaluate other investment alternatives that best meet yourinvestment needs because the excess would no longer be FDIC-insured.Alternatives to the ProgramBy participating in the Program, you agree to the terms provided herein. You understand that, at anytime, you may elect out of the Program. If you elect out of the Program and you do not designate areplacement automatic cash investment option for your Hilliard Lyons Account, the un-invested cashwill be invested in the Hilliard Lyons Government Fund.WithdrawalsBy participating in the Program you consent to have your money on deposit at PNC Bankautomatically withdrawn from the bank deposit account in the event of a debit in your Hilliard LyonsAccount or, on settlement date, to pay for securities purchased for or sold to your Hilliard LyonsAccount. Debits may also be created by writing a check on your Hilliard Lyons Account, withdrawingfunds through your debit card, or paying other liabilities to Hilliard Lyons. Checks, ACH payments,debit cards, ATM withdrawals, direct deposits, credits and other transactions and items for yourHilliard Lyons Account are processed through that account rather than through the PNC Bank depositaccount. Hilliard Lyons will debit and credit the bank deposit account to accommodate thisprocessing. You may make withdrawals from the Program, in any amount, not to exceed your thencurrenttotal account balance in the Program, through your Hilliard Lyons Account. Withdrawals fromthe Program may not be made directly by you from PNC Bank. Hilliard Lyons reserves the right torestrict or limit your ability to withdraw funds, and may limit or terminate checking or otherprivileges.