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The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">does not charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>reflected in the tables and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:84.95558093173594%"></td> <td style="height:1px;width:15.044419068264077%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Administrative Class</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.08%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Shareholder Administration Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.38%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.03%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.35%</span></div> </td> </tr> </table></div> 0.0015 0 0.0008 0.0015 0.0038 0.0003 0.0035 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Administrative  Class with the cost of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investing in other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Administrative Class for the time periods indicated and then redeem all </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of your shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Administrative Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$36 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$119 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$210 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$477 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 36 119 210 477 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests in liquid, high quality U.S. dollar-denominated money market instruments of U.S. and foreign financial and non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial corporations. The Fund also invests in obligations of foreign governments and in obligations issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">U.S. Government and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or of U.S. branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. In selecting investments, the Adviser seeks to maintain the Fund’s share price at $1.00. The share price remaining stable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">at $1.00 means that the Fund would preserve the principal value of your investment. There can be no assurance that the Fund will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">able at all times to maintain its share price at $1.00.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may also invest in  U.S. dollar-denominated foreign securities and money market instruments. The Fund is permitted to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">hold a portion of its assets in cash.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Bank Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The activities of U.S. and most foreign banks are subject to comprehensive regulations. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">operations and profitability of domestic and foreign banks. In addition, banks may be particularly susceptible to certain economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">For example, a type of fixed-income securities in which the Fund may invest are corporate debt obligations. In addition to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate, credit and other risks, corporate debt obligations are also subject to factors directly related to the issuer, such as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace, and by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors not directly related to the issuer, such as general market liquidity, economic conditions and inflation.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Securities with longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of an active market and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduced number and capacity of traditional market participants to make a market in fixed-income securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Commercial Paper.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Commercial paper is subject to interest rate risk and is susceptible to changes in the issuer’s financial condition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or credit quality. Commercial paper is typically repaid with the proceeds from the issuance of new commercial paper. Thus, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in commercial paper are subject to the risk (commonly referred to as rollover risk) that the issuer will be unable to </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issue sufficient new commercial paper to meet the repayment obligations under its outstanding commercial paper. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper is typically unsecured, investments in commercial paper are subject to increased credit risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>U.S. Government Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> Different types of U.S. government securities are subject to different levels of credit risk, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">risk of default, depending on the nature of the particular government support for that security. For example, a U.S. government-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">sponsored entity, such as Federal National Mortgage Association or Federal Home Loan Mortgage Corporation, although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">and, therefore, are not backed by the full faith and credit of the United States. With respect to U.S. government securities that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">not backed by the full faith and credit of the United States, there is the risk that the U.S. government will not provide financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">government securities are also subject to interest rate risks and can exhibit price fluctuations resulting from increases or decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">in interest rates.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Asset-Backed Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Asset-backed securities are subject to credit (such as a borrower’s default on its mortgage obligation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the default or failure of a guarantee underlying the asset-backed security), interest rate and certain additional risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk that various federal and state consumer laws and other legal and economic factors may result in the collateral backing the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities being insufficient to support payment on the securities. To the extent the Fund invests in asset-backed securities issued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by non-governmental issuers, such as commercial banks, savings and loan institutions, and other secondary market issuers, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund will be exposed to additional risks because, among other things, there are no direct or indirect government or agency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guarantees of payments in the pools underlying the securities. Some asset-backed securities also entail prepayment risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">extension risk, which may vary depending on the type of asset. Due to these risks, asset-backed securities may become more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile in certain interest rate environments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Repurchase Agreements.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Repurchase agreements are subject to risks associated with the possibility of default by the seller at a time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">when the collateral has declined in value, or insolvency of the seller, which may affect the Fund’s right to control the collateral and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">result in certain costs and delays. Repurchase agreements may involve a greater degree of credit risk than investments in U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government securities.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Foreign Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may invest in U.S. dollar-denominated securities issued by foreign governmental or corporate issuers. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Investing in securities of foreign issuers involves some additional risks than securities of U.S. issuers. While foreign securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including foreign money market securities, are subject to the same type of risks that pertain to domestic issuers, namely credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and interest rate risk, they are also subject to other additional risks. Foreign issuers generally are subject to different accounting, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">auditing and financial reporting standards than U.S. issuers. There may be less information available to the public about foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers. In some foreign countries, there is also the risk of government expropriation, excessive taxation, political or social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instability, economic sanctions or other similar governmental activity or diplomatic developments (including regional and global, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">military or other conflicts)  that could affect an investment. There also can be difficulty obtaining and enforcing judgments against </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers in foreign countries. Governmental interventions or other actions can have a significant effect on the economic conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in foreign countries, which also may adversely affect the Fund’s investments in foreign issuers.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">normal shareholder redemptions may adversely affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">it might not otherwise do so, which may adversely affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s  Administrative  Class shares from year-to-year and by showing the average annual returns of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Administrative  Class shares for the one, five and 10 year periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance is not necessarily an indication of how </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s  Administrative  Class shares from year-to-year and by showing the average annual returns of the Fund’s Administrative  Class shares for the one, five and 10 year periods. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years* <div><img alt="image" src="pr17150img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">06/30/16</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.08%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">12/31/16</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.02%</span></div> </td> </tr> </table></div> High Quarter 2016-06-30 0.0008 Low Quarter 2016-12-31 0.0002 Average Annual Total Returns*(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Ten Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Money Market Portfolio</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;vertical-align:top;;-sec-ix-redline:true;">*</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.02%</span></div> </td> </tr> </table></div> 0 0 0.0002 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Tax-Exempt Portfolio (the “Fund”) seeks to maximize current income exempt from federal income tax to the extent consistent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">with preservation of capital and maintenance of liquidity.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Administrative Class shares of the Fund. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">does not charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>reflected in the tables and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:84.95558093173594%"></td> <td style="height:1px;width:15.044419068264077%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Administrative Class</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.19%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Shareholder Administration Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.49%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.14%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.35%</span></div> </td> </tr> </table></div> 0.0015 0 0.0019 0.0015 0.0049 0.0014 0.0035 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Administrative  Class with the cost of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investing in other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Administrative Class for the time periods indicated and then redeem all </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of your shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Administrative Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$36 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$143 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$260 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$602 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 36 143 260 602 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests at least 80% of its assets in high quality short-term municipal obligations, the interest of which is exempt from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">federal income taxes and is not subject to the federal alternative minimum tax. This policy is fundamental and may not be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval. The Fund may also invest in variable and floating rate demand instruments, tender option bonds, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">custodial receipts and investments in other investment companies, including money market funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest up to 20% of its assets in taxable money market securities or in municipal obligations that pay interest income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that may be subject to the alternative minimum tax; however, it is currently intended that the Fund will be managed so that income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">generated by the Fund will not be subject to the alternative minimum tax. In addition, the Fund may temporarily invest more than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">20% of its assets in taxable money market securities for defensive purposes in attempting to respond to adverse market conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including when suitable municipal obligations are unavailable. When the Fund makes such investments, a higher portion of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s distributions will likely be subject to federal income tax and/or the federal alternative minimum tax.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations. In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile than securities with shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an active market and the reduced number and capacity of traditional market participants to make a market in fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Tax-Exempt Variable Rate Demand Notes.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Tax-exempt variable rate demand notes are variable rate tax-exempt debt obligations that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">give investors the right to demand principal repayment. Due to cyclical supply and demand considerations, at times the yields on </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">these obligations can exceed the yield on taxable money market obligations. The interest rate on these instruments may be reset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instrument may be based on a known lending rate, such as a bank’s prime rate, and is reset whenever such rate is adjusted. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The interest rate on a variable rate demand note is reset at specified intervals at a market rate. The Fund’s ability to receive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments of principal and interest and other amounts in connection with debt obligations held by it will depend primarily on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial condition of the issuer. The failure by the Fund to receive scheduled interest or principal payments on a debt obligation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">would adversely affect the income of the Fund and would likely reduce the value of its assets, which would be reflected in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduction in the Fund’s NAV.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">normal shareholder redemptions may adversely affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">it might not otherwise do so, which may adversely affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s  Administrative  Class shares from year-to-year and by showing the average annual returns of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Administrative  Class shares for the one, five and 10 year periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance is not necessarily an indication of how </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s  Administrative  Class shares from year-to-year and by showing the average annual returns of the Fund’s Administrative  Class shares for the one, five and 10 year periods. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years* <div><img alt="image" src="pr17150img004.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">06/30/16</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.23%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">03/31/16</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2016-06-30 0.0023 Low Quarter 2016-03-31 0 Average Annual Total Returns*(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Tax-Exempt Portfolio</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;vertical-align:top;;">*</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.03%</span></div> </td> </tr> </table></div> 0 0 0.0003 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Money Market Portfolio (the “Fund”) seeks preservation of capital, daily liquidity and maximum current income.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Advisory Class shares of the Fund. The Fund does </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">not charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and expenses of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not reflected in the </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>tables and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:84.95558093173594%"></td> <td style="height:1px;width:15.044419068264077%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Advisory Class</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.08%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Service and Shareholder Administration Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.48%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.03%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.45%</span></div> </td> </tr> </table></div> 0.0015 0 0.0008 0.0025 0.0048 0.0003 0.0045 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Advisory  Class with the cost of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Advisory Class for the time periods indicated and then redeem all of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">your shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$46 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$151 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$266 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$601 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 46 151 266 601 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests in liquid, high quality U.S. dollar-denominated money market instruments of U.S. and foreign financial and non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial corporations. The Fund also invests in obligations of foreign governments and in obligations issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">U.S. Government and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or of U.S. branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. In selecting investments, the Adviser seeks to maintain the Fund’s share price at $1.00. The share price remaining stable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">at $1.00 means that the Fund would preserve the principal value of your investment. There can be no assurance that the Fund will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">able at all times to maintain its share price at $1.00.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may also invest in  U.S. dollar-denominated foreign securities and money market instruments. The Fund is permitted to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">hold a portion of its assets in cash.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Bank Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The activities of U.S. and most foreign banks are subject to comprehensive regulations. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">operations and profitability of domestic and foreign banks. In addition, banks may be particularly susceptible to certain economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">For example, a type of fixed-income securities in which the Fund may invest are corporate debt obligations. In addition to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate, credit and other risks, corporate debt obligations are also subject to factors directly related to the issuer, such as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace, and by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors not directly related to the issuer, such as general market liquidity, economic conditions and inflation.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Securities with longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of an active market and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduced number and capacity of traditional market participants to make a market in fixed-income securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Commercial Paper.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Commercial paper is subject to interest rate risk and is susceptible to changes in the issuer’s financial condition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or credit quality. Commercial paper is typically repaid with the proceeds from the issuance of new commercial paper. Thus, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in commercial paper are subject to the risk (commonly referred to as rollover risk) that the issuer will be unable to </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issue sufficient new commercial paper to meet the repayment obligations under its outstanding commercial paper. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper is typically unsecured, investments in commercial paper are subject to increased credit risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>U.S. Government Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> Different types of U.S. government securities are subject to different levels of credit risk, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">risk of default, depending on the nature of the particular government support for that security. For example, a U.S. government-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">sponsored entity, such as Federal National Mortgage Association or Federal Home Loan Mortgage Corporation, although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">and, therefore, are not backed by the full faith and credit of the United States. With respect to U.S. government securities that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">not backed by the full faith and credit of the United States, there is the risk that the U.S. government will not provide financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">government securities are also subject to interest rate risks and can exhibit price fluctuations resulting from increases or decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">in interest rates.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Asset-Backed Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Asset-backed securities are subject to credit (such as a borrower’s default on its mortgage obligation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the default or failure of a guarantee underlying the asset-backed security), interest rate and certain additional risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk that various federal and state consumer laws and other legal and economic factors may result in the collateral backing the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities being insufficient to support payment on the securities. To the extent the Fund invests in asset-backed securities issued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by non-governmental issuers, such as commercial banks, savings and loan institutions, and other secondary market issuers, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund will be exposed to additional risks because, among other things, there are no direct or indirect government or agency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guarantees of payments in the pools underlying the securities. Some asset-backed securities also entail prepayment risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">extension risk, which may vary depending on the type of asset. Due to these risks, asset-backed securities may become more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile in certain interest rate environments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Repurchase Agreements.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Repurchase agreements are subject to risks associated with the possibility of default by the seller at a time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">when the collateral has declined in value, or insolvency of the seller, which may affect the Fund’s right to control the collateral and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">result in certain costs and delays. Repurchase agreements may involve a greater degree of credit risk than investments in U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government securities.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Foreign Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may invest in U.S. dollar-denominated securities issued by foreign governmental or corporate issuers. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Investing in securities of foreign issuers involves some additional risks than securities of U.S. issuers. While foreign securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including foreign money market securities, are subject to the same type of risks that pertain to domestic issuers, namely credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and interest rate risk, they are also subject to other additional risks. Foreign issuers generally are subject to different accounting, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">auditing and financial reporting standards than U.S. issuers. There may be less information available to the public about foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers. In some foreign countries, there is also the risk of government expropriation, excessive taxation, political or social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instability, economic sanctions or other similar governmental activity or diplomatic developments (including regional and global, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">military or other conflicts)  that could affect an investment. There also can be difficulty obtaining and enforcing judgments against </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers in foreign countries. Governmental interventions or other actions can have a significant effect on the economic conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in foreign countries, which also may adversely affect the Fund’s investments in foreign issuers.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">normal shareholder redemptions may adversely affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">it might not otherwise do so, which may adversely affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s Advisory  Class shares from year-to-year and by showing the average annual returns of the Fund’s Advisory  Class shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">for the one, five and 10 year periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance is not necessarily an indication of how the Fund will perform in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Advisory  Class shares from year-to-year and by showing the average annual returns of the Fund’s Advisory  Class shares for the one, five and 10 year periods. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years <div><img alt="image" src="pr17154img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">12/31/23</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.31%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.02%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0131 Low Quarter 2022-03-31 -0.0002 Average Annual Total Returns(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Ten Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Money Market Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.11%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.09%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.09%</span></div> </td> </tr> </table></div> 0.0411 0.0309 0.0209 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Tax-Exempt Portfolio (the “Fund”) seeks to maximize current income exempt from federal income tax to the extent consistent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">with preservation of capital and maintenance of liquidity.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Advisory Class shares of the Fund. The Fund does </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">not charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and expenses of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not reflected in the </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>tables and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:84.95558093173594%"></td> <td style="height:1px;width:15.044419068264077%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Advisory Class</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.19%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Service and Shareholder Administration Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.59%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.14%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.45%</span></div> </td> </tr> </table></div> 0.0015 0 0.0019 0.0025 0.0059 0.0014 0.0045 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Advisory  Class with the cost of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Advisory Class for the time periods indicated and then redeem all of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">your shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Advisory Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$46 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$175 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$315 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$725 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 46 175 315 725 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests at least 80% of its assets in high quality short-term municipal obligations, the interest of which is exempt from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">federal income taxes and is not subject to the federal alternative minimum tax. This policy is fundamental and may not be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval. The Fund may also invest in variable and floating rate demand instruments, tender option bonds, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">custodial receipts and investments in other investment companies, including money market funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest up to 20% of its assets in taxable money market securities or in municipal obligations that pay interest income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that may be subject to the alternative minimum tax; however, it is currently intended that the Fund will be managed so that income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">generated by the Fund will not be subject to the alternative minimum tax. In addition, the Fund may temporarily invest more than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">20% of its assets in taxable money market securities for defensive purposes in attempting to respond to adverse market conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including when suitable municipal obligations are unavailable. When the Fund makes such investments, a higher portion of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s distributions will likely be subject to federal income tax and/or the federal alternative minimum tax.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations. In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile than securities with shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an active market and the reduced number and capacity of traditional market participants to make a market in fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Tax-Exempt Variable Rate Demand Notes.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Tax-exempt variable rate demand notes are variable rate tax-exempt debt obligations that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">give investors the right to demand principal repayment. Due to cyclical supply and demand considerations, at times the yields on </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">these obligations can exceed the yield on taxable money market obligations. The interest rate on these instruments may be reset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instrument may be based on a known lending rate, such as a bank’s prime rate, and is reset whenever such rate is adjusted. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The interest rate on a variable rate demand note is reset at specified intervals at a market rate. The Fund’s ability to receive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments of principal and interest and other amounts in connection with debt obligations held by it will depend primarily on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial condition of the issuer. The failure by the Fund to receive scheduled interest or principal payments on a debt obligation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">would adversely affect the income of the Fund and would likely reduce the value of its assets, which would be reflected in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduction in the Fund’s NAV.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">normal shareholder redemptions may adversely affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">it might not otherwise do so, which may adversely affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s  Advisory  Class shares from year-to-year and by showing the average annual returns of the Fund’s Advisory  Class shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">for the one, five and 10 year periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance is not necessarily an indication of how the Fund will perform in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s  Advisory  Class shares from year-to-year and by showing the average annual returns of the Fund’s Advisory  Class shares for the one, five and 10 year periods. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years* <div><img alt="image" src="pr17154img004.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/16</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.22%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/16</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2016-06-30 0.0022 Low Quarter 2016-03-31 0 Average Annual Total Returns*(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Tax-Exempt Portfolio</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;vertical-align:top;;">*</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.03%</span></div> </td> </tr> </table></div> 0 0 0.0003 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Money Market Portfolio (the “Fund”) seeks preservation of capital, daily liquidity and maximum current income.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Cash Management Class shares of the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund does not charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>reflected in the tables and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:74.9685485900091%"></td> <td style="height:1px;width:25.033386881374962%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cash Management Class</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.10%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.08%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Shareholder Service Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.05%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.38%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.03%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.35%</span></div> </td> </tr> </table></div> 0.0015 0.001 0.0008 0.0005 0.0038 0.0003 0.0035 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Cash Management  Class with the cost of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investing in other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Cash Management Class for the time periods indicated and then redeem </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">all of your shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Cash Management Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$36 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$119 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$210 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$477 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 36 119 210 477 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests in liquid, high quality U.S. dollar-denominated money market instruments of U.S. and foreign financial and non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial corporations. The Fund also invests in obligations of foreign governments and in obligations issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">U.S. Government and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or of U.S. branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. In selecting investments, the Adviser seeks to maintain the Fund’s share price at $1.00. The share price remaining stable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">at $1.00 means that the Fund would preserve the principal value of your investment. There can be no assurance that the Fund will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">able at all times to maintain its share price at $1.00.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may also invest in  U.S. dollar-denominated foreign securities and money market instruments. The Fund is permitted to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">hold a portion of its assets in cash.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Bank Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The activities of U.S. and most foreign banks are subject to comprehensive regulations. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">operations and profitability of domestic and foreign banks. In addition, banks may be particularly susceptible to certain economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">For example, a type of fixed-income securities in which the Fund may invest are corporate debt obligations. In addition to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate, credit and other risks, corporate debt obligations are also subject to factors directly related to the issuer, such as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace, and by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors not directly related to the issuer, such as general market liquidity, economic conditions and inflation.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Securities with longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of an active market and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduced number and capacity of traditional market participants to make a market in fixed-income securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Commercial Paper.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Commercial paper is subject to interest rate risk and is susceptible to changes in the issuer’s financial condition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or credit quality. Commercial paper is typically repaid with the proceeds from the issuance of new commercial paper. Thus, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in commercial paper are subject to the risk (commonly referred to as rollover risk) that the issuer will be unable to </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issue sufficient new commercial paper to meet the repayment obligations under its outstanding commercial paper. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper is typically unsecured, investments in commercial paper are subject to increased credit risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>U.S. Government Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Different types of U.S. government securities are subject to different levels of credit risk, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk of default, depending on the nature of the particular government support for that security. For example, a U.S. government-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sponsored entity, such as Federal National Mortgage Association or Federal Home Loan Mortgage Corporation, although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and, therefore, are not backed by the full faith and credit of the United States. With respect to U.S. government securities that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">not backed by the full faith and credit of the United States, there is the risk that the U.S. government will not provide financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government securities are also subject to interest rate risks and can exhibit price fluctuations resulting from increases or decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in interest rates.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Asset-Backed Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Asset-backed securities are subject to credit (such as a borrower’s default on its mortgage obligation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the default or failure of a guarantee underlying the asset-backed security), interest rate and certain additional risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk that various federal and state consumer laws and other legal and economic factors may result in the collateral backing the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities being insufficient to support payment on the securities. To the extent the Fund invests in asset-backed securities issued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by non-governmental issuers, such as commercial banks, savings and loan institutions, and other secondary market issuers, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund will be exposed to additional risks because, among other things, there are no direct or indirect government or agency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guarantees of payments in the pools underlying the securities. Some asset-backed securities also entail prepayment risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">extension risk, which may vary depending on the type of asset. Due to these risks, asset-backed securities may become more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile in certain interest rate environments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Repurchase Agreements.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Repurchase agreements are subject to risks associated with the possibility of default by the seller at a time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">when the collateral has declined in value, or insolvency of the seller, which may affect the Fund’s right to control the collateral and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">result in certain costs and delays. Repurchase agreements may involve a greater degree of credit risk than investments in U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government securities.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Foreign Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may invest in U.S. dollar-denominated securities issued by foreign governmental or corporate issuers. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Investing in securities of foreign issuers involves some additional risks than securities of U.S. issuers. While foreign securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including foreign money market securities, are subject to the same type of risks that pertain to domestic issuers, namely credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and interest rate risk, they are also subject to other additional risks. Foreign issuers generally are subject to different accounting, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">auditing and financial reporting standards than U.S. issuers. There may be less information available to the public about foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers. In some foreign countries, there is also the risk of government expropriation, excessive taxation, political or social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instability, economic sanctions or other similar governmental activity or diplomatic developments (including regional and global, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">military or other conflicts)  that could affect an investment. There also can be difficulty obtaining and enforcing judgments against </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers in foreign countries. Governmental interventions or other actions can have a significant effect on the economic conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in foreign countries, which also may adversely affect the Fund’s investments in foreign issuers.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">normal shareholder redemptions may adversely affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">it might not otherwise do so, which may adversely affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Stable NAV  Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s  Cash Management  Class shares from year-to-year and by showing the average annual returns of the Fund’s  Cash </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Management  Class shares for the one, five and 10 year periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance is not necessarily an indication of how </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s  Cash Management  Class shares from year-to-year and by showing the average annual returns of the Fund’s  Cash Management  Class shares for the one, five and 10 year periods. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years <div><img alt="image" src="pr17158img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">12/31/23</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.34%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.01%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0134 Low Quarter 2022-03-31 -0.0001 Average Annual Total Returns(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Ten Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Money Market Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.21%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.18%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.18%</span></div> </td> </tr> </table></div> 0.0421 0.0318 0.0218 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Tax-Exempt Portfolio (the “Fund”) seeks to maximize current income exempt from federal income tax to the extent consistent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">with preservation of capital and maintenance of liquidity.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Cash Management Class shares of the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund does not charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>reflected in the tables and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:74.9685485900091%"></td> <td style="height:1px;width:25.033386881374962%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Cash Management Class</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.10%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.19%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Shareholder Service Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.05%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.49%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.14%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.35%</span></div> </td> </tr> </table></div> 0.0015 0.001 0.0019 0.0005 0.0049 0.0014 0.0035 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Cash Management  Class with the cost of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investing in other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Cash Management Class for the time periods indicated and then redeem </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">all of your shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Cash Management Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$36 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$143 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$260 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$602 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 36 143 260 602 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests at least 80% of its assets in high quality short-term municipal obligations, the interest of which is exempt from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">federal income taxes and is not subject to the federal alternative minimum tax. This policy is fundamental and may not be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval. The Fund may also invest in variable and floating rate demand instruments, tender option bonds, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">custodial receipts and investments in other investment companies, including money market funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest up to 20% of its assets in taxable money market securities or in municipal obligations that pay interest income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that may be subject to the alternative minimum tax; however, it is currently intended that the Fund will be managed so that income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">generated by the Fund will not be subject to the alternative minimum tax. In addition, the Fund may temporarily invest more than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">20% of its assets in taxable money market securities for defensive purposes in attempting to respond to adverse market conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including when suitable municipal obligations are unavailable. When the Fund makes such investments, a higher portion of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s distributions will likely be subject to federal income tax and/or the federal alternative minimum tax.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations. In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile than securities with shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an active market and the reduced number and capacity of traditional market participants to make a market in fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Tax-Exempt Variable Rate Demand Notes.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Tax-exempt variable rate demand notes are variable rate tax-exempt debt obligations that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">give investors the right to demand principal repayment. Due to cyclical supply and demand considerations, at times the yields on </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">these obligations can exceed the yield on taxable money market obligations. The interest rate on these instruments may be reset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instrument may be based on a known lending rate, such as a bank’s prime rate, and is reset whenever such rate is adjusted. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The interest rate on a variable rate demand note is reset at specified intervals at a market rate. The Fund’s ability to receive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments of principal and interest and other amounts in connection with debt obligations held by it will depend primarily on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial condition of the issuer. The failure by the Fund to receive scheduled interest or principal payments on a debt obligation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">would adversely affect the income of the Fund and would likely reduce the value of its assets, which would be reflected in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduction in the Fund’s NAV.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">normal shareholder redemptions may adversely affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">it might not otherwise do so, which may adversely affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s  Cash Management  Class shares from year-to-year and by showing the average annual returns of the Fund’s  Cash </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Management  Class shares for the one, five and 10 year periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance is not necessarily an indication of how </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s  Cash Management  Class shares from year-to-year and by showing the average annual returns of the Fund’s  Cash Management  Class shares for the one, five and 10 year periods. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years <div><img alt="image" src="pr17158img004.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">12/31/23</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.85%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.01%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0085 Low Quarter 2022-03-31 -0.0001 Average Annual Total Returns(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Ten Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Tax-Exempt Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.47%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.88%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.29%</span></div> </td> </tr> </table></div> 0.0247 0.0188 0.0129 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Money Market Portfolio (the “Fund”) seeks preservation of capital, daily liquidity and maximum current income.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Investor Class shares of the Fund. The Fund does </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">not charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and expenses of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not reflected in the </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>tables and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:84.95558093173594%"></td> <td style="height:1px;width:15.044419068264077%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investor Class</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.08%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Shareholder Administration Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.10%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.33%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.03%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.30%</span></div> </td> </tr> </table></div> 0.0015 0 0.0008 0.001 0.0033 0.0003 0.003 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Investor  Class with the cost of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Investor Class for the time periods indicated and then redeem all of your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investor Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$31 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$103 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$182 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$415 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 31 103 182 415 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests in liquid, high quality U.S. dollar-denominated money market instruments of U.S. and foreign financial and non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial corporations. The Fund also invests in obligations of foreign governments and in obligations issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">U.S. Government and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or of U.S. branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. In selecting investments, the Adviser seeks to maintain the Fund’s share price at $1.00. The share price remaining stable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">at $1.00 means that the Fund would preserve the principal value of your investment. There can be no assurance that the Fund will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">able at all times to maintain its share price at $1.00.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may also invest in U.S. dollar-denominated foreign securities and money market instruments. The Fund is permitted to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">hold a portion of its assets in cash.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Bank Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The activities of U.S. and most foreign banks are subject to comprehensive regulations. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">operations and profitability of domestic and foreign banks. In addition, banks may be particularly susceptible to certain economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">For example, a type of fixed-income securities in which the Fund may invest are corporate debt obligations. In addition to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate, credit and other risks, corporate debt obligations are also subject to factors directly related to the issuer, such as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace, and by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors not directly related to the issuer, such as general market liquidity, economic conditions and inflation.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Securities with longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of an active market and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduced number and capacity of traditional market participants to make a market in fixed-income securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Commercial Paper.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Commercial paper is subject to interest rate risk and is susceptible to changes in the issuer’s financial condition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or credit quality. Commercial paper is typically repaid with the proceeds from the issuance of new commercial paper. Thus, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in commercial paper are subject to the risk (commonly referred to as rollover risk) that the issuer will be unable to </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issue sufficient new commercial paper to meet the repayment obligations under its outstanding commercial paper. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper is typically unsecured, investments in commercial paper are subject to increased credit risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>U.S. Government Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> Different types of U.S. government securities are subject to different levels of credit risk, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">risk of default, depending on the nature of the particular government support for that security. For example, a U.S. government-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">sponsored entity, such as Federal National Mortgage Association or Federal Home Loan Mortgage Corporation, although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">and, therefore, are not backed by the full faith and credit of the United States. With respect to U.S. government securities that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">not backed by the full faith and credit of the United States, there is the risk that the U.S. government will not provide financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">government securities are also subject to interest rate risks and can exhibit price fluctuations resulting from increases or decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">in interest rates.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Asset-Backed Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Asset-backed securities are subject to credit (such as a borrower’s default on its mortgage obligation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the default or failure of a guarantee underlying the asset-backed security), interest rate and certain additional risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk that various federal and state consumer laws and other legal and economic factors may result in the collateral backing the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities being insufficient to support payment on the securities. To the extent the Fund invests in asset-backed securities issued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by non-governmental issuers, such as commercial banks, savings and loan institutions, and other secondary market issuers, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund will be exposed to additional risks because, among other things, there are no direct or indirect government or agency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guarantees of payments in the pools underlying the securities. Some asset-backed securities also entail prepayment risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">extension risk, which may vary depending on the type of asset. Due to these risks, asset-backed securities may become more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile in certain interest rate environments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Repurchase Agreements.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Repurchase agreements are subject to risks associated with the possibility of default by the seller at a time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">when the collateral has declined in value, or insolvency of the seller, which may affect the Fund’s right to control the collateral and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">result in certain costs and delays. Repurchase agreements may involve a greater degree of credit risk than investments in U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government securities.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Foreign Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may invest in U.S. dollar-denominated securities issued by foreign governmental or corporate issuers. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Investing in securities of foreign issuers involves some additional risks than securities of U.S. issuers. While foreign securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including foreign money market securities, are subject to the same type of risks that pertain to domestic issuers, namely credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and interest rate risk, they are also subject to other additional risks. Foreign issuers generally are subject to different accounting, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">auditing and financial reporting standards than U.S. issuers. There may be less information available to the public about foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers. In some foreign countries, there is also the risk of government expropriation, excessive taxation, political or social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instability, economic sanctions or other similar governmental activity or diplomatic developments (including regional and global, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">military or other conflicts) that could affect an investment. There also can be difficulty obtaining and enforcing judgments against </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers in foreign countries. Governmental interventions or other actions can have a significant effect on the economic conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in foreign countries, which also may adversely affect the Fund’s investments in foreign issuers.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">normal shareholder redemptions may adversely affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">it might not otherwise do so, which may adversely affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s Investor  Class shares from year-to-year and by showing the average annual returns of the Fund’s Investor  Class shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">for the one, five and 10 year periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance is not necessarily an indication of how the Fund will perform in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Investor  Class shares from year-to-year and by showing the average annual returns of the Fund’s Investor  Class shares for the one, five and 10 year periods. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years* <div><img alt="image" src="pr17164img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">06/30/16</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.09%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">12/31/16</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.02%</span></div> </td> </tr> </table></div> High Quarter 2016-06-30 0.0009 Low Quarter 2016-12-31 0.0002 Average Annual Total Returns*(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Money Market Portfolio</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;vertical-align:top;;">*</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.03%</span></div> </td> </tr> </table></div> 0 0 0.0003 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Tax-Exempt Portfolio (the “Fund”) seeks to maximize current income exempt from federal income tax to the extent consistent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">with preservation of capital and maintenance of liquidity.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Investor Class shares of the Fund. The Fund does </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">not charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and expenses of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not reflected in the </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>tables and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:84.95558093173594%"></td> <td style="height:1px;width:15.044419068264077%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Investor Class</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.19%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Shareholder Administration Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.10%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.44%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.14%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.30%</span></div> </td> </tr> </table></div> 0.0015 0 0.0019 0.001 0.0044 0.0014 0.003 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Investor  Class with the cost of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Investor Class for the time periods indicated and then redeem all of your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Investor Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$31 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$127 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$232 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$541 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 31 127 232 541 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests at least 80% of its assets in high quality short-term municipal obligations, the interest of which is exempt from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">federal income taxes and is not subject to the federal alternative minimum tax. This policy is fundamental and may not be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval. The Fund may also invest in variable and floating rate demand instruments, tender option bonds, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">custodial receipts and investments in other investment companies, including money market funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest up to 20% of its assets in taxable money market securities or in municipal obligations that pay interest income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that may be subject to the alternative minimum tax; however, it is currently intended that the Fund will be managed so that income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">generated by the Fund will not be subject to the alternative minimum tax. In addition, the Fund may temporarily invest more than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">20% of its assets in taxable money market securities for defensive purposes in attempting to respond to adverse market conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including when suitable municipal obligations are unavailable. When the Fund makes such investments, a higher portion of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s distributions will likely be subject to federal income tax and/or the federal alternative minimum tax.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations. In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile than securities with shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an active market and the reduced number and capacity of traditional market participants to make a market in fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Tax-Exempt Variable Rate Demand Notes.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Tax-exempt variable rate demand notes are variable rate tax-exempt debt obligations that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">give investors the right to demand principal repayment. Due to cyclical supply and demand considerations, at times the yields on </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">these obligations can exceed the yield on taxable money market obligations. The interest rate on these instruments may be reset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instrument may be based on a known lending rate, such as a bank’s prime rate, and is reset whenever such rate is adjusted. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The interest rate on a variable rate demand note is reset at specified intervals at a market rate. The Fund’s ability to receive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments of principal and interest and other amounts in connection with debt obligations held by it will depend primarily on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial condition of the issuer. The failure by the Fund to receive scheduled interest or principal payments on a debt obligation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">would adversely affect the income of the Fund and would likely reduce the value of its assets, which would be reflected in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduction in the Fund’s NAV.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">normal shareholder redemptions may adversely affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">it might not otherwise do so, which may adversely affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s Investor  Class shares from year-to-year and by showing the average annual returns of the Fund’s Investor  Class shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">for the one, five and 10 year periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance is not necessarily an indication of how the Fund will perform in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Investor  Class shares from year-to-year and by showing the average annual returns of the Fund’s Investor  Class shares for the one, five and 10 year periods. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years* <div><img alt="image" src="pr17164img004.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">06/30/16</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.24%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">03/31/16</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2016-06-30 0.0024 Low Quarter 2016-03-31 0 Average Annual Total Returns*(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Tax-Exempt Portfolio</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;vertical-align:top;;">*</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.03%</span></div> </td> </tr> </table></div> 0 0 0.0003 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Money Market Portfolio (the “Fund”) seeks preservation of capital, daily liquidity and maximum current income.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Participant Class shares of the Fund. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">does not charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>reflected in the tables and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:74.9685485900091%"></td> <td style="height:1px;width:25.033386881374962%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Participant Class</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.08%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Shareholder Service Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.73%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.03%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.70%</span></div> </td> </tr> </table></div> 0.0015 0.0025 0.0008 0.0025 0.0073 0.0003 0.007 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Participant  Class with the cost of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Participant Class for the time periods indicated and then redeem all of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">your shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Participant Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$72 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$230 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$403 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$904 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 72 230 403 904 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests in liquid, high quality U.S. dollar-denominated money market instruments of U.S. and foreign financial and non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial corporations. The Fund also invests in obligations of foreign governments and in obligations issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">U.S. Government and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or of U.S. branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. In selecting investments, the Adviser seeks to maintain the Fund’s share price at $1.00. The share price remaining stable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">at $1.00 means that the Fund would preserve the principal value of your investment. There can be no assurance that the Fund will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">able at all times to maintain its share price at $1.00.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may also invest in  U.S. dollar-denominated foreign securities and money market instruments. The Fund is permitted to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">hold a portion of its assets in cash.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Bank Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The activities of U.S. and most foreign banks are subject to comprehensive regulations. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">operations and profitability of domestic and foreign banks. In addition, banks may be particularly susceptible to certain economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">For example, a type of fixed-income securities in which the Fund may invest are corporate debt obligations. In addition to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate, credit and other risks, corporate debt obligations are also subject to factors directly related to the issuer, such as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace, and by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors not directly related to the issuer, such as general market liquidity, economic conditions and inflation.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Securities with longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of an active market and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduced number and capacity of traditional market participants to make a market in fixed-income securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Commercial Paper.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Commercial paper is subject to interest rate risk and is susceptible to changes in the issuer’s financial condition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or credit quality. Commercial paper is typically repaid with the proceeds from the issuance of new commercial paper. Thus, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in commercial paper are subject to the risk (commonly referred to as rollover risk) that the issuer will be unable to </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issue sufficient new commercial paper to meet the repayment obligations under its outstanding commercial paper. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper is typically unsecured, investments in commercial paper are subject to increased credit risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>U.S. Government Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> Different types of U.S. government securities are subject to different levels of credit risk, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">risk of default, depending on the nature of the particular government support for that security. For example, a U.S. government-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">sponsored entity, such as Federal National Mortgage Association or Federal Home Loan Mortgage Corporation, although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">and, therefore, are not backed by the full faith and credit of the United States. With respect to U.S. government securities that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">not backed by the full faith and credit of the United States, there is the risk that the U.S. government will not provide financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">government securities are also subject to interest rate risks and can exhibit price fluctuations resulting from increases or decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">in interest rates.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Asset-Backed Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Asset-backed securities are subject to credit (such as a borrower’s default on its mortgage obligation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the default or failure of a guarantee underlying the asset-backed security), interest rate and certain additional risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk that various federal and state consumer laws and other legal and economic factors may result in the collateral backing the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities being insufficient to support payment on the securities. To the extent the Fund invests in asset-backed securities issued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by non-governmental issuers, such as commercial banks, savings and loan institutions, and other secondary market issuers, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund will be exposed to additional risks because, among other things, there are no direct or indirect government or agency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guarantees of payments in the pools underlying the securities. Some asset-backed securities also entail prepayment risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">extension risk, which may vary depending on the type of asset. Due to these risks, asset-backed securities may become more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile in certain interest rate environments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Repurchase Agreements.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Repurchase agreements are subject to risks associated with the possibility of default by the seller at a time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">when the collateral has declined in value, or insolvency of the seller, which may affect the Fund’s right to control the collateral and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">result in certain costs and delays. Repurchase agreements may involve a greater degree of credit risk than investments in U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government securities.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Foreign Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may invest in U.S. dollar-denominated securities issued by foreign governmental or corporate issuers. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Investing in securities of foreign issuers involves some additional risks than securities of U.S. issuers. While foreign securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including foreign money market securities, are subject to the same type of risks that pertain to domestic issuers, namely credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and interest rate risk, they are also subject to other additional risks. Foreign issuers generally are subject to different accounting, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">auditing and financial reporting standards than U.S. issuers. There may be less information available to the public about foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers. In some foreign countries, there is also the risk of government expropriation, excessive taxation, political or social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instability, economic sanctions or other similar governmental activity or diplomatic developments (including regional and global, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">military or other conflicts)  that could affect an investment. There also can be difficulty obtaining and enforcing judgments against </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers in foreign countries. Governmental interventions or other actions can have a significant effect on the economic conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in foreign countries, which also may adversely affect the Fund’s investments in foreign issuers.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">normal shareholder redemptions may adversely affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">it might not otherwise do so, which may adversely affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s Participant Class shares from year-to-year and by showing the average annual returns of the Fund’s  Participant  Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shares for the one, five and 10 year periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance is not necessarily an indication of how the Fund will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Participant Class shares from year-to-year and by showing the average annual returns of the Fund’s  Participant  Class shares for the one, five and 10 year periods. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years <div><img alt="image" src="pr17146img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">12/31/23</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.25%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">09/30/20</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.01%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0125 Low Quarter 2020-09-30 -0.0001 Average Annual Total Returns(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Ten Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Money Market Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.84%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.91%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.89%</span></div> </td> </tr> </table></div> 0.0384 0.0291 0.0189 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Tax-Exempt Portfolio (the “Fund”) seeks to maximize current income exempt from federal income tax to the extent consistent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">with preservation of capital and maintenance of liquidity.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Participant Class shares of the Fund. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">does not charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>reflected in the tables and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:74.9685485900091%"></td> <td style="height:1px;width:25.033386881374962%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Participant Class</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.19%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Shareholder Service Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.84%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.14%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.70%</span></div> </td> </tr> </table></div> 0.0015 0.0025 0.0019 0.0025 0.0084 0.0014 0.007 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Participant  Class with the cost of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Participant Class for the time periods indicated and then redeem all of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">your shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Participant Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$72 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$254 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$452 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,024 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 72 254 452 1024 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests at least 80% of its assets in high quality short-term municipal obligations, the interest of which is exempt from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">federal income taxes and is not subject to the federal alternative minimum tax. This policy is fundamental and may not be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval. The Fund may also invest in variable and floating rate demand instruments, tender option bonds, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">custodial receipts and investments in other investment companies, including money market funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest up to 20% of its assets in taxable money market securities or in municipal obligations that pay interest income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that may be subject to the alternative minimum tax; however, it is currently intended that the Fund will be managed so that income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">generated by the Fund will not be subject to the alternative minimum tax. In addition, the Fund may temporarily invest more than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">20% of its assets in taxable money market securities for defensive purposes in attempting to respond to adverse market conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including when suitable municipal obligations are unavailable. When the Fund makes such investments, a higher portion of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s distributions will likely be subject to federal income tax and/or the federal alternative minimum tax.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations. In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">these</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile than securities with shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an active market and the reduced number and capacity of traditional market participants to make a market in fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Tax-Exempt Variable Rate Demand Notes.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Tax-exempt variable rate demand notes are variable rate tax-exempt debt obligations that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">give investors the right to demand principal repayment. Due to cyclical supply and demand considerations, at times the yields on </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">these obligations can exceed the yield on taxable money market obligations. The interest rate on these instruments may be reset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instrument may be based on a known lending rate, such as a bank’s prime rate, and is reset whenever such rate is adjusted. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The interest rate on a variable rate demand note is reset at specified intervals at a market rate. The Fund’s ability to receive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments of principal and interest and other amounts in connection with debt obligations held by it will depend primarily on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial condition of the issuer. The failure by the Fund to receive scheduled interest or principal payments on a debt obligation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">would adversely affect the income of the Fund and would likely reduce the value of its assets, which would be reflected in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduction in the Fund’s NAV.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">normal shareholder redemptions may adversely affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">it might not otherwise do so, which may adversely affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s Participant Class shares from year-to-year and by showing the average annual returns of the Fund’s  Participant  Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shares for the one, five and 10 year periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance is not necessarily an indication of how the Fund will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Participant Class shares from year-to-year and by showing the average annual returns of the Fund’s  Participant  Class shares for the one, five and 10 year periods. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years* <div><img alt="image" src="pr17146img004.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/16</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.22%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/16</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2016-06-30 0.0022 Low Quarter 2016-03-31 0 Average Annual Total Returns*(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Ten Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Tax-Exempt Portfolio</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;vertical-align:top;;-sec-ix-redline:true;">*</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.00%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.02%</span></div> </td> </tr> </table></div> 0 0 0.0002 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Money Market Portfolio (the “Fund”) seeks preservation of capital, daily liquidity and maximum current income.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Select Class shares of the Fund. The Fund does not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and expenses of the </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not reflected in the tables </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:84.95558093173594%"></td> <td style="height:1px;width:15.044419068264077%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Select Class</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.55%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.08%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Shareholder Service Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.03%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.03%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> </tr> </table></div> 0.0015 0.0055 0.0008 0.0025 0.0103 0.0003 0.01 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Select  Class with the cost of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Select Class for the time periods indicated and then redeem all of your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Select Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$325 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$566 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,257 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 102 325 566 1257 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests in liquid, high quality U.S. dollar-denominated money market instruments of U.S. and foreign financial and non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial corporations. The Fund also invests in obligations of foreign governments and in obligations issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">U.S. Government and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or of U.S. branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. In selecting investments, the Adviser seeks to maintain the Fund’s share price at $1.00. The share price remaining stable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">at $1.00 means that the Fund would preserve the principal value of your investment. There can be no assurance that the Fund will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">able at all times to maintain its share price at $1.00.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may also invest in  U.S. dollar-denominated foreign securities and money market instruments. The Fund is permitted to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">hold a portion of its assets in cash.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Bank Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The activities of U.S. and most foreign banks are subject to comprehensive regulations. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">operations and profitability of domestic and foreign banks. In addition, banks may be particularly susceptible to certain economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">For example, a type of fixed-income securities in which the Fund may invest are corporate debt obligations. In addition to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate, credit and other risks, corporate debt obligations are also subject to factors directly related to the issuer, such as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace, and by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors not directly related to the issuer, such as general market liquidity, economic conditions and inflation.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Securities with longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of an active market and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduced number and capacity of traditional market participants to make a market in fixed-income securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Commercial Paper.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Commercial paper is subject to interest rate risk and is susceptible to changes in the issuer’s financial condition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or credit quality. Commercial paper is typically repaid with the proceeds from the issuance of new commercial paper. Thus, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in commercial paper are subject to the risk (commonly referred to as rollover risk) that the issuer will be unable to </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issue sufficient new commercial paper to meet the repayment obligations under its outstanding commercial paper. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper is typically unsecured, investments in commercial paper are subject to increased credit risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>U.S. Government Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> Different types of U.S. government securities are subject to different levels of credit risk, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">risk of default, depending on the nature of the particular government support for that security. For example, a U.S. government-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">sponsored entity, such as Federal National Mortgage Association or Federal Home Loan Mortgage Corporation, although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">and, therefore, are not backed by the full faith and credit of the United States. With respect to U.S. government securities that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">not backed by the full faith and credit of the United States, there is the risk that the U.S. government will not provide financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">government securities are also subject to interest rate risks and can exhibit price fluctuations resulting from increases or decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">in interest rates.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Asset-Backed Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Asset-backed securities are subject to credit (such as a borrower’s default on its mortgage obligation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the default or failure of a guarantee underlying the asset-backed security), interest rate and certain additional risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk that various federal and state consumer laws and other legal and economic factors may result in the collateral backing the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities being insufficient to support payment on the securities. To the extent the Fund invests in asset-backed securities issued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by non-governmental issuers, such as commercial banks, savings and loan institutions, and other secondary market issuers, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund will be exposed to additional risks because, among other things, there are no direct or indirect government or agency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guarantees of payments in the pools underlying the securities. Some asset-backed securities also entail prepayment risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">extension risk, which may vary depending on the type of asset. Due to these risks, asset-backed securities may become more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile in certain interest rate environments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Repurchase Agreements.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Repurchase agreements are subject to risks associated with the possibility of default by the seller at a time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">when the collateral has declined in value, or insolvency of the seller, which may affect the Fund’s right to control the collateral and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">result in certain costs and delays. Repurchase agreements may involve a greater degree of credit risk than investments in U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government securities.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Foreign Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may invest in U.S. dollar-denominated securities issued by foreign governmental or corporate issuers. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Investing in securities of foreign issuers involves some additional risks than securities of U.S. issuers. While foreign securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including foreign money market securities, are subject to the same type of risks that pertain to domestic issuers, namely credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and interest rate risk, they are also subject to other additional risks. Foreign issuers generally are subject to different accounting, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">auditing and financial reporting standards than U.S. issuers. There may be less information available to the public about foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers. In some foreign countries, there is also the risk of government expropriation, excessive taxation, political or social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instability, economic sanctions or other similar governmental activity or diplomatic developments (including regional and global, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">military or other conflicts)  that could affect an investment. There also can be difficulty obtaining and enforcing judgments against </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers in foreign countries. Governmental interventions or other actions can have a significant effect on the economic conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in foreign countries, which also may adversely affect the Fund’s investments in foreign issuers.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">normal shareholder redemptions may adversely affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">it might not otherwise do so, which may adversely affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s Select Class shares </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">from year-to-year</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and by showing the average annual returns of the Fund’s Select Class shares for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">one year and since inception periods.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance is not necessarily an indication of how the Fund will perform in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Select Class shares from year-to-year and by showing the average annual returns of the Fund’s Select Class shares for the one year and since inception periods. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years <div><img alt="image" src="pr17168img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">03/31/24</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.15%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">12/31/25</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.81%</span></div> </td> </tr> </table></div> High Quarter 2024-03-31 0.0115 Low Quarter 2025-12-31 0.0081 Average Annual Total Returns(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:67.17827626918536%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Since Inception</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>(01/23/23)</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Money Market Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.54%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.16%</span></div> </td> </tr> </table></div> 0.0354 0.0416 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Tax-Exempt Portfolio (the “Fund”) seeks to maximize current income exempt from federal income tax to the extent consistent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">with preservation of capital and maintenance of liquidity.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Select Class shares of the Fund. The Fund does not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and expenses of the </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not reflected in the tables </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:84.95558093173594%"></td> <td style="height:1px;width:15.044419068264077%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Select Class</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.55%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.19%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Shareholder Service Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.14%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.14%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.00%</span></div> </td> </tr> </table></div> 0.0015 0.0055 0.0019 0.0025 0.0114 0.0014 0.01 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Select  Class with the cost of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Select Class for the time periods indicated and then redeem all of your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Select Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$102 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$348 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$614 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$1,374 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 102 348 614 1374 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests at least 80% of its assets in high quality short-term municipal obligations, the interest of which is exempt from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">federal income taxes and is not subject to the federal alternative minimum tax. This policy is fundamental and may not be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval. The Fund may also invest in variable and floating rate demand instruments, tender option bonds, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">custodial receipts and investments in other investment companies, including money market funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest up to 20% of its assets in taxable money market securities or in municipal obligations that pay interest income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that may be subject to the alternative minimum tax; however, it is currently intended that the Fund will be managed so that income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">generated by the Fund will not be subject to the alternative minimum tax. In addition, the Fund may temporarily invest more than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">20% of its assets in taxable money market securities for defensive purposes in attempting to respond to adverse market conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including when suitable municipal obligations are unavailable. When the Fund makes such investments, a higher portion of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s distributions will likely be subject to federal income tax and/or the federal alternative minimum tax.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations. In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile than securities with shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an active market and the reduced number and capacity of traditional market participants to make a market in fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Tax-Exempt Variable Rate Demand Notes.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Tax-exempt variable rate demand notes are variable rate tax-exempt debt obligations that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">give investors the right to demand principal repayment. Due to cyclical supply and demand considerations, at times the yields on </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">these obligations can exceed the yield on taxable money market obligations. The interest rate on these instruments may be reset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instrument may be based on a known lending rate, such as a bank’s prime rate, and is reset whenever such rate is adjusted. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The interest rate on a variable rate demand note is reset at specified intervals at a market rate. The Fund’s ability to receive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments of principal and interest and other amounts in connection with debt obligations held by it will depend primarily on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial condition of the issuer. The failure by the Fund to receive scheduled interest or principal payments on a debt obligation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">would adversely affect the income of the Fund and would likely reduce the value of its assets, which would be reflected in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduction in the Fund’s NAV.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">normal shareholder redemptions may adversely affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">it might not otherwise do so, which may adversely affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Select Class shares for one year</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and by showing the average annual returns of the Fund’s </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Select</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Class shares for the one</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">year period and since inception.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance is not necessarily an indication of how the Fund will perform in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Select Class shares for one year and by showing the average annual returns of the Fund’s Select Class shares for the one year period and since inception. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years <div><img alt="image" src="pr17168img004.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">06/30/25</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.50%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">09/30/25</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.42%</span></div> </td> </tr> </table></div> High Quarter 2025-06-30 0.005 Low Quarter 2025-09-30 0.0042 Average Annual Total Returns(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:67.17827626918536%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Since Inception</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>(02/29/24)</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Tax-Exempt Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.81%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.10%</span></div> </td> </tr> </table></div> 0.0181 0.021 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Money Market Portfolio (the “Fund”) seeks preservation of capital, daily liquidity and maximum current income.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Wealth Class shares of the Fund. The Fund does </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">not charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and expenses of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not reflected in the </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>tables and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:84.95558093173594%"></td> <td style="height:1px;width:15.044419068264077%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Wealth Class</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.08%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.23%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.03%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.20%</span></div> </td> </tr> </table></div> 0.0015 0 0.0008 0.0023 0.0003 0.002 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Wealth  Class with the cost of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Wealth Class for the time periods indicated and then redeem all of your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Wealth Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$71 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$126 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$290 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 20 71 126 290 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests in liquid, high quality U.S. dollar-denominated money market instruments of U.S. and foreign financial and non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial corporations. The Fund also invests in obligations of foreign governments and in obligations issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">U.S. Government and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or of U.S. branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. In selecting investments, the Adviser seeks to maintain the Fund’s share price at $1.00. The share price remaining stable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">at $1.00 means that the Fund would preserve the principal value of your investment. There can be no assurance that the Fund will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">able at all times to maintain its share price at $1.00.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may also invest in U.S. dollar-denominated foreign securities and money market instruments. The Fund is permitted to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">hold a portion of its assets in cash.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Bank Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The activities of U.S. and most foreign banks are subject to comprehensive regulations. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">operations and profitability of domestic and foreign banks. In addition, banks may be particularly susceptible to certain economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">For example, a type of fixed-income securities in which the Fund may invest are corporate debt obligations. In addition to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate, credit and other risks, corporate debt obligations are also subject to factors directly related to the issuer, such as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace, and by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors not directly related to the issuer, such as general market liquidity, economic conditions and inflation.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Securities with longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of an active market and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduced number and capacity of traditional market participants to make a market in fixed-income securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Commercial Paper.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Commercial paper is subject to interest rate risk and is susceptible to changes in the issuer’s financial condition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or credit quality. Commercial paper is typically repaid with the proceeds from the issuance of new commercial paper. Thus, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in commercial paper are subject to the risk (commonly referred to as rollover risk) that the issuer will be unable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issue sufficient new commercial paper to meet the repayment obligations under its outstanding commercial paper. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper is typically unsecured, investments in commercial paper are subject to increased credit risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>U.S. Government Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> Different types of U.S. government securities are subject to different levels of credit risk, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">risk of default, depending on the nature of the particular government support for that security. For example, a U.S. government-</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">sponsored entity, such as Federal National Mortgage Association or Federal Home Loan Mortgage Corporation, although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">and, therefore, are not backed by the full faith and credit of the United States. With respect to U.S. government securities that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">not backed by the full faith and credit of the United States, there is the risk that the U.S. government will not provide financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">government securities are also subject to interest rate risks and can exhibit price fluctuations resulting from increases or decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">in interest rates.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Asset-Backed Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Asset-backed securities are subject to credit (such as a borrower’s default on its mortgage obligation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the default or failure of a guarantee underlying the asset-backed security), interest rate and certain additional risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk that various federal and state consumer laws and other legal and economic factors may result in the collateral backing the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities being insufficient to support payment on the securities. To the extent the Fund invests in asset-backed securities issued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by non-governmental issuers, such as commercial banks, savings and loan institutions, and other secondary market issuers, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund will be exposed to additional risks because, among other things, there are no direct or indirect government or agency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guarantees of payments in the pools underlying the securities. Some asset-backed securities also entail prepayment risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">extension risk, which may vary depending on the type of asset. Due to these risks, asset-backed securities may become more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile in certain interest rate environments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Repurchase Agreements.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Repurchase agreements are subject to risks associated with the possibility of default by the seller at a time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">when the collateral has declined in value, or insolvency of the seller, which may affect the Fund’s right to control the collateral and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">result in certain costs and delays. Repurchase agreements may involve a greater degree of credit risk than investments in U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government securities.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Foreign Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may invest in U.S. dollar-denominated securities issued by foreign governmental or corporate issuers. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Investing in securities of foreign issuers involves some additional risks than securities of U.S. issuers. While foreign securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including foreign money market securities, are subject to the same type of risks that pertain to domestic issuers, namely credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and interest rate risk, they are also subject to other additional risks. Foreign issuers generally are subject to different accounting, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">auditing and financial reporting standards than U.S. issuers. There may be less information available to the public about foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers. In some foreign countries, there is also the risk of government expropriation, excessive taxation, political or social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instability, economic sanctions or other similar governmental activity or diplomatic developments (including regional and global, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">military or other conflicts)  that could affect an investment. There also can be difficulty obtaining and enforcing judgments against </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers in foreign countries. Governmental interventions or other actions can have a significant effect on the economic conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in foreign countries, which also may adversely affect the Fund’s investments in foreign issuers.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">normal shareholder redemptions may adversely affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">it might not otherwise do so, which may adversely affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s Wealth Class shares from year-to-year and by showing the average annual returns of the Fund’s Wealth Class shares for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the one, five and 10 year periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance is not necessarily an indication of how the Fund will perform in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Wealth Class shares from year-to-year and by showing the average annual returns of the Fund’s Wealth Class shares for the one, five and 10 year periods. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years <div><img alt="image" src="pr17139img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">12/31/23</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.38%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.01%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0138 Low Quarter 2022-03-31 -0.0001 Average Annual Total Returns(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Ten Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Money Market Portfolio</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.37%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.30%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.31%</span></div> </td> </tr> </table></div> 0.0437 0.033 0.0231 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Tax-Exempt Portfolio (the “Fund”) seeks to maximize current income exempt from federal income tax to the extent consistent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">with preservation of capital and maintenance of liquidity.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Wealth Class shares of the Fund. The Fund does </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">not charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and expenses of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not reflected in the </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>tables and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:84.95558093173594%"></td> <td style="height:1px;width:15.044419068264077%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Wealth Class</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.19%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.34%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.14%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.20%</span></div> </td> </tr> </table></div> 0.0015 0 0.0019 0.0034 0.0014 0.002 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Wealth  Class with the cost of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Wealth Class for the time periods indicated and then redeem all of your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Wealth Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$20 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$95 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$177 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$417 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 20 95 177 417 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests at least 80% of its assets in high quality short-term municipal obligations, the interest of which is exempt from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">federal income taxes and is not subject to the federal alternative minimum tax. This policy is fundamental and may not be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval. The Fund may also invest in variable and floating rate demand instruments, tender option bonds, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">custodial receipts and investments in other investment companies, including money market funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest up to 20% of its assets in taxable money market securities or in municipal obligations that pay interest income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that may be subject to the alternative minimum tax; however, it is currently intended that the Fund will be managed so that income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">generated by the Fund will not be subject to the alternative minimum tax. In addition, the Fund may temporarily invest more than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">20% of its assets in taxable money market securities for defensive purposes in attempting to respond to adverse market conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including when suitable municipal obligations are unavailable. When the Fund makes such investments, a higher portion of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s distributions will likely be subject to federal income tax and/or the federal alternative minimum tax.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations. In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile than securities with shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an active market and the reduced number and capacity of traditional market participants to make a market in fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Tax-Exempt Variable Rate Demand Notes.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Tax-exempt variable rate demand notes are variable rate tax-exempt debt obligations that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">give investors the right to demand principal repayment. Due to cyclical supply and demand considerations, at times the yields on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">these obligations can exceed the yield on taxable money market obligations. The interest rate on these instruments may be reset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instrument may be based on a known lending rate, such as a bank’s prime rate, and is reset whenever such rate is adjusted. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The interest rate on a variable rate demand note is reset at specified intervals at a market rate. The Fund’s ability to receive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments of principal and interest and other amounts in connection with debt obligations held by it will depend primarily on the </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial condition of the issuer. The failure by the Fund to receive scheduled interest or principal payments on a debt obligation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">would adversely affect the income of the Fund and would likely reduce the value of its assets, which would be reflected in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduction in the Fund’s NAV.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">normal shareholder redemptions may adversely affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">it might not otherwise do so, which may adversely affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s Wealth Class shares from year-to-year and by showing the average annual returns of the Fund’s Wealth Class shares for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the one, five and 10 year periods.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance is not necessarily an indication of how the Fund will perform in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Wealth Class shares from year-to-year and by showing the average annual returns of the Fund’s Wealth Class shares for the one, five and 10 year periods. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years <div><img alt="image" src="pr17139img004.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">12/31/23</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.88%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/21</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.01%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0088 Low Quarter 2021-03-31 -0.0001 Average Annual Total Returns(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Ten Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Tax-Exempt Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.63%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.99%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.41%</span></div> </td> </tr> </table></div> 0.0263 0.0199 0.0141 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Money Market Portfolio (the “Fund”) seeks preservation of capital, daily liquidity and maximum current income.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Wealth S Class shares of the Fund. The Fund does </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">not charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and expenses of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not reflected in the </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>tables and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:84.95558093173594%"></td> <td style="height:1px;width:15.044419068264077%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Wealth S Class</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.08%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Shareholder Administration Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.05%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.28%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.03%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> </tr> </table></div> 0.0015 0 0.0008 0.0005 0.0028 0.0003 0.0025 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Wealth S  Class with the cost of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Wealth S Class for the time periods indicated and then redeem all of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">your shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Wealth S Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$26 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$87 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$154 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$353 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 26 87 154 353 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests in liquid, high quality U.S. dollar-denominated money market instruments of U.S. and foreign financial and non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial corporations. The Fund also invests in obligations of foreign governments and in obligations issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">U.S. Government and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or of U.S. branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. In selecting investments, the Adviser seeks to maintain the Fund’s share price at $1.00. The share price remaining stable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">at $1.00 means that the Fund would preserve the principal value of your investment. There can be no assurance that the Fund will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">able at all times to maintain its share price at $1.00.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may also invest in U.S. dollar-denominated foreign securities and money market instruments. The Fund is permitted to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">hold a portion of its assets in cash.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Bank Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The activities of U.S. and most foreign banks are subject to comprehensive regulations. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">operations and profitability of domestic and foreign banks. In addition, banks may be particularly susceptible to certain economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">For example, a type of fixed-income securities in which the Fund may invest are corporate debt obligations. In addition to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate, credit and other risks, corporate debt obligations are also subject to factors directly related to the issuer, such as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace, and by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors not directly related to the issuer, such as general market liquidity, economic conditions and inflation.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Securities with longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of an active market and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduced number and capacity of traditional market participants to make a market in fixed-income securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Commercial Paper.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Commercial paper is subject to interest rate risk and is susceptible to changes in the issuer’s financial condition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or credit quality. Commercial paper is typically repaid with the proceeds from the issuance of new commercial paper. Thus, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in commercial paper are subject to the risk (commonly referred to as rollover risk) that the issuer will be unable to </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issue sufficient new commercial paper to meet the repayment obligations under its outstanding commercial paper. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper is typically unsecured, investments in commercial paper are subject to increased credit risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>U.S. Government Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> Different types of U.S. government securities are subject to different levels of credit risk, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">risk of default, depending on the nature of the particular government support for that security. For example, a U.S. government-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">sponsored entity, such as Federal National Mortgage Association or Federal Home Loan Mortgage Corporation, although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">and, therefore, are not backed by the full faith and credit of the United States. With respect to U.S. government securities that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">not backed by the full faith and credit of the United States, there is the risk that the U.S. government will not provide financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">government securities are also subject to interest rate risks and can exhibit price fluctuations resulting from increases or decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">in interest rates.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Asset-Backed Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Asset-backed securities are subject to credit (such as a borrower’s default on its mortgage obligation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the default or failure of a guarantee underlying the asset-backed security), interest rate and certain additional risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk that various federal and state consumer laws and other legal and economic factors may result in the collateral backing the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities being insufficient to support payment on the securities. To the extent the Fund invests in asset-backed securities issued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by non-governmental issuers, such as commercial banks, savings and loan institutions, and other secondary market issuers, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund will be exposed to additional risks because, among other things, there are no direct or indirect government or agency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guarantees of payments in the pools underlying the securities. Some asset-backed securities also entail prepayment risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">extension risk, which may vary depending on the type of asset. Due to these risks, asset-backed securities may become more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile in certain interest rate environments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Repurchase Agreements.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Repurchase agreements are subject to risks associated with the possibility of default by the seller at a time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">when the collateral has declined in value, or insolvency of the seller, which may affect the Fund’s right to control the collateral and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">result in certain costs and delays. Repurchase agreements may involve a greater degree of credit risk than investments in U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government securities.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Foreign Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may invest in U.S. dollar-denominated securities issued by foreign governmental or corporate issuers. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Investing in securities of foreign issuers involves some additional risks than securities of U.S. issuers. While foreign securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including foreign money market securities, are subject to the same type of risks that pertain to domestic issuers, namely credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and interest rate risk, they are also subject to other additional risks. Foreign issuers generally are subject to different accounting, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">auditing and financial reporting standards than U.S. issuers. There may be less information available to the public about foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers. In some foreign countries, there is also the risk of government expropriation, excessive taxation, political or social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instability, economic sanctions or other similar governmental activity or diplomatic developments (including regional and global, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">military or other conflicts)  that could affect an investment. There also can be difficulty obtaining and enforcing judgments against </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers in foreign countries. Governmental interventions or other actions can have a significant effect on the economic conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in foreign countries, which also may adversely affect the Fund’s investments in foreign issuers.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">normal shareholder redemptions may adversely affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">it might not otherwise do so, which may adversely affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s Wealth S Class shares from year-to-year and by showing the average annual returns of the Fund’s  Wealth S Class shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">for the one, five and 10 year periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance is not necessarily an indication of how the Fund will perform in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Wealth S Class shares from year-to-year and by showing the average annual returns of the Fund’s  Wealth S Class shares for the one, five and 10 year periods. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years <div><img alt="image" src="pr17172img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">12/31/23</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.36%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/22</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0136 Low Quarter 2022-03-31 0 Average Annual Total Returns(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Ten Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Money Market Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.31%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">3.26%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.26%</span></div> </td> </tr> </table></div> 0.0431 0.0326 0.0226 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Tax-Exempt Portfolio (the “Fund”) seeks to maximize current income exempt from federal income tax to the extent consistent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">with preservation of capital and maintenance of liquidity.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Wealth S Class shares of the Fund. The Fund does </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">not charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and expenses of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not reflected in the </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>tables and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:84.95558093173594%"></td> <td style="height:1px;width:15.044419068264077%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Wealth S Class</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.19%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Shareholder Administration Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.05%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.39%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.14%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.25%</span></div> </td> </tr> </table></div> 0.0015 0 0.0019 0.0005 0.0039 0.0014 0.0025 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Wealth S  Class with the cost of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Wealth S Class for the time periods indicated and then redeem all of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">your shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Wealth S Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$26</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$111</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$205</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$479</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 26 111 205 479 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests at least 80% of its assets in high quality short-term municipal obligations, the interest of which is exempt from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">federal income taxes and is not subject to the federal alternative minimum tax. This policy is fundamental and may not be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval. The Fund may also invest in variable and floating rate demand instruments, tender option bonds, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">custodial receipts and investments in other investment companies, including money market funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest up to 20% of its assets in taxable money market securities or in municipal obligations that pay interest income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that may be subject to the alternative minimum tax; however, it is currently intended that the Fund will be managed so that income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">generated by the Fund will not be subject to the alternative minimum tax. In addition, the Fund may temporarily invest more than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">20% of its assets in taxable money market securities for defensive purposes in attempting to respond to adverse market conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including when suitable municipal obligations are unavailable. When the Fund makes such investments, a higher portion of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s distributions will likely be subject to federal income tax and/or the federal alternative minimum tax.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations. In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile than securities with shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an active market and the reduced number and capacity of traditional market participants to make a market in fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Tax-Exempt Variable Rate Demand Notes.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Tax-exempt variable rate demand notes are variable rate tax-exempt debt obligations that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">give investors the right to demand principal repayment. Due to cyclical supply and demand considerations, at times the yields on </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">these obligations can exceed the yield on taxable money market obligations. The interest rate on these instruments may be reset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instrument may be based on a known lending rate, such as a bank’s prime rate, and is reset whenever such rate is adjusted. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The interest rate on a variable rate demand note is reset at specified intervals at a market rate. The Fund’s ability to receive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments of principal and interest and other amounts in connection with debt obligations held by it will depend primarily on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial condition of the issuer. The failure by the Fund to receive scheduled interest or principal payments on a debt obligation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">would adversely affect the income of the Fund and would likely reduce the value of its assets, which would be reflected in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduction in the Fund’s NAV.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">normal shareholder redemptions may adversely affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">it might not otherwise do so, which may adversely affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s Wealth S Class shares from year-to-year and by showing the average annual returns of the Fund’s  Wealth S Class shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">for the one, five and 10 year periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance is not necessarily an indication of how the Fund will perform in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Wealth S Class shares from year-to-year and by showing the average annual returns of the Fund’s  Wealth S Class shares for the one, five and 10 year periods. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years <div><img alt="image" src="pr17172img004.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">12/31/23</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.86%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.01%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0086 Low Quarter 2022-03-31 -0.0001 Average Annual Total Returns(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Ten Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Tax-Exempt Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.58%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.96%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.37%</span></div> </td> </tr> </table></div> 0.0258 0.0196 0.0137 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Money Market Portfolio (the “Fund”) seeks preservation of capital, daily liquidity and maximum current income.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Impact Partner Class shares of the Fund. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">does not charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>reflected in the tables and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:85.33462282398453%"></td> <td style="height:1px;width:13.891682785299805%"></td> <td style="height:1px;width:0.7736943907156673%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Impact Partner </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.15%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.23%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.03%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.20%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.0015 0 0.0008 0.0023 0.0003 0.002 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Impact Partner  Class with the cost of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investing in other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Impact Partner Class for the time periods indicated and then redeem all </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of your shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Impact Partner Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$71 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$126 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$290 </span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 20 71 126 290 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests in liquid, high quality U.S. dollar-denominated money market instruments of U.S. and foreign financial and non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial corporations. The Fund also invests in obligations of foreign governments and in obligations issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">U.S. Government and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or of U.S. branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. In selecting investments, the Adviser seeks to maintain the Fund’s share price at $1.00. The share price remaining stable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">at $1.00 means that the Fund would preserve the principal value of your investment. There can be no assurance that the Fund will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">able at all times to maintain its share price at $1.00.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may also invest in  U.S. dollar-denominated foreign securities and money market instruments. The Fund is permitted to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">hold a portion of its assets in cash.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Bank Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The activities of U.S. and most foreign banks are subject to comprehensive regulations. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">operations and profitability of domestic and foreign banks. In addition, banks may be particularly susceptible to certain economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">For example, a type of fixed-income securities in which the Fund may invest are corporate debt obligations. In addition to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate, credit and other risks, corporate debt obligations are also subject to factors directly related to the issuer, such as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace, and by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors not directly related to the issuer, such as general market liquidity, economic conditions and inflation.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Securities with longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of an active market and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduced number and capacity of traditional market participants to make a market in fixed-income securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Commercial Paper.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Commercial paper is subject to interest rate risk and is susceptible to changes in the issuer’s financial condition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or credit quality. Commercial paper is typically repaid with the proceeds from the issuance of new commercial paper. Thus, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in commercial paper are subject to the risk (commonly referred to as rollover risk) that the issuer will be unable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issue sufficient new commercial paper to meet the repayment obligations under its outstanding commercial paper. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper is typically unsecured, investments in commercial paper are subject to increased credit risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>U.S. Government Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Different types of U.S. government securities are subject to different levels of credit risk, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk of default, depending on the nature of the particular government support for that security. For example, a U.S. government-</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sponsored entity, such as Federal National Mortgage Association or Federal Home Loan Mortgage Corporation, although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and, therefore, are not backed by the full faith and credit of the United States. With respect to U.S. government securities that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">not backed by the full faith and credit of the United States, there is the risk that the U.S. government will not provide financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government securities are also subject to interest rate risks and can exhibit price fluctuations resulting from increases or decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in interest rates.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Asset-Backed Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Asset-backed securities are subject to credit (such as a borrower’s default on its mortgage obligation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the default or failure of a guarantee underlying the asset-backed security), interest rate and certain additional risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk that various federal and state consumer laws and other legal and economic factors may result in the collateral backing the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities being insufficient to support payment on the securities. To the extent the Fund invests in asset-backed securities issued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by non-governmental issuers, such as commercial banks, savings and loan institutions, and other secondary market issuers, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund will be exposed to additional risks because, among other things, there are no direct or indirect government or agency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guarantees of payments in the pools underlying the securities. Some asset-backed securities also entail prepayment risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">extension risk, which may vary depending on the type of asset. Due to these risks, asset-backed securities may become more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile in certain interest rate environments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Repurchase Agreements.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Repurchase agreements are subject to risks associated with the possibility of default by the seller at a time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">when the collateral has declined in value, or insolvency of the seller, which may affect the Fund’s right to control the collateral and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">result in certain costs and delays. Repurchase agreements may involve a greater degree of credit risk than investments in U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government securities.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Foreign Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may invest in U.S. dollar-denominated securities issued by foreign governmental or corporate issuers. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Investing in securities of foreign issuers involves some additional risks than securities of U.S. issuers. While foreign securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including foreign money market securities, are subject to the same type of risks that pertain to domestic issuers, namely credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and interest rate risk, they are also subject to other additional risks. Foreign issuers generally are subject to different accounting, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">auditing and financial reporting standards than U.S. issuers. There may be less information available to the public about foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers. In some foreign countries, there is also the risk of government expropriation, excessive taxation, political or social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instability, economic sanctions or other similar governmental activity or diplomatic developments (including regional and global, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">military or other conflicts)  that could affect an investment. There also can be difficulty obtaining and enforcing judgments against </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers in foreign countries. Governmental interventions or other actions can have a significant effect on the economic conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in foreign countries, which also may adversely affect the Fund’s investments in foreign issuers.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">normal shareholder redemptions may adversely affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">it might not otherwise do so, which may adversely affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="font-family: Arial, Helvetica, sans-serif; font-size: 10.02pt; -sec-ix-redline: true">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Impact Partner Class shares for one year and by showing the average annual returns of the Fund’s Impact Partner Class shares for the one year period and since inception.</span><span style="font-family: Arial, Helvetica, sans-serif; font-size: 10.02pt">  </span><span style="font-family: Arial, Helvetica, sans-serif; font-size: 10.02pt; -sec-ix-redline: true">The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family: Arial, Helvetica, sans-serif; font-size: 10.02pt; -sec-ix-redline: true">Updated performance information is available online at</span> <span style="font-family: Arial, Helvetica, sans-serif; font-size: 10.02pt; -sec-ix-redline: true">www.morganstanley.com/liquidity</span><span style="font-family: Arial, Helvetica, sans-serif; font-size: 10.02pt; -sec-ix-redline: true">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Impact Partner Class shares for one year and by showing the average annual returns of the Fund’s Impact Partner Class shares for the one year period and since inception. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years <div><img alt="image" src="pr17162img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">03/31/25</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.10%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">12/31/25</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.01%</span></div> </td> </tr> </table></div> High Quarter 2025-03-31 0.011 Low Quarter 2025-12-31 0.0101 Average Annual Total Returns(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:59.27961755085451%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:24.342423597267118%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Since Inception</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>(03/05/24)</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Money Market Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.37%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.79%</span></div> </td> </tr> </table></div> 0.0437 0.0479 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Money Market Portfolio (the “Fund”) seeks preservation of capital, daily liquidity and maximum current income.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Advisor Class shares of the Fund. The Fund does </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">not charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and expenses of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not reflected in the </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>tables and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:85.33462282398453%"></td> <td style="height:1px;width:13.891682785299805%"></td> <td style="height:1px;width:0.7736943907156673%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Advisor Class</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.15%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.23%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.03%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.20%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.0015 0 0.0008 0.0023 0.0003 0.002 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Advisor  Class with the cost of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Advisor Class for the time periods indicated and then redeem all of your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisor Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$20</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$71</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$126</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$290</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 20 71 126 290 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests in liquid, high quality U.S. dollar-denominated money market instruments of U.S. and foreign financial and non-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial corporations. The Fund also invests in obligations of foreign governments and in obligations issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">U.S. Government and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or of U.S. branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. In selecting investments, the Adviser seeks to maintain the Fund’s share price at $1.00. The share price remaining stable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">at $1.00 means that the Fund would preserve the principal value of your investment. There can be no assurance that the Fund will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">able at all times to maintain its share price at $1.00.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may also invest in U.S. dollar-denominated foreign securities and money market instruments. The Fund is permitted to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">hold a portion of its assets in cash.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Bank Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The activities of U.S. and most foreign banks are subject to comprehensive regulations. The enactment of new </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">operations and profitability of domestic and foreign banks. In addition, banks may be particularly susceptible to certain economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). For example, a type of fixed-income securities in which the Fund may invest are corporate debt obligations. In addition to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate, credit and other risks, corporate debt obligations are also subject to factors directly related to the issuer, such as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace, and by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors not directly related to the issuer, such as general market liquidity, economic conditions and inflation. Securities with longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of an active market and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduced number and capacity of traditional market participants to make a market in fixed-income securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Commercial Paper.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Commercial paper is subject to interest rate risk and is susceptible to changes in the issuer’s financial condition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or credit quality. Commercial paper is typically repaid with the proceeds from the issuance of new commercial paper. Thus, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in commercial paper are subject to the risk (commonly referred to as rollover risk) that the issuer will be unable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issue sufficient new commercial paper to meet the repayment obligations under its outstanding commercial paper. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper is typically unsecured, investments in commercial paper are subject to increased credit risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>U.S. Government Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Different types of U.S. government securities are subject to different levels of credit risk, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk of default, depending on the nature of the particular government support for that security. For example, a U.S. government-</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sponsored entity, such as Federal National Mortgage Association or Federal Home Loan Mortgage Corporation, although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and, therefore, are not backed by the full faith and credit of the United States. With respect to U.S. government securities that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">not backed by the full faith and credit of the United States, there is the risk that the U.S. government will not provide financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government securities are also subject to interest rate risks and can exhibit price fluctuations resulting from increases or decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in interest rates.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Asset-Backed Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Asset-backed securities are subject to credit (such as a borrower’s default on its mortgage obligation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the default or failure of a guarantee underlying the asset-backed security), interest rate and certain additional risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk that various federal and state consumer laws and other legal and economic factors may result in the collateral backing the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities being insufficient to support payment on the securities. To the extent the Fund invests in asset-backed securities issued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by non-governmental issuers, such as commercial banks, savings and loan institutions, and other secondary market issuers, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund will be exposed to additional risks because, among other things, there are no direct or indirect government or agency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guarantees of payments in the pools underlying the securities. Some asset-backed securities also entail prepayment risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">extension risk, which may vary depending on the type of asset. Due to these risks, asset-backed securities may become more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile in certain interest rate environments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Repurchase Agreements.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Repurchase agreements are subject to risks associated with the possibility of default by the seller at a time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">when the collateral has declined in value, or insolvency of the seller, which may affect the Fund’s right to control the collateral and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">result in certain costs and delays. Repurchase agreements may involve a greater degree of credit risk than investments in U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government securities.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Foreign Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may invest in U.S. dollar-denominated securities issued by foreign governmental or corporate issuers. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Investing in securities of foreign issuers involves some additional risks than securities of U.S. issuers. While foreign securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including foreign money market securities, are subject to the same type of risks that pertain to domestic issuers, namely credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and interest rate risk, they are also subject to other additional risks. Foreign issuers generally are subject to different accounting, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">auditing and financial reporting standards than U.S. issuers. There may be less information available to the public about foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers. In some foreign countries, there is also the risk of government expropriation, excessive taxation, political or social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instability, economic sanctions or other similar governmental activity or diplomatic developments (including regional and global, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">military or other conflicts)  that could affect an investment. There also can be difficulty obtaining and enforcing judgments against </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers in foreign countries. Governmental interventions or other actions can have a significant effect on the economic conditions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in foreign countries, which also may adversely affect the Fund’s investments in foreign issuers.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">normal shareholder redemptions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it might not otherwise do so, which may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">of the Fund’s Advisor Class shares for one year and by showing the average annual returns of the Fund’s Advisor Class shares for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">one year period and since inception.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s past performance is not necessarily an indication of how the Fund will perform in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Advisor Class shares for one year and by showing the average annual returns of the Fund’s Advisor Class shares for the one year period and since inception.   The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years <div><img alt="image" src="pr17143img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">03/31/25</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.10%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">12/31/25</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">1.01%</span></div> </td> </tr> </table></div> High Quarter 2025-03-31 0.011 Low Quarter 2025-12-31 0.0101 Average Annual Total Returns(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:67.17827626918536%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Since Inception</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>(03/27/24)</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Money Market Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.37%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.77%</span></div> </td> </tr> </table></div> 0.0437 0.0477 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Tax-Exempt Portfolio (the “Fund”) seeks to maximize current income exempt from federal income tax to the extent consistent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">with preservation of capital and maintenance of liquidity.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below describes the expenses that you may pay if you buy, hold and sell Advisor Class shares of the Fund. The Fund does </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">not charge any sales loads or other fees when you purchase or redeem shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>You may pay fees other than the fees and expenses of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not reflected in the </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>tables and examples below.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:83.95687769756324%"></td> <td style="height:1px;width:16.04312230243676%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Advisor Class</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.15%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">None</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.19%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.34%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.14%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;-sec-ix-redline:true;">¹</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.20%</span></div> </td> </tr> </table></div> 0.0015 0 0.0019 0.0034 0.0014 0.002 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund’s  Advisor  Class with the cost of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other mutual funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund’s  Advisor Class for the time periods indicated and then redeem all of your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Advisor Class</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$20</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$95</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$177</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">$417</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 20 95 177 417 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests at least 80% of its assets in high quality short-term municipal obligations, the interest of which is exempt from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">federal income taxes and is not subject to the federal alternative minimum tax. This policy is fundamental and may not be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval. The Fund may also invest in variable and floating rate demand instruments, tender option bonds, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">custodial receipts and investments in other investment companies, including money market funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest up to 20% of its assets in taxable money market securities or in municipal obligations that pay interest income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that may be subject to the alternative minimum tax; however, it is currently intended that the Fund will be managed so that income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">generated by the Fund will not be subject to the alternative minimum tax. In addition, the Fund may temporarily invest more than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">20% of its assets in taxable money market securities for defensive purposes in attempting to respond to adverse market conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including when suitable municipal obligations are unavailable. When the Fund makes such investments, a higher portion of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s distributions will likely be subject to federal income tax and/or the federal alternative minimum tax.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule 2a-7 under the Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Company Act of 1940, as amended (the “1940 Act”). A “retail money market fund” is a money market fund that has policies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As a “retail money market fund,” the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may value its securities using the amortized cost method as permitted by Rule 2a-7 to seek to maintain a stable net asset value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">per share (“NAV”) of $1.00. Like other money market funds of its type, the Fund is subject to the possible imposition of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary liquidity fee if the Adviser, as the delegate of the Fund’s Board of Trustees, determines that such fee is in the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interests of the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s investments are subject to the quality, diversification, maturity, liquidity and other requirements of Rule 2a-7.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You could lose money by investing in the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">An investment in the Fund is not a bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. In the case of revenue bonds, notes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper, for example, the credit risk is the possibility that the user fees from a project or other specified revenue sources </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are insufficient to meet interest and/or principal payment obligations. In such instances, the value of the Fund could decline and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit quality of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities go down. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield or income from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be more sensitive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income generated by fixed-income instruments held by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in variable and floating-rate securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential for periods of market volatility and increased redemptions.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile than securities with shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an active market and the reduced number and capacity of traditional market participants to make a market in fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Municipal Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests in municipal obligations issued by state and local governments and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agencies, the Fund may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations. To the extent that the Fund invests in municipal obligations of issuers in the same economic sector, it could be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to economic, business or political developments that affect such sector. During certain economic and other conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the financial resources of many issuers of municipal securities may be significantly stressed, which could impair any such issuer’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fully taxable at the federal level and may be subject to state and/or local income tax.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Tax-Exempt Variable Rate Demand Notes.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Tax-exempt variable rate demand notes are variable rate tax-exempt debt obligations that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">give investors the right to demand principal repayment. Due to cyclical supply and demand considerations, at times the yields on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">these obligations can exceed the yield on taxable money market obligations. The interest rate on these instruments may be reset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instrument may be based on a known lending rate, such as a bank’s prime rate, and is reset whenever such rate is adjusted. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The interest rate on a variable rate demand note is reset at specified intervals at a market rate. The Fund’s ability to receive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments of principal and interest and other amounts in connection with debt obligations held by it will depend primarily on the </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial condition of the issuer. The failure by the Fund to receive scheduled interest or principal payments on a debt obligation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">would adversely affect the income of the Fund and would likely reduce the value of its assets, which would be reflected in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduction in the Fund’s NAV.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic and other events that affect the  U.S. and global markets generally, as well as those that affect or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet redemptions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The risks associated with these developments may be magnified if certain social, political, economic and other conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate changes and supply chain disruptions) adversely interrupt or otherwise affect the global economy and financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that such events may have and the duration of those effects (which may last for extended periods). These types of events may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance or value of the Fund’s investments, adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to maintain a stable $1.00 share price</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">normal shareholder redemptions may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">affect the Fund’s ability to maintain a stable $1.00 share price and negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">impact the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">anticipation of large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it might not otherwise do so, which may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">affect the Fund’s ability to maintain a stable $1.00 share price and increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">large redemptions may cause the Fund to impose a discretionary liquidity fee.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Stable NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may not be able to maintain a stable $1.00 share price at all times. If the Fund or another money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund fails to maintain a stable NAV  (or if there is a perceived threat of the inability to maintain a stable NAV), the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could be subject to increased redemptions, which may adversely impact the Fund’s ability to maintain a stable $1.00 share price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;-sec-ix-redline:true;"><b>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemption of shares if the Board or its delegate determines that is in the best interest of the Fund, which may impact the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s shares when you sell your shares.</span></div> </td> </tr> </table></div> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">of the Fund’s Advisor Class shares for one year and by showing the average annual returns of the Fund’s Advisor Class shares for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">one year period and since inception.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund’s past performance is not necessarily an indication of how the Fund will perform in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">www.morganstanley.com/liquidity</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Advisor Class shares for one year and by showing the average annual returns of the Fund’s Advisor Class shares for the one year period and since inception.   The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/liquidity Annual Total Returns—Calendar Years <div><img alt="image" src="pr17143img004.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14119922630561%"></td> <td style="height:1px;width:33.71953578336557%"></td> <td style="height:1px;width:33.13926499032882%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">06/30/25</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.70%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">09/30/25</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">0.62%</span></div> </td> </tr> </table></div> High Quarter 2025-06-30 0.007 Low Quarter 2025-09-30 0.0062 Average Annual Total Returns(for the Periods Ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:0.25pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:67.17827626918536%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Since Inception</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>(03/27/24)</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Tax-Exempt Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.63%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">2.91%</span></div> </td> </tr> </table></div> 0.0263 0.0291 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may obtain the Fund’s 7-day current yield by calling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-888-378-1630</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630. 1-888-378-1630 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s Administrative Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.35%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. *The Administrative Class was fully redeemed during the month of October 2016 and did not have investors for subsequent periods. Accordingly, the returns listed for each period in the bar chart and table are calculated using returns of 0.00% for periods after October 2016. The average annual returns of the Fund’s Wealth Class shares for the one, five and 10 year periods as of  December 31, 2025 were 4.37%, 3.30% and 2.31%, respectively. In addition, the annual total returns of the Fund’s Wealth Class shares were 0.52%, 1.14%, 2.03%, 2.34%, 0.65%, 0.05%, 1.68%, 5.14%, 5.35% and 4.37% for the 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024 and 2025 calendar years, respectively. Wealth Class shares are not offered in this Prospectus. The   Administrative Class shares would have similar returns because the shares are invested in the same portfolio and would differ only to the extent that the classes do not have the same expenses. Wealth Class performance has not been adjusted to reflect the higher expenses of   Administrative Class.   Administrative Class would have had lower returns because Investor Class has higher expenses than Wealth Class. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s Administrative Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.35%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. *The Administrative Class was fully redeemed during the month of October 2016 and did not have investors for subsequent periods. Accordingly, the returns listed for each period in the bar chart and table are calculated using returns of 0.00% for periods after October 2016. The average annual returns of the Fund’s Wealth Class shares for the one, five and 10 year periods as of December 31, 2025 were 2.63%, 1.99% and 1.41%, respectively. In addition, the annual total returns of the Fund’s Wealth Class shares were 0.47%, 0.66%, 1.26%, 1.35%, 0.44%, 0.00%, 0.99%, 3.16%, 3.24% and 2.63% for the 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024 and 2025 calendar years, respectively. The Administrative Class shares would have similar returns because the shares are invested in the same portfolio and would differ only to the extent that the classes do not have the same expenses. Wealth Class performance has not been adjusted to reflect the higher expenses of Administrative Class. Administrative Class would have had lower returns because Investor Class has higher expenses than Wealth Class. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s Advisory Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.45%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s Advisory Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.45%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. *The Advisory Class was fully redeemed during the month of November 2016 and did not have investors for subsequent periods. Accordingly, the returns listed for each period in the bar chart and table are calculated using returns of 0.00% for periods after November 2016. The average annual returns of the Fund’s Wealth Class shares for the one, five and 10 year periods as of December 31, 2025 were 2.63%, 1.99% and 1.41%, respectively. In addition, the annual total returns of the Fund’s Wealth Class shares were 0.01%, 0.47%, 0.66%, 1.26%, 1.35%, 0.44%, 0.00%, 0.99%, 3.16%, 3.24% and 2.63% for the 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024 and 2025 calendar years, respectively. The Advisory Class shares would have similar returns because the shares are invested in the same portfolio and would differ only to the extent that the classes do not have the same expenses. Wealth Class performance has not been adjusted to reflect the higher expenses of Advisory Class. Advisory Class would have had lower returns because Advisory Class has higher expenses than Wealth Class. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s Cash Management Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.35%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s Cash Management Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.35%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s Investor Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.30%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. *The Investor Class was fully redeemed during the month of October 2016 and did not have investors for subsequent periods. Accordingly, the returns listed for each period in the bar chart and table are calculated using returns of 0.00% for periods after October 2016. The average annual returns of the Fund’s Wealth Class shares for the one, five and 10 year periods as of  December 31, 2025 were 4.37%, 3.30% and 2.31%, respectively. In addition, the annual total returns of the Fund’s Wealth Class shares were 0.52%, 1.14%, 2.03%, 2.34%, 0.65%, 0.05%, 1.68%, 5.14%, 5.35% and 4.37% for the 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024 and 2025 calendar years, respectively. Wealth Class shares are not offered in this Prospectus. The Investor Class shares would have similar returns because the shares are invested in the same portfolio and would differ only to the extent that the classes do not have the same expenses. Wealth Class performance has not been adjusted to reflect the higher expenses of Investor Class. Investor Class would have had lower returns because Investor Class has higher expenses than Wealth Class. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s Investor Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.30%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. *The  Investor Class was fully redeemed during the month of October 2016 and did not have investors for subsequent periods. Accordingly, the returns listed for each period in the bar chart and table are calculated using returns of 0.00% for periods after October 2016. The average annual returns of the Fund’s Wealth Class shares for the one, five and 10 year periods as of December 31, 2025 were 2.63%, 1.99% and 1.41%, respectively. In addition, the annual total returns of the Fund’s Wealth Class shares were 0.47%, 0.66%, 1.26%, 1.35%, 0.44%, 0.00%, 0.99%, 3.16%, 3.24% and 2.63% for the 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024 and 2025 calendar years, respectively. The Investor Class shares would have similar returns because the shares are invested in the same portfolio and would differ only to the extent that the classes do not have the same expenses. Wealth Class performance has not been adjusted to reflect the higher expenses of  Investor Class. Investor Class would have had lower returns because Investor Class has higher expenses than Wealth Class. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s Participant Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.70%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s Participant Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.70%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. *The  Participant Class was fully redeemed during the month of October 2016 and did not have investors for subsequent periods. Accordingly, the returns listed for each period in the bar chart and table are calculated using returns of 0.00% for periods after October 2016. The average annual returns of the Fund’s Wealth Class shares for the one, five and 10 year periods as of December 31, 2025 were 2.63%, 1.99% and 1.41%, respectively. In addition, the annual total returns of the Fund’s Wealth Class shares were 0.47%, 0.66%, 1.26%, 1.35%, 0.44%, 0.00%, 0.99%, 3.16%, 3.24% and 2.63% for the 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024 and 2025 calendar years, respectively. The Participant Class shares would have similar returns because the shares are invested in the same portfolio and would differ only to the extent that the classes do not have the same expenses. Wealth Class performance has not been adjusted to reflect the higher expenses of  Participant Class. Participant Class would have had lower returns because Investor Class has higher expenses than Wealth Class. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s  Select Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.00%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s  Select Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.00%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s Wealth Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.20%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s Wealth Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.20%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s Wealth S Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.25%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s Wealth S Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.25%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s Impact Partner Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.20%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s Advisor Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.20%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to waive all or a portion of its advisory fee, its administration fee and/or reimburse the Fund’s Advisor Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.20%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate.