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0.0001 0.0147 0.0493 0.0507 0.0411 0.0014 0.0067 0.0164 0.0197 0.0033 0.0001 0.0138 0.0487 0.0507 0.0408 0.0046 0.008 0.0199 0.0229 0.005 0.0005 0.0169 0.0523 0.0525 0.0431 0.0022 0.0072 0.0169 0.0205 0.0033 0.0003 0.0151 0.0498 0.0514 0.0418 0.0013 0.0067 0.0162 0.0199 0.0033 0.0001 0.0141 0.0493 0.0506 0.0409 0.0018 0.0071 0.0169 0.0201 0.0029 0.0001 0.0147 0.0493 0.0507 0.0411 0.0014 0.0067 0.0164 0.0197 0.0033 0.0001 0.0138 0.0487 0.0507 0.0408 0.0021 0 0 0 0 0 0 0 0 0 0.0017 0.0067 0.0164 0.02 0.0031 0.0003 0.0147 0.0493 0.0509 0.0413 0.0008 0.0062 0.0156 0.0194 0.0031 0.0001 0.0137 0.0488 0.0501 0.0403 0.0013 0.0066 0.0163 0.0196 0.0028 0.0001 0.0143 0.0488 0.0502 0.0406 0.0009 0.0062 0.0159 0.0192 0.0031 0.0001 0.0134 0.0481 0.0502 0.0403 0.0019 0 0 0 0 0 0 0 0 0 0.0012 0.0062 0.0159 0.0195 0.0029 0.0003 0.0143 0.0488 0.0504 0.0407 0.0004 0.0057 0.0151 0.0189 0.0029 0.0001 0.0133 0.0483 0.0496 0.0398 0.0008 0.0061 0.0158 0.0191 0.0026 0.0001 0.0139 0.0483 0.0497 0.0401 0.0004 0.0057 0.0154 0.0187 0.0029 0.0001 0.013 0.0476 0.0497 0.0397 0.0018 0.0061 0.0177 0.0208 0.0037 0.0004 0.0158 0.0499 0.0505 0.041 0.0003 0.0052 0.0148 0.0185 0.0026 0.0003 0.0136 0.0478 0.0493 0.0397 0.0001 0.0047 0.0141 0.0179 0.0026 0.0001 0.0126 0.0472 0.0485 0.0388 0.0002 0.005 0.0148 0.0181 0.0024 0.0001 0.0132 0.0473 0.0487 0.0391 0.0001 0.0047 0.0144 0.0177 0.0026 0.0001 0.0123 0.0466 0.0486 0.0387 0.0002 0 0 0 0 0 0 0 0 0 0.0001 0.0027 0.0123 0.0159 0.0021 0.0003 0.0119 0.0451 0.0467 0.0371 0.0002 0.0047 0.0141 0.0179 0.0026 0.0001 0.0126 0.0472 0.0485 0.0388 0.0001 0.0027 0.0123 0.0156 0.0019 0.0001 0.0115 0.0447 0.046 0.0365 0.0001 0.0024 0.0119 0.0152 0.002 0.0001 0.0106 0.044 0.046 0.0361 0.0031 0.0098 0.0187 0.0219 0.0043 0.0005 0.0161 0.051 0.0515 0.042 0.0012 0.0062 0.0159 0.0195 0.0029 0.0003 0.0143 0.0488 0.0503 0.0407 0.0004 0.0057 0.0151 0.0189 0.003 0.0001 0.0133 0.0483 0.0496 0.0398 0.0008 0.0061 0.0158 0.0191 0.0027 0.0001 0.0139 0.0483 0.0497 0.0401 0.0004 0.0057 0.0154 0.0187 0.0029 0.0001 0.013 0.0476 0.0496 0.0397 0.0008 0.0093 0.0129 0.0014 0.0003 0.01 0.042 0.0436 0.034 0.0008 0.0093 0.0125 0.0013 0.0001 0.0097 0.0415 0.0429 0.0334 0.0006 0.0088 0.0121 0.0013 0.0001 0.0088 0.0409 0.0429 0.033 0.0155 0.0504 0.052 0.0423 0.0529 0.053 0.0436 0.0528 0.0529 0.0436 0.0503 0.0518 0.0423 0.0413 0.0436 0.0423 0.0413 0.0423 0.0417 0.0413 2025-10-31 false 0001227155 485BPOS N-1A Morgan Stanley Institutional Liquidity Funds 2026-02-27 Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Prime 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 Institutional 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>Institutional 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;">0.07%</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;">0.22%</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;">0.02%</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 0.0007 0.0022 0.0002 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  Institutional  Class with the cost of investing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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  Institutional 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;">Institutional 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;">$69 </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;">$122 </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;">$278 </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 69 122 278 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporations and U.S. non-financial corporations. The Fund also invests in obligations issued or guaranteed by the U.S. Government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, corporate debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund is permitted to 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 may also invest in U.S. dollar-denominated foreign securities and money market instruments.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as an “institutional money market fund,” which is neither a “government money market fund” nor “retail money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” as such terms are defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“Rule 2a-7” under the “1940 Act”). As such, the Fund is required to price and transact in its shares at a net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“NAV”) reflecting market-based values of its portfolio holdings (i.e., at a “floating” NAV), rounded to a minimum of the fourth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal place. Like other money market funds of its type, the Fund is subject to the possible imposition of a discretionary liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fee if the Adviser, as the delegate of the Board of Trustees, determines that such fee is in the best interests of the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, under Rule 2a-7, as an institutional prime money market fund, the Fund is required to impose a mandatory liquidity fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">if the Fund experiences total daily net redemptions exceeding 5% of the Fund’s net assets (or such smaller amount of net </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions as the Board of Trustees determines) based on flow information available within a reasonable period after the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">computation of the Fund’s net asset value on that day. The amount of a mandatory liquidity fee to be imposed will be based on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">good faith estimate, supported by data, of the costs the Fund would incur if the Fund sold a pro rata amount of each security in its </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio to satisfy the amount of the net redemptions. If the Fund’s liquidity costs cannot be estimated in good faith and supported </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by data, a 1% default mandatory liquidity fee will be imposed. If the amount of the mandatory liquidity fee would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>de </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>minimis</i></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;;">(i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to impose a mandatory liquidity fee. The Board </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of Trustees has delegated to the Adviser the responsibility for making mandatory liquidity fee determinations.</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 account and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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. The Fund may invest in variable and floating rate loans and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instruments, the value of variable and floating rate loans and other securities may decline if their interest rates do not rise as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk in times of monetary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a quantitative easing program and/or changes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rates. Changing interest rates may have unpredictable effects on the markets and may detract from Fund performance. A changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate environment increases certain risks, including the potential for periods of market volatility and increased </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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). 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>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></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;;">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><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. 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 and increase the volatility of the Fund’s share price 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></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;">normal shareholder redemptions may adversely affect and increase the volatility of the Fund’s share price and negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in anticipation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when it might not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">otherwise do so, which may adversely affect and increase the volatility of the Fund’s share price and increase the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">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>Floating NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund does not maintain a stable NAV per share. The value of the Fund’s shares will be calculated to four </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal places and will fluctuate with changes in the values of the Fund’s portfolio securities. When you sell your shares, they may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be worth more or less than what you originally paid for them. This may result in a capital gain or loss.</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>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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;;">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;;">the Fund’s shares when you sell your shares.</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>Mandatory Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Board, or its delegate, must impose a mandatory liquidity fee upon all shares redeemed if the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s net redemptions on any business day exceed 5% of the Fund’s net assets, unless the liquidity costs are de minimis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Accordingly, redemptions by shareholders may be subject to a mandatory liquidity fee at certain times, which may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value of 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 Institutional Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional 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 Institutional Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional 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="pr17133img003.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;">1.41%</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0141 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;">Prime 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;">4.36%</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: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;">3.33%</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;">2.31%</span></div> </td> </tr> </table></div> 0.0436 0.0333 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 Government 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 Institutional 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>Institutional 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;">0.05%</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;">0.20%</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;">0.05%</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;">0.15%</span></div> </td> </tr> </table></div> 0.0015 0 0.0005 0.002 0.0005 0.0015 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  Institutional  Class with the cost of investing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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  Institutional 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;;">Institutional 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;">$15</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;">$59</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;">$108</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;">$250</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> 15 59 108 250 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in obligations issued or guaranteed by the U.S. Government and its agencies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrumentalities and in repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</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;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in obligations issued or guaranteed by the U.S. Government and its agencies and instrumentalities and in repurchase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agreements collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>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>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;;-sec-ix-redline:true;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> 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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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></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;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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.</span><span style="-sec-ix-redline:true;"></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> 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 Institutional Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional 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 Institutional Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional 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="pr17133img004.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;">1.33%</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;;">12/31/20</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 0.0133 Low Quarter 2020-12-31 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;">Government 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;">4.23%</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;">3.19%</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;">2.11%</span></div> </td> </tr> </table></div> 0.0423 0.0319 0.0211 <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 Government Securities 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 Institutional 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:86.9529874000813%"></td> <td style="height:1px;width:13.04701259991871%"></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>Institutional 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;;">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> </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;">0.20%</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  Institutional  Class with the cost of investing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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  Institutional 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;;">Institutional 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 has adopted a policy to invest substantially all of its assets in U.S. Treasury obligations and certain U.S. government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities, the interest from which is generally exempt from state income taxation, and, accordingly, qualifies as a “government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">money market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment. The  U.S. government securities that the Fund may purchase include those issued or guaranteed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">either by the U.S. Treasury or certain agencies, authorities or instrumentalities of the U.S. Government. The Fund may also invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">repurchase agreements with the Federal Reserve Bank of New York.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">securities using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">(“Rule 2a-7” under the “1940 Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. government securities. This policy may be changed without shareholder approval; however, shareholders would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>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;;-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>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></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;;">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.</span><span style="-sec-ix-redline:true;"></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> 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  Institutional  Class shares from year-to-year and by showing the average annual returns of the Fund’s  Institutional  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  Institutional  Class shares from year-to-year and by showing the average annual returns of the Fund’s  Institutional  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="pr17133img005.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;;">03/31/21</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0131 Low Quarter 2021-03-31 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Government Securities 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;">4.14%</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;">3.12%</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;">2.05%</span></div> </td> </tr> </table></div> 0.0414 0.0312 0.0205 <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 Treasury 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 Institutional 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;;"><b>Institutional 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;">0.06%</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;">0.21%</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;">0.01%</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;">0.20%</span></div> </td> </tr> </table></div> 0.0015 0 0.0006 0.0021 0.0001 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  Institutional  Class with the cost of investing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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  Institutional 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;;">Institutional 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;">$67 </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;">$117 </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;">$267 </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 67 117 267 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States, and repurchase agreements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would be notified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">risk and interest rate risk. 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;;-sec-ix-redline:true;">When the general level of interest rates goes down, the prices of most fixed-income securities go up. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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>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></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 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.</span><span style="-sec-ix-redline:true;"></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> 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 Institutional Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional 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 Institutional Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional 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="pr17133img006.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;">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;-sec-ix-redline:true;">1.32%</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;">0.96%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0132 Low Quarter 2025-12-31 0.0096 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Treasury 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;">4.17%</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;">3.14%</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;">2.07%</span></div> </td> </tr> </table></div> 0.0417 0.0314 0.0207 <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 Treasury Securities 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 Institutional 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;;"><b>Institutional 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;">0.06%</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;">0.21%</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;">0.01%</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;">0.20%</span></div> </td> </tr> </table></div> 0.0015 0 0.0006 0.0021 0.0001 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  Institutional  Class with the cost of investing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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  Institutional 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;;">Institutional 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;">$67 </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;">$117 </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;">$267 </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 67 117 267 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and, accordingly, qualifies as a “government money market fund” under federal regulations. 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States. This policy may be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval; however, shareholders would be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">risk and interest rate risk. 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;;-sec-ix-redline:true;">When the general level of interest rates goes down, the prices of most fixed-income securities go up. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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></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;;">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.</span><span style="-sec-ix-redline:true;"></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> 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  Institutional  Class shares from year-to-year and by showing the average annual returns of the Fund’s  Institutional  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  Institutional  Class shares from year-to-year and by showing the average annual returns of the Fund’s  Institutional  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="pr17133img007.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;">1.32%</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0132 Low Quarter 2021-03-31 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Treasury Securities 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;">4.13%</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;">3.10%</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;">2.04%</span></div> </td> </tr> </table></div> 0.0413 0.031 0.0204 <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 Government 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 Institutional Plus 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:79.84526112185686%"></td> <td style="height:1px;width:19.381044487427467%"></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>Institutional Plus 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><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;">0.05%</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;;">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;">0.02%</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;;">²</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;">0.22%</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;;">²</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> <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;;">²</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;">0.17%</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 0.0005 0.0002 0.0022 0.0005 0.0017 Other Expenses have been estimated for the current fiscal year. 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  Institutional Plus  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  Institutional Plus 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:19.96170138687402%"></td> <td style="height:1px;width:19.381419369813727%"></td> <td style="height:1px;width:19.96170138687402%"></td> <td style="height:1px;width:19.96170138687402%"></td> <td style="height:1px;width:19.96170138687402%"></td> <td style="height:1px;width:0.7737093560803884%"></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;">Institutional Plus 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;">$17 </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;">$66 </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;">$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;-sec-ix-redline:true;">$275 </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> 17 66 119 275 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in obligations issued or guaranteed by the U.S. Government and its agencies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrumentalities and in repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in obligations issued or guaranteed by the  U.S. Government and its agencies and instrumentalities and in repurchase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agreements collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund. The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>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>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;;-sec-ix-redline:true;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> 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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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></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;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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.</span><span style="-sec-ix-redline:true;"></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> 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 Institutional Select Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Select 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 the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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><a href="DUMMY_17130_0_19"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span></a><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 Institutional Select Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional Select 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="pr17130img003.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;;">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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0131 Low Quarter 2020-09-30 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;">Government Portfolio</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: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;">4.18%</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;">3.15%</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;">2.07%</span></div> </td> </tr> </table></div> 0.0418 0.0315 0.0207 <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 Treasury 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 Institutional Plus 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:79.84526112185686%"></td> <td style="height:1px;width:19.381044487427467%"></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>Institutional Plus 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><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;">0.06%</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;;">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;">0.02%</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;;">²</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;;">²</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;">0.01%</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;;">²</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;">0.22%</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: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 0.0006 0.0002 0.0023 0.0001 0.0022 Other Expenses have been estimated for the current fiscal year. 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  Institutional Plus  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  Institutional Plus 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:19.96170138687402%"></td> <td style="height:1px;width:19.381419369813727%"></td> <td style="height:1px;width:19.96170138687402%"></td> <td style="height:1px;width:19.96170138687402%"></td> <td style="height:1px;width:19.96170138687402%"></td> <td style="height:1px;width:0.7737093560803884%"></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;;">Institutional Plus 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;">$23 </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;">$73 </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;">$129 </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;">$292 </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> 23 73 129 292 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States, and repurchase agreements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would be notified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund. The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">risk and interest rate risk. 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;;-sec-ix-redline:true;">When the general level of interest rates goes down, the prices of most fixed-income securities go up. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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>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></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 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.</span><span style="-sec-ix-redline:true;"></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> 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 Institutional Select Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Select 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 the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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><a href="DUMMY_17130_4_15"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span></a><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 Institutional Select Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional Select 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="pr17130img004.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;">1.30%</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.013 Low Quarter 2021-03-31 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Treasury Portfolio</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: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;">3.10%</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;">2.03%</span></div> </td> </tr> </table></div> 0.0411 0.031 0.0203 <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 Treasury Securities 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 Institutional Plus 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:79.84526112185686%"></td> <td style="height:1px;width:19.381044487427467%"></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>Institutional Plus 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><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;">0.06%</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;;">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;">0.02%</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;;">²</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;;">²</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;">0.01%</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;;">²</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;">0.22%</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: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 0.0006 0.0002 0.0023 0.0001 0.0022 Other Expenses have been estimated for the current fiscal year. 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  Institutional Plus  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  Institutional Plus 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;;">Institutional Plus 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;">$23 </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;">$73 </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;">$129 </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;">$292 </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> 23 73 129 292 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and, accordingly, qualifies as a “government money market fund” under federal regulations. 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States. This policy may be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval; however, shareholders would be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund. The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk and interest rate risk. 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. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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></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;;">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.</span><span style="-sec-ix-redline:true;"></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> 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 Institutional Select Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Select 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 the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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><a href="DUMMY_17130_8_11"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span></a><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 Institutional Select Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional Select 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="pr17130img005.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;;">03/31/21</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0131 Low Quarter 2021-03-31 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Treasury Securities Portfolio</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: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;">4.08%</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;">3.06%</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;">2.00%</span></div> </td> </tr> </table></div> 0.0408 0.0306 0.02 <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 Prime 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 Institutional Select 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>Institutional 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;">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;">0.07%</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;">0.27%</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;">0.02%</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 0.0007 0.0005 0.0027 0.0002 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  Institutional Select  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  Institutional Select 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;">Institutional 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;">$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;">$85 </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;">$150 </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;">$341 </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 85 150 341 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporations and U.S. non-financial corporations. The Fund also invests in obligations issued or guaranteed by the U.S. Government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, corporate debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund is permitted to 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 may also invest in U.S. dollar-denominated foreign securities and money market instruments.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as an “institutional money market fund,” which is neither a “government money market fund” nor “retail money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” as such terms are defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“Rule 2a-7” under the “1940 Act”). As such, the Fund is required to price and transact in its shares at a net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“NAV”) reflecting market-based values of its portfolio holdings (i.e., at a “floating” NAV), rounded to a minimum of the fourth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal place. Like other money market funds of its type, the Fund is subject to the possible imposition of a discretionary liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fee if the Adviser, as the delegate of the Board of Trustees, determines that such fee is in the best interests of the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, under Rule 2a-7, as an institutional prime money market fund, the Fund is required to impose a mandatory liquidity fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">if the Fund experiences total daily net redemptions exceeding 5% of the Fund’s net assets (or such smaller amount of net </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions as the Board of Trustees determines) based on flow information available within a reasonable period after the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">computation of the Fund’s net asset value on that day. The amount of a mandatory liquidity fee to be imposed will be based on a </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">good faith estimate, supported by data, of the costs the Fund would incur if the Fund sold a pro rata amount of each security in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio to satisfy the amount of the net redemptions. If the Fund’s liquidity costs cannot be estimated in good faith and supported </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by data, a 1% default mandatory liquidity fee will be imposed. If the amount of the mandatory liquidity fee would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>de </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>minimis</i></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;;">(i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to impose a mandatory liquidity fee. The Board </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of Trustees has delegated to the Adviser the responsibility for making mandatory liquidity fee determinations.</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 account and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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. The Fund may invest in variable and floating rate loans and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instruments, the value of variable and floating rate loans and other securities may decline if their interest rates do not rise as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk in times of monetary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a quantitative easing program and/or changes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rates. Changing interest rates may have unpredictable effects on the markets and may detract from Fund performance. A changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate environment increases certain risks, including the potential for periods of market volatility  and increased </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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). 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;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;;"><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><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. 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</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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 and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">increase the volatility of the Fund’s share price 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 and increase the volatility of the Fund’s share price and negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in anticipation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when it might not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">otherwise do so, which may adversely affect and increase the volatility of the Fund’s share price and increase the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">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>Floating NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund does not maintain a stable NAV per share. The value of the Fund’s shares will be calculated to four </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal places and will fluctuate with changes in the values of the Fund’s portfolio securities. When you sell your shares, they may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be worth more or less than what you originally paid for them. This may result in a capital gain or loss.</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>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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;;">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;;">the Fund’s shares when you sell your shares.</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>Mandatory Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Board, or its delegate, must impose a mandatory liquidity fee upon all shares redeemed if the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s net redemptions on any business day exceed 5% of the Fund’s net assets, unless the liquidity costs are de minimis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Accordingly, redemptions by shareholders may be subject to a mandatory liquidity fee at certain times, which may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value of 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 Institutional Select Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Select 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 the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 Institutional Select Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional Select 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="pr17177img003.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;">1.41%</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 0.0141 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;">Prime 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;">3.28%</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;">2.24%</span></div> </td> </tr> </table></div> 0.0431 0.0328 0.0224 <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 Government 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 Institutional Select 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>Institutional 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;">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;">0.05%</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;">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;">0.25%</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;">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;">0.05%</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 0.0005 0.0005 0.0025 0.0005 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  Institutional Select  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  Institutional Select 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;;">Institutional 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;">$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;">$75</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;">$136 </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;">$313 </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 75 136 313 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in obligations issued or guaranteed by the U.S. Government and its agencies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrumentalities and in repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in obligations issued or guaranteed by the  U.S. Government and its agencies and instrumentalities and in repurchase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agreements collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>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>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></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;;">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>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>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.</span><span style="-sec-ix-redline:true;"></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> 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 Institutional Select Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Select 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 the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 Institutional Select Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional Select 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="pr17177img004.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;;">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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0131 Low Quarter 2020-09-30 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;">Government 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;">4.18%</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;">3.15%</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;">2.07%</span></div> </td> </tr> </table></div> 0.0418 0.0315 0.0207 <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 Government Securities 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 Institutional Select 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>Institutional 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;">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  Institutional Select  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  Institutional Select 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;;">Institutional 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;">$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 has adopted a policy to invest substantially all of its assets in U.S. Treasury obligations and certain U.S. government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities, the interest from which is generally exempt from state income taxation, and, accordingly, qualifies as a “government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">money market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment. The  U.S. government securities that the Fund may purchase include those issued or guaranteed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">either by the U.S. Treasury or certain agencies, authorities or instrumentalities of the U.S. Government. The Fund may also invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">repurchase agreements with the Federal Reserve Bank of New York.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">securities using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">(“Rule 2a-7” under the “1940 Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. government securities. This policy may be changed without shareholder approval; however, shareholders would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>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;;-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>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></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;;">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.</span><span style="-sec-ix-redline:true;"></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> 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  Institutional Select  Class shares from year-to-year and by showing the average annual returns of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s  Institutional Select  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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">indication of how 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  Institutional Select  Class shares from year-to-year and by showing the average annual returns of the Fund’s  Institutional Select  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="pr17177img005.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;">1.30%</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.013 Low Quarter 2021-03-31 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;">Government Securities 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;">4.09%</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;">3.08%</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;">2.01%</span></div> </td> </tr> </table></div> 0.0409 0.0308 0.0201 <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 Treasury 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 Institutional Select 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>Institutional 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;">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;">0.06%</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;">0.26%</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;">0.01%</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 0.0006 0.0005 0.0026 0.0001 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  Institutional Select  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  Institutional Select 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;;">Institutional 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;">$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;">$83 </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;">$145 </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;">$330 </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 83 145 330 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States, and repurchase agreements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would be notified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">risk and interest rate risk. 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;;-sec-ix-redline:true;">When the general level of interest rates goes down, the prices of most fixed-income securities go up. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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>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></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 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.</span><span style="-sec-ix-redline:true;"></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> 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 Institutional Select Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Select 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 the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 Institutional Select Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional Select 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="pr17177img006.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;">1.30%</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.013 Low Quarter 2021-03-31 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;">Treasury 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;">3.10%</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;">2.03%</span></div> </td> </tr> </table></div> 0.0411 0.031 0.0203 <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 Treasury Securities 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 Institutional Select 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>Institutional 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;">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;">0.06%</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;">0.26%</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;">0.01%</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 0.0006 0.0005 0.0026 0.0001 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  Institutional Select  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  Institutional Select 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;;">Institutional 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;">$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;">$83 </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;">$145 </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;">$330 </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 83 145 330 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and, accordingly, qualifies as a “government money market fund” under federal regulations. 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States. This policy may be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval; however, shareholders would be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk and interest rate risk. 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. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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></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;;">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.</span><span style="-sec-ix-redline:true;"></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> 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  Institutional Select  Class shares from year-to-year and by showing the average annual returns of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s  Institutional Select  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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">indication of how 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  Institutional Select  Class shares from year-to-year and by showing the average annual returns of the Fund’s  Institutional Select  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="pr17177img007.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;;">03/31/21</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0131 Low Quarter 2021-03-31 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Treasury Securities 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;">4.08%</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;">3.06%</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;">2.00%</span></div> </td> </tr> </table></div> 0.0408 0.0306 0.02 <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 Prime 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;;-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;">0.07%</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;">0.32%</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;">0.02%</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 0.0007 0.001 0.0032 0.0002 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;">$101 </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;">$178 </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;">$404 </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> 31 101 178 404 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporations and U.S. non-financial corporations. The Fund also invests in obligations issued or guaranteed by the U.S. Government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, corporate debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund is permitted to 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 may also invest in U.S. dollar-denominated foreign securities and money market instruments.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as an “institutional money market fund,” which is neither a “government money market fund” nor “retail money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” as such terms are defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“Rule 2a-7” under the “1940 Act”). As such, the Fund is required to price and transact in its shares at a net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“NAV”) reflecting market-based values of its portfolio holdings (i.e., at a “floating” NAV), rounded to a minimum of the fourth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal place. Like other money market funds of its type, the Fund is subject to the possible imposition of a discretionary liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fee if the Adviser, as the delegate of the Board of Trustees, determines that such fee is in the best interests of the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, under Rule 2a-7, as an institutional prime money market fund, the Fund is required to impose a mandatory liquidity fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">if the Fund experiences total daily net redemptions exceeding 5% of the Fund’s net assets (or such smaller amount of net </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions as the Board of Trustees determines) based on flow information available within a reasonable period after the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">computation of the Fund’s net asset value on that day. The amount of a mandatory liquidity fee to be imposed will be based on a </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">good faith estimate, supported by data, of the costs the Fund would incur if the Fund sold a pro rata amount of each security in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio to satisfy the amount of the net redemptions. If the Fund’s liquidity costs cannot be estimated in good faith and supported </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by data, a 1% default mandatory liquidity fee will be imposed. If the amount of the mandatory liquidity fee would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>de </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>minimis</i></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;;">(i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to impose a mandatory liquidity fee. The Board </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of Trustees has delegated to the Adviser the responsibility for making mandatory liquidity fee determinations.</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 account and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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. The Fund may invest in variable and floating rate loans and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instruments, the value of variable and floating rate loans and other securities may decline if their interest rates do not rise as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk in times of monetary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a quantitative easing program and/or changes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rates. Changing interest rates may have unpredictable effects on the markets and may detract from Fund performance. A changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate environment increases certain risks, including the potential for periods of market volatility and increased </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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). 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;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;;"><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><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. 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 and increase the volatility of the Fund’s share price 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 and increase the volatility of the Fund’s share price and negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in anticipation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when it might not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">otherwise do so, which may adversely affect and increase the volatility of the Fund’s share price and increase the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">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>Floating NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund does not maintain a stable NAV per share. The value of the Fund’s shares will be calculated to four </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal places and will fluctuate with changes in the values of the Fund’s portfolio securities. When you sell your shares, they may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be worth more or less than what you originally paid for them. This may result in a capital gain or loss.</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>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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;;">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;;">the Fund’s shares when you sell your shares.</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>Mandatory Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Board, or its delegate, must impose a mandatory liquidity fee upon all shares redeemed if the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s net redemptions on any business day exceed 5% of the Fund’s net assets, unless the liquidity costs are de minimis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Accordingly, redemptions by shareholders may be subject to a mandatory liquidity fee at certain times, which may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value of 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="pr17176img003.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;;">09/30/16</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;">0.07%</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;;">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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2016-09-30 0.0007 Low Quarter 2016-12-31 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;">Prime 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 Government 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;;-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;">0.05%</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;">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;">0.30%</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;">0.05%</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 0.0005 0.001 0.003 0.0005 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  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;">$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;">$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: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;">$164 </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;">$376 </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 91 164 376 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in obligations issued or guaranteed by the U.S. Government and its agencies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrumentalities and in repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</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;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in obligations issued or guaranteed by the U.S. Government and its agencies and instrumentalities and in repurchase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agreements collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-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>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>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></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;;">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.</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> 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="pr17176img004.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;">1.30%</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.013 Low Quarter 2020-09-30 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;">Government 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;">4.13%</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;">3.11%</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;">2.03%</span></div> </td> </tr> </table></div> 0.0413 0.0311 0.0203 <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 Government Securities 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 has adopted a policy to invest substantially all of its assets in U.S. Treasury obligations and certain U.S. government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities, the interest from which is generally exempt from state income taxation, and, accordingly, qualifies as a “government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">money market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment. The  U.S. government securities that the Fund may purchase include those issued or guaranteed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">either by the U.S. Treasury or certain agencies, authorities or instrumentalities of the U.S. Government. The Fund may also invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">repurchase agreements with the Federal Reserve Bank of New York.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">securities using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">(“Rule 2a-7” under the “1940 Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. government securities. This policy may be changed without shareholder approval; however, shareholders would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>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;;-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>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></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;;">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> 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="pr17176img005.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;">1.29%</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0129 Low Quarter 2021-03-31 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Government Securities 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;">4.03%</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;">3.04%</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;">1.97%</span></div> </td> </tr> </table></div> 0.0403 0.0304 0.0197 <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 Treasury 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;">0.06%</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;">0.31%</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;">0.01%</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 0.0006 0.001 0.0031 0.0001 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;">$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: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;">$173 </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;">$392 </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 99 173 392 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States, and repurchase agreements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would be notified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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="-sec-ix-redline:true;"></span><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;;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk and interest rate risk. 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. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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>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></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 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.</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> 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="pr17176img006.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;">1.29%</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0129 Low Quarter 2021-03-31 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Treasury 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;">4.06%</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;">3.06%</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> </tr> </table></div> 0.0406 0.0306 0.0199 <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 Treasury Securities 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;">0.06%</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;">0.31%</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;">0.01%</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 0.0006 0.001 0.0031 0.0001 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;">$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: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;">$173 </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;">$392 </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 99 173 392 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and, accordingly, qualifies as a “government money market fund” under federal regulations. 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States. This policy may be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval; however, shareholders would be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk and interest rate risk. 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. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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></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;;">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.</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> 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="pr17176img007.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;">1.30%</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.013 Low Quarter 2021-03-31 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Treasury Securities 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;">4.03%</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;">3.02%</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> </tr> </table></div> 0.0403 0.0302 0.0196 <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 Prime 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 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: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>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;">0.07%</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;">0.37%</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;">0.02%</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 0.0007 0.0015 0.0037 0.0002 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;">$117 </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;">$206 </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;">$466 </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> 36 117 206 466 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporations and U.S. non-financial corporations. The Fund also invests in obligations issued or guaranteed by the U.S. Government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, corporate debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund is permitted to 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 may also invest in U.S. dollar-denominated foreign securities and money market instruments.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as an “institutional money market fund,” which is neither a “government money market fund” nor “retail money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” as such terms are defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“Rule 2a-7” under the “1940 Act”). As such, the Fund is required to price and transact in its shares at a net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“NAV”) reflecting market-based values of its portfolio holdings (i.e., at a “floating” NAV), rounded to a minimum of the fourth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal place. Like other money market funds of its type, the Fund is subject to the possible imposition of a discretionary liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fee if the Adviser, as the delegate of the Board of Trustees, determines that such fee is in the best interests of the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, under Rule 2a-7, as an institutional prime money market fund, the Fund is required to impose a mandatory liquidity fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">if the Fund experiences total daily net redemptions exceeding 5% of the Fund’s net assets (or such smaller amount of net </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions as the Board of Trustees determines) based on flow information available within a reasonable period after the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">computation of the Fund’s net asset value on that day. The amount of a mandatory liquidity fee to be imposed will be based on a </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">good faith estimate, supported by data, of the costs the Fund would incur if the Fund sold a pro rata amount of each security in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio to satisfy the amount of the net redemptions. If the Fund’s liquidity costs cannot be estimated in good faith and supported </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by data, a 1% default mandatory liquidity fee will be imposed. If the amount of the mandatory liquidity fee would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>de </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>minimis</i></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;;">(i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to impose a mandatory liquidity fee. The Board </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of Trustees has delegated to the Adviser the responsibility for making mandatory liquidity fee determinations.</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 account and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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. The Fund may invest in variable and floating rate loans and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instruments, the value of variable and floating rate loans and other securities may decline if their interest rates do not rise as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk in times of monetary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a quantitative easing program and/or changes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rates. Changing interest rates may have unpredictable effects on the markets and may detract from Fund performance. A changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate environment increases certain risks, including the potential for periods of market volatility and increased </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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). 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;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;;"><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><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. 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 and increase the volatility of the Fund’s share price 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 and increase the volatility of the Fund’s share price and negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in anticipation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large  redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when it might not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">otherwise do so, which may adversely affect and increase the volatility of the Fund’s share price and increase the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">redemptions may cause the Fund to impose discretionary or mandatory liquidity fees.</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>Floating NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund does not maintain a stable NAV per share. The value of the Fund’s shares will be calculated to four </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal places and will fluctuate with changes in the values of the Fund’s portfolio securities. When you sell your shares, they may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be worth more or less than what you originally paid for them. This may result in a capital gain or loss.</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>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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;;">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;;">the Fund’s shares when you sell your shares.</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>Mandatory Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Board, or its delegate, must impose a mandatory liquidity fee upon all shares redeemed if the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s net redemptions on any business day exceed 5% of the Fund’s net assets, unless the liquidity costs are de minimis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Accordingly, redemptions by shareholders may be subject to a mandatory liquidity fee at certain times, which may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value of 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s  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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of how 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="pr17179img003.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;">09/30/16</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;">0.06%</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 2016-09-30 0.0006 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;;">Prime 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;">0.02%</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 Government 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 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;">0.05%</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;">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;">0.35%</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;">0.05%</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 0.0005 0.0015 0.0035 0.0005 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  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;">$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;">$107 </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;">$191 </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;">$438 </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> 31 107 191 438 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in obligations issued or guaranteed by the U.S. Government and its agencies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrumentalities and in repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in obligations issued or guaranteed by the  U.S. Government and its agencies and instrumentalities and in repurchase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agreements collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-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>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>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></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;;">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.</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> 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 Administrative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 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 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="pr17179img004.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;">1.29%</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;;">09/30/20</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: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 0.0129 Low Quarter 2020-09-30 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;">Government 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;">4.07%</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;">3.07%</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;">1.98%</span></div> </td> </tr> </table></div> 0.0407 0.0307 0.0198 <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 Government Securities 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 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:84.83558994197293%"></td> <td style="height:1px;width:14.390715667311413%"></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>Administrative 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;;">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> <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;">0.38%</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;">0.35%</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 0.0015 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 has adopted a policy to invest substantially all of its assets in U.S. Treasury obligations and certain U.S. government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities, the interest from which is generally exempt from state income taxation, and, accordingly, qualifies as a “government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">money market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment. The  U.S. government securities that the Fund may purchase include those issued or guaranteed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">either by the U.S. Treasury or certain agencies, authorities or instrumentalities of the U.S. Government. The Fund may also invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">repurchase agreements with the Federal Reserve Bank of New York.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">securities using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">(“Rule 2a-7” under the “1940 Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. government securities. This policy may be changed without shareholder approval; however, shareholders would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>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;;-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>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></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;;">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.</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> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s  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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of how 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="pr17179img005.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;">1.28%</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0128 Low Quarter 2021-03-31 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Government Securities 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;">3.98%</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;">3.00%</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;">1.92%</span></div> </td> </tr> </table></div> 0.0398 0.03 0.0192 <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 Treasury 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 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;;"><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;">0.06%</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;">0.36%</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;">0.01%</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 0.0006 0.0015 0.0036 0.0001 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;">$115 </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;">$201 </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;">$455 </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> 36 115 201 455 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States, and repurchase agreements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would be notified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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="-sec-ix-redline:true;"></span><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;;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk and interest rate risk. 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. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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>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></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 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.</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> 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 Administrative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 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 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="pr17179img006.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;">1.28%</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0128 Low Quarter 2021-03-31 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Treasury 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;">4.01%</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;">3.02%</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;">1.95%</span></div> </td> </tr> </table></div> 0.0401 0.0302 0.0195 <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 Treasury Securities 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 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;;"><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;">0.06%</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;">0.36%</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;">0.01%</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 0.0006 0.0015 0.0036 0.0001 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;">$115 </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;">$201 </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;">$455 </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> 36 115 201 455 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and, accordingly, qualifies as a “government money market fund” under federal regulations. 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States. This policy may be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval; however, shareholders would be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk and interest rate risk. 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. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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></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;;">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.</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> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s  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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of how 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="pr17179img007.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;">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;-sec-ix-redline:true;">1.28%</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;">03/31/21</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;-sec-ix-redline:true;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0128 Low Quarter 2021-03-31 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Treasury Securities 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;">3.97%</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;">2.98%</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;">1.92%</span></div> </td> </tr> </table></div> 0.0397 0.0298 0.0192 <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 Prime 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;;-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;">0.07%</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;">0.47%</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;">0.02%</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 0.0007 0.0025 0.0047 0.0002 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;">$149 </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;">$261 </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;">$590 </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> 46 149 261 590 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporations and U.S. non-financial corporations. The Fund also invests in obligations issued or guaranteed by the U.S. Government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, corporate debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund is permitted to 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 may also invest in U.S. dollar-denominated foreign securities and money market instruments.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as an “institutional money market fund,” which is neither a “government money market fund” nor “retail money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” as such terms are defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“Rule 2a-7” under the “1940 Act”). As such, the Fund is required to price and transact in its shares at a net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“NAV”) reflecting market-based values of its portfolio holdings (i.e., at a “floating” NAV), rounded to a minimum of the fourth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal place. Like other money market funds of its type, the Fund is subject to the possible imposition of a discretionary liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fee if the Adviser, as the delegate of the Board of Trustees, determines that such fee is in the best interests of the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, under Rule 2a-7, as an institutional prime money market fund, the Fund is required to impose a mandatory liquidity fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">if the Fund experiences total daily net redemptions exceeding 5% of the Fund’s net assets (or such smaller amount of net </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions as the Board of Trustees determines) based on flow information available within a reasonable period after the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">computation of the Fund’s net asset value on that day. The amount of a mandatory liquidity fee to be imposed will be based on a </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">good faith estimate, supported by data, of the costs the Fund would incur if the Fund sold a pro rata amount of each security in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio to satisfy the amount of the net redemptions. If the Fund’s liquidity costs cannot be estimated in good faith and supported </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by data, a 1% default mandatory liquidity fee will be imposed. If the amount of the mandatory liquidity fee would be de minimis </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to impose a mandatory liquidity fee. The Board </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of Trustees has delegated to the Adviser the responsibility for making mandatory liquidity fee determinations.</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 account and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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. The Fund may invest in variable and floating rate loans and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instruments, the value of variable and floating rate loans and other securities may decline if their interest rates do not rise as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk in times of monetary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a quantitative easing program and/or changes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rates. Changing interest rates may have unpredictable effects on the markets and may detract from Fund performance. A changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate environment increases certain risks, including the potential for periods of market volatility and increased </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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). 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;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;;"><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><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. 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 and increase the volatility of the Fund’s share price 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 and increase the volatility of the Fund’s share price and negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in anticipation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when it might not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">otherwise do so, which may adversely affect and increase the volatility of the Fund’s share price and increase the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">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>Floating NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund does not maintain a stable NAV per share. The value of the Fund’s shares will be calculated to four </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal places and will fluctuate with changes in the values of the Fund’s portfolio securities. When you sell your shares, they may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be worth more or less than what you originally paid for them. This may result in a capital gain or loss.</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>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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;;">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;;">the Fund’s shares when you sell your shares.</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>Mandatory Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Board, or its delegate, must impose a mandatory liquidity fee upon all shares redeemed if the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s net redemptions on any business day exceed 5% of the Fund’s net assets, unless the liquidity costs are de minimis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Accordingly, redemptions by shareholders may be subject to a mandatory liquidity fee at certain times, which may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value of 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="pr17136img003.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;">1.34%</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;;">12/31/20</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: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 2020-12-31 -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;">Prime 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;">4.10%</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;">3.13%</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;">2.06%</span></div> </td> </tr> </table></div> 0.041 0.0313 0.0206 <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 Government 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;;-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;">0.05%</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;">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;">0.45%</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;">0.05%</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;">0.40%</span></div> </td> </tr> </table></div> 0.0015 0 0.0005 0.0025 0.0045 0.0005 0.004 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;">$41 </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;">$139 </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;">$247 </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;">$562 </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> 41 139 247 562 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in obligations issued or guaranteed by the U.S. Government and its agencies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrumentalities and in repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</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;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in obligations issued or guaranteed by the U.S. Government and its agencies and instrumentalities and in repurchase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agreements collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">floating-rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the value of these 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may face a heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Reserve Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">on the markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the 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>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>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;;-sec-ix-redline:true;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> 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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. </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;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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.</span><span style="-sec-ix-redline:true;"></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> 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="pr17136img004.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;">1.26%</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;;">03/31/16</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 0.0126 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;">Government 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;">3.97%</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;">2.99%</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;">1.90%</span></div> </td> </tr> </table></div> 0.0397 0.0299 0.019 <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 Government Securities 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:84.83558994197293%"></td> <td style="height:1px;width:14.390715667311413%"></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>Advisory 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;;">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> <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;">0.48%</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;">0.45%</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 0.0025 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 has adopted a policy to invest substantially all of its assets in U.S. Treasury obligations and certain U.S. government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities, the interest from which is generally exempt from state income taxation, and, accordingly, qualifies as a “government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">money market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment. The  U.S. government securities that the Fund may purchase include those issued or guaranteed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">either by the U.S. Treasury or certain agencies, authorities or instrumentalities of the U.S. Government. The Fund may also invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">repurchase agreements with the Federal Reserve Bank of New York.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">securities using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">(“Rule 2a-7” under the “1940 Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. government securities. This policy may be changed without shareholder approval; however, shareholders would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">floating-rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the value of these 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may face a heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Reserve Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">on the markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the 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>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;;-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>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></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 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.</span><span style="-sec-ix-redline:true;"></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> 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="pr17136img005.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;;">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 2023-12-31 0.0125 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Government Securities 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;">3.88%</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;">2.92%</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;">1.85%</span></div> </td> </tr> </table></div> 0.0388 0.0292 0.0185 <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 Treasury 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;">0.06%</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;">0.46%</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;">0.01%</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 0.0006 0.0025 0.0046 0.0001 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;">$147 </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;">$257 </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;">$578 </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> 46 147 257 578 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States, and repurchase agreements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would be notified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">floating-rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the value of these 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may face a heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Reserve Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">on the markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the 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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">risk and interest rate risk. 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;;-sec-ix-redline:true;">When the general level of interest rates goes down, the prices of most fixed-income securities go up. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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;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;;"><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.</span><span style="-sec-ix-redline:true;"></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> 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="pr17136img006.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;;">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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0125 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Treasury 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;">3.91%</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;">2.95%</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: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;">1.87%</span></div> </td> </tr> </table></div> 0.0391 0.0295 0.0187 <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 Treasury Securities 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;">0.06%</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;">0.46%</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;">0.01%</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 0.0006 0.0025 0.0046 0.0001 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;">$147 </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;">$257 </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;">$578 </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> 46 147 257 578 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and, accordingly, qualifies as a “government money market fund” under federal regulations. 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States. This policy may be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval; however, shareholders would be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">floating-rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed-rate instruments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the value of these 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may face a heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Reserve Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">on the markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the 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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk and interest rate risk. 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. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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></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;;">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.</span><span style="-sec-ix-redline:true;"></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> 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="pr17136img007.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;">1.26%</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;;">09/30/16</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 2023-12-31 0.0126 Low Quarter 2016-09-30 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Treasury Securities 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;">3.87%</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: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;">1.84%</span></div> </td> </tr> </table></div> 0.0387 0.0291 0.0184 <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 Prime 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: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>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;">0.07%</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;">0.72%</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;">0.02%</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 0.0007 0.0025 0.0072 0.0002 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;">$228 </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;">$399 </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;">$893 </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> 72 228 399 893 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporations and U.S. non-financial corporations. The Fund also invests in obligations issued or guaranteed by the U.S. Government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, corporate debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund is permitted to 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 may also invest in U.S. dollar-denominated foreign securities and money market instruments.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as an “institutional money market fund,” which is neither a “government money market fund” nor “retail money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” as such terms are defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“Rule 2a-7” under the “1940 Act”). As such, the Fund is required to price and transact in its shares at a net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“NAV”) reflecting market-based values of its portfolio holdings (i.e., at a “floating” NAV), rounded to a minimum of the fourth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal place. Like other money market funds of its type, the Fund is subject to the possible imposition of a discretionary liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fee if the Adviser, as the delegate of the Board of Trustees, determines that such fee is in the best interests of the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, under Rule 2a-7, as an institutional prime money market fund, the Fund is required to impose a mandatory liquidity fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">if the Fund experiences total daily net redemptions exceeding 5% of the Fund’s net assets (or such smaller amount of net </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions as the Board of Trustees determines) based on flow information available within a reasonable period after the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">computation of the Fund’s net asset value on that day. The amount of a mandatory liquidity fee to be imposed will be based on a </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">good faith estimate, supported by data, of the costs the Fund would incur if the Fund sold a pro rata amount of each security in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio to satisfy the amount of the net redemptions. If the Fund’s liquidity costs cannot be estimated in good faith and supported </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by data, a 1% default mandatory liquidity fee will be imposed. If the amount of the mandatory liquidity fee would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>de </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>minimis</i></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;;">(i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to impose a mandatory liquidity fee. The Board </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of Trustees has delegated to the Adviser the responsibility for making mandatory liquidity fee determinations.</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 account and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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. The Fund may invest in variable and floating rate loans and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instruments, the value of variable and floating rate loans and other securities may decline if their interest rates do not rise as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk in times of monetary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a quantitative easing program and/or changes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rates. Changing interest rates may have unpredictable effects on the markets and may detract from Fund performance. A changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate environment increases certain risks, including the potential for periods of market volatility  and increased </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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). 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;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;;"><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><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. 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 and increase the volatility of the Fund’s share price 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 and increase the volatility of the Fund’s share price and negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in anticipation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when it might not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">otherwise do so, which may adversely affect and increase the volatility of the Fund’s share price and increase the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">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>Floating NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund does not maintain a stable NAV per share. The value of the Fund’s shares will be calculated to four </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal places and will fluctuate with changes in the values of the Fund’s portfolio securities. When you sell your shares, they may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be worth more or less than what you originally paid for them. This may result in a capital gain or loss.</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>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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;;">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;;">the Fund’s shares when you sell your shares.</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>Mandatory Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Board, or its delegate, must impose a mandatory liquidity fee upon all shares redeemed if the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s net redemptions on any business day exceed 5% of the Fund’s net assets, unless the liquidity costs are de minimis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Accordingly, redemptions by shareholders may be subject to a mandatory liquidity fee at certain times, which may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value of 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="pr17138img003.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;;">09/30/16</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;">0.01%</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 2016-09-30 0.0001 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;">Prime 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;">0.00%</span></div> </td> </tr> </table></div> 0 0 0 <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 Government 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: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>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;">0.05%</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;">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;">0.70%</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;">0.05%</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;">0.65%</span></div> </td> </tr> </table></div> 0.0015 0.0025 0.0005 0.0025 0.007 0.0005 0.0065 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;">$66 </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;">$219 </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;">$385 </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;">$866 </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> 66 219 385 866 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in obligations issued or guaranteed by the U.S. Government and its agencies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrumentalities and in repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in obligations issued or guaranteed by the  U.S. Government and its agencies and instrumentalities and in repurchase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agreements collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>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>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;;-sec-ix-redline:true;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> 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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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></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;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;"> and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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.</span><span style="-sec-ix-redline:true;"></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> 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="pr17138img004.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;">1.20%</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 2023-12-31 0.012 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;">Government 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;">3.71%</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: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;">2.80%</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;">1.73%</span></div> </td> </tr> </table></div> 0.0371 0.028 0.0173 <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 Government Securities 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: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>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;">0.28%</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 0.0025 0.0008 0.0025 0.0073 0.0028 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  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;">$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;">$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;">$378 </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;">$880 </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> 46 205 378 880 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest substantially all of its assets in U.S. Treasury obligations and certain U.S. government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities, the interest from which is generally exempt from state income taxation, and, accordingly, qualifies as a “government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">money market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment. The  U.S. government securities that the Fund may purchase include those issued or guaranteed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">either by the U.S. Treasury or certain agencies, authorities or instrumentalities of the U.S. Government. The Fund may also invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">repurchase agreements with the Federal Reserve Bank of New York.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">securities using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">(“Rule 2a-7” under the “1940 Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. government securities. This policy may be changed without shareholder approval; however, shareholders would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>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;;-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>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></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;;">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.</span><span style="-sec-ix-redline:true;"></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> 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="pr17138img005.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;;">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 2023-12-31 0.0125 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Government Securities 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;">3.88%</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;">2.92%</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;">1.85%</span></div> </td> </tr> </table></div> 0.0388 0.0292 0.0185 <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 Treasury 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: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>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;">0.06%</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;">0.71%</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;">0.01%</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 0.0006 0.0025 0.0071 0.0001 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;">$226 </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;">$394 </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;">$882 </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> 72 226 394 882 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States, and repurchase agreements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would be notified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">risk and interest rate risk. 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;;-sec-ix-redline:true;">When the general level of interest rates goes down, the prices of most fixed-income securities go up. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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>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></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 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.</span><span style="-sec-ix-redline:true;"></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> 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="pr17138img006.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;">1.19%</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;;">06/30/16</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 2023-12-31 0.0119 Low Quarter 2016-06-30 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Treasury 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;">3.65%</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;">2.76%</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;">1.70%</span></div> </td> </tr> </table></div> 0.0365 0.0276 0.017 <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 Treasury Securities 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: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>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;">0.06%</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;">0.71%</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;">0.01%</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 0.0006 0.0025 0.0071 0.0001 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;">$226 </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;">$394 </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;">$882 </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> 72 226 394 882 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and, accordingly, qualifies as a “government money market fund” under federal regulations. 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States. This policy may be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval; however, shareholders would be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk and interest rate risk. 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. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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></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;;">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.</span><span style="-sec-ix-redline:true;"></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> 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="pr17138img007.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;">1.19%</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 2023-12-31 0.0119 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Treasury Securities 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;">3.61%</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;">2.72%</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: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;">1.67%</span></div> </td> </tr> </table></div> 0.0361 0.0272 0.0167 <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 Prime 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;;-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;">0.07%</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;">0.37%</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;">0.02%</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 0.0007 0.0005 0.0037 0.0002 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;">$117 </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;">$206 </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;">$466 </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> 36 117 206 466 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporations and U.S. non-financial corporations. The Fund also invests in obligations issued or guaranteed by the U.S. Government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, corporate debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund is permitted to 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 may also invest in U.S. dollar-denominated foreign securities and money market instruments.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as an “institutional money market fund,” which is neither a “government money market fund” nor “retail money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” as such terms are defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“Rule 2a-7” under the “1940 Act”). As such, the Fund is required to price and transact in its shares at a net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“NAV”) reflecting market-based values of its portfolio holdings (i.e., at a “floating” NAV), rounded to a minimum of the fourth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal place. Like other money market funds of its type, the Fund is subject to the possible imposition of a discretionary liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fee if the Adviser, as the delegate of the Board of Trustees, determines that such fee is in the best interests of the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, under Rule 2a-7, as an institutional prime money market fund, the Fund is required to impose a mandatory liquidity fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">if the Fund experiences total daily net redemptions exceeding 5% of the Fund’s net assets (or such smaller amount of net </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions as the Board of Trustees determines) based on flow information available within a reasonable period after the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">computation of the Fund’s net asset value on that day. The amount of a mandatory liquidity fee to be imposed will be based on a </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">good faith estimate, supported by data, of the costs the Fund would incur if the Fund sold a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>pro rata</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> amount of each security in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio to satisfy the amount of the net redemptions. If the Fund’s liquidity costs cannot be estimated in good faith and supported </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by data, a 1% default mandatory liquidity fee will be imposed. If the amount of the mandatory liquidity fee would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>de </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>minimis</i></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;;">(i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to impose a mandatory liquidity fee. The Board </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of Trustees has delegated to the Adviser the responsibility for making mandatory liquidity fee determinations.</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 account and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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. The Fund may invest in variable and floating rate loans and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instruments, the value of variable and floating rate loans and other securities may decline if their interest rates do not rise as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk in times of monetary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a quantitative easing program and/or changes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rates. Changing interest rates may have unpredictable effects on the markets and may detract from Fund performance. A changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate environment increases certain risks, including the potential for periods of market volatility  and increased </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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). 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;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;;"><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><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. 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 and increase the volatility of the Fund’s share price 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 and increase the volatility of the Fund’s share price and negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in anticipation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when it might not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">otherwise do so, which may adversely affect and increase the volatility of the Fund’s share price and increase the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">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>Floating NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund does not maintain a stable NAV per share. The value of the Fund’s shares will be calculated to four </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal places and will fluctuate with changes in the values of the Fund’s portfolio securities. When you sell your shares, they may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be worth more or less than what you originally paid for them. This may result in a capital gain or loss.</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>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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;;">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;;">the Fund’s shares when you sell your shares.</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>Mandatory Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Board, or its delegate, must impose a mandatory liquidity fee upon all shares redeemed if the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s net redemptions on any business day exceed 5% of the Fund’s net assets, unless the liquidity costs are de minimis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Accordingly, redemptions by shareholders may be subject to a mandatory liquidity fee at certain times, which may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value of 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="pr17137img003.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;">1.37%</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 0.0137 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 One</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Prime 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;">4.20%</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: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;">3.20%</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: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;">2.17%</span></div> </td> </tr> </table></div> 0.042 0.032 0.0217 <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 Government 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;;-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;">0.05%</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;">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;">0.35%</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;">0.05%</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 0.001 0.0005 0.0005 0.0035 0.0005 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  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;">$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;">$107 </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;">$191 </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;">$438 </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> 31 107 191 438 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in obligations issued or guaranteed by the U.S. Government and its agencies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrumentalities and in repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</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;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in obligations issued or guaranteed by the U.S. Government and its agencies and instrumentalities and in repurchase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agreements collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-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>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>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></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;;">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.</span><span style="-sec-ix-redline:true;"></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> 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="pr17137img004.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;">1.29%</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0129 Low Quarter 2020-09-30 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Government 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;">4.07%</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;">3.07%</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;">1.98%</span></div> </td> </tr> </table></div> 0.0407 0.0307 0.0198 <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 Government Securities 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 has adopted a policy to invest substantially all of its assets in U.S. Treasury obligations and certain U.S. government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities, the interest from which is generally exempt from state income taxation, and, accordingly, qualifies as a “government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">money market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment. The  U.S. government securities that the Fund may purchase include those issued or guaranteed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">either by the U.S. Treasury or certain agencies, authorities or instrumentalities of the U.S. Government. The Fund may also invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">repurchase agreements with the Federal Reserve Bank of New York.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">securities using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">(“Rule 2a-7” under the “1940 Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. government securities. This policy may be changed without shareholder approval; however, shareholders would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>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;;-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>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></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;;">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.</span><span style="-sec-ix-redline:true;"></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> 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="pr17137img005.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;">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;-sec-ix-redline:true;">1.27%</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;">03/31/21</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;-sec-ix-redline:true;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0127 Low Quarter 2021-03-31 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Government Securities 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;">3.98%</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;">3.00%</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;">1.92%</span></div> </td> </tr> </table></div> 0.0398 0.03 0.0192 <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 Treasury 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;">0.06%</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;">0.36%</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;">0.01%</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 0.0006 0.0005 0.0036 0.0001 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;">$115</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;">$201</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;">$455</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> 36 115 201 455 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States, and repurchase agreements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would be notified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">risk and interest rate risk. 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;;-sec-ix-redline:true;">When the general level of interest rates goes down, the prices of most fixed-income securities go up. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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>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></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 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.</span><span style="-sec-ix-redline:true;"></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> 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="pr17137img006.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;">1.28%</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0128 Low Quarter 2021-03-31 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Treasury 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;">4.01%</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;">3.02%</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;">1.95%</span></div> </td> </tr> </table></div> 0.0401 0.0302 0.0195 <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 Treasury Securities 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;">0.06%</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;">0.36%</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;">0.01%</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 0.0006 0.0005 0.0036 0.0001 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;">$115 </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;">$201 </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;">$455 </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> 36 115 201 455 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and, accordingly, qualifies as a “government money market fund” under federal regulations. 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States. This policy may be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval; however, shareholders would be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">risk and interest rate risk. 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;;-sec-ix-redline:true;">When the general level of interest rates goes down, the prices of most fixed-income securities go up. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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></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;;">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.</span><span style="-sec-ix-redline:true;"></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> 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="pr17137img007.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;">1.28%</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0128 Low Quarter 2021-03-31 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 Five</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">Treasury Securities 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;">3.97%</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;">2.98%</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;">1.92%</span></div> </td> </tr> </table></div> 0.0397 0.0298 0.0192 <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 Government 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;;-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;">0.05%</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;">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;">1.00%</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;">0.05%</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;">0.95%</span></div> </td> </tr> </table></div> 0.0015 0.0055 0.0005 0.0025 0.01 0.0005 0.0095 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;">$97 </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;">$313 </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;">$548 </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;">$1,220 </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> 97 313 548 1220 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in obligations issued or guaranteed by the U.S. Government and its agencies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrumentalities and in repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</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;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in obligations issued or guaranteed by the U.S. Government and its agencies and instrumentalities and in repurchase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agreements collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>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>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>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></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;;">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.</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> 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 from year-to-year 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, five year and since inception 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><a href="DUMMY_17178_0_9"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span></a><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, five 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="pr17178img003.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;">1.12%</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;;">06/30/20</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: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 0.0112 Low Quarter 2020-06-30 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>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Inception</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>03/31/16</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;">Government 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;">3.40%</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;">1.57%</span></div> </td> </tr> </table></div> 0.034 0.0258 0.0157 <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 Treasury 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:90.29941742311341%"></td> <td style="height:1px;width:9.702518048270656%"></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;">0.06%</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;">1.01%</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;">0.01%</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 0.0006 0.0025 0.0101 0.0001 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;">$321 </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;">$557 </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;">$1,235 </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> 102 321 557 1235 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States, and repurchase agreements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would be notified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">risk and interest rate risk. 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;;-sec-ix-redline:true;">When the general level of interest rates goes down, the prices of most fixed-income securities go up. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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>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></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 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.</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> 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 from year-to-year 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, five year and since inception 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><a href="DUMMY_17178_2_7"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span></a><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, five 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="pr17178img004.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;">1.11%</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;">0.00%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0111 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>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Inception</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>03/31/16</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;">Treasury 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;">3.34%</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;">2.54%</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;">1.54%</span></div> </td> </tr> </table></div> 0.0334 0.0254 0.0154 <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 Treasury Securities 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:90.29941742311341%"></td> <td style="height:1px;width:9.702518048270656%"></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;">0.06%</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;">1.01%</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;">0.01%</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 0.0006 0.0025 0.0101 0.0001 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;">$321 </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;">$557 </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;">$1,235 </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> 102 321 557 1235 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">United States and, accordingly, qualifies as a “government money market fund” under federal regulations. The Fund is permitted to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">guaranteed by the United States or certain  U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">principal value of your investment. As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">invested in  U.S. Treasury obligations, which are backed by the full faith and credit of the United States. This policy may be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">without shareholder approval; however, shareholders would be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk and interest rate risk. 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. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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></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;;">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.</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> 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 from year-to-year 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, five year and since inception 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><a href="DUMMY_17178_4_5"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/liquidity</span></a><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, five 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="pr17178img005.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;">1.12%</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;;">03/31/17</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 0.0112 Low Quarter 2017-03-31 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>Since</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Inception</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>03/31/16</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;">Treasury Securities 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;">3.30%</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;">2.50%</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;">1.51%</span></div> </td> </tr> </table></div> 0.033 0.025 0.0151 <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 Government 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 shares of the CastleOak  Share Class (“CastleOak </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Shares” or “CastleOak  Class”)  of the Fund. The Fund does not charge any sales loads or other fees when you purchase or redeem </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 Fund, such as brokerage commissions and other fees charged </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>by financial intermediaries, which are not 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>CastleOak Shares </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">0.05%</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;">0.20%</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;">0.05%</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;">0.15%</span></div> </td> </tr> </table></div> 0.0015 0 0.0005 0.002 0.0005 0.0015 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  CastleOak Shares  with the cost of investing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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  CastleOak Shares 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;;">CastleOak Shares</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;">$15 </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;">$59 </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;">$108 </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;">$250 </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> 15 59 108 250 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in obligations issued or guaranteed by the U.S. Government and its agencies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrumentalities and in repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</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;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in obligations issued or guaranteed by the U.S. Government and its agencies and instrumentalities and in repurchase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agreements collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>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>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>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></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;;">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.</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> 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 CastleOak Shares from year-to-year and by showing the average annual returns of the Fund’s CastleOak 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;;">The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 CastleOak Shares from year-to-year and by showing the average annual returns of the Fund’s CastleOak Shares for the one year and since inception periods. 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="pr17131img003.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;">1.33%</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 0.0133 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:65.98021948245496%"></td> <td style="height:1px;width:17.277953045464223%"></td> <td style="height:1px;width:16.741827472080825%"></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</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Inception</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>05/04/21</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;">Government 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;">4.23%</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;">3.42%</span></div> </td> </tr> </table></div> 0.0423 0.0342 <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 Prime 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 shares of the CastleOak  Share Class (“CastleOak </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Shares” or “CastleOak  Class”)  of the Fund. The Fund does not charge any sales loads or other fees when you purchase or redeem </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 Fund, such as brokerage commissions and other fees charged </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>by financial intermediaries, which are not 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>CastleOak Shares </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>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;">0.07%</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;">0.22%</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;">0.02%</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 0.0007 0.0022 0.0002 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  CastleOak Shares with the cost of investing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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  CastleOak Shares 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;">CastleOak Shares</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;">$69 </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;">$122 </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;">$278 </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 69 122 278 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporations and U.S. non-financial corporations. The Fund also invests in obligations issued or guaranteed by the U.S. Government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, corporate debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund is permitted to 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 may also invest in U.S. dollar-denominated foreign securities and money market instruments.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as an “institutional money market fund,” which is neither a “government money market fund” nor “retail money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” as such terms are defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“Rule 2a-7” under the “1940 Act”). As such, the Fund is required to price and transact in its shares at a net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“NAV”) reflecting market-based values of its portfolio holdings (i.e., at a “floating” NAV), rounded to a minimum of the fourth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal place. Like other money market funds of its type, the Fund is subject to the possible imposition of a discretionary liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fee if the Adviser, as the delegate of the Board of Trustees, determines that such fee is in the best interests of the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, under Rule 2a-7, as an institutional prime money market fund, the Fund is required to impose a mandatory liquidity fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">if the Fund experiences total daily net redemptions exceeding 5% of the Fund’s net assets (or such smaller amount of net </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions as the Board of Trustees determines) based on flow information available within a reasonable period after the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">computation of the Fund’s net asset value on that day. The amount of a mandatory liquidity fee to be imposed will be based on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">good faith estimate, supported by data, of the costs the Fund would incur if the Fund sold a pro rata amount of each security in its </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio to satisfy the amount of the net redemptions. If the Fund’s liquidity costs cannot be estimated in good faith and supported </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by data, a 1% default mandatory liquidity fee will be imposed. If the amount of the mandatory liquidity fee would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>de </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>minimis</i></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;;">(i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to impose a mandatory liquidity fee. The Board </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of Trustees has delegated to the Adviser the responsibility for making mandatory liquidity fee determinations.</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 account and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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. The Fund may invest in variable and floating rate loans and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instruments, the value of variable and floating rate loans and other securities may decline if their interest rates do not rise as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk in times of monetary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a quantitative easing program and/or changes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rates. Changing interest rates may have unpredictable effects on the markets and may detract from Fund performance. A changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate environment increases certain risks, including the 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). 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>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. 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 and increase the volatility of the Fund’s share price 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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">adversely affect and increase the volatility of the Fund’s share price and negatively impact </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;">the Fund’s</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in anticipation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">large</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;;">redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when it might not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">otherwise do so, which may </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;">adversely affect and increase the volatility of the Fund’s share price and increase the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">transaction costs</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>Floating NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund does not maintain a stable NAV per share. The value of the Fund’s shares will be calculated to four </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal places and will fluctuate with changes in the values of the Fund’s portfolio securities. When you sell your shares, they may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be worth more or less than what you originally paid for them. This may result in a capital gain or loss.</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>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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;;">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;;">the Fund’s shares when you sell your shares.</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>Mandatory Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Board, or its delegate, must impose a mandatory liquidity fee upon all shares redeemed if the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s net redemptions on any business day exceed 5% of the Fund’s net assets, unless the liquidity costs are de minimis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Accordingly, redemptions by shareholders may be subject to a mandatory liquidity fee at certain times, which may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value of 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 CastleOak Shares Class shares from year-to-year and by showing the average annual returns of the Fund’s CastleOak </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Shares Class shares for the one year and since inception 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 CastleOak Shares Class shares from year-to-year and by showing the average annual returns of the Fund’s CastleOak Shares 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="pr17131img004.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;">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;-sec-ix-redline:true;">1.42%</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;">1.02%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0142 Low Quarter 2025-12-31 0.0102 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</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Inception</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>10/04/22</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;">Prime 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;">4.36%</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: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;">4.90%</span></div> </td> </tr> </table></div> 0.0436 0.049 <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 Prime 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 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>Impact 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;">0.07%</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;">0.22%</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;">0.02%</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 0.0007 0.0022 0.0002 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 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  Impact 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;">Impact 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;">$69 </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;">$122 </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;">$278 </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 69 122 278 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporations and U.S. non-financial corporations. The Fund also invests in obligations issued or guaranteed by the U.S. Government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, corporate debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund is permitted to 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 may also invest in U.S. dollar-denominated foreign securities and money market instruments.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as an “institutional money market fund,” which is neither a “government money market fund” nor “retail money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” as such terms are defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“Rule 2a-7” under the “1940 Act”). As such, the Fund is required to price and transact in its shares at a net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“NAV”) reflecting market-based values of its portfolio holdings (i.e., at a “floating” NAV), rounded to a minimum of the fourth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal place. Like other money market funds of its type, the Fund is subject to the possible imposition of a discretionary liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fee if the Adviser, as the delegate of the Board of Trustees, determines that such fee is in the best interests of the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, under Rule 2a-7, as an institutional prime money market fund, the Fund is required to impose a mandatory liquidity fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">if the Fund experiences total daily net redemptions exceeding 5% of the Fund’s net assets (or such smaller amount of net </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions as the Board of Trustees determines) based on flow information available within a reasonable period after the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">computation of the Fund’s net asset value on that day. The amount of a mandatory liquidity fee to be imposed will be based on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">good faith estimate, supported by data, of the costs the Fund would incur if the Fund sold a pro rata amount of each security in its </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio to satisfy the amount of the net redemptions. If the Fund’s liquidity costs cannot be estimated in good faith and supported </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by data, a 1% default mandatory liquidity fee will be imposed. If the amount of the mandatory liquidity fee would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>de </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>minimis</i></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;;">(i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to impose a mandatory liquidity fee. The Board </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of Trustees has delegated to the Adviser the responsibility for making mandatory liquidity fee determinations.</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 account and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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. The Fund may invest in variable and floating rate loans and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instruments, the value of variable and floating rate loans and other securities may decline if their interest rates do not rise as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk in times of monetary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a quantitative easing program and/or changes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rates. Changing interest rates may have unpredictable effects on the markets and may detract from Fund performance. A changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate environment increases certain risks, including the 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). 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>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. 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 and increase the volatility of the Fund’s share price 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 and increase the volatility of the Fund’s share price and negatively impact </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;">the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in anticipation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when it might not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">otherwise do so, which may adversely affect and increase the volatility of the Fund’s share price and increase the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">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>Floating NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund does not maintain a stable NAV per share. The value of the Fund’s shares will be calculated to four </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal places and will fluctuate with changes in the values of the Fund’s portfolio securities. When you sell your shares, they may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be worth more or less than what you originally paid for them. This may result in a capital gain or loss.</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>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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;;">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;;">the Fund’s shares when you sell your shares.</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>Mandatory Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Board, or its delegate, must impose a mandatory liquidity fee upon all shares redeemed if the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s net redemptions on any business day exceed 5% of the Fund’s net assets, unless the liquidity costs are de minimis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Accordingly, redemptions by shareholders may be subject to a mandatory liquidity fee at certain times, which may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value of 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 Impact Class shares from year-to-year and by showing the average annual returns of the Fund’s Impact Class shares for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the one year and since inception 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 Impact Class shares from year-to-year and by showing the average annual returns of the Fund’s Impact 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="pr17134img003.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;">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;-sec-ix-redline:true;">1.42%</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 2023-12-31 0.0142 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:50.800317417307%"></td> <td style="height:1px;width:24.96758085431707%"></td> <td style="height:1px;width:24.232101728375948%"></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>03/29/22</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;">Prime 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;">4.36%</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: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;">4.43%</span></div> </td> </tr> </table></div> 0.0436 0.0443 <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 Government 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 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>Impact 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;">0.05%</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;">0.20%</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;">0.05%</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;">0.15%</span></div> </td> </tr> </table></div> 0.0015 0 0.0005 0.002 0.0005 0.0015 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 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  Impact 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;;">Impact 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;">$15 </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;">$59 </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;">$108 </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;">$250 </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> 15 59 108 250 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in obligations issued or guaranteed by the U.S. Government and its agencies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrumentalities and in repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in obligations issued or guaranteed by the  U.S. Government and its agencies and instrumentalities and in repurchase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agreements collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>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>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>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></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;;">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.</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> 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 Impact Class shares from year-to-year and by showing the average annual returns of the Fund’s Impact Class shares for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the one year and since inception 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 Impact Class shares from year-to-year and by showing the average annual returns of the Fund’s Impact 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="pr17134img004.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;">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;-sec-ix-redline:true;">1.33%</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;">0.98%</span></div> </td> </tr> </table></div> High Quarter 2023-12-31 0.0133 Low Quarter 2025-12-31 0.0098 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:24.96758085431707%"></td> <td style="height:1px;width:24.232101728375948%"></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>03/29/22</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;">Government 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;">4.23%</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;">4.25%</span></div> </td> </tr> </table></div> 0.0423 0.0425 <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 Treasury Securities 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 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>Impact 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;">0.06%</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;">0.21%</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;">0.01%</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;">0.20%</span></div> </td> </tr> </table></div> 0.0015 0 0.0006 0.0021 0.0001 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  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  Impact 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;;">Impact 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;">$67 </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;">$117 </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;">$267 </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 67 117 267 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and, accordingly, qualifies as a “government money market fund” under federal regulations. 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States. This policy may be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval; however, shareholders would be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk and interest rate risk. 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. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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></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;;">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.</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> 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;">Impact</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Class shares from year-to-year 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;">Impact</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Class shares for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 Impact Class shares from year-to-year and by showing the average annual returns of the Fund’s Impact 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="pr17134img005.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;">1.04%</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;">0.96%</span></div> </td> </tr> </table></div> High Quarter 2025-03-31 0.0104 Low Quarter 2025-12-31 0.0096 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:59.98800007741886%"></td> <td style="height:1px;width:19.97406468345366%"></td> <td style="height:1px;width:20.037935239127492%"></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>03/05/2024</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Treasury Securities Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.13%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.56%</span></div> </td> </tr> </table></div> 0.0413 0.0456 <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 Prime 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:74.85493230174082%"></td> <td style="height:1px;width:24.37137330754352%"></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;;-sec-ix-redline:true;"><b>Impact Partner 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;;-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> <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;;-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> <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;;-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;">0.07%</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;;-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;">0.22%</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;;-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;">0.02%</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;;-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> <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 0.0007 0.0022 0.0002 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;;-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;">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;-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;">$69</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;">$122</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;">$278</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 69 122 278 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporations and U.S. non-financial corporations. The Fund also invests in obligations issued or guaranteed by the U.S. Government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and its agencies and instrumentalities. The Fund’s money market investments may include commercial paper, corporate debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund is permitted to 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 may also invest in U.S. dollar-denominated foreign securities and money market instruments.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund operates as an “institutional money market fund,” which is neither a “government money market fund” nor “retail money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” as such terms are defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“Rule 2a-7” under the “1940 Act”). As such, the Fund is required to price and transact in its shares at a net asset value per share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“NAV”) reflecting market-based values of its portfolio holdings (i.e., at a “floating” NAV), rounded to a minimum of the fourth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal place. Like other money market funds of its type, the Fund is subject to the possible imposition of a discretionary liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fee if the Adviser, as the delegate of the Board of Trustees, determines that such fee is in the best interests of the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, under Rule 2a-7, as an institutional prime money market fund, the Fund is required to impose a mandatory liquidity fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">if the Fund experiences total daily net redemptions exceeding 5% of the Fund’s net assets (or such smaller amount of net </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions as the Board of Trustees determines) based on flow information available within a reasonable period after the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">computation of the Fund’s net asset value on that day. The amount of a mandatory liquidity fee to be imposed will be based on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">good faith estimate, supported by data, of the costs the Fund would incur if the Fund sold a pro rata amount of each security in its </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio to satisfy the amount of the net redemptions. If the Fund’s liquidity costs cannot be estimated in good faith and supported </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by data, a 1% default mandatory liquidity fee will be imposed. If the amount of the mandatory liquidity fee would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>de </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>minimis</i></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;;">(i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to impose a mandatory liquidity fee. The Board </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of Trustees has delegated to the Adviser the responsibility for making mandatory liquidity fee determinations.</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 account and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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. The Fund may invest in variable and floating rate loans and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate instruments, the value of variable and floating rate loans and other securities may decline if their interest rates do not rise as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk in times of monetary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a quantitative easing program and/or changes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rates. Changing interest rates may have unpredictable effects on the markets and may detract from Fund performance. A changing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate environment increases certain risks, including the potential for periods of market volatility and increased </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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). 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>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></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;;">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><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. 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 and increase the volatility of the Fund’s share price 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></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;">normal shareholder redemptions may adversely affect and increase the volatility of the Fund’s share price and negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">the Fund’s liquidity. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in anticipation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">large redemptions. These large redemptions may also force the Fund to sell portfolio securities or other assets when it might not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">otherwise do so, which may adversely affect and increase the volatility of the Fund’s share price and increase the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Finally, large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">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>Floating NAV Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund does not maintain a stable NAV per share. The value of the Fund’s shares will be calculated to four </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decimal places and will fluctuate with changes in the values of the Fund’s portfolio securities. When you sell your shares, they may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be worth more or less than what you originally paid for them. This may result in a capital gain or loss.</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>Discretionary Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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;;">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;;">the Fund’s shares when you sell your shares.</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>Mandatory Liquidity Fee Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Board, or its delegate, must impose a mandatory liquidity fee upon all shares redeemed if the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s net redemptions on any business day exceed 5% of the Fund’s net assets, unless the liquidity costs are de minimis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Accordingly, redemptions by shareholders may be subject to a mandatory liquidity fee at certain times, which may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value of 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;">Impact Partner 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;">Impact Partner</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;"> year period and since inception</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 </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 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="pr17135img003.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;">09/30/25</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;">1.11%</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 2025-09-30 0.0111 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:59.98800007741886%"></td> <td style="height:1px;width:19.97406468345366%"></td> <td style="height:1px;width:20.037935239127492%"></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>03/05/2024</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Prime Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.36%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;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> 0.0436 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 Government 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:85.45493254882227%"></td> <td style="height:1px;width:14.545067451177736%"></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>Impact Partner 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;">0.05%</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;">0.20%</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;">0.05%</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;">0.15%</span></div> </td> </tr> </table></div> 0.0015 0 0.0005 0.002 0.0005 0.0015 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;">$15</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;">$59</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;">$108</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;">$250</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> 15 59 108 250 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">The Fund has adopted a policy to invest exclusively in obligations issued or guaranteed by the U.S. Government and its agencies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">instrumentalities and in repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">market fund” under federal regulations. The Fund is permitted to 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;;-sec-ix-redline:true;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">principal value of your investment. As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">invested in obligations issued or guaranteed by the U.S. Government and its agencies and instrumentalities and in repurchase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">agreements collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>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>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>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></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;;">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.</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> 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;">Impact Partner 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;">Impact Partner</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;"> year period and since inception.  </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 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="pr17135img004.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;">1.06%</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;">0.98%</span></div> </td> </tr> </table></div> High Quarter 2025-03-31 0.0106 Low Quarter 2025-12-31 0.0098 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:59.98800007741886%"></td> <td style="height:1px;width:19.97406468345366%"></td> <td style="height:1px;width:20.037935239127492%"></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>03/05/2024</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Government Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.23%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.65%</span></div> </td> </tr> </table></div> 0.0423 0.0465 <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 Treasury Securities 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:74.85493230174082%"></td> <td style="height:1px;width:24.37137330754352%"></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 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;">0.06%</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;">0.21%</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;">0.01%</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 0.0006 0.0021 0.0001 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;">$67</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;">$117</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;">$267</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 67 117 267 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and, accordingly, qualifies as a “government money market fund” under federal regulations. 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States. This policy may be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval; however, shareholders would be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk and interest rate risk. 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. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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></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;;">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.</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> 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 Impact Partner Class shares for one year and by showing the average annual returns of the Fund’s Impact Partner Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">shares for the 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">perform in 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 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="pr17135img005.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;">1.04%</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;">0.96%</span></div> </td> </tr> </table></div> High Quarter 2025-03-31 0.0104 Low Quarter 2025-12-31 0.0096 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:59.98800007741886%"></td> <td style="height:1px;width:19.97406468345366%"></td> <td style="height:1px;width:20.037935239127492%"></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>03/05/2024</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Treasury Securities Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.13%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.56%</span></div> </td> </tr> </table></div> 0.0413 0.0456 <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 Government 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;;-sec-ix-redline:true;"><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;;-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> <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;;-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> <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;;-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;">0.05%</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;;-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;">0.20%</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;;-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;">0.05%</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;;-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;">0.15%</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 0.0005 0.002 0.0005 0.0015 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;">$15</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;">$59</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;">$108</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;">$250</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> 15 59 108 250 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in obligations issued or guaranteed by the U.S. Government and its agencies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrumentalities and in repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in obligations issued or guaranteed by the  U.S. Government and its agencies and instrumentalities and in repurchase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agreements collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>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>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>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></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;;">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.</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> 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;">Advisor 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;">Advisor</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Class shares for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;"> 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 </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 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="pr17132img003.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;">1.06%</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;">0.98%</span></div> </td> </tr> </table></div> High Quarter 2025-03-31 0.0106 Low Quarter 2025-12-31 0.0098 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:59.98800007741886%"></td> <td style="height:1px;width:19.97406468345366%"></td> <td style="height:1px;width:20.037935239127492%"></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:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Government Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.23%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.63%</span></div> </td> </tr> </table></div> 0.0423 0.0463 <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 Treasury 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:79.96206476087252%"></td> <td style="height:1px;width:20.037935239127492%"></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> </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;">0.06%</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;">0.21%</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;">0.01%</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;">0.20%</span></div> </td> </tr> </table></div> 0.0015 0 0.0006 0.0021 0.0001 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;">$67 </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;">$117 </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;">$267 </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 67 117 267 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and repurchase agreements collateralized by such securities, and, accordingly, qualifies as a “government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market fund” under federal regulations. The Fund is permitted to 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States, and repurchase agreements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized by such securities. This policy may be changed without shareholder approval; however, shareholders would be notified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">risk and interest rate risk. 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;;-sec-ix-redline:true;">When the general level of interest rates goes down, the prices of most fixed-income securities go up. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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>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></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 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.</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> 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;">Advisor 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;">Advisor</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Class shares for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;"> 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 </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 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="pr17132img004.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;">1.05%</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;">0.97%</span></div> </td> </tr> </table></div> High Quarter 2025-03-31 0.0105 Low Quarter 2025-12-31 0.0097 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:59.98800007741886%"></td> <td style="height:1px;width:19.97406468345366%"></td> <td style="height:1px;width:20.037935239127492%"></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:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Treasury Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.17%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.56%</span></div> </td> </tr> </table></div> 0.0417 0.0456 <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 Treasury Securities 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:88.95039386842666%"></td> <td style="height:1px;width:11.049606131573345%"></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> </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;">0.06%</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;">0.21%</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;">0.01%</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;">0.20%</span></div> </td> </tr> </table></div> 0.0015 0 0.0006 0.0021 0.0001 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;">$67 </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;">$117 </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;">$267 </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 67 117 267 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, and, accordingly, qualifies as a “government money market fund” under federal regulations. 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;;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal value of your investment.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> As a “government money market fund,” the Fund may value its securities using the amortized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (“Rule 2a-7” under the “1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">Act”) to seek to maintain a stable net asset value per share of $1.00.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States. This policy may be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval; however, shareholders would be notified upon 60 days’ notice in writing of any changes.</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 account and is not insured or guaranteed by the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund.   The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;;-sec-ix-redline:true;"><b>U.S. Treasury Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;"> U.S. Treasury obligations, which are backed by the full faith and credit of the United States, have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">historically involved minimal risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">value of such securities may vary during the period shareholders own shares of the Fund. Securities issued or guaranteed by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">U.S. Treasury are backed by the full faith and credit of the United States but are guaranteed only as to the timely payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">interest and principal when held to maturity. In addition, notwithstanding that U.S. Treasury obligations are backed by the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;-sec-ix-redline:true;">as reaching the legislative “debt ceiling.” Such non-payment could result in losses to and redemptions from the Fund.</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;;"> The U.S. government securities in which the Fund invests can be subject to two types of risk: credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk and interest rate risk. 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. While the credit risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">associated with these U.S. government securities generally is considered to be minimal, the interest rate risk can be substantial.</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></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;;">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.</span><span style="-sec-ix-redline:true;"></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> 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;">Advisor 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;">Advisor</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Class shares for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;"> 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 </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 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="pr17132img005.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;">1.04%</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;">0.96%</span></div> </td> </tr> </table></div> High Quarter 2025-03-31 0.0104 Low Quarter 2025-12-31 0.0096 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:59.98800007741886%"></td> <td style="height:1px;width:19.97406468345366%"></td> <td style="height:1px;width:20.037935239127492%"></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>06/27/24</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Treasury Securities Portfolio</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.13%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">4.41%</span></div> </td> </tr> </table></div> 0.0413 0.0441 <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  Institutional 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  Institutional 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 0.15%. 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  Institutional 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  Institutional 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  Institutional 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. 1Other Expenses have been estimated for the current fiscal year. 2The 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  Institutional Plus 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 0.17%. 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. 1Institutional Select Class shares are not offered in this Prospectus. Institutional Plus Class shares of the Fund had not completed a full calendar year of operations as of December 31, 2025 and therefore Institutional Plus Class shares do not have annualized return information to report. Institutional Plus Class shares would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. Return information for the Fund’s Institutional Plus Class shares will be shown in future prospectuses offering the Fund’s Institutional Plus Class shares after the Fund’s Institutional Plus Class shares have a full calendar year of return information to report. 1Other Expenses have been estimated for the current fiscal year. 2The 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  Institutional Plus 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 0.22%. 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. 1Institutional Select Class shares are not offered in this Prospectus. Institutional Plus Class shares of the Fund had not completed a full calendar year of operations as of December 31, 2025 and therefore Institutional Plus Class shares do not have annualized return information to report. Institutional Plus Class shares would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. Return information for the Fund’s Institutional Plus Class shares will be shown in future prospectuses offering the Fund’s Institutional Plus Class shares after the Fund’s Institutional Plus Class shares have a full calendar year of return information to report. 1Other Expenses have been estimated for the current fiscal year. 2The 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  Institutional Plus 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 0.22%. 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. 1Institutional Select Class shares are not offered in this Prospectus. Institutional Plus Class shares of the Fund had not completed a full calendar year of operations as of December 31, 2025 and therefore Institutional Plus Class shares do not have annualized return information to report. Institutional Plus Class shares would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. Return information for the Fund’s Institutional Plus Class shares will be shown in future prospectuses offering the Fund’s Institutional Plus Class shares after the Fund’s Institutional Plus Class shares have a full calendar year of return information to report. 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 Institutional 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 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 Institutional 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 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 Institutional 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 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 Institutional 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 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 Institutional 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 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  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 Institutional Class shares for the one, five and 10 year periods as of December 31, 2025 were 4.36%, 3.33% and 2.31%, respectively. In addition, the annual total returns of the Fund’s Institutional Class shares were 0.48%, 1.13%, 2.02%, 2.35%, 0.56%, 0.06%, 1.72%, 5.28%, 5.31% and 4.36% 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. Institutional 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 Institutional 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 0.25%. 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  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. 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. 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. 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 Institutional Class shares for the one, five and 10 year periods as of December 31, 2025 were 4.36%, 3.33% and 2.31%, respectively. In addition, the annual total returns of the Fund’s Institutional Class shares were 0.48%, 1.13%, 2.02%, 2.35%, 0.56%, 0.06%, 1.72%, 5.28%, 5.31% and 4.36% 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. Institutional Class performance has not been adjusted to reflect the higher expenses of Administrative Class. Administrative Class would have had lower returns because Administrative Class has higher expenses than Institutional 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 0.30%. 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. 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. 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. 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. 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 0.40%. 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. 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. 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 Institutional Class shares for the one, five and 10 year periods as of December 31, 2025 were 4.36%, 3.33% and 2.31%, respectively. In addition, the annual total returns of the Fund’s Institutional Class shares were 0.48%, 1.13%, 2.02%, 2.35%, 0.56%, 0.06%, 1.72%, 5.28%, 5.31% and 4.36% 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. Institutional Class performance has not been adjusted to reflect the higher expenses of Participant Class. Participant Class would have had lower returns because Participant Class has higher expenses than Institutional 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 0.65%. 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 0.45% which includes a waiver in which the Fund’s “Distributor,” Morgan Stanley Distribution, Inc., has agreed to waive 0.15% of the 0.25% 12b-1 fee and 0.10% of the 0.25% Shareholder Service Fee that it may receive. 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. 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 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 0.30%. 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. 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 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  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 0.95%. 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  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 CastleOak Shares 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 0.15%. 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 CastleOak Shares 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  Impact 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  Impact 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 0.15%. 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 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 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 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 0.15%. 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 0.15%. 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.