The Fund is a money market fund that attempts to manage its portfolio to maintain a stable share price of $1.00 in accordance with applicable rules of the U.S. Securities and Exchange Commission (‘‘SEC’’). The Fund has adopted a policy to invest 99.5% or more of its total assets in cash, U.S. Government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash and/or U.S. Government securities) in order to qualify as a ‘‘government money market fund’’ under Rule 2a-7 under the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’).

Under normal conditions, the Fund invests at least 80% of its net assets in (i) debt issued by the U.S. Government; (ii) debt issued by agencies or instrumentalities of the U.S. Government (collectively, ‘‘government sponsored enterprises’’); and/or (iii) repurchase agreements collateralized by these U.S. Government securities. The Fund may invest substantially in securities issued by government sponsored enterprises, which are not guaranteed by the full faith and credit of the U.S. Government.

The Fund’s investments include, but are not limited to, debt of the issuers listed below:

·U.S. Government;

·Federal Home Loan Banks (‘‘FHLBanks’’);

·Federal National Mortgage Association (‘‘Fannie Mae’’);

·Federal Home Loan Mortgage Corporation (‘‘Freddie Mac’’);

·Government National Mortgage Association (‘‘Ginnie Mae’’); and

·Federal Farm Credit Banks Funding Corporation (‘‘Federal Farm Credit Banks’’).

The Fund, like all other money market funds, is subject to the diversity, liquidity, credit quality, maturity, and other requirements of Rule 2a-7 under the 1940 Act.

The Fund seeks to remain fully invested in accordance with its investment objective. In response to adverse economic, market, or other unfavorable conditions, or to meet regulatorily-imposed liquidity requirements, however, the Fund may temporarily invest its assets in cash in a defensive manner. The Fund also may increase its investments in cash in unusual circumstances, such as unusually large cash inflows (whether through the purchase of Fund shares or the sale of securities) or anticipated increases in redemptions. Although the Fund seeks to be fully invested, to the extent that the Fund invests in cash, the Fund may not achieve its investment objective.

The Fund may sell a security to satisfy redemption requests, increase cash, or for a variety of other reasons, such as when the Fund believes the security seems less likely to benefit from the current market and economic environment, shows signs of deteriorating fundamentals, or when selling the security is required to comply with SEC requirements regarding the quality, maturity, duration, and diversification of the Fund’s portfolio.