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Money
Market Fund Risk: Money market funds are sometimes unable to maintain an NAV at $1.00 per share and, as it is generally referred
to, “break the buck”. In that event, an investor in a money market fund would, upon redemption, receive less than $1.00 per
share. The Portfolio’s shareholders should not rely on or expect an affiliate of the Portfolio to purchase distressed assets from
the Portfolio, make capital infusions, enter into credit support agreements or take other actions to prevent the Portfolio from breaking
the buck. In addition, you should be aware that significant redemptions by large investors in the Portfolio could have a material adverse
effect on the Portfolio’s other shareholders. The Portfolio’s NAV could be affected by forced selling during periods of high
redemption pressures and/or illiquid markets. Money market funds are also subject to regulatory risk. |
On July 12, 2023,
the SEC adopted amendments to Rule 2a-7 (“Money Market Fund Reforms”) that, among other things, removed the provisions in
Rule 2a-7 that permitted a money market fund to suspend redemptions. The Money Market Fund Reforms also removed the link between liquidity
fees and impaired liquidity of the Portfolio’s investments, permitting a government money market fund, such as the Portfolio, to
impose a discretionary liquidity fee if the fund’s board of directors determines that a liquidity fee is in the best interests of
the fund. These changes under the Money Market Fund Reforms became effective on October 2, 2023. The Portfolio’s Board of Directors
previously determined not to impose liquidity fees on, or suspend, redemptions.
The Portfolio’s
yield will change based on changes in interest rates and other market conditions. Global economies and financial markets are increasingly
interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different
country or region. Conditions affecting the general economy, including interest rate levels, tariffs and political, social, or economic
instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and
epidemic diseases, as well as other incidents that interrupt the expected course of
events, such as natural
disasters, including fires, earthquakes and flooding, war or civil disturbance, acts of terrorism, supply chain disruptions, power outages
and other unforeseeable and external events, and the public response to or fear of such diseases or events, have had, and may in the future
have, an adverse effect on the Portfolio’s investments and net asset value and can lead to increased market volatility. The
occurrence and pendency of such crises or incidents could adversely affect the economies and financial markets either in specific countries
or worldwide. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the future
as inflation decreases the value of money. As inflation increases, the real value of the Portfolio’s assets may decline.
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