Investor Goal

The fund seeks to provide investors with a high quality portfolio, tax-advantaged income and liquidity. The fund pursues its objective through high quality municipal notes, commercial paper and variable rate demand notes.

Fund Features

• Income is free from federal regular income tax.
• Municipal Cash Series taxable equivalent yield can be attractive for investors in higher tax brackets and it can be competitive with the yields of taxable funds.
• By extending the investment mix to include second tier securities that have slightly lower credit quality, the fund can utilize securities that may offer potentially higher yields.

Holdings

The Fund invests in a portfolio of short-term, high-quality tax exempt securities.

Risks

All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The Shares offered by this prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

General

The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund?s investment objective is current income exempt from federal regular income tax consistent with stability of principal. While there is no assurance that the Fund will achieve its investment objective, it endeavors to do so by following the strategies and policies described in this prospectus.

Expenses

Total Actual Annual Fund Operating Expenses are 1.32%.

Taxes

The Fund sends an annual statement of your account activity to assist you in completing your federal, state and local tax returns. It is anticipated that Fund distributions will be primarily dividends that are exempt from federal income tax, although a portion of the Fund?s dividends may not be exempt. Dividends may be subject to state and local taxes. Capital gains and non-exempt dividends are taxable whether paid in cash or reinvested in the Fund. Redemptions are taxable sales. Please consult your tax adviser regarding your federal, state and local tax liability.

Prospectus

Before deciding to invest, you should carefully read the prospectus which contains more complete information.

Click here for the html version of the prospectus.
Click here for the pdf version of the prospectus

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