The reality of a long period of low interest rates is just setting in with investors.

As the yield curve has flattened investors have extended duration in order to try and attain more yield. There are two risks in extending duration, the first is the ability to get out when interest rates start to rise. Second, and perhaps more difficult is the increased volatility of NAV. Liquidity Reserve offers attractive yields without extending duration, without increasing credit risk and no significant increase in volatility risk.

                                             Liquidity Reserve Returns*