BBIF Government Securities Fund BBIF Tax-Exempt Fund. Shareholders should retain this Supplement for future reference.

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1 BBIF Government Securities Fund BBIF Tax-Exempt Fund Supplement dated April 22, 2016 to the Prospectus, Summary Prospectuses and Statement of Additional Information of the Funds, dated January 4, 2016 On February 18, 2016, the Board of Trustees of BBIF Government Securities Fund and BBIF Tax-Exempt Fund (each individually, a Fund and collectively, the Funds ) approved a proposal to close the Funds to new investors and thereafter to liquidate the Funds. On April 21, 2016, the Board of Trustees of each Fund approved a proposal to extend the date on which each Fund will no longer accept purchase orders that was reflected in a previous supplement dated February 26, Effective as of the date hereof, this supplement replaces and supersedes the supplement dated February 26, Accordingly, effective 4:00 P.M. (Eastern time) on July 11, 2016, each Fund will no longer accept purchase orders from new investors. On or about July 15, 2016 (the Liquidation Date ), all of the assets of the Funds will be liquidated completely, the shares of any shareholders holding shares on the Liquidation Date will be redeemed at the net asset value per share and each Fund will then be terminated. Shareholders may redeem their Fund shares at any time prior to the Liquidation Date. The Funds may not achieve their investment objective as the Liquidation Date approaches. Shareholders should consult their personal tax advisers concerning their tax situation and the impact of the liquidations on their tax situation. Shareholders should retain this Supplement for future reference. PRSAI-BBIF2-0416SUP

2 BBIF Government Securities Fund BBIF Tax-Exempt Fund Supplement dated February 26, 2016 to the Prospectus, Summary Prospectuses and Statement of Additional Information of the Funds, dated January 4, 2016 On February 18, 2016, the Board of Trustees of BBIF Government Securities Fund and BBIF Tax-Exempt Fund (each individually, a Fund and collectively, the Funds ) approved a proposal to close the Funds to new investors and thereafter to liquidate the Funds. Accordingly, effective 4:00 P.M. (Eastern time) on May 20, 2016, each Fund will no longer accept purchase orders from new investors. On or about July 15, 2016 (the Liquidation Date ), all of the assets of the Funds will be liquidated completely, the shares of any shareholders holding shares on the Liquidation Date will be redeemed at the net asset value per share and each Fund will then be terminated. Shareholders may redeem their Fund shares at any time prior to the Liquidation Date. The Funds may not achieve their investment objective as the Liquidation Date approaches. Shareholders should consult their personal tax advisers concerning their tax situation and the impact of the liquidations on their tax situation. Shareholders should retain this Supplement for future reference. PRSAI-BBIF-GS-TE-0216SUP

3 JANUARY 4, 2016 PROSPECTUS BBIF Government Securities Fund BBIF Money Fund BBIF Tax-Exempt Fund BBIF Treasury Fund This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee

4 Table of Contents Fund Overview Key facts and details about the Funds listed in this prospectus, including investment objectives, principal investment strategies, principal risk factors, fee and expense information, and historical performance information Key Facts About BBIF Government Securities Fund... 3 Key Facts About BBIF Money Fund... 8 Key Facts About BBIF Tax-Exempt Fund Key Facts About BBIF Treasury Fund Details About the Funds Information about how each Fund invests, including investment objectives, investment processes, principal strategies and risk factors How Each Fund Invests Investment Risks Account Information Information about account services, sales charges and waivers, shareholder transactions, and distributions and other payments BBIF Multiple Class Structure How to Choose the Share Class That Best Suits Your Needs Distribution Plans How to Buy, Sell and Transfer Shares Fund s Rights Short-Term Trading Policy Master/Feeder Structure Management of the Funds Information about BlackRock BlackRock Conflicts of Interest Valuation of Fund Investments Dividends, Distributions and Taxes Financial Highlights Financial Performance of the Funds General Information Shareholder Documents Certain Fund Policies Statement of Additional Information Glossary Glossary of Investment Terms For More Information Funds and Service Providers... Inside Back Cover Additional Information... Back Cover

5 Fund Overview Key Facts About BBIF Government Securities Fund Investment Objective The investment objective of BBIF Government Securities Fund ( Government Fund or the Fund ) is to seek preservation of capital, current income and liquidity. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of Government Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 1,2 Class 1 Class 2 Class 3 Class 4 Management Fee % 0.24% 0.24% 0.24% Distribution and/or Service (12b-1) Fees 1.00% 0.68% 0.38% 0.38% Other Expenses 0.36% 0.34% 0.34% 0.34% Administration Fee 0.25% 0.25% 0.25% 0.25% Miscellaneous Other Expenses 0.11% 0.09% 0.09% 0.09% Total Annual Fund Operating Expenses % 1.26% 0.96% 0.96% Fee Waivers and/or Expense Reimbursements (0.24)% 4 (0.26)% 4 (0.26)% 4 Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.60% 1.02% % % 4 1 The fees and expenses shown in the table and the example that follows include both the expenses of Government Fund and Government Fund s share of the allocated expenses of Master Government Securities LLC ( Government LLC ). The management fees are paid by Government LLC. 2 For clients with a brokerage relationship, annual brokerage account fees may also apply. Please contact your financial advisor or account representative for additional information. 3 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund s most recent annual report which includes the Fund s share of Government LLC s allocated fees waived. 4 As described in the Management of the Funds section of the Fund s prospectus beginning on page 35, with respect to Class 2, Class 3 and Class 4 Shares, BlackRock Advisors, LLC ( BlackRock ) and the Fund s distributor have entered into a contractual arrangement to waive and/or reimburse a portion of Government Fund s fees or expenses to ensure that the net expenses as a percentage of the Fund s net assets (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) for Government Fund s (i) Class 2 Shares are 0.32% higher than those of Government LLC s initial feeder fund, and (ii) Class 3 and Class 4 Shares are equal to those of Government LLC s initial feeder fund through July 31, This contractual arrangement may be terminated upon 90 days notice by a majority of the non-interested trustees of Government Fund or by a vote of a majority of the outstanding voting securities of Government Fund. Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class 1 $163 $505 $871 $1,900 Class 2 $104 $376 $669 $1,502 Class 3 $ 72 $280 $506 $1,154 Class 4 $ 72 $280 $506 $1,154 3

6 Principal Investment Strategies of the Fund Government Fund invests 100% of its total assets in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, and repurchase agreements secured by such obligations or cash. The Fund invests in a portfolio of securities maturing in 397 days (13 months) or less (with certain exceptions) that will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The Fund may invest in variable and floating rate instruments, and transact in securities on a whenissued, delayed delivery or forward commitment basis. The Fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, and repurchase agreements secured by such obligations or cash. This policy is a non-fundamental policy of the Fund and the Fund will not change the policy without providing shareholders with at least 60 days prior notice of any change in the policy. The securities purchased by the Fund are subject to the quality, diversification, and other requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended (the Investment Company Act ), and other rules of the Securities and Exchange Commission (the SEC ). The Fund will only purchase securities that present minimal credit risk as determined by BlackRock, the Fund s investment manager, pursuant to guidelines approved by the Trust s Board of Trustees. The Fund is a feeder fund that invests all of its assets in Government LLC, which has the same investment objectives and strategies as the Fund. All investments are made at the Government LLC level. This structure is sometimes called a master/feeder structure. The Fund s investment results will correspond directly to the investment results of Government LLC. Where applicable, Government Fund or the Fund refers also to Government LLC. Principal Risks of Investing in the Fund Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. Your investment may not perform as well as other similar investments. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. The following is a summary description of principal risks of investing in the Fund. Credit Risk Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer s credit rating or the market s perception of an issuer s creditworthiness may also affect the value of the Fund s investment in that issuer. Income Risk Income risk is the risk that the Fund s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. Interest Rate Risk Interest rate risk is the risk that the value of a debt security may fall when interest rates rise. In general, the market price of debt securities with longer maturities will go up or down more in response to changes in interest rates than the market price of shorter-term securities. Additionally, securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities and sponsored enterprises have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Market Risk and Selection Risk Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. Regulatory Risk On July 23, 2014, the SEC adopted amendments to money market fund regulations, which structurally change the way that certain money market funds will be required to operate. The compliance periods for the amendments range between July 2015 and October When implemented, the changes may affect the Fund s investment strategies, fees and expenses, portfolio and share liquidity and return potential. 4

7 Repurchase Agreements and Purchase and Sale Contracts Risk If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Fund may lose money. Treasury Obligations Risk Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Variable and Floating Rate Instrument Risk The absence of an active market for these instruments could make it difficult for the Fund to dispose of them if the issuer defaults. When-Issued and Delayed Delivery Securities and Forward Commitments Risk When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security s price. 5

8 Performance Information The information shows you how Government Fund s performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance is not an indication of future results. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. The table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund s returns would have been lower. The Fund is a money market fund managed pursuant to the requirements of Rule 2a-7 under the Investment Company Act. Effective May 28, 2010, Rule 2a-7 was amended to impose new liquidity, credit quality and maturity requirements on all money market funds. Fund performance shown prior to May 28, 2010 is based on Investment Company Act rules then in effect and is not an indication of future returns. Updated information on the Fund s performance can be obtained by phone at (800) % 4% 4.22% 4.30% Government Fund Class 3 ANNUAL TOTAL RETURNS As of 12/31 3% 2% 1% 1.28% 0% 0.03% 0.01% 0.00% 0.00% 0.01% 0.00% 0.01% During the ten-year period shown in the bar chart, the highest return for a quarter was 1.13% (quarter ended September 30, 2006) and the lowest return for a quarter was 0.00% (quarter ended March 31, 2015). As of 12/31/15 Average Annual Total Returns 1 Year 5 Years 10 Years Class % 0.00% 0.71% Class % 0.00% 0.88% Class % 0.00% 0.97% Class % 0.00% 0.97% To obtain the Fund s current 7-day yield, call (800) Investment Manager Government Fund s investment manager is BlackRock Advisors, LLC (previously defined as BlackRock ). Purchase and Sale of Fund Shares There is no minimum initial investment for the Fund s shares, but the minimum for the Working Capital Management Account ( WCMA ) service or other Merrill Lynch, Pierce, Fenner & Smith Incorporated ( Merrill Lynch ) business account program is $20,000 in cash and/or securities. The minimum investment for additional purchases (other than automatic purchases) is $1,000 for all accounts. Eligibility requirements for investors with a WCMA service or other Merrill Lynch business account program to invest in certain share classes of the Fund are as follows: 6

9 Subscribers in the WCMA service or other Merrill Lynch business account program Class 1 Class 2 Class 3 Class 4 Limited to tier 1 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be less than $250,000. Limited to tier 2 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be between $250,000 and $999,999. Limited to tier 3 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be between $1 million and $9,999,999. Limited to certain eligible investors, including tier 4 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be $10 million or more. You may have cash balances from your account automatically invested in shares of the Fund if it is designated as your primary money account and the delay with respect to such automatic investment is determined by your tier. For further information regarding the timing of sweeps for each tier, consult your Merrill Lynch Financial Advisor and/or the account agreement and program description of the WCMA service or other Merrill Lynch business account program. You may also make manual investments of $1,000 or more in any BBIF fund not designated as your primary money account. When purchasing shares, you will be subject to the applicable annual account fee. To receive all the services available as a WCMA service or other Merrill Lynch business account program subscriber, you must complete the account opening process, including completing or supplying requested documentation. Tax Information Dividends and distributions of the Fund may be subject to Federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a retirement plan, in which case you may be subject to Federal income tax upon withdrawal from such tax deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a financial professional or selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock, The PNC Financial Services Group, Inc. ( PNC ) and their respective affiliates) (each, a Financial Intermediary ), the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 7

10 Fund Overview Key Facts About BBIF Money Fund Investment Objective The investment objective of BBIF Money Fund ( Money Fund or the Fund ) is to seek current income, preservation of capital and liquidity. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of Money Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 1,2 Class 1 Class 2 Class 3 Class 4 Management Fee % 0.14% 0.14% 0.14% Distribution and/or Service (12b-1) Fees 1.00% 0.68% 0.38% 0.38% Other Expenses 0.31% 0.28% 0.27% 0.27% Administration Fee 0.25% 0.25% 0.25% 0.25% Miscellaneous Other Expenses 0.06% 0.03% 0.02% 0.02% Total Annual Fund Operating Expenses 1.45% 1.10% 0.79% 0.79% Fee Waivers and/or Expense Reimbursements (0.21)% 3 (0.22)% 3 (0.22)% 3 Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.45% 0.89% % % 3 1 The fees and expenses shown in the table and the example that follows include both the expenses of Money Fund and Money Fund s share of the allocated expenses of Master Money LLC ( Money LLC ). The management fees are paid by Money LLC. 2 For clients with a brokerage relationship, annual brokerage account fees may also apply. Please contact your financial advisor or account representative for additional information. 3 As described in the Management of the Funds section of the Fund s prospectus beginning on page 35, with respect to Class 2, Class 3 and Class 4 Shares, BlackRock Advisors, LLC ( BlackRock ) and the Fund s distributor have entered into a contractual arrangement to waive and/or reimburse a portion of Money Fund s fees or expenses to ensure that the net expenses as a percentage of the Fund s net assets (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) for Money Fund s (i) Class 2 Shares are 0.32% higher than those of Money LLC s initial feeder fund, and (ii) Class 3 and Class 4 Shares are equal to those of Money LLC s initial feeder fund through July 31, This contractual arrangement may be terminated upon 90 days notice by a majority of the non-interested trustees of Money Fund or by a vote of a majority of the outstanding voting securities of Money Fund. Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class 1 $148 $459 $792 $1,735 Class 2 $ 91 $329 $586 $1,321 Class 3 $ 58 $230 $417 $ 957 Class 4 $ 58 $230 $417 $ 957 8

11 Principal Investment Strategies of the Fund Money Fund invests at least 99.5% of its total assets in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements secured by such obligations or cash. The Fund invests in a portfolio of securities maturing in 397 days (13 months) or less (with certain exceptions) that will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The Fund may invest in variable and floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis. The securities purchased by the Fund are subject to the quality, diversification, and other requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended (the Investment Company Act ), and other rules of the Securities and Exchange Commission (the SEC ). The Fund will only purchase securities that present minimal credit risk as determined by BlackRock, the Fund s investment manager, pursuant to guidelines approved by the Trust s Board of Trustees. The Fund is a feeder fund that invests all of its assets in Money LLC, which has the same investment objectives and strategies as the Fund. All investments are made at the Money LLC level. This structure is sometimes called a master/feeder structure. The Fund s investment results will correspond directly to the investment results of Money LLC. Where applicable, Money Fund or the Fund refers also to Money LLC. Principal Risks of Investing in the Fund Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. Your investment may not perform as well as other similar investments. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. The following is a summary description of principal risks of investing in the Fund. Credit Risk Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer s credit rating or the market s perception of an issuer s creditworthiness may also affect the value of the Fund s investment in that issuer. Income Risk Income risk is the risk that the Fund s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. Interest Rate Risk Interest rate risk is the risk that the value of a debt security may fall when interest rates rise. In general, the market price of debt securities with longer maturities will go up or down more in response to changes in interest rates than the market price of shorter-term securities. Additionally, securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities and sponsored enterprises have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Market Risk and Selection Risk Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. Regulatory Risk On July 23, 2014, the SEC adopted amendments to money market fund regulations, which structurally change the way that certain money market funds will be required to operate. The compliance periods for the amendments range between July 2015 and October When implemented, the changes may affect the Fund s investment strategies, fees and expenses, portfolio and share liquidity and return potential. Repurchase Agreements and Purchase and Sale Contracts Risk If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Fund may lose money. Treasury Obligations Risk Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. 9

12 U.S. Government Obligations Risk Certain securities in which the Fund may invest, including securities issued by certain government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. Variable and Floating Rate Instrument Risk The absence of an active market for these instruments could make it difficult for the Fund to dispose of them if the issuer defaults. When-Issued and Delayed Delivery Securities and Forward Commitments Risk When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security s price. 10

13 Performance Information Effective January 4, 2016, the Fund changed its investment strategies in order to be categorized as a government money market fund under Rule 2a-7 under the Investment Company Act, as more fully described in Fund Overview Principal Investment Strategies of the Fund. Performance for the periods shown below prior to January 4, 2016 is based on the prior investment strategy utilized by the Fund, which permitted investment in a wider range of money market securities and instruments and was not constrained by the requirement to invest at least 99.5% of the Fund s assets in cash, U.S. Government securities and repurchase agreements secured by such securities or cash. The information shows you how Money Fund s performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance is not an indication of future results. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. The table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund s returns would have been lower. The Fund is a money market fund managed pursuant to the requirements of Rule 2a-7 under the Investment Company Act. Effective May 28, 2010, Rule 2a-7 was amended to impose new liquidity, credit quality and maturity requirements on all money market funds. Fund performance shown prior to May 28, 2010 is based on Investment Company Act rules then in effect and is not an indication of future returns. Updated information on the Fund s performance can be obtained by phone at (800) % Money Fund Class 3 ANNUAL TOTAL RETURNS As of 12/31 5% 4% 4.45% 4.88% 3% 2.79% 2% 1% 0% 0.31% 0.05% 0.02% 0.00% 0.01% 0.01% 0.00% During the ten-year period shown in the bar chart, the highest return for a quarter was 1.23% (quarter ended September 30, 2007) and the lowest return for a quarter was 0.00% (quarter ended March 31, 2015). As of 12/31/15 Average Annual Total Returns 1 Year 5 Years 10 Years Class % 0.00% 0.92% Class % 0.01% 1.12% Class % 0.01% 1.23% Class % 0.01% 1.23% To obtain the Fund s current 7-day yield, call (800) Investment Manager Money Fund s investment manager is BlackRock Advisors, LLC (previously defined as BlackRock ). Purchase and Sale of Fund Shares There is no minimum initial investment for the Fund s shares, but the minimum for the Working Capital Management Account ( WCMA ) service or other Merrill Lynch, Pierce, Fenner & Smith Incorporated ( Merrill Lynch ) business account program is $20,000 in cash and/or securities. The minimum investment for additional purchases (other than 11

14 automatic purchases) is $1,000 for all accounts. Eligibility requirements for investors with a WCMA service or other Merrill Lynch business account program to invest in certain share classes of the Fund are as follows: Subscribers in the WCMA service or other Merrill Lynch business account program Class 1 Class 2 Class 3 Class 4 Limited to tier 1 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be less than $250,000. Limited to tier 2 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be between $250,000 and $999,999. Limited to tier 3 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be between $1 million and $9,999,999. Limited to certain eligible investors, including tier 4 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be $10 million or more. You may have cash balances from your account automatically invested in shares of the Fund if it is designated as your primary money account and the delay with respect to such automatic investment is determined by your tier. For further information regarding the timing of sweeps for each tier, consult your Merrill Lynch Financial Advisor and/or the account agreement and program description of the WCMA service or other Merrill Lynch business account program. You may also make manual investments of $1,000 or more in any BBIF fund not designated as your primary money account. When purchasing shares, you will be subject to the applicable annual account fee. To receive all the services available as a WCMA service or other Merrill Lynch business account program subscriber, you must complete the account opening process, including completing or supplying requested documentation. Tax Information Dividends and distributions of the Fund may be subject to Federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a retirement plan, in which case you may be subject to Federal income tax upon withdrawal from such tax deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a financial professional or selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock, The PNC Financial Services Group, Inc. ( PNC ) and their respective affiliates) (each, a Financial Intermediary ), the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 12

15 Fund Overview Key Facts About BBIF Tax-Exempt Fund Investment Objective The investment objective of BBIF Tax-Exempt Fund ( Tax-Exempt Fund or the Fund ) is to seek current income exempt from Federal income tax, preservation of capital and liquidity. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of Tax-Exempt Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 1,2 Class 1 Class 2 Class 3 Class 4 Management Fee % 0.15% 0.15% 0.15% Distribution and/or Service (12b-1) Fees 1.00% 0.68% 0.38% 0.38% Other Expenses 0.35% 0.33% 0.32% 0.33% Administration Fee 0.25% 0.25% 0.25% 0.25% Miscellaneous Other Expenses 0.10% 0.08% 0.07% 0.08% Total Annual Fund Operating Expenses % 1.16% 0.85% 0.86% Fee Waivers and/or Expense Reimbursements (0.22)% 4 (0.26)% 4 (0.27)% 4 Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.50% 0.94% % % 4 1 The fees and expenses shown in the table and the example that follows include both the expenses of Tax-Exempt Fund and Tax-Exempt Fund s share of the allocated expenses of Master Tax-Exempt LLC ( Tax-Exempt LLC ). The management fees are paid by Tax-Exempt LLC. 2 For clients with a brokerage relationship, annual brokerage account fees may also apply. Please contact your financial advisor or account representative for additional information. 3 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund s most recent annual report which includes the Fund s share of Tax-Exempt LLC s allocated fees waived. 4 As described in the Management of the Funds section of the Fund s prospectus beginning on page 35, with respect to Class 2, Class 3 and Class 4 Shares, BlackRock Advisors, LLC ( BlackRock ) and the Fund s distributor have entered into a contractual arrangement to waive and/or reimburse a portion of Tax-Exempt Fund s fees or expenses to ensure that the net expenses as a percentage of the Fund s net assets (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) for Tax-Exempt Fund s (i) Class 2 Shares are 0.35% higher than those of Tax-Exempt LLC s initial feeder fund, and (ii) Class 3 and Class 4 Shares are equal to those of Tax-Exempt LLC s initial feeder fund through July 31, This contractual arrangement may be terminated upon 90 days notice by a majority of the noninterested trustees of Tax-Exempt Fund or by a vote of a majority of the outstanding voting securities of Tax-Exempt Fund. Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class 1 $153 $474 $818 $1,791 Class 2 $ 96 $347 $617 $1,389 Class 3 $ 60 $245 $446 $1,025 Class 4 $ 60 $247 $450 $1,036 13

16 Principal Investment Strategies of the Fund Tax-Exempt Fund seeks to achieve its investment objective by investing in a diversified portfolio of high quality, shortterm, tax-exempt securities. These securities consist principally of tax-exempt notes and commercial paper, short-term tax-exempt bonds, tax-exempt variable rate demand obligations and short-term tax-exempt derivatives. Certain shortterm securities have maturities that are longer than 397 days (13 months) but give the Fund the right to demand payment from a financial institution within that period. The Fund treats these securities as having a maturity of 397 days (13 months) or less. The Fund s dollar-weighted average maturity will be 60 days or less, and the dollar-weighted average life of all of its investments will be 120 days or less. Under normal circumstances, the Fund invests at least 80% of its assets in short-term tax-exempt securities or so that at least 80% of the income it distributes will be exempt from Federal income tax (including the Federal alternative minimum tax). The Fund also may invest up to 20% of its assets in short-term municipal securities, which may subject investors to the Federal alternative minimum tax. Throughout this prospectus, interest paid on tax-exempt and/or municipal securities may be referred to as tax-exempt. The Fund does not presently intend to invest more than 25% of its total assets in short-term tax-exempt securities of issuers located in a single state. The Fund is a feeder fund that invests all of its assets in Tax-Exempt LLC, which has the same investment objectives and strategies as the Fund. All investments are made at the Tax-Exempt LLC level. This structure is sometimes called a master/feeder structure. The Fund s investment results will correspond directly to the investment results of Tax- Exempt LLC. Where applicable, Tax-Exempt Fund or the Fund refers also to Tax-Exempt LLC. Principal Risks of Investing in the Fund Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. Your investment may not perform as well as other similar investments. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. The following is a summary description of principal risks of investing in the Fund. Credit Risk Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer s credit rating or the market s perception of an issuer s creditworthiness may also affect the value of the Fund s investment in that issuer. Income Risk Income risk is the risk that the Fund s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. Interest Rate Risk Interest rate risk is the risk that the value of a debt security may fall when interest rates rise. In general, the market price of debt securities with longer maturities will go up or down more in response to changes in interest rates than the market price of shorter-term securities. Additionally, securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities and sponsored enterprises have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Market Risk and Selection Risk Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. Municipal Securities Risks Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. Certain municipal securities, including private activity bonds, are not backed by the full faith, credit and taxing power of the issuer. Additionally, if events occur after the security is acquired that impact the security s tax-exempt status, the Fund and its shareholders could be subject to substantial tax liabilities. Regulatory Risk On July 23, 2014, the Securities and Exchange Commission (the SEC ) adopted amendments to money market fund regulations, which structurally change the way that certain money market funds will be 14

17 required to operate. The compliance periods for the amendments range between July 2015 and October When implemented, the changes may affect the Fund s investment strategies, fees and expenses, portfolio and share liquidity and return potential. The Fund is still evaluating its strategy to implement the new regulations. Taxability Risk Future laws, regulations, rulings or court decisions may cause interest on tax-exempt or municipal securities to be subject, directly or indirectly, to Federal income taxation or interest on state municipal securities to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus the value of an investment in the Fund. Treasury Obligations Risk Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Variable Rate Demand Obligations and Municipal or Tax-Exempt Derivatives Risk Investments in variable rate demand obligations or short-term municipal or tax-exempt derivatives involve credit risk with respect to the financial institution providing the Fund with the right to demand payment or put (sell) the security. While the Fund invests only in short-term municipal or tax-exempt securities of high quality issuers, or which are backed by high quality financial institutions, those issuers or financial institutions may still default on their obligations. Short-term municipal or taxexempt derivatives present certain unresolved tax, legal, regulatory and accounting issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund. Performance Information The information shows you how Tax-Exempt Fund s performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance is not an indication of future results. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. The table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund s returns would have been lower. The Fund is a money market fund managed pursuant to the requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended (the Investment Company Act ). Effective May 28, 2010, Rule 2a-7 was amended to impose new liquidity, credit quality and maturity requirements on all money market funds. Fund performance shown prior to May 28, 2010 is based on Investment Company Act rules then in effect and is not an indication of future returns. Updated information on the Fund s performance can be obtained by phone at (800) % 3.0% 2.5% 2.92% 3.14% Tax-Exempt Fund Class 3 ANNUAL TOTAL RETURNS As of 12/31 2.0% 1.5% 1.75% 1.0% 0.5% 0.0% 0.13% 0.04% 0.02% 0.00% 0.01% 0.01% 0.00% During the ten-year period shown in the bar chart, the highest return for a quarter was 0.80% (quarter ended June 30, 2007) and the lowest return for a quarter was 0.00% (quarter ended March 31, 2015). As of 12/31/15 Average Annual Total Returns 1 Year 5 Years 10 Years Class % 0.01% 0.49% 15

18 As of 12/31/15 Average Annual Total Returns 1 Year 5 Years 10 Years Class % 0.01% 0.68% Class % 0.01% 0.80% Class % 0.01% 0.80% To obtain the Fund s current 7-day yield, call (800) Investment Manager Tax-Exempt Fund s investment manager is BlackRock Advisors, LLC (previously defined as BlackRock ). Purchase and Sale of Fund Shares There is no minimum initial investment for the Fund s shares, but the minimum for the Working Capital Management Account ( WCMA ) service or other Merrill Lynch, Pierce, Fenner & Smith Incorporated ( Merrill Lynch ) business account program is $20,000 in cash and/or securities. The minimum investment for additional purchases (other than automatic purchases) is $1,000 for all accounts. Eligibility requirements for investors with a WCMA service or other Merrill Lynch business account program to invest in certain share classes of the Fund are as follows: Subscribers in the WCMA service or other Merrill Lynch business account program Class 1 Class 2 Class 3 Class 4 Limited to tier 1 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be less than $250,000. Limited to tier 2 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be between $250,000 and $999,999. Limited to tier 3 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be between $1 million and $9,999,999. Limited to certain eligible investors, including tier 4 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be $10 million or more. You may have cash balances from your account automatically invested in shares of the Fund if it is designated as your primary money account and the delay with respect to such automatic investment is determined by your tier. For further information regarding the timing of sweeps for each tier, consult your Merrill Lynch Financial Advisor and/or the account agreement and program description of the WCMA service or other Merrill Lynch business account program. You may also make manual investments of $1,000 or more in any BBIF fund not designated as your primary money account. When purchasing shares, you will be subject to the applicable annual account fee. To receive all the services available as a WCMA service or other Merrill Lynch business account program subscriber, you must complete the account opening process, including completing or supplying requested documentation. Tax Information The Fund anticipates that most of its distributions will be excludable from gross income for Federal income tax purposes, but it may also distribute taxable capital gains. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a financial professional or selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock, The PNC Financial Services Group, Inc. ( PNC ) and their respective affiliates) (each, a Financial Intermediary ), the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 16

19 Fund Overview Key Facts About BBIF Treasury Fund Investment Objective The investment objective of BBIF Treasury Fund ( Treasury Fund or the Fund ) is to seek preservation of capital, liquidity and current income. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of Treasury Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 1,2 Class 1 Class 2 Class 3 Class 4 Management Fee % 0.17% 0.17% 0.17% Distribution and/or Service (12b-1) Fees 1.00% 0.68% 0.38% 0.38% Other Expenses 0.31% 0.30% 0.29% 0.29% Administration Fee 0.25% 0.25% 0.25% 0.25% Miscellaneous Other Expenses 0.06% 0.05% 0.04% 0.04% Total Annual Fund Operating Expenses % 1.15% 0.84% 0.84% Fee Waivers and/or Expense Reimbursements (0.22)% 4 (0.26)% 4 (0.26)% 4 Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.48% 0.93% % % 4 1 The fees and expenses shown in the table and the example that follows include both the expenses of Treasury Fund and Treasury Fund s share of the allocated expenses of Master Treasury LLC ( Treasury LLC ). The management fees are paid by Treasury LLC. 2 For clients with a brokerage relationship, annual brokerage account fees may also apply. Please contact your financial advisor or account representative for additional information. 3 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund s most recent annual report which includes the Fund s share of Treasury LLC s allocated fees waived. 4 As described in the Management of the Funds section of the Fund s prospectus beginning on page 35, with respect to Class 2, Class 3 and Class 4 Shares, BlackRock Advisors, LLC ( BlackRock ) and the Fund s distributor have entered into a contractual arrangement to waive and/or reimburse a portion of Treasury Fund s fees or expenses to ensure that the net expenses as a percentage of the Fund s net assets (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) for Treasury Fund s (i) Class 2 Shares are 0.35% higher than those of Treasury LLC s initial feeder fund, and (ii) Class 3 and Class 4 Shares are equal to those of Treasury LLC s initial feeder fund through July 31, This contractual arrangement may be terminated upon 90 days notice by a majority of the non-interested trustees of Treasury Fund or by a vote of a majority of the outstanding voting securities of Treasury Fund. Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class 1 $151 $468 $808 $1,768 Class 2 $ 95 $344 $612 $1,378 Class 3 $ 59 $242 $440 $1,013 Class 4 $ 59 $242 $440 $1,013 17

20 Principal Investment Strategies of the Fund Treasury Fund invests 100% of its total assets in cash, U.S. Treasury bills, notes and other obligations of the U.S. Treasury. The Fund invests in a portfolio of securities maturing in 397 days (13 months) or less (with certain exceptions) that will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The Fund may invest in variable and floating rate instruments, and transact in securities on a whenissued, delayed delivery or forward commitment basis. The Fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in U.S. Treasury bills, notes and other obligations of the U.S. Treasury. This policy is a nonfundamental policy of the Fund and the Fund will not change the policy without providing shareholders with at least 60 days prior notice of any change in the policy. The securities purchased by the Fund are subject to the quality, diversification, and other requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended (the Investment Company Act ), and other rules of the Securities and Exchange Commission (the SEC ). The Fund will only purchase securities that present minimal credit risk as determined by BlackRock, the Fund s investment manager, pursuant to guidelines approved by the Trust s Board of Trustees. The Fund is a feeder fund that invests all of its assets in Treasury LLC, which has the same investment objectives and strategies as the Fund. All investments are made at the Treasury LLC level. This structure is sometimes called a master/feeder structure. The Fund s investment results will correspond directly to the investment results of Treasury LLC. Where applicable, Treasury Fund or the Fund refers also to Treasury LLC. Principal Risks of Investing in the Fund Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. Your investment may not perform as well as other similar investments. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. The following is a summary description of principal risks of investing in the Fund. Income Risk Income risk is the risk that the Fund s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. Interest Rate Risk Interest rate risk is the risk that the value of a debt security may fall when interest rates rise. In general, the market price of debt securities with longer maturities will go up or down more in response to changes in interest rates than the market price of shorter-term securities. Additionally, securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities and sponsored enterprises have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Market Risk and Selection Risk Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. Regulatory Risk On July 23, 2014, the SEC adopted amendments to money market fund regulations, which structurally change the way that certain money market funds will be required to operate. The compliance periods for the amendments range between July 2015 and October When implemented, the changes may affect the Fund s investment strategies, fees and expenses, portfolio and share liquidity and return potential. Treasury Obligations Risk Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. 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