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

Size: px
Start display at page:

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

Transcription

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

SUMMARY PROSPECTUS. BlackRock Liquidity Funds Select Shares California Money Fund Select: BCBXX FEBRUARY 29, 2016

SUMMARY PROSPECTUS. BlackRock Liquidity Funds Select Shares California Money Fund Select: BCBXX FEBRUARY 29, 2016 FEBRUARY 29, 2016 SUMMARY PROSPECTUS BlackRock Liquidity Funds Select Shares California Money Fund Select: BCBXX Before you invest, you may want to review the Fund s prospectus, which contains more information

More information

RBC Money Market Funds Prospectus

RBC Money Market Funds Prospectus RBC Money Market Funds Prospectus November 25, 2015 Prime Money Market Fund RBC Institutional Class 1: RBC Institutional Class 2: RBC Select Class: RBC Reserve Class: RBC Investor Class: TPNXX TKIXX TKSXX

More information

BLACKROCK FUNDS SM BlackRock Emerging Markets Long/Short Equity Fund (the Fund )

BLACKROCK FUNDS SM BlackRock Emerging Markets Long/Short Equity Fund (the Fund ) BLACKROCK FUNDS SM BlackRock Emerging Markets Long/Short Equity Fund (the Fund ) Supplement dated May 6, 2016 to the Fund s Summary Prospectus and Prospectus, each dated November 27, 2015 Effective immediately,

More information

Managed Account Series BlackRock U.S. Mortgage Portfolio (the Fund )

Managed Account Series BlackRock U.S. Mortgage Portfolio (the Fund ) Minimum Initial Investment Minimum Additional Investment Managed Account Series BlackRock U.S. Mortgage Portfolio (the Fund ) Supplement dated August 28, 2015 to the Summary Prospectus of the Fund This

More information

SUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX

SUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX TCW High Yield Bond Fund I SHARE: TGHYX N SHARE: TGHNX 20 6 FEBRUARY 29 SUMMARY PROSPECTUS Before you invest, you may want to review the Fund s Prospectus which contain more information about the Fund

More information

Federated Municipal Obligations Fund

Federated Municipal Obligations Fund Summary Prospectus June 2, 2015 Share Class Cash Series Ticker MFSXX Federated Municipal Obligations Fund A Portfolio of Money Market Obligations Trust Before you invest, you may want to review the Fund

More information

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Money Market Funds Prospectus and SAI Supplement UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Supplement to the Prospectus

More information

General Money Market Funds

General Money Market Funds General Money Market Funds Prospectus April 1, 2014 Class A General Money Market Fund, Inc. (GMMXX) General Government Securities Money Market Fund (GGSXX) General Treasury Prime Money Market Fund (GTAXX)

More information

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Money Market Funds Prospectus UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Prospectus August 28, 2015 Ticker symbols:

More information

Government Money Market Fund Summary

Government Money Market Fund Summary Government Money Market Fund Summary Class/Ticker: Institutional Class - GVIXX Summary Prospectus July 1, 2015 Link to Prospectus Link to SAI Before you invest, you may want to review the Fund's prospectus,

More information

Evergreen INSTITUTIONAL MONEY MARKET FUNDS. Prospectus July 1, 2009

Evergreen INSTITUTIONAL MONEY MARKET FUNDS. Prospectus July 1, 2009 Evergreen INSTITUTIONAL MONEY MARKET FUNDS Prospectus July 1, 2009 Evergreen Institutional 100% Treasury Money Market Fund Evergreen Institutional Money Market Fund Evergreen Institutional Municipal Money

More information

Federated Quality Bond Fund II

Federated Quality Bond Fund II Summary Prospectus April 30, 2015 Share Class Primary Federated Quality Bond Fund II A Portfolio of Federated Insurance Series Before you invest, you may want to review the Fund s Prospectus, which contains

More information

Federated Government Cash Series

Federated Government Cash Series Summary Prospectus July 31, 2014 Ticker CTGXX Federated Government Cash Series A Portfolio of Cash Trust Series, Inc. Before you invest, you may want to review the Fund s Prospectus, which contains more

More information

Fund Name Class A Class B Class C Class I

Fund Name Class A Class B Class C Class I Mutual Funds Prospectus August 31, 2011 Nuveen Municipal Bond Funds Dependable, tax-free income because it s not what you earn, it s what you keep. Class / Ticker Symbol Fund Name Class A Class B Class

More information

Class / Ticker Symbol Fund Name Class A Class C Class C1 Class I

Class / Ticker Symbol Fund Name Class A Class C Class C1 Class I Mutual Funds Prospectus August 31, 2011 Nuveen Municipal Bond Funds Dependable, tax-free income because it s not what you earn, it s what you keep. Class / Ticker Symbol Fund Name Class A Class C Class

More information

Daily Income Fund Retail Class Shares ( Retail Shares )

Daily Income Fund Retail Class Shares ( Retail Shares ) Daily Income Fund Retail Class Shares ( Retail Shares ) Money Market Portfolio Ticker Symbol: DRTXX U.S. Treasury Portfolio No Ticker Symbol U.S. Government Portfolio Ticker Symbol: DREXX Municipal Portfolio

More information

Fund Name Class A Class B Class C Class I. Nuveen Arizona Municipal Bond Fund FAZTX FAZBX FAZCX NMARX

Fund Name Class A Class B Class C Class I. Nuveen Arizona Municipal Bond Fund FAZTX FAZBX FAZCX NMARX Mutual Funds Prospectus September 30, 2011 Nuveen Municipal Bond Funds Dependable, tax-free income because it s not what you earn, it s what you keep. Class / Ticker Symbol Fund Name Class A Class B Class

More information

ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015

ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 Investment Adviser: RidgeWorth Investments A Shares C Shares I Shares Aggressive Growth Allocation Strategy SLAAX CLVLX CVMGX Conservative

More information

T. Rowe Price Target Retirement 2030 Fund Advisor Class

T. Rowe Price Target Retirement 2030 Fund Advisor Class T. Rowe Price Target Retirement 2030 Fund Advisor Class Supplement to Summary Prospectus Dated October 1, 2015 Effective February 1, 2016, the T. Rowe Price Mid-Cap Index Fund and the T. Rowe Price Small-Cap

More information

Summary Prospectus September 28, 2015 PNC S&P 500 Index Fund Class A PIIAX Class C PPICX Class I PSXIX Class R4 PSPEX Class R5 PSFFX

Summary Prospectus September 28, 2015 PNC S&P 500 Index Fund Class A PIIAX Class C PPICX Class I PSXIX Class R4 PSPEX Class R5 PSFFX Summary Prospectus September 28, 2015 PNC S&P 500 Index Fund Class A PIIAX Class C PPICX Class I PSXIX Class R4 PSPEX Class R5 PSFFX Before you invest, you may want to review the Fund s Prospectus, which

More information

Federated U.S. Treasury Cash Reserves

Federated U.S. Treasury Cash Reserves Prospectus June 30, 2016 Share Class Ticker Institutional UTIXX Service TISXX The information contained herein relates to all classes of the Fund s Shares, as listed above, unless otherwise noted. Federated

More information

GOLDMAN SACHS VARIABLE INSURANCE TRUST

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOLDMAN SACHS VARIABLE INSURANCE TRUST Institutional and Service Shares of the Goldman Sachs Money Market Fund (the Fund ) Supplement dated July 29, 2015 to the Prospectuses and Summary Prospectuses, each

More information

SUMMARY PROSPECTUS. BlackRock Funds SM. Service Shares BlackRock Science & Technology Opportunities Portfolio Service: BSTSX JANUARY 28, 2016

SUMMARY PROSPECTUS. BlackRock Funds SM. Service Shares BlackRock Science & Technology Opportunities Portfolio Service: BSTSX JANUARY 28, 2016 JANUARY 28, 2016 SUMMARY PROSPECTUS BlackRock Funds SM Service Shares BlackRock Science & Technology Opportunities Portfolio Service: BSTSX Before you invest, you may want to review the Fund s prospectus,

More information

DFA INVESTMENT DIMENSIONS GROUP INC.

DFA INVESTMENT DIMENSIONS GROUP INC. PROSPECTUS February 28, 2015 Please carefully read the important information it contains before investing. DFA INVESTMENT DIMENSIONS GROUP INC. DFA ONE-YEAR FIXED INCOME PORTFOLIO Ticker: DFIHX DFA TWO-YEAR

More information

Lord Abbett High Yield Fund

Lord Abbett High Yield Fund SUMMARY PROSPECTUS Lord Abbett High Yield Fund APRIL 1, 2015 CLASS/TICKER CLASS A... LHYAX CLASS I... LAHYX CLASS R4... TBD CLASS B... LHYBX CLASS P... LHYPX CLASS R5... TBD CLASS C... LHYCX CLASS R2...

More information

PROSPECTUS SEPTEMBER 1, 2012 C ITIZENSS ELECT P RIME M ONEY M ARKET F UND CLASS A SHARES

PROSPECTUS SEPTEMBER 1, 2012 C ITIZENSS ELECT P RIME M ONEY M ARKET F UND CLASS A SHARES PROSPECTUS SEPTEMBER 1, 2012 CitizensSelect Funds C ITIZENSS ELECT P RIME M ONEY M ARKET F UND C ITIZENSS ELECT T REASURY M ONEY M ARKET F UND Seeking current income, safety of principal and liquidity

More information

Institutional Money Market Funds

Institutional Money Market Funds Prospectus June 1, 2016 Institutional Money Market Funds Wells Fargo Fund Wells Fargo Cash Investment Money Market Fund Wells Fargo Heritage Money Market Fund Wells Fargo Municipal Cash Management Money

More information

Lord Abbett High Yield Municipal Bond Fund

Lord Abbett High Yield Municipal Bond Fund SUMMARY PROSPECTUS Lord Abbett High Yield Municipal Bond Fund FEBRUARY 1, 2016 CLASS/TICKER CLASS A... HYMAX CLASS C... HYMCX CLASS I... HYMIX CLASS B... HYMBX CLASS F... HYMFX CLASS P... HYMPX Before

More information

Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale)

Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale) Summary Prospectus October 30, 2015 Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale) Before you invest, you may want to review the Fund s Prospectus, which

More information

Daily Income Fund Retail Class Shares ( Retail Shares )

Daily Income Fund Retail Class Shares ( Retail Shares ) Daily Income Fund Retail Class Shares ( Retail Shares ) Money Market Portfolio Ticker Symbol: DRTXX U.S. Treasury Portfolio No Ticker Symbol U.S. Government Portfolio Ticker Symbol: DREXX Municipal Portfolio

More information

Bond Fund of the TIAA-CREF Life Funds

Bond Fund of the TIAA-CREF Life Funds Summary Prospectus MAY 1, 2015 Bond Fund of the TIAA-CREF Life Funds Ticker: TLBDX Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its

More information

Federated New York Municipal Income Fund

Federated New York Municipal Income Fund Summary Prospectus October 31, 2015 Share Class A B Ticker NYIFX NYIBX Federated New York Municipal Income Fund A Portfolio of Federated Municipal Securities Income Trust Before you invest, you may want

More information

TD ASSET MANAGEMENT USA FUNDS INC. TDAM U.S. Equity Shareholder Yield Fund. TDAM U.S. Large Cap Core Equity Fund

TD ASSET MANAGEMENT USA FUNDS INC. TDAM U.S. Equity Shareholder Yield Fund. TDAM U.S. Large Cap Core Equity Fund TD ASSET MANAGEMENT USA FUNDS INC. TDAM U.S. Equity Shareholder Yield Fund TDAM U.S. Large Cap Core Equity Fund TDAM Global Equity Shareholder Yield Fund TDAM Global All Cap Fund TDAM U.S. Small-Mid Cap

More information

Federated Max-Cap Index Fund

Federated Max-Cap Index Fund Summary Prospectus December 31, 2015 Share Class C R Institutional Service Ticker MXCCX FMXKX FISPX FMXSX Federated Max-Cap Index Fund A Portfolio of Federated Index Trust Before you invest, you may want

More information

State Street Institutional Investment Trust SUPPLEMENT DATED MAY 23, 2016

State Street Institutional Investment Trust SUPPLEMENT DATED MAY 23, 2016 State Street Institutional Investment Trust SUPPLEMENT DATED MAY 23, 2016 TO PROSPECTUSES, SUMMARY PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 29, 2016 STATE STREET INSTITUTIONAL LIQUID

More information

Dreyfus BASIC Municipal Money Market Fund

Dreyfus BASIC Municipal Money Market Fund Dreyfus BASIC Municipal Money Market Fund Prospectus January 1, 2013 Ticker Symbol: DBMXX As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved these securities

More information

OAKTREE HIGH YIELD BOND FUND

OAKTREE HIGH YIELD BOND FUND OAKTREE HIGH YIELD BOND FUND Institutional Class OHYIX Advisor Class OHYDX Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its risks.

More information

GOLDMAN SACHS TRUST GOLDMAN SACHS VARIABLE INSURANCE TRUST

GOLDMAN SACHS TRUST GOLDMAN SACHS VARIABLE INSURANCE TRUST GOLDMAN SACHS TRUST GOLDMAN SACHS VARIABLE INSURANCE TRUST Goldman Sachs Financial Square Funds Goldman Sachs Financial Square Prime Obligations Fund Goldman Sachs Financial Square Money Market Fund Goldman

More information

General Money Market Funds

General Money Market Funds D.A. Davidson & Co. member SIPC General Money Market Funds Class B Shares General Money Market Fund, Inc. (GMBXX) General Government Securities Money Market Fund (GSBXX) General Treasury Prime Money Market

More information

Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015

Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015 Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015 Before you invest, you may want to review the Fund s complete prospectus, which

More information

Nuveen Tactical Market Opportunities Fund

Nuveen Tactical Market Opportunities Fund Nuveen Tactical Market Opportunities Fund Summary Prospectus January 29, 2016 Ticker: Class A NTMAX, Class C NTMCX, Class I FGTYX This summary prospectus is designed to provide investors with key Fund

More information

City National Rochdale Intermediate Fixed Income Fund a series of City National Rochdale Funds

City National Rochdale Intermediate Fixed Income Fund a series of City National Rochdale Funds City National Rochdale Intermediate Fixed Income Fund a series of City National Rochdale Funds SUMMARY PROSPECTUS DATED JANUARY 31, 2015, AS SUPPLEMENTED MAY 1, 2015 Class: Class N Institutional Class

More information

PROSPECTUS. BlackRock Funds SM. Class K Shares BlackRock Short Obligations Fund Class K: BBSOX. November 27, 2015

PROSPECTUS. BlackRock Funds SM. Class K Shares BlackRock Short Obligations Fund Class K: BBSOX. November 27, 2015 November 27, 2015 PROSPECTUS BlackRock Funds SM Class K Shares BlackRock Short Obligations Fund Class K: BBSOX This Prospectus contains information you should know before investing, including information

More information

BlackRock Allocation Target Shares BlackRock Balanced Capital Fund, Inc. BlackRock Basic Value Fund, Inc. BlackRock Bond Fund, Inc.

BlackRock Allocation Target Shares BlackRock Balanced Capital Fund, Inc. BlackRock Basic Value Fund, Inc. BlackRock Bond Fund, Inc. BlackRock Allocation Target Shares BATS: Series A Portfolio BATS: Series C Portfolio BATS: Series E Portfolio BATS: Series M Portfolio BATS: Series P Portfolio BATS: Series S Portfolio BlackRock Balanced

More information

(each, a Fund and collectively, the Funds )

(each, a Fund and collectively, the Funds ) BlackRock Basic Value Fund, Inc. BlackRock Funds SM BlackRock Midcap Index Fund BlackRock Funds II BlackRock LifePath Active 2020 Fund BlackRock LifePath Active 2025 Fund BlackRock LifePath Active 2030

More information

PROSPECTUS. November 28, 2014

PROSPECTUS. November 28, 2014 November 28, 2014 PROSPECTUS BlackRock Equity Dividend Fund Investor, Institutional and Class R Shares Investor A: MDDVX Investor B: MBDVX Investor C: MCDVX Institutional: MADVX Class R: MRDVX This Prospectus

More information

General California Municipal Money Market Fund

General California Municipal Money Market Fund General California Municipal Money Market Fund Seeks current income exempt from federal and California state personal income taxes by investing in high quality, short-term municipal obligations. Class

More information

Prospectus December 18, 2015 Private Investment Classes

Prospectus December 18, 2015 Private Investment Classes Prospectus December 18, 2015 Private Investment Classes Liquid Assets Portfolio (LPVXX) STIC Prime Portfolio (SPVXX) Treasury Portfolio (TPFXX) Government & Agency Portfolio (GPVXX) Government TaxAdvantage

More information

Seix Total Return Bond Fund

Seix Total Return Bond Fund Summary Prospectus Seix Total Return Bond Fund AUGUST 1, 2015 (AS REVISED FEBRUARY 1, 2016) Class / Ticker Symbol A / CBPSX R / SCBLX I / SAMFX IS / SAMZX Before you invest, you may want to review the

More information

Nuveen NWQ Global Equity Income Fund

Nuveen NWQ Global Equity Income Fund Nuveen NWQ Global Equity Income Fund Summary Prospectus October 30, 2015, as supplemented June 1, 2016 Ticker: Class A NQGAX, Class C NQGCX, Class I NQGIX This summary prospectus is designed to provide

More information

Leader Short-Term Bond Fund. Leader Total Return Fund

Leader Short-Term Bond Fund. Leader Total Return Fund Leader Short-Term Bond Fund Institutional Shares: Investor Shares: Class A Shares: Class C Shares: LCCIX LCCMX LCAMX LCMCX Leader Total Return Fund Institutional Shares: Investor Shares: Class A Shares:

More information

May 1, 2015 as amended June 1, 2015

May 1, 2015 as amended June 1, 2015 INSTITUTIONAL INVESTOR May 1, 2015 as amended June 1, 2015 DATE TARGET FUNDS MyDestination 2005 Fund MyDestination 2015 Fund MyDestination 2025 Fund MyDestination 2035 Fund MyDestination 2045 Fund MyDestination

More information

EAGLE CAPITAL APPRECIATION FUND EAGLE SERIES TRUST Eagle Investment Grade Bond Fund

EAGLE CAPITAL APPRECIATION FUND EAGLE SERIES TRUST Eagle Investment Grade Bond Fund EAGLE CAPITAL APPRECIATION FUND EAGLE SERIES TRUST Eagle Investment Grade Bond Fund SUPPLEMENT DATED JUNE 26, 2015, TO THE PROSPECTUS AND SUMMARY PROSPECTUS DATED MARCH 1, 2015, AS SUPPLEMENTED APRIL 9,

More information

Dreyfus Institutional Preferred Plus Money Market Fund

Dreyfus Institutional Preferred Plus Money Market Fund Dreyfus Institutional Preferred Plus Money Market Fund Prospectus July 31, 2015 As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved these securities or passed

More information

Redemption of Shares Class A Sales Charge Waivers beginning on page 37 of the Fund s Statement of Additional Information.

Redemption of Shares Class A Sales Charge Waivers beginning on page 37 of the Fund s Statement of Additional Information. USA Mutuals Takeover Targets Fund Trading Symbols: Institutional Class Shares (TOTIX) Investor Class Shares (TOTNX) Class A Shares (TOTAX) Class C Shares (TOTCX) Summary Prospectus July 29, 2015 Before

More information

PROSPECTUS. November 27, 2015

PROSPECTUS. November 27, 2015 November 27, 2015 PROSPECTUS BlackRock Equity Dividend Fund Investor, Institutional and Class R Shares Investor A: MDDVX Investor B: MBDVX Investor C: MCDVX Institutional: MADVX Class R: MRDVX This Prospectus

More information

Federated Pennsylvania Municipal

Federated Pennsylvania Municipal Prospectus February 28, 2013 Share Class Ticker Federated Pennsylvania Municipal Cash Series PACXX Cash Trust A Portfolio of Money Market Obligations Trust A money market mutual fund seeking to provide

More information

GNMA Fund PRGMX. T. Rowe Price SUMMARY PROSPECTUS

GNMA Fund PRGMX. T. Rowe Price SUMMARY PROSPECTUS SUMMARY PROSPECTUS PRGMX October 1, 2015 T. Rowe Price GNMA Fund A bond fund seeking income and high overall credit quality through investments in mortgage-backed securities issued by the Government National

More information

Nuveen Intelligent Risk Conservative Allocation Fund will be liquidated after the close of business on June 24, 2016.

Nuveen Intelligent Risk Conservative Allocation Fund will be liquidated after the close of business on June 24, 2016. NUVEEN INTELLIGENT RISK CONSERVATIVE ALLOCATION FUND SUPPLEMENT DATED APRIL 18, 2016 TO THE SUMMARY PROSPECTUS DATED DECEMBER 31, 2015 Nuveen Intelligent Risk Conservative Allocation Fund will be liquidated

More information

SUMMARY PROSPECTUS SUPPLEMENT

SUMMARY PROSPECTUS SUPPLEMENT DIVERSIFIED ASSETS PORTFOLIO SUMMARY PROSPECTUS SUPPLEMENT NORTHERN INSTITUTIONAL FUNDS DIVERSIFIED ASSETS PORTFOLIO SHARES SUPPLEMENT DATED MAY 27, 2016 TO SUMMARY PROSPECTUS DATED APRIL 1, 2016 The Summary

More information

J.P. MORGAN SPECIALTY FUNDS. JPMorgan U.S. Real Estate Fund (All Share Classes) (a series of JPMorgan Trust II)

J.P. MORGAN SPECIALTY FUNDS. JPMorgan U.S. Real Estate Fund (All Share Classes) (a series of JPMorgan Trust II) J.P. MORGAN SPECIALTY FUNDS JPMorgan U.S. Real Estate Fund (All Share Classes) (a series of JPMorgan Trust II) Supplement dated November 12, 2013 to the Prospectus and Summary Prospectus dated May 1, 2013,

More information

BRANDES. Brandes Core Plus Fixed Income Fund Class A BCPAX Class E BCPEX Class I BCPIX. Brandes Credit Focus Yield Fund Class A BCFAX Class I BCFIX

BRANDES. Brandes Core Plus Fixed Income Fund Class A BCPAX Class E BCPEX Class I BCPIX. Brandes Credit Focus Yield Fund Class A BCFAX Class I BCFIX BRANDES Brandes Core Plus Fixed Income Fund Class A BCPAX Class E BCPEX Class I BCPIX Brandes Credit Focus Yield Fund Class A BCFAX Class I BCFIX Prospectus January 30, 2015 The U.S. Securities and Exchange

More information

Dow Jones Target Date Funds

Dow Jones Target Date Funds Wells Fargo Advantage Funds July 1, 2015 Dow Jones Target Date Funds Prospectus Classes A, B, C Target Today Fund Class A STWRX, Class B WFOKX, Class C WFODX Target 2010 Fund Class A STNRX, Class B SPTBX,

More information

SPDR Wells Fargo Preferred Stock ETF

SPDR Wells Fargo Preferred Stock ETF SPDR Wells Fargo Preferred Stock ETF Summary Prospectus-October 31, 2015 PSK (NYSE Ticker) Before you invest in the SPDR Wells Fargo Preferred Stock ETF (the Fund ), you may want to review the Fund's prospectus

More information

Each Reorganization identified above is subject to certain conditions, including approval by shareholders of the applicable Target Fund.

Each Reorganization identified above is subject to certain conditions, including approval by shareholders of the applicable Target Fund. Filed pursuant to Rule 497(e) File Nos. 033-19228 and 811-05443 CALAMOS INVESTMENT TRUST Supplement dated July 1, 2016 to the CALAMOS FAMILY OF FUNDS Summary Prospectuses for Class A, B and C and Class

More information

SUMMARY PROSPECTUS. BlackRock Funds SM. Class K Shares BlackRock Global Long/Short Credit Fund Class K: BDMKX JUNE 17, 2016

SUMMARY PROSPECTUS. BlackRock Funds SM. Class K Shares BlackRock Global Long/Short Credit Fund Class K: BDMKX JUNE 17, 2016 JUNE 17, 2016 SUMMARY PROSPECTUS BlackRock Funds SM Class K Shares BlackRock Global Long/Short Credit Fund Class K: BDMKX Before you invest, you may want to review the Fund s prospectus, which contains

More information

WST ASSET MANAGER U.S. EQUITY FUND

WST ASSET MANAGER U.S. EQUITY FUND Prospectus December 18, 2015 WST ASSET MANAGER U.S. EQUITY FUND Investor Shares (Ticker Symbol: WSTEX) Institutional Shares (Ticker Symbol: WSTIX) WST ASSET MANAGER U.S. BOND FUND Investor Shares (Ticker

More information

Federated New York Municipal

Federated New York Municipal Prospectus February 28, 2015 Share Class Ticker Federated New York Municipal Cash II NYCXX Cash Trust A Portfolio of Money Market Obligations Trust A money market mutual fund seeking to provide current

More information

Franklin California High Yield Municipal Fund

Franklin California High Yield Municipal Fund OCTOBER 1, 2010 as amended October 13, 2010 Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its risks. You can find the Fund s prospectus,

More information

SUPPLEMENT DATED SEPTEMBER 15, 2014 TO THE FOLLOWING PROSPECTUSES:

SUPPLEMENT DATED SEPTEMBER 15, 2014 TO THE FOLLOWING PROSPECTUSES: SUPPLEMENT DATED SEPTEMBER 15, 2014 TO THE FOLLOWING PROSPECTUSES: AMERICAN FUNDS ASSET ALLOCATION HLS FUND AMERICAN FUNDS BLUE CHIP INCOME AND GROWTH HLS FUND AMERICAN FUNDS BOND HLS FUND AMERICAN FUNDS

More information

The Fund s investment objective is to seek to provide a level of current income consistent with limited price volatility.

The Fund s investment objective is to seek to provide a level of current income consistent with limited price volatility. SUMMARY PROSPECTUS June 30, 2016 DoubleLine Ultra Short Bond Fund DoubleLine F U N D S Share Class (Ticker): Class I (DBULX) Class N (DLUSX) Before you invest, you may wish to review the Fund s Prospectus,

More information

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS.

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS. FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS December 31, 2014 Investment Adviser: MATSON MONEY, INC. 5955 Deerfield

More information

Institutional Money Market Fund

Institutional Money Market Fund Institutional Money Market Fund July 29, 2015 Prospectus Enclosed Institutional Money Market Fund Prospectus July 29, 2015 As with other mutual funds, the Securities and Exchange Commission has not approved

More information

Federated Total Return Government Bond Fund

Federated Total Return Government Bond Fund Summary Prospectus April 30, 2016 Share Class Institutional Service Ticker FTRGX FTGSX Federated Total Return Government Bond Fund Before you invest, you may want to review the Fund s Prospectus, which

More information

T. Rowe Price International Bond Fund T. Rowe Price International Bond Fund Advisor Class

T. Rowe Price International Bond Fund T. Rowe Price International Bond Fund Advisor Class T. Rowe Price International Bond Fund T. Rowe Price International Bond Fund Advisor Class Supplement to Prospectuses Dated May 1, 2015 In section 1, the portfolio manager table under Management with respect

More information

Prospectus. Class / Ticker Symbol Fund Name Class A Class C Class R3 Class I

Prospectus. Class / Ticker Symbol Fund Name Class A Class C Class R3 Class I Mutual Funds Prospectus January 31, 2014 For investors seeking long-term capital appreciation. Nuveen Equity Funds Class / Ticker Symbol Fund Name Class A Class C Class R3 Class I Nuveen Symphony International

More information

Understanding your cash sweep options

Understanding your cash sweep options M914471105 Understanding your cash sweep options The following information is being provided so that you can review your cash sweep option(s) with your Merrill Lynch financial advisor ( financial advisor

More information

Balanced Fund RPBAX. T. Rowe Price SUMMARY PROSPECTUS

Balanced Fund RPBAX. T. Rowe Price SUMMARY PROSPECTUS SUMMARY PROSPECTUS RPBAX May 1, 2016 T. Rowe Price Balanced Fund A fund seeking capital growth and current income through a portfolio of approximately 65% stocks and 35% fixed income securities. Before

More information

ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015

ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 Before you invest in the AdvisorShares Fund, you may want to review the Fund s prospectus and statement of additional

More information

(each, a Fund and collectively, the Funds )

(each, a Fund and collectively, the Funds ) BlackRock Bond Fund, Inc. BlackRock Total Return Fund BlackRock EuroFund BlackRock Focus Growth Fund, Inc. BlackRock Funds II BlackRock International Bond Portfolio BlackRock Multi-State Municipal Series

More information

City National Rochdale Municipal High Income Fund a series of City National Rochdale Funds

City National Rochdale Municipal High Income Fund a series of City National Rochdale Funds City National Rochdale Municipal High Income Fund a series of City National Rochdale Funds SUMMARY PROSPECTUS DATED JANUARY 31, 2016 Class: Servicing Class Class N Ticker: (CNRMX) (CNRNX) Before you invest,

More information

Summary Prospectus Supplement dated January 12, 2016. Invesco Equity and Income Fund

Summary Prospectus Supplement dated January 12, 2016. Invesco Equity and Income Fund VK-EQI SUM SUP-1 011216 Summary Prospectus Supplement dated January 12, 2016 The purpose of this mailing is to provide you with changes to the current Summary Prospectuses for A, B, C, R, Y, R5 and R6

More information

Investment Funds Description

Investment Funds Description Investment Funds Description As of January 1, 2016 (Containing performance and other information as of December 31, 2015 unless otherwise noted) Short Term Investment Fund Stable Value Fund Inflation Protection

More information

Merrill Lynch Personal Advisor Progra Client Agreement Mutual Fund Investing at Merrill Lynch. A Client Disclosure Pamphlet February 2015

Merrill Lynch Personal Advisor Progra Client Agreement Mutual Fund Investing at Merrill Lynch. A Client Disclosure Pamphlet February 2015 Merrill Lynch Personal Advisor Progra Client Agreement Mutual Fund Investing at Merrill Lynch A Client Disclosure Pamphlet February 2015 Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park

More information

How To Invest In American Funds Insurance Series Portfolio Series

How To Invest In American Funds Insurance Series Portfolio Series American Funds Insurance Series Portfolio Series Prospectus May 1, 2015 Class 4 shares American Funds Global Growth Portfolio American Funds Growth and Income Portfolio Class P2 shares American Funds Managed

More information

The Bond Fund of America

The Bond Fund of America The Bond Fund of America Summary prospectus March 1, 2015 Class A B C F-1 F-2 529-A 529-B 529-C 529-E ABNDX BFABX BFACX BFAFX ABNFX CFAAX CFABX CFACX CFAEX 529-F-1 R-1 R-2 R-2E R-3 R-4 R-5 R-6 CFAFX RBFAX

More information

SUPPLEMENT TO CALVERT VP NATURAL RESOURCES PORTFOLIO. Calvert Variable Products Portfolios Prospectus (Calvert VP Index Portfolios) dated May 1, 2016

SUPPLEMENT TO CALVERT VP NATURAL RESOURCES PORTFOLIO. Calvert Variable Products Portfolios Prospectus (Calvert VP Index Portfolios) dated May 1, 2016 SUPPLEMENT TO CALVERT VP NATURAL RESOURCES PORTFOLIO Calvert Variable Products Portfolios Prospectus (Calvert VP Index Portfolios) dated May 1, 2016 Calvert VP Natural Resources Portfolio Summary Prospectus

More information

Dreyfus New York Tax Exempt Funds

Dreyfus New York Tax Exempt Funds Dreyfus New York Tax Exempt Funds Prospectus October 1, 2012 Dreyfus New York AMT-Free Municipal Money Market Fund (DNYXX) Dreyfus New York Tax Exempt Bond Fund, Inc. (DRNYX) As with all mutual funds,

More information

Vanguard Municipal Bond Funds Prospectus

Vanguard Municipal Bond Funds Prospectus Vanguard Municipal Bond Funds Prospectus February 24, 2012 Investor Shares & Admiral Shares Vanguard Tax-Exempt Money Market Fund Investor Shares (VMSXX) Vanguard Short-Term Tax-Exempt Fund Investor Shares

More information

Retirement Balanced Fund

Retirement Balanced Fund SUMMARY PROSPECTUS TRRIX October 1, 2015 T. Rowe Price Retirement Balanced Fund A fund designed for retired investors seeking capital growth and income through investments in a combination of T. Rowe Price

More information

Income Funds. Prospectus. International Bond Fund ESIRX. Wells Fargo Advantage Funds March 1, 2015. Class R6*

Income Funds. Prospectus. International Bond Fund ESIRX. Wells Fargo Advantage Funds March 1, 2015. Class R6* Wells Fargo Advantage Funds March 1, 2015 Income Funds Prospectus Class R6* International Bond Fund ESIRX *Class R6 shares are only available to participants in certain retirement plans. As with all mutual

More information

KKM ARMOR Fund Class A Shares (Symbol: RMRAX) Class I Shares (Symbol: RMRIX)

KKM ARMOR Fund Class A Shares (Symbol: RMRAX) Class I Shares (Symbol: RMRIX) KKM ARMOR Fund Class A Shares (Symbol: RMRAX) Class I Shares (Symbol: RMRIX) KKM U.S. Equity ARMOR Fund Class A Shares (Symbol: UMRAX) Class I Shares (Symbol: UMRIX) Prospectus June 2, 2014 The U.S. Securities

More information

SUMMARY PROSPECTUS. TCW Emerging Markets Multi-Asset Opportunities Fund FEBRUARY 29 I SHARE: TGMAX N SHARE: TGMEX

SUMMARY PROSPECTUS. TCW Emerging Markets Multi-Asset Opportunities Fund FEBRUARY 29 I SHARE: TGMAX N SHARE: TGMEX TCW Emerging Markets Multi-Asset Opportunities Fund I SHARE: TGMAX N SHARE: TGMEX 20 6 FEBRUARY 29 SUMMARY PROSPECTUS Before you invest, you may want to review the Fund s Prospectus which contain more

More information

Edward Jones Money Market Fund

Edward Jones Money Market Fund Edward Jones Money Market Fund S U M M A R Y P R O S P E C T U S April 30, 2015 INVESTMENT SHARES (TICKER JNSXX) RETIREMENT SHARES (TICKER JRSXX) Before you invest, you may want to review the Fund s Prospectus,

More information

Vanguard Target Retirement Funds

Vanguard Target Retirement Funds Vanguard Target Retirement Funds Supplement to the Prospectus Dated January 27, 2014 Prospectus Text Changes The Average Annual Total Returns table for Vanguard Target Retirement Income Fund is replaced

More information

John Hancock Bond Trust. John Hancock Focused High Yield Fund (the fund )

John Hancock Bond Trust. John Hancock Focused High Yield Fund (the fund ) John Hancock Bond Trust John Hancock Focused High Yield Fund (the fund ) Supplement dated June 24, 2016 to the current Summary Prospectus, as may be supplemented The following information supplements and

More information

Large Cap Stock Funds

Large Cap Stock Funds Wells Fargo Advantage Funds December 1, 2014 Large Cap Stock Funds Prospectus Class R4* Capital Growth Fund WCGRX Intrinsic Value Fund EIVRX Large Cap Growth Fund SLGRX Premier Large Company Growth Fund

More information

Supplement to the Prospectus Dated March 26, 2015. Important Change to the Tax-Exempt Money Market Funds

Supplement to the Prospectus Dated March 26, 2015. Important Change to the Tax-Exempt Money Market Funds Vanguard California Tax-Exempt Funds Vanguard New Jersey Tax-Exempt Funds Vanguard New York Tax-Exempt Funds Vanguard Ohio Tax-Exempt Funds Vanguard Pennsylvania Tax-Exempt Funds Supplement to the Prospectus

More information

SUMMARY PROSPECTUS SDIT Short-Duration Government Fund (TCSGX) Class A

SUMMARY PROSPECTUS SDIT Short-Duration Government Fund (TCSGX) Class A May 31, 2016 SUMMARY PROSPECTUS SDIT Short-Duration Government Fund (TCSGX) Class A Before you invest, you may want to review the Fund s Prospectus, which contains information about the Fund and its risks.

More information

Redemption of Shares Class A Sales Charge Waivers beginning on page 37 of the Fund s Statement of Additional Information.

Redemption of Shares Class A Sales Charge Waivers beginning on page 37 of the Fund s Statement of Additional Information. USA Mutuals Barrier Fund Trading Symbols: Institutional Class Shares VICVX Investor Class Shares VICEX Class A Shares VICAX Class C Shares VICCX Summary Prospectus July 29, 2015 Before you invest, you

More information