Mutual Fund Summary Prospectus (497k)
08 August 2013 - 4:33AM
Edgar (US Regulatory)
►
|
BIF Treasury Fund
|
|
CMTXX
|
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 (including amendments and supplements) and other information about the Fund, including the Fund’s statement of
additional information and shareholder report, online at http://www.blackrock.com/prospectus/cash. You can also get this information at no cost by calling (800) 441-7762 or by sending an e-mail request to
prospectus.request@blackrock.com
, or from your financial professional. The Fund’s prospectus and statement of additional information, both dated July 29, 2013, as amended and supplemented from time to
time, are incorporated by reference into (legally made a part of) this Summary Prospectus.
This Summary 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 Summary Prospectus. Any representation to the contrary is a criminal offense.
Not FDIC Insured • May Lose Value • No Bank
Guarantee
Summary Prospectus
Key Facts About BIF Treasury Fund
Investment Objective
The investment objective of BIF 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
|
|
|
Management
Fee
1
|
|
0.158%
|
Distribution
and/or Service (12b-1) Fees
|
|
0.125%
|
Other
Expenses
|
|
0.277%
|
Administration
Fee
|
0.250%
|
|
Miscellaneous
Other Expenses
|
0.027%
|
|
Total
Annual Fund Operating Expenses
|
|
0.56%
|
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.
|
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
|
Treasury
Fund
|
$57
|
$179
|
$313
|
$701
|
Principal Investment Strategies of the Fund
Treasury Fund seeks to achieve its investment objective by
investing exclusively in a diversified portfolio made up only of short-term U.S. Treasury securities with maturities of not more than 397 days (13 months) that are direct obligations of the U.S. Treasury. The Fund will provide shareholders with at
least 60 days’ prior written notice before changing this strategy.
Fund management decides which U.S. Treasury securities to buy
and sell based on its assessment of their relative values and future interest rates. 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.
Principal Risks of Investing in the Fund
Treasury Fund cannot guarantee that it will achieve its
investment objective.
An investment in the Fund is not a
deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund could lose money if the issuer of an instrument held by the Fund defaults or if short-term interest rates rise
sharply in a manner not anticipated by Fund management. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. 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
— In 2010, the Securities and Exchange Commission (the “SEC”) adopted amendments to money market fund regulations, which imposed new liquidity, credit quality, and maturity
requirements on all money market funds. In addition, in June 2013, the SEC proposed additional reforms to money market fund regulation, which, if adopted, may affect the Fund’s operations and/or 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.
|
Performance Information
The information below shows you how Treasury Fund’s
performance has varied year by year and provides some indication of the risks of investing in the Fund. Information for the period before February 2003, when the Fund changed to a “ master/feeder” structure, reflects the Fund’s
operations as a standalone fund. As with all such investments, past performance is not an indication of future results. The information for the Fund in the chart and the table assumes reinvestment of dividends and distributions. The table includes
all applicable fees and sales charges. If the Fund’s investment manager 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 results can be obtained
by visiting www.blackrock.com/moneymarketreports or can be obtained by phone at (800) 626-1960.
Treasury Fund
ANNUAL TOTAL RETURNS
As of 12/31
During the period shown in
the bar chart, the highest return for a quarter was 1.09% (quarter ended June 30, 2007) and the lowest return for a quarter was 0.00% (quarter ended December 31, 2012). The year-to-date return as of June 30, 2013 was 0.00%.
As
of 12/31/12
Average Annual Total Returns
|
1
Year
|
5
Years
|
10
Years
|
Treasury
Fund
|
0.00%
|
0.25%
|
1.27%
|
To obtain the Fund’s current 7-day yield, call (800)
626-1960.
Investment Manager
Treasury Fund’s investment manager is BlackRock
Advisors, LLC.
Purchase and Sale of Fund Shares
If you are a Cash Management Account
®
(“CMA
®
”) service subscriber, there is no minimum initial investment for Fund shares. The minimum assets for the
CMA
®
service is $20,000 in cash and/or securities. Other programs may have different minimum asset requirements. If you are not a
CMA
®
service or other Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) central asset account program subscriber, the minimum initial investment for a
Fund is $5,000. If you are an eligible CMA
®
service subscriber and you choose to have your cash balances automatically invested in a Fund, generally cash balances of more than $1 in a
CMA
®
account are automatically invested in shares of a Fund daily at the next determined net asset value on each business day on which both the New York Stock Exchange (the
“Exchange”) and New York banks are open; cash balances of less than $1 will be automatically invested in shares of a Fund at the next determined net asset value not later than the first business day of each week on which both the
Exchange and New York banks are open, which will usually be a Monday. If you are a CMA
®
service or other eligible Merrill Lynch central asset account program subscriber, you may make
manual investments of $1,000 or more at any time in shares of any fund associated with the CMA
®
service not designated as your primary money account. Generally, manual purchases placed
through Merrill Lynch will be effective on the day following the day the order is placed with the Fund, subject to certain timing considerations. If you are a CMA
®
service subscriber,
you may redeem your shares by directly submitting a written notice of redemption to Merrill Lynch, which will submit the request to the Fund’s transfer agent. You may sell shares held at the Fund’s transfer agent by writing to Financial
Data Services, Inc., P.O. Box 45290, Jacksonville, Florida 32231-5290.
Tax Information
Dividends and distributions 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 a Fund through a broker-dealer or
other financial intermediary, the Fund and BlackRock Investments, LLC, the Fund’s distributor, or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by
influencing the broker-dealer or other financial intermediary to recommend the Fund over another investment. Ask your individual financial intermediary or visit your financial intermediary’s website for more information.
[This page intentionally left blank]
[This page intentionally left blank]
[This page intentionally left blank]
INVESTMENT COMPANY ACT FILE # 811-06196
BIF Treasury Fund
SPRO-BIF-TR-0713
Cma Treasury Fund (NASDAQ:CMTXX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cma Treasury Fund (NASDAQ:CMTXX)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Cma Treasury Fund (MM) (NASDAQ): 0 recent articles
More Bif Treasury Fund News Articles