- Definitive materials filed by investment companies. (497)
May 28 2010 - 1:27PM
Edgar (US Regulatory)
BLACKROCK MONEY MARKET FUNDS
BlackRock Funds
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BlackRock Money Market Portfolio
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BlackRock U.S. Treasury Money Market Portfolio
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BlackRock Municipal Money Market Portfolio
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BlackRock New Jersey Municipal Money Market Portfolio
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BlackRock North Carolina Municipal Money Market Portfolio
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BlackRock Ohio Municipal Money Market Portfolio
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BlackRock Pennsylvania Municipal Money Market Portfolio
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BlackRock Virginia Municipal Money Market Portfolio
BlackRock Liquidity Funds
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TempFund
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TempCash
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FedFund
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T-Fund
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Federal Trust Fund
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Treasury Trust Fund
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MuniFund
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MuniCash
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California Money Fund
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New York Money Fund
BlackRock Financial Institutions Series Trust
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BlackRock Summit Cash Reserves Fund
BlackRock Series Fund, Inc.
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BlackRock Money Market Portfolio
BlackRock Variable Series Funds, Inc.
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BlackRock Money Market V.I. Fund
Ready Assets Prime Money Fund
Ready Assets U.S. Treasury Money Fund
Ready Assets U.S.A. Government Money Fund
CMA Money Fund
CMA Treasury Fund
CMA Government Securities Fund
CMA Tax-Exempt Fund
CMA Multi-State Municipal Series Trust
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CMA Arizona Municipal Money Fund
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CMA California Municipal Money Fund
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CMA Connecticut Municipal Money Fund
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CMA Florida Municipal Money Fund
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CMA Massachusetts Municipal Money Fund
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CMA Michigan Municipal Money Fund
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CMA New Jersey Municipal Money Fund
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CMA New York Municipal Money Fund
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CMA North Carolina Municipal Money Fund
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CMA Ohio Municipal Money Fund
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CMA Pennsylvania Municipal Money Fund
Retirement Series Trust
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Retirement Reserves Money Fund
Funds For Institutions Series
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FFI Premier Institutional Fund
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FFI Institutional Fund
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FFI Select Institutional Fund
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FFI Treasury Fund
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FFI Government Fund
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FFI Institutional Tax-Exempt Fund
WCMA Tax-Exempt Fund
WCMA Money Fund
WCMA Treasury Fund
WCMA Government Securities Fund
BlackRock Funds III
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BlackRock Cash Funds: Institutional
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BlackRock Cash Funds: Prime
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BlackRock Cash Funds: Government
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BlackRock Cash Funds: Treasury
Supplement Dated May 28, 2010 to the
Prospectuses and Statements of Additional Information
of the Funds Listed Above
(each, a Fund and collectively, the Funds)
Effective May 28, 2010, in accordance with amendments to Rule 2a-7 under the Investment Company Act of 1940, as amended (the Investment Company Act), the Prospectuses and Statements of Additional Information of the Funds are amended as follows:
Maturity.
Each Fund is managed so
that the dollar-weighted average maturity of all of its investments will be 60
days or less and the dollar-weighted average life to maturity of all of its investments will
be 120 days or less. In addition, the Funds will not acquire any instrument with
a remaining maturity of greater than 397 days. The dollar-weighted average
maturity of a Fund is the average amount of time until the issuers of the
debt securities in the Funds portfolio must pay off the principal amount
of the debt. Dollar-weighted means the larger the dollar value of a
debt security in a Fund, the more weight it gets in calculating this average. To
calculate the dollar-weighted average maturity, the Fund may treat a variable or
floating rate security under certain circumstances as having a maturity equal to
the time remaining to the securitys next interest rate reset date rather
than the securitys actual maturity. Dollar-weighted average
life of a Funds portfolio is calculated without reference to the
exceptions used in calculating the dollar-weighted average maturity for variable
or floating rate securities regarding the use of interest rate
reset dates.
Liquidity.
The amendments to Rule 2a-7 added a general liquidity requirement that requires that each Fund hold securities that are sufficiently liquid to meet reasonably foreseeable shareholder redemptions in light of its obligations under section 22(e) of the Investment Company Act and any commitments the Fund has made to shareholders. To comply with this general liquidity requirement, each Funds adviser or sub-adviser must consider factors that could affect the Funds liquidity needs, including characteristics of the Funds investors and their likely redemptions. Depending upon the volatility of its cash flows (particularly shareholder redemptions), this new provision may require a Fund to maintain greater liquidity than would be required by the daily and weekly minimum liquidity requirements discussed below.
Each taxable Fund will not acquire any security
other than daily liquid assets unless, immediately following such purchase, at
least 10% of its total assets would be invested in daily liquid assets. Each
Fund (both taxable and tax-exempt) will not acquire any security other than
weekly liquid assets unless, immediately following such purchase, at least 30%
of its total assets would be invested in weekly liquid assets. Daily
liquid assets include (i) cash; (ii) direct obligations of the U.S.
Government; and (iii) securities that will mature or are subject to a demand
feature that is exercisable and payable within one business day. Weekly
liquid assets include (i) and (ii) above as well as (iii) Government
securities issued by a person controlled or supervised by and acting as an
instrumentality of the U.S. Government pursuant to authority
granted by the U.S. Congress, that are issued at a discount to
the principal amount to be repaid at maturity and have a remaining maturity of
60 days or less; and (iv) securities that will mature or are subject to a demand
feature that is exercisable and payable within five business days.
No Fund will invest more than 5% of the value of its total assets in securities that are illiquid (
i.e.
, securities that cannot be sold or disposed of in the ordinary course of business within seven days at approximately the value ascribed to them by the Fund).
Portfolio Diversification and Quality.
Rule 2a-7 under the Investment Company Act presently limits investments by each Fund that is not a Single State Fund in securities issued by any one issuer (except for, among others, securities issued by the U.S. Government, its agencies or instrumentalities or investments in First Tier Securities of a single issuer for certain temporary, limited purposes) ordinarily to not more than 5% of its total assets. In the case of a Single State Fund (
i.e.,
a tax-exempt fund seeking to maximize the amount of its
distributed income that is exempt from the income taxes or other taxes on
investments of a particular state, and where applicable, subdivisions thereof),
such restriction is applicable only with respect to 75% of the Single State
Funds total assets. In the event of investments in securities that are
Second Tier Securities (as defined in the Rule) issued by a single issuer, not
more than ½ of 1% of the Funds total assets may be invested in such
Second Tier Securities. For purposes of these diversification policies,
investments in a repurchase agreement will be deemed to be an investment in the
underlying securities so long as, among other criteria, the securities
collateralizing the repurchase agreement consist of cash items and U.S. Government
securities and the respective Funds adviser or sub-adviser has evaluated
the sellers creditworthiness. In addition, Rule 2a-7 requires that not
more than 3% of each Funds total assets be invested in Second Tier
Securities and that Second Tier Securities may only be purchased if they have a
remaining maturity of 45 days or less at the time of acquisition.
Suspension of Redemptions.
If the Board of Trustees, including a majority of the Independent Trustees, determines that the deviation between a Funds amortized cost price per share and the market-based net asset value per share may result in material dilution or other unfair results, the Board, subject to certain conditions, may in the case of a Fund that the Board has determined to liquidate irrevocably, suspend redemptions and payment of redemption proceeds in order to facilitate the permanent liquidation of the Fund in an orderly manner. If this were to occur, it would likely result in a delay in your receipt of your redemption proceeds.
Each Funds Prospectus and Statement of Additional information shall be deemed to be amended hereby so as not to be inconsistent with the foregoing
.
CODE # PR&SAI-MM-0510-SUP
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