Update on Money Market ProFund Shareholder Proposal

At a shareholder meeting held on January 28, 2016, shareholders of the Money Market ProFund (the "Fund") voted to approve changes to the Fund's investment policies that will enable it to operate as a government money market fund. Shareholders of the Cash Management Portfolio (the "Portfolio"), the master portfolio in which the Fund invests substantially all of its assets, approved a nearly identical proposal on the same day.

As a result, the Portfolio intends to gradually transition its investments and allocate a larger percentage of its assets to government securities over time until it reaches its new target allocation. The Fund will consequently also have its underlying investments reallocated to government securities. The Fund and Portfolio intend to complete this transition and begin operating as government money market funds in early May 2016.

Government money market funds have historically been regarded as more conservative than some other types of investments, and the yields on government securities generally may be expected to be lower than the yields on comparable non-government securities. Therefore, as a result of this transition, it should be expected that the yield on the Portfolio's investments, and, therefore, the performance of the Fund, may decrease as more of the Portfolio’s assets are invested in government securities.

Please call 888-776-3637 if you have questions or need additional information. (Financial Professionals should call 888-776-5717).