Lower costs for funds in your plan - Merrill Lynch

Lower costs for funds in your plan

ABM 401(k) Employee Savings Plan

The ABM 401(k) Employee Savings Plan (the "Plan") is one of the best ways available for you to invest for your financial future. Periodically, ABM Industries, Inc. reviews the Plan to ensure that the investment choices available to you continue to suit the Plan's objectives. Following a recent review, several changes will be made to the Plan's investment menu. These changes will be effective March 31, 2017.

Summary of the changes

? The Manning & Napier Target Date Funds1, 2 will be replaced by the Manning & Napier Retirement Target Date Collective Investment Trusts1, 2, 3 a similar series of investments with lower expense ratios. See page 2.

? Four funds will be added to the Plan and five funds will be changed to share classes with lower expense ratios. See pages 4-5.

? The State Street Russell Large Cap Growth Index Fund will replace the American Funds Growth Fund of America. Here is each fund's description, classification from Lipper, Inc., symbol (for publicly traded funds), and gross expense ratio as of December 31, 2016.

Investment transfer

Investments in this fund...

Will be transferred to this fund...

American Funds Growth Fund of America (R-4) Classification: Large-Cap Growth Funds Symbol: RGAEX Gross Expense Ratio: 0.68% Net Expense Ratio: 0.68%

The investment seeks growth of capital. The fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. It may invest up to 25% of its assets in securities of issuers domiciled outside the United States. The investment adviser uses a system of multiple portfolio managers in managing the fund's assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.

State Street Russell Large Cap Growth Index NL Series Fund (C) Classification: Large-Cap Growth Funds Symbol: N/A Gross Expense Ratio: 0.05% Net Expense Ratio: 0.05%

The SSgA Russell Large Cap Growth Index Fund (the "Fund") seeks an investment return that approximates as closely as practicable, before expenses, the performance of the Russell 1000 Growth Index (the "Index") over the long term. For additional important information regarding the Fund's investment strategy and associated risks, please see the applicable SSgA Strategy Disclosure Document.3, 4

Do you need to take action?

If you are satisfied with the fund transfer shown above, there is nothing you need to do. The transfer will occur automatically.

However, if you want to select different choices for those assets, and want to do so before the transfer occurs, please contact Merrill Lynch before 4 p.m. Eastern on March 30, 2017. You can make your selections on Benefits OnLine? at benefits. or by calling the Retirement & Benefits Contact Center at 1.800.228.4015

Merrill Lynch makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) and other subsidiaries of Bank of America Corporation (BofA Corp.). MLPF&S is a registered broker-dealer, member SIPC and a wholly owned subsidiary of BofA Corp. Investment Products:

Are Not FDIC Insured Are Not Bank Guaranteed

May Lose Value

Investment transfers

This transfer to the Manning & Napier Retirement Target Date Collective Investment Trusts will lower the costs for these funds. Shown below, together with each fund's classification from Lipper, Inc., and symbol, are the expense ratios, which reflect the percentage of a fund's assets that goes toward operating and managing the fund. The expense ratio is deducted from the fund's total return before the investment return is calculated. A lower expense ratio means that more of an investment's total return is available to the investor.

Investments in this option...

Manning & Napier Target Income Fund (I)1 Classification: Mixed-Asset Target Today Funds Symbol: MTDIX Gross Expense Ratio: 0.89%

Net Expense Ratio: 0.73%5, 6 Manning & Napier Target 2015 Fund (I)1, 2 Classification: Mixed-Asset Target 2015 Funds Symbol: MTJIX Gross Expense Ratio: 2.00%

Net Expense Ratio: 0.86%5, 7

Manning & Napier Target 2020 Fund (I)1, 2 Classification: Mixed-Asset Target 2020 Funds Symbol: MTNIX Gross Expense Ratio: 0.90%

Net Expense Ratio: 0.86%5, 6

Manning & Napier Target 2025 Fund (I)1, 2 Classification: Mixed-Asset Target 2025 Funds Symbol: MTOAX Gross Expense Ratio: 1.26%

Net Expense Ratio: 0.87%5, 7

Manning & Napier Target 2030 Fund (I)1, 2 Classification: Mixed-Asset Target 2030 Funds Symbol: MTPIX Gross Expense Ratio: 0.91%

Net Expense Ratio: 0.87%5, 6

Manning & Napier Target 2035 Fund (I)1, 2 Classification: Mixed-Asset Target 2035 Funds Symbol: MTQIX Gross Expense Ratio: 1.40%

Net Expense Ratio: 0.88%5, 7

Manning & Napier Target 2040 Fund (I)1, 2 Classification: Mixed-Asset Target 2040 Funds Symbol: MTTIX Gross Expense Ratio: 0.96%

Net Expense Ratio: 0.88%5, 6

Manning & Napier Target 2045 Fund (I)1, 2 Classification: Mixed-Asset Target 2045 Funds Symbol: MTUIX Gross Expense Ratio: 2.09%

Net Expense Ratio: 0.88%5, 7 Manning & Napier Target 2050 Fund (I)1, 2 Classification: Mixed-Asset Target 2050 Funds Symbol: MTYIX Gross Expense Ratio: 1.14%

Net Expense Ratio: 0.88%5, 6

Manning & Napier Target 2055 Fund (I)1, 2 Classification: Mixed-Asset Target 2055+ Funds Symbol: MTZIX Gross Expense Ratio: 4.56%

Net Expense Ratio: 0.88%5, 7 *Gross expense ratios are as of December 31, 2016.

Will be transferred to this option...

Manning & Napier Retirement Target Income Collective

Investment Trust (U1)1, 3

Classification: Mixed-Asset Target Today Funds Symbol: N/A

Gross Expense Ratio: 0.55%

Net Expense Ratio: 0.49%8

Manning & Napier Retirement Target 2015 Collective

Investment Trust (U1)1, 2, 3

Classification: Mixed-Asset Target 2015 Funds

Symbol: N/A

Gross Expense Ratio: 0.58%

Net Expense Ratio: 0.49%8

Manning & Napier Retirement Target 2020 Collective

Investment Trust (U1)1, 2, 3

Classification: Mixed-Asset Target 2020 Funds

Symbol: N/A

Gross Expense Ratio: 0.55%

Net Expense Ratio: 0.49%8

Manning & Napier Retirement Target 2025 Collective

Investment Trust (U1)1, 2, 3

Classification: Mixed-Asset Target 2025 Funds

Symbol: N/A

Gross Expense Ratio: 0.57%

Net Expense Ratio: 0.49%8

Manning & Napier Retirement Target 2030 Collective

Investment Trust (U1)1, 2, 3

Classification: Mixed-Asset Target 2030 Funds

Symbol: N/A

Gross Expense Ratio: 0.55%

Net Expense Ratio: 0.49%8

Manning & Napier Retirement Target 2035 Collective

Investment Trust (U1)1, 2, 3

Classification: Mixed-Asset Target 2035 Funds

Symbol: N/A

Gross Expense Ratio: 0.58%

Net Expense Ratio: 0.49%8

Manning & Napier Retirement Target 2040 Collective

Investment Trust (U1)1, 2, 3

Classification: Mixed-Asset Target 2040 Funds

Symbol: N/A

Gross Expense Ratio: 0.55%

Net Expense Ratio: 0.49%8

Manning & Napier Retirement Target 2045 Collective

Investment Trust (U1)1, 2, 3

Classification: Mixed-Asset Target 2045 Funds

Symbol: N/A

Gross Expense Ratio: 0.60%

Net Expense Ratio: 0.49%8

Manning & Napier Retirement Target 2050 Collective

Investment Trust (U1)1, 2, 3

Classification: Mixed-Asset Target 2050 Funds

Symbol: N/A

Gross Expense Ratio: 0.55%

Net Expense Ratio: 0.49%8

Manning & Napier Retirement Target 2055 Collective

Investment Trust (U1)1, 2, 3

Classification: Mixed-Asset Target 2055+ Funds Symbol: N/A

Gross Expense Ratio: 0.65%

Net Expense Ratio: 0.49%8

2

1 As a "fund of funds," this fund, as a shareholder of underlying funds, will indirectly bear its pro rata share of the expenses incurred by the underlying funds. 2 The target date for this fund is the approximate date when an investor plans to start withdrawing the assets from his or her retirement account. The principal value of this fund is not guaranteed at any time, including at the target date. This fund is designed to become more conservative over time as the target date approaches. 3 This investment option is not a mutual fund, registered under the Investment Company Act of 1940. A prospectus is not available and shares are not publicly traded or listed on exchanges. 4 It is not possible to invest directly in an index. 5 The total operating expenses in this fee table may differ from the expense ratios in the financial highlights in this prospectus (and in the Series' financial statements) because the financial highlights include only the Series' direct operating expenses and do not include fees or expenses incurred indirectly by the Series through its investments in the underlying fund(s). 6 Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of distribution and service (12b-1) fees, do not exceed 0.05% of such Class's average daily net assets. This contractual waiver will continue until at least February 28, 2020 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series' Board of Directors. The Advisor's agreement to limit each Class's operating expenses is limited to direct operating expenses and, therefore, does not apply to AFFE, which are indirect expenses incurred by the Series through its investments in the underlying fund(s). 7 Manning & Napier Advisors, LLC (the Advisor) has contractually agreed to limit its fees and reimburse expenses to the extent necessary so that the total direct annual fund operating expenses of each Class, exclusive of distribution and service (12b-1) fees, do not exceed 0.05% of such Class's average daily net assets. This contractual waiver will continue until at least February 28, 2023 and may not be amended or terminated by the Advisor prior to such date without the approval of the Series' Board of Directors. The Advisor's agreement to limit each Class's operating expenses is limited to direct operating expenses and, therefore, does not apply to AFFE, which are indirect expenses incurred by the Series through its investments in the underlying fund(s). 8 Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee's contractual agreement to limit its fees and voluntary agreement to reimburse certain expenses.

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Share class changes

Effective March 31, 2017, five funds in your Plan will be switched to share classes with lower expense ratios, as shown in the table below.

Many mutual funds offer different "classes" of shares. Each share class represents an investment in the same portfolio of securities, but with different fee and/or expense structures. These expenses are reflected in the expense ratio, or the percentage of a fund's assets that goes toward operating and managing the fund.

The expense ratio for each share class is deducted before the investment return is calculated. A lower expense ratio means that more of an investment's total return is available to the investor.

Fund

Class

AllianzGI NFJ Small-Cap Value Fund

Instl.

American Funds EuroPacific Growth Fund

R-4

Franklin Small Cap Growth Fund

Advisor

Invesco Growth & Income Fund

Y

Northern Trust Collective S&P 500 Index Fund DC - Non-Lending3, 4

T

*Gross expense ratios are as of December 31, 2016.

Current

Symbol

PSVIX REREX FSSAX ACGMX

Gross/Net Expense Ratio*

0.88% / 0.83%9 0.85% / 0.85% 0.89% / 0.87%10 0.59% / 0.59%

N/A 0.29% / 0.29%

Class

R6 R-6 R6 R6

2

New

Symbol

ANFVX RERGX FSMLX GIFFX

Gross/Net Expense Ratio*

0.83% / 0.78%9 0.50% / 0.50% 0.64% / 0.62%10 0.38% / 0.38%

N/A

0.03% / 0.03%

Do you need to take action?

The share class changes do not affect any investment you may have in any of these funds, other than to lower the expenses associated with that investment. So, unless you decide that investing in one or more of these choices is no longer appropriate for your objectives, there is nothing you need to do. These changes will occur automatically after the close of business on March 30, 2017.

9 Effective November 1, 2016, AllianzGI U.S. has contractually agreed to observe, through October 31, 2017, (i) an irrevocable waiver of a portion of its administration fees ("Management Fees" in the table above consist of administration fees and advisory fees paid to AllianzGI U.S.), which reduces the contractual fee rate by 0.05%.

10 The investment manager has contractually agreed to waive or assume certain expenses so that total annual Fund operating expenses (excluding Rule 12b-1 fees, acquired Fund fees and expenses and certain non-routine expenses) for each class of the Fund do not exceed (and could be less than) 1.00% until August 31, 2017. The "Fee waiver and/or expense reimbursement" and "Total annual Fund operating expenses after fee waiver and/or expense reimbursement" line items have been restated to reflect the current fee waivers and/or expense reimbursements for the Fund for the upcoming fiscal year. Consequently, the Fund's "Total annual Fund operating expenses after fee waiver and/or expense reimbursement" differ from the ratio of expenses to average net assets (net of waiver and payments by affiliates) shown in the Financial Highlights. Contractual fee waiver and/or expense reimbursement agreements may not be changed or terminated during the time periods set forth above.

4

Additional new investment choices

The following funds will be added to the Plan effective March 31, 2017. Shown are each fund's classification from Lipper, Inc., symbol (for publicly traded funds), description and gross expense ratio as of December 31, 2016.

Dreyfus/Standish Global Fixed Income Fund (Y)

Classification: Global Income Funds

Symbol: DSDYX

Gross Expense Ratio: 0.48%

Net Expense Ratio: 0.48%

The investment seeks to maximize total return while realizing a market level of income consistent with preserving principal and

liquidity. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in

U.S. dollar and non-U.S. dollar-denominated fixed-income securities of governments and companies located in various countries,

including emerging markets. It may invest up to 25% of its assets in emerging markets generally and up to 7% of its net assets in any

single emerging market country.

Manning & Napier Retirement Target 2060 Collective Investment Trust (U1)

Classification: Mixed-Asset Target 2055+ Funds

Symbol: N/A

Gross Expense Ratio: 0.72%

Net Expense Ratio: 0.49%8

This fund's objective is to provide capital growth and manage risk for investors planning to retire in or around 2060. The portfolio is

currently invested in an aggressive, growth-oriented mix of stocks, bonds, and cash that seeks to earn the long-term growth typically

associated with the stock market. Stock exposure can range from 70% - 95%. The portfolio's investment mix will gradually become

more conservative over time. During the target year, stock exposure can range from 20%-60%. At five years after the target date and

beyond, the focus will be on capital preservation, and stock exposure can range from 15%-45%.1, 2, 3

Oppenheimer Developing Markets Fund (I)

Classification: Emerging Markets Funds

Symbol: ODVIX

Gross Expense Ratio: 0.88%

Net Expense Ratio: 0.88%

The investment seeks capital appreciation. The fund mainly invests in common stocks of issuers in developing and emerging markets

throughout the world and at times it may invest up to 100% of its total assets in foreign securities. Under normal market conditions,

it will invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of issuers whose principal

activities are in a developing market, i.e. are in a developing market or are economically tied to a developing market country. The fund

will invest in at least three developing markets.

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