BlackRock Closes FFI Money Funds
A recent Prospectus Supplement filing for BlackRock's FFI, or Funds for Institutions Series, which includes the former Merrill Lynch FFI funds -- BlackRock Premier Government Institutional Fund, BlackRock Treasury Strategies Institutional Fund, and BlackRock Select Treasury Strategies Institutional Fund, says, "On May 24, 2017, the Board of Trustees of Funds For Institutions Series on behalf of its series, BlackRock Premier Government Institutional Fund, BlackRock Treasury Strategies Institutional Fund and BlackRock Select Treasury Strategies Institutional Fund (each individually, a "Fund" and collectively, the "Funds") approved a proposal to close each Fund to share purchases. Accordingly, effective at the close of business on December 1, 2017, each Fund will no longer accept purchase orders. Dividends will continue to be reinvested, at the shareholders' option, in Fund shares. Shareholders may continue to redeem their Fund shares at any time." A separate filing for the FFI funds adds, "On May 24, 2017, the Board of Trustees of Funds For Institutions Series on behalf of its series, BlackRock Premier Government Institutional Fund and BlackRock Select Treasury Strategies Institutional Fund (each a "Fund," and collectively, the "Funds") approved a proposal to implement a low account balance policy. Accordingly effective July 31, 2017, the Prospectus for the Funds is amended as follows: The section of the Prospectus entitled "Account Information -- Funds' Rights -- Note on Low Balance Accounts" is deleted in its entirety and replaced with the following: Note on Low Balance Accounts. Because of the high cost of maintaining small investment accounts, each of Premier Government Institutional Fund, Select Treasury Strategies Institutional, Treasury Strategies Institutional Fund, Government Fund and Treasury Fund reserves the right to redeem your shares if at any time the total investment in your account does not have a value of at least $5,000. You will be notified that the value of your account is less than $5,000 and will be allowed 60 days to make an additional investment into your account before the redemption is processed. If you do not, within 60 days after receiving notice from such Fund of such deficiency, purchase additional shares of such Fund, each of Premier Government Institutional Fund, Select Treasury Strategies Institutional Fund, Treasury Strategies Institutional Fund, Government Fund and Treasury Fund is authorized to redeem your shares and have the proceeds of the redemption paid directly to you."
