BBIF Money BBIF Treasury BIF Money BIF Treasury BlackRock Advantage Global, Inc. BlackRock Advantage U.S. Total Market, Inc. BlackRock Allocation Target Shares BATS: Series A Portfolio BATS: Series C Portfolio BATS: Series E Portfolio BATS: Series M Portfolio BATS: Series P Portfolio BATS: Series S Portfolio BlackRock Asian Dragon, Inc. BlackRock Balanced Capital, Inc. BlackRock Basic Value, Inc. BlackRock Bond, Inc. BlackRock Total Return BlackRock California Municipal Series Trust BlackRock California Municipal Opportunities BlackRock Capital Appreciation, Inc. BlackRock Emerging Markets, Inc. BlackRock Equity Dividend BlackRock Euro BlackRock Financial Institutions Series Trust BlackRock Summit Cash Reserves BlackRock s SM BlackRock Advantage Emerging Markets BlackRock Advantage International BlackRock Advantage Large Cap Growth BlackRock Advantage Small Cap Core BlackRock Advantage Small Cap Growth BlackRock All-Cap Energy & Resources Portfolio BlackRock Alternative Capital Strategies BlackRock Commodity Strategies BlackRock Emerging Markets Dividend BlackRock Emerging Markets Equity Strategies BlackRock Energy & Resources Portfolio BlackRock Exchange Portfolio BlackRock Global Long/Short Credit BlackRock Global Long/Short Equity BlackRock Health Sciences Opportunities Portfolio BlackRock High Equity Income BlackRock Impact Bond BlackRock Impact U.S. Equity BlackRock International Dividend BlackRock Mid-Cap Growth Equity Portfolio BlackRock Money Market Portfolio BlackRock Real Estate Securities BlackRock Short Obligations BlackRock Tactical Opportunities BlackRock Total Emerging Markets BlackRock Total Factor ishares Developed Real Estate Index ishares Edge MSCI Min Vol EAFE Index ishares Edge MSCI Min Vol USA Index ishares Edge MSCI Multifactor Intl Index ishares Edge MSCI Multifactor USA Index ishares Edge MSCI USA Momentum Factor Index ishares Edge MSCI USA Quality Factor Index ishares Edge MSCI USA Size Factor Index ishares Edge MSCI USA Value Factor Index ishares MSCI Asia ex Japan Index ishares MSCI Developed World Index ishares Russell Mid-Cap Index ishares Russell Small/Mid-Cap Index ishares Short-Term TIPS Bond Index ishares Total U.S. Stock Market Index BlackRock s II BlackRock 20/80 Target Allocation BlackRock 40/60 Target Allocation BlackRock 60/40 Target Allocation BlackRock 80/20 Target Allocation BlackRock Core Bond Portfolio BlackRock Credit Strategies Income BlackRock Dynamic High Income Portfolio BlackRock Emerging Markets Bond BlackRock Emerging Markets Flexible Dynamic Bond Portfolio
BlackRock Emerging Markets Local Currency Bond BlackRock Global Dividend Portfolio BlackRock GNMA Portfolio BlackRock High Yield Bond Portfolio BlackRock Inflation Protected Bond Portfolio BlackRock LifePath Smart Beta 2020 BlackRock LifePath Smart Beta 2025 BlackRock LifePath Smart Beta 2030 BlackRock LifePath Smart Beta 2035 BlackRock LifePath Smart Beta 2040 BlackRock LifePath Smart Beta 2045 BlackRock LifePath Smart Beta 2050 BlackRock LifePath Smart Beta 2055 BlackRock LifePath Smart Beta 2060 BlackRock LifePath Smart Beta Retirement BlackRock Low Duration Bond Portfolio BlackRock Managed Income BlackRock Multi-Asset Income Portfolio BlackRock Strategic Income Opportunities Portfolio BlackRock U.S. Government Bond Portfolio BlackRock s III BlackRock Cash s: Institutional BlackRock Cash s: Treasury BlackRock CoreAlpha Bond BlackRock LifePath Dynamic Retirement BlackRock LifePath Dynamic 2020 BlackRock LifePath Dynamic 2025 BlackRock LifePath Dynamic 2030 BlackRock LifePath Dynamic 2035 BlackRock LifePath Dynamic 2040 BlackRock LifePath Dynamic 2045 BlackRock LifePath Dynamic 2050 BlackRock LifePath Dynamic 2055 BlackRock LifePath Dynamic 2060 BlackRock LifePath Index Retirement BlackRock LifePath Index 2020 BlackRock LifePath Index 2025 BlackRock LifePath Index 2030 BlackRock LifePath Index 2035 BlackRock LifePath Index 2040 BlackRock LifePath Index 2045 BlackRock LifePath Index 2050 BlackRock LifePath Index 2055 BlackRock LifePath Index 2060 ishares MSCI Total International Index ishares Russell 1000 Large-Cap Index ishares S&P 500 Index ishares U.S. Aggregate Bond Index BlackRock Global Allocation, Inc. BlackRock Index s, Inc. ishares MSCI EAFE International Index ishares Russell 2000 Small-Cap Index BlackRock Large Cap Series s, Inc. BlackRock Advantage Large Cap Core BlackRock Advantage Large Cap Value BlackRock Advantage Large Cap Value Retirement BlackRock Event Driven Equity BlackRock Large Cap Focus Growth BlackRock Latin America, Inc. BlackRock Liquidity s California Money Federal Trust Fed MuniCash Muni New York Money TempCash Temp T- Treasury Trust BlackRock Long-Horizon Equity BlackRock Mid Cap Dividend Series, Inc. BlackRock Mid Cap Dividend BlackRock Multi-State Municipal Series Trust BlackRock New Jersey Municipal Bond BlackRock New York Municipal Opportunities BlackRock Pennsylvania Municipal Bond BlackRock Municipal Bond, Inc. BlackRock High Yield Municipal BlackRock National Municipal BlackRock Short-Term Municipal BlackRock Municipal Series Trust BlackRock Strategic Municipal Opportunities BlackRock Natural Resources Trust -2-
BlackRock Series, Inc. BlackRock Advantage Large Cap Core Portfolio BlackRock Balanced Capital Portfolio BlackRock Capital Appreciation Portfolio BlackRock Global Allocation Portfolio BlackRock Government Money Market Portfolio BlackRock High Yield Portfolio BlackRock Total Return Portfolio BlackRock U.S. Government Bond Portfolio BlackRock Series, Inc. BlackRock International BlackRock Small Cap Growth II BlackRock Strategic Global Bond, Inc. BlackRock Variable Series s, Inc. BlackRock Advantage Large Cap Core V.I. BlackRock Advantage Large Cap Value V.I. BlackRock Advantage U.S. Total Market V.I. BlackRock Basic Value V.I. BlackRock Capital Appreciation V.I. BlackRock Equity Dividend V.I. BlackRock Global Allocation V.I. BlackRock Global Opportunities V.I. BlackRock Government Money Market V.I. BlackRock High Yield V.I. BlackRock International V.I. BlackRock ishares Alternative Strategies V.I. BlackRock ishares Dynamic Allocation V.I. BlackRock ishares Dynamic Fixed Income V.I. BlackRock ishares Equity Appreciation V.I. BlackRock Large Cap Focus Growth V.I. BlackRock Managed Volatility V.I. BlackRock S&P 500 Index V.I. BlackRock Total Return V.I. BlackRock U.S. Government Bond V.I. FDP Series, Inc. FDP BlackRock Capital Appreciation FDP BlackRock CoreAlpha Bond FDP BlackRock Equity Dividend FDP BlackRock International s For Institutions Series BlackRock Premier Government Institutional BlackRock Select Treasury Strategies Institutional BlackRock Treasury Strategies Institutional FFI Government FFI Treasury Managed Account Series BlackRock GA Disciplined Volatility Equity BlackRock GA Enhanced Equity BlackRock U.S. Mortgage Portfolio Ready Assets Government Liquidity Ready Assets U.S.A. Government Money Ready Assets U.S. Treasury Money Retirement Series Trust Retirement Reserves Money (each, a and collectively, the s ) Supplement dated January 4, 2018 to the Statement of Additional Information of each Each s Statement of Additional Information is amended as follows: The list in the section entitled Purchase of Shares Additional Payments by BlackRock C. Service Organizations Receiving Additional Payments, Miscellaneous Additional Payments by BlackRock C. Service Organizations Receiving Additional Payments, Investment Advisory Arrangements Additional Payments by BlackRock C. Service Organizations Receiving Additional Payments or Investment Adviser and Other Service Providers Additional Payments by BlackRock C. Service Organizations Receiving Additional Payments in Part II, as applicable, of each s current Statement of Additional Information is deleted in its entirety and replaced with the following: -3-
Access Control Advantage ADP Broker-Dealer, Inc. Advisor Group, Inc. Allianz Life Financial Services, LLC Allianz Life Insurance Company of New York Allianz Life Insurance Company of North America American Enterprise Investment Services, Inc. American Fidelity Assurance Company American Fidelity Securities, Inc. American General Life Insurance Company American United Life Insurance Company Annuity Investors Life Insurance Company Aon Hewitt Ascensus Broker Dealer Services, Inc. Ascensus, Inc. AssetMark Trust Company AXA Advisors, LLC AXA Equitable Life Insurance Company Bank of America, N.A. Bank of New York Mellon, The Barclays Capital Inc. BB&T Retirement & Institutional Services Benefit Plans Administrative Services, Inc. Benefit Trust Company BlackRock Advisors, LLC BMO Capital Markets Corp. BMO Harris Bank BNP Paribas Investment Partners UK Limited BNY Mellon, N.A. BOKF, N.A. Broadridge Business Process Outsourcing, LLC Brown Brothers Harriman & Co. Capital One, N.A. Cetera Advisor Networks LLC Cetera Advisors LLC Cetera Financial Group Cetera Financial Specialists LLC Cetera Investment Services LLC Charles Schwab & Co., Inc. Chicago Mercantile Exchange Inc. Citco Securities, LLC CitiBank, National Association Citigroup Global Markets, Inc. Citizens Business Bank CME Shareholder Servicing LLC CMFG Life Insurance Company Comerica Bank Commonwealth Financial Network Companion Life Insurance Company Computershare Trust Company Conduent HR Services, LLC Credit Suisse Securities (USA) LLC CSC Trust Company of Delaware Delaware Life Insurance Company Delaware Life Insurance Company of New York Deutsche Bank AG Deutsche Bank Trust Company Americas Digital Retirement Solutions, Inc. Edward D. Jones & Co., L.P. Empire Fidelity Investments Life Insurance Company Federal Deposit Insurance Corporation Fidelity Brokerage Services LLC Fidelity Investments Institutional Operations Company, Inc. Fidelity Investments Life Insurance Company Fifth Third Securities, Inc. First Allied Securities, Inc. First Clearing, LLC First Hawaiian Bank First Mercantile Trust Company First MetLife Investors Insurance Company First Republic Bank First Security Benefit Life Insurance and Annuity Company of New York First Symetra National Life Insurance Company of New York FIS Brokerage & Securities Services LLC Forethought Life Insurance Company FSC Securities Corporation Genworth Life and Annuity Insurance Company Genworth Life Insurance Company of New York Girard Securities, Inc. Global Atlantic Distributors, LLC Goldman Sachs & Co. Great-West Financial Retirement Plan Services, LLC Great-West Life & Annuity Insurance Company Great-West Life & Annuity Insurance Company of New York Guardian Insurance & Annuity Company, Inc., The GWFS Equities, Inc. Hartford Life and Annuity Insurance Company Hartford Life Insurance Company Hartford Securities Distribution Company, Inc. Hazeltree Services, Inc. Hightower Securities, Inc. Hilltop Securities Inc. HSBC Bank USA, N.A. Huntington Investment Company, The Institutional Cash Distributors, LLC Integrity Life Insurance Company INVEST Financial Corporation Investment Centers of America, Inc. J.P. Morgan Securities LLC -4-
Jefferies LLC Jefferson National Life Insurance Company Jefferson National Life Insurance Company of New York John Hancock Life Insurance Company John Hancock Life Insurance Company of New York JPMorgan Chase Bank, N.A. Kestra Investment Services, LLC Ladenburg Thalmann Advisor Network LLC Lincoln Financial Advisors Corporation Lincoln Financial Distributors, Inc. Lincoln Financial Securities Corporation Lincoln Life & Annuity Company of New York Lincoln National Life Insurance Company Lincoln Retirement Services LLC LPL Financial LLC M&T Securities Inc. Manufacturers and Traders Trust Company Massachusetts Mutual Life Insurance Company Members Life Insurance Company Mercer HR Services, LLC Merrill Lynch, Pierce, Fenner & Smith Incorporated Metavante Corporation MetLife Insurance Company USA Metropolitan Life Insurance Company Mid Atlantic Capital Corporation Midland Life Insurance Company Minnesota Life Insurance Company Mizuho Securities USA Inc. MML Distributors, LLC MML Investors Services, LLC Morgan Stanley & Co. LLC Morgan Stanley Smith Barney LLC MUFG Union Bank, National Association National Financial Services LLC National Integrity Life Insurance Company National Life Insurance Company National Planning Corporation National Planning Holdings, Inc. Nationwide Financial Services, Inc. Nationwide Distributors LLC Nationwide Retirement Solutions NCB Federal Savings Bank New England Pension Plan Systems, LLC New York Life Insurance and Annuity Corporation Newport Retirement Services, Inc. NEX Treasury Limited Northbrook Bank & Trust Company Northwestern Mutual Investment Services, LLC NYLife Distributors LLC Oppenheimer & Co., Inc. Pacific Life & Annuity Company Pacific Life Insurance Company Pacific Select Distributors, LLC Park Avenue Securities LLC Pershing LLC PFPC Inc. PFS Investments Inc. Piper Jaffray & Co. PNC Bank, National Association PNC Capital Markets LLC PNC Investments LLC Primerica Shareholder Services, Inc. Principal Life Insurance Company Pruco Life Insurance Company Pruco Life Insurance Company of New Jersey Prudential Annuities Distributors, Inc. Prudential Insurance Company of America Raymond James & Associates, Inc. Raymond James Financial Services, Inc. RBC Capital Markets, LLC Regions Bank Reliance Trust Company Reliastar Life Insurance Company Reliastar Lire Life Insurance Company of New York RiverSource Distributors, Inc. RiverSource Life Insurance Co. of New York RiverSource Life Insurance Company Robert W Baird & Co Incorporated Royal Alliance Associates, Inc. SagePoint Financial, Inc. Sammons Retirement Solutions, Inc. Saturna Trust Company Security Benefit Life Insurance Company Security Financial Resources, Inc. Security Life of Denver Insurance Company SEI Private Trust Company SG Americas Securities, LLC SII Investments, Inc. Silicon Valley Bank Standard Insurance Company State Street Global Markets, LLC Stifel, Nicolaus & Company, Incorporated Summit Brokerage Services, Inc. SunTrust Bank SVB Asset Management Symetra Life Insurance Company Syntal Capital Partners, LLC T. Rowe Price Retirement Plan Services, Inc. TD Ameritrade Clearing, Inc. TD Ameritrade Trust Company TD Ameritrade, Inc. Teachers Insurance and Annuity Association of America -5-
TIAA-CREF Tuition Financing, Inc. Transamerica Advisors Life Insurance Company Transamerica Financial Life Insurance Company Treasury Brokerage Trust Company of America U.S. Bancorp Investments, Inc. U.S. Bank, National Association UBATCO & Co. UBS AG UBS Financial Services, Inc. UBS Securities LLC UMB Bank, National Association United of Omaha Life Insurance Company United States Life Insurance Company in the City of New York, The VALIC Retirement Services Company Vanguard Group, Inc., The Vanguard Marketing Corporation Voya Financial Advisors, Inc. Voya Financial Partners, LLC Voya Institutional Plan Services, LLC Voya Insurance and Annuity Company Voya Investments Distributor, LLC Voya Retirement Insurance and Annuity Company Wells Fargo Advisors, LLC Wells Fargo Bank, N.A. Wells Fargo Investments, LLC Wells Fargo Securities, LLC Wilmington Trust, National Association Woodbury Financial Services, Inc. ZB, National Association SAI-GLOBAL-0118SUP Shareholders should retain this Supplement for future reference. -6-
FUNDS FOR INSTITUTIONS SERIES BlackRock Premier Government Institutional BlackRock Treasury Strategies Institutional BlackRock Select Treasury Strategies Institutional FFI Government FFI Treasury (each, a and collectively, the s ) Supplement dated November 1, 2017 to the Summary Prospectuses, Prospectus and Statement of Additional Information of each, each dated August 28, 2017, as supplemented to date Effective January 1, 2018, Boston Financial Data Services, the s transfer agent, is changing its name to DST Asset Manager Solutions, Inc. Consequently, effective January 1, 2018, all references to Boston Financial Data Services in the Summary Prospectuses, Prospectus and Statement of Additional Information for the s will be replaced with references to DST Asset Manager Solutions, Inc. Shareholders should retain this Supplement for future reference. PR2SAI-FFIS-1117SUP
BBIF Money BBIF Treasury BIF Money BIF Treasury BlackRock Allocation Target Shares BATS: Series A Portfolio BATS: Series C Portfolio BATS: Series E Portfolio BATS: Series M Portfolio BATS: Series P Portfolio BATS: Series S Portfolio BlackRock Balanced Capital, Inc. BlackRock Basic Value, Inc. BlackRock Bond, Inc. BlackRock Total Return BlackRock California Municipal Series Trust BlackRock California Municipal Opportunities BlackRock Capital Appreciation, Inc. BlackRock Emerging Markets, Inc. BlackRock Equity Dividend BlackRock Euro BlackRock Financial Institutions Series Trust BlackRock Summit Cash Reserves BlackRock Focus Growth, Inc. BlackRock s SM BlackRock Advantage Emerging Markets BlackRock Advantage International BlackRock Advantage Large Cap Growth BlackRock Advantage Small Cap Core BlackRock Advantage Small Cap Growth BlackRock All-Cap Energy & Resources Portfolio BlackRock Alternative Capital Strategies BlackRock Commodity Strategies BlackRock Emerging Markets Dividend BlackRock Emerging Markets Equity Strategies BlackRock Energy & Resources Portfolio BlackRock Exchange Portfolio BlackRock Global Long/Short Credit BlackRock Global Long/Short Equity BlackRock Health Sciences Opportunities Portfolio BlackRock High Equity Income BlackRock Impact Bond BlackRock Impact U.S. Equity BlackRock International Dividend BlackRock Mid-Cap Growth Equity Portfolio BlackRock Money Market Portfolio BlackRock Multi-Manager Alternative Strategies BlackRock Real Estate Securities BlackRock Science & Technology Opportunities Portfolio BlackRock Short Obligations BlackRock Tactical Opportunities BlackRock Total Emerging Markets BlackRock Total Factor ishares Developed Real Estate Index ishares Edge MSCI Min Vol EAFE Index ishares Edge MSCI Min Vol USA Index ishares Edge MSCI Multifactor Intl Index ishares Edge MSCI Multifactor USA Index ishares Edge MSCI USA Momentum Factor Index ishares Edge MSCI USA Quality Factor Index ishares Edge MSCI USA Size Factor Index ishares Edge MSCI USA Value Factor Index ishares MSCI Asia ex Japan Index ishares MSCI Developed World Index ishares Russell Mid-Cap Index ishares Russell Small/Mid-Cap Index ishares Short-Term TIPS Bond Index ishares Total U.S. Stock Market Index BlackRock s II BlackRock 20/80 Target Allocation BlackRock 40/60 Target Allocation BlackRock 60/40 Target Allocation BlackRock 80/20 Target Allocation BlackRock Core Bond Portfolio BlackRock Credit Strategies Income BlackRock Dynamic High Income Portfolio BlackRock Emerging Markets Bond BlackRock Emerging Markets Flexible Dynamic Bond Portfolio BlackRock Emerging Markets Local Currency Bond BlackRock Floating Rate Income Portfolio
BlackRock Global Dividend Portfolio BlackRock GNMA Portfolio BlackRock High Yield Bond Portfolio BlackRock Inflation Protected Bond Portfolio BlackRock LifePath Smart Beta 2020 BlackRock LifePath Smart Beta 2025 BlackRock LifePath Smart Beta 2030 BlackRock LifePath Smart Beta 2035 BlackRock LifePath Smart Beta 2040 BlackRock LifePath Smart Beta 2045 BlackRock LifePath Smart Beta 2050 BlackRock LifePath Smart Beta 2055 BlackRock LifePath Smart Beta 2060 BlackRock LifePath Smart Beta Retirement BlackRock Low Duration Bond Portfolio BlackRock Managed Income BlackRock Multi-Asset Income Portfolio BlackRock Strategic Income Opportunities Portfolio BlackRock U.S. Government Bond Portfolio BlackRock s III BlackRock Cash s: Institutional BlackRock Cash s: Treasury BlackRock CoreAlpha Bond BlackRock LifePath Dynamic Retirement BlackRock LifePath Dynamic 2020 BlackRock LifePath Dynamic 2025 BlackRock LifePath Dynamic 2030 BlackRock LifePath Dynamic 2035 BlackRock LifePath Dynamic 2040 BlackRock LifePath Dynamic 2045 BlackRock LifePath Dynamic 2050 BlackRock LifePath Dynamic 2055 BlackRock LifePath Dynamic 2060 BlackRock LifePath Index Retirement BlackRock LifePath Index 2020 BlackRock LifePath Index 2025 BlackRock LifePath Index 2030 BlackRock LifePath Index 2035 BlackRock LifePath Index 2040 BlackRock LifePath Index 2045 BlackRock LifePath Index 2050 BlackRock LifePath Index 2055 BlackRock LifePath Index 2060 ishares MSCI Total International Index ishares Russell 1000 Large-Cap Index ishares S&P 500 Index ishares U.S. Aggregate Bond Index BlackRock Global Allocation, Inc. BlackRock Global SmallCap, Inc. BlackRock Index s, Inc. ishares MSCI EAFE International Index ishares Russell 2000 Small-Cap Index BlackRock Large Cap Series s, Inc. BlackRock Advantage Large Cap Core BlackRock Advantage Large Cap Value BlackRock Advantage Large Cap Value Retirement BlackRock Event Driven Equity BlackRock Large Cap Focus Growth BlackRock Latin America, Inc. BlackRock Liquidity s California Money Federal Trust Fed MuniCash Muni New York Money TempCash Temp T- Treasury Trust BlackRock Long-Horizon Equity BlackRock Mid Cap Dividend Series, Inc. BlackRock Mid Cap Dividend BlackRock Multi-State Municipal Series Trust BlackRock New Jersey Municipal Bond BlackRock New York Municipal Opportunities BlackRock Pennsylvania Municipal Bond BlackRock Municipal Bond, Inc. BlackRock High Yield Municipal BlackRock National Municipal BlackRock Short-Term Municipal BlackRock Municipal Series Trust BlackRock Strategic Municipal Opportunities BlackRock Natural Resources Trust BlackRock Pacific, Inc. 2
BlackRock Series, Inc. BlackRock Advantage Large Cap Core Portfolio BlackRock Balanced Capital Portfolio BlackRock Capital Appreciation Portfolio BlackRock Global Allocation Portfolio BlackRock Government Money Market Portfolio BlackRock High Yield Portfolio BlackRock Total Return Portfolio BlackRock U.S. Government Bond Portfolio BlackRock Series, Inc. BlackRock International BlackRock Small Cap Growth II BlackRock Strategic Global Bond, Inc. BlackRock Value Opportunities, Inc. BlackRock Variable Series s, Inc. BlackRock Advantage Large Cap Core V.I. BlackRock Advantage Large Cap Value V.I. BlackRock Advantage U.S. Total Market V.I. BlackRock Basic Value V.I. BlackRock Capital Appreciation V.I. BlackRock Equity Dividend V.I. BlackRock Global Allocation V.I. BlackRock Global Opportunities V.I. BlackRock Government Money Market V.I. BlackRock High Yield V.I. BlackRock International V.I. BlackRock ishares Alternative Strategies V.I. BlackRock ishares Dynamic Allocation V.I. BlackRock ishares Dynamic Fixed Income V.I. BlackRock ishares Equity Appreciation V.I. BlackRock Large Cap Focus Growth V.I. BlackRock Managed Volatility V.I. BlackRock S&P 500 Index V.I. BlackRock Total Return V.I. BlackRock U.S. Government Bond V.I. FDP Series, Inc. FDP BlackRock CoreAlpha Bond FDP BlackRock Invesco Value FDP BlackRock Janus Growth FDP BlackRock MFS Research International s For Institutions Series BlackRock Premier Government Institutional BlackRock Select Treasury Strategies Institutional BlackRock Treasury Strategies Institutional FFI Government FFI Treasury Managed Account Series Advantage Global SmallCap BlackRock GA Disciplined Volatility Equity BlackRock GA Enhanced Equity BlackRock U.S. Mortgage Portfolio Mid Cap Dividend Ready Assets Government Liquidity Ready Assets U.S.A. Government Money Ready Assets U.S. Treasury Money Retirement Series Trust Retirement Reserves Money (each, a and collectively, the s ) Supplement dated October 12, 2017 to the Statement of Additional Information of each Each s Statement of Additional Information is amended as follows: The list in the section entitled Purchase of Shares Additional Payments by BlackRock C. Service Organizations Receiving Additional Payments, Miscellaneous Additional Payments by BlackRock C. Service Organizations Receiving Additional Payments, Investment Advisory Arrangements 3
Additional Payments by BlackRock C. Service Organizations Receiving Additional Payments or Investment Adviser and Other Service Providers Additional Payments by BlackRock C. Service Organizations Receiving Additional Payments in Part II, as applicable, of each s current Statement of Additional Information is deleted in its entirety and replaced with the following: Access Control Advantage AccuTech Systems Corporation ADP Broker-Dealer, Inc. Advisor Group, Inc. Allianz Life Financial Services, LLC Allianz Life Insurance Company of New York Allianz Life Insurance Company of North America American Enterprise Investment Services, Inc. American Fidelity Assurance Company American Fidelity Securities, Inc. American General Life Insurance Company American United Life Insurance Company Annuity Investors Life Insurance Company Aon Hewitt Ascensus Broker Dealer Services, Inc. Ascensus, Inc. AssetMark Trust Company AXA Advisors, LLC AXA Equitable Life Insurance Company Bank of America, N.A. Bank of New York Mellon, The Barclays Capital Inc. BB&T Retirement & Institutional Services Benefit Plans Administrative Services, Inc. Benefit Trust Company BlackRock Advisors, LLC BMO Capital Markets Corp. BMO Harris Bank BNP Paribas Investment Partners UK Limited BNY Mellon, N.A. BOKF, N.A. Broadridge Business Process Outsourcing, LLC Brown Brothers Harriman & Co. Capital One, N.A. Cetera Advisor Networks LLC Cetera Advisors LLC Cetera Financial Group Cetera Financial Specialists LLC Cetera Investment Services LLC Charles Schwab & Co., Inc. Chicago Deferred Exchange Company LLC Chicago Mercantile Exchange Inc. Citco Securities, LLC CitiBank, National Association Citigroup Global Markets, Inc. Citizens Business Bank CME Shareholder Servicing LLC CMFG Life Insurance Company Comerica Bank Comerica Securities, Inc. Commonfund Securities Inc. Commonwealth Financial Network Companion Life Insurance Company Computershare Trust Company Credit Suisse First Boston Credit Suisse Securities (USA) LLC CSC Trust Company of Delaware Delaware Life Insurance Company Delaware Life Insurance Company of New York Deutsche Bank AG Deutsche Bank Securities Inc. Deutsche Bank Trust Company Americas Digital Retirement Solutions, Inc. Edward D. Jones & Co., L.P. Empire Fidelity Investments Life Insurance Company Federal Deposit Insurance Corporation Fidelity Brokerage Services LLC Fidelity Investments Institutional Operations Company, Inc. Fidelity Investments Life Insurance Company Fifth Third Securities, Inc. First Allied Securities, Inc. First Clearing, LLC First Hawaiian Bank First Mercantile Trust Company First MetLife Investors Insurance Company First Republic Bank First Security Benefit Life Insurance and Annuity Company of New York First Symetra National Life Insurance Company of New York FIS Brokerage & Securities Services LLC Forethought Life Insurance Company FSC Securities Corporation Genworth Life and Annuity Insurance Company Genworth Life Insurance Company of New York Girard Securities, Inc. Global Atlantic Distributors, LLC Goldman Sachs & Co. Great-West Financial Retirement Plan Services, LLC Great-West Life & Annuity Insurance Company Great-West Life & Annuity Insurance Company of New York 4
Guardian Insurance & Annuity Company, Inc., The GWFS Equities, Inc. Hartford Life and Annuity Insurance Company Hartford Life Insurance Company Hartford Securities Distribution Company, Inc. Hazeltree Services, Inc. Hightower Securities, Inc. Hilltop Securities Inc. HSBC Bank USA, N.A. Huntington Investment Company, The Institutional Cash Distributors, LLC Integrity Life Insurance Company INVEST Financial Corporation Investment Centers of America, Inc. J.P. Morgan Securities LLC Jefferies LLC Jefferson National Life Insurance Company Jefferson National Life Insurance Company of New York John Hancock Life Insurance Company John Hancock Life Insurance Company of New York JPMorgan Chase Bank, N.A. KeyBanc Capital Markets Inc. KeyBank, N.A. Ladenburg Thalmann Advisor Network LLC Lincoln Financial Advisors Corporation Lincoln Financial Distributors, Inc. Lincoln Financial Securities Corporation Lincoln Life & Annuity Company of New York Lincoln National Life Insurance Company Lincoln Retirement Services LLC LPL Financial LLC M&T Securities Inc. Manufacturers and Traders Trust Company Massachusetts Mutual Life Insurance Company Members Life Insurance Company Mercer HR Services, LLC Merrill Lynch, Pierce, Fenner & Smith Incorporated Metavante Corporation MetLife Insurance Company USA Metropolitan Life Insurance Company Mid Atlantic Capital Corporation Midland Life Insurance Company Minnesota Life Insurance Company Mizuho Securities USA Inc. MML Distributors, LLC MML Investors Services, LLC Morgan Stanley & Co. LLC Morgan Stanley Smith Barney LLC MUFG Union Bank, National Association National Financial Services LLC National Integrity Life Insurance Company National Life Insurance Company National Planning Corporation National Planning Holdings, Inc. Nationwide Financial Services, Inc. Nationwide Distributors LLC Nationwide Retirement Solutions NCB Federal Savings Bank New England Pension Plan Systems, LLC New York Life Insurance and Annuity Corporation Newport Retirement Services, Inc. NEX Treasury Limited Northbrook Bank & Trust Company Northwestern Mutual Investment Services, LLC NYLife Distributors LLC Pacific Life & Annuity Company Pacific Life Insurance Company Pacific Select Distributors, LLC Park Avenue Securities LLC Pershing LLC PFPC Inc. PFS Investments Inc. Piper Jaffray & Co. PNC Bank, National Association PNC Capital Markets LLC PNC Investments LLC Primerica Shareholder Services, Inc. Principal Life Insurance Company Pruco Life Insurance Company Pruco Life Insurance Company of New Jersey Prudential Annuities Distributors, Inc. Prudential Insurance Company of America Purshe Kaplan Sterling Investments Raymond James & Associates, Inc. Raymond James Financial Services, Inc. RBC Capital Markets, LLC Regions Bank Reliance Trust Company Reliastar Life Insurance Company Reliastar Lire Life Insurance Company of New York RiverSource Distributors, Inc. RiverSource Life Insurance Co. of New York RiverSource Life Insurance Company Robert W Baird & Co Incorporated Royal Alliance Associates, Inc. SagePoint Financial, Inc. Sammons Retirement Solutions, Inc. Saturna Trust Company Security Benefit Life Insurance Company Security Financial Resources, Inc. Security Life of Denver Insurance Company SEI Private Trust Company 5
SG Americas Securities, LLC SI Trust Servicing SII Investments, Inc. Standard Insurance Company State Street Global Markets, LLC Stifel, Nicolaus & Company, Incorporated Summit Brokerage Services, Inc. SunTrust Bank SVB Asset Management Symetra Life Insurance Company Syntal Capital Partners, LLC T. Rowe Price Retirement Plan Services, Inc. TD Ameritrade Clearing, Inc. TD Ameritrade Trust Company TD Ameritrade, Inc. Teachers Insurance and Annuity Association of America TIAA-CREF Tuition Financing, Inc. Transamerica Advisors Life Insurance Company Transamerica Financial Life Insurance Company Treasury Brokerage Trust Company of America Trust Management Network U.S. Bancorp Investments, Inc. U.S. Bank, National Association UBATCO & Co. UBS AG UBS Financial Services, Inc. UBS Securities LLC UMB Bank, National Association United of Omaha Life Insurance Company United States Life Insurance Company in the City of New York, The VALIC Retirement Services Company Vanguard Group, Inc., The Vanguard Marketing Corporation Voya Financial Advisors, Inc. Voya Financial Partners, LLC Voya Institutional Plan Services, LLC Voya Insurance and Annuity Company Voya Investments Distributor, LLC Voya Retirement Insurance and Annuity Company Wells Fargo Advisors, LLC Wells Fargo Bank, N.A. Wells Fargo Investments, LLC Wells Fargo Securities, LLC Wilmington Trust, National Association Woodbury Financial Services, Inc. Xerox HR Solutions, LLC ZB, National Association SAI-GLOBAL-1017SUP Shareholders should retain this Supplement for future reference. 6
STATEMENT OF ADDITIONAL INFORMATION s For Institutions Series BlackRock Premier Government Institutional BlackRock Treasury Strategies Institutional BlackRock Select Treasury Strategies Institutional FFI Government FFI Treasury 60 State Street, 20th Floor, Boston Massachusetts 02109 Phone No. (800) 225-1576 This Statement of Additional Information of BlackRock Premier Government Institutional, BlackRock Treasury Strategies Institutional, BlackRock Select Treasury Strategies Institutional, FFI Government and FFI Treasury (each, a and collectively, the s ), each a series of s For Institutions Series (the Trust ), is not a prospectus and should be read in conjunction with the prospectus of the s, dated August 28, 2017, as it may be amended or supplemented from time to time (the Prospectus ), which has been filed with the Securities and Exchange Commission (the Commission or the SEC ) and can be obtained, without charge, by calling (800) 225-1576 or by writing to the s at the above address. The Prospectus is incorporated by reference into this Statement of Additional Information, and this Statement of Additional Information has been incorporated by reference into the Prospectus. Each s and, where applicable, each master portfolio s audited financial statements are incorporated into this Statement of Additional Information by reference to the s 2017 Annual Report to shareholders. You may request a copy of the Annual Report at no charge by calling (800) 225-1576 on any business day. References to the Investment Company Act of 1940, as amended (the Investment Company Act ), or other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including court interpretations, and exemptive, no-action or other relief or permission from the Commission, Commission staff or other authority. BlackRock Premier Government Institutional..... BlackRock Treasury Strategies Institutional....... BlackRock Select Treasury Strategies Institutional....... FFIGovernment... FFI Treasury.............................. Ticker Symbol MLPXX MLIXX MLSXX MLGXX MLTXX BlackRock Advisors, LLC Manager BlackRock Investments, LLC Distributor The date of this Statement of Additional Information is August 28, 2017.
TABLE OF CONTENTS Page Investment Objectives and Policies... 1 Maturity and Quality Standards............................... 1 Premier Government Institutional, Treasury Strategies Institutional and Select Treasury Strategies Institutional... 3 Government... 8 Treasury.... 11 Interfund Lending Program....... 14 RegulationRegardingDerivatives... 15 Cyber Security Issues... 15 Management of the Trust... 16 TrusteesandOfficers... 16 Biographical Information..... 20 Share Ownership... 24 Compensation of Trustees...... 25 Investment Advisory Arrangements... 26 Government and Treasury Only....................... 26 Premier Government Institutional, Treasury Strategies Institutional and Select Treasury Strategies Institutional Only... 27 Disclosure of Portfolio Holdings................................. 29 Potential Conflicts of Interest................................. 33 Other Payments by the s....... 39 Additional Payments by BlackRock.......... 40 Portfolio Transactions and Brokerage... 44 Net Asset Value... 45 Dividends... 46 Taxes... 47 Federal... 47 General Treatment of Shareholders...................... 47 OtherTaxes... 49 Distributor... 49 Yield Information... 49 Proxy Voting Policies and Procedures... 50 General Information... 50 Accounting Services Provider, Custodian and Dividend Disbursing Agent..... 51 Transfer Agent..... 51 Distributor... 51 Manager and Administrator....... 52 Independent Registered Public Accounting Firm.................. 52 Legal Counsel...... 52 Shareholder Inquiries..... 52 Additional Information... 52 Principal Shareholders..... 52 Financial Statements... 53 Appendix A Description of Bond Ratings................... A-1 Appendix B Proxy Voting Policies............................ B-1
INVESTMENT OBJECTIVES AND POLICIES Each is a money market fund that seeks current income as is consistent with liquidity and stability of principal. BlackRock Premier Government Institutional ( Premier Government Institutional ) and FFI Government ( Government ) each invests in direct U.S. Government obligations, in securities of U.S. Government agencies and instrumentalities and U.S. Government sponsored enterprises and in repurchase agreements; BlackRock Treasury Strategies Institutional ( Treasury Strategies Institutional ) and BlackRock Select Treasury Strategies Institutional ( Select Treasury Strategies Institutional ) each invests in U.S. Treasury obligations and repurchase agreements with the Federal Reserve Bank of New York secured by U.S. Treasury obligations; and FFI Treasury ( Treasury ) invests in U.S. Treasury obligations. Each is a series of s For Institutions Series (the Trust ). Each of Premier Government Institutional, Treasury Strategies Institutional and Select Treasury Strategies Institutional is a feeder fund (each, a Feeder ) that invests all of its assets in a corresponding master portfolio (each, a Portfolio ) of Master Institutional Money Market LLC (the Master LLC ). Each Portfolio has the same investment objectives and strategies as its corresponding or s as follows: Corresponding Feeder Premier Government Institutional Treasury Strategies Institutional Select Treasury Strategies Institutional Corresponding Portfolio Master Premier Government Institutional Portfolio ( Premier Government Institutional Portfolio ) Master Treasury Strategies Institutional Portfolio ( Treasury Strategies Institutional Portfolio ) Treasury Strategies Institutional Portfolio All investments are made at the Portfolio level. This structure is sometimes called a master/feeder structure. Each Feeder s investment results will correspond directly to the investment results of the corresponding Portfolio. For simplicity, except where otherwise indicated, this Statement of Additional Information, with respect to Premier Government Institutional, Treasury Strategies Institutional and Select Treasury Strategies Institutional, uses the name of the or the term to include the s corresponding Portfolio. Government and Treasury no longer accept purchase orders. Dividends will continue to be reinvested, at the shareholders option, in shares of Government and Treasury, as applicable. Shareholders may continue to redeem their shares of Government and Treasury. The Trust s Board of Trustees (the Board ) has approved a proposal to close Premier Government Institutional, Treasury Strategies Institutional and Select Treasury Strategies Institutional to new share purchases. Accordingly, effective at the close of business on December 1, 2017, Premier Government Institutional, Treasury Strategies Institutional and Select Treasury Strategies Institutional will no longer accept purchase orders. Dividends will continue to be reinvested, at the shareholders option, in shares of Premier Government Institutional, Treasury Strategies Institutional and Select Treasury Strategies Institutional, as applicable. Shareholders may continue to redeem their shares of Premier Government Institutional, Treasury Strategies Institutional and Select Treasury Strategies Institutional. Maturity and Quality Standards As a government money market fund subject to the requirements of Rule 2a-7 under the Investment Company Act, each is required to meet certain maturity and quality standards as set forth below. Maturity. Each 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 of all of its investments will be 120 days or less. In addition, the s will not acquire any instrument with a remaining maturity of greater than 397 days (13 months), with certain exceptions. For example, certain government securities held by a may have remaining maturities exceeding 397 days (13 months), if such securities provide for adjustments in their interest rates not less frequently than every 397 days (13 months). The dollar-weighted average maturity of a is the average amount of time until the issuers of the debt securities in the s portfolio must pay off the principal amount of the debt. Dollar-weighted means the larger the dollar value of a debt security in a, the more weight it gets in calculating this average. To calculate the dollar-weighted average maturity, the may treat a variable or floating rate security under certain circumstances 1
as having a maturity equal to the time remaining to the security s next interest rate reset date rather than the security s actual maturity. Dollar-weighted average life of a s 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. Rule 2a-7 includes a general liquidity requirement that requires that each 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 has made to shareholders. To comply with this general liquidity requirement, each s adviser or sub-adviser must consider factors that could affect the s liquidity needs, including characteristics of the s investors and their likely redemptions. Depending upon the volatility of its cash flows (particularly shareholder redemptions), this provision may require a to maintain greater liquidity than would be required by the daily and weekly minimum liquidity requirements discussed below. The s 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. No will 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; (iii) securities that will mature, as determined without reference to the maturity shortening provisions of Rule 2a-7 regarding interest rate readjustments, or are subject to a demand feature that is exercisable and payable within one business day; and (iv) amounts receivable and due unconditionally within one business day on pending sales of portfolio securities. Weekly liquid assets include (i) and (ii) above as well as (iii) U.S. 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 without provision for the payment of interest and have a remaining maturity of 60 days or less; (iv) securities that will mature, as determined without reference to the maturity shortening provisions of Rule 2a-7 regarding interest rate readjustments, or are subject to a demand feature that is exercisable and payable within five business days; and (v) amounts receivable and due unconditionally within five business days on pending sales of portfolio securities. No 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 ). Portfolio Diversification and Quality. Rule 2a-7 under the Investment Company Act presently limits investments by each 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 securities of a single issuer for certain temporary, limited purposes) ordinarily to not more than 5% of its total assets. When calculating the amount of its total assets invested in securities issued by any particular issuer, a must treat as a single issuer two or more issuers of securities owned by the if one issuer controls the other, is controlled by the other issuer, or is under common control with the other issuer (as control is defined in Rule 2a-7). 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 s adviser or sub-adviser has evaluated the seller s creditworthiness. As a matter of operating policy, a security purchased by each of Premier Government Institutional, Treasury Strategies Institutional, Select Treasury Strategies Institutional and Government will be, in addition to any other investment policies that apply to each such : a security that has ratings at the time of purchase (or which are guaranteed or in some cases otherwise supported by credit supports with such ratings) in the highest rating category by at least two unaffiliated nationally recognized statistical rating organizations ( NRSROs ), or one NRSRO, if the security or guarantee was only rated by one NRSRO; a security that is issued or guaranteed by a person with such ratings; a security without such short-term ratings that has been determined to be of comparable quality by BlackRock; a security issued by other open-end investment companies that invest in the type of obligations in which the may invest; or a security issued or guaranteed as to principal or interest by the U.S. Government or any of its agencies or instrumentalities. (such securities collectively are referred to herein as First Tier Securities ). Treasury currently does not intend to invest in any securities other than First Tier Securities (in addition to any other investment policies that apply to Treasury ). 2
Government Money Market s. A government money market fund invests at least 99.5% of its total assets in obligations of the U.S. government, including obligations of the U.S. Treasury and federal agencies and instrumentalities, as well as repurchase agreements collateralized by government securities. Under Rule 2a-7, a government money market fund may, but is not required to, impose liquidity fees and suspend redemptions. The Board has determined that each that is a government money market fund will not be subject to the liquidity fees and redemption gates under Rule 2a-7. Premier Government Institutional, Treasury Strategies Institutional and Select Treasury Strategies Institutional All investments of each will be in securities with remaining maturities of up to 397 days (13 months), with certain exceptions. The dollar weighted average maturity of each s portfolio will be 60 days or less, and the dollar-weighted average life of all of its investments will be 120 days or less. The following is a description of the U.S. Government securities in which each may principally invest, except as otherwise indicated: Repurchase Agreements Repurchase agreements are transactions in which the purchases a class of securities with the obligation to resell the securities shortly thereafter at a specified price which reflects interest payable to the. Premier Government Institutional may engage in repurchase agreements secured by U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities and cash. Treasury Strategies Institutional and Select Treasury Strategies Institutional may only engage in repurchase agreements with the Federal Reserve Bank of New York secured by U.S. Treasury obligations. U.S. Treasury Obligations Obligations that are direct obligations of the U.S. Treasury. These also include Treasury Receipts where the principal and interest components are traded separately under the Separate Trading of Registered Interest and Principal of Securities ( STRIPS ) Program. U.S. Government Obligations Premier Government Institutional may invest in obligations issued or guaranteed by the U.S. Government or its agencies, authorities, instrumentalities and sponsored enterprises, and related custodial receipts. Variable and Floating Rate Instruments Instruments that provide for adjustments in the interest rate on certain reset dates (variable) or whenever a specified interest rate index changes (floating). When-Issued and Delayed Settlement Transactions The purchase or sale of securities on a when-issued basis, on a delayed delivery basis or through a forward commitment involves the purchase or sale of securities by the at an established price with payment and delivery taking place in the future. The enters into these transactions to obtain what is considered an advantageous price to the at the time of entering into the transaction. The following is a description of some of the investments or investment practices in which each may invest or engage, except as otherwise indicated: Government Securities: U.S. Treasury bills and notes are supported by the full faith and credit of the United States. Premier Government Institutional may also invest in debt securities issued by U.S. Government sponsored enterprises, agencies and instrumentalities, including, but not limited to, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Student Loan Marketing Association, the Federal Agricultural Mortgage Corporation, and the Federal Home Loan Bank. Such securities may also include debt securities issued by international organizations designated or supported by multiple governmental entities, such as the International Bank for Reconstruction and Development. Government agency securities are not direct obligations of the U.S. Treasury but involve various forms of U.S. Government sponsorship or guarantees. The U.S. Government is not obligated to provide financial support to any of the above, other than U.S. Treasury bills and notes. In addition, the s may invest in U.S. Treasury Floating Rate Notes ( FRNs ), which are two-year notes issued by the U.S. Treasury. The interest rate of an FRN changes over the life of the FRN and is the sum of an index rate and a spread. The index rate of an FRN resets daily based on the highest accepted discount rate of the most recent 13- week Treasury bill at auction. The spread is a rate applied to the index rate. The spread stays the same for the life of an FRN. The spread is determined at the auction where the FRN is first offered. The spread is the highest accepted discount margin in that auction. Repurchase Agreements: The s may enter into repurchase agreements, except that Treasury Strategies Institutional and Select Treasury Strategies Institutional may only enter into repurchase agreements with 3