UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02354
BlackRock Liquidity Funds
(Exact name of registrant as specified in charter)
| | |
100 Bellevue Parkway Wilmington, DE | | 19809 |
| (Address of principal executive offices) | | (Zip code) |
Brian Kindelan
100 Bellevue Parkway
Wilmington, DE 19809
(Name and address of agent for service)
Registrant’s telephone number, including area code: 302-797-2460
Date of fiscal year end: October 31, 2005
Date of reporting period: April 30, 2005
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
| Item 1. | Reports to Stockholders. |
The Report to Shareholders is attached herewith.
ALTERNATIVES BLACKROCK SOLUTIONS EQUITIES FIXED
INCOME LIQUIDITYREAL ESTATE BlackRock Liquidity Funds
Semi-Annual Report
April 30, 2005 (Unaudited)
[GRAPHIC OMITTED]
[GRAPHIC OMITTED]
[GRAPHIC OMITTED]
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
BLACKROCK LIQUIDITY FUNDS
100 Bellevue Parkway 4th Floor
Wilmington,DE 19809
(302) 797-2000
www.blackrock.com
May 31, 2005
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of
BlackRock Liquidity Funds for the six-month period ended April 30, 2005.
BlackRock Liquidity Funds offer a variety of high quality Taxable and
Tax-Exempt Money Market Funds designed to meet the varied needs of our
investors. Please contact your account representative or call our Client Service
Center at (800) 821-7432 to discuss your investment options. We welcome the
opportunity to serve you.
Sincerely,
[GRAPHIC OMITTED]
Ralph L. Schlosstein
Chairman & President
1
- --------------------------------------------------------------------------------
TempFund
- --------------------------------------------------------------------------------
FUND PROFILE
- ------------------------------------------
Portfolio Diversification - % of Portfolio
- ------------------------------------------
[CHART]
Pie chart
Certificates of Deposit 24.3%
Agency Obligations 3.4%
Repurchase Agreements 23.4%
Time Deposits 2.2%
Variable Rate Obligations 20.5%
Master Notes 3.9%
Commercial Paper 22.3%
- ------------------------------------------------
Distribution - Weighted Average Maturity 27 days
- ------------------------------------------------
[CHART]
Bar chart
Days % of Portfolio
- ---- --------------
1-30 62.9
31-60 21.7
61-90 13.6
91-120 0.1
121-150 0.1
Over 150 1.8
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption/exchange
fees, where applicable; and (2) ongoing costs, including advisory fees,
distribution (12b-1) and service fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30, 2005.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expense you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front and
back end sales charges (loads) or redemption/exchange fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs would have been higher.
Actual Expenses
---------------------------------------------------------------------------------------
Bear Bear
Stearns Stearns Bear
Insti- Cash Adminis- Bear Premier Private Stearns
tutional Dollar Management tration Stearns Choice Client Premier
-------- -------- ---------- -------- -------- -------- -------- --------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,011.30 1,010.10 1,008.80 1,010.80 1,007.20 1,000.34 1,009.20 1,002.61
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 0.90 2.14 3.38 1.39 4.96 0.06 2.98 0.99
Hypothetical Expenses
(5% return before expenses)
---------------------------------------------------------------------------------------
Bear Bear
Stearns Stearns Bear
Insti- Cash Adminis- Bear Premier Private Stearns
tutional Dollar Management tration Stearns Choice Client Premier
-------- -------- ---------- -------- -------- -------- -------- --------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,024.10 1,022.85 1,021.60 1,023.60 1,019.99 1,024.94 1,022.00 1,024.00
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 0.90 2.15 3.40 1.40 5.01 0.06 3.00 1.00
*For each class of the Fund, expenses are equal to the Fund's annualized expense
ratio for the period of 0.18%, 0.43%, 0.68%, 0.28%, 1.00%, 0.45%, 0.60%, and
0.60% for Institutional, Dollar, Cash Management, Administration, Bear Stearns,
Bear Stearns Premier Choice, Bear Stearns Private Client, and Bear Stearns
Premier respectively, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period) and 5/365 for the
Bear Stearns Premier Choice share class and 60/365 for the Bear Stearns Premier
share class (to reflect the period the class was open during the one-half year
period).
2
- --------------------------------------------------------------------------------
TempCash
- --------------------------------------------------------------------------------
FUND PROFILE
- ------------------------------------------
Portfolio Diversification - % of Portfolio
- ------------------------------------------
[CHART]
Pie chart
Certificates of Deposit 23.0%
Repurchase Agreements 12.7%
Fixed Rate Municipal Bonds 0.4%
Time Deposits 5.4%
Variable Rate Obligations 24.4%
Master Notes 4.0%
Commercial Paper 30.1%
- ------------------------------------------------
Distribution - Weighted Average Maturity 32 days
- ------------------------------------------------
[CHART]
Bar chart
Days % of Portfolio
- ---- --------------
1-30 52.1
31-60 33.3
61-90 13.3
91-120 0.1
121-150 0.1
Over 150 1.3
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption/exchange
fees, where applicable; and (2) ongoing costs, including advisory fees,
distribution (12b-1) and service fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30, 2005.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expense you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front and
back end sales charges (loads) or redemption/exchange fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs would have been higher.
Actual Expenses
--------------------------------------------------------
Bear Stearns Bear Stearns
Institutional Dollar Premier Choice Premier
------------- -------- -------------- ------------
Beginning Account
Value (11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (4/30/05) 1,011.40 1,010.10 1,010.00 1,009.10
Expenses Incurred
During Period
(11/01/04 -
4/30/05)* 0.90 2.14 2.24 2.98
Hypothetical Expenses
(5% return before expenses)
--------------------------------------------------------
Bear Stearns Bear Stearns
Institutional Dollar Premier Choice Premier
------------- -------- -------------- ------------
Beginning Account
Value (11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (4/30/05) 1,024.10 1,022.85 1,022.75 1,022.00
Expenses Incurred
During Period
(11/01/04 -
4/30/05)* 0.90 2.15 2.25 3.00
*For each class of the Fund, expenses are equal to the Fund's annualized expense
ratio for the period of 0.18%, 0.43%, 0.45% and 0.60% for Institutional, Dollar,
Bear Stearns Premier Choice and Bear Stearns Premier, respectively, multiplied
by the average account value over the period, multiplied by 181/365 (to reflect
the one-half year period).
3
- --------------------------------------------------------------------------------
FedFund
- --------------------------------------------------------------------------------
FUND PROFILE
- ------------------------------------------
Portfolio Diversification - % of Portfolio
- ------------------------------------------
[CHART]
Pie chart
Repurchase Agreements 39.3%
Agency Obligations 60.7%
- ------------------------------------------------
Distribution - Weighted Average Maturity 22 days
- ------------------------------------------------
[CHART]
Bar chart
Days % of Portfolio
- ---- --------------
1-30 66.2
31-60 16.7
61-90 16.4
91-120 0.1
121-150 0.7
Over 150 0.1
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption/exchange
fees, where applicable; and (2) ongoing costs, including advisory fees,
distribution (12b-1) and service fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30, 2005.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expense you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front and
back end sales charges (loads) or redemption/exchange fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs would have been higher.
Actual Expenses
------------------------------------------------------------------------------------------------
Bear Bear
Stearns Stearns Bear
Cash Bear Premier Private Stearns
Institutional Dollar Reserve Administration Stearns Choice Client Premier
------------- -------- -------- -------------- -------- -------- -------- --------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,010.90 1,009.60 1,008.90 1,000.40 1,006.90 1,009.60 1,008.90 1,008.70
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 0.99 2.24 2.98 0.07 4.96 2.24 2.98 2.98
Hypothetical Expenses
(5% return before expenses)
------------------------------------------------------------------------------------------------
Bear Bear
Stearns Stearns Bear
Cash Bear Premier Private Stearns
Institutional Dollar Reserve Administration Stearns Choice Client Premier
------------- -------- -------- -------------- -------- -------- -------- --------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,024.00 1,022.75 1,022.00 1,024.93 1,019.99 1,022.75 1,022.00 1,022.00
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 1.00 2.25 3.00 0.07 5.01 2.25 3.00 3.00
*For each class of the Fund, expenses are equal to the Fund's annualized expense
ratio for the period of 0.20%, 0.45%, 0.60%, 0.30%, 1.00%, 0.45%, 0.60% and
0.60% for Institutional, Dollar, Cash Reserve, Administration, Bear Stearns,
Bear Stearns Premier Choice, Bear Stearns Private Client and Bear Stearns
Premier, respectively, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period) and 9/365 for the
Administration share class (to reflect the period the class was open during the
one-half year period).
4
- --------------------------------------------------------------------------------
T-Fund
- --------------------------------------------------------------------------------
FUND PROFILE
- ---------------------------------------------
Portfolio Diversification
- ---------------------------------------------
[CHART]
Pie chart
Purchase Agreements 100%
- -----------------------------------------------
Distribution - Weighted Average Maturity 5 days
- -----------------------------------------------
[CHART]
Bar chart
Days % of Portfolio
- ---- --------------
1-30 100.0
31-60 0.1
61-90 0.1
91-120 0.1
121-150 0.1
Over 150 0.1
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption/exchange
fees, where applicable; and (2) ongoing costs, including advisory fees,
distribution (12b-1) and service fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30, 2005.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expense you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front and
back end sales charges (loads) or redemption/exchange fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs would have been higher.
Hypothetical Expenses
Actual Expenses (5% return before expenses)
------------------------------------------------------ ------------------------------------------------------
Cash Cash
Institutional Dollar Management Administration Institutional Dollar Management Administration
------------- -------- ---------- -------------- ------------- -------- ---------- --------------
Beginning Account
Value (11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (4/30/05) 1,010.30 1,009.00 1,007.80 1,009.80 1,024.00 1,022.75 1,021.49 1,023.50
Expenses Incurred
During Period
(11/01/04 -
4/30/05)* 0.99 2.24 3.48 1.49 1.00 2.25 3.51 1.50
*For each class of the Fund, expenses are equal to the Fund's annualized expense
ratio for the period of 0.20%, 0.45%, 0.70% and 0.30% for Institutional, Dollar,
Cash Management and Administration, respectively, multiplied by the average
account value over the period, multiplied by 181/365 (to reflect the one-half
year period).
5
- --------------------------------------------------------------------------------
Federal Trust Fund
- --------------------------------------------------------------------------------
FUND PROFILE
- -------------------------
Portfolio Diversification
- -------------------------
[CHART]
Pie chart
Agency Obligations 100%
- ------------------------------------------------
Distribution - Weighted Average Maturity 14 days
- ------------------------------------------------
[CHART]
Bar chart
Days % of Portfolio
- ---- --------------
1-30 87.0
31-60 5.5
61-90 7.5
91-120 0.1
121-150 0.1
Over 150 0.1
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption/exchange
fees, where applicable; and (2) ongoing costs, including advisory fees,
distribution (12b-1) and service fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30, 2005.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expense you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front and
back end sales charges (loads) or redemption/exchange fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs would have been higher.
Hypothetical Expenses
Actual Expenses (5% return before expenses)
------------------------ ---------------------------
Institutional Dollar Institutional Dollar
------------- -------- ------------- --------
Beginning Account Value (11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value (4/30/05) 1,010.50 1,009.20 1,024.00 1,022.75
Expenses Incurred During Period (11/01/04 -
4/30/05)* 0.99 2.24 1.00 2.25
*For each class of the Fund, expenses are equal to the Fund's annualized expense
ratio for the period of 0.20% and 0.45% for Institutional and Dollar,
respectively, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period).
6
- --------------------------------------------------------------------------------
Treasury Trust
- --------------------------------------------------------------------------------
FUND PROFILE
- -------------------------
Portfolio Diversification
- -------------------------
[CHART]
Pie chart
Treasury Obligations 100%
- ------------------------------------------------
Distribution - Weighted Average Maturity 21 days
- ------------------------------------------------
[CHART]
Bar chart
Days % of Portfolio
- ---- --------------
1-30 76.8
31-60 14.9
61-90 8.3
91-120 0.1
121-150 0.1
Over 150 0.1
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption/exchange
fees, where applicable; and (2) ongoing costs, including advisory fees,
distribution (12b-1) and service fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30, 2005.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expense you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front and
back end sales charges (loads) or redemption/exchange fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs would have been higher.
Actual Expenses
------------------------------------------------------
Cash
Institutional Dollar Management Administration
------------- -------- ---------- --------------
Beginning Account
Value (11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (4/30/05) 1,009.90 1,008.60 1,007.40 1,009.40
Expenses Incurred
During Period
(11/01/04 -
4/30/05)* 0.99 2.23 3.17 1.49
Hypothetical Expenses
(5% return before expenses)
------------------------------------------------------
Cash
Institutional Dollar Management Administration
------------- -------- ---------- --------------
Beginning Account
Value (11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (4/30/05) 1,024.00 1,022.75 1,021.80 1,023.50
Expenses Incurred
During Period
(11/01/04 -
4/30/05)* 1.00 2.25 3.20 1.50
*For each class of the Fund, expenses are equal to the Fund's annualized expense
ratio for the period of 0.20%, 0.45%, 0.70%, and 0.30% for Institutional,
Dollar, Cash Management, and Administration, respectively, multiplied by the
average account value over the period, multiplied by 181/365 (to reflect the
one-half year period) and 165/365 for the Cash Management share class (to
reflect the period the class was open during the one-half year period).
7
- --------------------------------------------------------------------------------
MuniFund
- --------------------------------------------------------------------------------
FUND PROFILE
Top 10 State Concentration (% of portfolio)
New York 10.9%
Texas 8.3
Michigan 6.8
Alabama 6.4
Massachusetts 5.7
Illinois 5.5
California 5.1
Pennsylvania 5.0
Minnesota 3.6
Virginia 3.3
----
Total 60.6%
====
- ------------------------------------------------
Distribution - Weighted Average Maturity 22 days
- ------------------------------------------------
[CHART]
Bar chart
Days % of Portfolio
- ---- --------------
1-30 85.8
31-60 3.3
61-90 1.5
91-120 2.4
121-150 3.7
Over 150 3.3
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption/exchange
fees, where applicable; and (2) ongoing costs, including advisory fees,
distribution (12b-1) and service fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30, 2005.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expense you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front and
back end sales charges (loads) or redemption/exchange fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs would have been higher.
Actual Expenses
----------------------------------------------------------------------------------------
Bear Bear
Stearns Stearns Bear
Insti- Cash Admin- Bear Premier Private Stearns
tutional Dollar Management istration Stearns Choice Client Premier
-------- -------- ---------- --------- -------- -------- -------- --------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,008.30 1,007.10 1,005.80 1,007.80 1,004.40 998.17 1,005.90 998.93
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 0.99 2.23 3.47 1.49 4.96 2.23 3.47 3.47
Hypothetical Expenses
(5% return before expenses)
----------------------------------------------------------------------------------------
Bear Bear
Stearns Stearns Bear
Insti- Cash Admin- Bear Premier Private Stearns
tutional Dollar Management istration Stearns Choice Client Premier
-------- -------- ---------- --------- -------- -------- -------- --------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,024.00 1,022.75 1,021.49 1,023.50 1,019.99 1,022.75 1,021.49 1,021.49
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 1.00 2.25 3.51 1.50 5.01 2.25 3.51 3.51
*For each class of the Fund, expenses are equal to the Fund's annualized expense
ratio for the period of 0.20%, 0.45%, 0.70%, 0.30%, 1.00%, 0.45%, 0.70% and
0.70% for Institutional, Dollar, Cash Management, Administration, Bear Stearns,
Bear Stearns Premier Choice, Bear Stearns Private Client, and Bear Stearns
Premier, respectively, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period) and 6/365 for the
Bear Stearns Premier Choice share class and 60/365 for the Bear Stearns Premier
share class (to reflect the period the class was open during the one-half year
period).
8
- --------------------------------------------------------------------------------
MuniCash
- --------------------------------------------------------------------------------
FUND PROFILE
Top 10 State
Concentration (% of
portfolio)
-------------------
Texas 11.9%
Ohio 7.7
Michigan 5.2
Florida 4.4
New York 4.2
Maryland 4.2
Louisiana 3.8
Indiana 3.7
Georgia 3.4
Illinois 3.1
----
Total 51.6%
====
- ------------------------------------------------
Distribution - Weighted Average Maturity 33 days
- ------------------------------------------------
[CHART]
Bar chart
Days % of Portfolio
- ---- --------------
1-30 79.0
31-60 3.5
61-90 3.7
91-120 4.1
121-150 2.9
Over 150 6.8
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption/exchange
fees, where applicable; and (2) ongoing costs, including advisory fees,
distribution (12b-1) and service fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30, 2005.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expense you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front and
back end sales charges (loads) or redemption/exchange fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs would have been higher.
Actual Expenses
--------------------------------------------------------
Bear Stearns Bear Stearns
Institutional Dollar Premier Choice Premier
------------- -------- -------------- ------------
Beginning Account
Value (11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (4/30/05) 1,008.60 1,007.40 1,007.40 1,006.10
Expenses Incurred
During Period
(11/01/04 -
4/30/05)* 0.99 2.23 2.23 3.47
Hypothetical Expenses
(5% return before expenses)
--------------------------------------------------------
Bear Stearns Bear Stearns
Institutional Dollar Premier Choice Premier
------------- -------- -------------- ------------
Beginning Account
Value (11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (4/30/05) 1,024.00 1,022.75 1,022.75 1,021.49
Expenses Incurred
During Period
(11/01/04 -
4/30/05)* 1.00 2.25 2.25 3.51
*For each class of the Fund, expenses are equal to the Fund's annualized expense
ratio for the period of 0.20%, 0.45%, 0.45% and 0.70% for Institutional, Dollar,
Bear Stearns Premier Choice and Bear Stearns Premier, respectively, multiplied
by the average account value over the period, multiplied by 181/365 (to reflect
the one-half year period).
9
- --------------------------------------------------------------------------------
California Money Fund
- --------------------------------------------------------------------------------
FUND PROFILE
- ------------------------------------------
Portfolio Diversification - % of Portfolio
- ------------------------------------------
[CHART]
Pie chart
Tax-Exempt Commercial Paper 4.2%
Municipal Bonds 8.6%
Municipal Put Bonds 5.3%
Variable Rate Demand Notes 81.9%
- ------------------------------------------------
Distribution - Weighted Average Maturity 21 days
- ------------------------------------------------
[CHART]
Bar chart
Days % of Portfolio
- -------- --------------
1-30 88.3
31-60 0.1
61-90 5.0
91-120 1.1
121-150 0.5
Over 150 5.1
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption/exchange
fees, where applicable; and (2) ongoing costs, including advisory fees,
distribution (12b-1) and service fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30, 2005.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expense you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front and
back end sales charges (loads) or redemption/exchange fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs would have been higher.
Actual Expenses
--------------------------------------------------------------------------------------
Bear Bear
Cash Stearns Stearns Bear
Insti- Manage- Admin- Bear Premier Private Stearns
tutional Dollar ment istration Stearns Choice Client Premier
-------- -------- -------- --------- -------- -------- -------- --------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,008.20 1,007.00 1,005.80 1,007.80 1,004.30 1,007.00 1,005.80 1,002.53
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 0.99 2.23 3.47 1.49 4.96 2.23 3.47 3.47
Hypothetical Expenses
(5% return before expenses)
--------------------------------------------------------------------------------------
Bear Bear
Cash Stearns Stearns Bear
Insti- Manage- Admin- Bear Premier Private Stearns
tutional Dollar ment istration Stearns Choice Client Premier
-------- -------- -------- --------- -------- -------- -------- --------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,024.00 1,022.75 1,021.49 1,023.50 1,019.99 1,022.75 1,021.49 1,021.49
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 1.00 2.25 3.51 1.50 5.01 2.25 3.51 3.51
*For each class of the Fund, expenses are equal to the Fund's annualized
expense ratio for the period of 0.20%, 0.45%, 0.70%, 0.30%, 1.00%, 0.45%, 0.70%
and 0.70% for Institutional, Dollar, Cash Management, Administration, Bear
Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client and Bear
Stearns Premier, respectively, multiplied by the average account value over the
period, multiplied by 181/365 (to reflect the one-half year period).
10
- --------------------------------------------------------------------------------
New York Money Fund
- --------------------------------------------------------------------------------
FUND PROFILE
- ------------------------------------------
Portfolio Diversification - % of Portfolio
- ------------------------------------------
[CHART]
Pie chart
Commercial Paper 4.0%
Municipal Bonds 13.5%
Municipal Put Bonds 1.1%
Variable, Rate Demand Notes 81.4%
- ------------------------------------------------
Distribution - Weighted Average Maturity 22 days
- ------------------------------------------------
[CHART]
Bar chart
Days % of Portfolio
- -------- --------------
1-30 89.9
31-60 4.4
61-90 2.5
91-120 2.9
121-150 2.6
Over 150 2.1
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption/exchange
fees, where applicable; and (2) ongoing costs, including advisory fees,
distribution (12b-1) and service fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30, 2005.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you paid for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front and
back end sales charges (loads) or redemption/exchange fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs would have been higher.
Actual Expenses
----------------------------------------------------------------------------------------
Bear Bear
Stearns Stearns Bear
Insti- Cash Admin- Bear Premier Private Stearns
tutional Dollar Management istration Stearns Choice Client Premier
-------- -------- ---------- --------- -------- -------- -------- --------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,008.20 1,007.00 1,002.30 1,007.70 1,004.20 1,007.00 1,005.70 1,005.90
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 0.99 2.23 1.13 1.49 4.96 2.23 3.47 3.47
Hypothetical Expenses
(5% return before expenses)
----------------------------------------------------------------------------------------
Bear Bear
Stearns Stearns Bear
Insti- Cash Admin- Bear Premier Private Stearns
tutional Dollar Management istration Stearns Choice Client Premier
-------- -------- ---------- --------- -------- -------- --------- --------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,024.00 1,022.75 1,023.86 1,023.50 1,019.99 1,022.75 1,021.49 1,021.49
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 1.00 2.25 1.14 1.50 5.01 2.25 3.51 3.51
*For each class of the Fund, expenses are equal to the Fund's annualized expense
ratio for the period of 0.20%, 0.45%, 0.70%, 0.30%, 1.00%, 0.45%, 0.70% and
0.70% for Institutional, Dollar, Cash Management, Administration, Bear Stearns,
Bear Stearns Premier Choice, Bear Stearns Private Client and Bear Stearns
Premier, respectively, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period), and 59/365 for the
Cash Management share class (to reflect the period the class was open during the
one-half year period).
11
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
TEMPFUND
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- --------- --------------
AGENCY OBLIGATIONS - 3.5%
Federal Home Loan Bank Variable Rate Notes - 2.6%
2.77%(b) 05/03/05 $ 100,000 $ 99,980,271
2.83%(b) 06/08/05 250,000 249,950,865
2.88%(b) 06/13/05 328,000 327,927,580
--------------
677,858,716
==============
Federal National Mortgage Association Variable Rate Notes - 0.9%
2.82%(b) 06/06/05 200,000 199,958,261
--------------
TOTAL AGENCY OBLIGATIONS
(Cost $877,816,977) 877,816,977
--------------
CERTIFICATES OF DEPOSIT - 24.7%
Domestic - 7.9%
American Express Centurion Bank (A-1, P-1)
3.03% 05/31/05 180,000 180,000,000
Citibank N.A. (A-1+, P-1)
2.70% 05/04/05 184,375 184,375,000
2.70% 05/06/05 245,360 245,360,000
2.70% 05/09/05 280,420 280,420,000
First Tennessee Bank N.A. (A-1, P-1)
3.04% 06/27/05 114,400 114,400,000
Washington Mutual Bank F.A. (A-1, P-1)
2.81% 05/03/05 975,000 975,000,000
--------------
1,979,555,000
==============
Yankee - 16.8%
Banque Nationale de Paribas, New York (A-1+, P-1)
2.90% 06/13/05 489,465 489,467,901
Barclays Bank PLC, New York (A-1+, F-1+)
2.75% 05/03/05 338,020 338,020,000
Calyon New York (A-1+, P-1)
2.66% 05/02/05 100,000 99,999,886
Canadian Imperial Bank of Commerce, New York (A-1, P-1)
2.48% 11/01/05 300,000 300,000,000
Credit Suisse First Boston, New York (A-1, P-1)
2.76% 05/03/05 295,720 295,720,000
Depfa Bank PLC, New York (A-1+, F-1+)
2.90% 06/10/05 94,400 94,400,000
2.90% 06/13/05 350,000 350,000,000
2.49% 11/01/05 78,300 78,300,000
Eurohypo AG, New York (A-1, P-1)
2.82% 05/02/05 121,630 121,630,000
2.72% 05/03/05 60,000 60,000,000
2.72% 05/04/05 57,835 57,835,000
3.06% 06/21/05 50,000 50,000,000
3.06% 06/24/05 150,000 150,000,000
Svenska Handelsbanken, New York (A-1+, P-1)
3.05% 06/30/05 265,000 265,000,000
Toronto Dominion Bank, New York (A-1, P-1)
3.02% 07/07/05 200,000 200,000,000
UBS AG, Stamford (A-1+, P-1)
2.80% 05/02/05 700,000 700,000,048
2.90% 06/14/05 600,000 600,003,638
--------------
4,250,376,473
==============
TOTAL CERTIFICATES OF DEPOSIT
(Cost $6,229,931,473) 6,229,931,473
--------------
COMMERCIAL PAPER - 22.8%
Asset-Backed Securities - 7.4%
Brahms Funding Corp. (A-1, P-1)
3.07% 06/23/05 26,353 26,233,892
PAR
MATURITY (000) VALUE
-------- --------- --------------
COMMERCIAL PAPER (Continued)
Asset-Backed Securities (continued)
Dakota Notes Program (A-1, P-1)
2.82% 05/02/05 $ 286,850 $ 286,827,610
2.70% 05/05/05 239,780 239,708,066
Edison Asset Securitization LLC (A-1+, P-1)
3.02% 07/06/05 160,000 159,114,133
Emerald Certificates (A-1+, P-1)
3.04% 06/29/05 60,000 59,703,033
3.06% 06/29/05 77,750 77,362,632
Grampian Funding LLC (A-1+, P-1)
2.70% 05/09/05 217,395 217,264,563
Kitty Hawk Funding Corp. (A-1+, P-1)
2.80% 05/02/05 37,404 37,401,091
3.02% 06/10/05 133,358 132,910,510
Liberty Street Funding Corp. (A-1, P-1)
3.02% 06/24/05 93,000 92,578,710
Motown Notes (A-1+, P-1)
2.88% 05/16/05 48,100 48,042,280
Newcastle Certificates (A-1+, P-1)
3.02% 06/20/05 75,500 75,185,417
Park Granada LLC (A-1+, P-1)
2.81% 05/02/05 40,000 39,996,878
2.81% 05/02/05 140,000 139,989,111
Park Sienna LLC (A-1+, P-1)
2.87% 05/03/05 50,048 50,040,020
3.05% 05/24/05 90,000 89,824,625
Silver Tower U.S. Funding LLC (A-1, P-1)
3.03% 06/27/05 100,000 99,520,250
--------------
1,871,702,821
==============
Banks - 8.4%
Bank of America Corp. (A-1+, P-1)
3.01% 07/05/05 351,700 349,788,608
3.01% 07/06/05 150,000 149,172,250
Barclays U.S. Funding Corp. (A-1+, P-1)
2.74% 05/03/05 329,385 329,334,860
Deutsche Bank Financial LLC (A-1+, P-1)
2.80% 05/02/05 600,000 599,953,332
3.02% 06/27/05 700,000 696,647,292
--------------
2,124,896,342
==============
Electronics - 3.1%
General Electric Co. (A-1+, P-1)
3.00% 06/28/05 687,550 684,226,842
3.00% 06/29/05 75,000 74,631,250
--------------
758,858,092
==============
Finance Services - 0.3%
ING (U.S.) Funding LLC (A-1+, P-1)
3.01% 07/05/05 31,000 30,831,524
3.01% 07/07/05 45,000 44,747,912
--------------
75,579,436
==============
Life Insurance - 0.7%
Prudential Funding LLC (A-1+, P-1)
2.80% 05/03/05 152,000 151,976,356
--------------
Security Brokers & Dealers - 2.9%
Bear Stearns Co., Inc. (A-1, P-1)
3.02% 06/27/05 108,265 107,747,313
Goldman Sachs Group, Inc. (A-1, P-1)
2.79% 05/02/05 400,000 399,969,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
12
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
TEMPFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- --------- --------------
COMMERCIAL PAPER (Continued)
Security Brokers & Dealers (continued)
Morgan Stanley (A-1, P-1)
3.02% 07/07/05 $250,000 $ 248,594,861
--------------
756,311,174
==============
TOTAL COMMERCIAL PAPER
(Cost $5,739,324,221) 5,739,324,221
--------------
MASTER NOTES - 4.0%
Security Brokers & Dealers
Bank of America Securities LLC (A-1, P-1)
3.08%(b) 05/02/05 293,000 293,000,000
Merrill Lynch Mortgage Capital, Inc. (A-1, P-1)(c)
2.93% 05/02/05 264,850 264,850,000
Morgan Stanley Mortgage Capital, Inc. (A-1, P-1)(c)
3.17% 05/02/05 438,000 438,000,000
--------------
TOTAL MASTER NOTES
(Cost $995,850,000) 995,850,000
==============
VARIABLE RATE OBLIGATIONS - 20.9%
Agency Obligations - 2.5%
Federal Home Loan Mortgage Corp.
2.72%(b) 05/09/05 400,000 400,031,226
3.08%(b) 07/07/05 220,000 220,000,000
--------------
620,031,226
==============
Asset-Backed Securities - 1.1%
Racers XL (A-1, P-1)
3.00%(b) 05/23/05 234,650 234,650,000
SMM Trust Series 2004G (A-1+, P-1)
2.93%(b) 06/03/05 26,287 26,286,605
--------------
260,936,605
==============
Banks - 2.5%
Bank of America, N.A. (AA+, Aa1)
2.80%(b) 05/02/05 207,700 207,700,000
Bank of New York Co., Inc. (A+, Aa3)
3.06%(b) 05/27/05 125,000 125,000,000
Bank of New York, Inc. (AA-, Aa2)
2.92%(b) 05/20/05 35,015 35,014,816
Hayes Brake Holdings LLC (National City Bank N.A. LOC)
(A-1, P-1)(c)
3.11%(b) 05/07/05 9,878 9,878,000
LP Pinewood SPV (Wachovia Bank N.A. LOC) (A-1, P-1)(c)
3.06%(b) 05/07/05 50,000 50,000,000
Wells Fargo Bank N.A. (AA, Aaa)
2.92%(b) 05/02/05 190,000 190,001,915
--------------
617,594,731
==============
Insurance Carriers NEC - 1.3%
ASIF Global Financing (AAA, Aaa)
3.11%(b) 06/02/05 49,000 49,031,948
Travelers Insurance Co. (A-1+, P-1)
3.18%(b) 07/01/05 250,000 250,000,000
--------------
299,031,948
==============
Life Insurance - 4.4%
Hartford Life Insurance Co. (A-1+, P-1)
3.17%(b) 07/01/05 100,000 100,000,000
PAR
MATURITY (000) VALUE
-------- --------- --------------
VARIABLE RATE OBLIGATIONS (Continued)
Life Insurance (continued)
ING Security Life Insurance (AA3, Aa)
2.96%(b) 05/09/05 $150,000 $ 150,000,000
MetLife Global Funding I (AA, Aa2)
3.13%(b) 05/31/05 95,000 95,000,000
New York Life Insurance Co. (A-1+, P-1)
3.09%(b) 06/13/05 350,000 350,000,000
Transamerica Occidental Life Insurance Co. (A-1+, P-1)
2.98%(b) 05/02/05 400,000 400,000,000
--------------
1,095,000,000
==============
Municipal Bonds - 0.1%
California Housing Finance Agency RB (Taxable
Home Meeting Project) Series 1998 DN (A-1+, VMIG-1)
2.98%(b) 05/07/05 33,000 33,000,000
--------------
Personal Credit Institutions - 1.7%
General Electric Capital Corp. (AAA, Aaa)
3.07%(b) 05/17/05 447,600 447,738,199
--------------
Security Brokers & Dealers - 7.3%
Citigroup Global Markets, Inc. (A-1+, P-1)
2.83%(b) 05/03/05 270,000 270,000,000
Goldman Sachs Group, Inc. (A-1, P-1)
3.01%(b) 05/19/05 333,000 333,000,000
Greenwich Capital Holdings Inc (A-1+, P-1)
2.95%(b) 05/20/05 56,000 56,000,000
Greenwich Capital Holdings, Inc. (A-1+, P-1)
2.81%(b) 09/30/05 74,675 74,675,000
Lehman Brothers Holdings, Inc. (A-1, P-1)
3.06%(b) 05/02/05 71,000 71,000,000
3.06%(b) 05/02/05 72,000 72,000,000
Merrill Lynch & Co., Inc. (A+, Aa3)
3.06%(b) 05/11/05 459,000 459,126,148
Morgan Stanley & Co., Inc. (A+, Aa3)
3.07%(b) 05/16/05 550,000 550,106,655
--------------
1,885,907,803
==============
TOTAL VARIABLE RATE OBLIGATIONS
(Cost $5,259,240,512) 5,259,240,512
--------------
TIME DEPOSITS - 2.2%
Wells Fargo Bank, N.A. (A-1, P-1)
2.64%
(Cost $562,000,000) 05/02/05 562,000 562,000,000
--------------
REPURCHASE AGREEMENTS - 23.8%
Deutsche Bank Securities, Inc.
2.78% 05/03/05 550,000 550,000,000
(Agreement dated 03/22/05 to be repurchased at $551,783,833,
collateralized by $657,506,701 Federal Home Loan Mortgage
Corporation Bonds, Federal National Mortgage Association
Bonds and Variable Rate Notes 3.50% to 6.00% due from
08/01/18 to 04/01/35. The market value is $566,500,000.)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
13
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
TEMPFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ---------- --------------
REPURCHASE AGREEMENTS (Continued)
Goldman Sachs & Co.
2.95% 05/02/05 $ 80,400 $ 80,400,000
(Agreement dated 04/29/05 to be repurchased at $80,419,765,
collateralized by $78,664,146 Federal National Mortgage
Association Bonds, U.S. Treasury Strips and Strip
Principals 0.00% to 7.13% due from 03/02/07 to
01/15/30. The market value is $82,765,654.)
Goldman Sachs & Co.
3.00% 05/02/05 500,000 500,000,000
(Agreement dated 04/29/05 to be repurchased at $500,125,000,
collateralized by $489,204,887 Federal National Mortgage
Association Bonds, U.S. Treasury Strips and Strip
Principals 0.00% to 7.13% due from 03/02/07 to
01/15/30. The market value is $514,711,775.)
Morgan Stanley & Co.
2.95% 05/02/05 256,000 256,000,000
(Agreement dated 04/29/05 to be repurchased at $256,062,933,
collateralized by $295,040,398 Federal Home Loan Bank
Bonds,Federal Home Loan Mortgage Corporation Bonds,
Federal National Mortgage Association Bonds, Discount
Notes, Bank Bonds and Variable Rate Notes and Government
National Mortgage Association Bonds 0.00% to 7.00% due
from 05/18/05 to 03/01/35. The market value is
$276,711,935.)
Morgan Stanley & Co., Inc.
2.96% 05/02/05 340,000 340,000,000
(Agreement dated 04/29/05 to be repurchased at $340,083,867,
collateralized by $391,850,529 Federal Home Loan Bank
Bonds,Federal Home Loan Mortgage Corporation Bonds,
Federal National Mortgage Association Bonds,Discount Notes
and Variable Rate Notes and Goverment National Mortgage
Association Bonds0.00% to 7.00% due from 05/18/05 to
03/01/35. The market value is $367,508,039.)
PNC Bank N.A.
2.70% 05/02/05 133,300 133,300,000
(Agreement dated 04/29/05 to be repurchased at $133,329,993,
collateralized by $320,000,000 Federal National Mortgage
Association Bonds 5.00% to 6.00% due from 05/15/11 to
04/26/17. The market value is $343,098,000.)
UBS Securities LLC
2.78% 05/03/05 1,250,000 1,250,000,000
(Agreement dated 03/21/05 to be repurchased at
$1,254,150,694, collateralized by $2,238,685,391 Federal
Home Loan Mortgage Corporation Bonds and Federal National
Mortgage Association Bonds 4.00% to 11.00% due from
06/01/05 to 05/01/35. The market value is $1,287,500,006.)
UBS Securities LLC
2.78% 05/03/05 350,000 350,000,000
(Agreement dated 03/22/05 to be repurchased at $351,135,167,
collateralized by $742,511,025 Federal Home Loan Mortgage
Corporation Bonds and Federal National Mortgage
Association Bonds 4.50% to 9.00% due from 11/01/05 to
05/01/35. The market value is $360,501,758.)
PAR
MATURITY (000) VALUE
-------- --------- --------------
REPURCHASE AGREEMENTS (Continued)
UBS Securities LLC
2.78% 05/03/05 $1,150,000 $1,150,000,000
(Agreement dated 03/23/05 to be repurchased at
$1,153,641,028, collateralized by $4,041,094,408 Federal
Home Loan Mortgage Corporation Bonds and Federal National
Mortgage Association Bonds, and Strips 0.00% to 11.00% due
from 02/01/15 to 04/01/35. The market value is
$1,184,504,428.)
UBS Securities LLC
3.05% 07/05/05 1,400,000 1,400,000,000
(Agreement dated 04/29/05 to be repurchased at
$1,407,946,944, collateralized by $2,466,338,669 Federal
Home Loan Mortgage Corporation Bonds and Federal National
Mortgage Association Bonds 4.00% to 11.50% due from
09/01/06 to 04/01/35. The market value is $1,442,001,323.)
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $6,009,700,000) 6,009,700,000
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
14
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
TEMPFUND (CONCLUDED)
APRIL 30, 2005 (UNAUDITED)
VALUE
---------------
TOTAL INVESTMENTS IN SECURITIES - 101.9%
(Cost $25,673,863,183(a)) $25,673,863,183
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.9)% (473,436,974)
---------------
NET ASSETS - 100.0%
(Equivalent to $1.00 per share based on 19,225,532,458
Institutional Shares, 3,553,052,421 Dollar Shares,
244,779,236 Cash Management Shares, 1,162,332,583
Adminstration Shares, 297,245,577 Bear Stearns Shares,
11,077,100 Bear Stearns Premier Choice Shares, 697,580,154
Bear Stearns Private Client Shares and 33,535,979 Bear
Stearns Premier Shares outstanding) $25,200,426,209
===============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($19,221,896,514/19,225,532,458) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER DOLLAR
SHARE
($3,532,315,754/3,533,052,421) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER CASH
MANAGEMENT SHARE
($244,744,693/244,779,236) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
ADMINISTRATION SHARE
($1,162,119,670/1,162,332,583) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER BEAR
STEARNS SHARE
($297,212,983/297,245,577) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER BEAR
STEARNS PREMIER CHOICE SHARE
($11,077,100/11,077,100) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER BEAR
STEARNS PRIVATE CLIENT SHARE
($697,523,513/697,580,154) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER BEAR
STEARNS PREMIER SHARE
($33,535,981/33,535,979) $1.00
=====
- ----------
(a) Aggregate cost for Federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2005 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Ratings reflect those of guarantor.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
15
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
TEMPCASH
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- -------- --------------
CERTIFICATES OF DEPOSIT - 23.0%
Domestic - 6.4%
Citibank N.A. (A-1+, P-1)
2.70% 05/04/05 $ 78,625 $ 78,625,000
2.70% 05/06/05 104,640 104,640,000
2.70% 05/09/05 119,580 119,580,000
First Tennessee Bank N.A. (A-1, P-1)
3.04% 06/27/05 50,000 50,000,000
Washington Mutual Bank F.A. (A-1, P-1)
2.81% 05/03/05 355,000 355,000,000
--------------
707,845,000
==============
Euro Dollar - 3.4%
HBOS Treasury Services PLC (A-1, P-1)
2.91% 06/13/05 125,000 125,001,412
Societe Generale, Paris (A-1+, P-1)
2.70% 05/04/05 200,000 199,999,752
2.72% 05/09/05 50,000 50,000,000
--------------
375,001,164
==============
Yankee - 13.2%
Banco Santander Puerto Rico (A-1, P-1)
2.94% 05/18/05 50,000 50,000,000
Banque Nationale de Paribas, New York (A-1+, P-1)
2.90% 06/13/05 160,000 160,000,948
Barclays Bank PLC, New York (A-1+, F-1+)
2.75% 05/03/05 129,680 129,680,000
Canadian Imperial Bank of Commerce, New York (A-1, P-1)
2.48% 11/01/05 97,500 97,500,000
Credit Suisse First Boston, New York (A-1, P-1)
2.76% 05/03/05 109,280 109,280,000
Depfa Bank PLC, New York (A-1+, F-1+)
2.90% 06/13/05 150,000 150,000,000
Eurohypo AG, New York (A-1, P-1)
2.82% 05/02/05 60,000 60,000,000
2.72% 05/03/05 40,000 40,000,000
2.72% 05/04/05 24,665 24,665,000
3.04% 06/27/05 131,200 131,200,000
3.04% 06/30/05 75,000 75,000,621
Nordea Bank Finland PLC, New York (A-1, P-1)
2.91% 06/13/05 97,800 97,800,580
UBS AG, Stamford (A-1+, P-1)
2.80% 05/02/05 336,500 336,500,023
--------------
1,461,627,172
==============
TOTAL CERTIFICATES OF DEPOSIT
(Cost $2,544,473,336) 2,544,473,336
==============
COMMERCIAL PAPER - 30.1%
Asset-Backed Securities - 13.4%
Atlantis One Funding (A-1+, P-1)
3.00% 05/05/05 24,080 24,071,973
Dakota Notes Program (A-1, P-1)
2.82% 05/02/05 109,150 109,141,480
Edison Asset Securitization LLC (A-1+, P-1)
3.02% 07/05/05 43,249 43,013,173
3.02% 07/06/05 40,000 39,778,533
Emerald Certificates (A-1+, P-1, F-1+)
3.02% 06/29/05 23,000 22,886,163
3.04% 06/29/05 40,000 39,800,711
Eurohypo AG, New York (A-1, P-1)
3.04% 07/06/05 134,734 133,984,318
PAR
MATURITY (000) VALUE
-------- -------- -------------
COMMERCIAL PAPER (Continued)
Asset-Backed Securities (continued)
Fairway Finance Co. LLC (A-1, P-1)
3.03% 05/27/05 $ 19,548 $ 19,505,222
Grampian Funding LLC (A-1+, P-1)
2.70% 05/09/05 92,705 92,649,377
Kitty Hawk Funding Corp. (A-1+, P-1)
2.80% 05/02/05 12,785 12,784,006
Lockhart Funding LLC (P-1)
3.04% 06/23/05 59,581 59,314,342
3.07% 06/23/05 23,525 23,418,675
3.05% 06/27/05 30,000 29,855,125
Monument Gardens Funding LLC (A-1, P-1)
3.07% 06/27/05 45,000 44,781,262
Newcastle Certificates
3.07% 06/06/05 44,800 44,662,464
Park Granada LLC (A-1+, P-1)
2.81% 05/02/05 170,790 170,776,669
Park Sienna LLC (A-1+, P-1)
3.05% 05/24/05 39,528 39,450,975
3.05% 05/25/05 50,120 50,018,089
Silver Tower U.S. Funding LLC (A-1, P-1)
3.03% 06/23/05 45,000 44,799,262
3.03% 06/27/05 50,000 49,760,125
Tulip Funding Corp. (A-1+, P-1)
3.02% 05/31/05 100,000 99,748,333
Victory Receivables Corp. (A-1, P-1)
3.03% 05/12/05 24,298 24,275,504
3.03% 05/23/05 50,000 49,907,417
3.04% 06/07/05 89,366 89,086,781
3.03% 06/13/05 61,214 60,992,456
3.05% 06/21/05 71,343 71,034,739
--------------
1,489,497,174
==============
Banks - 9.9%
Bank of America Corp. (A-1+, P-1)
3.01% 07/05/05 250,000 248,641,320
Barclays U.S. Funding Corp. (A-1+, P-1)
2.74% 05/03/05 126,365 126,345,765
Deutsche Bank Financial LLC (A-1+, P-1)
3.02% 06/27/05 500,000 497,605,208
Skandinaviska Enskilda Banken AB (A-1, P-1)
2.42% 10/27/05 12,100 11,954,403
Svenska Handelsbanken AB (A-1+, P-1)
3.02% 06/28/05 213,600 212,560,717
--------------
1,097,107,413
==============
Credit Institutions - 2.5%
Countrywide Home Loans, Inc. (A-1, P-2)
2.83% 05/03/05 68,250 68,239,270
3.01% 05/05/05 170,000 169,943,144
3.06% 05/23/05 44,000 43,917,720
--------------
282,100,134
==============
Electronics - 1.7%
General Electric Co. (A-1+, P-1)
3.00% 06/29/05 175,000 174,139,583
--------------
Telephone Communications - 2.6%
SBC Communications Inc. (A-1, P-1)
3.05% 06/20/05 50,000 49,788,194
3.05% 06/21/05 50,000 49,783,958
3.04% 06/22/05 145,000 144,363,290
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
16
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
TEMPCASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- -------- --------------
COMMERCIAL PAPER (Continued)
Telephone Communications (continued)
SBC Communications (continued)
3.06% 06/22/05 $ 44,500 $ 44,303,310
--------------
288,238,752
==============
TOTAL COMMERCIAL PAPER
(Cost $3,331,083,056) 3,331,083,056
--------------
MASTER NOTES - 4.1%
Security Brokers & Dealers
Bank of America Securities LLC (A-1, P-1)
3.08%(b) 05/02/05 117,950 117,950,000
Merrill Lynch Mortgage Capital, Inc. (A-1, P-1)(c)
2.93% 05/02/05 112,000 112,000,000
Morgan Stanley Mortgage Capital, Inc.
(A-1, P-1)(c)
3.17% 05/02/05 219,000 219,000,000
--------------
TOTAL MASTER NOTES
(Cost $448,950,000) 448,950,000
==============
VARIABLE RATE OBLIGATIONS - 24.8%
Agency Obligations - 0.9%
Federal Home Loan Mortgage Corp.
3.08%(b) 07/07/05 100,000 100,000,000
--------------
Asset-Backed Securities - 2.1%
Racers XL (A-1, P-1)
3.00%(b) 05/23/05 102,655 102,655,000
SMM Trust Series 2004G (A-1+, P-1)
2.93%(b) 06/03/05 11,490 11,489,900
Wachovia Asset Securitization, Inc. Series
04-HM1, Class A (AAA, Aaa)
3.00%(b) 05/25/05 62,704 62,703,748
Wachovia Asset Securitization, Inc. Series
04-HM2, Class A (AAA, Aaa)
3.01%(b) 05/25/05 57,972 57,971,758
--------------
234,820,406
==============
Banks - 5.3%
All Seasons Funding LLC (Federal Home Loan
Bank Guaranty) (Aaa)
3.08%(b) 05/07/05 4,045 4,045,000
American National Fish & Wildlife Museum of
Missouri RB Series 2004B DN (Commerce Bank
NA LOC) (A-1)(c)
3.18%(b) 05/07/05 1,000 1,000,000
Bank of America, N.A. (AA+, Aa1)
2.80%(b) 05/02/05 72,210 72,210,000
Bank of New York, Inc. (AA-, Aa2)
2.92%(b) 05/20/05 13,920 13,919,927
Gables of Germantown (Marshall & Illsely Bank
LOC) (A-1, P-1)(c)
3.14%(b) 05/07/05 15,000 15,000,000
Green Knight Economic Development Series 2004
(Fulton Bank LOC) (A-1)(c)
3.21%(b) 05/07/05 2,560 2,560,000
HBOS Treasury Services PLC (A-1+, P-1)
3.08%(b) 06/24/05 150,000 150,000,000
Laurel Grocery Co. LLC (US Bank N.A. LOC)
(A-1, P-1)(c)
3.08%(b) 05/07/05 1,425 1,425,000
MB & B Holdings LLC (Marshall & Ilsley Bank
LOC) (A-1, P-1)
3.14%(b) 05/05/05 6,915 6,915,000
3.14%(b) 05/05/05 3,760 3,760,000
PAR
MATURITY (000) VALUE
-------- -------- ------------
VARIABLE RATE OBLIGATIONS (Continued)
Banks (continued)
Nationwide Building Society (A+, Aa3)
3.20%(b) 07/22/05 $150,000 $150,026,689
North Square Associates LLP (Marshall & Ilsley
Bank LOC) (A-1, P-1)
3.14%(b) 05/05/05 14,715 14,715,000
Oxford Capital Enterprise LLC (National City Bank
of Cleveland LOC) (A-1, P-1)(c)
3.08%(b) 05/07/05 4,000 4,000,000
Park Street Properties I LLC (U.S. Bank LOC)
(Aa2)(c)
3.01%(b) 05/05/05 9,000 9,000,000
Park Village (Bank One N.A. LOC) (A-1+, P-1)
3.01%(b) 05/05/05 7,000 7,000,000
Prospect Aggregates, Inc. (Fulton Bank LOC) (A-1)
3.21%(b) 05/05/05 9,000 9,000,000
Shipley Group LP (Fulton Bank LOC) (VMIG-1)(c)
3.21%(b) 05/07/05 17,480 17,480,000
Tom Gill LLC (U.S. Bank N.A. LOC) (A-1, P-1)(c)
3.10%(b) 05/07/05 1,565 1,565,000
Westpac Banking Corp. (AA-, Aa3)
2.99%(b) 06/13/05 108,250 108,250,000
------------
591,871,616
============
Insurance Carriers NEC - 0.1%
ASIF Global Financing (AAA, Aaa)
3.11%(b) 06/02/05 16,000 16,010,432
------------
Life Insurance - 6.5%
Allstate Life Global Funding II (AA, Aa2)
3.01%(b) 05/16/05 100,000 100,000,001
Allstate Life Insurance Co. (A-1+, P-1)
2.74%(b) 05/02/05 50,000 50,000,000
MetLife Global Funding I (AA, Aa2)
3.13%(b) 05/31/05 40,000 40,000,000
Monumental Life Insurance Co. (A-1+, P-1)
3.04%(b) 06/01/05 200,000 200,000,000
New York Life Insurance Co. (A-1+, P-1)
3.09%(b) 06/13/05 300,000 300,000,000
Transamerica Occidental Life Insurance Co.
(A-1+, P-1)
3.05%(b) 06/01/05 26,000 26,000,000
------------
716,000,001
============
Municipal Bonds - 2.1%
Massachusetts State Housing Finance Agency RB
(Avalon Flanders Project) Series 2004A DN
(Morgan Guaranty Trust LOC) (A-1+)
3.00%(b) 05/09/05 22,375 22,375,001
New York State Dormitory Authority RB Series
(Taxable Project) 2005A DN (A-1+, F-1+)
3.04%(b) 05/09/05 15,525 15,525,000
New York State Housing Finance Agency RB
Series 2003B DN (VMIG-1)
3.00%(b) 05/04/05 22,900 22,900,000
Pennsylvania Higher Educational Assistance
Agency Student Loan RB Series 2002A AMT DN
(FSA Insurance) (A-1+, VMIG-1)
3.05%(b) 05/09/05 41,700 41,700,000
Santa Rosa California RB Series 2004 DN (Bank
One N.A. LOC) (A-1+, F1-+)
3.00%(b) 05/05/05 42,000 42,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
17
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
TEMPCASH (CONCLUDED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- -------- --------------
VARIABLE RATE OBLIGATIONS (Continued)
Municipal Bonds (continued)
Savannah College Georgia RB (Art & Design
Project) Series 2004 DN (A-1+)
3.06%(b) 05/05/05 $ 7,800 $ 7,800,000
St. Lucie Florida Solid Waste Disposal RB
(VMIG-1)
3.10%(b) 05/09/05 66,000 66,000,000
Texas State GO Series 2004D DN (Dexia Credit
Local SBPA) (A-1+, VMIG-1)
3.00%(b) 05/04/05 4,945 4,945,000
Texas State GO Series 2004E DN (Dexia Credit
Local SBPA) (A-1+, VMIG-1)
3.00%(b) 05/04/05 9,500 9,500,000
Utah Telecommunication Open RB (Infrastructure
Agency Project) Series 2004 DN (Bank of
America LOC) (A-1+)
3.02%(b) 05/09/05 2,060 2,060,000
--------------
234,805,001
==============
Personal Credit Institutions - 2.5%
General Electric Capital Corp. (AAA, Aaa)
3.01%(b) 05/09/05 116,000 116,018,219
3.07%(b) 05/17/05 163,760 163,855,615
--------------
279,873,834
==============
Security Brokers & Dealers - 5.3%
Bear Stearns & Co., Inc. (A, A1)
3.07%(b) 05/31/05 64,000 64,000,000
Citigroup Global Markets, Inc. (A-1+, P-1)
2.83%(b) 05/03/05 130,800 130,800,000
Greenwich Capital Holdings, Inc. (A-1+, P-1)
2.81%(b) 09/30/05 25,325 25,325,000
Lehman Brothers Holdings, Inc. (A-1, P-1)
3.06%(b) 05/02/05 26,000 26,000,000
3.06%(b) 05/02/05 25,000 25,000,000
Merrill Lynch & Co., Inc. (A+, Aa3)
3.06%(b) 05/11/05 300,000 300,107,621
--------------
571,232,621
==============
TOTAL VARIABLE RATE OBLIGATIONS
(Cost $2,744,613,911) 2,744,613,911
--------------
TIME DEPOSITS - 5.3%
Wells Fargo Bank (A-1, P-1)
2.98%
(Cost $603,000,000) 05/02/05 603,000 603,000,000
--------------
REPURCHASE AGREEMENTS - 12.7%
Goldman Sachs & Co.
3.00% 05/02/05 300,000 300,000,000
(Agreement dated 04/29/05 to be repurchased at
$300,075,000, collateralized by $281,537,750
Federal Home Loan Mortgage Corporation
Adjustable Rate Mortgage Notes andFederal
National Mortgage Bonds 5.00% to 6.63% due
from 10/15/16 to 05/15/34. The market value is
$309,000,927.)
Morgan Stanley & Co., Inc.
2.96% 05/02/05 252,400 252,400,000
(Agreement dated 04/29/05 to be repurchased at
$252,462,259, collateralized by $2,144,667,819
Federal Home Loan Mortgage Corporation
Bonds, Adjustable Rate Mortgage Notes and
Variable Rate Notes and Federal National
Mortgage Association Bonds3.71% to 13.00%
due from 11/01/05 to 05/01/35. The market
value is $260,266,211.)
PAR
MATURITY (000) VALUE
-------- -------- --------------
REPURCHASE AGREEMENTS (Continued)
UBS Securities LLC
2.78% 05/03/05 $250,000 $ 250,000,000
(Agreement dated 03/21/05 to be repurchased at
$250,830,139, collateralized by $254,955,000
Federal Home Loan Mortgage Corporation
Bonds, Federal National Mortgage Association
Bonds, and Government National Mortgage
Association Bonds 4.50% to 6.00% due from
01/15/22 to 07/20/34. The market value
is $257,504,876.)
UBS Securities LLC
3.05% 07/05/05 600,000 600,000,000
(Agreement dated 04/29/05 to be repurchased at
$603,405,833, collateralized by $624,413,301
Federal Home Loan Mortgage Corporation
Bonds, Federal National Mortgage Association
Bonds, and Government National Mortgage
Association Bonds 4.50% to 6.50% due from
02/15/24 to 03/15/35. The market value
is $618,004,316.)
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $1,402,400,000)
1,402,400,000
==============
TOTAL INVESTMENTS IN SECURITIES -
100.0%
(Cost $11,074,520,303(a)) 11,074,520,303
LIABILITIES IN EXCESS OF OTHER
ASSETS - 0.0% (5,143,798)
---------------
NET ASSETS - 100.0%
(Equivalent to $1.00 per share
based on 10,481,952,560
Institutional Shares, 590,401,563
Dollar Shares, 2,247 Bear
Stearns Premier Shares and
2,152 Bear Stearns Premier
Choice Shares outstanding) $11,069,376,505
===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($10,479,184,504/10,481,952,560) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($590,187,610/590,401,563) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($2,239/2,247) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER CHOICE SHARE
($2,149/2,152) $1.00
=====
- ----------
(a) Aggregate cost for Federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2005 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Ratings reflect those of guarantor.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
18
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
FEDFUND
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- -------- --------------
AGENCY OBLIGATIONS - 66.8%
Federal Farm Credit Bank Variable Rate Notes - 16.3%
2.85%(b) 05/03/05 $ 80,000 $ 80,017,680
2.76%(b) 05/02/05 95,000 94,974,430
2.78%(b) 05/02/05 35,000 35,000,277
2.78%(b) 05/02/05 172,000 172,008,267
2.78%(b) 05/02/05 10,000 9,999,212
2.80%(b) 05/02/05 40,000 40,000,468
--------------
432,000,334
==============
Federal Home Loan Bank Bonds - 0.8%
2.80% 05/02/05 9,966 9,965,225
1.41% 05/09/05 12,000 12,000,000
--------------
21,965,225
==============
Federal Home Loan Bank Variable Rate Notes - 15.2%
2.63%(b) 05/02/05 100,000 99,931,703
2.77%(b) 05/03/05 50,000 49,990,135
2.89%(b) 05/23/05 150,000 149,883,265
2.83%(b) 06/08/05 102,000 101,979,953
--------------
401,785,056
==============
Federal Home Loan Mortgage Corp. Bonds - 0.8%
2.88% 09/15/05 22,000 22,036,224
--------------
Federal Home Loan Mortgage Corp. Discount Notes - 9.2%
2.73% 05/02/05 144,300 144,289,058
2.92% 06/30/05 100,000 99,513,333
--------------
243,802,391
==============
Federal Home Loan Mortgage Corporation Bonds - 1.9%
2.74% 05/03/05 1,004 1,003,847
2.95% 07/05/05 49,000 48,739,007
--------------
49,742,854
==============
Federal National Mortgage Association Bonds - 10.8%
2.80% 05/02/05 100,410 100,402,218
2.68% 05/02/05 48,094 48,090,420
1.55% 05/04/05 40,000 39,996,236
5.75% 06/15/05 75,346 75,588,390
2.70% 05/02/05 23,000 22,998,275
--------------
287,075,539
==============
Federal National Mortgage Association Discount Notes - 0.5%
2.75% 05/02/05 9,800 9,799,250
--------------
Federal National Mortgage Association Variable Rate Notes -
11.3%
2.80%(b) 05/02/05 20,000 20,000,841
2.77%(b) 05/09/05 50,000 49,949,691
2.83%(b) 05/16/05 50,000 49,988,977
2.95%(b) 05/31/05 50,000 49,992,145
2.82%(b) 06/06/05 80,000 79,983,304
2.87%(b) 06/09/05 50,000 49,999,572
--------------
299,914,530
==============
TOTAL AGENCY OBLIGATIONS
(Cost $1,768,121,403) 1,768,121,403
--------------
REPURCHASE AGREEMENTS - 43.2%
Deutsche Bank Securities, Inc.
2.78% 05/03/05 200,000 200,000,000
(Agreement dated 03/22/05 to be repurchased at
$200,648,666, collateralized by $698,937,321
Federal National Mortgage Association Bonds
and Variable Rate Notes 4.09% to 6.00% due
from 02/01/33 to 11/01/34. The market value is
$206,000,000.)
PAR
MATURITY (000) VALUE
-------- -------- --------------
REPURCHASE AGREEMENTS (Continued)
Goldman Sachs & Co.
2.97% 05/02/05 $200,000 $ 200,000,000
(Agreement dated 04/29/05 to be repurchased at
$200,049,500, collateralized by $230,704,467
Federal Home Loan Mortgage Corporation
Bonds and Federal National Mortgage
Association Bonds 3.00% to 5.00% due from
03/15/30 to 03/01/34. The market value is
$206,000,001.)
Morgan Stanley & Co.
2.95% 05/02/05 194,000 194,000,000
(Agreement dated 04/29/05 to be repurchased at
$194,047,672, collateralized by $204,212,124
Federal National Mortgage Association Bonds
and Medium Term Notes 4.25% to 6.75% due
from 07/15/09 to 11/01/34. The market value is
$202,472,566.)
Morgan Stanley & Co., Inc.
2.96% 05/02/05 350,400 350,400,000
(Agreement dated 04/29/05 to be repurchased at
$350,486,432, collateralized by $368,844,990
Federal National Mortgage Association Bonds
and Medium Term Notes 4.25% to 6.75% due
from 07/15/09 to 11/01/34. The market value is
$365,703,026.)
UBS Securities LLC
2.98% 06/29/05 100,000 100,000,000
(Agreement dated 04/07/05 to be repurchased at
$100,687,056, collateralized by Federal National
Mortgage Association Strips due 12/01/34. The
market value is $103,000,629.)
UBS Securities LLC
3.05% 07/05/05 100,000 100,000,000
(Agreement dated 04/29/05 to be repurchased at
$100,567,639, collateralized by $141,155,000
Federal National Mortgage Association Strips
due from 08/01/34 to 12/01/34. The market
value is $103,002,723.)
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $1,144,400,000) 1,144,400,000
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
19
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
FEDFUND (CONCLUDED)
APRIL 30, 2005 (UNAUDITED)
VALUE
---------------
TOTAL INVESTMENTS IN SECURITIES - 110.0%
(Cost $2,912,521,403(a)) $2,912,521,403
LIABILITIES IN EXCESS OF OTHER
ASSETS - (10.0)%
(including $263,866,497 payable
for fundshare redeemed) (264,753,050)
--------------
NET ASSETS - 100.0%
(Equivalent to $1.00 per share
based on 2,118,900,084
Institutional Shares, 348,212,889
Dollar Shares, 1,624,264 Cash
Reserve Shares, 15,120,716 Bear
Stearns Shares, 2,153 Bear
Stearns Premier Select Shares,
147,937,381 Bear Stearns Private
Client Shares and 15,974,618
Bear Stearns Premier Shares
outstanding) $2,647,768,353
==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
INSTITUTIONAL SHARE ($2,118,868,721/2,118,900,084) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
DOLLAR SHARE ($348,241,209/348,212,889) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
CASH RESERVE SHARE ($1,624,225/1,624,264) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
BEAR STEARNS SHARE ($15,120,659/15,120,716) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
BEAR STEARNS PREMIER CHOICE SHARE ($2,153/2,153) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT SHARE($147,936,768/147,937,381) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE ($15,974,619/15,974,618) $1.00
=====
- ----------
(a) Aggregate cost for Federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2005 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
20
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
T-FUND
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- -------- ------------
REPURCHASE AGREEMENTS - 96.9%
Deutsche Bank Securities Inc.
2.90% 05/02/05 $500,000 $500,000,000
(Agreement dated 04/29/05 to be repurchased at
$500,120,833, collateralized by $474,513,202
U.S. Bonds, Notes, and Strips 0.00% to 9.13%
due from 06/15/09 to 05/15/18. The market
value is $510,000,000.)
Goldman Sachs & Co.
2.70% 05/03/05 635,000 635,000,000
(Agreement dated 03/24/05 to be repurchased at
$636,905,000, collateralized by $607,662,000
U.S. Treasury Bonds, Bills, Inflation Indexed
Securities and Notes 0.00% to 11.75% due from
04/30/05 to 08/15/27. The market value is
$647,700,178.)
Greenwich Capital Markets Inc.
2.85% 05/02/05 100,000 100,000,000
(Agreement dated 04/29/05 to be repurchased at
$100,023,750, collateralized by $232,748,305
U.S. Treasury and Strip Principals 0.00% to
10.63% due from 05/15/15 to 05/15/30. The
market value is $102,002,321.)
Lehman Brothers Inc.
2.83% 05/02/05 500,000 500,000,000
(Agreement dated 04/29/05 to be repurchased at
$500,117,917, collateralized by $456,030,000
U.S. Treasury Inflation Indexed Securities, and
Notes 2.00% to 6.50% due from 05/15/05 to
04/15/32. The market value is $510,003,841.)
Merrill Lynch Government Securities Inc.
2.88% 05/02/05 94,000 94,000,000
(Agreement dated 04/29/05 to be repurchased at
$94,022,560, collateralized by $169,525,000 U.S.
Treasury Strips due from 05/15/17 to
11/15/18. The market value is $95,880,362.)
Morgan Stanley & Co. Inc.
2.83% 05/02/05 647,355 647,355,000
(Agreement dated 04/29/05 to be repurchased at
$647,507,668 collateralized by $470,238,090
U.S. Treasury Inflation Indexed Securities 3.38%
due from 01/15/07 to 04/15/32. The market
value is $662,478,446.)
Morgan Stanley & Co. Inc.
2.70% 05/24/05 100,000 100,000,000
(Agreement dated 02/23/05 to be repurchased at
$100,675,000, collateralized by $72,639,910 U.S.
Treasury Inflation Indexed Securities 3.38% due
from 01/15/07 to 04/15/32. The market value is
$102,336,191.)
UBS Securities LLC
2.85% 05/02/05 250,000 250,000,000
(Agreement dated 04/29/05 to be repurchased at
$250,059,375, collateralized by $255,140,000
U.S. Treasury Notes 3.38% due 02/15/08. The
market value is $255,003,741.)
UBS Securities LLC
2.70% 05/03/05 200,000 200,000,000
(Agreement dated 03/24/05 to be repurchased at
$200,600,000, collateralized by $204,110,000
U.S. Treasury Notes 3.38% due 02/15/08. The
market value is $204,000,994.)
PAR
MATURITY (000) VALUE
-------- -------- ------------
REPURCHASE AGREEMENTS (Continued)
UBS Securities LLC
2.75% 05/16/05 $200,000 $ 200,000,000
(Agreement dated 03/16/05 to be repurchased at
$200,931,944, collateralized by $204,110,000
U.S. Treasury Notes 3.38% due 02/15/08. The
market value is $204,000,994.)
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $3,226,355,000) 3,226,355,000
==============
TOTAL INVESTMENTS IN SECURITIES - 96.9%
(Cost $3,226,355,000(a))
3,226,355,000
OTHER ASSETS IN EXCESS OF
LIABILITIES - 3.1% 103,184,697
--------------
NET ASSETS - 100.0%
(Equivalent to $1.00 per share
based on 2,375,445,802
Institutional Shares, 817,251,290
Dollar Shares, 122,014,469 Cash
Management Shares and
14,935,094 Administration
Shares outstanding) $3,329,539,697
==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
INSTITUTIONAL SHARE ($2,375,358,252/2,375,445,802) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
DOLLAR SHARE ($817,235,177/817,251,290) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
CASH MANAGEMENT SHARE ($122,011,170/122,014,469) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
ADMINSTRATION SHARE ($14,935,098/14,935,094) $1.00
=====
- ----------
(a) Aggregate cost for Federal income tax purposes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
21
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
FEDERAL TRUST FUND
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
AGENCY OBLIGATIONS - 100.0%
Federal Farm Credit Bank Variable Rate Notes - 43.7%
2.78%(b) 05/02/05 $ 5,000 $ 5,000,100
2.80%(b) 05/02/05 10,000 10,000,118
2.80%(b) 05/02/05 10,000 10,000,000
2.77%(b) 05/04/05 5,000 4,998,574
2.91%(b) 05/24/05 10,000 9,997,518
-----------
39,996,310
===========
Federal Home Loan Bank Bonds - 14.2%
2.80% 05/02/05 11,104 11,103,136
6.50% 06/30/05 850 854,807
5.84% 07/06/05 1,000 1,004,988
-----------
12,962,931
===========
Federal Home Loan Bank Discount Notes - 27.7%
2.70% 05/03/05 1,270 1,269,810
2.70% 05/04/05 5,250 5,248,819
2.71% 05/04/05 11,000 10,997,516
2.73% 05/04/05 2,900 2,899,339
2.93% 07/05/05 5,000 4,973,549
-----------
25,389,033
===========
Federal Home Loan Bank Variable Rate Notes - 10.9%
2.89%(b) 05/23/05 5,000 4,996,109
2.88%(b) 06/13/05 5,000 4,998,896
-----------
9,995,005
===========
Tennessee Valley Authority Bonds - 3.5%
1.28% 05/01/05 3,192 3,192,000
-----------
TOTAL AGENCY OBLIGATIONS
(Cost $91,535,279) 91,535,279
-----------
TOTAL INVESTMENTS IN SECURITIES - 100.0%
(Cost $91,535,279(a)) 91,535,279
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.0% 7,403
-----------
NET ASSETS - 100.0%
(Equivalent to $1.00 per share
based on 84,065,456 Institutional
Shares and 7,478,387 Dollar
Shares outstanding) $91,542,682
===========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($84,063,452/84,065,456) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($7,479,230/7,478,387) $1.00
=====
- ----------
(a) Aggregate cost for Federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2005 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
22
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
TREASURY TRUST
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- -------- --------------
U.S. TREASURY OBLIGATIONS - 100.3%
U.S. Treasury Bills - 100.3%
2.46% 05/05/05 $ 40,150 $ 40,139,026
2.60% 05/05/05 233,305 233,237,480
2.61% 05/05/05 60,000 59,982,590
2.63% 05/05/05 150,000 149,956,208
2.47% 05/12/05 100,000 99,924,436
2.48% 05/12/05 50,000 49,962,188
2.56% 05/12/05 38,000 37,970,235
2.54% 05/19/05 40,000 39,949,300
2.64% 05/19/05 80,000 79,894,360
2.68% 05/19/05 80,000 79,892,900
2.68% 05/26/05 55,969 55,864,797
2.66% 06/02/05 180,000 179,587,700
2.90% 07/28/05 100,000 99,292,333
--------------
1,205,653,553
==============
TOTAL INVESTMENTS IN SECURITIES - 100.3%
(Cost $1,205,653,553(a)) 1,205,653,553
LIABILITIES IN EXCESS OF OTHER
ASSETS - (0.3)% (3,160,237)
--------------
NET ASSETS - 100.0%
(Equivalent to $1.00 per share
based on 851,986,156
Institutional Shares, 239,278,271
Dollar Shares, 201 Cash
Management and 111,520,752
Adminstration Shares
outstanding) $1,202,493,316
==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
INSTITUTIONAL SHARE ($851,762,329/851,986,156) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
DOLLAR SHARE ($239,214,628/239,278,271) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
CASH MANAGEMENT SHARE ($201/201) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
ADMINSTRATION SHARE ($111,516,173/111,520,752) $1.00
=====
- ----------
(a) Aggregate cost for Federal income tax purposes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
23
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- ------------
MUNICIPAL BONDS - 100.0%
Alabama - 6.3%
Alabama Housing Finance Authority Multi-Family
Housing RB (Rime Village Hoover Project) Series
1996A DN (Federal National Mortgage
Association Guaranty) (A-1+)
3.01%(b) 05/09/05 $10,265 $ 10,265,000
Columbia IDRB (Alabama Power Co. Project) Series
1995B DN (The Southern Co. Guaranty)
(A-1, VMIG-1)
3.02%(b) 05/02/05 23,800 23,800,000
Columbia IDRB (Alabama Power Co. Project) Series
1999A DN (The Southern Co. Guaranty)
(A-1, VMIG-1)
3.02%(b) 05/02/05 45,450 45,450,000
Cullman Medical Park RB (South Medical Clinic
Board Project) (Merrill Lynch P-Float Trust
Receipts) Series 2005-121 DN (VMIG-1)
3.06%(b) 05/09/05 10,000 10,000,000
Eutaw Industrial Development Board PCRB
(Alabama Power Co. Project) Series 1998 DN
(A-1, VMIG-1)
3.02%(b) 05/02/05 5,200 5,200,000
Jefferson County GO Warrants Series 2001B DN
(Morgan Guaranty Trust LOC, Bayerische
Landesbank Girozentrale SBPA) (A-1+, VMIG-1)
3.00%(b) 05/02/05 83,855 83,855,000
------------
178,570,000
============
Alaska - 0.3%
Anchorage Wastewater RB (Wachovia Merlots Trust
Receipts) Series 2004C-25 MB (MBIA Insurance,
Wachovia Bank Liquidity Facility) (MIG-1)
1.70%(b) 09/01/05 1,000 1,000,000
Anchorage Water RB (Wachovia Merlots Trust
Receipts) Series 2004C-32 MB (MBIA Insurance,
Wachovia Bank N.A. SBPA) (MIG-1)
1.70%(b) 09/16/05 3,135 3,135,000
Matanuska-Susitna Borough RB (Wachovia Merlots
Trust Receipts) Series 2001A-114 DN (FGIC
Insurance, Wachovia Bank N.A. SBPA) (A-1)
3.08%(b) 05/09/05 3,165 3,165,000
------------
7,300,000
============
Arizona - 0.5%
Arizona Health Facilities Authority RB (Royal Oaks
Project) Series 2002 DN (Lasalle Bank N.A. LOC)
(F1+)
3.00%(b) 05/09/05 8,605 8,605,000
Pima County IDRB (El Dorado Hospital Project) DN
(Branch Banking Trust LOC) (VMIG-1)
3.02%(b) 05/09/05 5,400 5,400,000
------------
14,005,000
============
Arkansas - 0.6%
Arkansas Housing Finance Authority RB (Baptist
Health Project) Series 1995 DN (MBIA Insurance)
(A-1+)
3.04%(b) 05/09/05 15,400 15,400,000
------------
California - 5.1%
California Affordable Housing Agency Multi-Family
RB (Merrill Lynch P-Float Trust Receipts) Series
2003 PT-2049 DN (Merrill Lynch & Co. Guaranty,
Merrill Lynch Capital Services SBPA) (F-1+)
3.05%(b) 05/09/05 11,650 11,650,000
PAR
MATURITY (000) VALUE
-------- ------- ------------
MUNICIPAL BONDS (Continued)
California (continued)
California GO (Municipal Securities Trust Receipts)
Series 1997 SGA-54 DN (AMBAC Insurance,
Societe Generale SBPA) (A-1+)
3.00%(b) 05/09/05 $ 3,000 $ 3,000,000
California GO Series 2003A-2 DN (Landesbank
Hessen-Thuringen Girozentrale LOC)
(A-1+, VMIG-1)
3.02%(b) 05/02/05 36,775 36,775,000
California GO Series 2004A RAN (SP-1, MIG-1)
3.00%(b) 06/30/05 24,250 24,299,741
California Health Facilities Financing Authority RB
Series 1999 PA-587 DN (Merrill Lynch Capital
Services Guaranty) (A-1+)
3.05%(b) 05/09/05 8,095 8,095,000
California Statewide Communities Development
Authority Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2000 PT-1268 DN (Merrill
Lynch & Co. Guaranty) (A-1+)
3.05%(b) 05/09/05 31,600 31,600,000
Los Angeles Wastewater Systems Subordinate RB
Series 2001A MB (FGIC Insurance) (A-1+, MIG-1)
2.15%(b) 12/15/05 8,500 8,500,000
Los Angeles Water & Power RB Series 2002A-4 DN
(J.P. MorganChase SBPA) (A-1+, VMIG-1)
3.00%(b) 05/09/05 15,000 15,000,000
Metropolitan Water District of Southern California
Waterworks RB Series 2000B-2 DN
(Westdeutsche Landesbank Girozentrale LOC)
(A-1+, VMIG-1)
3.00%(b) 05/09/05 2,800 2,800,000
------------
141,719,741
============
Colorado - 1.5%
Alamosa County Hospital RB (San Luis Valley
Regional Medical Center Project) Series 2005 DN
(U.S. Bank LOC) (A-1+)
3.04%(b) 05/09/05 11,355 11,355,000
Colorado Educational & Cultural Facilities
Authority RB (Denver Museum Project) Series 2001
DN (Bank One N.A. LOC) (A-1)
3.00%(b) 05/09/05 400 400,000
Colorado Educational & Cultural Facilities
Authority RB (National Cable Television Center
Project) Series 1999 DN (Wells Fargo Bank LOC)
(A-1+) 3.00%(b) 05/09/05 1,170 1,170,000
Colorado General Fund RB Series 2004 TRAN
(SP-1+, MIG-1)
3.00%(b) 06/27/05 20,000 20,043,642
Colorado Health Facilities Authority RB (Total
Long-Term Care Project) Series 2002 DN (U.S.
Bank N.A. LOC) (A-1+)
3.00%(b) 05/09/05 5,150 5,150,000
East Cherry Creek Valley RB (Water & Sanitation
Project) Series 2004 DN (MBIA Insurance, Dexia
Bank SPBA) (A-1+)
2.90%(b) 05/09/05 3,500 3,500,000
------------
41,618,642
============
Connecticut - 2.5%
Connecticut Health & Educational Facilities
Authority RB (Yale Univetrsity Project) Series
1999U DN (A-1+, VMIG-1)
2.94%(b) 05/09/05 44,800 44,800,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
24
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Connecticut (continued)
Danbury GO Series 2004 BAN (SP-1+, MIG-1)
3.00%(b) 08/05/05 $25,000 $25,097,780
-----------
69,897,780
===========
Delaware - 0.2%
Delaware Economic Development Authority RB (St.
Anne's Episcopal School Project) Series 2001 DN
(Wilmington Trust Co. LOC) (A-1)
3.10%(b) 05/09/05 2,000 2,000,000
Sussex County IDRB (Rehoboth Mall Project) Series
2001A DN (M&T Bank Corp. LOC) (A-1)
3.07%(b) 05/09/05 3,345 3,345,000
-----------
5,345,000
===========
District of Columbia - 0.3%
District of Columbia RB (Arts & Technology
Academy Project) Series 2002 DN (M&T Bank
Corp. LOC) (VMIG-1)
3.07%(b) 05/09/05 3,730 3,730,000
District of Columbia Refunding RB Series 2001 DN
(SunTrust Bank LOC) (VMIG-1)
3.00%(b) 05/09/05 1,800 1,800,000
District of Columbia Water & Sewer Authority
Public Utilities RB Series 2002A-64 DN (Wachovia
Bank N.A. LOC) (VMIG-1)
3.08%(b) 05/09/05 2,275 2,275,000
-----------
7,805,000
===========
Florida - 2.6%
Broward County GO (Wachovia Merlots Trust
Receipts) Series 2004B-9 DN (Wachovia Bank
N.A. SBPA) (A-1)
3.08%(b) 05/09/05 5,640 5,640,000
Broward County Municipal Securities Trust
Certificates RB (Bear Stearns Trust Receipts)
Series 2002 DN (FSA Insurance) (A-1)
3.04%(b)(c) 05/09/05 14,000 14,000,000
Florida Board of Education GO (Eagle Tax Exempt
Trust Receipts) Series 2003A DN (Citibank SBPA)
(A-1+)
3.03%(b) 05/09/05 4,945 4,945,000
Florida Housing Finance Corp. Multi Family RB
(Merrill Lynch P-Float Trust Receipts) Series
2000 PT-1234 DN (Merrill Lynch Capital Services
SBPA) (A-1)
3.08%(b) 05/09/05 15,195 15,195,000
Florida Juvenile Department (Wachovia Merlot
Trust Receipts) RB Series 2000-OOO DN (MBIA
Insurance) (VMIG-1)
3.08%(b) 05/09/05 11,750 11,750,000
Miami Beach Health Facilities Authority RB
(CitiGroup Trust Receipts) Series ROC-II-R DN
(Citibank SBPA) (VMIG-1)
3.07%(b) 05/09/05 2,100 2,100,000
Orange County Housing Finance Authority
Multi-Family RB (Post Fountains at Lee Vista
Project) Series 1997E DN (Federal National
Mortgage Association Guaranty) (A-1+)
3.00%(b) 05/09/05 5,915 5,915,000
Palm Beach County RB (Morse Obligation Group
Project) Series 2003 DN (KeyBank N.A. LOC) (A-1)
3.03%(b) 05/09/05 5,000 5,000,000
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Florida (continued)
Pinellas County Housing Finance Authority RB
Series 2004A DN (Rabobank SBPA, CDC Funding
Insurance) (VMIG-1)
3.08%(b) 05/09/05 $ 3,165 $ 3,165,000
Tampa RB (Volunteers of America Project) Series
2005 DN (Wachovia Bank LOC)
3.10%(b) 05/09/05 3,900 3,900,000
-----------
71,610,000
===========
Georgia - 2.4%
Appling County Development Authority PCRB
(Oglethorpe Power Corp. Project) Series 2002 DN
(MBIA Insurance, J.P. Morgan Chase SBPA) (A-1+)
3.05%(b) 05/09/05 2,415 2,415,000
Atlanta Water & Wastewater RB Series 2001C DN
(FSA Insurance LOC) (A-1+, VMIG-1)
3.05%(b) 05/02/05 7,300 7,300,000
Atlanta Water & Wastewater RB Series 2002B DN
(FSA Insurance LOC) (A-1+, VMIG-1)
3.00%(b) 05/09/05 8,000 8,000,000
Atlanta Water & Wastewater RB Series 2005 DN
(Citibank N.A. LOC) (A-1+)
3.03%(b) 05/09/05 5,000 5,000,000
Bibb County Methodist Home Development
Authority RB Series 2001 DN (SunTrust Bank
LOC) (VMIG-1)
3.00%(b) 05/09/05 3,080 3,080,000
Clayton County Hospital Authority Anticipation
Certificates RB Series 1998B DN (SunTrust Bank
LOC) (Aa3)
3.00%(b) 05/09/05 1,905 1,905,000
Cobb County Development Authority RB (Boy Scouts
of America Atlanta Project) Series 2001 DN
(SunTrust Bank LOC) (VMIG-1)
3.00%(b) 05/09/05 3,000 3,000,000
Cobb County Development Authority RB (Highland
Park Associates Project) Series 1998 DN
(SunTrust Bank LOC)
3.00%(b) 05/09/05 3,150 3,150,000
Dekalb County Housing Authority Multi-Family
Housing RB (Clairmont Crest Project) Series 1995
DN (Federal National Mortgage Association
Guaranty) (A-1+, VMIG-1)
3.00%(b) 05/09/05 400 400,000
Forsyth County School District GO Series 2004A-6
DN (FSA Insurance, CDC Liquidity Facility) (A-1+)
3.03%(b) 05/09/05 3,025 3,025,000
Fulton County Development Authority RB (Epstein
School Project) Series 1997 DN (SunTrust Bank
LOC) (Aa3)
3.00%(b) 05/09/05 1,900 1,900,000
Fulton County Development Authority RB (Trinity
School Project) Series 2001 DN (SunTrust Bank
LOC) (VMIG-1)
3.00%(b) 05/09/05 2,000 2,000,000
Georgia Local Government Certificates RB Series
2002O DN (MBIA Insurance, Bank of America
N.A. Liquidity Facility) (A-1+)
3.07%(b) 05/09/05 1,310 1,310,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
25
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Georgia (continued)
Gwinnett County Hospital Authority Anticipation
Certificates RB Series 2002 DN (SunTrust Bank
LOC) (A-1+)
3.00%(b) 05/09/05 $3,000 $ 3,000,000
La Grange Development Authority RB Series 2001
DN (SunTrust Bank LOC) (VMIG-1)
3.00%(b) 05/09/05 1,000 1,000,000
Macon-Bibb County Hospital Authority RB (The
Medical Center of Central Georgia Project) Series
1998 DN (SunTrust Bank LOC) (A-1+)
3.00%(b) 05/09/05 3,000 3,000,000
Medical Center Hospital Authority RB (Spring
Harbor at Green Island Project) Series 2004 DN
(Bank of Scotland LOC) (F-1+)
3.00%(b) 05/09/05 3,000 3,000,000
Metro Atlanta Rapid Transit System TECP Series
2005 MB (Dexia LOC) (A-1+, P-1)
2.38% 06/10/05 9,000 9,000,000
2.35% 06/24/05 5,000 5,000,000
-----------
66,485,000
===========
Hawaii - 1.1%
Hawaii GO (Citibank Eagle Trust Receipts) Series
2002 DN (FSA Insurance) (A-1+)
3.03%(b) 05/09/05 3,600 3,600,000
Hawaii Municipal Securities Trust Certificates GO
(Bear Stearns Municipal Trust Certificates) Series
2002A-9049 DN (AMBAC Insurance, Bear Stearns
Capital Markets Liquidity Facility) (A-1)
3.04%(b)(c) 05/09/05 8,760 8,760,000
Hawaii Municipal Securities Trust Certificates GO
(Bear Stearns Municipal Trust Certificates) Series
2002A-9051 DN (FSA Insurance) (A-1)
3.05%(b)(c) 05/09/05 9,990 9,990,000
Hawaii Pacific Health Special Purpose RB
(Department of Budget & Finance Project) Series
2004B DN (Radian Asset Assurance Guaranty,
Bank of Nova Scotia Liquidity Facility)
(A-1+, F-1+)
3.10%(b) 05/09/05 7,500 7,500,000
-----------
29,850,000
===========
Illinois - 5.5%
Central Lake County Action Water Agency RB
(Wachovia Merlots Trust Receipts) Series
2003B-18 DN (MBIA Insurance, Wachovia Bank
N.A. Liquidity Facility) (VMIG-1)
3.08%(b) 05/09/05 4,980 4,980,000
Chicago Board of Education GO (Wachovia Merlots
Trust Receipts) Series 1999A-47 DN (FGIC
Insurance, Wachovia Bank N.A. LOC) (A-1)
3.08%(b) 05/09/05 3,090 3,090,000
Chicago Board of Education Municipal Securities
Trust Certificates RB (Bear Stearns Trust
Receipts) Series 2001 DN (FSA Insurance, Bear
Stearns Capital Markets Liquidity Facility) (A-1)
3.05%(b)(c) 05/09/05 4,695 4,695,000
Chicago GO (Wachovia Merlots Trust Receipts)
Series 2000W DN (AMBAC Insurance, Wachovia
Bank N.A. Liquidity Facility) (VMIG-1)
3.08%(b) 05/09/05 2,000 2,000,000
Chicago GO Tender Notes Series 2004 MB (State
Street Bank & Trust LOC) (SP-1+, MIG-1)
2.20%(b) 12/08/05 4,000 4,000,000
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Chicago O'Hare International Airport RB (Wachovia
Merlot Trust Receipts) Series 2002A-25 DN (MBIA
Insurance, Wachovia Bank N.A. Liquidity
Facitility) (VMIG-1)
3.08%(b) 05/09/05 $ 5,305 $ 5,305,000
Chicago Park District RB (Citibank Eagle Tax
Exempt Trust Receipts) Series 2002-1306 DN
(FGIC Insurance, Citibank Liquidity Facility) (A-1+)
3.03%(b) 05/09/05 5,345 5,345,000
Chicago Sales Tax RB (Wachovia Merlots Trust
Receipts) Series 2000AAA DN (FGIC Insurance,
Wachovia Bank N.A. Liquidity Facility) (VMIG-1)
3.08%(b) 05/09/05 5,000 5,000,000
Cook County Capital Improvement GO (Wachovia
Merlot Trust Receipts) Series 2002C DN (AMBAC
Insurance, Wachovia Bank N.A. Liquidity Facility)
(VMIG-1)
3.08%(b) 05/09/05 3,500 3,500,000
Du Page County Municipal Securities Trust
Certificates RB (Bear Stearns Trust Receipts)
Series 2001A DN (FSA Insurance, Bear Stearns
SBPA) (A-1)
3.05%(b)(c) 05/09/05 15,970 15,970,000
Illinois Dedicated Tax RB (Macon Trust Certificates)
Series 2002N DN (AMBAC Insurance) (A-1+)
3.09%(b) 05/09/05 2,935 2,935,000
Illinois Development Finance Authority RB (Decatur
Mental Health Center Project) Series 1997 DN
(First of America LOC)
3.07%(b) 05/09/05 150 150,000
Illinois Educational Facility Authority RB (Aurora
University Project) Series 2002 DN (Fifth Third
Bank N.A. LOC) (VMIG-1)
3.05%(b) 05/09/05 1,800 1,800,000
Illinois Finance Authority RB (Northwestern
University Project) Series 2004A DN
(A-1+, VMIG-1)
2.97%(b) 05/09/05 14,700 14,700,000
Illinois GO (ABN-AMRO Munitops Trust Certificates)
Series 2002-23 MB (MBIA Insurance) (VMIG-1)
2.30%(b) 05/25/05 12,375 12,375,000
Illinois GO (Wachovia Merlots Trust Receipts) Series
2002 DN (MBIA Insurance, Wachovia Bank N.A.
Liquidity Facility) (VMIG-1)
3.08%(b) 05/09/05 5,640 5,640,000
Illinois GO (Wachovia Merlots Trust Reciepts) Series
2002 DN (MBIA Insurance, Wachovia Bank N.A.
SBPA) (VMIG-1)
3.08%(b) 05/09/05 2,495 2,495,000
Illinois Health Facilities Authority Municipal
Securities Trust Certificates RB (Bear Stearns
Trust Receipts) Series 2002 DN (MBIA Insurance,
Bear Stearns Capital Markets Liquidity Facility)
(A-1)
3.05%(b)(c) 05/09/05 14,875 14,875,000
Illinois Health Facilities Authority RB (Lutheran
Home & Services Project) Series 2001 DN (M&T
Bank Corp. LOC) (A-1+)
3.03%(b) 05/09/05 10,795 10,795,000
Illinois Housing Development Center Apartments
RB Series 1985 DN (Federal Home Loan
Mortgage Corp. SBPA) (A-1+)
2.95%(b) 05/09/05 2,250 2,250,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
26
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- ------------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Illinois Regional Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series
2002A-24 DN (Wachovia Bank N.A. SBPA)
(VMIG-1)
3.08%(b) 05/09/05 $13,600 $ 13,600,000
Lake County First Preservation District GO (Citibank
Trust Receipts) Series 2003R ROC II DN (Citibank
Liquidity Facility) (A-1+)
3.03%(b) 05/09/05 1,990 1,990,000
Metropolitan Pier & Exposition Authority RB
(Dedicated State Tax Receipts) Series 2005PZ-44
DN (MBIA Insurance, Merrill Lynch Capital
Services SBPA) (F-1+)
3.11%(b) 05/09/05 2,810 2,810,000
Regional Transportation Authority GO (Wachovia
Merlots Trust Receipts) Series 2001A-86 DN
(FGIC Insurance, Wachovia Bank N.A. LOC)
(VMIG-1)
3.08%(b) 05/09/05 1,600 1,600,000
University of Illinois RB (Wachovia Merlots Trust
Receipts) Series 2000 DN (MBIA Insurance,
Wachovia Bank N.A. SBPA) (VMIG-1)
3.08%(b) 05/09/05 3,500 3,500,000
Will County Community Unit School District 365 GO
Series 2005 DN (FSA Insurance, Merrill Lynch
Capital Services SBPA)
3.11%(b) 05/09/05 6,995 6,995,000
------------
152,395,000
============
Indiana - 1.9%
Indiana Health Facilities Financing Authority RB
(Golden Years Homestead Project) Series 2004
DN (Wells Fargo Bank LOC) (A-1+)
3.00%(b) 05/09/05 1,100 1,100,000
Indiana Health Facilities Financing Authority RB
(Memorial Hospital Project) Series 2004A DN
(National City Bank of Indiana LOC)
3.07%(b) 05/09/05 21,880 21,880,000
Indiana Municipal Power Agency Power Supply
System RB Series 2000A DN (Toronto Dominion
LOC) (A-1+, VMIG-1)
3.00%(b) 05/09/05 1,700 1,700,000
Indiana Municipal Securities Trust Certificates RB
(Bear Stearns Municipal Trust Receipts) Series
2001A DN (Bear Stearns Capital Markets
Liquidity Facility) (A-1)
3.05%(b)(c) 05/09/05 11,115 11,115,000
Indiana State Educational Facilities Authority RB
(Wabash College Project) Series 2003 DN (Bank
One N.A. LOC) (VMIG-1)
3.00%(b) 05/09/05 2,605 2,605,000
Indiana Transportation Finance Authority Highway
RB Series 2004 DN (FGIC Insurance, Bank of New
York SBPA) (A-1+)
3.07%(b) 05/09/05 4,000 4,000,000
Porter County Industrial Jail Building Corp. RB
(Wachovia Merlots Trust Receipts) Series
2001A-43 DN (Wachovia Bank N.A. LOC) (A-1)
3.08%(b) 05/09/05 7,145 7,145,000
Warren Township Vision 2005 School Building Corp.
RB (Wachovia Merlots Trust Receipts) Series
2001A-52 DN (FGIC Insurance, Wachovia Bank
N.A. SBPA) (A-1)
3.08%(b) 05/09/05 3,300 3,300,000
------------
52,845,000
============
PAR
MATURITY (000) VALUE
-------- ------- ------------
MUNICIPAL BONDS (Continued)
Iowa - 1.0%
Des Moines Commercial Development RB (Grand
Office Park Project) Series 1985 DN (Principal
Life Insurance Company Guaranty) (A-1+)
3.15%(b) 05/09/05 $6,000 $ 6,000,000
Iowa Higher Education Loan Authority RB (Private
College Project) Series 1985 DN (MBIA
Insurance) (A-1+, VMIG-1)
3.04%(b) 05/09/05 1,700 1,700,000
Iowa RB Series 2004 TRAN (SP-1+, MIG-1)
3.00%(b) 06/30/05 4,000 4,007,643
Urbandale IDRB (Aurora Business Park Association
Project) Series 1985 DN (Principal Life Insurance
Co. Guaranty) (A-1+)
3.15%(b) 05/09/05 9,200 9,200,000
Urbandale IDRB (Meredith Drive Association
Project) Series 1985 DN (Principal Life Insurance
Co. Guaranty) (A-1+)
3.15%(b) 05/09/05 5,500 5,500,000
-----------
26,407,643
===========
Kentucky - 0.2%
Fort Mitchell League of Cities RB (Funding Trust
Lease Project) Series 2002A DN (U.S. Bank N.A.
LOC) (VMIG-1)
3.01%(b) 05/09/05 4,850 4,850,000
-----------
Louisiana - 0.2%
East Baton Rouge Parish PCRB (Exxon Mobil
Project) Series 1993 DN (A-1+, VMIG-1)
2.96%(b) 05/02/05 9,600 9,600,000
-----------
Maryland - 1.1%
Baltimore County RB (St. Paul's School for Girls
Facility Project) Series 2000 DN (M&T Bank Corp.
LOC) (A-1)
3.07%(b) 05/09/05 8,315 8,315,000
Maryland Health & Higher Education Facilities
Authority RB (Adventist Healthcare Project)
Series 2003B DN (M&T Bank Corp. LOC) (VMIG-1)
3.04%(b) 05/09/05 3,400 3,400,000
Maryland Health & Higher Education Facilities
Authority RB (Bear Stearns Municipal Securities
Trust Receipts) Series 2003 SGA-143 DN (Societe
Generale Liquidity Facility) (A-1+)
3.03%(b) 05/09/05 5,000 5,000,000
Maryland Health & Higher Education Facilities
Authority RB (Doctors' Community Hospital Issue
Project) Series 1999 DN (M&T Bank Corp. LOC)
(A-1)
3.02%(b) 05/09/05 4,515 4,515,000
Montgomery County Economic Development RB
(Brooke Grove Foundation, Inc. Project) Series
1998 DN (M&T Bank Corp. LOC) (A-1)
3.02%(b) 05/09/05 4,550 4,550,000
Montgomery County RB (Imagination Stage, Inc.
Facility Project) Series 2002 DN (M&T Bank Corp.
LOC) (A-1)
3.07%(b) 05/09/05 3,955 3,955,000
-----------
29,735,000
===========
Massachusetts - 5.7%
Commonwealth of Massachusetts GO (Wachovia
Merlots Trust Receipts) Series 2002A-9 DN (FSA
Insurance, Wachovia Bank N.A. SBPA) (A-1)
3.07%(b) 05/09/05 3,610 3,610,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
27
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- ------------
MUNICIPAL BONDS (Continued)
Massachusetts (continued)
Massachusetts GO Series 1998B BAN (Toronto
Dominion LOC) (A-1+, VMIG-1)
3.00%(b) 05/09/05 $ 3,700 $ 3,700,000
Massachusetts Health & Educational Authority RB
(Partners Healthcare Project) Series 1997P-2 DN
(FSA Insurance) (VMIG-1)
2.98%(b) 05/09/05 5,400 5,400,000
Massachusetts Health & Educational Facilities
Authority RB (Childrens Hospital Project) Series
2004L-1 DN (Fleet National Bank N.A. LOC)
(A-1+, VMIG-1)
2.95%(b) 05/09/05 20,975 20,975,000
Massachusetts Health & Educational Facilities
Authority RB (Harvard University Project) Series
1999R DN (Harvard University Guaranty)
(A-1+, VMIG-1)
2.85%(b) 05/02/05 65,590 65,590,000
Massachusetts Health & Educational Facilities
Authority RB (Harvard University Project) Series
2000-BB DN (A-1+, VMIG-1)
2.85%(b) 05/09/05 43,100 43,100,000
Watertown GO Series 2004 BAN (MIG-1, SP-1+)
3.00%(b) 11/09/05 3,900 3,918,010
Westford GO Series 2005 BAN (SP-1+, MIG-1)
2.65% 07/29/05 6,615 6,615,983
2.75% 07/29/05 5,400 5,407,524
------------
158,316,517
============
Michigan - 6.8%
Comstock Park Public Schools RB (Citigroup Trust
Receipts) Series 2005 ROC-II-R DN (Citigroup
Liquidity Facility) (VMIG-1)
3.03%(b) 05/09/05 1,335 1,335,000
Detriot City School District RB (Wachovia Merlots
Trust Receipts) Series 2004B-01 DN (FGIC
Insurance, Wachovia Bank N.A. SBPA) (VMIG-1)
3.08%(b) 05/09/05 14,440 14,440,000
Detroit Sewer & Disposal Authority RB (Second Lien
Project) Series 2001E MB (FGIC Insurance)
(A-1+, MIG-1)
1.55%(b) 08/04/05 10,300 10,300,000
Detroit Sewer & Disposal Authority RB (Wachovia
Merlots Trust Receipts) Series 2001A-112 DN
(MBIA Insurance) (VMIG-1)
3.08%(b) 05/09/05 8,005 8,005,000
Detroit Sewer Disposal RB Series 1998A DN (MBIA
Insurance, Morgan Guaranty Trust SBPA)
(A-1+, VMIG-1)
3.00%(b) 05/09/05 8,950 8,950,000
Detroit Sewer Disposal RB Series 2001C-1 DN (FSA
Insurance) (A-1+, VMIG-1)
3.00%(b) 05/09/05 18,330 18,330,000
Garden City Hospital Finance Authority RB (Garden
City Hospital Project) Series 1996A DN (National
City Bank N.A. LOC) (A-1+)
3.03%(b) 05/09/05 3,260 3,260,000
Grand Valley Michigan State University RB Series
2001B DN (FGIC Insurance) (A-1+)
3.00%(b) 05/09/05 7,000 7,000,000
Grand Valley Michigan State University RB Series
2005 DN (XL Capital Assurance Insurance) (A-1+)
2.95%(b) 05/09/05 14,535 14,535,000
PAR
MATURITY (000) VALUE
-------- ------- ------------
MUNICIPAL BONDS (Continued)
Michigan (continued)
Jackson County Economic Development Limited
Obligation RB (Vista Grande Villa Project) Series
2001A DN (Lasalle National Bank LOC) (A-1)
3.03%(b) 05/02/05 $ 5,600 $ 5,600,000
Kalamazoo Education Authority RB (Friendship Vl
Project) Series 1997 DN (Fifth Third Bank N.A.
LOC) (A-1+)
3.02%(b) 05/09/05 3,660 3,660,000
Michigan GO Series 2004A MB (SP-1+, MIG-1)
3.50%(b) 09/30/05 29,000 29,170,476
Michigan Housing Development Authority Limited
Obligation RB Series 1985 DN (Bank One N.A.
LOC) (VMIG-1)
3.07%(b) 05/09/05 15,500 15,500,000
Michigan Municipal Bond Authority RB (Detroit
School District Project) Series 2005-A MB (J.P.
Morgan Chase LOC)
3.75% 03/21/06 2,500 2,525,947
Michigan Municipal Bond Authority RB Series
2004B-2 MB (J.P. Morgan Chase LOC) (SP-1+)
3.00%(b) 08/23/05 30,000 30,131,874
Michigan Municipal Bond Authority RB Series
2004D DN (J.P. Morgan Chase LOC) (A-1)
2.90%(b) 05/09/05 8,000 8,000,000
Michigan Municipal Bond Authority RB Series
2005-339 DN (Citibank SBPA) (VMIG-1)
3.03%(b) 05/09/05 4,000 4,000,000
Michigan State Building Authority RB (Multi Modal
Facilities Project) Series 2005I DN (Depfa Bank
SPBA) (A-1+, VMIG-1)
2.95%(b) 05/09/05 3,000 3,000,000
------------
187,743,297
============
Minnesota - 3.6%
Hennepin County GO Series 2000B DN (Landesbank
Hessen-Thuringen Girozentrale LOC)
(A-1C+, VMIG-1)
2.85%(b) 05/09/05 14,125 14,125,000
Midwest Consortium of Municipal Utilities RB
Series 2005 DN (U.S. Bank N.A. LOC) (A-1+)
3.00%(b) 05/09/05 3,800 3,800,000
Minneapolis & St. Paul Airport RB (Wachovia
Merlots Trust Receipts) Series 2000A DN (FGIC
Insurance) (VMIG-1)
3.08%(b) 05/09/05 4,995 4,995,000
Minneapolis GO (Convention Center Project) Series
1999 DN (Bayerische Landesbank Girozentrale
SBPA) (A-1+, VMIG-1)
2.85%(b) 05/09/05 13,850 13,850,000
Minneapolis GO (Convention Center Project) Series
2000 DN (Bayerische Landesbank Girozentrale
SBPA) (A-1+, VMIG-1)
2.85%(b) 05/09/05 8,960 8,960,000
Minneapolis GO (Convention Center Project) Series
2004A DN (Dexia Bank SBPA) (A-1+, VMIG-1)
2.85%(b) 05/09/05 900 900,000
Minneapolis GO (Guthrie Parking Ramp Project)
Series 2005 DN (Dexia Bank SBPA)
(A-1+, VMIG-1)
2.85%(b) 05/09/05 2,000 2,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
28
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- ------------
MUNICIPAL BONDS (Continued)
Minnesota (continued)
Minneapolis GO (Mill Quarter Project) Series 2005
DN (Dexia Bank SBPA) (A-1+, VMIG-1)
2.85%(b) 05/09/05 $ 1,065 $ 1,065,000
Minneapolis GO (Public Library Project) Series 2003
DN (Dexia Bank SBPA) (A-1+, VMIG-1)
2.85%(b) 05/09/05 7,180 7,180,000
Minneapolis GO Series 2003 DN (Dexia Bank SBPA)
(A-1+, VMIG-1)
2.85%(b) 05/05/05 1,700 1,700,000
Minnesota GO (Citibank Trust Receipts) Series
2002R-ROC-II-1031 DN (Citibank Liquidity
Facility) (A-1+)
3.03%(b) 05/09/05 5,070 5,070,000
Minnesota Higher Education Facilities Authority RB
(Carleton College Project) Series 2000G DN
(Wells Fargo Bank LOC) (VMIG-1)
2.85%(b) 05/09/05 5,980 5,980,000
Minnesota Housing Finance Agency RB (Residential
Housing Project) Series 2005D MB (SP-1+, MIG-1)
2.90% 05/18/06 4,000 4,000,000
Minnesota Public Facilities Authority Water PCRB
(Wachovia Merlots Trust Receipts) Series 2002A
DN (Wachovia Bank N.A. SBPA) (VMIG-1)
3.08%(b) 05/09/05 14,725 14,725,000
St. Cloud GO (Infrastructure Management Fund
Project) Series 2004 DN (Dexia Bank SBPA)
(A-1+, VMIG-1)
2.90%(b) 05/09/05 5,000 5,000,000
West St. Paul Independent School District Number
197 RB (CitiGroup Trust Receipts) Series
6506-ROC-R-II DN (Citibank SBPA) (A-1+)
3.03%(b) 05/09/05 7,195 7,195,000
------------
100,545,000
============
Mississippi - 1.3%
Mississippi Development Bank Special Obligation
RB (Correctional Facilities Project) Series 2002
DN (AMBAC Insurance, Amsouth Bank of
Alabama SBPA) (A-1)
3.09%(b) 05/09/05 3,715 3,715,000
Mississippi Development Bank Special Obligation
RB (Mississippi Bond Program Harrison County
Project) Series 2003 DN (AMBAC Insurance,
Banque Nationale de Paribas SBPA) (A-1+)
3.09%(b) 05/09/05 9,000 9,000,000
Mississippi Development Bank Special Obligation
RB (Mississippi Bond Program Harrison County
Project) Series 2005 DN (AMBAC Insurance)
(A-1+)
3.09%(b) 05/05/05 15,000 15,000,000
Mississippi Development Bank Special Obligation
RB (Wachovia Merlots Trust Receipts) Series
2001A-16 DN (AMBAC Insurance) (VMIG-1)
3.08%(b) 05/09/05 7,500 7,500,000
------------
35,215,000
============
Missouri - 0.8%
Missouri Board Public Buildings Special Obligation
RB (Wachovia Merlots Trust Receipts) Series
2003A DN (Wachovia Bank N.A. SBPA) (VMIG-1)
3.08%(b) 05/09/05 4,980 4,980,000
PAR
MATURITY (000) VALUE
-------- ------- ------------
MUNICIPAL BONDS (Continued)
Missouri (continued)
Missouri Development Finance Board Lease RB
Series 1999 DN (TransAmerican Life Insurance)
(A-1+)
3.04%(b) 05/09/05 $17,790 $ 17,790,000
------------
22,770,000
============
Multi-State - 2.3%
Municipal Securities Pool Trust Receipts RB Series
2004-17 DN (Multiple Insurances) (A-1+)
3.14%(b)(c) 05/09/05 14,325 14,325,000
Municipal Securities Pool Trust Receipts RB Series
2004-18 DN (Multiple Insurances) (A-1+)
3.14%(b)(c) 05/09/05 31,630 31,630,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A DN (Merrill Lynch Capital Services
SBPA) (F-1+)
3.14%(b) 05/09/05 4,175 4,175,000
Puttable Floating Options for Tax-Exempt Receipts
RB Series 2005A DN (Multiple LOCs, Merrill
Lynch & Co. Inc. SBPA)
3.09%(b) 05/09/05 13,500 13,500,000
------------
63,630,000
============
Nebraska - 0.3%
Omaha GO (Citibank Eagle Trust Receipts) Series
2004A DN (Citibank SBPA) (A-1+)
3.03%(b) 05/09/05 8,000 8,000,000
------------
Nevada - 0.7%
Clark County School District Municipal Securities
Trust Certificates RB (Bear Stearns Trust
Receipts) Series 2001A DN (FSA Insurance, Bear
Stearns Capital Markets Liquidity Facility) (A-1+)
3.05%(b)(c) 05/09/05 12,480 12,480,000
Reno Capital Improvement RB (Bear Stearns Trust
Certificates) Series 2002A DN (FGIC Insurance,
Bear Stearns LOC) (A-1)
3.05%(b)(c) 05/09/05 6,000 6,000,000
------------
18,480,000
============
New Hampshire - 0.3%
New Hampshire Health & Educational Facilities
Authority RB (Southern New Hampshire Medical
Center Project) Series 2004B DN (Radian Asset
Assurance Guaranty, Fleet Bank SBPA) (A-1+)
3.10%(b) 05/09/05 7,000 7,000,000
------------
New Jersey - 2.8%
Essex County Improvement Authority RB (Pooled
Governmental Loan Program) Series 1986 DN
(First Union Bank LOC) (VMIG-1)
2.97%(b) 05/09/05 400 400,000
Mercer County Improvement Authority RB Series
1998 DN (Bank of America N.A. LOC) (A-1+)
2.94%(b) 05/09/05 7,100 7,100,000
New Jersey Economic Development Authority RB
(Citibank Trust Receipts) Series 2004
ROCS-II-R-309 DN (Assured Guaranty Corp.
Insurance) (A-1+)
3.04%(b) 05/09/05 9,900 9,900,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
29
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
New Jersey (continued)
New Jersey Economic Development Authority RB
(First Mortgage of Winchester Project) Series
2004B DN (Valley National Bank LOC) (VMIG-1)
3.00%(b) 05/09/05 $ 100 $ 100,000
New Jersey GO (Lehman Trust Receipts) Series
2004D-L55J DN (Lehman Brothers, Inc. Liquidity
Facility) (VMIG-1, F-1)
3.08%(b) 05/09/05 34,350 34,350,000
New Jersey GO Series 2004A TAN (SP-1+, MIG-1)
3.00%(b) 06/24/05 20,000 20,038,008
New Jersey Health Care Facilities Financing
Authority RB (Merrill Lynch P-Float Trust
Receipts) Series 2001 PT-1319 DN (AMBAC
Insurance, Merrill Lynch Capital Services SBPA)
(A-1)
3.04%(b) 05/09/05 5,800 5,800,000
-----------
77,688,008
===========
New Mexico - 0.5%
New Mexico Financial Authority RB (Cigarette Tax
Project) Series 2004B DN (MBIA Insurance, Bank
of America N.A. SBPA) (A-1+, VMIG-1)
3.00%(b) 05/09/05 3,500 3,500,000
New Mexico GO (Lehman Trust Receipts) Series
2004L-38 DN (Lehman Liquidity Co. Guaranty)
(SP-1+, MIG1)
3.08%(b) 05/09/05 10,250 10,250,000
-----------
13,750,000
===========
New York - 10.8%
City of New York GO (Citibank Trust Receipts) Series
2003R ROC-II-251A DN (Citibank Liquidity
Facility) (VMIG-1)
3.06%(b) 05/09/05 20,000 20,000,000
City of New York GO (Citigroup Trust Receipts)
Series 2003A-6 DN (Landesbank
Baden-Wurttemberg LOC) (A-1, VMIG-1)
2.98%(b) 05/09/05 5,400 5,400,000
City of New York GO Series 1993A-4 DN
(Landesbank Baden-Wurttemberg LOC)
(A-1, VMIG-1, AAA)
3.05%(b) 05/02/05 2,900 2,900,000
City of New York GO Series 1994H-2 DN (MBIA
Insurance) (A-1+, VMIG-1)
3.05%(b) 05/02/05 9,000 9,000,000
City of New York GO Series 1994H-4 DN
(Kredietbank N.V. LOC) (A-1, VMIG-1)
2.98%(b) 05/09/05 5,350 5,350,000
City of New York GO Series 2003A-2 DN (Bank of
America N.A. LOC) (A-1, VMIG-1)
3.00%(b) 05/09/05 3,000 3,000,000
City of New York GO Series 2004H-2 DN (Bank of
New York LOC) (A-1+, VMIG-1)
3.00%(b) 05/09/05 4,100 4,100,000
City of New York Housing Development Corporation
Multi-Family Rental Housing RB (Columbus
Green Project) 1997A DN (Federal National
Mortgage Association Guaranty) (A-1+)
3.00%(b) 05/09/05 4,500 4,500,000
City of New York Municipal Water Finance Authority
RB (Wachovia Merlots Trust Receipts) Series
2000D DN (Wachovia Bank N.A. LOC) (VMIG-1)
3.06%(b) 05/09/05 16,875 16,875,000
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
New York (continued)
City of New York Municipal Water Finance Authority
RB (Water & Sewer Systems Project) Series
2001F-1 DN (Credit Locale de France LOC)
(A-1+, VMIG-1)
3.05%(b) 05/02/05 $19,500 $19,500,000
City of New York Municipal Water Finance Authority
RB (Water & Sewer Systems Project) Series
2002C-1 DN (State Street Bank & Trust Co. LOC)
(A-1+, VMIG-1)
3.05%(b) 05/02/05 21,150 21,150,000
City of New York Transitional Finance Authority
Financing RB (Future Tax Secured Bonds) Series
1998C DN (Bayerische Landesbank Girozentrale
LOC) (A-1+, VMIG-1)
3.02%(b) 05/02/05 300 300,000
City of New York Transitional Finance Authority RB
Series 2003-7 DN (Banque Nationale de Paribas
SBPA) (VMIG-1)
3.02%(b) 05/09/05 3,535 3,535,000
Clipper Tax Exempt Certificates RB Series 2005-7
DN (FGIC & MBIA Insurance, State Street Bank
SBPA) (A-1+, VM1G1)
3.11%(b) 05/09/05 13,400 13,400,000
Dormitory Authority of the State of New York RB
(Glen Eddy, Inc. Project) Series 2000 DN (Fleet
National Bank LOC) (A-1)
3.00%(b) 05/09/05 170 170,000
Dormitory Authority of the State of New York RB
(Mental Health Services Project) Series 2003D-2B
DN (Credit Locale de France LOC) (A-1+)
2.92%(b) 05/09/05 8,780 8,780,000
Dormitory Authority of the State of New York RB
(Teresian House Housing Corp. Project) Series
2003 DN (Lloyds Bank LOC) (A-1+)
3.00%(b) 05/09/05 8,135 8,135,000
Dormitory Authority of the State of New York RB
(Wachovia Merlots Trust Receipts) Series
2001A-30 DN (AMBAC Insurance, Wachovia Bank
N.A. SBPA) (VMIG-1)
3.06%(b) 05/09/05 2,980 2,980,000
Dormitory Authority of the State of New York RB
(Wachovia Merlots Trust Receipts) Series
2001A-65 DN (MBIA Insurance, Wachovia Bank
N.A. SBPA) (VMIG-1)
3.06%(b) 05/09/05 3,415 3,415,000
Dormitory Authority of the State of New York RB
(Wachovia Merlots Trust Reciepts) Series 2003
DN (FGIC Insurance, Wachovia Bank N.A. SBPA)
(VMIG-1)
3.06%(b) 05/09/05 7,445 7,445,000
Dormitory Authority of the State of New York RB
Series 2005-4 DN (BNP Paribas SBPA) (A-1+)
3.02%(b) 05/09/05 2,170 2,170,000
Dutchess County IDA Civic Facility RB (Lutheran
Center Project) Series 2005 DN (Key Bank LOC)
(VMIG-1)
3.06%(b) 05/09/05 3,930 3,930,000
Long Island Power Authority Electrical System RB
Series 1998-7A DN (MBIA Insurance, Credit
Suisse First Boston SBPA) (A-1+, VMIG-1)
2.88%(b) 05/09/05 4,235 4,235,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
30
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
New York (continued)
Metropolitan Pier & Exposition Authority RB (Bear
Stearns Trust Certificates) Series 2005A-224 DN
(MBIA Insurance, Bear Stearns Capital Markets
Liquidity Facility) (VMIG-1)
3.23%(b)(c) 05/09/05 $ 4,315 $ 4,315,000
Metropolitan Pier & Exposition Authority RB (TOC
Trust Receipts) Series 2005Z-1 DN (MBIA
Insurance, Goldman Sachs Liquidity Facility)
(A-1, AAA)
3.11%(b) 05/09/05 4,280 4,280,000
Metropolitan Transportation Authority RB
(Dedicated Tax Fund) Series 2002B DN (FSA
Insurance, Dexia Credit SBPA) (A-1+)
2.95%(b) 05/09/05 14,900 14,900,000
Metropolitan Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series 2000F
DN (Wachovia Bank N.A. LOC) (VMIG-1)
3.06%(b) 05/09/05 5,000 5,000,000
Metropolitan Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series
2002A-52 DN (Wachovia Bank N.A. Liquidity
Facility) (VMIG-1)
3.06%(b) 05/09/05 8,445 8,445,000
Metropolitan Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series
2004B-16 DN (FGIC Insurance, Wachovia Bank
N.A. SBPA)
3.06%(b) 05/09/05 5,000 5,000,000
Metropolitan Transportation Authority TECP (ABN
AMRO Bank LOC) (A-1+, P-1)
1.98% 05/05/05 10,000 10,000,000
2.02% 06/03/05 13,000 12,997,604
New York Environmental Facilities Clean Water &
Drinking RB (Citibank Trust Receipts) Series
2004R ROC-3016 DN (Citigroup SBPA) (A-1+)
3.02%(b) 05/09/05 1,855 1,855,000
New York Environmental Facility Clean Water &
Drinking RB (Wachovia Merlots Trust Receipts)
Series 2004B DN (Wachovia Bank N.A. SBPA)
(A-1)
3.06%(b) 05/09/05 5,395 5,395,000
New York Housing Finance Agency RB (Tribeca
Green Housing Project) Series 2003A DN
(Landesbank Hessen-Thuringen Girozentrale
LOC) (VMIG-1)
3.00%(b) 05/09/05 6,600 6,600,000
New York Local Government Assistance
Corporation RB Series 1995F DN (Toronto
Dominion LOC) (A-1, VMIG-1)
2.95%(b) 05/09/05 12,865 12,865,000
New York Local Government Assistance
Corporation RB Series 1995G DN (Bank of Nova
Scotia LOC) (A-1+, VMIG-1)
2.96%(b) 05/09/05 7,700 7,700,000
New York Local Government Assistance
Corporation RB Series 2003-8V DN (FSA
Insurance) (A-1+)
2.95%(b) 05/09/05 17,300 17,300,000
New York Transitional Finance Authority RB Series
2003-2D DN (Retail Food Stores LOC)
(A-1+, VMIG-1)
2.92%(b) 05/09/05 3,500 3,500,000
PAR
MATURITY (000) VALUE
-------- ------- ------------
MUNICIPAL BONDS (Continued)
New York (continued)
Triborough Bridge & Tunnel Authority RB (Bear
Stearns Municipal Trust Certificates) Series
2002-210 DN (Bear Stearns Liquidity Facility)
(A-1+)
3.00%(b)(c) 05/09/05 $7,600 $ 7,600,000
Triborough Bridge & Tunnel Authority RB (Merrill
Lynch P-Float Trust Receipts) Series 2002 PA-956
DN (Merrill Lynch Capital Services Liquidity
Facility) (A-1+)
3.04%(b) 05/09/05 5,000 5,000,000
------------
303,022,604
============
North Carolina - 1.7%
Charlotte COP (Convention Facilities Project) Series
2003B DN (Wachovia Bank N.A. LOC)
(A-1, VMIG-1)
3.05%(b) 05/09/05 7,085 7,085,000
Guilford County Industrial Facilities PCRB
(Recreational Facilities-YMCA Project) Series
2002 DN (Branch Banking & Trust Co. LOC)
(VMIG-1)
3.02%(b) 05/09/05 330 330,000
North Carolina Capital Facilities Finance Agency
Educational Facilities RB Series 2001 DN (Branch
Banking & Trust Co. LOC) (VMIG-1)
3.02%(b) 05/09/05 2,130 2,130,000
North Carolina GO Series 2003A-23 DN (Wachovia
Bank N.A. SBPA) (A-1)
3.08%(b) 05/09/05 6,300 6,300,000
North Carolina Medical Care Commission Hospital
RB (Baptist Hospital Project) Series 1992B DN
(Wachovia Bank N.A. LOC) (A-1, VMIG-1)
2.96%(b) 05/09/05 1,100 1,100,000
North Carolina Medical Care Commission Hospital
RB (Park Ridge Hospital Project) Series 1988 DN
(NationsBank LOC) (A-1+)
2.99%(b) 05/09/05 1,275 1,275,000
North Carolina Medical Care Commission
Retirement Facilities RB (Aldersgate Project)
Series 2001 DN (Branch Banking & Trust Co.
LOC) (A-1)
3.10%(b) 05/09/05 6,070 6,070,000
North Carolina Medical Care Commission
Retirement Facilities RB (Brookwood Project)
Series 2001C DN (Branch Banking & Trust Co.
LOC) (A-1)
3.10%(b) 05/09/05 4,500 4,500,000
North Carolina Medical Care Community Hospital
RB (Duke University Hospital Project) Series
1985B DN (Wachovia Bank N.A. SBPA)
(A-1+, VMIG-1)
3.02%(b) 05/09/05 300 300,000
North Carolina Municipal Power Agency RB
(Catawba Electric Co. Project) Series 2003 DN
(MBIA Insurance, Bank of New York SBPA) (A-1+)
3.03%(b) 05/09/05 2,600 2,600,000
North Carolina Municipal Power Agency RB (Merrill
Lynch P-Float Trust Receipts, Catawba Electric
Co. Project) Series 2003 MB (AMBAC Insurance,
Merrill Lynch Capital Services SPBA) (AAA, F-1+)
2.40%(b) 01/19/06 3,995 3,995,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
31
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
North Carolina (continued)
Raleigh County COP (Packaging Facilities Project)
Series 2000A DN (Bank of America N.A. SBPA)
(A-1+, VMIG-1)
2.95%(b) 05/09/05 $ 1,545 $ 1,545,000
Wake County GO (CDC Trust Receipts) Series
2005-9-A DN (IXIS Municipal Products Liquidity
Facility) (A-1+)
3.03%(b) 05/09/05 3,000 3,000,000
Wake County GO Series 2004A MB (Landesbank
Hessen-Thuringen Girozentrale SBPA)
(A-1+, MIG-1)
4.00%(b) 04/01/06 7,000 7,081,850
-----------
47,311,850
===========
North Dakota - 0.2%
Oliver County PCRB (Wachovia Merlots Trust
Receipts) Series 2003B-7 DN (AMBAC Insurance,
Wachovia Bank N.A. Liquidity Facility) (VMIG-1)
3.08%(b) 05/09/05 4,980 4,980,000
-----------
Ohio - 2.7%
Akron Income Tax RB (Community Learning
Centers Project) Series 2004A DN (FGIC
Insurance, ABN-AMRO Bank N.V. SBPA)
(A-1, F-1+)
3.03%(b) 05/09/05 18,200 18,200,000
Cambridge City Hospital Facilities Authority RB
(Regional Medical Center Project) Series 2001 DN
(National City Bank N.A. LOC) (VMIG-1)
3.03%(b) 05/09/05 2,100 2,100,000
Canton City School District GO Series 2005-6 DN
(A-1+)
3.03%(b) 05/09/05 11,765 11,765,000
City of Westerville GO (ABN-AMRO Munitops Trust
Certificates) Series 2001 DN (ABN-AMRO Bank
N.V. LOC) (VMIG-1)
3.03%(b) 05/09/05 1,000 1,000,000
Columbus GO Series 1996-1 DN (Westdeutsche
Landesbank Girozentrale LOC) (A-1+, VMIG-1)
2.97%(b) 05/09/05 225 225,000
Franklin County Healthcare Facilities RB (Willow
Brook Christian Project) Series 2004 DN (Fifth
Thrid Bank LOC) (A-1+)
3.02%(b) 05/09/05 4,700 4,700,000
Franklin County Municipal Securities Trust
Certificates RB Series 2002A-9047 DN (AMBAC
Insurance, Bear Stearns SBPA) (A-1)
3.01%(b)(c) 05/09/05 4,100 4,100,000
Hamilton County Hospital Facilities RB (Elizabeth
Gamble Project) Series 2002A DN (Morgan
Guaranty Trust LOC) (VMIG-1)
3.00%(b) 05/09/05 6,000 6,000,000
Hamilton County Hospital Facilities RB (Health
Alliance Project) Series 1997B DN (MBIA
Insurance, Credit Suisse SBPA) ) (A-1+, VMIG-1)
2.99%(b) 05/09/05 2,650 2,650,000
Lucas County Health Facilities Authority RB
(Lutheran Homes Society Project) Series 1996 DN
(Bank One N.A. LOC) (A-1+)
3.00%(b) 05/09/05 800 800,000
Tuscarawas County Hospital Facilities RB (Merrill
Lynch Trust Receipts P-Float MT-103) Series
2005 DN (Merrill Lynch Guaranty)
3.06%(b) 05/09/05 1,000 1,000,000
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Ohio (continued)
University of Akron General Receipts RB Series
2004 DN (FGIC Insurance, Dexia Credit SBPA)
(VMIG-1)
2.99%(b) 05/09/05 $11,200 $11,200,000
University of Toledo RB (Societe Generale Trust
Receipts) Series 2001 SGA-125 DN (FGIC
Insurance, Societe Generale Liquidity Facility)
(A-1+)
3.01%(b) 05/09/05 6,855 6,855,000
Warren County Healthcare Facilities RB (Otterbein
Homes Project) Series 1998B DN (Fifth Third
Bank N.A. LOC) (A-1+)
3.07%(b) 05/09/05 920 920,185
Wood County Facilities Import Piping Industry RB
Series 2001 DN (KeyBank N.A. LOC)
3.07%(b) 05/09/05 2,765 2,765,000
-----------
74,280,185
===========
Oklahoma - 0.2%
Oklahoma Industrial Authority RB (Casady School
Project) Series 2001 DN (Bank One N.A. LOC)
3.20%(b) 05/09/05 2,490 2,490,000
Oklahoma Water Reserve Board State Loan
Program RB Series 1997 MB (Lloyds Bank SPBA)
(A-1+)
2.15% 09/01/05 2,000 2,000,000
-----------
4,490,000
===========
Oregon - 0.2%
Umitilla County Hospital Facility Authority RB
(Catholic Health Project) Series 1997B DN
(Bayerische Landesbank Girozentrale LOC)
(A-1+, VMIG-1)
3.00%(b) 05/09/05 6,020 6,020,000
-----------
Pennsylvania - 5.0%
Cumberland County Municipal Authority Retirement
Community RB (Wesley Affiliated Services
Project) Series 2002C DN (Lloyds Bank LOC)
(A-1+)
3.00%(b) 05/09/05 15,000 15,000,000
Delaware Valley IDRB (Citibank Trust Receipts)
Series 2001 DN (AMBAC Insurance, Bank of New
York SBPA) (A-1+)
3.02%(b) 05/09/05 5,000 5,000,000
Franklin County IDRB (Chambersburg Hospital
Project) Series 2000 DN (AMBAC Insurance,
Wachovia Bank N.A. SBPA) (A-1)
3.10%(b) 05/09/05 1,595 1,595,000
Hanover Public School District GO Series 2005 BAN
3.03%(b) 05/09/05 5,000 5,000,000
Harrisburg Authority School RB (Harrisburg
Project) Series 2003 DN (AMBAC Insurance,
Westdeutsche Landesbank Girozentrale Liquidity
Facility) (A-1+)
2.99%(b) 05/09/05 69,100 69,100,000
Lancaster County Hospital Authority RB (Landis
Homes Retirement Community Project) Series
2002 DN (M&T Bank Corp. LOC) (A-1)
3.07%(b) 05/09/05 4,195 4,195,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
32
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- ------------
MUNICIPAL BONDS (Continued)
Pennsylvania (continued)
Pennsylvania Higher Educational Facilities
Authority Hospital RB (Merrill Lynch P-Float
Trust Receipts) Series 2005-2498 DN (Merrill
Lynch Guaranty) (F-1+)
3.09%(b) 05/09/05 $ 7,400 $ 7,400,000
Pennsylvania Higher Educational Facilities
Authority RB (Drexel University Project) Series
2003B DN (Allied Irish Bank PLC Liquidity
Facility) (Aaa, AA)
2.99%(b) 05/09/05 7,700 7,700,000
Pennsylvania Higher Educational Facilities
Authority RB (Merrill Lynch P-Float Trust
Receipts) Series 2004 MT-042 DN (Lloyds Bank
LOC, Merrill Lynch Capital Services SBPA) (F-1+)
3.05%(b) 05/09/05 9,100 9,100,000
Southeastern Pennsylvania Transportation
Authority Municipal Securities Trust Certificates
RB (Bear Stearns Municipal Trust Certificates)
Series 2001-9016 DN (FGIC Insurance) (A-1)
3.01%(b)(c) 05/09/05 5,500 5,500,000
Union County Hospital Authority RB (Evangelical
Community Hospital Project) Series 2001 MB
(Fleet National Bank SPBA, Radian Insurance)
(A-1)
2.45% 02/01/06 9,610 9,610,000
------------
139,200,000
============
Puerto Rico - 0.6%
Commonwealth of Puerto Rico GO (Tender Option
Certificates) Series 2001 DN (FSA Insurance,
Bank of New York Liquidity Facility) (A-1+)
3.00%(b) 05/09/05 7,700 7,700,000
Commonwealth of Puerto Rico Highway &
Transportation Authority RB (Merrill Lynch
P-Float Trust Receipts) Series 2002 PT-1052 DN
(Merrill Lynch Capital Services Liquidity Facility)
(A-1)
3.02%(b) 05/09/05 8,595 8,595,000
------------
16,295,000
============
South Carolina - 2.4%
Greenville County School District Installment RB
Series 2005R-361 DN (Insurance Assured
Guaranty Corp.) (A-1+)
3.04%(b) 05/09/05 30,925 30,925,000
Medical University Hospital Authority RB Series
2005A-5 DN (MBIA Insurance, Bank of America
SBPA) (VMIG-1)
3.04%(b) 05/09/05 16,000 16,000,000
Oconee PCRB (Duke Facilities Project) Series 1993
DN (Bank One N.A. LOC) (P-1)
3.00%(b) 05/09/05 10,000 10,000,000
South Carolina Transitional Infrastructure RB
(ABN-AMRO Munitops Trust Certificates) Series
2002A DN (AMBAC Insurance, ABN-AMRO Bank
N.V. SBPA) (VMIG-1)
3.04%(b) 05/09/05 10,475 10,475,000
------------
67,400,000
============
Tennessee - 2.1%
City of Chattanooga Health, Education & Housing
Facility Board RB Series 1999 DN (Amsouth Bank
of Alabama LOC) (A-1)
3.11%(b) 05/09/05 12,400 12,400,000
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Tennessee (continued)
Cleveland IDRB (YMCA Chattan Project) Series 1999
DN (SunTrust Bank LOC)
3.00%(b) 05/09/05 $ 1,400 $ 1,400,000
Gallatin Industrial Development Board Educational
Facilities RB (John Vianney School Project) Series
2002 DN (SunTrust Bank LOC) (VMIG-1)
3.05%(b) 05/09/05 2,070 2,070,000
Memphis GO Series 1995A DN (Westdeutsche
Landesbank Girozentrale LOC) (A-1+, VMIG-1)
3.04%(b) 05/09/05 400 400,000
Metropolitan Government of Nashville & Davidson
County Health & Education Board RB (Ascension
Health Credit Project) Series 2001B-2 DN
(A-1+, VMIG-1)
2.30%(b) 05/09/05 3,000 3,000,000
Metropolitan Government of Nashville & Davidson
County Health & Education Board RB (Belmont
University Project) Series 1997 DN (SunTrust
Bank LOC) (VMIG-1)
3.00%(b) 05/09/05 3,100 3,100,000
Metropolitan Government of Nashville & Davidson
County IDRB (Trevecca Nazarene Project) Series
2003 DN (SunTrust Bank LOC)
3.00%(b) 05/09/05 5,300 5,300,000
Metropolitan Government of Nashville & Davidson
County IDRB (Universtiy School Project) Series
2002 DN (SunTrust Bank LOC) (VMIG-1)
3.00%(b) 05/09/05 4,000 4,000,000
Montgomery County Public Building Authority
Pooled Financing RB (Tennessee County Loan
Pool Project) Series 1997 DN (NationsBank LOC)
(VMIG-1)
3.00%(b) 05/09/05 2,170 2,170,000
Montgomery County Public Building Authority RB
Series 2004 DN (Bank of America LOC) (VMIG1)
3.05%(b) 05/09/05 1,500 1,500,000
Shelby County Health Educational & Housing
Authority RB Series 1994 DN (Credit Suisse LOC)
(A-1+)
3.03%(b) 05/09/05 8,500 8,500,000
Tennergy Gas Corp. RB Series 1999 MB (MBIA
Insurance) (AAA, Aaa)
5.00%(b) 06/01/05 13,890 13,930,494
Washington County IDRB (Springbrook Properties
Project) Series 1996 DN (SunTrust Bank LOC)
(A-1+, VMIG-1)
3.00%(b) 05/09/05 800 800,000
-----------
58,570,494
===========
Texas - 8.3%
Austin Water & Wastewater System RB (Wachovia
Merlots Trust Receipts) Series 2000 DN (MBIA
Insurance) (VMIG-1)
3.08%(b) 05/09/05 2,485 2,485,000
Clear Creek Texas Independent School District GO
Series 2005-04 DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.08%(b) 05/09/05 3,750 3,750,000
Cypress Fairbanks Independent School District GO
(Wachovia Merlot Trust Receipts) Series
2004C-16 DN (PSFG Guaranty) (VMIG-1)
3.08%(b) 05/09/05 4,500 4,500,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
33
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Texas (continued)
De Soto Independent School District RB (Citigroup
Trust Receipts) Series 2004R-2107 ROC II DN
(PSF Guaranty, Citigroup Global Markets Liquidity
Facility) (A-1+)
3.03%(b) 05/09/05 $ 6,145 $ 6,145,000
Eagle Mountain & Saginaw Independent School
District GO (Municipal Securities Trust Receipts)
Series 2003 SGA-141 DN (PSF Guaranty, Societe
Generale Liquidity Facility) (A-1+)
3.03%(b) 05/09/05 4,000 4,000,000
Harris County RB (Citibank Trust Receipts) Series
2002-1029 ROC II DN (FSA Insurance) (A-1+)
3.03%(b) 05/09/05 1,885 1,885,000
Houston Utility Systems RB (Wachovia Merlots
Trust Receipts) Series 2004C DN (MBIA
Insurance, Wachovia Bank N.A. SBPA) (VMIG-1)
3.08%(b) 05/09/05 7,695 7,695,000
Houston Water & Sewer RB (Stars Certificates
Project) Series 2003 DN (FSA Insurance) (VMIG-1)
3.02%(b) 05/09/05 1,585 1,585,000
Lower Colorado River Authority RB (Wachovia
Merlots Trust Receipts) Series 2000 DN (FSA
Insurance, Wachovia Bank N.A. SBPA)
(Aaa, VMIG-1)
3.08%(b) 05/09/05 2,000 2,000,000
San Antonio Electric & Gas RB Series 2003 DN
(Bank of America N.A. LOC) (A-1+)
3.07%(b) 05/09/05 7,000 7,000,000
San Antonio Electric & Gas Systems RB (Jr. Lien
Project) Series 2004 MB (Banque Nationale de
Paribas SBPA) (A-1+, MIG-1)
2.20%(b) 12/01/05 11,000 11,000,000
San Marcos Independent School District GO
(Wachovia Merlot Trust Receipts) Series
2004C-23 MB (Texas Permanent School Funding)
(MIG-1)
1.70%(b) 09/16/05 2,435 2,435,000
Texas A&M University RB (Citibank Trust Receipts)
Series 2003R-4005 ROC II DN (Citibank Liquidity
Facility, Texas Permanent School Funding)
(VMIG-1)
3.03%(b) 05/09/05 4,980 4,980,000
Texas GO (Lehman Trust Receipts) Series 2004 DN
(Lehman Liquidity Facility) (A-1, MIG-1)
2.90%(b) 05/09/05 20,000 20,000,000
Texas GO Series 2004 TRAN (SP-1+, MIG-1)
3.00%(b) 08/31/05 95,000 95,404,387
Texas Technology University RB (Bear Stearns Trust
Receipts) Series 2002A DN (MBIA Insurance)
(A-1)
3.05%(b)(c) 05/09/05 13,630 13,630,000
University of Texas Permanent University Fund RB
(Citibank Trust Receipts) Series 2004-ROC-
II-6004 DN (Citibank N.A. Liquidity Facility) (A-1+)
3.03%(b) 05/09/05 10,640 10,640,000
University of Texas Permanent University Fund RB
(Citibank Trust Receipts) Series 2005-ROC-
II-R-2194 DN (Liquidity Facility Citigroup)
(VMIG-1)
3.03%(b) 05/09/05 11,930 11,930,000
University of Texas Permanent University Fund RB
(Municipal Trust Receipts) Series 2004-SGB-55
DN (Societe Generale SBPA) (A-1+)
3.03%(b) 05/09/05 6,690 6,690,000
PAR
MATURITY (000) VALUE
-------- ------- ------------
MUNICIPAL BONDS (Continued)
Texas (continued)
University of Texas Permanent University Fund RB
Series 2005-1023 DN (F-1+)
3.03%(b) 05/09/05 $ 4,850 $ 4,850,000
University of Texas RB (Wachovia Merlots Trust
Receipts) Series 2003B-14 DN (Wachovia Bank
N.A. SBPA) (VMIG-1)
3.08%(b) 05/09/05 6,260 6,260,000
------------
228,864,387
============
Vermont - 0.4%
Vermont Economic Development Authority RB
(Green Mountain College Project) Series 2003A
DN (Key Bank N.A. LOC)
3.07%(b) 05/09/05 7,775 7,775,000
Vermont Educational & Health Buildings Financing
Agency RB (Rutland Medical Center Project)
Series 2001A DN (National Westminster Bank
LOC) (A-1)
3.06%(b) 05/09/05 3,400 3,400,000
------------
11,175,000
============
Virginia - 3.3%
Alexandria IDRB (Goodwin House Project) Series
2005 DN (Wachovia Bank LOC)
3.03%(b) 05/09/05 5,500 5,500,000
Chesterfield County IDRB (Merrill Lynch P-Float
Trust Receipts) Series 2004 PT-2133 DN (Merrill
Lynch & Co. Guaranty, Merrill Lynch Capital
Services SBPA) (F-1+, AA-)
3.08%(b) 05/09/05 9,750 9,750,000
Chesterfield County IDRB (Merrill Lynch Trust
Receipts) Series 2003 PT-886 DN (Merrill Lynch
& Co. Guaranty) (F-1+)
3.08%(b) 05/09/05 24,995 24,995,000
Commonwealth of Virginia Transportation Board RB
(Citibank Trust Receipts) Series 2000 SG-134 DN
(Societe Generale SBPA) (A-1+)
3.01%(b) 05/09/05 6,500 6,500,000
Commonwealth of Virginia Transportation Board RB
(Citibank Trust Receipts) Series 2002-1013 DN
(Citibank Liquidity Facility) (A-1+)
3.03%(b) 05/09/05 5,995 5,995,000
Fairfax County Economic Development Authority RB
(Citibank Trust Receipts) Series 2003
ROCS-II-R-4024 DN (Citibank Liquidity Facility)
(VMIG-1)
3.03%(b) 05/09/05 4,755 4,755,000
Hampton Roads Regional Jail Authority Facilities
RB (Citibank Trust Receipts) Series 2004
ROCS-RR-II-R-2156 DN (MBIA Insurance)
(Citibank Liquidity Facility) (VMIG-1)
3.03%(b) 05/09/05 4,995 4,995,000
Norfolk Educational Development Authority
Hosptial Facilities RB (Citigroup Trust Receipts)
Series R322 ROC- R-II DN (Citibank Liquidity
Facility) (VMIG-1)
3.03%(b) 05/09/05 13,470 13,470,000
Richmond GO Series 2004 RAN (SP-1+, MIG-1)
3.50%(b) 06/28/05 10,000 10,024,271
University of Virginia RB Series (Wachovia Merlots
Trust Receipts) 2003B-31 DN (Wachovia Bank
N.A. SBPA) (VMIG-1)
3.08%(b) 05/09/05 2,685 2,685,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
34
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Virginia (continued)
Virginia Public School Authority RB (Citigroup
Global Markets Trust Receipts) Series
2003R-4050-ROC-II DN (Citigroup Liquidity
Facility) (A-1+)
3.03%(b) 05/09/05 $ 1,985 $ 1,985,000
-----------
90,654,271
===========
Washington - 1.8%
King County GO (ABN-AMRO Munitops Trust
Certificates) Series 2001-1 DN (MBIA Insurance)
(VMIG-1)
3.04%(b) 05/09/05 2,500 2,500,000
King County School District Bear Stearns Municipal
Securities Trust Certificates RB (Highline Public
Schools Project) Series 2002 DN (FGIC Insurance)
(A-1)
3.05%(b)(c) 05/09/05 11,750 11,750,000
Seattle GO (Bear Stearns Municipal Trust Receipts)
Series 2003 SGA-142 DN (Societe Generale SBPA)
(A-1+)
3.03%(b) 05/09/05 4,000 4,000,000
Seattle Municipal Light & Power RB (Wachovia
Merlots Trust Receipts) Series 2001A-56 DN (FSA
Insurance, Wachovia Bank N.A. Liquidity Facility)
(VMIG-1)
3.08%(b) 05/09/05 7,415 7,415,000
Spokane County School District No. 081 GO
(Citibank Trust Receipts) Series 2003R-ROC-
II-4000 DN (FSA Insurance, Citibank Liquidity
Facility) (VMIG-1)
3.03%(b) 05/09/05 3,575 3,575,000
Washington GO (Piper Jaffray Trust Certificates)
Series 2002G DN (Bank of New York LOC)
(VMIG-1)
3.07%(b) 05/09/05 5,170 5,170,000
Washington GO (Wachovia Merlots Trust Receipts)
Series 2002A-57 DN (MBIA Insurance) (VMIG-1)
3.08%(b) 05/09/05 7,310 7,310,000
Washington State Housing Finance Committee
Non-Profit Housing RB (YMCA Tacoma & Pierce
Project) Series 1998A DN (Key Bank N.A. LOC)
(A-1, VMIG-1)
3.02%(b) 05/09/05 2,810 2,810,000
Washington State Housing Finance Committee
Non-Profit Housing RB (YMCA Tacoma & Pierce
Project) Series 1998B DN (Key Bank N.A. LOC)
(A-1, VMIG-1)
3.02%(b) 05/09/05 4,650 4,650,000
-----------
49,180,000
===========
West Virginia - 0.2%
West Virginia Economic Development Authority RB
(Juvenile Correctional Project) Series 2002A DN
(MBIA Insurance, Bear Stearns Capital Markets
Liquidity Facility) (A-1)
3.05%(b)(c) 05/09/05 4,990 4,990,000
-----------
Wisconsin - 1.4%
Appleton Redevelopment Authority RB (Fox City
Project) Series 2001B DN (Bank One N.A. LOC)
(VMIG-1)
3.10%(b) 05/09/05 8,100 8,100,000
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Wisconsin (continued)
Southeast Wisconsin Professional Baseball Park
RB (Wachovia Merlots Trust Receipts) Series
2000Y DN (MBIA Insurance, Wachovia Bank N.A.
SBPA) (VMIG-1)
3.08%(b) 05/09/05 $ 5,280 $ 5,280,000
Wisconsin Health & Educational Facilities Authority
RB (Edgewood College Project) Series 1997 DN
(Bank One N.A. LOC)
3.10%(b) 05/09/05 6,230 6,230,000
Wisconsin Health & Educational Facilities Authority
RB (Oakwood Village Project) Series 2000B DN
(Marshall & Ilsley Bank LOC) (A-1)
3.03%(b) 05/09/05 2,435 2,435,000
Wisconsin Health & Educational Facilities Authority
RB (St. Joseph's Community Hospital Project)
Series 2001 DN (Marshall & Ilsley Bank LOC)
(A-1)
3.03%(b) 05/09/05 10,800 10,800,000
Wisconsin Transportation RB Series 2005 ROC-II-R
MB (FSA Insurance) (A-1+/AAA)
3.03%(b) 05/09/05 5,600 5,600,000
-----------
38,445,000
===========
Wyoming - 0.3%
Lincoln County PCRB (Amoco Project) Series 1983
MB (Exxon Mobil Guaranty)
2.20% 10/01/05 7,600 7,585,830
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
35
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
VALUE
--------------
TOTAL INVESTMENTS IN SECURITIES - 100.0%
(Cost $2,771,041,249(a)) $2,771,041,249
LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0% (87,205)
--------------
NET ASSETS - 100.0%
(Equivalent to $1.00 per share based on 2,070,446,765
Institutional Shares, 76,603,370 Dollar Shares, 37,775,030
Cash Management Shares, 445,346,863 Adminstration Shares,
32,363,682 Bear Stearns Shares, 2,201 Bear Stearns Pemier
Choice Shares, 102,745,732 Bear Stearns Private Client
Shares and 5,817,228 Bear Stearns Premier Shares
outstanding) $2,770,954,044
==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($2,070,324,470/2,070,446,765) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
DOLLAR SHARE
($76,595,543/76,603,370) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
CASH MANAGEMENT SHARE
($37,773,817/37,775,030) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
ADMINSTRATION SHARE
($445,334,998/445,346,863) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
BEAR STEARNS
($32,362,450/32,363,682) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
BEAR STEARNS PREMIER CHOICE SHARE
($2,200/2,201) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT SHARE
($102,743,346/102,745,732) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($5,817,220/5,817,228) $1.00
=====
- ----------
(a) Aggregate cost for Federal income tax purposes is $2,771,079,376.
(b) Rates shown are the rates as of April 30, 2005 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional investors. As of April
30, 2005, the Fund held 7.1% of its net assets, with a current market value
of $195,725,000, in securities restricted as to resale.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
36
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS - 99.9%
Alabama - 1.1%
Brundidge IDRB (Carter Brothers Project) Series
2001 AMT DN (Southtrust Bank LOC)
3.15%(b) 05/09/05 $ 975 $ 975,000
Eutaw Industrial Development Board PCRB
(Alabama Power Co. Project) Series 1998 DN
(A-1, VMIG-1)
3.02%(b) 05/02/05 3,900 3,900,000
Jefferson County GO Warrants Series 2001B DN
(Morgan Guaranty Trust LOC, Bayerische
Landesbank Girozentrale SBPA) (A-1+, VMIG-1)
3.00%(b) 05/02/05 11,435 11,435,000
Montgomery County Special Care Facilities
Financing Authority RB (Baptist Medical Center
Project) Series 1985A MB (AMBAC Insurance)
(A-1, Aaa)
5.00%(b) 05/02/05 1,220 1,220,000
Tuscaloosa IDRB Series 2000A AMT DN (Southtrust
Bank LOC)
3.15%(b) 05/09/05 1,425 1,425,000
-----------
18,955,000
===========
Alaska - 0.7%
Anchorage Wastewater RB (Wachovia Merlots Trust
Receipts) Series 2004C-25 MB (MBIA Insurance,
Wachovia Bank Liquidity Facility) (MIG-1)
1.70% 09/01/05 3,250 3,250,000
Valdez Marine Terminal RB (Exxon Pipeline Project)
Series 1985 DN (Exxon Mobile Co. Guaranty)
(A-1+, P-1)
2.89%(b) 05/02/05 1,700 1,700,000
Valdez Marine Terminal RB (Phillips Transportation,
Inc. Project) Series 1994 MB (ConocoPhillips Co.
Guaranty) (A-2, MIG-2)
1.80% 06/01/05 2,400 2,400,000
Valdez Marine Terminal RB (Phillips Transportation,
Inc. Project) Series 2002 MB (ConocoPhillips Co.
Guaranty) (A-2, VMIG-2)
1.47%(b) 05/02/05 4,500 4,500,000
-----------
11,850,000
===========
Arizona - 1.7%
Cochise County Solid Waste Disposal PCRB
(Arizona Electric Co-op Project) Series 1994A
AMT MB (National Rural Utilities LOC)
(A-1, VMIG-1)
2.30% 09/01/05 13,800 13,800,000
Colorado Public Highway Authority RB (Merrill
Lynch P-Float Trust Receipts) Series 2005 PZ-46
DN (MBIA Insurance, Merrill Lynch & Co. SBPA)
3.11%(b) 05/09/05 5,805 5,805,000
Pima County IDA Single Family Mortgage RB (Draw
Down Project) Series 2003 AMT DN (Trinity
Funding Guaranty)
2.86%(b) 05/30/05 7,671 7,671,000
Tucson Arizona GO Series 1995 MB (AAA, Aaa, AAA)
5.75% 07/01/05 2,000 2,030,408
Yuma County Jail District RB Series 1996 MB
(AMBAC Insurance)
5.00% 07/01/05 595 598,038
-----------
29,904,446
===========
Arkansas - 0.2%
Maricopa County IDA Solid Waste Disposal RB
Series 2004-048 AMT DN (Merrill Lynch Liquidity
Facility) (A-1+)
3.10%(b) 05/09/05 1,770 1,770,000
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Arkansas (continued)
University of Arkansas RB (UAMS Campus Project)
Series 2004A MB (MBIA Insurance)
4.00% 11/01/05 $ 1,645 $ 1,662,267
-----------
3,432,267
===========
California - 1.1%
California Economic Recovery RB Series 2004C-7
DN (BNP Paribas LOC) (A-1+, VMIG-1, F-1+)
3.02%(b) 05/02/05 1,800 1,800,000
California Statewide Communities Development
Authority Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2001 PT-353 AMT DN
(Merrill Lynch & Co. Guaranty) (A-1C+)
3.10%(b) 05/09/05 11,035 11,035,000
California Statewide Communities Development
Authority Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2003 PT-2001 AMT DN
(Merrill Lynch & Co. Guaranty)
3.10%(b) 05/09/05 2,500 2,500,000
Long Beach Harbor RB Series 2004-A MB (FGIC
Insurance)
2.50% 05/15/05 410 410,068
Los Angeles IDRB (P&C Poultry Distributors
Project) Series 1998 DN (Comercia Bank N.A.
LOC)
3.15%(b) 05/09/05 2,500 2,500,000
San Francisco City & County Airports Commission
RB (International Airport Project) Series 2003
PT-899 AMT DN (FSA Insurance, Merrill Lynch &
Co. SBPA)
3.08%(b) 05/09/05 2,380 2,380,000
-----------
20,625,068
===========
Colorado - 2.0%
Arapahoe County IDRB (PECO II Inc. Project) Series
2001 AMT DN (Huntington Bank LOC)
3.25%(b) 05/09/05 2,000 2,000,000
Colorado Health Facilities Authority Economic
Development RB (Johnson Publishing Co.
Project) Series 1999A AMT DN (Bank One N.A.
LOC)
3.15%(b) 05/09/05 1,710 1,710,000
Denver City & County Airport RB Series 2002A-61
AMT DN (Wachovia Bank N.A. LOC) (VMIG-1)
3.13%(b) 05/09/05 10,945 10,945,000
Denver City & County Airport RB Series 2003E DN
(FGIC Insurance, Bank of New York LOC) (A-1+)
3.07%(b) 05/09/05 2,300 2,300,000
Denver City & County Airport RB Series 2003
PT-754 AMT MB (MBIA Insurance, Merrill Lynch
& Co. SBPA) (F-1+)
1.50%(b) 05/05/05 6,495 6,495,000
Denver City & County Airport RB Series 2004
PT-2112 AMT DN (XLCA Insurance, Westdeutsche
Landesbank Girozentrale SBPA) (F-1+)
3.08%(b) 05/09/05 2,520 2,520,000
Denver City & County Airport RB Series 2004
PT-920 AMT DN (FSA Insurance, Merrill Lynch &
Co. SBPA) (F-1+)
3.08%(b) 05/09/05 1,500 1,500,000
Denver Urban Renewal Authority Tax Increment RB
Series 2004 PT-999 DN (Merrill Lynch Guaranty)
(A-1, AA-)
3.08%(b) 05/09/05 8,700 8,700,000
-----------
36,170,000
===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
37
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------ -----------
MUNICIPAL BONDS (Continued)
Connecticut - 0.3%
Danbury GO Series 2004 BAN (SP-1+, MIG-1)
3.00% 08/05/05 $5,000 $ 5,019,556
-----------
District of Columbia - 0.7%
District of Columbia Enterprise Zone RB (NJA Hotel
LLC Issue Project) Series 2004 AMT DN (Bank of
Scotland LOC) (VMIG-1)
3.09%(b) 05/09/05 5,000 5,000,000
District of Columbia Housing Finance Agency RB
Series 2004 PT-2391 DN (MBIA Insurance, Merrill
Lynch SBPA) (F-1+)
3.12%(b) 05/09/05 4,315 4,315,000
Metropolitan Washington D.C. Airport Authority
System RB Series 2003 PT-1991 AMT DN (AIG
Insurance Guaranty, Merrill Lynch & Co. SBPA)
(F-1+)
3.08%(b) 05/09/05 3,220 3,220,000
Metropolitan Washington D.C. Airport Authority
System RB Series 2004-013 AMT DN (MBIA
Insurance, Merrill Lynch SBPA) (F-1+)
3.08%(b) 05/09/05 2,745 2,745,000
-----------
15,280,000
===========
Florida - 4.4%
Bay County Housing Finance Authority RB Series
2002A AMT DN (XL Capital Insurance Co.
Guaranty)
2.84%(b) 05/09/05 6,705 6,704,665
Greater Orlando Aviation Authority RB (Special
Purpose Cessna Aircraft Project) Series 2001
AMT DN (Textron, Inc. Guaranty) (A-2, P-1)
4.10%(b) 05/09/05 6,000 6,000,000
Hillsborough Aviation Authority RB Series 2003
PT-745 AMT DN (MBIA Insurance, Svenska Bank
SBPA) (F-1+)
3.08%(b) 05/09/05 2,500 2,500,000
Jacksonville Economic Development Commission
IDRB (Glasfloss Industries, Inc. Project) Series
2002 AMT DN (Huntington National Bank LOC)
3.25%(b) 05/09/05 2,020 2,020,000
Jacksonville Economic Development Commission
IDRB (Tremron Jacksonville Project) Series 2000
AMT DN (Branch Banking & Trust Co. LOC)
3.12%(b) 05/09/05 2,410 2,410,000
Jacksonville Economic Development Commission
Special Facility Airport RB (Holland Sheltair
Project) Series 2005B AMT DN (Huntington Bank
LOC)
3.10%(b) 05/09/05 2,100 2,100,000
Jacksonville GO BAN (Landesbank LOC) (A-1+)
2.37% 06/08/05 6,680 6,680,000
Lee County Airport RB Series 2004 AMT DN (FSA
Insurance, Merrill Lynch SBPA)
3.08%(b) 05/09/05 1,575 1,575,000
Lee County IDRB Series 1997 AMT DN (SunTrust
Bank LOC)
3.14%(b) 05/09/05 1,885 1,885,000
Orange County Housing Finance Authority RB
(Merrill Lynch P-Float Trust Receipts) Series
2004 PT-2106 AMT DN (Merrill Lynch Capital
Services SBPA) (VMIG-1)
3.08%(b) 05/09/05 4,280 4,280,000
Pinellas County Housing Finance Authority RB
Series 2004A DN (CDC Funding Insurance,
Rabobank SBPA) (VMIG-1)
3.08%(b) 05/09/05 2,200 2,200,000
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Florida (continued)
Pinellas County Housing Finance Authority Single
Family Mortgage RB Series 2004-009 AMT DN
(CDC Insurance, Rabobank SBPA) (VMIG-1)
3.08%(b) 05/09/05 $ 6,250 $ 6,250,000
Pinellas County Housing Finance Authority Single
Family Mortgage RB Series 2004-933 AMT DN
(Merrill Lynch Liquidity Facility, Rabobank SBPA)
(VMIG-1)
3.08%(b) 05/09/05 3,330 3,330,000
Pinellas County IDRB Series 2004 AMT DN (Trinity
Insurance, Wachovia Bank N.A. LOC, Rabobank
SBPA) (VMIG-1)
3.15%(b) 05/09/05 1,400 1,400,000
Putnam County Development Authority PCRB
(Seminole Electric Co-op Project) Series 1984D
MB (National Rural Utilities LOC) (A-1)
2.05% 06/15/05 12,000 12,000,000
Putnam County Development Authority PCRB
(Seminole Electric Co-op Project) Series 1984H-3
MB (National Rural Utilities LOC) (A-1, MIG-1)
2.30% 09/15/05 11,100 11,100,000
Tampa Bay Water Utilities System RB Series
2004C-21 MB (FGIC Insurance, Wachovia Bank
SBPA) (Aaa)
1.63% 08/24/05 5,955 5,955,000
-----------
78,389,665
===========
Georgia - 3.4%
Atlanta Airport MB Series 1996 (AMBAC Insurance)
6.50% 01/01/06 1,000 1,024,563
Atlanta Airport RB Series 2004C-14 AMT DN (FSA
Insurance, Wachovia Bank) (VMIG-1)
3.13%(b) 05/09/05 2,795 2,795,000
Cartersville Development Authority RB (Aquafil
USA, Inc. Project) Series 2005 AMT DN (Branch
Banking & Trust Bank LOC)
3.12%(b) 05/09/05 2,000 2,000,000
Cobb County Multi-Family Housing Authority RB
Series 2003 PT-1963 AMT DN (Merrill Lynch &
Co. Guaranty) (F-1+)
3.12%(b) 05/09/05 13,120 13,120,000
Cobb County Multi-Family Housing Authority RB
Series 2004 PT-2221 AMT DN (Merrill Lynch &
Co. Guaranty) (F-1+, AA-)
3.12%(b) 05/09/05 21,350 21,350,000
Dooly County IDRB (Hamburg Enterprises Project)
Series 2003 AMT DN (Fifth Third Bank N.A. LOC)
3.08%(b) 05/09/05 1,000 1,000,000
Gainesville Housing Authority RB Series 2003
PT-1985 DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.12%(b) 05/09/05 3,470 3,470,000
Gordon County IDRB (Aladdin Manufacturing Corp.
Project) Series 1997A AMT DN (Wachovia Bank
N.A. LOC)
3.06%(b) 05/09/05 1,000 1,000,000
Gordon County IDRB (Aladdin Manufacturing Corp.
Project) Series 1997B DN (Wachovia Bank N.A.
LOC)
3.06%(b) 05/09/05 1,000 1,000,000
Griffin-Spalding County IDRB (Woodland Industries
Project) Series 2000 AMT DN (Wachovia Bank
N.A. LOC) (A-1+)
3.10%(b) 05/09/05 1,950 1,950,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
38
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------ -----------
MUNICIPAL BONDS (Continued)
Georgia (continued)
Gwinnett County IDRB (Suzanna Project) Series
2001A AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.10%(b) 05/09/05 $3,250 $ 3,250,000
Laurens County IDRB (Aladdin Manufacturing Corp.
Project) Series 1997 AMT DN (Wachovia Bank
N.A. LOC)
3.06%(b) 05/09/05 1,000 1,000,000
Wayne County IDRB (Absorption Corp. Project)
Series 2004 DN (Branch Banking & Trust Co.
LOC) (VMIG-1)
3.12%(b) 05/09/05 4,900 4,900,000
Whitefield County Educational Development
Authority RB (Aladdin Solid Waste Disposal
Project) Series 1999 AMT DN (Wachovia Bank
N.A. LOC)
3.06%(b) 05/09/05 3,100 3,100,000
-----------
60,959,563
===========
Hawaii - 0.4%
Hawaii Airport Systems RB Series 2003 PT-830 DN
(Merrill Lynch & Co. Guaranty) (A-1)
3.08%(b) 05/09/05 2,230 2,230,000
Hawaii Airport Systems RB Series 2004 PT-2310
AMT DN (FGIC Insurance, Merrill Lynch SBPA)
(F-1+)
3.08%(b) 05/09/05 1,345 1,345,000
Hawaii Department of Budget & Finance RB Series
2003 PA-1224 AMT DN (AMBAC Insurance,
Merrill Lynch & Co. SBPA) (A-1, F-1+)
3.07%(b) 05/09/05 2,340 2,340,000
Hawaii Department of Budget & Finance RB Series
2003 PA-1244 AMT DN (AMBAC Insurance,
Merrill Lynch & Co. SBPA) (A-1, F-1+)
3.07%(b) 05/09/05 2,500 2,500,000
Hawaii Housing Finance & Development Corp.
Single Family Mortgage RB Series 2001A-15 AMT
DN (Wachovia Bank N.A. LOC) (VMIG-1)
3.13%(b) 05/09/05 1,440 1,440,000
-----------
9,855,000
===========
Illinois - 3.1%
Chicago IDRB (Promise Candy Project) Series 2001
AMT DN (Lasalle National Bank LOC)
3.13%(b) 05/09/05 3,530 3,530,000
Chicago O'Hare International Airport RB (Merrill
Lynch P-Float Trust Receipts) Series 2003
PT-1993 AMT DN (MBIA Insurance, Merrill Lynch
Capital Services SBPA) (F-1+)
3.08%(b) 05/09/05 1,070 1,070,000
Chicago O'Hare International Airport RB (Merrill
Lynch P-Float Trust Receipts) Series 2004 PT-049
AMT DN (MBIA Insurance, Landesbank Hessen
SBPA) (F-1+)
3.08%(b) 05/09/05 2,000 2,000,000
Chicago O'Hare International Airport RB (Wachovia
Merlots Trust Receipts) Series 2001A-85 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
3.13%(b) 05/09/05 5,610 5,610,000
Chicago O'Hare International Airport Special
Facility RB (American Airlines Project) Series
2004 PT-980 AMT DN (Merrill Lynch SBPA) (F-1+)
3.08%(b) 05/09/05 1,330 1,330,000
PAR
MATURITY (000) VALUE
-------- ------ -----------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Chicago O'Hare International Airport Special
Facility RB (American Airlines Project) Series
2005 DN (FSA Insurance, Merrill Lynch SBPA)
(Aa2, F-1+)
3.08%(b) 05/09/05 $6,145 $ 6,145,000
Chicago Wastewater Transmission RB Series 2004
PZ-40 DN (MBIA Insurance, Merrill Lynch SBPA)
3.11%(b) 05/09/05 2,115 2,115,000
Elmhurst IDRB (Randall Manufacturing Project)
Series 2002 AMT DN (Lasalle National Bank LOC)
(A-1+)
3.19%(b) 05/09/05 1,665 1,665,000
Flora RB (Heritage Woods Project) Series 2001 AMT
DN (Federal Home Loan Bank Guaranty) (A-1+)
3.15%(b) 05/09/05 2,950 2,950,000
Harvard Multi Family Housing RB (Northfield Court
Project) Series 1999 AMT DN (Lasalle National
Bank LOC) (A-1+)
3.21%(b) 05/09/05 7,350 7,350,000
Illinois Development Finance Authority IDRB (Big
Bolt Corp. Project) Series 1996 AMT DN
(ABN-AMRO Bank N.V. LOC)
3.16%(b) 05/09/05 2,600 2,600,000
Illinois Development Finance Authority IDRB (Cano
Packaging Corp. Project) Series 2001 AMT DN
(Lasalle National Bank LOC)
3.13%(b) 05/09/05 2,270 2,270,000
Illinois Development Finance Authority IDRB
(Harbortown Industries Project) Series 2000A
AMT DN (Lasalle National Bank LOC)
3.16%(b) 05/09/05 2,000 2,000,000
Illinois Industrial Development Finance Authority
RB (Mason Corp. Project) Series 2000A AMT DN
(Lasalle National Bank LOC)
3.16%(b) 05/09/05 4,755 4,755,000
Metropolitan Pier & Exposition Authority RB
(Dedicated State Tax Receipts) Series 2005PZ-44
DN (MBIA Insurance, Merrill Lynch Capital
Services SBPA) (F-1+)
3.11%(b) 05/09/05 2,800 2,800,000
Naperville Economic Development Authority RB
(Independence Village Associates Project) Series
1994 DN (National City Bank N.A. LOC)
3.07%(b) 05/09/05 1,580 1,580,000
Springfield Community Improvement RB Series
2000 AMT DN (National City Bank N.A. LOC)
3.23%(b) 05/09/05 485 485,000
Upper River Valley IDRB (Advanced Drainage
System Project) Series 2002 AMT DN (National
City Bank N.A. LOC)
3.13%(b) 05/09/05 1,800 1,800,000
Will County School District No. 122 GO (New Lenox
Project) Series 2005 PZ-48 DN (FSA Insurance,
Merrill Lynch & Co. SBPA)
3.11%(b) 05/09/05 3,345 3,345,000
-----------
55,400,000
===========
Indiana - 3.7%
Anderson Economic Development RB (Printer Zink,
Inc. Project) Series 2004A DN (U.S. Bancorp LOC)
(A-1+)
3.16%(b) 05/09/05 2,680 2,680,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
39
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------ ----------
MUNICIPAL BONDS (Continued)
Indiana (continued)
Bremen IDRB (Universal Bearings, Inc. Project)
Series 1996A AMT DN (KeyBank N.A. LOC)
(A-1, P-1)
3.14%(b) 05/09/05 $ 990 $ 990,000
Elkhart County Industrial Economic Development
RB (Four Seasons Manufacturing Inc. Project)
Series 2000 AMT DN (National City Bank N.A.
LOC)
3.18%(b) 05/09/05 1,080 1,080,000
Elkhart Economic Development RB (Jameson Inns,
Inc. Project) AMT DN (Firstar Bank N.A. LOC)
3.20%(b) 05/09/05 2,800 2,800,000
Elkhart Industrial Multi Family RB (Pedcor
Investments Living LP Project) Series 2002A AMT
DN (Federal Home Loan Bank Guaranty) (VMIG-1)
3.05%(b) 05/09/05 8,000 8,000,000
Elkhart Industrial Multi Family RB (Pedcor
Investments Living LP Project) Series 2002B AMT
DN (Federal Home Loan Bank Guaranty) (VMIG-1)
3.05%(b) 05/09/05 900 900,000
Fort Wayne Economic Development Authority RB
(Advanced Machine & Tool Project) Series 2001
AMT DN (National City Bank N.A. LOC)
3.18%(b) 05/09/05 1,870 1,870,000
Hammond Industrial Sewer & Solid Waste Disposal
RB (Cargill Inc. Project) Series 2005 AMT DN
3.07%(b) 05/09/05 6,500 6,500,000
Huntingburg Multi Family RB (Lincoln Village
Apartments Project) Series 2000 AMT DN
(Federal Home Loan Bank Guaranty)
3.17%(b) 05/09/05 2,350 2,350,000
Indiana Development Finance Authority Economic
Development RB (Saroyan Hardwoods, Inc.
Project) Series 1994 AMT DN (Fifth Third Bank
N.A. LOC)
3.15%(b) 05/09/05 800 800,000
Indiana Development Finance Authority Economic
Development RB (Timerland Resources Project)
Series 2001 DN (Southtrust Bank LOC)
3.15%(b) 05/09/05 750 750,000
Indiana Development Finance Authority IDRB
(Enterprise Center II Project) Series 1992 AMT
DN (Bank One N.A. LOC) (A-1)
3.08%(b) 05/09/05 3,000 3,000,000
Indiana Development Finance Authority IDRB
Series 2000 AMT DN (Bank One N.A. LOC)
3.15%(b) 05/09/05 4,900 4,900,000
Indiana Economic Development Finance Authority
RB (Morris Manufacturing & Sales Corp. Project)
Series 2002 AMT DN (National City Bank N.A.
LOC)
3.13%(b) 05/09/05 2,100 2,100,000
Indianapolis Economic Development Authority RB
(Herff Jones, Inc. Project) Series 1994 AMT DN
(Lasalle National Bank LOC)
3.12%(b) 05/09/05 4,100 4,100,000
Indianapolis IDRB (Public Import Board Project)
Series 2003 PT-731 AMT DN (FSA Insurance,
Danske Bank LOC) (A-1)
3.08%(b) 05/09/05 2,550 2,550,000
Indianapolis Public Improvement Board RB Series
2004-039 AMT DN (MBIA Insurance, Svenska
Handesbank SBPA) (A-1+)
3.08%(b) 05/09/05 4,580 4,580,000
PAR
MATURITY (000) VALUE
-------- ------ -----------
MUNICIPAL BONDS (Continued)
Indiana (continued)
Jeffersonville Economic Development Authority RB
(Scansteel Project) Series 1998 AMT DN (National
City Bank N.A. LOC)
3.18%(b) 05/09/05 $1,080 $ 1,080,000
Orleans Economic Development RB (Almana LLC
Project) Series 1995 AMT DN (National City Bank
N.A. LOC)
3.15%(b) 05/09/05 2,500 2,500,000
Scottsburg Economic Development Authority RB
(American Plastic Corp. Project) Series 2000 AMT
DN (National City Bank N.A. LOC)
3.18%(b) 05/09/05 1,025 1,025,000
South Bend Economic Development Authority RB
(SGW Realty LLC Project) Series 1998 AMT DN
(National City Bank N.A. LOC)
3.23%(b) 05/09/05 900 900,000
St. Joseph County Industrial Economic
Development RB (Midcorr Land Development LLC
Project) Series 2002 DN (National City Bank N.A.
LOC)
3.13%(b) 05/09/05 3,390 3,390,000
Terre Haute Industrial Economic Development RB
(Jameson Inns, Inc. Project) Series 1999 AMT DN
(Firstar Bank N.A. LOC) (A-1C+)
3.20%(b) 05/09/05 3,175 3,175,000
Vigo County Independent School Corp. Temporary
Loan Notes RB Series 2005 MB
3.25% 12/29/05 4,500 4,514,907
-----------
66,534,907
===========
Iowa - 0.4%
Cedar Rapids Community School District GO Series
2004 MB
3.00% 06/30/05 3,500 3,506,182
Dallas County IDRB (Sioux City Brick Project) Series
2000A AMT DN (First Bank Systems LOC)
3.15%(b) 05/09/05 1,000 1,000,000
Des Moines Commercial Development RB (Grand
Office Park Project) Series 1985 DN (Principal
Life Insurance Company Guaranty) (A-1+)
3.15%(b) 05/09/05 2,000 2,000,000
West Burlington IDRB (Borghi Oilhydraulic Project)
Series 2001A AMT DN (Bank One N.A. LOC)
3.15%(b) 05/09/05 600 600,000
-----------
7,106,182
===========
Kansas - 0.1%
Kansas Development Finance Authority RB
(Delaware Highlands Project) Series 2005C DN
(Federal Home Loan Bank Guaranty)
3.09%(b) 05/09/05 2,250 2,250,000
-----------
Kentucky - 2.9%
Boyd County Sewer & Solid Waste RB (Air Products
& Chemicals Project) Series 2003 AMT DN (A-1)
3.08%(b) 05/09/05 1,275 1,275,000
City of Wilder Industrial Building RB (Saratoga
Investments LP Project) Series 1998 AMT DN
(Fifth Third Bank N.A. LOC)
3.18%(b) 05/09/05 1,120 1,120,000
Clark County PCRB (Eastern Kentucky Power
Project) Series 1984J-2 MB (National Rural
Co-op Utilities Guaranty) (A-1, MIG-1)
2.60% 10/15/05 8,500 8,500,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
40
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Kentucky (continued)
Dayton IDRB (Ramkat Enterprise Project) Series
2001 AMT DN (First Bank Systems LOC)
3.23%(b) 05/09/05 $ 1,990 $ 1,990,000
Elsmere IDRB (International Mold Steel, Inc.
Project) Series 1996 AMT DN (Star Bank N.A.
LOC)
3.18%(b) 05/09/05 1,295 1,295,000
Henderson Industrial Building RB (Shamrock
Technologies Project) Series 1997 AMT DN
(Wachovia Bank N.A. LOC)
3.15%(b) 05/09/05 966 966,000
Jefferson County Industrial Building RB (Atlas
Machine & Supply Co. Project) Series 1999 AMT
DN (Bank One N.A. LOC)
3.15%(b) 05/09/05 1,890 1,890,000
Kenton County Educational RB (Redwood
Rehabilitation Center Project) Series 2004 DN
(Fifth Third Bank LOC)
3.13%(b) 05/09/05 900 900,000
Kentucky Housing Corp. Single Family Mortgage RB
Series 2003 PT-740 AMT DN (FGIC Insurance,
Merrill Lynch & Co. Guaranty) (VMIG-1)
3.08%(b) 05/09/05 11,615 11,615,000
McCreary County Industrial Building RB (Le
Sportsac, Inc. Project) Series 1998 AMT DN (Fifth
Third Bank N.A. LOC)
3.13%(b) 05/09/05 1,100 1,100,000
McCreary County Industrial Building RB (Le
Sportsac, Inc. Project) Series 1998B AMT DN
(Fifth Third Bank N.A. LOC)
3.13%(b) 05/09/05 1,410 1,410,000
McCreary County Industrial Building RB (Le
Sportsac, Inc. Project) Series 1999B-3 AMT DN
(Fifth Third Bank N.A. LOC)
3.13%(b) 05/09/05 3,220 3,220,000
Pulaski County Solid Waste Disposal RB (National
Rural Utilities for East Kentucky Power Project)
Series 1993B AMT MB (National Rural Utilities
Guaranty) (MIG-1)
2.30% 08/15/05 2,550 2,550,000
Trimble County PCRB (Louisville Gas & Electric
Guaranty) Series 2005 MB (A-2, P-1)
2.07% 05/03/05 15,000 15,000,000
-----------
52,831,000
===========
Louisiana - 3.8%
Donaldsonville IDRB (John Folse & Co., Inc. Project)
Series 2003 DN (Amsouth Bank LOC)
3.09%(b) 05/09/05 2,150 2,150,000
Lafayette Educational Development Authority RB
(Holt County Project) Series 1990 DN (Rabo Bank
Nederland LOC)
3.29%(b) 05/09/05 3,035 3,035,000
Louisiana Local Government Environmental
Facilities Community Development Authority RB
(Bioset Shreveport LLC) Series 2002-A DN
(Hibernia Bank LOC)
3.14%(b) 05/09/05 5,945 5,945,000
Louisiana Local Government Environmental
Facilities Community Development Authority RB
(Capital & Equipment Programs Project) Series
2003A DN (AMBAC Insurance, Banque Nationale
de Paribas Liquidity Facility) (A+, Aaa)
3.09%(b) 05/09/05 23,225 23,225,000
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Louisiana (continued)
Louisiana Local Government Environmental
Facilities Community Development Authority RB
(Northwestern State University Student Housing
Project) Series 2004A DN (Regions Bank LOC)
(A-1)
3.07%(b) 05/09/05 $ 3,000 $ 3,000,000
Louisiana Local Government Environmental
Facilities Community Development Authority RB
(Ouachita Christian School, Inc. Project) Series
2002 DN (Bank One N.A. LOC)
3.24%(b) 05/09/05 1,515 1,515,000
Louisiana Public Facilities Authority RB (Air
Products & Chemicals Project) Series 2002 AMT
DN (Hibernia Bank LOC) (A-1, P-1)
3.08%(b) 05/09/05 5,000 5,000,000
Louisiana Public Facilities Authority RB (Air
Products & Chemicals Project) Series 2004 AMT
DN (A-1, P-1)
3.08%(b) 05/09/05 6,250 6,250,000
Louisiana Public Facilities Authority RB (Equipment
& Capital Facilities Loan Program) Series 2002A
DN (Hibernia Bank LOC) (VMIG-1)
3.14%(b) 05/09/05 14,635 14,635,000
North Webster Parish IDRB (CSP Project) Series
2001 AMT DN (Regions Bank N.A. LOC)
3.09%(b) 05/09/05 2,725 2,725,000
-----------
67,480,000
===========
Maine - 0.9%
Maine Finance Authority Civic Facility RB (Erskine
Academy Project) Series 2004 DN (Key Bank LOC)
3.07%(b) 05/09/05 2,000 2,000,000
Maine Housing Authority RB (General Housing
Project) Series 2004-006 AMT DN (Trinity
Insurance, Merrill Lynch & Co. SBPA) (VMIG-1)
3.08%(b) 05/09/05 6,250 6,250,000
Maine Housing Authority RB (General Housing
Project) Series 2004-2352 AMT DN (Trinity
Insurance GIC, Merrill Lynch & Co. Liquidity
Facility) (VMIG-1)
3.08%(b) 05/09/05 7,425 7,425,000
-----------
15,675,000
===========
Maryland - 4.2%
Baltimore County RB (Golf Systems Project) Series
2001 DN (M&T Bank Corp. LOC) (A-2)
3.07%(b) 05/09/05 4,800 4,800,000
Howard County RB (Glenelg Country School Project)
Series 2001 DN (M&T Bank Corp. LOC) (A-1)
2.99%(b) 05/09/05 3,515 3,515,000
Maryland Community Development Administration
Department of Housing & Community
Development RB (Harbor City Project) Series
1990C DN (Mercantile Bank LOC)
3.06%(b) 05/09/05 3,230 3,230,000
Maryland Economic Development Corp. RB
(Assisted Catholic Charities Project) Series 2004
DN (Mercantile Bank LOC) (VMIG-1)
2.99%(b) 05/09/05 3,935 3,935,000
Maryland Economic Development Corp. RB
(Associated Catholic, Inc. Project) Series 2002 DN
(M&T Bank Corp. LOC) (VMIG-1)
3.02%(b) 05/09/05 4,990 4,990,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
41
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------ ----------
MUNICIPAL BONDS (Continued)
Maryland (continued)
Maryland Economic Development Corp. RB (Joe
Corbis Pizza Project) Series 2000 AMT DN (M&T
Bank Corp. LOC) (A-1)
3.14%(b) 05/02/05 $1,250 $1,250,000
Maryland Economic Development Corp. RB (John
Schmitz Project) Series 2000E AMT DN (M&T
Bank Corp. LOC) (A-1+)
3.04%(b) 05/09/05 2,135 2,135,000
Maryland Economic Development Corp. RB
(Lithographing Co. Project) Series 2001 AMT DN
(M&T Bank Corp. LOC) (A-1)
3.14%(b) 05/09/05 3,170 3,170,000
Maryland Economic Development Corp. RB
(Mirage-Tucker LLC Facility Project) Series 2002
DN (M&T Bank Corp. LOC) (VMIG-1)
3.14%(b) 05/09/05 1,350 1,350,000
Maryland Economic Development Corp. RB
(Pharmaceutics International Project) Series
2001A AMT DN (M&T Bank Corp. LOC) (A-1)
3.14%(b) 05/09/05 6,200 6,200,000
Maryland Economic Development Corp. RB
(Redrock LLC Facilities Project) Series 2002 DN
(M&T Bank Corp. LOC) (VMIG-1)
3.14%(b) 05/09/05 2,400 2,400,000
Maryland Health & Higher Education Facilities
Authority RB (Doctors Community Hospital
Project) Series 1997 DN (M&T Bank Corp. LOC)
(A-1)
3.02%(b) 05/09/05 5,820 5,820,000
Maryland Health & Higher Education Facilities
Authority RB (Roland Park Country School
Project) Series 2001 DN (M&T Bank Corp. LOC)
(A-1)
3.07%(b) 05/09/05 5,440 5,440,000
Maryland Industrial Development Financing
Authority RB (Brass Mill Road Project) Series
1995 DN (M&T Bank Corp. LOC) (A-1)
3.10%(b) 05/09/05 775 775,000
Maryland Industrial Development Financing
Authority RB (Patapsco Association Project)
Series 1995 DN (M&T Bank Corp. LOC) (A-1)
3.10%(b) 05/09/05 1,000 1,000,000
Montgomery County Economic Development RB
(Brooke Grove Foundation, Inc. Project) Series
1998 DN (M&T Bank Corp. LOC) (A-1)
3.02%(b) 05/09/05 4,430 4,430,000
Montgomery County GO (Public Improvement
Project) Series 1992A MB (AAA, Aaa)
5.70% 07/01/05 500 503,065
Montgomery County Housing Opportunity
Community Single Family Mortgage RB Series
2005 DN (Trinity Insurance, Merrill Lynch SBPA)
(A-1, A-)
3.08%(b) 05/09/05 3,430 3,430,000
Montgomery County RB (Ivymount School, Inc.
Facilities Project) Series 2000 DN (M&T Bank
Corp. LOC) (A-1)
3.07%(b) 05/09/05 2,800 2,800,000
Northeast Solid Waste Disposal Authority RB Series
2003 PT-766 AMT DN (AMBAC Insurance,
Landesbank Hessen-Thuringen Girozentrale
SBPA) (A-1+)
3.07%(b) 05/09/05 7,730 7,730,000
Prince Georges County RB (Parsons Paper
Facilities Project) Series 1987 DN (M&T Bank
Corp. LOC)
2.50%(b) 05/02/05 3,300 3,300,000
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Maryland (continued)
Washington County RB (Conservit, Inc. Facility
Project) Series 2004 DN (M&T Bank Corp. LOC)
3.14%(b) 05/09/05 $ 2,400 $ 2,400,000
Wicomico County Economic Development RB
(Plymouth Tube Co. Project) Series 1996 AMT DN
(Bank One N.A. LOC) (VMIG-1)
3.15%(b) 05/09/05 1,400 1,400,000
-----------
76,003,065
===========
Massachusetts - 2.8%
Auburn GO Series 2004 BAN (MIG-1)
2.50% 06/17/05 7,000 7,007,800
New England Education Loan Marketing Corp. RB
(Student Loan Project) Series 1993A AMT MB
5.70% 07/01/05 2,025 2,037,223
Newton GO Series 2005 BAN (MIG-1)
2.80% 08/15/05 2,800 2,804,860
Washusett Regional School District GO Series 2005
BAN
3.50% 07/15/05 6,000 6,010,860
Watertown GO Series 2004 BAN (MIG-1, SP-1+)
3.00% 11/09/05 6,230 6,258,445
Westford GO Series 2005 BAN (SP-1+, MIG1)
2.75% 07/29/05 5,400 5,407,524
Whitman Hanson Regional School District GO
Series 2004 BAN
2.00% 07/01/05 17,000 17,008,353
Worcester GO Series 2004A MB (AAA, Aaa)
5.00% 08/15/05 3,540 3,575,480
-----------
50,110,545
===========
Michigan - 5.2%
Chelsea School District GO Series 1995 MB
5.95%(b) 05/02/05 1,600 1,600,000
Detroit Economic Development Authority RB
(Wachovia Merlots Trust Receipts) Series
2001A-90 AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.13%(b) 05/09/05 2,500 2,500,000
Detroit Economic Development Corp. RB (E.H.
Association Ltd. Project) Series 2002 DN (Charter
One Bank LOC)
3.07%(b) 05/09/05 1,290 1,290,000
Detroit Sewer & Disposal Authority RB Series
2001E MB (FGIC Insurance) (A-1+, MIG-1)
1.55% 08/04/05 4,100 4,100,000
Michigan GO Series 2004A MB (SP-1+, MIG-1)
3.50% 09/30/05 15,000 15,084,411
Michigan Municipal Bond Authority RB (Detroit
School District Project) Series 2005-A MB (J.P.
Morgan Chase LOC)
3.75% 03/21/06 2,500 2,525,947
Michigan Municipal Bond Authority RB Series
2004B-2 BAN (J.P. Morgan Chase & Co. LOC)
(SP-1+)
3.00% 08/23/05 20,000 20,087,916
Michigan State Underground Storage Tank Final
Assurance Authority RB Series 2001I MB (AMBAC
Insurance)
6.00%(b) 05/02/05 2,000 2,000,000
Michigan Strategic Fund Limited Obligation RB
(America Group LLC Project) Series 2000 AMT DN
(Bank One N.A. LOC)
3.15%(b) 05/09/05 3,200 3,200,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
42
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Michigan (continued)
Michigan Strategic Fund Limited Obligation RB
(Bayloff Properties Project) Series 1998 AMT DN
(National City Bank N.A. LOC)
3.23%(b) 05/09/05 $ 1,000 $ 1,000,000
Michigan Strategic Fund Limited Obligation RB
(Conway Products Project) Series 2001 AMT DN
(Comerica Bank N.A. LOC)
3.15%(b) 05/09/05 2,120 2,120,000
Michigan Strategic Fund Limited Obligation RB
(G&B Tech LLC Project) Series 2005 AMT DN
(Huntington Bank LOC)
3.25%(b) 05/09/05 1,700 1,700,000
Michigan Strategic Fund Limited Obligation RB
(Hannah Technical Project) Series 2002 AMT DN
(Comerica Bank N.A. LOC)
3.15%(b) 05/09/05 4,000 4,000,000
Michigan Strategic Fund Limited Obligation RB
(K&K Management Co. Project) Series 2000 AMT
DN (Huntington Bank LOC)
3.29%(b) 05/09/05 1,000 1,000,000
Michigan Strategic Fund Limited Obligation RB (Kay
Screen Printing, Inc. Project) Series 2000 AMT
DN (Bank One N.A. LOC)
3.15%(b) 05/09/05 1,300 1,300,000
Michigan Strategic Fund Limited Obligation RB
(Midwest Glass Fabricators, Inc. Project) Series
2001 DN (Bank of America N.A. LOC)
3.25%(b) 05/09/05 2,455 2,455,000
Michigan Strategic Fund Limited Obligation RB
(PFG Enterprises, Inc. Project) Series 2001 AMT
DN (Huntington National Bank LOC)
3.29%(b) 05/09/05 570 570,000
Michigan Strategic Fund Limited Obligation RB
(Saginaw Production Corp. Project) Series 2001
AMT DN (Comerica Bank N.A. LOC)
3.15%(b) 05/09/05 2,745 2,745,000
Michigan Strategic Fund Limited Obligation RB
(Total Business Systems Project) Series 1998
AMT DN (Comerica Bank N.A. LOC)
3.15%(b) 05/09/05 2,860 2,860,000
Oakland County Economic Development Corp.
(Exhibit Enterprises, Inc. Project) Series 2004
AMT DN (Commerce Bank LOC)
3.15%(b) 05/09/05 6,375 6,375,000
Oakland County Educational Limited Obligation RB
Series 2000 AMT DN (Bank One N.A. LOC)
3.15%(b) 05/09/05 4,800 4,800,000
Zeeland Hospital Finance Authority RB (Zeeland
Community Hospital Project) Series 2004 DN
(Huntington National Bank LOC) (A-1)
3.15%(b) 05/09/05 10,350 10,350,000
-----------
93,663,274
===========
Minnesota - 1.6%
Becker IDRB (Plymouth Foam Project) Series 2004
AMT DN (Amsouth Bancorp. LOC)
3.21%(b) 05/09/05 2,500 2,500,000
Dakota County RB (Merrill Lynch P-Float Trust
Receipts) Series 2005-061 AMT DN (VMIG-1)
3.08%(b) 05/09/05 15,300 15,300,000
PAR
MATURITY (000) VALUE
-------- ------ -----------
MUNICIPAL BONDS (Continued)
Minnesota (continued)
Midwest Consortium of Municipal Utilities RB
Series 2005 DN (U.S. Bank N.A. LOC) (A-1+)
3.00%(b) 05/09/05 $ 200 $ 200,000
Minneapolis & St. Paul Metropolitan Airports
Commission RB Series 2003 PT-727 AMT DN
(FGIC Insurance, Banque Nationale de Paribas
SBPA) (A-1+)
3.08%(b) 05/09/05 1,800 1,800,000
Minnesota Housing Finance Agency RB (Residential
Housing Project) Series 2005 AMT MB (MIG-1)
2.95% 05/18/06 4,000 4,000,000
Plymouth IDRB (Scoville Press, Inc. Project) Series
1994 DN (Wells Fargo Bank LOC)
3.10%(b) 05/09/05 1,470 1,470,000
Winona Independent School District No. 861 GO
Series 2004A MB
3.00% 08/06/05 3,590 3,602,152
-----------
28,872,152
===========
Mississippi - 0.6%
Mississippi Business Finance Corp. RB (Mississippi
Baking Co. LLC Project) Series 1995 DN (M&T
Bank Corp. LOC)
3.14%(b) 05/09/05 4,080 4,080,000
Mississippi Business Finance Corp. RB (Shuqualak
Lumber Co. Project) Series 2001 AMT DN (Bank
One N.A. LOC, J.P. Morgan Chase Bank LOC)
3.15%(b) 05/09/05 2,500 2,500,000
Mississippi Business Finance Corp. RB (Utilities
Optimization Project) Series 2002A AMT DN
(Hibernia Bank LOC)
3.15%(b) 05/09/05 1,000 1,000,000
Warren County Environmental Import RB (Merrill
Lynch P-Float Trust Receipts) Series 2005 AMT
DN (Merrill Lynch & Co. Guaranty)
3.10%(b) 05/09/05 2,495 2,495,000
-----------
10,075,000
===========
Missouri - 0.6%
Bridgeton IDRB (Gold Dust LLC Project) AMT DN
(Commerce Bank N.A. LOC)
3.21%(b) 05/09/05 1,125 1,125,000
St. Charles County IDRB (Austin Machine Co.
Project) Series 2003A DN (Bank of America N.A.
LOC)
3.16%(b) 05/09/05 1,920 1,920,000
St. Charles County IDRB (Patriot Machine, Inc.
Project) Series 2002 AMT DN (U.S. Bank N.A.
LOC)
3.18%(b) 05/09/05 3,430 3,430,000
St. Louis IDRB Series 2005A DN (M & I Bank LOC)
3.16%(b) 05/09/05 3,480 3,480,000
-----------
9,955,000
===========
Montana - 0.2%
Montana Housing Board RB (Wachovia Merlots
Trust Receipts) Series 2001A-41 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
3.13%(b) 05/09/05 910 910,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
43
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- ------------
MUNICIPAL BONDS (Continued)
Montana (continued)
Montana Housing Board RB (Wachovia Merlots
Trust Receipts) Series 2002A-19 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
3.13%(b) 05/09/05 $ 2,420 $ 2,420,000
------------
3,330,000
============
Multi-State - 10.6%
Charter Mac Equity Issuer Trust RB (Merrill Lynch
P-Float Trust Receipts) Series 2004-2029 AMT
DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.12%(b)(c) 05/09/05 27,720 27,720,000
Charter Mac Equity Issuer Trust RB (Merrill Lynch
P-Float Trust Receipts) Series 2004-2121 AMT
DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.12%(b)(c) 05/09/05 19,180 19,180,000
Charter Mac Equity Issuer Trust RB (Merrill Lynch
P-Float Trust Receipts) Series 2004-2437 AMT
DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.10%(b) 05/09/05 18,255 18,255,000
Charter Mac Equity Issuer Trust RB (Merrill Lynch
P-Float Trust Receipts) Series 2004 AMT DN
(Merrilly Lynch & Co. Guaranty) (A-1, VMIG-1)
3.10%(b)(c) 05/09/05 2,500 2,500,000
Charter Mac Equity Issuer Trust RB (Merrill Lynch
P-Float Trust Receipts) Series 2005-2508 AMT
DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.12%(b) 05/09/05 4,270 4,270,000
Clipper Tax Exempt Certificate Trust (Certificate
Partner Multi-State Project) Series 2004-10 AMT
DN (Lloyds Bank SBPA) (VMIG-1)
3.19%(b) 05/09/05 15,345 15,345,000
Clipper Tax-Exempt Certificate Trust (Certificate
Partner Multi-State Project) Series 2004-11 AMT
DN (Bayeriche, FSA Insurance, Trinity Guaranty)
(VMIG-1)
3.14%(b) 05/09/05 40,165 40,165,000
Municipal Securities Pool Trust Receipts RB Series
2004-19 DN (FGIC Insurance, Societe Generale
SBPA) (A-1+)
3.14%(b)(c) 05/09/05 1,625 1,625,000
MuniMae Tax Exempt Board Subsidary LLC Series
2004 AMT DN (Merrill Lynch & Co. Guaranty)
(A-1)
3.12%(b)(c) 05/09/05 28,530 28,530,000
MuniMae Tax Exempt Board Subsidiary LLC Series
2005 AMT DN (Merrill Lynch & Co. Guaranty)
3.12%(b)(c) 05/09/05 12,000 12,000,000
MuniMae Trust RB (Merrill Lynch P-Float Trust
Receipts) Series 2002 PT-617 DN (Merrill Lynch
Capital Services SBPA) (A-1)
3.08%(b)(c) 05/09/05 13,160 13,160,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A DN (Merrill Lynch Capital Services
SBPA) (F-1+)
3.14%(b) 05/09/05 4,300 4,300,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005PZP-2 DN (Merrill Lynch Capital
Services SBPA) (F-1+)
3.14%(b) 05/09/05 2,700 2,700,000
------------
189,750,000
============
Nevada - 0.1%
Clark County Passenger Facility Charge RB (Las
Vegas-McCarran Airport Project) Series 2002
AMT MB (MBIA Insurance)
4.00% 07/01/05 1,630 1,636,540
------------
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
New Hampshire - 0.2%
New Hampshire Business Finance Authority
Industrial Facilities RB (Felton Brush, Inc.
Project) Series 1997 AMT DN (KeyBank N.A. LOC)
(VMIG-1)
3.14%(b) 05/09/05 $ 1,295 $ 1,295,000
New Hampshire Housing Finance Authority RB
(Wachovia Merlots Trust Receipts) Series
2001A-51 AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.13%(b) 05/09/05 1,345 1,345,000
New Hampshire Housing Finance Authority RB
(Wachovia Merlots Trust Receipts) Series
2001A-82 AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.13%(b) 05/09/05 1,100 1,100,000
-----------
3,740,000
===========
New Jersey - 1.4%
Burlington County GO Series 2004E-II BAN
1.70% 07/15/05 4,950 4,943,796
Middlesex County Improvement Authority RB
(Woodbridge Township Guaranteed Project)
Series 2004 MB
3.50% 12/22/05 5,000 5,042,513
New Jersey Economic Development Authority RB
(Somerset Hills YMCA Project) Series 2003 DN
(Commerce Bank N.A. LOC)
3.04%(b) 05/09/05 100 100,000
New Jersey Health Care Facilities Financing
Authority RB (Recovery Management Systems,
Inc.) Series 2005 DN (Commerce Bank N.A. LOC)
(VMIG-1)
2.99%(b) 05/09/05 100 100,000
New Jersey Transportation Trust Fund Authority RB
(Transportation System Project) Series 1998A MB
(AA-, A1)
5.00% 06/15/05 2,000 2,006,430
New Milford County GO Series 2004 BAN
3.00% 06/24/05 2,839 2,843,956
Rockaway Township GO Series 2004 BAN
2.50% 07/22/05 5,693 5,705,214
Salem County Pollution Control Financing Authority
PCRB (E.I. DuPont de Nemours Project) Series
1982A DN (A-1+, P-1)
2.25%(b) 05/09/05 2,000 2,000,000
West Windsor-Plainsboro GO (Regional School
District Project) Series 2004 MB (Aa2)
2.70% 06/15/05 1,750 1,752,270
-----------
24,494,179
===========
New Mexico - 0.1%
Dona Ana County IDRB (Merryweath Project) Series
1998 AMT DN (First Merit Bank N.A. LOC)
3.30%(b) 05/09/05 1,470 1,470,000
-----------
New York - 4.2%
Clipper Tax Exempt Certificates RB Series 2005-7
DN (FGIC & MBIA Insurance, State Street Bank
SBPA) (A-1+, VM1G1)
3.11%(b) 05/09/05 13,400 13,400,000
Dormitory Authority of the State of New York RB
(Teresian House Housing Corp. Project) Series
2003 DN (Lloyds Bank LOC) (A-1+)
3.00%(b) 05/09/05 315 315,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
44
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
New York (continued)
Lancaster IDRB (Jiffy Tite Co., Inc. Project) Series
1997 AMT DN (Key Bank N.A. LOC)
3.14%(b) 05/09/05 $ 1,270 $ 1,270,000
Metropolitan Pier & Exposition Authority RB (Bear
Stearns Trust Certificates) Series 2005A-224 DN
(MBIA Insurance, Bear Stearns Capital Markets
Liquidity Facility) (VMIG-1)
3.23%(b)(c) 05/09/05 3,900 3,900,000
Metropolitan Pier & Exposition Authority RB (TOC
Trust Receipts) Series 2005Z-1 DN (MBIA
Insurance, Goldman Sachs Liquidity Facility)
(A-1, AAA)
3.11%(b) 05/09/05 4,000 4,000,000
Nassau County IDRB Series 2004-MT-010 AMT DN
(Merrill Lynch & Co. Guaranty) (F-1+)
3.09%(b) 05/09/05 13,245 13,245,000
New York Housing Finance Agency RB (Theatre Row
Housing Project) Series 2002A AMT DN (Hypover-
insbank LOC) (VMIG-1)
3.10%(b) 05/09/05 14,800 14,800,000
New York Housing Finance Agency RB (Theatre Row
Tower Project) Series 2001 AMT DN (Hypover-
insbank LOC) (VMIG-1)
3.10%(b) 05/09/05 5,000 5,000,000
New York State Power Authority GO Series 1985 MB
(Credit Locale de France LOC) (A-1+, VMIG-1)
2.15% 09/01/05 5,500 5,500,000
Newburgh Charter Mac Multi-Family Housing RB
(Merrill Lynch P-Float Trust Receipts) Series
2041-2504 AMT DN (Merrill Lynch & Co.
Guaranty)
3.12%(b) 05/09/05 3,230 3,230,000
Ulster IDRB (Viking Industries, Inc. Project) Series
1998A AMT DN (KeyBank N.A. LOC)
3.14%(b) 05/09/05 1,545 1,545,000
Union Springs Central School District GO Series
2004 BAN
2.50% 06/30/05 9,855 9,868,919
-----------
76,073,919
===========
North Carolina - 1.7%
Buncombe County IDRB (Lustar Dyeing, Inc.
Project) Series 1998 AMT DN (Wachovia Bank
N.A. LOC)
3.15%(b) 05/09/05 1,995 1,995,000
Charlotte Airport RB (Banque Nationale de Paribas
P-Float Trust Receipts) Series 2003 PT-719 AMT
MB (MBIA Insurance, Banque Nationale de
Paribas SBPA) (A-1+)
1.50% 05/05/05 2,335 2,335,000
Mecklenburg County Industrial Facilities PCRB
(Peidmont Plastics Project) Series 1997 AMT DN
(Branch Banking & Trust Co. LOC) (Aa3, VMIG-1)
3.12%(b) 05/09/05 1,530 1,530,000
North Carolina Housing Finance Agency RB
(Wachovia Merlots Project) Series 2001A-70 AMT
DN (Wachovia Bank N.A. LOC) (VMIG-1)
3.13%(b) 05/09/05 1,945 1,945,000
North Carolina Housing Finance Agency RB
(Wachovia Merlots Trust Receipts) Series
2000A-37 AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.13%(b) 05/09/05 1,340 1,340,000
North Carolina Ports Authority Exempt Facilities RB
(Wilmington Bulk LLC Project) Series 2001A AMT
DN (Branch Banking & Trust Co. LOC) (VMIG-1)
3.12%(b) 05/09/05 2,710 2,710,000
PAR
MATURITY (000) VALUE
-------- ------ -----------
MUNICIPAL BONDS (Continued)
North Carolina (continued)
Rutherford County Industrial Facilities PCRB
(Thieman Metal Technology Project) Series 1998
AMT DN (Branch Banking & Trust Co. LOC)
(VMIG-1)
3.12%(b) 05/09/05 $2,100 $ 2,100,000
Sampson County Industrial Facilities PCRB (Dubose
Strapping, Inc. Project) Series 2003 AMT DN
(Wachovia Bank N.A. LOC)
3.15%(b) 05/09/05 2,960 2,960,000
Wake County GO Series 2004A MB (Landesbank
Hessen-Thuringen Girozentrale SBPA)
(A-1+, MIG-1)
4.00% 04/01/06 7,000 7,081,850
Wake County Housing Finance Authority RB (Casa
Melvid Multi Family Housing Project) Series
2001A AMT DN (SunTrust Bank LOC) (VMIG-1)
3.10%(b) 05/09/05 3,500 3,500,000
Washington County Industrial Facilities PCRB
(Mackey's Ferry Sawmill, Inc. Project) Series
1997 AMT DN (Wachovia Bank N.A. LOC)
3.10%(b) 05/09/05 2,200 2,200,000
-----------
29,696,850
===========
North Dakota - 0.6%
Mercer County Solid Waste Disposal RB (National
Rural Utilities United Power Project) Series
1993U AMT MB (National Rural Utilities LOC)
(A-1, P-1)
2.10% 06/01/05 5,600 5,600,000
Mercer County Solid Waste Disposal RB (National
Rural Utilities United Power Project) Series
1995A AMT MB (National Rural Utilities LOC)
(A-1)
2.30% 09/01/05 2,300 2,300,000
North Dakota Housing Finance Agency RB Series
2001A-19 AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.13%(b) 05/09/05 2,805 2,805,000
-----------
10,705,000
===========
Ohio - 7.7%
Akron Income Tax RB (Community Learning
Centers Project) Series 2004A DN (FGIC
Insurance, ABN-AMRO Bank N.V. SBPA)
(A-1, F-1+)
3.03%(b) 05/09/05 1,350 1,350,000
American Municipal Power, Inc. GO (Bowling Green
Projects) Series 2004 BAN
2.35% 12/01/05 2,903 2,903,000
American Municipal Power, Inc. GO (City of Shelby
Project) Series 2004 BAN
2.30% 11/17/05 1,625 1,625,000
American Municipal Power, Inc. GO (Gorsuch
Station Project) Series 2005A DN
2.85%(b) 05/09/05 2,500 2,500,000
American Municipal Power, Inc. GO (Oberlin
Project) Series 2004 BAN
2.45% 12/08/05 1,200 1,200,000
American Municipal Power, Inc. GO (St. Mary's
Project) Series 2004 BAN
1.90% 10/06/05 1,000 1,000,000
American Municipal Power, Inc. RB (Ohio Inc.
Project) Series 2004 BAN
1.90% 07/14/05 525 525,000
2.00% 11/03/05 6,370 6,370,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
45
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Avon GO Series 2004 BAN
1.90% 09/29/05 $ 900 $ 900,912
Avon GO Series 2005 BAN
2.80% 04/13/06 1,125 1,127,599
Avon Lake Water System RB Series 2005 BAN
3.00% 10/01/05 315 315,577
Bedford Heights GO Series 2004-2 BAN
1.95% 09/29/05 400 400,488
Brooklyn GO Series 2004 BAN
2.25% 05/09/05 1,910 1,910,618
Butler County GO Series 2004D BAN
2.75% 09/22/05 4,295 4,313,996
Butler Hospital Facilities RB (Ucpha, Inc. Project)
Series 2004 DN (Huntington Capital LOC) (A-1)
3.10%(b) 05/09/05 11,750 11,750,000
Cincinnati City School District GO (School Energy
Conservation Project) Series 2004 BAN
(SP-1+, MIG-1)
2.50% 09/09/05 2,500 2,507,945
Cleveland Airport System RB (Banque Nationale de
Paribas Stars & Residual Certificates) Series
2004B-81 AMT DN (FSA Insurance, Banque
Nationale de Paribas Liquidity Facility) (VMIG-1)
3.08%(b) 05/09/05 5,610 5,610,000
Columbus City School District GO Series 2004C-29
MB (Aaa)
1.70% 09/16/05 3,175 3,175,000
Cuyahoga County Civic Facility RB (Orion Services,
Inc. Project) Series 2001 DN (Bank One N.A. LOC)
3.10%(b) 05/09/05 1,850 1,850,000
Cuyahoga County Economic Development RB
(Berea Children's Home Project) Series 2000 DN
(Huntington National Bank LOC) (VMIG-1)
3.19%(b) 05/09/05 1,025 1,025,000
Cuyahoga County Economic Development RB
(Cleveland Botanical Garden Project) Series 2001
DN (Allied Irish Bank LOC) (VMIG-1)
3.03%(b) 05/09/05 235 235,000
Cuyahoga County GO (Capital Improvement Project)
Series 2000 MB
5.00% 12/01/05 1,010 1,024,120
Delaware County Economic Development RB (The
Columbus Zoological Park Associates, Inc.
Project) Series 2003 DN (Huntington National
Bank LOC)
3.15%(b) 05/09/05 2,000 2,000,000
Erie County IDRB (Brighton Manor Co. Project)
Series 1986 AMT DN (KeyBank N.A. LOC)
3.14%(b) 05/09/05 450 450,000
Franklin County Economic Development RB
(Dominican Sisters Project) Series 1994 DN (Fifth
Third Bank N.A. LOC)
3.07% 05/09/05 1,060 1,060,000
Gateway Economic Development Corp. RB
(Cleveland Excise Tax Project) Series 2001 MB
(FSA Insurance)
5.12% 09/01/05 3,250 3,287,431
Geauga County GO Series 2004 BAN
1.80% 08/30/05 1,000 1,000,650
Hamilton County Economic Development RB (Taft
Museum Project) Series 2002 DN (Fifth Third
Bank N.A. LOC)
3.01%(b) 05/09/05 4,800 4,800,000
PAR
MATURITY (000) VALUE
-------- ------ ----------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Hamilton GO Series 2004 BAN
3.00% 05/05/05 $3,300 $3,300,416
1.80% 06/02/05 2,130 2,130,000
Huber Heights GO (Water System Project) Series
2005-C BAN
2.50% 11/01/05 1,623 1,624,195
Huber Heights GO (Water Systems Improvement
Project) Series 2005 MB
3.25% 11/01/05 5,665 5,683,147
Lebanon GO Series 2004 BAN
2.40% 07/07/05 1,000 1,001,715
Licking County GO Series 2005 BAN
2.90% 01/25/06 1,480 1,484,799
Lucas County Economic Development RB (Maumee
Valley Country Day School Project) Series 1998
AMT DN (American National Bank & Trust Co.
LOC)
3.98%(b) 05/09/05 1,575 1,575,000
Lucas County IDRB (Conforming Matrix Corp.
Project) Series 1999 AMT DN (Sky Bank LOC)
3.98%(b) 05/09/05 1,075 1,075,000
Marysville GO Series 2004 BAN
3.00% 06/01/05 2,139 2,140,983
Montgomery County GO Series 2005 BAN
3.00% 12/01/05 1,605 1,611,260
Muskingum County GO Series 2004 BAN
2.59% 11/22/05 1,000 1,002,140
North Olmstead GO (Capital Improvement Project)
Series 2005 MB
3.03% 05/03/06 1,750 1,754,252
North Royalton GO Series 2005 BAN
2.45% 07/19/05 750 750,566
Ohio Higher Education Facility RB (Ashland
University Project) Series 2004 DN (KeyBank N.A.
LOC) (A-1)
3.05%(b) 05/09/05 2,650 2,650,000
Ohio Higher Educational Facility Community RB
Series 1999 DN (Fifth Third Bank N.A. LOC)
3.05%(b) 05/09/05 185 185,000
Ohio Higher Educational Facility RB (Cedarville
University Project) Series 2004 DN (KeyBank
Mortgage N.A. LOC)
3.07%(b) 05/09/05 2,370 2,370,000
Ohio Housing Finance Agency Mortgage RB
(Wachovia Merlots Trust Receipts) Series
2001A-78 DN (Wachovia Bank N.A. LOC) (VMIG-1)
3.13%(b) 05/09/05 95 95,000
Ohio Housing Finance Agency RB (Clipper
Tax-Exempt Certificates Trust Project) Series
2004-08 AMT DN (Lloyds Bank SBPA) (VMIG-1)
3.11%(b) 05/09/05 3,550 3,550,000
Ohio Water Development & Solid Waste Facilities
RB (Pel Technologies LLC Project) Series 2002
AMT DN (KeyBank N.A. LOC) (VMIG-1)
3.07%(b) 05/09/05 800 800,000
Ohio Water Develpoment Authority RB (Fresh Water
Project) Series 1995 MB (AMBAC Insurance)
(VMIG-1)
5.40% 06/01/05 1,000 1,003,425
Pataskala GO Series 2005 BAN
2.95% 02/23/06 1,495 1,500,956
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- ------------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Rickenbacker Port Authority RB (P-Float Trust
Receipts) Series 2004 PT-2453 AMT DN (Merrill
Lynch Guaranty) (F-1+)
3.12%(b) 05/09/05 $ 2,750 $ 2,750,000
Seneca County GO Series 2004 BAN
2.35% 12/01/05 980 981,688
Summit County IDRB (J&P Capital Project) Series
2001 AMT DN (Sky Bank LOC)
3.44%(b) 05/09/05 1,720 1,720,000
Tallamadge Recreation Import GO (Seasongood &
Mayer LLC Project) Series 2005 MB (First Merit
Bank N.A. LOC)
3.25% 03/13/06 1,950 1,961,511
Toledo GO Certificates Trust Series 2004-18 MB
(FGIC Insurance, State Aid Withholding Guaranty,
ABN AMRO SBPA) (VMIG-1)
2.65% 05/30/05 11,995 11,995,000
Trumbull County IDRB (Ellwood Engineered Project)
Series 2004 AMT DN (KeyBank LOC)
3.14%(b) 05/09/05 1,800 1,800,000
Union County MB (Memorial Hospital
Improvements) Series 2005 MB
3.75% 04/11/06 4,075 4,112,464
University Heights GO Series 2004 BAN
1.60% 05/12/05 1,565 1,565,116
University of Toledo RB (Societe Generale Trust
Receipts) Series 2001 SGA-125 DN (FGIC
Insurance, Societe Generale Liquidity Facility)
(A-1+)
3.01%(b) 05/09/05 3,000 3,000,000
Wood County Economic Development RB (Sun Seed
Holding Co., Inc. Project) Series 2001A AMT DN
(Sky Bank LOC)
3.98%(b) 05/09/05 590 590,000
Wood County IDRB (Hammill Manufacturing
Project) Series 2001 AMT DN (Sky Bank LOC)
3.98%(b) 05/09/05 660 660,000
Wood County RB (Toledo YMCA Facilities
Improvement Project) Series 1998 DN (Sky Bank
LOC)
3.98%(b) 05/09/05 3,520 3,520,000
------------
138,160,969
============
Oklahoma - 1.7%
Canadian County Home Financing Authority RB
(Merrill Lynch P-Float Trust Receipts,
Multi-Family Housing Project) Series 2003
PT-1885 AMT DN (Merrill Lynch Captial Services
SBPA) (F-1+, AA-)
3.12%(b) 05/09/05 4,650 4,650,000
Muskogee Transport Authority IDRB (Metals USA,
Inc. Project ) Series 1998 AMT DN (Bank One N.A.
LOC)
3.15%(b) 05/09/05 2,850 2,850,000
Oklahoma Airport Trust RB (JR Lien 27th Project)
Series 2000B AMT MB (FSA Insurance)
5.50% 07/01/05 3,085 3,102,489
Oklahoma City IDRB Series 1998 AMT DN (Bank
One N.A. LOC)
3.15%(b) 05/09/05 2,065 2,065,000
Oklahoma County Finance Authority Multi Family
Housing RB (Sail Association LLC Project) Series
2004 AMT DN (Federal Home Loan Bank
Guaranty) (A-1+)
3.09%(b) 05/09/05 6,900 6,900,000
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Oklahoma (continued)
Oklahoma Development Finance Authority RB
(ConocoPhillips Co. Project) Series 2002B DN
(ConocoPhillips Guaranty) (A-2, VMIG-2)
3.17%(b) 05/09/05 $ 2,500 $ 2,500,000
Oklahoma Development Finance Authority RB
(ConocoPhillips Co. Project) Series 2003 MB
(A-2, VMIG-2)
2.42% 12/01/05 9,000 9,000,000
-----------
31,067,489
===========
Pennsylvania - 2.6%
Bermudian Springs School District GO (Adams
Company Project) Series 2005 DN (FSA
Insurance) (VMIG-1)
3.03%(b) 05/09/05 4,000 4,000,000
Harrisburg Authority School RB (Harrisburg
Project) Series 2003 DN (AMBAC Insurance,
Westdeutsche Landesbank Girozentrale Liquidity
Facility) (A-1+)
2.99%(b) 05/09/05 900 900,000
North Pocono School District GO Series 2003-8 DN
(ABN-AMRO Bank N.V. SBPA, FGIC Insurance)
(F-1+)
3.03%(b) 05/09/05 2,900 2,900,000
Pennsylvania Economic Development Financing
Authority RB (Sunoco, Inc. Project) Series 2004A
AMT DN (Sunoco, Inc. Guaranty) (A-2, P-2)
3.16%(b) 05/09/05 3,600 3,600,000
Pennsylvania Economic Development Financing
Authority Waste Water Treatment RB (Sunoco,
Inc. R&M Project) Series 2004B DN (Sunoco Inc.
Guaranty) (A-2)
3.19%(b) 05/09/05 8,500 8,500,000
Pennsylvania Higher Educational Assistance Agency
Student Loan RB Series 1997A AMT DN (Dexia
Credit Local SBPA) (A-1+, VMIG-1)
3.05%(b) 05/09/05 1,500 1,500,000
Pennsylvania Higher Educational Assistance Agency
Student Loan RB Series 2002A AMT DN (FSA
Insurance) (A-1+, VMIG-1)
3.05%(b) 05/09/05 8,200 8,200,000
Pennsylvania Higher Educational Facilities
Authority RB (Drexel University Project) Series
2003B DN (Allied Irish Bank PLC Liquidity
Facility) (Aaa, AA)
2.99%(b) 05/09/05 40 40,000
Pennsylvania Higher Educational Facilities
Authority RB (Merrill Lynch P-Float Trust
Receipts) Series 2004 MT-042 DN (Lloyds Bank
LOC, Merrill Lynch Capital Services SBPA) (F-1+)
3.05%(b) 05/09/05 45 45,000
Philadelphia Authority IDRB (Inglis Housing Project)
Series 1997 MB (Morgan Guaranty Trust LOC)
(A-1+)
1.97%(b) 05/02/05 17,400 17,399,955
-----------
47,084,955
===========
South Carolina - 1.0%
Greenwood County Exempt Facility IDRB Series
2004 AMT DN (Fuji Photo Film Co. Guaranty)
(A-1+)
3.17%(b) 05/09/05 9,700 9,700,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
47
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
South Carolina (continued)
South Carolina Jobs Economic Development
Authority RB (Ellcon National, Inc. Project) Series
1998B AMT DN (Wachovia Bank N.A. LOC)
3.10%(b) 05/09/05 $ 1,765 $ 1,765,000
South Carolina Jobs Economic Development
Authority RB (Holcim U.S., Inc. Project) Series
2003 AMT DN (Comercia Bank N.A. LOC) (A-1)
3.15%(b) 05/09/05 6,250 6,250,000
South Carolina Jobs Economic Development
Authority RB (Synthetics International, Inc.
Project) Series 1995 AMT DN (Southtrust Bank
LOC)
3.10%(b) 05/09/05 700 700,000
-----------
18,415,000
===========
South Dakota - 0.9%
South Dakota Housing Development Authority
Single Family RB (Merrill Lynch P-Float Trust
Receipts) Series 2004 PT-907 DN (FGIC
Insurance, Merrill Lynch & Co. SBPA) (VMIG-1)
3.08%(b) 05/09/05 6,360 6,360,000
South Dakota Housing Development Authority
Single Family RB (Merrill Lynch P-Float Trust
Receipts) Series 2004 PT-957 DN (Merrill Lynch
& Co. Guaranty) (VMIG-1)
3.08%(b) 05/09/05 9,325 9,325,000
-----------
15,685,000
===========
Tennessee - 1.0%
Chattanooga IDRB Series 1997 DN (M&T Bank LOC)
3.13%(b) 05/09/05 2,290 2,290,000
Coffee County IDRB (Comtec Polymers Inc., Project)
Series 1997 AMT DN (Bank of America LOC)
3.19%(b) 05/09/05 1,000 1,000,000
Grundy County IDRB (Toyota Seat Project) Series
2001 AMT DN (Comerica Bank N.A. LOC)
3.20%(b) 05/09/05 3,790 3,790,000
Metropolitan Government of Nashville & Davidson
County IDRB (Family LLC Project) Series 2002
AMT DN (SunTrust Bank LOC) (F-1+)
3.10%(b) 05/09/05 3,100 3,100,000
Metropolitan Government of Nashville & Davison
County Health & Education Facilities Board RB
(Ascension Health Credit Project) Series 2001B-1
MB (A-1+, MIG-1)
1.65%(b) 08/03/05 4,000 4,000,000
Morristown IDRB (Petoskey Plastic Project) Series
1999 AMT DN (Comerica Bank N.A. LOC)
3.20%(b) 05/09/05 3,270 3,270,000
-----------
17,450,000
===========
Texas - 11.9%
Austin Airport Systems RB Series 2000J AMT DN
(MBIA Insurance, Wachovia Bank N.A. LOC)
(VMIG-1)
3.13%(b) 05/09/05 3,000 3,000,000
Austin Housing Financial Corp. (Merrill Lynch
P-Float Trust Receipts) Series 2005 PT-2578 AMT
DN (Merrill Lynch & Co Guaranty Services)
3.12%(b) 05/09/05 14,800 14,800,000
Brazos Industrial Development Corp.
Environmental Facilities RB (ConocoPhillips Co.
Project) Series 2003 AMT MB (A-2, VMIG-2)
1.80% 08/01/05 5,500 5,500,000
Brazos River Harbor MB (Dow Chemical Guaranty)
(P-2)
2.42% 05/17/05 3,500 3,500,000
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Texas (continued)
Dallas Fort Worth International Airport RB (Merrill
Lynch P-Float Trust Receipts) Series 2004
PT-2156 DN (Merrill Lynch Capital Services
SBPA) (F-1+)
3.08%(b) 05/09/05 $ 2,630 $ 2,630,000
Dallas Fort Worth International Airport RB Series
2003A-34 AMT DN (FSA Insurance, Wachovia
Bank N.A. LOC) (VMIG-1)
3.13%(b) 05/09/05 5,000 5,000,000
Gulf Coast Waste Disposal Authority Environmental
Facilities RB (Air Products Project) Series 2004
AMT DN (A-1)
3.08%(b) 05/09/05 3,550 3,550,000
Gulf Coast IDRB (Cinergy Solutions Project) Series
2004 AMT DN (A-2, VMIG-2)
3.29%(b) 05/04/05 21,000 21,000,000
Gulf Coast Waste Disposal Authority RB (Air
Products Project) Series 1999 AMT DN
(A-1, VMIG-1)
3.08%(b) 05/09/05 10,000 10,000,000
Houston Housing Finance Corp. RB (Merrill Lynch
P-Float Trust Receipts) Series 2004 PT-2101 AMT
DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.12%(b) 05/09/05 4,985 4,985,000
Houston Housing Finance Corp. RB (Merrill Lynch
P-Float Trust Receipts) Series 2005 PT-2597 AMT
DN (Merrill Lynch & Co. Guaranty)
3.12%(b) 05/09/05 10,455 10,455,000
Montgomery County IDRB (Sawyer Research
Products, Inc. Project) Series 1995 AMT DN
(KeyBank N.A. LOC)
3.18%(b) 05/09/05 779 779,000
Panhandle Regional Housing Finance RB Series
2004 PT-2086 AMT DN (Merrill Lynch & Co.
Guaranty) (F-1+)
3.12%(b) 05/09/05 3,365 3,365,000
Port Arthur Navigation District Industrial
Development Corp. Exempt Facilities RB (Air
Products & Chemical Project) Series 2000 AMT
DN (A-1, VMIG-1)
3.08%(b) 05/09/05 10,000 10,000,000
San Antonio Airport System RB Series 2004-107 DN
(FGIC Insurance, Banque Nationale de Paribas
SBPA)
3.08%(b) 05/09/05 4,325 4,325,000
San Antonio Electric & Gas Systems RB (Jr. Lien
Project) Series 2004 MB (Banque Nationale de
Paribas SBPA) (A-1+, MIG-1)
2.20% 12/01/05 11,000 11,000,000
San Marcos IDRB (TB Woods Inc. Project) Series
1999 AMT DN (M&T Bank LOC)
3.13%(b) 05/09/05 3,000 3,000,000
San Marcos Independent School District GO Series
2004C-23 MB (PSF Guaranty, Wachovia Bank N.A.
SBPA) (MIG-1)
1.70% 09/16/05 1,000 1,000,000
South Plains Housing Corp. Single Family RB
(Wachovia Merlots Trust Receipts) Series
2002A-11 AMT DN (Government National
Mortgage Association Guaranty, Wachovia Bank
SBPA)
3.13%(b) 05/09/05 2,110 2,110,000
Tarrant County Housing Finance Corp. RB Series
2004 PT-2044 DN (Merrill Lynch & Co. Guaranty)
3.12%(b) 05/09/05 2,425 2,425,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- ------------
MUNICIPAL BONDS (Continued)
Texas (continued)
Texas Department of Housing & Community RB
Series 2005 PT-2598 AMT DN (Merrill Lynch &
Co. Guaranty)
3.12%(b) 05/09/05 $13,825 $ 13,825,000
Texas State Department of Housing & Community
Affairs Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2001 PT-1278 AMT DN
(Merrill Lynch & Co. Guaranty) (A-1+)
3.12%(b) 05/09/05 9,065 9,065,000
Texas State Department of Housing & Community
Affairs Multi-Family RB Series 2001 PT-1347 AMT
DN (Merrill Lynch & Co. Guaranty) (A-1+)
3.12%(b) 05/09/05 10,615 10,615,000
Texas State Department of Housing & Community
Affairs Multi-Family RB Series 2003 PT-1868 AMT
DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.12%(b) 05/09/05 3,970 3,970,000
Texas State Department of Housing & Community
Affairs Multi-Family RB Series 2005 PT-2576 AMT
DN (Merrill Lynch & Co. Guaranty)
3.12%(b) 05/09/05 13,635 13,635,000
Texas State Department of Housing & Community
Affairs Single Family RB Series 2004F AMT MB
(CDC Insurance) (A-1+, Aa1)
1.95% 08/03/05 15,000 15,000,000
Texas Turnpike Authority Central Texas Turnpike
System RB Series 2004 PZ-39 DN (AMBAC
Financial Group, Merrill Lynch & Co. Guaranty)
(F-1+)
3.11%(b) 05/09/05 4,940 4,940,000
Travis County Housing Financial Corp. RB (Merrill
Lynch P-Float Trust Receipts) Series 2005
PT-2577 (Merrill Lynch & Co. Guaranty)
3.12%(b) 05/09/05 13,190 13,190,000
Victory Street Public Facilities Corp. Multi-Family
RB Series 2003 PT-2059 AMT DN (Merrill Lynch &
Co. Guaranty) (F-1+)
3.12%(b) 05/09/05 7,300 7,300,000
------------
213,964,000
============
Utah - 0.4%
Salt Lake County Solid Waste Disposal RB
(Kennecott Copper Project) Series 1995A AMT DN
(Rio Tinto Corp. Guaranty) (A-1+, VMIG-1)
3.02%(b) 05/09/05 700 699,999
Utah GO Series 2002A BAN
5.00% 07/01/05 525 527,966
Utah Housing Corp. Single Family Mortgage RB
(Wachovia Merlots Trust Receipts) Series
2001A-89 (Wachovia Bank N.A. LOC)
3.13%(b) 05/09/05 4,435 4,435,000
Utah Municipal Power Agency Electric System RB
Series 2003A MB (AMBAC Insurance)
4.00% 07/01/05 1,190 1,193,715
------------
6,856,680
============
Vermont - 0.1%
Vermont IDRB (Alpine Pipeline Co. Project) Series
1999 AMT DN (KeyBank N.A. LOC)
3.14%(b) 05/09/05 1,225 1,225,000
------------
Virginia - 2.5%
Alexandria IDRB (Goodwin House Project) Series
2005 DN (Wachovia Bank LOC)
3.03%(b) 05/09/05 10,000 10,000,000
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Virginia (continued)
Botetourt County IDRB (Altec Industries Project)
Series 2001 AMT DN (Amsouth Bank of Alabama
LOC) (A-1)
3.15%(b) 05/09/05 $ 2,600 $ 2,600,000
Cabell Lifecare Facilities RB (Foster Foundation
Project) Series 2003 DN (Huntington National
Bank LOC)
3.15%(b) 05/09/05 4,430 4,430,000
Chesapeake Bay Bridge & Tunnel Commission
District RB (General Resolution Project) Series
1995 MB
5.80% 07/01/05 285 292,765
Norfolk Redevelopment & Housing Authority Multi
Family Housing RB (Residential Rental Project)
Series 2003 AMT DN (SunTrust Bank LOC)
3.15%(b) 05/09/05 2,025 2,025,000
Richmond IDRB (PM Beef Co. Project) Series 1997
AMT DN (Bank of America N.A. LOC)
3.15%(b) 05/09/05 1,400 1,400,000
Virginia Beach Development Authority Multi-Family
Housing RB (Residential Rental Housing Project)
Series 2002 AMT DN (Branch Banking & Trust Co.
LOC)
3.15%(b) 05/09/05 1,750 1,750,000
Virginia Beach RB (Merrill Lynch P-Float Trust
Receipts) Series 2005-2505 AMT DN (Merrill
Lynch & Co. Guaranty) (F-1+)
3.12%(b) 05/09/05 3,745 3,745,000
Virginia Housing Development Authority RB Series
2005 AMT MB (AAA, Aaa)
2.50% 06/02/05 17,300 17,300,000
Virginia Public Building Authority RB Series 1995
MB (AA+, Aa1)
5.10% 08/01/05 2,000 2,034,349
Virginia Small Business Financing Authority RB
(Coastal Development Group Project) Series 1989
AMT DN (Branch Banking & Trust Co. LOC)
3.25%(b) 05/09/05 111 111,000
-----------
45,688,114
===========
Washington - 3.0%
Chelan County Public Utility District RB (First Union
Merlots Trust Receipts) Series 2001B AMT DN
(MBIA Insurance, Wachovia Bank N.A. SBPA)
(A-1)
3.13%(b) 05/09/05 4,995 4,995,000
Pilchuck Public Development Corp. RB (Holden-
McDaniels Partners Project) Series 1996 AMT DN
(KeyBank N.A. LOC)
3.14%(b) 05/09/05 1,650 1,650,000
Port of Seattle RB (Wachovia Merlot Trust Receipts)
Series 2002B-04 AMT DN (Wachovia Bank N.A.
LOC) (VMIG-1)
3.13%(b) 05/09/05 13,500 13,500,000
Port of Seattle RB Series 2003 PT-720 AMT DN
(FGIC Insurance, Banque Nationale de Paribas
SBPA) (A-1+)
3.09%(b) 05/09/05 2,500 2,500,000
Port Seattle RB Series 2004 PT-051 AMT DN (FGIC
Insurance, Banque Nationale de Paribas SBPA)
(F-1+)
3.07%(b) 05/09/05 2,140 2,140,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
49
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
Washington (continued)
Seattle Housing Authority RB (Newholly Phase 111
Project) Series 2002 AMT DN (KeyBank N.A. LOC)
(VMIG-1)
3.07%(b) 05/09/05 $ 2,355 $ 2,355,000
Seattle Housing Authority RB (Rainier Vista Project
Phase I) Series 2003 AMT DN (KeyBank N.A. LOC)
(A-1)
3.04%(b) 05/09/05 11,250 11,250,000
Washington Housing Financing Committee
Non-Profit Housing RB Series 2003 PT-838 AMT
DN (AIG Insurance, Merrill Lynch & Co. SBPA)
(VMIG-1)
3.08%(b) 05/09/05 2,510 2,510,000
Washington Housing Financing Committee
Non-Profit Housing RB Series 2003 PT-892 AMT
DN (AIG Insurance, Merrill Lynch & Co. SBPA)
3.08%(b) 05/09/05 8,600 8,600,000
Yakima County Public Corp. RB (Michelsen
Packaging Co. Project) Series 2000 AMT DN
(Bank of America N.A. LOC) (A-1+)
3.10%(b) 05/09/05 695 695,000
Yakima County RB (Oord Dairy Project) Series 2004
AMT DN (Key Bank N.A. LOC)
3.14%(b) 05/09/05 4,415 4,415,000
-----------
54,610,000
===========
West Virginia - 0.1%
West Virginia State Hospital RB (West Virginia
Hospital Pooled Financing Program) Series
2001B-2 DN (Branch Banking & Trust Co. LOC)
(VMIG-1)
3.19%(b) 05/09/05 1,495 1,495,000
-----------
Wisconsin - 0.8%
Germantown IDRB (Cambridge Major Labs Project)
Series 2003 AMT DN (Bank One N.A. LOC)
3.19%(b) 05/09/05 6,000 6,000,000
Kohler Village Solid Waste Disposal RB (Kohler
Project) Series 1997 AMT DN (Wachovia Bank
N.A. LOC)
3.06%(b) 05/09/05 4,000 4,000,000
Mequon IDRB (Johnson Level GRW Investment
Project) Series 1995 AMT DN (Bank One N.A.
LOC)
3.15%(b) 05/09/05 780 780,000
Oshkosh IDRB (Oskosh Coil Spring Project) Series
2000A AMT DN (Bank One Wisconsin LOC)
3.15%(b) 05/09/05 2,100 2,100,000
Wisconsin Health & Educational Facilities RB
(Pooled Loan Financing Program) Series 2002E
DN (Associated Bank N.A. LOC) (VMIG-1)
3.19%(b) 05/09/05 2,100 2,100,000
-----------
14,980,000
===========
Wyoming - 1.2%
Cheyenne IDRB (Grobet File Co., Inc. Project) Series
2001 AMT DN (National City Bank N.A. LOC)
3.13%(b) 05/09/05 2,500 2,500,000
Green River RB (Rhone-Poulenc LP Project) Series
1994 AMT DN (Fleet National Bank LOC) (VMIG-1)
3.25%(b) 05/09/05 11,400 11,400,000
Lincoln County PCRB (Amoco Project) Series 1983
MB (Exxon Mobil Guaranty)
2.20% 10/01/05 7,600 7,585,830
-----------
21,485,830
===========
VALUE
--------------
TOTAL INVESTMENTS IN SECURITIES -
99.9%
(Cost $1,795,461,215(a)) $1,795,461,215
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.1% 2,500,047
--------------
NET ASSETS - 100.0%
(Equivalent to $1.00 per share
based on 1,715,296,759
Institutional Shares, 83,084,672
Dollar Shares, 2,152 Bear
Stearns Premier Select Shares
and 2,147 Bear Stearns Premier
Shares outstanding) $1,797,961,262
==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($1,714,652,947/1,715,296,759) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($83,070,799/83,084,672) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER CHOICE SHARE
($2,152/2,152) $1.00
=====
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($2,147/2,147) $1.00
=====
- ----------
(a) Cost for Federal income tax purposes is $1,795,499,342.
(b) Rates shown are the rates as of April 30, 2005 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional investors. As of April
30, 2005, the Fund held 6.0% of its net assets, with a current market value
of $108,615,000, in securities restricted as to resale.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
50
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
CALIFORNIA MONEY FUND
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS - 99.5%
California - 91.2%
ABAG Finance Authority Non-Profit Corp. RB (Lease
Revenue Pass-Through Obligation) Series 2003A
DN (Societe Generale LOC) (A-1+)
3.08%(b) 05/09/05 $ 1,845 $ 1,845,000
Alameda-Contra Costa District GO Series 2004
TRAN (A-1+, MIG-1)
3.00% 07/07/05 4,000 4,010,264
Alameda-Contra Costa Schools Finance Authority
COP (Capital Improvements Financing Project)
Series 1997F DN (Kredietbank N.V. LOC) (A-1+)
3.12%(b) 05/09/05 800 800,000
Butte County Board of Education GO Series 2004
TRAN (SP-1+)
2.75% 09/29/05 14,100 14,169,473
California Communities Housing & Finance Agency
RB (Lease Revenue Pass-Through Obligation
Project) Series 2001A DN (Societe Generale LOC)
(A-1+)
3.08%(b) 05/09/05 4,000 4,000,000
California Department of Water Resource Power
Supply RB Series 2002C-12 DN (Landesbank
Hessen-Thuringen Girozentrale LOC)
(A-1+, VMIG-1)
3.00%(b) 05/09/05 3,350 3,350,000
California Department of Water Resource Power
Supply RB Series 2002C-4 DN (Morgan Guaranty
Trust LOC) (A-1+, VMIG-1)
3.04%(b) 05/09/05 8,900 8,900,000
California Department of Water Resource Power
Supply RB Series 2002C-7 DN (FSA Insurance,
Dexia Credit SBPA) (A-1+, VMIG-1)
3.01%(b) 05/09/05 4,850 4,850,000
California Economic Recovery GO Series 2004-930
DN (MBIA Insurance, Morgan Stanley Liquidity
Facility) (A-1)
3.01%(b) 05/09/05 6,000 6,000,000
California Economic Recovery RB Series 2004-931
DN (Morgan Stanley Liquidity Facility) (A-1, AA-)
3.01%(b) 05/09/05 2,000 2,000,000
California Economic Recovery RB Series 2004C-19
DN (XLCA Insured, DEPFA Bank SBPA)
(A-1+, VMIG-1, F-1+)
2.89%(b) 05/09/05 7,800 7,800,000
California Economic Recovery RB Series 2004C3 DN
(Landesbank Hessen Thuringen Girozentrale
LOC) (A-1+, VMIG-1)
3.00%(b) 05/02/05 500 500,000
California Economic Recovery RB Series 2004C-5
DN (Bank of America SBPA) (A-1+, VMIG-1)
2.95%(b) 05/02/05 7,020 7,020,000
California Economic Recovery RB Series 2004C-6
DN (Citibank LOC) (A-1+, VMIG-1)
3.02%(b) 05/02/05 9,750 9,750,000
California Economic Recovery RB Series 2004C-7
DN (BNP Paribas LOC) (A-1+, VMIG-1, F-1+)
3.02%(b) 05/02/05 14,870 14,870,000
California Educational Facilities Authority RB (Art
Center Design College Project) Series 2002A DN
(M&T Bank Corp. SBPA) (VMIG-1)
3.08%(b) 05/09/05 3,645 3,645,000
California Educational Facilities Authority RB
(Pomona College Project) Series 2005B DN
(A-1+, VMIG-1)
2.99%(b) 05/09/05 2,000 2,000,000
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
California (continued)
California Educational Facilities Authority RB (Santa
Clara University Project) Series 2002B DN (MBIA
Insurance, M&T Bank Corp. SBPA) (VMIG-1)
3.00%(b) 05/09/05 $ 2,000 $ 2,000,000
California GO (ABN-AMRO Munitops Trust
Certificates) Series 2003 DN (AMBAC Insurance,
ABN-AMRO Bank N.V. SBPA ) (VMIG-1, F-1+)
3.02%(b) 05/09/05 6,000 6,000,000
California GO (Kindergarten University Project)
Series 2004A-4 DN (Calston LOC) (A-1+, VMIG-1)
2.93%(b) 05/02/05 5,000 5,000,000
California GO (Kindergarten-University Project)
Series 2004A-5 DN (Citibank LOC)
(A-1+, VMIG-1, F-1+)
3.02%(b) 05/02/05 4,900 4,900,000
California GO (Wachovia Merlots Trust Receipts)
Series 2002A-47 DN (MBIA Insurance, Wachovia
Bank N.A. LOC) (VMIG-1)
3.05%(b) 05/09/05 6,460 6,460,000
California GO BAN (A-1, P-1)
1.98%(b) 05/02/05 15,300 15,299,652
California GO Series 1997 SG-91 DN (FGIC
Insurance, Societe Generale LOC) (A-1+)
3.01%(b) 05/09/05 10,120 10,120,000
California GO Series 2003C-1 DN (Landesbank
Hessen-Thuringen Girozentrale LOC)
(A-1, VMIG-1)
3.00%(b) 05/09/05 3,000 3,000,000
California GO Series 2004A RAN (SP-1, MIG-1)
3.00% 06/30/05 10,000 10,020,539
California GO Series 2005 ROC-RR-II-R-2185 DN
(AMBAC Insurance, Citigroup Global Marketing
Liquidity Facility) (VMIG-1)
3.02%(b) 05/09/05 3,070 3,070,000
California Health Facilities Financing Authority RB
(Catholic Healthcare West Project) Series 1988B
DN (MBIA Insurance, Morgan Guaranty Trust
SBPA) (A-1+, VMIG-1)
3.03%(b) 05/09/05 2,000 2,000,000
California Health Facilities Financing Authority RB
Series 1999 PA-587 DN (Merrill Lynch Capital
Services Guaranty) (A-1+)
3.05%(b) 05/09/05 11,000 11,000,000
California Health Facilities Financing Authority RB
Series 2002-591 DN (Morgan Stanley Liquidity
Facility) (A-1+)
3.04%(b) 05/09/05 8,700 8,700,000
California Infrastructure & Economic Development
Bank RB (Academy of Motion Pictures Arts &
Science Project) Series 2002 DN (AMBAC
Insurance, J.P. Morgan Chase LOC)
(A-1+, VMIG-1)
3.00%(b) 05/09/05 2,500 2,500,000
California Infrastructure & Economic Development
Bank RB (Asian Art Museum Foundation Project)
Series 2003 DN (MBIA Insurance, J.P. Morgan
Chase Bank SBPA) (A-1+)
3.04%(b) 05/02/05 14,800 14,800,000
California Infrastructure & Economic Development
Bank RB (Colburn School Project) Series 2005A
DN (Bank of America LOC) (VMIG-1)
2.98%(b) 05/09/05 15,000 15,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
51
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
CALIFORNIA MONEY FUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
California (continued)
California Infrastructure & Economic Development
Bank RB (J. Paul Getty Trust Project) Series
2003B MB (J. Paul Getty Trust Guaranty)
(A-1+, MIG-1)
2.25% 02/02/06 $ 5,000 $ 5,000,000
California RB (Municipal Securities Trust Receipts)
Series 1997 SGA-58 DN (FGIC Insurance, Societe
Generale SBPA) (SP-1+, VMIG-1)
3.00%(b) 05/09/05 5,000 5,000,000
California Statewide Communities Development
Authority RB (Plan Nine Partners Project) Series
2005A DN (Union Bank of California LOC) (A-1)
3.03%(b) 05/09/05 6,415 6,415,000
California Statewide Financing Authority for
Tobacco Settlement RB (Merrill Lynch P-Float
Trust Receipts) Series 2005 PA-1287 DN (Merrill
Lynch & Co. Guaranty, Merrill Lynch Capital
Services SBPA) (F-1+)
3.08%(b) 05/09/05 2,500 2,500,000
Clovis County Unified School District GO (Merrill
Lynch P-Float Trust Receipts) Series 2005-PZ-42
DN (FGIC Insured, Merrill Lynch Capital Services
SBPA) (AAA, F-1+)
3.11%(b) 05/09/05 1,330 1,330,000
East Bay Utilities District Wastewater Systems RB
Series 2003B DN (Credit Locale de France LOC)
(A-1+, VMIG-1, AAA)
2.94%(b) 05/09/05 12,000 12,000,000
Fontana Public Financing Authority for Tax
Allocation RB (Putters Project) Series 2005-707
DN (AMBAC Insurance, J.P. Morgan Chase Bank
Liquidity Facility) (A-1+)
3.02%(b) 05/09/05 2,000 2,000,000
Foothill-De Anza Community College GO Series
2000Y DN (Wachovia Bank N.A. LOC) (VMIG-1)
3.05%(b) 05/09/05 8,175 8,175,000
Fresno County GO Series 2004-5 TRAN (SP-1+)
3.00% 06/30/05 5,000 5,011,489
Glendale Hospital RB Series 2002-590 DN (Morgan
Stanley Group LOC) (A-1+)
3.04%(b) 05/09/05 8,100 8,100,000
Golden State Tobacco Securitization Corp. RB
(Merrill Lynch P-Float Trust Receipts) Series
2004 PA-1236 DN (Merrill Lynch & Co. Guaranty,
Merrill Lynch Capital Services SBPA) (F-1+)
3.08%(b) 05/09/05 2,200 2,200,000
Golden State Tobacco Securitization Corp. RB
(Merrill Lynch P-Float Trust Receipts) Series
2004 PA-1237 DN (Merrill Lynch & Co. Guaranty,
Merrill Lynch Capital Services SBPA) (F-1+)
3.08%(b) 05/09/05 2,740 2,740,000
Golden State Tobacco Securitization Corp. RB
(Putters Project) Series 2005-726 DN (FGIC
Insurance, J.P. Morgan Chase Bank Liquidity
Facility) (VMIG-1)
3.02%(b) 05/09/05 4,200 4,200,000
Golden State Tobacco Settlement Securitization
Corp. RB (Merrill Lynch P-Float Trust Receipts)
Series 2004 PT-2338 DN (Merrill Lynch Capital
Services SBPA) (F1+)
3.08%(b) 05/09/05 1,745 1,745,000
Golden State Tobacco Settlement Securitization
Corp. RB Series 2004 ROC-RR-II-285X DN
(Citibank Liquidity Facility, XLCA Credit
Support) (AAA)
3.04%(b) 05/09/05 4,995 4,995,000
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
California (continued)
Golden State Tobacco Settlement Securitization
Corp. RB Series 2004 ROC-RR-II-287X DN
(Citibank Liquidity Facility) (A-1+)
3.04%(b) 05/09/05 $ 3,540 $ 3,540,000
Hemet Multi-Family Housing RB (Sunwest
Retirement Project) Series 1999A DN (Federal
Home Loan Mortgage Corp. Guaranty) (A-1+)
3.00%(b) 05/09/05 7,650 7,650,000
Irvine Improvement Board Act of 1915 (Assessment
District No. 87-8) Special Assessment Limited
Obligation Series 1999 DN (Kredietbank LOC)
(A-1, VMIG-1)
3.01%(b) 05/02/05 5,846 5,846,000
Irvine Improvement Board Act of 1915 (Assessment
District No. 89-10) Special Assessment Limited
Obligation Series 1990 DN (Bayerische
Landesbank Girozentrale LOC) (VMIG-1, F-1)
3.06%(b) 05/02/05 7,000 7,000,000
Las Virgenes Unified School District COP Series
2003 DN (Dexia Credit Local SBPA)
(A-1+, VMIG-1)
3.00%(b) 05/09/05 6,900 6,900,000
Long Beach Aquarium of the Pacific RB Series
1995A MB (MBIA Insurance) (AAA, Aaa)
6.12% 07/01/05 1,000 1,027,754
Los Angeles County Housing Authority Multi-Family
Housing RB (Lincoln Malibu Meadows Project)
Series 1998B DN (Federal National Mortgage
Association Guaranty) (A-1+)
3.00%(b) 05/09/05 4,350 4,350,000
Los Angeles County Public Works Finance Authority
Lease RB Series 2000J DN (AMBAC Insurance,
Wachovia Bank N.A. LOC) (VMIG-1)
3.05%(b) 05/09/05 5,000 5,000,000
Los Angeles County Water & Power RB (Power
System Project) Series 2002A-2 DN (Bayerische
Landesbank Girozentrale LOC) (A-1+, VMIG-1)
3.00%(b) 05/09/05 22,400 22,400,000
Los Angeles County Water & Power RB (Power
System Project) Series 2002A-8 DN (Multiple
LOCs) (A-1+, VMIG-1)
2.99%(b) 05/09/05 5,100 5,100,000
Los Angeles Unified School District GO (ABN-AMRO
Munitops Trust Certificates) Series 1999C DN
(MBIA Insurance, ABN-AMRO Bank N.V. SBPA)
(VMIG-1)
3.02%(b) 05/09/05 4,600 4,600,000
Los Angeles Unified School District GO Series
1997E DN (MBIA Insurance, Wachovia Bank N.A.
LOC) (VMIG-1)
3.05%(b) 05/09/05 4,980 4,980,000
Los Angeles Wastewater Systems RB Series 2002A
DN (FGIC Insurance, Bank of America N.A.
Liquidity Facility) (A-1+)
3.02%(b) 05/09/05 5,000 5,000,000
Los Angeles Wastewater Systems Subordinate RB
Series 2001A MB (FGIC Insurance) (A-1+, MIG-1)
2.15%(b) 12/15/05 6,000 6,000,000
Los Angeles Water & Power RB (Power Systems
Project) MB (Dexia Credit Local LOC) (A-1+, P-1)
2.02% 05/06/05 8,000 8,000,000
Los Angeles Water & Power RB (Power Systems
Project) Series 2002A-5 DN (Multiple LOCs)
(A-1+, VMIG-1)
2.97%(b) 05/09/05 3,700 3,700,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
CALIFORNIA MONEY FUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
California (continued)
Metropolitan Water District of Southern California
Waterworks RB Series 2004C DN (Credit Locale
de France LOC) (A-1+, VMIG-1)
2.95%(b) 05/09/05 $ 2,085 $ 2,085,000
Newport Beach Hospital RB (Hoag Memorial
Presbyterian Hospital Project) Series 1999A DN
(A-1+, VMIG-1)
2.95%(b) 05/09/05 5,400 5,400,000
Oakland Unified School District of Alameda County
GO (Bear Stearns Trust Certificates) Series
2002A-9035 DN (FGIC Insurance, Bear Stearns
Capital Markets Liquidity Facility) (A-1)
3.00%(b)(c) 05/09/05 11,095 11,095,000
Pacific Housing & Finance Agency RB (Lease
Revenue Pass-Through Obligation) Series 2001A
DN (Societe Generale LOC) (A-1+)
3.08%(b) 05/09/05 3,800 3,800,000
Perris Unified High School District COP (School
Funding Project) Series 2004 DN (FSA Insurance,
Dexia Credit Locale SBPA) (A-1+, VMIG-1)
3.00%(b) 05/09/05 7,600 7,600,000
Riverside County Certificates of Participation
(Riverside County Public Facilities Project) Series
1985B DN (State Street LOC) (A-1+, VMIG-1)
2.95%(b) 05/09/05 6,250 6,250,000
Sacramento City Unified School District Series 2004
TRAN (MIG-1)
3.50% 11/30/05 3,250 3,276,930
Sacramento Municipal Utilities District RB
(ABN-AMRO Munitops Trust Certificates) Series
2003-17 DN (MBIA Insurance, ABN-AMRO Bank
N.V. SBPA) (VMIG-1)
3.02%(b) 05/09/05 11,835 11,835,000
Sacramento Municipal Utility District RB (Macon
Trust Certificates) Series 2002M DN (AMBAC
Insurance, Kredietbank N.V. LOC) (A-1+)
3.02%(b) 05/09/05 3,975 3,975,000
Sacramento Unified School District GO (ABN-AMRO
Munitops Trust Certificates) Series 2002-9 MB
(MBIA Insurance, ABN-AMRO Bank N.V. SBPA)
(MIG-1, F-1+)
2.28% 05/25/05 12,485 12,485,000
San Bernardino County Multi-Family Housing RB
(WLP Parkview Place Project) Series 2004A DN
(Federal National Mortgage Association
Guaranty) (A-1+, AAA)
3.00%(b) 05/09/05 4,720 4,720,000
San Diego Public Facilities Financing Authority
Lease RB (Merrill Lynch P-Float Trust Receipts)
Series 2002 PPT-1002C DN (Kredietbank LOC)
(A-1)
3.04%(b) 05/09/05 15,000 15,000,000
San Francisco City & County Public Utilities RB
(Commission for Clean Water Project) Series
2003A DN (MBIA Insurance, Wachovia Bank N.A.
LOC) (VMIG-1)
3.05%(b) 05/09/05 3,190 3,190,000
San Jose Multi-Family Housing RB (Timberwood
Apartments Project) Series 1995A DN (Wells
Fargo Bank LOC) (VMIG-1)
3.07%(b) 05/09/05 2,390 2,390,000
Santa Barbara County GO Series 2004A TRAN
(SP-1+)
3.00% 07/26/05 4,850 4,866,764
PAR
MATURITY (000) VALUE
-------- ------ -----------
MUNICIPAL BONDS (Continued)
California (continued)
Southern California Public Power Authority RB (San
Juan Power Project) Series 2002 DN (FSA
Insurance, Wachovia Bank N.A. LOC) (VMIG-1)
3.05%(b) 05/09/05 $4,190 $ 4,190,000
Tahoe Forest Hospital District RB (Health Facility
Project) Series 2002 DN (U.S. Bank N.A. LOC)
(VMIG-1)
3.03%(b) 05/02/05 5,800 5,800,000
Tobacco Settlement Financing Corporation RB
(Merrill Lynch P-Float Trust Receipts) Series
2005 PA-1288 DN (Merrill Lynch Capital Services
SBPA) (F-1+)
3.09%(b) 05/09/05 2,000 2,000,000
Val Verde Unified School District COP (Land Bank
Progarm) Series 2004A DN (Bank of America
LOC) (VMIG-1)
2.98%(b) 05/09/05 2,600 2,600,000
Vallecitos Water District of California Water
Revenue COP (Twin Oaks Reservoir Project)
Series 1998 DN (Credit Locale de France LOC)
(A-1+, VMIG-1)
3.00%(b) 05/09/05 3,000 3,000,000
West Covina Unified School District GO Series
2003-03-23 DN (MBIA Insurance, Banque
Nationale de Paribas Liquidity Facility) (VMIG-1)
3.01%(b) 05/09/05 6,870 6,870,000
Yuba Community College District Series 2004 TRAN
(SP-1)
3.00% 09/09/05 3,000 3,015,257
------------
513,329,122
============
Multi-State - 2.1%
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005PZP-2 DN (Merrill Lynch Capital
Services SBPA) (F-1+)
3.14%(b) 05/09/05 2,660 2,660,001
Puttable Floating Options for Tax-Exempt Receipts
RB Series 2005A DN (Multiple LOCs, Merrill
Lynch & Co. Inc. SBPA)
3.09%(b) 05/09/05 5,500 5,500,000
Puttable Floating Options for Tax-Exempt Receipts
RB Series 2005-PZP-03 DN (Multiple LOCs,
Merrill Lynch & Co. Inc. SBPA)
3.09%(b) 05/09/05 3,930 3,930,000
------------
12,090,001
============
Puerto Rico - 6.2%
Commonwealth of Puerto Rico Electric Power
Authority RB (Goldman Sachs Trust Receipts)
Series 2002-1 DN (MBIA Insurance, Bank of New
York SBPA) (A-1+)
3.00%(b) 05/09/05 2,995 2,995,000
Commonwealth of Puerto Rico GO (Tender Option
Certificates) Series 2001 DN (FSA Insurance,
Bank of New York Liquidity Facility) (A-1+)
3.00%(b) 05/09/05 7,445 7,445,000
Commonwealth of Puerto Rico Public Improvement
GO Series 2002A ROCS-II-R-185 DN (FGIC
Insurance, Salomon Smith Barney Liquidity
Facility) (VMIG-1)
3.00%(b) 05/09/05 3,705 3,705,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
53
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
CALIFORNIA MONEY FUND (CONCLUDED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------ -----------
MUNICIPAL BONDS (Continued)
Puerto Rico (continued)
Commonwealth of Puerto Rico RB Series 2004
TRAN (SP-1+, MIG-1)
3.00% 07/29/05 $2,920 $ 2,929,517
Puerto Rico Electric Power Authority RB Series
1997 DN (Societe Generale LOC) (A-1+)
2.98%(b) 05/09/05 1,300 1,300,000
Puerto Rico Public Financing Corp. RB Series
2001-520 MB (MBIA Insurance, Morgan Stanley
Dean Witter Liquidity Facility) (VMIG-1)
1.62% 08/10/05 6,345 6,345,000
Puerto Rico Public Financing Corp. RB Series
2004-911 DN (CIFG-TCRS Credit Support, Morgan
Stanley Group Liquidity Facility) (AAA, F-1+)
3.01%(b) 05/09/05 10,247 10,247,000
-----------
34,966,517
===========
TOTAL INVESTMENTS IN SECURITIES - 99.5%
(Cost $560,385,640(a)) 560,385,640
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5% 2,606,486
------------
NET ASSETS - 100.0%
(Equivalent to $1.00 per share based on 411,226,204
Institutional Shares, 12,899,384 Dollar Shares, 210,128
Cash Management Shares, 2,299,053 Administration Shares,
33,685,337 Bear Stearns Shares, 2,154 Bear Stearns Premier
Select Shares, 95,421,209 Bear Stearns Private Client
Shares and 7,388,433 Bear Stearns Premier Shares
outstanding) $562,992,126
============
VALUE
-----
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
INSTITUTIONAL SHARE ($411,100,802/411,226,204) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER DOLLAR
SHARE ($12,894,209/12,899,384) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER CASH
MANAGEMENT SHARE ($210,114/210,128) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
ADMINISTRATION SHARE ($2,298,634/2,299,053) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER BEAR
STEARNS SHARE ($33,683,708/33,685,337) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER BEAR
STEARNS PREMIER CHOICE SHARE ($2,152/2,154) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER BEAR
STEARNS PRIVATE CLIENT SHARE ($95,414,066/95,421,209) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER BEAR
STEARNS PREMIER SHARE ($7,388,436/7,388,433) $1.00
=====
- ----------
(a) Aggregate cost for Federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2005 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional investors. As of April
30, 2005, the Fund held 2.0% of its net assets, with a current market value
of $11,095,000, in securities restricted as to resale.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
54
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
NEW YORK MONEY FUND
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------ ----------
MUNICIPAL BONDS - 99.5%
New York - 94.6%
Beacon GO Series 2004 BAN
3.25% 12/23/05 $3,722 $3,747,219
Bethlehem Central School District GO Series 2004
BAN
3.00% 09/23/05 3,000 3,015,787
Chester GO Series 2004 BAN
3.00% 08/03/05 1,500 1,505,512
City of New York GO (Citibank Trust Receipts) Series
2003R ROC-II-251A DN (Citibank Liquidity
Facility) (VMIG-1)
3.06%(b) 05/09/05 5,000 5,000,000
City of New York GO (Merrill Lynch P-Float Trust
Receipts) Series 1997 DN (AMBAC Insurance,
Societe Generale Liquidity Facility) (A-1+)
3.02%(b) 05/09/05 1,760 1,760,000
City of New York GO (Morgan Stanley Trust
Receipts) Series 2002-725X DN (FSA Insurance,
Morgan Stanley Group Liquidity Facility) (VMIG-1)
3.01%(b) 05/09/05 2,144 2,143,750
City of New York GO (Wachovia Merlots Trust
Receipts) Series 2004C-09 DN (MBIA Insurance,
Wachovia Bank N.A. SBPA) (VMIG-1)
3.06%(b) 05/09/05 2,995 2,995,000
City of New York GO Series 1993A-4 DN
(Landesbank Baden-Wurttemberg LOC)
(A-1, VMIG-1, AAA)
3.05%(b) 05/02/05 200 200,000
City of New York GO Series 1994H-2 DN (MBIA
Insurance) (A-1+, VMIG-1)
3.05%(b) 05/02/05 600 600,000
City of New York GO Series 1994H-4 DN
(Kredietbank N.V. LOC) (A-1, VMIG-1)
2.98%(b) 05/09/05 1,100 1,100,000
City of New York GO Series 2002C-3 DN (Banque
Nationale de Paribas LOC) (A-1+, VMIG-1)
2.91%(b) 05/09/05 1,400 1,400,000
City of New York GO Series 2003A-2 DN (Bank of
America N.A. LOC) (A-1, VMIG-1)
3.00%(b) 05/09/05 2,500 2,500,000
City of New York GO Series 2003A-5 DN (HSBC
Bank LOC) (A-1)
2.97%(b) 05/09/05 1,000 1,000,000
City of New York GO Series 2004B MB (Aaa)
6.38% 08/15/05 5,900 6,033,683
City of New York GO Series 2004H-8 DN
(WestDeutsche Landesbank Girozentrale LOC)
(A-1+, VMIG-1)
2.94%(b) 05/09/05 6,210 6,210,000
City of New York Housing Development Corp. Multi
Family Rental Housing RB (Columbus
Apartments Project) Series 1995A DN (Federal
National Mortgage Association Guaranty) (A-1+)
3.00%(b) 05/09/05 1,600 1,600,000
City of New York Housing Development Corp. Multi
Family Rental Housing RB (Parkgate
Development Project) Series 1998A DN (Federal
National Mortgage Association Guaranty) (A-1+)
2.94%(b) 05/09/05 2,000 2,000,000
City of New York Housing Development Corp. Multi
Family Rental Housing RB (Related Monterey
Project) Series 1997A DN (Federal National
Mortgage Association Guaranty) (A-1+)
3.00%(b) 05/09/05 100 100,000
PAR
MATURITY (000) VALUE
-------- ------ ----------
MUNICIPAL BONDS (Continued)
New York (continued)
City of New York IDA Civic Facilities RB (Abraham
Joshua Heschel Project) Series 2002 DN (M&T
Bank Corp. LOC) (VMIG-1)
3.03%(b) 05/09/05 $2,000 $2,000,000
City of New York IDA Civic Facilities RB (French
Institute Alliance Project) Series 2005 DN (M&T
Bank LOC) (VMIG-1)
3.05%(b) 05/09/05 2,525 2,525,000
City of New York IDA Civic Facilities RB (Hewitt
School Project) Series 2002 DN (Allied Irish Bank
LOC) (VMIG-1)
3.00%(b) 05/09/05 1,600 1,600,000
City of New York IDA Civic Facilities RB (The Birch
Wathen Lenox School Project) Series 2004 DN
(Allied Irish Bank LOC) (VMIG-1)
3.00%(b) 05/09/05 2,625 2,625,000
City of New York Municipal Water Finance Authority
RB (Citigroup Trust Receipts, Water & Sewer
Systems Project) Series 2004R-4061 ROC-II DN
(Citigroup Global Market Holdings, Inc. SBPA)
(VMIG-1)
3.02%(b) 05/09/05 2,990 2,990,000
City of New York Municipal Water Finance Authority
RB (Water & Sewer System Project) Series 1994G
DN (FGIC Insurance) (A-1+, VMIG-1)
3.02%(b) 05/02/05 100 100,000
City of New York Municipal Water Finance Authority
RB (Water & Sewer Systems Project) Series
2002C-1 DN (State Street Bank & Trust Co. LOC)
(A-1+, VMIG-1)
3.05%(b) 05/02/05 2,900 2,900,000
City of New York Municipal Water Finance Authority
Water & Sewer System RB Series 2000C DN
(Dexia Credit SBPA) (A-1+, VMIG-1)
2.96%(b) 05/02/05 4,200 4,200,000
City of New York Transitional Finance Authority
Financing RB (Citibank Eagle Trust Reciepts)
Series 1994C DN (AMBAC Insurance, Citibank
Liquidity Facility) (VMIG-1)
3.02%(b) 05/09/05 8,000 8,000,000
City of New York Transitional Finance Authority
Financing RB (Citibank Eagle Trust Receipts)
Series 2000 DN (Citibank Liquidity Facility) (A-1+)
3.02%(b) 05/09/05 9,900 9,900,000
City of New York Transitional Finance Authority
Financing RB (Citibank Eagle Trust Receipts)
Series 2001 DN (Citibank Liquidity Facility) (A-1+)
3.02%(b) 05/09/05 3,300 3,300,000
City of New York Transitional Finance Authority
Financing RB (Future Tax Secured Bonds) Series
1998A-1 DN (Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)
3.04%(b) 05/09/05 1,400 1,400,000
City of New York Transitional Finance Authority
Financing RB (Future Tax Secured Bonds) Series
1998A-2 DN (Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)
2.98%(b) 05/09/05 300 300,000
City of New York Transitional Finance Authority RB
Series 2002-2E DN (New York State Common
Retirement Fund SBPA) (A-1+, VMIG-1)
2.94%(b) 05/09/05 2,800 2,800,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
55
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
NEW YORK MONEY FUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------ ----------
MUNICIPAL BONDS (Continued)
New York (continued)
City of New York Trust for Cultural Resources RB
(Manhattan School of Music Project) Series 2000
DN (First Union National Bank SBPA) (A-1)
2.95%(b) 05/09/05 $1,900 $1,900,000
City of New York Trust for Cultural Resources RB
(The Museum of Broadcasting Project) Series
1989 DN (KBC Bank N.V. LOC) (A-1+, VMIG-1)
2.96%(b) 05/09/05 2,400 2,400,000
Dormitory Authority of the State of New York RB
(Glen Eddy, Inc. Project) Series 2000 DN (Fleet
National Bank LOC) (A-1)
3.00%(b) 05/09/05 3,440 3,440,000
Dormitory Authority of the State of New York RB
(Mental Health Services Project) Series 2003D-2B
DN (Credit Locale de France LOC) (A-1+)
2.92%(b) 05/09/05 600 600,000
Dormitory Authority of the State of New York RB
(Park Ridge Hospital Project) Series 2005 DN
(J.P. Morgan Chase LOC)
3.00%(b) 05/09/05 5,000 5,000,000
Dormitory Authority of the State of New York RB
(Teresian House Housing Corp. Project) Series
2003 DN (Lloyds Bank LOC) (A-1+)
3.00%(b) 05/09/05 4,800 4,800,000
Dormitory Authority of the State of New York RB
(Wachovia Merlots Trust Receipts) Series
2001A-30 DN (AMBAC Insurance, Wachovia Bank
N.A. SBPA) (VMIG-1)
3.06%(b) 05/09/05 2,980 2,980,000
Dormitory Authority of the State of New York RB
(Wachovia Merlots Trust Reciepts) Series 2003
DN (FGIC Insurance, Wachovia Bank N.A. SBPA)
(VMIG-1)
3.06%(b) 05/09/05 7,185 7,185,000
Dormitory Authority of the State of New York RB
Series 2001D DN (MBIA Insurance, Bank of
America SBPA) (A-1+)
3.02%(b) 05/09/05 1,900 1,900,000
East Hampton Unified School District GO Series
2004 TAN
3.00% 06/29/05 1,000 1,002,475
Erie County Asset Securitization Corp. RB (Merrill
Lynch P-Float Trust Receipts) Series 2003
PA-1213 DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.08%(b) 05/09/05 3,620 3,620,000
Erie County Civic Facilities IDRB (Hauptman-
Woodward Project) Series 2004 DN (KeyBank
N.A. LOC)
3.07%(b) 05/09/05 2,300 2,300,000
Franklin County IDA Civic Facility RB (Paul Smith's
College Project) Series 1998 DN (KeyBank N.A.
LOC)
3.07%(b) 05/09/05 3,145 3,145,000
Huntington Unified Free School District GO Series
2004 TAN
3.00% 06/29/05 2,000 2,004,856
Jay Street Development Corporation Facility Lease
RB (Jay Street Project) Series 2001A-2 DN
(Landesbank Hessen-Thuringen Girozentrale
LOC) (A-1+, VMIG-1)
2.94%(b) 05/02/05 2,100 2,100,000
Lawrence Union Free School District GO Series
2004 TAN
3.00% 06/29/05 3,000 3,007,258
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
New York (continued)
Long Island Power Authority Electrical System RB
Series 1998-7 DN (MBIA Insurance, Credit Suisse
First Boston SBPA) (A-1+, VMIG-1)
3.00%(b) 05/09/05 $ 1,650 $ 1,650,000
Metropolitan Transportation Authority GO Series
2004A-1 DN (XLCA Insurance, Depfa Bank PLC
SBPA) (A-1+, VMIG-1)
3.00%(b) 05/09/05 2,000 2,000,000
Metropolitan Transportation Authority GO Series
2004A-3 DN (XLCA Insurance, Depfa Bank PLC
SBPA) (A-1+, VMIG-1)
3.00%(b) 05/09/05 2,000 2,000,000
Metropolitan Transportation Authority RB
(Dedicated Tax Fund) Series 2002B DN (FSA
Insurance, Dexia Credit SBPA) (A-1+)
2.95%(b) 05/09/05 2,000 2,000,000
Metropolitan Transportation Authority RB (Piper
Jaffray Trust Certificates) Series 2002F DN (Bank
of New York LOC) (VMIG-1)
3.02%(b) 05/09/05 5,674 5,674,500
Metropolitan Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series
2002A-43 DN (FGIC Insurance, Wachovia Bank
N.A. Liquidity Facility) (VMIG-1)
3.06%(b) 05/09/05 2,445 2,445,000
Metropolitan Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series
2003B-25 DN (FGIC Insurance, Wachovia Bank
N.A. Liquidity Facility) (VMIG-1)
3.06%(b) 05/09/05 4,980 4,980,000
Metropolitan Transportation Authority RB Series
2002D-1 DN (FSA Insurance, Westdeutsche
Landesbank SBPA) (A-1+, VMIG-1)
2.98%(b) 05/09/05 2,710 2,710,000
Metropolitan Transportation Authority RB Series
2005 TECP (ABN-AMRO Bank N.V. LOC)
(A-1+, P-1)
2.00% 05/03/05 7,000 7,000,000
1.98% 05/05/05 3,000 3,000,000
Monroe County IDA Civic Facility RB (Sigal Center
Project) Series 2004 DN (M&T Bank Corp. LOC)
(VMIG-1)
3.05%(b) 05/09/05 1,700 1,700,000
Monroe County IDA Civic Facility RB (St. John
Fisher College Project) Series 2005 DN (Fleet
National Bank SBPA) (A-1+)
3.02%(b) 05/09/05 3,000 3,000,000
Monroe County IDA Civic Facility RB (YMCA of
Greater Rochester Project) Series 2004 DN (M&T
Bank Corp. LOC) (A-1)
3.05%(b) 05/09/05 2,750 2,750,000
Monroe County IDRB Series 2002A DN (M&T Bank
Corp. LOC) (VMIG-1)
3.08%(b) 05/09/05 2,500 2,500,000
Monroe County Tobacco Settlement Asset
Securitization Corporation RB Series 2003
PA-1210 DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.08%(b) 05/09/05 15,000 15,000,000
Nassau County Intermediate Finance Authority RB
Series 2002B DN (FSA Insurance, Banque
Nationale de Paribas SBPA) (A-1+, VMIG-1)
3.00%(b) 05/09/05 2,535 2,535,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
56
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
NEW YORK MONEY FUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------ ----------
MUNICIPAL BONDS (Continued)
New York (continued)
Nassau Health Care Corp. RB Series 2004C-1 DN
(FSA Guaranty) (A-1+, VMIG-1)
2.98%(b) 05/09/05 $3,000 $3,000,000
New York GO Series 2000B MB (Dexia Credit, Credit
Locale de France LOC) (A-1+, MIG-1)
1.58% 08/05/05 2,000 2,000,000
New York Housing Finance Agency RB (Tribeca
Green Housing Project) Series 2003A DN
(Landesbank Hessen-Thuringen Girozentrale
LOC) (VMIG-1)
3.00%(b) 05/09/05 600 600,000
New York IDA Liberty RB (One Bryant Park LLC
Project) Series 2004A DN (Bank Of America N.A.
LOC)
2.97%(b) 05/09/05 4,000 4,000,000
New York Local Government Assistance
Corporation RB Series 1995G DN (Bank of Nova
Scotia LOC) (A-1+, VMIG-1)
2.96%(b) 05/09/05 2,300 2,300,000
New York State Environmental Facilities Corp. RB
(Citibank Eagle Trust Receipts) (Clean Water &
Drinking Project) Series 2003A DN (Citibank
Liquidity Facility) (A-1+)
3.02%(b) 05/09/05 5,710 5,710,000
New York State Environmental Facilities Corp. RB
(Citigroup Trust Receipts) (Facscorp Clean Water
& Drinking Project) Series 2003R-2014 ROC II DN
(Citibank Liquidity Facility) (VMIG-1)
3.02%(b) 05/09/05 2,680 2,680,000
New York State Environmental Facilities Corp. RB
(Citigroup Trust Receipts) (Facscorp Clean Water
& Drinking Project) Series 2003R-4001 ROC II DN
(Citibank Liquidity Facility) (VMIG-1)
3.02%(b) 05/09/05 1,590 1,590,000
New York State Housing Finance Agency RB (10
Liberty Street Project) Series 2003 DN (Fleet
National Bank LOC) (VMIG-1)
3.00%(b) 05/09/05 3,900 3,900,000
New York State Housing Finance Agency RB
(Normandie Court I Project) Series 1991A DN
(Societe Generale LOC) (A-1+, VMIG-1)
2.97%(b) 05/09/05 1,600 1,600,000
New York State Local Government Assistance
Corporation RB Series 1994B DN (Credit Suisse
LOC) (A-1+, VMIG-1)
2.95%(b) 05/09/05 2,000 2,000,000
New York State Power Authority GO Series 1985 MB
(Credit Locale de France LOC) (A-1+, VMIG-1)
2.15% 09/01/05 1,500 1,500,000
New York State Thruway Authority RB Series 2005
TECP (Landesbank Hessen-Thuringen
Girozentrale LOC) (A-1+, P-1)
2.02%(b) 05/09/05 3,000 3,000,000
New York State Urban Development Corporation RB
(Wachovia Bank Merlots Trust Receipts) Series
2005C-01 DN (MBIA Insurance) (VMIG-1)
3.06%(b) 05/09/05 3,000 3,000,000
New York Transitional Finance Authority RB Series
2003-2D DN (Retail Food Stores LOC)
(A-1+, VMIG-1)
2.92%(b) 05/09/05 2,300 2,300,000
Onondaga County IDA Civic Facility RB (Crouse
Health Hospital Project) Series 2003A DN (M&T
Bank Corp. LOC) (VMIG-1)
3.08%(b) 05/09/05 3,000 3,000,000
PAR
MATURITY (000) VALUE
-------- ------- -----------
MUNICIPAL BONDS (Continued)
New York (continued)
Onondaga County IDA Civic Facility RB (YMCA
Greater Syracuse Project) Series 2003A DN
(HSBC Bank LOC)
3.07%(b) 05/09/05 $ 4,000 $ 4,000,000
Port Authority of New York & New Jersey RB
(ABN-AMRO Munitops Trust Certificates) Series
2000-19 DN (MBIA Insurance, ABN-AMRO Bank
N.V. SBPA) (VMIG-1, F-1+)
3.01%(b) 05/09/05 6,670 6,670,000
Putnam County GO Series 2005 TAN
3.25% 12/14/05 3,000 3,021,816
Rensselaer County Civic Facilities IDRB (The Sage
Colleges Project) Series 2002A DN (M&T Bank
Corp. LOC) (VMIG-1)
3.08%(b) 05/09/05 2,800 2,800,000
Rockland County IDRB (Northern Manor Multicare
Project) Series 2002 DN (M&T Bank Corp. LOC)
(VMIG-1)
3.07%(b) 05/09/05 5,060 5,060,000
Scarsdale Union Free School District GO Series
2004 TAN
3.00% 06/29/05 4,100 4,109,791
Schenectady County IDA Civic Facility RB
(Sunnyview Project) Series 2003B DN (KeyBank
N.A. LOC) (VMIG-1)
3.02%(b) 05/09/05 2,390 2,390,000
Sullivan County GO Series 2004 BAN
2.75% 09/09/05 2,000 2,007,767
3.00% 09/09/05 2,000 2,009,532
Syosset Central School District GO Series 2004 TAN
3.00% 06/29/05 4,000 4,009,036
Syracuse RB Series 2004C RAN (Bank of New York
LOC) (MIG-1)
2.75% 06/30/05 3,000 3,005,827
Syracuse RB Series 2004E RAN (Depfa Bank LOC)
(MIG-1)
3.00% 06/30/05 2,000 2,003,853
Tompkins County IDA Civic Facility RB (Ithaca
College Project) Series 2004 DN (XLCA Insurance,
Bank of America N.A. SBPA) (VMIG-1)
3.00%(b) 05/09/05 3,000 3,000,000
Triborough Bridge & Tunnel Authority RB
(ABN-AMRO Munitops Trust Certificates) Series
2002-14 DN (AMBAC Insurance, ABN-AMRO
Bank N.V. SBPA) (VMIG-1)
3.01%(b) 05/09/05 4,240 4,240,000
Triborough Bridge & Tunnel Authority RB (Bear
Stearns Municipal Trust Certificates) Series
2002-210 DN (Bear Stearns Liquidity Facility)
(A-1+)
3.00%(b)(c) 05/09/05 10,100 10,100,000
Triborough Bridge & Tunnel Authority RB (Citibank
Eagle Trust Receipts) Series 2003A DN (FGIC
Insurance, Citibank Liquidity Facility) (A-1+)
3.02%(b) 05/09/05 2,000 2,000,000
Triborough Bridge & Tunnel Authority RB (Morgan
Stanley Trust Receipts) Series 2004-922 DN
(Morgan Stanley Liquidity Facility) (F-1+)
3.01%(b) 05/09/05 4,200 4,200,000
Triborough Bridge & Tunnel Authority Special
Obligation RB Series 2000C DN (FSA Insurance)
(A-1+, VMIG-1)
2.99%(b) 05/09/05 490 490,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
57
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
NEW YORK MONEY FUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
-------- ------ ------------
MUNICIPAL BONDS (Continued)
New York (continued)
Union Springs Central School District GO Series
2004 BAN
2.50% 06/30/05 $1,265 $ 1,266,744
Westchester County IDA Civic Facility RB (Northern
Westchester Hospital Association Project) Series
2004 DN (Commerce Bank N.A. LOC) (VMIG-1)
3.14%(b) 05/09/05 2,500 2,500,000
------------
306,944,406
============
Puerto Rico - 4.9%
Commonwealth of Puerto Rico Highway &
Transportation Authority RB (Merrill Lynch
P-Float Trust Receipts) Series 2002 PT-1052 DN
(Merrill Lynch Capital Services Liquidity Facility)
(A-1)
3.02%(b) 05/09/05 4,100 4,100,000
Commonwealth of Puerto Rico RB Series 2004
TRAN (SP-1+, MIG-1)
3.00% 07/29/05 1,825 1,830,948
Puerto Rico Public Financing Corp. RB Series
2004-911 DN (CIFG-TCRS Credit Support, Morgan
Stanley Group Liquidity Facility) (AAA, F-1+)
3.01%(b) 05/09/05 4,797 4,797,000
Puerto Rico Public Financing Corp. RB Series 2004
DN (Citibank Liquidity Facility) (A-1+)
3.00%(b) 05/09/05 5,170 5,170,000
------------
15,897,948
============
TOTAL INVESTMENTS IN SECURITIES - 99.5%
(Cost $322,842,354(a)) 322,842,354
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.5% 1,504,949
------------
NET ASSETS - 100.0% (Equivalent to $1.00 per share based
on 205,970,804 Institutional Shares, 3,962,880 Dollar
Shares, 405,100 Cash Management Shares, 15,974,497
Administration Shares, 17,540,785 Bear Stearns Shares,
2,153 Bear Stearns Premier Choice Shares, 77,398,745
Bear Stearns Private Client Shares, and 2,998,911
Bear Stearns Premier Shares outstanding) $324,347,303
============
VALUE
-----
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
INSTITUTIONAL SHARE ($206,062,258/205,970,804) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER DOLLAR SHARE
($3,964,389/3,962,880) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER CASH
MANAGEMENT SHARE ($405,100/405,100) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
ADMINISTRATION SHARE ($15,974,498/15,974,497) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER BEAR STEARNS
SHARE ($17,541,258/17,540,785) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER BEAR STEARNS
PREMIER CHOICE SHARE ($2,155/2,153) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER BEAR STEARNS
PRIVATE CLIENT SHARE ($77,398,732/77,398,745) $1.00
=====
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER BEAR STEARNS
PREMIER SHARE ($2,998,913/2,998,911) $1.00
=====
- ----------
(a) Aggregate cost for Federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2005 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional investors. As of April
30, 2005, the Fund held 3.1% of its net assets, with a current market value
of $10,100,000, in securities restricted as to resale.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
58
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
NEW YORK MONEY FUND (CONCLUDED)
APRIL 30, 2005 (UNAUDITED)
Key to Investment Abbreviations
for all Statements of Net Assets
AMBAC American Municipal Bond Assurance Corp.
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
DN Demand Note (Variable Rate)
FGIC Financial Guaranty Insurance Company
FSA Financial Security Assurance
GO General Obligation
IDA Industrial Development Authority
IDRB Industrial Development Revenue Bond
LOC Letter of Credit
MB Municipal Bond
MBIA Municipal Bond Insurance Association
PCRB Pollution Control Revenue Bond
RAN Revenue Anticipation Note
RB Revenue Bond
SBPA Stand-by Bond Purchase Agreement
TAN Tax Anticipation Note
TECP Tax Exempt Commercial Paper
TRAN Tax and Revenue Anticipation Note
The Fitch Investors Service, Moody's Investors Service, Inc. and Standard &
Poor's Ratings Service ratings of the Investments in the various Portfolios are
believed to be the most recent ratings available at April 30, 2005.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
59
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2005 (UNAUDITED)
TEMPFUND TEMPCASH FEDFUND
------------ ------------ -----------
Investment Income:
Interest income ......................... $342,831,168 $125,841,183 $29,196,483
------------ ------------ -----------
Expenses:
Investment advisory fee ................. 11,323,206 5,264,916 1,420,509
Administration fee ...................... 14,582,076 5,713,469 1,900,098
Custodian fee ........................... 836,365 303,316 77,803
Transfer agent fee ...................... 740,034 222,780 160,532
Shareholder servicing fees - class
specific ............................. 7,483,989 675,970 684,012
Distribution fees - class specific ...... 1,204,765 4 165,574
Legal fees .............................. 223,527 82,670 19,919
Audit fees .............................. 24,711 11,876 6,189
Printing ................................ 38,815 13,608 4,617
Registration fees and expenses .......... 43,044 26,895 37,153
Trustees' fees and expenses ............. 123,404 42,854 10,380
Other ................................... 309,254 110,524 46,827
------------ ------------ -----------
Total expenses ............................. 36,933,190 12,468,882 4,533,613
------------ ------------ -----------
Less investment advisory and administration
fees waived ............................. (3,276,945) (2,844,556) (1,240,284)
Less distribution fees waived - class
specific ................................ (826,077) (3) (132,437)
Less shareholder servicing fees waived -
class specific .......................... (189,733) (1) (39,589)
Less custody fees paid indirectly .......... -- -- --
------------ ------------ -----------
Net expenses ............................... 32,640,435 9,624,322 3,121,303
------------ ------------ -----------
Net investment income ...................... 310,190,733 116,216,861 26,075,180
Net realized gain (loss) from investment
transactions ......................... (3,895,003) (2,893,263) (12,054)
------------ ------------ -----------
Net increase in net assets resulting from
operations ........................... $306,295,730 $113,323,598 $26,063,126
============ ============ ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
60
BLACKROCK LIQUIDITY FUNDS
FEDERAL TRUST TREASURY TRUST CALIFORNIA NEW YORK
T-FUND FUND FUND MUNIFUND MUNICASH MONEY FUND MONEY FUND
- ----------- ------------- -------------- ----------- ----------- ---------- ----------
$36,548,189 $1,081,331 $14,803,620 $23,340,066 $22,682,824 $4,866,681 $3,202,238
- ----------- ---------- ----------- ----------- ----------- ---------- ----------
1,871,202 54,782 789,292 1,929,198 1,852,628 522,213 347,867
2,353,976 82,441 1,143,025 1,929,198 1,852,628 456,936 304,383
97,741 2,843 45,951 75,103 72,418 15,647 10,470
138,913 6,136 51,885 83,539 81,740 30,208 21,170
1,054,186 8,867 513,760 695,866 93,395 226,140 223,809
-- -- -- 215,048 4 149,236 144,519
29,418 945 12,025 23,147 24,507 13,933 10,360
7,843 4,113 3,844 9,253 8,736 5,044 5,323
6,734 217 2,051 6,936 6,577 1,398 589
30,747 15,727 17,698 41,018 27,025 12,953 9,292
16,595 -- 6,505 11,148 14,206 415 1,553
52,496 4,668 22,265 35,311 35,278 9,462 10,420
- ----------- ---------- ----------- ----------- ----------- ---------- ----------
5,659,851 180,739 2,608,301 5,054,765 4,069,142 1,443,585 1,089,755
- ----------- ---------- ----------- ----------- ----------- ---------- ----------
(1,396,143) (77,429) (732,895) (1,652,203) (1,606,165) (545,998) (373,561)
-- -- -- (149,316) (4) (127,041) (139,635)
-- -- -- (1,220) (2) (1,132) (884)
(26,244) (13) -- (57,115) (62,729) (5,384) (4,405)
- ----------- ---------- ----------- ----------- ----------- ---------- ----------
4,237,464 103,297 1,875,406 3,194,911 2,400,242 764,030 571,270
- ----------- ---------- ----------- ----------- ----------- ---------- ----------
32,310,725 978,034 12,928,214 20,145,155 20,282,582 4,102,651 2,630,968
(91,112) 62 (88,785) (59,337) (330,186) -- --
- ----------- ---------- ----------- ----------- ----------- ---------- ----------
$32,219,613 $ 978,096 $12,839,429 $20,085,818 $19,952,396 $4,102,651 $2,630,968
=========== ========== =========== =========== =========== ========== ==========
61
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF CHANGES IN NET ASSETS
TEMPFUND
-----------------------------------
SIX MONTHS ENDED
APRIL 30, 2005 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2004
---------------- ----------------
Increase (decrease) in net assets:
Operations:
Net investment income ................................. $ 310,190,733 $ 265,474,761
Net gain (loss) on investments ........................ (3,895,003) (334,198)
--------------- ---------------
Net increase in net assets resulting from operations .. 306,295,730 265,140,563
--------------- ---------------
Distributions to shareholders from:
Net investment income:
Institutional Shares .................................. (251,687,131) (227,365,103)
Dollar Shares ......................................... (37,648,802) (29,669,002)
Cash Management Shares ................................ (1,850,678) (1,213,382)
Cash Reserve Shares ................................... -- (8,668)
Administration Shares ................................. (12,860,300) (5,900,458)
Bear Stearns Shares ................................... (1,580,560) (535,559)
Bear Stearns Premier Select Shares .................... (1,504) --
Bear Stearns Private Client Shares .................... (4,523,545) (782,589)
Bear Stearns Premier Shares ........................... (38,213) --
--------------- ---------------
Total distributions from net investment income ..... (310,190,733) (265,474,761)
--------------- ---------------
Capital share transactions ............................ 2,224,472,417 (1,148,622,411)
--------------- ---------------
Total increase (decrease) in net assts ............. 2,220,577,414 (1,148,956,609)
Net assets:
Beginning of period ................................... 22,979,848,795 24,128,805,404
--------------- ---------------
End of period ......................................... $25,200,426,209 $22,979,848,795
=============== ===============
End of period undistributed net investment income ..... $ -- $ --
TEMPCASH
-----------------------------------
SIX MONTHS ENDED
APRIL 30, 2005 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2004
---------------- ----------------
Increase (decrease) in net assets:
Operations:
Net investment income ................................. $ 116,216,861 $ 118,909,583
Net gain (loss) on investments ........................ (2,893,263) (78,365)
--------------- ---------------
Net increase in net assets resulting from operations .. 113,323,598 118,831,218
--------------- ---------------
Distributions to shareholders from:
Net investment income:
Institutional Shares .................................. (110,695,702) (114,832,728)
Dollar Shares ......................................... (5,521,118) (4,067,601)
Cash Management Shares ................................ -- --
Cash Reserve Shares ................................... -- --
Administration Shares ................................. -- (9,227)
Bear Stearns Shares ................................... -- --
Bear Stearns Premier Select Shares .................... (21) (15)
Bear Stearns Private Client Shares .................... -- --
Bear Stearns Premier Shares ........................... (20) (12)
--------------- ---------------
Total distributions from net investment income ..... (116,216,861) (118,909,583)
--------------- ---------------
Capital share transactions ............................ 2,690,733,208 (3,244,861,130)
--------------- ---------------
Total increase (decrease) in net assts ............. 2,687,839,945 (3,244,939,495)
Net assets:
Beginning of period ...................................... 8,381,536,560 11,626,476,055
--------------- ---------------
End of period ............................................ $11,069,376,505 $ 8,381,536,560
=============== ===============
End of period undistributed net investment income ........ $ -- $ --
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
62
BLACKROCK LIQUIDITY FUNDS
FEDFUND T-FUND FEDERAL TRUST FUND
- ----------------------------------- ----------------------------------- -----------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED
APRIL 30, 2005 YEAR ENDED APRIL 30, 2005 YEAR ENDED APRIL 30, 2005 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2004 (UNAUDITED) OCTOBER 31, 2004 (UNAUDITED) OCTOBER 31, 2004
- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
$ 26,075,180 $ 25,233,866 $ 32,310,725 $ 29,281,477 $ 978,034 $ 1,364,763
(12,054) 9,583 (91,112) 67,274 62 24,395
- -------------- -------------- -------------- -------------- ----------- -------------
26,063,126 25,243,449 32,219,613 29,348,751 978,096 1,389,158
- -------------- -------------- -------------- -------------- ----------- -------------
(21,796,843) (21,935,118) (25,364,160) (23,618,179) (911,239) (1,310,824)
(3,332,957) (3,018,104) (6,211,143) (5,237,725) (66,795) (53,939)
-- -- (707,428) (423,644) -- --
(74,338) (71,514) -- -- -- --
(83) -- (27,994) (1,929) -- --
(129,096) (48,920) -- -- -- --
(21) (12) -- -- -- --
(688,829) (160,187) -- -- -- --
(53,013) (11) -- -- -- --
- -------------- -------------- -------------- -------------- ----------- -------------
(26,075,180) (25,233,866) (32,310,725) (29,281,477) (978,034) (1,364,763)
- -------------- -------------- -------------- -------------- ----------- -------------
340,384,585 (274,674,705) (662,253,748) 866,768,706 (5,179,216) (101,294,792)
- -------------- -------------- -------------- -------------- ----------- -------------
340,372,531 (274,665,122) (662,344,860) 866,835,980 (5,179,154) (101,270,397)
2,307,395,822 2,582,060,944 3,991,884,557 3,125,048,577 96,721,836 197,992,233
- -------------- -------------- -------------- -------------- ----------- -------------
$2,647,768,353 $2,307,395,822 $3,329,539,697 $3,991,884,557 $91,542,682 $ 96,721,836
============== ============== ============== ============== =========== =============
$ -- $ -- $ -- $ -- $ -- $ --
63
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
TREASURY TRUST FUND
-----------------------------------
SIX MONTHS ENDED
APRIL 30, 2005 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2004
---------------- ----------------
Increase (decrease) in net assets:
Operations:
Net investment income ................................. $ 12,928,214 $ 12,174,517
Net gain (loss) on investments ........................ (88,785) 44,558
-------------- --------------
Net increase in net assets resulting from operations .. 12,839,429 12,219,075
-------------- --------------
Distributions to shareholders from:
Net investment income:
Institutional Shares .................................. (8,853,002) (9,457,367)
Dollar Shares ......................................... (2,690,244) (2,108,080)
Cash Management Shares ................................ (132,262) (21,801)
Administration Shares ................................. (1,252,706) (587,269)
Bear Stearns Shares ................................... -- --
Bear Stearns Premier Select Shares .................... -- --
Bear Stearns Private Client Shares .................... -- --
Bear Stearns Premier Shares ........................... -- --
-------------- --------------
Total distributions from net investment income ..... (12,928,214) (12,174,517)
-------------- --------------
Capital share transactions ............................ (65,276,988) (411,892,790)
-------------- --------------
Total increase (decrease) in net assts ............. (65,365,773) (411,848,232)
Net assets:
Beginning of period ...................................... 1,267,859,089 1,679,707,321
-------------- --------------
End of period ............................................ $1,202,493,316 $1,267,859,089
============== ==============
End of period undistributed net investment income ........ $ -- $ --
MUNIFUND
-----------------------------------
SIX MONTHS ENDED
APRIL 30, 2005 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2004
---------------- ----------------
Increase (decrease) in net assets:
Operations:
Net investment income ................................. $ 20,145,155 $ 18,552,850
Net gain (loss) on investments ........................ (59,337) (69,713)
-------------- --------------
Net increase in net assets resulting from operations .. 20,085,818 18,483,137
-------------- --------------
Distributions to shareholders from:
Net investment income:
Institutional Shares .................................. (14,944,858) (16,076,076)
Dollar Shares ......................................... (506,698) (450,003)
Cash Management Shares ................................ (158,620) (101,852)
Administration Shares ................................. (3,847,071) (1,763,263)
Bear Stearns Shares ................................... (161,957) (52,593)
Bear Stearns Premier Select Shares .................... (1) --
Bear Stearns Private Client Shares .................... (521,603) (109,063)
Bear Stearns Premier Shares ........................... (4,347) --
-------------- --------------
Total distributions from net investment income ..... (20,145,155) (18,552,850)
-------------- --------------
Capital share transactions ............................ 338,244,444 817,344,855
-------------- --------------
Total increase (decrease) in net assts ............. 338,185,107 817,275,142
Net assets:
Beginning of period ...................................... 2,432,768,937 1,615,493,795
-------------- --------------
End of period ............................................ $2,770,954,044 $2,432,768,937
============== ==============
End of period undistributed net investment income ........ $ 2,304 $ 2,304
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
64
BLACKROCK LIQUIDITY FUNDS
MUNICASH CALIFORNIA MONEY FUND NEW YORK MONEY FUND
- ----------------------------------- ----------------------------------- -----------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED
APRIL 30, 2005 YEAR ENDED APRIL 30, 2005 YEAR ENDED APRIL 30, 2005 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2004 (UNAUDITED) OCTOBER 31, 2004 (UNAUDITED) OCTOBER 31, 2004
- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
$ 20,282,582 $ 23,675,415 $ 4,102,651 $ 4,327,555 $ 2,630,968 $ 2,938,700
(330,186) (74,262) -- 33,998 -- 106,067
- -------------- -------------- ------------ ------------ ------------ ------------
19,952,396 23,601,153 4,102,651 4,361,553 2,630,968 3,044,767
- -------------- -------------- ------------ ------------ ------------ ------------
(19,729,132) (23,015,244) (3,488,165) (4,203,209) (1,966,275) (2,684,685)
(553,421) (660,152) (77,050) (17,574) (39,103) (37,748)
-- -- (1,156) (728) (444) --
-- -- (18,450) (5,510) (137,764) (79,480)
-- -- (63,013) (25,383) (13,968) (27,416)
(16) (11) (15) (10) (15) (9)
-- -- (448,229) (75,132) (466,178) (109,353)
(13) (8) (6,573) (9) (7,221) (9)
- -------------- -------------- ------------ ------------ ------------ ------------
(20,282,582) (23,675,415) (4,102,651) (4,327,555) (2,630,968) (2,938,700)
- -------------- -------------- ------------ ------------ ------------ ------------
(597,218,433) 250,878,180 61,560,679 (14,025,066) 7,694,142 (55,281,003)
- -------------- -------------- ------------ ------------ ------------ ------------
(597,548,619) 250,803,918 61,560,679 (13,991,068) 7,694,142 (55,174,936)
2,395,509,881 2,144,705,963 501,431,447 515,422,515 316,653,161 371,828,097
- -------------- -------------- ------------ ------------ ------------ ------------
$1,797,961,262 $2,395,509,881 $562,992,126 $501,431,447 $324,347,303 $316,653,161
============== ============== ============ ============ ============ ============
$ -- $ -- $ -- $ -- $ -- $ --
65
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO NET
NET ASSET SHAREHOLDERS ASSET
VALUE NET FROM NET VALUE
BEGINNING INVESTMENT INVESTMENT END OF
OF PERIOD INCOME INCOME PERIOD
========= ========== ============ ======
TempFund
Institutional Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0110 $(0.0110) $1.00
10/31/04 1.00 0.0109 (0.0109) 1.00
10/31/03 1.00 0.0113 (0.0113) 1.00
10/31/02 1.00 0.0186 (0.0186) 1.00
10/31/01 1.00 0.0477 (0.0477) 1.00
10/31/00 1.00 0.0611 (0.0611) 1.00
Dollar Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0100 $(0.0100) $1.00
10/31/04 1.00 0.0084 (0.0084) 1.00
10/31/03 1.00 0.0088 (0.0088) 1.00
10/31/02 1.00 0.0161 (0.0161) 1.00
10/31/01 1.00 0.0452 (0.0452) 1.00
10/31/00 1.00 0.0586 (0.0586) 1.00
Cash Management Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0088 $(0.0088) $1.00
10/31/04 1.00 0.0059 (0.0059) 1.00
10/31/03 1.00 0.0063 (0.0063) 1.00
10/31/02 1.00 0.0136 (0.0136) 1.00
10/31/01 1.00 0.0427 (0.0427) 1.00
10/31/00 1.00 0.0561 (0.0561) 1.00
Cash Reserve Shares/7/
11/01/03 through 12/15/03/13/ $1.00 $0.0007 $(0.0007) $1.00
10/31/03 1.00 0.0067 (0.0067) 1.00
10/31/02 1.00 0.0146 (0.0146) 1.00
10/31/01 1.00 0.0437 (0.0437) 1.00
05/30/00/1/ through 10/31/00 1.00 0.0258 (0.0258) 1.00
Administration Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0110 $(0.0110) $1.00
10/31/04 1.00 0.0099 (0.0099) 1.00
10/31/03 1.00 0.0103 (0.0103) 1.00
04/04/02/1/ through 10/31/02 1.00 0.0095 (0.0095) 1.00
Bear Stearns Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0072 $(0.0072) $1.00
10/31/04 1.00 0.0032 (0.0032) 1.00
10/31/03 1.00 0.0034 (0.0034) 1.00
05/20/02/1/ through 10/31/02 1.00 0.0041 (0.0041) 1.00
Bear Stearns Premier Choice Shares
04/25/05/1/ through 04/30/05/13/ $1.00 $0.0004 $(0.0004) $1.00
Bear Stearns Private Client Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0092 $(0.0092) $1.00
03/26/04/1/ through 10/31/04 1.00 0.0048 (0.0048) 1.00
Bear Stearns Premier Shares
03/02/05/1/ through 04/30/05/13/ $1.00 $0.0036 $(0.0036) $1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
66
BLACKROCK LIQUIDITY FUNDS
RATIO OF
RATIO OF EXPENSES TO RATIO OF NET
RATIO OF EXPENSES TO AVERAGE INVESTMENT
EXPENSES TO AVERAGE DAILY DAILY NET INCOME TO
NET ASSETS AVERAGE NET ASSETS ASSETS AVERAGE
TOTAL END OF DAILY NET (INCLUDING (EXCLUDING DAILY NET
RETURN/11/ PERIOD (000) ASSETS CUSTODY CREDITS) WAIVERS) ASSETS
========== ============ =========== ================ =========== ============
1.13% $19,221,897 0.18%/2/ 0.18%/2/ 0.20%/2/ 2.30%/2/
1.09 17,452,337 0.18 0.18 0.21 1.09
1.14 20,081,053 0.18 0.18 0.20 1.15
1.88 19,871,753 0.18 0.18 0.18 1.88
4.87 26,150,330 0.18 0.18 0.20 4.62
6.28 15,862,970 0.18 0.18 0.20 6.12
1.01% $ 3,532,316 0.43%/2/ 0.43%/2/ 0.45%/2/ 2.04%/2/
0.84 3,665,117 0.43 0.43 0.46 0.83
0.89 3,818,036 0.43 0.43 0.45 0.90
1.62 4,309,354 0.43 0.43 0.43 1.63
4.61 5,677,232 0.43 0.43 0.45 4.32
6.02 815,132 0.43 0.43 0.45 5.94
0.88% $ 244,745 0.68%/2/ 0.68%/2/ 0.70%/2/ 1.82%/2/
0.59 192,325 0.68 0.68 0.71 0.58
0.63 147,693 0.68 0.68 0.70 0.57
1.37 65,140 0.68 0.68 0.68 1.34
4.35 58,043 0.68 0.68 0.70 3.93
5.75 30,242 0.68 0.68 0.70 5.68
0.07% $ -- 0.58%/2/ 0.58%/2/ 0.60%/2/ 0.54%/2/
0.76/2/ 6,622 0.58/2/ 0.58/2/ 0.60/2/ 0.94/2/
1.47 178,398 0.58 0.58 0.58 1.47
4.46 208,114 0.58 0.58 0.60 4.42
6.24/2/ 222,325 0.58/2/ 0.58/2/ 0.60/2/ 6.16/2/
1.08% $ 1,162,120 0.28%/2/ 0.28%/2/ 0.30%/2/ 2.18%/2/
0.99 1,200,346 0.28 0.28 0.31 1.25
1.04 330 0.28 0.28 0.30 1.00
1.66/2/ 124 0.28/2/ 0.28/2/ 0.29/2/ 1.62/2/
0.72% $ 297,213 1.00%/2/ 1.00%/2/ 1.02%/2/ 1.50%/2/
0.32 189,266 0.95 0.95 1.03 0.34
0.34 75,071 0.96 0.96 1.02 0.30
0.91/2/ 22,717 1.00/2/ 1.00/2/ 1.01/2/ 0.88/2/
0.04% $ 11,077 0.45%/2/ 0.45%/2/ 4.17%/2/ 15.09%/2/
0.92% $ 697,524 0.60%/2/ 0.60%/2/ 1.05%/2/ 1.95%/2/
0.48 280,458 0.58/2/ 0.58/2/ 1.05/2/ 0.96/2/
0.36% $ 33,536 0.60%/2/ 0.60%/2/ 0.81%/2/ 2.30%/2/
67
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO NET
NET ASSET SHAREHOLDERS ASSET
VALUE NET FROM NET VALUE
BEGINNING INVESTMENT INVESTMENT END OF
OF PERIOD INCOME INCOME PERIOD
========= ========== ============ ======
TempCash
Institutional Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0113 $(0.0113) $1.00
10/31/04 1.00 0.0112 (0.0112) 1.00
10/31/03 1.00 0.0118 (0.0118) 1.00
10/31/02 1.00 0.0193 (0.0193) 1.00
10/31/01 1.00 0.0483 (0.0483) 1.00
10/31/00 1.00 0.0613 (0.0613) 1.00
Dollar Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0101 $(0.0101) $1.00
10/31/04 1.00 0.0087 (0.0087) 1.00
10/31/03 1.00 0.0093 (0.0093) 1.00
10/31/02 1.00 0.0168 (0.0168) 1.00
10/31/01 1.00 0.0458 (0.0458) 1.00
10/31/00 1.00 0.0588 (0.0588) 1.00
Bear Stearns Premier Choice
Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0010 $(0.0010) $1.00
03/26/04/1/ through 10/31/04 1.00 0.0056 (0.0056) 1.00
Bear Stearns Premier Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0090 $(0.0090) $1.00
03/26/04/1/ through 10/31/04 1.00 0.0041 (0.0041) 1.00
FedFund
Institutional Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0060 $(0.0060) $1.00
10/31/04 1.00 0.0105 (0.0105) 1.00
10/31/03 1.00 0.0110 (0.0110) 1.00
10/31/02 1.00 0.0183 (0.0183) 1.00
10/31/01 1.00 0.0469 (0.0469) 1.00
10/31/00 1.00 0.0594 (0.0594) 1.00
Dollar Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0096 $(0.0096) $1.00
10/31/04 1.00 0.0080 (0.0080) 1.00
10/31/03 1.00 0.0085 (0.0085) 1.00
10/31/02 1.00 0.0158 (0.0158) 1.00
10/31/01 1.00 0.0444 (0.0444) 1.00
10/31/00 1.00 0.0569 (0.0569) 1.00
Cash Reserve Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0088 $(0.0088) $1.00
10/31/04 1.00 0.0065 (0.0065) 1.00
04/01/03/1/ through 10/31/03 1.00 0.0034 (0.0034) 1.00
Administration Shares/12/
11/10/04/1/ through 11/18/04/13/ $1.00 $0.0004 $(0.0004) $1.00
Bear Stearns Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0068 $(0.0068) $1.00
10/31/04 1.00 0.0031 (0.0031) 1.00
10/31/03 1.00 0.0033 (0.0033) 1.00
05/20/02/1/ through 10/31/02 1.00 0.0040 (0.0040) 1.00
Bear Stearns Premier Choice
Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0096 $(0.0096) $1.00
03/26/04/1/ through 10/31/04 1.00 0.0054 (0.0054) 1.00
Bear Stearns Private Client
Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0088 $(0.0088) $1.00
03/26/04/1/ through 10/31/04 1.00 0.0045 (0.0045) 1.00
Bear Stearns Premier Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0086 $(0.0086) $1.00
03/26/04/1/ through 10/31/04 1.00 0.0038 (0.0038) 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
68
BLACKROCK LIQUIDITY FUNDS
RATIO OF
RATIO OF EXPENSES TO RATIO OF NET
RATIO OF EXPENSES TO AVERAGE INVESTMENT
EXPENSES TO AVERAGE DAILY DAILY NET INCOME TO
NET ASSETS AVERAGE NET ASSETS ASSETS AVERAGE
TOTAL END OF DAILY NET (INCLUDING (EXCLUDING DAILY NET
RETURN11 PERIOD (000) ASSETS CUSTODY CREDITS) WAIVERS) ASSETS
======== ============ =========== ================ =========== ============
1.14% $10,479,185 0.18%/2/ 0.18%/2/ 0.24%/2/ 2.35%/2/
1.13 7,850,023 0.18 0.18 0.23 1.11
1.18 11,193,249 0.18 0.18 0.23 1.18
1.95 7,195,494 0.18 0.18 0.24 1.92
4.93 4,923,190 0.18 0.18 0.29 4.76
6.30 3,785,528 0.18 0.18 0.31 6.18
1.01% $ 590,188 0.43%/2/ 0.43%/2/ 0.49%/2/ 2.08%/2/
0.88 531,509 0.43 0.43 0.49 0.87
0.93 433,227 0.43 0.43 0.48 0.94
1.70 402,137 0.43 0.43 0.50 1.71
4.67 447,082 0.43 0.43 0.54 4.56
6.04 427,625 0.43 0.43 0.56 5.89
1.00% $ 2 0.45%/2/ 0.45%/2/ 0.80%/2/ 1.97%/2/
0.56 2 0.45/2/ 0.45/2/ 0.50/2/ 1.15/2/
0.91% $ 2 0.60%/2/ 0.60%/2/ 1.09%/2/ 1.56%/2/
0.41 2 0.70/2/ 0.70/2/ 0.75/2/ 0.81/2/
1.09% $ 2,118,869 0.20%/2/ 0.20%/2/ 0.30%/2/ 2.19%/2/
1.05 1,883,220 0.20 0.20 0.29 1.04
1.10 2,163,336 0.20 0.20 0.28 1.10
1.85 1,955,108 0.20 0.20 0.26 1.82
4.79 1,684,597 0.20 0.20 0.27 4.61
6.10 1,400,232 0.20 0.20 0.29 6.01
0.96% $ 348,241 0.45%/2/ 0.45%/2/ 0.55%/2/ 1.95%/2/
0.80 345,479 0.45 0.45 0.54 0.79
0.85 397,344 0.45 0.45 0.53 0.87
1.60 635,685 0.45 0.45 0.50 1.61
4.53 814,186 0.45 0.45 0.52 4.18
5.84 216,511 0.45 0.45 0.54 6.04
0.89% $ 1,624 0.60%/2/ 0.60%/2/ 0.70%/2/ 1.77%/2/
0.65 9,276 0.60 0.60 0.69 0.62
0.59/2/ 13,492 0.60/2/ 0.60/2/ 0.69/2/ 0.58/2/
0.04%/2/ 0.30%/2/ 0.30%/2/ 0.40%/2/ 1.60%/2/
0.69% $ 15,121 1.00%/2/ 1.00%/2/ 1.10%/2/ 1.39%/2/
0.31 18,837 0.95 0.95 1.09 0.36
0.33 7,889 0.95 0.95 1.08 0.30
0.89/2/ 2,728 1.00/2/ 1.00/2/ 1.08/2/ 0.87/2/
0.96% $ 2 0.45%/2/ 0.45%/2/ 0.83%/2/ 1.97%/2/
0.54 2 0.45/2/ 0.45/2/ 0.54/2/ 0.92/2/
0.89% $ 147,937 0.60%/2/ 0.60%/2/ 1.15%/2/ 1.86%/2/
0.45 50,579 0.58/2/ 0.58/2/ 0.80/2/ 0.92/2/
0.87% $ 15,975 0.60%/2/ 0.60%/2/ 0.89%/2/ 2.15%/2/
0.38 2 0.70/2/ 0.70/2/ 0.79/2/ 0.60/2/
69
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO NET
NET ASSET SHAREHOLDERS ASSET
VALUE NET FROM NET VALUE,
BEGINNING INVESTMENT INVESTMENT END OF
OF PERIOD INCOME INCOME PERIOD
========= ========== ============ ======
T-Fund
Institutional Shares
11/01/04 through 04/30/0513 $1.00 $0.0102 $(0.0102) $1.00
10/31/04 1.00 0.0098 (0.0098) 1.00
10/31/03 1.00 0.0106 (0.0106) 1.00
10/31/02 1.00 0.0179 (0.0179) 1.00
10/31/01 1.00 0.0454 (0.0454) 1.00
10/31/00 1.00 0.0579 (0.0579) 1.00
Dollar Shares
11/01/04 through 04/30/0513 $1.00 $0.0090 $(0.0090) $1.00
10/31/04 1.00 0.0073 (0.0073) 1.00
10/31/03 1.00 0.0081 (0.0081) 1.00
10/31/02 1.00 0.0154 (0.0154) 1.00
10/31/01 1.00 0.0429 (0.0429) 1.00
10/31/00 1.00 0.0554 (0.0554) 1.00
Cash Management Shares
11/01/04 through 04/30/0513 $1.00 $0.0077 $(0.0077) $1.00
10/31/04 1.00 0.0048 (0.0048) 1.00
10/31/03 1.00 0.0056 (0.0056) 1.00
10/31/02 1.00 0.0129 (0.0129) 1.00
10/31/01 1.00 0.0404 (0.0404) 1.00
10/31/00 1.00 0.0529 (0.0529) 1.00
Administration Shares
11/01/04 through 04/30/0513 $1.00 $0.0097 $(0.0097) $1.00
10/31/04 1.00 0.0088 (0.0088) 1.00
10/31/03 1.00 0.0096 (0.0096) 1.00
04/09/02 through 10/31/02 1.00 0.0089 (0.0089) 1.00
Federal Trust Fund
Institutional Shares
11/01/04 through 04/30/0513 $1.00 $0.0058 $(0.0058) $1.00
10/31/04 1.00 0.0101 (0.0101) 1.00
10/31/03 1.00 0.0106 (0.0106) 1.00
10/31/02 1.00 0.0183 (0.0183) 1.00
10/31/01 1.00 0.0465 (0.0465) 1.00
10/31/00 1.00 0.0593 (0.0593) 1.00
Dollar Shares
11/01/04 through 04/30/0513 $1.00 $0.0092 $(0.0092) $1.00
10/31/04 1.00 0.0076 (0.0076) 1.00
10/31/03 1.00 0.0081 (0.0081) 1.00
10/31/02 1.00 0.0158 (0.0158) 1.00
10/31/01 1.00 0.0440 (0.0440) 1.00
10/31/00 1.00 0.0568 (0.0568) 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
70
BLACKROCK LIQUIDITY FUNDS
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
RATIO OF DAILY NET AVERAGE INVESTMENT
EXPENSES TO ASSETS DAILY NET INCOME TO
NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
RETURN11 PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
======== ============ =========== =========== =========== ============
1.03% $2,375,358 0.20%/2/ 0.20%/2/ 0.29%/2/ 2.07%/2/
0.99 2,438,998 0.20 0.20 0.28 0.98
1.06 2,601,725 0.20 0.20 0.27 1.06
1.80 2,831,278 0.20 0.20 0.25 1.79
4.63 2,582,091 0.20 0.19 0.27 4.46
5.95 2,209,396 0.20 0.19 0.28 5.77
0.90% $ 817,235 0.45%/2/ 0.45%/2/ 0.54%/2/ 1.86%/2/
0.74 1,481,069 0.45 0.45 0.53 0.73
0.81 449,468 0.45 0.45 0.52 0.79
1.55 448,592 0.45 0.45 0.50 1.54
4.37 542,219 0.45 0.44 0.52 4.34
5.68 630,801 0.45 0.44 0.53 5.54
0.78% $ 122,011 0.70%/2/ 0.70%/2/ 0.79%/2/ 1.58%/2/
0.48 71,616 0.70 0.70 0.78 0.49
0.56 73,714 0.70 0.70 0.77 0.56
1.29 79,717 0.70 0.70 0.76 1.27
4.11 45,678 0.70 0.69 0.77 3.99
5.42 62,480 0.70 0.69 0.78 5.31
0.98% $ 14,935 0.30%/2/ 0.30%/2/ 0.38%/2/ 2.31%/2/
0.89 201 0.30 0.30 0.39 0.90
0.96 142 0.30 0.30 0.37 0.98
1.58/2/ 185,529 0.30/2/ 0.30/2/ 0.37/2/ 1.55/2/
1.05% $ 84,063 0.20%/2/ 0.20%/2/ 0.36%/2/ 2.09%/2/
1.02 88,886 0.20 0.20 0.35 0.97
1.07 193,437 0.20 0.20 0.35 1.07
1.84 194,335 0.20 0.20 0.30 1.84
4.75 187,005 0.20 0.20 0.31 4.53
6.10 138,396 0.20 0.20 0.34 5.84
0.92% $ 7,479 0.45%/2/ 0.45%/2/ 0.62%/2/ 1.88%/2/
0.77 7,835 0.45 0.45 0.60 0.80
0.81 4,555 0.45 0.45 0.60 0.80
1.59 4,675 0.44 0.44 0.53 1.64
4.49 14,253 0.45 0.45 0.56 4.39
5.83 13,200 0.45 0.45 0.59 5.59
71
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO NET
NET ASSET SHAREHOLDERS ASSET
VALUE NET FROM NET VALUE,
BEGINNING INVESTMENT INVESTMENT END OF
OF PERIOD INCOME INCOME PERIOD
========= ========== ============ ======
Treasury Trust Fund
Institutional Shares
11/01/04 through 04/30/0513 $1.00 $0.0055 $(0.0055) $1.00
10/31/04 1.00 0.0091 (0.0091) 1.00
10/31/03 1.00 0.0098 (0.0098) 1.00
10/31/02 1.00 0.0170 (0.0170) 1.00
10/31/01 1.00 0.0443 (0.0443) 1.00
10/31/00 1.00 0.0552 (0.0552) 1.00
Dollar Shares
11/01/04 through 04/30/0513 $1.00 $0.0086 $(0.0086) $1.00
10/31/04 1.00 0.0066 (0.0066) 1.00
10/31/03 1.00 0.0073 (0.0073) 1.00
10/31/02 1.00 0.0145 (0.0145) 1.00
10/31/01 1.00 0.0418 (0.0418) 1.00
10/31/00 1.00 0.0527 (0.0527) 1.00
Cash Management Shares5
11/17/04 through 04/30/0513 $1.00 $0.0069 $(0.0069) $1.00
11/01/03 through 06/20/04 1.00 0.0018 (0.0018) 1.00
12/03/02 through 10/31/03 1.00 0.0021 (0.0021) 1.00
11/01/01 through 10/15/02 1.00 0.0116 (0.0116) 1.00
12/11/00 through 10/31/01 1.00 0.0331 (0.0331) 1.00
Administration Shares9
11/01/04 through 04/30/0513 $1.00 $0.0094 $(0.0094) $1.00
05/25/04 through 10/31/04 1.00 0.0043 (0.0043) 1.00
11/02/02 through 10/31/03 1.00 0.0083 (0.0083) 1.00
05/30/02 through 10/31/02 1.00 0.0063 (0.0063) 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
72
BLACKROCK LIQUIDITY FUNDS
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
RATIO OF DAILY NET AVERAGE INVESTMENT
EXPENSES TO ASSETS DAILY NET INCOME TO
NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
RETURN PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
====== ============ =========== =========== =========== ============
0.99% $ 851,762 0.20%/2/ 0.20%/2/ 0.31%/2/ 1.99%/2/
0.92 783,247 0.20 0.20 0.31 0.89
0.99 1,401,853 0.20 0.20 0.30 0.97
1.71 1,053,635 0.20 0.20 0.28 1.70
4.52 766,758 0.19 0.19 0.27 4.48
5.66 846,651 0.20 0.20 0.29 5.49
0.86% $ 239,215 0.45%/2/ 0.45%/2/ 0.56%/2/ 1.71%/2/
0.67 343,163 0.45 0.45 0.56 0.68
0.74 270,930 0.45 0.45 0.56 0.75
1.46 321,730 0.45 0.45 0.53 1.46
4.26 379,989 0.44 0.44 0.52 4.17
5.40 310,589 0.45 0.45 0.54 5.23
0.74% $ -- 0.70%/2/ 0.70%/2/ 0.73%/2/ 1.15%/2/
0.18 -- 0.70/2/ 0.70/2/ 0.80/2/ 0.27/2/
0.39/2/ 6,924 0.70/2/ 0.70/2/ 0.80/2/ 0.48/2/
1.16/2/ -- 0.69/2/ 0.69/2/ 0.76/2/ 1.22/2/
3.78/2/ 8,363 0.76/2/ 0.76/2/ 0.85/2/ 4.42/2/
0.94% $ 111,516 0.30%/2/ 0.30%/2/ 0.41%/2/ 1.86%/2/
0.44 141,449 0.30/2/ 0.30/2/ 0.40/2/ 1.04/2/
0.91/2/ -- 0.30/2/ 0.30/2/ 0.42/2/ 0.91/2/
1.49/2/ 33,255 0.30/2/ 0.30/2/ 0.42/2/ 1.49/2/
73
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO NET
NET ASSET SHAREHOLDERS ASSET
VALUE NET FROM NET VALUE,
BEGINNING INVESTMENT INVESTMENT END OF
OF PERIOD INCOME INCOME PERIOD
========= ========== ============ ======
MuniFund
Institutional Shares
11/01/04 through 04/30/0513 $1.00 $0.0083 $(0.0083) $1.00
10/31/04 1.00 0.0095 (0.0095) 1.00
10/31/03 1.00 0.0096 (0.0096) 1.00
10/31/02 1.00 0.0142 (0.0142) 1.00
10/31/01 1.00 0.0302 (0.0302) 1.00
10/31/00 1.00 0.0379 (0.0379) 1.00
Dollar Shares
11/01/04 through 04/30/0513 $1.00 $0.0070 $(0.0070) $1.00
10/31/04 1.00 0.0070 (0.0070) 1.00
10/31/03 1.00 0.0071 (0.0071) 1.00
10/31/02 1.00 0.0117 (0.0117) 1.00
10/31/01 1.00 0.0277 (0.0277) 1.00
10/31/00 1.00 0.0354 (0.0354) 1.00
Cash Management Shares4
11/01/04 through 04/30/0513 $1.00 $0.0058 $(0.0058) $1.00
10/31/04 1.00 0.0045 (0.0045) 1.00
10/31/03 1.00 0.0040 (0.0040) 1.00
10/31/02 1.00 0.0085 (0.0085) 1.00
10/31/01 1.00 0.0252 (0.0252) 1.00
10/31/00 1.00 0.0329 (0.0329) 1.00
Cash Reserve Shares8
11/01/02 through 08/06/03 $1.00 $0.0047 $(0.0047) $1.00
10/31/02 1.00 0.0102 (0.0102) 1.00
10/31/01 1.00 0.0262 (0.0262) 1.00
08/04/02 through 10/31/00 1.00 0.0090 (0.0090) 1.00
Administration Shares10
11/01/04 through 04/30/0513 $1.00 $0.0078 $(0.0078) $1.00
05/17/04 through 10/31/04 1.00 0.0044 (0.0044) 1.00
04/18/021 through 10/31/02 1.00 0.0069 (0.0069) 1.00
Bear Stearns Shares
11/01/04 through 04/30/0513 $1.00 $0.0043 $(0.0043) $1.00
10/31/04 1.00 0.0026 (0.0026) 1.00
10/31/03 1.00 0.0026 (0.0026) 1.00
05/20/021 through 10/31/02 1.00 0.0024 (0.0024) 1.00
Bear Stearns Premier Choice Shares
04/25/051 through 04/30/0513 $1.00 $0.0004 $(0.0004) $1.00
Bear Stearns Private Client Shares
11/01/04 through 04/30/0513 $1.00 $0.0058 $(0.0058) $1.00
03/26/041 through 10/31/04 1.00 0.0033 (0.0033) 1.00
Bear Stearns Premier Shares
03/02/051 through 04/30/0513 $1.00 $0.0024 $(0.0024) $1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
74
BLACKROCK LIQUIDITY FUNDS
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
RATIO OF DAILY NET AVERAGE INVESTMENT
EXPENSES TO ASSETS DAILY NET INCOME TO
NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
RETURN11 PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
======== ============ =========== =========== =========== ============
0.83% $2,070,324 0.20%/2/ 0.20%/2/ 0.33%/2/ 1.67%/2/
0.95 1,812,753 0.20 0.19 0.34 0.95
0.96 1,549,951 0.20 0.19 0.35 0.93
1.43 1,037,163 0.20 0.19 0.37 1.41
3.06 688,837 0.20 0.19 0.39 3.02
3.86 605,741 0.20 0.19 0.41 3.79
0.71% $ 76,596 0.45%/2/ 0.45%/2/ 0.58%/2/ 1.42%/2/
0.70 82,323 0.45 0.45 0.59 0.73
0.71 37,749 0.45 0.44 0.60 0.74
1.18 74,526 0.45 0.44 0.62 1.18
2.81 70,990 0.45 0.44 0.64 2.66
3.60 63,619 0.45 0.44 0.66 3.55
0.58% $ 37,774 0.70%/2/ 0.70%/2/ 0.83%/2/ 1.24%/2/
0.45 20,114 0.70 0.69 0.84 0.43
0.45/2/ 22,423 0.70/2/ 0.69/2/ 0.85/2/ 0.40/2/
0.91/2/ 11,197 0.70/2/ 0.69/2/ 0.87/2/ 0.90/2/
2.55 4,763 0.70 0.69 0.89 2.39
3.34 3,663 0.70 0.69 0.90 3.33
0.57%/2/ $ -- 0.60%/2/ 0.59%/2/ 0.75%/2/ 0.63%/2/
1.03 8,626 0.60 0.59 0.77 1.03
2.65 12,089 0.60 0.59 0.79 2.68
3.74/2/ 17,151 0.60/2/ 0.59/2/ 0.79/2/ 3.69/2/
0.78% $ 445,335 0.30%2 0.30%/2/ 0.43%2 1.57%/2/
0.44 437,590 0.30/2/ 0.30/2/ 0.43/2/ 1.01/2/
1.28/2/ 13,051 0.30/2/ 0.29/2/ 0.47/2/ 1.27/2/
0.44% $ 32,362 1.00%/2/ 1.00%/2/ 1.13%/2/ 0.86%/2/
0.26 28,191 0.90 0.89 1.14 0.29
0.26 5,371 0.88 0.87 1.15 0.25
0.54/2/ 6,215 1.00/2/ 0.99/2/ 1.16/2/ 0.57/2/
0.04%/2/ $ 2 0.45%/2/ 0.45%/2/ 4.98%/2/ 11.20%/2/
0.59% $ 102,743 0.70%/2/ 0.70%/2/ 1.18%/2/ 1.22%/2/
0.33 51,799 0.68/2/ 0.68/2/ 0.83/2/ 0.67/2/
0.24%/2/ $ 5,817 0.70%/2/ 0.70%/2/ 0.93%2 1.88/%2/
75
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO NET
NET ASSET SHAREHOLDERS ASSET
VALUE NET FROM NET VALUE,
BEGINNING INVESTMENT INVESTMENT END OF
OF PERIOD INCOME INCOME PERIOD
========= ========== ============ ========
MuniCash
Institutional Shares
11/01/04 through 04/30/0513 $1.00 $0.0086 $(0.0086) $1.00
10/31/04 1.00 0.0100 (0.0100) 1.00
10/31/03 1.00 0.0108 (0.0108) 1.00
10/31/02 1.00 0.0156 (0.0156) 1.00
10/31/01 1.00 0.0325 (0.0325) 1.00
10/31/00 1.00 0.0392 (0.0392) 1.00
Dollar Shares
11/01/04 through 04/30/0513 $1.00 $0.0074 $(0.0074) $1.00
10/31/04 1.00 0.0075 (0.0075) 1.00
10/31/03 1.00 0.0083 (0.0083) 1.00
10/31/02 1.00 0.0131 (0.0131) 1.00
10/31/01 1.00 0.0300 (0.0300) 1.00
10/31/00 1.00 0.0367 (0.0367) 1.00
Cash Management Shares6
11/01/01 through 10/15/02 $1.00 $0.0101 $(0.0101) $1.00
03/02/011 through 10/31/01 1.00 0.0163 (0.0163) 1.00
Bear Stearns Premier Choice Shares
11/01/04 through 04/30/0513 $1.00 $0.0073 $(0.0073) $1.00
03/26/041 through 10/31/04 1.00 0.0049 (0.0049) 1.00
Bear Stearns Premier Shares
11/01/04 through 04/30/0513 $1.00 $0.0061 $(0.0061) $1.00
03/26/041 through 10/31/04 1.00 0.0035 (0.0035) 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
76
BLACKROCK LIQUIDITY FUNDS
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
RATIO OF DAILY NET AVERAGE INVESTMENT
EXPENSES TO ASSETS DAILY NET INCOME TO
NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
RETURN11 PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
======== ============ =========== =========== =========== ===========
0.86% $1,714,653 0.20%/2/ 0.19%/2/ 0.34%/2/ 1.72%/2/
1.01 2,315,927 0.20 0.19 0.33 1.01
1.09 2,054,465 0.20 0.19 0.34 1.04
1.57 1,257,237 0.20 0.19 0.36 1.55
3.30 809,890 0.20 0.19 0.40 3.04
3.99 298,832 0.20 0.20 0.40 3.91
0.74% $ 83,071 0.45%/2/ 0.44%/2/ 0.59%/2/ 1.48%/2/
0.76 79,579 0.45 0.44 0.58 0.75
0.84 90,241 0.45 0.44 0.59 0.81
1.32 58,991 0.45 0.44 0.61 1.30
3.04 40,306 0.45 0.45 0.65 3.19
3.73 101,373 0.45 0.45 0.65 3.63
1.01%/2/ $ -- 0.70%/2/ 0.69%/2/ 0.87%/2/ 1.07%/2/
2.47/2/ 5,118 0.69/2/ 0.69/2/ 0.89/2/ 2.36/2/
0.74% $ 2 0.45%/2/ 0.44%/2/ 0.85%/2/ 1.46%/2/
0.50 2 0.45/2/ 0.44/2/ 0.58/2/ 0.84/2/
0.61% $ 2 0.70%/2/ 0.69%/2/ 0.85%/2/ 1.28%/2/
0.35 2 0.70/2/ 0.69/2/ 0.83/2/ 0.57/2/
77
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO NET
NET ASSET SHAREHOLDERS ASSET
VALUE NET FROM NET VALUE,
BEGINNING INVESTMENT INVESTMENT END OF
OF PERIOD INCOME INCOME PERIOD
========= ========== ============ ======
California Money Fund
Institutional Shares
11/01/04 through 04/30/0513 $1.00 $0.0082 $(0.0082) $1.00
10/31/04 1.00 0.0092 (0.0092) 1.00
10/31/03 1.00 0.0094 (0.0094) 1.00
10/31/02 1.00 0.0132 (0.0132) 1.00
10/31/01 1.00 0.0271 (0.0271) 1.00
10/31/00 1.00 0.0326 (0.0326) 1.00
Dollar Shares
11/01/04 through 04/30/0513 $1.00 $0.0070 $(0.0070) $1.00
10/31/04 1.00 0.0067 (0.0067) 1.00
10/31/03 1.00 0.0069 (0.0069) 1.00
10/31/02 1.00 0.0107 (0.0107) 1.00
10/31/01 1.00 0.0246 (0.0246) 1.00
10/31/00 1.00 0.0301 (0.0301) 1.00
Cash Management Shares
11/01/04 through 04/30/0513 $1.00 $0.0057 $(0.0057) $1.00
10/31/04 1.00 0.0042 (0.0042) 1.00
07/14/031through 10/31/03 1.00 0.0008 (0.0008) 1.00
Administration Shares
11/01/04 through 04/30/0513 $1.00 $0.0077 $(0.0077) $1.00
06/17/041 through 10/31/04 1.00 0.0037 (0.0037) 1.00
Bear Stearns Shares
11/01/04 through 04/30/0513 $1.00 $0.0043 $(0.0043) $1.00
10/31/04 1.00 0.0025 (0.0025) 1.00
10/31/03 1.00 0.0025 (0.0025) 1.00
05/20/021through 10/31/02 1.00 0.0022 (0.0022) 1.00
Bear Stearns Premier Choice Shares
11/01/04 through 04/30/0513 $1.00 $0.0070 $(0.0070) $1.00
03/26/041 through 10/31/04 1.00 0.0045 (0.0045) 1.00
Bear Stearns Private Client Shares
11/01/04 through 04/30/0513 $1.00 $0.0058 $(0.0058) $1.00
03/26/041 through 10/31/04 1.00 0.0030 (0.0030) 1.00
Bear Stearns Premier Shares
11/01/04 through 04/30/0513 $1.00 $0.0059 $(0.0059) $1.00
03/26/041 through 10/31/04 1.00 0.0036 (0.0036) 1.00
SEE ACCOMPANYING NOTES TO FINANCI AL STATEMENTS.
78
BLACKROCK LIQUIDITY FUNDS
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
RATIO OF DAILY NET AVERAGE INVESTMENT
EXPENSES TO ASSETS DAILY NET INCOME TO
NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
RETURN11 PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
======== ============ =========== =========== =========== ===========
0.82% $411,101 0.20%/2/ 0.20%/2/ 0.41%/2/ 1.65%/2/
0.92 454,698 0.20 0.20 0.41 0.92
0.94 496,630 0.20 0.19 0.40 0.93
1.33 456,081 0.20 0.19 0.42 1.32
2.74 542,541 0.20 0.19 0.44 2.72
3.31 575,735 0.20 0.20 0.44 3.25
0.70% $ 12,894 0.45%/2/ 0.45%/2/ 0.65%/2/ 1.46%/2/
0.68 1,347 0.45 0.44 0.66 0.66
0.69 15,463 0.45 0.44 0.65 0.71
1.07 29,922 0.45 0.45 0.67 1.12
2.49 27,460 0.45 0.44 0.69 2.45
3.05 10,212 0.45 0.45 0.69 2.98
0.58% $ 210 0.70%/2/ 0.70%/2/ 0.91%/2/ 1.19%/2/
0.42 120 0.70 0.70 0.90 0.40
0.25/2/ 227 0.69/2/ 0.68/2/ 0.91/2/ 0.25/2/
0.78% $ 2,299 0.30%/2/ 0.30%/2/ 0.51%/2/ 1.58%/2/
0.37 1,738 0.30/2/ 0.30/2/ 0.51/2/ 1.00/2/
0.43% $ 33,684 1.00%/2/ 1.00%/2/ 1.21%/2/ 0.99%/2/
0.25 6,307 0.86 0.86 1.20 0.25
0.25 3,103 0.88 0.87 1.20 0.24
0.48/2/ 668 1.00/2/ 0.99/2/ 1.20/2/ 0.51/2/
0.70% $ 2 0.45%/2/ 0.45%/2/ 0.87%/2/ 1.57%/2/
0.45 2 0.45/2/ 0.45/2/ 0.66/2/ 0.76/2/
0.58% $ 95,414 0.70%/2/ 0.70%/2/ 1.26%/2/ 1.24%/2/
0.32 37,216 0.68/2/ 0.68/2/ 0.91/2/ 0.63/2/
0.60% $ 7,388 0.70%/2/ 0.70%/2/ 1.01%/2/ 1.82%/2/
0.36 2 0.60/2/ 0.60/2/ 0.81/2/ 0.55/2/
79
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO NET
NET ASSET SHAREHOLDERS ASSET
VALUE NET FROM NET VALUE,
BEGINNING INVESTMENT INVESTMENT END OF
OF PERIOD INCOME INCOME PERIOD
---------- ---------- ------------ ------
New York Money Fund
Institutional Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0082 $(0.0082) $1.00
10/31/04 1.00 0.0091 (0.0091) 1.00
10/31/03 1.00 0.0096 (0.0096) 1.00
10/31/02 1.00 0.0131 (0.0131) 1.00
10/31/01 1.00 0.0285 (0.0285) 1.00
10/31/00 1.00 0.0364 (0.0364) 1.00
Dollar Shares/3/
11/01/04 through 04/30/05/13/ $1.00 $0.0069 $(0.0069) $1.00
10/31/04 1.00 0.0066 (0.0066) 1.00
10/31/03 1.00 0.0071 (0.0071) 1.00
10/31/02 1.00 0.0106 (0.0106) 1.00
10/31/01 1.00 0.0260 (0.0260) 1.00
10/31/00 1.00 0.0205 (0.0205) 1.00
Cash Management Shares
03/03/05/1/ through 04/30/05/13/ $1.00 $0.0023 $(0.0023) $1.00
Administration Shares
11/01/04 through 04/30/0513 $1.00 $0.0077 $(0.0077) $1.00
06/17/04 through 10/31/04 1.00 0.0035 (0.0035) 1.00
Bear Stearns Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0042 $(0.0042) $1.00
10/31/04 1.00 0.0024 (0.0024) 1.00
10/31/03 1.00 0.0025 (0.0025) 1.00
05/20/02 through 10/31/02 1.00 0.0021 (0.0021) 1.00
Bear Stearns Premier Choice Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0069 $(0.0069) $1.00
03/26/04 through 10/31/04 1.00 0.0043 (0.0043) 1.00
Bear Stearns Private Client Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0057 $(0.0057) $1.00
03/26/04 through 10/31/04 1.00 0.0030 (0.0030) 1.00
Bear Stearns Premier Shares
11/01/04 through 04/30/05/13/ $1.00 $0.0059 $(0.0059) $1.00
03/26/04 through 10/31/04 1.00 0.0034 (0.0034) 1.00
/1/ Commencement of operations of share class.
/2/ Annualized.
/3/ There were no Dollar Shares outstanding during the period July 21, 1998 to
April 10, 2000.
/4/ There were no Cash Management Shares outstanding during the periods
December 18, 2001 to January 10, 2002 and December 06, 2002 to January 09,
2003.
/5/ There were no Cash Management Shares outstanding during the periods October
16, 2002 to December 02, 2002 , January 17, 2003 to May 29, 2003 and June
21, 2004 to November 16, 2004.
/6/ There were no Cash Management Shares outstanding during the period October
16, 2002 to April 30, 2005.
/7/ There were no Cash Reserve Shares outstanding during the period August 7,
2003 to September 15, 2003 and December 16, 2003 to April 30, 2005.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
80
BLACKROCK LIQUIDITY FUNDS
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
RATIO OF DAILY NET AVERAGE INVESTMENT
EXPENSES TO ASSETS DAILY NET INCOME TO
NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
RETURN PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- ------- ------------ ----------- ----------- ----------- ------------
0.82% 206,062 0.20%/2/ 0.20%/2/ 0.42%/2/ 1.63%/2/
0.92 234,346 0.20 0.19 0.40 0.90
0.96 347,960 0.20 0.19 0.40 0.95
1.32 362,077 0.20 0.19 0.41 1.31
2.89 369,989 0.20 0.19 0.44 2.82
3.71 302,194 0.20 0.19 0.46 3.61
0.70% 3,964 0.45%/2/ 0.45%/2/ 0.66%/2/ 1.37%/2/
0.67 5,059 0.45 0.44 0.65 0.67
0.71 5,216 0.45 0.44 0.65 0.68
1.07 4,716 0.45 0.44 0.66 1.06
2.63 3,896 0.45 0.44 0.69 2.52
3.73/2/ 1,647 0.45/2/ 0.44/2/ 0.70/2/ 3.66/2/
0.23% 405 0.70%/2/ 0.70%/2/ 0.92%/2/ 1.73%/2/
0.77% 15,974 0.30%/2/ 0.30%/2/ 0.52%/2/ 1.52%/2/
0.35 21,890 0.30/2/ 0.30/2/ 0.51/2/ 0.94/2/
0.42% 17,541 1.00%/2/ 1.00%/2/ 1.21%/2/ 1.00%/2/
0.24 1,420 0.83 0.82 1.20 0.21
0.25 18,652 0.91 0.90 1.20 0.25
0.46/2/ 16,997 1.00/2/ 0.99/2/ 1.19/2/ 0.46/2/
0.70% $ 2 0.45%/2/ 0.45%/2/ 0.87%/2/ 1.60%/2/
0.43 2 0.45/2/ 0.44/2/ 0.65/2/ 0.69/2/
0.57% $ 77,399 0.70%/2/ 0.70%/2/ 1.26%/2/ 1.17%/2/
0.30 53,933 0.69/2/ 0.68/2/ 0.92/2/ 0.56/2/
0.59% $ 2,999 0.70%/2/ 0.79%/2/ 1.01%/2/ 1.44%/2/
0.34 2 0.60/2/ 0.59/2/ 0.80/2/ 0.55/2/
/8/ There were no Cash Reserve Shares outstanding during the period August 7,
2003 to April 30, 2005.
/9/ There were no Administration Shares outstanding during the period October
3, 2003 to May 24, 2004.
/10/ There were no Administration Shares outstanding during the period October
7, 2003 to May 16, 2004.
/11/ Past performance is no guarantee of future results.
/12/ There were no Administration Shares outstanding during the period November
19, 2004 to April 30, 2005.
/13/ Unaudited.
81
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(A) Organization
BlackRock Liquidity Funds (the "Trust") is organized as a Delaware
statutory trust and is registered as an open-end management investment company
under the Investment Company Act of 1940, as amended. The Trust is the successor
to five investment companies: (1) Temporary Investment Fund, Inc.; (2) Trust for
Federal Securities; (3) Municipal Fund for Temporary Investment; (4) Municipal
Fund for California Investors, Inc.; and (5) Municipal Fund for New York
Investors, Inc. (together, the"Predecessor Companies"). On February 10, 1999,
the Predecessor Companies were each reorganized into the Trust. The financial
statements and these accompanying notes relate to the Trust's ten portfolios:
TempFund, TempCash, FedFund, T-Fund, Federal Trust Fund, Treasury Trust Fund,
MuniFund, MuniCash, California Money Fund and New York Money (each a "Fund" and
together, the "Funds").
California Money Fund and New York Money Fund each has authorized eleven
classes of shares: Administration Shares, Bear Stearns Shares, Bear Stearns
Premier Shares, Bear Stearns Premier Choice Shares, Bear Stearns Private Client
Shares, Cash Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar
Shares, Institutional Shares and Plus Shares. TempFund and MuniFund each has
authorized ten classes of shares: Administration Shares, Bear Stearns Shares,
Bear Stearns Premier Shares, Bear Stearns Premier Choice Shares, Bear Stearns
Private Client Shares, Cash Management Shares, Cash Reserve Shares, Dollar
Shares, Institutional Shares, and Plus Shares. FedFund has authorized ten
classes of shares: Administration Shares, Bear Stearns Shares, Bear Stearns
Premier Shares, Bear Stearns Premier Choice Shares, Bear Stearns Private Client
Shares, Cash Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar
Shares and Institutional Shares. TempCash and MuniCash each has authorized nine
classes of shares: Administration Shares, Bear Stearns Premier Shares, Bear
Stearns Premier Choice Shares, Bear Stearns Private Client Shares, Cash
Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar Shares and
Institutional Shares. T-Fund has authorized nine classes of shares:
Administration Shares, Bear Stearns Premier Shares, Bear Stearns Premier Choice
Shares, Bear Stearns Private Client Shares, Cash Management Shares, Cash Reserve
Shares, Dollar Shares, Institutional Shares and Plus Shares. Federal Trust Fund
and Treasury Trust Fund each has authorized eight classes of shares:
Administration Shares, Bear Stearns Premier Shares, Bear Stearns Premier Choice
Shares, Bear Stearns Private Client Shares, Cash Management Shares, Cash Reserve
Shares, Dollar Shares and Institutional Shares. As of April 30, 2005, no Plus
Shares or Cash Plus Shares were outstanding.
Certain California municipal obligations in the California Money Fund may
be obligations of issuers that rely in whole or in part on California State
revenues, real property taxes, revenues from health care institutions, or
obligations secured by mortgages on real property. Consequently, the possible
effect of economic conditions in California or of California law on these
obligations must be considered.
Certain New York municipal obligations in the New York Money Fund may be
obligations of issuers that rely in whole or in part on New York State revenues,
real property taxes, revenues from health care institutions, or obligations
secured by mortgages on real property. Consequently, the possible effect of
economic conditions in New York State or of New York law on these obligations
must be considered.
Under the Trust's organizational documents, its officers and Trustees are
indemnified against certain liabilities arising out of the performance of their
duties to the Trust. In addition, in the normal course of business, the Trust
enters into contracts with its vendors and others that provide for general
indemnifications. The Trust's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Trust.
However, based on experience, the Trust considers the risk of loss from such
claims to be remote.
(B) Summary of Significant Accounting Policies
Use of Estimates - The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America
("generally accepted accounting principles") requires management to make
estimates and assumptions that could affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from these estimates.
Security Valuation - Portfolio securities are valued under the amortized
cost method which approximates current market value. Under this method,
securities are valued at cost when purchased and thereafter a constant
proportionate accretion of any discount or amortization of any premium is
recorded until maturity of the security. Regular review and monitoring of the
valuation is performed in an attempt to avoid dilution or other unfair results
to shareholders. The Trust
82
BLACKROCK LIQUIDITY FUNDS
seeks to maintain the net asset value per share of each portfolio at $1.00,
although there is no assurance that it will be able to do so on a continuing
basis.
Repurchase Agreements - For TempFund, TempCash, FedFund and T-Fund, the
Trust may purchase money market instruments from financial institutions, such as
banks and non-bank dealers, subject to the seller's agreement to repurchase them
at an agreed upon date and price. Collateral for repurchase agreements may have
longer maturities than the maximum permissible remaining maturity of portfolio
investments, provided the repurchase agreements themselves mature in one year or
less. The seller will be required on a daily basis to maintain the value of the
securities subject to the agreement at no less than the repurchase price.
Repurchase agreements with maturities in excess of seven days are subject to a
seven day put feature.
Dividends to Shareholders - Dividends from net investment income are
declared daily and paid monthly. Net realized capital gains, if any, are
distributed at least annually.
Security Transactions and Investment Income - Investment transactions are
accounted for on the trade date and the cost of investments sold and realized
gains and losses thereon are determined by use of the specific identification
method for both financial reporting and income tax purposes. Interest income is
recorded on the accrual basis.
Other - Expenses that are directly related to one of the Funds are charged
directly to that Fund. Other operating expenses are prorated to the Funds on the
basis of relative net assets. Class- specific expenses, such as 12b-1 service
fees, are borne by that class. Income, other expenses and realized and
unrealized gains and losses of a Fund are allocated to the respective class on
the basis of the relative net assets each day. For the six months ended April
30, 2005, the information provided below shows the various types of
class-specific expenses borne directly by each class of each Fund and any
associated waivers of those expenses.
The following table provides a list of share classes offered by the Trust
along with a summary of their respective class-specific fee arrangements as
provided in the Trust's Shareholder Service Plans and Distribution Plans.
SHAREHOLDER DISTRIBUTION
SERVICE FEES(1) FEES(2)
--------------- ------------
Institutional ................. -- --
Dollar ........................ 0.25% --
Cash Management ............... 0.50% --
Cash Reserve .................. 0.40% --
Administration ................ 0.10% --
Bear Stearns .................. 0.50% 0.35%
Bear Stearns Premier Choice ... 0.40% 0.10%
Bear Stearns Private Client ... 0.50% 0.35%
Bear Stearns Premier .......... 0.50% 0.10%
Cash Plus ..................... 0.50% 0.35%
Plus(3) ....................... -- 0.25%
(1) The difference in the level of fees is related to the type and number of
services provided by the Servicing Organization. Dividends paid to shareholders
of all share classes, except Institutional Shares, are reduced by such fees.
(2) Dividends paid to shareholders of all share classes with a 12b-1 Plan are
reduced by fees paid under such plan.
(3) The Trust has adopted a Distribution and Shareholder Service Plan pursuant
to which shareholders of Plus Shares will pay a class specific fee of 0.25%
(0.40% for the New York Money and California Money Funds) on an annualized basis
of the average daily net asset value of such shares. This fee reflects the
provision of both distribution and sales support (12b-1) and shareholder
services.
83
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. SHAREHOLDER SERVICE FEES
SHARE CLASSES
---------------------------------------------------
CASH CASH
DOLLAR MANAGEMENT RESERVE ADMINISTRATION
----------- ---------- ------- --------------
TempFund ...................... $4,678,149 $516,576 $ -- $595,160
TempCash ...................... 675,959 -- -- --
FedFund ....................... 426,650 -- 16,812 5
T-Fund ........................ 829,741 223,277 -- 1,168
Federal Trust Fund ............ 8,867 -- -- --
Treasury Trust Fund ........... 394,210 52,205 -- 67,345
MuniFund ...................... 88,762 63,639 -- 244,817
MuniCash ...................... 93,387 -- -- --
California Money Fund ......... 13,174 485 -- 1,168
New York Money Fund ........... 7,105 130 -- 9,024
1. SHAREHOLDER SERVICE FEES
SHARE CLASSES
------------------------------------------------------
BEAR BEAR
STEARNS BEAR STEARNS
BEAR PRIVATE STEARNS PREMIER
STEARNS CLIENT PREMIER CHOICE TOTAL
-------- ---------- ------- ------- ----------
TempFund ...................... $508,523 $1,177,899 $ 7,439 $243 $7,483,989
TempCash ...................... -- -- 7 4 675,970
FedFund ....................... 42,605 185,694 12,242 4 684,012
T-Fund ........................ -- -- -- -- 1,054,186
Federal Trust Fund ............ -- -- -- -- 8,867
Treasury Trust Fund ........... -- -- -- -- 513,760
MuniFund ...................... 84,513 212,977 1,158 -- 695,866
MuniCash ...................... -- -- 4 4 93,395
California Money Fund ......... 28,538 180,968 1,803 4 226,140
New York Money Fund ........... 6,279 198,757 2,510 4 223,809
2. SHAREHOLDER SERVICE FEES WAIVED
SHARE CLASSES
-------------------------------------------------------------------
BEAR BEAR STEARNS BEAR STEARNS BEAR STEARNS
STEARNS PRIVATE CLIENT PREMIER PREMIER CHOICE TOTAL
------- -------------- ------------ -------------- --------
TempFund ......................... $-- $188,464 $1,190 $ 79 $189,733
TempCash ......................... -- -- -- 1 1
FedFund .......................... -- 37,139 2,448 2 39,589
MuniFund ......................... -- -- 60 1,160 1,220
MuniCash ......................... -- -- -- 2 2
California Money Fund ............ -- 1,048 82 2 1,132
New York Money Fund .............. -- 849 33 2 884
SHARE CLASSES
3. DISTRIBUTION FEES ----------------------------------------------------------------------
BEAR BEAR STEARNS BEAR STEARNS BEAR STEARNS
STEARNS PRIVATE CLIENT PREMIER PREMIER CHOICE TOTAL
--------- -------------- ------------ -------------- ----------
TempFund ......................... $378,687 $824,529 $1,488 $61 $1,204,765
TempCash ......................... -- -- 2 2 4
FedFund .......................... 33,137 129,986 2,449 2 165,574
MuniFund ......................... 65,732 149,084 232 -- 215,048
MuniCash ......................... -- -- 2 2 4
California Money Fund ............ 22,195 126,678 361 2 149,236
New York Money Fund .............. 4,884 139,130 503 2 144,519
SHARE CLASSES
4. DISTRIBUTION FEES WAIVED -------------------------------------------------------------------
BEAR BEAR STEARNS BEAR STEARNS BEAR STEARNS
STEARNS PRIVATE CLIENT PREMIER PREMIER CHOICE TOTAL
-------- -------------- ------------ -------------- --------
TempFund ......................... $-- $824,528 $1,488 $61 $826,077
TempCash ......................... -- -- 1 2 3
FedFund .......................... -- 129,986 2,449 2 132,437
MuniFund ......................... -- 149,084 232 -- 149,316
MuniCash ......................... -- -- 2 2 4
California Money Fund ............ -- 126,678 361 2 127,041
New York Money Fund .............. -- 139,130 503 2 139,635
84
BLACKROCK LIQUIDITY FUNDS
(C) Transactions with Affiliates and Related Parties
Pursuant to agreements between the Trust and BlackRock Institutional
Management Corporation ("BIMC"), an indirect wholly-owned subsidiary of
BlackRock, Inc., BIMC manages the Funds and serves as Co-Administrator (as
defined below). BlackRock, Inc. is an indirect majority-owned subsidiary of The
PNC Financial Services Group, Inc. ("PNC"). PFPC Trust Co., an indirect
subsidiary of PNC, is the Trust's custodian and PFPC Inc. ("PFPC"), an indirect
subsidiary of PNC, is the Trust's transfer agent and Co-Administrator.
BlackRock Distributors, Inc., ("BDI"), an indirect subsidiary of PNC,
serves as the Trust's distributor.
The Trust has entered into an Administration Agreement with PFPC and BIMC
under which they provide certain administrative services (together, the
"Co-Administrators").
In return for BIMC's advisory services, the Trust pays BIMC a fee, computed
daily and payable monthly, based upon an annualized percentage of the average
net assets of TempFund as follows: 0.175% of the first $1 billion, 0.15% of the
next $1 billion, 0.125% of the next $1 billion, 0.10% of the next $1 billion,
0.095% of the next $1 billion, 0.09% of the next $1 billion, 0.08% of the next
$1 billion, 0.075% of the next $1 billion and 0.07% of net assets in excess of
$8 billion. With respect to TempCash, MuniFund and MuniCash, the fee payable,
based on each portfolio's average daily net assets, and with respect to FedFund,
T-Fund, Federal Trust Fund and Treasury Trust Fund, the fee payable based on
those Funds' combined average daily net assets, is as follows: 0.175% of the
first $1 billion, 0.15% of the next $1 billion, 0.125% of the next $1 billion,
0.10% of the next $1 billion, 0.095% of the next $1 billion, 0.09% of the next
$1 billion, 0.085% of the next $1 billion and 0.08% of net assets in excess of
$7 billion. California Money Fund and New York Money Fund pay BIMC a fee,
computed daily and payable monthly, at an annual rate of 0.20% of average net
assets.
For the six months ended April 30, 2005, advisory fees and waivers for each
Fund were as follows:
GROSS NET ADVISORY
ADVISORY FEE WAIVER FEE
------------ ---------- ------------
TempFund ...................... $11,323,206 $1,638,472 $9,684,734
TempCash ...................... 5,264,916 1,422,278 3,842,638
FedFund ....................... 1,420,509 620,142 800,367
T-Fund ........................ 1,871,202 698,072 1,173,130
Federal Trust Fund ............ 54,782 38,715 16,067
Treasury Trust Fund ........... 789,292 366,447 422,845
MuniFund ...................... 1,929,198 826,102 1,103,096
MuniCash ...................... 1,852,628 803,083 1,049,545
California Money Fund ......... 522,213 272,999 249,214
New York Money Fund ........... 347,867 186,781 161,086
In return for their administrative services, the Trust pays the
Co-Administrators a fee, computed daily and payable monthly, based upon an
annualized percentage of the average net assets of each Fund as follows: 0.175%
of the first $1 billion, 0.15% of the next $1 billion, 0.125% of the next $1
billion and 0.10% of amounts in excess of $3 billion.
For the six months ended April 30, 2005, administration fees and waivers
for each Fund were as follows:
GROSS NET
ADMINISTRATION ADMINISTRATION
FEE WAIVER FEE
-------------- ---------- --------------
TempFund ...................... $14,582,076 $1,638,473 $12,943,603
TempCash ...................... 5,713,469 1,422,278 4,291,191
FedFund ....................... 1,900,098 620,142 1,279,956
T-Fund ........................ 2,353,976 698,071 1,655,905
Federal Trust Fund ............ 82,441 38,714 43,727
Treasury Trust Fund ........... 1,143,025 366,448 776,577
MuniFund ...................... 1,929,198 826,101 1,103,097
MuniCash ...................... 1,852,628 803,082 1,049,546
California Money Fund ......... 456,936 272,999 183,937
New York Money Fund ........... 304,383 186,780 117,603
85
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
The Co-Administrators and BIMC have contractually agreed to reduce their
fees or reimburse expenses to the extent necessary to ensure that the net
operating expenses (excluding class specific fees paid to Service Organizations
and/or Broker/Dealers) of TempFund and TempCash do not exceed 0.18% of their
respective average net assets; and with respect to the other eight Funds, do not
exceed 0.20% of their respective average net assets. The net advisory and net
administration fees in the preceding tables reflect these reductions, if any.
In return for PFPC's transfer agent services, the Trust pays certain fees
and charges to PFPC. For the six months ended April 30, 2005, the Funds paid the
following amounts to PFPC for transfer agent services: $732,647 with respect to
TempFund, $314,805 with respect to TempCash, $90,044 with respect to FedFund,
$103,968 with respect to T-Fund, $7,653 with respect to Federal Trust Fund,
$57,041 with respect to Treasury Trust Fund, $83,602 with respect to MuniFund,
$81,427 with respect to MuniCash, $27,293 with respect to California Money Fund
and $22,040 with respect to New York Money Fund.
In return for custody services provided by PFPC Trust Co., the Trust pays
PFPC Trust Co. a fee, computed daily and payable monthly, based upon an
annualized percentage of the average gross assets of each Fund as follows:
0.006% of the first $10 billion, 0.0055% of the next $10 billion and 0.005% of
the average gross assets in excess of $20 billion. The Trust may also pay
certain out-of-pocket expenses that are charged by PFPC Trust Co.
Pursuant to the Trust's operating procedures, custodian fees may be reduced
by amounts calculated on uninvested cash balances ("custody credits"). For the
six months ended April 30, 2005, custody credits earned were as follows: $26,244
with respect to T-Fund, $13 with respect to Federal Trust Fund, $57,115 with
respect to MuniFund, $62,729 with respect to MuniCash, $5,384 with respect to
California Money Fund and $4,405 with respect to New York Money Fund.
Pursuant to the Plus Shares Distribution and Services Plan, the Cash Plus
Shares Distribution Plan, the Bear Stearns Shares Distribution Plan, the Bear
Stearns Premier Shares Distribution Plan, the Bear Stearns Premier Choice Shares
Distribution Plan and the Bear Stearns Private Client Shares Distribution Plan,
the Trust may pay BlackRock Distributors, Inc. a fee for distribution and sales
support services. Currently, fees are only being paid pursuant to the Bear
Stearns Shares Distribution Plan, the Bear Stearns Premier Shares Distribution
Plan, the Bear Stearns Premier Choice Shares Distribution Plan and the Bear
Stearns Private Client Shares Distribution Plan because there are no Plus or
Cash Plus Shares outstanding. In addition, the Trust may pay Service
Organizations, including affiliates of BIMC, fees for providing certain services
("shareholder services") to their customers who own shares of the Trust's
portfolios. Pursuant to its respective Shareholder Services Plan, each of the
Administration, Dollar, Cash Management, Cash Reserve, Bear Stearns, Bear
Stearns Premier, Bear Stearns Premier Choice and Bear Stearns Private Client
Shares classes are currently paying fees to Service Organizations, which may
include affiliates of BIMC.
For the six months ended April 30, 2005, the Funds paid shareholder
services fees to affiliates of BIMC in the amounts as follows: $4,127,451 with
respect to TempFund, $385,781 with respect to TempCash, $412,804 with respect to
FedFund, $33,323 with respect to T-Fund, $139,577 with respect to Treasury Trust
Fund, $295,316 with respect to MuniFund, $51,442 with respect to MuniCash,
$1,168 with respect to California Money Fund and $14,930 with respect to New
York Money Fund.
As of April 30, 2005, affiliated payables were as follows:
PFPC AND OTHER
PFPC TRUST BIMC
CO. (1) BIMC (2) AFFILIATES (3)
---------- ---------- --------------
TempFund ...................... $554,565 $3,327,736 $663,785
TempCash ...................... 177,083 1,339,903 65,353
FedFund ....................... 128,298 365,627 71,770
T-Fund ........................ 94,335 451,560 33,323
Federal Trust Fund ............ 2,002 5,689 --
Treasury Trust Fund ........... 35,049 168,746 21,744
MuniFund ...................... 52,307 338,873 44,632
MuniCash ...................... 48,024 307,976 8,312
California Money Fund ......... 14,685 68,946 193
New York Money Fund ........... 9,691 39,888 2,069
(1) Payables to PFPC as of April 30, 2005 are for accounting, administration
and transfer agent services provided to the Trust. Payables to PFPC Trust
Co. as of April 30, 2005 are for custody services provided to the Trust.
86
BLACKROCK LIQUIDITY FUNDS
(2) Payables to BIMC as of April 30, 2005 are for advisory and administration
services provided to the Trust.
(3) Payables to other BIMC affiliates are for shareholder services and/or
distribution and sales support services as described under the Trust's
Shareholder Services Plans and Distribution Plans, respectively.
(D) Capital Shares
The Trust's Declaration of Trust permits the Trustees to issue an unlimited
number of full and fractional shares of beneficial interest (shares) and to
classify or reclassify any unissued shares into one or more additional classes
of shares.
Because the Funds have each sold and redeemed shares only at a constant net
asset value of $1.00 per share, the number of shares represented by such sales,
acquisitions, reinvestments and redemptions is the same as the dollar amounts
shown below for such transactions.
Transactions in capital shares for each period were as follows:
TEMPFUND
-------------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
----------------- -----------------
Shares sold:
Institutional Shares ....................... $ 129,000,963,966 $ 195,611,078,388
Dollar Shares .............................. 20,970,069,451 35,543,487,128
Cash Management Shares ..................... 414,497,752 940,174,162
Cash Reserve Shares ........................ -- 9,742,428
Administration Shares ...................... 855,194,278 2,163,253,377
Bear Stearns Shares ........................ 986,067,179 1,017,522,559
Bear Stearns Private Client Shares ......... 1,477,420,588 592,904,287
Bear Stearns Premier Shares ................ 74,230,134 --
Bear Stearns Premier Choice Shares ......... 11,077,100 --
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 90,093,712 77,341,954
Dollar Shares .............................. 2,633,753 2,311,328
Cash Management Shares ..................... 943,858 714,105
Cash Reserve Shares ........................ -- 7,608
Administration Shares ...................... 472,551 121,113
Bear Stearns Shares ........................ 1,562,000 527,341
Bear Stearns Private Client Shares ......... 4,462,825 754,353
Bear Stearns Premier Shares ................ 33,936 --
Shares redeemed:
Institutional Shares ....................... (127,318,506,324) (198,316,895,559)
Dollar Shares .............................. (21,104,897,403) (35,698,664,740)
Cash Management Shares ..................... (362,989,850) (896,254,181)
Cash Reserve Shares ........................ -- (16,372,544)
Administration Shares ...................... (893,709,143) (963,329,265)
Bear Stearns Shares ........................ (879,652,289) (903,851,920)
Bear Stearns Private Client Shares ......... (1,064,767,566) (313,194,333)
Bear Stearns Premier Shares ................ (40,728,091) --
----------------- -----------------
Net increase (decrease) ..................... $ 2,224,472,417 $ (1,148,622,411)
================= =================
87
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
TEMPCASH
------------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
---------------- -----------------
Shares sold:
Institutional Shares ....................... $ 71,709,458,152 $ 109,427,269,385
Dollar Shares .............................. 765,593,692 1,529,198,003
Bear Stearns Premier Shares ................ -- 7,969
Bear Stearns Premier Choice Shares ......... -- 4,390
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 48,646,544 58,117,990
Dollar Shares .............................. 4,172,790 3,216,834
Bear Stearns Premier Shares ................ 20 8
Bear Stearns Premier Choice Shares ......... 22 10
Shares redeemed:
Institutional Shares ....................... (69,126,258,330) (112,828,540,259)
Dollar Shares .............................. (710,879,652) (1,434,127,470)
Bear Stearns Premier Shares ................ (14) (5,736)
Bear Stearns Premier Choice Shares ......... (16) (2,254)
---------------- -----------------
Net increase (decrease) ....................... $ 2,690,733,208 $ (3,244,861,130)
================ =================
88
BLACKROCK LIQUIDITY FUNDS
FEDFUND
-----------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
---------------- ----------------
Shares sold:
Institutional Shares ....................... $ 8,140,736,720 $ 13,749,730,536
Dollar Shares .............................. 5,391,704,842 10,197,848,730
Cash Reserve Shares ........................ 8,119,775 298,977
Administration Shares ...................... 210,000 --
Bear Stearns Shares ........................ 58,161,772 93,587,130
Bear Stearns Private Client Shares ......... 233,409,000 100,508,918
Bear Stearns Premier Shares ................ 47,265,864 6,631
Bear Stearns Premier Choice Shares ......... -- 6,336
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 7,335,441 6,246,171
Dollar Shares .............................. 11,578 22,410
Bear Stearns Shares ........................ 128,708 48,229
Bear Stearns Private Client Shares ......... 675,049 155,352
Bear Stearns Premier Shares ................ 51,002 11
Bear Stearns Premier Choice Shares ......... 21 15
Shares redeemed:
Institutional Shares ....................... (7,912,412,895) (14,036,100,725)
Dollar Shares .............................. (5,388,953,535) (10,249,737,317)
Cash Reserve Shares ........................ (15,771,082) (4,515,153)
Administration Shares ...................... (210,000) --
Bear Stearns Shares ........................ (62,007,134) (82,687,450)
Bear Stearns Private Client Shares ......... (136,726,135) (50,084,803)
Bear Stearns Premier Shares ................ (31,344,391) (4,499)
Bear Stearns Premier Choice Shares ......... (15) (4,204)
--------------- ----------------
Net increase (decrease) ....................... $ 340,384,585 $ (274,674,705)
=============== ================
T-FUND
-----------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
---------------- ----------------
Shares sold:
Institutional Shares ....................... $ 14,040,861,546 $ 29,241,073,578
Dollar Shares .............................. 4,974,194,504 9,877,472,054
Cash Management Shares ..................... 157,774,976 253,141,920
Administration Shares ...................... 18,108,015 864,380
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 6,681,277 5,034,285
Dollar Shares .............................. 1,364,417 719,115
Cash Management Shares ..................... 58,811 4,106
Administration Shares ...................... 3,592 1,805
Shares redeemed:
Institutional Shares ....................... (14,111,113,807) (29,408,882,539)
Dollar Shares .............................. (5,639,372,594) (8,846,607,879)
Cash Management Shares ..................... (107,435,864) (255,245,184)
Administration Shares ...................... (3,378,621) (806,935)
---------------- ----------------
Net increase (decrease) ....................... $ (662,253,748) $ 866,768,706
================ ================
89
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
FEDERAL TRUST FUND
-----------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
---------------- ----------------
Shares sold:
Institutional Shares ..................... $ 128,324,517 $ 837,829,134
Dollar Shares ............................ 37,335,244 73,201,793
Shares issued in reinvestment of dividends:
Institutional Shares ..................... 673,632 719,402
Dollar Shares ............................ 5,324 14,720
Shares redeemed:
Institutional Shares ..................... (133,821,132) (943,123,129)
Dollar Shares ............................ (37,696,801) (69,936,712)
------------- -------------
Net decrease ................................ $ (5,179,216) $(101,294,792)
============= =============
TREASURY TRUST FUND
-----------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
---------------- ----------------
Shares purchased:
Institutional Shares ..................... $ 3,692,838,398 $ 6,917,334,565
Dollar Shares ............................ 675,593,626 1,520,979,335
Cash Management Shares ................... 130,830,345 53,135,347
Administration Shares .................... 191,460,271 302,135,449
Shares issued in reinvestment of dividends:
Institutional Shares ..................... 3,047,948 3,443,356
Dollar Shares ............................ 1,917,321 1,480,708
Shares redeemed:
Institutional Shares ..................... (3,627,308,576) (7,539,415,002)
Dollar Shares ............................ (781,440,249) (1,450,237,441)
Cash Management Shares ................... (130,830,144) (60,060,067)
Administration Shares .................... (221,385,928) (160,689,040)
--------------- ---------------
Net decrease ................................ $ (65,276,988) $ (411,892,790)
=============== ===============
90
BLACKROCK LIQUIDITY FUNDS
MUNIFUND
-----------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
---------------- ----------------
Shares sold:
Institutional Shares ..................... $ 7,647,959,474 $ 13,536,702,305
Dollar Shares ............................ 497,863,219 686,921,183
Cash Management Shares ................... 63,792,775 154,422,866
Cash Reserve Shares ...................... -- --
Administration Shares .................... 486,135,145 941,027,134
Bear Stearns Shares ...................... 136,750,452 164,305,774
Bear Stearns Private Client Shares ....... 289,694,254 134,719,242
Bear Stearns Premier Shares .............. 7,658,943 --
Bear Stearns Premier Choice Shares ....... 2,200 --
Shares issued in reinvestment of dividends:
Institutional Shares ..................... 5,939,683 5,215,923
Dollar Shares ............................ 85,916 115,227
Cash Management Shares ................... 35,507 36,453
Bear Stearns Shares ...................... 160,349 51,293
Bear Stearns Private Client Shares ....... 513,281 104,712
Bear Stearns Premier Shares .............. 3,629 --
Bear Stearns Premier Choice Shares ....... 1 --
Shares redeemed:
Institutional Shares ..................... (7,396,286,038) (13,279,049,460)
Dollar Shares ............................ (503,674,644) (642,460,871)
Cash Management Shares ................... (46,167,498) (156,767,380)
Cash Reserve Shares ...................... -- --
Administration Shares .................... (478,377,627) (503,437,789)
Bear Stearns Shares ...................... (132,738,756) (141,536,477)
Bear Stearns Private Client Shares ....... (239,260,477) (83,025,280)
Bear Stearns Premier Shares .............. (1,845,344) --
--------------- ----------------
Net increase ................................ $ 338,244,444 $ 817,344,855
=============== ================
91
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
MUNICASH
-----------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
---------------- ----------------
Shares sold:
Institutional Shares ..................... $ 14,135,234,735 $ 26,925,232,386
Dollar Shares ............................ 113,362,669 211,300,606
Bear Stearns Premier Shares .............. -- 12,004
Bear Stearns Premier Choice Shares ....... -- 4,398
Shares issued in reinvestment of dividends:
Institutional Shares ..................... 7,789,622 10,349,905
Dollar Shares ............................ 500,716 595,082
Bear Stearns Premier Shares .............. 14 8
Bear Stearns Premier Choice Shares ....... 16 10
Shares redeemed:
Institutional Shares ..................... (14,743,746,126) (26,674,048,361)
Dollar Shares ............................ (110,360,057) (222,555,729)
Bear Stearns Premier Shares .............. (10) (9,869)
Bear Stearns Premier Choice Shares ....... (12) (2,260)
---------------- ----------------
Net increase (decrease) ..................... $ (597,218,433) $ 250,878,180
================ ================
CALIFORNIA MONEY FUND
-----------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
---------------- ----------------
Shares sold:
Institutional Shares ..................... $ 1,282,860,799 $ 1,966,064,918
Dollar Shares ............................ 70,168,087 8,629,261
Cash Management Shares ................... 185,996 126,574
Administration Shares .................... 2,518,996 4,981,520
Bear Stearns Shares ...................... 77,144,520 106,908,101
Bear Stearns Private Client Shares ....... 319,763,777 121,118,604
Bear Stearns Premier Shares .............. 16,221,207 5,786
Bear Stearns Premier Choice Shares ....... -- 4,400
Shares issued in reinvestment of dividends:
Institutional Shares ..................... 39,438 46,924
Cash Management Shares ................... 716 677
Bear Stearns Shares ...................... 60,004 25,214
Bear Stearns Private Client Shares ....... 439,671 72,021
Bear Stearns Premier Shares .............. 5,670 9
Bear Stearns Premier Choice Shares ....... 15 10
Shares redeemed:
Institutional Shares ..................... (1,326,509,519) (2,008,074,542)
Dollar Shares ............................ (58,620,806) (22,745,262)
Cash Management Shares ................... (96,966) (233,547)
Administration Shares .................... (1,957,437) (3,244,026)
Bear Stearns Shares ...................... (49,825,940) (103,729,883)
Bear Stearns Private Client Shares ....... (261,996,950) (83,975,914)
Bear Stearns Premier Shares .............. (8,840,588) (3,651)
Bear Stearns Premier Choice Shares ....... (11) (2,260)
--------------- ---------------
Net increase (decrease) ..................... $ 61,560,679 $ (14,025,066)
=============== ===============
92
BLACKROCK LIQUIDITY FUNDS
NEW YORK MONEY FUND
-----------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
---------------- ----------------
Shares sold:
Institutional Shares ..................... $ 767,790,689 $ 1,363,736,757
Dollar Shares ............................ 7,962,225 15,519,393
Cash Management .......................... 430,196 -
Administration Shares .................... 11,344,092 45,123,432
Bear Stearns Shares ...................... 29,627,372 94,724,889
Bear Stearns Private Client Shares ....... 259,107,376 150,193,745
Bear Stearns Premier Shares .............. 7,631,859 5,734
Bear Stearns Premier Choice Shares ....... -- 4,394
Shares issued in reinvestment of dividends:
Institutional Shares ..................... 252,386 193,851
Dollar Shares ............................ 37,253 35,286
Bear Stearns Shares ...................... 12,328 28,418
Bear Stearns Private Client Shares ....... 460,958 105,324
Bear Stearns Premier Shares .............. 6,863 9
Bear Stearns Premier Choice Shares ....... 15 9
Shares redeemed:
Institutional Shares ..................... (796,327,149) (1,477,648,621)
Dollar Shares ............................ (9,094,503) (15,712,952)
Cash Management .......................... (25,096) --
Administration Shares .................... (17,260,004) (23,233,023)
Bear Stearns Shares ...................... (13,518,177) (111,985,712)
Bear Stearns Private Client Shares ....... (236,102,575) (96,366,083)
Bear Stearns Premier Shares .............. (4,641,955) (3,599)
Bear Stearns Premier Choice Shares ....... (11) (2,254)
------------- ---------------
Net increase (decrease) ..................... $ 7,694,142 $ (55,281,003)
============= ===============
On April 30, 2005, one shareholder held approximately 10% of the
outstanding shares of TempFund, two shareholders held approximately 22% of
TempCash, two shareholders held approximately 32% of FedFund, one shareholder
held approximately 35% of T-Fund, two shareholders held approximately 23% of
Treasury Trust Fund, three shareholders held approximately 60% of Federal Trust
Fund, one shareholder held approximately 15% of MuniFund, two shareholders held
approximately 24% of MuniCash, three shareholders held approximately 38% of
California Money Fund and three shareholders held approximately 54% of New York
Money Fund. Some of the shareholders are comprised of omnibus accounts. Although
it is considered a single shareholder for purposes of determining its percentage
of ownership of a particular Fund, each omnibus account executes transactions in
the Funds' shares on behalf of multiple underlying Fund shareholders.
93
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(E) At April 30, 2005, net assets consisted of:
TEMPFUND TEMPCASH FEDFUND
--------------- ---------------- --------------
Paid-in capital .......................................... $25,205,135,508 $11,072,358,522 $2,647,772,105
Accumulated net realized loss on security transactions ... (4,709,299) (2,982,017) (3,752)
--------------- --------------- ---------------
Net Assets ............................................ $25,200,426,209 $11,069,376,505 $2,647,768,353
=============== =============== ==============
FEDERAL TRUST TREASURY TRUST
T-FUND FUND FUND
--------------- --------------- --------------
Paid-in capital .......................................... $ 3,329,646,655 $ 91,542,994 $1,202,785,380
Accumulated net realized loss on security transactions ... (106,958) (312) (292,064)
--------------- --------------- --------------
Net Assets ............................................ $ 3,329,539,697 $ 91,542,682 $1,202,493,316
=============== =============== ==============
MUNIFUND MUNICASH
--------------- --------------
Paid-in capital .......................................... $ 2,771,100,871 $1,798,382,269
Undistributed net investment income ...................... 2,304 --
Accumulated net realized loss on security transactions ... (149,131) (421,007)
--------------- --------------
Net Assets ............................................ $ 2,770,954,044 $1,797,961,262
=============== ==============
CALIFORNIA MONEY NEW YORK MONEY
FUND FUND
---------------- --------------
Paid-in capital .......................................... $ 563,079,962 $ 324,347,303
Accumulated net realized loss on security transactions ... (87,836) --
--------------- --------------
Net Assets ............................................ $ 562,992,126 $ 324,347,303
=============== ==============
(F) Federal Tax Information
No provision is made for Federal taxes as it is the Trust's intention to
have each Fund continue to qualify for and elect the tax treatment applicable to
regulated investment companies under Subchapter M of the Internal Revenue Code
of 1986, as amended, and make the requisite distributions to its shareholders
which will be sufficient to relieve it from all or substantially all Federal
income and excise taxes. Short-term capital gain distributions that are reported
in the Statement of Changes in Net Assets are reported as ordinary income for
Federal tax purposes. There were no long-term capital gain distributions for the
six months ended April 30, 2005.
Dividends from net investment income and distributions from net realized
capital gains are determined in accordance with U.S. Federal income tax
regulations, which may differ from those amounts determined under accounting
principles generally accepted in the United States.
94
BLACKROCK LIQUIDITY FUNDS
The estimated tax character of distributions paid during the six months ended
April 30, 2005 and the tax character of distributions paid during the year
ended October 31, 2004 were as follows:
TAX-FREE ORDINARY
INCOME INCOME
----------- ------------
TempFund
04/30/05 .................. $ -- $310,190,733
10/31/04 .................. -- 265,474,761
TempCash
04/30/05 .................. -- 116,216,861
10/31/04 .................. -- 118,909,583
FedFund
04/30/05 .................. -- 26,075,180
10/31/04 .................. -- 25,233,866
T-Fund
04/30/05 .................. -- 32,310,725
10/31/04 .................. -- 29,281,477
Federal Trust Fund
04/30/05 .................. -- 978,034
10/31/04 .................. -- 1,364,763
Treasury Trust Fund
04/30/05 .................. -- 12,928,214
10/31/04 .................. -- 12,174,517
MuniFund
04/30/05 .................. 20,145,155 --
10/31/04 .................. 18,552,850 --
MuniCash
04/30/05 .................. 20,282,582 --
10/31/04 .................. 23,675,415 --
California Money Fund
04/30/05 .................. 4,102,651 --
10/31/04 .................. 4,327,555 --
New York Money Fund
04/30/05 .................. 2,630,968 --
10/31/04 .................. 2,938,700 --
As of April 30, 2005, the estimated tax components of distributable
earnings/(accumulated losses) were as follows:
UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED
TAX-FREE ORDINARY CAPITAL
INCOME INCOME LOSSES
------------- ------------- -----------
TempFund ...................... $ -- $55,082,582 $(4,709,299)
TempCash ...................... -- 22,623,290 (2,982,017)
FedFund ....................... -- 5,042,897 (12,054)
T-Fund ........................ -- 6,639,265 (106,958)
Federal Trust Fund ............ -- 184,663 (312)
Treasury Trust Fund ........... -- 2,552,170 (292,064)
MuniFund ...................... 4,147,832 -- (111,004)
MuniCash ...................... 4,084,844 -- (382,368)
California Money Fund ......... 780,173 -- (87,836)
New York Money Fund ........... 439,775 -- --
95
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
At October 31, 2004, the Funds had capital loss carryforwards available to
offset future realized capital gains through the indicated expiration dates:
EXPIRING OCTOBER 31
----------------------------------------------------------------------------------
2005 2006 2007 2008 2009 2010 2011 2012 TOTAL
---- ---- ---- -------- ------- -------- ------- -------- --------
TempFund ................ $ -- $-- $-- $ -- $ -- $459,902 $ -- $354,394 $814,296
TempCash ................ -- -- -- -- -- 888 9,501 78,365 88,754
T-Fund .................. -- -- -- 15,846 -- -- -- -- 15,846
Federal Trust Fund ...... 374 -- -- -- -- -- -- -- 374
Treasury Trust Fund ..... -- -- -- 111,459 91,820 -- -- -- 203,279
MuniFund ................ -- -- -- -- -- -- -- 89,794 89,794
MuniCash ................ -- -- -- 13,010 -- -- -- 77,299 90,309
California Money Fund ... -- -- -- -- 42,528 -- 45,308 -- 87,836
96
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION
(A) Board of Trustees' Consideration of the Advisory Contract. The Investment
Advisory Agreement ("Advisory Contract") of BlackRock Liquidity Funds (the
"Fund") was most recently approved by the Board of Trustees (the "Board" or
the "Trustees") of the Fund including a majority of the Trustees who are
not parties to the Advisory Contract or interested persons of any such
party (as such term is defined in the Investment Company Act of 1940) (the
"Independent Trustees") at an in-person meeting of the Board held on March
1 and 2, 2005. In determining to approve the Advisory Contract, the
Trustees met with the relevant investment advisory personnel from BlackRock
Institutional Management Corporation (the "Investment Adviser") and
considered all information they deemed reasonably necessary to evaluate the
terms of the Advisory Contract. The Board received materials in advance of
the meeting relating to its consideration of the Advisory Contract of the
Fund for each portfolio (each, a "Portfolio"), including, among other
things: (i) fees and expense ratios of each Portfolio in comparison to the
fees and expense ratios of a peer group of funds; (ii) information on the
investment performance of each Portfolio in comparison to the investment
performance of a peer group of funds; (iii) information with respect to
profitability of BlackRock, Inc. ("BlackRock") and PNC Bank-affiliated
companies with respect to each Portfolio for the years ended December 31,
2003 and 2004, including details regarding the methodology used to
calculate profitability; (iv) information regarding fees paid to service
providers that are affiliates of the Investment Adviser; and (v)
information regarding compliance records and regulatory matters relating to
the Investment Adviser. In addition, the Board reviewed a memorandum from
its independent counsel detailing the Board's obligations in considering
renewal of the Advisory Contract. The information reviewed was responsive
to requests by the Board's independent counsel for certain information to
assist the Board in its considerations. The topics discussed below were
considered separately by the Independent Trustees in an executive session,
during which independent counsel provided guidance to the Independent
Trustees.
Fees and Expenses. In approving the Advisory Contract, the Trustees,
including the Independent Trustees, reviewed the fees, both before
(referred to as "Contractual") and after (referred to as "Actual") any fee
waivers and expense reimbursements, and expense ratios of the Dollar Shares
and Institutional Shares of each Portfolio against fees and expense ratios
of a peer group of funds with similar asset levels and expense structures
(a "peer group"). Both the peer group category and the funds within the
peer group with respect to the fee and expense comparisons were selected by
Lipper, Inc. ("Lipper"), which is not affiliated with the Investment
Adviser.
In considering data based on information provided by Lipper, the Trustees
noted that of the ten Portfolios, none of the 20 classes of the Portfolios
reviewed have Contractual or Actual advisory fees higher than the median.
Further, only one share class (Federal Trust Dollar Shares) has Actual
total expenses higher than the median for its peer group. Its total
expenses exceeded those for its peer group by .001%.
The Trustees also were provided with information about the services
rendered, and the fee rates offered, to other clients advised by the
Investment Adviser, including other money market funds.
Following consideration of this information, the Trustees concluded that
the fees to be paid pursuant to the Advisory Contract were fair and
reasonable in light of the services provided.
97
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION
Nature, Extent and Quality of Services. The Trustees received information
concerning the investment philosophy and investment process used by the
Investment Adviser in managing the Portfolios. In connection with this, the
Trustees considered the Investment Adviser's in-house research capabilities
as well as other resources available to their personnel. The Trustees
concluded that the scope of the Investment Adviser's services to be
provided to the Portfolios was consistent with the Portfolios' operational
requirements.
The Trustees also considered the quality of the services provided by the
Investment Adviser to the Portfolios. The Trustees evaluated the procedures
of the Investment Adviser designed to fulfill its fiduciary duty to the
Portfolios with respect to possible conflicts of interest.
The Trustees also considered information relating to the education,
experience and number of investment professionals and other personnel who
provide services under the Advisory Contract. The Trustees also took into
account the time and attention devoted by senior management of the
Investment Adviser to the Portfolios. The Trustees also considered the
business reputation of BlackRock and its financial resources and concluded
that the Investment Adviser would be able to meet any reasonably
foreseeable obligation under the Advisory Contract.
Fund Performance. The Board of Trustees, including the Independent
Trustees, received and considered information about the investment
performance of the Dollar Shares and Institutional Shares of each
Portfolio, as well as the performance of funds with the same investment
classification and objective ("performance universe"). The funds included
within each Portfolio's performance universe were selected by Lipper. The
Board was provided with performance data for the Dollar Shares of each
Portfolio over the one, two, three, four and five year periods ended
November 30, 2004 and of the Institutional Shares of each Portfolio over
the one, two, three, four, five and ten year periods ended November 30,
2004, as compared to performance of the performance universe.
The Trustees noted that of the 20 classes of the Portfolios that were
included in the Lipper performance universe, fourteen classes (70%) had
performed at or above their respective performance universe median during
at least two of the following periods: the one year, three years or five
years ended November 30, 2004. The remaining 6 classes performed below
their respective performance universe median during at least two of those
periods by no more than .10%. These 6 share classes are the Dollar Shares
of TempFund, FedFund, T-Fund, Federal Trust Fund, Treasury Trust Fund and
MuniFund.
The Trustees discussed other factors relevant to the performance of the
Portfolios and concluded that each Portfolio's performance is generally
competitive with that of its Lipper performance universe.
Profitability. The Board of Trustees, including the Independent Trustees,
considered the level of the Investment Adviser's and affiliates' profits in
respect of their relationship with the Portfolios, including the cost of
services provided by the Investment Adviser. This consideration included a
broad review of the Investment Adviser's methodology in allocating their
costs to the management of a Portfolio. The Board of Trustees considered
the profits realized by the Investment Adviser and affiliates in connection
with the operation of each Portfolio. The Board of Trustees, including the
Independent Trustees, also considered the Investment Adviser's
98
BLACKROCK LIQUIDITY FUNDS
profit margins in comparison with certain available industry data. The
Board concluded that the Investment Adviser's profit is a reasonable profit
for the services provided to the Portfolios.
Economies of Scale. The Independent Trustees discussed economies-of-scale
in light of existing breakpoints and the growth of assets in the Fund over
the past several years and concluded that the advisory fee structure was
reasonable.
Other Benefits to the Investment Adviser. The Board of Trustees, including
the Independent Trustees, also took into account not only the advisory fees
payable by the Portfolios, but also potential benefits to the Investment
Adviser, such as the engagement of affiliates of the Investment Adviser as
service providers to the Portfolios, including for administrative, transfer
agency and custodial services.
No single factor was considered in isolation or to be determinative to the
decision of the Board to approve the Advisory Contract. Rather, the Board
concluded, in light of a weighing and balancing of all factors considered,
that it was in the best interests of each Portfolio to approve the
continuation of the Advisory Contract, including the fees to be charged for
services thereunder.
(B) PricewaterhouseCoopers LLP ("PwC), the Fund's former independent auditor
has been hired as an internal audit supporting service provider by The PNC
Financial Services Group, Inc. ("PNC"), the parent company of the Fund's
investment adviser and certain other service providers. In order to provide
certain servcices to PNC and its affiliates which would have caused PwC to
no longer be independent with respect to the Fund, PwC declined to stand
for re-election as independent auditor of the Fund after the completion of
the fiscal 2003 audit.
PwC's reports on the Registrant's financial statements for the fiscal years
ended October 31, 2003 and October 31, 2002 contained no adverse opinion or
disclaimer of opinion nor were they qualified or modified as to
uncertainty, audit scope or accounting principles. During the Registrant's
fiscal years ended October 31, 2003 and October 31, 2002, (i) there were no
disagreements with PwC on any matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of PwC, would have
caused it to make reference to the subject matter of the disagreements in
connection with its reports on the Registrant's financial statements for
such years, and (ii) there were no "reportable events" of the kind
described in Item 304(a)(1)(v) of Regulation S-K under the Securities
Exchange Act of 1934, as amended.
On November 19, 2003, the Registrant by action of its Board of Trustees
upon the recommendation of its Audit Committee engaged Deloitte & Touche
LLP as the independent auditors to audit the Registrant's financial
statements for the fiscal year ending October 31, 2004. During the
Registrant's fiscal years ended October 31, 2003 and October 31, 2002,
neither the Registrant, its portfolios nor anyone on their behalf has
consulted Deloitte & Touche LLP on items which (i) concerned the
application of accounting principles to a specified transaction, either
completed or proposed, or the type of audit opinion that might be rendered
on the Registrant's financial statements or (ii) concerned the subject of a
disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation
S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item
304).
(C) The amounts paid by the Fund to the Chief Compliance Officer (CCO) for the
six months ended April 30, 2005, were $85,350.
99
Investment Adviser
BlackRock Institutional Management Corporation
Wilmington, Delaware 19809
Co-Administrator
BlackRock Institutional Management Corporation
Wilmington, Delaware 19809
Co-Administrator and Transfer Agent
PFPC Inc.
Wilmington, DE 19809
Distributor
BlackRock Distributors, Inc.
King of Prussia, Pennsylvania 19406
Custodian
PFPC Trust Co.
Philadelphia, Pennsylvania 19153
Counsel
Drinker Biddle & Reath LLP
Philadelphia, Pennsylvania 19103
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Philadelphia, Pennsylvania 19103
The Trust has delegated proxy voting responsibilities to BlackRock, subject to
the general oversight of the Trust's Board of Trustees. A description of the
policies and procedures that BlackRock use to determine how to vote proxies
relating to portfolio securities is available without charge, upon request, by
calling 1-800-441-7762, or on the website of the Securities and Exchange
Commission (the "Commission") at http://www.sec.gov.
Information on how proxies relating to the Trust's voting securities (if any)
were voted by BlackRock during the most recent 12-month period ended June 30th
is available, upon request and without charge, by calling (800) 441-7762 or on
the website of the Commission at http://www.sec.gov.
The Trust has filed its complete schedule of portfolio holdings for the third
quarter of its fiscal year ended July 31, 2004 and the first quarter of its
fiscal year ended January 31, 2005 with the Commission on Form N-Q. The Trust's
Form N-Q is available on the Commission's website at http://www.sec.gov. The
Trust's Form N-Q may be reviewed and copied at the Commission's Public Reference
Room in Washington, D.C. Information regarding the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330. The Trust's Form N-Q
may also be obtained, upon request and without charge, by calling (800)
821-7762.
This report is submitted for the general information of the shareholders of the
Trust. It is not authorized for distribution to prospective investors unless
accompanied or preceded by effective prospectuses for each portfolio of the
Trust, which contain information concerning the investment policies of the
portfolios as well as other pertinent information. Statements and other
information contained in this report are as dated and subject to change.
Shares of the Fund are not deposits or obligations of, or guaranteed or endorsed
by, PNC Bank, National Association or any other bank and shares are not
federally insured by, guaranteed by, obligations of or otherwise supported by
the U.S. Government, the Federal Deposit Insurance Corporation, the Federal
Reserve Board, or any other governmental agency. Investments in shares of the
Fund involve investment risks, including the possible loss of the principal
amount invested.
[GRAPHIC OMITTED]
BRLF-SA-001
BlackRock Liquidity Funds
Semi-Annual Report
April 30, 2005 (Unaudited)
1
BLACKROCK LIQUIDITY FUNDS
100 Bellevue Parkway 4th Floor
Wilmington,DE 19809
(302) 797-2000
www.blackrock.com
May 31, 2005
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of
FedFund Cash Reserve Shares of BlackRock Liquidity Funds for the six-month
period ended April 30, 2005.
BlackRock Liquidity Funds offer a variety of high quality Taxable and
Tax-Exempt Money Market Funds designed to meet the varied needs of our
investors. Please contact your account representative or call our Client
Service Center at (800) 821-7432 to discuss your investment options. We welcome
the opportunity to serve you.
Sincerely,
/s/ Ralph L. Schlosstein
Ralph L. Schlosstein
Chairman & President
1
FEDFUND
FUND PROFILE
[GRAPHIC APPEARS HERE]
Portfolio Diversification - % of Portfolio
Repurchase Agreements 39.3%
Agency Obligations 60.7%
[GRAPHIC APPEARS HERE]
Distribution - Weighted Average Maturity 22 days
Days % of Portfolio
---------- --------------
1-30 66.2
31-60 16.7
61-90 16.4
91-120 0.1
121-150 0.7
Over 150 0.1
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption/
exchange fees, where applicable; and (2) ongoing costs, including advisory
fees, distribution (12b-1) and service fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs
(in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30,
2005.
2
FEDFUND
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you paid for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption/exchange fees, where
applicable. Therefore, the hypothetical information is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if these transactional costs were
included, your costs would have been higher.
Actual Expenses
-------------------------------------------
Cash
Institutional Dollar Reserve
--------------- ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,010.90 1,009.60 1,008.90
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 0.99 2.24 2.98
Actual Expenses
------------------------------------------------------------------------
Bear Bear
Stearns Stearns Bear
Bear Premier Private Stearns
Administration Stearns Choice Client Premier
---------------- ------------- ------------- ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,000.40 1,006.90 1,009.60 1,008.90 1,008.70
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 0.07 4.96 2.24 2.98 2.98
3
FEDFUND
Hypothetical Expenses
(5% return before expenses)
-------------------------------------------
Cash
Institutional Dollar Reserve
--------------- ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,024.00 1,022.75 1,022.00
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 1.00 2.25 3.00
Hypothetical Expenses
(5% return before expenses)
------------------------------------------------------------------------
Bear Bear
Stearns Stearns Bear
Bear Premier Private Stearns
Administration Stearns Choice Client Premier
---------------- ------------- ------------- ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,024.93 1,019.99 1,022.75 1,022.00 1,022.00
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 0.07 5.01 2.25 3.00 3.00
*For each class of the Fund, expenses are equal to the Fund's annualized
expense ratio for the period of 0.20%, 0.45%, 0.60%, 0.30%, 1.00%, 0.45%,
0.60% and 0.60% for Institutional, Dollar, Cash Reserve, Administration, Bear
Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client and Bear
Stearns Premier, respectively, multiplied by the average account value over the
period, multiplied by 181/365 (to reflect the one-half year period) and 9/365
for the Administration share class (to reflect the period the class was open
during the one-half year period).
4
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
FEDFUND
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- --------------
AGENCY OBLIGATIONS - 66.8%
Federal Farm Credit Bank Variable Rate Notes - 16.3%
2.85%(b) 05/03/05 $80,000 $80,017,680
2.76%(b) 05/02/05 95,000 94,974,430
2.78%(b) 05/02/05 35,000 35,000,277
2.78%(b) 05/02/05 172,000 172,008,267
2.78%(b) 05/02/05 10,000 9,999,212
2.80%(b) 05/02/05 40,000 40,000,468
===========
432,000,334
-----------
Federal Home Loan Bank Bonds - 0.8%
2.80% 05/02/05 9,966 9,965,225
1.41% 05/09/05 12,000 12,000,000
===========
21,965,225
-----------
Federal Home Loan Bank Variable Rate Notes - 15.2%
2.63%(b) 05/02/05 100,000 99,931,703
2.77%(b) 05/03/05 50,000 49,990,135
2.89%(b) 05/23/05 150,000 149,883,265
2.83%(b) 06/08/05 102,000 101,979,953
===========
401,785,056
-----------
Federal Home Loan Mortgage Corp. Bonds - 0.8%
2.88% 09/15/05 22,000 22,036,224
-----------
Federal Home Loan Mortgage Corp. Discount Notes - 9.2%
2.73% 05/02/05 144,300 144,289,058
2.92% 06/30/05 100,000 99,513,333
===========
243,802,391
-----------
Federal Home Loan Mortgage Corporation Bonds - 1.9%
2.74% 05/03/05 1,004 1,003,847
2.95% 07/05/05 49,000 48,739,007
===========
49,742,854
-----------
Federal National Mortgage Association Bonds - 10.8%
2.80% 05/02/05 100,410 100,402,218
2.68% 05/02/05 48,094 48,090,420
1.55% 05/04/05 40,000 39,996,236
5.75% 06/15/05 75,346 75,588,390
2.70% 05/02/05 23,000 22,998,275
===========
287,075,539
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
5
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
FEDFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- ----------------
AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Association Discount Notes - 0.5%
2.75% 05/02/05 $ 9,800 $ 9,799,250
-------------
Federal National Mortgage Association Variable Rate Notes - 11.3%
2.80%(b) 05/02/05 20,000 20,000,841
2.77%(b) 05/09/05 50,000 49,949,691
2.83%(b) 05/16/05 50,000 49,988,977
2.95%(b) 05/31/05 50,000 49,992,145
2.82%(b) 06/06/05 80,000 79,983,304
2.87%(b) 06/09/05 50,000 49,999,572
=============
299,914,530
-------------
TOTAL AGENCY OBLIGATIONS
(Cost $1,768,121,403) 1,768,121,403
-------------
REPURCHASE AGREEMENTS - 43.2%
Deutsche Bank Securities, Inc.
2.78% 05/03/05 200,000 200,000,000
(Agreement dated 03/22/05 to be repurchased at $200,648,666,
collateralized by $698,937,321 Federal National Mortgage Association
Bonds and Variable Rate Notes 4.09% to 6.00% due from 02/01/33 to
11/01/34. The market value is $206,000,000.)
Goldman Sachs & Co.
2.97% 05/02/05 200,000 200,000,000
(Agreement dated 04/29/05 to be repurchased at $200,049,500,
collateralized by $230,704,467 Federal Home Loan Mortgage
Corporation Bonds and Federal National Mortgage Association Bonds
3.00% to 5.00% due from 03/15/30 to 03/01/34. The market value is
$ 206,000,001.)
Morgan Stanley & Co.
2.95% 05/02/05 194,000 194,000,000
(Agreement dated 04/29/05 to be repurchased at $194,047,672,
collateralized by $204,212,124 Federal National Mortgage Association
Bonds and Medium Term Notes 4.25% to 6.75% due from 07/15/09 to
11/01/34. The market value is $202,472,566.)
Morgan Stanley & Co., Inc.
2.96% 05/02/05 350,400 350,400,000
(Agreement dated 04/29/05 to be repurchased at $350,486,432,
collateralized by $368,844,990 Federal National Mortgage Association
Bonds and Medium Term Notes 4.25% to 6.75% due from 07/15/09 to
11/01/34. The market value is $365,703,026.)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
6
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
FEDFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ----------- -----------------
REPURCHASE AGREEMENTS (Continued)
UBS Securities LLC
2.98% 06/29/05 $100,000 $ 100,000,000
(Agreement dated 04/07/05 to be repurchased at $100,687,056,
collateralized by Federal National Mortgage Association Strips due
12/01/34. The market value is $103,000,629.)
UBS Securities LLC
3.05% 07/05/05 100,000 100,000,000
(Agreement dated 04/29/05 to be repurchased at $100,567,639,
collateralized by $141,155,000 Federal National Mortgage Association
Strips due from 08/01/34 to 12/01/34. The market value is
$ 103,002,723.)
==============
TOTAL REPURCHASE AGREEMENTS
(Cost $1,144,400,000) 1,144,400,000
--------------
TOTAL INVESTMENTS IN SECURITIES - 110.0%
(Cost $2,912,521,403(a)) 2,912,521,403
LIABILITIES IN EXCESS OF OTHER ASSETS - (10.0)%
(including $263,866,497 payable for fundshare
redeemed) (264,753,050)
--------------
NET ASSETS - 100.0%
(Equivalent to $1.00 per share based on 2,118,900,084
Institutional Shares, 348,212,889 Dollar Shares,
1,624,264 Cash Reserve Shares, 15,120,716 Bear
Stearns Shares, 2,153 Bear Stearns Premier Select
Shares, 147,937,381 Bear Stearns Private Client Shares
and 15,974,618 Bear Stearns Premier Shares
outstanding) $2,647,768,353
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
7
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
FEDFUND (CONCLUDED)
APRIL 30, 2005 (UNAUDITED)
VALUE
-----------
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($2,118,868,721/2,118,900,084) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($348,241,209/348,212,889) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
CASH RESERVE SHARE
($1,624,225/1,624,264) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS SHARE
($15,120,659/15,120,716) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER CHOICE SHARE
($2,153/2,153) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT SHARE
($147,936,768/147,937,381) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($15,974,619/15,974,618) $ 1.00
=======
- --------------
(a) Aggregate cost for Federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2005 and maturities shown are
the next interest readjustment date or the date the principal owed can be
recovered through demand.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
8
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2005 (UNAUDITED)
FEDFUND
---------------
Investment Income:
Interest income ...................................... $ 29,196,483
------------
Expenses:
Investment advisory fee .............................. 1,420,509
Administration fee ................................... 1,900,098
Custodian fee ........................................ 77,803
Transfer agent fee ................................... 160,532
Shareholder servicing fees - class specific .......... 684,012
Distribution fees - class specific ................... 165,574
Legal fees ........................................... 19,919
Audit fees ........................................... 6,189
Printing ............................................. 4,617
Registration fees and expenses ....................... 37,153
Trustees' fees and expenses .......................... 10,380
Other ................................................ 46,827
------------
Total expenses ......................................... 4,533,613
------------
Less investment advisory and administration fees
waived ............................................... (1,240,284)
Less distribution fees waived - class specific ......... (132,437)
Less shareholder servicing fees waived - class
specific ............................................. (39,589)
------------
Net expenses ........................................... 3,121,303
------------
Net investment income .................................. 26,075,180
Net realized gain (loss) from investment
transactions ....................................... (12,054)
------------
Net increase in net assets resulting from
operations ......................................... $ 26,063,126
============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
9
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF CHANGES IN NET ASSETS
FEDFUND
---------------------------------------
SIX MONTHS ENDED
APRIL 30, 2005 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2004
------------------- -------------------
Increase (decrease) in net assets:
Operations:
Net investment income ............................ $ 26,075,180 $ 25,233,866
Net gain (loss) on investments ................... (12,054) 9,583
--------------- ---------------
Net increase in net assets resulting from
operations ..................................... 26,063,126 25,243,449
--------------- ---------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ............................. (21,796,843) (21,935,118)
Dollar Shares .................................... (3,332,957) (3,018,104)
Cash Reserve Shares .............................. (74,338) (71,514)
Administration Shares ............................ (83) -
Bear Stearns Shares .............................. (129,096) (48,920)
Bear Stearns Premier Select Shares ............... (21) (12)
Bear Stearns Private Client Shares ............... (688,829) (160,187)
Bear Stearns Premier Shares ...................... (53,013) (11)
--------------- ---------------
Total distributions from net investment
income ........................................ (26,075,180) (25,233,866)
--------------- ---------------
Capital share transactions ....................... 340,384,585 (274,674,705)
--------------- ---------------
Total increase (decrease) in net assts ......... 340,372,531 (274,665,122)
Net assets:
Beginning of period .............................. 2,307,395,822 2,582,060,944
--------------- ---------------
End of period .................................... $ 2,647,768,353 $ 2,307,395,822
=============== ===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
10
[THIS PAGE INTENTIONALLY LEFT BLANK.]
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO NET
NET ASSET SHAREHOLDERS ASSET
VALUE NET FROM NET VALUE
BEGINNING INVESTMENT INVESTMENT END OF
OF PERIOD INCOME INCOME PERIOD
=========== ============ ============== ===========
-------
FedFund
-------
Institutional Shares
11/01/04 through 04/30/051 $ 1.00 $ 0.0060 $ (0.0060) $ 1.00
10/31/04 1.00 0.0105 ( 0.0105) 1.00
10/31/03 1.00 0.0110 ( 0.0110) 1.00
10/31/02 1.00 0.0183 ( 0.0183) 1.00
10/31/01 1.00 0.0469 ( 0.0469) 1.00
10/31/00 1.00 0.0594 ( 0.0594) 1.00
Dollar Shares
11/01/04 through 04/30/051 $ 1.00 $ 0.0096 $ (0.0096) $ 1.00
10/31/04 1.00 0.0080 ( 0.0080) 1.00
10/31/03 1.00 0.0085 ( 0.0085) 1.00
10/31/02 1.00 0.0158 ( 0.0158) 1.00
10/31/01 1.00 0.0444 ( 0.0444) 1.00
10/31/00 1.00 0.0569 ( 0.0569) 1.00
Cash Reserve Shares
11/01/04 through 04/30/051 $ 1.00 $ 0.0088 $ (0.0088) $ 1.00
10/31/04 1.00 0.0065 ( 0.0065) 1.00
04/01/035 through 10/31/03 1.00 0.0034 ( 0.0034) 1.00
Administration Shares4
11/10/045 through 11/18/041 $ 1.00 $ 0.0004 $ (0.0004) $ 1.00
Bear Stearns Shares
11/01/04 through 04/30/051 $ 1.00 $ 0.0068 $ (0.0068) $ 1.00
10/31/04 1.00 0.0031 ( 0.0031) 1.00
10/31/03 1.00 0.0033 ( 0.0033) 1.00
05/20/025 through 10/31/02 1.00 0.0040 ( 0.0040) 1.00
Bear Stearns Premier Choice Shares
11/01/04 through 04/30/051 $ 1.00 $ 0.0096 $ (0.0096) $ 1.00
03/26/045 through 10/31/04 1.00 0.0054 ( 0.0054) 1.00
Bear Stearns Private Client Shares
11/01/04 through 04/30/051 $ 1.00 $ 0.0088 $ (0.0088) $ 1.00
03/26/045 through 10/31/04 1.00 0.0045 ( 0.0045) 1.00
Bear Stearns Premier Shares
11/01/04 through 04/30/051 $ 1.00 $ 0.0086 $ (0.0086) $ 1.00
03/26/045 through 10/31/04 1.00 0.0038 ( 0.0038) 1.00
1 Unaudited.
2 Annualized.
3 Past performance is no guarantee of future results.
4 There were no Administration Shares outstanding during the period
November 19, 2004 to April 30, 2005.
5 Commencement of operations of share class.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
12
BLACKROCK LIQUIDITY FUNDS
RATIO OF
RATIO OF EXPENSES TO RATIO OF NET
RATIO OF EXPENSES TO AVERAGE INVESTMENT
EXPENSES TO AVERAGE DAILY DAILY NET INCOME TO
NET ASSETS AVERAGE NET ASSETS ASSETS AVERAGE
TOTAL END OF DAILY NET (INCLUDING (EXCLUDING DAILY NET
RETURN3 PERIOD (000) ASSETS CUSTODY CREDITS) WAIVERS) ASSETS
============== ============== ============= ================== ============= =============
1.09 % $ 2,118,869 0.20%2 0.20%2 0.30%2 2.19%2
1.05 1,883,220 0.20 0.20 0.29 1.04
1.10 2,163,336 0.20 0.20 0.28 1.10
1.85 1,955,108 0.20 0.20 0.26 1.82
4.79 1,684,597 0.20 0.20 0.27 4.61
6.10 1,400,232 0.20 0.20 0.29 6.01
0.96 % $ 348,241 0.45%2 0.45%2 0.55%2 1.95%2
0.80 345,479 0.45 0.45 0.54 0.79
0.85 397,344 0.45 0.45 0.53 0.87
1.60 635,685 0.45 0.45 0.50 1.61
4.53 814,186 0.45 0.45 0.52 4.18
5.84 216,511 0.45 0.45 0.54 6.04
0.89 % $ 1,624 0.60%2 0.60%2 0.70%2 1.77%2
0.65 9,276 0.60 0.60 0.69 0.62
0.592 13,492 0.602 0.602 0.692 0.582
0.04%2 $ - 0.30%2 0.30%2 0.40%2 1.60%2
0.69 % $ 15,121 1.00%2 1.00%2 1.10%2 1.39%2
0.31 18,837 0.95 0.95 1.09 0.36
0.33 7,889 0.95 0.95 1.08 0.30
0.892 2,728 1.002 1.002 1.082 0.872
0.96 % $ 2 0.45%2 0.45%2 0.83%2 1.97%2
0.54 2 0.452 0.452 0.542 0.922
0.89 % $ 147,937 0.60%2 0.60%2 1.15%2 1.86%2
0.45 50,579 0.582 0.582 0.802 0.922
0.87 % $ 15,975 0.60%2 0.60%2 0.89%2 2.15%2
0.38 2 0.702 0.702 0.792 0.602
13
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(A) Organization
BlackRock Liquidity Funds (the "Trust") is organized as a Delaware
statutory trust and is registered as an open-end management investment company
under the Investment Company Act of 1940, as amended. The Trust is the
successor to five investment companies (together, the"Predecessor Companies")
including Trust for Federal Securities. On February 10, 1999, the Predecessor
Companies were each reorganized into the Trust. The financial statements and
these accompanying notes relate to FedFund (the "Fund").
FedFund has authorized ten classes of shares: Administration Shares, Bear
Stearns Shares, Bear Stearns Premier Shares, Bear Stearns Premier Choice
Shares, Bear Stearns Private Client Shares, Cash Management Shares, Cash Plus
Shares, Cash Reserve Shares, Dollar Shares and Institutional Shares.
Under the Trust's organizational documents, its officers and Trustees are
indemnified against certain liabilities arising out of the performance of their
duties to the Trust. In addition, in the normal course of business, the Trust
enters into contracts with its vendors and others that provide for general
indemnifications. The Trust's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Trust.
However, based on experience, the Trust considers the risk of loss from such
claims to be remote.
(B) Summary of Significant Accounting Policies
Use of Estimates - The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America
("generally accepted accounting principles") requires management to make
estimates and assumptions that could affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from these estimates.
Security Valuation - Portfolio securities are valued under the amortized
cost method which approximates current market value. Under this method,
securities are valued at cost when purchased and thereafter a constant
proportionate accretion of any discount or amortization of any premium is
14
BLACKROCK LIQUIDITY FUNDS
recorded until maturity of the security. Regular review and monitoring of the
valuation is performed in an attempt to avoid dilution or other unfair results
to shareholders. The Trust seeks to maintain the net asset value per share of
the Fund at $1.00, although there is no assurance that it will be able to do so
on a continuing basis.
Repurchase Agreements - For FedFund, the Trust may purchase money market
instruments from financial institutions, such as banks and non-bank dealers,
subject to the seller's agreement to repurchase them at an agreed upon date and
price. Collateral for repurchase agreements may have longer maturities than the
maximum permissible remaining maturity of portfolio investments, provided the
repurchase agreements themselves mature in one year or less. The seller will be
required on a daily basis to maintain the value of the securities subject to
the agreement at no less than the repurchase price. Repurchase agreements with
maturities in excess of seven days are subject to a seven day put feature.
Dividends to Shareholders - Dividends from net investment income are
declared daily and paid monthly. Net realized capital gains, if any, are
distributed at least annually.
Security Transactions and Investment Income - Investment transactions are
accounted for on the trade date and the cost of investments sold and realized
gains and losses thereon are determined by use of the specific identification
method for both financial reporting and income tax purposes. Interest income is
recorded on the accrual basis.
Other - Expenses that are directly related to FedFund are charged directly
to the Fund. Other operating expenses are prorated to the Fund on the basis of
relative net assets. Class-specific expenses, such as 12b-1 service fees, are
borne by that class. Income, other expenses and realized and unrealized gains
and losses of the Fund are allocated to the respective class on the basis of
the relative net assets each day. For the six months ended April 30, 2005, the
information provided below shows the various types of class-specific expenses
borne directly by each class of FedFund and any associated waivers of those
expenses.
The following table provides a list of share classes currently offered by
the Trust's FedFund along with a summary of their respective class-specific fee
arrangements as provided in the Trust's Shareholder Service Plans and
Distribution Plans.
15
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
SHAREHOLDER DISTRIBUTION
SERVICE FEES(1) FEES(2)
----------------- -------------
Institutional ....................... - -
Dollar .............................. 0.25% -
Cash Reserve ........................ 0.40% -
Administration ...................... 0.10% -
Bear Stearns ........................ 0.50% 0.35%
Bear Stearns Premier Choice ......... 0.40% 0.10%
Bear Stearns Private Client ......... 0.50% 0.35%
Bear Stearns Premier ................ 0.50% 0.10%
(1)The difference in the level of fees is related to the type and number of
services provided by the Servicing Organization. Dividends paid to
shareholders of all share classes, except Institutional Shares, are reduced
by such fees.
(2)Dividends paid to shareholders of all share classes with a 12b-1 Plan are
reduced by fees paid under such plan.
Below are the Shareholder Service Fees, Shareholder Service Fees Waived,
Distribution Fees and Distribution Fees Waived for FedFund:
SHAREHOLDER SHAREHOLDER DISTRIBUTION
SERVICE SERVICE DISTRIBUTION FEES
FEES FEES WAIVED FEES WAIVED
------------- ------------- -------------- -------------
Dollar ........................... $426,650 $ - $ - $ -
Cash Reserve ..................... 16,812 - - -
Administration ................... 5 - - -
Bear Stearns ..................... 42,605 - 33,137 -
Bear Stearns Premier Choice ...... 4 2 2 2
Bear Stearns Private Client ...... 185,694 37,139 129,986 129,986
Bear Stearns Premier ............. 12,242 2,448 2,449 2,449
-------- ------- -------- --------
Total ............................ $684,012 $39,589 $165,574 $132,437
======== ======= ======== ========
(C) Transactions with Affiliates and Related Parties
Pursuant to agreements between the Trust and BlackRock Institutional
Management Corporation ("BIMC"), an indirect wholly-owned subsidiary of
BlackRock, Inc., BIMC manages the Fund and serves as Co-Administrator (as
defined below). BlackRock, Inc. is an indirect
16
BLACKROCK LIQUIDITY FUNDS
majority-owned subsidiary of The PNC Financial Services Group, Inc. ("PNC").
PFPC Trust Co., an indirect subsidiary of PNC, is the Trust's custodian and
PFPC Inc. ("PFPC"), an indirect subsidiary of PNC, is the Trust's transfer
agent and Co-Administrator.
BlackRock Distributors, Inc., ("BDI"), an indirect subsidiary of PNC,
serves as the Trust's distributor.
The Trust has entered into an Administration Agreement with PFPC and BIMC
under which they provide certain administrative services (together, the
"Co-Administrators").
In return for BIMC's advisory services, the Fund pays BIMC a fee, computed
daily and payable monthly, based upon its average net assets as combined with
T-Fund, Federal Trust Fund and Treasury Trust Fund, which are other portfolios
offered by the Trust, as follows: 0.175% of the first $1 billion, 0.15% of the
next $1 billion, 0.125% of the next $1 billion, 0.10% of the next $1 billion,
0.095% of the next $1 billion, 0.09% of the next $1 billion, 0.085% of the next
$1 billion and 0.08% of net assets in excess of $7 billion.
For the six months ended April 30, 2005, advisory fees and waivers for the
Fund were as follows:
GROSS NET ADVISORY
ADVISORY FEE WAIVER FEE
-------------- ------------ -------------
FedFund ......... $ 1,420,509 $ 620,142 $ 800,367
In return for their administrative services, the Trust pays the
Co-Administrators a fee, computed daily and payable monthly, based upon an
annualized percentage of the average net assets of the Fund as follows: 0.175%
of the first $1 billion, 0.15% of the next $1 billion, 0.125% of the next $1
billion and 0.10% of amounts in excess of $3 billion.
For the six months ended April 30, 2005, administration fees and waivers
for the Fund were as follows:
GROSS NET
ADMINISTRATION ADMINISTRATION
FEE WAIVER FEE
---------------- ------------ ---------------
FedFund ......... $ 1,900,098 $ 620,142 $ 1,279,956
17
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
The Co-Administrators and BIMC have contractually agreed to reduce their
fees or reimburse expenses to the extent necessary to ensure that the net
operating expenses (excluding class specific fees paid to Service Organizations
and/or Broker/Dealers) of FedFund do not exceed 0.20% of its average net
assets. The net advisory and net administration fees in the preceding tables
reflect these reductions, if any.
In return for PFPC's transfer agent services, the Trust pays certain fees
and charges to PFPC. For the six months ended April 30, 2005, the Fund paid the
following amounts to PFPC for transfer agent services: $90,044.
In return for custody services provided by PFPC Trust Co., the Trust pays
PFPC Trust Co. a fee, computed daily and payable monthly, based upon an
annualized percentage of the average gross assets of the Fund as follows:
0.006% of the first $10 billion, 0.0055% of the next $10 billion and 0.005% of
the average gross assets in excess of $20 billion. The Trust may also pay
certain out-of-pocket expenses that are charged by PFPC Trust Co.
Pursuant to the Trust's operating procedures, custodian fees may be
reduced by amounts calculated on uninvested cash balances ("custody credits").
For the six months ended April 30, 2005, the Fund did not earn any custody
credits.
Pursuant to the Plus Shares Distribution and Services Plan, the Cash Plus
Shares Distribution Plan, the Bear Stearns Shares Distribution Plan, the Bear
Stearns Premier Shares Distribution Plan, the Bear Stearns Premier Choice
Shares Distribution Plan and the Bear Stearns Private Client Shares
Distribution Plan, the Trust may pay BlackRock Distributors, Inc. a fee for
distribution and sales support services. Currently, fees are only being paid
pursuant to the Bear Stearns Shares Distribution Plan, the Bear Stearns Premier
Shares Distribution Plan, the Bear Stearns Premier Choice Shares Distribution
Plan and the Bear Stearns Private Client Shares Distribution Plan because there
are no Plus or Cash Plus Shares outstanding. In addition, the Trust may pay
Service Organizations, including affiliates of BIMC, fees for providing certain
services ("shareholder services") to their customers who own shares of the
Trust's portfolios. Pursuant to its respective Shareholder Services Plan, each
of the Administration, Dollar, Cash Management,
18
BLACKROCK LIQUIDITY FUNDS
Cash Reserve, Bear Stearns, Bear Stearns Premier, Bear Stearns Premier Choice
and Bear Stearns Private Client Shares classes are currently paying fees to
Service Organizations, which may include affiliates of BIMC.
For the six months ended April 30, 2005, FedFund paid shareholder services
fees to affiliates of BIMC in the amount of $412,804.
As of April 30, 2005, affiliated payables were as follows:
PFPC AND OTHER
PFPC TRUST BIMC
CO. (1) BIMC (2) AFFILIATES (3)
------------ ------------ ---------------
FedFund ......... $ 128,298 $ 365,627 $ 71,770
(1)Payables to PFPC as of April 30, 2005 are for accounting, administration and
transfer agent services provided to the Trust. Payables to PFPC Trust Co. as
of April 30, 2005 are for custody services provided to the Trust.
(2)Payables to BIMC as of April 30, 2005 are for advisory and administration
services provided to the Trust.
(3)Payables to other BIMC affiliates are for shareholder services and/or
distribution and sales support services as described under the Trust's
Shareholder Services Plans and Distribution Plans, respectively.
(D) Capital Shares
The Trust's Declaration of Trust permits the Trustees to issue an
unlimited number of full and fractional shares of beneficial interest (shares)
and to classify or reclassify any unissued shares into one or more additional
classes of shares.
Because FedFund has sold and redeemed shares only at a constant net asset
value of $1.00 per share, the number of shares represented by such sales,
acquisitions, reinvestments and redemptions is the same as the dollar amounts
shown below for such transactions.
19
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
Transactions in capital shares for each period were as follows:
FEDFUND
-----------------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
------------------ --------------------
Shares sold:
Institutional Shares ................... $8,140,736,720 $13,749,730,536
Dollar Shares .......................... 5,391,704,842 10,197,848,730
Cash Reserve Shares .................... 8,119,775 298,977
Administration Shares .................. 210,000 -
Bear Stearns Shares .................... 58,161,772 93,587,130
Bear Stearns Private Client Shares ..... 233,409,000 100,508,918
Bear Stearns Premier Shares ............ 47,265,864 6,631
Bear Stearns Premier Choice Shares...... - 6,336
Shares issued in reinvestment of
dividends:
Institutional Shares ................... 7,335,441 6,246,171
Dollar Shares .......................... 11,578 22,410
Bear Stearns Shares .................... 128,708 48,229
Bear Stearns Private Client Shares ..... 675,049 155,352
Bear Stearns Premier Shares ............ 51,002 11
Bear Stearns Premier Choice Shares...... 21 15
Shares redeemed:
Institutional Shares ................... (7,912,412,895) (14,036,100,725)
Dollar Shares .......................... (5,388,953,535) (10,249,737,317)
Cash Reserve Shares .................... (15,771,082) (4,515,153)
Administration Shares .................. (210,000) -
Bear Stearns Shares .................... (62,007,134) (82,687,450)
Bear Stearns Private Client Shares ..... (136,726,135) (50,084,803)
Bear Stearns Premier Shares ............ (31,344,391) (4,499)
Bear Stearns Premier Choice Shares...... (15) (4,204)
-------------- ---------------
Net increase (decrease) .................. $ 340,384,585 $ (274,674,705)
============== ===============
On April 30, 2005, two shareholders held approximately 32% of FedFund.
Some of the shareholders are comprised of omnibus accounts. Although it is
considered a single shareholder for purposes of determining
20
BLACKROCK LIQUIDITY FUNDS
its percentage of ownership of a particular Fund, each omnibus account executes
transactions in the Fund's shares on behalf of multiple underlying Fund
shareholders.
(E) At April 30, 2005, net assets consisted of:
FEDFUND
-----------------
Paid-in capital ................. $2,647,772,105
Accumulated net realized loss on
security transactions ......... (3,752)
--------------
Net Assets .................. $2,647,768,353
==============
(F) Federal Tax Information
No provision is made for Federal taxes as it is the Trust's intention to
have the Fund continue to qualify for and elect the tax treatment applicable to
regulated investment companies under Subchapter M of the Internal Revenue Code
of 1986, as amended, and make the requisite distributions to its shareholders
which will be sufficient to relieve it from all or substantially all Federal
income and excise taxes. Short-term capital gain distributions that are
reported in the Statement of Changes in Net Assets are reported as ordinary
income for Federal tax purposes. There were no long-term capital gain
distributions for the six months ended April 30, 2005.
Dividends from net investment income and distributions from net realized
capital gains are determined in accordance with U.S. Federal income tax
regulations, which may differ from those amounts determined under accounting
principles generally accepted in the United States.
21
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
The estimated tax character of distributions paid during the six months ended
April 30, 2005 and the tax character of distributions paid during the year
ended October 31, 2004 were as follows:
TAX-FREE ORDINARY
INCOME INCOME
---------- ---------------
FedFund
04/30/05 ........... $- $ 26,075,180
10/31/04 ........... - 25,233,866
As of April 30, 2005, the estimated tax components of distributable
earnings/(accumulated losses) were as follows:
UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED
TAX-FREE ORDINARY CAPITAL
INCOME INCOME LOSSES
--------------- --------------- --------------
FedFund ......... $- $ 5,042,897 $ (12,054)
At October 31, 2004, the Fund did not have any capital loss carryforwards
available to offset future realized capital gains.
22
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION
(A) Board of Trustees' Consideration of the Advisory Contract. The Investment
Advisory Agreement ("Advisory Contract") of BlackRock Liquidity Funds (the
"Fund") was most recently approved by the Board of Trustees (the "Board"
or the "Trustees") of the Fund including a majority of the Trustees who
are not parties to the Advisory Contract or interested persons of any such
party (as such term is defined in the Investment Company Act of 1940) (the
"Independent Trustees") at an in-person meeting of the Board held on March
1 and 2, 2005. In determining to approve the Advisory Contract, the
Trustees met with the relevant investment advisory personnel from
BlackRock Institutional Management Corporation (the "Investment Adviser")
and considered all information they deemed reasonably necessary to
evaluate the terms of the Advisory Contract. The Board received materials
in advance of the meeting relating to its consideration of the Advisory
Contract of the Fund for each portfolio (each, a "Portfolio"), including,
among other things: (i) fees and expense ratios of each Portfolio in
comparison to the fees and expense ratios of a peer group of funds; (ii)
information on the investment performance of each Portfolio in comparison
to the investment performance of a peer group of funds; (iii) information
with respect to profitability of BlackRock, Inc. ("BlackRock") and PNC
Bank-affiliated companies with respect to each Portfolio for the years
ended December 31, 2003 and 2004, including details regarding the
methodology used to calculate profitability; (iv) information regarding
fees paid to service providers that are affiliates of the Investment
Adviser; and (v) information regarding compliance records and regulatory
matters relating to the Investment Adviser. In addition, the Board
reviewed a memorandum from its independent counsel detailing the Board's
obligations in considering renewal of the Advisory Contract. The
information reviewed was responsive to requests by the Board's independent
counsel for certain information to assist the Board in its considerations.
The topics discussed below were considered separately by the Independent
Trustees in an executive session, during which independent counsel
provided guidance to the Independent Trustees.
Fees and Expenses. In approving the Advisory Contract, the Trustees,
including the Independent Trustees, reviewed the fees, both before
(referred to as "Contractual") and after (referred to as "Actual") any fee
waivers and expense reimbursements, and expense ratios of the Dollar
Shares and Institutional Shares of each Portfolio against fees and expense
ratios of a peer group of funds with similar asset levels and
23
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION
expense structures (a "peer group"). Both the peer group category and the
funds within the peer group with respect to the fee and expense
comparisons were selected by Lipper, Inc. ("Lipper"), which is not
affiliated with the Investment Adviser.
In considering data based on information provided by Lipper, the Trustees
noted that of the ten Portfolios, none of the 20 classes of the Portfolios
reviewed have Contractual or Actual advisory fees higher than the median.
Further, only one share class (Federal Trust Dollar Shares) has Actual
total expenses higher than the median for its peer group. Its total
expenses exceeded those for its peer group by .001%.
The Trustees also were provided with information about the services
rendered, and the fee rates offered, to other clients advised by the
Investment Adviser, including other money market funds.
Following consideration of this information, the Trustees concluded that
the fees to be paid pursuant to the Advisory Contract were fair and
reasonable in light of the services provided.
Nature, Extent and Quality of Services. The Trustees received information
concerning the investment philosophy and investment process used by the
Investment Adviser in managing the Portfolios. In connection with this,
the Trustees considered the Investment Adviser's in-house research
capabilities as well as other resources available to their personnel. The
Trustees concluded that the scope of the Investment Adviser's services to
be provided to the Portfolios was consistent with the Portfolios'
operational requirements.
The Trustees also considered the quality of the services provided by the
Investment Adviser to the Portfolios. The Trustees evaluated the
procedures of the Investment Adviser designed to fulfill its fiduciary
duty to the Portfolios with respect to possible conflicts of interest.
The Trustees also considered information relating to the education,
experience and number of investment professionals and other personnel who
provide services under the Advisory Contract. The Trustees also took into
account the time and attention devoted by senior management of the
Investment Adviser to the Portfolios. The Trustees also considered the
business reputation of BlackRock and its financial resources and concluded
that the Investment Adviser would be able to meet any reasonably
foreseeable obligation under the Advisory Contract.
24
BLACKROCK LIQUIDITY FUNDS
Fund Performance. The Board of Trustees, including the Independent
Trustees, received and considered information about the investment
performance of the Dollar Shares and Institutional Shares of each
Portfolio, as well as the performance of funds with the same investment
classification and objective ("performance universe"). The funds included
within each Portfolio's performance universe were selected by Lipper. The
Board was provided with performance data for the Dollar Shares of each
Portfolio over the one, two, three, four and five year periods ended
November 30, 2004 and of the Institutional Shares of each Portfolio over
the one, two, three, four, five and ten year periods ended November 30,
2004, as compared to performance of the performance universe.
The Trustees noted that of the 20 classes of the Portfolios that were
included in the Lipper performance universe, fourteen classes (70%) had
performed at or above their respective performance universe median during
at least two of the following periods: the one year, three years or five
years ended November 30, 2004. The remaining 6 classes performed below
their respective performance universe median during at least two of those
periods by no more than .10%. These 6 share classes are the Dollar Shares
of TempFund, FedFund, T-Fund, Federal Trust Fund, Treasury Trust Fund and
MuniFund.
The Trustees discussed other factors relevant to the performance of the
Portfolios and concluded that each Portfolio's performance is generally
competitive with that of its Lipper performance universe.
Profitability. The Board of Trustees, including the Independent Trustees,
considered the level of the Investment Adviser's and affiliates' profits
in respect of their relationship with the Portfolios, including the cost
of services provided by the Investment Adviser. This consideration
included a broad review of the Investment Adviser's methodology in
allocating their costs to the management of a Portfolio. The Board of
Trustees considered the profits realized by the Investment Adviser and
affiliates in connection with the operation of each Portfolio. The Board
of Trustees, including the Independent Trustees, also considered the
Investment Adviser's profit margins in comparison with certain available
industry data. The Board concluded that the Investment Adviser's profit is
a reasonable profit for the services provided to the Portfolios.
25
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION
Economies of Scale. The Independent Trustees discussed economies-of-scale
in light of existing breakpoints and the growth of assets in the Fund over
the past several years and concluded that the advisory fee structure was
reasonable.
Other Benefits to the Investment Adviser. The Board of Trustees, including
the Independent Trustees, also took into account not only the advisory
fees payable by the Portfolios, but also potential benefits to the
Investment Adviser, such as the engagement of affiliates of the Investment
Adviser as service providers to the Portfolios, including for
administrative, transfer agency and custodial services.
No single factor was considered in isolation or to be determinative to the
decision of the Board to approve the Advisory Contract. Rather, the Board
concluded, in light of a weighing and balancing of all factors considered,
that it was in the best interests of each Portfolio to approve the
continuation of the Advisory Contract, including the fees to be charged
for services thereunder.
(B) PricewaterhouseCoopers LLP ("PwC), the Fund's former independent auditor
has been hired as an internal audit supporting service provider by The PNC
Financial Services Group, Inc. ("PNC"), the parent company of the Fund's
investment adviser and certain other service providers. In order to
provide certain servcices to PNC and its affiliates which would have
caused PwC to no longer be independent with respect to the Fund, PwC
declined to stand for re-election as independent auditor of the Fund after
the completion of the fiscal 2003 audit.
PwC's reports on the Registrant's financial statements for the fiscal
years ended October 31, 2003 and October 31, 2002 contained no adverse
opinion or disclaimer of opinion nor were they qualified or modified as to
uncertainty, audit scope or accounting principles. During the Registrant's
fiscal years ended October 31, 2003 and October 31, 2002, (i) there were
no disagreements with PwC on any matter of accounting principles or
practices, financial statement disclosure or auditing scope or procedure,
which disagreements, if not resolved to the satisfaction of PwC, would
have caused it to make reference to the subject matter of the
disagreements in connection with its reports on the Registrant's financial
statements for such years, and (ii) there were no "reportable events" of
the kind described in Item 304(a)(1)(v) of Regulation S-K under the
Securities Exchange Act of 1934, as amended.
26
BLACKROCK LIQUIDITY FUNDS
On November 19, 2003, the Registrant by action of its Board of Trustees
upon the recommendation of its Audit Committee engaged Deloitte & Touche
LLP as the independent auditors to audit the Registrant's financial
statements for the fiscal year ending October 31, 2004. During the
Registrant's fiscal years ended October 31, 2003 and October 31, 2002,
neither the Registrant, its portfolios nor anyone on their behalf has
consulted Deloitte & Touche LLP on items which (i) concerned the
application of accounting principles to a specified transaction, either
completed or proposed, or the type of audit opinion that might be rendered
on the Registrant's financial statements or (ii) concerned the subject of
a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of
Regulation S-K) or reportable events (as described in paragraph (a)(1)(v)
of said Item 304).
(C) The amount paid by FedFund to the Chief Compliance Officer for the six
months ended April 30, 2005, was $4,134.
27
BLACKROCK LIQUIDITY FUNDS
Investment Adviser
BlackRock Institutional Management Corporation
Wilmington, Delaware 19809
Co-Administrator
BlackRock Institutional Management Corporation
Wilmington, Delaware 19809
Co-Administrator and Transfer Agent
PFPC Inc.
Wilmington, DE 19809
Distributor
BlackRock Distributors, Inc.
King of Prussia, Pennsylvania 19406
Custodian
PFPC Trust Co.
Philadelphia, Pennsylvania 19153
Counsel
Drinker Biddle & Reath LLP
Philadelphia, Pennsylvania 19103
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Philadelphia, Pennsylvania 19103
The Trust has delegated proxy voting responsibilities to BlackRock, subject to
the general oversight of the Trust's Board of Trustees. A description of the
policies and procedures that BlackRock use to determine how to vote proxies
relating to portfolio securities is available without charge, upon request, by
calling 1-800-441-7762, or on the website of the Securities and Exchange
Commission (the "Commission") at http://www.sec.gov.
Information on how proxies relating to the Trust's voting securities (if any)
were voted by BlackRock during the most recent 12-month period ended June 30th
is available, upon request and without charge, by calling (800) 441-7762 or on
the website of the Commission at http://www.sec.gov.
The Trust has filed its complete schedule of portfolio holdings for the third
quarter of its fiscal year ended July 31, 2004 and the first quarter of its
fiscal year ended January 31, 2005 with the Commission on Form N-Q. The Trust's
Form N-Q is available on the Commission's website at http://www.sec.gov. The
Trust's Form N-Q may be reviewed and copied at the Commission's Public
Reference Room in Washington, D.C. Information regarding the operation of the
Public Reference Room may be obtained by calling 1-800-SEC-0330. The Trust's
Form N-Q may also be obtained, upon request and without charge, by calling
(800) 821-7762.
This report is submitted for the general information of the shareholders of the
Trust. It is not authorized for distribution to prospective investors unless
accompanied or preceded by effective prospectuses for each portfolio of the
Trust, which contain information concerning the investment policies of the
portfolios as well as other pertinent information. Statements and other
information contained in this report are as dated and subject to change.
ALTERNATIVES BLACKROCK SOLUTIONS EQUITIES FIXED
INCOME LIQUIDITYREAL ESTATE BlackRock Liquidity Funds
Semi-Annual Report
April 30, 2005 (Unaudited)
[GRAPHIC APPEARS HERE]
[GRAPHIC APPEARS HERE]
[GRAPHIC APPEARS HERE]
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
BLACKROCK LIQUIDITY FUNDS
100 Bellevue Parkway 4th Floor
Wilmington,DE 19809
(302) 797-2000
www.blackrock.com
May 31, 2005
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of Bear
Stearns Shares, Bear Stearns Private Client Shares, Bear Stearns Premier Shares
and Bear Stearns Premier Choice Shares for the six-month period ended April 30,
2005.
BlackRock Liquidity Funds offer a variety of high quality Taxable and
Tax-Exempt Money Market Funds designed to meet the varied needs of our
investors. Please contact your account representative or call our Client
Service Center at (800) 821-7432 to discuss your investment options. We welcome
the opportunity to serve you.
Sincerely,
/s/ Ralph L. Schlosstein
- -----------------------------
Ralph L. Schlosstein
Chairman & President
1
TEMPFUND
FUND PROFILE
[GRAPHIC APPEARS HERE]
Portfolio Diversification - % of Portfolio
Certificates of Deposit 24.3%
Agency Obligations 3.4%
Repurchase Agreements 23.4%
Time Deposits 2.2%
Variable Rate Obligations 20.5%
Master Notes 3.9%
Commercial Paper 22.3%
[GRAPHIC APPEARS HERE]
Distribution - Weighted Average Maturity 27 days
Days % of Portfolio
- ---------- --------------
1-30 62.9
31-60 21.7
61-90 13.6
91-120 0.1
121-150 0.1
Over 150 1.8
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or
redemption/exchange fees, where applicable; and (2) ongoing costs, including
advisory fees, distribution (12b-1) and service fees, where applicable; and
other Fund expenses. This Example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30,
2005.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you paid for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption/exchange fees, where
applicable. Therefore, the hypothetical information is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if these transactional costs were
included, your costs would have been higher.
Actual Expenses
--------------------------------------------------------------------
Insti- Cash Adminis- Bear
tutional Dollar Management tration Stearns
------------- ------------- ------------ ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,011.30 1,010.10 1,008.80 1,010.80 1,007.20
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 0.90 2.14 3.38 1.39 4.96
Actual Expenses
-----------------------------------------
Bear Bear
Stearns Stearns Bear
Premier Private Stearns
Choice Client Premier
------------- ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,000.34 1,009.20 1,002.61
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 0.06 2.98 0.99
Hypothetical Expenses
(5% return before expenses)
------------------------------------------------------------------------------------------------
Bear Bear
Stearns Stearns
Insti- Cash Adminis- Bear Premier Private
tutional Dollar Management tration Stearns Choice Client
------------- ------------- ------------ ------------- ------------- ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,024.10 1,022.85 1,021.60 1,023.60 1,019.99 1,024.94 1,022.00
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 0.90 2.15 3.40 1.40 5.01 0.06 3.00
Hypothetical
Expenses
(5% return
before
expenses)
-------------
Bear
Stearns
Premier
-------------
Beginning Account Value
(11/01/04) 1,000.00
Ending Account Value
(4/30/05) 1,024.00
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 1.00
*For each class of the Fund, expenses are equal to the Fund's annualized
expense ratio for the period of 0.18%, 0.43%, 0.68%, 0.28%, 1.00%, 0.45%,
0.60%, and 0.60% for Institutional, Dollar, Cash Management, Administration,
Bear Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client, and
Bear Stearns Premier respectively, multiplied by the average account value over
the period, multiplied by 181/365 (to reflect the one-half year period) and
5/365 for the Bear Stearns Premier Choice share class and 60/365 for the Bear
Stearns Premier share class (to reflect the period the class was open during
the one-half year period).
2
TEMPCASH
FUND PROFILE
[GRAPHIC APPEARS HERE]
Portfolio Diversification - % of Portfolio
Certificates of Deposit 23.0%
Repurchase Agreements 12.7%
Fixed Rate Municipal Bonds 0.4%
Time Deposits 5.4%
Variable Rate Obligations 24.4%
Master Notes 4.0%
Commercial Paper 30.1%
[GRAPHIC APPEARS HERE]
Distribution - Weighted Average Maturity 32 days
Days % of Portfolio
- ---------- --------------
1-30 52.1
31-60 33.3
61-90 13.3
91-120 0.1
121-150 0.1
Over 150 1.3
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or
redemption/exchange fees, where applicable; and (2) ongoing costs, including
advisory fees, distribution (12b-1) and service fees, where applicable; and
other Fund expenses. This Example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30,
2005.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you paid for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption/exchange fees, where
applicable. Therefore, the hypothetical information is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if these transactional costs were
included, your costs would have been higher.
Actual Expenses
-------------------------------------------------------------
Bear Stearns Bear Stearns
Institutional Dollar Premier Choice Premier
--------------- ------------- ---------------- --------------
Beginning Account
Value (11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (4/30/05) 1,011.40 1,010.10 1,010.00 1,009.10
Expenses Incurred
During Period
(11/01/04 -
4/30/05)* 0.90 2.14 2.24 2.98
Hypothetical Expenses
(5% return before expenses)
------------------------------------------------------------
Bear Stearns Bear Stearns
Institutional Dollar Premier Choice Premier
--------------- ------------- ---------------- -------------
Beginning Account
Value (11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (4/30/05) 1,024.10 1,022.85 1,022.75 1,022.00
Expenses Incurred
During Period
(11/01/04 -
4/30/05)* 0.90 2.15 2.25 3.00
*For each class of the Fund, expenses are equal to the Fund's annualized
expense ratio for the period of 0.18%, 0.43%, 0.45% and 0.60% for
Institutional, Dollar, Bear Stearns Premier Choice and Bear Stearns Premier,
respectively, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period).
3
FEDFUND
FUND PROFILE
[GRAPHIC APPEARS HERE]
Portfolio Diversification - % of Portfolio
Repurchase Agreements 39.3%
Agency Obligations 60.7%
[GRAPHIC APPEARS HERE]
Distribution - Weighted Average Maturity 22 days
Days % of Portfolio
- ---------- --------------
1-30 66.2
31-60 16.7
61-90 16.4
91-120 0.1
121-150 0.7
Over 150 0.1
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or
redemption/exchange fees, where applicable; and (2) ongoing costs, including
advisory fees, distribution (12b-1) and service fees, where applicable; and
other Fund expenses. This Example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30,
2005.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you paid for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption/exchange fees, where
applicable. Therefore, the hypothetical information is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if these transactional costs were
included, your costs would have been higher.
Actual Expenses
--------------------------------------------------------------------------
Cash Bear
Institutional Dollar Reserve Administration Stearns
--------------- ------------- ------------- ---------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,010.90 1,009.60 1,008.90 1,000.40 1,006.90
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 0.99 2.24 2.98 0.07 4.96
Actual Expenses
-----------------------------------------
Bear Bear
Stearns Stearns Bear
Premier Private Stearns
Choice Client Premier
------------- ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,009.60 1,008.90 1,008.70
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 2.24 2.98 2.98
Hypothetical Expenses
(5% return before expenses)
------------------------------------------------------------------------------------------------------
Bear Bear
Stearns Stearns
Cash Bear Premier Private
Institutional Dollar Reserve Administration Stearns Choice Client
--------------- ------------- ------------- ---------------- ------------- ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,024.00 1,022.75 1,022.00 1,024.93 1,019.99 1,022.75 1,022.00
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 1.00 2.25 3.00 0.07 5.01 2.25 3.00
Hypothetical
Expenses
(5% return
before
expenses)
-------------
Bear
Stearns
Premier
-------------
Beginning Account Value
(11/01/04) 1,000.00
Ending Account Value
(4/30/05) 1,022.00
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 3.00
*For each class of the Fund, expenses are equal to the Fund's annualized
expense ratio for the period of 0.20%, 0.45%, 0.60%, 0.30%, 1.00%, 0.45%,
0.60% and 0.60% for Institutional, Dollar, Cash Reserve, Administration, Bear
Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client and Bear
Stearns Premier, respectively, multiplied by the average account value over the
period, multiplied by 181/365 (to reflect the one-half year period) and 9/365
for the Administration share class (to reflect the period the class was open
during the one-half year period).
4
MUNIFUND
FUND PROFILE
Top 10 State Concentration
(% of portfolio)
New York 10.9%
Texas 8.3
Michigan 6.8
Alabama 6.4
Massachusetts 5.7
Illinois 5.5
California 5.1
Pennsylvania 5.0
Minnesota 3.6
Virginia 3.3
----
Total 60.6%
====
[GRAPHIC APPEARS HERE]
Distribution - Weighted Average Maturity 22 days
Days % of Portfolio
- ---------- --------------
1-30 85.8
31-60 3.3
61-90 1.5
91-120 2.4
121-150 3.7
Over 150 3.3
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or
redemption/exchange fees, where applicable; and (2) ongoing costs, including
advisory fees, distribution (12b-1) and service fees, where applicable; and
other Fund expenses. This Example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30,
2005.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you paid for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption/exchange fees, where
applicable. Therefore, the hypothetical information is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different
funds. In addition, if these transactional costs were included, your costs
would have been higher.
Actual Expenses
--------------------------------------------------------------------
Insti- Cash Admin- Bear
tutional Dollar Management istration Stearns
------------- ------------- ------------ ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,008.30 1,007.10 1,005.80 1,007.80 1,004.40
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 0.99 2.23 3.47 1.49 4.96
funds. In addition, if these transactional costs were included, your costs
would have been higher.
Actual Expenses
-----------------------------------------
Bear Bear
Stearns Stearns Bear
Premier Private Stearns
Choice Client Premier
------------- ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 998.17 1,005.90 998.93
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 2.23 3.47 3.47
funds. In addition, if these transactional costs were included, your costs
would have been higher.
Hypothetical Expenses
(5% return before expenses)
------------------------------------------------------------------------------------------------
Bear Bear
Stearns Stearns
Insti- Cash Admin- Bear Premier Private
tutional Dollar Management istration Stearns Choice Client
------------- ------------- ------------ ------------- ------------- ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,024.00 1,022.75 1,021.49 1,023.50 1,019.99 1,022.75 1,021.49
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 1.00 2.25 3.51 1.50 5.01 2.25 3.51
funds. In addition, if these transactional costs were included, your costs
would have been higher.
Hypothetical
Expenses
(5% return
before
expenses)
-------------
Bear
Stearns
Premier
-------------
Beginning Account Value
(11/01/04) 1,000.00
Ending Account Value
(4/30/05) 1,021.49
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 3.51
*For each class of the Fund, expenses are equal to the Fund's annualized
expense ratio for the period of 0.20%, 0.45%, 0.70%, 0.30%, 1.00%, 0.45%, 0.70%
and 0.70% for Institutional, Dollar, Cash Management, Administration, Bear
Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client, and Bear
Stearns Premier, respectively, multiplied by the average account value over the
period, multiplied by 181/365 (to reflect the one-half year period) and 6/365
for the Bear Stearns Premier Choice share class and 60/365 for the Bear Stearns
Premier share class (to reflect the period the class was open during the
one-half year period).
5
MUNICASH
FUND PROFILE
Top 10 State
Concentration (% of
portfolio)
Texas 11.9%
Ohio 7.7
Michigan 5.2
Florida 4.4
New York 4.2
Maryland 4.2
Louisiana 3.8
Indiana 3.7
Georgia 3.4
Illinois 3.1
----
Total 51.6%
====
[GRAPHIC APPEARS HERE]
Distribution - Weighted Average Maturity 33 days
Days % of Portfolio
- ---------- --------------
1-30 79.0
31-60 3.5
61-90 3.7
91-120 4.1
121-150 2.9
Over 150 6.8
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or
redemption/exchange fees, where applicable; and (2) ongoing costs, including
advisory fees, distribution (12b-1) and service fees, where applicable; and
other Fund expenses. This Example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30,
2005.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you paid for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption/exchange fees, where
applicable. Therefore, the hypothetical information is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different
funds. In addition, if these transactional costs were included, your costs
would have been higher.
Actual Expenses
-------------------------------------------------------------
Bear Stearns Bear Stearns
Institutional Dollar Premier Choice Premier
--------------- ------------- ---------------- --------------
Beginning Account
Value (11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (4/30/05) 1,008.60 1,007.40 1,007.40 1,006.10
Expenses Incurred
During Period
(11/01/04 -
4/30/05)* 0.99 2.23 2.23 3.47
funds. In addition, if these transactional costs were included, your costs
would have been higher.
Hypothetical Expenses
(5% return before expenses)
------------------------------------------------------------
Bear Stearns Bear Stearns
Institutional Dollar Premier Choice Premier
--------------- ------------- ---------------- -------------
Beginning Account
Value (11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (4/30/05) 1,024.00 1,022.75 1,022.75 1,021.49
Expenses Incurred
During Period
(11/01/04 -
4/30/05)* 1.00 2.25 2.25 3.51
*For each class of the Fund, expenses are equal to the Fund's annualized
expense ratio for the period of 0.20%, 0.45%, 0.45% and 0.70% for
Institutional, Dollar, Bear Stearns Premier Choice and Bear Stearns Premier,
respectively, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period).
6
CALIFORNIA MONEY FUND
FUND PROFILE
[GRAPHIC APPEARS HERE]
Portfolio Diversification - % of Portfolio
Tax-Exempt Commercial Paper 4.2%
Municipal Bonds 8.6%
Municipal Put Bonds 5.3%
Variable Rate Demand Notes 81.9%
[GRAPHIC APPEARS HERE]
Distribution - Weighted Average Maturity 21 days
Days % of Portfolio
- ---------- --------------
1-30 88.3
31-60 0.1
61-90 5.0
91-120 1.1
121-150 0.5
Over 150 5.1
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or
redemption/exchange fees, where applicable; and (2) ongoing costs, including
advisory fees, distribution (12b-1) and service fees, where applicable; and
other Fund expenses. This Example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30,
2005.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you paid for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption/exchange fees, where
applicable. Therefore, the hypothetical information is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different
funds. In addition, if these transactional costs were included, your costs
would have been higher.
Actual Expenses
---------------------------------------------------------------------
Cash
Insti- Manage- Admin- Bear
tutional Dollar ment istration Stearns
------------- ------------- ------------- ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,008.20 1,007.00 1,005.80 1,007.80 1,004.30
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 0.99 2.23 3.47 1.49 4.96
funds. In addition, if these transactional costs were included, your costs
would have been higher.
Actual Expenses
-----------------------------------------
Bear Bear
Stearns Stearns Bear
Premier Private Stearns
Choice Client Premier
------------- ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,007.00 1,005.80 1,002.53
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 2.23 3.47 3.47
funds. In addition, if these transactional costs were included, your costs
would have been higher.
Hypothetical Expenses
(5% return before expenses)
-------------------------------------------------------------------------------------------------
Bear Bear
Cash Stearns Stearns
Insti- Manage- Admin- Bear Premier Private
tutional Dollar ment istration Stearns Choice Client
------------- ------------- ------------- ------------- ------------- ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,024.00 1,022.75 1,021.49 1,023.50 1,019.99 1,022.75 1,021.49
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 1.00 2.25 3.51 1.50 5.01 2.25 3.51
funds. In addition, if these transactional costs were included, your costs
would have been higher.
Hypothetical
Expenses
(5% return
before
expenses)
-------------
Bear
Stearns
Premier
-------------
Beginning Account Value
(11/01/04) 1,000.00
Ending Account Value
(4/30/05) 1,021.49
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 3.51
*For each class of the Fund, expenses are equal to the Fund's annualized
expense ratio for the period of 0.20%, 0.45%, 0.70%, 0.30%, 1.00%, 0.45%, 0.70%
and 0.70% for Institutional, Dollar, Cash Management, Administration, Bear
Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client and Bear
Stearns Premier, respectively, multiplied by the average account value over the
period, multiplied by 181/365 (to reflect the one-half year period).
7
NEW YORK MONEY FUND
FUND PROFILE
[GRAPHIC APPEARS HERE]
Portfolio Diversification - % of Portfolio
Commercial Paper 4.0%
Municipal Bonds 13.5%
Municipal Put Bonds 1.1%
Variable Rate Demand Notes 81.4%
[GRAPHIC APPEARS HERE]
Distribution - Weighted Average Maturity 22 days
Days % of Portfolio
- ---------- --------------
1-30 89.9
31-60 4.4
61-90 2.5
91-120 2.9
121-150 2.6
Over 150 2.1
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or
redemption/exchange fees, where applicable; and (2) ongoing costs, including
advisory fees, distribution (12b-1) and service fees, where applicable; and
other Fund expenses. This Example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period November 1, 2004 to April 30,
2005.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting period. Simply
divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.60) and multiply the result by the cost shown for your
share class, in the row entitled "Expenses Paid During Period," to estimate the
expenses paid on your account during this period.
The information under "Hypothetical Expenses" provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you paid for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption/exchange fees, where
applicable. Therefore, the hypothetical information is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different
funds. In addition, if these transactional costs were included, your costs
would have been higher.
Actual Expenses
--------------------------------------------------------------------
Insti- Cash Admin- Bear
tutional Dollar Management istration Stearns
------------- ------------- ------------ ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,008.20 1,007.00 1,002.30 1,007.70 1,004.20
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 0.99 2.23 1.13 1.49 4.96
funds. In addition, if these transactional costs were included, your costs
would have been higher.
Actual Expenses
-----------------------------------------
Bear Bear
Stearns Stearns Bear
Premier Private Stearns
Choice Client Premier
------------- ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,007.00 1,005.70 1,005.90
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 2.23 3.47 3.47
funds. In addition, if these transactional costs were included, your costs
would have been higher.
Hypothetical Expenses
(5% return before expenses)
------------------------------------------------------------------------------------------------
Bear Bear
Stearns Stearns
Insti- Cash Admin- Bear Premier Private
tutional Dollar Management istration Stearns Choice Client
------------- ------------- ------------ ------------- ------------- ------------- -------------
Beginning Account Value
(11/01/04) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(4/30/05) 1,024.00 1,022.75 1,023.86 1,023.50 1,019.99 1,022.75 1,021.49
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 1.00 2.25 1.14 1.50 5.01 2.25 3.51
funds. In addition, if these transactional costs were included, your costs
would have been higher.
Hypothetical
Expenses
(5% return
before
expenses)
-------------
Bear
Stearns
Premier
-------------
Beginning Account Value
(11/01/04) 1,000.00
Ending Account Value
(4/30/05) 1,021.49
Expenses Incurred During
Period (11/01/04 -
4/30/05)* 3.51
*For each class of the Fund, expenses are equal to the Fund's annualized
expense ratio for the period of 0.20%, 0.45%, 0.70%, 0.30%, 1.00%, 0.45%, 0.70%
and 0.70% for Institutional, Dollar, Cash Management, Administration, Bear
Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client and Bear
Stearns Premier, respectively, multiplied by the average account value over the
period, multiplied by 181/365 (to reflect the one-half year period), and 59/365
for the Cash Management share class (to reflect the period the class was open
during the one-half year period).
8
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
TEMPFUND
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
AGENCY OBLIGATIONS - 3.5%
Federal Home Loan Bank Variable Rate Notes - 2.6%
2.77%(b) 05/03/05 $100,000 $ 99,980,271
2.83%(b) 06/08/05 250,000 249,950,865
2.88%(b) 06/13/05 328,000 327,927,580
=============
677,858,716
-------------
Federal National Mortgage Association Variable Rate Notes -
0.9%
2.82%(b) 06/06/05 200,000 199,958,261
-------------
TOTAL AGENCY OBLIGATIONS
(Cost $877,816,977) 877,816,977
-------------
CERTIFICATES OF DEPOSIT - 24.7%
Domestic - 7.9%
American Express Centurion Bank (A-1, P-1)
3.03% 05/31/05 180,000 180,000,000
Citibank N.A. (A-1+, P-1)
2.70% 05/04/05 184,375 184,375,000
2.70% 05/06/05 245,360 245,360,000
2.70% 05/09/05 280,420 280,420,000
First Tennessee Bank N.A. (A-1, P-1)
3.04% 06/27/05 114,400 114,400,000
Washington Mutual Bank F.A. (A-1, P-1)
2.81% 05/03/05 975,000 975,000,000
=============
1,979,555,000
-------------
Yankee - 16.8%
Banque Nationale de Paribas, New York
(A-1+, P-1)
2.90% 06/13/05 489,465 489,467,901
Barclays Bank PLC, New York (A-1+, F-1+)
2.75% 05/03/05 338,020 338,020,000
Calyon New York (A-1+, P-1)
2.66% 05/02/05 100,000 99,999,886
Canadian Imperial Bank of Commerce, New York
(A-1, P-1)
2.48% 11/01/05 300,000 300,000,000
Credit Suisse First Boston, New York (A-1, P-1)
2.76% 05/03/05 295,720 295,720,000
Depfa Bank PLC, New York (A-1+, F-1+)
2.90% 06/10/05 94,400 94,400,000
2.90% 06/13/05 350,000 350,000,000
2.49% 11/01/05 78,300 78,300,000
Eurohypo AG, New York (A-1, P-1)
2.82% 05/02/05 121,630 121,630,000
2.72% 05/03/05 60,000 60,000,000
2.72% 05/04/05 57,835 57,835,000
3.06% 06/21/05 50,000 50,000,000
3.06% 06/24/05 150,000 150,000,000
Svenska Handelsbanken, New York (A-1+, P-1)
3.05% 06/30/05 265,000 265,000,000
Toronto Dominion Bank, New York (A-1, P-1)
3.02% 07/07/05 200,000 200,000,000
UBS AG, Stamford (A-1+, P-1)
2.80% 05/02/05 700,000 700,000,048
2.90% 06/14/05 600,000 600,003,638
=============
4,250,376,473
-------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $6,229,931,473) 6,229,931,473
-------------
COMMERCIAL PAPER - 22.8%
Asset-Backed Securities - 7.4%
Brahms Funding Corp. (A-1, P-1)
3.07% 06/23/05 26,353 26,233,892
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
COMMERCIAL PAPER (Continued)
Asset-Backed Securities (continued)
Dakota Notes Program (A-1, P-1)
2.82% 05/02/05 $286,850 $ 286,827,610
2.70% 05/05/05 239,780 239,708,066
Edison Asset Securitization LLC (A-1+, P-1)
3.02% 07/06/05 160,000 159,114,133
Emerald Certificates (A-1+, P-1)
3.04% 06/29/05 60,000 59,703,033
3.06% 06/29/05 77,750 77,362,632
Grampian Funding LLC (A-1+, P-1)
2.70% 05/09/05 217,395 217,264,563
Kitty Hawk Funding Corp. (A-1+, P-1)
2.80% 05/02/05 37,404 37,401,091
3.02% 06/10/05 133,358 132,910,510
Liberty Street Funding Corp. (A-1, P-1)
3.02% 06/24/05 93,000 92,578,710
Motown Notes (A-1+, P-1)
2.88% 05/16/05 48,100 48,042,280
Newcastle Certificates (A-1+, P-1)
3.02% 06/20/05 75,500 75,185,417
Park Granada LLC (A-1+, P-1)
2.81% 05/02/05 40,000 39,996,878
2.81% 05/02/05 140,000 139,989,111
Park Sienna LLC (A-1+, P-1)
2.87% 05/03/05 50,048 50,040,020
3.05% 05/24/05 90,000 89,824,625
Silver Tower U.S. Funding LLC (A-1, P-1)
3.03% 06/27/05 100,000 99,520,250
=============
1,871,702,821
-------------
Banks - 8.4%
Bank of America Corp. (A-1+, P-1)
3.01% 07/05/05 351,700 349,788,608
3.01% 07/06/05 150,000 149,172,250
Barclays U.S. Funding Corp. (A-1+, P-1)
2.74% 05/03/05 329,385 329,334,860
Deutsche Bank Financial LLC (A-1+, P-1)
2.80% 05/02/05 600,000 599,953,332
3.02% 06/27/05 700,000 696,647,292
=============
2,124,896,342
-------------
Electronics - 3.1%
General Electric Co. (A-1+, P-1)
3.00% 06/28/05 687,550 684,226,842
3.00% 06/29/05 75,000 74,631,250
=============
758,858,092
-------------
Finance Services - 0.3%
ING (U.S.) Funding LLC (A-1+, P-1)
3.01% 07/05/05 31,000 30,831,524
3.01% 07/07/05 45,000 44,747,912
=============
75,579,436
-------------
Life Insurance - 0.7%
Prudential Funding LLC (A-1+, P-1)
2.80% 05/03/05 152,000 151,976,356
-------------
Security Brokers & Dealers - 2.9%
Bear Stearns Co., Inc. (A-1, P-1)
3.02% 06/27/05 108,265 107,747,313
Goldman Sachs Group, Inc. (A-1, P-1)
2.79% 05/02/05 400,000 399,969,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
9
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
TEMPFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
COMMERCIAL PAPER (Continued)
Security Brokers & Dealers (continued)
Morgan Stanley (A-1, P-1)
3.02% 07/07/05 $250,000 $ 248,594,861
=============
756,311,174
-------------
TOTAL COMMERCIAL PAPER
(Cost $5,739,324,221) 5,739,324,221
-------------
MASTER NOTES - 4.0%
Security Brokers & Dealers
Bank of America Securities LLC (A-1, P-1)
3.08%(b) 05/02/05 293,000 293,000,000
Merrill Lynch Mortgage Capital, Inc. (A-1, P-1)(c)
2.93% 05/02/05 264,850 264,850,000
Morgan Stanley Mortgage Capital, Inc.
(A-1, P-1)(c)
3.17% 05/02/05 438,000 438,000,000
=============
TOTAL MASTER NOTES
(Cost $995,850,000) 995,850,000
-------------
VARIABLE RATE OBLIGATIONS - 20.9%
Agency Obligations - 2.5%
Federal Home Loan Mortgage Corp.
2.72%(b) 05/09/05 400,000 400,031,226
3.08%(b) 07/07/05 220,000 220,000,000
=============
620,031,226
-------------
Asset-Backed Securities - 1.1%
Racers XL (A-1, P-1)
3.00%(b) 05/23/05 234,650 234,650,000
SMM Trust Series 2004G (A-1+, P-1)
2.93%(b) 06/03/05 26,287 26,286,605
=============
260,936,605
-------------
Banks - 2.5%
Bank of America, N.A. (AA+, Aa1)
2.80%(b) 05/02/05 207,700 207,700,000
Bank of New York Co., Inc. (A+, Aa3)
3.06%(b) 05/27/05 125,000 125,000,000
Bank of New York, Inc. (AA-, Aa2)
2.92%(b) 05/20/05 35,015 35,014,816
Hayes Brake Holdings LLC (National City Bank
N.A. LOC) (A-1, P-1)(c)
3.11%(b) 05/07/05 9,878 9,878,000
LP Pinewood SPV (Wachovia Bank N.A. LOC)
(A-1, P-1)(c)
3.06%(b) 05/07/05 50,000 50,000,000
Wells Fargo Bank N.A. (AA, Aaa)
2.92%(b) 05/02/05 190,000 190,001,915
=============
617,594,731
-------------
Insurance Carriers NEC - 1.3%
ASIF Global Financing (AAA, Aaa)
3.11%(b) 06/02/05 49,000 49,031,948
Travelers Insurance Co. (A-1+, P-1)
3.18%(b) 07/01/05 250,000 250,000,000
=============
299,031,948
-------------
Life Insurance - 4.4%
Hartford Life Insurance Co. (A-1+, P-1)
3.17%(b) 07/01/05 100,000 100,000,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
VARIABLE RATE OBLIGATIONS (Continued)
Life Insurance (continued)
ING Security Life Insurance (AA3, Aa)
2.96%(b) 05/09/05 $150,000 $ 150,000,000
MetLife Global Funding I (AA, Aa2)
3.13%(b) 05/31/05 95,000 95,000,000
New York Life Insurance Co. (A-1+, P-1)
3.09%(b) 06/13/05 350,000 350,000,000
Transamerica Occidental Life Insurance Co.
(A-1+, P-1)
2.98%(b) 05/02/05 400,000 400,000,000
=============
1,095,000,000
-------------
Municipal Bonds - 0.1%
California Housing Finance Agency RB (Taxable
Home Meeting Project) Series 1998 DN
(A-1+, VMIG-1)
2.98%(b) 05/07/05 33,000 33,000,000
-------------
Personal Credit Institutions - 1.7%
General Electric Capital Corp. (AAA, Aaa)
3.07%(b) 05/17/05 447,600 447,738,199
-------------
Security Brokers & Dealers - 7.3%
Citigroup Global Markets, Inc. (A-1+, P-1)
2.83%(b) 05/03/05 270,000 270,000,000
Goldman Sachs Group, Inc. (A-1, P-1)
3.01%(b) 05/19/05 333,000 333,000,000
Greenwich Capital Holdings Inc (A-1+, P-1)
2.95%(b) 05/20/05 56,000 56,000,000
Greenwich Capital Holdings, Inc. (A-1+, P-1)
2.81%(b) 09/30/05 74,675 74,675,000
Lehman Brothers Holdings, Inc. (A-1, P-1)
3.06%(b) 05/02/05 71,000 71,000,000
3.06%(b) 05/02/05 72,000 72,000,000
Merrill Lynch & Co., Inc. (A+, Aa3)
3.06%(b) 05/11/05 459,000 459,126,148
Morgan Stanley & Co., Inc. (A+, Aa3)
3.07%(b) 05/16/05 550,000 550,106,655
=============
1,885,907,803
-------------
TOTAL VARIABLE RATE OBLIGATIONS
(Cost $5,259,240,512)
5,259,240,512
-------------
TIME DEPOSITS - 2.2%
Wells Fargo Bank, N.A. (A-1, P-1)
2.64%
(Cost $562,000,000) 05/02/05 562,000 562,000,000
-------------
REPURCHASE AGREEMENTS - 23.8%
Deutsche Bank Securities, Inc.
2.78% 05/03/05 550,000 550,000,000
(Agreement dated 03/22/05 to be repurchased at
$551,783,833, collateralized by $657,506,701
Federal Home Loan Mortgage Corporation
Bonds, Federal National Mortgage Association
Bonds and Variable Rate Notes 3.50% to 6.00%
due from 08/01/18 to 04/01/35.The market
value is $566,500,000.)
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
10
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
TEMPFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
REPURCHASE AGREEMENTS (Continued)
Goldman Sachs & Co.
2.95% 05/02/05 $ 80,400 $ 80,400,000
(Agreement dated 04/29/05 to be repurchased at
$80,419,765, collateralized by $78,664,146
Federal National Mortgage Association Bonds,
U.S. Treasury Strips and Strip Principals 0.00%
to 7.13% due from 03/02/07 to 01/15/30.The
market value is $82,765,654.)
Goldman Sachs & Co.
3.00% 05/02/05 500,000 500,000,000
(Agreement dated 04/29/05 to be repurchased at
$500,125,000, collateralized by $489,204,887
Federal National Mortgage Association Bonds,
U.S. Treasury Strips and Strip Principals 0.00%
to 7.13% due from 03/02/07 to 01/15/30.The
market value is $514,711,775.)
Morgan Stanley & Co.
2.95% 05/02/05 256,000 256,000,000
(Agreement dated 04/29/05 to be repurchased at
$256,062,933, collateralized by $295,040,398
Federal Home Loan Bank Bonds,Federal Home
Loan Mortgage Corporation Bonds, Federal
National Mortgage Association Bonds, Discount
Notes, Bank Bonds and Variable Rate Notes and
Government National Mortgage Association
Bonds 0.00% to 7.00% due from 05/18/05 to
03/01/35. The market value is $276,711,935.)
Morgan Stanley & Co., Inc.
2.96% 05/02/05 340,000 340,000,000
(Agreement dated 04/29/05 to be repurchased at
$340,083,867, collateralized by $391,850,529
Federal Home Loan Bank Bonds,Federal Home
Loan Mortgage Corporation Bonds, Federal
National Mortgage Association Bonds,Discount
Notes and Variable Rate Notes and Goverment
National Mortgage Association Bonds0.00% to
7.00% due from 05/18/05 to 03/01/35. The
market value is $367,508,039.)
PNC Bank N.A.
2.70% 05/02/05 133,300 133,300,000
(Agreement dated 04/29/05 to be repurchased at
$133,329,993, collateralized by $320,000,000
Federal National Mortgage Association Bonds
5.00% to 6.00% due from 05/15/11 to 04/26/17.
The market value is $343,098,000.)
UBS Securities LLC
2.78% 05/03/05 1,250,000 1,250,000,000
(Agreement dated 03/21/05 to be repurchased at
$1,254,150,694, collateralized by $2,238,685,391
Federal Home Loan Mortgage Corporation
Bonds and Federal National Mortgage
Association Bonds 4.00% to 11.00% due from
06/01/05 to 05/01/35.The market value is
$ 1,287,500,006.)
UBS Securities LLC
2.78% 05/03/05 350,000 350,000,000
(Agreement dated 03/22/05 to be repurchased at
$351,135,167, collateralized by $742,511,025
Federal Home Loan Mortgage Corporation
Bonds and Federal National Mortgage
Association Bonds 4.50% to 9.00% due from
11/01/05 to 05/01/35.The market value is
PAR
MATURITY (000) VALUE
$ 360,501,758.) ---------- ------------------ -------------------
REPURCHASE AGREEMENTS (Continued)
UBS Securities LLC
2.78% 05/03/05 $1,150,000 $1,150,000,000
(Agreement dated 03/23/05 to be repurchased at
$1,153,641,028, collateralized by $4,041,094,408
Federal Home Loan Mortgage Corporation
Bonds and Federal National Mortgage
Association Bonds, and Strips 0.00% to 11.00%
due from 02/01/15 to 04/01/35.The market
value is $1,184,504,428.)
UBS Securities LLC
3.05% 07/05/05 1,400,000 1,400,000,000
(Agreement dated 04/29/05 to be repurchased at
$1,407,946,944, collateralized by $2,466,338,669
Federal Home Loan Mortgage Corporation
Bonds and Federal National Mortgage
Association Bonds 4.00% to 11.50% due from
09/01/06 to 04/01/35.The market value is
$ 1,442,001,323.)
==============
TOTAL REPURCHASE AGREEMENTS
(Cost $6,009,700,000) 6,009,700,000
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
11
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
TEMPFUND (CONCLUDED)
APRIL 30, 2005 (UNAUDITED)
VALUE
------------------
TOTAL INVESTMENTS IN SECURITIES -
101.9%
(Cost $25,673,863,183(a)) $25,673,863,183
LIABILITIES IN EXCESS OF OTHER
ASSETS - (1.9)% (473,436,974)
---------------
NET ASSETS - 100.0%
(Equivalent to $1.00 per share
based on 19,225,532,458
Institutional Shares,
3,553,052,421 Dollar Shares,
244,779,236 Cash Management
Shares, 1,162,332,583
Adminstration Shares,
297,245,577 Bear Stearns
Shares, 11,077,100 Bear Stearns
Premier Choice Shares,
697,580,154 Bear Stearns Private
Client Shares and 33,535,979
Bear Stearns Premier Shares
outstanding) $25,200,426,209
===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($19,221,896,514/19,225,532,458) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($3,532,315,754/3,533,052,421) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
CASH MANAGEMENT SHARE
($244,744,693/244,779,236) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
ADMINISTRATION SHARE
($1,162,119,670/1,162,332,583) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS SHARE
($297,212,983/297,245,577) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER CHOICE SHARE
($11,077,100/11,077,100) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT SHARE
($697,523,513/697,580,154) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($33,535,981/33,535,979) $ 1.00
=======
- -------------------
(a) Aggregate cost for Federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2005 and maturities shown are
the next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Ratings reflect those of guarantor.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
12
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
TEMPCASH
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
CERTIFICATES OF DEPOSIT - 23.0%
Domestic - 6.4%
Citibank N.A. (A-1+, P-1)
2.70% 05/04/05 $ 78,625 $ 78,625,000
2.70% 05/06/05 104,640 104,640,000
2.70% 05/09/05 119,580 119,580,000
First Tennessee Bank N.A. (A-1, P-1)
3.04% 06/27/05 50,000 50,000,000
Washington Mutual Bank F.A. (A-1, P-1)
2.81% 05/03/05 355,000 355,000,000
=============
707,845,000
-------------
Euro Dollar - 3.4%
HBOS Treasury Services PLC (A-1, P-1)
2.91% 06/13/05 125,000 125,001,412
Societe Generale, Paris (A-1+, P-1)
2.70% 05/04/05 200,000 199,999,752
2.72% 05/09/05 50,000 50,000,000
=============
375,001,164
-------------
Yankee - 13.2%
Banco Santander Puerto Rico (A-1, P-1)
2.94% 05/18/05 50,000 50,000,000
Banque Nationale de Paribas, New York
(A-1+, P-1)
2.90% 06/13/05 160,000 160,000,948
Barclays Bank PLC, New York (A-1+, F-1+)
2.75% 05/03/05 129,680 129,680,000
Canadian Imperial Bank of Commerce, New York
(A-1, P-1)
2.48% 11/01/05 97,500 97,500,000
Credit Suisse First Boston, New York (A-1, P-1)
2.76% 05/03/05 109,280 109,280,000
Depfa Bank PLC, New York (A-1+, F-1+)
2.90% 06/13/05 150,000 150,000,000
Eurohypo AG, New York (A-1, P-1)
2.82% 05/02/05 60,000 60,000,000
2.72% 05/03/05 40,000 40,000,000
2.72% 05/04/05 24,665 24,665,000
3.04% 06/27/05 131,200 131,200,000
3.04% 06/30/05 75,000 75,000,621
Nordea Bank Finland PLC, New York (A-1, P-1)
2.91% 06/13/05 97,800 97,800,580
UBS AG, Stamford (A-1+, P-1)
2.80% 05/02/05 336,500 336,500,023
=============
1,461,627,172
-------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $2,544,473,336) 2,544,473,336
-------------
COMMERCIAL PAPER - 30.1%
Asset-Backed Securities - 13.4%
Atlantis One Funding (A-1+, P-1)
3.00% 05/05/05 24,080 24,071,973
Dakota Notes Program (A-1, P-1)
2.82% 05/02/05 109,150 109,141,480
Edison Asset Securitization LLC (A-1+, P-1)
3.02% 07/05/05 43,249 43,013,173
3.02% 07/06/05 40,000 39,778,533
Emerald Certificates (A-1+, P-1, F-1+)
3.02% 06/29/05 23,000 22,886,163
3.04% 06/29/05 40,000 39,800,711
Eurohypo AG, New York (A-1, P-1)
3.04% 07/06/05 134,734 133,984,318
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
COMMERCIAL PAPER (Continued)
Asset-Backed Securities (continued)
Fairway Finance Co. LLC (A-1, P-1)
3.03% 05/27/05 $ 19,548 $ 19,505,222
Grampian Funding LLC (A-1+, P-1)
2.70% 05/09/05 92,705 92,649,377
Kitty Hawk Funding Corp. (A-1+, P-1)
2.80% 05/02/05 12,785 12,784,006
Lockhart Funding LLC (P-1)
3.04% 06/23/05 59,581 59,314,342
3.07% 06/23/05 23,525 23,418,675
3.05% 06/27/05 30,000 29,855,125
Monument Gardens Funding LLC (A-1, P-1)
3.07% 06/27/05 45,000 44,781,262
Newcastle Certificates
3.07% 06/06/05 44,800 44,662,464
Park Granada LLC (A-1+, P-1)
2.81% 05/02/05 170,790 170,776,669
Park Sienna LLC (A-1+, P-1)
3.05% 05/24/05 39,528 39,450,975
3.05% 05/25/05 50,120 50,018,089
Silver Tower U.S. Funding LLC (A-1, P-1)
3.03% 06/23/05 45,000 44,799,262
3.03% 06/27/05 50,000 49,760,125
Tulip Funding Corp. (A-1+, P-1)
3.02% 05/31/05 100,000 99,748,333
Victory Receivables Corp. (A-1, P-1)
3.03% 05/12/05 24,298 24,275,504
3.03% 05/23/05 50,000 49,907,417
3.04% 06/07/05 89,366 89,086,781
3.03% 06/13/05 61,214 60,992,456
3.05% 06/21/05 71,343 71,034,739
=============
1,489,497,174
-------------
Banks - 9.9%
Bank of America Corp. (A-1+, P-1)
3.01% 07/05/05 250,000 248,641,320
Barclays U.S. Funding Corp. (A-1+, P-1)
2.74% 05/03/05 126,365 126,345,765
Deutsche Bank Financial LLC (A-1+, P-1)
3.02% 06/27/05 500,000 497,605,208
Skandinaviska Enskilda Banken AB (A-1, P-1)
2.42% 10/27/05 12,100 11,954,403
Svenska Handelsbanken AB (A-1+, P-1)
3.02% 06/28/05 213,600 212,560,717
=============
1,097,107,413
-------------
Credit Institutions - 2.5%
Countrywide Home Loans, Inc. (A-1, P-2)
2.83% 05/03/05 68,250 68,239,270
3.01% 05/05/05 170,000 169,943,144
3.06% 05/23/05 44,000 43,917,720
=============
282,100,134
-------------
Electronics - 1.7%
General Electric Co. (A-1+, P-1)
3.00% 06/29/05 175,000 174,139,583
-------------
Telephone Communications - 2.6%
SBC Communications Inc. (A-1, P-1)
3.05% 06/20/05 50,000 49,788,194
3.05% 06/21/05 50,000 49,783,958
3.04% 06/22/05 145,000 144,363,290
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
13
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
TEMPCASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
COMMERCIAL PAPER (Continued)
Telephone Communications (continued)
SBC Communications (continued)
3.06% 06/22/05 $ 44,500 $ 44,303,310
=============
288,238,752
-------------
TOTAL COMMERCIAL PAPER
(Cost $3,331,083,056) 3,331,083,056
-------------
MASTER NOTES - 4.1%
Security Brokers & Dealers
Bank of America Securities LLC (A-1, P-1)
3.08%(b) 05/02/05 117,950 117,950,000
Merrill Lynch Mortgage Capital, Inc. (A-1, P-1)(c)
2.93% 05/02/05 112,000 112,000,000
Morgan Stanley Mortgage Capital, Inc.
(A-1, P-1)(c)
3.17% 05/02/05 219,000 219,000,000
=============
TOTAL MASTER NOTES
(Cost $448,950,000) 448,950,000
-------------
VARIABLE RATE OBLIGATIONS - 24.8%
Agency Obligations - 0.9%
Federal Home Loan Mortgage Corp.
3.08%(b) 07/07/05 100,000 100,000,000
-------------
Asset-Backed Securities - 2.1%
Racers XL (A-1, P-1)
3.00%(b) 05/23/05 102,655 102,655,000
SMM Trust Series 2004G (A-1+, P-1)
2.93%(b) 06/03/05 11,490 11,489,900
Wachovia Asset Securitization, Inc. Series
04-HM1, Class A (AAA, Aaa)
3.00%(b) 05/25/05 62,704 62,703,748
Wachovia Asset Securitization, Inc. Series
04-HM2, Class A (AAA, Aaa)
3.01%(b) 05/25/05 57,972 57,971,758
=============
234,820,406
-------------
Banks - 5.3%
All Seasons Funding LLC (Federal Home Loan
Bank Guaranty) (Aaa)
3.08%(b) 05/07/05 4,045 4,045,000
American National Fish & Wildlife Museum of
Missouri RB Series 2004B DN (Commerce Bank
NA LOC) (A-1)(c)
3.18%(b) 05/07/05 1,000 1,000,000
Bank of America, N.A. (AA+, Aa1)
2.80%(b) 05/02/05 72,210 72,210,000
Bank of New York, Inc. (AA-, Aa2)
2.92%(b) 05/20/05 13,920 13,919,927
Gables of Germantown (Marshall & Illsely Bank
LOC) (A-1, P-1)(c)
3.14%(b) 05/07/05 15,000 15,000,000
Green Knight Economic Development Series 2004
(Fulton Bank LOC) (A-1)(c)
3.21%(b) 05/07/05 2,560 2,560,000
HBOS Treasury Services PLC (A-1+, P-1)
3.08%(b) 06/24/05 150,000 150,000,000
Laurel Grocery Co. LLC (US Bank N.A. LOC)
(A-1, P-1)(c)
3.08%(b) 05/07/05 1,425 1,425,000
MB & B Holdings LLC (Marshall & Ilsley Bank
LOC) (A-1, P-1)
3.14%(b) 05/05/05 6,915 6,915,000
3.14%(b) 05/05/05 3,760 3,760,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
VARIABLE RATE OBLIGATIONS (Continued)
Banks (continued)
Nationwide Building Society (A+, Aa3)
3.20%(b) 07/22/05 $150,000 $ 150,026,689
North Square Associates LLP (Marshall & Ilsley
Bank LOC) (A-1, P-1)
3.14%(b) 05/05/05 14,715 14,715,000
Oxford Capital Enterprise LLC (National City Bank
of Cleveland LOC) (A-1, P-1)(c)
3.08%(b) 05/07/05 4,000 4,000,000
Park Street Properties I LLC (U.S. Bank LOC)
(Aa2)(c)
3.01%(b) 05/05/05 9,000 9,000,000
Park Village (Bank One N.A. LOC) (A-1+, P-1)
3.01%(b) 05/05/05 7,000 7,000,000
Prospect Aggregates, Inc. (Fulton Bank LOC) (A-1)
3.21%(b) 05/05/05 9,000 9,000,000
Shipley Group LP (Fulton Bank LOC) (VMIG-1)(c)
3.21%(b) 05/07/05 17,480 17,480,000
Tom Gill LLC (U.S. Bank N.A. LOC) (A-1, P-1)(c)
3.10%(b) 05/07/05 1,565 1,565,000
Westpac Banking Corp. (AA-, Aa3)
2.99%(b) 06/13/05 108,250 108,250,000
=============
591,871,616
-------------
Insurance Carriers NEC - 0.1%
ASIF Global Financing (AAA, Aaa)
3.11%(b) 06/02/05 16,000 16,010,432
-------------
Life Insurance - 6.5%
Allstate Life Global Funding II (AA, Aa2)
3.01%(b) 05/16/05 100,000 100,000,001
Allstate Life Insurance Co. (A-1+, P-1)
2.74%(b) 05/02/05 50,000 50,000,000
MetLife Global Funding I (AA, Aa2)
3.13%(b) 05/31/05 40,000 40,000,000
Monumental Life Insurance Co. (A-1+, P-1)
3.04%(b) 06/01/05 200,000 200,000,000
New York Life Insurance Co. (A-1+, P-1)
3.09%(b) 06/13/05 300,000 300,000,000
Transamerica Occidental Life Insurance Co.
(A-1+, P-1)
3.05%(b) 06/01/05 26,000 26,000,000
=============
716,000,001
-------------
Municipal Bonds - 2.1%
Massachusetts State Housing Finance Agency RB
(Avalon Flanders Project) Series 2004A DN
(Morgan Guaranty Trust LOC) (A-1+)
3.00%(b) 05/09/05 22,375 22,375,001
New York State Dormitory Authority RB Series
(Taxable Project) 2005A DN (A-1+, F-1+)
3.04%(b) 05/09/05 15,525 15,525,000
New York State Housing Finance Agency RB
Series 2003B DN (VMIG-1)
3.00%(b) 05/04/05 22,900 22,900,000
Pennsylvania Higher Educational Assistance
Agency Student Loan RB Series 2002A AMT DN
(FSA Insurance) (A-1+, VMIG-1)
3.05%(b) 05/09/05 41,700 41,700,000
Santa Rosa California RB Series 2004 DN (Bank
One N.A. LOC) (A-1+, F1-+)
3.00%(b) 05/05/05 42,000 42,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
14
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
TEMPCASH (CONCLUDED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
VARIABLE RATE OBLIGATIONS (Continued)
Municipal Bonds (continued)
Savannah College Georgia RB (Art & Design
Project) Series 2004 DN (A-1+)
3.06%(b) 05/05/05 $ 7,800 $ 7,800,000
St. Lucie Florida Solid Waste Disposal RB
(VMIG-1)
3.10%(b) 05/09/05 66,000 66,000,000
Texas State GO Series 2004D DN (Dexia Credit
Local SBPA) (A-1+, VMIG-1)
3.00%(b) 05/04/05 4,945 4,945,000
Texas State GO Series 2004E DN (Dexia Credit
Local SBPA) (A-1+, VMIG-1)
3.00%(b) 05/04/05 9,500 9,500,000
Utah Telecommunication Open RB (Infrastructure
Agency Project) Series 2004 DN (Bank of
America LOC) (A-1+)
3.02%(b) 05/09/05 2,060 2,060,000
=============
234,805,001
-------------
Personal Credit Institutions - 2.5%
General Electric Capital Corp. (AAA, Aaa)
3.01%(b) 05/09/05 116,000 116,018,219
3.07%(b) 05/17/05 163,760 163,855,615
=============
279,873,834
-------------
Security Brokers & Dealers - 5.3%
Bear Stearns & Co., Inc. (A, A1)
3.07%(b) 05/31/05 64,000 64,000,000
Citigroup Global Markets, Inc. (A-1+, P-1)
2.83%(b) 05/03/05 130,800 130,800,000
Greenwich Capital Holdings, Inc. (A-1+, P-1)
2.81%(b) 09/30/05 25,325 25,325,000
Lehman Brothers Holdings, Inc. (A-1, P-1)
3.06%(b) 05/02/05 26,000 26,000,000
3.06%(b) 05/02/05 25,000 25,000,000
Merrill Lynch & Co., Inc. (A+, Aa3)
3.06%(b) 05/11/05 300,000 300,107,621
=============
571,232,621
-------------
TOTAL VARIABLE RATE OBLIGATIONS
(Cost $2,744,613,911) 2,744,613,911
-------------
TIME DEPOSITS - 5.3%
Wells Fargo Bank (A-1, P-1)
2.98%
(Cost $603,000,000) 05/02/05 603,000 603,000,000
-------------
REPURCHASE AGREEMENTS - 12.7%
Goldman Sachs & Co.
3.00% 05/02/05 300,000 300,000,000
(Agreement dated 04/29/05 to be repurchased at
$300,075,000, collateralized by $281,537,750
Federal Home Loan Mortgage Corporation
Adjustable Rate Mortgage Notes andFederal
National Mortgage Bonds 5.00% to 6.63% due
from 10/15/16 to 05/15/34. The market value is
$ 309,000,927.)
Morgan Stanley & Co., Inc.
2.96% 05/02/05 252,400 252,400,000
(Agreement dated 04/29/05 to be repurchased at
$252,462,259, collateralized by $2,144,667,819
Federal Home Loan Mortgage Corporation
Bonds, Adjustable Rate Mortgage Notes and
Variable Rate Notes and Federal National
Mortgage Association Bonds3.71% to 13.00%
due from 11/01/05 to 05/01/35. The market
PAR
MATURITY (000) VALUE
value is $260,266,211.) ---------- ------------------ -------------------
REPURCHASE AGREEMENTS (Continued)
UBS Securities LLC
2.78% 05/03/05 $250,000 $ 250,000,000
(Agreement dated 03/21/05 to be repurchased at
$250,830,139, collateralized by $254,955,000
Federal Home Loan Mortgage Corporation
Bonds, Federal National Mortgage Association
Bonds, and Government National Mortgage
Association Bonds 4.50% to 6.00% due from
01/15/22 to 07/20/34. The market value
is$257,504,876.)
UBS Securities LLC
3.05% 07/05/05 600,000 600,000,000
(Agreement dated 04/29/05 to be repurchased at
$603,405,833, collateralized by $624,413,301
Federal Home Loan Mortgage Corporation
Bonds, Federal National Mortgage Association
Bonds, and Government National Mortgage
Association Bonds 4.50% to 6.50% due from
02/15/24 to 03/15/35. The market value
is$618,004,316.)
=============
TOTAL REPURCHASE AGREEMENTS
(Cost $1,402,400,000)
1,402,400,000
-------------
TOTAL INVESTMENTS IN SECURITIES -
100.0%
(Cost $11,074,520,303(a)) 11,074,520,303
LIABILITIES IN EXCESS OF OTHER
ASSETS - 0.0% (5,143,798)
--------------
NET ASSETS - 100.0%
(Equivalent to $1.00 per share
based on 10,481,952,560
Institutional Shares, 590,401,563
Dollar Shares, 2,247 Bear
Stearns Premier Shares and
2,152 Bear Stearns Premier
Choice Shares outstanding) $11,069,376,505
===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($10,479,184,504/10,481,952,560) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($590,187,610/590,401,563) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($2,239/2,247) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER CHOICE SHARE
($2,149/2,152) $ 1.00
=======
- -------------------
(a) Aggregate cost for Federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2005 and maturities shown are
the next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Ratings reflect those of guarantor.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
15
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
FEDFUND
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
AGENCY OBLIGATIONS - 66.8%
Federal Farm Credit Bank Variable Rate Notes - 16.3%
2.85%(b) 05/03/05 $ 80,000 $ 80,017,680
2.76%(b) 05/02/05 95,000 94,974,430
2.78%(b) 05/02/05 35,000 35,000,277
2.78%(b) 05/02/05 172,000 172,008,267
2.78%(b) 05/02/05 10,000 9,999,212
2.80%(b) 05/02/05 40,000 40,000,468
=============
432,000,334
-------------
Federal Home Loan Bank Bonds - 0.8%
2.80% 05/02/05 9,966 9,965,225
1.41% 05/09/05 12,000 12,000,000
=============
21,965,225
-------------
Federal Home Loan Bank Variable Rate Notes - 15.2%
2.63%(b) 05/02/05 100,000 99,931,703
2.77%(b) 05/03/05 50,000 49,990,135
2.89%(b) 05/23/05 150,000 149,883,265
2.83%(b) 06/08/05 102,000 101,979,953
=============
401,785,056
-------------
Federal Home Loan Mortgage Corp. Bonds - 0.8%
2.88% 09/15/05 22,000 22,036,224
-------------
Federal Home Loan Mortgage Corp. Discount Notes - 9.2%
2.73% 05/02/05 144,300 144,289,058
2.92% 06/30/05 100,000 99,513,333
=============
243,802,391
-------------
Federal Home Loan Mortgage Corporation Bonds - 1.9%
2.74% 05/03/05 1,004 1,003,847
2.95% 07/05/05 49,000 48,739,007
=============
49,742,854
-------------
Federal National Mortgage Association Bonds - 10.8%
2.80% 05/02/05 100,410 100,402,218
2.68% 05/02/05 48,094 48,090,420
1.55% 05/04/05 40,000 39,996,236
5.75% 06/15/05 75,346 75,588,390
2.70% 05/02/05 23,000 22,998,275
=============
287,075,539
-------------
Federal National Mortgage Association Discount Notes - 0.5%
2.75% 05/02/05 9,800 9,799,250
-------------
Federal National Mortgage Association Variable Rate Notes -
11.3%
2.80%(b) 05/02/05 20,000 20,000,841
2.77%(b) 05/09/05 50,000 49,949,691
2.83%(b) 05/16/05 50,000 49,988,977
2.95%(b) 05/31/05 50,000 49,992,145
2.82%(b) 06/06/05 80,000 79,983,304
2.87%(b) 06/09/05 50,000 49,999,572
=============
299,914,530
-------------
TOTAL AGENCY OBLIGATIONS
(Cost $1,768,121,403) 1,768,121,403
-------------
REPURCHASE AGREEMENTS - 43.2%
Deutsche Bank Securities, Inc.
2.78% 05/03/05 200,000 200,000,000
(Agreement dated 03/22/05 to be repurchased at
$200,648,666, collateralized by $698,937,321
Federal National Mortgage Association Bonds
and Variable Rate Notes 4.09% to 6.00% due
from 02/01/33 to 11/01/34. The market value is
PAR
MATURITY (000) VALUE
$ 206,000,000.) ---------- ------------------ -------------------
REPURCHASE AGREEMENTS (Continued)
Goldman Sachs & Co.
2.97% 05/02/05 $200,000 $ 200,000,000
(Agreement dated 04/29/05 to be repurchased at
$200,049,500, collateralized by $230,704,467
Federal Home Loan Mortgage Corporation
Bonds and Federal National Mortgage
Association Bonds 3.00% to 5.00% due from
03/15/30 to 03/01/34. The market value is
$ 206,000,001.)
Morgan Stanley & Co.
2.95% 05/02/05 194,000 194,000,000
(Agreement dated 04/29/05 to be repurchased at
$194,047,672, collateralized by $204,212,124
Federal National Mortgage Association Bonds
and Medium Term Notes 4.25% to 6.75% due
from 07/15/09 to 11/01/34. The market value is
$ 202,472,566.)
Morgan Stanley & Co., Inc.
2.96% 05/02/05 350,400 350,400,000
(Agreement dated 04/29/05 to be repurchased at
$350,486,432, collateralized by $368,844,990
Federal National Mortgage Association Bonds
and Medium Term Notes 4.25% to 6.75% due
from 07/15/09 to 11/01/34. The market value is
$ 365,703,026.)
UBS Securities LLC
2.98% 06/29/05 100,000 100,000,000
(Agreement dated 04/07/05 to be repurchased at
$100,687,056, collateralized by Federal National
Mortgage Association Strips due 12/01/34. The
market value is $103,000,629.)
UBS Securities LLC
3.05% 07/05/05 100,000 100,000,000
(Agreement dated 04/29/05 to be repurchased at
$100,567,639, collateralized by $141,155,000
Federal National Mortgage Association Strips
due from 08/01/34 to 12/01/34. The market
value is $103,002,723.)
=============
TOTAL REPURCHASE AGREEMENTS
(Cost $1,144,400,000)
1,144,400,000
-------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
16
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
FEDFUND (CONCLUDED)
APRIL 30, 2005 (UNAUDITED)
VALUE
-----------------
TOTAL INVESTMENTS IN SECURITIES -
110.0%
(Cost $2,912,521,403(a)) $2,912,521,403
LIABILITIES IN EXCESS OF OTHER
ASSETS - (10.0)%
(including $263,866,497 payable
for fundshare redeemed) (264,753,050)
--------------
NET ASSETS - 100.0%
(Equivalent to $1.00 per share
based on 2,118,900,084
Institutional Shares, 348,212,889
Dollar Shares, 1,624,264 Cash
Reserve Shares, 15,120,716 Bear
Stearns Shares, 2,153 Bear
Stearns Premier Select Shares,
147,937,381 Bear Stearns Private
Client Shares and 15,974,618
Bear Stearns Premier Shares
outstanding) $2,647,768,353
==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($2,118,868,721/2,118,900,084) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($348,241,209/348,212,889) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
CASH RESERVE SHARE
($1,624,225/1,624,264) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS SHARE
($15,120,659/15,120,716) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER CHOICE SHARE
($2,153/2,153) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT
SHARE($147,936,768/147,937,381) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($15,974,619/15,974,618) $ 1.00
=======
- -------------------
(a) Aggregate cost for Federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2005 and maturities shown are
the next interest readjustment date or the date the principal owed can be
recovered through demand.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
17
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS - 100.0%
Alabama - 6.3%
Alabama Housing Finance Authority Multi-Family
Housing RB (Rime Village Hoover Project) Series
1996A DN (Federal National Mortgage
Association Guaranty) (A-1+)
3.01%(b) 05/09/05 $10,265 $ 10,265,000
Columbia IDRB (Alabama Power Co. Project) Series
1995B DN (The Southern Co. Guaranty)
(A-1, VMIG-1)
3.02%(b) 05/02/05 23,800 23,800,000
Columbia IDRB (Alabama Power Co. Project) Series
1999A DN (The Southern Co. Guaranty)
(A-1, VMIG-1)
3.02%(b) 05/02/05 45,450 45,450,000
Cullman Medical Park RB (South Medical Clinic
Board Project) (Merrill Lynch P-Float Trust
Receipts) Series 2005-121 DN (VMIG-1)
3.06%(b) 05/09/05 10,000 10,000,000
Eutaw Industrial Development Board PCRB
(Alabama Power Co. Project) Series 1998 DN
(A-1, VMIG-1)
3.02%(b) 05/02/05 5,200 5,200,000
Jefferson County GO Warrants Series 2001B DN
(Morgan Guaranty Trust LOC, Bayerische
Landesbank Girozentrale SBPA) (A-1+, VMIG-1)
3.00%(b) 05/02/05 83,855 83,855,000
============
178,570,000
------------
Alaska - 0.3%
Anchorage Wastewater RB (Wachovia Merlots Trust
Receipts) Series 2004C-25 MB (MBIA Insurance,
Wachovia Bank Liquidity Facility) (MIG-1)
1.70%(b) 09/01/05 1,000 1,000,000
Anchorage Water RB (Wachovia Merlots Trust
Receipts) Series 2004C-32 MB (MBIA Insurance,
Wachovia Bank N.A. SBPA) (MIG-1)
1.70%(b) 09/16/05 3,135 3,135,000
Matanuska-Susitna Borough RB (Wachovia Merlots
Trust Receipts) Series 2001A-114 DN (FGIC
Insurance, Wachovia Bank N.A. SBPA) (A-1)
3.08%(b) 05/09/05 3,165 3,165,000
============
7,300,000
------------
Arizona - 0.5%
Arizona Health Facilities Authority RB (Royal Oaks
Project) Series 2002 DN (Lasalle Bank N.A. LOC)
(F1+)
3.00%(b) 05/09/05 8,605 8,605,000
Pima County IDRB (El Dorado Hospital Project) DN
(Branch Banking Trust LOC) (VMIG-1)
3.02%(b) 05/09/05 5,400 5,400,000
============
14,005,000
------------
Arkansas - 0.6%
Arkansas Housing Finance Authority RB (Baptist
Health Project) Series 1995 DN (MBIA Insurance)
(A-1+)
3.04%(b) 05/09/05 15,400 15,400,000
------------
California - 5.1%
California Affordable Housing Agency Multi-Family
RB (Merrill Lynch P-Float Trust Receipts) Series
2003 PT-2049 DN (Merrill Lynch & Co. Guaranty,
Merrill Lynch Capital Services SBPA) (F-1+)
3.05%(b) 05/09/05 11,650 11,650,000
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
California (continued)
California GO (Municipal Securities Trust Receipts)
Series 1997 SGA-54 DN (AMBAC Insurance,
Societe Generale SBPA) (A-1+)
3.00%(b) 05/09/05 $ 3,000 $ 3,000,000
California GO Series 2003A-2 DN (Landesbank
Hessen-Thuringen Girozentrale LOC)
(A-1+, VMIG-1)
3.02%(b) 05/02/05 36,775 36,775,000
California GO Series 2004A RAN (SP-1, MIG-1)
3.00%(b) 06/30/05 24,250 24,299,741
California Health Facilities Financing Authority RB
Series 1999 PA-587 DN (Merrill Lynch Capital
Services Guaranty) (A-1+)
3.05%(b) 05/09/05 8,095 8,095,000
California Statewide Communities Development
Authority Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2000 PT-1268 DN (Merrill
Lynch & Co. Guaranty) (A-1+)
3.05%(b) 05/09/05 31,600 31,600,000
Los Angeles Wastewater Systems Subordinate RB
Series 2001A MB (FGIC Insurance) (A-1+, MIG-1)
2.15%(b) 12/15/05 8,500 8,500,000
Los Angeles Water & Power RB Series 2002A-4 DN
(J.P. MorganChase SBPA) (A-1+, VMIG-1)
3.00%(b) 05/09/05 15,000 15,000,000
Metropolitan Water District of Southern California
Waterworks RB Series 2000B-2 DN
(Westdeutsche Landesbank Girozentrale LOC)
(A-1+, VMIG-1)
3.00%(b) 05/09/05 2,800 2,800,000
============
141,719,741
------------
Colorado - 1.5%
Alamosa County Hospital RB (San Luis Valley
Regional Medical Center Project) Series 2005 DN
(U.S. Bank LOC) (A-1+)
3.04%(b) 05/09/05 11,355 11,355,000
Colorado Educational & Cultural Facilities Authority
RB (Denver Museum Project) Series 2001 DN
(Bank One N.A. LOC) (A-1)
3.00%(b) 05/09/05 400 400,000
Colorado Educational & Cultural Facilities Authority
RB (National Cable Television Center Project)
Series 1999 DN (Wells Fargo Bank LOC) (A-1+)
3.00%(b) 05/09/05 1,170 1,170,000
Colorado General Fund RB Series 2004 TRAN
(SP-1+, MIG-1)
3.00%(b) 06/27/05 20,000 20,043,642
Colorado Health Facilities Authority RB (Total
Long-Term Care Project) Series 2002 DN (U.S.
Bank N.A. LOC) (A-1+)
3.00%(b) 05/09/05 5,150 5,150,000
East Cherry Creek Valley RB (Water & Sanitation
Project) Series 2004 DN (MBIA Insurance, Dexia
Bank SPBA) (A-1+)
2.90%(b) 05/09/05 3,500 3,500,000
============
41,618,642
------------
Connecticut - 2.5%
Connecticut Health & Educational Facilities
Authority RB (Yale Univetrsity Project) Series
1999U DN (A-1+, VMIG-1)
2.94%(b) 05/09/05 44,800 44,800,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
18
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Connecticut (continued)
Danbury GO Series 2004 BAN (SP-1+, MIG-1)
3.00%(b) 08/05/05 $25,000 $25,097,780
===========
69,897,780
-----------
Delaware - 0.2%
Delaware Economic Development Authority RB (St.
Anne's Episcopal School Project) Series 2001 DN
(Wilmington Trust Co. LOC) (A-1)
3.10%(b) 05/09/05 2,000 2,000,000
Sussex County IDRB (Rehoboth Mall Project) Series
2001A DN (M&T Bank Corp. LOC) (A-1)
3.07%(b) 05/09/05 3,345 3,345,000
===========
5,345,000
-----------
District of Columbia - 0.3%
District of Columbia RB (Arts & Technology
Academy Project) Series 2002 DN (M&T Bank
Corp. LOC) (VMIG-1)
3.07%(b) 05/09/05 3,730 3,730,000
District of Columbia Refunding RB Series 2001 DN
(SunTrust Bank LOC) (VMIG-1)
3.00%(b) 05/09/05 1,800 1,800,000
District of Columbia Water & Sewer Authority
Public Utilities RB Series 2002A-64 DN (Wachovia
Bank N.A. LOC) (VMIG-1)
3.08%(b) 05/09/05 2,275 2,275,000
===========
7,805,000
-----------
Florida - 2.6%
Broward County GO (Wachovia Merlots Trust
Receipts) Series 2004B-9 DN (Wachovia Bank
N.A. SBPA) (A-1)
3.08%(b) 05/09/05 5,640 5,640,000
Broward County Municipal Securities Trust
Certificates RB (Bear Stearns Trust Receipts)
Series 2002 DN (FSA Insurance) (A-1)
3.04%(b)(c) 05/09/05 14,000 14,000,000
Florida Board of Education GO (Eagle Tax Exempt
Trust Receipts) Series 2003A DN (Citibank SBPA)
(A-1+)
3.03%(b) 05/09/05 4,945 4,945,000
Florida Housing Finance Corp. Multi Family RB
(Merrill Lynch P-Float Trust Receipts) Series
2000 PT-1234 DN (Merrill Lynch Capital Services
SBPA) (A-1)
3.08%(b) 05/09/05 15,195 15,195,000
Florida Juvenile Department (Wachovia Merlot
Trust Receipts) RB Series 2000-OOO DN (MBIA
Insurance) (VMIG-1)
3.08%(b) 05/09/05 11,750 11,750,000
Miami Beach Health Facilities Authority RB
(CitiGroup Trust Receipts) Series ROC-II-R DN
(Citibank SBPA) (VMIG-1)
3.07%(b) 05/09/05 2,100 2,100,000
Orange County Housing Finance Authority
Multi-Family RB (Post Fountains at Lee Vista
Project) Series 1997E DN (Federal National
Mortgage Association Guaranty) (A-1+)
3.00%(b) 05/09/05 5,915 5,915,000
Palm Beach County RB (Morse Obligation Group
Project) Series 2003 DN (KeyBank N.A. LOC) (A-1)
3.03%(b) 05/09/05 5,000 5,000,000
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Florida (continued)
Pinellas County Housing Finance Authority RB
Series 2004A DN (Rabobank SBPA, CDC Funding
Insurance) (VMIG-1)
3.08%(b) 05/09/05 $ 3,165 $ 3,165,000
Tampa RB (Volunteers of America Project) Series
2005 DN (Wachovia Bank LOC)
3.10%(b) 05/09/05 3,900 3,900,000
===========
71,610,000
-----------
Georgia - 2.4%
Appling County Development Authority PCRB
(Oglethorpe Power Corp. Project) Series 2002 DN
(MBIA Insurance, J.P. Morgan Chase SBPA) (A-1+)
3.05%(b) 05/09/05 2,415 2,415,000
Atlanta Water & Wastewater RB Series 2001C DN
(FSA Insurance LOC) (A-1+, VMIG-1)
3.05%(b) 05/02/05 7,300 7,300,000
Atlanta Water & Wastewater RB Series 2002B DN
(FSA Insurance LOC) (A-1+, VMIG-1)
3.00%(b) 05/09/05 8,000 8,000,000
Atlanta Water & Wastewater RB Series 2005 DN
(Citibank N.A. LOC) (A-1+)
3.03%(b) 05/09/05 5,000 5,000,000
Bibb County Methodist Home Development
Authority RB Series 2001 DN (SunTrust Bank
LOC) (VMIG-1)
3.00%(b) 05/09/05 3,080 3,080,000
Clayton County Hospital Authority Anticipation
Certificates RB Series 1998B DN (SunTrust Bank
LOC) (Aa3)
3.00%(b) 05/09/05 1,905 1,905,000
Cobb County Development Authority RB (Boy Scouts
of America Atlanta Project) Series 2001 DN
(SunTrust Bank LOC) (VMIG-1)
3.00%(b) 05/09/05 3,000 3,000,000
Cobb County Development Authority RB (Highland
Park Associates Project) Series 1998 DN
(SunTrust Bank LOC)
3.00%(b) 05/09/05 3,150 3,150,000
Dekalb County Housing Authority Multi-Family
Housing RB (Clairmont Crest Project) Series 1995
DN (Federal National Mortgage Association
Guaranty) (A-1+, VMIG-1)
3.00%(b) 05/09/05 400 400,000
Forsyth County School District GO Series 2004A-6
DN (FSA Insurance, CDC Liquidity Facility) (A-1+)
3.03%(b) 05/09/05 3,025 3,025,000
Fulton County Development Authority RB (Epstein
School Project) Series 1997 DN (SunTrust Bank
LOC) (Aa3)
3.00%(b) 05/09/05 1,900 1,900,000
Fulton County Development Authority RB (Trinity
School Project) Series 2001 DN (SunTrust Bank
LOC) (VMIG-1)
3.00%(b) 05/09/05 2,000 2,000,000
Georgia Local Government Certificates RB Series
2002O DN (MBIA Insurance, Bank of America
N.A. Liquidity Facility) (A-1+)
3.07%(b) 05/09/05 1,310 1,310,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
19
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Georgia (continued)
Gwinnett County Hospital Authority Anticipation
Certificates RB Series 2002 DN (SunTrust Bank
LOC) (A-1+)
3.00%(b) 05/09/05 $ 3,000 $ 3,000,000
La Grange Development Authority RB Series 2001
DN (SunTrust Bank LOC) (VMIG-1)
3.00%(b) 05/09/05 1,000 1,000,000
Macon-Bibb County Hospital Authority RB (The
Medical Center of Central Georgia Project) Series
1998 DN (SunTrust Bank LOC) (A-1+)
3.00%(b) 05/09/05 3,000 3,000,000
Medical Center Hospital Authority RB (Spring
Harbor at Green Island Project) Series 2004 DN
(Bank of Scotland LOC) (F-1+)
3.00%(b) 05/09/05 3,000 3,000,000
Metro Atlanta Rapid Transit System TECP Series
2005 MB (Dexia LOC) (A-1+, P-1)
2.38% 06/10/05 9,000 9,000,000
2.35% 06/24/05 5,000 5,000,000
===========
66,485,000
-----------
Hawaii - 1.1%
Hawaii GO (Citibank Eagle Trust Receipts) Series
2002 DN (FSA Insurance) (A-1+)
3.03%(b) 05/09/05 3,600 3,600,000
Hawaii Municipal Securities Trust Certificates GO
(Bear Stearns Municipal Trust Certificates) Series
2002A-9049 DN (AMBAC Insurance, Bear Stearns
Capital Markets Liquidity Facility) (A-1)
3.04%(b)(c) 05/09/05 8,760 8,760,000
Hawaii Municipal Securities Trust Certificates GO
(Bear Stearns Municipal Trust Certificates) Series
2002A-9051 DN (FSA Insurance) (A-1)
3.05%(b)(c) 05/09/05 9,990 9,990,000
Hawaii Pacific Health Special Purpose RB
(Department of Budget & Finance Project) Series
2004B DN (Radian Asset Assurance Guaranty,
Bank of Nova Scotia Liquidity Facility)
(A-1+, F-1+)
3.10%(b) 05/09/05 7,500 7,500,000
===========
29,850,000
-----------
Illinois - 5.5%
Central Lake County Action Water Agency RB
(Wachovia Merlots Trust Receipts) Series
2003B-18 DN (MBIA Insurance, Wachovia Bank
N.A. Liquidity Facility) (VMIG-1)
3.08%(b) 05/09/05 4,980 4,980,000
Chicago Board of Education GO (Wachovia Merlots
Trust Receipts) Series 1999A-47 DN (FGIC
Insurance, Wachovia Bank N.A. LOC) (A-1)
3.08%(b) 05/09/05 3,090 3,090,000
Chicago Board of Education Municipal Securities
Trust Certificates RB (Bear Stearns Trust
Receipts) Series 2001 DN (FSA Insurance, Bear
Stearns Capital Markets Liquidity Facility) (A-1)
3.05%(b)(c) 05/09/05 4,695 4,695,000
Chicago GO (Wachovia Merlots Trust Receipts)
Series 2000W DN (AMBAC Insurance, Wachovia
Bank N.A. Liquidity Facility) (VMIG-1)
3.08%(b) 05/09/05 2,000 2,000,000
Chicago GO Tender Notes Series 2004 MB (State
Street Bank & Trust LOC) (SP-1+, MIG-1)
2.20%(b) 12/08/05 4,000 4,000,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Chicago O'Hare International Airport RB (Wachovia
Merlot Trust Receipts) Series 2002A-25 DN (MBIA
Insurance, Wachovia Bank N.A. Liquidity
Facitility) (VMIG-1)
3.08%(b) 05/09/05 $ 5,305 $ 5,305,000
Chicago Park District RB (Citibank Eagle Tax
Exempt Trust Receipts) Series 2002-1306 DN
(FGIC Insurance, Citibank Liquidity Facility) (A-1+)
3.03%(b) 05/09/05 5,345 5,345,000
Chicago Sales Tax RB (Wachovia Merlots Trust
Receipts) Series 2000AAA DN (FGIC Insurance,
Wachovia Bank N.A. Liquidity Facility) (VMIG-1)
3.08%(b) 05/09/05 5,000 5,000,000
Cook County Capital Improvement GO (Wachovia
Merlot Trust Receipts) Series 2002C DN (AMBAC
Insurance, Wachovia Bank N.A. Liquidity Facility)
(VMIG-1)
3.08%(b) 05/09/05 3,500 3,500,000
Du Page County Municipal Securities Trust
Certificates RB (Bear Stearns Trust Receipts)
Series 2001A DN (FSA Insurance, Bear Stearns
SBPA) (A-1)
3.05%(b)(c) 05/09/05 15,970 15,970,000
Illinois Dedicated Tax RB (Macon Trust Certificates)
Series 2002N DN (AMBAC Insurance) (A-1+)
3.09%(b) 05/09/05 2,935 2,935,000
Illinois Development Finance Authority RB (Decatur
Mental Health Center Project) Series 1997 DN
(First of America LOC)
3.07%(b) 05/09/05 150 150,000
Illinois Educational Facility Authority RB (Aurora
University Project) Series 2002 DN (Fifth Third
Bank N.A. LOC) (VMIG-1)
3.05%(b) 05/09/05 1,800 1,800,000
Illinois Finance Authority RB (Northwestern
University Project) Series 2004A DN
(A-1+, VMIG-1)
2.97%(b) 05/09/05 14,700 14,700,000
Illinois GO (ABN-AMRO Munitops Trust Certificates)
Series 2002-23 MB (MBIA Insurance) (VMIG-1)
2.30%(b) 05/25/05 12,375 12,375,000
Illinois GO (Wachovia Merlots Trust Receipts) Series
2002 DN (MBIA Insurance, Wachovia Bank N.A.
Liquidity Facility) (VMIG-1)
3.08%(b) 05/09/05 5,640 5,640,000
Illinois GO (Wachovia Merlots Trust Reciepts) Series
2002 DN (MBIA Insurance, Wachovia Bank N.A.
SBPA) (VMIG-1)
3.08%(b) 05/09/05 2,495 2,495,000
Illinois Health Facilities Authority Municipal
Securities Trust Certificates RB (Bear Stearns
Trust Receipts) Series 2002 DN (MBIA Insurance,
Bear Stearns Capital Markets Liquidity Facility)
(A-1)
3.05%(b)(c) 05/09/05 14,875 14,875,000
Illinois Health Facilities Authority RB (Lutheran
Home & Services Project) Series 2001 DN (M&T
Bank Corp. LOC) (A-1+)
3.03%(b) 05/09/05 10,795 10,795,000
Illinois Housing Development Center Apartments
RB Series 1985 DN (Federal Home Loan
Mortgage Corp. SBPA) (A-1+)
2.95%(b) 05/09/05 2,250 2,250,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
20
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Illinois Regional Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series
2002A-24 DN (Wachovia Bank N.A. SBPA)
(VMIG-1)
3.08%(b) 05/09/05 $13,600 $ 13,600,000
Lake County First Preservation District GO (Citibank
Trust Receipts) Series 2003R ROC II DN (Citibank
Liquidity Facility) (A-1+)
3.03%(b) 05/09/05 1,990 1,990,000
Metropolitan Pier & Exposition Authority RB
(Dedicated State Tax Receipts) Series 2005PZ-44
DN (MBIA Insurance, Merrill Lynch Capital
Services SBPA) (F-1+)
3.11%(b) 05/09/05 2,810 2,810,000
Regional Transportation Authority GO (Wachovia
Merlots Trust Receipts) Series 2001A-86 DN
(FGIC Insurance, Wachovia Bank N.A. LOC)
(VMIG-1)
3.08%(b) 05/09/05 1,600 1,600,000
University of Illinois RB (Wachovia Merlots Trust
Receipts) Series 2000 DN (MBIA Insurance,
Wachovia Bank N.A. SBPA) (VMIG-1)
3.08%(b) 05/09/05 3,500 3,500,000
Will County Community Unit School District 365 GO
Series 2005 DN (FSA Insurance, Merrill Lynch
Capital Services SBPA)
3.11%(b) 05/09/05 6,995 6,995,000
============
152,395,000
------------
Indiana - 1.9%
Indiana Health Facilities Financing Authority RB
(Golden Years Homestead Project) Series 2004
DN (Wells Fargo Bank LOC) (A-1+)
3.00%(b) 05/09/05 1,100 1,100,000
Indiana Health Facilities Financing Authority RB
(Memorial Hospital Project) Series 2004A DN
(National City Bank of Indiana LOC)
3.07%(b) 05/09/05 21,880 21,880,000
Indiana Municipal Power Agency Power Supply
System RB Series 2000A DN (Toronto Dominion
LOC) (A-1+, VMIG-1)
3.00%(b) 05/09/05 1,700 1,700,000
Indiana Municipal Securities Trust Certificates RB
(Bear Stearns Municipal Trust Receipts) Series
2001A DN (Bear Stearns Capital Markets
Liquidity Facility) (A-1)
3.05%(b)(c) 05/09/05 11,115 11,115,000
Indiana State Educational Facilities Authority RB
(Wabash College Project) Series 2003 DN (Bank
One N.A. LOC) (VMIG-1)
3.00%(b) 05/09/05 2,605 2,605,000
Indiana Transportation Finance Authority Highway
RB Series 2004 DN (FGIC Insurance, Bank of New
York SBPA) (A-1+)
3.07%(b) 05/09/05 4,000 4,000,000
Porter County Industrial Jail Building Corp. RB
(Wachovia Merlots Trust Receipts) Series
2001A-43 DN (Wachovia Bank N.A. LOC) (A-1)
3.08%(b) 05/09/05 7,145 7,145,000
Warren Township Vision 2005 School Building Corp.
RB (Wachovia Merlots Trust Receipts) Series
2001A-52 DN (FGIC Insurance, Wachovia Bank
N.A. SBPA) (A-1)
3.08%(b) 05/09/05 3,300 3,300,000
============
52,845,000
------------
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Iowa - 1.0%
Des Moines Commercial Development RB (Grand
Office Park Project) Series 1985 DN (Principal
Life Insurance Company Guaranty) (A-1+)
3.15%(b) 05/09/05 $ 6,000 $ 6,000,000
Iowa Higher Education Loan Authority RB (Private
College Project) Series 1985 DN (MBIA
Insurance) (A-1+, VMIG-1)
3.04%(b) 05/09/05 1,700 1,700,000
Iowa RB Series 2004 TRAN (SP-1+, MIG-1)
3.00%(b) 06/30/05 4,000 4,007,643
Urbandale IDRB (Aurora Business Park Association
Project) Series 1985 DN (Principal Life Insurance
Co. Guaranty) (A-1+)
3.15%(b) 05/09/05 9,200 9,200,000
Urbandale IDRB (Meredith Drive Association
Project) Series 1985 DN (Principal Life Insurance
Co. Guaranty) (A-1+)
3.15%(b) 05/09/05 5,500 5,500,000
============
26,407,643
------------
Kentucky - 0.2%
Fort Mitchell League of Cities RB (Funding Trust
Lease Project) Series 2002A DN (U.S. Bank N.A.
LOC) (VMIG-1)
3.01%(b) 05/09/05 4,850 4,850,000
------------
Louisiana - 0.2%
East Baton Rouge Parish PCRB (Exxon Mobil
Project) Series 1993 DN (A-1+, VMIG-1)
2.96%(b) 05/02/05 9,600 9,600,000
------------
Maryland - 1.1%
Baltimore County RB (St. Paul's School for Girls
Facility Project) Series 2000 DN (M&T Bank Corp.
LOC) (A-1)
3.07%(b) 05/09/05 8,315 8,315,000
Maryland Health & Higher Education Facilities
Authority RB (Adventist Healthcare Project)
Series 2003B DN (M&T Bank Corp. LOC) (VMIG-1)
3.04%(b) 05/09/05 3,400 3,400,000
Maryland Health & Higher Education Facilities
Authority RB (Bear Stearns Municipal Securities
Trust Receipts) Series 2003 SGA-143 DN (Societe
Generale Liquidity Facility) (A-1+)
3.03%(b) 05/09/05 5,000 5,000,000
Maryland Health & Higher Education Facilities
Authority RB (Doctors' Community Hospital Issue
Project) Series 1999 DN (M&T Bank Corp. LOC)
(A-1)
3.02%(b) 05/09/05 4,515 4,515,000
Montgomery County Economic Development RB
(Brooke Grove Foundation, Inc. Project) Series
1998 DN (M&T Bank Corp. LOC) (A-1)
3.02%(b) 05/09/05 4,550 4,550,000
Montgomery County RB (Imagination Stage, Inc.
Facility Project) Series 2002 DN (M&T Bank Corp.
LOC) (A-1)
3.07%(b) 05/09/05 3,955 3,955,000
============
29,735,000
------------
Massachusetts - 5.7%
Commonwealth of Massachusetts GO (Wachovia
Merlots Trust Receipts) Series 2002A-9 DN (FSA
Insurance, Wachovia Bank N.A. SBPA) (A-1)
3.07%(b) 05/09/05 3,610 3,610,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
21
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Massachusetts (continued)
Massachusetts GO Series 1998B BAN (Toronto
Dominion LOC) (A-1+, VMIG-1)
3.00%(b) 05/09/05 $ 3,700 $ 3,700,000
Massachusetts Health & Educational Authority RB
(Partners Healthcare Project) Series 1997P-2 DN
(FSA Insurance) (VMIG-1)
2.98%(b) 05/09/05 5,400 5,400,000
Massachusetts Health & Educational Facilities
Authority RB (Childrens Hospital Project) Series
2004L-1 DN (Fleet National Bank N.A. LOC)
(A-1+, VMIG-1)
2.95%(b) 05/09/05 20,975 20,975,000
Massachusetts Health & Educational Facilities
Authority RB (Harvard University Project) Series
1999R DN (Harvard University Guaranty)
(A-1+, VMIG-1)
2.85%(b) 05/02/05 65,590 65,590,000
Massachusetts Health & Educational Facilities
Authority RB (Harvard University Project) Series
2000-BB DN (A-1+, VMIG-1)
2.85%(b) 05/09/05 43,100 43,100,000
Watertown GO Series 2004 BAN (MIG-1, SP-1+)
3.00%(b) 11/09/05 3,900 3,918,010
Westford GO Series 2005 BAN (SP-1+, MIG-1)
2.65% 07/29/05 6,615 6,615,983
2.75% 07/29/05 5,400 5,407,524
============
158,316,517
------------
Michigan - 6.8%
Comstock Park Public Schools RB (Citigroup Trust
Receipts) Series 2005 ROC-II-R DN (Citigroup
Liquidity Facility) (VMIG-1)
3.03%(b) 05/09/05 1,335 1,335,000
Detriot City School District RB (Wachovia Merlots
Trust Receipts) Series 2004B-01 DN (FGIC
Insurance, Wachovia Bank N.A. SBPA) (VMIG-1)
3.08%(b) 05/09/05 14,440 14,440,000
Detroit Sewer & Disposal Authority RB (Second Lien
Project) Series 2001E MB (FGIC Insurance)
(A-1+, MIG-1)
1.55%(b) 08/04/05 10,300 10,300,000
Detroit Sewer & Disposal Authority RB (Wachovia
Merlots Trust Receipts) Series 2001A-112 DN
(MBIA Insurance) (VMIG-1)
3.08%(b) 05/09/05 8,005 8,005,000
Detroit Sewer Disposal RB Series 1998A DN (MBIA
Insurance, Morgan Guaranty Trust SBPA)
(A-1+, VMIG-1)
3.00%(b) 05/09/05 8,950 8,950,000
Detroit Sewer Disposal RB Series 2001C-1 DN (FSA
Insurance) (A-1+, VMIG-1)
3.00%(b) 05/09/05 18,330 18,330,000
Garden City Hospital Finance Authority RB (Garden
City Hospital Project) Series 1996A DN (National
City Bank N.A. LOC) (A-1+)
3.03%(b) 05/09/05 3,260 3,260,000
Grand Valley Michigan State University RB Series
2001B DN (FGIC Insurance) (A-1+)
3.00%(b) 05/09/05 7,000 7,000,000
Grand Valley Michigan State University RB Series
2005 DN (XL Capital Assurance Insurance) (A-1+)
2.95%(b) 05/09/05 14,535 14,535,000
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Michigan (continued)
Jackson County Economic Development Limited
Obligation RB (Vista Grande Villa Project) Series
2001A DN (Lasalle National Bank LOC) (A-1)
3.03%(b) 05/02/05 $ 5,600 $ 5,600,000
Kalamazoo Education Authority RB (Friendship Vl
Project) Series 1997 DN (Fifth Third Bank N.A.
LOC) (A-1+)
3.02%(b) 05/09/05 3,660 3,660,000
Michigan GO Series 2004A MB (SP-1+, MIG-1)
3.50%(b) 09/30/05 29,000 29,170,476
Michigan Housing Development Authority Limited
Obligation RB Series 1985 DN (Bank One N.A.
LOC) (VMIG-1)
3.07%(b) 05/09/05 15,500 15,500,000
Michigan Municipal Bond Authority RB (Detroit
School District Project) Series 2005-A MB (J.P.
Morgan Chase LOC)
3.75% 03/21/06 2,500 2,525,947
Michigan Municipal Bond Authority RB Series
2004B-2 MB (J.P. Morgan Chase LOC) (SP-1+)
3.00%(b) 08/23/05 30,000 30,131,874
Michigan Municipal Bond Authority RB Series
2004D DN (J.P. Morgan Chase LOC) (A-1)
2.90%(b) 05/09/05 8,000 8,000,000
Michigan Municipal Bond Authority RB Series
2005-339 DN (Citibank SBPA) (VMIG-1)
3.03%(b) 05/09/05 4,000 4,000,000
Michigan State Building Authority RB (Multi Modal
Facilities Project) Series 2005I DN (Depfa Bank
SPBA) (A-1+, VMIG-1)
2.95%(b) 05/09/05 3,000 3,000,000
============
187,743,297
------------
Minnesota - 3.6%
Hennepin County GO Series 2000B DN (Landesbank
Hessen-Thuringen Girozentrale LOC)
(A-1C+, VMIG-1)
2.85%(b) 05/09/05 14,125 14,125,000
Midwest Consortium of Municipal Utilities RB
Series 2005 DN (U.S. Bank N.A. LOC) (A-1+)
3.00%(b) 05/09/05 3,800 3,800,000
Minneapolis & St. Paul Airport RB (Wachovia
Merlots Trust Receipts) Series 2000A DN (FGIC
Insurance) (VMIG-1)
3.08%(b) 05/09/05 4,995 4,995,000
Minneapolis GO (Convention Center Project) Series
1999 DN (Bayerische Landesbank Girozentrale
SBPA) (A-1+, VMIG-1)
2.85%(b) 05/09/05 13,850 13,850,000
Minneapolis GO (Convention Center Project) Series
2000 DN (Bayerische Landesbank Girozentrale
SBPA) (A-1+, VMIG-1)
2.85%(b) 05/09/05 8,960 8,960,000
Minneapolis GO (Convention Center Project) Series
2004A DN (Dexia Bank SBPA) (A-1+, VMIG-1)
2.85%(b) 05/09/05 900 900,000
Minneapolis GO (Guthrie Parking Ramp Project)
Series 2005 DN (Dexia Bank SBPA)
(A-1+, VMIG-1)
2.85%(b) 05/09/05 2,000 2,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
22
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Minnesota (continued)
Minneapolis GO (Mill Quarter Project) Series 2005
DN (Dexia Bank SBPA) (A-1+, VMIG-1)
2.85%(b) 05/09/05 $ 1,065 $ 1,065,000
Minneapolis GO (Public Library Project) Series 2003
DN (Dexia Bank SBPA) (A-1+, VMIG-1)
2.85%(b) 05/09/05 7,180 7,180,000
Minneapolis GO Series 2003 DN (Dexia Bank SBPA)
(A-1+, VMIG-1)
2.85%(b) 05/05/05 1,700 1,700,000
Minnesota GO (Citibank Trust Receipts) Series
2002R-ROC-II-1031 DN (Citibank Liquidity
Facility) (A-1+)
3.03%(b) 05/09/05 5,070 5,070,000
Minnesota Higher Education Facilities Authority RB
(Carleton College Project) Series 2000G DN
(Wells Fargo Bank LOC) (VMIG-1)
2.85%(b) 05/09/05 5,980 5,980,000
Minnesota Housing Finance Agency RB (Residential
Housing Project) Series 2005D MB (SP-1+, MIG-1)
2.90% 05/18/06 4,000 4,000,000
Minnesota Public Facilities Authority Water PCRB
(Wachovia Merlots Trust Receipts) Series 2002A
DN (Wachovia Bank N.A. SBPA) (VMIG-1)
3.08%(b) 05/09/05 14,725 14,725,000
St. Cloud GO (Infrastructure Management Fund
Project) Series 2004 DN (Dexia Bank SBPA)
(A-1+, VMIG-1)
2.90%(b) 05/09/05 5,000 5,000,000
West St. Paul Independent School District Number
197 RB (CitiGroup Trust Receipts) Series
6506-ROC-R-II DN (Citibank SBPA) (A-1+)
3.03%(b) 05/09/05 7,195 7,195,000
============
100,545,000
------------
Mississippi - 1.3%
Mississippi Development Bank Special Obligation
RB (Correctional Facilities Project) Series 2002
DN (AMBAC Insurance, Amsouth Bank of
Alabama SBPA) (A-1)
3.09%(b) 05/09/05 3,715 3,715,000
Mississippi Development Bank Special Obligation
RB (Mississippi Bond Program Harrison County
Project) Series 2003 DN (AMBAC Insurance,
Banque Nationale de Paribas SBPA) (A-1+)
3.09%(b) 05/09/05 9,000 9,000,000
Mississippi Development Bank Special Obligation
RB (Mississippi Bond Program Harrison County
Project) Series 2005 DN (AMBAC Insurance)
(A-1+)
3.09%(b) 05/05/05 15,000 15,000,000
Mississippi Development Bank Special Obligation
RB (Wachovia Merlots Trust Receipts) Series
2001A-16 DN (AMBAC Insurance) (VMIG-1)
3.08%(b) 05/09/05 7,500 7,500,000
============
35,215,000
------------
Missouri - 0.8%
Missouri Board Public Buildings Special Obligation
RB (Wachovia Merlots Trust Receipts) Series
2003A DN (Wachovia Bank N.A. SBPA) (VMIG-1)
3.08%(b) 05/09/05 4,980 4,980,000
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Missouri (continued)
Missouri Development Finance Board Lease RB
Series 1999 DN (TransAmerican Life Insurance)
(A-1+)
3.04%(b) 05/09/05 $17,790 $ 17,790,000
============
22,770,000
------------
Multi-State - 2.3%
Municipal Securities Pool Trust Receipts RB Series
2004-17 DN (Multiple Insurances) (A-1+)
3.14%(b)(c) 05/09/05 14,325 14,325,000
Municipal Securities Pool Trust Receipts RB Series
2004-18 DN (Multiple Insurances) (A-1+)
3.14%(b)(c) 05/09/05 31,630 31,630,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A DN (Merrill Lynch Capital Services
SBPA) (F-1+)
3.14%(b) 05/09/05 4,175 4,175,000
Puttable Floating Options for Tax-Exempt Receipts
RB Series 2005A DN (Multiple LOCs, Merrill
Lynch & Co. Inc. SBPA)
3.09%(b) 05/09/05 13,500 13,500,000
============
63,630,000
------------
Nebraska - 0.3%
Omaha GO (Citibank Eagle Trust Receipts) Series
2004A DN (Citibank SBPA) (A-1+)
3.03%(b) 05/09/05 8,000 8,000,000
------------
Nevada - 0.7%
Clark County School District Municipal Securities
Trust Certificates RB (Bear Stearns Trust
Receipts) Series 2001A DN (FSA Insurance, Bear
Stearns Capital Markets Liquidity Facility) (A-1+)
3.05%(b)(c) 05/09/05 12,480 12,480,000
Reno Capital Improvement RB (Bear Stearns Trust
Certificates) Series 2002A DN (FGIC Insurance,
Bear Stearns LOC) (A-1)
3.05%(b)(c) 05/09/05 6,000 6,000,000
============
18,480,000
------------
New Hampshire - 0.3%
New Hampshire Health & Educational Facilities
Authority RB (Southern New Hampshire Medical
Center Project) Series 2004B DN (Radian Asset
Assurance Guaranty, Fleet Bank SBPA) (A-1+)
3.10%(b) 05/09/05 7,000 7,000,000
------------
New Jersey - 2.8%
Essex County Improvement Authority RB (Pooled
Governmental Loan Program) Series 1986 DN
(First Union Bank LOC) (VMIG-1)
2.97%(b) 05/09/05 400 400,000
Mercer County Improvement Authority RB Series
1998 DN (Bank of America N.A. LOC) (A-1+)
2.94%(b) 05/09/05 7,100 7,100,000
New Jersey Economic Development Authority RB
(Citibank Trust Receipts) Series 2004
ROCS-II-R-309 DN (Assured Guaranty Corp.
Insurance) (A-1+)
3.04%(b) 05/09/05 9,900 9,900,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
23
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
New Jersey (continued)
New Jersey Economic Development Authority RB
(First Mortgage of Winchester Project) Series
2004B DN (Valley National Bank LOC) (VMIG-1)
3.00%(b) 05/09/05 $ 100 $ 100,000
New Jersey GO (Lehman Trust Receipts) Series
2004D-L55J DN (Lehman Brothers, Inc. Liquidity
Facility) (VMIG-1, F-1)
3.08%(b) 05/09/05 34,350 34,350,000
New Jersey GO Series 2004A TAN (SP-1+, MIG-1)
3.00%(b) 06/24/05 20,000 20,038,008
New Jersey Health Care Facilities Financing
Authority RB (Merrill Lynch P-Float Trust
Receipts) Series 2001 PT-1319 DN (AMBAC
Insurance, Merrill Lynch Capital Services SBPA)
(A-1)
3.04%(b) 05/09/05 5,800 5,800,000
===========
77,688,008
-----------
New Mexico - 0.5%
New Mexico Financial Authority RB (Cigarette Tax
Project) Series 2004B DN (MBIA Insurance, Bank
of America N.A. SBPA) (A-1+, VMIG-1)
3.00%(b) 05/09/05 3,500 3,500,000
New Mexico GO (Lehman Trust Receipts) Series
2004L-38 DN (Lehman Liquidity Co. Guaranty)
(SP-1+, MIG1)
3.08%(b) 05/09/05 10,250 10,250,000
===========
13,750,000
-----------
New York - 10.8%
City of New York GO (Citibank Trust Receipts) Series
2003R ROC-II-251A DN (Citibank Liquidity
Facility) (VMIG-1)
3.06%(b) 05/09/05 20,000 20,000,000
City of New York GO (Citigroup Trust Receipts)
Series 2003A-6 DN (Landesbank
Baden-Wurttemberg LOC) (A-1, VMIG-1)
2.98%(b) 05/09/05 5,400 5,400,000
City of New York GO Series 1993A-4 DN
(Landesbank Baden-Wurttemberg LOC)
(A-1, VMIG-1, AAA)
3.05%(b) 05/02/05 2,900 2,900,000
City of New York GO Series 1994H-2 DN (MBIA
Insurance) (A-1+, VMIG-1)
3.05%(b) 05/02/05 9,000 9,000,000
City of New York GO Series 1994H-4 DN
(Kredietbank N.V. LOC) (A-1, VMIG-1)
2.98%(b) 05/09/05 5,350 5,350,000
City of New York GO Series 2003A-2 DN (Bank of
America N.A. LOC) (A-1, VMIG-1)
3.00%(b) 05/09/05 3,000 3,000,000
City of New York GO Series 2004H-2 DN (Bank of
New York LOC) (A-1+, VMIG-1)
3.00%(b) 05/09/05 4,100 4,100,000
City of New York Housing Development Corporation
Multi-Family Rental Housing RB (Columbus
Green Project) 1997A DN (Federal National
Mortgage Association Guaranty) (A-1+)
3.00%(b) 05/09/05 4,500 4,500,000
City of New York Municipal Water Finance Authority
RB (Wachovia Merlots Trust Receipts) Series
2000D DN (Wachovia Bank N.A. LOC) (VMIG-1)
3.06%(b) 05/09/05 16,875 16,875,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
New York (continued)
City of New York Municipal Water Finance Authority
RB (Water & Sewer Systems Project) Series
2001F-1 DN (Credit Locale de France LOC)
(A-1+, VMIG-1)
3.05%(b) 05/02/05 $19,500 $19,500,000
City of New York Municipal Water Finance Authority
RB (Water & Sewer Systems Project) Series
2002C-1 DN (State Street Bank & Trust Co. LOC)
(A-1+, VMIG-1)
3.05%(b) 05/02/05 21,150 21,150,000
City of New York Transitional Finance Authority
Financing RB (Future Tax Secured Bonds) Series
1998C DN (Bayerische Landesbank Girozentrale
LOC) (A-1+, VMIG-1)
3.02%(b) 05/02/05 300 300,000
City of New York Transitional Finance Authority RB
Series 2003-7 DN (Banque Nationale de Paribas
SBPA) (VMIG-1)
3.02%(b) 05/09/05 3,535 3,535,000
Clipper Tax Exempt Certificates RB Series 2005-7
DN (FGIC & MBIA Insurance, State Street Bank
SBPA) (A-1+, VM1G1)
3.11%(b) 05/09/05 13,400 13,400,000
Dormitory Authority of the State of New York RB
(Glen Eddy, Inc. Project) Series 2000 DN (Fleet
National Bank LOC) (A-1)
3.00%(b) 05/09/05 170 170,000
Dormitory Authority of the State of New York RB
(Mental Health Services Project) Series 2003D-2B
DN (Credit Locale de France LOC) (A-1+)
2.92%(b) 05/09/05 8,780 8,780,000
Dormitory Authority of the State of New York RB
(Teresian House Housing Corp. Project) Series
2003 DN (Lloyds Bank LOC) (A-1+)
3.00%(b) 05/09/05 8,135 8,135,000
Dormitory Authority of the State of New York RB
(Wachovia Merlots Trust Receipts) Series
2001A-30 DN (AMBAC Insurance, Wachovia Bank
N.A. SBPA) (VMIG-1)
3.06%(b) 05/09/05 2,980 2,980,000
Dormitory Authority of the State of New York RB
(Wachovia Merlots Trust Receipts) Series
2001A-65 DN (MBIA Insurance, Wachovia Bank
N.A. SBPA) (VMIG-1)
3.06%(b) 05/09/05 3,415 3,415,000
Dormitory Authority of the State of New York RB
(Wachovia Merlots Trust Reciepts) Series 2003
DN (FGIC Insurance, Wachovia Bank N.A. SBPA)
(VMIG-1)
3.06%(b) 05/09/05 7,445 7,445,000
Dormitory Authority of the State of New York RB
Series 2005-4 DN (BNP Paribas SBPA) (A-1+)
3.02%(b) 05/09/05 2,170 2,170,000
Dutchess County IDA Civic Facility RB (Lutheran
Center Project) Series 2005 DN (Key Bank LOC)
(VMIG-1)
3.06%(b) 05/09/05 3,930 3,930,000
Long Island Power Authority Electrical System RB
Series 1998-7A DN (MBIA Insurance, Credit
Suisse First Boston SBPA) (A-1+, VMIG-1)
2.88%(b) 05/09/05 4,235 4,235,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
24
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
New York (continued)
Metropolitan Pier & Exposition Authority RB (Bear
Stearns Trust Certificates) Series 2005A-224 DN
(MBIA Insurance, Bear Stearns Capital Markets
Liquidity Facility) (VMIG-1)
3.23%(b)(c) 05/09/05 $ 4,315 $ 4,315,000
Metropolitan Pier & Exposition Authority RB (TOC
Trust Receipts) Series 2005Z-1 DN (MBIA
Insurance, Goldman Sachs Liquidity Facility)
(A-1, AAA)
3.11%(b) 05/09/05 4,280 4,280,000
Metropolitan Transportation Authority RB
(Dedicated Tax Fund) Series 2002B DN (FSA
Insurance, Dexia Credit SBPA) (A-1+)
2.95%(b) 05/09/05 14,900 14,900,000
Metropolitan Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series 2000F
DN (Wachovia Bank N.A. LOC) (VMIG-1)
3.06%(b) 05/09/05 5,000 5,000,000
Metropolitan Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series
2002A-52 DN (Wachovia Bank N.A. Liquidity
Facility) (VMIG-1)
3.06%(b) 05/09/05 8,445 8,445,000
Metropolitan Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series
2004B-16 DN (FGIC Insurance, Wachovia Bank
N.A. SBPA)
3.06%(b) 05/09/05 5,000 5,000,000
Metropolitan Transportation Authority TECP (ABN
AMRO Bank LOC) (A-1+, P-1)
1.98% 05/05/05 10,000 10,000,000
2.02% 06/03/05 13,000 12,997,604
New York Environmental Facilities Clean Water &
Drinking RB (Citibank Trust Receipts) Series
2004R ROC-3016 DN (Citigroup SBPA) (A-1+)
3.02%(b) 05/09/05 1,855 1,855,000
New York Environmental Facility Clean Water &
Drinking RB (Wachovia Merlots Trust Receipts)
Series 2004B DN (Wachovia Bank N.A. SBPA)
(A-1)
3.06%(b) 05/09/05 5,395 5,395,000
New York Housing Finance Agency RB (Tribeca
Green Housing Project) Series 2003A DN
(Landesbank Hessen-Thuringen Girozentrale
LOC) (VMIG-1)
3.00%(b) 05/09/05 6,600 6,600,000
New York Local Government Assistance
Corporation RB Series 1995F DN (Toronto
Dominion LOC) (A-1, VMIG-1)
2.95%(b) 05/09/05 12,865 12,865,000
New York Local Government Assistance
Corporation RB Series 1995G DN (Bank of Nova
Scotia LOC) (A-1+, VMIG-1)
2.96%(b) 05/09/05 7,700 7,700,000
New York Local Government Assistance
Corporation RB Series 2003-8V DN (FSA
Insurance) (A-1+)
2.95%(b) 05/09/05 17,300 17,300,000
New York Transitional Finance Authority RB Series
2003-2D DN (Retail Food Stores LOC)
(A-1+, VMIG-1)
2.92%(b) 05/09/05 3,500 3,500,000
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
New York (continued)
Triborough Bridge & Tunnel Authority RB (Bear
Stearns Municipal Trust Certificates) Series
2002-210 DN (Bear Stearns Liquidity Facility)
(A-1+)
3.00%(b)(c) 05/09/05 $ 7,600 $ 7,600,000
Triborough Bridge & Tunnel Authority RB (Merrill
Lynch P-Float Trust Receipts) Series 2002 PA-956
DN (Merrill Lynch Capital Services Liquidity
Facility) (A-1+)
3.04%(b) 05/09/05 5,000 5,000,000
============
303,022,604
------------
North Carolina - 1.7%
Charlotte COP (Convention Facilities Project) Series
2003B DN (Wachovia Bank N.A. LOC)
(A-1, VMIG-1)
3.05%(b) 05/09/05 7,085 7,085,000
Guilford County Industrial Facilities PCRB
(Recreational Facilities-YMCA Project) Series
2002 DN (Branch Banking & Trust Co. LOC)
(VMIG-1)
3.02%(b) 05/09/05 330 330,000
North Carolina Capital Facilities Finance Agency
Educational Facilities RB Series 2001 DN (Branch
Banking & Trust Co. LOC) (VMIG-1)
3.02%(b) 05/09/05 2,130 2,130,000
North Carolina GO Series 2003A-23 DN (Wachovia
Bank N.A. SBPA) (A-1)
3.08%(b) 05/09/05 6,300 6,300,000
North Carolina Medical Care Commission Hospital
RB (Baptist Hospital Project) Series 1992B DN
(Wachovia Bank N.A. LOC) (A-1, VMIG-1)
2.96%(b) 05/09/05 1,100 1,100,000
North Carolina Medical Care Commission Hospital
RB (Park Ridge Hospital Project) Series 1988 DN
(NationsBank LOC) (A-1+)
2.99%(b) 05/09/05 1,275 1,275,000
North Carolina Medical Care Commission
Retirement Facilities RB (Aldersgate Project)
Series 2001 DN (Branch Banking & Trust Co.
LOC) (A-1)
3.10%(b) 05/09/05 6,070 6,070,000
North Carolina Medical Care Commission
Retirement Facilities RB (Brookwood Project)
Series 2001C DN (Branch Banking & Trust Co.
LOC) (A-1)
3.10%(b) 05/09/05 4,500 4,500,000
North Carolina Medical Care Community Hospital
RB (Duke University Hospital Project) Series
1985B DN (Wachovia Bank N.A. SBPA)
(A-1+, VMIG-1)
3.02%(b) 05/09/05 300 300,000
North Carolina Municipal Power Agency RB
(Catawba Electric Co. Project) Series 2003 DN
(MBIA Insurance, Bank of New York SBPA) (A-1+)
3.03%(b) 05/09/05 2,600 2,600,000
North Carolina Municipal Power Agency RB (Merrill
Lynch P-Float Trust Receipts, Catawba Electric
Co. Project) Series 2003 MB (AMBAC Insurance,
Merrill Lynch Capital Services SPBA) (AAA, F-1+)
2.40%(b) 01/19/06 3,995 3,995,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
25
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
North Carolina (continued)
Raleigh County COP (Packaging Facilities Project)
Series 2000A DN (Bank of America N.A. SBPA)
(A-1+, VMIG-1)
2.95%(b) 05/09/05 $ 1,545 $ 1,545,000
Wake County GO (CDC Trust Receipts) Series
2005-9-A DN (IXIS Municipal Products Liquidity
Facility) (A-1+)
3.03%(b) 05/09/05 3,000 3,000,000
Wake County GO Series 2004A MB (Landesbank
Hessen-Thuringen Girozentrale SBPA)
(A-1+, MIG-1)
4.00%(b) 04/01/06 7,000 7,081,850
===========
47,311,850
-----------
North Dakota - 0.2%
Oliver County PCRB (Wachovia Merlots Trust
Receipts) Series 2003B-7 DN (AMBAC Insurance,
Wachovia Bank N.A. Liquidity Facility) (VMIG-1)
3.08%(b) 05/09/05 4,980 4,980,000
-----------
Ohio - 2.7%
Akron Income Tax RB (Community Learning
Centers Project) Series 2004A DN (FGIC
Insurance, ABN-AMRO Bank N.V. SBPA)
(A-1, F-1+)
3.03%(b) 05/09/05 18,200 18,200,000
Cambridge City Hospital Facilities Authority RB
(Regional Medical Center Project) Series 2001 DN
(National City Bank N.A. LOC) (VMIG-1)
3.03%(b) 05/09/05 2,100 2,100,000
Canton City School District GO Series 2005-6 DN
(A-1+)
3.03%(b) 05/09/05 11,765 11,765,000
City of Westerville GO (ABN-AMRO Munitops Trust
Certificates) Series 2001 DN (ABN-AMRO Bank
N.V. LOC) (VMIG-1)
3.03%(b) 05/09/05 1,000 1,000,000
Columbus GO Series 1996-1 DN (Westdeutsche
Landesbank Girozentrale LOC) (A-1+, VMIG-1)
2.97%(b) 05/09/05 225 225,000
Franklin County Healthcare Facilities RB (Willow
Brook Christian Project) Series 2004 DN (Fifth
Thrid Bank LOC) (A-1+)
3.02%(b) 05/09/05 4,700 4,700,000
Franklin County Municipal Securities Trust
Certificates RB Series 2002A-9047 DN (AMBAC
Insurance, Bear Stearns SBPA) (A-1)
3.01%(b)(c) 05/09/05 4,100 4,100,000
Hamilton County Hospital Facilities RB (Elizabeth
Gamble Project) Series 2002A DN (Morgan
Guaranty Trust LOC) (VMIG-1)
3.00%(b) 05/09/05 6,000 6,000,000
Hamilton County Hospital Facilities RB (Health
Alliance Project) Series 1997B DN (MBIA
Insurance, Credit Suisse SBPA) ) (A-1+, VMIG-1)
2.99%(b) 05/09/05 2,650 2,650,000
Lucas County Health Facilities Authority RB
(Lutheran Homes Society Project) Series 1996 DN
(Bank One N.A. LOC) (A-1+)
3.00%(b) 05/09/05 800 800,000
Tuscarawas County Hospital Facilities RB (Merrill
Lynch Trust Receipts P-Float MT-103) Series
2005 DN (Merrill Lynch Guaranty)
3.06%(b) 05/09/05 1,000 1,000,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Ohio (continued)
University of Akron General Receipts RB Series
2004 DN (FGIC Insurance, Dexia Credit SBPA)
(VMIG-1)
2.99%(b) 05/09/05 $11,200 $11,200,000
University of Toledo RB (Societe Generale Trust
Receipts) Series 2001 SGA-125 DN (FGIC
Insurance, Societe Generale Liquidity Facility)
(A-1+)
3.01%(b) 05/09/05 6,855 6,855,000
Warren County Healthcare Facilities RB (Otterbein
Homes Project) Series 1998B DN (Fifth Third
Bank N.A. LOC) (A-1+)
3.07%(b) 05/09/05 920 920,185
Wood County Facilities Import Piping Industry RB
Series 2001 DN (KeyBank N.A. LOC)
3.07%(b) 05/09/05 2,765 2,765,000
===========
74,280,185
-----------
Oklahoma - 0.2%
Oklahoma Industrial Authority RB (Casady School
Project) Series 2001 DN (Bank One N.A. LOC)
3.20%(b) 05/09/05 2,490 2,490,000
Oklahoma Water Reserve Board State Loan
Program RB Series 1997 MB (Lloyds Bank SPBA)
(A-1+)
2.15% 09/01/05 2,000 2,000,000
===========
4,490,000
-----------
Oregon - 0.2%
Umitilla County Hospital Facility Authority RB
(Catholic Health Project) Series 1997B DN
(Bayerische Landesbank Girozentrale LOC)
(A-1+, VMIG-1)
3.00%(b) 05/09/05 6,020 6,020,000
-----------
Pennsylvania - 5.0%
Cumberland County Municipal Authority Retirement
Community RB (Wesley Affiliated Services
Project) Series 2002C DN (Lloyds Bank LOC)
(A-1+)
3.00%(b) 05/09/05 15,000 15,000,000
Delaware Valley IDRB (Citibank Trust Receipts)
Series 2001 DN (AMBAC Insurance, Bank of New
York SBPA) (A-1+)
3.02%(b) 05/09/05 5,000 5,000,000
Franklin County IDRB (Chambersburg Hospital
Project) Series 2000 DN (AMBAC Insurance,
Wachovia Bank N.A. SBPA) (A-1)
3.10%(b) 05/09/05 1,595 1,595,000
Hanover Public School District GO Series 2005 BAN
3.03%(b) 05/09/05 5,000 5,000,000
Harrisburg Authority School RB (Harrisburg
Project) Series 2003 DN (AMBAC Insurance,
Westdeutsche Landesbank Girozentrale Liquidity
Facility) (A-1+)
2.99%(b) 05/09/05 69,100 69,100,000
Lancaster County Hospital Authority RB (Landis
Homes Retirement Community Project) Series
2002 DN (M&T Bank Corp. LOC) (A-1)
3.07%(b) 05/09/05 4,195 4,195,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
26
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Pennsylvania (continued)
Pennsylvania Higher Educational Facilities
Authority Hospital RB (Merrill Lynch P-Float
Trust Receipts) Series 2005-2498 DN (Merrill
Lynch Guaranty) (F-1+)
3.09%(b) 05/09/05 $ 7,400 $ 7,400,000
Pennsylvania Higher Educational Facilities
Authority RB (Drexel University Project) Series
2003B DN (Allied Irish Bank PLC Liquidity
Facility) (Aaa, AA)
2.99%(b) 05/09/05 7,700 7,700,000
Pennsylvania Higher Educational Facilities
Authority RB (Merrill Lynch P-Float Trust
Receipts) Series 2004 MT-042 DN (Lloyds Bank
LOC, Merrill Lynch Capital Services SBPA) (F-1+)
3.05%(b) 05/09/05 9,100 9,100,000
Southeastern Pennsylvania Transportation
Authority Municipal Securities Trust Certificates
RB (Bear Stearns Municipal Trust Certificates)
Series 2001-9016 DN (FGIC Insurance) (A-1)
3.01%(b)(c) 05/09/05 5,500 5,500,000
Union County Hospital Authority RB (Evangelical
Community Hospital Project) Series 2001 MB
(Fleet National Bank SPBA, Radian Insurance)
(A-1)
2.45% 02/01/06 9,610 9,610,000
============
139,200,000
------------
Puerto Rico - 0.6%
Commonwealth of Puerto Rico GO (Tender Option
Certificates) Series 2001 DN (FSA Insurance,
Bank of New York Liquidity Facility) (A-1+)
3.00%(b) 05/09/05 7,700 7,700,000
Commonwealth of Puerto Rico Highway &
Transportation Authority RB (Merrill Lynch
P-Float Trust Receipts) Series 2002 PT-1052 DN
(Merrill Lynch Capital Services Liquidity Facility)
(A-1)
3.02%(b) 05/09/05 8,595 8,595,000
============
16,295,000
------------
South Carolina - 2.4%
Greenville County School District Installment RB
Series 2005R-361 DN (Insurance Assured
Guaranty Corp.) (A-1+)
3.04%(b) 05/09/05 30,925 30,925,000
Medical University Hospital Authority RB Series
2005A-5 DN (MBIA Insurance, Bank of America
SBPA) (VMIG-1)
3.04%(b) 05/09/05 16,000 16,000,000
Oconee PCRB (Duke Facilities Project) Series 1993
DN (Bank One N.A. LOC) (P-1)
3.00%(b) 05/09/05 10,000 10,000,000
South Carolina Transitional Infrastructure RB
(ABN-AMRO Munitops Trust Certificates) Series
2002A DN (AMBAC Insurance, ABN-AMRO Bank
N.V. SBPA) (VMIG-1)
3.04%(b) 05/09/05 10,475 10,475,000
============
67,400,000
------------
Tennessee - 2.1%
City of Chattanooga Health, Education & Housing
Facility Board RB Series 1999 DN (Amsouth Bank
of Alabama LOC) (A-1)
3.11%(b) 05/09/05 12,400 12,400,000
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Tennessee (continued)
Cleveland IDRB (YMCA Chattan Project) Series 1999
DN (SunTrust Bank LOC)
3.00%(b) 05/09/05 $ 1,400 $ 1,400,000
Gallatin Industrial Development Board Educational
Facilities RB (John Vianney School Project) Series
2002 DN (SunTrust Bank LOC) (VMIG-1)
3.05%(b) 05/09/05 2,070 2,070,000
Memphis GO Series 1995A DN (Westdeutsche
Landesbank Girozentrale LOC) (A-1+, VMIG-1)
3.04%(b) 05/09/05 400 400,000
Metropolitan Government of Nashville & Davidson
County Health & Education Board RB (Ascension
Health Credit Project) Series 2001B-2 DN
(A-1+, VMIG-1)
2.30%(b) 05/09/05 3,000 3,000,000
Metropolitan Government of Nashville & Davidson
County Health & Education Board RB (Belmont
University Project) Series 1997 DN (SunTrust
Bank LOC) (VMIG-1)
3.00%(b) 05/09/05 3,100 3,100,000
Metropolitan Government of Nashville & Davidson
County IDRB (Trevecca Nazarene Project) Series
2003 DN (SunTrust Bank LOC)
3.00%(b) 05/09/05 5,300 5,300,000
Metropolitan Government of Nashville & Davidson
County IDRB (Universtiy School Project) Series
2002 DN (SunTrust Bank LOC) (VMIG-1)
3.00%(b) 05/09/05 4,000 4,000,000
Montgomery County Public Building Authority
Pooled Financing RB (Tennessee County Loan
Pool Project) Series 1997 DN (NationsBank LOC)
(VMIG-1)
3.00%(b) 05/09/05 2,170 2,170,000
Montgomery County Public Building Authority RB
Series 2004 DN (Bank of America LOC) (VMIG1)
3.05%(b) 05/09/05 1,500 1,500,000
Shelby County Health Educational & Housing
Authority RB Series 1994 DN (Credit Suisse LOC)
(A-1+)
3.03%(b) 05/09/05 8,500 8,500,000
Tennergy Gas Corp. RB Series 1999 MB (MBIA
Insurance) (AAA, Aaa)
5.00%(b) 06/01/05 13,890 13,930,494
Washington County IDRB (Springbrook Properties
Project) Series 1996 DN (SunTrust Bank LOC)
(A-1+, VMIG-1)
3.00%(b) 05/09/05 800 800,000
============
58,570,494
------------
Texas - 8.3%
Austin Water & Wastewater System RB (Wachovia
Merlots Trust Receipts) Series 2000 DN (MBIA
Insurance) (VMIG-1)
3.08%(b) 05/09/05 2,485 2,485,000
Clear Creek Texas Independent School District GO
Series 2005-04 DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.08%(b) 05/09/05 3,750 3,750,000
Cypress Fairbanks Independent School District GO
(Wachovia Merlot Trust Receipts) Series
2004C-16 DN (PSFG Guaranty) (VMIG-1)
3.08%(b) 05/09/05 4,500 4,500,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
27
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Texas (continued)
De Soto Independent School District RB (Citigroup
Trust Receipts) Series 2004R-2107 ROC II DN
(PSF Guaranty, Citigroup Global Markets Liquidity
Facility) (A-1+)
3.03%(b) 05/09/05 $ 6,145 $ 6,145,000
Eagle Mountain & Saginaw Independent School
District GO (Municipal Securities Trust Receipts)
Series 2003 SGA-141 DN (PSF Guaranty, Societe
Generale Liquidity Facility) (A-1+)
3.03%(b) 05/09/05 4,000 4,000,000
Harris County RB (Citibank Trust Receipts) Series
2002-1029 ROC II DN (FSA Insurance) (A-1+)
3.03%(b) 05/09/05 1,885 1,885,000
Houston Utility Systems RB (Wachovia Merlots
Trust Receipts) Series 2004C DN (MBIA
Insurance, Wachovia Bank N.A. SBPA) (VMIG-1)
3.08%(b) 05/09/05 7,695 7,695,000
Houston Water & Sewer RB (Stars Certificates
Project) Series 2003 DN (FSA Insurance) (VMIG-1)
3.02%(b) 05/09/05 1,585 1,585,000
Lower Colorado River Authority RB (Wachovia
Merlots Trust Receipts) Series 2000 DN (FSA
Insurance, Wachovia Bank N.A. SBPA)
(Aaa, VMIG-1)
3.08%(b) 05/09/05 2,000 2,000,000
San Antonio Electric & Gas RB Series 2003 DN
(Bank of America N.A. LOC) (A-1+)
3.07%(b) 05/09/05 7,000 7,000,000
San Antonio Electric & Gas Systems RB (Jr. Lien
Project) Series 2004 MB (Banque Nationale de
Paribas SBPA) (A-1+, MIG-1)
2.20%(b) 12/01/05 11,000 11,000,000
San Marcos Independent School District GO
(Wachovia Merlot Trust Receipts) Series
2004C-23 MB (Texas Permanent School Funding)
(MIG-1)
1.70%(b) 09/16/05 2,435 2,435,000
Texas A&M University RB (Citibank Trust Receipts)
Series 2003R-4005 ROC II DN (Citibank Liquidity
Facility, Texas Permanent School Funding)
(VMIG-1)
3.03%(b) 05/09/05 4,980 4,980,000
Texas GO (Lehman Trust Receipts) Series 2004 DN
(Lehman Liquidity Facility) (A-1, MIG-1)
2.90%(b) 05/09/05 20,000 20,000,000
Texas GO Series 2004 TRAN (SP-1+, MIG-1)
3.00%(b) 08/31/05 95,000 95,404,387
Texas Technology University RB (Bear Stearns Trust
Receipts) Series 2002A DN (MBIA Insurance)
(A-1)
3.05%(b)(c) 05/09/05 13,630 13,630,000
University of Texas Permanent University Fund RB
(Citibank Trust Receipts) Series 2004-ROC-
II-6004 DN (Citibank N.A. Liquidity Facility) (A-1+)
3.03%(b) 05/09/05 10,640 10,640,000
University of Texas Permanent University Fund RB
(Citibank Trust Receipts) Series 2005-ROC-
II-R-2194 DN (Liquidity Facility Citigroup)
(VMIG-1)
3.03%(b) 05/09/05 11,930 11,930,000
University of Texas Permanent University Fund RB
(Municipal Trust Receipts) Series 2004-SGB-55
DN (Societe Generale SBPA) (A-1+)
3.03%(b) 05/09/05 6,690 6,690,000
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Texas (continued)
University of Texas Permanent University Fund RB
Series 2005-1023 DN (F-1+)
3.03%(b) 05/09/05 $ 4,850 $ 4,850,000
University of Texas RB (Wachovia Merlots Trust
Receipts) Series 2003B-14 DN (Wachovia Bank
N.A. SBPA) (VMIG-1)
3.08%(b) 05/09/05 6,260 6,260,000
============
228,864,387
------------
Vermont - 0.4%
Vermont Economic Development Authority RB
(Green Mountain College Project) Series 2003A
DN (Key Bank N.A. LOC)
3.07%(b) 05/09/05 7,775 7,775,000
Vermont Educational & Health Buildings Financing
Agency RB (Rutland Medical Center Project)
Series 2001A DN (National Westminster Bank
LOC) (A-1)
3.06%(b) 05/09/05 3,400 3,400,000
============
11,175,000
------------
Virginia - 3.3%
Alexandria IDRB (Goodwin House Project) Series
2005 DN (Wachovia Bank LOC)
3.03%(b) 05/09/05 5,500 5,500,000
Chesterfield County IDRB (Merrill Lynch P-Float
Trust Receipts) Series 2004 PT-2133 DN (Merrill
Lynch & Co. Guaranty, Merrill Lynch Capital
Services SBPA) (F-1+, AA-)
3.08%(b) 05/09/05 9,750 9,750,000
Chesterfield County IDRB (Merrill Lynch Trust
Receipts) Series 2003 PT-886 DN (Merrill Lynch
& Co. Guaranty) (F-1+)
3.08%(b) 05/09/05 24,995 24,995,000
Commonwealth of Virginia Transportation Board RB
(Citibank Trust Receipts) Series 2000 SG-134 DN
(Societe Generale SBPA) (A-1+)
3.01%(b) 05/09/05 6,500 6,500,000
Commonwealth of Virginia Transportation Board RB
(Citibank Trust Receipts) Series 2002-1013 DN
(Citibank Liquidity Facility) (A-1+)
3.03%(b) 05/09/05 5,995 5,995,000
Fairfax County Economic Development Authority RB
(Citibank Trust Receipts) Series 2003
ROCS-II-R-4024 DN (Citibank Liquidity Facility)
(VMIG-1)
3.03%(b) 05/09/05 4,755 4,755,000
Hampton Roads Regional Jail Authority Facilities
RB (Citibank Trust Receipts) Series 2004
ROCS-RR-II-R-2156 DN (MBIA Insurance)
(Citibank Liquidity Facility) (VMIG-1)
3.03%(b) 05/09/05 4,995 4,995,000
Norfolk Educational Development Authority
Hosptial Facilities RB (Citigroup Trust Receipts)
Series R322 ROC- R-II DN (Citibank Liquidity
Facility) (VMIG-1)
3.03%(b) 05/09/05 13,470 13,470,000
Richmond GO Series 2004 RAN (SP-1+, MIG-1)
3.50%(b) 06/28/05 10,000 10,024,271
University of Virginia RB Series (Wachovia Merlots
Trust Receipts) 2003B-31 DN (Wachovia Bank
N.A. SBPA) (VMIG-1)
3.08%(b) 05/09/05 2,685 2,685,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
28
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Virginia (continued)
Virginia Public School Authority RB (Citigroup
Global Markets Trust Receipts) Series
2003R-4050-ROC-II DN (Citigroup Liquidity
Facility) (A-1+)
3.03%(b) 05/09/05 $ 1,985 $ 1,985,000
===========
90,654,271
-----------
Washington - 1.8%
King County GO (ABN-AMRO Munitops Trust
Certificates) Series 2001-1 DN (MBIA Insurance)
(VMIG-1)
3.04%(b) 05/09/05 2,500 2,500,000
King County School District Bear Stearns Municipal
Securities Trust Certificates RB (Highline Public
Schools Project) Series 2002 DN (FGIC Insurance)
(A-1)
3.05%(b)(c) 05/09/05 11,750 11,750,000
Seattle GO (Bear Stearns Municipal Trust Receipts)
Series 2003 SGA-142 DN (Societe Generale SBPA)
(A-1+)
3.03%(b) 05/09/05 4,000 4,000,000
Seattle Municipal Light & Power RB (Wachovia
Merlots Trust Receipts) Series 2001A-56 DN (FSA
Insurance, Wachovia Bank N.A. Liquidity Facility)
(VMIG-1)
3.08%(b) 05/09/05 7,415 7,415,000
Spokane County School District No. 081 GO
(Citibank Trust Receipts) Series 2003R-ROC-
II-4000 DN (FSA Insurance, Citibank Liquidity
Facility) (VMIG-1)
3.03%(b) 05/09/05 3,575 3,575,000
Washington GO (Piper Jaffray Trust Certificates)
Series 2002G DN (Bank of New York LOC)
(VMIG-1)
3.07%(b) 05/09/05 5,170 5,170,000
Washington GO (Wachovia Merlots Trust Receipts)
Series 2002A-57 DN (MBIA Insurance) (VMIG-1)
3.08%(b) 05/09/05 7,310 7,310,000
Washington State Housing Finance Committee
Non-Profit Housing RB (YMCA Tacoma & Pierce
Project) Series 1998A DN (Key Bank N.A. LOC)
(A-1, VMIG-1)
3.02%(b) 05/09/05 2,810 2,810,000
Washington State Housing Finance Committee
Non-Profit Housing RB (YMCA Tacoma & Pierce
Project) Series 1998B DN (Key Bank N.A. LOC)
(A-1, VMIG-1)
3.02%(b) 05/09/05 4,650 4,650,000
===========
49,180,000
-----------
West Virginia - 0.2%
West Virginia Economic Development Authority RB
(Juvenile Correctional Project) Series 2002A DN
(MBIA Insurance, Bear Stearns Capital Markets
Liquidity Facility) (A-1)
3.05%(b)(c) 05/09/05 4,990 4,990,000
-----------
Wisconsin - 1.4%
Appleton Redevelopment Authority RB (Fox City
Project) Series 2001B DN (Bank One N.A. LOC)
(VMIG-1)
3.10%(b) 05/09/05 8,100 8,100,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Wisconsin (continued)
Southeast Wisconsin Professional Baseball Park
RB (Wachovia Merlots Trust Receipts) Series
2000Y DN (MBIA Insurance, Wachovia Bank N.A.
SBPA) (VMIG-1)
3.08%(b) 05/09/05 $ 5,280 $ 5,280,000
Wisconsin Health & Educational Facilities Authority
RB (Edgewood College Project) Series 1997 DN
(Bank One N.A. LOC)
3.10%(b) 05/09/05 6,230 6,230,000
Wisconsin Health & Educational Facilities Authority
RB (Oakwood Village Project) Series 2000B DN
(Marshall & Ilsley Bank LOC) (A-1)
3.03%(b) 05/09/05 2,435 2,435,000
Wisconsin Health & Educational Facilities Authority
RB (St. Joseph's Community Hospital Project)
Series 2001 DN (Marshall & Ilsley Bank LOC)
(A-1)
3.03%(b) 05/09/05 10,800 10,800,000
Wisconsin Transportation RB Series 2005 ROC-II-R
MB (FSA Insurance) (A-1+/AAA)
3.03%(b) 05/09/05 5,600 5,600,000
===========
38,445,000
-----------
Wyoming - 0.3%
Lincoln County PCRB (Amoco Project) Series 1983
MB (Exxon Mobil Guaranty)
2.20% 10/01/05 7,600 7,585,830
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
29
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNIFUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
VALUE
-----------------
TOTAL INVESTMENTS IN SECURITIES -
100.0%
(Cost $2,771,041,249(a)) $2,771,041,249
LIABILITIES IN EXCESS OF OTHER
ASSETS - 0.0% (87,205)
--------------
NET ASSETS - 100.0%
(Equivalent to $1.00 per share
based on 2,070,446,765
Institutional Shares, 76,603,370
Dollar Shares, 37,775,030 Cash
Management Shares,
445,346,863 Adminstration
Shares, 32,363,682 Bear Stearns
Shares, 2,201 Bear Stearns
Pemier Choice Shares,
102,745,732 Bear Stearns Private
Client Shares and 5,817,228 Bear
Stearns Premier Shares
outstanding) $2,770,954,044
==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($2,070,324,470/2,070,446,765) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($76,595,543/76,603,370) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
CASH MANAGEMENT SHARE
($37,773,817/37,775,030) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
ADMINSTRATION SHARE
($445,334,998/445,346,863) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS
($32,362,450/32,363,682) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER CHOICE SHARE
($2,200/2,201) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT SHARE
($102,743,346/102,745,732) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($5,817,220/5,817,228) $ 1.00
=======
- -------------------
(a) Aggregate cost for Federal income tax purposes is
$ 2,771,079,376.
(b) Rates shown are the rates as of April 30, 2005 and maturities shown are
the next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional investors. As of April
30, 2005, the Fund held 7.1% of its net assets, with a current market
value of $195,725,000, in securities restricted as to resale.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
30
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS - 99.9%
Alabama - 1.1%
Brundidge IDRB (Carter Brothers Project) Series
2001 AMT DN (Southtrust Bank LOC)
3.15%(b) 05/09/05 $ 975 $ 975,000
Eutaw Industrial Development Board PCRB
(Alabama Power Co. Project) Series 1998 DN
(A-1, VMIG-1)
3.02%(b) 05/02/05 3,900 3,900,000
Jefferson County GO Warrants Series 2001B DN
(Morgan Guaranty Trust LOC, Bayerische
Landesbank Girozentrale SBPA) (A-1+, VMIG-1)
3.00%(b) 05/02/05 11,435 11,435,000
Montgomery County Special Care Facilities
Financing Authority RB (Baptist Medical Center
Project) Series 1985A MB (AMBAC Insurance)
(A-1, Aaa)
5.00%(b) 05/02/05 1,220 1,220,000
Tuscaloosa IDRB Series 2000A AMT DN (Southtrust
Bank LOC)
3.15%(b) 05/09/05 1,425 1,425,000
===========
18,955,000
-----------
Alaska - 0.7%
Anchorage Wastewater RB (Wachovia Merlots Trust
Receipts) Series 2004C-25 MB (MBIA Insurance,
Wachovia Bank Liquidity Facility) (MIG-1)
1.70% 09/01/05 3,250 3,250,000
Valdez Marine Terminal RB (Exxon Pipeline Project)
Series 1985 DN (Exxon Mobile Co. Guaranty)
(A-1+, P-1)
2.89%(b) 05/02/05 1,700 1,700,000
Valdez Marine Terminal RB (Phillips Transportation,
Inc. Project) Series 1994 MB (ConocoPhillips Co.
Guaranty) (A-2, MIG-2)
1.80% 06/01/05 2,400 2,400,000
Valdez Marine Terminal RB (Phillips Transportation,
Inc. Project) Series 2002 MB (ConocoPhillips Co.
Guaranty) (A-2, VMIG-2)
1.47%(b) 05/02/05 4,500 4,500,000
===========
11,850,000
-----------
Arizona - 1.7%
Cochise County Solid Waste Disposal PCRB
(Arizona Electric Co-op Project) Series 1994A
AMT MB (National Rural Utilities LOC)
(A-1, VMIG-1)
2.30% 09/01/05 13,800 13,800,000
Colorado Public Highway Authority RB (Merrill
Lynch P-Float Trust Receipts) Series 2005 PZ-46
DN (MBIA Insurance, Merrill Lynch & Co. SBPA)
3.11%(b) 05/09/05 5,805 5,805,000
Pima County IDA Single Family Mortgage RB (Draw
Down Project) Series 2003 AMT DN (Trinity
Funding Guaranty)
2.86%(b) 05/30/05 7,671 7,671,000
Tucson Arizona GO Series 1995 MB (AAA, Aaa, AAA)
5.75% 07/01/05 2,000 2,030,408
Yuma County Jail District RB Series 1996 MB
(AMBAC Insurance)
5.00% 07/01/05 595 598,038
===========
29,904,446
-----------
Arkansas - 0.2%
Maricopa County IDA Solid Waste Disposal RB
Series 2004-048 AMT DN (Merrill Lynch Liquidity
Facility) (A-1+)
3.10%(b) 05/09/05 1,770 1,770,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Arkansas (continued)
University of Arkansas RB (UAMS Campus Project)
Series 2004A MB (MBIA Insurance)
4.00% 11/01/05 $ 1,645 $ 1,662,267
===========
3,432,267
-----------
California - 1.1%
California Economic Recovery RB Series 2004C-7
DN (BNP Paribas LOC) (A-1+, VMIG-1, F-1+)
3.02%(b) 05/02/05 1,800 1,800,000
California Statewide Communities Development
Authority Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2001 PT-353 AMT DN
(Merrill Lynch & Co. Guaranty) (A-1C+)
3.10%(b) 05/09/05 11,035 11,035,000
California Statewide Communities Development
Authority Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2003 PT-2001 AMT DN
(Merrill Lynch & Co. Guaranty)
3.10%(b) 05/09/05 2,500 2,500,000
Long Beach Harbor RB Series 2004-A MB (FGIC
Insurance)
2.50% 05/15/05 410 410,068
Los Angeles IDRB (P&C Poultry Distributors
Project) Series 1998 DN (Comercia Bank N.A.
LOC)
3.15%(b) 05/09/05 2,500 2,500,000
San Francisco City & County Airports Commission
RB (International Airport Project) Series 2003
PT-899 AMT DN (FSA Insurance, Merrill Lynch &
Co. SBPA)
3.08%(b) 05/09/05 2,380 2,380,000
===========
20,625,068
-----------
Colorado - 2.0%
Arapahoe County IDRB (PECO II Inc. Project) Series
2001 AMT DN (Huntington Bank LOC)
3.25%(b) 05/09/05 2,000 2,000,000
Colorado Health Facilities Authority Economic
Development RB (Johnson Publishing Co.
Project) Series 1999A AMT DN (Bank One N.A.
LOC)
3.15%(b) 05/09/05 1,710 1,710,000
Denver City & County Airport RB Series 2002A-61
AMT DN (Wachovia Bank N.A. LOC) (VMIG-1)
3.13%(b) 05/09/05 10,945 10,945,000
Denver City & County Airport RB Series 2003E DN
(FGIC Insurance, Bank of New York LOC) (A-1+)
3.07%(b) 05/09/05 2,300 2,300,000
Denver City & County Airport RB Series 2003
PT-754 AMT MB (MBIA Insurance, Merrill Lynch
& Co. SBPA) (F-1+)
1.50%(b) 05/05/05 6,495 6,495,000
Denver City & County Airport RB Series 2004
PT-2112 AMT DN (XLCA Insurance, Westdeutsche
Landesbank Girozentrale SBPA) (F-1+)
3.08%(b) 05/09/05 2,520 2,520,000
Denver City & County Airport RB Series 2004
PT-920 AMT DN (FSA Insurance, Merrill Lynch &
Co. SBPA) (F-1+)
3.08%(b) 05/09/05 1,500 1,500,000
Denver Urban Renewal Authority Tax Increment RB
Series 2004 PT-999 DN (Merrill Lynch Guaranty)
(A-1, AA-)
3.08%(b) 05/09/05 8,700 8,700,000
===========
36,170,000
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
31
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Connecticut - 0.3%
Danbury GO Series 2004 BAN (SP-1+, MIG-1)
3.00% 08/05/05 $ 5,000 $ 5,019,556
-----------
District of Columbia - 0.7%
District of Columbia Enterprise Zone RB (NJA Hotel
LLC Issue Project) Series 2004 AMT DN (Bank of
Scotland LOC) (VMIG-1)
3.09%(b) 05/09/05 5,000 5,000,000
District of Columbia Housing Finance Agency RB
Series 2004 PT-2391 DN (MBIA Insurance, Merrill
Lynch SBPA) (F-1+)
3.12%(b) 05/09/05 4,315 4,315,000
Metropolitan Washington D.C. Airport Authority
System RB Series 2003 PT-1991 AMT DN (AIG
Insurance Guaranty, Merrill Lynch & Co. SBPA)
(F-1+)
3.08%(b) 05/09/05 3,220 3,220,000
Metropolitan Washington D.C. Airport Authority
System RB Series 2004-013 AMT DN (MBIA
Insurance, Merrill Lynch SBPA) (F-1+)
3.08%(b) 05/09/05 2,745 2,745,000
===========
15,280,000
-----------
Florida - 4.4%
Bay County Housing Finance Authority RB Series
2002A AMT DN (XL Capital Insurance Co.
Guaranty)
2.84%(b) 05/09/05 6,705 6,704,665
Greater Orlando Aviation Authority RB (Special
Purpose Cessna Aircraft Project) Series 2001
AMT DN (Textron, Inc. Guaranty) (A-2, P-1)
4.10%(b) 05/09/05 6,000 6,000,000
Hillsborough Aviation Authority RB Series 2003
PT-745 AMT DN (MBIA Insurance, Svenska Bank
SBPA) (F-1+)
3.08%(b) 05/09/05 2,500 2,500,000
Jacksonville Economic Development Commission
IDRB (Glasfloss Industries, Inc. Project) Series
2002 AMT DN (Huntington National Bank LOC)
3.25%(b) 05/09/05 2,020 2,020,000
Jacksonville Economic Development Commission
IDRB (Tremron Jacksonville Project) Series 2000
AMT DN (Branch Banking & Trust Co. LOC)
3.12%(b) 05/09/05 2,410 2,410,000
Jacksonville Economic Development Commission
Special Facility Airport RB (Holland Sheltair
Project) Series 2005B AMT DN (Huntington Bank
LOC)
3.10%(b) 05/09/05 2,100 2,100,000
Jacksonville GO BAN (Landesbank LOC) (A-1+)
2.37% 06/08/05 6,680 6,680,000
Lee County Airport RB Series 2004 AMT DN (FSA
Insurance, Merrill Lynch SBPA)
3.08%(b) 05/09/05 1,575 1,575,000
Lee County IDRB Series 1997 AMT DN (SunTrust
Bank LOC)
3.14%(b) 05/09/05 1,885 1,885,000
Orange County Housing Finance Authority RB
(Merrill Lynch P-Float Trust Receipts) Series
2004 PT-2106 AMT DN (Merrill Lynch Capital
Services SBPA) (VMIG-1)
3.08%(b) 05/09/05 4,280 4,280,000
Pinellas County Housing Finance Authority RB
Series 2004A DN (CDC Funding Insurance,
Rabobank SBPA) (VMIG-1)
3.08%(b) 05/09/05 2,200 2,200,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Florida (continued)
Pinellas County Housing Finance Authority Single
Family Mortgage RB Series 2004-009 AMT DN
(CDC Insurance, Rabobank SBPA) (VMIG-1)
3.08%(b) 05/09/05 $ 6,250 $ 6,250,000
Pinellas County Housing Finance Authority Single
Family Mortgage RB Series 2004-933 AMT DN
(Merrill Lynch Liquidity Facility, Rabobank SBPA)
(VMIG-1)
3.08%(b) 05/09/05 3,330 3,330,000
Pinellas County IDRB Series 2004 AMT DN (Trinity
Insurance, Wachovia Bank N.A. LOC, Rabobank
SBPA) (VMIG-1)
3.15%(b) 05/09/05 1,400 1,400,000
Putnam County Development Authority PCRB
(Seminole Electric Co-op Project) Series 1984D
MB (National Rural Utilities LOC) (A-1)
2.05% 06/15/05 12,000 12,000,000
Putnam County Development Authority PCRB
(Seminole Electric Co-op Project) Series 1984H-3
MB (National Rural Utilities LOC) (A-1, MIG-1)
2.30% 09/15/05 11,100 11,100,000
Tampa Bay Water Utilities System RB Series
2004C-21 MB (FGIC Insurance, Wachovia Bank
SBPA) (Aaa)
1.63% 08/24/05 5,955 5,955,000
===========
78,389,665
-----------
Georgia - 3.4%
Atlanta Airport MB Series 1996 (AMBAC Insurance)
6.50% 01/01/06 1,000 1,024,563
Atlanta Airport RB Series 2004C-14 AMT DN (FSA
Insurance, Wachovia Bank) (VMIG-1)
3.13%(b) 05/09/05 2,795 2,795,000
Cartersville Development Authority RB (Aquafil
USA, Inc. Project) Series 2005 AMT DN (Branch
Banking & Trust Bank LOC)
3.12%(b) 05/09/05 2,000 2,000,000
Cobb County Multi-Family Housing Authority RB
Series 2003 PT-1963 AMT DN (Merrill Lynch &
Co. Guaranty) (F-1+)
3.12%(b) 05/09/05 13,120 13,120,000
Cobb County Multi-Family Housing Authority RB
Series 2004 PT-2221 AMT DN (Merrill Lynch &
Co. Guaranty) (F-1+, AA-)
3.12%(b) 05/09/05 21,350 21,350,000
Dooly County IDRB (Hamburg Enterprises Project)
Series 2003 AMT DN (Fifth Third Bank N.A. LOC)
3.08%(b) 05/09/05 1,000 1,000,000
Gainesville Housing Authority RB Series 2003
PT-1985 DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.12%(b) 05/09/05 3,470 3,470,000
Gordon County IDRB (Aladdin Manufacturing Corp.
Project) Series 1997A AMT DN (Wachovia Bank
N.A. LOC)
3.06%(b) 05/09/05 1,000 1,000,000
Gordon County IDRB (Aladdin Manufacturing Corp.
Project) Series 1997B DN (Wachovia Bank N.A.
LOC)
3.06%(b) 05/09/05 1,000 1,000,000
Griffin-Spalding County IDRB (Woodland Industries
Project) Series 2000 AMT DN (Wachovia Bank
N.A. LOC) (A-1+)
3.10%(b) 05/09/05 1,950 1,950,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
32
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Georgia (continued)
Gwinnett County IDRB (Suzanna Project) Series
2001A AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.10%(b) 05/09/05 $3,250 $ 3,250,000
Laurens County IDRB (Aladdin Manufacturing Corp.
Project) Series 1997 AMT DN (Wachovia Bank
N.A. LOC)
3.06%(b) 05/09/05 1,000 1,000,000
Wayne County IDRB (Absorption Corp. Project)
Series 2004 DN (Branch Banking & Trust Co.
LOC) (VMIG-1)
3.12%(b) 05/09/05 4,900 4,900,000
Whitefield County Educational Development
Authority RB (Aladdin Solid Waste Disposal
Project) Series 1999 AMT DN (Wachovia Bank
N.A. LOC)
3.06%(b) 05/09/05 3,100 3,100,000
===========
60,959,563
-----------
Hawaii - 0.4%
Hawaii Airport Systems RB Series 2003 PT-830 DN
(Merrill Lynch & Co. Guaranty) (A-1)
3.08%(b) 05/09/05 2,230 2,230,000
Hawaii Airport Systems RB Series 2004 PT-2310
AMT DN (FGIC Insurance, Merrill Lynch SBPA)
(F-1+)
3.08%(b) 05/09/05 1,345 1,345,000
Hawaii Department of Budget & Finance RB Series
2003 PA-1224 AMT DN (AMBAC Insurance,
Merrill Lynch & Co. SBPA) (A-1, F-1+)
3.07%(b) 05/09/05 2,340 2,340,000
Hawaii Department of Budget & Finance RB Series
2003 PA-1244 AMT DN (AMBAC Insurance,
Merrill Lynch & Co. SBPA) (A-1, F-1+)
3.07%(b) 05/09/05 2,500 2,500,000
Hawaii Housing Finance & Development Corp.
Single Family Mortgage RB Series 2001A-15 AMT
DN (Wachovia Bank N.A. LOC) (VMIG-1)
3.13%(b) 05/09/05 1,440 1,440,000
===========
9,855,000
-----------
Illinois - 3.1%
Chicago IDRB (Promise Candy Project) Series 2001
AMT DN (Lasalle National Bank LOC)
3.13%(b) 05/09/05 3,530 3,530,000
Chicago O'Hare International Airport RB (Merrill
Lynch P-Float Trust Receipts) Series 2003
PT-1993 AMT DN (MBIA Insurance, Merrill Lynch
Capital Services SBPA) (F-1+)
3.08%(b) 05/09/05 1,070 1,070,000
Chicago O'Hare International Airport RB (Merrill
Lynch P-Float Trust Receipts) Series 2004 PT-049
AMT DN (MBIA Insurance, Landesbank Hessen
SBPA) (F-1+)
3.08%(b) 05/09/05 2,000 2,000,000
Chicago O'Hare International Airport RB (Wachovia
Merlots Trust Receipts) Series 2001A-85 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
3.13%(b) 05/09/05 5,610 5,610,000
Chicago O'Hare International Airport Special
Facility RB (American Airlines Project) Series
2004 PT-980 AMT DN (Merrill Lynch SBPA) (F-1+)
3.08%(b) 05/09/05 1,330 1,330,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Chicago O'Hare International Airport Special
Facility RB (American Airlines Project) Series
2005 DN (FSA Insurance, Merrill Lynch SBPA)
(Aa2, F-1+)
3.08%(b) 05/09/05 $6,145 $ 6,145,000
Chicago Wastewater Transmission RB Series 2004
PZ-40 DN (MBIA Insurance, Merrill Lynch SBPA)
3.11%(b) 05/09/05 2,115 2,115,000
Elmhurst IDRB (Randall Manufacturing Project)
Series 2002 AMT DN (Lasalle National Bank LOC)
(A-1+)
3.19%(b) 05/09/05 1,665 1,665,000
Flora RB (Heritage Woods Project) Series 2001 AMT
DN (Federal Home Loan Bank Guaranty) (A-1+)
3.15%(b) 05/09/05 2,950 2,950,000
Harvard Multi Family Housing RB (Northfield Court
Project) Series 1999 AMT DN (Lasalle National
Bank LOC) (A-1+)
3.21%(b) 05/09/05 7,350 7,350,000
Illinois Development Finance Authority IDRB (Big
Bolt Corp. Project) Series 1996 AMT DN
(ABN-AMRO Bank N.V. LOC)
3.16%(b) 05/09/05 2,600 2,600,000
Illinois Development Finance Authority IDRB (Cano
Packaging Corp. Project) Series 2001 AMT DN
(Lasalle National Bank LOC)
3.13%(b) 05/09/05 2,270 2,270,000
Illinois Development Finance Authority IDRB
(Harbortown Industries Project) Series 2000A
AMT DN (Lasalle National Bank LOC)
3.16%(b) 05/09/05 2,000 2,000,000
Illinois Industrial Development Finance Authority
RB (Mason Corp. Project) Series 2000A AMT DN
(Lasalle National Bank LOC)
3.16%(b) 05/09/05 4,755 4,755,000
Metropolitan Pier & Exposition Authority RB
(Dedicated State Tax Receipts) Series 2005PZ-44
DN (MBIA Insurance, Merrill Lynch Capital
Services SBPA) (F-1+)
3.11%(b) 05/09/05 2,800 2,800,000
Naperville Economic Development Authority RB
(Independence Village Associates Project) Series
1994 DN (National City Bank N.A. LOC)
3.07%(b) 05/09/05 1,580 1,580,000
Springfield Community Improvement RB Series
2000 AMT DN (National City Bank N.A. LOC)
3.23%(b) 05/09/05 485 485,000
Upper River Valley IDRB (Advanced Drainage
System Project) Series 2002 AMT DN (National
City Bank N.A. LOC)
3.13%(b) 05/09/05 1,800 1,800,000
Will County School District No. 122 GO (New Lenox
Project) Series 2005 PZ-48 DN (FSA Insurance,
Merrill Lynch & Co. SBPA)
3.11%(b) 05/09/05 3,345 3,345,000
===========
55,400,000
-----------
Indiana - 3.7%
Anderson Economic Development RB (Printer Zink,
Inc. Project) Series 2004A DN (U.S. Bancorp LOC)
(A-1+)
3.16%(b) 05/09/05 2,680 2,680,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
33
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Indiana (continued)
Bremen IDRB (Universal Bearings, Inc. Project)
Series 1996A AMT DN (KeyBank N.A. LOC)
(A-1, P-1)
3.14%(b) 05/09/05 $ 990 $ 990,000
Elkhart County Industrial Economic Development
RB (Four Seasons Manufacturing Inc. Project)
Series 2000 AMT DN (National City Bank N.A.
LOC)
3.18%(b) 05/09/05 1,080 1,080,000
Elkhart Economic Development RB (Jameson Inns,
Inc. Project) AMT DN (Firstar Bank N.A. LOC)
3.20%(b) 05/09/05 2,800 2,800,000
Elkhart Industrial Multi Family RB (Pedcor
Investments Living LP Project) Series 2002A AMT
DN (Federal Home Loan Bank Guaranty) (VMIG-1)
3.05%(b) 05/09/05 8,000 8,000,000
Elkhart Industrial Multi Family RB (Pedcor
Investments Living LP Project) Series 2002B AMT
DN (Federal Home Loan Bank Guaranty) (VMIG-1)
3.05%(b) 05/09/05 900 900,000
Fort Wayne Economic Development Authority RB
(Advanced Machine & Tool Project) Series 2001
AMT DN (National City Bank N.A. LOC)
3.18%(b) 05/09/05 1,870 1,870,000
Hammond Industrial Sewer & Solid Waste Disposal
RB (Cargill Inc. Project) Series 2005 AMT DN
3.07%(b) 05/09/05 6,500 6,500,000
Huntingburg Multi Family RB (Lincoln Village
Apartments Project) Series 2000 AMT DN
(Federal Home Loan Bank Guaranty)
3.17%(b) 05/09/05 2,350 2,350,000
Indiana Development Finance Authority Economic
Development RB (Saroyan Hardwoods, Inc.
Project) Series 1994 AMT DN (Fifth Third Bank
N.A. LOC)
3.15%(b) 05/09/05 800 800,000
Indiana Development Finance Authority Economic
Development RB (Timerland Resources Project)
Series 2001 DN (Southtrust Bank LOC)
3.15%(b) 05/09/05 750 750,000
Indiana Development Finance Authority IDRB
(Enterprise Center II Project) Series 1992 AMT
DN (Bank One N.A. LOC) (A-1)
3.08%(b) 05/09/05 3,000 3,000,000
Indiana Development Finance Authority IDRB
Series 2000 AMT DN (Bank One N.A. LOC)
3.15%(b) 05/09/05 4,900 4,900,000
Indiana Economic Development Finance Authority
RB (Morris Manufacturing & Sales Corp. Project)
Series 2002 AMT DN (National City Bank N.A.
LOC)
3.13%(b) 05/09/05 2,100 2,100,000
Indianapolis Economic Development Authority RB
(Herff Jones, Inc. Project) Series 1994 AMT DN
(Lasalle National Bank LOC)
3.12%(b) 05/09/05 4,100 4,100,000
Indianapolis IDRB (Public Import Board Project)
Series 2003 PT-731 AMT DN (FSA Insurance,
Danske Bank LOC) (A-1)
3.08%(b) 05/09/05 2,550 2,550,000
Indianapolis Public Improvement Board RB Series
2004-039 AMT DN (MBIA Insurance, Svenska
Handesbank SBPA) (A-1+)
3.08%(b) 05/09/05 4,580 4,580,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Indiana (continued)
Jeffersonville Economic Development Authority RB
(Scansteel Project) Series 1998 AMT DN (National
City Bank N.A. LOC)
3.18%(b) 05/09/05 $1,080 $ 1,080,000
Orleans Economic Development RB (Almana LLC
Project) Series 1995 AMT DN (National City Bank
N.A. LOC)
3.15%(b) 05/09/05 2,500 2,500,000
Scottsburg Economic Development Authority RB
(American Plastic Corp. Project) Series 2000 AMT
DN (National City Bank N.A. LOC)
3.18%(b) 05/09/05 1,025 1,025,000
South Bend Economic Development Authority RB
(SGW Realty LLC Project) Series 1998 AMT DN
(National City Bank N.A. LOC)
3.23%(b) 05/09/05 900 900,000
St. Joseph County Industrial Economic
Development RB (Midcorr Land Development LLC
Project) Series 2002 DN (National City Bank N.A.
LOC)
3.13%(b) 05/09/05 3,390 3,390,000
Terre Haute Industrial Economic Development RB
(Jameson Inns, Inc. Project) Series 1999 AMT DN
(Firstar Bank N.A. LOC) (A-1C+)
3.20%(b) 05/09/05 3,175 3,175,000
Vigo County Independent School Corp. Temporary
Loan Notes RB Series 2005 MB
3.25% 12/29/05 4,500 4,514,907
===========
66,534,907
-----------
Iowa - 0.4%
Cedar Rapids Community School District GO Series
2004 MB
3.00% 06/30/05 3,500 3,506,182
Dallas County IDRB (Sioux City Brick Project) Series
2000A AMT DN (First Bank Systems LOC)
3.15%(b) 05/09/05 1,000 1,000,000
Des Moines Commercial Development RB (Grand
Office Park Project) Series 1985 DN (Principal
Life Insurance Company Guaranty) (A-1+)
3.15%(b) 05/09/05 2,000 2,000,000
West Burlington IDRB (Borghi Oilhydraulic Project)
Series 2001A AMT DN (Bank One N.A. LOC)
3.15%(b) 05/09/05 600 600,000
===========
7,106,182
-----------
Kansas - 0.1%
Kansas Development Finance Authority RB
(Delaware Highlands Project) Series 2005C DN
(Federal Home Loan Bank Guaranty)
3.09%(b) 05/09/05 2,250 2,250,000
-----------
Kentucky - 2.9%
Boyd County Sewer & Solid Waste RB (Air Products
& Chemicals Project) Series 2003 AMT DN (A-1)
3.08%(b) 05/09/05 1,275 1,275,000
City of Wilder Industrial Building RB (Saratoga
Investments LP Project) Series 1998 AMT DN
(Fifth Third Bank N.A. LOC)
3.18%(b) 05/09/05 1,120 1,120,000
Clark County PCRB (Eastern Kentucky Power
Project) Series 1984J-2 MB (National Rural
Co-op Utilities Guaranty) (A-1, MIG-1)
2.60% 10/15/05 8,500 8,500,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
34
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Kentucky (continued)
Dayton IDRB (Ramkat Enterprise Project) Series
2001 AMT DN (First Bank Systems LOC)
3.23%(b) 05/09/05 $ 1,990 $ 1,990,000
Elsmere IDRB (International Mold Steel, Inc.
Project) Series 1996 AMT DN (Star Bank N.A.
LOC)
3.18%(b) 05/09/05 1,295 1,295,000
Henderson Industrial Building RB (Shamrock
Technologies Project) Series 1997 AMT DN
(Wachovia Bank N.A. LOC)
3.15%(b) 05/09/05 966 966,000
Jefferson County Industrial Building RB (Atlas
Machine & Supply Co. Project) Series 1999 AMT
DN (Bank One N.A. LOC)
3.15%(b) 05/09/05 1,890 1,890,000
Kenton County Educational RB (Redwood
Rehabilitation Center Project) Series 2004 DN
(Fifth Third Bank LOC)
3.13%(b) 05/09/05 900 900,000
Kentucky Housing Corp. Single Family Mortgage RB
Series 2003 PT-740 AMT DN (FGIC Insurance,
Merrill Lynch & Co. Guaranty) (VMIG-1)
3.08%(b) 05/09/05 11,615 11,615,000
McCreary County Industrial Building RB (Le
Sportsac, Inc. Project) Series 1998 AMT DN (Fifth
Third Bank N.A. LOC)
3.13%(b) 05/09/05 1,100 1,100,000
McCreary County Industrial Building RB (Le
Sportsac, Inc. Project) Series 1998B AMT DN
(Fifth Third Bank N.A. LOC)
3.13%(b) 05/09/05 1,410 1,410,000
McCreary County Industrial Building RB (Le
Sportsac, Inc. Project) Series 1999B-3 AMT DN
(Fifth Third Bank N.A. LOC)
3.13%(b) 05/09/05 3,220 3,220,000
Pulaski County Solid Waste Disposal RB (National
Rural Utilities for East Kentucky Power Project)
Series 1993B AMT MB (National Rural Utilities
Guaranty) (MIG-1)
2.30% 08/15/05 2,550 2,550,000
Trimble County PCRB (Louisville Gas & Electric
Guaranty) Series 2005 MB (A-2, P-1)
2.07% 05/03/05 15,000 15,000,000
===========
52,831,000
-----------
Louisiana - 3.8%
Donaldsonville IDRB (John Folse & Co., Inc. Project)
Series 2003 DN (Amsouth Bank LOC)
3.09%(b) 05/09/05 2,150 2,150,000
Lafayette Educational Development Authority RB
(Holt County Project) Series 1990 DN (Rabo Bank
Nederland LOC)
3.29%(b) 05/09/05 3,035 3,035,000
Louisiana Local Government Environmental
Facilities Community Development Authority RB
(Bioset Shreveport LLC) Series 2002-A DN
(Hibernia Bank LOC)
3.14%(b) 05/09/05 5,945 5,945,000
Louisiana Local Government Environmental
Facilities Community Development Authority RB
(Capital & Equipment Programs Project) Series
2003A DN (AMBAC Insurance, Banque Nationale
de Paribas Liquidity Facility) (A+, Aaa)
3.09%(b) 05/09/05 23,225 23,225,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Louisiana (continued)
Louisiana Local Government Environmental
Facilities Community Development Authority RB
(Northwestern State University Student Housing
Project) Series 2004A DN (Regions Bank LOC)
(A-1)
3.07%(b) 05/09/05 $ 3,000 $ 3,000,000
Louisiana Local Government Environmental
Facilities Community Development Authority RB
(Ouachita Christian School, Inc. Project) Series
2002 DN (Bank One N.A. LOC)
3.24%(b) 05/09/05 1,515 1,515,000
Louisiana Public Facilities Authority RB (Air
Products & Chemicals Project) Series 2002 AMT
DN (Hibernia Bank LOC) (A-1, P-1)
3.08%(b) 05/09/05 5,000 5,000,000
Louisiana Public Facilities Authority RB (Air
Products & Chemicals Project) Series 2004 AMT
DN (A-1, P-1)
3.08%(b) 05/09/05 6,250 6,250,000
Louisiana Public Facilities Authority RB (Equipment
& Capital Facilities Loan Program) Series 2002A
DN (Hibernia Bank LOC) (VMIG-1)
3.14%(b) 05/09/05 14,635 14,635,000
North Webster Parish IDRB (CSP Project) Series
2001 AMT DN (Regions Bank N.A. LOC)
3.09%(b) 05/09/05 2,725 2,725,000
===========
67,480,000
-----------
Maine - 0.9%
Maine Finance Authority Civic Facility RB (Erskine
Academy Project) Series 2004 DN (Key Bank LOC)
3.07%(b) 05/09/05 2,000 2,000,000
Maine Housing Authority RB (General Housing
Project) Series 2004-006 AMT DN (Trinity
Insurance, Merrill Lynch & Co. SBPA) (VMIG-1)
3.08%(b) 05/09/05 6,250 6,250,000
Maine Housing Authority RB (General Housing
Project) Series 2004-2352 AMT DN (Trinity
Insurance GIC, Merrill Lynch & Co. Liquidity
Facility) (VMIG-1)
3.08%(b) 05/09/05 7,425 7,425,000
===========
15,675,000
-----------
Maryland - 4.2%
Baltimore County RB (Golf Systems Project) Series
2001 DN (M&T Bank Corp. LOC) (A-2)
3.07%(b) 05/09/05 4,800 4,800,000
Howard County RB (Glenelg Country School Project)
Series 2001 DN (M&T Bank Corp. LOC) (A-1)
2.99%(b) 05/09/05 3,515 3,515,000
Maryland Community Development Administration
Department of Housing & Community
Development RB (Harbor City Project) Series
1990C DN (Mercantile Bank LOC)
3.06%(b) 05/09/05 3,230 3,230,000
Maryland Economic Development Corp. RB
(Assisted Catholic Charities Project) Series 2004
DN (Mercantile Bank LOC) (VMIG-1)
2.99%(b) 05/09/05 3,935 3,935,000
Maryland Economic Development Corp. RB
(Associated Catholic, Inc. Project) Series 2002 DN
(M&T Bank Corp. LOC) (VMIG-1)
3.02%(b) 05/09/05 4,990 4,990,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
35
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Maryland (continued)
Maryland Economic Development Corp. RB (Joe
Corbis Pizza Project) Series 2000 AMT DN (M&T
Bank Corp. LOC) (A-1)
3.14%(b) 05/02/05 $ 1,250 $ 1,250,000
Maryland Economic Development Corp. RB (John
Schmitz Project) Series 2000E AMT DN (M&T
Bank Corp. LOC) (A-1+)
3.04%(b) 05/09/05 2,135 2,135,000
Maryland Economic Development Corp. RB
(Lithographing Co. Project) Series 2001 AMT DN
(M&T Bank Corp. LOC) (A-1)
3.14%(b) 05/09/05 3,170 3,170,000
Maryland Economic Development Corp. RB
(Mirage-Tucker LLC Facility Project) Series 2002
DN (M&T Bank Corp. LOC) (VMIG-1)
3.14%(b) 05/09/05 1,350 1,350,000
Maryland Economic Development Corp. RB
(Pharmaceutics International Project) Series
2001A AMT DN (M&T Bank Corp. LOC) (A-1)
3.14%(b) 05/09/05 6,200 6,200,000
Maryland Economic Development Corp. RB
(Redrock LLC Facilities Project) Series 2002 DN
(M&T Bank Corp. LOC) (VMIG-1)
3.14%(b) 05/09/05 2,400 2,400,000
Maryland Health & Higher Education Facilities
Authority RB (Doctors Community Hospital
Project) Series 1997 DN (M&T Bank Corp. LOC)
(A-1)
3.02%(b) 05/09/05 5,820 5,820,000
Maryland Health & Higher Education Facilities
Authority RB (Roland Park Country School
Project) Series 2001 DN (M&T Bank Corp. LOC)
(A-1)
3.07%(b) 05/09/05 5,440 5,440,000
Maryland Industrial Development Financing
Authority RB (Brass Mill Road Project) Series
1995 DN (M&T Bank Corp. LOC) (A-1)
3.10%(b) 05/09/05 775 775,000
Maryland Industrial Development Financing
Authority RB (Patapsco Association Project)
Series 1995 DN (M&T Bank Corp. LOC) (A-1)
3.10%(b) 05/09/05 1,000 1,000,000
Montgomery County Economic Development RB
(Brooke Grove Foundation, Inc. Project) Series
1998 DN (M&T Bank Corp. LOC) (A-1)
3.02%(b) 05/09/05 4,430 4,430,000
Montgomery County GO (Public Improvement
Project) Series 1992A MB (AAA, Aaa)
5.70% 07/01/05 500 503,065
Montgomery County Housing Opportunity
Community Single Family Mortgage RB Series
2005 DN (Trinity Insurance, Merrill Lynch SBPA)
(A-1, A-)
3.08%(b) 05/09/05 3,430 3,430,000
Montgomery County RB (Ivymount School, Inc.
Facilities Project) Series 2000 DN (M&T Bank
Corp. LOC) (A-1)
3.07%(b) 05/09/05 2,800 2,800,000
Northeast Solid Waste Disposal Authority RB Series
2003 PT-766 AMT DN (AMBAC Insurance,
Landesbank Hessen-Thuringen Girozentrale
SBPA) (A-1+)
3.07%(b) 05/09/05 7,730 7,730,000
Prince Georges County RB (Parsons Paper
Facilities Project) Series 1987 DN (M&T Bank
Corp. LOC)
2.50%(b) 05/02/05 3,300 3,300,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Maryland (continued)
Washington County RB (Conservit, Inc. Facility
Project) Series 2004 DN (M&T Bank Corp. LOC)
3.14%(b) 05/09/05 $ 2,400 $ 2,400,000
Wicomico County Economic Development RB
(Plymouth Tube Co. Project) Series 1996 AMT DN
(Bank One N.A. LOC) (VMIG-1)
3.15%(b) 05/09/05 1,400 1,400,000
===========
76,003,065
-----------
Massachusetts - 2.8%
Auburn GO Series 2004 BAN (MIG-1)
2.50% 06/17/05 7,000 7,007,800
New England Education Loan Marketing Corp. RB
(Student Loan Project) Series 1993A AMT MB
5.70% 07/01/05 2,025 2,037,223
Newton GO Series 2005 BAN (MIG-1)
2.80% 08/15/05 2,800 2,804,860
Washusett Regional School District GO Series 2005
BAN
3.50% 07/15/05 6,000 6,010,860
Watertown GO Series 2004 BAN (MIG-1, SP-1+)
3.00% 11/09/05 6,230 6,258,445
Westford GO Series 2005 BAN (SP-1+, MIG1)
2.75% 07/29/05 5,400 5,407,524
Whitman Hanson Regional School District GO
Series 2004 BAN
2.00% 07/01/05 17,000 17,008,353
Worcester GO Series 2004A MB (AAA, Aaa)
5.00% 08/15/05 3,540 3,575,480
===========
50,110,545
-----------
Michigan - 5.2%
Chelsea School District GO Series 1995 MB
5.95%(b) 05/02/05 1,600 1,600,000
Detroit Economic Development Authority RB
(Wachovia Merlots Trust Receipts) Series
2001A-90 AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.13%(b) 05/09/05 2,500 2,500,000
Detroit Economic Development Corp. RB (E.H.
Association Ltd. Project) Series 2002 DN (Charter
One Bank LOC)
3.07%(b) 05/09/05 1,290 1,290,000
Detroit Sewer & Disposal Authority RB Series
2001E MB (FGIC Insurance) (A-1+, MIG-1)
1.55% 08/04/05 4,100 4,100,000
Michigan GO Series 2004A MB (SP-1+, MIG-1)
3.50% 09/30/05 15,000 15,084,411
Michigan Municipal Bond Authority RB (Detroit
School District Project) Series 2005-A MB (J.P.
Morgan Chase LOC)
3.75% 03/21/06 2,500 2,525,947
Michigan Municipal Bond Authority RB Series
2004B-2 BAN (J.P. Morgan Chase & Co. LOC)
(SP-1+)
3.00% 08/23/05 20,000 20,087,916
Michigan State Underground Storage Tank Final
Assurance Authority RB Series 2001I MB (AMBAC
Insurance)
6.00%(b) 05/02/05 2,000 2,000,000
Michigan Strategic Fund Limited Obligation RB
(America Group LLC Project) Series 2000 AMT DN
(Bank One N.A. LOC)
3.15%(b) 05/09/05 3,200 3,200,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
36
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Michigan (continued)
Michigan Strategic Fund Limited Obligation RB
(Bayloff Properties Project) Series 1998 AMT DN
(National City Bank N.A. LOC)
3.23%(b) 05/09/05 $ 1,000 $ 1,000,000
Michigan Strategic Fund Limited Obligation RB
(Conway Products Project) Series 2001 AMT DN
(Comerica Bank N.A. LOC)
3.15%(b) 05/09/05 2,120 2,120,000
Michigan Strategic Fund Limited Obligation RB
(G&B Tech LLC Project) Series 2005 AMT DN
(Huntington Bank LOC)
3.25%(b) 05/09/05 1,700 1,700,000
Michigan Strategic Fund Limited Obligation RB
(Hannah Technical Project) Series 2002 AMT DN
(Comerica Bank N.A. LOC)
3.15%(b) 05/09/05 4,000 4,000,000
Michigan Strategic Fund Limited Obligation RB
(K&K Management Co. Project) Series 2000 AMT
DN (Huntington Bank LOC)
3.29%(b) 05/09/05 1,000 1,000,000
Michigan Strategic Fund Limited Obligation RB (Kay
Screen Printing, Inc. Project) Series 2000 AMT
DN (Bank One N.A. LOC)
3.15%(b) 05/09/05 1,300 1,300,000
Michigan Strategic Fund Limited Obligation RB
(Midwest Glass Fabricators, Inc. Project) Series
2001 DN (Bank of America N.A. LOC)
3.25%(b) 05/09/05 2,455 2,455,000
Michigan Strategic Fund Limited Obligation RB
(PFG Enterprises, Inc. Project) Series 2001 AMT
DN (Huntington National Bank LOC)
3.29%(b) 05/09/05 570 570,000
Michigan Strategic Fund Limited Obligation RB
(Saginaw Production Corp. Project) Series 2001
AMT DN (Comerica Bank N.A. LOC)
3.15%(b) 05/09/05 2,745 2,745,000
Michigan Strategic Fund Limited Obligation RB
(Total Business Systems Project) Series 1998
AMT DN (Comerica Bank N.A. LOC)
3.15%(b) 05/09/05 2,860 2,860,000
Oakland County Economic Development Corp.
(Exhibit Enterprises, Inc. Project) Series 2004
AMT DN (Commerce Bank LOC)
3.15%(b) 05/09/05 6,375 6,375,000
Oakland County Educational Limited Obligation RB
Series 2000 AMT DN (Bank One N.A. LOC)
3.15%(b) 05/09/05 4,800 4,800,000
Zeeland Hospital Finance Authority RB (Zeeland
Community Hospital Project) Series 2004 DN
(Huntington National Bank LOC) (A-1)
3.15%(b) 05/09/05 10,350 10,350,000
===========
93,663,274
-----------
Minnesota - 1.6%
Becker IDRB (Plymouth Foam Project) Series 2004
AMT DN (Amsouth Bancorp. LOC)
3.21%(b) 05/09/05 2,500 2,500,000
Dakota County RB (Merrill Lynch P-Float Trust
Receipts) Series 2005-061 AMT DN (VMIG-1)
3.08%(b) 05/09/05 15,300 15,300,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Minnesota (continued)
Midwest Consortium of Municipal Utilities RB
Series 2005 DN (U.S. Bank N.A. LOC) (A-1+)
3.00%(b) 05/09/05 $ 200 $ 200,000
Minneapolis & St. Paul Metropolitan Airports
Commission RB Series 2003 PT-727 AMT DN
(FGIC Insurance, Banque Nationale de Paribas
SBPA) (A-1+)
3.08%(b) 05/09/05 1,800 1,800,000
Minnesota Housing Finance Agency RB (Residential
Housing Project) Series 2005 AMT MB (MIG-1)
2.95% 05/18/06 4,000 4,000,000
Plymouth IDRB (Scoville Press, Inc. Project) Series
1994 DN (Wells Fargo Bank LOC)
3.10%(b) 05/09/05 1,470 1,470,000
Winona Independent School District No. 861 GO
Series 2004A MB
3.00% 08/06/05 3,590 3,602,152
===========
28,872,152
-----------
Mississippi - 0.6%
Mississippi Business Finance Corp. RB (Mississippi
Baking Co. LLC Project) Series 1995 DN (M&T
Bank Corp. LOC)
3.14%(b) 05/09/05 4,080 4,080,000
Mississippi Business Finance Corp. RB (Shuqualak
Lumber Co. Project) Series 2001 AMT DN (Bank
One N.A. LOC, J.P. Morgan Chase Bank LOC)
3.15%(b) 05/09/05 2,500 2,500,000
Mississippi Business Finance Corp. RB (Utilities
Optimization Project) Series 2002A AMT DN
(Hibernia Bank LOC)
3.15%(b) 05/09/05 1,000 1,000,000
Warren County Environmental Import RB (Merrill
Lynch P-Float Trust Receipts) Series 2005 AMT
DN (Merrill Lynch & Co. Guaranty)
3.10%(b) 05/09/05 2,495 2,495,000
===========
10,075,000
-----------
Missouri - 0.6%
Bridgeton IDRB (Gold Dust LLC Project) AMT DN
(Commerce Bank N.A. LOC)
3.21%(b) 05/09/05 1,125 1,125,000
St. Charles County IDRB (Austin Machine Co.
Project) Series 2003A DN (Bank of America N.A.
LOC)
3.16%(b) 05/09/05 1,920 1,920,000
St. Charles County IDRB (Patriot Machine, Inc.
Project) Series 2002 AMT DN (U.S. Bank N.A.
LOC)
3.18%(b) 05/09/05 3,430 3,430,000
St. Louis IDRB Series 2005A DN (M & I Bank LOC)
3.16%(b) 05/09/05 3,480 3,480,000
===========
9,955,000
-----------
Montana - 0.2%
Montana Housing Board RB (Wachovia Merlots
Trust Receipts) Series 2001A-41 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
3.13%(b) 05/09/05 910 910,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
37
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Montana (continued)
Montana Housing Board RB (Wachovia Merlots
Trust Receipts) Series 2002A-19 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
3.13%(b) 05/09/05 $ 2,420 $ 2,420,000
============
3,330,000
------------
Multi-State - 10.6%
Charter Mac Equity Issuer Trust RB (Merrill Lynch
P-Float Trust Receipts) Series 2004-2029 AMT
DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.12%(b)(c) 05/09/05 27,720 27,720,000
Charter Mac Equity Issuer Trust RB (Merrill Lynch
P-Float Trust Receipts) Series 2004-2121 AMT
DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.12%(b)(c) 05/09/05 19,180 19,180,000
Charter Mac Equity Issuer Trust RB (Merrill Lynch
P-Float Trust Receipts) Series 2004-2437 AMT
DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.10%(b) 05/09/05 18,255 18,255,000
Charter Mac Equity Issuer Trust RB (Merrill Lynch
P-Float Trust Receipts) Series 2004 AMT DN
(Merrilly Lynch & Co. Guaranty) (A-1, VMIG-1)
3.10%(b)(c) 05/09/05 2,500 2,500,000
Charter Mac Equity Issuer Trust RB (Merrill Lynch
P-Float Trust Receipts) Series 2005-2508 AMT
DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.12%(b) 05/09/05 4,270 4,270,000
Clipper Tax Exempt Certificate Trust (Certificate
Partner Multi-State Project) Series 2004-10 AMT
DN (Lloyds Bank SBPA) (VMIG-1)
3.19%(b) 05/09/05 15,345 15,345,000
Clipper Tax-Exempt Certificate Trust (Certificate
Partner Multi-State Project) Series 2004-11 AMT
DN (Bayeriche, FSA Insurance, Trinity Guaranty)
(VMIG-1)
3.14%(b) 05/09/05 40,165 40,165,000
Municipal Securities Pool Trust Receipts RB Series
2004-19 DN (FGIC Insurance, Societe Generale
SBPA) (A-1+)
3.14%(b)(c) 05/09/05 1,625 1,625,000
MuniMae Tax Exempt Board Subsidary LLC Series
2004 AMT DN (Merrill Lynch & Co. Guaranty)
(A-1)
3.12%(b)(c) 05/09/05 28,530 28,530,000
MuniMae Tax Exempt Board Subsidiary LLC Series
2005 AMT DN (Merrill Lynch & Co. Guaranty)
3.12%(b)(c) 05/09/05 12,000 12,000,000
MuniMae Trust RB (Merrill Lynch P-Float Trust
Receipts) Series 2002 PT-617 DN (Merrill Lynch
Capital Services SBPA) (A-1)
3.08%(b)(c) 05/09/05 13,160 13,160,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A DN (Merrill Lynch Capital Services
SBPA) (F-1+)
3.14%(b) 05/09/05 4,300 4,300,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005PZP-2 DN (Merrill Lynch Capital
Services SBPA) (F-1+)
3.14%(b) 05/09/05 2,700 2,700,000
============
189,750,000
------------
Nevada - 0.1%
Clark County Passenger Facility Charge RB (Las
Vegas-McCarran Airport Project) Series 2002
AMT MB (MBIA Insurance)
4.00% 07/01/05 1,630 1,636,540
------------
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
New Hampshire - 0.2%
New Hampshire Business Finance Authority
Industrial Facilities RB (Felton Brush, Inc.
Project) Series 1997 AMT DN (KeyBank N.A. LOC)
(VMIG-1)
3.14%(b) 05/09/05 $ 1,295 $ 1,295,000
New Hampshire Housing Finance Authority RB
(Wachovia Merlots Trust Receipts) Series
2001A-51 AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.13%(b) 05/09/05 1,345 1,345,000
New Hampshire Housing Finance Authority RB
(Wachovia Merlots Trust Receipts) Series
2001A-82 AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.13%(b) 05/09/05 1,100 1,100,000
============
3,740,000
------------
New Jersey - 1.4%
Burlington County GO Series 2004E-II BAN
1.70% 07/15/05 4,950 4,943,796
Middlesex County Improvement Authority RB
(Woodbridge Township Guaranteed Project)
Series 2004 MB
3.50% 12/22/05 5,000 5,042,513
New Jersey Economic Development Authority RB
(Somerset Hills YMCA Project) Series 2003 DN
(Commerce Bank N.A. LOC)
3.04%(b) 05/09/05 100 100,000
New Jersey Health Care Facilities Financing
Authority RB (Recovery Management Systems,
Inc.) Series 2005 DN (Commerce Bank N.A. LOC)
(VMIG-1)
2.99%(b) 05/09/05 100 100,000
New Jersey Transportation Trust Fund Authority RB
(Transportation System Project) Series 1998A MB
(AA-, A1)
5.00% 06/15/05 2,000 2,006,430
New Milford County GO Series 2004 BAN
3.00% 06/24/05 2,839 2,843,956
Rockaway Township GO Series 2004 BAN
2.50% 07/22/05 5,693 5,705,214
Salem County Pollution Control Financing Authority
PCRB (E.I. DuPont de Nemours Project) Series
1982A DN (A-1+, P-1)
2.25%(b) 05/09/05 2,000 2,000,000
West Windsor-Plainsboro GO (Regional School
District Project) Series 2004 MB (Aa2)
2.70% 06/15/05 1,750 1,752,270
============
24,494,179
------------
New Mexico - 0.1%
Dona Ana County IDRB (Merryweath Project) Series
1998 AMT DN (First Merit Bank N.A. LOC)
3.30%(b) 05/09/05 1,470 1,470,000
------------
New York - 4.2%
Clipper Tax Exempt Certificates RB Series 2005-7
DN (FGIC & MBIA Insurance, State Street Bank
SBPA) (A-1+, VM1G1)
3.11%(b) 05/09/05 13,400 13,400,000
Dormitory Authority of the State of New York RB
(Teresian House Housing Corp. Project) Series
2003 DN (Lloyds Bank LOC) (A-1+)
3.00%(b) 05/09/05 315 315,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
38
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
New York (continued)
Lancaster IDRB (Jiffy Tite Co., Inc. Project) Series
1997 AMT DN (Key Bank N.A. LOC)
3.14%(b) 05/09/05 $ 1,270 $ 1,270,000
Metropolitan Pier & Exposition Authority RB (Bear
Stearns Trust Certificates) Series 2005A-224 DN
(MBIA Insurance, Bear Stearns Capital Markets
Liquidity Facility) (VMIG-1)
3.23%(b)(c) 05/09/05 3,900 3,900,000
Metropolitan Pier & Exposition Authority RB (TOC
Trust Receipts) Series 2005Z-1 DN (MBIA
Insurance, Goldman Sachs Liquidity Facility)
(A-1, AAA)
3.11%(b) 05/09/05 4,000 4,000,000
Nassau County IDRB Series 2004-MT-010 AMT DN
(Merrill Lynch & Co. Guaranty) (F-1+)
3.09%(b) 05/09/05 13,245 13,245,000
New York Housing Finance Agency RB (Theatre Row
Housing Project) Series 2002A AMT DN (Hypover-
insbank LOC) (VMIG-1)
3.10%(b) 05/09/05 14,800 14,800,000
New York Housing Finance Agency RB (Theatre Row
Tower Project) Series 2001 AMT DN (Hypover-
insbank LOC) (VMIG-1)
3.10%(b) 05/09/05 5,000 5,000,000
New York State Power Authority GO Series 1985 MB
(Credit Locale de France LOC) (A-1+, VMIG-1)
2.15% 09/01/05 5,500 5,500,000
Newburgh Charter Mac Multi-Family Housing RB
(Merrill Lynch P-Float Trust Receipts) Series
2041-2504 AMT DN (Merrill Lynch & Co.
Guaranty)
3.12%(b) 05/09/05 3,230 3,230,000
Ulster IDRB (Viking Industries, Inc. Project) Series
1998A AMT DN (KeyBank N.A. LOC)
3.14%(b) 05/09/05 1,545 1,545,000
Union Springs Central School District GO Series
2004 BAN
2.50% 06/30/05 9,855 9,868,919
===========
76,073,919
-----------
North Carolina - 1.7%
Buncombe County IDRB (Lustar Dyeing, Inc.
Project) Series 1998 AMT DN (Wachovia Bank
N.A. LOC)
3.15%(b) 05/09/05 1,995 1,995,000
Charlotte Airport RB (Banque Nationale de Paribas
P-Float Trust Receipts) Series 2003 PT-719 AMT
MB (MBIA Insurance, Banque Nationale de
Paribas SBPA) (A-1+)
1.50% 05/05/05 2,335 2,335,000
Mecklenburg County Industrial Facilities PCRB
(Peidmont Plastics Project) Series 1997 AMT DN
(Branch Banking & Trust Co. LOC) (Aa3, VMIG-1)
3.12%(b) 05/09/05 1,530 1,530,000
North Carolina Housing Finance Agency RB
(Wachovia Merlots Project) Series 2001A-70 AMT
DN (Wachovia Bank N.A. LOC) (VMIG-1)
3.13%(b) 05/09/05 1,945 1,945,000
North Carolina Housing Finance Agency RB
(Wachovia Merlots Trust Receipts) Series
2000A-37 AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.13%(b) 05/09/05 1,340 1,340,000
North Carolina Ports Authority Exempt Facilities RB
(Wilmington Bulk LLC Project) Series 2001A AMT
DN (Branch Banking & Trust Co. LOC) (VMIG-1)
3.12%(b) 05/09/05 2,710 2,710,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
North Carolina (continued)
Rutherford County Industrial Facilities PCRB
(Thieman Metal Technology Project) Series 1998
AMT DN (Branch Banking & Trust Co. LOC)
(VMIG-1)
3.12%(b) 05/09/05 $ 2,100 $ 2,100,000
Sampson County Industrial Facilities PCRB (Dubose
Strapping, Inc. Project) Series 2003 AMT DN
(Wachovia Bank N.A. LOC)
3.15%(b) 05/09/05 2,960 2,960,000
Wake County GO Series 2004A MB (Landesbank
Hessen-Thuringen Girozentrale SBPA)
(A-1+, MIG-1)
4.00% 04/01/06 7,000 7,081,850
Wake County Housing Finance Authority RB (Casa
Melvid Multi Family Housing Project) Series
2001A AMT DN (SunTrust Bank LOC) (VMIG-1)
3.10%(b) 05/09/05 3,500 3,500,000
Washington County Industrial Facilities PCRB
(Mackey's Ferry Sawmill, Inc. Project) Series
1997 AMT DN (Wachovia Bank N.A. LOC)
3.10%(b) 05/09/05 2,200 2,200,000
===========
29,696,850
-----------
North Dakota - 0.6%
Mercer County Solid Waste Disposal RB (National
Rural Utilities United Power Project) Series
1993U AMT MB (National Rural Utilities LOC)
(A-1, P-1)
2.10% 06/01/05 5,600 5,600,000
Mercer County Solid Waste Disposal RB (National
Rural Utilities United Power Project) Series
1995A AMT MB (National Rural Utilities LOC)
(A-1)
2.30% 09/01/05 2,300 2,300,000
North Dakota Housing Finance Agency RB Series
2001A-19 AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.13%(b) 05/09/05 2,805 2,805,000
===========
10,705,000
-----------
Ohio - 7.7%
Akron Income Tax RB (Community Learning
Centers Project) Series 2004A DN (FGIC
Insurance, ABN-AMRO Bank N.V. SBPA)
(A-1, F-1+)
3.03%(b) 05/09/05 1,350 1,350,000
American Municipal Power, Inc. GO (Bowling Green
Projects) Series 2004 BAN
2.35% 12/01/05 2,903 2,903,000
American Municipal Power, Inc. GO (City of Shelby
Project) Series 2004 BAN
2.30% 11/17/05 1,625 1,625,000
American Municipal Power, Inc. GO (Gorsuch
Station Project) Series 2005A DN
2.85%(b) 05/09/05 2,500 2,500,000
American Municipal Power, Inc. GO (Oberlin
Project) Series 2004 BAN
2.45% 12/08/05 1,200 1,200,000
American Municipal Power, Inc. GO (St. Mary's
Project) Series 2004 BAN
1.90% 10/06/05 1,000 1,000,000
American Municipal Power, Inc. RB (Ohio Inc.
Project) Series 2004 BAN
1.90% 07/14/05 525 525,000
2.00% 11/03/05 6,370 6,370,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
39
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Avon GO Series 2004 BAN
1.90% 09/29/05 $ 900 $ 900,912
Avon GO Series 2005 BAN
2.80% 04/13/06 1,125 1,127,599
Avon Lake Water System RB Series 2005 BAN
3.00% 10/01/05 315 315,577
Bedford Heights GO Series 2004-2 BAN
1.95% 09/29/05 400 400,488
Brooklyn GO Series 2004 BAN
2.25% 05/09/05 1,910 1,910,618
Butler County GO Series 2004D BAN
2.75% 09/22/05 4,295 4,313,996
Butler Hospital Facilities RB (Ucpha, Inc. Project)
Series 2004 DN (Huntington Capital LOC) (A-1)
3.10%(b) 05/09/05 11,750 11,750,000
Cincinnati City School District GO (School Energy
Conservation Project) Series 2004 BAN
(SP-1+, MIG-1)
2.50% 09/09/05 2,500 2,507,945
Cleveland Airport System RB (Banque Nationale de
Paribas Stars & Residual Certificates) Series
2004B-81 AMT DN (FSA Insurance, Banque
Nationale de Paribas Liquidity Facility) (VMIG-1)
3.08%(b) 05/09/05 5,610 5,610,000
Columbus City School District GO Series 2004C-29
MB (Aaa)
1.70% 09/16/05 3,175 3,175,000
Cuyahoga County Civic Facility RB (Orion Services,
Inc. Project) Series 2001 DN (Bank One N.A. LOC)
3.10%(b) 05/09/05 1,850 1,850,000
Cuyahoga County Economic Development RB
(Berea Children's Home Project) Series 2000 DN
(Huntington National Bank LOC) (VMIG-1)
3.19%(b) 05/09/05 1,025 1,025,000
Cuyahoga County Economic Development RB
(Cleveland Botanical Garden Project) Series 2001
DN (Allied Irish Bank LOC) (VMIG-1)
3.03%(b) 05/09/05 235 235,000
Cuyahoga County GO (Capital Improvement Project)
Series 2000 MB
5.00% 12/01/05 1,010 1,024,120
Delaware County Economic Development RB (The
Columbus Zoological Park Associates, Inc.
Project) Series 2003 DN (Huntington National
Bank LOC)
3.15%(b) 05/09/05 2,000 2,000,000
Erie County IDRB (Brighton Manor Co. Project)
Series 1986 AMT DN (KeyBank N.A. LOC)
3.14%(b) 05/09/05 450 450,000
Franklin County Economic Development RB
(Dominican Sisters Project) Series 1994 DN (Fifth
Third Bank N.A. LOC)
3.07% 05/09/05 1,060 1,060,000
Gateway Economic Development Corp. RB
(Cleveland Excise Tax Project) Series 2001 MB
(FSA Insurance)
5.12% 09/01/05 3,250 3,287,431
Geauga County GO Series 2004 BAN
1.80% 08/30/05 1,000 1,000,650
Hamilton County Economic Development RB (Taft
Museum Project) Series 2002 DN (Fifth Third
Bank N.A. LOC)
3.01%(b) 05/09/05 4,800 4,800,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Hamilton GO Series 2004 BAN
3.00% 05/05/05 $ 3,300 $ 3,300,416
1.80% 06/02/05 2,130 2,130,000
Huber Heights GO (Water System Project) Series
2005-C BAN
2.50% 11/01/05 1,623 1,624,195
Huber Heights GO (Water Systems Improvement
Project) Series 2005 MB
3.25% 11/01/05 5,665 5,683,147
Lebanon GO Series 2004 BAN
2.40% 07/07/05 1,000 1,001,715
Licking County GO Series 2005 BAN
2.90% 01/25/06 1,480 1,484,799
Lucas County Economic Development RB (Maumee
Valley Country Day School Project) Series 1998
AMT DN (American National Bank & Trust Co.
LOC)
3.98%(b) 05/09/05 1,575 1,575,000
Lucas County IDRB (Conforming Matrix Corp.
Project) Series 1999 AMT DN (Sky Bank LOC)
3.98%(b) 05/09/05 1,075 1,075,000
Marysville GO Series 2004 BAN
3.00% 06/01/05 2,139 2,140,983
Montgomery County GO Series 2005 BAN
3.00% 12/01/05 1,605 1,611,260
Muskingum County GO Series 2004 BAN
2.59% 11/22/05 1,000 1,002,140
North Olmstead GO (Capital Improvement Project)
Series 2005 MB
3.03% 05/03/06 1,750 1,754,252
North Royalton GO Series 2005 BAN
2.45% 07/19/05 750 750,566
Ohio Higher Education Facility RB (Ashland
University Project) Series 2004 DN (KeyBank N.A.
LOC) (A-1)
3.05%(b) 05/09/05 2,650 2,650,000
Ohio Higher Educational Facility Community RB
Series 1999 DN (Fifth Third Bank N.A. LOC)
3.05%(b) 05/09/05 185 185,000
Ohio Higher Educational Facility RB (Cedarville
University Project) Series 2004 DN (KeyBank
Mortgage N.A. LOC)
3.07%(b) 05/09/05 2,370 2,370,000
Ohio Housing Finance Agency Mortgage RB
(Wachovia Merlots Trust Receipts) Series
2001A-78 DN (Wachovia Bank N.A. LOC) (VMIG-1)
3.13%(b) 05/09/05 95 95,000
Ohio Housing Finance Agency RB (Clipper
Tax-Exempt Certificates Trust Project) Series
2004-08 AMT DN (Lloyds Bank SBPA) (VMIG-1)
3.11%(b) 05/09/05 3,550 3,550,000
Ohio Water Development & Solid Waste Facilities
RB (Pel Technologies LLC Project) Series 2002
AMT DN (KeyBank N.A. LOC) (VMIG-1)
3.07%(b) 05/09/05 800 800,000
Ohio Water Develpoment Authority RB (Fresh Water
Project) Series 1995 MB (AMBAC Insurance)
(VMIG-1)
5.40% 06/01/05 1,000 1,003,425
Pataskala GO Series 2005 BAN
2.95% 02/23/06 1,495 1,500,956
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
40
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Rickenbacker Port Authority RB (P-Float Trust
Receipts) Series 2004 PT-2453 AMT DN (Merrill
Lynch Guaranty) (F-1+)
3.12%(b) 05/09/05 $ 2,750 $ 2,750,000
Seneca County GO Series 2004 BAN
2.35% 12/01/05 980 981,688
Summit County IDRB (J&P Capital Project) Series
2001 AMT DN (Sky Bank LOC)
3.44%(b) 05/09/05 1,720 1,720,000
Tallamadge Recreation Import GO (Seasongood &
Mayer LLC Project) Series 2005 MB (First Merit
Bank N.A. LOC)
3.25% 03/13/06 1,950 1,961,511
Toledo GO Certificates Trust Series 2004-18 MB
(FGIC Insurance, State Aid Withholding Guaranty,
ABN AMRO SBPA) (VMIG-1)
2.65% 05/30/05 11,995 11,995,000
Trumbull County IDRB (Ellwood Engineered Project)
Series 2004 AMT DN (KeyBank LOC)
3.14%(b) 05/09/05 1,800 1,800,000
Union County MB (Memorial Hospital
Improvements) Series 2005 MB
3.75% 04/11/06 4,075 4,112,464
University Heights GO Series 2004 BAN
1.60% 05/12/05 1,565 1,565,116
University of Toledo RB (Societe Generale Trust
Receipts) Series 2001 SGA-125 DN (FGIC
Insurance, Societe Generale Liquidity Facility)
(A-1+)
3.01%(b) 05/09/05 3,000 3,000,000
Wood County Economic Development RB (Sun Seed
Holding Co., Inc. Project) Series 2001A AMT DN
(Sky Bank LOC)
3.98%(b) 05/09/05 590 590,000
Wood County IDRB (Hammill Manufacturing
Project) Series 2001 AMT DN (Sky Bank LOC)
3.98%(b) 05/09/05 660 660,000
Wood County RB (Toledo YMCA Facilities
Improvement Project) Series 1998 DN (Sky Bank
LOC)
3.98%(b) 05/09/05 3,520 3,520,000
============
138,160,969
------------
Oklahoma - 1.7%
Canadian County Home Financing Authority RB
(Merrill Lynch P-Float Trust Receipts,
Multi-Family Housing Project) Series 2003
PT-1885 AMT DN (Merrill Lynch Captial Services
SBPA) (F-1+, AA-)
3.12%(b) 05/09/05 4,650 4,650,000
Muskogee Transport Authority IDRB (Metals USA,
Inc. Project ) Series 1998 AMT DN (Bank One N.A.
LOC)
3.15%(b) 05/09/05 2,850 2,850,000
Oklahoma Airport Trust RB (JR Lien 27th Project)
Series 2000B AMT MB (FSA Insurance)
5.50% 07/01/05 3,085 3,102,489
Oklahoma City IDRB Series 1998 AMT DN (Bank
One N.A. LOC)
3.15%(b) 05/09/05 2,065 2,065,000
Oklahoma County Finance Authority Multi Family
Housing RB (Sail Association LLC Project) Series
2004 AMT DN (Federal Home Loan Bank
Guaranty) (A-1+)
3.09%(b) 05/09/05 6,900 6,900,000
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Oklahoma (continued)
Oklahoma Development Finance Authority RB
(ConocoPhillips Co. Project) Series 2002B DN
(ConocoPhillips Guaranty) (A-2, VMIG-2)
3.17%(b) 05/09/05 $ 2,500 $ 2,500,000
Oklahoma Development Finance Authority RB
(ConocoPhillips Co. Project) Series 2003 MB
(A-2, VMIG-2)
2.42% 12/01/05 9,000 9,000,000
============
31,067,489
------------
Pennsylvania - 2.6%
Bermudian Springs School District GO (Adams
Company Project) Series 2005 DN (FSA
Insurance) (VMIG-1)
3.03%(b) 05/09/05 4,000 4,000,000
Harrisburg Authority School RB (Harrisburg
Project) Series 2003 DN (AMBAC Insurance,
Westdeutsche Landesbank Girozentrale Liquidity
Facility) (A-1+)
2.99%(b) 05/09/05 900 900,000
North Pocono School District GO Series 2003-8 DN
(ABN-AMRO Bank N.V. SBPA, FGIC Insurance)
(F-1+)
3.03%(b) 05/09/05 2,900 2,900,000
Pennsylvania Economic Development Financing
Authority RB (Sunoco, Inc. Project) Series 2004A
AMT DN (Sunoco, Inc. Guaranty) (A-2, P-2)
3.16%(b) 05/09/05 3,600 3,600,000
Pennsylvania Economic Development Financing
Authority Waste Water Treatment RB (Sunoco,
Inc. R&M Project) Series 2004B DN (Sunoco Inc.
Guaranty) (A-2)
3.19%(b) 05/09/05 8,500 8,500,000
Pennsylvania Higher Educational Assistance Agency
Student Loan RB Series 1997A AMT DN (Dexia
Credit Local SBPA) (A-1+, VMIG-1)
3.05%(b) 05/09/05 1,500 1,500,000
Pennsylvania Higher Educational Assistance Agency
Student Loan RB Series 2002A AMT DN (FSA
Insurance) (A-1+, VMIG-1)
3.05%(b) 05/09/05 8,200 8,200,000
Pennsylvania Higher Educational Facilities
Authority RB (Drexel University Project) Series
2003B DN (Allied Irish Bank PLC Liquidity
Facility) (Aaa, AA)
2.99%(b) 05/09/05 40 40,000
Pennsylvania Higher Educational Facilities
Authority RB (Merrill Lynch P-Float Trust
Receipts) Series 2004 MT-042 DN (Lloyds Bank
LOC, Merrill Lynch Capital Services SBPA) (F-1+)
3.05%(b) 05/09/05 45 45,000
Philadelphia Authority IDRB (Inglis Housing Project)
Series 1997 MB (Morgan Guaranty Trust LOC)
(A-1+)
1.97%(b) 05/02/05 17,400 17,399,955
============
47,084,955
------------
South Carolina - 1.0%
Greenwood County Exempt Facility IDRB Series
2004 AMT DN (Fuji Photo Film Co. Guaranty)
(A-1+)
3.17%(b) 05/09/05 9,700 9,700,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
41
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
South Carolina (continued)
South Carolina Jobs Economic Development
Authority RB (Ellcon National, Inc. Project) Series
1998B AMT DN (Wachovia Bank N.A. LOC)
3.10%(b) 05/09/05 $ 1,765 $ 1,765,000
South Carolina Jobs Economic Development
Authority RB (Holcim U.S., Inc. Project) Series
2003 AMT DN (Comercia Bank N.A. LOC) (A-1)
3.15%(b) 05/09/05 6,250 6,250,000
South Carolina Jobs Economic Development
Authority RB (Synthetics International, Inc.
Project) Series 1995 AMT DN (Southtrust Bank
LOC)
3.10%(b) 05/09/05 700 700,000
===========
18,415,000
-----------
South Dakota - 0.9%
South Dakota Housing Development Authority
Single Family RB (Merrill Lynch P-Float Trust
Receipts) Series 2004 PT-907 DN (FGIC
Insurance, Merrill Lynch & Co. SBPA) (VMIG-1)
3.08%(b) 05/09/05 6,360 6,360,000
South Dakota Housing Development Authority
Single Family RB (Merrill Lynch P-Float Trust
Receipts) Series 2004 PT-957 DN (Merrill Lynch
& Co. Guaranty) (VMIG-1)
3.08%(b) 05/09/05 9,325 9,325,000
===========
15,685,000
-----------
Tennessee - 1.0%
Chattanooga IDRB Series 1997 DN (M&T Bank LOC)
3.13%(b) 05/09/05 2,290 2,290,000
Coffee County IDRB (Comtec Polymers Inc., Project)
Series 1997 AMT DN (Bank of America LOC)
3.19%(b) 05/09/05 1,000 1,000,000
Grundy County IDRB (Toyota Seat Project) Series
2001 AMT DN (Comerica Bank N.A. LOC)
3.20%(b) 05/09/05 3,790 3,790,000
Metropolitan Government of Nashville & Davidson
County IDRB (Family LLC Project) Series 2002
AMT DN (SunTrust Bank LOC) (F-1+)
3.10%(b) 05/09/05 3,100 3,100,000
Metropolitan Government of Nashville & Davison
County Health & Education Facilities Board RB
(Ascension Health Credit Project) Series 2001B-1
MB (A-1+, MIG-1)
1.65%(b) 08/03/05 4,000 4,000,000
Morristown IDRB (Petoskey Plastic Project) Series
1999 AMT DN (Comerica Bank N.A. LOC)
3.20%(b) 05/09/05 3,270 3,270,000
===========
17,450,000
-----------
Texas - 11.9%
Austin Airport Systems RB Series 2000J AMT DN
(MBIA Insurance, Wachovia Bank N.A. LOC)
(VMIG-1)
3.13%(b) 05/09/05 3,000 3,000,000
Austin Housing Financial Corp. (Merrill Lynch
P-Float Trust Receipts) Series 2005 PT-2578 AMT
DN (Merrill Lynch & Co Guaranty Services)
3.12%(b) 05/09/05 14,800 14,800,000
Brazos Industrial Development Corp.
Environmental Facilities RB (ConocoPhillips Co.
Project) Series 2003 AMT MB (A-2, VMIG-2)
1.80% 08/01/05 5,500 5,500,000
Brazos River Harbor MB (Dow Chemical Guaranty)
(P-2)
2.42% 05/17/05 3,500 3,500,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
Texas (continued)
Dallas Fort Worth International Airport RB (Merrill
Lynch P-Float Trust Receipts) Series 2004
PT-2156 DN (Merrill Lynch Capital Services
SBPA) (F-1+)
3.08%(b) 05/09/05 $ 2,630 $ 2,630,000
Dallas Fort Worth International Airport RB Series
2003A-34 AMT DN (FSA Insurance, Wachovia
Bank N.A. LOC) (VMIG-1)
3.13%(b) 05/09/05 5,000 5,000,000
Gulf Coast Waste Disposal Authority Environmental
Facilities RB (Air Products Project) Series 2004
AMT DN (A-1)
3.08%(b) 05/09/05 3,550 3,550,000
Gulf Coast IDRB (Cinergy Solutions Project) Series
2004 AMT DN (A-2, VMIG-2)
3.29%(b) 05/04/05 21,000 21,000,000
Gulf Coast Waste Disposal Authority RB (Air
Products Project) Series 1999 AMT DN
(A-1, VMIG-1)
3.08%(b) 05/09/05 10,000 10,000,000
Houston Housing Finance Corp. RB (Merrill Lynch
P-Float Trust Receipts) Series 2004 PT-2101 AMT
DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.12%(b) 05/09/05 4,985 4,985,000
Houston Housing Finance Corp. RB (Merrill Lynch
P-Float Trust Receipts) Series 2005 PT-2597 AMT
DN (Merrill Lynch & Co. Guaranty)
3.12%(b) 05/09/05 10,455 10,455,000
Montgomery County IDRB (Sawyer Research
Products, Inc. Project) Series 1995 AMT DN
(KeyBank N.A. LOC)
3.18%(b) 05/09/05 779 779,000
Panhandle Regional Housing Finance RB Series
2004 PT-2086 AMT DN (Merrill Lynch & Co.
Guaranty) (F-1+)
3.12%(b) 05/09/05 3,365 3,365,000
Port Arthur Navigation District Industrial
Development Corp. Exempt Facilities RB (Air
Products & Chemical Project) Series 2000 AMT
DN (A-1, VMIG-1)
3.08%(b) 05/09/05 10,000 10,000,000
San Antonio Airport System RB Series 2004-107 DN
(FGIC Insurance, Banque Nationale de Paribas
SBPA)
3.08%(b) 05/09/05 4,325 4,325,000
San Antonio Electric & Gas Systems RB (Jr. Lien
Project) Series 2004 MB (Banque Nationale de
Paribas SBPA) (A-1+, MIG-1)
2.20% 12/01/05 11,000 11,000,000
San Marcos IDRB (TB Woods Inc. Project) Series
1999 AMT DN (M&T Bank LOC)
3.13%(b) 05/09/05 3,000 3,000,000
San Marcos Independent School District GO Series
2004C-23 MB (PSF Guaranty, Wachovia Bank N.A.
SBPA) (MIG-1)
1.70% 09/16/05 1,000 1,000,000
South Plains Housing Corp. Single Family RB
(Wachovia Merlots Trust Receipts) Series
2002A-11 AMT DN (Government National
Mortgage Association Guaranty, Wachovia Bank
SBPA)
3.13%(b) 05/09/05 2,110 2,110,000
Tarrant County Housing Finance Corp. RB Series
2004 PT-2044 DN (Merrill Lynch & Co. Guaranty)
3.12%(b) 05/09/05 2,425 2,425,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
42
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Texas (continued)
Texas Department of Housing & Community RB
Series 2005 PT-2598 AMT DN (Merrill Lynch &
Co. Guaranty)
3.12%(b) 05/09/05 $13,825 $ 13,825,000
Texas State Department of Housing & Community
Affairs Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2001 PT-1278 AMT DN
(Merrill Lynch & Co. Guaranty) (A-1+)
3.12%(b) 05/09/05 9,065 9,065,000
Texas State Department of Housing & Community
Affairs Multi-Family RB Series 2001 PT-1347 AMT
DN (Merrill Lynch & Co. Guaranty) (A-1+)
3.12%(b) 05/09/05 10,615 10,615,000
Texas State Department of Housing & Community
Affairs Multi-Family RB Series 2003 PT-1868 AMT
DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.12%(b) 05/09/05 3,970 3,970,000
Texas State Department of Housing & Community
Affairs Multi-Family RB Series 2005 PT-2576 AMT
DN (Merrill Lynch & Co. Guaranty)
3.12%(b) 05/09/05 13,635 13,635,000
Texas State Department of Housing & Community
Affairs Single Family RB Series 2004F AMT MB
(CDC Insurance) (A-1+, Aa1)
1.95% 08/03/05 15,000 15,000,000
Texas Turnpike Authority Central Texas Turnpike
System RB Series 2004 PZ-39 DN (AMBAC
Financial Group, Merrill Lynch & Co. Guaranty)
(F-1+)
3.11%(b) 05/09/05 4,940 4,940,000
Travis County Housing Financial Corp. RB (Merrill
Lynch P-Float Trust Receipts) Series 2005
PT-2577 (Merrill Lynch & Co. Guaranty)
3.12%(b) 05/09/05 13,190 13,190,000
Victory Street Public Facilities Corp. Multi-Family
RB Series 2003 PT-2059 AMT DN (Merrill Lynch &
Co. Guaranty) (F-1+)
3.12%(b) 05/09/05 7,300 7,300,000
============
213,964,000
------------
Utah - 0.4%
Salt Lake County Solid Waste Disposal RB
(Kennecott Copper Project) Series 1995A AMT DN
(Rio Tinto Corp. Guaranty) (A-1+, VMIG-1)
3.02%(b) 05/09/05 700 699,999
Utah GO Series 2002A BAN
5.00% 07/01/05 525 527,966
Utah Housing Corp. Single Family Mortgage RB
(Wachovia Merlots Trust Receipts) Series
2001A-89 (Wachovia Bank N.A. LOC)
3.13%(b) 05/09/05 4,435 4,435,000
Utah Municipal Power Agency Electric System RB
Series 2003A MB (AMBAC Insurance)
4.00% 07/01/05 1,190 1,193,715
============
6,856,680
------------
Vermont - 0.1%
Vermont IDRB (Alpine Pipeline Co. Project) Series
1999 AMT DN (KeyBank N.A. LOC)
3.14%(b) 05/09/05 1,225 1,225,000
------------
Virginia - 2.5%
Alexandria IDRB (Goodwin House Project) Series
2005 DN (Wachovia Bank LOC)
3.03%(b) 05/09/05 10,000 10,000,000
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
Virginia (continued)
Botetourt County IDRB (Altec Industries Project)
Series 2001 AMT DN (Amsouth Bank of Alabama
LOC) (A-1)
3.15%(b) 05/09/05 $ 2,600 $ 2,600,000
Cabell Lifecare Facilities RB (Foster Foundation
Project) Series 2003 DN (Huntington National
Bank LOC)
3.15%(b) 05/09/05 4,430 4,430,000
Chesapeake Bay Bridge & Tunnel Commission
District RB (General Resolution Project) Series
1995 MB
5.80% 07/01/05 285 292,765
Norfolk Redevelopment & Housing Authority Multi
Family Housing RB (Residential Rental Project)
Series 2003 AMT DN (SunTrust Bank LOC)
3.15%(b) 05/09/05 2,025 2,025,000
Richmond IDRB (PM Beef Co. Project) Series 1997
AMT DN (Bank of America N.A. LOC)
3.15%(b) 05/09/05 1,400 1,400,000
Virginia Beach Development Authority Multi-Family
Housing RB (Residential Rental Housing Project)
Series 2002 AMT DN (Branch Banking & Trust Co.
LOC)
3.15%(b) 05/09/05 1,750 1,750,000
Virginia Beach RB (Merrill Lynch P-Float Trust
Receipts) Series 2005-2505 AMT DN (Merrill
Lynch & Co. Guaranty) (F-1+)
3.12%(b) 05/09/05 3,745 3,745,000
Virginia Housing Development Authority RB Series
2005 AMT MB (AAA, Aaa)
2.50% 06/02/05 17,300 17,300,000
Virginia Public Building Authority RB Series 1995
MB (AA+, Aa1)
5.10% 08/01/05 2,000 2,034,349
Virginia Small Business Financing Authority RB
(Coastal Development Group Project) Series 1989
AMT DN (Branch Banking & Trust Co. LOC)
3.25%(b) 05/09/05 111 111,000
============
45,688,114
------------
Washington - 3.0%
Chelan County Public Utility District RB (First Union
Merlots Trust Receipts) Series 2001B AMT DN
(MBIA Insurance, Wachovia Bank N.A. SBPA)
(A-1)
3.13%(b) 05/09/05 4,995 4,995,000
Pilchuck Public Development Corp. RB (Holden-
McDaniels Partners Project) Series 1996 AMT DN
(KeyBank N.A. LOC)
3.14%(b) 05/09/05 1,650 1,650,000
Port of Seattle RB (Wachovia Merlot Trust Receipts)
Series 2002B-04 AMT DN (Wachovia Bank N.A.
LOC) (VMIG-1)
3.13%(b) 05/09/05 13,500 13,500,000
Port of Seattle RB Series 2003 PT-720 AMT DN
(FGIC Insurance, Banque Nationale de Paribas
SBPA) (A-1+)
3.09%(b) 05/09/05 2,500 2,500,000
Port Seattle RB Series 2004 PT-051 AMT DN (FGIC
Insurance, Banque Nationale de Paribas SBPA)
(F-1+)
3.07%(b) 05/09/05 2,140 2,140,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
43
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
MUNICASH (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- --------- -------------
MUNICIPAL BONDS (Continued)
Washington (continued)
Seattle Housing Authority RB (Newholly Phase 111
Project) Series 2002 AMT DN (KeyBank N.A. LOC)
(VMIG-1)
3.07%(b) 05/09/05 $ 2,355 $ 2,355,000
Seattle Housing Authority RB (Rainier Vista Project
Phase I) Series 2003 AMT DN (KeyBank N.A. LOC)
(A-1)
3.04%(b) 05/09/05 11,250 11,250,000
Washington Housing Financing Committee
Non-Profit Housing RB Series 2003 PT-838 AMT
DN (AIG Insurance, Merrill Lynch & Co. SBPA)
(VMIG-1)
3.08%(b) 05/09/05 2,510 2,510,000
Washington Housing Financing Committee
Non-Profit Housing RB Series 2003 PT-892 AMT
DN (AIG Insurance, Merrill Lynch & Co. SBPA)
3.08%(b) 05/09/05 8,600 8,600,000
Yakima County Public Corp. RB (Michelsen
Packaging Co. Project) Series 2000 AMT DN
(Bank of America N.A. LOC) (A-1+)
3.10%(b) 05/09/05 695 695,000
Yakima County RB (Oord Dairy Project) Series 2004
AMT DN (Key Bank N.A. LOC)
3.14%(b) 05/09/05 4,415 4,415,000
===========
54,610,000
-----------
West Virginia - 0.1%
West Virginia State Hospital RB (West Virginia
Hospital Pooled Financing Program) Series
2001B-2 DN (Branch Banking & Trust Co. LOC)
(VMIG-1)
3.19%(b) 05/09/05 1,495 1,495,000
-----------
Wisconsin - 0.8%
Germantown IDRB (Cambridge Major Labs Project)
Series 2003 AMT DN (Bank One N.A. LOC)
3.19%(b) 05/09/05 6,000 6,000,000
Kohler Village Solid Waste Disposal RB (Kohler
Project) Series 1997 AMT DN (Wachovia Bank
N.A. LOC)
3.06%(b) 05/09/05 4,000 4,000,000
Mequon IDRB (Johnson Level GRW Investment
Project) Series 1995 AMT DN (Bank One N.A.
LOC)
3.15%(b) 05/09/05 780 780,000
Oshkosh IDRB (Oskosh Coil Spring Project) Series
2000A AMT DN (Bank One Wisconsin LOC)
3.15%(b) 05/09/05 2,100 2,100,000
Wisconsin Health & Educational Facilities RB
(Pooled Loan Financing Program) Series 2002E
DN (Associated Bank N.A. LOC) (VMIG-1)
3.19%(b) 05/09/05 2,100 2,100,000
===========
14,980,000
-----------
Wyoming - 1.2%
Cheyenne IDRB (Grobet File Co., Inc. Project) Series
2001 AMT DN (National City Bank N.A. LOC)
3.13%(b) 05/09/05 2,500 2,500,000
Green River RB (Rhone-Poulenc LP Project) Series
1994 AMT DN (Fleet National Bank LOC) (VMIG-1)
3.25%(b) 05/09/05 11,400 11,400,000
Lincoln County PCRB (Amoco Project) Series 1983
MB (Exxon Mobil Guaranty)
2.20% 10/01/05 7,600 7,585,830
===========
21,485,830
-----------
VALUE
-----------------
TOTAL INVESTMENTS IN SECURITIES -
99.9%
(Cost $1,795,461,215(a)) $1,795,461,215
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.1% 2,500,047
--------------
NET ASSETS - 100.0%
(Equivalent to $1.00 per share
based on 1,715,296,759
Institutional Shares, 83,084,672
Dollar Shares, 2,152 Bear
Stearns Premier Select Shares
and 2,147 Bear Stearns Premier
Shares outstanding) $1,797,961,262
==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($1,714,652,947/1,715,296,759) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($83,070,799/83,084,672) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER CHOICE SHARE
($2,152/2,152) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($2,147/2,147) $ 1.00
=======
- -------------------
(a) Cost for Federal income tax purposes is $1,795,499,342.
(b) Rates shown are the rates as of April 30, 2005 and maturities shown are
the next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional investors. As of April
30, 2005, the Fund held 6.0% of its net assets, with a current market
value of $108,615,000, in securities restricted as to resale.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
44
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
CALIFORNIA MONEY FUND
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS - 99.5%
California - 91.2%
ABAG Finance Authority Non-Profit Corp. RB (Lease
Revenue Pass-Through Obligation) Series 2003A
DN (Societe Generale LOC) (A-1+)
3.08%(b) 05/09/05 $ 1,845 $ 1,845,000
Alameda-Contra Costa District GO Series 2004
TRAN (A-1+, MIG-1)
3.00% 07/07/05 4,000 4,010,264
Alameda-Contra Costa Schools Finance Authority
COP (Capital Improvements Financing Project)
Series 1997F DN (Kredietbank N.V. LOC) (A-1+)
3.12%(b) 05/09/05 800 800,000
Butte County Board of Education GO Series 2004
TRAN (SP-1+)
2.75% 09/29/05 14,100 14,169,473
California Communities Housing & Finance Agency
RB (Lease Revenue Pass-Through Obligation
Project) Series 2001A DN (Societe Generale LOC)
(A-1+)
3.08%(b) 05/09/05 4,000 4,000,000
California Department of Water Resource Power
Supply RB Series 2002C-12 DN (Landesbank
Hessen-Thuringen Girozentrale LOC)
(A-1+, VMIG-1)
3.00%(b) 05/09/05 3,350 3,350,000
California Department of Water Resource Power
Supply RB Series 2002C-4 DN (Morgan Guaranty
Trust LOC) (A-1+, VMIG-1)
3.04%(b) 05/09/05 8,900 8,900,000
California Department of Water Resource Power
Supply RB Series 2002C-7 DN (FSA Insurance,
Dexia Credit SBPA) (A-1+, VMIG-1)
3.01%(b) 05/09/05 4,850 4,850,000
California Economic Recovery GO Series 2004-930
DN (MBIA Insurance, Morgan Stanley Liquidity
Facility) (A-1)
3.01%(b) 05/09/05 6,000 6,000,000
California Economic Recovery RB Series 2004-931
DN (Morgan Stanley Liquidity Facility) (A-1, AA-)
3.01%(b) 05/09/05 2,000 2,000,000
California Economic Recovery RB Series 2004C-19
DN (XLCA Insured, DEPFA Bank SBPA)
(A-1+, VMIG-1, F-1+)
2.89%(b) 05/09/05 7,800 7,800,000
California Economic Recovery RB Series 2004C3 DN
(Landesbank Hessen Thuringen Girozentrale
LOC) (A-1+, VMIG-1)
3.00%(b) 05/02/05 500 500,000
California Economic Recovery RB Series 2004C-5
DN (Bank of America SBPA) (A-1+, VMIG-1)
2.95%(b) 05/02/05 7,020 7,020,000
California Economic Recovery RB Series 2004C-6
DN (Citibank LOC) (A-1+, VMIG-1)
3.02%(b) 05/02/05 9,750 9,750,000
California Economic Recovery RB Series 2004C-7
DN (BNP Paribas LOC) (A-1+, VMIG-1, F-1+)
3.02%(b) 05/02/05 14,870 14,870,000
California Educational Facilities Authority RB (Art
Center Design College Project) Series 2002A DN
(M&T Bank Corp. SBPA) (VMIG-1)
3.08%(b) 05/09/05 3,645 3,645,000
California Educational Facilities Authority RB
(Pomona College Project) Series 2005B DN
(A-1+, VMIG-1)
2.99%(b) 05/09/05 2,000 2,000,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
California (continued)
California Educational Facilities Authority RB (Santa
Clara University Project) Series 2002B DN (MBIA
Insurance, M&T Bank Corp. SBPA) (VMIG-1)
3.00%(b) 05/09/05 $ 2,000 $ 2,000,000
California GO (ABN-AMRO Munitops Trust
Certificates) Series 2003 DN (AMBAC Insurance,
ABN-AMRO Bank N.V. SBPA ) (VMIG-1, F-1+)
3.02%(b) 05/09/05 6,000 6,000,000
California GO (Kindergarten University Project)
Series 2004A-4 DN (Calston LOC) (A-1+, VMIG-1)
2.93%(b) 05/02/05 5,000 5,000,000
California GO (Kindergarten-University Project)
Series 2004A-5 DN (Citibank LOC)
(A-1+, VMIG-1, F-1+)
3.02%(b) 05/02/05 4,900 4,900,000
California GO (Wachovia Merlots Trust Receipts)
Series 2002A-47 DN (MBIA Insurance, Wachovia
Bank N.A. LOC) (VMIG-1)
3.05%(b) 05/09/05 6,460 6,460,000
California GO BAN (A-1, P-1)
1.98%(b) 05/02/05 15,300 15,299,652
California GO Series 1997 SG-91 DN (FGIC
Insurance, Societe Generale LOC) (A-1+)
3.01%(b) 05/09/05 10,120 10,120,000
California GO Series 2003C-1 DN (Landesbank
Hessen-Thuringen Girozentrale LOC)
(A-1, VMIG-1)
3.00%(b) 05/09/05 3,000 3,000,000
California GO Series 2004A RAN (SP-1, MIG-1)
3.00% 06/30/05 10,000 10,020,539
California GO Series 2005 ROC-RR-II-R-2185 DN
(AMBAC Insurance, Citigroup Global Marketing
Liquidity Facility) (VMIG-1)
3.02%(b) 05/09/05 3,070 3,070,000
California Health Facilities Financing Authority RB
(Catholic Healthcare West Project) Series 1988B
DN (MBIA Insurance, Morgan Guaranty Trust
SBPA) (A-1+, VMIG-1)
3.03%(b) 05/09/05 2,000 2,000,000
California Health Facilities Financing Authority RB
Series 1999 PA-587 DN (Merrill Lynch Capital
Services Guaranty) (A-1+)
3.05%(b) 05/09/05 11,000 11,000,000
California Health Facilities Financing Authority RB
Series 2002-591 DN (Morgan Stanley Liquidity
Facility) (A-1+)
3.04%(b) 05/09/05 8,700 8,700,000
California Infrastructure & Economic Development
Bank RB (Academy of Motion Pictures Arts &
Science Project) Series 2002 DN (AMBAC
Insurance, J.P. Morgan Chase LOC)
(A-1+, VMIG-1)
3.00%(b) 05/09/05 2,500 2,500,000
California Infrastructure & Economic Development
Bank RB (Asian Art Museum Foundation Project)
Series 2003 DN (MBIA Insurance, J.P. Morgan
Chase Bank SBPA) (A-1+)
3.04%(b) 05/02/05 14,800 14,800,000
California Infrastructure & Economic Development
Bank RB (Colburn School Project) Series 2005A
DN (Bank of America LOC) (VMIG-1)
2.98%(b) 05/09/05 15,000 15,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
45
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
CALIFORNIA MONEY FUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
California (continued)
California Infrastructure & Economic Development
Bank RB (J. Paul Getty Trust Project) Series
2003B MB (J. Paul Getty Trust Guaranty)
(A-1+, MIG-1)
2.25% 02/02/06 $ 5,000 $ 5,000,000
California RB (Municipal Securities Trust Receipts)
Series 1997 SGA-58 DN (FGIC Insurance, Societe
Generale SBPA) (SP-1+, VMIG-1)
3.00%(b) 05/09/05 5,000 5,000,000
California Statewide Communities Development
Authority RB (Plan Nine Partners Project) Series
2005A DN (Union Bank of California LOC) (A-1)
3.03%(b) 05/09/05 6,415 6,415,000
California Statewide Financing Authority for
Tobacco Settlement RB (Merrill Lynch P-Float
Trust Receipts) Series 2005 PA-1287 DN (Merrill
Lynch & Co. Guaranty, Merrill Lynch Capital
Services SBPA) (F-1+)
3.08%(b) 05/09/05 2,500 2,500,000
Clovis County Unified School District GO (Merrill
Lynch P-Float Trust Receipts) Series 2005-PZ-42
DN (FGIC Insured, Merrill Lynch Capital Services
SBPA) (AAA, F-1+)
3.11%(b) 05/09/05 1,330 1,330,000
East Bay Utilities District Wastewater Systems RB
Series 2003B DN (Credit Locale de France LOC)
(A-1+, VMIG-1, AAA)
2.94%(b) 05/09/05 12,000 12,000,000
Fontana Public Financing Authority for Tax
Allocation RB (Putters Project) Series 2005-707
DN (AMBAC Insurance, J.P. Morgan Chase Bank
Liquidity Facility) (A-1+)
3.02%(b) 05/09/05 2,000 2,000,000
Foothill-De Anza Community College GO Series
2000Y DN (Wachovia Bank N.A. LOC) (VMIG-1)
3.05%(b) 05/09/05 8,175 8,175,000
Fresno County GO Series 2004-5 TRAN (SP-1+)
3.00% 06/30/05 5,000 5,011,489
Glendale Hospital RB Series 2002-590 DN (Morgan
Stanley Group LOC) (A-1+)
3.04%(b) 05/09/05 8,100 8,100,000
Golden State Tobacco Securitization Corp. RB
(Merrill Lynch P-Float Trust Receipts) Series
2004 PA-1236 DN (Merrill Lynch & Co. Guaranty,
Merrill Lynch Capital Services SBPA) (F-1+)
3.08%(b) 05/09/05 2,200 2,200,000
Golden State Tobacco Securitization Corp. RB
(Merrill Lynch P-Float Trust Receipts) Series
2004 PA-1237 DN (Merrill Lynch & Co. Guaranty,
Merrill Lynch Capital Services SBPA) (F-1+)
3.08%(b) 05/09/05 2,740 2,740,000
Golden State Tobacco Securitization Corp. RB
(Putters Project) Series 2005-726 DN (FGIC
Insurance, J.P. Morgan Chase Bank Liquidity
Facility) (VMIG-1)
3.02%(b) 05/09/05 4,200 4,200,000
Golden State Tobacco Settlement Securitization
Corp. RB (Merrill Lynch P-Float Trust Receipts)
Series 2004 PT-2338 DN (Merrill Lynch Capital
Services SBPA) (F1+)
3.08%(b) 05/09/05 1,745 1,745,000
Golden State Tobacco Settlement Securitization
Corp. RB Series 2004 ROC-RR-II-285X DN
(Citibank Liquidity Facility, XLCA Credit Support)
(AAA)
3.04%(b) 05/09/05 4,995 4,995,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
California (continued)
Golden State Tobacco Settlement Securitization
Corp. RB Series 2004 ROC-RR-II-287X DN
(Citibank Liquidity Facility) (A-1+)
3.04%(b) 05/09/05 $ 3,540 $ 3,540,000
Hemet Multi-Family Housing RB (Sunwest
Retirement Project) Series 1999A DN (Federal
Home Loan Mortgage Corp. Guaranty) (A-1+)
3.00%(b) 05/09/05 7,650 7,650,000
Irvine Improvement Board Act of 1915 (Assessment
District No. 87-8) Special Assessment Limited
Obligation Series 1999 DN (Kredietbank LOC)
(A-1, VMIG-1)
3.01%(b) 05/02/05 5,846 5,846,000
Irvine Improvement Board Act of 1915 (Assessment
District No. 89-10) Special Assessment Limited
Obligation Series 1990 DN (Bayerische
Landesbank Girozentrale LOC) (VMIG-1, F-1)
3.06%(b) 05/02/05 7,000 7,000,000
Las Virgenes Unified School District COP Series
2003 DN (Dexia Credit Local SBPA)
(A-1+, VMIG-1)
3.00%(b) 05/09/05 6,900 6,900,000
Long Beach Aquarium of the Pacific RB Series
1995A MB (MBIA Insurance) (AAA, Aaa)
6.12% 07/01/05 1,000 1,027,754
Los Angeles County Housing Authority Multi-Family
Housing RB (Lincoln Malibu Meadows Project)
Series 1998B DN (Federal National Mortgage
Association Guaranty) (A-1+)
3.00%(b) 05/09/05 4,350 4,350,000
Los Angeles County Public Works Finance Authority
Lease RB Series 2000J DN (AMBAC Insurance,
Wachovia Bank N.A. LOC) (VMIG-1)
3.05%(b) 05/09/05 5,000 5,000,000
Los Angeles County Water & Power RB (Power
System Project) Series 2002A-2 DN (Bayerische
Landesbank Girozentrale LOC) (A-1+, VMIG-1)
3.00%(b) 05/09/05 22,400 22,400,000
Los Angeles County Water & Power RB (Power
System Project) Series 2002A-8 DN (Multiple
LOCs) (A-1+, VMIG-1)
2.99%(b) 05/09/05 5,100 5,100,000
Los Angeles Unified School District GO (ABN-AMRO
Munitops Trust Certificates) Series 1999C DN
(MBIA Insurance, ABN-AMRO Bank N.V. SBPA)
(VMIG-1)
3.02%(b) 05/09/05 4,600 4,600,000
Los Angeles Unified School District GO Series
1997E DN (MBIA Insurance, Wachovia Bank N.A.
LOC) (VMIG-1)
3.05%(b) 05/09/05 4,980 4,980,000
Los Angeles Wastewater Systems RB Series 2002A
DN (FGIC Insurance, Bank of America N.A.
Liquidity Facility) (A-1+)
3.02%(b) 05/09/05 5,000 5,000,000
Los Angeles Wastewater Systems Subordinate RB
Series 2001A MB (FGIC Insurance) (A-1+, MIG-1)
2.15%(b) 12/15/05 6,000 6,000,000
Los Angeles Water & Power RB (Power Systems
Project) MB (Dexia Credit Local LOC) (A-1+, P-1)
2.02% 05/06/05 8,000 8,000,000
Los Angeles Water & Power RB (Power Systems
Project) Series 2002A-5 DN (Multiple LOCs)
(A-1+, VMIG-1)
2.97%(b) 05/09/05 3,700 3,700,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
CALIFORNIA MONEY FUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
California (continued)
Metropolitan Water District of Southern California
Waterworks RB Series 2004C DN (Credit Locale
de France LOC) (A-1+, VMIG-1)
2.95%(b) 05/09/05 $ 2,085 $ 2,085,000
Newport Beach Hospital RB (Hoag Memorial
Presbyterian Hospital Project) Series 1999A DN
(A-1+, VMIG-1)
2.95%(b) 05/09/05 5,400 5,400,000
Oakland Unified School District of Alameda County
GO (Bear Stearns Trust Certificates) Series
2002A-9035 DN (FGIC Insurance, Bear Stearns
Capital Markets Liquidity Facility) (A-1)
3.00%(b)(c) 05/09/05 11,095 11,095,000
Pacific Housing & Finance Agency RB (Lease
Revenue Pass-Through Obligation) Series 2001A
DN (Societe Generale LOC) (A-1+)
3.08%(b) 05/09/05 3,800 3,800,000
Perris Unified High School District COP (School
Funding Project) Series 2004 DN (FSA Insurance,
Dexia Credit Locale SBPA) (A-1+, VMIG-1)
3.00%(b) 05/09/05 7,600 7,600,000
Riverside County Certificates of Participation
(Riverside County Public Facilities Project) Series
1985B DN (State Street LOC) (A-1+, VMIG-1)
2.95%(b) 05/09/05 6,250 6,250,000
Sacramento City Unified School District Series 2004
TRAN (MIG-1)
3.50% 11/30/05 3,250 3,276,930
Sacramento Municipal Utilities District RB
(ABN-AMRO Munitops Trust Certificates) Series
2003-17 DN (MBIA Insurance, ABN-AMRO Bank
N.V. SBPA) (VMIG-1)
3.02%(b) 05/09/05 11,835 11,835,000
Sacramento Municipal Utility District RB (Macon
Trust Certificates) Series 2002M DN (AMBAC
Insurance, Kredietbank N.V. LOC) (A-1+)
3.02%(b) 05/09/05 3,975 3,975,000
Sacramento Unified School District GO (ABN-AMRO
Munitops Trust Certificates) Series 2002-9 MB
(MBIA Insurance, ABN-AMRO Bank N.V. SBPA)
(MIG-1, F-1+)
2.28% 05/25/05 12,485 12,485,000
San Bernardino County Multi-Family Housing RB
(WLP Parkview Place Project) Series 2004A DN
(Federal National Mortgage Association
Guaranty) (A-1+, AAA)
3.00%(b) 05/09/05 4,720 4,720,000
San Diego Public Facilities Financing Authority
Lease RB (Merrill Lynch P-Float Trust Receipts)
Series 2002 PPT-1002C DN (Kredietbank LOC)
(A-1)
3.04%(b) 05/09/05 15,000 15,000,000
San Francisco City & County Public Utilities RB
(Commission for Clean Water Project) Series
2003A DN (MBIA Insurance, Wachovia Bank N.A.
LOC) (VMIG-1)
3.05%(b) 05/09/05 3,190 3,190,000
San Jose Multi-Family Housing RB (Timberwood
Apartments Project) Series 1995A DN (Wells
Fargo Bank LOC) (VMIG-1)
3.07%(b) 05/09/05 2,390 2,390,000
Santa Barbara County GO Series 2004A TRAN
(SP-1+)
3.00% 07/26/05 4,850 4,866,764
PAR
MATURITY (000) VALUE
---------- ---------- --------------
MUNICIPAL BONDS (Continued)
California (continued)
Southern California Public Power Authority RB (San
Juan Power Project) Series 2002 DN (FSA
Insurance, Wachovia Bank N.A. LOC) (VMIG-1)
3.05%(b) 05/09/05 $ 4,190 $ 4,190,000
Tahoe Forest Hospital District RB (Health Facility
Project) Series 2002 DN (U.S. Bank N.A. LOC)
(VMIG-1)
3.03%(b) 05/02/05 5,800 5,800,000
Tobacco Settlement Financing Corporation RB
(Merrill Lynch P-Float Trust Receipts) Series
2005 PA-1288 DN (Merrill Lynch Capital Services
SBPA) (F-1+)
3.09%(b) 05/09/05 2,000 2,000,000
Val Verde Unified School District COP (Land Bank
Progarm) Series 2004A DN (Bank of America
LOC) (VMIG-1)
2.98%(b) 05/09/05 2,600 2,600,000
Vallecitos Water District of California Water
Revenue COP (Twin Oaks Reservoir Project)
Series 1998 DN (Credit Locale de France LOC)
(A-1+, VMIG-1)
3.00%(b) 05/09/05 3,000 3,000,000
West Covina Unified School District GO Series
2003-03-23 DN (MBIA Insurance, Banque
Nationale de Paribas Liquidity Facility) (VMIG-1)
3.01%(b) 05/09/05 6,870 6,870,000
Yuba Community College District Series 2004 TRAN
(SP-1)
3.00% 09/09/05 3,000 3,015,257
============
513,329,122
------------
Multi-State - 2.1%
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005PZP-2 DN (Merrill Lynch Capital
Services SBPA) (F-1+)
3.14%(b) 05/09/05 2,660 2,660,001
Puttable Floating Options for Tax-Exempt Receipts
RB Series 2005A DN (Multiple LOCs, Merrill
Lynch & Co. Inc. SBPA)
3.09%(b) 05/09/05 5,500 5,500,000
Puttable Floating Options for Tax-Exempt Receipts
RB Series 2005-PZP-03 DN (Multiple LOCs,
Merrill Lynch & Co. Inc. SBPA)
3.09%(b) 05/09/05 3,930 3,930,000
============
12,090,001
------------
Puerto Rico - 6.2%
Commonwealth of Puerto Rico Electric Power
Authority RB (Goldman Sachs Trust Receipts)
Series 2002-1 DN (MBIA Insurance, Bank of New
York SBPA) (A-1+)
3.00%(b) 05/09/05 2,995 2,995,000
Commonwealth of Puerto Rico GO (Tender Option
Certificates) Series 2001 DN (FSA Insurance,
Bank of New York Liquidity Facility) (A-1+)
3.00%(b) 05/09/05 7,445 7,445,000
Commonwealth of Puerto Rico Public Improvement
GO Series 2002A ROCS-II-R-185 DN (FGIC
Insurance, Salomon Smith Barney Liquidity
Facility) (VMIG-1)
3.00%(b) 05/09/05 3,705 3,705,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
47
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
CALIFORNIA MONEY FUND (CONCLUDED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- --------- -------------
MUNICIPAL BONDS (Continued)
Puerto Rico (continued)
Commonwealth of Puerto Rico RB Series 2004
TRAN (SP-1+, MIG-1)
3.00% 07/29/05 $ 2,920 $ 2,929,517
Puerto Rico Electric Power Authority RB Series
1997 DN (Societe Generale LOC) (A-1+)
2.98%(b) 05/09/05 1,300 1,300,000
Puerto Rico Public Financing Corp. RB Series
2001-520 MB (MBIA Insurance, Morgan Stanley
Dean Witter Liquidity Facility) (VMIG-1)
1.62% 08/10/05 6,345 6,345,000
Puerto Rico Public Financing Corp. RB Series
2004-911 DN (CIFG-TCRS Credit Support, Morgan
Stanley Group Liquidity Facility) (AAA, F-1+)
3.01%(b) 05/09/05 10,247 10,247,000
===========
34,966,517
-----------
TOTAL INVESTMENTS IN SECURITIES -
99.5%
(Cost $560,385,640(a)) 560,385,640
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.5% 2,606,486
-----------
NET ASSETS - 100.0%
(Equivalent to $1.00 per share
based on 411,226,204
Institutional Shares, 12,899,384
Dollar Shares, 210,128 Cash
Management Shares, 2,299,053
Administration Shares,
33,685,337 Bear Stearns Shares,
2,154 Bear Stearns Premier
Select Shares, 95,421,209 Bear
Stearns Private Client Shares
and 7,388,433 Bear Stearns
Premier Shares outstanding) $562,992,126
============
VALUE
-----------
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($411,100,802/411,226,204) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($12,894,209/12,899,384) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
CASH MANAGEMENT SHARE
($210,114/210,128) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
ADMINISTRATION SHARE
($2,298,634/2,299,053) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS SHARE
($33,683,708/33,685,337) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER CHOICE SHARE
($2,152/2,154) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT SHARE
($95,414,066/95,421,209) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($7,388,436/7,388,433) $ 1.00
=======
- -------------------
(a) Aggregate cost for Federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2005 and maturities shown are
the next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional investors. As of April
30, 2005, the Fund held 2.0% of its net assets, with a current market
value of $11,095,000, in securities restricted as to resale.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
NEW YORK MONEY FUND
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS - 99.5%
New York - 94.6%
Beacon GO Series 2004 BAN
3.25% 12/23/05 $3,722 $3,747,219
Bethlehem Central School District GO Series 2004
BAN
3.00% 09/23/05 3,000 3,015,787
Chester GO Series 2004 BAN
3.00% 08/03/05 1,500 1,505,512
City of New York GO (Citibank Trust Receipts) Series
2003R ROC-II-251A DN (Citibank Liquidity
Facility) (VMIG-1)
3.06%(b) 05/09/05 5,000 5,000,000
City of New York GO (Merrill Lynch P-Float Trust
Receipts) Series 1997 DN (AMBAC Insurance,
Societe Generale Liquidity Facility) (A-1+)
3.02%(b) 05/09/05 1,760 1,760,000
City of New York GO (Morgan Stanley Trust
Receipts) Series 2002-725X DN (FSA Insurance,
Morgan Stanley Group Liquidity Facility) (VMIG-1)
3.01%(b) 05/09/05 2,144 2,143,750
City of New York GO (Wachovia Merlots Trust
Receipts) Series 2004C-09 DN (MBIA Insurance,
Wachovia Bank N.A. SBPA) (VMIG-1)
3.06%(b) 05/09/05 2,995 2,995,000
City of New York GO Series 1993A-4 DN
(Landesbank Baden-Wurttemberg LOC)
(A-1, VMIG-1, AAA)
3.05%(b) 05/02/05 200 200,000
City of New York GO Series 1994H-2 DN (MBIA
Insurance) (A-1+, VMIG-1)
3.05%(b) 05/02/05 600 600,000
City of New York GO Series 1994H-4 DN
(Kredietbank N.V. LOC) (A-1, VMIG-1)
2.98%(b) 05/09/05 1,100 1,100,000
City of New York GO Series 2002C-3 DN (Banque
Nationale de Paribas LOC) (A-1+, VMIG-1)
2.91%(b) 05/09/05 1,400 1,400,000
City of New York GO Series 2003A-2 DN (Bank of
America N.A. LOC) (A-1, VMIG-1)
3.00%(b) 05/09/05 2,500 2,500,000
City of New York GO Series 2003A-5 DN (HSBC
Bank LOC) (A-1)
2.97%(b) 05/09/05 1,000 1,000,000
City of New York GO Series 2004B MB (Aaa)
6.38% 08/15/05 5,900 6,033,683
City of New York GO Series 2004H-8 DN
(WestDeutsche Landesbank Girozentrale LOC)
(A-1+, VMIG-1)
2.94%(b) 05/09/05 6,210 6,210,000
City of New York Housing Development Corp. Multi
Family Rental Housing RB (Columbus
Apartments Project) Series 1995A DN (Federal
National Mortgage Association Guaranty) (A-1+)
3.00%(b) 05/09/05 1,600 1,600,000
City of New York Housing Development Corp. Multi
Family Rental Housing RB (Parkgate
Development Project) Series 1998A DN (Federal
National Mortgage Association Guaranty) (A-1+)
2.94%(b) 05/09/05 2,000 2,000,000
City of New York Housing Development Corp. Multi
Family Rental Housing RB (Related Monterey
Project) Series 1997A DN (Federal National
Mortgage Association Guaranty) (A-1+)
3.00%(b) 05/09/05 100 100,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
New York (continued)
City of New York IDA Civic Facilities RB (Abraham
Joshua Heschel Project) Series 2002 DN (M&T
Bank Corp. LOC) (VMIG-1)
3.03%(b) 05/09/05 $2,000 $2,000,000
City of New York IDA Civic Facilities RB (French
Institute Alliance Project) Series 2005 DN (M&T
Bank LOC) (VMIG-1)
3.05%(b) 05/09/05 2,525 2,525,000
City of New York IDA Civic Facilities RB (Hewitt
School Project) Series 2002 DN (Allied Irish Bank
LOC) (VMIG-1)
3.00%(b) 05/09/05 1,600 1,600,000
City of New York IDA Civic Facilities RB (The Birch
Wathen Lenox School Project) Series 2004 DN
(Allied Irish Bank LOC) (VMIG-1)
3.00%(b) 05/09/05 2,625 2,625,000
City of New York Municipal Water Finance Authority
RB (Citigroup Trust Receipts, Water & Sewer
Systems Project) Series 2004R-4061 ROC-II DN
(Citigroup Global Market Holdings, Inc. SBPA)
(VMIG-1)
3.02%(b) 05/09/05 2,990 2,990,000
City of New York Municipal Water Finance Authority
RB (Water & Sewer System Project) Series 1994G
DN (FGIC Insurance) (A-1+, VMIG-1)
3.02%(b) 05/02/05 100 100,000
City of New York Municipal Water Finance Authority
RB (Water & Sewer Systems Project) Series
2002C-1 DN (State Street Bank & Trust Co. LOC)
(A-1+, VMIG-1)
3.05%(b) 05/02/05 2,900 2,900,000
City of New York Municipal Water Finance Authority
Water & Sewer System RB Series 2000C DN
(Dexia Credit SBPA) (A-1+, VMIG-1)
2.96%(b) 05/02/05 4,200 4,200,000
City of New York Transitional Finance Authority
Financing RB (Citibank Eagle Trust Reciepts)
Series 1994C DN (AMBAC Insurance, Citibank
Liquidity Facility) (VMIG-1)
3.02%(b) 05/09/05 8,000 8,000,000
City of New York Transitional Finance Authority
Financing RB (Citibank Eagle Trust Receipts)
Series 2000 DN (Citibank Liquidity Facility) (A-1+)
3.02%(b) 05/09/05 9,900 9,900,000
City of New York Transitional Finance Authority
Financing RB (Citibank Eagle Trust Receipts)
Series 2001 DN (Citibank Liquidity Facility) (A-1+)
3.02%(b) 05/09/05 3,300 3,300,000
City of New York Transitional Finance Authority
Financing RB (Future Tax Secured Bonds) Series
1998A-1 DN (Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)
3.04%(b) 05/09/05 1,400 1,400,000
City of New York Transitional Finance Authority
Financing RB (Future Tax Secured Bonds) Series
1998A-2 DN (Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)
2.98%(b) 05/09/05 300 300,000
City of New York Transitional Finance Authority RB
Series 2002-2E DN (New York State Common
Retirement Fund SBPA) (A-1+, VMIG-1)
2.94%(b) 05/09/05 2,800 2,800,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
49
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
NEW YORK MONEY FUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
New York (continued)
City of New York Trust for Cultural Resources RB
(Manhattan School of Music Project) Series 2000
DN (First Union National Bank SBPA) (A-1)
2.95%(b) 05/09/05 $ 1,900 $ 1,900,000
City of New York Trust for Cultural Resources RB
(The Museum of Broadcasting Project) Series
1989 DN (KBC Bank N.V. LOC) (A-1+, VMIG-1)
2.96%(b) 05/09/05 2,400 2,400,000
Dormitory Authority of the State of New York RB
(Glen Eddy, Inc. Project) Series 2000 DN (Fleet
National Bank LOC) (A-1)
3.00%(b) 05/09/05 3,440 3,440,000
Dormitory Authority of the State of New York RB
(Mental Health Services Project) Series 2003D-2B
DN (Credit Locale de France LOC) (A-1+)
2.92%(b) 05/09/05 600 600,000
Dormitory Authority of the State of New York RB
(Park Ridge Hospital Project) Series 2005 DN
(J.P. Morgan Chase LOC)
3.00%(b) 05/09/05 5,000 5,000,000
Dormitory Authority of the State of New York RB
(Teresian House Housing Corp. Project) Series
2003 DN (Lloyds Bank LOC) (A-1+)
3.00%(b) 05/09/05 4,800 4,800,000
Dormitory Authority of the State of New York RB
(Wachovia Merlots Trust Receipts) Series
2001A-30 DN (AMBAC Insurance, Wachovia Bank
N.A. SBPA) (VMIG-1)
3.06%(b) 05/09/05 2,980 2,980,000
Dormitory Authority of the State of New York RB
(Wachovia Merlots Trust Reciepts) Series 2003
DN (FGIC Insurance, Wachovia Bank N.A. SBPA)
(VMIG-1)
3.06%(b) 05/09/05 7,185 7,185,000
Dormitory Authority of the State of New York RB
Series 2001D DN (MBIA Insurance, Bank of
America SBPA) (A-1+)
3.02%(b) 05/09/05 1,900 1,900,000
East Hampton Unified School District GO Series
2004 TAN
3.00% 06/29/05 1,000 1,002,475
Erie County Asset Securitization Corp. RB (Merrill
Lynch P-Float Trust Receipts) Series 2003
PA-1213 DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.08%(b) 05/09/05 3,620 3,620,000
Erie County Civic Facilities IDRB (Hauptman-
Woodward Project) Series 2004 DN (KeyBank
N.A. LOC)
3.07%(b) 05/09/05 2,300 2,300,000
Franklin County IDA Civic Facility RB (Paul Smith's
College Project) Series 1998 DN (KeyBank N.A.
LOC)
3.07%(b) 05/09/05 3,145 3,145,000
Huntington Unified Free School District GO Series
2004 TAN
3.00% 06/29/05 2,000 2,004,856
Jay Street Development Corporation Facility Lease
RB (Jay Street Project) Series 2001A-2 DN
(Landesbank Hessen-Thuringen Girozentrale
LOC) (A-1+, VMIG-1)
2.94%(b) 05/02/05 2,100 2,100,000
Lawrence Union Free School District GO Series
2004 TAN
3.00% 06/29/05 3,000 3,007,258
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
New York (continued)
Long Island Power Authority Electrical System RB
Series 1998-7 DN (MBIA Insurance, Credit Suisse
First Boston SBPA) (A-1+, VMIG-1)
3.00%(b) 05/09/05 $ 1,650 $ 1,650,000
Metropolitan Transportation Authority GO Series
2004A-1 DN (XLCA Insurance, Depfa Bank PLC
SBPA) (A-1+, VMIG-1)
3.00%(b) 05/09/05 2,000 2,000,000
Metropolitan Transportation Authority GO Series
2004A-3 DN (XLCA Insurance, Depfa Bank PLC
SBPA) (A-1+, VMIG-1)
3.00%(b) 05/09/05 2,000 2,000,000
Metropolitan Transportation Authority RB
(Dedicated Tax Fund) Series 2002B DN (FSA
Insurance, Dexia Credit SBPA) (A-1+)
2.95%(b) 05/09/05 2,000 2,000,000
Metropolitan Transportation Authority RB (Piper
Jaffray Trust Certificates) Series 2002F DN (Bank
of New York LOC) (VMIG-1)
3.02%(b) 05/09/05 5,674 5,674,500
Metropolitan Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series
2002A-43 DN (FGIC Insurance, Wachovia Bank
N.A. Liquidity Facility) (VMIG-1)
3.06%(b) 05/09/05 2,445 2,445,000
Metropolitan Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series
2003B-25 DN (FGIC Insurance, Wachovia Bank
N.A. Liquidity Facility) (VMIG-1)
3.06%(b) 05/09/05 4,980 4,980,000
Metropolitan Transportation Authority RB Series
2002D-1 DN (FSA Insurance, Westdeutsche
Landesbank SBPA) (A-1+, VMIG-1)
2.98%(b) 05/09/05 2,710 2,710,000
Metropolitan Transportation Authority RB Series
2005 TECP (ABN-AMRO Bank N.V. LOC)
(A-1+, P-1)
2.00% 05/03/05 7,000 7,000,000
1.98% 05/05/05 3,000 3,000,000
Monroe County IDA Civic Facility RB (Sigal Center
Project) Series 2004 DN (M&T Bank Corp. LOC)
(VMIG-1)
3.05%(b) 05/09/05 1,700 1,700,000
Monroe County IDA Civic Facility RB (St. John
Fisher College Project) Series 2005 DN (Fleet
National Bank SBPA) (A-1+)
3.02%(b) 05/09/05 3,000 3,000,000
Monroe County IDA Civic Facility RB (YMCA of
Greater Rochester Project) Series 2004 DN (M&T
Bank Corp. LOC) (A-1)
3.05%(b) 05/09/05 2,750 2,750,000
Monroe County IDRB Series 2002A DN (M&T Bank
Corp. LOC) (VMIG-1)
3.08%(b) 05/09/05 2,500 2,500,000
Monroe County Tobacco Settlement Asset
Securitization Corporation RB Series 2003
PA-1210 DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.08%(b) 05/09/05 15,000 15,000,000
Nassau County Intermediate Finance Authority RB
Series 2002B DN (FSA Insurance, Banque
Nationale de Paribas SBPA) (A-1+, VMIG-1)
3.00%(b) 05/09/05 2,535 2,535,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
50
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
NEW YORK MONEY FUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
New York (continued)
Nassau Health Care Corp. RB Series 2004C-1 DN
(FSA Guaranty) (A-1+, VMIG-1)
2.98%(b) 05/09/05 $ 3,000 $ 3,000,000
New York GO Series 2000B MB (Dexia Credit, Credit
Locale de France LOC) (A-1+, MIG-1)
1.58% 08/05/05 2,000 2,000,000
New York Housing Finance Agency RB (Tribeca
Green Housing Project) Series 2003A DN
(Landesbank Hessen-Thuringen Girozentrale
LOC) (VMIG-1)
3.00%(b) 05/09/05 600 600,000
New York IDA Liberty RB (One Bryant Park LLC
Project) Series 2004A DN (Bank Of America N.A.
LOC)
2.97%(b) 05/09/05 4,000 4,000,000
New York Local Government Assistance
Corporation RB Series 1995G DN (Bank of Nova
Scotia LOC) (A-1+, VMIG-1)
2.96%(b) 05/09/05 2,300 2,300,000
New York State Environmental Facilities Corp. RB
(Citibank Eagle Trust Receipts) (Clean Water &
Drinking Project) Series 2003A DN (Citibank
Liquidity Facility) (A-1+)
3.02%(b) 05/09/05 5,710 5,710,000
New York State Environmental Facilities Corp. RB
(Citigroup Trust Receipts) (Facscorp Clean Water
& Drinking Project) Series 2003R-2014 ROC II DN
(Citibank Liquidity Facility) (VMIG-1)
3.02%(b) 05/09/05 2,680 2,680,000
New York State Environmental Facilities Corp. RB
(Citigroup Trust Receipts) (Facscorp Clean Water
& Drinking Project) Series 2003R-4001 ROC II DN
(Citibank Liquidity Facility) (VMIG-1)
3.02%(b) 05/09/05 1,590 1,590,000
New York State Housing Finance Agency RB (10
Liberty Street Project) Series 2003 DN (Fleet
National Bank LOC) (VMIG-1)
3.00%(b) 05/09/05 3,900 3,900,000
New York State Housing Finance Agency RB
(Normandie Court I Project) Series 1991A DN
(Societe Generale LOC) (A-1+, VMIG-1)
2.97%(b) 05/09/05 1,600 1,600,000
New York State Local Government Assistance
Corporation RB Series 1994B DN (Credit Suisse
LOC) (A-1+, VMIG-1)
2.95%(b) 05/09/05 2,000 2,000,000
New York State Power Authority GO Series 1985 MB
(Credit Locale de France LOC) (A-1+, VMIG-1)
2.15% 09/01/05 1,500 1,500,000
New York State Thruway Authority RB Series 2005
TECP (Landesbank Hessen-Thuringen
Girozentrale LOC) (A-1+, P-1)
2.02%(b) 05/09/05 3,000 3,000,000
New York State Urban Development Corporation RB
(Wachovia Bank Merlots Trust Receipts) Series
2005C-01 DN (MBIA Insurance) (VMIG-1)
3.06%(b) 05/09/05 3,000 3,000,000
New York Transitional Finance Authority RB Series
2003-2D DN (Retail Food Stores LOC)
(A-1+, VMIG-1)
2.92%(b) 05/09/05 2,300 2,300,000
Onondaga County IDA Civic Facility RB (Crouse
Health Hospital Project) Series 2003A DN (M&T
Bank Corp. LOC) (VMIG-1)
3.08%(b) 05/09/05 3,000 3,000,000
PAR
MATURITY (000) VALUE
---------- ---------- -------------
MUNICIPAL BONDS (Continued)
New York (continued)
Onondaga County IDA Civic Facility RB (YMCA
Greater Syracuse Project) Series 2003A DN
(HSBC Bank LOC)
3.07%(b) 05/09/05 $ 4,000 $ 4,000,000
Port Authority of New York & New Jersey RB
(ABN-AMRO Munitops Trust Certificates) Series
2000-19 DN (MBIA Insurance, ABN-AMRO Bank
N.V. SBPA) (VMIG-1, F-1+)
3.01%(b) 05/09/05 6,670 6,670,000
Putnam County GO Series 2005 TAN
3.25% 12/14/05 3,000 3,021,816
Rensselaer County Civic Facilities IDRB (The Sage
Colleges Project) Series 2002A DN (M&T Bank
Corp. LOC) (VMIG-1)
3.08%(b) 05/09/05 2,800 2,800,000
Rockland County IDRB (Northern Manor Multicare
Project) Series 2002 DN (M&T Bank Corp. LOC)
(VMIG-1)
3.07%(b) 05/09/05 5,060 5,060,000
Scarsdale Union Free School District GO Series
2004 TAN
3.00% 06/29/05 4,100 4,109,791
Schenectady County IDA Civic Facility RB
(Sunnyview Project) Series 2003B DN (KeyBank
N.A. LOC) (VMIG-1)
3.02%(b) 05/09/05 2,390 2,390,000
Sullivan County GO Series 2004 BAN
2.75% 09/09/05 2,000 2,007,767
3.00% 09/09/05 2,000 2,009,532
Syosset Central School District GO Series 2004 TAN
3.00% 06/29/05 4,000 4,009,036
Syracuse RB Series 2004C RAN (Bank of New York
LOC) (MIG-1)
2.75% 06/30/05 3,000 3,005,827
Syracuse RB Series 2004E RAN (Depfa Bank LOC)
(MIG-1)
3.00% 06/30/05 2,000 2,003,853
Tompkins County IDA Civic Facility RB (Ithaca
College Project) Series 2004 DN (XLCA Insurance,
Bank of America N.A. SBPA) (VMIG-1)
3.00%(b) 05/09/05 3,000 3,000,000
Triborough Bridge & Tunnel Authority RB
(ABN-AMRO Munitops Trust Certificates) Series
2002-14 DN (AMBAC Insurance, ABN-AMRO
Bank N.V. SBPA) (VMIG-1)
3.01%(b) 05/09/05 4,240 4,240,000
Triborough Bridge & Tunnel Authority RB (Bear
Stearns Municipal Trust Certificates) Series
2002-210 DN (Bear Stearns Liquidity Facility)
(A-1+)
3.00%(b)(c) 05/09/05 10,100 10,100,000
Triborough Bridge & Tunnel Authority RB (Citibank
Eagle Trust Receipts) Series 2003A DN (FGIC
Insurance, Citibank Liquidity Facility) (A-1+)
3.02%(b) 05/09/05 2,000 2,000,000
Triborough Bridge & Tunnel Authority RB (Morgan
Stanley Trust Receipts) Series 2004-922 DN
(Morgan Stanley Liquidity Facility) (F-1+)
3.01%(b) 05/09/05 4,200 4,200,000
Triborough Bridge & Tunnel Authority Special
Obligation RB Series 2000C DN (FSA Insurance)
(A-1+, VMIG-1)
2.99%(b) 05/09/05 490 490,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
51
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
NEW YORK MONEY FUND (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- --------- ---------------
MUNICIPAL BONDS (Continued)
New York (continued)
Union Springs Central School District GO Series
2004 BAN
2.50% 06/30/05 $1,265 $ 1,266,744
Westchester County IDA Civic Facility RB (Northern
Westchester Hospital Association Project) Series
2004 DN (Commerce Bank N.A. LOC) (VMIG-1)
3.14%(b) 05/09/05 2,500 2,500,000
============
306,944,406
------------
Puerto Rico - 4.9%
Commonwealth of Puerto Rico Highway &
Transportation Authority RB (Merrill Lynch
P-Float Trust Receipts) Series 2002 PT-1052 DN
(Merrill Lynch Capital Services Liquidity Facility)
(A-1)
3.02%(b) 05/09/05 4,100 4,100,000
Commonwealth of Puerto Rico RB Series 2004
TRAN (SP-1+, MIG-1)
3.00% 07/29/05 1,825 1,830,948
Puerto Rico Public Financing Corp. RB Series
2004-911 DN (CIFG-TCRS Credit Support, Morgan
Stanley Group Liquidity Facility) (AAA, F-1+)
3.01%(b) 05/09/05 4,797 4,797,000
Puerto Rico Public Financing Corp. RB Series 2004
DN (Citibank Liquidity Facility) (A-1+)
3.00%(b) 05/09/05 5,170 5,170,000
============
15,897,948
------------
TOTAL INVESTMENTS IN SECURITIES - 99.5%
(Cost $322,842,354(a)) 322,842,354
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.5% 1,504,949
------------
NET ASSETS - 100.0% (Equivalent
to $1.00 per share based on
205,970,804 Institutional Shares,
3,962,880 Dollar Shares, 405,100
Cash Management Shares,
15,974,497 Administration Shares,
17,540,785 Bear Stearns Shares,
2,153 Bear Stearns Premier Choice
Shares, 77,398,745 Bear Stearns
Private Client Shares, and 2,998,911
Bear Stearns Premier Shares
outstanding) $324,347,303
============
VALUE
-----------
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
INSTITUTIONAL SHARE
($206,062,258/205,970,804) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
DOLLAR SHARE
($3,964,389/3,962,880) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
CASH MANAGEMENT SHARE
($405,100/405,100) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
ADMINISTRATION SHARE
($15,974,498/15,974,497) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS SHARE
($17,541,258/17,540,785) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER CHOICE SHARE
($2,155/2,153) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PRIVATE CLIENT SHARE
($77,398,732/77,398,745) $ 1.00
=======
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER
BEAR STEARNS PREMIER SHARE
($2,998,913/2,998,911) $ 1.00
=======
- -------------------
(a) Aggregate cost for Federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2005 and maturities shown are
the next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional investors. As of April
30, 2005, the Fund held 3.1% of its net assets, with a current market
value of $10,100,000, in securities restricted as to resale.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF NET ASSETS
NEW YORK MONEY FUND (CONCLUDED)
APRIL 30, 2005 (UNAUDITED)
Key to Investment Abbreviations
for all Statements of Net Assets
AMBAC American Municipal Bond Assurance Corp.
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
DN Demand Note (Variable Rate)
FGIC Financial Guaranty Insurance Company
FSA Financial Security Assurance
GO General Obligation
IDA Industrial Development Authority
IDRB Industrial Development Revenue Bond
LOC Letter of Credit
MB Municipal Bond
MBIA Municipal Bond Insurance Association
PCRB Pollution Control Revenue Bond
RAN Revenue Anticipation Note
RB Revenue Bond
SBPA Stand-by Bond Purchase Agreement
TAN Tax Anticipation Note
TECP Tax Exempt Commercial Paper
TRAN Tax and Revenue Anticipation Note
The Fitch Investors Service, Moody's Investors Service, Inc. and Standard &
Poor's Ratings Service ratings of the Investments in the various Portfolios are
believed to be the most recent ratings available at April 30, 2005.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
53
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2005 (UNAUDITED)
TEMPFUND TEMPCASH FEDFUND
---------------- ------------------- ---------------
Investment Income:
Interest income ............................ $ 342,831,168 $ 125,841,183 $ 29,196,483
------------- ------------- ------------
Expenses:
Investment advisory fee .................... 11,323,206 5,264,916 1,420,509
Administration fee ......................... 14,582,076 5,713,469 1,900,098
Custodian fee .............................. 836,365 303,316 77,803
Transfer agent fee ......................... 740,034 222,780 160,532
Shareholder servicing fees - class
specific ................................. 7,483,989 675,970 684,012
Distribution fees - class specific ......... 1,204,765 4 165,574
Legal fees ................................. 223,527 82,670 19,919
Audit fees ................................. 24,711 11,876 6,189
Printing ................................... 38,815 13,608 4,617
Registration fees and expenses ............. 43,044 26,895 37,153
Trustees' fees and expenses ................ 123,404 42,854 10,380
Other ...................................... 309,254 110,524 46,827
------------- ------------- ------------
Total expenses .............................. 36,933,190 12,468,882 4,533,613
------------- ------------- ------------
Less investment advisory and adminis-
tration fees waived ........................ (3,276,945) (2,844,556) (1,240,284)
Less distribution fees waived - class
specific ................................... (826,077) (3) (132,437)
Less shareholder servicing fees waived -
class specific ............................. (189,733) (1) (39,589)
Less custody fees paid indirectly ........... - - -
------------- -------------- ------------
Net expenses ................................ 32,640,435 9,624,322 3,121,303
------------- -------------- ------------
Net investment income ....................... 310,190,733 116,216,861 26,075,180
Net realized gain (loss) from investment
transactions ............................. (3,895,003) (2,893,263) (12,054)
------------- -------------- ------------
Net increase in net assets resulting from
operations ............................... $ 306,295,730 $ 113,323,598 $ 26,063,126
============= ============== ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
54
BLACKROCK LIQUIDITY FUNDS
CALIFORNIA NEW YORK
MUNIFUND MUNICASH MONEY FUND MONEY FUND
- --------------- ------------------ -------------- --------------
$ 23,340,066 $ 22,682,824 $ 4,866,681 $ 3,202,238
------------ ------------ ----------- -----------
1,929,198 1,852,628 522,213 347,867
1,929,198 1,852,628 456,936 304,383
75,103 72,418 15,647 10,470
83,539 81,740 30,208 21,170
695,866 93,395 226,140 223,809
215,048 4 149,236 144,519
23,147 24,507 13,933 10,360
9,253 8,736 5,044 5,323
6,936 6,577 1,398 589
41,018 27,025 12,953 9,292
11,148 14,206 415 1,553
35,311 35,278 9,462 10,420
------------ ------------ ----------- -----------
5,054,765 4,069,142 1,443,585 1,089,755
------------ ------------ ----------- -----------
(1,652,203) (1,606,165) (545,998) (373,561)
(149,316) (4) (127,041) (139,635)
(1,220) (2) (1,132) (884)
(57,115) (62,729) (5,384) (4,405)
------------ ------------- ----------- -----------
3,194,911 2,400,242 764,030 571,270
------------ ------------- ----------- -----------
20,145,155 20,282,582 4,102,651 2,630,968
(59,337) (330,186) - -
------------ ------------- ----------- -----------
$ 20,085,818 $ 19,952,396 $ 4,102,651 $ 2,630,968
============ ============= =========== ===========
55
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF CHANGES IN NET ASSETS
TEMPFUND
-----------------------------------------
SIX MONTHS ENDED
APRIL 30, 2005 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2004
-------------------- --------------------
Increase (decrease) in net assets:
Operations:
Net investment income ........................................ $ 310,190,733 $ 265,474,761
Net gain (loss) on investments ............................... (3,895,003) (334,198)
---------------- ----------------
Net increase in net assets resulting from operations ......... 306,295,730 265,140,563
---------------- ----------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ......................................... (251,687,131) (227,365,103)
Dollar Shares ................................................ (37,648,802) (29,669,002)
Cash Management Shares ....................................... (1,850,678) (1,213,382)
Cash Reserve Shares .......................................... - (8,668)
Administration Shares ........................................ (12,860,300) (5,900,458)
Bear Stearns Shares .......................................... (1,580,560) (535,559)
Bear Stearns Premier Select Shares ........................... (1,504) -
Bear Stearns Private Client Shares ........................... (4,523,545) (782,589)
Bear Stearns Premier Shares .................................. (38,213) -
---------------- ----------------
Total distributions from net investment income .............. (310,190,733) (265,474,761)
---------------- ----------------
Capital share transactions ................................... 2,224,472,417 (1,148,622,411)
---------------- ----------------
Total increase (decrease) in net assts ...................... 2,220,577,414 (1,148,956,609)
Net assets:
Beginning of period .......................................... 22,979,848,795 24,128,805,404
---------------- ----------------
End of period ................................................ $ 25,200,426,209 $ 22,979,848,795
================ ================
End of period undistributed net investment income ............ $ - $ -
TEMPCASH
----------------------------------------
SIX MONTHS ENDED
APRIL 30, 2005 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2004
-------------------- -------------------
Increase (decrease) in net assets:
Operations:
Net investment income ........................................ $ 116,216,861 $ 118,909,583
Net gain (loss) on investments ............................... (2,893,263) (78,365)
---------------- ----------------
Net increase in net assets resulting from operations ......... 113,323,598 118,831,218
---------------- ----------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ......................................... (110,695,702) (114,832,728)
Dollar Shares ................................................ (5,521,118) (4,067,601)
Cash Management Shares ....................................... - -
Cash Reserve Shares .......................................... - -
Administration Shares ........................................ - (9,227)
Bear Stearns Shares .......................................... - -
Bear Stearns Premier Select Shares ........................... (21) (15)
Bear Stearns Private Client Shares ........................... - -
Bear Stearns Premier Shares .................................. (20) (12)
---------------- ----------------
Total distributions from net investment income .............. (116,216,861) (118,909,583)
---------------- ----------------
Capital share transactions ................................... 2,690,733,208 (3,244,861,130)
---------------- ----------------
Total increase (decrease) in net assts ...................... 2,687,839,945 (3,244,939,495)
Net assets:
Beginning of period .......................................... 8,381,536,560 11,626,476,055
---------------- ----------------
End of period ................................................ $ 11,069,376,505 $ 8,381,536,560
================ ================
End of period undistributed net investment income ............ $ - $ -
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
56
BLACKROCK LIQUIDITY FUNDS
FEDFUND MUNIFUND MUNICASH
- ------------------------------------- ---------------------------------------- -----------------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED
APRIL 30, 2005 YEAR ENDED APRIL 30, 2005 YEAR ENDED APRIL 30, 2005 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2004 (UNAUDITED) OCTOBER 31, 2004 (UNAUDITED) OCTOBER 31, 2004
- ------------------ ------------------ --------------------- ------------------ ------------------- ---------------------
$ 26,075,180 $ 25,233,866 $ 20,145,155 $ 18,552,850 $ 20,282,582 $ 23,675,415
(12,054) 9,583 (59,337) (69,713) (330,186) (74,262)
--------------- --------------- --------------- --------------- --------------- ---------------
26,063,126 25,243,449 20,085,818 18,483,137 19,952,396 23,601,153
--------------- --------------- --------------- --------------- --------------- ---------------
(21,796,843) (21,935,118) (14,944,858) (16,076,076) (19,729,132) (23,015,244)
(3,332,957) (3,018,104) (506,698) (450,003) (553,421) (660,152)
- - (158,620) (101,852) - -
(74,338) (71,514) - - - -
(83) - (3,847,071) (1,763,263) - -
(129,096) (48,920) (161,957) (52,593) - -
(21) (12) (1) - (16) (11)
(688,829) (160,187) (521,603) (109,063) - -
(53,013) (11) (4,347) - (13) (8)
--------------- --------------- ---------------- --------------- --------------- -----------------
(26,075,180) (25,233,866) (20,145,155) (18,552,850) (20,282,582) (23,675,415)
--------------- --------------- ---------------- --------------- --------------- ----------------
340,384,585 (274,674,705) 338,244,444 817,344,855 (597,218,433) 250,878,180
--------------- --------------- ---------------- --------------- --------------- ----------------
340,372,531 (274,665,122) 338,185,107 817,275,142 (597,548,619) 250,803,918
2,307,395,822 2,582,060,944 2,432,768,937 1,615,493,795 2,395,509,881 2,144,705,963
--------------- --------------- ---------------- --------------- --------------- ----------------
$ 2,647,768,353 $ 2,307,395,822 $ 2,770,954,044 $ 2,432,768,937 $ 1,797,961,262 $ 2,395,509,881
=============== =============== ================ =============== =============== ================
$ - $ - $ 2,304 $ 2,304 $ - $ -
57
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONCLUDED)
CALIFORNIA MONEY FUND
-------------------------------------
SIX MONTHS ENDED
APRIL 30, 2005 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2004
------------------ ------------------
Increase (decrease) in net assets:
Operations:
Net investment income .................................... $ 4,102,651 $ 4,327,555
Net gain (loss) on investments ........................... - 33,998
------------- --------------
Net increase in net assets resulting from operations ..... 4,102,651 4,361,553
------------- --------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ..................................... (3,488,165) (4,203,209)
Dollar Shares ............................................ (77,050) (17,574)
Cash Management Shares ................................... (1,156) (728)
Administration Shares .................................... (18,450) (5,510)
Bear Stearns Shares ...................................... (63,013) (25,383)
Bear Stearns Premier Select Shares ....................... (15) (10)
Bear Stearns Private Client Shares ....................... (448,229) (75,132)
Bear Stearns Premier Shares .............................. (6,573) (9)
------------- ---------------
Total distributions from net investment income .......... (4,102,651) (4,327,555)
------------- --------------
Capital share transactions ............................... 61,560,679 (14,025,066)
------------- --------------
Total increase (decrease) in net assts .................. 61,560,679 (13,991,068)
Net assets:
Beginning of period ...................................... 501,431,447 515,422,515
------------- --------------
End of period ............................................ $ 562,992,126 $ 501,431,447
============= ==============
End of period undistributed net investment income ........ $ - $ -
NEW YORK MONEY FUND
-------------------------------------
SIX MONTHS ENDED
APRIL 30, 2005 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2004
----------------- -------------------
Increase (decrease) in net assets:
Operations:
Net investment income .................................... $ 2,630,968 $ 2,938,700
Net gain (loss) on investments ........................... - 106,067
------------- -------------
Net increase in net assets resulting from operations ..... 2,630,968 3,044,767
------------- -------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ..................................... (1,966,275) (2,684,685)
Dollar Shares ............................................ (39,103) (37,748)
Cash Management Shares ................................... (444) -
Administration Shares .................................... (137,764) (79,480)
Bear Stearns Shares ...................................... (13,968) (27,416)
Bear Stearns Premier Select Shares ....................... (15) (9)
Bear Stearns Private Client Shares ....................... (466,178) (109,353)
Bear Stearns Premier Shares .............................. (7,221) (9)
------------- ---------------
Total distributions from net investment income .......... (2,630,968) (2,938,700)
------------- --------------
Capital share transactions ............................... 7,694,142 (55,281,003)
------------- --------------
Total increase (decrease) in net assts .................. 7,694,142 (55,174,936)
Net assets:
Beginning of period ...................................... 316,653,161 371,828,097
------------- --------------
End of period ............................................ $ 324,347,303 $ 316,653,161
============= ==============
End of period undistributed net investment income ........ $ - $ -
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
58
[THIS PAGE INTENTIONALLY LEFT BLANK.]
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO NET
NET ASSET SHAREHOLDERS ASSET
VALUE NET FROM NET VALUE
BEGINNING INVESTMENT INVESTMENT END OF
OF PERIOD INCOME INCOME PERIOD
=========== ============ ============== ===========
-----
TempFund
-----
Institutional Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0110 $ (0.0110) $ 1.00
10/31/04 1.00 0.0109 ( 0.0109) 1.00
10/31/03 1.00 0.0113 ( 0.0113) 1.00
10/31/02 1.00 0.0186 ( 0.0186) 1.00
10/31/01 1.00 0.0477 ( 0.0477) 1.00
10/31/00 1.00 0.0611 ( 0.0611) 1.00
Dollar Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0100 $ (0.0100) $ 1.00
10/31/04 1.00 0.0084 ( 0.0084) 1.00
10/31/03 1.00 0.0088 ( 0.0088) 1.00
10/31/02 1.00 0.0161 ( 0.0161) 1.00
10/31/01 1.00 0.0452 ( 0.0452) 1.00
10/31/00 1.00 0.0586 ( 0.0586) 1.00
Cash Management Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0088 $ (0.0088) $ 1.00
10/31/04 1.00 0.0059 ( 0.0059) 1.00
10/31/03 1.00 0.0063 ( 0.0063) 1.00
10/31/02 1.00 0.0136 ( 0.0136) 1.00
10/31/01 1.00 0.0427 ( 0.0427) 1.00
10/31/00 1.00 0.0561 ( 0.0561) 1.00
Cash Reserve Shares7
11/01/03 through 12/15/039 $ 1.00 $ 0.0007 $ (0.0007) $ 1.00
10/31/03 1.00 0.0067 ( 0.0067) 1.00
10/31/02 1.00 0.0146 ( 0.0146) 1.00
10/31/01 1.00 0.0437 ( 0.0437) 1.00
05/30/001 through 10/31/00 1.00 0.0258 ( 0.0258) 1.00
Administration Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0110 $ (0.0110) $ 1.00
10/31/04 1.00 0.0099 ( 0.0099) 1.00
10/31/03 1.00 0.0103 ( 0.0103) 1.00
04/04/021 through 10/31/02 1.00 0.0095 ( 0.0095) 1.00
Bear Stearns Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0072 $ (0.0072) $ 1.00
10/31/04 1.00 0.0032 ( 0.0032) 1.00
10/31/03 1.00 0.0034 ( 0.0034) 1.00
05/20/021 through 10/31/02 1.00 0.0041 ( 0.0041) 1.00
Bear Stearns Premier Choice Shares
04/25/051 through 04/30/059 $ 1.00 $ 0.0004 $ (0.0004) $ 1.00
Bear Stearns Private Client Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0092 $ (0.0092) $ 1.00
03/26/041 through 10/31/04 1.00 0.0048 ( 0.0048) 1.00
Bear Stearns Premier Shares
03/02/051 through 04/30/059 $ 1.00 $ 0.0036 $ (0.0036) $ 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
60
BLACKROCK LIQUIDITY FUNDS
RATIO OF
RATIO OF EXPENSES TO RATIO OF NET
RATIO OF EXPENSES TO AVERAGE INVESTMENT
EXPENSES TO AVERAGE DAILY DAILY NET INCOME TO
NET ASSETS AVERAGE NET ASSETS ASSETS AVERAGE
TOTAL END OF DAILY NET (INCLUDING (EXCLUDING DAILY NET
RETURN11 PERIOD (000) ASSETS CUSTODY CREDITS) WAIVERS) ASSETS
============ ============== ============= ================== ============= =============
1.13% $ 19,221,897 0.18%2 0.18%2 0.20%2 2.30%2
1.09 17,452,337 0.18 0.18 0.21 1.09
1.14 20,081,053 0.18 0.18 0.20 1.15
1.88 19,871,753 0.18 0.18 0.18 1.88
4.87 26,150,330 0.18 0.18 0.20 4.62
6.28 15,862,970 0.18 0.18 0.20 6.12
1.01% $ 3,532,316 0.43%2 0.43%2 0.45%2 2.04%2
0.84 3,665,117 0.43 0.43 0.46 0.83
0.89 3,818,036 0.43 0.43 0.45 0.90
1.62 4,309,354 0.43 0.43 0.43 1.63
4.61 5,677,232 0.43 0.43 0.45 4.32
6.02 815,132 0.43 0.43 0.45 5.94
0.88% $ 244,745 0.68%2 0.68%2 0.70%2 1.82%2
0.59 192,325 0.68 0.68 0.71 0.58
0.63 147,693 0.68 0.68 0.70 0.57
1.37 65,140 0.68 0.68 0.68 1.34
4.35 58,043 0.68 0.68 0.70 3.93
5.75 30,242 0.68 0.68 0.70 5.68
0.07% $ - 0.58%2 0.58%2 0.60%2 0.54%2
0.762 6,622 0.582 0.582 0.602 0.942
1.47 178,398 0.58 0.58 0.58 1.47
4.46 208,114 0.58 0.58 0.60 4.42
6.242 222,325 0.582 0.582 0.602 6.162
1.08% $ 1,162,120 0.28%2 0.28%2 0.30%2 2.18%2
0.99 1,200,346 0.28 0.28 0.31 1.25
1.04 330 0.28 0.28 0.30 1.00
1.662 124 0.282 0.282 0.292 1.622
0.72% $ 297,213 1.00%2 1.00%2 1.02%2 1.50%2
0.32 189,266 0.95 0.95 1.03 0.34
0.34 75,071 0.96 0.96 1.02 0.30
0.912 22,717 1.002 1.002 1.012 0.882
0.04% $ 11,077 0.45%2 0.45%2 4.17%2 15.09%2
0.92% $ 697,524 0.60%2 0.60%2 1.05%2 1.95%2
0.48 280,458 0.582 0.582 1.052 0.962
0.36% $ 33,536 0.60%2 0.60%2 0.81%2 2.30%2
61
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO NET
NET ASSET SHAREHOLDERS ASSET
VALUE NET FROM NET VALUE
BEGINNING INVESTMENT INVESTMENT END OF
OF PERIOD INCOME INCOME PERIOD
=========== ============ ============== ===========
-----
TempCash
-----
Institutional Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0113 $ (0.0113) $ 1.00
10/31/04 1.00 0.0112 ( 0.0112) 1.00
10/31/03 1.00 0.0118 ( 0.0118) 1.00
10/31/02 1.00 0.0193 ( 0.0193) 1.00
10/31/01 1.00 0.0483 ( 0.0483) 1.00
10/31/00 1.00 0.0613 ( 0.0613) 1.00
Dollar Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0101 $ (0.0101) $ 1.00
10/31/04 1.00 0.0087 ( 0.0087) 1.00
10/31/03 1.00 0.0093 ( 0.0093) 1.00
10/31/02 1.00 0.0168 ( 0.0168) 1.00
10/31/01 1.00 0.0458 ( 0.0458) 1.00
10/31/00 1.00 0.0588 ( 0.0588) 1.00
Bear Stearns Premier Choice Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0010 $ (0.0010) $ 1.00
03/26/041 through 10/31/04 1.00 0.0056 ( 0.0056) 1.00
Bear Stearns Premier Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0090 $ (0.0090) $ 1.00
03/26/041 through 10/31/04 1.00 0.0041 ( 0.0041) 1.00
----
FedFund
----
Institutional Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0060 $ (0.0060) $ 1.00
10/31/04 1.00 0.0105 ( 0.0105) 1.00
10/31/03 1.00 0.0110 ( 0.0110) 1.00
10/31/02 1.00 0.0183 ( 0.0183) 1.00
10/31/01 1.00 0.0469 ( 0.0469) 1.00
10/31/00 1.00 0.0594 ( 0.0594) 1.00
Dollar Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0096 $ (0.0096) $ 1.00
10/31/04 1.00 0.0080 ( 0.0080) 1.00
10/31/03 1.00 0.0085 ( 0.0085) 1.00
10/31/02 1.00 0.0158 ( 0.0158) 1.00
10/31/01 1.00 0.0444 ( 0.0444) 1.00
10/31/00 1.00 0.0569 ( 0.0569) 1.00
Cash Reserve Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0088 $ (0.0088) $ 1.00
10/31/04 1.00 0.0065 ( 0.0065) 1.00
04/01/031 through 10/31/03 1.00 0.0034 ( 0.0034) 1.00
Administration Shares5
11/10/041 through 11/18/049 $ 1.00 $ 0.0004 $ (0.0004) $ 1.00
Bear Stearns Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0068 $ (0.0068) $ 1.00
10/31/04 1.00 0.0031 ( 0.0031) 1.00
10/31/03 1.00 0.0033 ( 0.0033) 1.00
05/20/021 through 10/31/02 1.00 0.0040 ( 0.0040) 1.00
Bear Stearns Premier Choice Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0096 $ (0.0096) $ 1.00
03/26/041 through 10/31/04 1.00 0.0054 ( 0.0054) 1.00
Bear Stearns Private Client Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0088 $ (0.0088) $ 1.00
03/26/041 through 10/31/04 1.00 0.0045 ( 0.0045) 1.00
Bear Stearns Premier Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0086 $ (0.0086) $ 1.00
03/26/041 through 10/31/04 1.00 0.0038 ( 0.0038) 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
62
BLACKROCK LIQUIDITY FUNDS
RATIO OF
RATIO OF EXPENSES TO RATIO OF NET
RATIO OF EXPENSES TO AVERAGE INVESTMENT
EXPENSES TO AVERAGE DAILY DAILY NET INCOME TO
NET ASSETS AVERAGE NET ASSETS ASSETS AVERAGE
TOTAL END OF DAILY NET (INCLUDING (EXCLUDING DAILY NET
RETURN11 PERIOD (000) ASSETS CUSTODY CREDITS) WAIVERS) ASSETS
============== ============== ============= ================== ============= =============
1.14 % $ 10,479,185 0.18%2 0.18%2 0.24%2 2.35%2
1.13 7,850,023 0.18 0.18 0.23 1.11
1.18 11,193,249 0.18 0.18 0.23 1.18
1.95 7,195,494 0.18 0.18 0.24 1.92
4.93 4,923,190 0.18 0.18 0.29 4.76
6.30 3,785,528 0.18 0.18 0.31 6.18
1.01 % $ 590,188 0.43%2 0.43%2 0.49%2 2.08%2
0.88 531,509 0.43 0.43 0.49 0.87
0.93 433,227 0.43 0.43 0.48 0.94
1.70 402,137 0.43 0.43 0.50 1.71
4.67 447,082 0.43 0.43 0.54 4.56
6.04 427,625 0.43 0.43 0.56 5.89
1.00 % $ 2 0.45%2 0.45%2 0.80%2 1.97%2
0.56 2 0.452 0.452 0.502 1.152
0.91 % $ 2 0.60%2 0.60%2 1.09%2 1.56%2
0.41 2 0.702 0.702 0.752 0.812
1.09 % $ 2,118,869 0.20%2 0.20%2 0.30%2 2.19%2
1.05 1,883,220 0.20 0.20 0.29 1.04
1.10 2,163,336 0.20 0.20 0.28 1.10
1.85 1,955,108 0.20 0.20 0.26 1.82
4.79 1,684,597 0.20 0.20 0.27 4.61
6.10 1,400,232 0.20 0.20 0.29 6.01
0.96 % $ 348,241 0.45%2 0.45%2 0.55%2 1.95%2
0.80 345,479 0.45 0.45 0.54 0.79
0.85 397,344 0.45 0.45 0.53 0.87
1.60 635,685 0.45 0.45 0.50 1.61
4.53 814,186 0.45 0.45 0.52 4.18
5.84 216,511 0.45 0.45 0.54 6.04
0.89 % $ 1,624 0.60%2 0.60%2 0.70%2 1.77%2
0.65 9,276 0.60 0.60 0.69 0.62
0.592 13,492 0.602 0.602 0.692 0.582
0.04%2 $ - 0.30%2 0.30%2 0.40%2 1.60%2
0.69 % $ 15,121 1.00%2 1.00%2 1.10%2 1.39%2
0.31 18,837 0.95 0.95 1.09 0.36
0.33 7,889 0.95 0.95 1.08 0.30
0.892 2,728 1.002 1.002 1.082 0.872
0.96 % $ 2 0.45%2 0.45%2 0.83%2 1.97%2
0.54 2 0.452 0.452 0.542 0.922
0.89 % $ 147,937 0.60%2 0.60%2 1.15%2 1.86%2
0.45 50,579 0.582 0.582 0.802 0.922
0.87 % $ 15,975 0.60%2 0.60%2 0.89%2 2.15%2
0.38 2 0.702 0.702 0.792 0.602
63
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO NET
NET ASSET SHAREHOLDERS ASSET
VALUE NET FROM NET VALUE,
BEGINNING INVESTMENT INVESTMENT END OF
OF PERIOD INCOME INCOME PERIOD
=========== ============ ============== ===========
-----
MuniFund
-----
Institutional Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0083 $ (0.0083) $ 1.00
10/31/04 1.00 0.0095 ( 0.0095) 1.00
10/31/03 1.00 0.0096 ( 0.0096) 1.00
10/31/02 1.00 0.0142 ( 0.0142) 1.00
10/31/01 1.00 0.0302 ( 0.0302) 1.00
10/31/00 1.00 0.0379 ( 0.0379) 1.00
Dollar Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0070 $ (0.0070) $ 1.00
10/31/04 1.00 0.0070 ( 0.0070) 1.00
10/31/03 1.00 0.0071 ( 0.0071) 1.00
10/31/02 1.00 0.0117 ( 0.0117) 1.00
10/31/01 1.00 0.0277 ( 0.0277) 1.00
10/31/00 1.00 0.0354 ( 0.0354) 1.00
Cash Management Shares4
11/01/04 through 04/30/059 $ 1.00 $ 0.0058 $ (0.0058) $ 1.00
10/31/04 1.00 0.0045 ( 0.0045) 1.00
10/31/03 1.00 0.0040 ( 0.0040) 1.00
10/31/02 1.00 0.0085 ( 0.0085) 1.00
10/31/01 1.00 0.0252 ( 0.0252) 1.00
10/31/00 1.00 0.0329 ( 0.0329) 1.00
Cash Reserve Shares8
11/01/02 through 08/06/03 $ 1.00 $ 0.0047 $ (0.0047) $ 1.00
10/31/02 1.00 0.0102 ( 0.0102) 1.00
10/31/01 1.00 0.0262 ( 0.0262) 1.00
08/04/02 through 10/31/00 1.00 0.0090 ( 0.0090) 1.00
Administration Shares10
11/01/04 through 04/30/059 $ 1.00 $ 0.0078 $ (0.0078) $ 1.00
05/17/04 through 10/31/04 1.00 0.0044 ( 0.0044) 1.00
04/18/021 through 10/31/02 1.00 0.0069 ( 0.0069) 1.00
Bear Stearns Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0043 $ (0.0043) $ 1.00
10/31/04 1.00 0.0026 ( 0.0026) 1.00
10/31/03 1.00 0.0026 ( 0.0026) 1.00
05/20/021 through 10/31/02 1.00 0.0024 ( 0.0024) 1.00
Bear Stearns Premier Choice Shares
04/25/051 through 04/30/059 $ 1.00 $ 0.0004 $ (0.0004) $ 1.00
Bear Stearns Private Client Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0058 $ (0.0058) $ 1.00
03/26/041 through 10/31/04 1.00 0.0033 ( 0.0033) 1.00
Bear Stearns Premier Shares
03/02/051 through 04/30/059 $ 1.00 $ 0.0024 $ (0.0024) $ 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
64
BLACKROCK LIQUIDITY FUNDS
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
RATIO OF DAILY NET AVERAGE INVESTMENT
EXPENSES TO ASSETS DAILY NET INCOME TO
NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
RETURN11 PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
============== ============== ============= ============= ============= =============
0.83 % $ 2,070,324 0.20%2 0.20%2 0.33%2 1.67%2
0.95 1,812,753 0.20 0.19 0.34 0.95
0.96 1,549,951 0.20 0.19 0.35 0.93
1.43 1,037,163 0.20 0.19 0.37 1.41
3.06 688,837 0.20 0.19 0.39 3.02
3.86 605,741 0.20 0.19 0.41 3.79
0.71 % $ 76,596 0.45%2 0.45%2 0.58%2 1.42%2
0.70 82,323 0.45 0.45 0.59 0.73
0.71 37,749 0.45 0.44 0.60 0.74
1.18 74,526 0.45 0.44 0.62 1.18
2.81 70,990 0.45 0.44 0.64 2.66
3.60 63,619 0.45 0.44 0.66 3.55
0.58 % $ 37,774 0.70%2 0.70%2 0.83%2 1.24%2
0.45 20,114 0.70 0.69 0.84 0.43
0.452 22,423 0.702 0.692 0.852 0.402
0.912 11,197 0.702 0.692 0.872 0.902
2.55 4,763 0.70 0.69 0.89 2.39
3.34 3,663 0.70 0.69 0.90 3.33
0.57%2 $ - 0.60%2 0.59%2 0.75%2 0.63%2
1.03 8,626 0.60 0.59 0.77 1.03
2.65 12,089 0.60 0.59 0.79 2.68
3.742 17,151 0.602 0.592 0.792 3.692
0.78 % $ 445,335 0.30%2 0.30%2 0.43%2 1.57%2
0.44 437,590 0.302 0.302 0.432 1.012
1.282 13,051 0.302 0.292 0.472 1.272
0.44 % $ 32,362 1.00%2 1.00%2 1.13%2 0.86%2
0.26 28,191 0.90 0.89 1.14 0.29
0.26 5,371 0.88 0.87 1.15 0.25
0.542 6,215 1.002 0.992 1.162 0.572
0.04%2 $ 2 0.45%2 0.45%2 4.98%2 11.20%2
0.59 % $ 102,743 0.70%2 0.70%2 1.18%2 1.22%2
0.33 51,799 0.682 0.682 0.832 0.672
0.24%2 $ 5,817 0.70%2 0.70%2 0.93%2 1.88%2
65
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO NET
NET ASSET SHAREHOLDERS ASSET
VALUE NET FROM NET VALUE,
BEGINNING INVESTMENT INVESTMENT END OF
OF PERIOD INCOME INCOME PERIOD
=========== ============ ============== ===========
-----
MuniCash
-----
Institutional Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0086 $ (0.0086) $ 1.00
10/31/04 1.00 0.0100 ( 0.0100) 1.00
10/31/03 1.00 0.0108 ( 0.0108) 1.00
10/31/02 1.00 0.0156 ( 0.0156) 1.00
10/31/01 1.00 0.0325 ( 0.0325) 1.00
10/31/00 1.00 0.0392 ( 0.0392) 1.00
Dollar Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0074 $ (0.0074) $ 1.00
10/31/04 1.00 0.0075 ( 0.0075) 1.00
10/31/03 1.00 0.0083 ( 0.0083) 1.00
10/31/02 1.00 0.0131 ( 0.0131) 1.00
10/31/01 1.00 0.0300 ( 0.0300) 1.00
10/31/00 1.00 0.0367 ( 0.0367) 1.00
Cash Management Shares6
11/01/01 through 10/15/02 $ 1.00 $ 0.0101 $ (0.0101) $ 1.00
03/02/011 through 10/31/01 1.00 0.0163 ( 0.0163) 1.00
Bear Stearns Premier Choice Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0073 $ (0.0073) $ 1.00
03/26/041 through 10/31/04 1.00 0.0049 ( 0.0049) 1.00
Bear Stearns Premier Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0061 $ (0.0061) $ 1.00
03/26/041 through 10/31/04 1.00 0.0035 ( 0.0035) 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
66
BLACKROCK LIQUIDITY FUNDS
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
RATIO OF DAILY NET AVERAGE INVESTMENT
EXPENSES TO ASSETS DAILY NET INCOME TO
NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
RETURN11 PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
============== ============== ============= ============= ============= =============
0.86 % $ 1,714,653 0.20%2 0.19%2 0.34%2 1.72%2
1.01 2,315,927 0.20 0.19 0.33 1.01
1.09 2,054,465 0.20 0.19 0.34 1.04
1.57 1,257,237 0.20 0.19 0.36 1.55
3.30 809,890 0.20 0.19 0.40 3.04
3.99 298,832 0.20 0.20 0.40 3.91
0.74 % $ 83,071 0.45%2 0.44%2 0.59%2 1.48%2
0.76 79,579 0.45 0.44 0.58 0.75
0.84 90,241 0.45 0.44 0.59 0.81
1.32 58,991 0.45 0.44 0.61 1.30
3.04 40,306 0.45 0.45 0.65 3.19
3.73 101,373 0.45 0.45 0.65 3.63
1.01%2 $ - 0.70%2 0.69%2 0.87%2 1.07%2
2.472 5,118 0.692 0.692 0.892 2.362
0.74 % $ 2 0.45%2 0.44%2 0.85%2 1.46%2
0.50 2 0.452 0.442 0.582 0.842
0.61 % $ 2 0.70%2 0.69%2 0.85%2 1.28%2
0.35 2 0.702 0.692 0.832 0.572
67
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO NET
NET ASSET SHAREHOLDERS ASSET
VALUE NET FROM NET VALUE,
BEGINNING INVESTMENT INVESTMENT END OF
OF PERIOD INCOME INCOME PERIOD
=========== ============ ============== ===========
------------
California Money Fund
------------
Institutional Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0082 $ (0.0082) $ 1.00
10/31/04 1.00 0.0092 ( 0.0092) 1.00
10/31/03 1.00 0.0094 ( 0.0094) 1.00
10/31/02 1.00 0.0132 ( 0.0132) 1.00
10/31/01 1.00 0.0271 ( 0.0271) 1.00
10/31/00 1.00 0.0326 ( 0.0326) 1.00
Dollar Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0070 $ (0.0070) $ 1.00
10/31/04 1.00 0.0067 ( 0.0067) 1.00
10/31/03 1.00 0.0069 ( 0.0069) 1.00
10/31/02 1.00 0.0107 ( 0.0107) 1.00
10/31/01 1.00 0.0246 ( 0.0246) 1.00
10/31/00 1.00 0.0301 ( 0.0301) 1.00
Cash Management Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0057 $ (0.0057) $ 1.00
10/31/04 1.00 0.0042 ( 0.0042) 1.00
07/14/031through 10/31/03 1.00 0.0008 ( 0.0008) 1.00
Administration Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0077 $ (0.0077) $ 1.00
06/17/041 through 10/31/04 1.00 0.0037 ( 0.0037) 1.00
Bear Stearns Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0043 $ (0.0043) $ 1.00
10/31/04 1.00 0.0025 ( 0.0025) 1.00
10/31/03 1.00 0.0025 ( 0.0025) 1.00
05/20/021through 10/31/02 1.00 0.0022 ( 0.0022) 1.00
Bear Stearns Premier Choice Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0070 $ (0.0070) $ 1.00
03/26/041 through 10/31/04 1.00 0.0045 ( 0.0045) 1.00
Bear Stearns Private Client Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0058 $ (0.0058) $ 1.00
03/26/041 through 10/31/04 1.00 0.0030 ( 0.0030) 1.00
Bear Stearns Premier Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0059 $ (0.0059) $ 1.00
03/26/041 through 10/31/04 1.00 0.0036 ( 0.0036) 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
68
BLACKROCK LIQUIDITY FUNDS
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
RATIO OF DAILY NET AVERAGE INVESTMENT
EXPENSES TO ASSETS DAILY NET INCOME TO
NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
RETURN11 PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
============ ============== ============= ============= ============= =============
0.82% $ 411,101 0.20%2 0.20%2 0.41%2 1.65%2
0.92 454,698 0.20 0.20 0.41 0.92
0.94 496,630 0.20 0.19 0.40 0.93
1.33 456,081 0.20 0.19 0.42 1.32
2.74 542,541 0.20 0.19 0.44 2.72
3.31 575,735 0.20 0.20 0.44 3.25
0.70% $ 12,894 0.45%2 0.45%2 0.65%2 1.46%2
0.68 1,347 0.45 0.44 0.66 0.66
0.69 15,463 0.45 0.44 0.65 0.71
1.07 29,922 0.45 0.45 0.67 1.12
2.49 27,460 0.45 0.44 0.69 2.45
3.05 10,212 0.45 0.45 0.69 2.98
0.58% $ 210 0.70%2 0.70%2 0.91%2 1.19%2
0.42 120 0.70 0.70 0.90 0.40
0.252 227 0.692 0.682 0.912 0.252
0.78% $ 2,299 0.30%2 0.30%2 0.51%2 1.58%2
0.37 1,738 0.302 0.302 0.512 1.002
0.43% $ 33,684 1.00%2 1.00%2 1.21%2 0.99%2
0.25 6,307 0.86 0.86 1.20 0.25
0.25 3,103 0.88 0.87 1.20 0.24
0.482 668 1.002 0.992 1.202 0.512
0.70% $ 2 0.45%2 0.45%2 0.87%2 1.57%2
0.45 2 0.452 0.452 0.662 0.762
0.58% $ 95,414 0.70%2 0.70%2 1.26%2 1.24%2
0.32 37,216 0.682 0.682 0.912 0.632
0.60% $ 7,388 0.70%2 0.70%2 1.01%2 1.82%2
0.36 2 0.602 0.602 0.812 0.552
69
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
DIVIDENDS TO NET
NET ASSET SHAREHOLDERS ASSET
VALUE NET FROM NET VALUE,
BEGINNING INVESTMENT INVESTMENT END OF
OF PERIOD INCOME INCOME PERIOD
=========== ============ ============== ===========
------------
New York Money Fund
------------
Institutional Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0082 $ (0.0082) $ 1.00
10/31/04 1.00 0.0091 ( 0.0091) 1.00
10/31/03 1.00 0.0096 ( 0.0096) 1.00
10/31/02 1.00 0.0131 ( 0.0131) 1.00
10/31/01 1.00 0.0285 ( 0.0285) 1.00
10/31/00 1.00 0.0364 ( 0.0364) 1.00
Dollar Shares3
11/01/04 through 04/30/059 $ 1.00 $ 0.0069 $ (0.0069) $ 1.00
10/31/04 1.00 0.0066 ( 0.0066) 1.00
10/31/03 1.00 0.0071 ( 0.0071) 1.00
10/31/02 1.00 0.0106 ( 0.0106) 1.00
10/31/01 1.00 0.0260 ( 0.0260) 1.00
10/31/00 1.00 0.0205 ( 0.0205) 1.00
Cash Management Shares
03/03/051 through 04/30/059 $ 1.00 $ 0.0023 $ (0.0023) $ 1.00
Administration Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0077 $ (0.0077) $ 1.00
06/17/04 through 10/31/04 1.00 0.0035 ( 0.0035) 1.00
Bear Stearns Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0042 $ (0.0042) $ 1.00
10/31/04 1.00 0.0024 ( 0.0024) 1.00
10/31/03 1.00 0.0025 ( 0.0025) 1.00
05/20/02 through 10/31/02 1.00 0.0021 ( 0.0021) 1.00
Bear Stearns Premier Choice Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0069 $ (0.0069) $ 1.00
03/26/04 through 10/31/04 1.00 0.0043 ( 0.0043) 1.00
Bear Stearns Private Client Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0057 $ (0.0057) $ 1.00
03/26/04 through 10/31/04 1.00 0.0030 ( 0.0030) 1.00
Bear Stearns Premier Shares
11/01/04 through 04/30/059 $ 1.00 $ 0.0059 $ (0.0059) $ 1.00
03/26/04 through 10/31/04 1.00 0.0034 ( 0.0034) 1.00
1 Commencement of operations of share class.
2 Annualized.
3 There were no Dollar Shares outstanding during the period July 21, 1998
to April 10, 2000.
4 There were no Cash Management Shares outstanding during the periods
December 18, 2001 to January 10, 2002 and December 06, 2002 to January
09, 2003.
5 There were no Administration Shares outstanding during the period
November 19, 2004 to April 30, 2005.
6 There were no Cash Management Shares outstanding during the period
October 16, 2002 to April 30, 2005.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
70
BLACKROCK LIQUIDITY FUNDS
RATIO OF
EXPENSES TO RATIO OF
AVERAGE EXPENSES TO RATIO OF NET
RATIO OF DAILY NET AVERAGE INVESTMENT
EXPENSES TO ASSETS DAILY NET INCOME TO
NET ASSETS, AVERAGE (INCLUDING ASSETS AVERAGE
TOTAL END OF DAILY NET CUSTODY (EXCLUDING DAILY NET
RETURN PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
============ ============== ============= ============= ============= =============
0.82% $ 206,062 0.20%2 0.20%2 0.42%2 1.63%2
0.92 234,346 0.20 0.19 0.40 0.90
0.96 347,960 0.20 0.19 0.40 0.95
1.32 362,077 0.20 0.19 0.41 1.31
2.89 369,989 0.20 0.19 0.44 2.82
3.71 302,194 0.20 0.19 0.46 3.61
0.70% $ 3,964 0.45%2 0.45%2 0.66%2 1.37%2
0.67 5,059 0.45 0.44 0.65 0.67
0.71 5,216 0.45 0.44 0.65 0.68
1.07 4,716 0.45 0.44 0.66 1.06
2.63 3,896 0.45 0.44 0.69 2.52
3.732 1,647 0.452 0.442 0.702 3.662
0.23% $ 405 0.70%2 0.70%2 0.92%2 1.73%2
0.77% $ 15,974 0.30%2 0.30%2 0.52%2 1.52%2
0.35 21,890 0.302 0.302 0.512 0.942
0.42% $ 17,541 1.00%2 1.00%2 1.21%2 1.00%2
0.24 1,420 0.83 0.82 1.20 0.21
0.25 18,652 0.91 0.90 1.20 0.25
0.462 16,997 1.002 0.992 1.192 0.462
0.70% $ 2 0.45%2 0.45%2 0.87%2 1.60%2
0.43 2 0.452 0.442 0.652 0.692
0.57% $ 77,399 0.70%2 0.70%2 1.26%2 1.17%2
0.30 53,933 0.692 0.682 0.922 0.562
0.59% $ 2,999 0.70%2 0.79%2 1.01%2 1.44%2
0.34 2 0.602 0.592 0.802 0.552
7 There were no Cash Reserve Shares outstanding during the period August 7,
2003 to September 15, 2003 and December 16, 2003 to April 30, 2005.
8 There were no Cash Reserve Shares outstanding during the period August 7,
2003 to April 30, 2005.
9 Unaudited.
10 There were no Administration Shares outstanding during the period
October 7, 2003 to May 16, 2004.
11 Past performance is no guarantee of future results.
71
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(A) Organization
BlackRock Liquidity Funds (the "Trust") is organized as a Delaware
statutory trust and is registered as an open-end management investment company
under the Investment Company Act of 1940, as amended. The Trust is the
successor to five investment companies: (1) Temporary Investment Fund, Inc.;
(2) Trust for Federal Securities; (3) Municipal Fund for Temporary Investment;
(4) Municipal Fund for California Investors, Inc.; and (5) Municipal Fund for
New York Investors, Inc. (together, the"Predecessor Companies"). On February
10, 1999, the Predecessor Companies were each reorganized into the Trust. The
financial statements and these accompanying notes relate to seven of the
Trust's portfolios: TempFund, TempCash, FedFund, MuniFund, MuniCash, California
Money Fund and New York Money (each a "Fund" and together, the "Funds").
California Money Fund and New York Money Fund each has authorized eleven
classes of shares: Administration Shares, Bear Stearns Shares, Bear Stearns
Premier Shares, Bear Stearns Premier Choice Shares, Bear Stearns Private Client
Shares, Cash Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar
Shares, Institutional Shares and Plus Shares. TempFund and MuniFund each has
authorized ten classes of shares: Administration Shares, Bear Stearns Shares,
Bear Stearns Premier Shares, Bear Stearns Premier Choice Shares, Bear Stearns
Private Client Shares, Cash Management Shares, Cash Reserve Shares, Dollar
Shares, Institutional Shares, and Plus Shares. FedFund has authorized ten
classes of shares: Administration Shares, Bear Stearns Shares, Bear Stearns
Premier Shares, Bear Stearns Premier Choice Shares, Bear Stearns Private Client
Shares, Cash Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar
Shares and Institutional Shares. TempCash and MuniCash each has authorized nine
classes of shares: Administration Shares, Bear Stearns Premier Shares, Bear
Stearns Premier Choice Shares, Bear Stearns Private Client Shares, Cash
Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar Shares and
Institutional Shares.
Certain California municipal obligations in the California Money Fund may
be obligations of issuers that rely in whole or in part on California State
revenues, real property taxes, revenues from health care institutions, or
obligations secured by mortgages on real property. Consequently, the possible
effect of economic conditions in California or of California law on these
obligations must be considered.
Certain New York municipal obligations in the New York Money Fund may be
obligations of issuers that rely in whole or in part on New York State
revenues, real property taxes, revenues from health care institutions, or
obligations secured by mortgages on real property. Consequently, the possible
effect of economic conditions in New York State or of New York law on these
obligations must be considered.
Under the Trust's organizational documents, its officers and Trustees are
indemnified against certain liabilities arising out of the performance of their
duties to the Trust. In addition, in the normal course of business, the Trust
enters into contracts with its vendors and others that provide for general
indemnifications. The Trust's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Trust.
However, based on experience, the Trust considers the risk of loss from such
claims to be remote.
(B) Summary of Significant Accounting Policies
Use of Estimates - The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America
("generally accepted accounting principles") requires management to make
estimates and assumptions that could affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from these estimates.
Security Valuation - Portfolio securities are valued under the amortized
cost method which approximates current market value. Under this method,
securities are valued at cost when purchased and thereafter a constant
proportionate accretion of any discount or amortization of any premium is
recorded until maturity of the security. Regular review and monitoring of the
valuation is performed in an attempt to avoid dilution or other unfair results
to shareholders. The Trust seeks to maintain the net asset value per share of
each portfolio at $1.00, although there is no assurance that it will be able to
do so on a continuing basis.
Repurchase Agreements - For TempFund, TempCash and FedFund, the Trust may
purchase money market instruments from financial institutions, such as banks
and non-bank dealers, subject to the seller's agreement to repurchase them at
an agreed upon date and price. Collateral for repurchase agreements may have
longer maturities than the maximum permissible remaining maturity of portfolio
investments, provided the repurchase agreements themselves mature in one year
or less.
72
BLACKROCK LIQUIDITY FUNDS
The seller will be required on a daily basis to maintain the value of the
securities subject to the agreement at no less than the repurchase price.
Repurchase agreements with maturities in excess of seven days are subject to a
seven day put feature.
Dividends to Shareholders - Dividends from net investment income are
declared daily and paid monthly. Net realized capital gains, if any, are
distributed at least annually.
Security Transactions and Investment Income - Investment transactions are
accounted for on the trade date and the cost of investments sold and realized
gains and losses thereon are determined by use of the specific identification
method for both financial reporting and income tax purposes. Interest income is
recorded on the accrual basis.
Other - Expenses that are directly related to one of the Funds are charged
directly to that Fund. Other operating expenses are prorated to the Funds on
the basis of relative net assets. Class- specific expenses, such as 12b-1
service fees, are borne by that class. Income, other expenses and realized and
unrealized gains and losses of a Fund are allocated to the respective class on
the basis of the relative net assets each day. For the six months ended April
30, 2005, the information provided below shows the various types of
class-specific expenses borne directly by each class of each Fund and any
associated waivers of those expenses.
The following table provides a list of Bear Stearns share classes offered
by the Trust along with a summary of their respective class-specific fee
arrangements as provided in the Trust's Shareholder Service Plans and
Distribution Plans.
SHAREHOLDER DISTRIBUTION
SERVICE FEES(1) FEES(2)
----------------- -------------
Bear Stearns ........................ 0.50% 0.35%
Bear Stearns Premier Choice ......... 0.40% 0.10%
Bear Stearns Private Client ......... 0.50% 0.35%
Bear Stearns Premier ................ 0.50% 0.10%
(1)The difference in the level of fees is related to the type and number of
services provided by the Servicing Organization. Dividends paid to
shareholders of all share classes, except Institutional Shares, are reduced by
such fees.
(2)Dividends paid to shareholders of all share classes with a 12b-1 Plan are
reduced by fees paid under such plan.
SHARE CLASSES
1. SHAREHOLDER SERVICE FEES ------------------------------------------------------
CASH CASH
DOLLAR MANAGEMENT RESERVE ADMINISTRATION
------------- ------------ ---------- ----------------
TempFund ...................... $4,678,149 $516,576 $ - $595,160
TempCash ...................... 675,959 - - -
FedFund ....................... 426,650 - 16,812 5
MuniFund ...................... 88,762 63,639 - 244,817
MuniCash ...................... 93,387 - - -
California Money Fund ......... 13,174 485 - 1,168
New York Money Fund ........... 7,105 130 - 9,024
SHARE CLASSES
1. SHAREHOLDER SERVICE FEES ----------------------------------------------------------
BEAR BEAR
STEARNS BEAR STEARNS
BEAR PRIVATE STEARNS PREMIER
STEARNS CLIENT PREMIER CHOICE TOTAL
----------- ------------- --------- -------- -------------
TempFund ...................... $508,523 $1,177,899 $ 7,439 $243 $7,483,989
TempCash ...................... - - 7 4 675,970
FedFund ....................... 42,605 185,694 12,242 4 684,012
MuniFund ...................... 84,513 212,977 1,158 - 695,866
MuniCash ...................... - - 4 4 93,395
California Money Fund ......... 28,538 180,968 1,803 4 226,140
New York Money Fund ........... 6,279 198,757 2,510 4 223,809
SHARE CLASSES
2. SHAREHOLDER SERVICE FEES WAIVED ----------------------------------------------------------------------
BEAR BEAR STEARNS BEAR STEARNS BEAR STEARNS
STEARNS PRIVATE CLIENT PREMIER PREMIER CHOICE TOTAL
--------- ---------------- -------------- ---------------- -----------
TempFund ........................... $- $188,464 $1,190 $ 79 $189,733
TempCash ........................... - - - 1 1
FedFund ............................ - 37,139 2,448 2 39,589
MuniFund ........................... - - 60 1,160 1,220
MuniCash ........................... - - - 2 2
California Money Fund .............. - 1,048 82 2 1,132
New York Money Fund ................ - 849 33 2 884
73
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
SHARE CLASSES
3. DISTRIBUTION FEES ----------------------------------------------------------------------------
BEAR BEAR STEARNS BEAR STEARNS BEAR STEARNS
STEARNS PRIVATE CLIENT PREMIER PREMIER CHOICE TOTAL
------------ ---------------- -------------- ---------------- --------------
TempFund ...................... $ 378,687 $ 824,529 $ 1,488 $ 61 $ 1,204,765
TempCash ...................... - - 2 2 4
FedFund ....................... 33,137 129,986 2,449 2 165,574
MuniFund ...................... 65,732 149,084 232 - 215,048
MuniCash ...................... - - 2 2 4
California Money Fund ......... 22,195 126,678 361 2 149,236
New York Money Fund ........... 4,884 139,130 503 2 144,519
SHARE CLASSES
4. DISTRIBUTION FEES WAIVED -----------------------------------------------------------------------
BEAR BEAR STEARNS BEAR STEARNS BEAR STEARNS
STEARNS PRIVATE CLIENT PREMIER PREMIER CHOICE TOTAL
--------- ---------------- -------------- ---------------- ------------
TempFund ...................... $- $824,528 $ 1,488 $ 61 $ 826,077
TempCash ...................... - - 1 2 3
FedFund ....................... - 129,986 2,449 2 132,437
MuniFund ...................... - 149,084 232 - 149,316
MuniCash ...................... - - 2 2 4
California Money Fund ......... - 126,678 361 2 127,041
New York Money Fund ........... - 139,130 503 2 139,635
(C) Transactions with Affiliates and Related Parties
Pursuant to agreements between the Trust and BlackRock Institutional
Management Corporation ("BIMC"), an indirect wholly-owned subsidiary of
BlackRock, Inc., BIMC manages the Funds and serves as Co-Administrator (as
defined below). BlackRock, Inc. is an indirect majority-owned subsidiary of The
PNC Financial Services Group, Inc. ("PNC"). PFPC Trust Co., an indirect
subsidiary of PNC, is the Trust's custodian and PFPC Inc. ("PFPC"), an indirect
subsidiary of PNC, is the Trust's transfer agent and Co-Administrator.
BlackRock Distributors, Inc., ("BDI"), an indirect subsidiary of PNC,
serves as the Trust's distributor.
The Trust has entered into an Administration Agreement with PFPC and BIMC
under which they provide certain administrative services (together, the
"Co-Administrators").
In return for BIMC's advisory services, the Trust pays BIMC a fee,
computed daily and payable monthly, based upon an annualized percentage of the
average net assets of TempFund as follows: 0.175% of the first $1 billion,
0.15% of the next $1 billion, 0.125% of the next $1 billion, 0.10% of the next
$1 billion, 0.095% of the next $1 billion, 0.09% of the next $1 billion, 0.08%
of the next $1 billion, 0.075% of the next $1 billion and 0.07% of net assets
in excess of $8 billion. With respect to TempCash, MuniFund and MuniCash, the
fee payable, based on each portfolio's average daily net assets, and with
respect to FedFund, the fee payable based on its average daily net assets as
combined with T-Fund, Federal Trust Fund and Treasury Trust Fund, which are
other portfolios offered by the Trust, as follows: 0.175% of the first $1
billion, 0.15% of the next $1 billion, 0.125% of the next $1 billion, 0.10% of
the next $1 billion, 0.095% of the next $1 billion, 0.09% of the next $1
billion, 0.085% of the next $1 billion and 0.08% of net assets in excess of $7
billion. California Money Fund and New York Money Fund pay BIMC a fee, computed
daily and payable monthly, at an annual rate of 0.20% of average net assets.
74
BLACKROCK LIQUIDITY FUNDS
For the six months ended April 30, 2005, advisory fees and waivers for
each Fund were as follows:
GROSS NET ADVISORY
ADVISORY FEE WAIVER FEE
-------------- -------------- -------------
TempFund ...................... $ 11,323,206 $ 1,638,472 $ 9,684,734
TempCash ...................... 5,264,916 1,422,278 3,842,638
FedFund ....................... 1,420,509 620,142 800,367
MuniFund ...................... 1,929,198 826,102 1,103,096
MuniCash ...................... 1,852,628 803,083 1,049,545
California Money Fund ......... 522,213 272,999 249,214
New York Money Fund ........... 347,867 186,781 161,086
In return for their administrative services, the Trust pays the
Co-Administrators a fee, computed daily and payable monthly, based upon an
annualized percentage of the average net assets of each Fund as follows: 0.175%
of the first $1 billion, 0.15% of the next $1 billion, 0.125% of the next $1
billion and 0.10% of amounts in excess of $3 billion.
For the six months ended April 30, 2005, administration fees and waivers
for each Fund were as follows:
GROSS NET
ADMINISTRATION ADMINISTRATION
FEE WAIVER FEE
---------------- ------------- ---------------
TempFund ...................... $14,582,076 $1,638,473 $12,943,603
TempCash ...................... 5,713,469 1,422,278 4,291,191
FedFund ....................... 1,900,098 620,142 1,279,956
MuniFund ...................... 1,929,198 826,101 1,103,097
MuniCash ...................... 1,852,628 803,082 1,049,546
California Money Fund ......... 456,936 272,999 183,937
New York Money Fund ........... 304,383 186,780 117,603
The Co-Administrators and BIMC have contractually agreed to reduce their
fees or reimburse expenses to the extent necessary to ensure that the net
operating expenses (excluding class specific fees paid to Service Organizations
and/or Broker/Dealers) of TempFund and TempCash do not exceed 0.18% of their
respective average net assets; and with respect to the other Funds, do not
exceed 0.20% of their respective average net assets. The net advisory and net
administration fees in the preceding tables reflect these reductions, if any.
In return for PFPC's transfer agent services, the Trust pays certain fees
and charges to PFPC. For the six months ended April 30, 2005, the Funds paid
the following amounts to PFPC for transfer agent services: $732,647 with
respect to TempFund, $314,805 with respect to TempCash, $90,044 with respect to
FedFund, $83,602 with respect to MuniFund, $81,427 with respect to MuniCash,
$27,293 with respect to California Money Fund and $22,040 with respect to New
York Money Fund.
In return for custody services provided by PFPC Trust Co., the Trust pays
PFPC Trust Co. a fee, computed daily and payable monthly, based upon an
annualized percentage of the average gross assets of each Fund as follows:
0.006% of the first $10 billion, 0.0055% of the next $10 billion and 0.005% of
the average gross assets in excess of $20 billion. The Trust may also pay
certain out-of-pocket expenses that are charged by PFPC Trust Co.
Pursuant to the Trust's operating procedures, custodian fees may be
reduced by amounts calculated on uninvested cash balances ("custody credits").
For the six months ended April 30, 2005, custody credits earned were as
follows: $57,115 with respect to MuniFund, $62,729 with respect to MuniCash,
$5,384 with respect to California Money Fund and $4,405 with respect to New
York Money Fund.
Pursuant to the Plus Shares Distribution and Services Plan, the Cash Plus
Shares Distribution Plan, the Bear Stearns Shares Distribution Plan, the Bear
Stearns Premier Shares Distribution Plan, the Bear Stearns Premier Choice
Shares Distribution Plan and the Bear Stearns Private Client Shares
Distribution Plan, the Trust may pay BlackRock Distributors, Inc. a fee for
distribution and sales support services. Currently, fees are only being paid
pursuant to the Bear Stearns Shares Distribution Plan, the Bear Stearns Premier
Shares Distribution Plan, the Bear Stearns Premier Choice Shares Distribution
Plan and the Bear Stearns Private Client Shares Distribution Plan because there
are no Plus or Cash Plus Shares outstanding. In addition, the Trust may pay
Service Organizations, including affiliates of BIMC, fees for providing certain
services ("shareholder services") to their customers who own shares of the
Trust's
75
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
portfolios. Pursuant to its respective Shareholder Services Plan, each of the
Administration, Dollar, Cash Management, Cash Reserve, Bear Stearns, Bear
Stearns Premier, Bear Stearns Premier Choice and Bear Stearns Private Client
Shares classes are currently paying fees to Service Organizations, which may
include affiliates of BIMC.
For the six months ended April 30, 2005, the Funds paid shareholder
services fees to affiliates of BIMC in the amounts as follows: $4,127,451 with
respect to TempFund, $385,781 with respect to TempCash, $412,804 with respect
to FedFund, $295,316 with respect to MuniFund, $51,442 with respect to
MuniCash, $1,168 with respect to California Money Fund and $14,930 with respect
to New York Money Fund.
As of April 30, 2005, affiliated payables were as follows:
PFPC AND OTHER
PFPC TRUST BIMC
CO. (1) BIMC (2) AFFILIATES (3)
------------ ------------- ---------------
TempFund ...................... $554,565 $3,327,736 $663,785
TempCash ...................... 177,083 1,339,903 65,353
FedFund ....................... 128,298 365,627 71,770
MuniFund ...................... 52,307 338,873 44,632
MuniCash ...................... 48,024 307,976 8,312
California Money Fund ......... 14,685 68,946 193
New York Money Fund ........... 9,691 39,888 2,069
(1)Payables to PFPC as of April 30, 2005 are for accounting, administration and
transfer agent services provided to the Trust. Payables to PFPC Trust Co. as
of April 30, 2005 are for custody services provided to the Trust.
(2)Payables to BIMC as of April 30, 2005 are for advisory and administration
services provided to the Trust.
(3)Payables to other BIMC affiliates are for shareholder services and/or
distribution and sales support services as described under the Trust's
Shareholder Services Plans and Distribution Plans, respectively.
(D) Capital Shares
The Trust's Declaration of Trust permits the Trustees to issue an
unlimited number of full and fractional shares of beneficial interest (shares)
and to classify or reclassify any unissued shares into one or more additional
classes of shares.
Because the Funds have each sold and redeemed shares only at a constant
net asset value of $1.00 per share, the number of shares represented by such
sales, acquisitions, reinvestments and redemptions is the same as the dollar
amounts shown below for such transactions.
76
BLACKROCK LIQUIDITY FUNDS
Transactions in capital shares for each period were as follows:
TEMPFUND
---------------------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
--------------------- ---------------------
Shares sold:
Institutional Shares ....................... $ 129,000,963,966 $ 195,611,078,388
Dollar Shares .............................. 20,970,069,451 35,543,487,128
Cash Management Shares ..................... 414,497,752 940,174,162
Cash Reserve Shares ........................ - 9,742,428
Administration Shares ...................... 855,194,278 2,163,253,377
Bear Stearns Shares ........................ 986,067,179 1,017,522,559
Bear Stearns Private Client Shares ......... 1,477,420,588 592,904,287
Bear Stearns Premier Shares ................ 74,230,134 -
Bear Stearns Premier Choice Shares ......... 11,077,100 -
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 90,093,712 77,341,954
Dollar Shares .............................. 2,633,753 2,311,328
Cash Management Shares ..................... 943,858 714,105
Cash Reserve Shares ........................ - 7,608
Administration Shares ...................... 472,551 121,113
Bear Stearns Shares ........................ 1,562,000 527,341
Bear Stearns Private Client Shares ......... 4,462,825 754,353
Bear Stearns Premier Shares ................ 33,936 -
Shares redeemed:
Institutional Shares ....................... (127,318,506,324) (198,316,895,559)
Dollar Shares .............................. (21,104,897,403) (35,698,664,740)
Cash Management Shares ..................... (362,989,850) (896,254,181)
Cash Reserve Shares ........................ - (16,372,544)
Administration Shares ...................... (893,709,143) (963,329,265)
Bear Stearns Shares ........................ (879,652,289) (903,851,920)
Bear Stearns Private Client Shares ......... (1,064,767,566) (313,194,333)
Bear Stearns Premier Shares ................ (40,728,091) -
------------------ ------------------
Net increase (decrease) ..................... $ 2,224,472,417 $ (1,148,622,411)
================== ==================
77
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
TEMPCASH
--------------------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
-------------------- ---------------------
Shares sold:
Institutional Shares ....................... $ 71,709,458,152 $ 109,427,269,385
Dollar Shares .............................. 765,593,692 1,529,198,003
Bear Stearns Premier Shares ................ - 7,969
Bear Stearns Premier Choice Shares ......... - 4,390
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 48,646,544 58,117,990
Dollar Shares .............................. 4,172,790 3,216,834
Bear Stearns Premier Shares ................ 20 8
Bear Stearns Premier Choice Shares ......... 22 10
Shares redeemed:
Institutional Shares ....................... (69,126,258,330) (112,828,540,259)
Dollar Shares .............................. (710,879,652) (1,434,127,470)
Bear Stearns Premier Shares ................ (14) (5,736)
Bear Stearns Premier Choice Shares ......... (16) (2,254)
----------------- ------------------
Net increase (decrease) ..................... $ 2,690,733,208 $ (3,244,861,130)
================= ==================
78
BLACKROCK LIQUIDITY FUNDS
FEDFUND
-----------------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
------------------ --------------------
Shares sold:
Institutional Shares ....................... $ 8,140,736,720 $ 13,749,730,536
Dollar Shares .............................. 5,391,704,842 10,197,848,730
Cash Reserve Shares ........................ 8,119,775 298,977
Administration Shares ...................... 210,000 -
Bear Stearns Shares ........................ 58,161,772 93,587,130
Bear Stearns Private Client Shares ......... 233,409,000 100,508,918
Bear Stearns Premier Shares ................ 47,265,864 6,631
Bear Stearns Premier Choice Shares ......... - 6,336
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 7,335,441 6,246,171
Dollar Shares .............................. 11,578 22,410
Cash Reserve Shares ........................ - -
Administration Shares ...................... - -
Bear Stearns Shares ........................ 128,708 48,229
Bear Stearns Private Client Shares ......... 675,049 155,352
Bear Stearns Premier Shares ................ 51,002 11
Bear Stearns Premier Choice Shares ......... 21 15
Shares redeemed:
Institutional Shares ....................... (7,912,412,895) (14,036,100,725)
Dollar Shares .............................. (5,388,953,535) (10,249,737,317)
Cash Reserve Shares ........................ (15,771,082) (4,515,153)
Administration Shares ...................... (210,000) -
Bear Stearns Shares ........................ (62,007,134) (82,687,450)
Bear Stearns Private Client Shares ......... (136,726,135) (50,084,803)
Bear Stearns Premier Shares ................ (31,344,391) (4,499)
Bear Stearns Premier Choice Shares ......... (15) (4,204)
---------------- -----------------
Net increase (decrease) ..................... $ 340,384,585 $ (274,674,705)
================ =================
79
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
MUNIFUND
-----------------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
------------------ --------------------
Shares sold:
Institutional Shares ....................... $ 7,647,959,474 $ 13,536,702,305
Dollar Shares .............................. 497,863,219 686,921,183
Cash Management Shares ..................... 63,792,775 154,422,866
Cash Reserve Shares ........................ - -
Administration Shares ...................... 486,135,145 941,027,134
Bear Stearns Shares ........................ 136,750,452 164,305,774
Bear Stearns Private Client Shares ......... 289,694,254 134,719,242
Bear Stearns Premier Shares ................ 7,658,943 -
Bear Stearns Premier Choice Shares ......... 2,200 -
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 5,939,683 5,215,923
Dollar Shares .............................. 85,916 115,227
Cash Management Shares ..................... 35,507 36,453
Bear Stearns Shares ........................ 160,349 51,293
Bear Stearns Private Client Shares ......... 513,281 104,712
Bear Stearns Premier Shares ................ 3,629 -
Bear Stearns Premier Choice Shares ......... 1 -
Shares redeemed:
Institutional Shares ....................... (7,396,286,038) (13,279,049,460)
Dollar Shares .............................. (503,674,644) (642,460,871)
Cash Management Shares ..................... (46,167,498) (156,767,380)
Cash Reserve Shares ........................ - -
Administration Shares ...................... (478,377,627) (503,437,789)
Bear Stearns Shares ........................ (132,738,756) (141,536,477)
Bear Stearns Private Client Shares ......... (239,260,477) (83,025,280)
Bear Stearns Premier Shares ................ (1,845,344) -
---------------- -----------------
Net increase ................................ $ 338,244,444 $ 817,344,855
================ =================
80
BLACKROCK LIQUIDITY FUNDS
MUNICASH
-------------------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
-------------------- --------------------
Shares sold:
Institutional Shares ....................... $ 14,135,234,735 $ 26,925,232,386
Dollar Shares .............................. 113,362,669 211,300,606
Bear Stearns Premier Shares ................ - 12,004
Bear Stearns Premier Choice Shares ......... - 4,398
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 7,789,622 10,349,905
Dollar Shares .............................. 500,716 595,082
Bear Stearns Premier Shares ................ 14 8
Bear Stearns Premier Choice Shares ......... 16 10
Shares redeemed:
Institutional Shares ....................... (14,743,746,126) (26,674,048,361)
Dollar Shares .............................. (110,360,057) (222,555,729)
Bear Stearns Premier Shares ................ (10) (9,869)
Bear Stearns Premier Choice Shares ......... (12) (2,260)
----------------- -----------------
Net increase (decrease) ..................... $ (597,218,433) $ 250,878,180
================= =================
CALIFORNIA MONEY FUND
----------------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
------------------ -------------------
Shares sold:
Institutional Shares ....................... $ 1,282,860,799 $ 1,966,064,918
Dollar Shares .............................. 70,168,087 8,629,261
Cash Management Shares ..................... 185,996 126,574
Administration Shares ...................... 2,518,996 4,981,520
Bear Stearns Shares ........................ 77,144,520 106,908,101
Bear Stearns Private Client Shares ......... 319,763,777 121,118,604
Bear Stearns Premier Shares ................ 16,221,207 5,786
Bear Stearns Premier Choice Shares ......... - 4,400
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 39,438 46,924
Cash Management Shares ..................... 716 677
Bear Stearns Shares ........................ 60,004 25,214
Bear Stearns Private Client Shares ......... 439,671 72,021
Bear Stearns Premier Shares ................ 5,670 9
Bear Stearns Premier Choice Shares ......... 15 10
Shares redeemed:
Institutional Shares ....................... (1,326,509,519) (2,008,074,542)
Dollar Shares .............................. (58,620,806) (22,745,262)
Cash Management Shares ..................... (96,966) (233,547)
Administration Shares ...................... (1,957,437) (3,244,026)
Bear Stearns Shares ........................ (49,825,940) (103,729,883)
Bear Stearns Private Client Shares ......... (261,996,950) (83,975,914)
Bear Stearns Premier Shares ................ (8,840,588) (3,651)
Bear Stearns Premier Choice Shares ......... (11) (2,260)
---------------- ----------------
Net increase (decrease) ..................... $ 61,560,679 $ (14,025,066)
================ ================
81
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NEW YORK MONEY FUND
----------------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
------------------ -------------------
Shares sold:
Institutional Shares ....................... $ 767,790,689 $ 1,363,736,757
Dollar Shares .............................. 7,962,225 15,519,393
Cash Management ............................ 430,196 -
Administration Shares ...................... 11,344,092 45,123,432
Bear Stearns Shares ........................ 29,627,372 94,724,889
Bear Stearns Private Client Shares ......... 259,107,376 150,193,745
Bear Stearns Premier Shares ................ 7,631,859 5,734
Bear Stearns Premier Choice Shares ......... - 4,394
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 252,386 193,851
Dollar Shares .............................. 37,253 35,286
Bear Stearns Shares ........................ 12,328 28,418
Bear Stearns Private Client Shares ......... 460,958 105,324
Bear Stearns Premier Shares ................ 6,863 9
Bear Stearns Premier Choice Shares ......... 15 9
Shares redeemed:
Institutional Shares ....................... (796,327,149) (1,477,648,621)
Dollar Shares .............................. (9,094,503) (15,712,952)
Cash Management ............................ (25,096) -
Administration Shares ...................... (17,260,004) (23,233,023)
Bear Stearns Shares ........................ (13,518,177) (111,985,712)
Bear Stearns Private Client Shares ......... (236,102,575) (96,366,083)
Bear Stearns Premier Shares ................ (4,641,955) (3,599)
Bear Stearns Premier Choice Shares ......... (11) (2,254)
-------------- ----------------
Net increase (decrease) ..................... $ 7,694,142 $ (55,281,003)
============== ================
On April 30, 2005, one shareholder held approximately 10% of the
outstanding shares of TempFund, two shareholders held approximately 22% of
TempCash, two shareholders held approximately 32% of FedFund, one shareholder
held approximately 15% of MuniFund, two shareholders held approximately 24% of
MuniCash, three shareholders held approximately 38% of California Money Fund
and three shareholders held approximately 54% of New York Money Fund. Some of
the shareholders are comprised of omnibus accounts. Although it is considered a
single shareholder for purposes of determining its percentage of ownership of a
particular Fund, each omnibus account executes transactions in the Funds'
shares on behalf of multiple underlying Fund shareholders.
82
BLACKROCK LIQUIDITY FUNDS
(E) At April 30, 2005, net assets consisted of:
TEMPFUND TEMPCASH FEDFUND
------------------ ------------------- -----------------
Paid-in capital ................................................ $25,205,135,508 $11,072,358,522 $2,647,772,105
Accumulated net realized loss on security transactions ......... (4,709,299) (2,982,017) (3,752)
--------------- --------------- --------------
Net Assets ................................................... $25,200,426,209 $11,069,376,505 $2,647,768,353
=============== =============== ==============
MUNIFUND MUNICASH
--------------- --------------
Paid-in capital ................................................ $ 2,771,100,871 $1,798,382,269
Undistributed net investment income ............................ 2,304 -
Accumulated net realized loss on security transactions ......... (149,131) (421,007)
--------------- --------------
Net Assets ................................................... $ 2,770,954,044 $1,797,961,262
=============== ==============
CALIFORNIA MONEY NEW YORK MONEY
FUND FUND
---------------- ---------------
Paid-in capital ................................................ $ 563,079,962 $ 324,347,303
Accumulated net realized loss on security transactions ......... (87,836) -
---------------- ---------------
Net Assets ................................................... $ 562,992,126 $ 324,347,303
================ ===============
(F) Federal Tax Information
No provision is made for Federal taxes as it is the Trust's intention to
have each Fund continue to qualify for and elect the tax treatment applicable
to regulated investment companies under Subchapter M of the Internal Revenue
Code of 1986, as amended, and make the requisite distributions to its
shareholders which will be sufficient to relieve it from all or substantially
all Federal income and excise taxes. Short-term capital gain distributions that
are reported in the Statement of Changes in Net Assets are reported as ordinary
income for Federal tax purposes. There were no long-term capital gain
distributions for the six months ended April 30, 2005.
Dividends from net investment income and distributions from net realized
capital gains are determined in accordance with U.S. Federal income tax
regulations, which may differ from those amounts determined under accounting
principles generally accepted in the United States.
83
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
The estimated tax character of distributions paid during the six months ended
April 30, 2005 and the tax character of distributions paid during the year
ended October 31, 2004 were as follows:
TAX-FREE ORDINARY
INCOME INCOME
------------- ---------------
TempFund
04/30/05 .................. $ - $310,190,733
10/31/04 .................. - 265,474,761
TempCash
04/30/05 .................. - 116,216,861
10/31/04 .................. - 118,909,583
FedFund
04/30/05 .................. - 26,075,180
10/31/04 .................. - 25,233,866
MuniFund
04/30/05 .................. 20,145,155 -
10/31/04 .................. 18,552,850 -
MuniCash
04/30/05 .................. 20,282,582 -
10/31/04 .................. 23,675,415 -
California Money Fund
04/30/05 .................. 4,102,651 -
10/31/04 .................. 4,327,555 -
New York Money Fund
04/30/05 .................. 2,630,968 -
10/31/04 .................. 2,938,700 -
As of April 30, 2005, the estimated tax components of distributable
earnings/(accumulated losses) were as follows:
UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED
TAX-FREE ORDINARY CAPITAL
INCOME INCOME LOSSES
--------------- --------------- ----------------
TempFund ...................... $ - $55,082,582 $ (4,709,299)
TempCash ...................... - 22,623,290 (2,982,017)
FedFund ....................... - 5,042,897 (12,054)
MuniFund ...................... 4,147,832 - (111,004)
MuniCash ...................... 4,084,844 - (382,368)
California Money Fund ......... 780,173 - (87,836)
New York Money Fund ........... 439,775 - -
At October 31, 2004, the Funds had capital loss carryforwards available to
offset future realized capital gains through the indicated expiration dates:
EXPIRING OCTOBER 31
--------------------------------------------------------------------------------------
2005 2006 2007 2008 2009 2010 2011 2012 TOTAL
------ ------ ------ --------- --------- ----------- --------- ----------- -----------
TempFund ...................... $- $- $- $ - $ - $459,902 $ - $354,394 $814,296
TempCash ...................... - - - - - 888 9,501 78,365 88,754
MuniFund ...................... - - - - - - - 89,794 89,794
MuniCash ...................... - - - 13,010 - - - 77,299 90,309
California Money Fund ......... - - - - 42,528 - 45,308 - 87,836
84
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION
(A) Board of Trustees' Consideration of the Advisory Contract. The Investment
Advisory Agreement ("Advisory Contract") of BlackRock Liquidity Funds (the
"Fund") was most recently approved by the Board of Trustees (the "Board" or
the "Trustees") of the Fund including a majority of the Trustees who are
not parties to the Advisory Contract or interested persons of any such
party (as such term is defined in the Investment Company Act of 1940) (the
"Independent Trustees") at an in-person meeting of the Board held on March
1 and 2, 2005. In determining to approve the Advisory Contract, the
Trustees met with the relevant investment advisory personnel from BlackRock
Institutional Management Corporation (the "Investment Adviser") and
considered all information they deemed reasonably necessary to evaluate the
terms of the Advisory Contract. The Board received materials in advance of
the meeting relating to its consideration of the Advisory Contract of the
Fund for each portfolio (each, a "Portfolio"), including, among other
things: (i) fees and expense ratios of each Portfolio in comparison to the
fees and expense ratios of a peer group of funds; (ii) information on the
investment performance of each Portfolio in comparison to the investment
performance of a peer group of funds; (iii) information with respect to
profitability of BlackRock, Inc. ("BlackRock") and PNC Bank-affiliated
companies with respect to each Portfolio for the years ended December 31,
2003 and 2004, including details regarding the methodology used to
calculate profitability; (iv) information regarding fees paid to service
providers that are affiliates of the Investment Adviser; and (v)
information regarding compliance records and regulatory matters relating to
the Investment Adviser. In addition, the Board reviewed a memorandum from
its independent counsel detailing the Board's obligations in considering
renewal of the Advisory Contract. The information reviewed was responsive
to requests by the Board's independent counsel for certain information to
assist the Board in its considerations. The topics discussed below were
considered separately by the Independent Trustees in an executive session,
during which independent counsel provided guidance to the Independent
Trustees.
Fees and Expenses. In approving the Advisory Contract, the Trustees,
including the Independent Trustees, reviewed the fees, both before
(referred to as "Contractual") and after (referred to as "Actual") any fee
waivers and expense reimbursements, and expense ratios of the Dollar Shares
and Institutional Shares of each Portfolio against fees and expense ratios
of a peer group of funds with similar asset levels and expense structures
(a "peer group"). Both the peer group category and the funds within the
peer group with respect to the fee and expense comparisons were selected by
Lipper, Inc. ("Lipper"), which is not affiliated with the Investment
Adviser.
In considering data based on information provided by Lipper, the Trustees
noted that of the ten Portfolios, none of the 20 classes of the Portfolios
reviewed have Contractual or Actual advisory fees higher than the median.
Further, only one share class (Federal Trust Dollar Shares) has Actual
total expenses higher than the median for its peer group. Its total
expenses exceeded those for its peer group by .001%.
The Trustees also were provided with information about the services
rendered, and the fee rates offered, to other clients advised by the
Investment Adviser, including other money market funds.
Following consideration of this information, the Trustees concluded that
the fees to be paid pursuant to the Advisory Contract were fair and
reasonable in light of the services provided.
85
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION
Nature, Extent and Quality of Services. The Trustees received information
concerning the investment philosophy and investment process used by the
Investment Adviser in managing the Portfolios. In connection with this,
the Trustees considered the Investment Adviser's in-house research
capabilities as well as other resources available to their personnel. The
Trustees concluded that the scope of the Investment Adviser's services to
be provided to the Portfolios was consistent with the Portfolios'
operational requirements.
The Trustees also considered the quality of the services provided by the
Investment Adviser to the Portfolios. The Trustees evaluated the
procedures of the Investment Adviser designed to fulfill its fiduciary duty
to the Portfolios with respect to possible conflicts of interest.
The Trustees also considered information relating to the education,
experience and number of investment professionals and other personnel who
provide services under the Advisory Contract. The Trustees also took into
account the time and attention devoted by senior management of the
Investment Adviser to the Portfolios. The Trustees also considered the
business reputation of BlackRock and its financial resources and concluded
that the Investment Adviser would be able to meet any reasonably
foreseeable obligation under the Advisory Contract.
Fund Performance. The Board of Trustees, including the Independent
Trustees, received and considered information about the investment
performance of the Dollar Shares and Institutional Shares of each
Portfolio, as well as the performance of funds with the same investment
classification and objective ("performance universe"). The funds included
within each Portfolio's performance universe were selected by Lipper. The
Board was provided with performance data for the Dollar Shares of each
Portfolio over the one, two, three, four and five year periods ended
November 30, 2004 and of the Institutional Shares of each Portfolio over
the one, two, three, four, five and ten year periods ended November 30,
2004, as compared to performance of the performance universe.
The Trustees noted that of the 20 classes of the Portfolios that were
included in the Lipper performance universe, fourteen classes (70%) had
performed at or above their respective performance universe median during
at least two of the following periods: the one year, three years or five
years ended November 30, 2004. The remaining 6 classes performed below
their respective performance universe median during at least two of those
periods by no more than .10%. These 6 share classes are the Dollar Shares
of TempFund, FedFund, T-Fund, Federal Trust Fund, Treasury Trust Fund and
MuniFund.
The Trustees discussed other factors relevant to the performance of the
Portfolios and concluded that each Portfolio's performance is generally
competitive with that of its Lipper performance universe.
Profitability. The Board of Trustees, including the Independent Trustees,
considered the level of the Investment Adviser's and affiliates' profits in
respect of their relationship with the Portfolios, including the cost of
services provided by the Investment Adviser. This consideration included a
broad review of the Investment Adviser's methodology in allocating their
costs to the management of a Portfolio. The Board of Trustees considered
the profits realized by the Investment Adviser and affiliates in connection
with the operation of each Portfolio. The Board of Trustees, including the
Independent Trustees, also considered the Investment Adviser's
86
BLACKROCK LIQUIDITY FUNDS
profit margins in comparison with certain available industry data. The
Board concluded that the Investment Adviser's profit is a reasonable profit
for the services provided to the Portfolios.
Economies of Scale. The Independent Trustees discussed economies-of-scale
in light of existing breakpoints and the growth of assets in the Fund over
the past several years and concluded that the advisory fee structure was
reasonable.
Other Benefits to the Investment Adviser. The Board of Trustees, including
the Independent Trustees, also took into account not only the advisory fees
payable by the Portfolios, but also potential benefits to the Investment
Adviser, such as the engagement of affiliates of the Investment Adviser as
service providers to the Portfolios, including for administrative, transfer
agency and custodial services.
No single factor was considered in isolation or to be determinative to the
decision of the Board to approve the Advisory Contract. Rather, the Board
concluded, in light of a weighing and balancing of all factors considered,
that it was in the best interests of each Portfolio to approve the
continuation of the Advisory Contract, including the fees to be charged for
services thereunder.
(B) PricewaterhouseCoopers LLP ("PwC), the Fund's former independent auditor
has been hired as an internal audit supporting service provider by The PNC
Financial Services Group, Inc. ("PNC"), the parent company of the Fund's
investment adviser and certain other service providers. In order to
provide certain servcices to PNC and its affiliates which would have caused
PwC to no longer be independent with respect to the Fund, PwC declined to
stand for re-election as independent auditor of the Fund after the
completion of the fiscal 2003 audit.
PwC's reports on the Registrant's financial statements for the fiscal years
ended October 31, 2003 and October 31, 2002 contained no adverse opinion or
disclaimer of opinion nor were they qualified or modified as to
uncertainty, audit scope or accounting principles. During the Registrant's
fiscal years ended October 31, 2003 and October 31, 2002, (i) there were no
disagreements with PwC on any matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of PwC, would have
caused it to make reference to the subject matter of the disagreements in
connection with its reports on the Registrant's financial statements for
such years, and (ii) there were no "reportable events" of the kind
described in Item 304(a)(1)(v) of Regulation S-K under the Securities
Exchange Act of 1934, as amended.
On November 19, 2003, the Registrant by action of its Board of Trustees
upon the recommendation of its Audit Committee engaged Deloitte & Touche
LLP as the independent auditors to audit the Registrant's financial
statements for the fiscal year ending October 31, 2004. During the
Registrant's fiscal years ended October 31, 2003 and October 31, 2002,
neither the Registrant, its portfolios nor anyone on their behalf has
consulted Deloitte & Touche LLP on items which (i) concerned the
application of accounting principles to a specified transaction, either
completed or proposed, or the type of audit opinion that might be rendered
on the Registrant's financial statements or (ii) concerned the subject of a
disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation
S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item
304).
87
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION
(C) The amounts paid by TempFund, TempCash, FedFund, MuniFund, MuniCash,
California Money Fund and New York Money Fund to the Chief Compliance
Officer for the six months ended April 30, 2005, were $77,452.
88
Investment Adviser
BlackRock Institutional Management Corporation
Wilmington, Delaware 19809
Co-Administrator
BlackRock Institutional Management Corporation
Wilmington, Delaware 19809
Co-Administrator and Transfer Agent
PFPC Inc.
Wilmington, DE 19809
Distributor
BlackRock Distributors, Inc.
King of Prussia, Pennsylvania 19406
Custodian
PFPC Trust Co.
Philadelphia, Pennsylvania 19153
Counsel
Drinker Biddle & Reath LLP
Philadelphia, Pennsylvania 19103
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Philadelphia, Pennsylvania 19103
The Trust has delegated proxy voting responsibilities to BlackRock, subject to
the general oversight of the Trust's Board of Trustees. A description of the
policies and procedures that BlackRock use to determine how to vote proxies
relating to portfolio securities is available without charge, upon request, by
calling 1-800-441-7762, or on the website of the Securities and Exchange
Commission (the "Commission") at http://www.sec.gov.
Information on how proxies relating to the Trust's voting securities (if any)
were voted by BlackRock during the most recent 12-month period ended June 30th
is available, upon request and without charge, by calling (800) 441-7762 or on
the website of the Commission at http://www.sec.gov.
The Trust has filed its complete schedule of portfolio holdings for the third
quarter of its fiscal year ended July 31, 2004 and the first quarter of its
fiscal year ended January 31, 2005 with the Commission on Form N-Q. The Trust's
Form N-Q is available on the Commission's website at http://www.sec.gov. The
Trust's Form N-Q may be reviewed and copied at the Commission's Public
Reference Room in Washington, D.C. Information regarding the operation of the
Public Reference Room may be obtained by calling 1-800-SEC-0330. The Trust's
Form N-Q may also be obtained, upon request and without charge, by calling
(800) 821-7762.
This report is submitted for the general information of the shareholders of the
Trust. It is not authorized for distribution to prospective investors unless
accompanied or preceded by effective prospectuses for each portfolio of the
Trust, which contain information concerning the investment policies of the
portfolios as well as other pertinent information. Statements and other
information contained in this report are as dated and subject to change.
Shares of the Fund are not deposits or obligations of, or guaranteed or
endorsed by, PNC Bank, National Association or any other bank and shares are
not federally insured by, guaranteed by, obligations of or otherwise supported
by the U.S. Government, the Federal Deposit Insurance Corporation, the Federal
Reserve Board, or any other governmental agency. Investments in shares of the
Fund involve investment risks, including the possible loss of the principal
amount invested.
[GRAPHIC APPEARS HERE]
Not applicable.
| Item 3. | Audit Committee Financial Expert. |
Not applicable.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable.
| Item 5. | Audit Committee of Listed registrants. |
Not applicable.
| Item 6. | Schedule of Investments. |
Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
| Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
| Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
| Item 11. | Controls and Procedures. |
| | (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| | (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| | |
| (a)(1) | | Not applicable. |
| |
| (a)(2) | | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
| |
| (a)(3) | | Not applicable. |
| |
| (b) | | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
(registrant) | | BlackRock Liquidity Funds |
| |
By (Signature and Title)* | | /s/ Ralph L. Schlosstein |
| | | Ralph L. Schlosstein, President (principal executive officer) |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| |
By (Signature and Title)* | | /s/ Ralph L. Schlosstein |
| | | Ralph L. Schlosstein, President (principal executive officer) |
| | |
| |
By (Signature and Title)* | | /s/ William McGinley |
| | | William McGinley, Treasurer (principal financial officer) |
| * | Print the name and title of each signing officer under his or her signature. |
