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: 800-441-7762
Date of fiscal year end: October 31, 2006
Date of reporting period: April 30, 2006
Item 1. Reports to Stockholders.
The Registrant’s semi-annual report to shareholders is as follows:
ALTERNATIVES BLACKROCK SOLUTIONS EQUITIES FIXED
INCOME LIQUIDITYREAL ESTATE BlackRock Liquidity Funds
Semi-Annual Report
April 30, 2006 (Unaudited)
[GRAPHIC APPEARS HERE]
[GRAPHIC APPEARS HERE]
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
BLACKROCK LIQUIDITY FUNDS
*TempFund
*TempCash
*FedFund
*T-Fund
*Federal Trust Fund
*Treasury Trust Fund
*MuniFund
*MuniCash
*California Money Fund
*New York Money Fund
TABLE OF CONTENTS
Shareholder Letter..........................................................1
Fund Profiles
TempFund..................................................................2
TempCash..................................................................3
FedFund...................................................................4
T-Fund....................................................................5
Federal Trust Fund........................................................6
Treasury Trust Fund.......................................................7
MuniFund..................................................................8
MuniCash..................................................................9
California Money Fund....................................................10
New York Money Fund......................................................11
Schedules of Investments................................................12-53
Key to Investment Abbreviations..........................................54
Portfolio Financial Statements
Statements of Assets and Liabilities..................................56-59
Statements of Operations..............................................60-61
Statements of Changes in Net Assets...................................62-65
Financial Highlights..................................................66-81
Notes to Financial Statements...........................................83-96
Additional Information.................................................98-102
PRIVACY PRINCIPLES OF BLACKROCK LIQUIDITY FUNDS
BlackRock Liquidity Funds is committed to maintaining the privacy of its
shareholders and to safeguarding their nonpublic personal information. The
following information is provided to help you understand what personal
information BlackRock Liquidity Funds collects, how we protect that
information, and why in certain cases we may share such information with select
other parties.
BlackRock Liquidity Funds may receive nonpublic personal information relating
to its shareholders who purchase shares through institutions. For example, in
certain limited circumstances, BlackRock receives a limited amount of nonpublic
personal information from institutions in connection with monitoring for
inappropriate trading activity. In addition, for certain institutions,
BlackRock maintains certain nonpublic personal information relating to
beneficial owners. In the case of shareholders who are record owners of
BlackRock Liquidity Funds, BlackRock Liquidity Funds receives nonpublic
personal information on account applications or other forms.
With respect to these shareholders, BlackRock Liquidity Funds also has access
to specific information regarding their transactions in BlackRock Liquidity
Funds. BlackRock Liquidity Funds does not disclose any nonpublic personal
information about its shareholders or former shareholders to anyone, except as
permitted by law or as is necessary in order to service our shareholders'
accounts (for example, to a transfer agent).
BlackRock Liquidity Funds restricts access to nonpublic personal information
about its shareholders to BlackRock employees with a legitimate business need
for the information. BlackRock Liquidity Funds maintains physical, electronic
and procedural safeguards designed to protect the nonpublic personal
information of our shareholders.
-------------------------------------------------------------------------------
BLACKROCK LIQUIDITY FUNDS
100 Bellevue Parkway, 4th Floor
Wilmington, DE 19809
(800) 821-7432
www.blackrock.com
May 31, 2006
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of
BlackRock Liquidity Funds for the six months ended April 30, 2006.
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 APPEARS HERE]
Ralph L. Schlosstein
Chairman & President
1
TEMPFUND
FUND PROFILE
(Portfolio Composition - % of Portfolio)
(Certificates of Deposit) (19.1)
(Commercial Paper) (37.6)
(Master Notes) (4.7)
(Variable Rate Obligations) (16.0)
(Time Deposits) (4.5)
(Repurchase Agreements) (17.6)
(Medium Term Notes) (0.5)
(Distribution - Weighted Average Maturity 31 days)
(1-30)(76.64)
(31-60)(7.66)
(61-90)(9.95)
(91-120)(0.0)
(120-150)(0.0)
(Over150)(5.75)
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30, 2006.
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 Incurred 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. 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.
Actual Expenses
--------------------------------------------------------------------
Insti- Cash Cash Adminis-
tutional Dollar Management Reserve tration
------------- ------------- ------------ ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,021.60 1,020.30 1,019.10 1,019.60 1,021.10
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 0.90 2.15 3.39 2.90 1.40
Actual Expenses
-------------------------------------------------------
Bear Bear
Stearns Stearns Bear
Bear Premier Private Stearns
Stearns Choice Client Premier
------------- ------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,017.40 1,020.20 1,019.50 1,019.50
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 4.99 2.25 3.00 3.00
Hypothetical Expenses
(5% return before expenses)
------------------------------------------------------------------------------------------------
Bear
Stearns
Insti- Cash Cash Adminis- Bear Premier
tutional Dollar Management Reserve tration Stearns Choice
------------- ------------- ------------ ------------- ------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,024.10 1,022.85 1,021.60 1,022.10 1,023.60 1,019.99 1,022.75
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 0.90 2.15 3.40 2.90 1.40 5.01 2.25
Hypothetical Expenses
(5% return before expenses)
---------------------------
Bear
Stearns Bear
Private Stearns
Client Premier
------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,022.00 1,022.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 3.00 3.00
*For each class of the Fund, expenses are equal to the Fund's annualized
expense ratio for the period of 0.18%, 0.43%, 0.68%, 0.58%, 0.28%, 1.00%,
0.45%, 0.60% and 0.60% for Institutional, Dollar, Cash Management, 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).
2
TEMPCASH
FUND PROFILE
(Portfolio Composition - % of Portfolio)
(Repurchase Agreements) (7.7)
(Certificates of Deposit) (18.2)
(Commercial Paper) (38.2)
(Master Notes) (5.0)
(Variable Rate Obligations) (23.3)
(Time Deposits) (6.7)
(Medium Term Notes) (0.5)
(Distribution - Weighted Average Maturity 31 days)
(1-30)(73.5)
(31-60)(12.3)
(61-90)(8.1)
(91-120)(1.0)
(121-150)(0.0)
(Over150)(5.1)
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30, 2006.
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 Incurred 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. 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.
Hypothetical Expenses
Actual Expenses (5% return before expenses)
-------------------------------------------------- -------------------------------------------------
Institutional Dollar Administration Institutional Dollar Administration
--------------- ------------- ---------------- --------------- ------------- ---------------
Beginning Account
Value (11/01/05)
(in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (04/30/06)
(in Dollars) 1,021.60 1,020.40 1,003.90 1,024.10 1,022.85 1,004.04
Expenses Incurred
During Period
(11/01/05 -
04/30/06)* 0.90 2.15 0.24 0.90 2.15 0.24
*For each class of the Fund, expenses are equal to the Fund's annualized
expense ratio for the period of 0.18%, 0.43% and 0.28% for Institutional,
Dollar and Administration, respectively, multiplied by the average account
value over the period, multiplied by 181/365 (to reflect the one-half year
period) and 31/365 with respect to the Administration shares (to reflect the
period the share class was open during the period).
3
FEDFUND
FUND PROFILE
(Portfolio Composition - % of Portfolio)
(Repurchase Agreements) (61.3)
(Agency Obligations) (38.7)
(Distribution - Weighted Average Maturity 20 days)
(1-30)(86.3)
(31-60)(7.7)
(61-90)(0.0)
(91-120)(1.4)
(121-150)(0.6)
(Over150)(4.0)
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30, 2006.
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 Incurred 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. 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.
Actual Expenses
--------------------------------------------------------------------------
Cash Bear
Institutional Dollar Reserve Administration Stearns
--------------- ------------- ------------- ---------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,021.20 1,020.00 1,019.20 1,020.80 1,017.20
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.00 2.25 3.00 1.50 4.99
Actual Expenses
-----------------------------------------
Bear Bear
Stearns Stearns Bear
Premier Private Stearns
Choice Client Premier
------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,020.00 1,019.20 1,019.20
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 2.25 3.00 3.00
Hypothetical Expenses
(5% return before expenses)
------------------------------------------------------------------------------------------------------
Bear Bear
Stearns Stearns
Cash Bear Premier Private
Institutional Dollar Reserve Administration Stearns Choice Client
--------------- ------------- ------------- ---------------- ------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,024.00 1,022.75 1,022.00 1,023.50 1,019.99 1,022.75 1,022.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.00 2.25 3.00 1.50 5.01 2.25 3.00
Hypothetical
Expenses
(5% return
before
expenses)
-------------
Bear
Stearns
Premier
-------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,020.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 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).
4
T-FUND
FUND PROFILE
(Portfolio Composition - % of Portfolio)
(Repurchase Agreements) (100)
(Distribution - Weighted Average Maturity 5 days)
(1-30)(93.1)
(31-60)(6.9)
(61-90)(0.0)
(91-120)(0.0)
(121-150)(0.0)
(Over150)(0.0)
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30, 2006.
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 Incurred 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. 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.
Actual Expenses
-----------------------------------------------------------
Cash
Institutional Dollar Management Administration
--------------- ------------- ------------ ----------------
Beginning Account
Value (11/01/05)
(in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (04/30/06)
(in Dollars) 1,020.80 1,019.50 1,018.30 1,020.30
Expenses Incurred
During Period
(11/01/05 -
04/30/06)* 1.00 2.25 3.49 1.50
Hypothetical Expenses
(5% return before expenses)
----------------------------------------------------------
Cash
Institutional Dollar Management Administration
--------------- ------------- ------------ ---------------
Beginning Account
Value (11/01/05)
(in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (04/30/06)
(in Dollars) 1,024.00 1,022.75 1,021.49 1,023.50
Expenses Incurred
During Period
(11/01/05 -
04/30/06)* 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 Composition - % of Portfolio)
(Agency Obligations) (100)
(Distribution - Weighted Average Maturity 11 days)
(1-30)(97.8)
(31-60)(0.0)
(61-90)(0.0)
(91-120)(0.0)
(121-150)(0.0)
(Over150)(2.2)
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30, 2006.
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 Incurred 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. 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.
Hypothetical Expenses
Actual Expenses (5% return before expenses)
------------------------------- -------------------------------
Institutional Dollar Institutional Dollar
--------------- ------------- --------------- -------------
Beginning Account Value (11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value (04/30/06) (in Dollars) 1,021.00 1,019.70 1,024.00 1,022.75
Expenses Incurred During Period (11/01/05 -
04/30/06)* 1.00 2.25 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
FUND PROFILE
(Portfolio Composition - % of Portfolio)
(Treasury Obligations) (100)
(Distribution - Weighted Average Maturity 28 days)
(1-30)(64.7)
(31-60)(32.3)
(61-90)(3.1)
(91-120)(0.0)
(121-150)(0.0)
(Over150)(0.0)
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30, 2006.
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 Incurred 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. 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.
Actual Expenses
-----------------------------------------------------------
Cash
Institutional Dollar Management Administration
--------------- ------------- ------------ ----------------
Beginning Account
Value (11/01/05)
(in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (04/30/06)
(in Dollars) 1,019.70 1,018.40 1,017.10 1,019.20
Expenses Incurred
During Period
(11/01/05 -
04/30/06)* 1.00 2.25 3.49 1.50
Hypothetical Expenses
(5% return before expenses)
----------------------------------------------------------
Cash
Institutional Dollar Management Administration
--------------- ------------- ------------ ---------------
Beginning Account
Value (11/01/05)
(in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (04/30/06)
(in Dollars) 1,024.00 1,022.75 1,021.49 1,023.50
Expenses Incurred
During Period
(11/01/05 -
04/30/06)* 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).
7
MUNIFUND
FUND PROFILE
Top 10 State Concentration
(% of portfolio)
Texas 7.5%
Massachusetts 7.2
Illinois 7.1
California 6.1
Michigan 5.1
Colorado 4.7
Alabama 4.6
South Carolina 4.2
North Carolina 3.6
Indiana 3.1
-----
Total 53.2%
=====
(Distribution - Weighted Average Maturity 19 days)
(1-30)(87.1)
(31-60)(1.8)
(61-90)(4.3)
(91-120)(2.6)
(121-150)(1.2)
(Over150)(3.0)
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30, 2006.
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 Incurred 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. 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.
Actual Expenses
--------------------------------------------------------------------
Insti- Cash Admin- Bear
tutional Dollar Management istration Stearns
------------- ------------- ------------ ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,014.40 1,013.20 1,011.90 1,013.90 1,010.40
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.00 2.24 3.48 1.49 4.97
Actual Expenses
-----------------------------------------
Bear Bear
Stearns Stearns Bear
Premier Private Stearns
Choice Client Premier
------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,013.20 1,012.40 1,012.40
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 2.24 2.99 2.99
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
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,024.00 1,022.75 1,021.49 1,023.50 1,019.99 1,022.75 1,022.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.00 2.25 3.51 1.50 5.01 2.25 3.00
Hypothetical
Expenses
(5% return
before
expenses)
-------------
Bear
Stearns
Premier
-------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,022.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 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%, 0.70%, 0.30%, 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).
8
MUNICASH
FUND PROFILE
Top 10 State Concentration
(% of portfolio)
Texas 18.0%
Ohio 7.4
Michigan 6.5
Florida 5.0
North Carolina 4.2
Maryland 3.1
Pennsylvania 2.6
Kentucky 2.5
New Jersey 2.3
Indiana 2.3
----
Total 53.9%
====
(Distribution - Weighted Average Maturity 34 days)
(1-30)(78.0)
(31-60)(3.2)
(61-90)(3.1)
(91-120)(6.3)
(121-150)(3.0)
(Over150)(6.4)
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30, 2006.
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 Incurred 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. 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.
Hypothetical Expenses
Actual Expenses (5% return before expenses)
------------------------------- -------------------------------
Institutional Dollar Institutional Dollar
--------------- ------------- --------------- -------------
Beginning Account
Value (11/01/05)
(in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (04/30/06)
(in Dollars) 1,014.70 1,013.50 1,024.00 1,022.75
Expenses Incurred
During Period
(11/01/05 -
04/30/06)* 1.00 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).
9
CALIFORNIA MONEY FUND
FUND PROFILE
(Portfolio Composition - % of Portfolio)
(Variable Rate Demand Notes) (78.3)
(Tax Exempt Commercial Paper) (7.2)
(Municipal Put Bonds) (7.7)
(Municipal Notes) (6.8)
(Distribution - Weighted Average Maturity 17 days)
(1-30)(86.3)
(31-60)(5.3)
(61-90)(5.8)
(91-120)(0.0)
(121-150)(0.0)
(Over150)(2.7)
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30, 2006.
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 Incurred 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. 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.
Actual Expenses
---------------------------------------------------------------------
Cash
Insti- Manage- Admin- Bear
tutional Dollar ment istration Stearns
------------- ------------- ------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,014.30 1,013.10 1,011.80 1,013.80 1,010.30
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.00 2.24 3.48 1.49 4.97
Actual Expenses
-----------------------------------------
Bear Bear
Stearns Stearns Bear
Premier Private Stearns
Choice Client Premier
------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,013.10 1,012.30 1,012.30
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 2.24 2.99 2.99
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
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,024.00 1,022.75 1,021.49 1,023.50 1,019.99 1,022.75 1,022.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.00 2.25 3.51 1.50 5.01 2.25 3.00
Hypothetical
Expenses
(5% return
before
expenses)
-------------
Bear
Stearns
Premier
-------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,022.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 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%, 0.70%, 0.30%, 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).
10
NEW YORK MONEY FUND
FUND PROFILE
(Portfolio Composition - % of Portfolio)
(Municipal Bonds) (3.8)
(Variable Rate Demand Notes) (86.0)
(Tax Exempt Commercial Paper) (2.0)
(Municipal Notes) (5.0)
(Municipal Put Bonds) (3.2)
(Distribution - Weighted Average Maturity 17 days)
(1-30)(88.25)
(31-60)(2.13)
(61-90)(4.45)
(91-120)(0.4)
(121-150)(1.45)
(Over150)(3.32)
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30, 2006.
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 Incurred 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. 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.
Actual Expenses
--------------------------------------------------------------------
Insti- Cash Admin- Bear
tutional Dollar Management istration Stearns
------------- ------------- ------------ ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,014.50 1,013.20 1,012.00 1,014.00 1,010.50
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.00 2.24 3.48 1.49 4.97
Actual Expenses
-----------------------------------------
Bear Bear
Stearns Stearns Bear
Premier Private Stearns
Choice Client Premier
------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,013.20 1,012.50 1,012.50
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 2.24 2.99 2.99
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
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,024.00 1,022.75 1,021.49 1,023.50 1,019.99 1,022.75 1,022.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.00 2.25 3.51 1.50 5.01 2.25 3.00
Hypothetical
Expenses
(5% return
before
expenses)
-------------
Bear
Stearns
Premier
-------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,022.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 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%, 0.70%, 0.30%, 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).
11
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPFUND
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
CERTIFICATES OF DEPOSIT - 19.1%
Domestic - 5.4%
Citibank N.A. (A-1+, P-1)
4.70% 05/15/06 $411,000 $ 411,000,000
Washington Mutual Bank FA (A-1, P-1)
4.75% 05/08/06 448,000 448,000,000
4.80% 05/08/06 330,000 330,000,000
4.70% 05/09/06 100,000 99,999,987
4.75% 05/10/06 131,535 131,534,673
Wells Fargo Bank, N.A. (A-1+, P-1)
4.82% 05/03/06 275,000 275,000,000
-------------
1,695,534,660
-------------
Yankee - 13.7%
Banque Nationale de Paribas, New York
(A-1+, P-1)
4.50%(b) 10/19/06 320,150 320,150,000
Barclays Bank PLC, New York (A-1+, P-1)
4.98%(b) 06/29/06 309,900 309,900,000
4.99%(b) 06/29/06 50,000 50,000,000
Credit Suisse Group, New York (A-1, P-1)
4.71%(b) 05/08/06 1,614,000 1,614,000,000
Mizuho Corp. Bank, New York (A-1, P-1)
5.01%(b) 06/23/06 303,780 303,780,000
Natexis Banque, New York (A-1, P-1)
5.00%(b) 06/29/06 73,605 73,601,413
Royal Bank of Scotland, New York (A-1+, P-1)
4.52%(b) 10/20/06 165,000 165,001,884
4.81%(b) 01/16/07 306,420 306,420,000
4.87%(b) 02/02/07 684,700 684,700,000
Societe Generale, New York (A-1+, P-1)
4.78%(b) 12/06/06 301,000 301,000,000
Sumitomo Mitsui Banking Corp., New York
(A-1, P-1)
4.82%(b) 05/08/06 198,000 198,000,000
-------------
4,326,553,297
-------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $6,022,087,957) 6,022,087,957
-------------
COMMERCIAL PAPER - 37.6%
Asset Backed Securities - 22.3%
Amsterdam Funding Corp. (A-1, P-1)
4.72% 05/04/06 65,000 64,974,433
Atomium Funding Corp. (A-1, P-1)
4.72% 05/10/06 90,481 90,374,232
Barton Capital Corp. (A-1+, P-1)
4.77% 05/04/06 46,442 46,423,539
4.71% 05/08/06 218,682 218,481,724
Beethoven Funding Corp. (A-1, P-1)
4.87% 05/05/06 65,000 64,964,828
4.76% 05/08/06 145,000 144,865,794
4.80% 05/08/06 43,000 42,959,867
4.95% 06/22/06 109,700 108,915,645
Brahms Funding Corp. (A-1, P-1)
4.81% 05/04/06 84,890 84,855,973
5.02% 06/26/06 70,079 69,531,761
Cancara Asset Securitization LLC (A-1+, P-1)
4.76% 05/01/06 225,000 225,000,000
4.76% 05/05/06 226,575 226,455,167
4.76% 05/08/06 85,447 85,367,914
4.78% 05/10/06 145,698 145,523,891
Ciesco LLC (A-1+, P-1)
4.66% 05/05/06 100,000 99,948,222
4.97% 06/05/06 52,335 52,082,120
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
COMMERCIAL PAPER (Continued)
Asset Backed Securities (continued)
Concord Minutemen Capital Co. (A-1, P-1)
4.77% 05/04/06 $100,000 $ 99,960,250
4.67% 05/17/06 60,704 60,578,006
4.96% 06/26/06 52,514 52,108,825
Cullinan Finance Corp. (A-1+, P-1)
4.68% 05/11/06 32,775 32,732,393
Dakota Notes Program (A-1, P-1)
4.73% 05/04/06 241,625 241,529,760
4.79% 05/10/06 330,000 329,604,825
Dorada Finance, Inc. (A-1+, P-1)
4.78% 05/09/06 69,255 69,181,436
Emerald Certificates (A-1+, P-1)
4.79% 05/05/06 240,000 239,872,267
4.80% 05/09/06 143,000 142,847,467
4.80% 05/09/06 150,000 149,840,000
Fairway Finance Corp. (A-1, P-1)
4.72% 05/08/06 31,585 31,556,012
Falcon Asset Securitization Corp. (A-1, P-1)
4.77% 05/02/06 87,448 87,436,413
4.78% 05/03/06 100,443 100,416,327
4.77%(c) 05/08/06 95,758 95,669,184
Grampian Funding LLC (A-1+, P-1)
4.55% 07/03/06 115,700 114,778,739
Jupiter Securitization Corp. (A-1, P-1)
4.77% 05/01/06 93,988 93,988,000
4.77% 05/02/06 131,669 131,651,554
Liberty Street Funding Corp. (A-1, P-1)
4.77% 05/04/06 95,000 94,962,238
4.77% 05/05/06 131,751 131,681,172
Monument Gardens Funding LLC (A-1, P-1)
4.89% 06/22/06 120,000 119,152,400
Old Line Funding Corp. (A-1+, P-1)
4.77%(c) 05/08/06 77,822 77,749,820
4.79%(c) 05/10/06 55,080 55,014,042
Park Avenue Receivables Corp. (A-1, P-1)
4.77% 05/02/06 65,510 65,501,320
4.77% 05/03/06 121,330 121,297,848
Park Granada LLC (A-1+, P-1)
4.78% 05/09/06 59,000 58,937,329
4.98% 06/23/06 25,000 24,816,708
Park Sienna LLC (A-1+, P-1)
4.79% 05/01/06 40,000 40,000,000
4.80% 05/04/06 118,000 117,952,800
4.76% 05/09/06 86,400 86,308,608
4.78% 05/09/06 56,470 56,410,016
4.78% 05/09/06 23,000 22,975,569
4.98% 06/23/06 30,000 29,780,050
Preferred Receivable Funding Corp. (A-1, P-1)
4.77% 05/02/06 101,448 101,434,558
4.77% 05/09/06 65,451 65,381,622
Ranger Funding Co. LLC (A-1+, P-1)
4.77% 05/01/06 147,000 147,000,000
4.72% 05/03/06 197,000 196,948,342
4.75% 05/04/06 230,000 229,908,958
Sheffield Receivables Corp. (A-1+, P-1)
4.77% 05/04/06 154,175 154,113,715
4.78% 05/04/06 174,230 174,160,598
Silver Tower U.S. Funding Corp. (A-1, P-1)
4.68% 05/05/06 40,000 39,979,222
Solitaire Funding LLC (A-1+, P-1)
4.76%(c) 05/10/06 634,000 633,245,540
4.78%(c) 05/10/06 127,860 127,707,207
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
12
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
COMMERCIAL PAPER (Continued)
Asset Backed Securities (continued)
Thames Asset Global Securitization Corp.
(A-1, P-1)
4.78%(c) 05/09/06 $ 62,326 $ 62,259,796
Ticonderoga Funding LLC (A-1+, P-1)
4.78% 05/10/06 52,139 52,076,694
Transamerica Asset Funding (A-1+, P-1)
4.79% 05/05/06 95,000 94,949,439
--------------
7,026,182,179
--------------
Banks - 12.6%
Bank of America Corp. (A-1+, P-1)
4.93% 06/28/06 298,000 295,633,052
4.94% 06/29/06 435,000 431,476,766
Barclays U.S. Funding Corp. (A-1+, P-1)
4.56% 07/17/06 998,400 988,651,595
Citigroup Funding Corp. (A-1+, P-1)
4.76% 05/04/06 92,100 92,063,467
4.76% 05/08/06 130,000 129,879,678
4.94% 06/22/06 200,000 198,571,444
Rabobank U.S. Finance Co. (A-1+, P-1)
4.84% 05/01/06 177,000 177,000,000
Societe Generale N.A. (A-1+, P-1)
4.78% 05/10/06 647,015 646,241,758
UBS Finance LLC Delaware (A-1+, P-1)
4.78% 05/10/06 1,000,000 998,806,250
--------------
3,958,324,010
--------------
Security Brokers & Dealers - 1.5%
Bear Stearns & Co. (A-1, P-1)
4.76% 05/09/06 345,000 344,635,067
Lehman Brothers Holdings, Inc. (A-1, P-1)
4.54% 06/26/06 121,000 120,144,530
--------------
464,779,597
--------------
Short-Term Business Credit Institutions - 1.1%
General Electric Capital Services (A-1+, P-1)
4.93% 06/28/06 200,000 198,411,445
4.93% 06/28/06 150,660 149,463,341
--------------
347,874,786
--------------
Transportation - 0.1%
Netjets Inc. (A-1+, P-1)
4.90% 05/01/06 35,539 35,539,000
--------------
TOTAL COMMERCIAL PAPER
(Cost $11,832,699,572) 11,832,699,572
--------------
MASTER NOTES - 4.7%
Security Brokers & Dealers - 4.7%
Bank of America Securities LLC (A-1+, P-1)
4.96%(d) 05/01/06 442,450 442,450,000
Citigroup Global Markets, Inc. (A-1+, P-1)
4.94%(d) 05/01/06 303,000 303,000,000
Merrill Lynch Mortgage Capital, Inc. (A-1, P-1)(e)
4.98%(d) 05/01/06 297,635 297,635,000
Morgan Stanley Mortgage Capital, Inc.
(A-1, P-1)(e)
5.04%(d) 05/01/06 438,000 438,000,000
--------------
TOTAL MASTER NOTES
(Cost $1,481,085,000) 1,481,085,000
--------------
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
VARIABLE RATE OBLIGATIONS - 16.0%
Asset Backed Securities - 0.8%
Racers XL (A-1, P-1)
4.97%(c)(d) 05/22/06 $234,650 $ 234,650,000
--------------
Banks - 2.4%
Bank of New York Co., Inc. (A+, Aa3)
5.03%(c)(d) 05/30/06 125,000 125,000,000
LP Pinewood SPV (Wachovia Bank N.A. LOC)
(A-1+, P-1)(e)
4.95%(d) 05/08/06 50,000 50,000,000
National City Bank, Cleveland (A+, Aa3)
4.79%(d) 05/08/06 169,000 168,997,049
U.S. Bank N.A. (AA-, Aa1)
4.75%(d) 05/01/06 208,000 207,980,684
Wells Fargo & Co. (Aa1, AA-)
4.88%(d) 05/02/06 190,000 190,001,041
--------------
741,978,774
--------------
Insurance Carriers NEC - 0.8%
Travelers Insurance Co. (A-1+, P-1)
5.07%(d)(f) 07/03/06 250,000 250,000,000
--------------
Life Insurance - 4.0%
Allstate Life Global Funding II (Aa2, AA)
4.98%(c)(d) 05/30/06 75,000 75,000,000
Hartford Life Insurance Co. (A-1+, P-1)
5.06%(d)(f) 07/03/06 100,000 100,000,000
5.06%(d)(f) 07/03/06 100,000 100,000,000
ING Security Life Insurance (AA3, Aa)
4.93%(c)(d) 05/09/06 150,000 150,000,000
MetLife Global Funding I (AA, Aa2)
5.10%(c)(d) 05/30/06 95,000 95,000,000
New York Life Insurance Co. (A-1+, P-1)
4.98%(d)(f) 06/13/06 350,000 350,000,000
Transamerica Occidental Life Insurance Co.
(A-1+, P-1)
4.95%(c)(d)(f) 05/01/06 400,000 400,000,000
--------------
1,270,000,000
--------------
Security Brokers & Dealers - 6.6%
Bear Stearns & Co., Inc. (A-1, P-1)
4.80%(d) 05/05/06 75,000 75,000,000
Goldman Sachs Group, Inc. (A-1, P-1)
4.94%(c)(d)(f) 05/19/06 333,000 333,000,000
4.82%(c)(d) 06/08/06 587,990 587,990,000
Greenwich Capital Holdings, Inc. (A-1+, P-1)
4.95%(d) 05/30/06 79,900 79,900,000
Lehman Brothers Holdings, Inc. (A-1, P-1)
4.92%(d) 05/01/06 69,300 69,300,000
Merrill Lynch & Co., Inc. (A+, Aa3)
5.05%(d) 05/11/06 459,000 459,072,670
4.88%(d) 05/15/06 100,000 100,000,000
5.14%(d) 07/19/06 50,000 50,019,178
Morgan Stanley & Co., Inc. (A-1, P-1)
4.96%(d) 05/01/06 75,000 75,000,000
4.93%(d) 05/15/06 250,000 250,032,606
--------------
2,079,314,454
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
13
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPFUND (CONCLUDED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
VARIABLE RATE OBLIGATIONS (Continued)
Short-Term Business Credit Institutions - 1.4%
General Electric Capital Services (AAA, Aaa)
5.00%(d) 05/17/06 $ 447,600 $ 447,680,112
-------------
TOTAL VARIABLE RATE OBLIGATIONS
(Cost $5,023,623,340) 5,023,623,340
-------------
MEDIUM TERM NOTES - 0.5%
Goldman Sachs Group, Inc. (A-1, P-1)
4.82%
(Cost
$ 153,620,000) 05/05/06 153,620 153,620,000
-------------
TIME DEPOSITS - 4.5%
Svenska Handelsbanken AB (A-1+, P-1)
4.88% 05/01/06 462,000 462,000,000
Wells Fargo Bank, N.A. (A-1+, P-1)
4.84% 05/01/06 651,000 651,000,000
4.84% 05/01/06 300,000 300,000,000
-------------
TOTAL TIME DEPOSITS
(Cost $1,413,000,000) 1,413,000,000
-------------
REPURCHASE AGREEMENTS - 17.6%
Deutsche Bank Securities, Inc.
4.79% 05/01/06 118,000 118,000,000
(Agreement dated 04/28/06 to be repurchased at
$118,047,102, collateralized by $185,311,704
Federal National Mortgage Assoc. Bonds and
Variable Rate Notes 4.50% to 5.50% due from
04/01/16 to 04/01/36. The market value is
$ 121,540,000.)
Goldman Sachs & Co.
4.78% 05/08/06 750,000 750,000,000
(Agreement dated 04/20/06 to be repurchased at
$751,792,500, collateralized by $2,025,093,172
Federal Home Loan Mortgage Corp. Bonds and
Federal National Mortgage Assoc. Bonds 4.00%
to 7.50% due from 10/01/10 to 02/01/36. The
market value is $772,500,001.)
Goldman Sachs & Co.
4.69% 05/09/06 650,000 650,000,000
(Agreement dated 03/02/06 to be repurchased at
$655,758,278, collateralized by $1,138,405,344
Federal Home Loan Mortgage Corp. Bonds and
Federal National Mortgage Assoc. Bonds 4.00%
to 8.00% due from 01/01/17 to 04/01/36. The
market value is $669,500,000.)
Morgan Stanley & Co., Inc.
4.76% 05/01/06 255,000 255,000,000
(Agreement dated 04/28/06 to be repurchased at
$255,101,150, collateralized by $327,473,540
Federal National Mortgage Assoc. Bonds,
Discount Notes and Variable Rate Notes 0.00%
to 5.07% due from 06/02/06 to 07/01/35. The
market value is $263,159,060.)
Morgan Stanley & Co., Inc.
4.78% 05/01/06 125,714 125,714,000
(Agreement dated 04/28/06 to be repurchased at
$125,763,678, collateralized by $161,443,171
Federal National Mortgage Assoc. Bonds,
Discount Notes and Variable Rate Notes 0.00%
to 5.07% due from 06/02/06 to 07/01/35. The
market value is $129,736,384.)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
REPURCHASE AGREEMENTS (Continued)
PNC Bank, N.A.(g)
4.58% 05/01/06 $ 104,300 $ 104,300,000
(Agreement dated 04/28/06 to be repurchased at
$104,339,808, collateralized by $325,770,400
Federal National Mortgage Assoc. Bonds 4.50%
to 6.00% due from 12/01/19 to 04/01/35. The
market value is $218,294,482.)
UBS Securities LLC
4.78% 05/09/06 520,000 520,000,000
(Agreement dated 04/18/06 to be repurchased at
$521,449,933, collateralized by $535,602,079
Federal Home Loan Mortgage Corp. Strips and
Federal National Mortgage Assoc. Strips 0.00%
due from 04/01/32 to 05/01/36. The market
value is $535,602,079.)
UBS Securities LLC
4.78% 05/10/06 1,000,000 1,000,000,000
(Agreement dated 03/29/06 to be repurchased at
$1,005,576,667, collateralized by $1,030,000,476
Federal National Mortgage Assoc. Bonds 4.00%
to 6.50% due from 07/01/18 to 05/01/36. The
market value is $1,025,823,608.)
UBS Securities LLC
4.79% 05/10/06 2,000,000 2,000,000,000
(Agreement dated 03/29/06 to be repurchased at
$2,011,176,667, collateralized by $2,000,002,495
Federal Home Loan Mortgage Corp. Bonds and
Federal National Mortgage Assoc. Bonds and
Strips 0.00% to 6.50% due from 04/01/18 to
05/01/36. The market value is $2,056,707,755.)
-------------
TOTAL REPURCHASE AGREEMENTS
(Cost $5,523,014,000)
5,523,014,000
-------------
TOTAL INVESTMENTS IN SECURITIES - 100.0%
(Cost $31,449,129,869(a)) 31,449,129,869
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.0% 15,083,184
--------------
NET ASSETS - 100.0% $31,464,213,053
===============
- -------------------
(a) Aggregate cost for federal income tax purposes.
(b) Security is a foreign domiciled issuer which is registered with the
Securities and Exchange Commission.
(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,
2006, the Fund held 8.5% of its net assets, with a current market value of
$2,671,395,144, in securities restricted as to resale.
(d) Rates shown are the rates as of April 30, 2006 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
(e) Ratings reflect those of guarantor.
(f) Illiquid Security. As of April 30, 2006, the Fund held 4.9% of its net
assets, with a current market value of $1,533,000,000 in these
securities.
(g) Represents an investment in an affiliate.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
14
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPCASH
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
CERTIFICATES OF DEPOSIT - 18.1%
Domestic - 4.8%
Citibank N.A. (A-1+, P-1)
4.70% 05/15/06 $147,000 $ 147,000,000
Washington Mutual Bank FA (A-1, P-1)
4.75% 05/08/06 177,000 177,000,000
4.80% 05/08/06 87,055 87,055,000
4.75% 05/10/06 52,000 51,999,871
Wells Fargo Bank, N.A. (A-1+, P-1)
4.82% 05/03/06 170,855 170,855,000
-------------
633,909,871
-------------
Yankee - 13.3%
Banque Nationale de Paribas, New York
(A-1+, P-1)
4.50%(b) 10/19/06 132,000 132,000,000
Barclays Bank PLC, New York (A-1+, P-1)
4.98%(b) 06/29/06 150,000 150,000,000
4.99%(b) 06/29/06 25,000 25,000,000
Credit Suisse Group, New York (A-1, P-1)
4.71%(b) 05/08/06 576,000 576,000,000
Depfa Bank PLC, New York (A-1+, P-1)
4.79%(b) 05/10/06 46,000 45,999,886
Mizuho Corp. Bank, New York (A-1, P-1)
5.01%(b) 06/23/06 132,345 132,345,000
Natexis Banque, New York (A-1, P-1)
5.00%(b) 06/29/06 31,395 31,393,470
Royal Bank of Canada, New York (A-1+, P-1)
4.96%(b) 06/28/06 33,000 32,998,910
Royal Bank of Scotland, New York (A-1+, P-1)
4.52%(b) 10/20/06 67,620 67,620,772
4.81%(b) 01/16/07 105,000 105,000,000
4.87%(b) 02/02/07 252,900 252,900,000
Societe Generale, New York (A-1+, P-1)
4.78%(b) 12/06/06 105,000 105,000,000
Sumitomo Mitsui Banking Corp., New York
(A-1, P-1)
4.82%(b) 05/08/06 80,000 80,000,000
-------------
1,736,258,038
-------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $2,370,167,909) 2,370,167,909
-------------
COMMERCIAL PAPER - 38.6%
Asset Backed Securities - 23.4%
Atlantis One Funding Corp. (A-1+, P-1)
4.55% 07/18/06 121,728 120,527,965
Barton Capital Corp. (A-1+, P-1)
4.77% 05/04/06 20,620 20,611,803
Beethoven Funding Corp. (A-1, P-1)
4.87% 05/05/06 26,000 25,985,931
4.76% 05/08/06 63,000 62,941,690
4.80% 05/08/06 15,000 14,986,000
4.78% 05/10/06 54,000 53,935,470
4.95% 06/22/06 47,800 47,458,230
4.95% 06/28/06 57,476 57,017,629
Brahms Funding Corp. (A-1, P-1)
4.81% 05/04/06 35,110 35,095,927
5.02% 06/26/06 30,850 30,609,096
Cancara Asset Securitization LLC (A-1+, P-1)
4.76% 05/01/06 75,000 75,000,000
4.76% 05/05/06 89,875 89,827,466
4.76% 05/08/06 33,895 33,863,628
4.79% 05/08/06 118,190 118,079,919
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
COMMERCIAL PAPER (Continued)
Asset Backed Securities (continued)
Concord Minutemen Capital Co. (A-1, P-1)
4.77% 05/04/06 $ 40,000 $ 39,984,100
4.67% 05/17/06 22,000 21,954,338
4.96% 06/26/06 22,400 22,227,171
Cullinan Finance Corp. (A-1+, P-1)
4.68% 05/11/06 12,650 12,633,555
4.94% 06/15/06 39,424 39,180,557
Dakota Notes Program (A-1, P-1)
4.73% 05/04/06 95,510 95,472,353
4.79% 05/10/06 125,000 124,850,312
Dorada Finance, Inc. (A-1+, P-1)
4.78% 05/09/06 30,745 30,712,342
Emerald Certificates (A-1+, P-1)
4.79% 05/05/06 40,000 39,978,711
Giro U.S. Funding Corp. (A-1, P-1)
4.77% 05/05/06 87,000 86,953,890
4.80% 05/05/06 180,906 180,809,517
Grampian Funding LLC (A-1+, P-1)
4.55% 07/03/06 100,000 99,203,750
K2 (USA) LLC (A-1+, P-1)
4.56% 07/18/06 34,900 34,555,188
Liberty Street Funding Corp. (A-1, P-1)
4.79% 05/10/06 71,257 71,171,670
Lockhart Funding LLC (P-1)
4.79% 05/03/06 123,000 122,967,268
5.10% 05/22/06 578 576,280
Monument Gardens Funding LLC (A-1, P-1)
4.89% 06/21/06 46,697 46,373,506
Norddeutsche Landesbank (A-1, P-1)
4.78%(c) 05/10/06 60,000 59,928,300
Park Granada LLC (A-1+, P-1)
4.78% 05/09/06 24,000 23,974,507
4.98% 06/23/06 20,000 19,853,367
Park Sienna LLC (A-1+, P-1)
4.80% 05/04/06 44,656 44,638,138
4.76% 05/09/06 33,600 33,564,459
4.78% 05/09/06 31,000 30,967,071
4.98% 06/23/06 19,360 19,218,059
Ranger Funding Co. LLC (A-1+, P-1)
4.75% 05/04/06 100,000 99,960,417
Sheffield Receivables Corp. (A-1+, P-1)
4.78% 05/04/06 76,810 76,779,404
Silver Tower U.S. Funding Corp. (A-1, P-1)
4.68% 05/05/06 25,000 24,987,014
Solitaire Funding LLC (A-1+, P-1)
4.76%(c) 05/10/06 259,800 259,490,838
4.78%(c) 05/10/06 48,340 48,282,234
Sydney Capital Corp. (A-1+, P-1)
4.79% 05/10/06 100,000 99,880,250
Thames Asset Global Securitization Corp.
(A-1, P-1)
4.79% 05/01/06 99,190 99,190,000
4.78%(c) 05/09/06 27,665 27,635,614
Thunder Bay Funding, Inc. (A-1, P-1)
4.72%(c) 05/10/06 37,247 37,203,048
Ticonderoga Funding LLC (A-1+, P-1)
4.78% 05/10/06 23,145 23,117,342
Transamerica Asset Funding (A-1+, P-1)
4.79% 05/05/06 31,780 31,763,086
Transamerica Securitization Liquidity Notes
(A-1+, P-1)
4.81% 05/02/06 20,094 20,091,315
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
15
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPCASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
COMMERCIAL PAPER (Continued)
Asset Backed Securities (continued)
Victory Receivables Corp. (A-1, P-1)
4.78% 05/04/06 $ 21,000 $ 20,991,635
4.78% 05/05/06 53,594 53,565,536
4.95% 06/26/06 50,000 49,615,000
-------------
3,060,241,896
-------------
Banks - 8.4%
Banco Bilbao Vizcaya, Argentina (A-1, P-1)
4.78% 05/10/06 59,600 59,528,778
Bank of America Corp. (A-1+, P-1)
4.93% 06/28/06 131,600 130,554,730
4.94% 06/29/06 191,000 189,453,017
Citigroup Funding Corp. (A-1+, P-1)
4.76% 05/04/06 37,700 37,685,046
4.76% 05/08/06 20,000 19,981,489
Natexis Banque Populaires, New York (A-1, P-1)
4.56% 07/31/06 133,000 131,468,634
Rabobank U.S. Finance Co. (A-1+, P-1)
4.84% 05/01/06 73,000 73,000,000
Societe Generale N.A. (A-1+, P-1)
4.78% 05/10/06 152,985 152,801,992
UBS Finance LLC Delaware (A-1+, P-1)
4.78% 05/10/06 300,000 299,641,875
-------------
1,094,115,561
-------------
Insurance Carriers NEC - 0.5%
MetLife, Inc. (A-1+, P-1)
4.68% 05/11/06 63,971 63,887,838
-------------
Life Insurance - 0.8%
Irish Life & Permanent Corp. (A+, A1)
4.95%(c)(d) 05/22/06 100,000 100,000,000
-------------
Mortgage Bankers & Correspondents - 3.2%
Countrywide Financial Corp. (A-1, F-1)
4.90% 05/01/06 138,000 138,000,000
4.70% 05/05/06 128,000 127,933,156
4.80% 05/08/06 159,768 159,618,883
-------------
425,552,039
-------------
Security Brokers & Dealers - 1.1%
Bear Stearns & Co. (A-1, P-1)
4.76% 05/09/06 141,000 140,850,853
-------------
Short-Term Business Credit Institutions - 1.2%
General Electric Capital Services (A-1+, P-1)
4.93% 06/28/06 155,000 153,768,869
-------------
TOTAL COMMERCIAL PAPER
(Cost $5,038,417,056) 5,038,417,056
-------------
MASTER NOTES - 5.0%
Security Brokers & Dealers - 5.0%
Bank of America Securities LLC (A-1+, P-1)
4.96%(d) 05/01/06 166,200 166,200,000
Citigroup Global Markets, Inc. (A-1+, P-1)
4.94%(d) 05/01/06 142,000 142,000,000
Merrill Lynch Mortgage Capital, Inc. (A-1, P-1)(e)
4.98%(d) 05/01/06 122,655 122,655,000
Morgan Stanley Mortgage Capital, Inc.
(A-1, P-1)(e)
5.04%(d) 05/01/06 219,000 219,000,000
-------------
TOTAL MASTER NOTES
(Cost $649,855,000) 649,855,000
-------------
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
VARIABLE RATE OBLIGATIONS - 23.3%
Asset Backed Securities - 3.6%
Links Finance LLC (AAA, Aaa)
4.81%(c)(d) 05/01/06 $ 25,000 $ 25,000,197
Racers XL (A-1, P-1)
4.79%(c)(d) 05/22/06 223,600 223,600,000
4.97%(c)(d) 05/22/06 129,400 129,400,009
Wachovia Asset Securitization, Inc., Series
04-HM1, Class A (AAA, Aaa)
4.94%(c)(d) 05/25/06 37,646 37,646,330
Wachovia Asset Securitization, Inc., Series
04-HM2, Class A (AAA, Aaa)
4.95%(c)(d) 05/25/06 48,329 48,329,334
-------------
463,975,870
-------------
Banks - 3.7%
All Seasons Funding LLC (Federal Home Loan
Bank Guaranty) (Aaa)(e)
4.93%(d) 05/08/06 3,995 3,995,000
Dewberry IV LLP (Mercantile Safe Deposit LOC)
(AA-)(e)
5.04%(d) 05/08/06 16,000 16,000,000
Gables of Germantown (Marshall & Illsely Bank
LOC) (A-1, P-1)(e)
5.08%(d) 05/08/06 15,000 15,000,000
Green Knight Economic Development Series 2004
(Fulton Bank LOC) (A-1)(e)
5.15%(d) 05/08/06 2,485 2,485,000
HBOS Treasury Services PLC (A-1+, P-1)
4.88%(d) 05/01/06 45,000 45,010,248
5.00%(c)(d) 06/26/06 150,000 150,000,000
Laurel Grocery Co. LLC (US Bank N.A. LOC)
(A-1, P-1)(e)
5.02%(d) 05/08/06 1,425 1,425,000
Madison Hotel Investors LLC (Marshall & Ilsley
Bank LOC) (A-1, P-1)(e)
5.00%(d) 05/08/06 34,000 34,000,000
5.00%(d) 05/08/06 14,900 14,900,000
MB&B Holdings LLC (Marshall & Ilsley Bank LOC)
(A-1, P-1)
5.08%(d) 05/04/06 6,700 6,700,000
5.08%(d) 05/04/06 3,635 3,635,000
North Square Associates LLP (Marshall & Ilsley
Bank LOC) (A-1, P-1)(e)
5.08%(d) 05/08/06 14,390 14,390,000
Oxford Capital Enterprise LLC (National City Bank
of Cleveland LOC) (A-1, P-1)(e)
5.02%(d) 05/08/06 3,925 3,925,000
Paca-Pratt Associates, Inc. (M&T Bank N.A. LOC)
(A-1)(e)
5.05%(d) 05/08/06 16,000 16,000,000
Park Street Properties I LLC (U.S. Bank LOC)
(Aa1)(e)
5.00%(d) 05/03/06 9,000 9,000,000
Park Village (Bank One N.A. LOC) (A-1+, P-1)(e)
5.10%(d) 05/04/06 6,955 6,955,000
Prospect Aggregates, Inc. (Fulton Bank LOC)
(A-1)(e)
5.15%(d) 05/04/06 8,710 8,710,000
Shipley Group LP (Fulton Bank LOC) (VMIG-1)(e)
5.15%(d) 05/08/06 15,935 15,935,000
Tom Gill LLC (U.S. Bank N.A. LOC) (A-1, P-1)(e)
5.04%(d) 05/08/06 1,530 1,530,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
16
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPCASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
VARIABLE RATE OBLIGATIONS (Continued)
Banks (continued)
Westpac Banking Corp. (AA-, Aa3)(e)
4.93%(d) 06/12/06 $108,250 $ 108,250,000
-------------
477,845,248
-------------
Life Insurance - 5.4%
Allstate Life Global Funding II (AA, Aa2)
4.96%(c)(d) 05/16/06 100,000 100,000,000
4.98%(c)(d) 05/30/06 40,000 40,000,000
MetLife Global Funding I (AA, Aa2)
5.10%(c)(d) 05/30/06 40,000 40,000,000
Monumental Life Insurance Co. (A-1+, P-1)
4.95%(d)(f) 06/01/06 200,000 200,000,000
New York Life Insurance Co. (A-1+, P-1)
4.98%(d)(f) 06/13/06 300,000 300,000,000
Transamerica Occidental Life Insurance Co.
(A-1+, P-1)
4.96%(d)(f) 06/01/06 26,000 26,000,000
-------------
706,000,000
-------------
Municipal Bonds - 1.5%
American National Fish & Wildlife Museum of
Missouri RB Series 2004B DN (Commerce Bank
NA LOC) (A-1)(e)
5.12%(d) 05/08/06 900 900,000
Bergen County New Jersey Import Authority
(Encap Golf Holdings LLC) RB Series 2005D DN
(Wachovia Bank N.A. LOC) (VMIG-1)
5.00%(d) 05/08/06 14,230 14,230,000
Covington Kentucky Industrial Building RB Series
2005A DN (U.S. Bank LOC) (A-1, P-1)(e)
5.02%(d) 05/08/06 9,120 9,120,000
Massachusetts State Housing Finance Agency RB
(Avalon Flanders Project) Series 2004A DN
(Morgan Guaranty Trust LOC) (A-1+)(e)
4.87%(d) 05/08/06 21,710 21,710,000
Mayfield Cornerstone LLC RB Series 2005A DN
(Huntington National Bank LOC) (A-1, P-1)
5.10%(d) 05/08/06 2,895 2,895,000
Mayfield Cornerstone LLC RB Series 2005B DN
(Huntington National Bank LOC) (A-1, P1)
5.10%(d) 05/08/06 1,045 1,045,000
Mayfield Spine Center RB Series 2005 DN
(Huntington National Bank LOC) (A-1, P1)
5.10%(d) 05/08/06 500 500,000
Mayfield Spine Center RB Series 2005B DN
(Huntington National Bank LOC)
5.10%(d) 05/08/06 1,315 1,315,000
New York State Dormitory Authority RB (Taxable
Project) Series 2005A DN (A-1+, F-1+)
4.87%(d) 05/08/06 14,335 14,335,000
New York State Housing Finance Agency RB
Series 2003B DN (VMIG-1)
4.85%(d) 05/08/06 22,900 22,900,000
Santa Rosa California RB Series 2004 DN (Bank
One N.A. LOC) (A-1+, F1+)(e)
4.87%(d) 05/04/06 42,000 42,000,000
Savannah College Georgia RB (Art & Design
Project) Series 2004 DN (A-1+)(e)
5.00%(d) 05/04/06 7,300 7,300,000
SDB Capital LLC RB DN (Marshall & Ilsley Bank
N.A. LOC) (A-1, P-1)
5.00%(d) 05/08/06 20,000 20,000,000
Texas GO Series 2004D DN (Dexia Credit Local
SBPA) (A-1+, VMIG-1)(e)
4.85%(d) 05/03/06 2,635 2,635,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
VARIABLE RATE OBLIGATIONS (Continued)
Municipal Bonds (continued)
Texas GO Series 2004E DN (Dexia Credit Local
SBPA) (A-1+, VMIG-1)(e)
4.85%(d) 05/03/06 $ 9,400 $ 9,400,000
Texas GO Series 2005I-C MB (A-1+, VMIG-1)
4.85%(d) 05/03/06 15,000 15,000,000
4.85%(d) 05/03/06 5,270 5,270,000
Utah Telecommunication Open RB (Infrastructure
Agency Project) Series 2004 DN (Bank of
America LOC) (A-1+)(e)
4.93%(d) 05/08/06 8,000 8,000,000
-------------
198,555,000
-------------
Security Brokers & Dealers - 7.0%
Bear Stearns & Co., Inc. (A-1, P-1)
4.80%(d) 05/05/06 25,000 25,000,000
5.04%(d) 05/30/06 64,000 64,000,000
Goldman Sachs Group, Inc. (A-1, P-1)
4.82%(c)(d) 06/08/06 212,010 212,010,000
Greenwich Capital Holdings, Inc. (A-1+, P-1)
4.95%(d) 05/30/06 34,000 34,000,000
Lehman Brothers Holdings, Inc. (A-1, P-1)
4.92%(d) 05/01/06 29,000 29,000,000
Merrill Lynch & Co., Inc. (A+, Aa3)
5.05%(d) 05/11/06 300,000 300,073,433
5.14%(d) 07/19/06 20,000 20,007,671
Morgan Stanley & Co., Inc. (A-1, P-1)
4.92%(d) 05/01/06 31,700 31,700,000
4.93%(d) 05/15/06 200,000 200,025,000
-------------
915,816,104
-------------
Short-Term Business Credit Institutions - 2.1%
General Electric Capital Corp. (AAA, Aaa)
4.95%(d) 05/09/06 116,000 116,010,628
General Electric Capital Services (AAA, Aaa)
5.00%(d) 05/17/06 163,760 163,816,960
-------------
279,827,588
-------------
TOTAL VARIABLE RATE OBLIGATIONS
(Cost $3,042,019,811) 3,042,019,810
-------------
MEDIUM TERM NOTES - 0.5%
Goldman Sachs Group, Inc. (A-1, P-1)
4.82%
(Cost $63,550,000) 05/05/06 63,550 63,550,000
-------------
TIME DEPOSITS - 6.7%
Svenska Handelsbanken AB (A-1+, P-1)
4.88% 05/01/06 279,000 279,000,000
Wells Fargo Bank, N.A. (A-1+, P-1)
4.84% 05/01/06 597,000 597,000,000
-------------
TOTAL TIME DEPOSITS
(Cost $876,000,000) 876,000,000
-------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
17
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPCASH (CONCLUDED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ----------- -----------------
REPURCHASE AGREEMENTS - 7.7%
Deutsche Bank Securities, Inc.
4.79% 05/01/06 $200,000 $ 200,000,000
(Agreement dated 04/28/06 to be repurchased at
$200,079,833, collateralized by $206,468,603
Federal National Mortgage Assoc. Bonds and
Variable Rate Mortgage Notes and Government
National Mortgage Assoc. Bonds 4.97% to
6.00% due 12/16/21 to 03/25/36. The value of
the collateral is $206,000,000.)
Goldman Sachs & Co.
4.69% 05/09/06 200,000 200,000,000
(Agreement dated 03/02/06 to be repurchased at
$201,771,778, collateralized by $223,173,334
Federal Home Loan Mortgage Corp. Bonds and
Federal National Mortgage Assoc. Bonds 4.50%
to 5.50% due 06/01/20 to 09/01/35. The value of
the collateral is $206,000,000.)
Morgan Stanley & Co., Inc.
4.78% 05/01/06 375,562 375,562,000
(Agreement dated 04/28/06 to be repurchased at
$375,711,599, collateralized by $486,925,511
Federal National Mortgage Assoc. Bonds 4.50%
to 5.00% due 03/01/34 to 08/01/35. The value of
the collateral is $388,299,125.)
UBS Securities LLC
4.78% 05/09/06 230,000 230,000,000
(Agreement dated 04/18/06 to be repurchased at
$230,641,317, collateralized by $337,199,455
Federal Home Loan Mortgage Corp. Bonds and
Federal National Mortgage Assoc. Bonds 4.50%
to 5.50% due 04/01/18 to 04/01/36. The value of
the collateral is $236,904,169.)
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $1,005,562,000) 1,005,562,000
---------------
TOTAL INVESTMENTS IN SECURITIES - 99.9%
(Cost $13,045,571,775(a)) 13,045,571,775
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.1% 17,924,709
---------------
NET ASSETS - 100.0% $13,063,496,484
===============
- -------------------
(a) Aggregate cost for federal income tax purposes.
(b) Security is a foreign domiciled issuer which is registered with the
Securities and Exchange Commission.
(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,
2006, the Fund held 11.8% of its net assets, with a current market value of
$1,538,525,904, in securities restricted as to resale.
(d) Rates shown are the rates as of April 30, 2006 and maturities shown are
the next interest readjustment date or the date the principal owed can be
recovered through demand.
(e) Ratings reflect those of guarantor.
(f) Illiquid Security. As of April 30, 2006, the Fund held 4.0% of its net
assets, with a current market value of $526,000,000 in these securities.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
18
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
FEDFUND
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
AGENCY OBLIGATIONS - 40.2%
Federal Farm Credit Bank Variable Rate Notes - 14.4%
4.73%(b) 05/01/06 $105,000 $ 104,972,802
4.76%(b) 05/01/06 95,000 94,992,040
4.78%(b) 05/01/06 172,000 172,000,156
4.80%(b) 05/01/06 40,000 40,000,106
4.79%(b) 05/12/06 80,000 80,007,806
-------------
491,972,910
-------------
Federal Home Loan Bank Bonds - 0.2%
2.10% 10/13/06 7,415 7,338,338
-------------
Federal Home Loan Bank Discount Notes - 0.0%
4.71% 05/01/06 414 414,000
-------------
Federal Home Loan Bank Variable Rate Notes - 7.3%
4.57%(b)(c) 05/02/06 100,000 99,986,132
4.82%(b)(c) 05/22/06 150,000 149,972,590
-------------
249,958,722
-------------
Federal Home Loan Mortgage Corp. Discount Notes - 3.8%
4.23% 09/27/06 20,000 19,649,850
4.48% 12/01/06 33,500 32,606,862
4.50% 01/09/07 35,000 33,893,125
4.58% 01/19/07 47,500 45,910,676
-------------
132,060,513
-------------
Federal Home Loan Mortgage Corp. Variable Rate Notes - 4.4%
4.78%(b) 06/19/06 150,000 149,908,151
-------------
Federal National Mortgage Assoc. Discount Notes - 8.6%
4.68% 06/01/06 125,000 124,495,712
4.54% 05/01/06 100,000 100,000,000
4.62% 08/01/06 50,000 49,409,667
4.56% 10/02/06 20,000 19,609,866
-------------
293,515,245
-------------
Federal National Mortgage Assoc. Variable Rate Notes - 1.5%
4.72%(b) 05/08/06 50,000 49,986,863
-------------
TOTAL AGENCY OBLIGATIONS
(Cost $1,375,154,742) 1,375,154,742
-------------
REPURCHASE AGREEMENTS - 63.7%
Deutsche Bank Securities, Inc.
4.79% 05/01/06 382,444 382,444,000
(Agreement dated 04/28/06 to be repurchased at
$382,596,659, collateralized by $678,003,172
Federal Home Loan Mortgage Corp. Adjustable
Rate Mortgage Notes and Bonds and Federal
National Mortgage Assoc. Bonds and Variable
Rate Notes 3.40% to 7.50% due from 01/01/16
to 04/01/36. The market value is $393,917,320.)
Deutsche Bank Securities, Inc.
4.79% 05/01/06 200,000 200,000,000
(Agreement dated 04/28/06 to be repurchased at
$200,079,833, collateralized by $354,563,373
Federal Home Loan Mortgage Corp. Adjustable
Rate Mortgage Notes and Bonds and Federal
National Mortgage Assoc. Bonds and Variable
Rate Notes 3.40% to 7.50% due from 01/01/16
to 04/01/36. The market value is $206,000,000.)
Goldman Sachs & Co.
4.78% 05/05/06 400,000 400,000,000
(Agreement dated 04/03/06 to be repurchased at
$401,699,556, collateralized by $508,237,578
Federal Home Loan Mortgage Corp. Bonds and
Federal National Mortgage Assoc. Bonds 4.00%
to 6.00% due from 09/01/18 to 12/01/35. The
PAR
MATURITY (000) VALUE
market value is $412,000,000.) ---------- ------------------ -------------------
REPURCHASE AGREEMENTS (Continued)
Goldman Sachs & Co.
4.69% 05/09/06 $100,000 $ 100,000,000
(Agreement dated 03/02/06 to be repurchased at
$100,885,889, collateralized by $203,085,314
Federal National Mortgage Assoc. Bonds 5.50%
due from 04/01/21 to 02/01/33. The market
value is $103,000,000.)
Merrill Lynch Government Securities, Inc.
4.78% 05/03/06 100,000 100,000,000
(Agreement dated 04/03/06 to be repurchased at
$100,398,333, collateralized by $225,551,924
Federal Home Loan Mortgage Corp. Adjustable
Rate Mortgage Notes and Bonds and Federal
National Mortgage Assoc. Bonds and Variable
Rate Mortgage Notes 4.00% to 6.00% due from
12/15/11 to 03/15/36. The market value is
$ 103,001,789.)
Morgan Stanley & Co., Inc.
4.76% 05/01/06 195,000 195,000,000
(Agreement dated 04/28/06 to be repurchased at
$195,077,350, collateralized by $342,722,505
Federal Home Loan Mortgage Corp. Adjustable
Rate Mortgage Notes and Bonds, Federal
National Mortgage Assoc. Discount Notes and
Variable Rate Mortgage Notes, and U.S.
Treasury Notes and Strip Principals 0.00% to
6.71% due from 05/31/06 to 04/01/43. The
market value is $201,374,253.)
Morgan Stanley & Co., Inc.
4.78% 05/01/06 300,000 300,000,000
(Agreement dated 04/28/06 to be repurchased at
$300,119,500, collateralized by $527,265,393
Federal Home Loan Mortgage Corp. Adjustable
Rate Mortgage Notes and Bonds, Federal
National Mortgage Assoc. Discount Notes and
Variable Rate Mortgage Notes and U.S.
Treasury Notes and Strip Principals 0.00% to
6.71% due from 05/31/06 to 04/01/43. The
market value is $309,806,544.)
Morgan Stanley & Co., Inc.
4.78% 05/05/06 200,000 200,000,000
(Agreement dated 04/04/06 to be repurchased at
$200,823,222, collateralized by $351,510,262
Federal Home Loan Mortgage Corp. Adjustable
Rate Mortgage Notes and Bonds, Federal
National Mortgage Assoc. Discount Notes and
Variable Rate Mortgage Notes and U.S.
Treasury Notes and Strip Principals 0.00% to
6.71% due from 05/31/06 to 04/01/43. The
market value is $206,537,696.)
UBS Securities LLC
4.79% 05/10/06 300,000 300,000,000
(Agreement dated 03/29/06 to be repurchased at
$301,676,500, collateralized by $309,003,334
Federal Home Loan Mortgage Corp. Strips
0.00% due from 08/01/20 to 02/01/36. The
market value is $309,003,334.)
-------------
TOTAL REPURCHASE AGREEMENTS
(Cost $2,177,444,000)
2,177,444,000
-------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
19
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
FEDFUND (CONCLUDED)
APRIL 30, 2006 (UNAUDITED)
VALUE
-----------------
TOTAL INVESTMENTS IN SECURITIES - 103.9%
(Cost $3,552,598,742(a)) $3,552,598,742
LIABILITIES IN EXCESS OF OTHER
ASSETS - (3.9)% (132,373,820)
--------------
NET ASSETS - 100.0% $3,420,224,922
==============
- -------------------
(a) Aggregate cost for federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2006 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) The rate shown is the effective yield on the discount notes at the time of
purchase.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
20
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
T-FUND
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------- -----------------
REPURCHASE AGREEMENTS - 100.2%
Deutsche Bank Securities, Inc.
4.72% 05/01/06 $1,000,000 $1,000,000,000
(Agreement dated 04/28/06 to be repurchased at
$1,000,393,333, collateralized by $2,436,773,000
U.S. Treasury Inflation Indexed Securities,
Strips and Strip Principals 5.25% to 8.88% due
07/15/14 to 08/15/29. The value of the collateral
is $1,020,000,384.)
Greenwich Capital Markets, Inc.
4.70% 05/01/06 100,000 100,000,000
(Agreement dated 04/28/06 to be repurchased at
$100,039,167, collateralized by $190,448,451
U.S. Treasury Strip Principals 3.50% to 11.75%
due 05/15/06 to 02/15/31. The value of the
collateral is $102,003,110.)
J.P. Morgan Securities, Inc.
4.70% 05/01/06 700,000 700,000,000
(Agreement dated 04/28/06 to be repurchased at
$700,274,167, collateralized by $734,613,000
U.S. Treasury Notes 2.75% to 4.38% due
07/31/06 to 05/15/15. The value of the collateral
is $714,003,920.)
Lehman Brothers, Inc.
4.63% 05/01/06 179,000 179,000,000
(Agreement dated 04/28/06 to be repurchased at
$179,069,064, collateralized by $164,163,000
U.S. Treasury Bonds and Notes 4.50% to 7.13%
due 02/28/11 to 02/15/23. The value of the
collateral is $182,582,353.)
Merrill Lynch Government Securities, Inc.
4.69% 05/01/06 750,000 750,000,000
(Agreement dated 04/28/06 to be repurchased at
$750,293,125, collateralized by $769,886,000
U.S. Treasury Inflation Indexed Securities and
Notes 1.88% to 4.50% due 05/31/07 to 07/15/13.
The value of the collateral is $765,004,317.)
Morgan Stanley & Co., Inc.
4.69% 05/01/06 598,752 598,752,000
(Agreement dated 04/28/06 to be repurchased at
$598,986,012, collateralized by $1,557,720,000
U.S. Treasury Strip Principals 6.25% to 7.63%
due 08/15/22 to 02/15/25. The value of the
collateral is $610,727,105.)
UBS Securities LLC
4.72% 05/01/06 700,000 700,000,000
(Agreement dated 04/28/06 to be repurchased at
$700,275,333, collateralized by $697,001,000
U.S. Treasury Inflation Indexed Securities and
Notes 2.00% to 2.63% due 04/30/06 to 01/15/14.
The value of the collateral is $714,002,144.)
UBS Securities LLC
4.71% 05/31/06 300,000 300,000,000
(Agreement dated 03/09/06 to be repurchased at
$303,257,750, collateralized by $311,845,000
U.S. Treasury Inflation Indexed Securities 1.88%
due 07/15/15. The value of the collateral is
$306,003,311.)
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $4,327,752,000) 4,327,752,000
--------------
VALUE
-----------------
TOTAL INVESTMENTS IN SECURITIES - 100.2%
(Cost $4,327,752,000(a)) $4,327,752,000
LIABILITIES IN EXCESS OF OTHER
ASSETS - (0.2)% (8,280,004)
--------------
NET ASSETS - 100.0% $4,319,471,996
==============
- -------------------
(a) Aggregate cost for federal income tax purposes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
21
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
FEDERAL TRUST FUND
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- --------- ---------------
AGENCY OBLIGATIONS - 99.9%
Federal Farm Credit Bank Discount Notes - 5.8%
4.67% 05/09/06 $5,800 $ 5,793,981
4.70% 05/09/06 300 299,687
4.51% 12/20/06 2,000 1,941,620
------------
8,035,288
------------
Federal Farm Credit Bank Variable Rate Notes - 38.4%
4.73%(b) 05/01/06 20,000 19,994,772
4.75%(b) 05/01/06 10,000 9,998,476
4.76%(b) 05/01/06 4,250 4,249,803
4.78%(b) 05/01/06 5,000 5,000,009
4.80%(b) 05/01/06 10,000 10,000,026
4.83%(b) 05/19/06 4,000 3,999,955
------------
53,243,041
------------
Federal Home Loan Bank Bonds - 0.7%
2.10% 10/13/06 1,000 989,661
------------
Federal Home Loan Bank Discount Notes - 51.4%
4.71% 05/01/06 14,622 14,622,000
4.66% 05/03/06 7,000 6,998,188
4.67% 05/05/06 1,200 1,199,377
4.68% 05/05/06 16,223 16,214,564
4.68% 05/08/06 20,000 19,981,800
4.67% 05/09/06 3,000 2,996,887
4.73% 05/09/06 3,106 3,102,735
4.67% 05/10/06 3,200 3,196,264
4.69% 05/10/06 1,850 1,847,831
4.70% 05/10/06 350 349,589
4.71% 05/10/06 800 799,058
------------
71,308,293
------------
Federal Home Loan Bank Variable Rate Notes - 3.6%
4.82%(b) 05/22/06 5,000 4,999,087
------------
TOTAL AGENCY OBLIGATIONS
(Cost $138,575,370) 138,575,370
------------
TOTAL INVESTMENTS IN SECURITIES - 99.9%
(Cost $138,575,370(a)) 138,575,370
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.1% 120,248
------------
NET ASSETS - 100.0% $138,695,618
============
- -------------------
(a) Aggregate cost for federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2006 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
SCHEDULE OF INVESTMENTS
TREASURY TRUST FUND
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- --------------
U.S. TREASURY OBLIGATIONS - 99.8%
U.S. Treasury Bills - 57.3%
4.39% 05/11/06 $55,000 $54,932,931
4.44% 05/18/06 74,860 74,703,150
4.46% 05/18/06 20,000 19,957,878
4.49% 05/18/06 75,000 74,840,979
4.52% 05/18/06 59,862 59,734,086
4.45% 05/25/06 100,000 99,703,133
4.48% 05/25/06 6,235 6,216,357
4.50% 05/25/06 32,000 31,904,000
4.51% 05/25/06 14 13,958
4.55% 05/25/06 100,000 99,696,867
4.55% 06/01/06 55,000 54,784,507
4.52% 06/15/06 100,000 99,434,875
-----------
675,922,721
-----------
U.S. Treasury Notes - 42.5%
2.00% 05/15/06 240,000 239,760,204
2.50% 05/31/06 225,668 225,270,339
7.00% 07/15/06 36,000 36,179,236
-----------
501,209,779
-----------
TOTAL INVESTMENTS IN SECURITIES - 99.8%
(Cost $1,177,132,500(a)) 1,177,132,500
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.2% 2,915,275
-------------
NET ASSETS - 100.0% $1,180,047,775
==============
- -------------------
(a) Aggregate cost for federal income tax purposes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
23
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS - 99.3%
Alabama - 4.6%
Cullman Medical Park RB (South Medical Clinic
Board Project) (Merrill Lynch P-Float Trust
Receipts) Series 2005-121 DN (Lloyds Bank
LOC) (VMIG-1)
3.86%(b)(c) 05/08/06 $10,800 $10,800,000
Jefferson County GO Warrants Series 2001B DN
(Morgan Guaranty Trust , Bayerische
Landesbank Girozentrale SBPA) (A-1+, VMIG-1)
3.76%(c) 05/01/06 96,885 96,885,000
Jefferson County Sewer RB Series 1985 DN
(A-1+, VMIG-1)
3.82%(c) 05/08/06 3,150 3,150,000
-----------
110,835,000
-----------
Alaska - 0.1%
Matanuska-Susitna Borough RB (Wachovia
Merlots Trust Receipts) Series 2001A-114 DN
(FGIC Insurance, Wachovia Bank N.A. SBPA)
(A-1)
3.82%(b)(c) 05/08/06 3,135 3,135,000
-----------
Arizona - 0.2%
Pima County IDRB (El Dorado Hospital Project)
Series 2004 DN (Branch Banking & Trust Co.
LOC) (VMIG-1)
3.82%(c) 05/08/06 5,400 5,400,000
-----------
Arkansas - 0.6%
Arkansas Housing Finance Authority RB (Baptist
Health Project) Series 1995 DN (MBIA
Insurance) (A-1+)
3.85%(c) 05/08/06 15,400 15,400,000
-----------
California - 6.0%
Bay Area Toll Authority Toll Bridge RB Series
2006MT-238 DN (Liquidity Facility, Depfa Bank
PLC) (F-1+)
3.93%(b)(c) 05/01/06 35,000 35,000,000
California Department of Water Resource Power
Supply RB Series 2002B-2 DN (Banque
Nationale de Paribas LOC) (A-1+, VMIG-1)
3.78%(c) 05/01/06 150 150,000
California State Department Water Reserve Power
Supply RB Series 2005F-5 DN (Citibank LOC)
(A-1+, VMIG-1)
3.78%(c) 05/01/06 46,685 46,685,000
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+)
3.86%(b)(c) 05/08/06 3,735 3,735,000
Golden State Tobacco Settlement Securitization
RB Series 2006Z-4 DN (FSA Insurance) (F-1+)
3.86%(b)(c) 05/08/06 4,960 4,960,000
Golden State Tobacco Settlement Securitization
RB Series 2006Z-5 DN (AMBAC Insurance)
(F-1+)
3.86%(b)(c) 05/08/06 2,400 2,400,000
Los Angeles Unified School District GO (ABN
AMRO Munitops Trust Receipts) Series 2005-36
DN (Kredietbank LOC) (F-1+, AAA)
3.54%(b)(c) 10/02/06 12,995 12,995,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A PZP-005 DN (Multiple LOCs,
Merrill Lynch & Co. Inc. SBPA) (AAA, F-1+)
3.90%(b)(c) 05/08/06 13,500 13,500,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
California (continued)
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A PZP-006 DN (FGIC Insurance)
(F-1+)
3.90%(b)(c) 05/08/06 $ 7,305 $ 7,305,000
San Diego Public Facilities Financing Authority
Lease RB (Merrill Lynch P-Float Trust Receipts)
Series 2002 PPT-1002C DN (Kredietbank LOC)
(A-1)
3.85%(b)(c) 05/08/06 19,755 19,755,000
-----------
146,485,000
-----------
Colorado - 4.6%
Alamosa County Hospital RB (San Luis Valley
Regional Medical Center Project) Series 2005
DN (U.S. Bank N.A. LOC) (A-1+)
3.85%(c) 05/08/06 11,355 11,355,000
Colorado Education Loan Program RB Series 2005
TRAN (SP-1+, MIG-1)
4.00% 08/07/06 16,500 16,556,657
Colorado Health Facilities Authority RB (Liberty
Heights Retirement Project) Series 2005 PZ-82
DN (Merrill Lynch & Co. Guaranty) (A-1+)
3.88%(b)(c) 05/08/06 27,525 27,525,000
Colorado Health Facilities Authority RB (Merrill
Lynch P-Float Trust Receipts) Series 2002
PZ-89 DN (Merrill Lynch Guaranty) (A-1)
3.88%(b)(c) 05/08/06 14,590 14,590,000
Colorado Health Facilities Authority RB (Total
Long-Term Care Project) Series 2002 DN (U.S.
Bank N.A. LOC) (A-1+)
3.79%(c) 05/08/06 4,160 4,160,000
Colorado Housing & Finance Authority RB
(Multi-Family Housing Grant Project) Series
2006A DN (Wells Fargo Bank N.A. LOC) (A-1+)
3.81%(c) 05/08/06 2,000 2,000,000
Colorado Housing & Finance Authority RB (Single
Family Mortgage Project) Series 2005-1B5 MB
(SP-1, MIG-1)
2.75% 07/05/06 10,000 10,000,000
Colorado Public Highway Authority RB (Merrill
Lynch P-Float Trust Receipts) Series 2005
PZ-46 DN (MBIA Insurance, Merrill Lynch & Co.
SBPA)
3.88%(b)(c) 05/08/06 6,510 6,510,000
Colorado Springs Utilities RB (Citibank Trust
Receipts) Series 2005R ROC-II-457 DN (Citibank
Liquidity Facility) (VMIG-1)
3.84%(b)(c) 05/08/06 7,465 7,465,000
Denver Urban Renewal Authority Tax Increment
RB (Merrill Lynch P-Float Trust Receipts)
Series 2004 PT-999 DN (Lloyds Bank SBPA)
(A-1, AA-)
3.89%(b)(c) 05/08/06 9,800 9,800,000
East Cherry Creek Valley RB (Water & Sanitation
Project) Series 2004 DN (MBIA Insurance, Dexia
Bank SPBA) (A-1+)
3.71%(c) 05/04/06 2,550 2,550,000
-----------
112,511,657
-----------
Connecticut - 0.5%
Connecticut Health & Educational Facilities
Authority RB (Yale University Project) Series
1999U DN (A-1+, VMIG-1)
3.50%(c) 05/08/06 11,715 11,715,000
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
24
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Delaware - 0.8%
Delaware Economic Development Authority RB
(St. Anne's Episcopal School Project) Series
2001 DN (Wilmington Trust Co. LOC) (A-1)
3.90%(c) 05/08/06 $ 2,000 $2,000,000
Delaware Economic Development Authority RB
(St. Edmonds Academy Project) Series 2005 DN
(Mercantile Safe Deposit & Trust Bank LOC)
(VMIG-1)
3.85%(c) 05/08/06 10,500 10,500,000
New Castle County Student Housing Authority RB
(University Courtyard Appartments Project)
Series 2005 DN (Bank of New York LOC)
(VMIG-1)
3.83%(c) 05/08/06 5,000 5,000,000
Sussex County IDRB (Rehoboth Mall Project)
Series 2001A DN (M&T Bank Corp. LOC) (A-1)
3.88%(c) 05/08/06 3,125 3,125,000
----------
20,625,000
----------
District of Columbia - 0.2%
District of Columbia RB (Arts & Technology
Academy Project) Series 2002 DN (M&T Bank
Corp. LOC) (VMIG-1)
3.85%(c) 05/08/06 3,640 3,640,000
District of Columbia Water & Sewer Authority
Public Utilities RB Series 2002A-64 DN
(Wachovia Bank N.A. LOC) (VMIG-1)
3.82%(b)(c) 05/08/06 2,275 2,275,000
----------
5,915,000
----------
Florida - 1.9%
Broward County GO (Wachovia Merlots Trust
Receipts) Series 2004B-9 DN (Wachovia Bank
N.A. SBPA) (A-1)
3.82%(b)(c) 05/08/06 5,625 5,625,000
Florida Board of Education GO (Eagle Tax Exempt
Trust Receipts) Series 2003A DN (Citibank
SBPA) (A-1+)
3.84%(b)(c) 05/08/06 4,945 4,945,000
Florida Juvenile Department RB (Wachovia Merlot
Trust Receipts) Series 2000 DN (MBIA
Insurance) (VMIG-1)
3.82%(b)(c) 05/08/06 11,200 11,200,000
Jacksonville Excise Tax RB (Bear Stearns
Municipal Trust Certificates) Series 2002A-9049
DN (AMBAC Insurance, Bear Stearns Capital
Markets Liquidity Facility) (A-1)
3.85%(b)(c) 05/08/06 8,760 8,760,000
Leesburg Hospital RB (Villages Regional Hospital
Project) Series 2006 DN (Radian Asset
Assurance, Inc. Guaranty) (A-1+, VMIG-1)
3.83%(c) 05/08/06 12,000 12,000,000
Pinellas County Housing Finance Authority RB
Series 2004A DN (CDC Funding Insurance,
Rabobank SBPA) (VMIG-1)
3.89%(b)(c) 05/08/06 2,595 2,595,000
----------
45,125,000
----------
Georgia - 2.7%
American Public Energy Agency RB (Nebraska
Gas Supply Project) Series 2005A DN (Societe
Generale LOC)
3.80%(c) 05/08/06 25,800 25,800,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Georgia (continued)
Appling County Development Authority PCRB
(Oglethorpe Power Corp. Project) Series 2002
DN (MBIA Insurance, J.P. Morgan Chase Bank
SBPA) (A-1+)
3.85%(c) 05/08/06 $ 2,415 $2,415,000
Atlanta Water & Wastewater (Citibank Eagle Trust
Receipts) RB Series 2005 DN (FSA Insurance,
Citibank Liquidty Facility) (A-1+)
3.84%(b)(c) 05/08/06 5,000 5,000,000
Bibb County Methodist Home Development
Authority RB Series 2001 DN (SunTrust Bank
LOC) (VMIG-1)
3.80%(c) 05/08/06 2,940 2,940,000
Clayton County Hospital Authority Anticipation
Certificates RB Series 1998B DN (SunTrust
Bank LOC) (Aa3)
3.80%(c) 05/08/06 1,840 1,840,000
Cobb County Development Authority RB (Boy
Scouts of America Atlanta Project) Series 2001
DN (SunTrust Bank LOC) (VMIG-1)
3.80%(c) 05/08/06 3,000 3,000,000
Cobb County Development Authority RB (Highland
Park Associates Project) Series 1998 DN
(SunTrust Bank LOC)
3.80%(c) 05/08/06 2,900 2,900,000
Dekalb County Housing Authority Multi-Family
Housing RB (Clairmont Crest Project) Series
1995 DN (Federal National Mortgage Assoc.
Guaranty) (A-1+, VMIG-1)
3.83%(c) 05/08/06 400 400,000
Forsyth County Development Authority RB
(Pinecrest Academy, Inc. Project) Series 2000D
DN (Suntrust Bank LOC) (VMIG-1)
3.82%(c) 05/08/06 1,000 1,000,000
Fulton County Development Authority RB (Epstein
School Project) Series 1997 DN (SunTrust Bank
LOC) (Aa3)
3.80%(c) 05/08/06 1,900 1,900,000
Fulton County Development Authority RB (Mount
Vernon Presbyterian School Project) Series
2005 DN (Branch Banking & Trust LOC)
(VMIG-1)
3.82%(c) 05/08/06 3,000 3,000,000
Fulton County Development Authority RB (Trinity
School Project) Series 2001 DN (SunTrust Bank
LOC) (VMIG-1)
3.80%(c) 05/08/06 2,000 2,000,000
Fulton County Residential Care Facilities RB
(Canterbury Court Project) Series 2004C DN
(HSH Nordbank LOC) (A-1+)
3.80%(c) 05/08/06 4,000 4,000,000
Georgia Local Government Certificates RB Series
2002O DN (MBIA Insurance, Bank of America
N.A. Liquidity Facility) (A-1+)
3.88%(b)(c) 05/08/06 2,310 2,310,000
Gwinnett County Hospital Authority Anticipation
Certificates RB Series 2002 DN (SunTrust Bank
LOC) (A-1+)
3.80%(c) 05/08/06 3,000 3,000,000
Macon-Bibb County Hospital Authority RB (The
Medical Center of Central Georgia Project)
Series 1998 DN (SunTrust Bank LOC) (A-1+)
3.80%(c) 05/08/06 3,000 3,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
25
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Georgia (continued)
Medical Center Hospital Authority RB (Spring
Harbor at Green Island Project) Series 2004 DN
(Bank of Scotland LOC) (F-1+)
3.79%(c) 05/08/06 $ 1,900 $1,900,000
----------
66,405,000
----------
Hawaii - 0.9%
Hawaii GO (Citibank Eagle Trust Receipts) Series
2002 DN (FSA Insurance) (A-1+)
3.84%(b)(c) 05/08/06 3,600 3,600,000
Hawaii Municipal Securities Trust Certificates GO
(Bear Stearns Municipal Trust Certificates)
Series 2002A-9051 DN (FSA Insurance) (A-1)
3.85%(b)(c) 05/08/06 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+)
3.90%(c) 05/08/06 7,500 7,500,000
----------
21,090,000
----------
Illinois - 6.9%
Boone, McHenry & Dekalb Counties GO (Merrill
Lynch P-Float Trust Receipts) Series 2005
PZ-50 DN (MBIA Insurance Guaranty) (F-1+)
3.88%(b)(c) 05/08/06 2,730 2,730,000
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)
3.82%(b)(c) 05/08/06 4,970 4,970,000
Chicago Board of Education GO (Wachovia Merlots
Trust Receipts) Series 1999A-47 DN (FGIC
Insurance, Wachovia Bank N.A. LOC) (A-1)
3.82%(c) 05/08/06 3,090 3,090,000
Chicago Board of Education GO Series 2005 PZ-60
DN (FGIC Insurance, Merrill Lynch & Co. SBPA)
(F-1+)
3.88%(b)(c) 05/08/06 2,045 2,045,000
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)
3.85%(b)(c) 05/08/06 4,695 4,695,000
Chicago GO (Wachovia Merlots Trust Receipts)
Series 2000W DN (AMBAC Insurance, Wachovia
Bank N.A. Liquidity Facility) (VMIG-1)
3.82%(b)(c) 05/08/06 2,000 2,000,000
Chicago O'Hare International Airport RB
(Wachovia Merlot Trust Receipts) Series
2002A-25 DN (MBIA Insurance, Wachovia Bank
N.A. Liquidity Facitility) (VMIG-1)
3.82%(b)(c) 05/08/06 5,285 5,285,000
Chicago Park District RB (Citibank Eagle Tax
Exempt Trust Receipts) Series 2002-1306 DN
(FGIC Insurance, Citibank Liquidity Facility)
(A-1+)
3.84%(b)(c) 05/08/06 5,345 5,345,000
Chicago Sales Tax RB (Wachovia Merlots Trust
Receipts) Series 2000AAA DN (FSA Insurance)
(VMIG-1)
3.82%(b)(c) 05/08/06 5,000 5,000,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Chicago Wastewater Transmission RB Series 2004
PZ-40 DN (MBIA Insurance, Merrill Lynch & Co.
SBPA)
3.88%(b)(c) 05/08/06 $ 2,115 $2,115,000
Cook County Capital Improvement GO (Wachovia
Merlot Trust Receipts) Series 2002C DN
(AMBAC Insurance, Wachovia Bank N.A.
Liquidity Facility) (VMIG-1)
3.82%(b)(c) 05/08/06 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)
3.85%(b)(c) 05/08/06 15,970 15,970,000
Illinios Finance Authority RB (Landing at
Plymouth Place Project) Series 2005C DN
(LaSalle Bank LOC)
3.80%(b)(c) 05/08/06 5,000 5,000,000
Illinois Dedicated Tax RB (Macon Trust
Certificates) Series 2002N DN (AMBAC
Insurance) (A-1+)
3.90%(b)(c) 05/08/06 2,935 2,935,000
Illinois Development Finance Authority RB
(Merrill Lynch P-Floats Trust Receipts) Series
2005PZ-80 DN (Merrill Lynch & Co. Liquidity
Facility) (VMIG-1)
3.88%(b)(c) 05/08/06 12,200 12,200,000
Illinois Educational Facilities Authority RB (Macon
Trust Certificates) Series 2005D DN (Bank of
America N.A. SBPA) (A-1+)
3.84%(b)(c) 05/04/06 2,780 2,780,000
Illinois Educational Facility Authority RB (Aurora
University Project) Series 2002 DN (Fifth Third
Bank N.A. LOC) (VMIG-1)
3.87%(c) 05/08/06 1,800 1,800,000
Illinois GO (Macon Trust Certificates) Series 2006L
DN (Bank of America N.A. SBPA) (VMIG-1)
3.84%(b)(c) 05/08/06 3,500 3,500,000
Illinois GO (Wachovia Merlots Trust Reciepts)
Series 2002 DN (MBIA Insurance, Wachovia
Bank N.A. SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 2,490 2,490,000
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)
3.85%(b)(c) 05/08/06 14,865 14,865,000
Illinois Regional Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series
2002A-24 DN (Wachovia Bank N.A. SBPA)
(VMIG-1)
3.82%(b)(c) 05/08/06 13,560 13,560,000
Lake County First Preservation District GO
(Citibank Trust Receipts) Series 2003R ROC-II
DN (Citibank Liquidity Facility) (A-1+)
3.84%(b)(c) 05/08/06 1,985 1,985,000
Metropolitan Pier & Exposition Authority
Dedicated Tax Restructure RB (Merrill Lynch
P-Floats Trust Receipts) Series 2005 PZ-52 DN
(Merrill Lynch & Co. SBPA)
3.88%(b)(c) 05/08/06 7,570 7,570,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
26
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Metropolitan Pier & Exposition Authority
Dedicated Tax Restructure RB (Merrill Lynch
P-Floats Trust Receipts) Series 2005 PZ-84 DN
(Merrill Lynch & Co. SBPA)
3.88%(b)(c) 05/08/06 $ 1,025 $ 1,025,000
Metropolitan Pier & Exposition Authority RB
(Dedicated State Tax Receipts) Series
2005PZ-44 DN (MBIA Insurance, Merrill Lynch
Capital Services SBPA) (F-1+)
3.88%(b)(c) 05/08/06 5,610 5,610,000
Metropolitan Pier & Exposition Authority RB
(Dedicated State Tax Receipts) Series 2005Z-5
DN (MBIA Insurance, Goldman Sachs Liquidity
Facility) (F-1+)
3.87%(b)(c) 05/08/06 5,140 5,140,000
Metropolitan Pier & Exposition Authority RB
(Dedicated State Tax Receipts) Series 2006Z-1
DN (MBIA Insurance, Goldman Sachs Liquidity
Facility)
3.87%(b)(c) 05/08/06 3,110 3,110,000
Metropolitan Pier & Exposition Authority RB
(Dedicated State Tax Receipts) Series 2006Z-8
DN (MBIA Insurance, Goldman Sachs Liquidity
Facility)
3.87%(b)(c) 05/08/06 6,240 6,240,000
Regional Transportation Authority GO (Wachovia
Merlots Trust Receipts) Series 2001A-86 DN
(FGIC Insurance, Wachovia Bank N.A. LOC)
(VMIG-1)
3.82%(b)(c) 05/08/06 1,600 1,600,000
Rockford Industrial Development Authority RB
(Trinity Learning Center Project) Series 2003
DN (Marshall & Isley LOC)
3.85%(b)(c) 05/08/06 2,000 2,000,000
University of Illinois RB (Wachovia Merlots Trust
Receipts) Series 2000 DN (MBIA Insurance,
Wachovia Bank N.A. SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 3,500 3,500,000
Will County Community School District No. 365
GO (Goldman Sachs Trust Receipts) Series
2006Z TOCS-10 DN (FSA Insurance, Goldman
Sachs Liquidity Facility)
3.87%(b)(c) 05/08/06 2,065 2,065,000
Will County Community Unit School District No.
122 GO (New Lenox Project) Series 2005 PZ-48
DN (FSA Insurance, Merrill Lynch Capital
Services SBPA)
3.88%(b)(c) 05/08/06 3,345 3,345,000
Will County Community Unit School District No.
365 GO Series 2005 DN (FSA Insurance, Merrill
Lynch Capital Services SBPA) (F-1+)
3.88%(b)(c) 05/08/06 7,695 7,695,000
-----------
166,760,000
-----------
Indiana - 3.1%
Indiana Development Finance Authority RB
(Educational Facilities-Eiteljorg Museum
Project) Series 2004 DN (Bank One N.A. LOC)
(VMIG-1)
3.83%(c) 05/03/06 16,500 16,500,000
Indiana Health Facilities Financing Authority RB
(Golden Years Homestead Project) Series 2004
DN (Wells Fargo Bank LOC) (A-1+)
3.81%(c) 05/08/06 1,100 1,100,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Indiana (continued)
Indiana Health Facilities Financing Authority RB
(Memorial Hospital Project) Series 2004A DN
(National City Bank of Indiana LOC)
3.85%(c) 05/08/06 $21,195 $21,195,000
Indiana Municipal Securities Trust Certificates RB
(Bear Stearns Municipal Trust Receipts) Series
2001A DN (Bear Stearns Capital Markets
Liquidity Facility) (A-1)
3.85%(b)(c) 05/08/06 11,115 11,115,000
Indiana State Educational Facilities Authority RB
(Wabash College Project) Series 2003 DN (Bank
One N.A. LOC) (VMIG-1)
3.83%(c) 05/08/06 2,520 2,520,000
Indiana Transportation Finance Authority Highway
RB Series 2004 DN (FGIC Insurance, Bank of
New York SBPA) (A-1+)
3.86%(b)(c) 05/08/06 4,000 4,000,000
Indianapolis Public Improvment RB (Goldman
Sachs P-Floats Trust Receipts) Series 2006
PZ-7 DN (AMBAC Insurance, Goldman Sachs
Liquidity Facilty)
3.87%(b)(c) 05/08/06 4,000 4,000,000
Jasper County Economic Development Authority
RB (Oak Grove Project) Series 2006 DN (Fifth
Third Bank LOC) (A-1+)
3.85%(c) 05/08/06 4,800 4,800,000
Porter County Industrial Jail Building Corp. RB
(Wachovia Merlots Trust Receipts) Series
2001A-43 DN (Wachovia Bank N.A. LOC) (A-1)
3.82%(b)(c) 05/08/06 7,135 7,135,000
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)
3.82%(b)(c) 05/08/06 3,300 3,300,000
-----------
75,665,000
-----------
Iowa - 0.7%
Des Moines Commercial Development RB (Grand
Office Park Project) Series 1985 DN (Principal
Life Insurance Co. Guaranty) (A-1+)
3.97%(c) 05/08/06 6,000 6,000,000
Iowa Higher Education Loan Authority RB (Private
College Project) Series 1985 DN (MBIA
Insurance) (A-1+, VMIG-1)
3.87%(c) 05/08/06 1,600 1,600,000
Urbandale IDRB (Aurora Business Park Assoc.
Project) Series 1985 DN (Principal Life
Insurance Co. Guaranty) (A-1+)
3.94%(c) 05/08/06 9,200 9,200,000
-----------
16,800,000
-----------
Kentucky - 2.2%
Fort Mitchell League of Cities RB (Funding Trust
Lease Project) Series 2002A DN (U.S. Bank N.A.
LOC) (VMIG-1)
3.82%(c) 05/08/06 4,600 4,600,000
Kentucky Assoc. of Counties Advance Revenue
COP Series 2005 TRAN (SP-1+)
4.00% 06/30/06 20,000 20,039,989
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
27
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Kentucky (continued)
Kentucky Economic Development Finance
Authority RB (Hospital Facilities Project) Series
2001-509 DN (Merrill Lynch SBPA, National
Australia Bank LOC) (A-1)
3.89%(b)(c) 05/08/06 $28,000 $28,000,000
-----------
52,639,989
-----------
Louisiana - 1.8%
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-1+)
3.90%(c) 05/08/06 22,435 22,435,000
Louisiana Local Government Environmental
Facilities Community Development Authority
RB (Capital & Equipment Programs Project)
Series 2006A DN (AMBAC Insurance, Banque
Nationale de Paribas Liquidity Facility)
(A-1+, Aaa)
3.90%(c) 05/08/06 20,000 20,000,000
Louisiana Public Facilities Authority RB (Tiger
Athletic Foundation Project) Series 1999 DN
(Regional Bank of Louisiana LOC)
3.82%(c) 05/08/06 300 300,000
-----------
42,735,000
-----------
Maine - 0.2%
Maine GO Series 2005 TAN (A-1+, MIG-1)
4.00% 06/30/06 4,000 4,008,323
-----------
Maryland - 2.0%
Baltimore County RB (St. Paul's School for Girls
Facility Project) Series 2000 DN (M&T Bank
Corp. LOC) (A-1)
3.85%(c) 05/08/06 6,505 6,505,000
Maryland Health & Higher Education Facilities
Authority RB (Adventist Healthcare Project)
Series 2003B DN (M&T Bank Corp. LOC)
(VMIG-1)
3.85%(c) 05/08/06 3,330 3,330,000
Maryland Health & Higher Education Facilities
Authority RB (Bear Stearns Municipal
Securities Trust Receipts) Series 2003 SGA-143
DN (Societe Generale Liquidity Facility) (A-1+)
3.85%(b)(c) 05/03/06 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)
3.75%(c) 05/08/06 4,150 4,150,000
Maryland Health & Higher Education Facilities
Authority RB (Doctors Community Hospital
Project) Series 1997 DN (M&T Bank Corp. LOC)
(A-1)
3.75%(c) 05/08/06 5,480 5,480,000
Maryland State Health & Higher Educational
Facilities Authority RB (Adventist Healthcare
Project) Series 2005A DN (LaSalle Bank LOC)
(VMIG-1)
3.79%(c) 05/08/06 10,000 10,000,000
Montgomery County Economic Development RB
(Brooke Grove Foundation, Inc. Project) Series
1998 DN (M&T Bank Corp. LOC) (A-1)
3.75%(c) 05/08/06 8,715 8,715,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Maryland (continued)
Montgomery County RB (Imagination Stage, Inc.
Facility Project) Series 2002 DN (M&T Bank
Corp. LOC) (A-1)
3.88%(c) 05/08/06 $ 3,865 $ 3,865,000
Montgomery County RB (Ivymount School, Inc.
Facilities Project) Series 2000 DN (M&T Bank
Corp. LOC) (A-1)
3.88%(c) 05/08/06 2,700 2,700,000
-----------
49,745,000
-----------
Massachusetts - 7.1%
Freetown Lakeville Regional School District GO
Series 2005 BAN (SP-1+)
4.25% 10/20/06 4,400 4,423,723
Gill-Montague Regional School District GO Series
2005 BAN (SP-1+)
3.62% 07/28/06 18,130 18,165,503
Hopkinton GO Series 2005 BAN (SP-1+)
4.00% 08/09/06 4,133 4,145,206
Massachusetts Development Finance Agency
Multi-Family Housing RB (Carleton Willard
Village Project) Series 2000 DN (Fleet National
Bank LOC) (A-1)
3.80%(c) 05/08/06 16,435 16,435,000
Massachusetts Health & Educational Facilities
Authority RB (Harvard University Project) Series
1999R DN (A-1+, VMIG-1)
3.61%(c) 05/01/06 33,600 33,600,000
Massachusetts Health & Educational Facilities
Authority RB (Harvard University Project) Series
2000BB DN (A-1+, VMIG-1)
3.63%(c) 05/08/06 80,375 80,375,000
Massachusetts State School Building Authority
Dedicated Sales Tax RB (Putters Series 1052)
Series 2005 DN (FSA Liquidity Facility) (A-1+)
3.40%(b)(c) 05/08/06 8,850 8,850,000
Medford GO Series 2006 BAN
4.00% 11/01/06 1,000 1,003,687
Worcester GO Series 2006 BAN (SP-1+, MIG-1)
4.25% 11/10/06 6,050 6,080,350
-----------
173,078,469
-----------
Michigan - 5.0%
Comstock Park Public Schools RB (Citigroup
Trust Receipts) Series 2005 ROC-II-R DN
(Citigroup Liquidity Facility) (VMIG-1)
3.84%(b)(c) 05/08/06 1,330 1,330,000
Detroit City School District RB (Wachovia Merlots
Trust Receipts) Series 2004B-01 DN (FGIC
Insurance, Wachovia Bank N.A. SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 14,380 14,380,000
Detroit Sewer & Disposal Authority RB (Wachovia
Merlots Trust Receipts) Series 2001A-112 DN
(MBIA Insurance) (VMIG-1)
3.82%(b)(c) 05/08/06 7,940 7,940,000
Detroit Sewer & Disposal Authority RB Series
2001E MB (FGIC Insurance) (A-1+, MIG-1)
3.00% 07/12/06 14,600 14,599,827
Garden City Hospital Finance Authority RB
(Garden City Hospital Project) Series 1996A DN
(National City Bank N.A. LOC) (A-1+)
3.82%(c) 05/08/06 2,670 2,670,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
28
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
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)
3.78%(c) 05/01/06 $ 5,200 $ 5,200,000
Kalamazoo Education Authority RB (Friendship
Village Project) Series 1997A DN (Fifth Third
Bank N.A. LOC) (A-1+)
3.80%(c) 05/08/06 3,565 3,565,000
Michigan GO Series 2005A MB (SP-1+, MIG-1)
4.50% 09/29/06 30,000 30,149,738
Michigan Housing Development Authority Limited
Obligation RB Series 1985 DN (Bank One N.A.
LOC) (VMIG-1)
3.78%(c) 05/08/06 20,600 20,600,000
Michigan Municipal Bond Authority RB Series
2005-339 DN (Citibank SBPA) (VMIG-1)
3.84%(b)(c) 05/08/06 8,910 8,910,000
Michigan Municipal Bond Authority RB Series
2005B-2 MB (J.P. Morgan Chase Bank LOC)
(SP-1+)
4.00% 08/18/06 9,100 9,128,503
Michigan Municipal Bond Authority RB Series
2005C MB (J.P. Morgan Chase Bank LOC)
(SP-1+)
4.25% 08/18/06 2,000 2,007,067
Oxford Community School GO Series 1996 MB
(AAA, Aaa)
5.40% 05/01/06 1,500 1,515,000
-----------
121,995,135
-----------
Minnesota - 2.8%
Midwest Consortium of Municipal Utilities RB
Series 2005B DN (U.S. Bank N.A. LOC) (A-1+)
3.81%(c) 05/08/06 3,000 3,000,000
Midwest Consortium of Municipal Utilities RB
Series 2005 DN (U.S. Bank N.A. LOC) (A-1+)
3.81%(c) 05/08/06 3,720 3,720,000
Minneapolis & St. Paul Airport RB (Wachovia
Merlots Trust Receipts) Series 2000A DN (FGIC
Insurance) (VMIG-1)
3.82%(b)(c) 05/08/06 4,990 4,990,000
Minneapolis GO Series 2003 DN (Dexia Bank
SBPA) (A-1+, VMIG-1)
3.66%(c) 05/04/06 1,920 1,920,000
Minneapolis RB (Convention Center Project)
Series 2000 DN (Bayerische Landesbank
Girozentrale SBPA) (A-1+, VMIG-1)
3.66%(c) 05/08/06 295 295,000
Minnesota Housing Finance Agency RB
(Residential Housing Project) Series 2005D MB
(SP-1+, MIG-1)
2.90% 05/18/06 21,000 20,995,005
Minnesota Public Facilities Authority Water PCRB
(Wachovia Merlots Trust Receipts) Series 2002A
DN (Wachovia Bank N.A. SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 14,715 14,715,000
Southern Minnesota Power Agency Power Supply
Systems RB (Merrill Lynch P-Floats) Series
2005 PZ-77 DN (MBIA Insurance) (F-1+)
3.88%(b)(c) 05/08/06 3,305 3,305,000
St. Cloud RB (Infrastructure Management Fund
Project) Series 2004 DN (Dexia Bank SBPA)
(A-1+, VMIG-1)
3.71%(c) 05/08/06 700 700,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Minnesota (continued)
Washington County Housing & Redevelopment
Authority Multi-Family RB (Federal Home Loan
Mortgage Corp. P-Float Trust Receipts) Series
2005 MT-154 DN (Federal Home Loan Mortgage
Corp. Guaranty) (A-1+)
3.87%(b)(c) 05/08/06 $ 6,995 $ 6,995,000
West St. Paul ISD Number 197 RB (CitiGroup Trust
Receipts) Series 6506-ROC-R-II DN (Citibank
SBPA) (A-1+)
3.43%(b)(c) 06/01/06 7,155 7,155,000
-----------
67,790,005
-----------
Mississippi - 2.8%
Mississippi Development Bank Special Obligation
Municipal Gas Authority RB (Natural Gas
Authority Project) Series 2005 DN (Societe
Generale Bank LOC)
3.80%(c) 05/08/06 25,000 25,000,000
Mississippi Development Bank Special Obligation
RB (Correctional Facilities Project) Series 2002
DN (AMBAC Insurance, Amsouth Bank of
Alabama SBPA) (A-1)
3.90%(c) 05/08/06 3,575 3,575,000
Mississippi Development Bank Special Obligation
RB (Mississippi Bond Program Harrison County
Project) Series 2003 DN (AMBAC Insurance,
Banque Nationale de Paribas SBPA) (A-1+)
3.90%(c) 05/08/06 8,730 8,730,000
Mississippi Development Bank Special Obligation
RB (Mississippi Bond Program Harrison County
Project) Series 2005 DN (AMBAC Insurance)
(A-1+)
3.90%(c) 05/04/06 15,000 15,000,000
Mississippi Development Bank Special Obligation
RB (Wachovia Merlots Trust Receipts) Series
2000HH DN (AMBAC Insurance, Wachovia Bank
SBPA) (Aaa, VMIG-1)
2.83%(b)(c) 07/19/06 16,475 16,475,000
-----------
68,780,000
-----------
Missouri - 2.1%
Medical Center Educational Building Corp. RB
(Adult Hospital Project) Series 2001 DN (A-1)
3.79%(c) 05/08/06 10,000 10,000,000
Missouri Board Public Buildings Special
Obligation RB (Wachovia Merlots Trust
Receipts) Series 2003A DN (Wachovia Bank N.A.
SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 4,965 4,965,000
Missouri Development Finance Board Lease RB
Series 1999 DN (TransAmerican Life Insurance)
(A-1+)
3.87%(c) 05/08/06 18,525 18,525,000
Missouri Health & Educational Facilities Medical
Research Facilities RB (Stowers Institute
Project) Series 2000 DN (MBIA Insurance LOC)
(A-1+, VMIG-1)
3.82%(c) 05/08/06 18,000 18,000,000
-----------
51,490,000
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
29
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Multi-State - 1.3%
Municipal Securities Pool Trust Receipts RB
Series 2004-17 DN (Multiple Insurances,
Societe Generale SBPA) (A-1+)
3.93%(b)(c) 05/08/06 $10,800 $10,800,000
Municipal Securities Pool Trust Receipts RB
Series 2004-18 DN (Societe Generale SBPA)
(A-1+)
3.93%(b)(c) 05/08/06 3,965 3,965,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A DN (Merrill Lynch Capital Services
SBPA) (F-1+)
3.93%(b)(c) 05/08/06 3,160 3,160,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005PZP-007 DN (Multiple LOCs)
(AAA, F-1+)
3.90%(b)(c) 05/08/06 13,260 13,260,000
-----------
31,185,000
-----------
Nebraska - 0.9%
American Public Energy Agency Gas Supply RB
(National Public Gas Agency Project) Series
2003A DN (Societe Generale SBPA)
(A-1+, VMIG-1)
3.85%(c) 05/08/06 14,700 14,700,000
Omaha GO (Citibank Eagle Trust Receipts) Series
2004A DN (Citibank SBPA) (A-1+)
3.84%(b)(c) 05/08/06 8,000 8,000,000
-----------
22,700,000
-----------
Nevada - 1.2%
Clark County Airport RB (ABN-AMRO Munitops
Trust Certificates) Series 2005-56 DN (AMBAC
Insurance, ABN-AMRO Bank N.V. SBPA)
(F-1+, AAA)
3.48%(b)(c) 09/11/06 4,995 4,995,000
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+)
3.85%(b)(c) 05/08/06 12,480 12,480,000
Clark County School District Municipal Securities
Trust Certificates RB (Putters Project-745)
Series 2006 DN (FGIC Insurance, J.P. Morgan
Chase Bank Liquidity Facility) (A-1+)
3.51%(b)(c) 05/08/06 4,785 4,785,000
Reno Capital Improvement RB (Bear Stearns
Trust Certificates) Series 2002A DN (FGIC
Insurance, Bear Stearns LOC) (A-1)
3.85%(b)(c) 05/08/06 7,600 7,600,000
-----------
29,860,000
-----------
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+)
3.86%(c) 05/08/06 7,000 7,000,000
-----------
New Jersey - 2.5%
Gloucester County Industrial Financing Authority
PCRB (Exxon Mobil Corp. Project) Series 2003
DN (Exxon Mobil Corp. Guaranty) (A-1+, VMIG-1)
3.28%(c) 05/01/06 9,100 9,100,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
New Jersey (continued)
Hudson County Improvement Authority RB
(Essential Purpose Pooled Government Project)
Series 1986 DN (Bank of New York LOC)
3.72%(c) 05/08/06 $ 3,050 $ 3,050,000
Mercer County Improvement Authority RB
(Atlantic Foundation Project) Series 1998 DN
(Bank of America N.A. LOC) (A-1+)
3.75%(c) 05/08/06 9,920 9,920,000
New Jersey Economic Development Authority RB
(Citibank P-Float Trust Receipts) Series 2004
ROC-II-R-309 DN (Assured Guaranty Corp.
Insurance, Citibank N.A. SBPA) (A-1+)
3.85%(b)(c) 05/08/06 13,100 13,100,000
New Jersey Economic Development Authority RB
(Landesbank Hessen-Thuringen Girozentrale
P-Float Trust Receipts) Series 2004 MT-035 DN
(Assured Guaranty Corp. Insurance,
Landesbank Hessen-Thuringen Girozentrale
SBPA) (A-1)
3.82%(b)(c) 05/08/06 2,200 2,200,000
New Jersey Economic Development Authority RB
(Lawrenceville School Project) Series 1996B DN
(J.P. Morgan Chase Bank SBPA) (VMIG-1)
3.25%(c) 05/01/06 9,825 9,825,000
New Jersey Economic Development Authority RB
(Stuart Country Day School Project) Series 2002
DN (M&T Bank Corp. LOC) (VMIG-1)
3.77%(c) 05/08/06 1,400 1,400,000
New Jersey Educational Facilities Authority RB
(Princeton University Project) Series 2003F DN
(A-1+, VMIG-1)
3.59%(c) 05/01/06 10,605 10,605,000
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)
3.85%(b)(c) 05/08/06 2,455 2,455,000
-----------
61,655,000
-----------
New Mexico - 0.6%
ABN AMRO Munitops Trust Receipts RB Series
2005-42 DN (AMBAC Insurance) (F-1+)
3.84%(c) 05/08/06 10,290 10,290,000
New Mexico Financial Authority RB (Cigarette Tax
Project) Series 2004B DN (MBIA Insurance,
Bank of America N.A. SBPA) (A-1+, VMIG-1)
3.83%(c) 05/08/06 3,115 3,115,000
-----------
13,405,000
-----------
New York - 2.6%
Dormitory Authority of the State of New York RB
(Teresian House Housing Corp. Project) Series
2003 DN (Lloyds Bank LOC) (A-1+)
3.80%(c) 05/08/06 10,475 10,475,000
Metropolitan Pier & Exposition Authority RB (Bear
Stearns Trust Certificates) Series 2005A-224
DN (MBIA Insurance, Bear Stearns Capital
Markets Liquidity Facility) (VMIG-1)
3.92%(b)(c) 05/08/06 4,455 4,455,000
Metropolitan Transportation Authority RB Series
2006 DN (ABN-AMRO Bank N.V. LOC)
(A-1+, P-1)
3.50% 07/11/06 13,000 13,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
30
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
New York (continued)
New York City Transitional Finance Authority RB
(Citibank Trust Receipts) Series 2005R
ROC-II-465 DN (Citibank Liquidity Facility)
(A-1+)
3.83%(b)(c) 05/08/06 $ 10 $ 10,000
New York Environmental Facilities Clean Water &
Drinking RB (Citibank Trust Receipts) Series
2004R ROC-3016 DN (Citigroup SBPA) (A-1+)
3.43%(b)(c) 06/01/06 3,680 3,680,000
New York GO Series 2005E-3 DN (Bank of America
LOC) (A-1+, VMIG-1)
3.79%(c) 05/08/06 7,100 7,100,000
Triborough Bridge & Tunnel Authority RB (Merrill
Lynch P-Float Trust Receipts) Series 2002
PA-956 DN (Merrill Lynch Capital Services
Liquidity Facility) (A-1+)
3.85%(b)(c) 05/08/06 5,000 5,000,000
TSASC, Inc. RB (Merrill Lynch P-Float Trust
Receipts) Series 2006 PA-1355 DN (Merrill
Lynch Guaranty, Merrill Lynch Capital Services
SBPA) (AA-, F-1+)
3.87%(c) 05/08/06 18,000 18,000,000
Westchester Tobacco Asset Securitization Corp.
RB (Merrill Lynch P-Float Trust Receipts)
Series 2005-1338 DN (Merrill Lynch Capital
Services) (F-1+)
3.86%(b)(c) 05/08/06 1,525 1,525,000
----------
63,245,000
----------
North Carolina - 3.6%
ABN AMRO Munitops Trust Receipts RB Series
2005-52 DN (ABN AMRO Bank N.V. LOC)
(VMIG-1)
3.84%(b)(c) 05/08/06 5,995 5,995,000
Charlotte Water & Sewer System GO Series 2005
TECP (Wachovia Bank LOC) (A-1+, P-1)
2.88% 06/08/06 11,700 11,700,000
3.03% 07/11/06 7,600 7,600,000
3.21% 08/01/06 4,600 4,600,000
3.25% 08/01/06 9,450 9,450,000
Charlotte-Mecklenburg Hospital Authority RB
(Carolina's Healthcare Project) Series 2005B
DN (Bank of America SBPA) (A-1+, VMIG-1)
3.76%(c) 05/01/06 8,700 8,700,000
Guilford County Industrial Facilities PCRB
(Recreational Facilities-YMCA Project) Series
2002 DN (Branch Banking & Trust Co. LOC)
(VMIG-1)
3.82%(c) 05/08/06 315 315,000
North Carolina Capital Facilities Finance Agency
Educational Facilities RB (Country Day School
Project) Series 2005 DN (Branch Banking &
Trust Co. LOC) (VMIG-1)
3.82%(c) 05/08/06 6,900 6,900,000
North Carolina Capital Facilities Finance Agency
Educational Facilities RB Series 2001 DN
(Branch Banking & Trust Co. LOC) (VMIG-1)
3.82%(c) 05/08/06 2,045 2,045,000
North Carolina GO Series 2003A-23 DN (Wachovia
Bank N.A. SBPA) (A-1)
3.82%(b)(c) 05/08/06 6,300 6,300,000
North Carolina Medical Care Commission
Retirement Facilities RB (Aldersgate Project)
Series 2001 DN (Branch Banking & Trust Co.
LOC) (A-1)
3.90%(c) 05/08/06 5,910 5,910,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
North Carolina (continued)
North Carolina Medical Care Commission
Retirement Facilities RB (Brookwood Project)
Series 2001C DN (Branch Banking & Trust Co.
LOC) (A-1)
3.90%(c) 05/08/06 $ 4,500 $4,500,000
North Carolina Medical Care Community Hospital
RB (Southeastern Regional Medical Center
Project) Series 2005 DN (Branch Banking &
Trust LOC) (VMIG-1)
3.82%(c) 05/08/06 2,640 2,640,000
University of North Carolina RB (Eagle Trust
Receipts) Series 2005A DN (Citibank Liquidity
Facility) (A-1+)
3.84%(b)(c) 05/08/06 10,000 10,000,000
----------
86,655,000
----------
Ohio - 3.1%
Akron Income Tax RB (Community Learning
Centers Project) Series 2004A DN (FGIC
Insurance, ABN-AMRO Bank N.V. SBPA)
(A-1, F-1+)
3.84%(b)(c) 05/08/06 17,730 17,730,000
Clark County Multi-Family RB (Masonic Home
Project) Series 1999 DN (AMBAC Insurance,
KeyBank N.A. LOC) (VMIG-1)
3.83%(c) 05/08/06 7,000 7,000,000
East Liverpool City Hospital RB Series 2006 DN
(Fifth Third Bank LOC) (A-1+)
3.84%(c) 05/08/06 5,700 5,700,000
Franklin County Municipal Securities Trust
Certificates RB Series 2002A-9047 DN (AMBAC
Insurance, Bear Stearns SBPA) (A-1)
3.82%(b)(c) 05/08/06 2,600 2,600,000
Hamilton County Economic Development RB (Taft
Museum Project) Series 2002 DN (Fifth Third
Bank N.A. LOC)
3.82%(c) 05/08/06 300 300,000
Hamilton County Hospital Facilities RB (Merrill
Lynch Trust Receipts P-Float PT-507) Series
2001 DN (Merrill Lynch Guaranty) (A-1+)
3.89%(b)(c) 05/08/06 8,780 8,780,000
Jackson County RB (Hospital Facilities Project)
Series 2005 DN (Radian Insurance, Fifth Third
Bank N.A. LOC) (AA, F-1+)
3.84%(c) 05/08/06 6,190 6,190,000
Ohio University General Receipts RB Series 2005B
DN (A-1+)
3.68%(c) 05/08/06 16,000 16,000,000
Toledo City Services Special Assesment Notes
Series 2006 DN (State Street Bank & Trust Co.
LOC) (MIG-1)
3.81%(c) 05/08/06 1,200 1,200,000
Tuscarawas County Hospital Facilities RB (Merrill
Lynch Trust Receipts P-Float MT-103) Series
2005 DN (Merrill Lynch Guaranty)
3.87%(b)(c) 05/08/06 960 960,000
University of Toledo RB (Societe Generale Trust
Receipts) Series 2001 SGA-125 DN (FGIC
Insurance, Societe Generale Liquidity Facility)
(A-1+)
3.82%(b)(c) 05/08/06 5,600 5,600,000
Wood County Facilities Import Piping Industry RB
Series 2001 DN (KeyBank N.A. LOC)
3.86%(c) 05/08/06 2,595 2,595,000
----------
74,655,000
----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
31
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Oklahoma - 0.1%
Oklahoma Industrial Authority RB (Casady School
Project) Series 2001 DN (Bank One N.A. LOC)
3.90%(c) 05/08/06 $ 2,320 $ 2,320,000
-----------
Oregon - 0.5%
Forest Grove Student Housing RB (Oak Tree
Foundation Project) Series 2006A DN (KeyBank
N.A. LOC) (VMIG-1)
3.81%(c) 05/08/06 4,200 4,200,000
Oregon State Department of Administrative
Services COP (Putters Project Series 876)
Series 2006 DN (FSA Insurance, JP Morgan
Chase SBPA) (A-1+)
3.51%(b)(c) 08/17/06 7,255 7,255,000
-----------
11,455,000
-----------
Pennsylvania - 1.9%
Delaware County IDRB (The Agnes Irwin School
Project) Series 2003 DN (Citizens Bank LOC)
(VMIG-1)
3.80%(c) 05/08/06 300 300,000
Delaware Valley IDRB (Citibank Trust Receipts)
Series 2001 DN (AMBAC Insurance, Bank of
New York SBPA) (A-1+)
3.84%(b)(c) 05/08/06 5,000 5,000,000
Franklin County IDRB (Chambersburg Hospital
Project) Series 2000 DN (AMBAC Insurance,
Wachovia Bank N.A. SBPA) (A-1)
3.90%(c) 05/08/06 1,550 1,550,000
Harrisburg Authority School RB (Harrisburg
Project) Series 2003 DN (AMBAC Insurance,
Westdeutsche Landesbank Girozentrale
Liquidity Facility) (A-1+)
3.80%(c) 05/08/06 13,895 13,895,000
Pennsylvania Higher Educational Facilities
Authority RB (P-Float Trust Receipts) Series
2004 MT-042 DN (Lloyds Bank LOC, Merrill
Lynch Capital Services SBPA) (F-1+)
3.86%(b)(c) 05/08/06 7,100 7,100,000
Pennsylvania Higher Educational Facilities
Authority RB (P-Float Trust Receipts) Series
2005-2498 DN (Merrill Lynch Guaranty) (F-1+)
3.90%(b)(c) 05/08/06 7,210 7,210,000
Union County Hospital Authority RB (Evangelical
Community Hospital Project) Series 2001 MB
(Fleet National Bank SPBA, Radian Asset
Assurance, Inc.) (A-1)
3.40%(c) 02/01/07 9,610 9,610,000
Upper Merion General Authority Lease RB Series
2003 DN (Commerce Bank N.A. LOC) (VMIG-1)
3.83%(c) 05/08/06 2,400 2,400,000
-----------
47,065,000
-----------
Puerto Rico - 0.2%
Commonwealth of Puerto Rico Intrastructure
Financing Authority RB (Merlots) Series
2005A-21 DN (Wachovia Bank LOC) (VMIG-1)
3.32%(b)(c) 11/15/06 3,845 3,845,000
-----------
South Carolina - 4.1%
Charleston Waterworks & Sewer Capital
Improvement RB Series 2006B DN (Wachovia
Bank N.A. SBPA) (A-1+)
3.81%(c) 05/08/06 7,000 7,000,000
Dorchester County GO Series 2005 BAN (SP-1)
4.00% 05/25/06 12,000 12,009,136
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
South Carolina (continued)
Educational Facilities Authority Private Non-Profit
Institutions of Higher Learning RB (Allen
University Project) Series 2005A DN (National
Bank of South Carolina LOC) (F-1)
3.85%(c) 05/08/06 $ 4,000 $ 4,000,000
Greenville County School District RB (UBS Muni
Project) Series 2006-02 DN (Assured Guaranty
Credit Support, Landesbank Hessen-Thuringen
Girozentrale SBPA) (A-1)
3.87%(b)(c) 05/08/06 12,000 12,000,000
Greenville County School District RB Series
2005R-361 DN (Assured Guaranty, Citibank
Liquidity Facility) (A-1+)
3.85%(b)(c) 05/08/06 30,925 30,925,000
Medical University Hospital Authority RB Series
2005A-5 DN (MBIA Insurance, Bank of America
N.A. SBPA) (VMIG-1)
3.85%(b)(c) 05/08/06 16,000 16,000,000
South Carolina Jobs Economic Development
Authority Hospital Facilities RB (Oconee
Memorial Hospital Project) Series 2005A DN
(Radian Asset Assurance, Inc.) (VMIG-1)
3.86%(c) 05/08/06 8,000 8,000,000
South Carolina Transitional Infrastructure RB
(ABN-AMRO Munitops Trust Certificates) Series
2002A DN (AMBAC Insurance, ABN-AMRO Bank
N.V. SBPA) (VMIG-1)
3.84%(b)(c) 05/08/06 10,475 10,475,000
-----------
100,409,136
-----------
Tennessee - 1.6%
City of Chattanooga Health, Education & Housing
Facility Board RB Series 1999 DN (Amsouth
Bank of Alabama LOC) (A-1)
3.92%(c) 05/08/06 12,400 12,400,000
Cleveland IDRB (YMCA Chattan Project) Series
1999 DN (SunTrust Bank LOC)
3.80%(c) 05/08/06 1,400 1,400,000
Gallatin Industrial Development Board
Educational Facilities RB (John Vianney School
Project) Series 2002 DN (SunTrust Bank LOC)
(VMIG-1)
3.85%(c) 05/08/06 1,940 1,940,000
Knoxville Waste Water System RB (Putters
Project) Series 2006-1292 DN (MBIA Insurance)
(A-1)
3.87%(b)(c) 05/08/06 8,100 8,100,000
Memphis GO Series 1995A DN (Westdeutsche
Landesbank Girozentrale LOC) (A-1+, VMIG-1)
3.90%(c) 05/08/06 300 300,000
Metropolitan Government of Nashville & Davidson
Counties Health & Education Board RB (Merril
Lynch P-Float Trust Receipts) Series 2006
PZ-99 DN (Merril Lynch Capital Services SBPA)
(VMIG-1)
3.22%(b)(c) 05/08/06 2,950 2,950,000
Metropolitan Government of Nashville & Davidson
County Health & Education Board RB
(Ascension Health Credit Project) Series
2001B-2 DN (A-1+, VMIG-1)
3.40%(c) 01/03/07 3,500 3,500,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
32
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Tennessee (continued)
Metropolitan Government of Nashville & Davidson
County Health & Education Board RB (Belmont
University Project) Series 1997 DN (SunTrust
Bank LOC) (VMIG-1)
3.80%(c) 05/08/06 $ 3,000 $ 3,000,000
Metropolitan Government of Nashville & Davidson
County IDRB (Trevecca Nazarene Project)
Series 2003 DN (SunTrust Bank LOC)
3.80%(c) 05/08/06 5,000 5,000,000
Washington County IDRB (Springbrook Properties
Project) Series 1996 DN (SunTrust Bank LOC)
(A-1+, VMIG-1)
3.80%(c) 05/08/06 600 600,000
-----------
39,190,000
-----------
Texas - 7.4%
ABN AMRO Munitops Certificates Trust GO Series
2006-8 DN (PSF Guaranty, ABN AMRO Bank
SBPA) (VMIG-1)
3.85%(b)(c) 05/08/06 11,565 11,565,000
Austin Convention Enterprises, Inc. RB (Citibank
Trust Receipts) Series 2006R ROC-II-511CE DN
(Citigroup Guaranty) (VMIG-1)
3.86%(b)(c) 05/08/06 9,200 9,200,000
Austin Water & Wastewater System RB (Wachovia
Merlots Trust Receipts) Series 2000 DN (MBIA
Insurance) (VMIG-1)
3.82%(b)(c) 05/08/06 2,475 2,475,000
Clear Creek ISD GO Series 2005-04 DN (Wachovia
Bank N.A. LOC) (VMIG-1)
3.82%(b)(c) 05/08/06 5,100 5,100,000
Comal ISD GO Series 2005 DN (Bank of New York
LOC) (A-1, VMIG-1)
3.90%(b)(c) 05/08/06 2,260 2,260,000
Cypress Fairbanks ISD GO (Wachovia Merlot Trust
Receipts) Series 2004C-16 DN (PSF Guaranty)
(VMIG-1)
3.82%(b)(c) 05/08/06 4,500 4,500,000
De Soto ISD RB (Citigroup Trust Receipts) Series
2004R-2107-ROC-II DN (PSF Guaranty,
Citigroup Global Markets Liquidity Facility)
(A-1+)
3.84%(b)(c) 05/08/06 6,110 6,110,000
Eagle Mountain & Saginaw ISD GO (Municipal
Securities Trust Receipts) Series 2003 SGA-141
DN (PSF Guaranty, Societe Generale Liquidity
Facility) (A-1+)
3.85%(b)(c) 05/03/06 4,000 4,000,000
Harris County RB (Citibank Trust Receipts) Series
2002-1029-ROC-II DN (FSA Insurance) (A-1+)
3.84%(b)(c) 05/08/06 1,880 1,880,000
Houston ISD Putters Trust Receipts GO Series
2005 DN (PSF Guaranty) (VMIG-1)
3.84%(b)(c) 05/08/06 5,350 5,350,000
Houston Water & Sewer RB (Stars Certificates
Project) Series 2003 DN (FSA Insurance)
(VMIG-1)
3.84%(b)(c) 05/08/06 3,160 3,160,000
Lower Colorado River Authority RB (Wachovia
Merlots Trust Receipts) Series 2000 DN (FSA
Insurance, Wachovia Bank N.A. SBPA)
(Aaa, VMIG-1)
3.82%(b)(c) 05/08/06 2,000 2,000,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Texas (continued)
Lower Neches Valley Authority PCRB (Chevron
USA, Inc. Project) Series 1987 MB
(Chevron-Texaco Guaranty) (A-1+, P-1)
3.35%(c) 08/15/06 $ 9,395 $ 9,395,000
Municipal Securities Pool Trust Receipts GO
Series 2005A-234 BAN (PSF Guaranty, Bear
Stearns SBPA) (VMIG-1)
3.92%(b)(c) 05/08/06 7,155 7,155,000
Northside ISD GO (School Building Project) Series
2005 DN (Depfa Bank SBPA) (A-1+, MIG-1)
2.85%(c) 06/15/06 17,000 17,000,000
Socorro ISD GO (Citigroup Trust Receipts) Series
2005 ROC-II R-2222 DN (PSF Guaranty)
3.84%(b)(c) 05/08/06 2,495 2,495,000
Texas A&M University RB (Citibank Trust
Receipts) Series 2003R-4005 ROC-II DN
(Citibank Liquidity Facility, Texas Permanent
School Funding) (VMIG-1)
3.84%(b)(c) 05/08/06 4,965 4,965,000
Texas GO (Morgan Stanley Trust Receipts) Series
2005-1147 DN (Morgan Stanley SBPA) (F-1+)
3.84%(b)(c) 05/08/06 4,010 4,010,000
Texas GO (Municipal Trust Receipts) Series 2005A
SGB-58 DN (Societe Generale Liquidity Facility)
(A-1+)
3.84%(c) 05/08/06 5,900 5,900,000
Texas GO Series 2005 TRAN (SP-1+, MIG-1)
4.50% 08/31/06 23,900 23,993,841
Texas Student Housing Authority RB (Merrill
Lynch P-Float Trust Receipts) Series 2005
PT-3101 DN (Merrill Lynch Guaranty) (F-1+)
3.89%(b)(c) 05/08/06 4,240 4,240,000
Texas Tech University RB (Bear Stearns Trust
Receipts) Series 2002A DN (MBIA Insurance)
(A-1)
3.85%(b)(c) 05/08/06 13,630 13,630,000
University of Texas Permanent University Fund RB
(Citibank Trust Receipts) Series 2005-ROC-
II-R-2194 DN (Liquidity Facility Citigroup)
(VMIG-1)
3.84%(b)(c) 05/08/06 11,890 11,890,000
University of Texas Permanent University Fund RB
(Morgan Stanley Trust Receipts) Series
2005-1023 DN (Morgan Stanley Liquidity
Facility) (F-1+)
3.84%(b)(c) 05/08/06 4,850 4,850,000
University of Texas Permanent University Fund RB
(Municipal Trust Receipts) Series 2004-SGB-55
DN (Societe Generale SBPA) (A-1+)
3.84%(b)(c) 05/08/06 6,690 6,690,000
University of Texas RB (Wachovia Merlots Trust
Receipts) Series 2003B-14 DN (Wachovia Bank
N.A. SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 6,250 6,250,000
-----------
180,063,841
-----------
Utah - 0.1%
Jordanelle Special Services District RB (Tuhaye
Project) Series 2005 DN (Wells Fargo Bank N.A.
LOC) (A-1+)
3.81%(c) 05/08/06 2,600 2,600,000
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
33
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Vermont - 1.0%
Vermont Economic Development Authority RB
(Green Mountain College Project) Series 2003A
DN (Key Bank N.A. LOC)
3.86%(c) 05/08/06 $ 7,775 $7,775,000
Vermont Educational & Health Buildings Finance
Agency RB (Mount Ascutney Hospital Project)
Series 2004A DN (BankNorth N.A. LOC)
(VMIG-1)
3.81%(c) 05/01/06 4,315 4,315,000
Vermont Educational & Health Buildings
Financing Agency RB (North Country Hospital
Project) Series 2002A DN (TD BankNorth N.A.
LOC) (VMIG-1)
3.81%(c) 05/01/06 3,600 3,600,000
Vermont Educational & Health Buildings
Financing Agency RB (Rutland Medical Center
Project) Series 2001A DN (National
Westminster Bank LOC) (A-1)
3.86%(c) 05/08/06 3,400 3,400,000
Winooski Special Obligation Bonds Series 2006A
DN (TD BankNorth N.A. LOC) (VMIG-1)
3.75%(c) 05/08/06 4,700 4,700,000
----------
23,790,000
----------
Virginia - 2.7%
Alexandria IDRB (Goodwin House Project) Series
2005 DN (Wachovia Bank N.A. LOC) (A-1)
3.78%(c) 05/01/06 18,510 18,510,000
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-)
3.89%(b)(c) 05/08/06 9,750 9,750,000
Chesterfield County IDRB (Merrill Lynch Trust
Receipts) Series 2003 PT-886 DN (Merrill Lynch
& Co. Guaranty) (F-1+)
3.89%(b)(c) 05/08/06 24,995 24,995,000
Hampton Roads Regional Jail Authority Facilities
RB (Citibank Trust Receipts) Series 2004
ROC-RR-II-R-2156 DN (MBIA Insurance,
Citibank Liquidity Facility) (VMIG-1)
3.43%(b)(c) 06/01/06 4,960 4,960,000
Loudoun County IDRB (Howard Hughes Medical
Institute Project) Series 2003E DN
(A-1+, VMIG-1)
3.72%(c) 05/01/06 100 100,000
Tobacco Settlement Financing Corp. RB (P-Float
Trust Receipts) Series 2005 PA-1303 DN
(Merrill Lynch & Co. Guaranty, Merrill Lynch
Capital Services SBPA) (F-1+)
3.86%(b)(c) 05/08/06 2,000 2,000,000
University of Virginia RB (Wachovia Merlots Trust
Receipts) Series 2003B-31 DN (Wachovia Bank
N.A. SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 2,675 2,675,000
Virginia Public School Authority RB (Citigroup
Global Markets Trust Receipts) Series
2003R-4050-ROC-II DN (Citigroup Liquidity
Facility) (A-1+)
3.84%(b)(c) 05/08/06 1,970 1,970,000
----------
64,960,000
----------
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Washington - 1.9%
King County GO (ABN-AMRO Munitops Trust
Certificates) Series 2001-1 DN (MBIA
Insurance) (VMIG-1)
3.85%(b)(c) 05/08/06 $ 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)
3.85%(b)(c) 05/08/06 11,750 11,750,000
Seattle GO (Bear Stearns Municipal Trust
Receipts) Series 2003 SGA-142 DN (Societe
Generale SBPA) (A-1+)
3.85%(b)(c) 05/08/06 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)
3.82%(b)(c) 05/08/06 7,390 7,390,000
Spokane County School District No. 081 GO
(Citibank Trust Receipts) Series 2003R-ROC-
II-4000 DN (FSA Insurance, Citibank Liquidity
Facility) (VMIG-1)
3.84%(b)(c) 05/08/06 3,560 3,560,000
Washington GO (Piper Jaffray Trust Certificates)
Series 2002G DN (Bank of New York LOC)
(VMIG-1)
3.86%(b)(c) 05/08/06 5,170 5,170,000
Washington State Health Care Facilities Authority
RB (Seattle Cancer Care Projects) Series 2005
DN (Key Bank N.A. LOC) (A-1)
3.81%(c) 05/04/06 4,250 4,250,000
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)
3.81%(c) 05/08/06 3,170 3,170,000
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)
3.81%(c) 05/08/06 4,410 4,410,000
----------
46,200,000
----------
West Virginia - 0.3%
West Virginia Economic Development Authority
RB (Juvenile Correctional Project) Series 2002A
DN (MBIA Insurance, Bear Stearns Capital
Markets Liquidity Facility) (A-1)
3.85%(b)(c) 05/08/06 4,990 4,990,000
West Virginia University RB (Merrill Lynch P-Float
Trust Receipts) Series 2005 PZ-56 DN (Merrill
Lynch SBPA, MBIA Insurance)
3.88%(b)(c) 05/08/06 2,215 2,215,000
----------
7,205,000
----------
Wisconsin - 1.6%
Appleton Redevelopment Authority RB (Fox City
Project) Series 2001B DN (Bank One N.A. LOC)
(VMIG-1)
3.83%(c) 05/08/06 8,100 8,100,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
34
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONCLUDED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- --------- --------------
MUNICIPAL BONDS (Continued)
Wisconsin (continued)
Milwaukee Redevelopment Authority RB (Yankee
Hill Apartments Project) Series 2005 DN (Wells
Fargo Bank N.A. LOC) (A-1+)
3.76%(c) 05/08/06 $1,700 $1,700,000
Southeast Wisconsin Professional Baseball Park
RB (Wachovia Merlots Trust Receipts) Series
2000Y DN (MBIA Insurance, Wachovia Bank N.A.
SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 5,280 5,280,000
Wisconsin Health & Educational Facilities
Authority RB (Edgewood College Project) Series
1997 DN (Bank One N.A. LOC)
3.87%(c) 05/08/06 5,840 5,840,000
Wisconsin Health & Educational Facilities
Authority RB (Oakwood Village Project) Series
2000B DN (Marshall & Ilsley Bank LOC) (A-1)
3.83%(c) 05/08/06 2,420 2,420,000
Wisconsin Health & Educational Facilities
Authority RB (St. John's Community Project)
Series 2005 DN (Radian Asset Assurance, Inc.)
(F-1)
3.84%(c) 05/08/06 5,000 5,000,000
Wisconsin Health & Educational Facilities
Authority RB (St. Joseph's Community Hospital
Project) Series 2001 DN (Marshall & Ilsley Bank
LOC) (A-1)
3.83%(c) 05/08/06 10,300 10,300,000
--------------
38,640,000
--------------
TOTAL INVESTMENTS IN SECURITIES - 99.3%
(Cost $2,414,231,555(a)) 2,414,231,555
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.7% 17,741,857
--------------
NET ASSETS - 100.0% $2,431,973,412
==============
- -------------------
(a) Aggregate cost for federal income tax purposes.
(b) 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, 2006, the Fund held 43.3% of its net assets, with a current market
value of $1,053,860,000, in securities restricted as to resale.
(c) Rates shown are the rates as of April 30, 2006 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.
35
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS - 99.6%
Alabama - 1.0%
Brundidge IDRB (Carter Brothers Project) Series
2001 AMT DN (Southtrust Bank LOC)
3.95%(b) 05/08/06 $ 940 $ 940,000
Columbia IDRB (Alabama Power Co. Project)
Series 1998A AMT DN (The Southern Co.
Guaranty) (A-1, VMIG-1)
3.83%(b) 05/01/06 7,705 7,705,000
Dothan GO Series 2005 MB (AMBAC Insurance)
5.00% 09/01/06 400 401,699
Jefferson County Economic IDA RB (Conversion
Technologies Project) Series 2006A AMT DN
(First Commercial Bank LOC)
3.90%(b) 05/08/06 1,370 1,370,000
Tuscaloosa IDRB Series 2000A AMT DN
(Southtrust Bank LOC)
3.95%(b) 05/08/06 1,365 1,365,000
Vestavia Hills GO Series 2004B DN (Wachovia
Bank LOC) (VMIG-1)
3.90%(b) 05/08/06 1,800 1,800,000
----------
13,581,699
----------
Arizona - 1.3%
Cochise County Solid Waste Disposal PCRB
(Arizona Natural Utilities Co-op, Inc. Project)
Series 1994 AMT DN (A-1, VMIG-1)
3.40%(b) 09/01/06 10,000 10,000,000
Phoenix IDA Multi-Family Housing RB (Merrill
Lynch P-Floats Trust Receipts) Series
2005-PT-2940 AMT DN (Merrill Lynch & Co.
SBPA)
3.93%(b)(c) 05/08/06 7,465 7,465,000
----------
17,465,000
----------
California - 0.3%
California Statewide Communities Development
Authority Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series 2003 PT-2001
AMT DN (Merrill Lynch & Co. Guaranty)
3.86%(b)(c) 05/04/06 2,480 2,480,000
Puttable Floating Tax Exempt Receipts Series
2005 DN (FGIC, MBIA & FSA Insurance, Merrill
Lynch SBPA) (F-1+)
3.93%(b)(c) 05/08/06 800 800,000
----------
3,280,000
----------
Colorado - 1.3%
Colorado Health Facilities Authority Economic
Development RB (Johnson Publishing Co.
Project) Series 1999A AMT DN (Bank One N.A.
LOC)
3.95%(b) 05/08/06 1,170 1,170,000
Colorado Housing & Finance Authority RB (Single
Family Mortgage Project) Series 2005 AMT MB
(Trinity Funding Guaranty) (SP-1+, MIG-1)
2.80% 07/05/06 15,000 15,000,000
Denver City & County Airport RB Series 1996B MB
(MBIA Insurance) (AAA, Aaa)
6.25% 11/15/06 1,300 1,320,365
----------
17,490,365
----------
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)
3.90%(b) 05/08/06 5,000 5,000,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
District of Columbia (continued)
District of Columbia Housing Finance Agency
Multi-Family RB Series 2006-2005G AMT DN
(Merrill Lynch Guaranty)
3.93%(b)(c) 05/08/06 $ 2,125 $2,125,000
District of Columbia Housing Finance Agency RB
Series 2004 PT-2391 DN (MBIA Insurance,
Merrill Lynch & Co. SBPA) (F-1+)
3.93%(b)(c) 05/04/06 2,435 2,435,000
----------
9,560,000
----------
Florida - 5.0%
Greater Orlando Aviation Authority RB (Special
Purpose Cessna Aircraft Project) Series 2001
AMT DN (Textron, Inc. Guaranty) (A-2, P-1)
4.90%(b) 05/08/06 6,000 6,000,000
Hillsborough County Utilities RB (Junior Lien
Project) Series 2001 MB (AMBAC Insurance)
5.00% 08/01/06 500 502,262
Jacksonville Economic Development Commission
IDRB (Glasfloss Industries, Inc. Project) Series
2002 AMT DN (Huntington National Bank LOC)
4.10%(b) 05/08/06 1,940 1,940,000
Jacksonville Economic Development Commission
IDRB (Tremron Jacksonville Project) Series
2000 AMT DN (Branch Banking & Trust Co.
LOC)
3.92%(b) 05/04/06 2,170 2,170,000
Jacksonville Economic Development Commission
Special Facility Airport RB (Holland Sheltair
Project) Series 2005B AMT DN (Huntington
Bank LOC)
3.90%(b) 05/08/06 2,100 2,100,000
Lee County IDRB Series 1997 AMT DN (SunTrust
Bank LOC)
3.93%(b) 05/08/06 1,785 1,785,000
Palm Beach School Board COP Series 2003A MB
(AMBAC Insurance) (AAA, Aaa)
2.00% 08/01/06 2,000 1,992,874
Pinellas County Health Facilities Authority RB
(Bay Care Health Project) Series 2003A-1 MB
(MBIA Insured) (Aaa)
5.00% 11/15/06 1,500 1,513,584
Pinellas County Housing Finance Authority RB
Series 2004A DN (CDC Funding Insurance,
Rabobank SBPA) (VMIG-1)
3.89%(b)(c) 05/08/06 8,115 8,115,000
Pinellas County Housing Finance Authority Single
Family Mortgage RB Series 2004-009 AMT DN
(CDC Funding Insurance, Rabobank SBPA)
(VMIG-1)
3.89%(b)(c) 05/08/06 5,150 5,150,000
Pinellas County Housing Finance Authority Single
Family Mortgage RB Series 2004-933 AMT DN
(Merrill Lynch Liquidity Facility, Rabobank
SBPA) (VMIG-1)
3.89%(b)(c) 05/04/06 2,725 2,725,000
Pinellas County IDRB Series 2004 AMT DN (Trinity
Insurance, Wachovia Bank N.A. LOC, Rabobank
SBPA) (VMIG-1)
3.95%(b) 05/08/06 2,350 2,350,000
Putnam County Development Authority PCRB
(Seminole Electric Co-op Project) Series 1984D
MB (National Rural Utilities LOC) (A-1)
3.27%(b) 06/15/06 12,000 12,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
36
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Florida (continued)
Putnam County Development Authority PCRB
(Seminole Electric Co-op Project) Series
1984H-3 DN (National Rural Utilities LOC)
(A-1, MIG-1)
3.43%(b) 09/15/06 $10,325 $10,325,000
Putnam County Development Authority PCRB
(Seminole Electric Co-op Project) Series
2003H-4 MB (National Rural Utilities Guaranty)
(A-1)
3.43%(b) 09/15/06 6,425 6,425,000
Sunrise Utilities System RB Series 1996A MB
(Kredietbank LOC) (AAA, Aaa)
5.75% 10/01/06 740 754,649
----------
65,848,369
----------
Georgia - 2.2%
Albany GO Series 2006 TAN
3.35% 12/29/06 2,295 2,295,000
Cartersville Development Authority RB (Aquafil
USA, Inc. Project) Series 2005 AMT DN (Branch
Banking & Trust Bank LOC)
3.92%(b) 05/08/06 2,000 2,000,000
Cobb County Housing Authority Multi-Family RB
(Merrill Lynch P-Float Trust Receipts) Series
2003 PT-1963 DN (Merrill Lynch & Co.
Guaranty) (F-1+)
3.93%(b)(c) 05/08/06 13,120 13,120,000
Dooly County IDRB (Hamburg Enterprises Project)
Series 2003 AMT DN (Fifth Third Bank N.A. LOC)
3.89%(b) 05/05/06 900 900,000
Gainesville Housing Authority RB Series 2003
PT-1985 DN (Merrill Lynch & Co. Guaranty)
(F-1+)
3.93%(b)(c) 05/04/06 3,450 3,450,000
Gordon County IDRB (Aladdin Manufacturing
Corp. Project) Series 1997A AMT DN (Wachovia
Bank N.A. LOC)
3.90%(b) 05/08/06 1,000 1,000,000
Gordon County IDRB (Aladdin Manufacturing
Corp. Project) Series 1997B DN (Wachovia Bank
N.A. LOC)
3.90%(b) 05/08/06 1,000 1,000,000
Griffin-Spalding County IDRB (Woodland
Industries Project) Series 2000 AMT DN
(Wachovia Bank N.A. LOC) (A-1+)
3.90%(b) 05/08/06 1,750 1,750,000
Laurens County IDRB (Aladdin Manufacturing
Corp. Project) Series 1997 AMT DN (Wachovia
Bank N.A. LOC)
3.90%(b) 05/08/06 1,000 1,000,000
Whitefield County Educational Development
Authority RB (Aladdin Solid Waste Disposal
Project) Series 1999 AMT DN (Wachovia Bank
N.A. LOC)
3.90%(b) 05/08/06 3,100 3,100,000
-----------
29,615,000
-----------
Illinois - 2.2%
Chicago IDRB (Promise Candy Project) Series
2001 AMT DN (Lasalle National Bank LOC)
3.92%(b) 05/08/06 3,295 3,295,000
Elmhurst IDRB (Randall Manufacturing Project)
Series 2002 AMT DN (Lasalle National Bank
LOC) (A-1+)
4.00%(b) 05/08/06 1,615 1,615,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Flora RB (Heritage Woods Project) Series 2001
AMT DN (Federal Home Loan Bank Guaranty)
(A-1+)
3.94%(b) 05/08/06 $ 2,950 $ 2,950,000
Harvard Multi-Family Housing RB (Northfield
Court Project) Series 1999 AMT DN (Lasalle
National Bank LOC) (A-1+)
3.98%(b) 05/08/06 7,350 7,350,000
Illinois Development Finance Authority IDRB
(Alternative Behavior Treatment Project) Series
2005 DN (J.P. Morgan Chase Bank LOC)
3.90%(b) 05/08/06 1,500 1,500,000
Illinois Development Finance Authority IDRB
(Cano Packaging Corp. Project) Series 2001
AMT DN (Lasalle National Bank LOC)
3.92%(b) 05/08/06 2,150 2,150,000
Illinois Development Finance Authority IDRB
(Freedman Seating Co. Project) Series 2005
AMT DN (Lasalle Bank N.A. LOC) (A-1)
3.90%(b) 05/08/06 2,240 2,240,000
Illinois Development Finance Authority IDRB
(Harbortown Industries Project) Series 2000A
AMT DN (Lasalle National Bank LOC)
3.95%(b) 05/08/06 2,000 2,000,000
Illinois Development Finance Authority IDRB
(Mason Corp. Project) Series 2000A AMT DN
(Lasalle National Bank LOC)
3.95%(b) 05/08/06 4,455 4,455,000
Springfield Community Improvement RB Series
2000 AMT DN (National City Bank N.A. LOC)
4.02%(b) 05/08/06 425 425,000
Upper River Valley IDRB (Advanced Drainage
System Project) Series 2002 AMT DN (National
City Bank N.A. LOC)
3.92%(b) 05/08/06 1,700 1,700,000
-----------
29,680,000
-----------
Indiana - 2.3%
Anderson Economic Development RB (Printer
Zink, Inc. Project) Series 2004A DN (U.S.
Bancorp LOC) (A-1+)
3.97%(b) 05/08/06 2,320 2,320,000
Elkhart County Industrial Economic Development
RB (Four Seasons Manufacturing, Inc. Project)
Series 2000 AMT DN (National City Bank N.A.
LOC)
3.97%(b) 05/08/06 1,005 1,005,000
Fort Wayne Economic Development Authority RB
(Advanced Machine & Tool Project) Series 2001
AMT DN (National City Bank N.A. LOC)
3.97%(b) 05/08/06 1,670 1,670,000
Huntingburg Multi-Family RB (Lincoln Village
Apartments Project) Series 2000 AMT DN
(Federal Home Loan Bank Guaranty)
3.94%(b) 05/08/06 2,250 2,250,000
Indiana Development Finance Authority IDRB
(Republic Services, Inc. Project) Series 2005
AMT DN (VMIG-2)
4.15%(b) 05/01/06 5,300 5,300,000
Indiana Development Finance Authority Economic
Development RB (Saroyan Hardwoods, Inc.
Project) Series 1994 AMT DN (Fifth Third Bank
N.A. LOC)
4.10%(b) 05/08/06 650 650,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
37
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Indiana (continued)
Indiana Development Finance Authority Economic
Development RB (Timerland Resources Project)
Series 2001 DN (Southtrust Bank LOC)
3.95%(b) 05/08/06 $ 570 $ 570,000
Indiana Development Finance Authority IDRB
Series 2000 AMT DN (Bank One N.A. LOC)
3.91%(b) 05/08/06 5,200 5,200,000
Indiana Economic Development Finance Authority
RB (Morris Manufacturing & Sales Corp.
Project) Series 2002 AMT DN (National City
Bank N.A. LOC)
3.92%(b) 05/08/06 1,600 1,600,000
Jeffersonville Economic Development Authority
RB (Scansteel Project) Series 1998 AMT DN
(National City Bank N.A. LOC)
4.02%(b) 05/08/06 960 960,000
Kendallville Economic Developmental Authority
RB (Parts Finishing Group Project) Series 2006
DN (Huntington National Bank LOC)
4.15%(b) 05/08/06 3,000 3,000,000
Orleans Economic Development RB (Almana LLC
Project) Series 1995 AMT DN (National City
Bank N.A. LOC)
4.00%(b) 05/08/06 2,000 2,000,000
Scottsburg Economic Development Authority RB
(American Plastic Corp. Project) Series 2000
AMT DN (National City Bank N.A. LOC)
4.02%(b) 05/08/06 925 925,000
St. Joseph County Industrial Economic
Development RB (Midcorr Land Development
LLC Project) Series 2002 DN (National City
Bank N.A. LOC)
3.92%(b) 05/08/06 3,265 3,265,000
----------
30,715,000
----------
Iowa - 1.1%
Cedar Rapids Community School District Tax
Anticipation Warrants Series 2005 MB
3.75% 06/30/06 4,500 4,506,831
Clear Lake Development RB (Joe Corbis Pizza
Project) Series 2006 AMT DN (M&T Bank LOC)
3.95%(b)(c) 05/08/06 2,000 2,000,000
Dallas County IDRB (Sioux City Brick Project)
Series 2000A AMT DN (First Bank Systems LOC)
3.95%(b) 05/08/06 1,000 1,000,000
Des Moines Commercial Development RB (Grand
Office Park Project) Series 1985 DN (Principal
Life Insurance Co. Guaranty) (A-1+)
3.97%(b) 05/08/06 2,000 2,000,000
Urbandale IDRB (Meredith Drive Assoc. Project)
Series 1985 DN (Wells Fargo Bank M.N. LOC)
3.94%(b) 05/08/06 4,500 4,500,000
West Burlington IDRB (Borghi Oilhydraulic
Project) Series 2001A AMT DN (Bank One N.A.
LOC)
3.95%(b) 05/08/06 220 220,000
----------
14,226,831
----------
Kansas - 1.0%
Kansas Development Finance Authority
Multi-Family RB (Merrill Lynch P-Floats Trust
Receipts) Series 2005-2947 AMT DN (Merrill
Lynch & Co. SBPA, MBIA Insurance) (AAA, F1+)
3.93%(b)(c) 05/08/06 7,055 7,055,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Kansas (continued)
Kansas Development Finance Authority RB
(Delaware Highlands Project) Series 2005C DN
(Federal Home Loan Bank Guaranty)
3.90%(b) 05/08/06 $ 2,250 $2,250,000
Lansing Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2005-2508 AMT DN
(Merrill Lynch & Co. Guaranty) (F-1+)
3.93%(b)(c) 05/08/06 4,270 4,270,000
----------
13,575,000
----------
Kentucky - 2.5%
Boyd County Sewer & Solid Waste RB (Air
Products & Chemicals Project) Series 2003 AMT
DN (A-1)
3.88%(b) 05/03/06 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)
3.98%(b) 05/08/06 1,010 1,010,000
Clark County PCRB (Eastern Kentucky Power
Project) Series 1984J-2 MB (National Rural
Co-op Utilities Guaranty) (A-1, MIG-1)
3.68%(b) 05/15/06 5,300 5,300,000
Clark County PCRB (Kentucky Power National
Rural Project) Series 1984J-1 DN (A-1, P-1)
3.68%(b) 10/16/06 5,305 5,305,000
Dayton IDRB (Ramkat Enterprise Project) Series
2001 AMT DN (First Bank Systems LOC)
4.03%(b) 05/08/06 1,925 1,925,000
Elsmere IDRB (International Mold Steel, Inc.
Project) Series 1996 AMT DN (Star Bank N.A.
LOC)
3.98%(b) 05/08/06 1,205 1,205,000
Henderson Industrial Building RB (Shamrock
Technologies Project) Series 1997 AMT DN
(Wachovia Bank N.A. LOC)
3.95%(b)(c) 05/08/06 586 586,000
Jefferson County Industrial Building RB (Atlas
Machine & Supply Co. Project) Series 1999 AMT
DN (Bank One N.A. LOC)
3.95%(b) 05/08/06 1,740 1,740,000
Kenton County Educational RB (Redwood
Rehabilitation Center Project) Series 2004 DN
(Fifth Third Bank LOC)
3.93%(b) 05/04/06 3,000 3,000,000
Kentucky Economic Development Finance
Authority Solid Waste Disposal RB (Republic
Services, Inc. Project) Series 2005 AMT DN
4.08%(b) 05/08/06 10,100 10,100,000
Pulaski County Solid Waste Disposal RB (National
Rural Utilities for East Kentucky Power Project)
Series 1993B AMT DN (National Rural Utilities
Guaranty) (MIG-1)
3.42%(b) 08/15/06 1,750 1,750,000
----------
33,196,000
----------
Louisiana - 1.2%
Donaldsonville IDRB (John Folse & Co., Inc.
Project) Series 2003 DN (Amsouth Bank LOC)
3.90%(b) 05/08/06 2,150 2,150,000
Lafayette Educational Development Authority RB
(Holt County Project) Series 1990 DN (Rabo
Bank Nederland LOC)
4.10%(b) 05/08/06 2,850 2,850,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
38
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Louisiana (continued)
Louisiana Housing Finance Agency RB (Housing
Restoration Project) Series 2002A AMT DN
(Regions Bank LOC)
3.95%(b) 05/08/06 $2,050 $2,050,000
Louisiana Local Government Environmental
Facilities Community Development Authority
RB (Northwestern State University Student
Housing Project) Series 2004A DN (Regions
Bank LOC) (A-1)
3.88%(b) 05/08/06 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)
4.05%(b) 05/08/06 1,430 1,430,000
Lousiana State GO Series 1993 MB (MBIA
Insurance) (AAA, Aaa)
5.50% 08/01/06 1,180 1,186,576
North Webster Parish IDRB (CSP Project) Series
2001 AMT DN (Regions Bank N.A. LOC)
3.90%(b) 05/08/06 2,630 2,630,000
----------
15,296,576
----------
Maine - 0.2%
Maine Finance Authority RB (Brunswick
Publishing Project) Series 2005 AMT DN
(Suntrust Bank LOC)
3.90%(b) 05/08/06 2,000 2,000,000
----------
Maryland - 3.1%
Maryland Community Development Adminis-
tration Department of Housing & Community
Development RB (Harbor City Project) Series
1990C DN (M&T Bank Corp. LOC)
3.87%(b) 05/08/06 3,230 3,230,000
Maryland Department of Housing & Community
Development RB (Residential Housing Project)
Series 2006D MB (MIG-1)
3.40% 03/07/07 6,000 6,000,000
Maryland Economic Development Corp. RB
(Canusa Hershman Project) Series 2005A AMT
DN (M&T Bank Corp. LOC)
3.87%(b) 05/08/06 2,345 2,345,000
Maryland Economic Development Corp. RB (Joe
Corbis Pizza Project) Series 2000 AMT DN (M&T
Bank Corp. LOC) (A-1)
3.95%(b) 05/01/06 1,065 1,065,000
Maryland Economic Development Corp. RB (John
Schmitz Project) Series 2000E AMT DN (M&T
Bank Corp. LOC) (A-1+)
3.85%(b) 05/08/06 1,985 1,985,000
Maryland Economic Development Corp. RB
(Lithographing Co. Project) Series 2001 AMT DN
(M&T Bank Corp. LOC) (A-1)
3.95%(b) 05/08/06 2,770 2,770,000
Maryland Economic Development Corp. RB
(Pharmaceutics International Project) Series
2001A AMT DN (M&T Bank Corp. LOC) (A-1)
3.95%(b) 05/08/06 5,770 5,770,000
Maryland Economic Development Corp. RB
(Redrock LLC Facilities Project) Series 2002 DN
(M&T Bank Corp. LOC) (VMIG-1)
3.95%(b) 05/08/06 2,300 2,300,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Maryland (continued)
Montgomery County Housing Opportunity
Community Single Family Mortgage RB Series
2005 DN (Trinity Insurance, Merrill Lynch SBPA)
(A-1, A-)
3.89%(b)(c) 05/08/06 $2,630 $2,630,000
Montgomery County Housing Opportunity RB
(P-Float Trust Receipts) Series 2006 PT-216
AMT DN (Danske Bank Guaranty) (A-1+)
3.90%(b)(c) 05/08/06 5,995 5,995,000
Prince Georges County RB (Parsons Paper
Facilities Project) Series 1987 DN (M&T Bank
Corp. LOC)
3.50%(b) 05/30/06 3,000 3,000,000
Washington County RB (Conservit, Inc. Facility
Project) Series 2004 DN (M&T Bank Corp. LOC)
3.95%(b) 05/05/06 2,295 2,295,000
Wicomico County Economic Development RB
(Plymouth Tube Co. Project) Series 1996 AMT
DN (Bank One N.A. LOC) (VMIG-1)
3.95%(b) 05/08/06 1,300 1,300,000
----------
40,685,000
----------
Massachusetts - 1.6%
Freetown Lakeville Regional School District GO
Series 2005 BAN (SP-1+)
4.25% 10/20/06 3,500 3,518,870
Hopkinton GO Series 2005 BAN (SP-1+)
4.00% 08/09/06 2,880 2,888,506
Massachusetts Health & Educational Facilities
Authority RB (Harvard University Project) Series
2004GG-1 DN (A-1+, VMIG-1)
3.63%(b) 05/08/06 3,000 3,000,000
Massachusetts State Development Finance
Authority RB (Chelsea Homes Project) Series
2004A-1 MB (Bank of America LOC) (AAA)
2.90% 12/15/06 1,525 1,519,387
Peabody GO Series 2006 BAN (MIG-1)
4.00% 09/26/06 5,000 5,015,156
Worcester GO Series 2006 BAN (SP-1+, MIG-1)
4.25% 11/10/06 5,000 5,025,083
----------
20,967,002
----------
Michigan - 6.4%
Cedar Springs Public School District GO Series
2005 BAN
3.40% 08/22/06 1,400 1,401,602
Detroit Economic Development Authority RB
(Wachovia Merlots Trust Receipts) Series
2001A-90 AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.87%(b)(c) 05/08/06 2,500 2,500,000
Detroit Economic Development Corp. RB (E.H.
Assoc. Ltd. Project) Series 2002 DN (First
Federal of Michigan)
3.86%(b) 05/08/06 1,210 1,210,000
Detroit Sewer & Disposal Authority RB Series
2001E MB (FGIC Insurance) (A-1+, MIG-1)
3.00% 07/12/06 4,100 4,100,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
39
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Michigan (continued)
Detroit Water Supply System Reserve RB
(P-Floats Trust Receipts) Series 2005-783 DN
(FGIC Insurance, J.P. Morgan Liquidity Facility)
(A-1+)
3.51%(b)(c) 08/17/06 $10,690 $10,690,000
Grand Valley Michigan State University RB Series
2005 DN (XLCA Insurance) (A-1+)
3.80%(b) 05/08/06 1,000 1,000,000
Hartland School District GO Series 2005 BAN
3.50% 08/24/06 6,805 6,813,297
Lakeville Community School District GO Series
2005 BAN
3.40% 06/30/06 2,000 2,001,756
Michigan Building Authority RB (Facilities
Program) Series 1996I MB (AMBAC Insurance)
(AAA, Aaa)
6.00% 10/01/06 1,000 1,011,223
Michigan Municipal Bond Authority RB Series
2005B-2 MB (J.P. Morgan Chase Bank LOC)
(SP-1+)
4.00% 08/18/06 5,900 5,918,480
Michigan Strategic Fund Limited Obligation RB
(America Group LLC Project) Series 2000 AMT
DN (Bank One N.A. LOC)
3.95%(b) 05/08/06 3,200 3,200,000
Michigan Strategic Fund Limited Obligation RB
(Bayloff Properties Project) Series 1998 AMT
DN (National City Bank N.A. LOC)
4.02%(b) 05/08/06 1,000 1,000,000
Michigan Strategic Fund Limited Obligation RB
(Conway Products Project) Series 2001 AMT DN
(Comerica Bank N.A. LOC)
3.96%(b) 05/08/06 1,925 1,925,000
Michigan Strategic Fund Limited Obligation RB
(Eureka Welding Alloys Project) Series 2000 DN
(Comerica Bank N.A. LOC)
3.93%(b) 05/08/06 2,130 2,130,000
Michigan Strategic Fund Limited Obligation RB
(G&B Tech LLC Project) Series 2005 AMT DN
(Huntington Bank LOC)
4.10%(b) 05/08/06 1,635 1,635,000
Michigan Strategic Fund Limited Obligation RB
(Hannah Technical Project) Series 2002 AMT DN
(Comerica Bank N.A. LOC)
3.96%(b) 05/08/06 3,600 3,600,000
Michigan Strategic Fund Limited Obligation RB
(K&K Management Co. Project) Series 2000
AMT DN (Huntington Bank LOC)
4.10%(b) 05/08/06 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)
3.95%(b) 05/08/06 3,100 3,100,000
Michigan Strategic Fund Limited Obligation RB
(Midwest Glass Fabricators, Inc. Project) Series
2001 DN (Bank of America N.A. LOC)
4.10%(b) 05/08/06 2,275 2,275,000
Michigan Strategic Fund Limited Obligation RB
(PFG Enterprises, Inc. Project) Series 2001 AMT
DN (Huntington National Bank LOC)
4.10%(b) 05/08/06 390 390,000
Michigan Strategic Fund Limited Obligation RB
(Saginaw Production Corp. Project) Series 2001
AMT DN (Comerica Bank N.A. LOC)
3.96%(b) 05/08/06 2,445 2,445,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Michigan (continued)
Michigan Strategic Fund Limited Obligation RB
(Total Business Systems Project) Series 1998
AMT DN (Comerica Bank N.A. LOC)
3.96%(b) 05/08/06 $ 2,310 $ 2,310,000
Oakland County Economic Development Corp. RB
(Exhibit Enterprises, Inc. Project) Series 2004
AMT DN (Commerce Bank LOC)
3.96%(b) 05/08/06 6,135 6,135,000
Oakland County Educational Limited Obligation
RB Series 2000 AMT DN (Bank One N.A. LOC)
3.92%(b) 05/08/06 4,400 4,400,000
Pinconning Area Schools GO Series 2005 BAN
3.25% 08/18/06 2,150 2,151,558
Zeeland Hospital Finance Authority RB (Zeeland
Community Hospital Project) Series 2004 DN
(Huntington National Bank LOC) (A-1)
3.96%(b) 05/08/06 10,600 10,600,000
-----------
84,942,916
-----------
Minnesota - 0.2%
Becker IDRB (Plymouth Foam Project) Series
2004 AMT DN (Amsouth Bancorp. LOC)
4.00%(b) 05/08/06 2,500 2,500,000
-----------
Missouri - 0.7%
Bridgeton IDRB (Gold Dust LLC Project) Series
2000A AMT DN (Commerce Bank N.A. LOC)
4.00%(b) 05/08/06 1,125 1,125,000
St. Charles County IDRB (Austin Machine Co.
Project) Series 2003A DN (Bank of America N.A.
LOC)
3.95%(b) 05/08/06 1,920 1,920,000
St. Charles County IDRB (Patriot Machine, Inc.
Project) Series 2002 AMT DN (U.S. Bank N.A.
LOC)
3.97%(b) 05/08/06 3,355 3,355,000
St. Louis IDRB Series 2005A DN (Marshall & Ilsley
Bank LOC)
3.95%(b) 05/08/06 3,480 3,480,000
-----------
9,880,000
-----------
Montana - 0.1%
Montana Housing Board RB (Wachovia Merlots
Trust Receipts) Series 2002A-19 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
3.87%(b)(c) 05/08/06 1,910 1,910,000
-----------
Multi-State - 11.3%
Charter Mac Equity Issuer Trust RB (Merrill Lynch
P-Float Trust Receipts) Series 2004-2029 AMT
DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.93%(b)(c) 05/08/06 27,375 27,375,000
Charter Mac Equity Issuer Trust RB (Merrill Lynch
P-Float Trust Receipts) Series 2004-2121 AMT
DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.93%(b)(c) 05/04/06 20,160 20,160,000
Charter Mac Equity Issuer Trust RB (Merrill Lynch
P-Float Trust Receipts) Series 2004 AMT DN
(Merrilly Lynch & Co. Guaranty) (A-1, VMIG-1)
3.88%(b)(c) 05/08/06 2,500 2,500,000
Clipper Tax-Exempt Certificates Trust RB
(Certified Partner Multi-State Project) Series
2004-11 AMT DN (Bayeriche, FSA Insurance,
Trinity Guaranty) (VMIG-1)
3.93%(b)(c) 05/08/06 34,065 34,065,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
40
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Multi-State (continued)
Clipper Tax-Exempt Certificates Trust RB
(Certified Partner Multi-State Project) Series
2005-31 AMT DN (AMBAC, FSA Insurance, State
Street Bank SBPA)
3.95%(b)(c) 05/08/06 $13,115 $13,115,000
Federal Home Loan Mortgage Corp. Variable Rate
Demand Certificates RB (Multi-Family Housing
Project) Series 2005A-M005 DN (Federal Home
Loan Mortgage Corp. Guaranty)
3.33%(b) 05/01/06 22,949 22,948,537
Municipal Securities Pool Trust Receipts RB
Series 2004-17 DN (Multiple Insurances,
Societe Generale SBPA) (A-1+)
3.93%(b)(c) 05/08/06 5,455 5,455,000
MuniMae Tax Exempt Board Subsidiary LLC RB
(P-Float Trust Receipts) Series 2005 PT-2691
AMT DN (Merrill Lynch & Co. Guaranty)
3.93%(b)(c) 05/08/06 22,660 22,660,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A DN (Merrill Lynch Capital Services
SBPA) (F-1+)
3.93%(b)(c) 05/08/06 1,760 1,760,000
-----------
150,038,537
-----------
Nevada - 0.4%
Clark County Airport RB (ABN-AMRO Munitops
Trust Certificates) Series 2005-56 DN (AMBAC
Insurance, ABN-AMRO Bank N.V. SBPA)
(F-1+, AAA)
3.48%(b)(c) 09/11/06 4,000 4,000,000
Las Vegas Valley Water District GO Series 2005A
MB (FGIC Insurance) (AAA, Aaa)
4.00% 06/01/06 1,000 1,000,696
-----------
5,000,696
-----------
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)
3.93%(b) 05/08/06 1,115 1,115,000
New Hampshire Business Finance Authority
Industrial Facility RB (JMT Properties LLC
Project) Series 2002 AMT DN (M&T Bank LOC)
3.89%(b) 05/08/06 1,965 1,965,000
-----------
3,080,000
-----------
New Jersey - 2.3%
Middle Township GO Series 2005 BAN
4.00% 07/21/06 6,190 6,205,632
New Jersey Economic Development Authority RB
(Citibank P-Float Trust Receipts) Series 2004
ROC-II-R-309 DN (Assured Guaranty Corp.
Insurance, Citibank N.A. SBPA) (A-1+)
3.85%(b)(c) 05/08/06 630 630,000
Sussex County GO Series 2005 BAN
4.00% 06/23/06 8,599 8,610,763
University Medicine & Dentistry RB Series 2002B
DN (AMBAC Insurance, University Credit
Support, Fleet National Bank SBPA) (VMIG-1)
3.80%(b) 05/08/06 15,360 15,360,000
-----------
30,806,395
-----------
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
New York - 2.3%
Dormitory Authority RB (Glen Eddy, Inc. Project)
Series 2000 DN (Fleet National Bank LOC) (A-1)
3.80%(b) 05/08/06 $11,800 $11,800,000
Lancaster IDRB (Jiffy Tite Co., Inc. Project) Series
1997 AMT DN (Key Bank N.A. LOC)
3.93%(b) 05/08/06 1,175 1,175,000
Metropolitan Pier & Exposition Authority RB (Bear
Stearns Trust Certificates) Series 2005A-224
DN (MBIA Insurance, Bear Stearns Capital
Markets Liquidity Facility) (VMIG-1)
3.92%(b)(c) 05/08/06 4,310 4,310,000
Newburgh Charter Mac Multi-Family Housing RB
(Merrill Lynch P-Float Trust Receipts) Series
2041-2504 AMT DN (Merrill Lynch & Co.
Guaranty)
3.93%(b)(c) 05/08/06 3,180 3,180,000
Riverhead IDA RB Series 2006F AMT DN
(Goldman Sach SBPA)
3.90%(b)(c) 05/08/06 7,000 7,000,000
Ulster IDRB (Viking Industries, Inc. Project) Series
1998A AMT DN (KeyBank N.A. LOC)
3.93%(b) 05/08/06 1,375 1,375,000
Yates County IDRB (Coach & Equipment
Manufacturing Corp. Project) Series 2000A AMT
DN (M&T Bank N.A. LOC)
3.82%(b) 05/08/06 1,810 1,810,000
-----------
30,650,000
-----------
North Carolina - 4.2%
Buncombe County IDRB (Lustar Dyeing, Inc.
Project) Series 1998 AMT DN (Wachovia Bank
N.A. LOC)
3.95%(b) 05/08/06 1,820 1,820,000
Charlotte Water & Sewer System GO Series 2005
TECP (Wachovia Bank LOC) (A-1+, P-1)
3.03% 07/11/06 6,500 6,500,000
3.21% 08/01/06 4,600 4,600,000
3.25% 08/01/06 9,450 9,450,000
3.32% 08/01/06 13,300 13,300,000
3.68% 08/01/06 3,650 3,650,000
Mecklenburg County Industrial Facilities PCRB
(Peidmont Plastics Project) Series 1997 AMT
DN (Branch Banking & Trust Co. LOC)
(Aa3, VMIG-1)
3.92%(b) 05/08/06 1,360 1,360,000
North Carolina Housing Finance Agency RB
Series 2005B-22 AMT MB (Societe Generale
GIC) (A-1+, MIG-1)
3.20%(b) 11/01/06 4,000 4,000,000
North Carolina Ports Authority Exempt Facilities
RB (Wilmington Bulk LLC Project) Series 2001A
AMT DN (Branch Banking & Trust Co. LOC)
(VMIG-1)
3.92%(b) 05/08/06 1,310 1,310,000
Raleigh Durham Airport Authority Airport RB
(P-Floats Trust Reciepts) Series 2005-100 AMT
DN (AMBAC Insurance, Landesbank Hessen
Liquidity Facility) (VMIG-1)
3.88%(b)(c) 05/08/06 2,145 2,145,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
41
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
North Carolina (continued)
Richmond County Industrial Facilities PCRB
(Ritz-Craft Corp., Inc.) Series 2005 DN
(Mercantile Safe Deposit & Trust Co. LOC)
(A-1+, VMIG-1)
3.85%(b) 05/08/06 $1,600 $1,600,000
Rutherford County Industrial Facilities PCRB
(Thieman Metal Technology Project) Series 1998
AMT DN (Branch Banking & Trust Co. LOC)
(VMIG-1)
3.92%(b) 05/08/06 1,950 1,950,000
Sampson County Industrial Facilities PCRB
(Dubose Strapping, Inc. Project) Series 2003
AMT DN (Wachovia Bank N.A. LOC)
3.95%(b) 05/08/06 2,640 2,640,000
Wake County Housing Finance Authority RB (Casa
Melvid Multi-Family Housing Project) Series
2001A AMT DN (SunTrust Bank LOC) (VMIG-1)
3.90%(b) 05/08/06 700 700,000
----------
55,025,000
----------
North Dakota - 0.7%
Mercer County Solid Waste Disposal RB (National
Rural Utilities United Power Project) Series
1993U AMT DN (National Rural Utilities LOC)
(A-1, P-1)
2.90%(b) 05/08/06 5,300 5,300,000
Mercer County Solid Waste Disposal RB (Rural
Utilities Untied Power Project) Series 1995A
AMT MB (A-1)
3.40%(b) 09/01/06 2,200 2,200,000
North Dakota Housing Finance Agency RB Series
2001A-19 AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.87%(b)(c) 05/08/06 2,080 2,080,000
----------
9,580,000
----------
Ohio - 7.3%
American Municipal Power, Inc. GO (Ohio, Inc.
Project) Series 2005-2002 BAN
3.35% 11/02/06 2,000 2,000,000
American Municipal Power, Inc. GO (Shelby City
Project) Series 2005B RAN
3.35% 11/16/06 2,000 2,000,000
American Municipal Power, Inc. GO (Shelby City
Project) Series 2005 BAN
3.35% 11/16/06 830 830,000
American Municipal Power, Inc. GO (St. Mary's
Project) Series 2005 BAN
3.20% 10/05/06 600 600,000
Ashtabula County IDRB (Brighton Manor, Inc.
Project) Series 1986 AMT DN (KeyBank N.A.
LOC)
3.93%(b) 05/08/06 2,500 2,500,000
Berea GO Series 2005 BAN (National City Bank
N.A. LOC)
3.60% 12/20/06 1,925 1,927,372
Butler County GO (Metroparks Lodge Project)
Series 2005 BAN (MIG-1)
4.00% 06/08/06 1,370 1,371,596
Champaign County IDRB (Allied Signal, Inc.
Project) Series 1998 DN (A-1)
4.10%(b) 05/08/06 1,000 1,000,000
Cuyahoga County Economic Development RB
(Berea Children's Home Project) Series 2000
DN (Huntington National Bank LOC) (VMIG-1)
4.00%(b) 05/08/06 1,230 1,230,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Cuyahoga County Multi-Family RB (Merrill Lynch
P-Floats Trust Receipts) Series 2006-PT3391
AMT DN (Merrill Lynch SBPA; IXIS Insurance)
3.93%(b)(c) 05/08/06 $7,345 $7,345,000
Darke County GO (Real Estate Improvement
Project) Series 2005 BAN
4.00% 10/11/06 2,200 2,208,571
Defiance County GO Series 2005 MB
4.00% 07/27/06 1,700 1,704,530
Delaware County Economic Development RB (The
Columbus Zoological Park Associates, Inc.
Project) Series 2003 DN (Huntington National
Bank LOC)
4.00%(b) 05/08/06 115 115,000
Delaware County IDRB (Air Waves, Inc. Project)
Series 1995 DN (KeyBank N.A. LOC)
3.93%(b) 05/08/06 380 380,000
Franklin County Economic Development RB
(Dominican Sisters Project) Series 1994 DN
(Fifth Third Bank N.A. LOC)
3.86%(b) 05/04/06 995 995,000
Franklin County Healthcare Facilities RB
(Heritage Day Health Centers Project) Series
2002 DN (Huntington National Bank LOC)
3.90%(b) 05/08/06 770 770,000
Franklin County Municipal Securities Trust
Certificates RB Series 2002A-9047 DN (AMBAC
Insurance, Bear Stearns SBPA) (A-1)
3.82%(b)(c) 05/08/06 1,500 1,500,000
Gahanna GO Series 2005 BAN (MIG-1)
4.00% 10/05/06 850 853,549
Huber Heights GO (Brandt Oike Village Project)
Series 2006C BAN
4.00% 11/15/06 1,190 1,193,251
Huber Heights GO Series 2006B BAN
4.00% 11/15/06 1,057 1,059,887
Jackson County RB (Hospital Facilities Project)
Series 2005 DN (Radian Insurance, Fifth Third
Bank N.A. LOC) (AA, F-1+)
3.84%(b) 05/08/06 7,000 7,000,000
Lucas County Economic Development RB
(Maumee Valley Country Day School Project)
Series 1998 AMT DN (MidAmerican National
Bank & Trust Co. LOC)
4.78%(b) 05/08/06 1,425 1,425,000
Lucas County IDRB (Conforming Matrix Corp.
Project) Series 1999 AMT DN (Sky Bank LOC)
4.78%(b) 05/08/06 1,020 1,020,000
Mahoning County IDRB (Serra Land Project)
Series 1997 AMT DN (KeyBank N.A. LOC)
3.93%(b) 05/08/06 1,120 1,120,000
North Canton GO Series 2005 BAN
4.00% 05/08/06 548 549,516
North Olmstead GO (Capital Improvement Project)
Series 2005 MB
3.03% 05/03/06 1,750 1,750,023
North Olmsted GO (Clague Road Improvement
Project) Series 2006 BAN
3.80% 05/03/06 500 500,014
Ohio Higher Educational Facility Community RB
Series 1999 DN (Fifth Third Bank N.A. LOC)
3.87%(b) 05/08/06 185 185,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
42
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Ohio Higher Educational Facility RB (Cedarville
University Project) Series 2004 DN (KeyBank
N.A. LOC)
3.86%(b) 05/08/06 $ 965 $ 965,000
Ohio Highway Capital Improvement GO Series
2004H MB (AAA, Aa1)
2.00% 05/01/06 2,150 2,150,000
Ohio Housing Finance Agency Mortgage RB
(Merlots Project) Series 2005A-10 AMT DN
(Wachovia Bank SBPA)
2.80%(b)(c) 05/08/06 7,530 7,530,000
Ohio State Major New State Infrastructure RB
Series 2004-1 MB (AA, Aaa3)
5.00% 06/15/06 1,000 1,002,202
Ohio State Solid Waste RB (Republic Services, Inc.
Project) Series 2005 AMT DN (A-2)
4.08%(b) 05/08/06 8,000 8,000,000
Parma Heights GO (Street Improvement Project)
Series 2005 BAN
3.25% 09/22/06 1,126 1,127,075
Pepper Pike City GO Series 2005 BAN
3.00% 06/22/06 1,000 1,000,277
Richland Correctional Facilities GO Series 2006
BAN
4.25% 02/27/07 2,500 2,515,992
Seneca County GO Series 2005 BAN
4.00% 11/30/06 915 917,939
Stark County IDRB (Thakar Properties LLC
Project) Series 2002 AMT DN (National City
Bank N.A. LOC)
3.92%(b) 05/08/06 470 470,000
Summit County Civic Facility RB (Akron Area
Electric Junction Project) Series 2001 DN
(Keybank N.A. LOC)
3.86%(b) 05/08/06 210 210,000
Summit County IDRB (J&P Capital Project) Series
2001 AMT DN (Sky Bank LOC)
4.23%(b) 05/08/06 1,600 1,600,000
Toledo City Services Special Assesment Notes
Series 2006 DN (State Street Bank & Trust Co.
LOC) (MIG-1)
3.81%(b) 05/08/06 1,800 1,800,000
Toledo GO Certificates Trust Series 2004-18 MB
(FGIC Insurance, State Aid Withholding
Guaranty, ABN AMRO SBPA) (VMIG-1)
3.54%(b)(c) 11/30/06 9,995 9,995,000
Trumbull County IDRB (Ellwood Engineered
Project) Series 2004 AMT DN (KeyBank LOC)
3.93%(b) 05/08/06 1,800 1,800,000
University of Cincinnati RB Series 2004B DN
(AMBAC Insurance, Bayerische Landesbank
Girozentrale SBPA) (A-1+, VMIG-1)
3.80%(b) 05/08/06 500 500,000
University of Toledo RB (Societe Generale Trust
Receipts) Series 2001 SGA-125 DN (FGIC
Insurance, Societe Generale Liquidity Facility)
(A-1+)
3.82%(b)(c) 05/08/06 4,255 4,255,000
Vermilion GO Series 2005-2 BAN
3.25% 10/12/06 1,030 1,030,898
Wood County Economic Development RB (Sun
Seed Holding Co., Inc. Project) Series 2001A
AMT DN (Sky Bank LOC)
4.78%(b) 05/08/06 480 480,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Wood County IDRB (Hammill Manufacturing
Project) Series 2001 AMT DN (Sky Bank LOC)
4.78%(b) 05/08/06 $ 630 $ 630,000
Wood County RB (Toledo YMCA Facilities
Improvement Project) Series 1998 DN (Sky
Bank LOC)
4.78%(b) 05/08/06 3,320 3,320,000
----------
96,432,692
----------
Oklahoma - 1.4%
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-)
3.93%(b)(c) 05/08/06 4,630 4,630,000
Muskogee Transport Authority IDRB (Metals USA,
Inc. Project ) Series 1998 AMT DN (Bank One
N.A. LOC)
3.91%(b) 05/08/06 2,850 2,850,000
Oklahoma City IDRB Series 1998 AMT DN (Bank
One N.A. LOC)
3.95%(b) 05/04/06 1,880 1,880,000
Oklahoma County Finance Authority Multi-Family
Housing RB (Sail Assoc. LLC Project) Series
2004 AMT DN (Federal Home Loan Bank
Guaranty) (A-1+)
3.90%(b) 05/08/06 6,900 6,900,000
Oklahoma Development Finance Authority RB
(ConocoPhillips Co. Project) Series 2002B DN
(ConocoPhillips Guaranty) (A-2, VMIG-2)
3.98%(b) 05/08/06 2,500 2,500,000
----------
18,760,000
----------
Oregon - 2.2%
Oregon Housing & Community Services RB
(Merrill Lynch P-Floats Project) Series
2005-2879 DN (Merrill Lynch Capital Services
SBPA)
3.93%(b)(c) 05/08/06 24,495 24,495,000
Portland Airport RB (Merrill Lynch P-Floats Trust
Receipts) Series 2005-149 AMT DN (Merrill
Lynch & Co. SBPA, FSA Insurance)
3.92%(b)(c) 05/08/06 4,665 4,665,000
----------
29,160,000
----------
Pennsylvania - 2.6%
Badger Tobacco Asset Securtization Corp. RB
(Merrill Lynch P-Floats Trust Receipts) Series
2006 PA-1361 DN (Merrill Lynch Capital
Services Liquidity Facility)
3.90%(b)(c) 05/08/06 3,255 3,255,000
Harrisburg Authority School RB (Harrisburg
Project) Series 2003 DN (AMBAC Insurance,
Westdeutsche Landesbank Girozentrale
Liquidity Facility) (A-1+)
3.80%(b) 05/08/06 9,260 9,260,000
Pennsylvania Economic Development Financing
Authority RB (Sunoco, Inc. Project) Series
2004A AMT DN (Sunoco, Inc. Guaranty)
(A-2, P-2)
3.92%(b) 05/08/06 5,800 5,800,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
43
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Pennsylvania (continued)
Pennsylvania Economic Development Financing
Authority Waste Water Treatment RB (Sunoco,
Inc. Project) Series 2004B AMT DN (Sunoco, Inc.
Guaranty) (A-2)
3.99%(b) 05/08/06 $ 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)
3.91%(b) 05/08/06 400 400,000
Pennsylvania Higher Educational Facilities
Authority RB (P-Float Trust Receipts) Series
2004 MT-042 DN (Lloyds Bank LOC, Merrill
Lynch Capital Services SBPA) (F-1+)
3.86%(b)(c) 05/08/06 5,945 5,945,000
Pennsylvania State Turnpike Commission RB
(Munitops Trust Certificates) Series 2004-9 DN
(AMBAC Insurance, ABN AMRO SBPA) (VMIG-1)
3.84%(b)(c) 05/04/06 650 650,000
----------
33,810,000
----------
Rhode Island - 0.1%
Rhode Island Economic Development RB
(Corporate Airport Project) Series 2004A MB
(FSA Insurance) (AAA, Aaa)
2.00% 07/01/06 870 867,536
----------
South Carolina - 1.6%
Greenwood County Exempt Facility IDRB Series
2004 AMT DN (Fuji Photo Film Co. Guaranty)
(A-1+)
3.92%(b) 05/08/06 9,700 9,700,000
South Carolina Housing Finance & Development
RB (Arrington Place Apartment Project) Series
2001 AMT DN (SunTrust Bank LOC) (VMIG-1)
3.90%(b) 05/08/06 1,100 1,100,000
South Carolina Jobs Economic Development
Authority RB (Finn Property LLC Project) Series
2006 AMT DN (Suntrust Bank LOC)
(Aa2, VMIG-1)
3.90%(b) 05/08/06 3,000 3,000,000
South Carolina Jobs Economic Development
Authority RB (Holcim U.S., Inc. Project) Series
2003 AMT DN (Comercia Bank N.A. LOC) (A-1)
3.96%(b) 05/08/06 6,250 6,250,000
South Carolina Jobs Economic Development
Authority RB (Synthetics International, Inc.
Project) Series 1995 AMT DN (Southtrust Bank
LOC)
3.90%(b) 05/04/06 500 500,000
----------
20,550,000
----------
South Dakota - 2.0%
South Dakota Housing Development Authority RB
(Homeownership Mortgage Project) Series
2005I AMT MB (SP-1+)
4.50% 12/15/06 25,950 26,115,509
----------
Tennessee - 1.7%
Chattanooga IDRB (T.B. Woods, Inc. Project)
Series 1997 AMT DN (M&T Bank LOC)
3.93%(b) 05/08/06 2,290 2,290,000
Coffee County IDRB (Comtec Polymers, Inc.
Project) Series 1997 AMT DN (Bank of America
LOC)
4.00%(b) 05/08/06 2,180 2,180,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Tennessee (continued)
Grundy County IDRB (Toyota Seat Project) Series
2001 AMT DN (Comerica Bank N.A. LOC)
4.01%(b) 05/08/06 $ 3,325 $3,325,000
Jackson Health Educational & Housing Facility
Board Multi-Family RB (East Pointe LLC
Project) Series 2006 AMT DN (A-1+)
4.15%(b) 05/08/06 5,100 5,100,000
Knox County Health Educational & Housing Board
Multi-Family RB Series 2006 PT-3365 AMT DN
(Merrill Lynch Guaranty)
3.85%(b)(c) 05/08/06 3,400 3,400,000
Metropolitan Government of Nashville & Davidson
County IDRB (Family LLC Project) Series 2002
AMT DN (SunTrust Bank LOC) (F-1+)
3.90%(b) 05/08/06 3,000 3,000,000
Morristown IDRB (Petoskey Plastic Project) Series
1999 AMT DN (Comerica Bank N.A. LOC)
4.01%(b) 05/08/06 2,540 2,540,000
----------
21,835,000
----------
Texas - 17.9%
Austin Housing Financial Corp. RB (Merrill Lynch
P-Float Trust Receipts) Series 2005 PT-2578
AMT DN (Merrill Lynch & Co. Guaranty
Services)
3.93%(b)(c) 05/08/06 14,715 14,715,000
Brazos Industrial Development Corp.
Environmental Facilities RB (ConocoPhillips Co.
Project) Series 2003 AMT MB (A-2, VMIG-2)
2.98% 08/01/06 9,800 9,800,000
Brazos River Authority PCRB (Houston Lighting &
Power Company Project) Series 1984F AMT DN
(Merrill Lynch Guaranty)
3.91%(b) 05/08/06 3,520 3,520,000
Brazos River Harbor RB (Dow Chemical Project)
Series 2005 MB (Dow Chemical Guaranty) (P-2)
3.28% 05/24/06 8,500 8,500,000
3.43% 06/07/06 3,500 3,500,000
East Housing Finance Corp. Multi-Family RB
(Merrill Lynch Trust Receipts) Series 2005-PT
2952 AMT DN (Merrill Lynch & Co. SBPA)
3.93%(b)(c) 05/08/06 4,315 4,315,000
Gulf Coast IDRB (Cinergy Solutions Project) Series
2004 AMT DN (Cinergy Co. Guaranty)
(A-2, VMIG-2)
4.05% 05/08/06 20,900 20,900,000
Gulf Coast Waste Disposal Authority
Environmental Facilities RB (Exxon Mobil
Project) Series 2000 AMT DN (A-1+, VMIG-1)
3.67%(b) 05/01/06 5,800 5,800,000
Gulf Coast Waste Disposal Authority
Environmental Facilities RB (Exxon Mobil
Project) Series 2001B AMT DN (A-1+)
3.67%(b) 05/01/06 16,000 16,000,000
Harris Health Facilities Development Corp. RB
(Herman Hospital System Project) Series 1998
MB (FSA Insurance) (AAA, Aaa)
5.25% 06/01/06 1,000 1,001,637
Houston Housing Finance Corp. RB (Merrill Lynch
P-Float Trust Receipts) Series 2004 PT-2101
AMT DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.93%(b)(c) 05/08/06 4,985 4,985,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
44
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Texas (continued)
Houston Housing Finance Corp. RB (Merrill Lynch
P-Float Trust Receipts) Series 2005 PT-2597
AMT DN (Merrill Lynch & Co. Guaranty)
3.93%(b)(c) 05/08/06 $10,455 $10,455,000
Houston Utilities System RB Series 2004A MB
(MBIA Insurance) (AAA, Aaa)
2.50% 05/15/06 3,000 2,998,812
Lower Neches Valley Authority Industrial
Development Corp. Exempt Facilities RB (Exxon
Mobil Project) Series 2001B AMT DN
(A-1+, VMIG-1)
3.67%(b) 05/01/06 11,700 11,700,000
Lower Neches Valley Authority PCRB (Chevron
USA, Inc. Project) Series 1987 MB
(Chevron-Texaco Guaranty) (A-1+, P-1)
3.35%(b) 08/15/06 7,010 7,010,000
Montgomery County IDRB (Sawyer Research
Products, Inc. Project) Series 1995 AMT DN
(KeyBank N.A. LOC)
3.97%(b) 05/08/06 751 751,000
Northside ISD GO (School Building Project) Series
2005 DN (Depfa Bank SBPA) (A-1+, MIG-1)
2.85%(b) 06/15/06 11,200 11,200,000
Panhandle Regional Housing Finance RB Series
2004 PT-2086 AMT DN (Merrill Lynch & Co.
Guaranty) (F-1+)
3.93%(b)(c) 05/08/06 3,365 3,365,000
Port Corpus Christi Nueces Solid Waste Disposal
Authority RB (Flint Hills Resources Project)
Series 2006 AMT DN (A-1, P-1)
4.10%(b) 05/08/06 5,500 5,500,000
San Marcos IDRB (TB Woods, Inc. Project) Series
1999 AMT DN (M&T Bank LOC)
3.93%(b) 05/08/06 3,000 3,000,000
South Plains Housing Corp. Single Family RB
(Wachovia Merlots Trust Receipts) Series
2002A-11 AMT DN (Government National
Mortgage Association Guaranty, Wachovia Bank
N.A. SBPA)
3.87%(b)(c) 05/08/06 1,625 1,625,000
Tarrant County Housing Finance Corp. RB (Merrill
Lynch P-Floats Trust Reciepts) Series
2005-3169 AMT DN (Merrill Lynch & Co. SBPA)
3.93%(b)(c) 05/08/06 5,000 5,000,000
Texas Department of Housing & Community
Affairs Merlots RB (Single Family Housing
Project) Series 2002A-58 DN (Wachovia Bank
N.A. SBPA) (VMIG-1)
3.87%(b)(c) 05/08/06 2,675 2,675,000
Texas 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+)
3.93%(b)(c) 05/08/06 9,065 9,065,000
Texas Department of Housing & Community
Affairs Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2001 PT-1347 AMT DN
(Merrill Lynch & Co. Guaranty) (A-1+)
3.93%(b)(c) 05/08/06 10,575 10,575,000
Texas Department of Housing & Community
Affairs Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2003 PT-1868 AMT DN
(Merrill Lynch & Co. Guaranty) (F-1+)
3.93%(b)(c) 05/08/06 3,835 3,835,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Texas (continued)
Texas Department of Housing & Community
Affairs Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2005 PT-2576 AMT DN
(Merrill Lynch & Co. Guaranty)
3.93%(b)(c) 05/08/06 $13,575 $13,575,000
Texas Department of Housing & Community
Affairs Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2005 PT-2598 AMT DN
(Merrill Lynch & Co. Guaranty)
3.93%(b)(c) 05/08/06 13,760 13,760,000
Texas Department of Housing & Community
Affairs Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2005 PT-2968 AMT DN
(Merrill Lynch & Co. Guaranty)
3.93%(b)(c) 05/08/06 7,495 7,495,000
Travis County Housing Financial Corp. RB (Merrill
Lynch P-Float Trust Receipts) Series 2005-2577
DN (Merrill Lynch & Co. Guaranty)
3.93%(b)(c) 05/08/06 13,130 13,130,000
Victory Street Public Facilities Corp. Multi-Family
RB Series 2003-2059 AMT DN (Merrill Lynch &
Co. Guaranty) (F-1+)
3.93%(b)(c) 05/04/06 7,300 7,300,000
-----------
237,051,449
-----------
Vermont - 0.9%
Vermont Educational & Health Buildings
Financing Agency RB (Gifford Medical Center
Project) Series 2003A DN (VMIG-1)
3.83%(b) 05/08/06 1,500 1,500,000
Vermont Educational & Health Buildings
Financing Agency RB (Springfield Hospital
Project) Series 2002A DN (VMIG-1)
3.83%(b) 05/08/06 930 930,000
Vermont Educational and Health Buildings
Finance Agency RB (Brattleboro Memorial
Project) Series 2004A DN (VMIG-1)
3.81%(b) 05/01/06 3,450 3,450,000
Vermont Educational and Health Buildings
Finance Agency RB (North Country Project)
Series 2004A DN (VMIG-1)
3.81%(b) 05/01/06 4,035 4,035,000
Vermont GO Series 1990A MB (AA+, Aa1)
5.75% 08/01/06 250 251,565
Vermont IDRB (Alpine Pipeline Co. Project) Series
1999 AMT DN (KeyBank N.A. LOC)
3.93%(b) 05/08/06 1,185 1,185,000
Vermont State Colleges RB Series 2003 MB (FGIC
Insurance) (AAA, Aaa)
2.25% 07/01/06 500 499,130
-----------
11,850,695
-----------
Virginia - 1.2%
Botetourt County IDRB (Altec Industries Project)
Series 2001 AMT DN (AmSouth Bank of
Alabama LOC) (A-1)
3.95%(b) 05/08/06 2,600 2,600,000
Cabell Lifecare Facilities RB (Foster Foundation
Project) Series 2003 DN (Huntington National
Bank LOC)
4.00%(b) 05/08/06 4,350 4,350,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
45
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONCLUDED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Virginia (continued)
Norfolk Redevelopment & Housing Authority
Multi-Family Housing RB (Residential Rental
Project) Series 2003 AMT DN (SunTrust Bank
LOC)
3.95%(b) 05/08/06 $ 1,983 $ 1,983,000
Richmond IDRB (PM Beef Co. Project) Series 1997
AMT DN (Bank of America N.A. LOC)
3.95%(b) 05/08/06 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)
3.95%(b) 05/08/06 1,720 1,720,000
Virginia Beach RB (Merrill Lynch P-Float Trust
Receipts) Series 2005-2505 AMT DN (Merrill
Lynch & Co. Guaranty) (F-1+)
3.93%(b)(c) 05/08/06 3,745 3,745,000
Virginia Small Business Financing Authority RB
(Coastal Development Group Project) Series
1989 AMT DN (Branch Banking & Trust Co.
LOC)
4.05%(b) 05/08/06 84 84,000
--------------
15,882,000
--------------
Washington - 2.2%
Pilchuck Public Development Corp. RB (Holden-
McDaniels Partners Project) Series 1996 AMT
DN (KeyBank N.A. LOC)
3.94%(b) 05/08/06 1,550 1,550,000
Port of Seattle RB Series 2003-720 AMT DN (FGIC
Insurance, Banque Nationale de Paribas SBPA)
(A-1+)
3.89%(b)(c) 05/08/06 2,500 2,500,000
Seattle Housing Authority RB (Rainier Vista
Project Phase I) Series 2003 AMT DN (KeyBank
N.A. LOC) (A-1)
3.85%(b) 05/08/06 10,850 10,850,000
Thurston County School District GO (North
Thurston School District No. 003 Project) Series
2003 MB (Aaa, AAA)
2.00% 06/01/06 465 464,548
Washington Housing Finance Community
Multi-Family Housing RB (Merrill Lynch
P-Floats Trust Receipts) Series 2005-3054 AMT
DN (Merrill Lynch Guaranty)
3.93%(b)(c) 05/08/06 8,385 8,385,000
Yakima County Public Corp. RB (Michelsen
Packaging Co. Project) Series 2000 AMT DN
(Bank of America N.A. LOC) (A-1+)
3.90%(b) 05/08/06 595 595,000
Yakima County RB (Oord Dairy Project) Series
2004 AMT DN (Key Bank N.A. LOC)
3.93%(b) 05/04/06 4,415 4,415,000
--------------
28,759,548
--------------
West Virginia - 0.6%
West Virginia Housing Development Fund RB
Series 2006B AMT DN (A-1+, VMIG-1)
3.67%(b) 05/08/06 6,000 6,000,000
West Virginia State Hospital RB (West Virginia
Hospital Pooled Financing Program) Series
2001B-2 DN (Branch Banking & Trust Co. LOC)
(VMIG-1)
4.00%(b) 05/08/06 1,320 1,320,000
--------------
7,320,000
--------------
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Wisconsin - 1.1%
Germantown IDRB (Cambridge Major Labs
Project) Series 2003 AMT DN (Bank One N.A.
LOC)
3.95%(b) 05/08/06 $ 5,300 $ 5,300,000
Kohler Village Solid Waste Disposal RB (Kohler
Project) Series 1997 AMT DN (Wachovia Bank
N.A. LOC)
3.90%(b) 05/08/06 4,000 4,000,000
Mequon IDRB (Johnson Level GRW Investment
Project) Series 1995 AMT DN (Bank One N.A.
LOC)
3.95%(b) 05/01/06 665 665,000
Oshkosh IDRB (Oshkosh Coil Spring Project)
Series 2000A AMT DN (Bank One Wisconsin
LOC)
3.95%(b) 05/08/06 2,100 2,100,000
Wisconsin Clean Water RB Series 2002-2 MB
(MBIA Insurance)
5.00% 06/01/06 550 550,858
Wisconsin Health & Educational Facilities RB
(Pooled Loan Financing Program) Series 2002E
DN (Associated Bank N.A. LOC) (VMIG-1)
4.00%(b) 05/08/06 1,995 1,995,000
--------------
14,610,858
--------------
Wyoming - 1.0%
Cheyenne IDRB (Grobet File Co., Inc. Project)
Series 2001 AMT DN (National City Bank N.A.
LOC)
3.92%(b) 05/08/06 2,300 2,300,000
Green River RB (Rhone-Poulenc LP Project)
Series 1994 AMT DN (Fleet National Bank LOC)
(VMIG-1)
4.06%(b) 05/08/06 11,400 11,400,000
--------------
13,700,000
--------------
TOTAL MUNICIPAL BONDS
(Cost $1,317,300,673)
1,317,300,673
--------------
TOTAL INVESTMENTS IN SECURITIES - 99.6%
(Cost $1,317,300,673(a))
1,317,300,673
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.4% 5,567,983
--------------
NET ASSETS - 100.0%
$1,322,868,656
==============
- -------------------
(a) Aggregate cost for federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2006 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,
2006, the Fund held 34.3% of its net assets, with a current market value
of $454,101,000, in securities restricted as to resale.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS - 99.4%
California - 97.6%
ABN AMRO Munitops Certificates Trust GO Series
2005-26 MB (CIFG-TCRS Credit Support, ABN
AMRO Bank N.V. SBPA) (F-1+)
3.54%(b)(c) 05/01/06 $24,995 $24,995,000
Alameda-Contra Costa Schools Financing
Authority COP (Capital Improvement Financing
Projects) Series 1997F DN (Kredietbank N.V.
LOC) (A-1+)
3.90%(c) 05/08/06 500 500,000
Alameda-Contra Costa Schools Financing
Authority COP (Capital Improvement Financing
Projects) Series 2005M DN (Bank of Nova Scotia
LOC) (A-1+)
3.84%(c) 05/08/06 1,800 1,800,000
Bay Area Toll Authority Toll Bridge RB Series
2006MT-238 DN (Liquidity Facility, Depfa Bank
PLC) (F-1+)
3.93%(b)(c) 05/01/06 15,000 15,000,000
Bear Stearns Municipal Securities Trust
Certificates RB (228 Trust Certificates) Series
2005A DN (FSA Insurance, Bear Stearns Capital
Markets Liquidity Facility) (VMIG-1)
3.92%(b)(c) 05/08/06 9,895 9,895,000
California COP Series 2006 MB (Multiple Bank
LOC) (A-1, P-1)
3.32% 05/11/06 18,000 18,000,000
3.25% 05/23/06 10,000 10,000,000
3.45% 06/07/06 9,500 9,500,000
3.44% 06/14/06 10,000 10,000,000
California Department of Water Power Supply RB
Series 2002C-13 DN (FSA Insurance, Morgan
Stanley Bank SBPA) (A-1+, VMIG-1)
3.73%(c) 05/08/06 5,000 5,000,000
California Department of Water Resource Power
Supply RB Series 2002 DN (Credit Locale de
France LOC) (A-1+, VMIG-1)
3.74%(c) 05/08/06 14,170 14,170,000
California Department of Water Resource Power
Supply RB Series 2002C-12 DN (Landesbank
Hessen-Thuringen Girozentrale LOC)
(A-1+, VMIG-1)
3.75%(c) 05/08/06 7,800 7,800,000
California Department of Water Resource Power
Supply RB Series 2002C-4 DN (Morgan
Guaranty Trust LOC) (A-1+, VMIG-1)
3.84%(c) 05/08/06 5,700 5,700,000
California Department of Water Resource Power
Supply RB Series 2002C-7 DN (FSA Insurance,
Dexia Credit SBPA) (A-1+, VMIG-1)
3.80%(c) 05/08/06 4,850 4,850,000
California Department of Water Resource Power
Supply RB Series 2003 PT-759 DN (MBIA
Insurance, Landesbank-Hessen SBPA)
(A-1+, VMIG-1)
3.83%(b)(c) 05/08/06 9,700 9,700,000
California Economic Recovery RB Series 2004C
DN (J.P. Morgan Chase Bank SBPA)
(A-1+, VMIG-1)
3.78%(c) 05/01/06 6,400 6,400,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
California (continued)
California Economic Recovery RB Series 2004C-1
DN (Landesbank Hessen-Thuringen
Girozentrale LOC) (A-1+, VMIG-1)
3.78%(c) 05/01/06 $ 2,500 $ 2,500,000
California Economic Recovery RB Series 2004C-14
DN (XLCA Insurance, Depfa Bank PLC SBPA)
(A-1+, VMIG-1)
3.75%(c) 05/03/06 6,000 6,000,000
California Economic Recovery RB Series 2004C-21
DN (XLCA Insurance, Dexia Credit Local SBPA)
(A-1+, VMIG-1)
3.79%(c) 05/08/06 3,400 3,400,000
California Economic Recovery RB Series 2004C-3
DN (Landesbank Hessen Thuringen
Girozentrale LOC) (A-1+, VMIG-1)
3.69%(c) 05/01/06 1,800 1,800,000
California Economic Recovery RB Series 2004C-5
DN (Bank of America SBPA) (A-1+, VMIG-1)
3.76%(c) 05/01/06 1,900 1,900,000
California Economic Recovery RB Series 2004C-6
DN (Citibank N.A. LOC) (A-1+, VMIG-1)
3.70%(c) 05/01/06 1,600 1,600,000
California Economic Recovery RB Series 2004C-7
DN (BNP Paribas LOC) (A-1+, VMIG-1)
3.70%(c) 05/01/06 19,295 19,295,000
California Educational Facilities Authority RB (Art
Center Design College Project) Series 2002A
DN (M&T Bank Corp. SBPA) (A-1+, VMIG-1)
3.85%(c) 05/08/06 3,545 3,545,000
California Educational Facilities Authority RB
(Carnegie Institution Washington) Series 2006A
DN (SunTrust Bank SBPA) (A-1+, VMIG-1)
3.84%(c) 05/08/06 6,000 6,000,000
California Educational Facilities Authority RB
(Pomona College Project) Series 2005B DN
(A-1+, VMIG-1)
3.76%(c) 05/08/06 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+)
3.82%(b)(c) 05/08/06 7,500 7,500,000
California GO (Kindergarten-University Public
Project) Series 2002B-5 DN (State Street Bank
& Trust Co. LOC) (A-1+, VMIG-1)
3.74%(c) 05/08/06 3,200 3,200,000
California GO Series 2003 DN (Landesbank
Hessen Thuringen Girozentrale LOC)
(A-1+, VMIG-1)
3.75%(c) 05/08/06 12,100 12,100,000
California GO Series 2005B-1 DN (Bank of
America LOC) (A-1+, VMIG-1)
3.74%(c) 05/08/06 17,000 17,000,000
California Health Facilities Finance Authority RB
(Sutter Health System Project) Series 1996B DN
(AMBAC Insurance, KBC Bank SBPA)
(A-1+, VMIG-1)
3.70%(c) 05/01/06 475 475,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
47
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
California (continued)
California Health Facilities Financing Authority RB
Series 2002-591 DN (Morgan Stanley Liquidity
Facility) (A-1+)
3.84%(b)(c) 05/08/06 $ 7,900 $7,900,000
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)
3.80%(c) 05/08/06 2,500 2,500,000
California Infrastructure & Economic
Development Bank RB (Goodwill Industries For
Orange County) Series 2006 DN (Wells Fargo
Bank LOC) (F-1+)
3.70%(c) 05/08/06 2,000 2,000,000
California RB Series 2005 RAN (SP-1+, MIG-1)
4.50% 06/30/06 14,000 14,033,854
California School Cash Reserve Program
Authority RB Series 2005A TRAN (10% AMBAC
Insurance Guaranty) (SP-1+, MIG-1)
4.00% 07/06/06 3,250 3,258,016
California State Department of Water Resources
& Power Supply RB Series 2005G-1 DN (Bank of
Nova Scotia LOC) (A-1+, VMIG-1)
3.74%(c) 05/08/06 1,200 1,200,000
California State Department of Water Resources
& Power Supply RB Series 2005G-4 DN (FSA
Insurance, Morgan Stanley Bank SBPA)
(A-1, VMIG-1)
3.81%(c) 05/08/06 5,000 5,000,000
California State Department of Water Resources
Power Supply RB Series 2005G-11 DN (FSA
Insurance, KBC Bank & Morgan Stanley Bank
Liquidity Facility) (A-1, VMIG-1)
3.75%(c) 05/08/06 14,100 14,100,000
California State Department of Water Resources
Power Supply RB Series 2005G-6 DN (FSA
Insurance, Calyon & Societe General Liquidity
Facility) (A-1+, VMIG-1)
3.74%(c) 05/08/06 21,000 21,000,000
California State Economic Recovery GO Series
2004-933 DN (Morgan Stanley Liquidity Facility)
(A-1, AA-)
3.81%(b)(c) 05/08/06 14,350 14,350,000
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+)
3.86%(b)(c) 05/08/06 20,420 20,420,000
California Statewide Communities Development
Authority RB (Archer School for Girls, Inc.
Project) Series 2005 DN (Allied Irish Bank PLC
LOC) (VMIG-1)
3.77%(c) 05/04/06 6,035 6,035,000
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+)
3.86%(b)(c) 05/08/06 3,150 3,150,000
Clovis County Unified School District GO (Merrill
Lynch P-Float Trust Receipts) Series
2005-PZ-42 DN (FGIC Insurance, Merrill Lynch
Capital Services SBPA) (AAA, F-1+)
3.88%(b)(c) 05/08/06 1,330 1,330,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
California (continued)
Contra Costa County GO Series 2005 TRAN
(SP-1+, MIG-1)
4.50% 12/07/06 $ 7,000 $7,049,839
Coronado Community Development Agency TAN
Series 2005 ROC-RR-II-451 DN (Citibank LOC)
(A-1+)
3.83%(b)(c) 05/08/06 6,900 6,900,000
East Bay Utilities District Wastewater Systems RB
Series 2003B DN (Credit Locale de France LOC)
(A-1+, VMIG-1)
3.73%(c) 05/08/06 9,215 9,215,000
Eclipse Funding Trust GO (Solar Eclipse-
California State Project) Series 2005-0004 DN
(MBIA Insurance, U.S. Bank N.A. Liquid Facility)
(F-1+)
3.81%(b)(c) 05/08/06 9,070 9,070,000
Eclipse Funding Trust GO (Solar Eclipse-
California State Project) Series 2006-0011 DN
(Kredietbank LOC) (VMIG-1)
3.80%(b)(c) 05/08/06 23,125 23,125,000
Eclipse Funding Trust GO (Solar Eclipse-Los
Angeles Unified School District Project) Series
2006-0018 DN (FGIC Insurance, U.S. Bank N.A.
Liquidity Facility) (VMIG-1)
3.82%(c) 05/08/06 5,270 5,270,000
Eclipse Funding Trust GO (Sonoma County Junior
College District Project) Series 2006-0014 DN
(FSA Insurance, U.S. Bank N.A. Liquidity
Facility) (VMIG-1)
3.81%(b)(c) 05/08/06 10,000 10,000,000
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+)
3.83%(b)(c) 05/08/06 1,990 1,990,000
Foothill-De Anza Community College GO Series
2000Y DN (Wachovia Bank N.A. LOC) (VMIG-1)
3.81%(b)(c) 05/08/06 2,775 2,775,000
Glendale Hospital RB Series 2002-590 DN
(Morgan Stanley Group LOC) (A-1+)
3.84%(c) 05/08/06 6,690 6,690,000
Golden State Tobacco Securitization Corp. RB
(California Tobacco Settlement Project) Series
2006E DN (FGIC Insurance, Goldman Sachs SPL
Liquidity Facility) (VMIG-1, F-1+)
3.83%(b)(c) 05/08/06 13,750 13,750,000
Golden State Tobacco Securitization Corp. RB
(California Tobacco Settlement-Spears Project)
Series 2006D-195 DN (FGIC Insurance,
Deutsche Bank A.G. Liquidity Facility)
(A-1+, AAA)
3.86%(b)(c) 05/08/06 2,080 2,080,000
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+)
3.86%(b)(c) 05/08/06 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+)
3.86%(b)(c) 05/08/06 2,740 2,740,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
California (continued)
Golden State Tobacco Securitization Corp. RB
(Tobacco Settlement Project) Series 2006I DN
(FGIC Insurance, Goldman Sachs Special
Services Liquidity Facility) (F-1+)
3.83%(b)(c) 05/08/06 $ 3,980 $3,980,000
Golden State Tobacco Settlement Securitization
Corp. RB (Merrill Lynch P-Float Trust Receipts)
Series 2004 PT-2338 DN (Merrill Lynch Capital
Services SBPA) (F1+)
3.86%(c) 05/08/06 2,905 2,905,000
Golden State Tobacco Settlement Securitization
Corp. RB Series 2004 ROC-RR-II-285X DN
(Citibank Liquidity Facility, XLCA Insurance)
(AAA)
3.85%(b)(c) 05/04/06 4,995 4,995,000
Golden State Tobacco Settlement Securitization
Corp. RB Series 2004 ROC-RR-II-287X DN
(Citibank Liquidity Facility) (A-1+)
3.85%(b)(c) 05/04/06 3,540 3,540,000
Golden State Tobacco Settlement Securitization
Corp. RB Series 2005 ROC-II-411 DN (Citibank
LOC) (VMIG-1)
3.85%(b)(c) 05/08/06 13,140 13,140,000
Grossmont-Cuyamaca Community College
District GO Series 2005-1130 MB (FGIC
Insurance, J.P. Morgan Chase Bank Liquidity
Facility) (VMIG-1)
3.40%(b)(c) 06/01/06 13,640 13,640,000
Grossmont-Cuyamaca Community College
District GO Series 2005-949 MB (FGIC
Insurance, J.P. Morgan Chase Bank Liquidity
Facility) (A-1+, AAA)
3.46%(b)(c) 06/15/06 6,170 6,170,000
Huntington Park Public Financing Authority RB
Series 2005 PT-2719 DN (FSA Insurance,
Merrill Lynch Capital Services SBPA)
(AAA, F-1+)
3.84%(b)(c) 05/08/06 685 685,000
Irvine Public Facilities & Infrastructure Authority
Lease RB (Capital Improvement Project) Series
1985 DN (State Street Bank & Trust Co. LOC)
(VMIG-1)
3.77%(c) 05/08/06 1,780 1,780,000
Los Angeles Department of Airports RB (Los
Angeles International Airport Project) Series
2002C-1 DN (Banque Nationale de Paribas LOC)
(A-1+, VMIG-1)
3.75%(c) 05/08/06 3,300 3,300,000
Los Angeles Department of Water & Power RB
(Eagle Tax Exempt Trust Receipts) Series 2006A
DN (AMBAC Insurance, Citibank N.A. Liquidity
Facility) (A-1+)
3.83%(b)(c) 05/08/06 4,355 4,355,000
Los Angeles TRAN Series 2005 MB (SP-1+, MIG-1)
4.00% 06/30/06 11,000 11,023,222
Los Angeles Unified School District GO (ABN
AMRO Munitops Trust Receipts) Series 2005-36
DN (Kredietbank LOC) (F-1+, AAA)
3.54%(b)(c) 10/02/06 10,000 10,000,000
Los Angeles Unified School District GO
(ABN-AMRO Munitops Trust Certificates) Series
1999C DN (MBIA Insurance, ABN-AMRO Bank
N.V. SBPA) (VMIG-1)
3.80%(b)(c) 05/08/06 1,500 1,500,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
California (continued)
Los Angeles Unified School District GO Series
2005 ROC-RR-II-R-390 DN (MBIA Insurance,
Citibank N.A. LOC) (VMIG-1)
3.83%(b)(c) 05/08/06 $ 2,890 $2,890,000
Los Angeles Wastewater Systems RB Series
2002A DN (FGIC Insurance, Bank of America
N.A. Liquidity Facility) (A-1+)
3.83%(c) 05/08/06 5,000 5,000,000
Los Angeles Water & Power Systems RB Series
2002A-1 DN (National Australia LOC)
(A-1+, VMIG-1)
3.73%(c) 05/04/06 3,400 3,400,000
Madera Financing Authority RB Series 2005A DN
(Credit Locale de France LOC) (A-1+)
3.78%(c) 05/01/06 2,000 2,000,000
Manteca Redevelopment Agency TAN Insured RB
Series 2005 DN (XLCA Insurance, State Street,
B&T Co. SBPA) (A-1+)
3.78%(c) 05/01/06 5,000 5,000,000
Metropolitan Water Distribution Southern
California Waterworks RB Series 1996A DN
(AMBAC Insurance, Lloyds Bank SBPA)
(A-1+, VMIG-1)
3.72%(c) 05/08/06 3,700 3,700,000
Metropolitan Water District for Southern
California Waterworks RB Series 2003C DN
(Credit Locale de France LOC) (A-1+, VMIG-1)
3.73%(c) 05/08/06 14,560 14,560,000
Metropolitan Water District of Southern California
Waterworks RB Series 2001C-2 DN
(Westdeutsche Landesbank Girozentrale LOC)
(A-1+, VMIG-1)
3.65%(c) 05/01/06 10,000 10,000,000
Metropolitan Water District of Southern California
Waterworks RB Series 2004A-1 DN (J.P.
Morgan Chase Bank Liquidity Facility)
(A-1+, VMIG-1)
3.73%(c) 05/08/06 8,710 8,710,000
Metropolitan Water District of Southern California
Waterworks RB Series 2005B-2 DN (Citibank
LOC) (A-1+, VMIG-1)
3.81%(c) 05/08/06 5,620 5,620,000
Orange County Sanitation District COP Series
2006 DN (Depfa Bank PLC LOC) (A-1+, VMIG-1)
3.75%(c) 05/01/06 34,100 34,100,000
Pleasant Valley School District of Ventura County
GO (Merrill Lynch P-Float Trust Receipts)
Series 2005 PT-2783 DN (MBIA Insurance,
Dexia Credit Local SBPA) (A-1+, AAA)
3.83%(b)(c) 05/08/06 5,865 5,865,000
Pleasanton COP (Assisted Living Facilities
Financing Project) Series 2005 DN (Citibank
LOC) (A-1+)
3.81%(c) 05/08/06 2,500 2,500,000
Puttable Floating Option Tax Exempt Receipts RB
Series 2005 PZP-006-Mode A DN (FGIC, MBIA,
FSA Insurance, Merrill Lynch SBPA) (F-1+)
3.93%(b)(c) 05/08/06 6,500 6,500,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A PZP-005 DN (Multiple LOCs,
Merrill Lynch & Co. Inc. SBPA) (AAA, F-1+)
3.90%(b)(c) 05/08/06 6,470 6,470,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
49
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND (CONCLUDED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
California (continued)
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A PZP-006 DN (FGIC Insurance)
(F-1+)
3.90%(b)(c) 05/08/06 $9,000 $ 9,000,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A PZP-03 DN (Multiple Insurers,
Merrill Lynch & Co. SBPA) (AAA, F-1+)
3.90%(b)(c) 05/08/06 3,455 3,455,000
Sacramento City Financing Authority RB Series
2006Z-3 DN (FGIC Insurance, Goldman Sachs
Special Services Liquidity Facility) (AAA, F-1+)
3.86%(b)(c) 05/08/06 5,100 5,100,000
Sacramento Municipal Utility District RB (Macon
Trust Certificates) Series 2002M DN (AMBAC
Insurance, Kredietbank N.V. LOC) (A-1+)
3.83%(c) 05/08/06 3,975 3,975,000
Sacramento Municipal Utility District RB Series
2000A DN (AMBAC Insurance, Wachovia Bank
N.A. LOC) (VMIG-1)
3.81%(b)(c) 05/01/06 1,100 1,100,000
San Diego County & School District GO
(Partnership Notes) Series 2005A TRAN
(SP-1+, MIG-1)
4.00% 07/14/06 6,000 6,016,820
San Diego Public Facilities Financing Authority
Lease RB (Merrill Lynch P-Float Trust Receipts)
Series 2002 PPT-1002C DN (Kredietbank LOC)
(A-1)
3.85%(b)(c) 05/08/06 9,875 9,875,000
San Francisco City & County Unified School
District GO Series 2005 RR-II-R-6060 DN (FSA
Insurance, Citibank N.A. Liquidity Facility)
(VMIG-1)
3.83%(b)(c) 05/08/06 1,815 1,815,000
San Francisco County Transportation GO Series
2006 TECP (Landesbank Baden-Wuttemberg
Ginozentiale SBPA) (A-1+, P-1)
3.30% 05/18/06 6,250 6,250,000
Santa Barbara County GO Series 2005A TRAN
(SP-1+)
4.00% 07/25/06 5,000 5,015,525
Tahoe Forest Hospital District RB (Health Facility
Project) Series 2002 DN (U.S. Bank N.A. LOC)
(VMIG-1)
3.78%(c) 05/01/06 5,700 5,700,000
Tobacco Settlement Financing Corp. RB (Merrill
Lynch P-Float Trust Receipts) Series 2005
PA-1288 DN (Merrill Lynch Capital Services
SBPA) (F-1+)
3.87%(b)(c) 05/08/06 2,000 2,000,000
West Covina Unified School District GO Series
2003-03-23 DN (MBIA Insurance, Banque
Nationale de Paribas Liquidity Facility) (VMIG-1)
3.83%(b)(c) 05/08/06 6,840 6,840,000
Westminster School District COP Series 2004A DN
(Union Bank of California LOC) (A-1)
3.77%(c) 05/08/06 2,500 2,500,000
Yosemite Community College District GO (Eagle
Tax Exempt Trust Receipts) Series 2005 A DN
(FGIC Insurance, Citibank Liquidity Facililty)
(A-1+, AAA)
3.83%(b)(c) 05/08/06 5,840 5,840,000
------------
732,567,276
------------
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Puerto Rico - 1.8%
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+)
3.81%(b)(c) 05/08/06 $2,195 $ 2,195,000
Commonwealth of Puerto Rico Electric Power
Authority RB Series 1997 DN (Societe Generale
LOC) (A-1+)
3.77%(b)(c) 05/08/06 1,300 1,300,000
Commonwealth of Puerto Rico GO Series 2005
TRAN (Multiple LOCs) (SP-1+, MIG-1)
4.50% 07/28/06 4,000 4,012,061
Commonwealth of Puerto Rico Intrastructure
Financing Authority RB (Merlots) Series
2005A-21 DN (Wachovia Bank LOC) (VMIG-1)
3.32%(b)(c) 11/15/06 3,000 3,000,000
Commonweatlh of Puerto Rico Power Authority
RB Series 1997 SGA-44 DN (Societe Generale
LOC) (A-1+)
3.77%(c) 05/08/06 3,035 3,035,000
------------
13,542,061
------------
TOTAL INVESTMENTS IN SECURITIES - 99.4%
(Cost $746,109,337(a))
746,109,337
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.6% 4,351,667
------------
NET ASSETS - 100.0%
$750,461,004
============
- -------------------
(a) Aggregate cost for federal income tax purposes.
(b) 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,
2006, the Fund held 43.2% of its net assets, with a current market value of
$324,120,000, in securities restricted as to resale.
(c) Rates shown are the rates as of April 30, 2006 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.
50
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
NEW YORK MONEY FUND
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS - 97.1%
New York - 96.3%
Allegany County GO Series 2005 BAN (J.P. Morgan
Chase LOC) (VMIG-1)
4.25% 09/27/06 $ 2,500 $2,509,942
Cayuga County Hospital Improvement Corp.
Lehman COP Series 200D-L1 DN (Lehman
SBPA) (A-1+)
3.90%(b)(c) 05/08/06 3,810 3,810,000
City of New York GO (Merrill Lynch P-Float Trust
Receipts) Series 1997 DN (AMBAC Insurance,
Societe Generale Liquidity Facility) (A-1+)
3.82%(b)(c) 05/08/06 9,860 9,860,000
City of New York GO (Morgan Stanley Trust
Receipts) Series 2002-725X DN (FSA Insurance,
Morgan Stanley Group Liquidity Facility)
(VMIG-1)
3.82%(b)(c) 05/08/06 9,644 9,643,750
City of New York IDA Civic Facilities RB (Abraham
Joshua Heschel Project) Series 2002 DN (M&T
Bank Corp. LOC) (VMIG-1)
3.84%(c) 05/08/06 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)
3.85%(c) 05/08/06 2,440 2,440,000
City of New York IDA Civic Facilities RB (Hewitt
School Project) Series 2002 DN (Allied Irish
Bank LOC) (VMIG-1)
3.80%(c) 05/08/06 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)
3.80%(c) 05/08/06 2,625 2,625,000
City of New York Transitional Finance Authority
Financing RB (Citibank Eagle Trust Receipts)
Series 2000 DN (Citibank Liquidity Facility)
(A-1+)
3.83%(b)(c) 05/08/06 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+)
3.83%(b)(c) 05/08/06 3,300 3,300,000
Clifton Park IDRB (Coburg Village Housing
Project) Series 2006 DN (Federal National
Mortgage Association Guaranty, Federal
National Mortgage Association SBPA) (VMIG-1)
3.80%(c) 05/08/06 2,000 2,000,000
Dormitory Authority RB (Park Ridge Hospital
Project) Series 2005 DN (J.P. Morgan Chase
LOC) (A-1+)
3.80%(c) 05/08/06 4,835 4,835,000
Dormitory Authority RB (Wachovia Merlots Trust
Receipts) Series 2001A-30 DN (AMBAC
Insurance, Wachovia Bank N.A. SBPA) (VMIG-1)
3.81%(b)(c) 05/08/06 2,975 2,975,000
Dormitory Authority RB (Wachovia Merlots Trust
Reciepts) Series 2003 DN (FGIC Insurance,
Wachovia Bank N.A. SBPA) (VMIG-1)
3.81%(b)(c) 05/08/06 7,165 7,165,000
Dormitory Authority RB Series 2001D DN (MBIA
Insurance, Bank of America SBPA) (A-1+)
3.83%(b)(c) 05/08/06 1,900 1,900,000
Dutchess County IDA Civic Facility RB (Lutheran
Center Project) Series 2005 DN (Key Bank N.A.
LOC) (VMIG-1)
3.84%(c) 05/08/06 3,920 3,920,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
New York (continued)
Eclipse Funding Trust RB (Port Authority of New
York & New Jersey Project) Eclipse Series
2006-0016 DN (XLCA Insurance, U.S. Bank
SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 $ 7,455 $7,455,000
Erie County Civic Facilities IDRB (Hauptman-
Woodward Project) Series 2004 DN (KeyBank
N.A. LOC)
3.86%(c) 05/08/06 2,300 2,300,000
Erie County IDRB (Orchard Park CCRC, Inc.
Project) Series 2006B DN (Soveriegn Bank LOC,
Citizens Bank of Rhode Island LOC) (A-1+)
3.82%(c) 05/08/06 8,600 8,600,000
Erie County Tobacco Asset Securitization Corp. RB
Series 2005 DN (Merrill Lynch Guaranty
Agreement, Merrill Lynch SBPA) (F1+)
3.86%(b)(c) 05/08/06 14,910 14,910,000
Franklin County IDA Civic Facility RB (Paul
Smith's College Project) Series 1998 DN
(KeyBank N.A. LOC)
3.86%(c) 05/08/06 2,845 2,845,000
Half Hollow Hills Central School District of
Huntington & Babylon GO Series 2005 TAN
4.00% 06/30/06 2,000 2,003,884
Liberty Development Corp. RB Series 2006-1251
DN (Morgan Stanley SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 13,700 13,700,000
Metropolitan Transportation Authority RB (Piper
Jaffray Trust Certificates) Series 2002F DN
(Bank of New York LOC) (VMIG-1)
3.83%(b)(c) 05/08/06 5,670 5,669,500
Metropolitan Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series
2002A-43 DN (FGIC Insurance, Wachovia Bank
N.A. Liquidity Facility) (VMIG-1)
3.81%(b)(c) 05/08/06 2,420 2,420,000
Metropolitan Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series
2003B-25 DN (FGIC Insurance, Wachovia Bank
N.A. Liquidity Facility) (VMIG-1)
3.81%(b)(c) 05/08/06 4,965 4,965,000
Metropolitan Transportation Authority RB Series
2006 DN (ABN-AMRO Bank N.V. LOC)
(A-1+, P-1)
3.50% 07/11/06 10,000 10,000,000
Monroe County IDA Civic Facility RB (Sigal Center
Project) Series 2004 DN (M&T Bank Corp. LOC)
(VMIG-1)
3.85%(c) 05/08/06 1,700 1,700,000
Monroe County IDA Civic Facility RB (YMCA of
Greater Rochester Project) Series 2004 DN
(M&T Bank Corp. LOC) (A-1)
3.90%(c) 05/08/06 2,665 2,665,000
Monroe County IDRB Series 2002A DN (M&T Bank
Corp. LOC) (VMIG-1)
3.79%(c) 05/08/06 12,410 12,410,000
Nassau County IDA Civic Facility RB (North Shore
Hebrew Academy Project) Series 2005 DN
(Sovereign Bank LOC, Comerica Bank LOC)
(VMIG-1)
3.80%(c) 05/08/06 2,500 2,500,000
New Rochelle School District GO Series 2005A
TAN (State Aid Withholding) (A1)
3.75% 06/30/06 3,000 3,004,022
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
51
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
NEW YORK MONEY FUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
New York (continued)
New York City GO (Merrill Lynch P-Float Trust
Receipts) Series 2005-3333 DN (Dexia Bank
N.A. LOC) (F-1+)
3.86%(b)(c) 05/08/06 $ 5,355 $5,355,000
New York City IDRB Series 2006-523CE
ROC-RR-II-R DN (Citibank Liquidity Facility,
Citigroup Guaranty) (VMIG-1)
3.84%(b)(c) 05/08/06 2,200 2,200,000
New York City Municipal Finance Authority Water
& Sewer Sysems RB (P-Float Trust Receipts)
Series 2006 PT-3401 DN (Merrill Lynch Captial
Services SBPA) (F-1+)
3.83%(b)(c) 05/08/06 10,370 10,370,000
New York City Municipal Finance Authority Water
& Sewer System RB (P-Float Trust Receipts)
Series 2006 PT-3385 DN (Merrill Lynch P-Float
Trust Receipts) (F-1+)
3.83%(b)(c) 05/08/06 6,325 6,325,000
New York City Municipal Finance Authority Water
& Sewer System RB Putter Series 2006-1263
DN (FSA Insurance, PB Capital Liquidity
Facility) (A-1)
3.86%(b)(c) 05/08/06 5,875 5,875,000
New York City Municipal Finance Authotity Water
& Sewer System RB Putter Series 2006-1226
DN (Morgan Stanley Liquidity Facility) (VMIG-1)
3.82%(b)(c) 05/08/06 8,700 8,700,000
New York City Municipal Finance Water & Sewer
System RB Series 1996B MB (MBIA Insurance)
(AAA, Aaa)
5.75% 08/12/06 1,415 1,441,141
New York City Transitional Finance Authority RB
Series 2001B DN (Landesbank
Hessen-Thuringen Girozentrale LOC)
(A-1+, VMIG-1)
3.77%(c) 05/01/06 6,700 6,700,000
New York City Water & Sewer RB (Munitops Trust
Certificates) Series 2006-3 DN (XLCA Insurance,
ABN-AMRO Bank N.V. SPA) (VMIG-1)
3.83%(b)(c) 05/08/06 8,330 8,330,000
New York Counties Tobacco Trust II RB (P-Float
Trust Receipts) Series 2006 PA-1347 DN
(Merrill SBPA, Merrill Guaranty) (F1+)
3.86%(b)(c) 05/08/06 17,950 17,950,000
New York Environmental Facility Clean Water &
Drinking RB (Merlots Trust Receipts) Series
2004B DN (Wachovia Bank N.A. SBPA) (A-1)
3.81%(b)(c) 05/08/06 5,385 5,385,000
New York GO (P-Float Trust Receipts) Series 2005
PT-3331 DN (AMBAC Insurance, Merrill Lynch
Liquidity Facility) (VMIG-1, F-1+)
3.83%(b)(c) 05/08/06 4,625 4,625,000
New York GO (P-Float Trust Receipts) Series 2006
PA-1363 DN (Merrill Lynch SBPA, Merrill Lynch
Guaranty) (F-1+)
3.86%(b)(c) 05/08/06 3,750 3,750,000
New York GO Putter Series 2006-1299 DN (FSA
Insurance, J.P. Morgan Chase Bank SBPA)
(A-1+)
3.84%(b)(c) 05/08/06 5,375 5,375,000
New York GO Series 2000B MB (Dexia Credit,
Credit Locale de France LOC) (A-1+, VMIG-1)
2.90%(c) 08/03/06 1,900 1,900,000
New York GO Series 2005E-3 DN (Bank of America
LOC) (A-1+, VMIG-1)
3.79%(c) 05/08/06 5,100 5,100,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
New York (continued)
New York RB (UBS Municipal Certificates
Floaters) Series 2005-22 DN (FSA Insurance,
Landesbank Hessen SBPA) (A-1+)
3.83%(b)(c) 05/08/06 $ 1,020 $1,020,000
New York State Environmental Facilities Corp. RB
(Citibank Eagle Trust Receipts Clean Water &
Drinking Project) Series 2003A DN (Citibank
Liquidity Facility) (A-1+)
3.83%(b)(c) 05/08/06 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)
3.43%(b)(c) 06/01/06 2,660 2,660,000
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)
3.83%(b)(c) 05/04/06 1,585 1,585,000
New York State Housing Finance Agency RB (10
Liberty-A Project) Series 2003 DN (Federal
Home Loan Mortgage Corp. Liquidity)
3.77%(c) 05/08/06 5,100 5,100,000
New York State Power Authority Revenue &
General Purpose GO Series 1985 DN (Dexia
LOC)
3.35%(c) 05/08/06 7,000 7,000,000
New York State Urban Development Corp. RB
(Merlots Trust Receipts) Series 2005 PT-3416
DN (MBIA Insurance, Wachovia Bank SBPA)
(VMIG-1)
3.81%(b)(c) 05/08/06 2,990 2,990,000
New York Tollway Authority RB Putter Series
2006-1294T DN (FSA Insurance, J.P. Morgan
Chase Bank SBPA) (VMIG-1)
3.84%(b)(c) 05/08/06 2,150 2,150,000
New York Urban Development Corp. RB (P-Float
Trust Receipts) Series 2006 PT-3416 DN (MBIA
Insurance, Bayerische Hypo-Und Vereinsbank
SBPA) (F-1)
3.82%(b)(c) 05/08/06 20,960 20,960,000
Newburgh Industrial Development Agency Civic
Facility RB (Community Development
Properties Project) Series 2005A DN (Key Bank
LOC) (VMIG-1)
3.84%(c) 05/08/06 3,500 3,500,000
North Syracuse Central School District GO Series
2005 BAN
3.75% 06/23/06 1,000 1,001,484
Oneida County IDRB (Preswick Glen Civic Facility
Project) Series 2006 DN (Sovereign Bank LOC,
Lloyds TSB Bank LOC) (A-1+)
3.78%(c) 05/08/06 5,000 5,000,000
Onondaga County IDA Civic Facility RB (Crouse
Health Hospital Project) Series 2003A DN (M&T
Bank Corp. LOC) (VMIG-1)
3.86%(c) 05/08/06 3,000 3,000,000
Onondaga County IDA Civic Facility RB (YMCA
Greater Syracuse Project) Series 2003A DN
(HSBC Bank LOC)
3.86%(c) 05/08/06 4,000 4,000,000
Perinton GO Unlimited Notes Series 2006 MB
4.25% 02/23/07 2,270 2,286,124
Pittsford Central School District GO Series 2005
BAN
4.00% 06/20/06 5,000 5,005,233
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
NEW YORK MONEY FUND (CONCLUDED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
New York (continued)
Rensselaer County Civic Facilities IDRB (The Sage
Colleges Project) Series 2002A DN (M&T Bank
Corp. LOC) (VMIG-1)
3.86%(c) 05/08/06 $ 2,600 $ 2,600,000
Rochester GO Series 2006B MB (AMBAC
Insurance) (AAA, Aaa)
3.25% 10/15/06 5,025 5,022,190
Schenectady County IDA Civic Facility RB
(Sunnyview Project) Series 2003B DN (KeyBank
N.A. LOC) (VMIG-1)
3.81%(c) 05/08/06 2,390 2,390,000
South Orangetown Central School District GO
Series 2005 TAN
3.75% 06/30/06 3,250 3,249,666
Syracuse GO Series 2005C RAN
4.00% 06/30/06 3,000 3,005,319
Tobacco Settlement Financing Corp. RB (P-Float
Trust Receipts) Series 2006 MT-232 DN (Depfa
Bank SBPA) (A-1+)
3.86%(b)(c) 05/08/06 17,495 17,495,000
Tompkins County IDA Civic Facility RB (Ithaca
College Project) Series 2004 DN (XLCA
Insurance, Bank of America N.A. SBPA)
(VMIG-1)
3.82%(c) 05/08/06 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)
3.82%(b)(c) 05/08/06 9,240 9,240,000
Triborough Bridge & Tunnel Authority RB
(Citibank Eagle Trust Receipts) Series 2003A
DN (FGIC Insurance, Citibank Liquidity Facility)
(A-1+)
3.83%(b)(c) 05/04/06 2,000 2,000,000
Triborough Bridge & Tunnel Authority RB (Morgan
Stanley Trust Receipts) Series 2004-922 DN
(Morgan Stanley Liquidity Facility) (F-1+)
3.82%(b)(c) 05/04/06 5,520 5,520,000
Triborough Bridge & Tunnel Authority RB Series
2005B-1 DN (Defpa Bank PLC SBPA)
(A-1+, VMIG-1)
3.78%(c) 05/08/06 2,250 2,250,000
TSASC, Inc. RB (P-Float Trust Receipts) Series
2006 PA-1356 DN (Merrill Lynch & Co. Guaranty
Services)
3.87%(c) 05/08/06 43,325 43,325,000
TSASC, Inc. RB (P-Float Trust Receipts) Series
2006 PA-1359 DN (Merrill Lynch SBPA, Merrill
Lynch Guaranty) (F-1+)
3.90%(b)(c) 05/08/06 10,350 10,350,000
TSASC, Inc. RB Series 2006 513CE ROC-RR-II-R
DN (Citibank Liquidity Facility, Citigroup
Financial Guaranty) (VMIG-1)
3.84%(b)(c) 05/08/06 6,420 6,420,000
TSASC, Inc. RB Series 2006-519CE ROC-RR-II-R
DN (Citibank Liquidity Facility, Citigroup
Financial Guaranty) (VMIG-1)
3.84%(b)(c) 05/08/06 5,750 5,750,000
Westchester Tobacco Asset Securitization Corp.
RB (Merrill Lynch P-Float Trust Receipts)
Series 2005-1338 DN (Merrill Lynch Capital
Services) (F-1+)
3.86%(b)(c) 05/08/06 13,865 13,865,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
New York (continued)
White Plains GO Series 2006 BAN (Aa1)
4.25% 01/26/07 $ 2,106 $ 2,120,577
------------
477,582,832
------------
Puerto Rico - 0.8%
Commonwealth of Puerto Rico Intrastructure
Financing Authority RB (Merlots) Series
2005A-21 DN (Wachovia Bank LOC) (VMIG-1)
3.32%(b)(c) 11/15/06 3,995 3,995,000
------------
TOTAL INVESTMENTS IN SECURITIES - 97.1%
(Cost $481,577,832(a)) 481,577,832
OTHER ASSETS IN EXCESS OF
LIABILITIES - 2.9%
14,554,174
------------
NET ASSETS - 100.0% $496,132,006
============
- -------------------
(a) Aggregate cost for federal income tax purposes.
(b) 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,
2006, the Fund held 59.2% of its net assets, with a current market value of
$293,623,250, in securities restricted as to resale.
(c) Rates shown are the rates as of April 30, 2006 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.
53
BLACKROCK FUNDS
Key to Investment Abbreviations for all
Schedules of Investments
AMBAC American Municipal Bond Assurance Corp.
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
CDC CDC Funding Group
COP Certificates of Participation
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
ISD Independent School District
LLC Limited Liability Co.
LOC Letter of Credit
MB Municipal Bond
MBIA Municipal Bond Insurance Association
PCRB Pollution Control Revenue Bond
PLC Public Limited Co.
RAN Revenue Anticipation Note
RB Revenue Bond
ROC Reset Option Certificate
SBPA Stand-by Bond Purchase Agreement
TAN Tax Anticipation Note
TECP Tax Exempt Commercial Paper
TRAN Tax and Revenue Anticipation Note
XLCA XL Capital Assurance
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, 2006.
54
[THIS PAGE INTENTIONALLY LEFT BLANK.]
BLACKROCK LIQUIDITY FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2006 (UNAUDITED)
TEMPFUND TEMPCASH
---------------------- -------------------
ASSETS
Investments, at value/1/................... $ 31,449,129,869* $ 13,045,571,775
Cash ...................................... - 19,728
Interest receivable ....................... 97,191,977 38,259,561
Prepaid expenses .......................... 214,810 98,996
------------------ ----------------
TOTAL ASSETS ............................ 31,546,536,656 13,083,950,060
------------------ ----------------
LIABILITIES
Fundshare (net) payable ................... 4,807,509 -
Management fee payable .................... 4,183,304 1,762,861
Distributions payable ..................... 70,026,056 18,138,733
Custodian fee payable ..................... 209,856 170,645
Transfer agent fee payable ................ 331,085 120,864
Shareholder servicing fees payable ........ 2,120,932 137,128
Distribution fees payable ................. 217,888 7
Trustees' fees and expenses payable ....... 60,490 21,489
Other accrued expenses payable ............ 366,483 101,849
------------------ ----------------
TOTAL LIABILITIES ....................... 82,323,603 20,453,576
------------------ ----------------
NET ASSETS ................................. $ 31,464,213,053 $ 13,063,496,484
================== ================
/1/Cost of Investments ..................... $ 31,449,129,869* $ 13,045,571,775
================== ================
AT APRIL 30, 2006, NET ASSETS CONSISTED
OF:
Capital Paid-in ........................... $ 31,468,987,020 $ 13,066,529,989
Accumulated net realized gain (loss) on
investment transactions .................. (4,773,967) (3,033,505)
------------------ ----------------
NET ASSETS ................................. $ 31,464,213,053 $ 13,063,496,484
================== ================
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2006 (UNAUDITED)
FEDERAL TRUST TREASURY TRUST
FEDFUND T-FUND FUND FUND
------------------ ------------------ ---------------- ------------------
ASSETS
Investments, at value/1/................... $ 3,552,598,742 $ 4,327,752,000 $ 138,575,370 $ 1,177,132,500
Cash ...................................... - 648,592 443 -
56
Interest receivable ....................... 11,093,176 3,658,451 384,392 5,308,140
Prepaid expenses .......................... 72,057 62,993 25,703 27,475
--------------- --------------- ------------- ---------------
TOTAL ASSETS ............................ 3,563,763,975 4,332,122,036 138,985,908 1,182,468,115
--------------- --------------- ------------- ---------------
LIABILITIES
Fundshare (net) payable ................... 136,116,617 - - 8,418
Management fee payable .................... 486,640 655,101 14,714 156,606
Distributions payable ..................... 6,560,415 11,672,267 236,667 2,140,261
Custodian fee payable ..................... 31,287 22,077 1,235 11,371
Transfer agent fee payable ................ 22,863 59,588 3,953 23,594
Shareholder servicing fees payable ........ 216,066 206,179 11,665 53,002
Distribution fees payable ................. 13,956 - - -
Trustees' fees and expenses payable ....... 6,549 7,310 6,732 2,819
Other accrued expenses payable ............ 84,660 27,518 15,324 24,269
--------------- --------------- ------------- ---------------
TOTAL LIABILITIES ....................... 143,539,053 12,650,040 290,290 2,420,340
--------------- --------------- ------------- ---------------
NET ASSETS ................................. $ 3,420,224,922 $ 4,319,471,996 $ 138,695,618 $ 1,180,047,775
=============== =============== ============= ===============
/1/Cost of Investments ..................... $ 3,552,598,742 $ 4,327,752,000 $ 138,575,370 $ 1,177,132,500
=============== =============== ============= ===============
AT APRIL 30, 2006, NET ASSETS CONSISTED
OF:
Capital Paid-in ........................... $ 3,420,236,976 $ 4,319,578,954 $ 138,695,114 $ 1,180,366,344
Accumulated net realized gain (loss) on
investment transactions .................. (12,054) (106,958) 504 (318,569)
--------------- --------------- ------------- ---------------
NET ASSETS ................................. $ 3,420,224,922 $ 4,319,471,996 $ 138,695,618 $ 1,180,047,775
=============== =============== ============= ===============
56
BLACKROCK LIQUIDITY FUNDS
TEMPFUND TEMPCASH
-------------------- --------------------
Institutional Shares:
Net Assets ....................... $ 22,615,679,949 $ 12,342,657,795
Shares outstanding (unlimited authorization) 22,619,360,234 12,345,474,091
Net Asset Value .................. $ 1.00 $ 1.00
Dollar Shares:
Net Assets ....................... $ 4,265,656,482 $ 697,771,378
Shares outstanding (unlimited authorization) 4,266,404,728 697,988,587
Net Asset Value .................. $ 1.00 $ 1.00
Cash Management Shares:
Net Assets ....................... $ 346,708,961 $ -
Shares outstanding (unlimited authorization) 346,744,556 -
Net Asset Value .................. $ 1.00 $ -
Cash Reserve Shares:
Net Assets ....................... $ 59,306,311 $ -
Shares outstanding (unlimited authorization) 59,306,319 -
Net Asset Value .................. $ 1.00 $ -
Administration Shares:
Net Assets ....................... $ 1,828,356,798 $ 23,067,311
Shares outstanding (unlimited authorization) 1,828,572,642 23,067,311
Net Asset Value .................. $ 1.00 $ 1.00
Bear Stearns Shares:
Net Assets ....................... $ 758,295,811 $ -
Shares outstanding (unlimited authorization) 758,330,246 -
Net Asset Value .................. $ 1.00 $ -
Bear Stearns Premier Choice Shares:
Net Assets ....................... $ 767,229 $ -
Shares outstanding (unlimited authorization) 767,245 -
Net Asset Value .................. $ 1.00 $ -
Bear Stearns Private Client Shares:
Net Assets ....................... $ 1,246,732,285 $ -
Shares outstanding (unlimited authorization) 1,246,791,197 -
Net Asset Value .................. $ 1.00 $ -
Bear Stearns Premier Shares:
Net Assets ....................... $ 342,709,227 $ -
Shares outstanding (unlimited authorization) 342,709,853 -
Net Asset Value .................. $ 1.00 $ -
FEDERAL TRUST TREASURY TRUST
FEDFUND T-FUND FUND FUND
------------------- ------------------- ----------------- ----------------
Institutional Shares:
Net Assets ....................... $ 2,592,793,878 $ 3,174,021,624 $ 77,652,635 $ 856,493,016
Shares outstanding (unlimited authorization) 2,592,830,782 3,174,109,163 77,654,301 856,735,537
Net Asset Value .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
Dollar Shares:
Net Assets ....................... $ 366,552,106 $ 925,216,405 $ 61,042,983 $ 183,105,970
Shares outstanding (unlimited authorization) 366,525,778 925,232,528 61,041,974 183,173,503
Net Asset Value .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
Cash Management Shares:
Net Assets ....................... $ - $ 200,770,744 $ - $ 17,170,864
Shares outstanding (unlimited authorization) - 200,774,044 - 17,172,185
Net Asset Value .................. $ - $ 1.00 $ - $ 1.00
Cash Reserve Shares:
Net Assets ....................... $ 2,497,681 $ - $ - $ -
Shares outstanding (unlimited authorization) 2,497,745 - - -
Net Asset Value .................. $ 1.00 $ - $ - $ -
Administration Shares:
Net Assets ....................... $ 69,556,184 $ 19,463,223 $ - $ 123,277,925
Shares outstanding (unlimited authorization) 69,556,183 19,463,219 - 123,285,119
Net Asset Value .................. $ 1.00 $ 1.00 $ - $ 1.00
Bear Stearns Shares:
Net Assets ....................... $ 53,434,911 $ - $ - $ -
Shares outstanding (unlimited authorization) 53,435,114 - - -
Net Asset Value .................. $ 1.00 $ - $ - $ -
Bear Stearns Premier Choice Shares:
Net Assets ....................... $ 2,210 $ - $ - $ -
Shares outstanding (unlimited authorization) 2,212 - - -
Net Asset Value .................. $ 1.00 $ - $ - $ -
Bear Stearns Private Client Shares:
Net Assets ....................... $ 268,135,291 $ - $ - $ -
Shares outstanding (unlimited authorization) 268,136,452 - - -
Net Asset Value .................. $ 1.00 $ - $ - $ -
Bear Stearns Premier Shares:
Net Assets ....................... $ 67,252,661 $ - $ - $ -
Shares outstanding (unlimited authorization) 67,252,709 - - -
Net Asset Value .................. $ 1.00 $ - $ - $ -
*Includes investment in affiliate with value and cost of $104,300,000.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
57
BLACKROCK LIQUIDITY FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2006 (UNAUDITED)
CALIFORNIA NEW YORK
MUNIFUND MUNICASH MONEY FUND MONEY FUND
------------------ ------------------ ---------------- ----------------
ASSETS
Investments, at value/1/...................... $ 2,414,231,555 $ 1,317,300,673 $ 746,109,337 $ 481,577,832
Cash ......................................... - - 27,940 -
Interest receivable .......................... 17,705,027 7,429,976 5,825,914 3,536,102
Investments sold receivable .................. 6,402,630 - - 11,975,651
Prepaid expenses ............................. 41,589 46,354 19,156 14,445
--------------- --------------- ------------- -------------
TOTAL ASSETS ............................... 2,438,380,801 1,324,777,003 751,982,347 497,104,030
--------------- --------------- ------------- -------------
LIABILITIES
Payable to custodian ......................... 66,750 93,016 - 8,476
Investments purchased payable ................ 2,020,000 - - -
Management fee payable ....................... 353,449 206,596 107,636 75,597
Distributions payable ........................ 3,630,328 1,509,246 1,281,318 783,948
Custodian fee payable ........................ 30,927 8,474 2,179 1,358
Transfer agent fee payable ................... 35,409 30,106 13,645 9,548
Shareholder servicing fees payable ........... 227,770 14,063 76,740 62,130
Distribution fees payable .................... 5,320 4 8,755 1,475
Trustees' fees and expenses payable .......... 7,504 5,525 1,560 829
Other accrued expenses payable ............... 29,932 41,317 29,510 28,663
--------------- --------------- ------------- -------------
TOTAL LIABILITIES .......................... 6,407,389 1,908,347 1,521,343 972,024
--------------- --------------- ------------- -------------
NET ASSETS .................................... $ 2,431,973,412 $ 1,322,868,656 $ 750,461,004 $ 496,132,006
=============== =============== ============= =============
/1/Cost of Investments ........................ $ 2,414,231,555 $ 1,317,300,673 $ 746,109,337 $ 481,577,832
=============== =============== ============= =============
AT APRIL 30, 2006, NET ASSETS CONSISTED
OF:
Capital Paid-in .............................. $ 2,431,834,679 $ 1,323,353,290 $ 750,359,331 $ 495,756,204
Undistributed net investment income .......... 35,233 43,557 - 1,065
Accumulated net realized gain (loss) on
investment transactions ..................... 103,500 (528,191) 101,673 374,737
--------------- --------------- ------------- -------------
NET ASSETS .................................... $ 2,431,973,412 $ 1,322,868,656 $ 750,461,004 $ 496,132,006
=============== =============== ============= =============
58
BLACKROCK LIQUIDITY FUNDS
CALIFORNIA NEW YORK
MUNIFUND MUNICASH MONEY FUND MONEY FUND
------------------- ------------------- ----------------- -----------------
Institutional Shares:
Net Assets ....................... $ 1,371,251,256 $ 1,267,177,086 $ 504,227,185 $ 308,561,592
Shares outstanding (unlimited authorization) 1,371,200,566 1,267,648,134 504,226,780 308,224,087
Net Asset Value .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
Dollar Shares:
Net Assets ....................... $ 107,025,773 $ 55,691,570 $ 49,764,417 $ 5,536,057
Shares outstanding (unlimited authorization) 107,025,399 55,708,617 49,759,824 5,530,120
Net Asset Value .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
Cash Management Shares:
Net Assets ....................... $ 39,102,770 $ - $ 237,389 $ 7,445,552
Shares outstanding (unlimited authorization) 39,099,925 - 237,341 7,442,295
Net Asset Value .................. $ 1.00 $ - $ 1.00 $ 1.00
Administration Shares:
Net Assets ....................... $ 503,192,956 $ - $ 4,181,061 $ 16,977,353
Shares outstanding (unlimited authorization) 503,147,075 - 4,180,402 16,963,917
Net Asset Value .................. $ 1.00 $ - $ 1.00 $ 1.00
Bear Stearns Shares:
Net Assets ....................... $ 15,756,843 $ - $ 30,638,894 $ 4,249,383
Shares outstanding (unlimited authorization) 15,755,520 - 30,632,577 4,245,679
Net Asset Value .................. $ 1.00 $ - $ 1.00 $ 1.00
Bear Stearns Premier Choice Shares:
Net Assets ....................... $ 2,243 $ - $ 2,192 $ 2,197
Shares outstanding (unlimited authorization) 2,247 - 2,190 2,190
Net Asset Value .................. $ 1.00 $ - $ 1.00 $ 1.00
Bear Stearns Private Client Shares:
Net Assets ....................... $ 222,284,998 $ - $ 146,455,374 $ 146,257,888
Shares outstanding (unlimited authorization) 222,265,961 - 146,422,122 146,157,254
Net Asset Value .................. $ 1.00 $ - $ 1.00 $ 1.00
Bear Stearns Premier Shares:
Net Assets ....................... $ 173,356,573 $ - $ 14,954,492 $ 7,101,984
Shares outstanding (unlimited authorization) 173,337,986 - 14,950,035 7,097,234
Net Asset Value .................. $ 1.00 $ - $ 1.00 $ 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
59
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2006 (UNAUDITED)
TEMPFUND TEMPCASH FEDFUND
---------------- ---------------- ---------------
Investment Income:
Interest income ................................... $ 747,171,368 $ 282,407,675 $ 74,131,972
------------- ------------- ------------
Expenses:
Management fee .................................... 11,294,344 5,174,445 1,650,408
Investment advisory fee ........................... 8,229,950 3,766,446 1,096,083
Administration fee ................................ 10,770,770 4,171,071 1,464,582
Custodian fee ..................................... 981,468 515,810 101,932
Transfer agent fee ................................ 1,056,160 376,552 118,796
Shareholder servicing fees - class
specific ........................................ 12,765,239 815,376 1,503,753
Distribution fees - class specific ................ 3,469,872 - 568,689
Legal fees ........................................ 146,811 49,814 15,783
Audit fees ........................................ 55,567 31,494 16,471
Printing .......................................... 30,770 9,231 9,412
Registration fees and expenses .................... 98,991 38,633 32,981
Trustees' fees and expenses ....................... 132,227 48,251 14,099
Other ............................................. 327,682 98,941 55,384
------------- ------------- ------------
Total expenses ..................................... 49,359,851 15,096,064 6,648,373
------------- ------------- ------------
Less management fee waived (Note C) ................ (1,437,539) (1,250,332) (490,188)
Less investment advisory and adminis-
tration fees waived (Note C) ...................... (2,127,946) (1,926,268) (758,108)
Less shareholder servicing fees waived -
class specific (Note C) ........................... (595,672) - (165,592)
Less distribution fees waived - class
specific (Note C) ................................. (2,186,178) - (490,834)
Less custody fees paid indirectly (Note C) ......... (34,478) - (19,626)
------------- ------------- ------------
Net expenses ....................................... 42,978,038 11,919,464 4,724,025
------------- ------------- ------------
Net investment income .............................. 704,193,330 270,488,211 69,407,947
Net realized gain (loss) from investment
transactions .................................... (4,026) (3,205) -
------------- ------------- ------------
Net increase in net assets resulting from
operations ...................................... $ 704,189,304 $ 270,485,006 $ 69,407,947
============= ============= ============
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
- --------------- -------------- ---------------- --------------- --------------- --------------- --------------
$ 93,443,081 $ 2,900,310 $ 25,090,118 $ 41,883,948 $ 29,007,161 $ 10,735,956 $ 7,546,893
------------ ----------- ------------ ------------ ------------ ------------ -----------
1,992,052 71,258 620,981 1,486,064 1,053,339 550,153 369,286
1,429,364 44,638 421,499 1,328,225 979,639 404,454 289,122
1,771,037 71,524 656,118 1,328,225 979,639 353,897 252,982
128,907 4,049 47,918 81,962 57,532 21,251 14,855
163,707 10,348 63,849 109,296 81,044 51,447 29,413
1,746,232 61,093 417,304 1,485,232 73,280 491,463 402,909
- - - 487,523 - 292,317 252,840
20,704 708 4,293 15,389 7,328 3,511 3,578
15,385 11,946 13,937 21,177 20,996 13,937 15,204
4,163 - - 1,991 - 543 543
33,031 12,712 14,807 36,684 20,828 9,667 5,823
17,254 - 4,951 13,383 8,375 2,994 1,891
68,137 7,069 22,686 48,091 24,462 9,113 7,445
------------ ----------- ------------ ------------ ------------ ------------ -----------
7,389,973 295,345 2,288,343 6,443,242 3,306,462 2,204,747 1,645,891
------------ ----------- ------------ ------------ ------------ ------------ -----------
(526,388) (37,355) (238,239) (637,820) (493,967) (300,208) (199,022)
(846,946) (64,799) (412,737) (1,109,223) (886,271) (422,890) (305,044)
- - - (194,710) - (74,927) (72,531)
- - - (447,363) - (242,992) (245,831)
(72,632) - - (25,618) (25,008) (2,414) (1,727)
------------ ----------- ------------ ------------ ------------ ------------ -----------
5,944,007 193,191 1,637,367 4,028,508 1,901,216 1,161,316 821,736
------------ ----------- ------------ ------------ ------------ ------------ -----------
87,499,074 2,707,119 23,452,751 37,855,440 27,105,945 9,574,640 6,725,157
- 504 (27,272) 195,287 (244,265) 167,680 311,061
------------ ----------- ------------ ------------ ------------ ------------ -----------
$ 87,499,074 $ 2,707,623 $ 23,425,479 $ 38,050,727 $ 26,861,680 $ 9,742,320 $ 7,036,218
============ =========== ============ ============ ============ ============ ===========
61
BLACKROCK LIQUIDITY FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
TEMPFUND
------------------------------------------
SIX MONTHS ENDED
APRIL 30, 2006 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2005
-------------------- --------------------
Increase (decrease) in net assets:
Operations:
Net investment income ........................................ $ 704,193,330 $ 765,421,595
Net gain (loss) on investments ............................... (4,026) (3,955,645)
---------------- ----------------
Net increase in net assets resulting from operations ......... 704,189,304 761,465,950
---------------- ----------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ......................................... (531,325,013) (594,608,980)
Dollar Shares ................................................ (93,916,452) (100,612,236)
Cash Management Shares ....................................... (5,666,410) (5,497,777)
Cash Reserve Shares .......................................... (743,251) (9,407)
Administration Shares ........................................ (30,802,214) (33,232,238)
Bear Stearns Shares .......................................... (12,752,511) (9,864,345)
Bear Stearns Premier Choice Shares ........................... (36,145) (65,038)
Bear Stearns Private Client Shares ........................... (22,504,624) (17,615,458)
Bear Stearns Premier Shares .................................. (6,446,710) (3,916,116)
---------------- ----------------
Total distributions from net investment income .............. (704,193,330) (765,421,595)
---------------- ----------------
Capital share transactions (Note D) .......................... 3,424,684,227 5,063,639,702
---------------- ----------------
Total increase (decrease) in net assets ..................... 3,424,680,201 5,059,684,057
Net assets:
Beginning of period .......................................... 28,039,532,852 22,979,848,795
---------------- ----------------
End of period ................................................ $ 31,464,213,053 $ 28,039,532,852
================ ================
End of period undistributed net investment income ............ $ - $ -
TEMPCASH
--------------------------------------------
SIX MONTHS ENDED
APRIL 30, 2006 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2005
---------------------- --------------------
Increase (decrease) in net assets:
Operations:
Net investment income ........................................ $ 270,488,211 $ 291,076,263
Net gain (loss) on investments ............................... (3,205) (2,941,546)
--------------- ----------------
Net increase in net assets resulting from operations ......... 270,485,006 288,134,717
--------------- ----------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ......................................... (257,099,773) (276,408,719)
Dollar Shares ................................................ (13,317,965) (14,667,437)
Cash Management Shares ....................................... - -
Cash Reserve Shares .......................................... - -
Administration Shares ........................................ (70,455) -
Bear Stearns Shares .......................................... - -
Bear Stearns Premier Choice Shares ........................... (9) (54)
Bear Stearns Private Client Shares ........................... - -
Bear Stearns Premier Shares .................................. (9) (53)
--------------- ----------------
Total distributions from net investment income .............. (270,488,211) (291,076,263)
--------------- ----------------
Capital share transactions (Note D) .......................... 890,635,918 3,794,268,757
--------------- ----------------
Total increase (decrease) in net assets ..................... 890,632,713 3,791,327,211
Net assets:
Beginning of period .......................................... 12,172,863,771 8,381,536,560
--------------- ----------------
End of period ................................................ $ 13,063,496,484 $ 12,172,863,771
=============== ================
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, 2006 YEAR ENDED APRIL 30, 2006 YEAR ENDED APRIL 30, 2006 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2005 (UNAUDITED) OCTOBER 31, 2005 (UNAUDITED) OCTOBER 31, 2005
- ------------------ ------------------ ------------------ ------------------ ----------------- -----------------
$ 69,407,947 $ 71,906,333 $ 87,499,074 $ 92,782,161 $ 2,707,119 $ 2,769,496
- (12,054) - (91,112) 504 62
--------------- --------------- --------------- --------------- ------------- -------------
69,407,947 71,894,279 87,499,074 92,691,049 2,707,623 2,769,558
--------------- --------------- --------------- --------------- ------------- -------------
(52,450,117) (56,845,159) (62,443,298) (71,672,291) (1,731,971) (2,548,160)
(8,590,346) (9,224,103) (22,305,266) (18,381,675) (975,148) (221,336)
- - (2,342,621) (2,436,951) - -
(41,362) (96,410) - - - -
(1,214,804) (592,542) (407,889) (291,244) - -
(757,261) (714,543) - - - -
(43) (53) - - - -
(5,005,578) (3,691,614) - - - -
(1,348,436) (750,210) - - - -
--------------- --------------- --------------- --------------- ------------- -------------
(69,407,947) (71,914,634) (87,499,074) (92,782,161) (2,707,119) (2,769,496)
--------------- --------------- --------------- --------------- ------------- -------------
307,491,392 805,358,063 486,416,635 (158,738,084) 9,096,516 32,876,700
--------------- --------------- --------------- --------------- ------------- -------------
307,491,392 805,337,708 486,416,635 (158,829,196) 9,097,020 32,876,762
3,112,733,530 2,307,395,822 3,833,055,361 3,991,884,557 129,598,598 96,721,836
--------------- --------------- --------------- --------------- ------------- -------------
$ 3,420,224,922 $ 3,112,733,530 $ 4,319,471,996 $ 3,833,055,361 $ 138,695,618 $ 129,598,598
=============== =============== =============== =============== ============= =============
$ - $ - $ - $ - $ - $ -
63
BLACKROCK LIQUIDITY FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONCLUDED)
TREASURY TRUST FUND
--------------------------------------
SIX MONTHS ENDED
APRIL 30, 2006 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2005
------------------ ------------------
Increase (decrease) in net assets:
Operations:
Net investment income .................................... $ 23,452,751 $ 30,456,420
Net gain (loss) on investments ........................... (27,272) (88,018)
--------------- ---------------
Net increase in net assets resulting from operations ..... 23,425,479 30,368,402
--------------- ---------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ..................................... (16,512,987) (21,191,366)
Dollar Shares ............................................ (3,682,047) (5,612,248)
Cash Management Shares ................................... (648,385) (212,404)
Administration Shares .................................... (2,609,332) (3,440,402)
Bear Stearns Shares ...................................... - -
Bear Stearns Premier Choice Shares ....................... - -
Bear Stearns Private Client Shares ....................... - -
Bear Stearns Premier Shares .............................. - -
--------------- ---------------
Total distributions from net investment income .......... (23,452,751) (30,456,420)
--------------- ---------------
Capital share transactions (Note D) ...................... (9,443,941) (78,252,083)
--------------- ---------------
Total increase (decrease) in net assets ................. (9,471,213) (78,340,101)
Net assets:
Beginning of period ...................................... 1,189,518,988 1,267,859,089
--------------- ---------------
End of period ............................................ $ 1,180,047,775 $ 1,189,518,988
=============== ===============
End of period undistributed net investment income ........ $ - $ -
MUNIFUND
----------------------------------------
SIX MONTHS ENDED
APRIL 30, 2006 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2005
------------------- -------------------
Increase (decrease) in net assets:
Operations:
Net investment income .................................... $ 37,855,440 $ 54,933,770
Net gain (loss) on investments ........................... 195,287 (1,993)
--------------- ---------------
Net increase in net assets resulting from operations ..... 38,050,727 54,931,777
--------------- ---------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ..................................... (23,866,759) (39,983,333)
Dollar Shares ............................................ (1,145,865) (1,240,562)
Cash Management Shares ................................... (430,311) (480,285)
Administration Shares .................................... (7,295,435) (9,836,529)
Bear Stearns Shares ...................................... (237,106) (399,042)
Bear Stearns Premier Choice Shares ....................... (29) (24)
Bear Stearns Private Client Shares ....................... (2,530,340) (1,897,394)
Bear Stearns Premier Shares .............................. (2,333,618) (1,079,649)
--------------- ---------------
Total distributions from net investment income .......... (37,839,463) (54,916,818)
--------------- ---------------
Capital share transactions (Note D) ...................... (653,180,474) 652,158,726
--------------- ---------------
Total increase (decrease) in net assets ................. (652,969,210) 652,173,685
Net assets:
Beginning of period ...................................... 3,084,942,622 2,432,768,937
--------------- ---------------
End of period ............................................ $ 2,431,973,412 $ 3,084,942,622
=============== ===============
End of period undistributed net investment income ........ $ 35,233 $ -
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, 2006 YEAR ENDED APRIL 30, 2006 YEAR ENDED APRIL 30, 2006 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2005 (UNAUDITED) OCTOBER 31, 2005 (UNAUDITED) OCTOBER 31, 2005
- --------------------- ------------------ ------------------ ------------------ ----------------- -----------------
$ 27,105,945 $ 47,309,424 $ 9,574,640 $ 11,925,234 $ 6,725,157 $ 7,289,171
(244,265) (193,105) 167,680 21,829 311,061 63,676
--------------- --------------- ------------- ------------- ------------- -------------
26,861,680 47,116,319 9,742,320 11,947,063 7,036,218 7,352,847
--------------- --------------- ------------- ------------- ------------- -------------
(26,289,519) (45,992,394) (6,825,841) (9,675,092) (4,477,821) (5,286,582)
(790,758) (1,299,056) (537,808) (405,748) (79,038) (86,882)
- - (2,720) (3,100) (77,588) (18,131)
- - (53,484) (64,139) (222,515) (318,881)
- - (294,812) (183,547) (42,233) (53,872)
(6) (39) (28) (37) (29) (37)
- - (1,670,052) (1,482,500) (1,744,364) (1,461,521)
(6) (34) (190,824) (110,142) (80,504) (63,265)
--------------- --------------- ------------- ------------- ------------- -------------
(27,080,289) (47,291,523) (9,575,569) (11,924,305) (6,724,092) (7,289,171)
--------------- --------------- ------------- ------------- ------------- -------------
(917,679,455) (154,567,957) (32,584,909) 281,424,957 77,523,988 101,579,055
--------------- --------------- ------------- ------------- ------------- -------------
(917,898,064) (154,743,161) (32,418,158) 281,447,715 77,836,114 101,642,731
2,240,766,720 2,395,509,881 782,879,162 501,431,447 418,295,892 316,653,161
--------------- --------------- ------------- ------------- ------------- -------------
$ 1,322,868,656 $ 2,240,766,720 $ 750,461,004 $ 782,879,162 $ 496,132,006 $ 418,295,892
=============== =============== ============= ============= ============= =============
$ 43,557 $ - $ - $ - $ 1,065 $ -
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
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0214 $ (0.0214) $ 1.00
10/31/05 1.00 0.0276 (0.0276) 1.00
10/31/04 1.00 0.0109 (0.0109) 1.00
10/31/0312 1.00 0.0113 (0.0113) 1.00
10/31/0212 1.00 0.0186 (0.0186) 1.00
10/31/0112 1.00 0.0477 (0.0477) 1.00
Dollar Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0201 $ (0.0201) $ 1.00
10/31/05 1.00 0.0252 (0.0252) 1.00
10/31/04 1.00 0.0084 (0.0084) 1.00
10/31/0312 1.00 0.0088 (0.0088) 1.00
10/31/0212 1.00 0.0161 (0.0161) 1.00
10/31/0112 1.00 0.0452 (0.0452) 1.00
Cash Management Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0189 $ (0.0189) $ 1.00
10/31/05 1.00 0.0227 (0.0227) 1.00
10/31/04 1.00 0.0059 (0.0059) 1.00
10/31/0312 1.00 0.0063 (0.0063) 1.00
10/31/0212 1.00 0.0136 (0.0136) 1.00
10/31/0112 1.00 0.0427 (0.0427) 1.00
Cash Reserve Shares6
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0194 $ (0.0194) $ 1.00
10/04/05 through 10/31/05 1.00 0.0025 (0.0025) 1.00
11/01/03 through 12/15/03 1.00 0.0007 (0.0007) 1.00
10/31/0312 1.00 0.0067 (0.0067) 1.00
10/31/0212 1.00 0.0146 (0.0146) 1.00
10/31/0112 1.00 0.0437 (0.0437) 1.00
Administration Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0209 $ (0.0209) $ 1.00
10/31/05 1.00 0.0267 (0.0267) 1.00
10/31/04 1.00 0.0099 (0.0099) 1.00
10/31/0312 1.00 0.0103 (0.0103) 1.00
04/04/021 through 10/31/02/12/ 1.00 0.0095 (0.0095) 1.00
Bear Stearns Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0173 $ (0.0173) $ 1.00
10/31/05 1.00 0.0195 (0.0195) 1.00
10/31/04 1.00 0.0032 (0.0032) 1.00
10/31/0312 1.00 0.0034 (0.0034) 1.00
05/20/021 through 10/31/02/12/ 1.00 0.0041 (0.0041) 1.00
Bear Stearns Premier Choice Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0200 $ (0.0200) $ 1.00
04/25/051 through 10/31/05 1.00 0.0154 (0.0154) 1.00
Bear Stearns Private Client Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0193 $ (0.0193) $ 1.00
10/31/05 1.00 0.0235 (0.0235) 1.00
03/26/041 through 10/31/04 1.00 0.0048 (0.0048) 1.00
Bear Stearns Premier Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0193 $ (0.0193) $ 1.00
03/02/051 through 10/31/05 1.00 0.0179 (0.0179) 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
RETURN10 PERIOD (000) ASSETS CUSTODY CREDITS) WAIVERS) ASSETS
- ---------------- -------------- ------------- ------------------ ------------- -------------
2.16%/15/ $ 22,615,680 0.18%/2/ 0.18%/2/ 0.20%/2/ 4.37%/2/
2.80 20,229,031 0.18 0.18 0.21 2.78
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
2.03%/15/ $ 4,265,656 0.43%/2/ 0.43%/2/ 0.45%/2/ 4.12%/2/
2.54 4,212,168 0.43 0.43 0.46 2.57
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
1.91%/15/ $ 346,709 0.68%/2/ 0.68%/2/ 0.70%/2/ 3.89%/2/
2.29 282,475 0.68 0.68 0.71 2.38
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
1.96%/15/ $ 59,306 0.58%/2/ 0.58%/2/ 0.60%/2/ 4.10%/2/
0.24/15/ 3,723 0.58/2/ 0.58/2/ 0.62/2/ 3.34/2/
0.07/15/ - 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
2.11%/15/ $ 1,828,357 0.28%/2/ 0.28%/2/ 0.30%/2/ 4.29%/2/
2.70 1,261,354 0.28 0.28 0.31 2.71
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/
1.74%/15/ $ 758,296 1.00%/2/ 1.00%/2/ 1.02%/2/ 3.55%/2/
1.96 706,592 1.00 1.00 1.03 2.25
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/
2.02%/15/ $ 767 0.45%/2/ 0.45%/2/ 0.70%/2/ 3.99%/2/
1.55/15/ 3,619 0.45/2/ 0.45/2/ 0.72/2/ 3.09/2/
1.95%/15/ $ 1,246,732 0.60%/2/ 0.60%/2/ 1.05%/2/ 3.96%/2/
2.37 1,018,935 0.60 0.60 1.06 2.57
0.48/15/ 280,458 0.58/2/ 0.58/2/ 1.05/2/ 0.96/2/
1.95%/15/ $ 342,709 0.60%/2/ 0.60%/2/ 0.80%/2/ 3.96%/2/
1.80/15/ 321,636 0.60/2/ 0.60/2/ 0.81/2/ 2.93/2/
67
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
(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
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0214 $ (0.0214) $ 1.00
10/31/05 1.00 0.0278 (0.0278) 1.00
10/31/04 1.00 0.0112 (0.0112) 1.00
10/31/03/12/ 1.00 0.0118 (0.0118) 1.00
10/31/02/12/ 1.00 0.0193 (0.0193) 1.00
10/31/01/12/ 1.00 0.0483 (0.0483) 1.00
Dollar Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0202 $ (0.0202) $ 1.00
10/31/05 1.00 0.0253 (0.0253) 1.00
10/31/04 1.00 0.0087 (0.0087) 1.00
10/31/03/12/ 1.00 0.0093 (0.0093) 1.00
10/31/02/12/ 1.00 0.0168 (0.0168) 1.00
10/31/01/12/ 1.00 0.0458 (0.0458) 1.00
Administration Shares
03/31/061 through 04/30/06/16/ $ 1.00 $ 0.0049 $ (0.0049) $ 1.00
Bear Stearns Premier Choice Shares/13/
11/1/05 through 12/13/05/16/ $ 1.00 $ 0.0043 $ (0.0043) $ 1.00
10/31/05 1.00 0.0251 (0.0251) 1.00
03/26/041 through 10/31/04 1.00 0.0056 (0.0056) 1.00
Bear Stearns Premier Shares/14/
11/1/05 through 12/13/05/16/ $ 1.00 $ 0.0042 $ (0.0042) $ 1.00
10/31/05 1.00 0.0234 (0.0234) 1.00
03/26/041 through 10/31/04 1.00 0.0041 (0.0041) 1.00
--------
FedFund
--------
Institutional Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0211 $ (0.0211) $ 1.00
10/31/05 1.00 0.0269 (0.0269) 1.00
10/31/04 1.00 0.0105 (0.0105) 1.00
10/31/03/12/ 1.00 0.0110 (0.0110) 1.00
10/31/02/12/ 1.00 0.0183 (0.0183) 1.00
10/31/01/12/ 1.00 0.0469 (0.0469) 1.00
Dollar Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0198 $ (0.0198) $ 1.00
10/31/05 1.00 0.0244 (0.0244) 1.00
10/31/04 1.00 0.0080 (0.0080) 1.00
10/31/03/12/ 1.00 0.0085 (0.0085) 1.00
10/31/02/12/ 1.00 0.0158 (0.0158) 1.00
10/31/01/12/ 1.00 0.0444 (0.0444) 1.00
Cash Reserve Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0191 $ (0.0191) $ 1.00
10/31/05 1.00 0.0229 (0.0229) 1.00
10/31/04 1.00 0.0065 (0.0065) 1.00
04/01/031 through 10/31/03/12/ 1.00 0.0034 (0.0034) 1.00
Administration Shares/11/
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0206 $ (0.0206) $ 1.00
11/10/041 through 10/31/05 1.00 0.0110 (0.0110) 1.00
Bear Stearns Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0171 $ (0.0171) $ 1.00
10/31/05 1.00 0.0189 (0.0189) 1.00
10/31/04 1.00 0.0031 (0.0031) 1.00
10/31/03/12/ 1.00 0.0033 (0.0033) 1.00
05/20/021 through 10/31/02/12/ 1.00 0.0040 (0.0040) 1.00
Bear Stearns Premier Choice Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0198 $ (0.0198) $ 1.00
10/31/05 1.00 0.0244 (0.0244) 1.00
03/26/041 through 10/31/04/12/ 1.00 0.0054 (0.0054) 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
RETURN10 PERIOD (000) ASSETS CUSTODY CREDITS) WAIVERS) ASSETS
- ---------------- -------------- ------------- ------------------ ------------- -------------
2.16%/15/ $ 12,342,658 0.18%/2/ 0.18%/2/ 0.23%/2/ 4.41%/2/
2.82 11,576,987 0.18 0.18 0.24 2.88
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
2.04%/15/ $ 697,771 0.43%/2/ 0.43%/2/ 0.48%/2/ 4.16%/2/
2.56 595,873 0.43 0.43 0.49 2.63
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
0.39%/15/ $ 23,067 0.28%/2/ 0.28%/2/ 0.33%/2/ 4.58%/2/
0.44%/15/ $ - 0.45%/2/ 0.45%/2/ 0.73%/2/ 3.82%/2/
2.54 2 0.45 0.45 0.80 2.57
0.56/15/ 2 0.45/2/ 0.45/2/ 0.50/2/ 1.15/2/
0.42%/15/ $ - 0.60%/2/ 0.60%/2/ 0.83%/2/ 3.34%/2/
2.37 2 0.60 0.60 1.09 2.12
0.41/15/ 2 0.70/2/ 0.70/2/ 0.75/2/ 0.81/2/
2.12%/15/ $ 2,592,794 0.20%/2/ 0.20%/2/ 0.28%/2/ 4.26%/2/
2.73 2,320,001 0.20 0.20 0.29 2.73
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
2.00%/15/ $ 366,552 0.45%/2/ 0.45%/2/ 0.53%/2/ 4.00%/2/
2.47 372,460 0.45 0.45 0.54 2.49
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
1.92%/15/ $ 2,498 0.60%/2/ 0.60%/2/ 0.68%/2/ 3.89%/2/
2.32 1,547 0.60 0.60 0.70 1.94
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/
2.08%/15/ $ 69,556 0.30%/2/ 0.30%/2/ 0.38%/2/ 4.19%/2/
1.10/15/ 43,480 0.30/2/ 0.30/2/ 0.39/2/ 2.63/2/
1.72%/15/ $ 53,435 1.00%/2/ 1.00%/2/ 1.08%/2/ 3.45%/2/
1.91 47,205 1.00 1.00 1.09 2.14
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/
2.00%/15/ $ 2 0.45%/2/ 0.45%/2/ 0.80%/2/ 3.95%/2/
2.47 2 0.45 0.45 0.87 2.48
0.54/15/ 2 0.45/2/ 0.45/2/ 0.54/2/ 0.92/2/
69
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
(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 (Continued)
-------------------
Bear Stearns Private Client Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0191 $ (0.0191) $ 1.00
10/31/05 1.00 0.0229 (0.0229) 1.00
03/26/041 through 10/31/04 1.00 0.0045 (0.0045) 1.00
Bear Stearns Premier Shares
11/1/05 through 04/30/0616 $ 1.00 $ 0.0191 $ (0.0191) $ 1.00
10/31/05 1.00 0.0227 (0.0227) 1.00
03/26/04/1/ through 10/31/04 1.00 0.0038 (0.0038) 1.00
------
T-Fund
------
Institutional Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0206 $ (0.0206) $ 1.00
10/31/05 1.00 0.0260 (0.0260) 1.00
10/31/04 1.00 0.0098 (0.0098) 1.00
10/31/03/12/ 1.00 0.0106 (0.0106) 1.00
10/31/02/12/ 1.00 0.0179 (0.0179) 1.00
10/31/01/12/ 1.00 0.0454 (0.0454) 1.00
Dollar Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0194 $ (0.0194) $ 1.00
10/31/05 1.00 0.0235 (0.0235) 1.00
10/31/04 1.00 0.0073 (0.0073) 1.00
10/31/03/12/ 1.00 0.0081 (0.0081) 1.00
10/31/02/12/ 1.00 0.0154 (0.0154) 1.00
10/31/01/12/ 1.00 0.0429 (0.0429) 1.00
Cash Management Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0181 $ (0.0181) $ 1.00
10/31/05 1.00 0.0210 (0.0210) 1.00
10/31/04 1.00 0.0048 (0.0048) 1.00
10/31/03/12/ 1.00 0.0056 (0.0056) 1.00
10/31/02/12/ 1.00 0.0129 (0.0129) 1.00
10/31/01/12/ 1.00 0.0404 (0.0404) 1.00
Administration Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0201 $ (0.0201) $ 1.00
10/31/05 1.00 0.0250 (0.0250) 1.00
10/31/04 1.00 0.0088 (0.0088) 1.00
10/31/03/12/ 1.00 0.0096 (0.0096) 1.00
04/09/02 through 10/31/02/12/ 1.00 0.0089 (0.0089) 1.00
------------------
Federal Trust Fund
------------------
Institutional Shares
11/1/05 through 04/30/06/12/ $ 1.00 $ 0.0208 $ (0.0208) $ 1.00
10/31/05 1.00 0.0263 (0.0263) 1.00
10/31/04 1.00 0.0101 (0.0101) 1.00
10/31/03/12/ 1.00 0.0106 (0.0106) 1.00
10/31/02/12/ 1.00 0.0183 (0.0183) 1.00
10/31/01/12/ 1.00 0.0465 (0.0465) 1.00
Dollar Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0196 $ (0.0196) $ 1.00
10/31/05 1.00 0.0238 (0.0238) 1.00
10/31/04 1.00 0.0076 (0.0076) 1.00
10/31/03/12/ 1.00 0.0081 (0.0081) 1.00
10/31/02/12/ 1.00 0.0158 (0.0158) 1.00
10/31/01/12/ 1.00 0.0440 (0.0440) 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
70
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
RETURN10 PERIOD (000) ASSETS CUSTODY CREDITS) WAIVERS) ASSETS
- ---------------- -------------- ------------- ------------------ ------------- -------------
1.92%/15/ $ 268,135 0.60%/2/ 0.60%/2/ 1.13%/2/ 3.86%/2/
2.32 241,913 0.60 0.60 1.14 2.59
0.45/15/ 50,579 0.58/2/ 0.58/2/ 0.80/2/ 0.92/2/
1.92%/15/ $ 67,253 0.60%/2/ 0.60%/2/ 0.88%/2/ 3.85%/2/
2.30 86,126 0.60 0.60 0.89 2.84
0.38/15/ 2 0.70/2/ 0.70/2/ 0.79/2/ 0.60/2/
2.08%/15/ $ 3,174,022 0.20%/2/ 0.20%/2/ 0.26%/2/ 4.18%/2/
2.63 2,958,524 0.20 0.20 0.28 2.66
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
1.95%/15/ $ 925,216 0.45%/2/ 0.45%/2/ 0.51%/2/ 3.90%/2/
2.37 728,168 0.45 0.45 0.53 2.43
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
1.83%/15/ $ 200,771 0.70%/2/ 0.70%/2/ 0.76%/2/ 3.70%/2/
2.12 126,531 0.70 0.70 0.78 2.21
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
2.03%/15/ $ 19,463 0.30%/2/ 0.30%/2/ 0.36%/2/ 4.06%/2/
2.53 19,832 0.30 0.30 0.37 2.98
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/
2.10%/15/ $ 77,653 0.20%/2/ 0.20%/2/ 0.35%/2/ 4.16%/2/
2.67 110,741 0.20 0.20 0.38 2.68
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
1.97%/15/ $ 61,043 0.45%/2/ 0.45%/2/ 0.60%/2/ 3.99%/2/
2.41 18,857 0.45 0.45 0.63 2.55
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
71
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
(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
11/1/05 through 4/30/06/16/ $ 1.00 $ 0.0195 $ (0.0195) $ 1.00
10/31/05 1.00 0.0244 (0.0244) 1.00
10/31/04 1.00 0.0091 (0.0091) 1.00
10/31/03/12/ 1.00 0.0098 (0.0098) 1.00
10/31/02/12/ 1.00 0.0170 (0.0170) 1.00
10/31/01/12/ 1.00 0.0443 (0.0443) 1.00
Dollar Shares
11/1/05 through 4/30/06/12/ $ 1.00 $ 0.0183 $ (0.0183) $ 1.00
10/31/05 1.00 0.0219 (0.0219) 1.00
10/31/04 1.00 0.0066 (0.0066) 1.00
10/31/03/12/ 1.00 0.0073 (0.0073) 1.00
10/31/02/12/ 1.00 0.0145 (0.0145) 1.00
10/31/01/12/ 1.00 0.0418 (0.0418) 1.00
Cash Management Shares/4/
11/1/05 through 4/30/06/12/ $ 1.00 $ 0.0170 $ (0.0170) $ 1.00
11/17/04 through 10/31/05 1.00 0.0190 (0.0190) 1.00
11/01/03 through 06/20/04 1.00 0.0018 (0.0018) 1.00
12/03/02 through 10/31/03/12/ 1.00 0.0021 (0.0021) 1.00
11/01/01 through 10/15/02/12/ 1.00 0.0116 (0.0116) 1.00
12/11/00 through 10/31/01/12/ 1.00 0.0331 (0.0331) 1.00
Administration Shares/8/
11/1/05 through 4/30/06/16/ $ 1.00 $ 0.0190 $ (0.0190) $ 1.00
10/31/05 1.00 0.0234 (0.0234) 1.00
05/25/04 through 10/31/04 1.00 0.0043 (0.0043) 1.00
11/02/02 through 10/02/03/12/ 1.00 0.0083 (0.0083) 1.00
05/30/02 through 10/31/02/12/ 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
RETURN10 PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- ---------------- -------------- ------------- ------------- ------------- -------------
1.97%/15/ $ 856,493 0.20%/2/ 0.20%/2/ 0.31%/2/ 3.93%/2/
2.47 806,381 0.20 0.20 0.31 2.43
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
1.84%/15/ $ 183,106 0.45%/2/ 0.45%/2/ 0.56%/2/ 3.68%/2/
2.21 206,999 0.45 0.45 0.56 2.09
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
1.71%/15/ $ 17,171 0.70%/2/ 0.70%/2/ 0.81%/2/ 3.28%/2/
1.92 21,929 0.70/2/ 0.70/2/ 0.81/2/ 1.58/2/
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/
1.92%/15/ $ 123,278 0.30%/2/ 0.30%/2/ 0.41%/2/ 3.80%/2/
2.37 154,211 0.30 0.30 0.41 2.36
0.44/15/ 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 (CONTINUED)
(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
11/1/05 through 4/30/06/16/ $ 1.00 $ 0.0143 $ (0.0143) $ 1.00
10/31/05 1.00 0.0199 (0.0199) 1.00
10/31/04 1.00 0.0095 (0.0095) 1.00
10/31/03/12/ 1.00 0.0096 (0.0096) 1.00
10/31/02/12/ 1.00 0.0142 (0.0142) 1.00
10/31/01/12/ 1.00 0.0302 (0.0302) 1.00
Dollar Shares
11/1/05 through 4/30/06/16/ $ 1.00 $ 0.0131 $ (0.0131) $ 1.00
10/31/05 1.00 0.0174 (0.0174) 1.00
10/31/04 1.00 0.0070 (0.0070) 1.00
10/31/03/12/ 1.00 0.0071 (0.0071) 1.00
10/31/02/12/ 1.00 0.0117 (0.0117) 1.00
10/31/01/12/ 1.00 0.0277 (0.0277) 1.00
Cash Management Shares/3/
11/1/05 through 4/30/06/16/ $ 1.00 $ 0.0118 $ (0.0118) $ 1.00
10/31/05 1.00 0.0149 (0.0149) 1.00
10/31/04 1.00 0.0045 (0.0045) 1.00
10/31/03/12/ 1.00 0.0040 (0.0040) 1.00
10/31/02/12/ 1.00 0.0085 (0.0085) 1.00
10/31/01/12/ 1.00 0.0252 (0.0252) 1.00
Cash Reserve Shares/7/
11/01/02 through 08/06/03/12/ $ 1.00 $ 0.0047 $ (0.0047) $ 1.00
10/31/02/12/ 1.00 0.0102 (0.0102) 1.00
10/31/01/12/ 1.00 0.0262 (0.0262) 1.00
Administration Shares/9/
11/1/05 through 4/30/06/16/ $ 1.00 $ 0.0138 $ (0.0138) $ 1.00
10/31/05 1.00 0.0189 (0.0189) 1.00
05/17/04 through 10/31/04 1.00 0.0044 (0.0044) 1.00
11/01/02 through 10/06/03/12/ 1.00 0.0081 (0.0081) 1.00
04/18/02/1/ through 10/31/02/12/ 1.00 0.0069 (0.0069) 1.00
Bear Stearns Shares
11/1/05 through 4/30/06/16/ $ 1.00 $ 0.0104 $ (0.0104) $ 1.00
10/31/05 1.00 0.0119 (0.0119) 1.00
10/31/04 1.00 0.0026 (0.0026) 1.00
10/31/03/12/ 1.00 0.0026 (0.0026) 1.00
05/20/02/1/ through 10/31/02/12/ 1.00 0.0024 (0.0024) 1.00
Bear Stearns Premier Choice Shares
11/1/05 through 4/30/06/16/ $ 1.00 $ 0.0131 $ (0.0131) $ 1.00
04/25/05/1/ through 10/31/05 1.00 0.0108 (0.0108) 1.00
Bear Stearns Private Client Shares
11/1/05 through 4/30/06/16/ $ 1.00 $ 0.0123 $ (0.0123) $ 1.00
10/31/05 1.00 0.0155 (0.0155) 1.00
03/26/04/1/ through 10/31/04 1.00 0.0033 (0.0033) 1.00
Bear Stearns Premier Shares
11/1/05 through 4/30/06/16/ $ 1.00 $ 0.0123 $ (0.0123) $ 1.00
03/02/05/1/ through 10/31/05 1.00 0.0120 (0.0120) 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
RETURN10 PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- ---------------- -------------- ------------- ------------- ------------- -------------
1.44%/15/ $ 1,371,251 0.20%/2/ 0.20%/2/ 0.33%/2/ 2.86%/2/
2.01 2,135,257 0.20 0.19 0.33 2.02
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
1.32%/15/ $ 107,026 0.45%/2/ 0.45%/2/ 0.58%/2/ 2.64%/2/
1.76 84,763 0.45 0.44 0.58 1.75
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
1.19%/15/ $ 39,103 0.70%/2/ 0.70%/2/ 0.83%/2/ 2.39%/2/
1.51 35,774 0.70 0.69 0.83 1.58
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
0.57%/2/ $ - 0.60% 0.59% 0.75% 0.63%
1.03 8,626 0.60 0.59 0.77 1.03
2.65 12,089 0.60 0.59 0.79 2.68
1.39%/15/ $ 503,193 0.30%/2/ 0.30%/2/ 0.43%/2/ 2.79%/2/
1.91 516,607 0.30 0.29 0.43 1.90
0.44 437,590 0.30/2/ 0.30/2/ 0.43/2/ 1.01/2/
0.87/2/ - 0.30/2/ 0.29/2/ 0.45/2/ 0.90/2/
1.28/2/ 13,051 0.30/2/ 0.29/2/ 0.47/2/ 1.27/2/
1.04%/15/ $ 15,757 1.00%/2/ 1.00%/2/ 1.13%/2/ 2.06%/2/
1.20 24,225 1.00 0.99 1.13 1.15
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/
1.32%/15/ $ 2 0.45%/2/ 0.45%/2/ 0.83%/2/ 2.44%/2/
1.08/15/ 2 0.45/2/ 0.44/2/ 0.58/2/ 1.75/2/
1.24%/15/ $ 222,285 0.60%/2/ 0.60%/2/ 1.18%/2/ 2.50%/2/
1.56 161,860 0.63 0.62 1.18 1.64
0.3315 51,799 0.68/2/ 0.68/2/ 0.83/2/ 0.67/2/
1.24%/15/ $ 173,357 0.60%/2/ 0.60%/2/ 0.93%/2/ 2.49%/2/
1.2115 126,455 0.60/2/ 0.59/2/ 0.93/2/ 1.88/2/
75
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
(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
11/1/05 through 4/30/06/16/ $ 1.00 $ 0.0146 $ (0.0146) $ 1.00
10/31/05 1.00 0.0206 (0.0206) 1.00
10/31/04 1.00 0.0100 (0.0100) 1.00
10/31/03/12/ 1.00 0.0108 (0.0108) 1.00
10/31/02/12/ 1.00 0.0156 (0.0156) 1.00
10/31/01/12/ 1.00 0.0325 (0.0325) 1.00
Dollar Shares
11/1/05 through 4/30/06/16/ $ 1.00 $ 0.0134 $ (0.0134) $ 1.00
10/31/05 1.00 0.0181 (0.0181) 1.00
10/31/04 1.00 0.0075 (0.0075) 1.00
10/31/03/12/ 1.00 0.0083 (0.0083) 1.00
10/31/02/12/ 1.00 0.0131 (0.0131) 1.00
10/31/01/12/ 1.00 0.0300 (0.0300) 1.00
Cash Management Shares/5/
11/01/01 through 10/15/02/12/ $ 1.00 $ 0.0101 $ (0.0101) $ 1.00
03/02/01/1/ through 10/31/01/12/ 1.00 0.0163 (0.0163) 1.00
Bear Stearns Premier Choice Shares/13/
11/1/05 through 12/13/05/16/ $ 1.00 $ 0.0030 $ (0.0030) $ 1.00
10/31/05 1.00 0.0181 (0.0181) 1.00
03/26/04/1/ through 10/31/04 1.00 0.0049 (0.0049) 1.00
Bear Stearns Premier Shares/14/
11/1/05 through 12/13/05/16/ $ 1.00 $ 0.0027 $ (0.0027) $ 1.00
10/31/05 1.00 0.0157 (0.0157) 1.00
03/26/04/1/ 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
RETURN10 PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- ---------------- -------------- ------------- ------------- ------------- -------------
1.47%/15/ $ 1,267,177 0.20%/2/ 0.20%/2/ 0.35%/2/ 2.93%/2/
2.09 2,181,441 0.20 0.19 0.34 2.04
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
1.35%/15/ $ 55,692 0.45%/2/ 0.45%/2/ 0.60%/2/ 2.70%/2/
1.83 59,321 0.45 0.44 0.59 1.79
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
1.01%/2/ $ - 0.70%/2/ 0.69%/2/ 0.87%/2/ 1.07%/2/
2.472 5,118 0.69/2/ 0.69/2/ 0.89/2/ 2.36/2/
0.30%/15/ $ - 0.45%/2/ 0.45%/2/ 0.85%/2/ 2.50%/2/
1.83 2 0.45 0.44 0.85 1.77
0.50/15/ 2 0.45/2/ 0.44/2/ 0.58/2/ 0.84/2/
0.27%/15/ $ - 0.70%/2/ 0.70%/2/ 0.93%/2/ 2.32%/2/
1.58 2 0.62 0.61 0.85 1.60
0.35/15/ 2 0.70/2/ 0.69/2/ 0.83/2/ 0.57/2/
77
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
(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
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0142 $ (0.0142) $ 1.00
10/31/05 1.00 0.0197 (0.0197) 1.00
10/31/04 1.00 0.0092 (0.0092) 1.00
10/31/03/12/ 1.00 0.0094 (0.0094) 1.00
10/31/02/12/ 1.00 0.0132 (0.0132) 1.00
10/31/01/12/ 1.00 0.0271 (0.0271) 1.00
Dollar Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0130 $ (0.0130) $ 1.00
10/31/05 1.00 0.0172 (0.0172) 1.00
10/31/04 1.00 0.0067 (0.0067) 1.00
10/31/03/12/ 1.00 0.0069 (0.0069) 1.00
10/31/02/12/ 1.00 0.0107 (0.0107) 1.00
10/31/01/12/ 1.00 0.0246 (0.0246) 1.00
Cash Management Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0118 $ (0.0118) $ 1.00
10/31/05 1.00 0.0147 (0.0147) 1.00
10/31/04 1.00 0.0042 (0.0042) 1.00
07/14/03/1/ through 10/31/03/12/ 1.00 0.0008 (0.0008) 1.00
Administration Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0137 $ (0.0137) $ 1.00
10/31/05 1.00 0.0187 (0.0187) 1.00
06/17/04/1/ through 10/31/04 1.00 0.0037 (0.0037) 1.00
Bear Stearns Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0103 $ (0.0103) $ 1.00
10/31/05 1.00 0.0117 (0.0117) 1.00
10/31/04 1.00 0.0025 (0.0025) 1.00
10/31/03/12/ 1.00 0.0025 (0.0025) 1.00
05/20/02/1/ through 10/31/02/12/ 1.00 0.0022 (0.0022) 1.00
Bear Stearns Premier Choice Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0130 $ (0.0130) $ 1.00
10/31/05 1.00 0.0172 (0.0172) 1.00
03/26/04/1/ through 10/31/04 1.00 0.0045 (0.0045) 1.00
Bear Stearns Private Client Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0123 $ (0.0123) $ 1.00
10/31/05 1.00 0.0152 (0.0152) 1.00
03/26/04/1/ through 10/31/04 1.00 0.0030 (0.0030) 1.00
Bear Stearns Premier Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0123 $ (0.0123) $ 1.00
10/31/05 1.00 0.0154 (0.0154) 1.00
03/26/04/1/ through 10/31/04 1.00 0.0036 (0.0036) 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL 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
RETURN10 PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- ---------------- -------------- ------------- ------------- ------------- -------------
1.43%/15/ $ 504,227 0.20%/2/ 0.20%/2/ 0.41%/2/ 2.87%/2/
1.99 593,417 0.20 0.20 0.41 2.00
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
1.31%/15/ $ 49,764 0.45%/2/ 0.45%/2/ 0.66%/2/ 2.64%/2/
1.74 26,293 0.45 0.45 0.65 1.84
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
1.18%/15/ $ 237 0.70%/2/ 0.70%/2/ 0.91%/2/ 2.37%/2/
1.48 205 0.70 0.70 0.91 1.50
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/
1.38%/15/ $ 4,181 0.30%/2/ 0.30%/2/ 0.51%/2/ 2.77%/2/
1.89 3,898 0.30 0.30 0.51 1.98
0.37/15/ 1,738 0.30/2/ 0.30/2/ 0.51/2/ 1.00/2/
1.03%/15/ $ 30,639 1.00%/2/ 1.00%/2/ 1.21%/2/ 2.09%/2/
1.18 15,777 1.00 1.00 1.21 1.27
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/
1.31%/15/ $ 2 0.45%/2/ 0.45%/2/ 0.91%/2/ 2.73%/2/
1.74 2 0.45 0.45 0.87 1.90
0.45/15/ 2 0.45/2/ 0.45/2/ 0.66/2/ 0.76/2/
1.23%/15/ $ 146,455 0.60%/2/ 0.60%/2/ 1.26%/2/ 2.48%/2/
1.54 127,509 0.64 0.64 1.26 1.62
0.32/15/ 37,216 0.68/2/ 0.68/2/ 0.91/2/ 0.63/2/
1.23%/15/ $ 14,954 0.60%/2/ 0.60%/2/ 1.00%/2/ 2.48%/2/
1.55 15,778 0.60 0.60 1.01 1.90
0.36/15/ 2 0.60/2/ 0.60/2/ 0.81/2/ 0.55/2/
79
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS (CONCLUDED)
(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
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0144 $ (0.0144) $ 1.00
10/31/05 1.00 0.0197 (0.0197) 1.00
10/31/04 1.00 0.0091 (0.0091) 1.00
10/31/03/12/ 1.00 0.0096 (0.0096) 1.00
10/31/02/12/ 1.00 0.0131 (0.0131) 1.00
10/31/01/12/ 1.00 0.0285 (0.0285) 1.00
Dollar Shares
11/1/05 through 04/30/0616 $ 1.00 $ 0.0131 $ (0.0131) $ 1.00
10/31/05 1.00 0.0172 (0.0172) 1.00
10/31/04 1.00 0.0066 (0.0066) 1.00
10/31/03/12/ 1.00 0.0071 (0.0071) 1.00
10/31/02/12/ 1.00 0.0106 (0.0106) 1.00
10/31/01/12/ 1.00 0.0260 (0.0260) 1.00
Cash Management Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0119 $ (0.0119) $ 1.00
03/03/05/1/ through 10/31/05 1.00 0.0114 (0.0114) 1.00
Administration Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0139 $ (0.0139) $ 1.00
10/31/05 1.00 0.0187 (0.0187) 1.00
06/17/04 through 10/31/04 1.00 0.0035 (0.0035) 1.00
Bear Stearns Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0104 $ (0.0104) $ 1.00
10/31/05 1.00 0.0117 (0.0117) 1.00
10/31/04 1.00 0.0024 (0.0024) 1.00
10/31/03/12/ 1.00 0.0025 (0.0025) 1.00
05/20/02 through 10/31/0212 1.00 0.0021 (0.0021) 1.00
Bear Stearns Premier Choice Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0131 $ (0.0131) $ 1.00
10/31/05 1.00 0.0172 (0.0172) 1.00
03/26/04 through 10/31/04 1.00 0.0043 (0.0043) 1.00
Bear Stearns Private Client Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0124 $ (0.0124) $ 1.00
10/31/05 1.00 0.0152 (0.0152) 1.00
03/26/04 through 10/31/04 1.00 0.0030 (0.0030) 1.00
Bear Stearns Premier Shares
11/1/05 through 04/30/06/16/ $ 1.00 $ 0.0124 $ (0.0124) $ 1.00
10/31/05 1.00 0.0154 (0.0154) 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 Cash Management Shares outstanding during the periods
December 18, 2001 to January 10, 2002 and December 6, 2002 to January
9, 2003.
/4/ There were no Cash Management Shares outstanding during the periods
October 16, 2002 to December 2, 2002 , January 17, 2003 to May 29, 2003
and June 21, 2004 to November 16, 2004.
/5/ There were no Cash Management Shares outstanding during the period
October 16, 2002 to April 30, 2006.
/6/ There were no Cash Reserve Shares outstanding during the period August 7,
2003 to September 15, 2003 and December 16, 2003 to October 4, 2005.
/7/ There were no Cash Reserve Shares outstanding during the period August 7,
2003 to April 30, 2006.
/8/ There were no Administration Shares outstanding during the period October
3, 2003 to May 24, 2004.
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
RETURN10 PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- ---------------- -------------- ------------- ------------- ------------- -------------
1.45%/15/ $ 308,562 0.20%/2/ 0.20%/2/ 0.41%/2/ 2.90%/2/
1.99 271,454 0.20 0.20 0.41 1.98
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
1.32%/15/ $ 5,536 0.45%/2/ 0.45%/2/ 0.66%/2/ 2.65%/2/
1.74 5,515 0.45 0.45 0.66 1.67
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
1.20%/15/ $ 7,446 0.70%/2/ 0.70%/2/ 0.91%/2/ 2.45%/2/
1.14 3,585 0.70/2/ 0.70/2/ 0.91/2/ 1.80/2/
1.40%/15/ $ 16,977 0.30%/2/ 0.30%/2/ 0.51%/2/ 2.80%/2/
1.89 16,394 0.30 0.30 0.51 1.84
0.35/15/ 21,890 0.30/2/ 0.30/2/ 0.51/2/ 0.94/2/
1.05%/15/ $ 4,249 1.00%/2/ 1.00%/2/ 1.21%/2/ 2.11%/2/
1.18 3,831 1.00 1.00 1.21 1.35
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/
1.32%/15/ $ 2 0.45%/2/ 0.45%/2/ 0.91%/2/ 2.74%/2/
1.74 2 0.45 0.45 0.87 1.94
0.43/15/ 2 0.45/2/ 0.44/2/ 0.65/2/ 0.69/2/
1.25%/15/ $ 146,258 0.60%/2/ 0.60%/2/ 1.26%/2/ 2.51%/2/
1.54 111,739 0.64 0.64 1.26 1.58
0.30/15/ 53,933 0.69/2/ 0.68/2/ 0.92/2/ 0.56/2/
1.25%/15/ $ 7,102 0.60%/2/ 0.60%/2/ 1.00%/2/ 2.51%/2/
1.56 5,774 0.61 0.61 1.02 1.82
0.34/15/ 2 0.60/2/ 0.59/2/ 0.80/2/ 0.55/2/
9 There were no Administration Shares outstanding during the period October
7, 2003 to May 16, 2004.
10 Past performance is no guarantee of future results.
11 There were no Administration Shares outstanding during the period
November 1, 2004 to November 9, 2004 and November 19, 2004 to July 5, 2005.
12 Audited by other auditors.
13 There were no Bear Stearns Premier Choice Shares outstanding during the
period December 14, 2005 to April 30, 2006.
14 There were no Bear Stearns Premier Shares outstanding during the period
December 14, 2005 to April 30, 2006.
15 Not Annualized.
16 Unaudited.
81
[THIS PAGE INTENTIONALLY LEFT BLANK.]
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 offer 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 offer 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 offers 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 offer 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
offers 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 offer
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, 2006, no Plus Shares or Cash Plus Shares were outstanding.
Effective March 1, 2005 Bear Stearns Premier Select Shares was renamed to
Bear Stearns Premier Choice 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
Security Valuation - Portfolio securities are valued under the amortized
cost method which approximates current market value in accordance with Rule
2a-7 of the 1940 Act. Under this method, securities are valued at cost when
purchased and thereafter, a constant proportionate amortization of any discount
or premium is recorded until the 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 Fund 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.
83
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
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, generally first in first out, for both financial reporting and income
tax purposes. Interest income is recorded on the accrual basis.
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
and such differences could be material.
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 classes
on the basis of daily relative net assets.
(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 provides both investment advisory and administration
services to the Trust. 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
sub-administrator. BlackRock Distributors, Inc., ("BDI"), an indirect
subsidiary of PNC, serves as the Trust's distributor.
On February 21, 2006, The Trust entered into a Management Agreement with
BIMC under which it provides certain advisory and administrative services. BIMC
also entered into a sub-administrative agreement with PFPC under which it
provides certain administrative services.
For the advisory and administration services provided and expenses assumed
by it under the Management Agreement, BIMC is entitled to receive the following
annual fees computed daily based upon each Fund's average daily net assets and
paid monthly:
Fund TempFund
Management Fee .350% of the first $1 billion
.300% of the next $1 billion
.250% of the next $1 billion
.200% of the next $1 billion
.195% of the next $1 billion
.190% of the next $1 billion
.180% of the next $1 billion
.175% of the next $1 billion
.170% of amounts in excess of $8 billion.
TempCash, MuniFund and California Money Fund
Fund MuniCash and New York Money
Management Fee .350% of the first $1 billion .375% of the first $1 billion
.300% of the next $1 billion .350% of the next $1 billion
.250% of the next $1 billion .325% of the next $1 billion
.200% of the next $1 billion .300% of amounts in excess of $3 billion.
.195% of the next $1 billion
.190% of the next $1 billion
.185% of the next $1 billion
.180% of amounts in excess of $7 billion.
The following annual fees shall be computed daily and paid monthly to
BIMC:
FedFund, T-Fund, Federal Trust Fund and Treasury Trust Fund
Calculation A Calculation B
.175% of the first $1 billion* .175% of the first $1 billion**
.150% of the next $1 billion* .150% of the next $1 billion**
.125% of the next $1 billion* .125% of the next $1 billion**
.100% of the next $1 billion* .100% of amounts in excess of $3 billion.**
.095% of the next $1 billion*
.090% of the next $1 billion*
.085% of the next $1 billion*
.080% of amounts in excess of $7 billion.*
The Management Fee is equal to Calculation A plus Calculation B.
*Based on the combined average net assets of FedFund, T-Fund, Federal
Trust Fund and Treasury Trust Fund.
**Based on the average net assets of each portfolio.
84
BLACKROCK LIQUIDITY FUNDS
Prior to February 21, 2006, BIMC managed each Fund under an advisory
agreement (the "Prior Advisory Agreement"), and BIMC and PFPC provided
administrative services to the Funds, as co-administrators under an
administration agreement (the "Prior Administration Agreement"). The fees
payable by the Funds under the Management Agreement with BIMC are higher than
the advisory fee rates payable under the Prior Advisory Agreement, but equal to
the total of advisory fees payable under the Prior Advisory Agreement plus fees
payable for administrative services under the Prior Administration Agreement.
Under the Prior Advisory Agreement in return for BIMC's advisory services,
the Trust paid BIMC a fee, computed daily and payable monthly, based upon an
annualized percentage of the average net assets as follows:
Fund TempFund
Advisory Fee - Prior .175% of the first $1 billion
Advisory Agreement .150% of the next $1 billion
.125% of the next $1 billion
.100% of the next $1 billion
.095% of the next $1 billion
.090% of the next $1 billion
.080% of the next $1 billion
.075% of the next $1 billion
.070% of amounts in excess of $8 billion.
TempCash, MuniFund California Money Fund
Fund and MuniCash and New York Money
Advisory Fee - Prior .175% of the first $1 billion .200% of average net assets
Advisory Agreement .150% of the next $1 billion
.125% of the next $1 billion
.100% of the next $1 billion
.095% of the next $1 billion
.090% of the next $1 billion
.085% of the next $1 billion
.080% of amounts in excess of $7 billion.
Under the Prior Advisory Agreement in return for BIMC's advisory services,
the Trust paid BIMC a fee, computed daily and payable monthly, based on the
combined average daily net assets as follows:
FedFund, T-Fund, Federal Trust Fund and Treasury Trust Fund
.175% of the first $1 billion
.150% of the next $1 billion
.125% of the next $1 billion
.100% of the next $1 billion
.095% of the next $1 billion
.090% of the next $1 billion
.085% of the next $1 billion
.080% of amounts in excess of $7 billion.
Under the Prior Administration Agreement the Trust paid 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:
Co-Administration Fee - 0.175% of the first $1 billion
Prior Administration 0.150% of the next $1 billion
Agreement 0.125% of the next $1 billion
0.100% of amounts in excess of $3 billion
Until February 28, 2007, BIMC, as investment adviser and administrator,
has contractually agreed to reduce its fees and reimburse expenses to ensure
that the combined "Management Fees" and "Miscellaneous Expenses" do not exceed
0.18% of the average daily net assets of TempFund and TempCash and 0.20% of the
average daily net assets of FedFund, T-Fund, Federal Trust Fund, Treasury Trust
Fund, MuniFund, MuniCash, California Money Fund and New York Money Fund. The
waiver agreement may not be terminated before February 28, 2007. Any fees
waived by BIMC with respect to a particular fiscal year are not recoverable.
For the period ended April 30, 2006, 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.
85
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
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.
SHARE CLASSES
-------------------------------------------------------------------------------
CASH
MANAGEMENT CASH RESERVE
DOLLAR SHARES SHARES SHARES
-------------------------- -------------------------- -------------------------
CONTRACTUAL ACTUAL CONTRACTUAL ACTUAL CONTRACTUAL ACTUAL
FEES/1/ FEES/1/ FEES/1/ FEES/1/ FEES/1/ FEES/1/
----------- ------ ----------- ------ ----------- ------
TempFund ...................... 0.25% 0.25% 0.50% 0.50% 0.40% 0.40%
TempCash ...................... 0.25% 0.25% 0.50% N/A 0.40% N/A
FedFund ....................... 0.25% 0.25% 0.50% N/A 0.40% 0.40%
T-Fund ........................ 0.25% 0.25% 0.50% 0.50% 0.40% N/A
Federal Trust Fund ............ 0.25% 0.25% 0.50% N/A 0.40% N/A
Treasury Trust Fund ........... 0.25% 0.25% 0.50% 0.50% 0.40% N/A
MuniFund ...................... 0.25% 0.25% 0.50% 0.50% 0.40% N/A
MuniCash ...................... 0.25% 0.25% 0.50% N/A 0.40% N/A
California Money Fund ......... 0.25% 0.25% 0.50% 0.50% 0.40% N/A
New York Money Fund ........... 0.25% 0.25% 0.50% 0.50% 0.40% N/A
SHARE CLASSES
------------------------------------------------------------------------------
ADMINISTRATION CASH PLUS
SHARES SHARES PLUS SHARES
-------------------------- ------------------------ --------------------------
CONTRACTUAL ACTUAL CONTRACTUAL ACTUAL CONTRACTUAL ACTUAL
FEES/1/ FEES/1/ FEES/1/ FEES/1/ FEES/1,2/ FEES/1,2/
----------- ------ ----------- ------ ----------- ---------
TempFund ...................... 0.10% 0.10% N/A N/A 0.25% N/A
TempCash ...................... 0.10% 0.10% 0.85% N/A N/A N/A
FedFund ....................... 0.10% 0.10% 0.85% N/A N/A N/A
T-Fund ........................ 0.10% 0.10% N/A N/A 0.25% N/A
Federal Trust Fund ............ 0.10% N/A N/A N/A N/A N/A
Treasury Trust Fund ........... 0.10% 0.10% N/A N/A N/A N/A
MuniFund ...................... 0.10% 0.10% N/A N/A 0.25% N/A
MuniCash ...................... 0.10% N/A 0.85% N/A N/A N/A
California Money Fund ......... 0.10% 0.10% 0.85% N/A 0.40% N/A
New York Money Fund ........... 0.10% 0.10% 0.85% N/A 0.40% N/A
BEAR STEARNS SHARE CLASSES
----------------------------------------------------
BEAR STEARNS PRIVATE CLIENT
SHARES SHARES
-------------------------- -------------------------
CONTRACTUAL ACTUAL CONTRACTUAL ACTUAL
FEES/1/ FEES/1/ FEES/1/ FEES/1/
----------- ------ ----------- ------
TempFund ...................... 0.85% 0.82% 0.85% 0.42%
TempCash ...................... N/A N/A 0.85% N/A
FedFund ....................... 0.85% 0.80% 0.85% 0.40%
T-Fund ........................ N/A N/A 0.85% N/A
Federal Trust Fund ............ N/A N/A 0.85% N/A
Treasury Trust Fund ........... N/A N/A 0.85% N/A
MuniFund ...................... 0.85% 0.80% 0.85% 0.40%
MuniCash ...................... N/A N/A 0.85% N/A
California Money Fund ......... 0.85% 0.80% 0.85% 0.40%
New York Money Fund ........... 0.85% 0.80% 0.85% 0.40%
BEAR STEARNS SHARE CLASSES
----------------------------------------------------
PREMIER CHOICE
PREMIER SHARES SHARES
-------------------------- -------------------------
CONTRACTUAL ACTUAL CONTRACTUAL ACTUAL
FEES/1/ FEES/1/ FEES/1/ FEES/1/
----------- ------ ----------- ------
TempFund ...................... 0.60% 0.42% 0.50% 0.27%
TempCash ...................... 0.60% 0.42% 0.50% 0.27%
FedFund ....................... 0.60% 0.40% 0.50% 0.25%
T-Fund ........................ 0.60% N/A 0.50% N/A
Federal Trust Fund ............ 0.60% N/A 0.50% N/A
Treasury Trust Fund ........... 0.60% N/A 0.50% N/A
MuniFund ...................... 0.60% 0.40% 0.50% 0.25%
MuniCash ...................... 0.60% 0.50% 0.50% 0.25%
California Money Fund ......... 0.60% 0.40% 0.50% 0.25%
New York Money Fund ........... 0.60% 0.40% 0.50% 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) 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 sale support (12b-1) and shareholder
services.
86
BLACKROCK LIQUIDITY FUNDS
SHARE CLASSES
SHAREHOLDER SERVICE FEES --------------------------------------------------------
CASH CASH
DOLLAR MANAGEMENT RESERVE ADMINISTRATION
-------------- ------------ ----------- ----------------
TempFund ...................... $ 5,786,046 $ 736,349 $ 74,430 $ 725,483
TempCash ...................... 813,944 - - 1,429
FedFund ....................... 542,459 - 4,254 28,987
T-Fund ........................ 1,418,181 317,978 - 10,073
Federal Trust Fund ............ 61,093 - - -
Treasury Trust Fund ........... 249,902 98,687 - 68,715
MuniFund ...................... 108,262 90,136 - 261,655
MuniCash ...................... 73,278 - - -
California Money Fund ......... 50,909 573 - 1,932
New York Money Fund ........... 7,453 15,837 - 7,957
SHARE CLASSES
SHAREHOLDER SERVICE FEES ---------------------------------------------------------------------
BEAR BEAR
STEARNS BEAR STEARNS
BEAR PRIVATE STEARNS PREMIER
STEARNS CLIENT PREMIER CHOICE TOTAL
-------------- -------------- ------------ ---------- ---------------
TempFund ...................... $ 1,723,818 $ 2,884,338 $ 831,055 $ 3,720 $ 12,765,239
TempCash ...................... - - 2 1 815,376
FedFund ....................... 100,100 650,484 177,465 4 1,503,753
T-Fund ........................ - - - - 1,746,232
Federal Trust Fund ............ - - - - 61,093
Treasury Trust Fund ........... - - - - 417,304
MuniFund ...................... 51,634 505,305 468,235 5 1,485,232
MuniCash ...................... - - 1 1 73,280
California Money Fund ......... 63,418 336,130 38,497 4 491,463
New York Money Fund ........... 9,012 346,600 16,046 4 402,909
SHARE CLASSES
SHAREHOLDER SERVICE FEES WAIVED -------------------------------------------------------------------
BEAR STEARNS BEAR STEARNS BEAR STEARNS
PRIVATE CLIENT PREMIER PREMIER CHOICE TOTAL
---------------- -------------- ---------------- ------------
TempFund ........................ $ 461,494 $ 132,969 $ 1,209 $ 595,672
FedFund ......................... 130,097 35,493 2 165,592
MuniFund ........................ 101,061 93,647 2 194,710
California Money Fund ........... 67,226 7,699 2 74,927
New York Money Fund ............. 69,320 3,209 2 72,531
SHARE CLASSES
DISTRIBUTION FEES --------------------------------------------------------------------------------------
BEAR BEAR STEARNS BEAR STEARNS BEAR STEARNS
STEARNS PRIVATE CLIENT PREMIER PREMIER CHOICE TOTAL
-------------- ---------------- -------------- ---------------- --------------
TempFund ...................... $ 1,283,694 $ 2,019,037 $ 166,211 $ 930 $ 3,469,872
FedFund ....................... 77,855 455,339 35,493 2 568,689
MuniFund ...................... 40,160 353,714 93,647 2 487,523
California Money Fund ......... 49,325 235,291 7,699 2 292,317
New York Money Fund ........... 7,009 242,620 3,209 2 252,840
SHARE CLASSES
DISTRIBUTION FEES WAIVED ---------------------------------------------------------------------
BEAR STEARNS BEAR STEARNS BEAR STEARNS
PRIVATE CLIENT PREMIER PREMIER CHOICE TOTAL
---------------- -------------- ---------------- --------------
TempFund ...................... $ 2,019,037 $ 166,211 $ 930 $ 2,186,178
FedFund ....................... 455,339 35,493 2 490,834
MuniFund ...................... 353,714 93,647 2 447,363
California Money Fund ......... 235,291 7,699 2 242,992
New York Money Fund ........... 242,620 3,209 2 245,831
In return for custody services provided by PFPC Trust Company, the Trust
pays PFPC Trust Company 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 and unfunded subscription charges that are
charged by PFPC Trust Company.
Pursuant to the Trust's operating procedures, custodian fees may be
reduced by amounts calculated on uninvested cash balances ("custody credits"),
which are on the Statement of Operations as custody fees paid indirectly.
87
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
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.
As of April 30, 2006, affiliated payables were as follows:
PFPC AND OTHER
PFPC TRUST BIMC PNC
COMPANY (1) BIMC (2) AFFILIATES (3) Bank (4)
------------- -------------- --------------- --------------
TempFund ...................... $ 924,634 $ 3,904,822 $ 4,583,248 $ 4,807,509
TempCash ...................... 368,108 1,639,992 532,989 -
FedFund ....................... 81,702 449,312 444,330 136,116,617
T-Fund ........................ 123,967 608,633 224,612 -
Federal Trust Fund ............ 7,315 12,996 - -
Treasury Trust Fund ........... 50,843 142,434 127,935 8,418
MuniFund ...................... 84,930 324,551 309,455 -
MuniCash ...................... 63,233 188,747 50,347 -
California Money Fund ......... 31,486 97,509 1,932 -
New York Money Fund ........... 20,659 68,452 11,957 -
(1) Payables to PFPC as of April 30, 2006 are for accounting, administration and
transfer agent services provided to the Trust. Payables to PFPC Trust Co. as
of April 30, 2006 are for custody services provided to the Trust.
(2) Payables to BIMC as of April 30, 2006 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.
(4) Payables to PNC Bank for funding of fundshare redemptions.
(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.
88
BLACKROCK LIQUIDITY FUNDS
Transactions in capital shares for each period were as follows:
TEMPFUND
-------------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
-------------------- --------------------
Shares sold:
Institutional Shares ....................... $ 200,623,946,838 $ 267,250,613,156
Dollar Shares .............................. 23,571,602,673 39,594,147,495
Cash Management Shares ..................... 548,507,148 740,139,579
Cash Reserve Shares ........................ 161,463,434 3,723,000
Administration Shares ...................... 1,405,315,495 1,774,682,764
Bear Stearns Shares ........................ 2,797,393,234 3,768,340,820
Bear Stearns Premier Choice Shares ......... 821 26,363,263
Bear Stearns Private Client Shares ......... 3,360,203,261 3,854,879,764
Bear Stearns Premier Shares ................ 1,214,163,324 1,232,058,715
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 222,821,038 243,830,113
Dollar Shares .............................. 4,718,266 7,323,840
Cash Management Shares ..................... 3,884,892 3,563,512
Cash Reserve Shares ........................ 497,212 -
Administration Shares ...................... 4,118,163 2,135,748
Bear Stearns Shares ........................ 12,568,144 9,819,343
Bear Stearns Premier Choice Shares ......... 36,145 64,687
Bear Stearns Private Client Shares ......... 22,159,996 17,549,131
Bear Stearns Premier Shares ................ 6,355,839 3,886,266
Shares redeemed:
Institutional Shares ....................... (198,462,232,787) (264,712,599,228)
Dollar Shares .............................. (23,521,499,827) (39,055,134,339)
Cash Management Shares ..................... (488,102,757) (653,575,294)
Cash Reserve Shares ........................ (106,377,327) -
Administration Shares ...................... (842,124,035) (1,715,930,390)
Bear Stearns Shares ........................ (2,758,089,477) (3,260,970,505)
Bear Stearns Premier Choice Shares ......... (2,891,074) (22,806,597)
Bear Stearns Private Client Shares ......... (3,154,356,781) (3,134,108,481)
Bear Stearns Premier Shares ................ (1,199,397,631) (914,356,660)
------------------ ------------------
Net increase ................................ $ 3,424,684,227 $ 5,063,639,702
================== ==================
89
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
TEMPCASH
-------------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
-------------------- --------------------
Shares sold:
Institutional Shares ....................... $ 116,888,436,604 $ 197,892,575,885
Dollar Shares .............................. 958,610,995 1,819,674,347
Administration Shares ...................... 32,500,000 -
Bear Stearns Premier Shares ................ 10 -
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 141,892,693 151,306,272
Dollar Shares .............................. 11,833,184 13,167,445
Administration Shares ...................... 67,311 -
Bear Stearns Premier Choice Shares ......... 7 55
Bear Stearns Premier Shares ................ 7 53
Shares redeemed:
Institutional Shares ....................... (116,265,009,079) (194,313,834,478)
Dollar Shares .............................. (868,191,361) (1,768,620,756)
Administration Shares ...................... (9,500,000) -
Bear Stearns Premier Choice Shares ......... (2,174) (34)
Bear Stearns Premier Shares ................ (2,279) (32)
------------------ ------------------
Net increase ................................ $ 890,635,918 $ 3,794,268,757
================== ==================
90
BLACKROCK LIQUIDITY FUNDS
FEDFUND
------------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
-------------------- -------------------
Shares sold:
Institutional Shares ....................... $ 9,444,174,122 $ 17,230,282,799
Dollar Shares .............................. 7,503,776,382 13,959,732,471
Cash Reserve Shares ........................ 929,730 8,189,136
Administration Shares ...................... 52,992,135 96,695,162
Bear Stearns Shares ........................ 175,179,501 458,660,694
Bear Stearns Premier Choice Shares ......... 1 -
Bear Stearns Private Client Shares ......... 592,919,063 722,971,600
Bear Stearns Premier Shares ................ 309,109,647 378,310,466
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 24,651,276 22,423,147
Dollar Shares .............................. 815,081 116,322
Cash Reserve Shares ........................ 32,125 -
Bear Stearns Shares ........................ 744,216 711,846
Bear Stearns Premier Choice Shares ......... 43 54
Bear Stearns Private Client Shares ......... 4,934,443 3,673,570
Bear Stearns Premier Shares ................ 1,332,907 742,332
Shares redeemed:
Institutional Shares ....................... (9,196,010,307) (16,815,931,073)
Dollar Shares .............................. (7,510,569,336) (13,932,795,146)
Cash Reserve Shares ........................ (11,036) (15,917,781)
Administration Shares ...................... (26,912,422) (53,218,692)
Bear Stearns Shares ........................ (169,668,829) (431,029,684)
Bear Stearns Premier Choice Shares ......... - (33)
Bear Stearns Private Client Shares ......... (571,621,468) (535,320,223)
Bear Stearns Premier Shares ................ (329,305,882) (292,938,904)
---------------- ----------------
Net increase ................................ $ 307,491,392 $ 805,358,063
================ ================
T-FUND
----------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
-------------------- -------------------
Shares sold:
Institutional Shares ....................... $ 13,481,788,778 $ 29,274,015,290
Dollar Shares .............................. 5,240,356,340 10,069,677,255
Cash Management Shares ..................... 172,905,364 236,778,976
Administration Shares ...................... 233,211,220 104,004,796
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 15,966,289 20,391,623
Dollar Shares .............................. 5,970,137 5,845,414
Cash Management Shares ..................... 97,961 135,062
Administration Shares ...................... 306,772 256,064
Shares redeemed:
Institutional Shares ....................... (13,282,164,237) (28,774,905,366)
Dollar Shares .............................. (5,049,374,488) (10,828,307,093)
Cash Management Shares ..................... (98,760,120) (181,999,745)
Administration Shares ...................... (233,887,381) (84,630,360)
----------------- ----------------
Net increase (decrease) ..................... $ 486,416,635 $ (158,738,084)
================= ================
91
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
FEDERAL TRUST FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
------------------ -----------------
Shares sold:
Institutional Shares ..................... $ 47,532,865 $ 207,557,843
Dollar Shares ............................ 80,281,311 65,291,959
Shares issued in reinvestment of dividends:
Institutional Shares ..................... 1,559,293 2,153,708
Dollar Shares ............................ 1,512 13,791
Shares redeemed:
Institutional Shares ..................... (82,181,303) (187,856,544)
Dollar Shares ............................ (38,097,162) (54,284,057)
------------- --------------
Net increase .............................. $ 9,096,516 $ 32,876,700
============= ==============
TREASURY TRUST FUND
----------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
------------------ -------------------
Shares purchased:
Institutional Shares ..................... $ 2,755,959,522 $ 6,537,024,100
Dollar Shares ............................ 561,452,586 1,098,295,406
Cash Management Shares ................... 146,922,639 156,285,863
Administration Shares .................... 100,228,925 493,586,169
Shares issued in reinvestment of dividends:
Institutional Shares ..................... 7,906,466 9,721,137
Dollar Shares ............................ 2,581,757 4,317,104
Shares redeemed:
Institutional Shares ..................... (2,713,733,809) (6,523,550,265)
Dollar Shares ............................ (587,923,868) (1,238,757,055)
Cash Management Shares ................... (151,678,920) (134,357,397)
Administration Shares .................... (131,159,239) (480,817,145)
---------------- ----------------
Net decrease .............................. $ (9,443,941) $ (78,252,083)
================ ================
92
BLACKROCK LIQUIDITY FUNDS
MUNIFUND
-------------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
------------------ ----------------------
Shares sold:
Institutional Shares ....................... $ 7,356,026,941 $ 16,067,931,197
Dollar Shares .............................. 536,849,698 1,001,535,776
Cash Management Shares ..................... 86,443,106 103,981,101
Administration Shares ...................... 596,394,612 1,068,978,306
Bear Stearns Shares ........................ 69,852,707 247,059,718
Bear Stearns Premier Choice Shares ......... - 2,200
Bear Stearns Private Client Shares ......... 770,256,702 796,821,952
Bear Stearns Premier Shares ................ 1,299,116,914 920,040,899
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 10,859,851 19,327,986
Dollar Shares .............................. 129,694 229,615
Cash Management Shares ..................... 123,944 126,487
Bear Stearns Shares ........................ 234,757 399,575
Bear Stearns Premier Choice Shares ......... 29 23
Bear Stearns Private Client Shares ......... 2,483,212 1,892,361
Bear Stearns Premier Shares ................ 2,296,877 1,072,317
Shares redeemed:
Institutional Shares ....................... (8,131,013,113) (15,764,765,942)
Dollar Shares .............................. (514,723,367) (999,324,896)
Cash Management Shares ..................... (83,241,130) (88,447,829)
Administration Shares ...................... (609,853,556) (989,961,632)
Bear Stearns Shares ........................ (78,557,182) (251,425,692)
Bear Stearns Premier Choice Shares ......... - (5)
Bear Stearns Private Client Shares ......... (712,332,704) (688,654,236)
Bear Stearns Premier Shares ................ (1,254,528,466) (794,660,555)
---------------- ----------------
Net increase (decrease) ..................... $ (653,180,474) $ 652,158,726
================ ================
93
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
MUNICASH
------------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
-------------------- -------------------
Shares sold:
Institutional Shares ....................... $ 15,179,520,886 $ 33,673,752,825
Dollar Shares .............................. 116,004,397 280,552,208
Bear Stearns Premier Choice Shares ......... 2 -
Bear Stearns Premier Shares ................ 2 -
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 12,481,987 22,757,776
Dollar Shares .............................. 759,595 1,334,219
Bear Stearns Premier Choice Shares ......... 5 39
Bear Stearns Premier Shares ................ 4 33
Shares redeemed:
Institutional Shares ....................... (16,106,055,702) (33,830,828,166)
Dollar Shares .............................. (120,386,303) (302,136,843)
Bear Stearns Premier Choice Shares ......... (2,168) (26)
Bear Stearns Premier Shares ................ (2,160) (22)
----------------- -----------------
Net decrease ................................ $ (917,679,455) $ (154,567,957)
================= =================
CALIFORNIA MONEY FUND
----------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
------------------ -------------------
Shares sold:
Institutional Shares ....................... $ 1,631,004,381 $ 2,901,688,067
Dollar Shares .............................. 254,563,029 304,347,254
Cash Management Shares ..................... 120,162 290,076
Administration Shares ...................... 4,261,346 13,855,091
Bear Stearns Shares ........................ 121,155,956 140,185,077
Bear Stearns Private Client Shares ......... 640,863,034 740,455,112
Bear Stearns Premier Shares ................ 159,532,005 104,099,037
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 579,108 1,153,066
Dollar Shares .............................. 218,509 160,964
Cash Management Shares ..................... - 716
Bear Stearns Shares ........................ 288,867 183,190
Bear Stearns Premier Choice Shares ......... 28 37
Bear Stearns Private Client Shares ......... 1,640,619 1,478,317
Bear Stearns Premier Shares ................ 187,976 109,240
Shares redeemed:
Institutional Shares ....................... (1,720,881,573) (2,764,151,755)
Dollar Shares .............................. (231,319,209) (279,562,826)
Cash Management Shares ..................... (87,844) (206,151)
Administration Shares ...................... (3,979,224) (11,694,305)
Bear Stearns Shares ........................ (106,590,490) (130,896,776)
Bear Stearns Premier Choice Shares ......... - (25)
Bear Stearns Private Client Shares ......... (623,594,167) (651,635,504)
Bear Stearns Premier Shares ................ (160,547,422) (88,432,945)
---------------- ----------------
Net increase (decrease) ..................... $ (32,584,909) $ 281,424,957
================ ================
94
BLACKROCK LIQUIDITY FUNDS
NEW YORK MONEY FUND
----------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
------------------ -------------------
Shares sold:
Institutional Shares ....................... $ 1,078,261,440 $ 1,984,632,534
Dollar Shares .............................. 8,190,410 14,244,762
Cash Management Shares ..................... 32,825,230 13,403,574
Administration Shares ...................... 5,396,043 14,481,065
Bear Stearns Shares ........................ 32,361,420 46,713,167
Bear Stearns Private Client Shares ......... 521,074,351 578,182,155
Bear Stearns Premier Shares ................ 63,466,169 42,458,702
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 1,259,231 1,351,707
Dollar Shares .............................. 79,038 83,928
Bear Stearns Shares ........................ 41,445 53,766
Bear Stearns Premier Choice Shares ......... 29 37
Bear Stearns Private Client Shares ......... 1,712,713 1,459,144
Bear Stearns Premier Shares ................ 78,987 62,934
Shares redeemed:
Institutional Shares ....................... (1,042,617,687) (1,948,918,016)
Dollar Shares .............................. (8,252,360) (13,873,563)
Cash Management Shares ..................... (28,967,900) (9,818,609)
Administration Shares ...................... (4,823,952) (19,979,648)
Bear Stearns Shares ........................ (31,987,034) (44,356,347)
Bear Stearns Premier Choice Shares ......... - (25)
Bear Stearns Private Client Shares ......... (488,352,061) (521,852,034)
Bear Stearns Premier Shares ................ (62,221,524) (36,750,178)
---------------- ----------------
Net increase ................................ $ 77,523,988 $ 101,579,055
================ ================
On April 30, 2006, one shareholder held approximately 17% of the
outstanding shares of TempFund, one shareholder held approximately 10% of
TempCash, one shareholder held approximately 15% of FedFund, one shareholder
held approximately 39% of T-Fund, three shareholders held approximately 34% of
Treasury Trust Fund, two shareholders held approximately 65% of Federal Trust
Fund, one shareholder held approximately 20% of MuniFund, two shareholders held
approximately 33% of MuniCash, two shareholders held approximately 30% of
California Money Fund and two shareholders held approximately 43% of New York
Money Fund. Some of the shareholders are comprised of omnibus accounts.
Although 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.
(E) 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.
Dividends from tax-free income and net investment income 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. These book/tax differences are either temporary or permanent in
nature. To the extent these differences are permanent, they are charged or
credited to paid-in-capital or accumulated net realized gain or loss, as
appropriate, in the period that the differences arise.
95
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)
The tax character of distributions paid during the year ended October 31,
2005 was as follows:
TAX-FREE ORDINARY
INCOME INCOME
------------- ---------------
TempFund
10/31/05 .................. $ - $765,421,595
TempCash
10/31/05 .................. - 291,076,263
FedFund
10/31/05 .................. - 71,914,634
T-Fund
10/31/05 .................. - 92,782,161
Federal Trust Fund
10/31/05 .................. - 2,769,496
Treasury Trust Fund
10/31/05 .................. - 30,456,420
MuniFund
10/31/05 .................. 54,916,818 -
MuniCash
10/31/05 .................. 47,291,523 -
California Money Fund
10/31/05 .................. 11,924,305 -
New York Money Fund
10/31/05 .................. 7,289,171 -
As of October 31, 2005, the Funds had capital loss carryforwards available
to offset future realized capital gains through the indicated expiration dates:
EXPIRING OCTOBER 31
----------------------------------------------------------------------------------------------
2008 2009 2010 2011 2012 2013 TOTAL
---------- --------- ----------- --------- ----------- ------------- -------------
TempFund ...................... $ - $ - $459,902 $ - $354,394 $3,955,645 $4,769,941
TempCash ...................... - - 888 9,501 78,365 2,941,546 3,030,300
FedFund ....................... - - - - - 12,054 12,054
T-Fund ........................ 15,846 - - - - 91,112 106,958
Treasury Trust Fund ........... 111,459 91,820 - - - 86,297 289,576
MuniFund ...................... - - - - 53,660 - 53,660
MuniCash ...................... 13,010 - - - 77,299 155,490 245,799
California Money Fund ......... - 20,699 - 45,308 - - 66,007
(F) Asset Concentration
The California Money Fund and New York Money Fund invest primarily in
municipal obligations from issuers residing in those states and, as a result,
are more susceptible to adverse consequences of economic, political and other
developments than a more geographically diverse fund. Such consequences may
include declines in the market value and marketability of fund securities, as
well as impairment of the ability of certain issuers of California and New York
municipal securities to pay principal and interest on their obligations.
96
[THIS PAGE INTENTIONALLY LEFT BLANK.]
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION (UNAUDITED)
(A) Results of Special Meeting of Shareholders. The Special Meeting of
Shareholders of the Trust was held February 3, 2006 pursuant to notice
given to all shareholders of record of the Trust at the close of business
on November 23, 2005. At the Special Meeting, shareholders were asked to
approve the following:
Proposal 1. To elect Ralph L. Schlosstein, Paul L. Audet, G. Nicholas
Beckwith, III, Jerrold B. Harris, Rodney D. Johnson, Joseph P. Platt, Jr.,
Robert C. Robb, Jr., Kenneth L. Urish and Frederick W. Winter to the Board
of Trustees of BlackRock Liquidity Funds, to hold office until his
successor is elected and qualifies, or until his term as Trustee is
terminated as provided in the Trust's Declaration of Trust. With respect to
Proposal 1:
FOR AGAINST WITHHELD
TRUSTEE ---------------- --------- --------------
Ralph L. Schlosstein ............. 32,857,980,276 - 211,812,893
Paul L. Audet .................... 32,869,245,523 - 200,547,646
G. Nicholas Beckwith III ......... 32,868,718,722 - 201,074,447
Jerrold B. Harris ................ 32,836,798,490 - 200,994,679
Rodney D. Johnson ................ 32,868,862,916 - 200,930,253
Joseph P. Platt, Jr. ............. 32,857,702,592 - 212,090,577
Robert C. Robb, Jr. .............. 32,868,510,241 - 201,282,928
Kenneth L. Urish ................. 32,868,847,670 - 200,945,499
Frederick W. Winter .............. 32,867,543,077 - 202,250,092
Proposal 2. To approve a proposed new management agreement between the
Trust, on behalf of each Fund, and BlackRock Institutional Management
Corporation, as described in the proxy statement for the Special Meeting.
With respect to Proposal 2, the shares of the Funds were voted as follows:
BROKER
FOR AGAINST ABSTAIN NON-VOTES
FUND ---------------- ------------ ------------ ----------
TempFund ...................... 16,193,150,606 61,085,620 65,689,686 569,349
TempCash ...................... 7,093,892,303 - 50,119,192 -
FedFund ....................... 2,593,878,521 5,135,622 71,055,640 2
T-Fund ........................ 1,920,606,491 318,790 50,078,647 -
Federal Trust Fund ............ 87,941,900 - - -
Treasury Trust Fund ........... 673,976,069 827,243 49,380,491 -
MuniFund ...................... 1,882,884,446 1,466,014 11,932,044 3
MuniCash ...................... 1,430,607,961 - 195,821 -
California Money Fund ......... 484,527,410 943,075 41,389 1
New York Money Fund ........... 338,984,740 128,992 375,101 1
(B) Trustee Action and Basis for Recommendation Regarding the Management
Agreement. The Trust's Management Agreement was approved by the Board of
Trustees, including a majority of the Trustees who are not parties to the
Management Agreement or interested persons of any such party (as such term
is defined in the 1940 Act), at an in-person meeting of the Board held on
November 2, 2005. Effective February 21, 2006, the Management Agreement
replaced the Advisory Agreement ("Advisory Agreement") and
Co-Administration Agreement ("Administration Agreement") that had been in
effect prior to such date. In determining to approve the Management
Agreement, the Trustees met with the relevant investment advisory
personnel from BlackRock Institutional Management Corporation ("BIMC") and
considered all information they deemed reasonably necessary to evaluate
the terms of the Management Agreement. The Board received materials in
advance of the meeting relating to its consideration of the Management
Agreement for
98
BLACKROCK LIQUIDITY FUNDS
each fund of the Trust (each, a "Fund"), including, among other things: (i)
fees and expense ratios of each Fund in comparison to the fees and expense
ratios of a peer group of funds; (ii) information on the investment
performance of each Fund 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 Fund 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 BIMC; and (v) information regarding compliance
records and regulatory matters relating to BIMC. In addition, the Board
reviewed a memorandum from its independent counsel on the Board's
obligations in considering approval of the Management Agreement. The
information reviewed was responsive to requests by the Board's independent
counsel for information to assist the Board in its considerations. The
topics discussed below were considered separately by the Trustees who are
not "interested persons" as defined in the Investment Company Act of 1940,
as amended ("Independent Trustees") in an executive session, during which
independent counsel provided guidance to the Independent Trustees.
Fees and Expenses. In approving the Management Agreement, the Independent
Trustees considered that the fees payable by the Funds under the Management
Agreement are higher than the advisory fee rates payable under the Advisory
Agreement but equal to the total of advisory fees payable under the
Advisory Agreement plus the fees payable for administrative services under
the Administration Agreement. The Administration Agreement would terminate
upon effectiveness of the Management Agreement. Consequently, the fees paid
under the Management Agreement will be identical to the fees paid currently
under the Advisory Agreement and Administration Agreement combined. The
Trustees considered a memorandum in the written materials relating to
management fee break-points, which had been provided at the Trustees'
request. The Trustees, including the Independent Trustees, also 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 Fund 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 BIMC.
In considering data based on information provided by Lipper, the Trustees
noted that of the 10 Funds, 6 classes of the Funds reviewed had contractual
management fees lower than the median. The contractual management fees of
each of the remaining 14 classes of shares did not exceed the median for
its peer group by more than 0.041%. The Trustees also noted that 18 classes
of shares had combined actual fees under the Advisory Agreement and the
Administration Agreement (which would equal the fees under the Management
Agreement) that were lower than the median. Those actual fees for each of
the two remaining classes of shares exceeded the median for their peer
groups by .005%. Further, none of the share classes had actual total
expenses higher than the median for its peer group.
The Trustees also were provided with information about the services
rendered, and the fee rates offered, to other clients advised by BIMC,
including other money market funds.
The Independent Trustees discussed economies-of-scale in light of existing
breakpoints and the growth of assets in the Funds over the past several
years.
99
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION (UNAUDITED) (CONTINUED)
Following consideration of this information, the Trustees concluded that
the fees to be paid pursuant to the Management Agreement were fair and
reasonable in light of the services provided.
Nature, Extent and Quality of Services. The Independent Trustees considered
that the services to be provided under the Management Agreement are those
currently provided under the Advisory Agreement and Administration
Agreement. The Trustees received information concerning the investment
philosophy and investment process used by BIMC in managing the Funds. In
connection with this, the Trustees considered BIMC's in-house research
capabilities as well as other resources. The Trustees concluded that the
scope of BIMC's services to be provided to the Funds was consistent with
the Funds' operational requirements.
The Trustees also considered the quality of the services provided by BIMC
to the Funds. The Trustees considered the procedures of BIMC designed to
fulfill its fiduciary duty to the Funds 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 Management Agreement. In addition, the Trustees
took into account the time and attention devoted by senior management of
BIMC to the Funds. The Trustees also considered the business reputation of
BlackRock and its financial resources and concluded that BIMC would be able
to meet any reasonably foreseeable obligation under the Management
Agreement.
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 Fund, as
well as the performance of funds with the same investment classification
and objective ("performance universe"). The funds included within each
Fund's performance universe were selected by Lipper.
The Board was provided with performance data for the Institutional and
Dollar Shares of each Fund over the one, two, three, four, five and ten
year periods ended August 31, 2005, as compared to performance of the
performance universe.
The Trustees noted that of the 20 classes of the Funds that were included
in the Lipper performance universe, 16 classes (80%) 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 August
31, 2005. The remaining 4 classes performed below their respective
performance universe median during at least two of those periods by no more
than 0.13%. These 4 share classes are the Dollar Shares of FedFund, Federal
Trust Fund, Treasury Trust Fund and MuniFund.
The Trustees discussed other factors relevant to the performance of the
Funds and concluded that each Fund'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 BIMC's and affiliates' profits in respect of their
relationship with the Funds, including the cost of services provided by
BIMC. This consideration included a broad review of BIMC's methodology in
allocating their costs to the management of a Fund. The Board of Trustees
considered the profits realized by BIMC and affiliates in connection with
the operation of each
100
BLACKROCK LIQUIDITY FUNDS
Fund. The Board of Trustees, including the Independent Trustees, also
considered BIMC's profit. The Board concluded that BIMC's profit is a
reasonable profit for the services provided to the Funds.
Other Benefits to the Investment Adviser. The Board of Trustees, including
the Independent Trustees, also took into account not only the proposed
management fees to be payable by the Funds, but also potential benefits to
BIMC, such as the engagement of affiliates of BIMC as service providers to
the Funds, including for administrative, transfer agency and custodial
services.
In determining to approve the Management Agreement, the Trustees considered
that replacing the Funds' Advisory Agreement and Administration Agreement
with a Management Agreement that covers both advisory and administrative
services will generally improve investors' ability to compare the Funds'
expenses with those of other mutual funds that do not pay separate advisory
and administrative fees.
No single factor was considered in isolation or to be determinative to the
decision of the Board to approve the Management Agreement. Rather, the
Board concluded, in light of a weighing and balancing of all factors
considered, that it was in the best interests of each Fund to approve the
recommendation to shareholders of the proposed Management Agreement,
including the fees to be charged for services thereunder.
(C) The Fund's Audit Committee approved engaging Deloitte & Touche LLP as the
independent registered public accounting firm to audit the Fund's
financial statements for the fiscal year 2005. A majority of the Fund's
Board of Trustees, including a majority of the independent Trustees,
approved the appointment of Deloitte & Touche LLP as the Fund's
independent registered public accounting firm for the Fund's fiscal 2006
Audit on November 2, 2005, subject to the right of the Fund, by a majority
vote of the shareholders at any meeting called for that purpose, to
terminate the appointment without penalty.
(D) On February 15, 2006, BlackRock, Inc. ("BlackRock") and Merrill Lynch &
Co., Inc. ("Merrill Lynch") announced that they had entered into an
agreement pursuant to which Merrill Lynch would contribute its investment
management business, Merrill Lynch Investment Managers, to BlackRock, one
of the largest publicly traded investment management firms in the United
States, to form a new asset management company that will be one of the
world's preeminent, diversified global money management organizations with
approximately $1 trillion in assets under management. Based in New York,
BlackRock currently manages assets for institutional and individual
investors worldwide through a variety of equity, fixed income, cash
management and alternative investment products. The new company will
operate under the BlackRock name and be governed by a board of directors
with a majority of independent members. The new company will offer a full
range of equity, fixed income, cash management and alternative investment
products with strong representation in both retail and institutional
channels, in the U.S. and in non-U.S. markets. It will have over 4,500
employees in 18 countries and a major presence in most key markets,
including the United States, the United Kingdom, Asia, Australia, the
Middle East and Europe. Merrill Lynch will have a 49.8% economic interest
in the new company and it will own no more than 45% of the new company's
common stock and The PNC Financial Services Group, Inc. ("PNC"), which
currently holds a majority interest in BlackRock, will retain
approximately 34% of the new company's common stock. Each of Merrill Lynch
and PNC has agreed that it will vote all of its shares on all matters in
accordance with the recommendation of BlackRock's board in order to assure
101
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION (UNAUDITED) (CONCLUDED)
the board's independence. Completion of the transaction is subject to
various regulatory approvals, client consents, approval by BlackRock
shareholders and customary conditions. The transaction has been approved by
the boards of directors of Merrill Lynch, BlackRock and PNC and is expected
to close at the end of the third quarter of 2006.
102
BLACKROCK LIQUIDITY FUNDS
Investment Adviser
BlackRock Institutional Management Corporation
Wilmington, Delaware 19809
Administrator
BlackRock Institutional Management Corporation
Wilmington, Delaware 19809
Sub-Administrator and Transfer Agent
PFPC Inc.
Wilmington, DE 19809
Distributor
BlackRock Distributors, Inc.
King of Prussia, Pennsylvania 19406
Custodian
PFPC Trust Company
Philadelphia, Pennsylvania 19153
Counsel
Drinker Biddle & Reath LLP
Philadelphia, Pennsylvania 19103
Independent Registered Public Accountant
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 files its complete schedule of portfolio holdings for the first and
third quarters of its fiscal year 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, by calling (800) 821-7432.
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
Funds involve investment risks, including the possible loss of the principal
amount invested.
[GRAPHIC APPEARS HERE]
BRLF-SA-001
•
•
•
•
•
•
•
Bear Stearns
Money Market Funds
Semi-Annual Report Dated
April 30, 2006
(Unaudited)
TempFund
TempCash
FedFund
MuniFund
MuniCash
California Money Fund
New York Money Fund
The Securities and Exchange Commission has not approved or disapproved the Funds’ shares or determined if this prospectus is accurate or complete. It is a criminal offense to state otherwise.
BLACKROCK LIQUIDITY FUNDS
*TempFund
*TempCash
*FedFund
*MuniFund
*MuniCash
*California Money Fund
*New York Money Fund
TABLE OF CONTENTS
Shareholder Letter..........................................................1
Fund Profiles
TempFund..................................................................2
TempCash..................................................................3
FedFund...................................................................4
MuniFund..................................................................5
MuniCash..................................................................6
California Money Fund.....................................................7
New York Money Fund.......................................................8
Schedules of Investments.................................................9-47
Key to Investment Abbreviations..........................................48
Portfolio Financial Statements
Statements of Assets and Liabilities..................................50-51
Statements of Operations..............................................52-53
Statements of Changes in Net Assets...................................54-56
Financial Highlights..................................................58-71
Notes to Financial Statements...........................................73-84
Additional Information..................................................85-88
PRIVACY PRINCIPLES OF BLACKROCK LIQUIDITY FUNDS
BlackRock Liquidity Funds is committed to maintaining the privacy of its
shareholders and to safeguarding their nonpublic personal information. The
following information is provided to help you understand what personal
information BlackRock Liquidity Funds collects, how we protect that
information, and why in certain cases we may share such information with select
other parties.
BlackRock Liquidity Funds may receive nonpublic personal information relating
to its shareholders who purchase shares through institutions. For example, in
certain limited circumstances, BlackRock receives a limited amount of nonpublic
personal information from institutions in connection with monitoring for
inappropriate trading activity. In addition, for certain institutions,
BlackRock maintains certain nonpublic personal information relating to
beneficial owners. In the case of shareholders who are record owners of
BlackRock Liquidity Funds, BlackRock Liquidity Funds receives nonpublic
personal information on account applications or other forms.
With respect to these shareholders, BlackRock Liquidity Funds also has access
to specific information regarding their transactions in BlackRock Liquidity
Funds. BlackRock Liquidity Funds does not disclose any nonpublic personal
information about its shareholders or former shareholders to anyone, except as
permitted by law or as is necessary in order to service our shareholders'
accounts (for example, to a transfer agent).
BlackRock Liquidity Funds restricts access to nonpublic personal information
about its shareholders to BlackRock employees with a legitimate business need
for the information. BlackRock Liquidity Funds maintains physical, electronic
and procedural safeguards designed to protect the nonpublic personal
information of our shareholders.
-------------------------------------------------------------------------------
BLACKROCK LIQUIDITY FUNDS
100 Bellevue Parkway, 4th Floor
Wilmington, DE 19809
(800) 821-7432
www.blackrock.com
May 31, 2006
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of the
Bear Stearns Shares, Bear Stearns Private Client Shares, Bear Stearns Premier
Shares and Bear Stearns Premier Choice Shares of the BlackRock Liquidity Funds
for the six months ended April 30, 2006.
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 Composition - % of Portfolio)
(Certificates of Deposit) (19.1)
(Commercial Paper) (37.6)
(Master Notes) (4.7)
(Variable Rate Obligations) (16.0)
(Time Deposits) (4.5)
(Repurchase Agreements) (17.6)
(Medium Term Notes) (0.5)
(Distribution - Weighted Average Maturity 31 days)
(1-30)(76.64)
(31-60)(7.66)
(61-90)(9.95)
(91-120)(0.0)
(120-150)(0.0)
(Over150)(5.75)
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30, 2006.
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 Incurred 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. 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.
Actual Expenses
--------------------------------------------------------------------
Insti- Cash Cash Adminis-
tutional Dollar Management Reserve tration
------------- ------------- ------------ ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,021.60 1,020.30 1,019.10 1,019.60 1,021.10
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 0.90 2.15 3.39 2.90 1.40
Actual Expenses
-------------------------------------------------------
Bear Bear
Stearns Stearns Bear
Bear Premier Private Stearns
Stearns Choice Client Premier
------------- ------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,017.40 1,020.20 1,019.50 1,019.50
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 4.99 2.25 3.00 3.00
Hypothetical Expenses
(5% return before expenses)
------------------------------------------------------------------------------------------------
Bear
Stearns
Insti- Cash Cash Adminis- Bear Premier
tutional Dollar Management Reserve tration Stearns Choice
------------- ------------- ------------ ------------- ------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,024.10 1,022.85 1,021.60 1,022.10 1,023.60 1,019.99 1,022.75
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 0.90 2.15 3.40 2.90 1.40 5.01 2.25
Hypothetical Expenses
(5% return before expenses)
---------------------------
Bear
Stearns Bear
Private Stearns
Client Premier
------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,022.00 1,022.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 3.00 3.00
*For each class of the Fund, expenses are equal to the Fund's annualized expense
ratio for the period of 0.18%, 0.43%, 0.68%, 0.58%, 0.28%, 1.00%, 0.45%, 0.60%
and 0.60% for Institutional, Dollar, Cash Management, 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).
2
TEMPCASH
FUND PROFILE
(Portfolio Composition - % of Portfolio)
(Repurchase Agreements) (7.7)
(Certificates of Deposit) (18.2)
(Commercial Paper) (38.2)
(Master Notes) (5.0)
(Variable Rate Obligations) (23.3)
(Time Deposits) (6.7)
(Medium Term Notes) (0.5)
(Distribution - Weighted Average Maturity 31 days)
(1-30)(73.5)
(31-60)(12.3)
(61-90)(8.1)
(91-120)(1.0)
(121-150)(0.0)
(Over150)(5.1)
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30, 2006.
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 Incurred 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. 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.
Hypothetical Expenses
Actual Expenses (5% return before expenses)
-------------------------------------------------- -------------------------------------------------
Institutional Dollar Administration Institutional Dollar Administration
--------------- ------------- ---------------- --------------- ------------- ---------------
Beginning Account
Value (11/01/05)
(in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (04/30/06)
(in Dollars) 1,021.60 1,020.40 1,003.90 1,024.10 1,022.85 1,004.04
Expenses Incurred
During Period
(11/01/05 -
04/30/06)* 0.90 2.15 0.24 0.90 2.15 0.24
*For each class of the Fund, expenses are equal to the Fund's annualized expense
ratio for the period of 0.18%, 0.43% and 0.28% for Institutional, Dollar and
Administration, respectively, multiplied by the average account value over the
period, multiplied by 181/365 (to reflect the one-half year period) and 31/365
with respect to the Administration shares (to reflect the period the share class
was open during the period).
3
FEDFUND
FUND PROFILE
(Portfolio Composition - % of Portfolio)
(Repurchase Agreements) (61.3)
(Agency Obligations) (38.7)
(Distribution - Weighted Average Maturity 20 days)
(1-30)(86.3)
(31-60)(7.7)
(61-90)(0.0)
(91-120)(1.4)
(121-150)(0.6)
(Over150)(4.0)
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30, 2006.
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 Incurred 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. 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.
Actual Expenses
--------------------------------------------------------------------------
Cash Bear
Institutional Dollar Reserve Administration Stearns
--------------- ------------- ------------- ---------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,021.20 1,020.00 1,019.20 1,020.80 1,017.20
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.00 2.25 3.00 1.50 4.99
Actual Expenses
-----------------------------------------
Bear Bear
Stearns Stearns Bear
Premier Private Stearns
Choice Client Premier
------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,020.00 1,019.20 1,019.20
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 2.25 3.00 3.00
Hypothetical Expenses
(5% return before expenses)
------------------------------------------------------------------------------------------------------
Bear Bear
Stearns Stearns
Cash Bear Premier Private
Institutional Dollar Reserve Administration Stearns Choice Client
--------------- ------------- ------------- ---------------- ------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,024.00 1,022.75 1,022.00 1,023.50 1,019.99 1,022.75 1,022.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.00 2.25 3.00 1.50 5.01 2.25 3.00
Hypothetical
Expenses
(5% return
before
expenses)
-------------
Bear
Stearns
Premier
-------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,020.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 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).
4
MUNIFUND
FUND PROFILE
Top 10 State Concentration
(% of portfolio)
Texas 7.5%
Massachusetts 7.2
Illinois 7.1
California 6.1
Michigan 5.1
Colorado 4.7
Alabama 4.6
South Carolina 4.2
North Carolina 3.6
Indiana 3.1
-----
Total 53.2%
=====
(Distribution - Weighted Average Maturity 19 days)
(1-30)(87.1)
(31-60)(1.8)
(61-90)(4.3)
(91-120)(2.6)
(121-150)(1.2)
(Over150)(3.0)
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30, 2006.
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 Incurred 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. 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.
Actual Expenses
--------------------------------------------------------------------
Insti- Cash Admin- Bear
tutional Dollar Management istration Stearns
------------- ------------- ------------ ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,014.40 1,013.20 1,011.90 1,013.90 1,010.40
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.00 2.24 3.48 1.49 4.97
Actual Expenses
-----------------------------------------
Bear Bear
Stearns Stearns Bear
Premier Private Stearns
Choice Client Premier
------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,013.20 1,012.40 1,012.40
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 2.24 2.99 2.99
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
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,024.00 1,022.75 1,021.49 1,023.50 1,019.99 1,022.75 1,022.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.00 2.25 3.51 1.50 5.01 2.25 3.00
Hypothetical
Expenses
(5% return
before
expenses)
-------------
Bear
Stearns
Premier
-------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,022.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 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%, 0.70%, 0.30%, 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).
5
MUNICASH
FUND PROFILE
Top 10 State Concentration
(% of portfolio)
Texas 18.0%
Ohio 7.4
Michigan 6.5
Florida 5.0
North Carolina 4.2
Maryland 3.1
Pennsylvania 2.6
Kentucky 2.5
New Jersey 2.3
Indiana 2.3
----
Total 53.9%
====
(Distribution - Weighted Average Maturity 34 days)
(1-30)(78.0)
(31-60)(3.2)
(61-90)(3.1)
(91-120)(6.3)
(121-150)(3.0)
(Over150)(6.4)
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30, 2006.
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 Incurred 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. 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.
Hypothetical Expenses
Actual Expenses (5% return before expenses)
------------------------------- -------------------------------
Institutional Dollar Institutional Dollar
--------------- ------------- --------------- -------------
Beginning Account
Value (11/01/05)
(in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account
Value (04/30/06)
(in Dollars) 1,014.70 1,013.50 1,024.00 1,022.75
Expenses Incurred
During Period
(11/01/05 -
04/30/06)* 1.00 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
CALIFORNIA MONEY FUND
FUND PROFILE
(Portfolio Composition - % of Portfolio)
(Variable Rate Demand Notes) (78.3)
(Tax Exempt Commercial Paper) (7.2)
(Municipal Put Bonds) (7.7)
(Municipal Notes) (6.8)
(Distribution - Weighted Average Maturity 17 days)
(1-30)(86.3)
(31-60)(5.3)
(61-90)(5.8)
(91-120)(0.0)
(121-150)(0.0)
(Over150)(2.7)
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30, 2006.
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 Incurred 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. 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.
Actual Expenses
---------------------------------------------------------------------
Cash
Insti- Manage- Admin- Bear
tutional Dollar ment istration Stearns
------------- ------------- ------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,014.30 1,013.10 1,011.80 1,013.80 1,010.30
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.00 2.24 3.48 1.49 4.97
Actual Expenses
-----------------------------------------
Bear Bear
Stearns Stearns Bear
Premier Private Stearns
Choice Client Premier
------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,013.10 1,012.30 1,012.30
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 2.24 2.99 2.99
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
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,024.00 1,022.75 1,021.49 1,023.50 1,019.99 1,022.75 1,022.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.00 2.25 3.51 1.50 5.01 2.25 3.00
Hypothetical
Expenses
(5% return
before
expenses)
-------------
Bear
Stearns
Premier
-------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,022.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 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%, 0.70%, 0.30%, 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).
7
NEW YORK MONEY FUND
FUND PROFILE
(Portfolio Composition - % of Portfolio)
(Municipal Bonds) (3.8)
(Variable Rate Demand Notes) (86.0)
(Tax Exempt Commercial Paper) (2.0)
(Municipal Notes) (5.0)
(Municipal Put Bonds) (3.2)
(Distribution - Weighted Average Maturity 17 days)
(1-30)(88.25)
(31-60)(2.13)
(61-90)(4.45)
(91-120)(0.4)
(121-150)(1.45)
(Over150)(3.32)
- --------------------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30, 2006.
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 Incurred 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. 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.
Actual Expenses
--------------------------------------------------------------------
Insti- Cash Admin- Bear
tutional Dollar Management istration Stearns
------------- ------------- ------------ ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,014.50 1,013.20 1,012.00 1,014.00 1,010.50
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.00 2.24 3.48 1.49 4.97
Actual Expenses
-----------------------------------------
Bear Bear
Stearns Stearns Bear
Premier Private Stearns
Choice Client Premier
------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,013.20 1,012.50 1,012.50
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 2.24 2.99 2.99
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
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,024.00 1,022.75 1,021.49 1,023.50 1,019.99 1,022.75 1,022.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.00 2.25 3.51 1.50 5.01 2.25 3.00
Hypothetical
Expenses
(5% return
before
expenses)
-------------
Bear
Stearns
Premier
-------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,022.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 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%, 0.70%, 0.30%, 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).
8
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPFUND
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
CERTIFICATES OF DEPOSIT - 19.1%
Domestic - 5.4%
Citibank N.A. (A-1+, P-1)
4.70% 05/15/06 $411,000 $ 411,000,000
Washington Mutual Bank FA (A-1, P-1)
4.75% 05/08/06 448,000 448,000,000
4.80% 05/08/06 330,000 330,000,000
4.70% 05/09/06 100,000 99,999,987
4.75% 05/10/06 131,535 131,534,673
Wells Fargo Bank, N.A. (A-1+, P-1)
4.82% 05/03/06 275,000 275,000,000
-------------
1,695,534,660
-------------
Yankee - 13.7%
Banque Nationale de Paribas, New York
(A-1+, P-1)
4.50%(b) 10/19/06 320,150 320,150,000
Barclays Bank PLC, New York (A-1+, P-1)
4.98%(b) 06/29/06 309,900 309,900,000
4.99%(b) 06/29/06 50,000 50,000,000
Credit Suisse Group, New York (A-1, P-1)
4.71%(b) 05/08/06 1,614,000 1,614,000,000
Mizuho Corp. Bank, New York (A-1, P-1)
5.01%(b) 06/23/06 303,780 303,780,000
Natexis Banque, New York (A-1, P-1)
5.00%(b) 06/29/06 73,605 73,601,413
Royal Bank of Scotland, New York (A-1+, P-1)
4.52%(b) 10/20/06 165,000 165,001,884
4.81%(b) 01/16/07 306,420 306,420,000
4.87%(b) 02/02/07 684,700 684,700,000
Societe Generale, New York (A-1+, P-1)
4.78%(b) 12/06/06 301,000 301,000,000
Sumitomo Mitsui Banking Corp., New York
(A-1, P-1)
4.82%(b) 05/08/06 198,000 198,000,000
-------------
4,326,553,297
-------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $6,022,087,957) 6,022,087,957
-------------
COMMERCIAL PAPER - 37.6%
Asset Backed Securities - 22.3%
Amsterdam Funding Corp. (A-1, P-1)
4.72% 05/04/06 65,000 64,974,433
Atomium Funding Corp. (A-1, P-1)
4.72% 05/10/06 90,481 90,374,232
Barton Capital Corp. (A-1+, P-1)
4.77% 05/04/06 46,442 46,423,539
4.71% 05/08/06 218,682 218,481,724
Beethoven Funding Corp. (A-1, P-1)
4.87% 05/05/06 65,000 64,964,828
4.76% 05/08/06 145,000 144,865,794
4.80% 05/08/06 43,000 42,959,867
4.95% 06/22/06 109,700 108,915,645
Brahms Funding Corp. (A-1, P-1)
4.81% 05/04/06 84,890 84,855,973
5.02% 06/26/06 70,079 69,531,761
Cancara Asset Securitization LLC (A-1+, P-1)
4.76% 05/01/06 225,000 225,000,000
4.76% 05/05/06 226,575 226,455,167
4.76% 05/08/06 85,447 85,367,914
4.78% 05/10/06 145,698 145,523,891
Ciesco LLC (A-1+, P-1)
4.66% 05/05/06 100,000 99,948,222
4.97% 06/05/06 52,335 52,082,120
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
COMMERCIAL PAPER (Continued)
Asset Backed Securities (continued)
Concord Minutemen Capital Co. (A-1, P-1)
4.77% 05/04/06 $100,000 $ 99,960,250
4.67% 05/17/06 60,704 60,578,006
4.96% 06/26/06 52,514 52,108,825
Cullinan Finance Corp. (A-1+, P-1)
4.68% 05/11/06 32,775 32,732,393
Dakota Notes Program (A-1, P-1)
4.73% 05/04/06 241,625 241,529,760
4.79% 05/10/06 330,000 329,604,825
Dorada Finance, Inc. (A-1+, P-1)
4.78% 05/09/06 69,255 69,181,436
Emerald Certificates (A-1+, P-1)
4.79% 05/05/06 240,000 239,872,267
4.80% 05/09/06 143,000 142,847,467
4.80% 05/09/06 150,000 149,840,000
Fairway Finance Corp. (A-1, P-1)
4.72% 05/08/06 31,585 31,556,012
Falcon Asset Securitization Corp. (A-1, P-1)
4.77% 05/02/06 87,448 87,436,413
4.78% 05/03/06 100,443 100,416,327
4.77%(c) 05/08/06 95,758 95,669,184
Grampian Funding LLC (A-1+, P-1)
4.55% 07/03/06 115,700 114,778,739
Jupiter Securitization Corp. (A-1, P-1)
4.77% 05/01/06 93,988 93,988,000
4.77% 05/02/06 131,669 131,651,554
Liberty Street Funding Corp. (A-1, P-1)
4.77% 05/04/06 95,000 94,962,238
4.77% 05/05/06 131,751 131,681,172
Monument Gardens Funding LLC (A-1, P-1)
4.89% 06/22/06 120,000 119,152,400
Old Line Funding Corp. (A-1+, P-1)
4.77%(c) 05/08/06 77,822 77,749,820
4.79%(c) 05/10/06 55,080 55,014,042
Park Avenue Receivables Corp. (A-1, P-1)
4.77% 05/02/06 65,510 65,501,320
4.77% 05/03/06 121,330 121,297,848
Park Granada LLC (A-1+, P-1)
4.78% 05/09/06 59,000 58,937,329
4.98% 06/23/06 25,000 24,816,708
Park Sienna LLC (A-1+, P-1)
4.79% 05/01/06 40,000 40,000,000
4.80% 05/04/06 118,000 117,952,800
4.76% 05/09/06 86,400 86,308,608
4.78% 05/09/06 56,470 56,410,016
4.78% 05/09/06 23,000 22,975,569
4.98% 06/23/06 30,000 29,780,050
Preferred Receivable Funding Corp. (A-1, P-1)
4.77% 05/02/06 101,448 101,434,558
4.77% 05/09/06 65,451 65,381,622
Ranger Funding Co. LLC (A-1+, P-1)
4.77% 05/01/06 147,000 147,000,000
4.72% 05/03/06 197,000 196,948,342
4.75% 05/04/06 230,000 229,908,958
Sheffield Receivables Corp. (A-1+, P-1)
4.77% 05/04/06 154,175 154,113,715
4.78% 05/04/06 174,230 174,160,598
Silver Tower U.S. Funding Corp. (A-1, P-1)
4.68% 05/05/06 40,000 39,979,222
Solitaire Funding LLC (A-1+, P-1)
4.76%(c) 05/10/06 634,000 633,245,540
4.78%(c) 05/10/06 127,860 127,707,207
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
9
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
COMMERCIAL PAPER (Continued)
Asset Backed Securities (continued)
Thames Asset Global Securitization Corp.
(A-1, P-1)
4.78%(c) 05/09/06 $ 62,326 $ 62,259,796
Ticonderoga Funding LLC (A-1+, P-1)
4.78% 05/10/06 52,139 52,076,694
Transamerica Asset Funding (A-1+, P-1)
4.79% 05/05/06 95,000 94,949,439
--------------
7,026,182,179
--------------
Banks - 12.6%
Bank of America Corp. (A-1+, P-1)
4.93% 06/28/06 298,000 295,633,052
4.94% 06/29/06 435,000 431,476,766
Barclays U.S. Funding Corp. (A-1+, P-1)
4.56% 07/17/06 998,400 988,651,595
Citigroup Funding Corp. (A-1+, P-1)
4.76% 05/04/06 92,100 92,063,467
4.76% 05/08/06 130,000 129,879,678
4.94% 06/22/06 200,000 198,571,444
Rabobank U.S. Finance Co. (A-1+, P-1)
4.84% 05/01/06 177,000 177,000,000
Societe Generale N.A. (A-1+, P-1)
4.78% 05/10/06 647,015 646,241,758
UBS Finance LLC Delaware (A-1+, P-1)
4.78% 05/10/06 1,000,000 998,806,250
--------------
3,958,324,010
--------------
Security Brokers & Dealers - 1.5%
Bear Stearns & Co. (A-1, P-1)
4.76% 05/09/06 345,000 344,635,067
Lehman Brothers Holdings, Inc. (A-1, P-1)
4.54% 06/26/06 121,000 120,144,530
--------------
464,779,597
--------------
Short-Term Business Credit Institutions - 1.1%
General Electric Capital Services (A-1+, P-1)
4.93% 06/28/06 200,000 198,411,445
4.93% 06/28/06 150,660 149,463,341
--------------
347,874,786
--------------
Transportation - 0.1%
Netjets Inc. (A-1+, P-1)
4.90% 05/01/06 35,539 35,539,000
--------------
TOTAL COMMERCIAL PAPER
(Cost $11,832,699,572) 11,832,699,572
--------------
MASTER NOTES - 4.7%
Security Brokers & Dealers - 4.7%
Bank of America Securities LLC (A-1+, P-1)
4.96%(d) 05/01/06 442,450 442,450,000
Citigroup Global Markets, Inc. (A-1+, P-1)
4.94%(d) 05/01/06 303,000 303,000,000
Merrill Lynch Mortgage Capital, Inc. (A-1, P-1)(e)
4.98%(d) 05/01/06 297,635 297,635,000
Morgan Stanley Mortgage Capital, Inc.
(A-1, P-1)(e)
5.04%(d) 05/01/06 438,000 438,000,000
--------------
TOTAL MASTER NOTES
(Cost $1,481,085,000) 1,481,085,000
--------------
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
VARIABLE RATE OBLIGATIONS - 16.0%
Asset Backed Securities - 0.8%
Racers XL (A-1, P-1)
4.97%(c)(d) 05/22/06 $234,650 $ 234,650,000
--------------
Banks - 2.4%
Bank of New York Co., Inc. (A+, Aa3)
5.03%(c)(d) 05/30/06 125,000 125,000,000
LP Pinewood SPV (Wachovia Bank N.A. LOC)
(A-1+, P-1)(e)
4.95%(d) 05/08/06 50,000 50,000,000
National City Bank, Cleveland (A+, Aa3)
4.79%(d) 05/08/06 169,000 168,997,049
U.S. Bank N.A. (AA-, Aa1)
4.75%(d) 05/01/06 208,000 207,980,684
Wells Fargo & Co. (Aa1, AA-)
4.88%(d) 05/02/06 190,000 190,001,041
--------------
741,978,774
--------------
Insurance Carriers NEC - 0.8%
Travelers Insurance Co. (A-1+, P-1)
5.07%(d)(f) 07/03/06 250,000 250,000,000
--------------
Life Insurance - 4.0%
Allstate Life Global Funding II (Aa2, AA)
4.98%(c)(d) 05/30/06 75,000 75,000,000
Hartford Life Insurance Co. (A-1+, P-1)
5.06%(d)(f) 07/03/06 100,000 100,000,000
5.06%(d)(f) 07/03/06 100,000 100,000,000
ING Security Life Insurance (AA3, Aa)
4.93%(c)(d) 05/09/06 150,000 150,000,000
MetLife Global Funding I (AA, Aa2)
5.10%(c)(d) 05/30/06 95,000 95,000,000
New York Life Insurance Co. (A-1+, P-1)
4.98%(d)(f) 06/13/06 350,000 350,000,000
Transamerica Occidental Life Insurance Co.
(A-1+, P-1)
4.95%(c)(d)(f) 05/01/06 400,000 400,000,000
--------------
1,270,000,000
--------------
Security Brokers & Dealers - 6.6%
Bear Stearns & Co., Inc. (A-1, P-1)
4.80%(d) 05/05/06 75,000 75,000,000
Goldman Sachs Group, Inc. (A-1, P-1)
4.94%(c)(d)(f) 05/19/06 333,000 333,000,000
4.82%(c)(d) 06/08/06 587,990 587,990,000
Greenwich Capital Holdings, Inc. (A-1+, P-1)
4.95%(d) 05/30/06 79,900 79,900,000
Lehman Brothers Holdings, Inc. (A-1, P-1)
4.92%(d) 05/01/06 69,300 69,300,000
Merrill Lynch & Co., Inc. (A+, Aa3)
5.05%(d) 05/11/06 459,000 459,072,670
4.88%(d) 05/15/06 100,000 100,000,000
5.14%(d) 07/19/06 50,000 50,019,178
Morgan Stanley & Co., Inc. (A-1, P-1)
4.96%(d) 05/01/06 75,000 75,000,000
4.93%(d) 05/15/06 250,000 250,032,606
--------------
2,079,314,454
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
10
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPFUND (CONCLUDED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
VARIABLE RATE OBLIGATIONS (Continued)
Short-Term Business Credit Institutions - 1.4%
General Electric Capital Services (AAA, Aaa)
5.00%(d) 05/17/06 $ 447,600 $ 447,680,112
-------------
TOTAL VARIABLE RATE OBLIGATIONS
(Cost $5,023,623,340) 5,023,623,340
-------------
MEDIUM TERM NOTES - 0.5%
Goldman Sachs Group, Inc. (A-1, P-1)
4.82%
(Cost $153,620,000) 05/05/06 153,620 153,620,000
-------------
TIME DEPOSITS - 4.5%
Svenska Handelsbanken AB (A-1+, P-1)
4.88% 05/01/06 462,000 462,000,000
Wells Fargo Bank, N.A. (A-1+, P-1)
4.84% 05/01/06 651,000 651,000,000
4.84% 05/01/06 300,000 300,000,000
-------------
TOTAL TIME DEPOSITS
(Cost $1,413,000,000) 1,413,000,000
-------------
REPURCHASE AGREEMENTS - 17.6%
Deutsche Bank Securities, Inc.
4.79% 05/01/06 118,000 118,000,000
(Agreement dated 04/28/06 to be repurchased at
$118,047,102, collateralized by $185,311,704
Federal National Mortgage Assoc. Bonds and
Variable Rate Notes 4.50% to 5.50% due from
04/01/16 to 04/01/36. The market value is
$121,540,000.)
Goldman Sachs & Co.
4.78% 05/08/06 750,000 750,000,000
(Agreement dated 04/20/06 to be repurchased at
$751,792,500, collateralized by $2,025,093,172
Federal Home Loan Mortgage Corp. Bonds and
Federal National Mortgage Assoc. Bonds 4.00%
to 7.50% due from 10/01/10 to 02/01/36. The
market value is $772,500,001.)
Goldman Sachs & Co.
4.69% 05/09/06 650,000 650,000,000
(Agreement dated 03/02/06 to be repurchased at
$655,758,278, collateralized by $1,138,405,344
Federal Home Loan Mortgage Corp. Bonds and
Federal National Mortgage Assoc. Bonds 4.00%
to 8.00% due from 01/01/17 to 04/01/36. The
market value is $669,500,000.)
Morgan Stanley & Co., Inc.
4.76% 05/01/06 255,000 255,000,000
(Agreement dated 04/28/06 to be repurchased at
$255,101,150, collateralized by $327,473,540
Federal National Mortgage Assoc. Bonds,
Discount Notes and Variable Rate Notes 0.00%
to 5.07% due from 06/02/06 to 07/01/35. The
market value is $263,159,060.)
Morgan Stanley & Co., Inc.
4.78% 05/01/06 125,714 125,714,000
(Agreement dated 04/28/06 to be repurchased at
$125,763,678, collateralized by $161,443,171
Federal National Mortgage Assoc. Bonds,
Discount Notes and Variable Rate Notes 0.00%
to 5.07% due from 06/02/06 to 07/01/35. The
market value is $129,736,384.)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
REPURCHASE AGREEMENTS (Continued)
PNC Bank, N.A.(g)
4.58% 05/01/06 $ 104,300 $ 104,300,000
(Agreement dated 04/28/06 to be repurchased at
$104,339,808, collateralized by $325,770,400
Federal National Mortgage Assoc. Bonds 4.50%
to 6.00% due from 12/01/19 to 04/01/35. The
market value is $218,294,482.)
UBS Securities LLC
4.78% 05/09/06 520,000 520,000,000
(Agreement dated 04/18/06 to be repurchased at
$521,449,933, collateralized by $535,602,079
Federal Home Loan Mortgage Corp. Strips and
Federal National Mortgage Assoc. Strips 0.00%
due from 04/01/32 to 05/01/36. The market
value is $535,602,079.)
UBS Securities LLC
4.78% 05/10/06 1,000,000 1,000,000,000
(Agreement dated 03/29/06 to be repurchased at
$1,005,576,667, collateralized by $1,030,000,476
Federal National Mortgage Assoc. Bonds 4.00%
to 6.50% due from 07/01/18 to 05/01/36. The
market value is $1,025,823,608.)
UBS Securities LLC
4.79% 05/10/06 2,000,000 2,000,000,000
(Agreement dated 03/29/06 to be repurchased at
$2,011,176,667, collateralized by $2,000,002,495
Federal Home Loan Mortgage Corp. Bonds and
Federal National Mortgage Assoc. Bonds and
Strips 0.00% to 6.50% due from 04/01/18 to
05/01/36. The market value is $2,056,707,755.)
-------------
TOTAL REPURCHASE AGREEMENTS
(Cost $5,523,014,000)
5,523,014,000
-------------
TOTAL INVESTMENTS IN SECURITIES - 100.0%
(Cost $31,449,129,869(a)) 31,449,129,869
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.0% 15,083,184
---------------
NET ASSETS - 100.0% $31,464,213,053
===============
- -------------------
(a) Aggregate cost for federal income tax purposes.
(b) Security is a foreign domiciled issuer which is registered with the
Securities and Exchange Commission.
(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, 2006, the Fund held 8.5% of its net assets, with a current market value
of $2,671,395,144, in securities restricted as to resale.
(d) Rates shown are the rates as of April 30, 2006 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
(e) Ratings reflect those of guarantor.
(f) Illiquid Security. As of April 30, 2006, the Fund held 4.9% of its net
assets, with a current market value of $1,533,000,000 in these securities.
(g) Represents an investment in an affiliate.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
11
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPCASH
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
CERTIFICATES OF DEPOSIT - 18.1%
Domestic - 4.8%
Citibank N.A. (A-1+, P-1)
4.70% 05/15/06 $147,000 $ 147,000,000
Washington Mutual Bank FA (A-1, P-1)
4.75% 05/08/06 177,000 177,000,000
4.80% 05/08/06 87,055 87,055,000
4.75% 05/10/06 52,000 51,999,871
Wells Fargo Bank, N.A. (A-1+, P-1)
4.82% 05/03/06 170,855 170,855,000
-------------
633,909,871
-------------
Yankee - 13.3%
Banque Nationale de Paribas, New York
(A-1+, P-1)
4.50%(b) 10/19/06 132,000 132,000,000
Barclays Bank PLC, New York (A-1+, P-1)
4.98%(b) 06/29/06 150,000 150,000,000
4.99%(b) 06/29/06 25,000 25,000,000
Credit Suisse Group, New York (A-1, P-1)
4.71%(b) 05/08/06 576,000 576,000,000
Depfa Bank PLC, New York (A-1+, P-1)
4.79%(b) 05/10/06 46,000 45,999,886
Mizuho Corp. Bank, New York (A-1, P-1)
5.01%(b) 06/23/06 132,345 132,345,000
Natexis Banque, New York (A-1, P-1)
5.00%(b) 06/29/06 31,395 31,393,470
Royal Bank of Canada, New York (A-1+, P-1)
4.96%(b) 06/28/06 33,000 32,998,910
Royal Bank of Scotland, New York (A-1+, P-1)
4.52%(b) 10/20/06 67,620 67,620,772
4.81%(b) 01/16/07 105,000 105,000,000
4.87%(b) 02/02/07 252,900 252,900,000
Societe Generale, New York (A-1+, P-1)
4.78%(b) 12/06/06 105,000 105,000,000
Sumitomo Mitsui Banking Corp., New York
(A-1, P-1)
4.82%(b) 05/08/06 80,000 80,000,000
-------------
1,736,258,038
-------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $2,370,167,909) 2,370,167,909
-------------
COMMERCIAL PAPER - 38.6%
Asset Backed Securities - 23.4%
Atlantis One Funding Corp. (A-1+, P-1)
4.55% 07/18/06 121,728 120,527,965
Barton Capital Corp. (A-1+, P-1)
4.77% 05/04/06 20,620 20,611,803
Beethoven Funding Corp. (A-1, P-1)
4.87% 05/05/06 26,000 25,985,931
4.76% 05/08/06 63,000 62,941,690
4.80% 05/08/06 15,000 14,986,000
4.78% 05/10/06 54,000 53,935,470
4.95% 06/22/06 47,800 47,458,230
4.95% 06/28/06 57,476 57,017,629
Brahms Funding Corp. (A-1, P-1)
4.81% 05/04/06 35,110 35,095,927
5.02% 06/26/06 30,850 30,609,096
Cancara Asset Securitization LLC (A-1+, P-1)
4.76% 05/01/06 75,000 75,000,000
4.76% 05/05/06 89,875 89,827,466
4.76% 05/08/06 33,895 33,863,628
4.79% 05/08/06 118,190 118,079,919
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
COMMERCIAL PAPER (Continued)
Asset Backed Securities (continued)
Concord Minutemen Capital Co. (A-1, P-1)
4.77% 05/04/06 $ 40,000 $ 39,984,100
4.67% 05/17/06 22,000 21,954,338
4.96% 06/26/06 22,400 22,227,171
Cullinan Finance Corp. (A-1+, P-1)
4.68% 05/11/06 12,650 12,633,555
4.94% 06/15/06 39,424 39,180,557
Dakota Notes Program (A-1, P-1)
4.73% 05/04/06 95,510 95,472,353
4.79% 05/10/06 125,000 124,850,312
Dorada Finance, Inc. (A-1+, P-1)
4.78% 05/09/06 30,745 30,712,342
Emerald Certificates (A-1+, P-1)
4.79% 05/05/06 40,000 39,978,711
Giro U.S. Funding Corp. (A-1, P-1)
4.77% 05/05/06 87,000 86,953,890
4.80% 05/05/06 180,906 180,809,517
Grampian Funding LLC (A-1+, P-1)
4.55% 07/03/06 100,000 99,203,750
K2 (USA) LLC (A-1+, P-1)
4.56% 07/18/06 34,900 34,555,188
Liberty Street Funding Corp. (A-1, P-1)
4.79% 05/10/06 71,257 71,171,670
Lockhart Funding LLC (P-1)
4.79% 05/03/06 123,000 122,967,268
5.10% 05/22/06 578 576,280
Monument Gardens Funding LLC (A-1, P-1)
4.89% 06/21/06 46,697 46,373,506
Norddeutsche Landesbank (A-1, P-1)
4.78%(c) 05/10/06 60,000 59,928,300
Park Granada LLC (A-1+, P-1)
4.78% 05/09/06 24,000 23,974,507
4.98% 06/23/06 20,000 19,853,367
Park Sienna LLC (A-1+, P-1)
4.80% 05/04/06 44,656 44,638,138
4.76% 05/09/06 33,600 33,564,459
4.78% 05/09/06 31,000 30,967,071
4.98% 06/23/06 19,360 19,218,059
Ranger Funding Co. LLC (A-1+, P-1)
4.75% 05/04/06 100,000 99,960,417
Sheffield Receivables Corp. (A-1+, P-1)
4.78% 05/04/06 76,810 76,779,404
Silver Tower U.S. Funding Corp. (A-1, P-1)
4.68% 05/05/06 25,000 24,987,014
Solitaire Funding LLC (A-1+, P-1)
4.76%(c) 05/10/06 259,800 259,490,838
4.78%(c) 05/10/06 48,340 48,282,234
Sydney Capital Corp. (A-1+, P-1)
4.79% 05/10/06 100,000 99,880,250
Thames Asset Global Securitization Corp.
(A-1, P-1)
4.79% 05/01/06 99,190 99,190,000
4.78%(c) 05/09/06 27,665 27,635,614
Thunder Bay Funding, Inc. (A-1, P-1)
4.72%(c) 05/10/06 37,247 37,203,048
Ticonderoga Funding LLC (A-1+, P-1)
4.78% 05/10/06 23,145 23,117,342
Transamerica Asset Funding (A-1+, P-1)
4.79% 05/05/06 31,780 31,763,086
Transamerica Securitization Liquidity Notes
(A-1+, P-1)
4.81% 05/02/06 20,094 20,091,315
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
12
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPCASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ ------------------
COMMERCIAL PAPER (Continued)
Asset Backed Securities (continued)
Victory Receivables Corp. (A-1, P-1)
4.78% 05/04/06 $ 21,000 $ 20,991,635
4.78% 05/05/06 53,594 53,565,536
4.95% 06/26/06 50,000 49,615,000
-------------
3,060,241,896
-------------
Banks - 8.4%
Banco Bilbao Vizcaya, Argentina (A-1, P-1)
4.78% 05/10/06 59,600 59,528,778
Bank of America Corp. (A-1+, P-1)
4.93% 06/28/06 131,600 130,554,730
4.94% 06/29/06 191,000 189,453,017
Citigroup Funding Corp. (A-1+, P-1)
4.76% 05/04/06 37,700 37,685,046
4.76% 05/08/06 20,000 19,981,489
Natexis Banque Populaires, New York (A-1, P-1)
4.56% 07/31/06 133,000 131,468,634
Rabobank U.S. Finance Co. (A-1+, P-1)
4.84% 05/01/06 73,000 73,000,000
Societe Generale N.A. (A-1+, P-1)
4.78% 05/10/06 152,985 152,801,992
UBS Finance LLC Delaware (A-1+, P-1)
4.78% 05/10/06 300,000 299,641,875
-------------
1,094,115,561
-------------
Insurance Carriers NEC - 0.5%
MetLife, Inc. (A-1+, P-1)
4.68% 05/11/06 63,971 63,887,838
-------------
Life Insurance - 0.8%
Irish Life & Permanent Corp. (A+, A1)
4.95%(c)(d) 05/22/06 100,000 100,000,000
-------------
Mortgage Bankers & Correspondents - 3.2%
Countrywide Financial Corp. (A-1, F-1)
4.90% 05/01/06 138,000 138,000,000
4.70% 05/05/06 128,000 127,933,156
4.80% 05/08/06 159,768 159,618,883
-------------
425,552,039
-------------
Security Brokers & Dealers - 1.1%
Bear Stearns & Co. (A-1, P-1)
4.76% 05/09/06 141,000 140,850,853
-------------
Short-Term Business Credit Institutions - 1.2%
General Electric Capital Services (A-1+, P-1)
4.93% 06/28/06 155,000 153,768,869
-------------
TOTAL COMMERCIAL PAPER
(Cost $5,038,417,056) 5,038,417,056
-------------
MASTER NOTES - 5.0%
Security Brokers & Dealers - 5.0%
Bank of America Securities LLC (A-1+, P-1)
4.96%(d) 05/01/06 166,200 166,200,000
Citigroup Global Markets, Inc. (A-1+, P-1)
4.94%(d) 05/01/06 142,000 142,000,000
Merrill Lynch Mortgage Capital, Inc. (A-1, P-1)(e)
4.98%(d) 05/01/06 122,655 122,655,000
Morgan Stanley Mortgage Capital, Inc.
(A-1, P-1)(e)
5.04%(d) 05/01/06 219,000 219,000,000
-------------
TOTAL MASTER NOTES
(Cost $649,855,000) 649,855,000
-------------
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
VARIABLE RATE OBLIGATIONS - 23.3%
Asset Backed Securities - 3.6%
Links Finance LLC (AAA, Aaa)
4.81%(c)(d) 05/01/06 $ 25,000 $ 25,000,197
Racers XL (A-1, P-1)
4.79%(c)(d) 05/22/06 223,600 223,600,000
4.97%(c)(d) 05/22/06 129,400 129,400,009
Wachovia Asset Securitization, Inc., Series
04-HM1, Class A (AAA, Aaa)
4.94%(c)(d) 05/25/06 37,646 37,646,330
Wachovia Asset Securitization, Inc., Series
04-HM2, Class A (AAA, Aaa)
4.95%(c)(d) 05/25/06 48,329 48,329,334
-------------
463,975,870
-------------
Banks - 3.7%
All Seasons Funding LLC (Federal Home Loan
Bank Guaranty) (Aaa)(e)
4.93%(d) 05/08/06 3,995 3,995,000
Dewberry IV LLP (Mercantile Safe Deposit LOC)
(AA-)(e)
5.04%(d) 05/08/06 16,000 16,000,000
Gables of Germantown (Marshall & Illsely Bank
LOC) (A-1, P-1)(e)
5.08%(d) 05/08/06 15,000 15,000,000
Green Knight Economic Development Series 2004
(Fulton Bank LOC) (A-1)(e)
5.15%(d) 05/08/06 2,485 2,485,000
HBOS Treasury Services PLC (A-1+, P-1)
4.88%(d) 05/01/06 45,000 45,010,248
5.00%(c)(d) 06/26/06 150,000 150,000,000
Laurel Grocery Co. LLC (US Bank N.A. LOC)
(A-1, P-1)(e)
5.02%(d) 05/08/06 1,425 1,425,000
Madison Hotel Investors LLC (Marshall & Ilsley
Bank LOC) (A-1, P-1)(e)
5.00%(d) 05/08/06 34,000 34,000,000
5.00%(d) 05/08/06 14,900 14,900,000
MB&B Holdings LLC (Marshall & Ilsley Bank LOC)
(A-1, P-1)
5.08%(d) 05/04/06 6,700 6,700,000
5.08%(d) 05/04/06 3,635 3,635,000
North Square Associates LLP (Marshall & Ilsley
Bank LOC) (A-1, P-1)(e)
5.08%(d) 05/08/06 14,390 14,390,000
Oxford Capital Enterprise LLC (National City Bank
of Cleveland LOC) (A-1, P-1)(e)
5.02%(d) 05/08/06 3,925 3,925,000
Paca-Pratt Associates, Inc. (M&T Bank N.A. LOC)
(A-1)(e)
5.05%(d) 05/08/06 16,000 16,000,000
Park Street Properties I LLC (U.S. Bank LOC)
(Aa1)(e)
5.00%(d) 05/03/06 9,000 9,000,000
Park Village (Bank One N.A. LOC) (A-1+, P-1)(e)
5.10%(d) 05/04/06 6,955 6,955,000
Prospect Aggregates, Inc. (Fulton Bank LOC)
(A-1)(e)
5.15%(d) 05/04/06 8,710 8,710,000
Shipley Group LP (Fulton Bank LOC) (VMIG-1)(e)
5.15%(d) 05/08/06 15,935 15,935,000
Tom Gill LLC (U.S. Bank N.A. LOC) (A-1, P-1)(e)
5.04%(d) 05/08/06 1,530 1,530,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
13
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPCASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
VARIABLE RATE OBLIGATIONS (Continued)
Banks (continued)
Westpac Banking Corp. (AA-, Aa3)(e)
4.93%(d) 06/12/06 $108,250 $ 108,250,000
-------------
477,845,248
-------------
Life Insurance - 5.4%
Allstate Life Global Funding II (AA, Aa2)
4.96%(c)(d) 05/16/06 100,000 100,000,000
4.98%(c)(d) 05/30/06 40,000 40,000,000
MetLife Global Funding I (AA, Aa2)
5.10%(c)(d) 05/30/06 40,000 40,000,000
Monumental Life Insurance Co. (A-1+, P-1)
4.95%(d)(f) 06/01/06 200,000 200,000,000
New York Life Insurance Co. (A-1+, P-1)
4.98%(d)(f) 06/13/06 300,000 300,000,000
Transamerica Occidental Life Insurance Co.
(A-1+, P-1)
4.96%(d)(f) 06/01/06 26,000 26,000,000
-------------
706,000,000
-------------
Municipal Bonds - 1.5%
American National Fish & Wildlife Museum of
Missouri RB Series 2004B DN (Commerce Bank
NA LOC) (A-1)(e)
5.12%(d) 05/08/06 900 900,000
Bergen County New Jersey Import Authority
(Encap Golf Holdings LLC) RB Series 2005D DN
(Wachovia Bank N.A. LOC) (VMIG-1)
5.00%(d) 05/08/06 14,230 14,230,000
Covington Kentucky Industrial Building RB Series
2005A DN (U.S. Bank LOC) (A-1, P-1)(e)
5.02%(d) 05/08/06 9,120 9,120,000
Massachusetts State Housing Finance Agency RB
(Avalon Flanders Project) Series 2004A DN
(Morgan Guaranty Trust LOC) (A-1+)(e)
4.87%(d) 05/08/06 21,710 21,710,000
Mayfield Cornerstone LLC RB Series 2005A DN
(Huntington National Bank LOC) (A-1, P-1)
5.10%(d) 05/08/06 2,895 2,895,000
Mayfield Cornerstone LLC RB Series 2005B DN
(Huntington National Bank LOC) (A-1, P1)
5.10%(d) 05/08/06 1,045 1,045,000
Mayfield Spine Center RB Series 2005 DN
(Huntington National Bank LOC) (A-1, P1)
5.10%(d) 05/08/06 500 500,000
Mayfield Spine Center RB Series 2005B DN
(Huntington National Bank LOC)
5.10%(d) 05/08/06 1,315 1,315,000
New York State Dormitory Authority RB (Taxable
Project) Series 2005A DN (A-1+, F-1+)
4.87%(d) 05/08/06 14,335 14,335,000
New York State Housing Finance Agency RB
Series 2003B DN (VMIG-1)
4.85%(d) 05/08/06 22,900 22,900,000
Santa Rosa California RB Series 2004 DN (Bank
One N.A. LOC) (A-1+, F1+)(e)
4.87%(d) 05/04/06 42,000 42,000,000
Savannah College Georgia RB (Art & Design
Project) Series 2004 DN (A-1+)(e)
5.00%(d) 05/04/06 7,300 7,300,000
SDB Capital LLC RB DN (Marshall & Ilsley Bank
N.A. LOC) (A-1, P-1)
5.00%(d) 05/08/06 20,000 20,000,000
Texas GO Series 2004D DN (Dexia Credit Local
SBPA) (A-1+, VMIG-1)(e)
4.85%(d) 05/03/06 2,635 2,635,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
VARIABLE RATE OBLIGATIONS (Continued)
Municipal Bonds (continued)
Texas GO Series 2004E DN (Dexia Credit Local
SBPA) (A-1+, VMIG-1)(e)
4.85%(d) 05/03/06 $ 9,400 $ 9,400,000
Texas GO Series 2005I-C MB (A-1+, VMIG-1)
4.85%(d) 05/03/06 15,000 15,000,000
4.85%(d) 05/03/06 5,270 5,270,000
Utah Telecommunication Open RB (Infrastructure
Agency Project) Series 2004 DN (Bank of
America LOC) (A-1+)(e)
4.93%(d) 05/08/06 8,000 8,000,000
-------------
198,555,000
-------------
Security Brokers & Dealers - 7.0%
Bear Stearns & Co., Inc. (A-1, P-1)
4.80%(d) 05/05/06 25,000 25,000,000
5.04%(d) 05/30/06 64,000 64,000,000
Goldman Sachs Group, Inc. (A-1, P-1)
4.82%(c)(d) 06/08/06 212,010 212,010,000
Greenwich Capital Holdings, Inc. (A-1+, P-1)
4.95%(d) 05/30/06 34,000 34,000,000
Lehman Brothers Holdings, Inc. (A-1, P-1)
4.92%(d) 05/01/06 29,000 29,000,000
Merrill Lynch & Co., Inc. (A+, Aa3)
5.05%(d) 05/11/06 300,000 300,073,433
5.14%(d) 07/19/06 20,000 20,007,671
Morgan Stanley & Co., Inc. (A-1, P-1)
4.92%(d) 05/01/06 31,700 31,700,000
4.93%(d) 05/15/06 200,000 200,025,000
-------------
915,816,104
-------------
Short-Term Business Credit Institutions - 2.1%
General Electric Capital Corp. (AAA, Aaa)
4.95%(d) 05/09/06 116,000 116,010,628
General Electric Capital Services (AAA, Aaa)
5.00%(d) 05/17/06 163,760 163,816,960
-------------
279,827,588
-------------
TOTAL VARIABLE RATE OBLIGATIONS
(Cost $3,042,019,811) 3,042,019,810
-------------
MEDIUM TERM NOTES - 0.5%
Goldman Sachs Group, Inc. (A-1, P-1)
4.82%
(Cost $63,550,000) 05/05/06 63,550 63,550,000
-------------
TIME DEPOSITS - 6.7%
Svenska Handelsbanken AB (A-1+, P-1)
4.88% 05/01/06 279,000 279,000,000
Wells Fargo Bank, N.A. (A-1+, P-1)
4.84% 05/01/06 597,000 597,000,000
-------------
TOTAL TIME DEPOSITS
(Cost $876,000,000) 876,000,000
-------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
14
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPCASH (CONCLUDED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ----------- -----------------
REPURCHASE AGREEMENTS - 7.7%
Deutsche Bank Securities, Inc.
4.79% 05/01/06 $200,000 $ 200,000,000
(Agreement dated 04/28/06 to be repurchased at
$200,079,833, collateralized by $206,468,603
Federal National Mortgage Assoc. Bonds and
Variable Rate Mortgage Notes and Government
National Mortgage Assoc. Bonds 4.97% to
6.00% due 12/16/21 to 03/25/36. The value of
the collateral is $206,000,000.)
Goldman Sachs & Co.
4.69% 05/09/06 200,000 200,000,000
(Agreement dated 03/02/06 to be repurchased at
$201,771,778, collateralized by $223,173,334
Federal Home Loan Mortgage Corp. Bonds and
Federal National Mortgage Assoc. Bonds 4.50%
to 5.50% due 06/01/20 to 09/01/35. The value of
the collateral is $206,000,000.)
Morgan Stanley & Co., Inc.
4.78% 05/01/06 375,562 375,562,000
(Agreement dated 04/28/06 to be repurchased at
$375,711,599, collateralized by $486,925,511
Federal National Mortgage Assoc. Bonds 4.50%
to 5.00% due 03/01/34 to 08/01/35. The value of
the collateral is $388,299,125.)
UBS Securities LLC
4.78% 05/09/06 230,000 230,000,000
(Agreement dated 04/18/06 to be repurchased at
$230,641,317, collateralized by $337,199,455
Federal Home Loan Mortgage Corp. Bonds and
Federal National Mortgage Assoc. Bonds 4.50%
to 5.50% due 04/01/18 to 04/01/36. The value of
the collateral is $236,904,169.)
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $1,005,562,000) 1,005,562,000
---------------
TOTAL INVESTMENTS IN SECURITIES - 99.9%
(Cost $13,045,571,775(a)) 13,045,571,775
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.1% 17,924,709
---------------
NET ASSETS - 100.0% $13,063,496,484
===============
- -------------------
(a) Aggregate cost for federal income tax purposes.
(b) Security is a foreign domiciled issuer which is registered with the
Securities and Exchange Commission.
(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, 2006, the Fund held 11.8% of its net assets, with a current market
value of $1,538,525,904, in securities restricted as to resale.
(d) Rates shown are the rates as of April 30, 2006 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
(e) Ratings reflect those of guarantor.
(f) Illiquid Security. As of April 30, 2006, the Fund held 4.0% of its net
assets, with a current market value of $526,000,000 in these securities.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
15
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
FEDFUND
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ ------------------
AGENCY OBLIGATIONS - 40.2%
Federal Farm Credit Bank Variable Rate Notes - 14.4%
4.73%(b) 05/01/06 $105,000 $ 104,972,802
4.76%(b) 05/01/06 95,000 94,992,040
4.78%(b) 05/01/06 172,000 172,000,156
4.80%(b) 05/01/06 40,000 40,000,106
4.79%(b) 05/12/06 80,000 80,007,806
-------------
491,972,910
-------------
Federal Home Loan Bank Bonds - 0.2%
2.10% 10/13/06 7,415 7,338,338
-------------
Federal Home Loan Bank Discount Notes - 0.0%
4.71% 05/01/06 414 414,000
-------------
Federal Home Loan Bank Variable Rate Notes - 7.3%
4.57%(b)(c) 05/02/06 100,000 99,986,132
4.82%(b)(c) 05/22/06 150,000 149,972,590
-------------
249,958,722
-------------
Federal Home Loan Mortgage Corp. Discount Notes - 3.8%
4.23% 09/27/06 20,000 19,649,850
4.48% 12/01/06 33,500 32,606,862
4.50% 01/09/07 35,000 33,893,125
4.58% 01/19/07 47,500 45,910,676
-------------
132,060,513
-------------
Federal Home Loan Mortgage Corp. Variable Rate Notes - 4.4%
4.78%(b) 06/19/06 150,000 149,908,151
-------------
Federal National Mortgage Assoc. Discount Notes - 8.6%
4.68% 06/01/06 125,000 124,495,712
4.54% 05/01/06 100,000 100,000,000
4.62% 08/01/06 50,000 49,409,667
4.56% 10/02/06 20,000 19,609,866
-------------
293,515,245
-------------
Federal National Mortgage Assoc. Variable Rate Notes - 1.5%
4.72%(b) 05/08/06 50,000 49,986,863
-------------
TOTAL AGENCY OBLIGATIONS
(Cost $1,375,154,742) 1,375,154,742
-------------
REPURCHASE AGREEMENTS - 63.7%
Deutsche Bank Securities, Inc.
4.79% 05/01/06 382,444 382,444,000
(Agreement dated 04/28/06 to be repurchased at
$382,596,659, collateralized by $678,003,172
Federal Home Loan Mortgage Corp. Adjustable
Rate Mortgage Notes and Bonds and Federal
National Mortgage Assoc. Bonds and Variable
Rate Notes 3.40% to 7.50% due from 01/01/16
to 04/01/36. The market value is $393,917,320.)
Deutsche Bank Securities, Inc.
4.79% 05/01/06 200,000 200,000,000
(Agreement dated 04/28/06 to be repurchased at
$200,079,833, collateralized by $354,563,373
Federal Home Loan Mortgage Corp. Adjustable
Rate Mortgage Notes and Bonds and Federal
National Mortgage Assoc. Bonds and Variable
Rate Notes 3.40% to 7.50% due from 01/01/16
to 04/01/36. The market value is $206,000,000.)
Goldman Sachs & Co.
4.78% 05/05/06 400,000 400,000,000
(Agreement dated 04/03/06 to be repurchased at
$401,699,556, collateralized by $508,237,578
Federal Home Loan Mortgage Corp. Bonds and
Federal National Mortgage Assoc. Bonds 4.00%
to 6.00% due from 09/01/18 to 12/01/35. The
market value is $412,000,000.)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
REPURCHASE AGREEMENTS (Continued)
Goldman Sachs & Co.
4.69% 05/09/06 $100,000 $ 100,000,000
(Agreement dated 03/02/06 to be repurchased at
$100,885,889, collateralized by $203,085,314
Federal National Mortgage Assoc. Bonds 5.50%
due from 04/01/21 to 02/01/33. The market
value is $103,000,000.)
Merrill Lynch Government Securities, Inc.
4.78% 05/03/06 100,000 100,000,000
(Agreement dated 04/03/06 to be repurchased at
$100,398,333, collateralized by $225,551,924
Federal Home Loan Mortgage Corp. Adjustable
Rate Mortgage Notes and Bonds and Federal
National Mortgage Assoc. Bonds and Variable
Rate Mortgage Notes 4.00% to 6.00% due from
12/15/11 to 03/15/36. The market value is
$103,001,789.)
Morgan Stanley & Co., Inc.
4.76% 05/01/06 195,000 195,000,000
(Agreement dated 04/28/06 to be repurchased at
$195,077,350, collateralized by $342,722,505
Federal Home Loan Mortgage Corp. Adjustable
Rate Mortgage Notes and Bonds, Federal
National Mortgage Assoc. Discount Notes and
Variable Rate Mortgage Notes, and U.S.
Treasury Notes and Strip Principals 0.00% to
6.71% due from 05/31/06 to 04/01/43. The
market value is $201,374,253.)
Morgan Stanley & Co., Inc.
4.78% 05/01/06 300,000 300,000,000
(Agreement dated 04/28/06 to be repurchased at
$300,119,500, collateralized by $527,265,393
Federal Home Loan Mortgage Corp. Adjustable
Rate Mortgage Notes and Bonds, Federal
National Mortgage Assoc. Discount Notes and
Variable Rate Mortgage Notes and U.S.
Treasury Notes and Strip Principals 0.00% to
6.71% due from 05/31/06 to 04/01/43. The
market value is $309,806,544.)
Morgan Stanley & Co., Inc.
4.78% 05/05/06 200,000 200,000,000
(Agreement dated 04/04/06 to be repurchased at
$200,823,222, collateralized by $351,510,262
Federal Home Loan Mortgage Corp. Adjustable
Rate Mortgage Notes and Bonds, Federal
National Mortgage Assoc. Discount Notes and
Variable Rate Mortgage Notes and U.S.
Treasury Notes and Strip Principals 0.00% to
6.71% due from 05/31/06 to 04/01/43. The
market value is $206,537,696.)
UBS Securities LLC
4.79% 05/10/06 300,000 300,000,000
(Agreement dated 03/29/06 to be repurchased at
$301,676,500, collateralized by $309,003,334
Federal Home Loan Mortgage Corp. Strips
0.00% due from 08/01/20 to 02/01/36. The
market value is $309,003,334.)
-------------
TOTAL REPURCHASE AGREEMENTS
(Cost $2,177,444,000)
2,177,444,000
-------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
16
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
FEDFUND (CONCLUDED)
APRIL 30, 2006 (UNAUDITED)
VALUE
---------------
TOTAL INVESTMENTS IN SECURITIES - 103.9%
(Cost $3,552,598,742(a)) $3,552,598,742
LIABILITIES IN EXCESS OF OTHER
ASSETS - (3.9)% (132,373,820)
--------------
NET ASSETS - 100.0% $3,420,224,922
==============
- -------------------
(a) Aggregate cost for federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2006 and maturities shown are the
next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) The rate shown is the effective yield on the discount notes at the time of
purchase.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
17
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS - 99.3%
Alabama - 4.6%
Cullman Medical Park RB (South Medical Clinic
Board Project) (Merrill Lynch P-Float Trust
Receipts) Series 2005-121 DN (Lloyds Bank
LOC) (VMIG-1)
3.86%(b)(c) 05/08/06 $10,800 $10,800,000
Jefferson County GO Warrants Series 2001B DN
(Morgan Guaranty Trust , Bayerische
Landesbank Girozentrale SBPA) (A-1+, VMIG-1)
3.76%(c) 05/01/06 96,885 96,885,000
Jefferson County Sewer RB Series 1985 DN
(A-1+, VMIG-1)
3.82%(c) 05/08/06 3,150 3,150,000
-----------
110,835,000
-----------
Alaska - 0.1%
Matanuska-Susitna Borough RB (Wachovia
Merlots Trust Receipts) Series 2001A-114 DN
(FGIC Insurance, Wachovia Bank N.A. SBPA)
(A-1)
3.82%(b)(c) 05/08/06 3,135 3,135,000
-----------
Arizona - 0.2%
Pima County IDRB (El Dorado Hospital Project)
Series 2004 DN (Branch Banking & Trust Co.
LOC) (VMIG-1)
3.82%(c) 05/08/06 5,400 5,400,000
-----------
Arkansas - 0.6%
Arkansas Housing Finance Authority RB (Baptist
Health Project) Series 1995 DN (MBIA
Insurance) (A-1+)
3.85%(c) 05/08/06 15,400 15,400,000
-----------
California - 6.0%
Bay Area Toll Authority Toll Bridge RB Series
2006MT-238 DN (Liquidity Facility, Depfa Bank
PLC) (F-1+)
3.93%(b)(c) 05/01/06 35,000 35,000,000
California Department of Water Resource Power
Supply RB Series 2002B-2 DN (Banque
Nationale de Paribas LOC) (A-1+, VMIG-1)
3.78%(c) 05/01/06 150 150,000
California State Department Water Reserve Power
Supply RB Series 2005F-5 DN (Citibank LOC)
(A-1+, VMIG-1)
3.78%(c) 05/01/06 46,685 46,685,000
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+)
3.86%(b)(c) 05/08/06 3,735 3,735,000
Golden State Tobacco Settlement Securitization
RB Series 2006Z-4 DN (FSA Insurance) (F-1+)
3.86%(b)(c) 05/08/06 4,960 4,960,000
Golden State Tobacco Settlement Securitization
RB Series 2006Z-5 DN (AMBAC Insurance)
(F-1+)
3.86%(b)(c) 05/08/06 2,400 2,400,000
Los Angeles Unified School District GO (ABN
AMRO Munitops Trust Receipts) Series 2005-36
DN (Kredietbank LOC) (F-1+, AAA)
3.54%(b)(c) 10/02/06 12,995 12,995,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A PZP-005 DN (Multiple LOCs,
Merrill Lynch & Co. Inc. SBPA) (AAA, F-1+)
3.90%(b)(c) 05/08/06 13,500 13,500,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
California (continued)
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A PZP-006 DN (FGIC Insurance)
(F-1+)
3.90%(b)(c) 05/08/06 $ 7,305 $ 7,305,000
San Diego Public Facilities Financing Authority
Lease RB (Merrill Lynch P-Float Trust Receipts)
Series 2002 PPT-1002C DN (Kredietbank LOC)
(A-1)
3.85%(b)(c) 05/08/06 19,755 19,755,000
-----------
146,485,000
-----------
Colorado - 4.6%
Alamosa County Hospital RB (San Luis Valley
Regional Medical Center Project) Series 2005
DN (U.S. Bank N.A. LOC) (A-1+)
3.85%(c) 05/08/06 11,355 11,355,000
Colorado Education Loan Program RB Series 2005
TRAN (SP-1+, MIG-1)
4.00% 08/07/06 16,500 16,556,657
Colorado Health Facilities Authority RB (Liberty
Heights Retirement Project) Series 2005 PZ-82
DN (Merrill Lynch & Co. Guaranty) (A-1+)
3.88%(b)(c) 05/08/06 27,525 27,525,000
Colorado Health Facilities Authority RB (Merrill
Lynch P-Float Trust Receipts) Series 2002
PZ-89 DN (Merrill Lynch Guaranty) (A-1)
3.88%(b)(c) 05/08/06 14,590 14,590,000
Colorado Health Facilities Authority RB (Total
Long-Term Care Project) Series 2002 DN (U.S.
Bank N.A. LOC) (A-1+)
3.79%(c) 05/08/06 4,160 4,160,000
Colorado Housing & Finance Authority RB
(Multi-Family Housing Grant Project) Series
2006A DN (Wells Fargo Bank N.A. LOC) (A-1+)
3.81%(c) 05/08/06 2,000 2,000,000
Colorado Housing & Finance Authority RB (Single
Family Mortgage Project) Series 2005-1B5 MB
(SP-1, MIG-1)
2.75% 07/05/06 10,000 10,000,000
Colorado Public Highway Authority RB (Merrill
Lynch P-Float Trust Receipts) Series 2005
PZ-46 DN (MBIA Insurance, Merrill Lynch & Co.
SBPA)
3.88%(b)(c) 05/08/06 6,510 6,510,000
Colorado Springs Utilities RB (Citibank Trust
Receipts) Series 2005R ROC-II-457 DN (Citibank
Liquidity Facility) (VMIG-1)
3.84%(b)(c) 05/08/06 7,465 7,465,000
Denver Urban Renewal Authority Tax Increment
RB (Merrill Lynch P-Float Trust Receipts)
Series 2004 PT-999 DN (Lloyds Bank SBPA)
(A-1, AA-)
3.89%(b)(c) 05/08/06 9,800 9,800,000
East Cherry Creek Valley RB (Water & Sanitation
Project) Series 2004 DN (MBIA Insurance, Dexia
Bank SPBA) (A-1+)
3.71%(c) 05/04/06 2,550 2,550,000
-----------
112,511,657
-----------
Connecticut - 0.5%
Connecticut Health & Educational Facilities
Authority RB (Yale University Project) Series
1999U DN (A-1+, VMIG-1)
3.50%(c) 05/08/06 11,715 11,715,000
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
18
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Delaware - 0.8%
Delaware Economic Development Authority RB
(St. Anne's Episcopal School Project) Series
2001 DN (Wilmington Trust Co. LOC) (A-1)
3.90%(c) 05/08/06 $ 2,000 $2,000,000
Delaware Economic Development Authority RB
(St. Edmonds Academy Project) Series 2005 DN
(Mercantile Safe Deposit & Trust Bank LOC)
(VMIG-1)
3.85%(c) 05/08/06 10,500 10,500,000
New Castle County Student Housing Authority RB
(University Courtyard Appartments Project)
Series 2005 DN (Bank of New York LOC)
(VMIG-1)
3.83%(c) 05/08/06 5,000 5,000,000
Sussex County IDRB (Rehoboth Mall Project)
Series 2001A DN (M&T Bank Corp. LOC) (A-1)
3.88%(c) 05/08/06 3,125 3,125,000
----------
20,625,000
----------
District of Columbia - 0.2%
District of Columbia RB (Arts & Technology
Academy Project) Series 2002 DN (M&T Bank
Corp. LOC) (VMIG-1)
3.85%(c) 05/08/06 3,640 3,640,000
District of Columbia Water & Sewer Authority
Public Utilities RB Series 2002A-64 DN
(Wachovia Bank N.A. LOC) (VMIG-1)
3.82%(b)(c) 05/08/06 2,275 2,275,000
----------
5,915,000
----------
Florida - 1.9%
Broward County GO (Wachovia Merlots Trust
Receipts) Series 2004B-9 DN (Wachovia Bank
N.A. SBPA) (A-1)
3.82%(b)(c) 05/08/06 5,625 5,625,000
Florida Board of Education GO (Eagle Tax Exempt
Trust Receipts) Series 2003A DN (Citibank
SBPA) (A-1+)
3.84%(b)(c) 05/08/06 4,945 4,945,000
Florida Juvenile Department RB (Wachovia Merlot
Trust Receipts) Series 2000 DN (MBIA
Insurance) (VMIG-1)
3.82%(b)(c) 05/08/06 11,200 11,200,000
Jacksonville Excise Tax RB (Bear Stearns
Municipal Trust Certificates) Series 2002A-9049
DN (AMBAC Insurance, Bear Stearns Capital
Markets Liquidity Facility) (A-1)
3.85%(b)(c) 05/08/06 8,760 8,760,000
Leesburg Hospital RB (Villages Regional Hospital
Project) Series 2006 DN (Radian Asset
Assurance, Inc. Guaranty) (A-1+, VMIG-1)
3.83%(c) 05/08/06 12,000 12,000,000
Pinellas County Housing Finance Authority RB
Series 2004A DN (CDC Funding Insurance,
Rabobank SBPA) (VMIG-1)
3.89%(b)(c) 05/08/06 2,595 2,595,000
----------
45,125,000
----------
Georgia - 2.7%
American Public Energy Agency RB (Nebraska
Gas Supply Project) Series 2005A DN (Societe
Generale LOC)
3.80%(c) 05/08/06 25,800 25,800,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Georgia (continued)
Appling County Development Authority PCRB
(Oglethorpe Power Corp. Project) Series 2002
DN (MBIA Insurance, J.P. Morgan Chase Bank
SBPA) (A-1+)
3.85%(c) 05/08/06 $ 2,415 $2,415,000
Atlanta Water & Wastewater (Citibank Eagle Trust
Receipts) RB Series 2005 DN (FSA Insurance,
Citibank Liquidty Facility) (A-1+)
3.84%(b)(c) 05/08/06 5,000 5,000,000
Bibb County Methodist Home Development
Authority RB Series 2001 DN (SunTrust Bank
LOC) (VMIG-1)
3.80%(c) 05/08/06 2,940 2,940,000
Clayton County Hospital Authority Anticipation
Certificates RB Series 1998B DN (SunTrust
Bank LOC) (Aa3)
3.80%(c) 05/08/06 1,840 1,840,000
Cobb County Development Authority RB (Boy
Scouts of America Atlanta Project) Series 2001
DN (SunTrust Bank LOC) (VMIG-1)
3.80%(c) 05/08/06 3,000 3,000,000
Cobb County Development Authority RB (Highland
Park Associates Project) Series 1998 DN
(SunTrust Bank LOC)
3.80%(c) 05/08/06 2,900 2,900,000
Dekalb County Housing Authority Multi-Family
Housing RB (Clairmont Crest Project) Series
1995 DN (Federal National Mortgage Assoc.
Guaranty) (A-1+, VMIG-1)
3.83%(c) 05/08/06 400 400,000
Forsyth County Development Authority RB
(Pinecrest Academy, Inc. Project) Series 2000D
DN (Suntrust Bank LOC) (VMIG-1)
3.82%(c) 05/08/06 1,000 1,000,000
Fulton County Development Authority RB (Epstein
School Project) Series 1997 DN (SunTrust Bank
LOC) (Aa3)
3.80%(c) 05/08/06 1,900 1,900,000
Fulton County Development Authority RB (Mount
Vernon Presbyterian School Project) Series
2005 DN (Branch Banking & Trust LOC)
(VMIG-1)
3.82%(c) 05/08/06 3,000 3,000,000
Fulton County Development Authority RB (Trinity
School Project) Series 2001 DN (SunTrust Bank
LOC) (VMIG-1)
3.80%(c) 05/08/06 2,000 2,000,000
Fulton County Residential Care Facilities RB
(Canterbury Court Project) Series 2004C DN
(HSH Nordbank LOC) (A-1+)
3.80%(c) 05/08/06 4,000 4,000,000
Georgia Local Government Certificates RB Series
2002O DN (MBIA Insurance, Bank of America
N.A. Liquidity Facility) (A-1+)
3.88%(b)(c) 05/08/06 2,310 2,310,000
Gwinnett County Hospital Authority Anticipation
Certificates RB Series 2002 DN (SunTrust Bank
LOC) (A-1+)
3.80%(c) 05/08/06 3,000 3,000,000
Macon-Bibb County Hospital Authority RB (The
Medical Center of Central Georgia Project)
Series 1998 DN (SunTrust Bank LOC) (A-1+)
3.80%(c) 05/08/06 3,000 3,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
19
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Georgia (continued)
Medical Center Hospital Authority RB (Spring
Harbor at Green Island Project) Series 2004 DN
(Bank of Scotland LOC) (F-1+)
3.79%(c) 05/08/06 $ 1,900 $1,900,000
----------
66,405,000
----------
Hawaii - 0.9%
Hawaii GO (Citibank Eagle Trust Receipts) Series
2002 DN (FSA Insurance) (A-1+)
3.84%(b)(c) 05/08/06 3,600 3,600,000
Hawaii Municipal Securities Trust Certificates GO
(Bear Stearns Municipal Trust Certificates)
Series 2002A-9051 DN (FSA Insurance) (A-1)
3.85%(b)(c) 05/08/06 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+)
3.90%(c) 05/08/06 7,500 7,500,000
----------
21,090,000
----------
Illinois - 6.9%
Boone, McHenry & Dekalb Counties GO (Merrill
Lynch P-Float Trust Receipts) Series 2005
PZ-50 DN (MBIA Insurance Guaranty) (F-1+)
3.88%(b)(c) 05/08/06 2,730 2,730,000
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)
3.82%(b)(c) 05/08/06 4,970 4,970,000
Chicago Board of Education GO (Wachovia Merlots
Trust Receipts) Series 1999A-47 DN (FGIC
Insurance, Wachovia Bank N.A. LOC) (A-1)
3.82%(c) 05/08/06 3,090 3,090,000
Chicago Board of Education GO Series 2005 PZ-60
DN (FGIC Insurance, Merrill Lynch & Co. SBPA)
(F-1+)
3.88%(b)(c) 05/08/06 2,045 2,045,000
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)
3.85%(b)(c) 05/08/06 4,695 4,695,000
Chicago GO (Wachovia Merlots Trust Receipts)
Series 2000W DN (AMBAC Insurance, Wachovia
Bank N.A. Liquidity Facility) (VMIG-1)
3.82%(b)(c) 05/08/06 2,000 2,000,000
Chicago O'Hare International Airport RB
(Wachovia Merlot Trust Receipts) Series
2002A-25 DN (MBIA Insurance, Wachovia Bank
N.A. Liquidity Facitility) (VMIG-1)
3.82%(b)(c) 05/08/06 5,285 5,285,000
Chicago Park District RB (Citibank Eagle Tax
Exempt Trust Receipts) Series 2002-1306 DN
(FGIC Insurance, Citibank Liquidity Facility)
(A-1+)
3.84%(b)(c) 05/08/06 5,345 5,345,000
Chicago Sales Tax RB (Wachovia Merlots Trust
Receipts) Series 2000AAA DN (FSA Insurance)
(VMIG-1)
3.82%(b)(c) 05/08/06 5,000 5,000,000
PAR
MATURITY (000) VALUE
---------- ---------------- --------------------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Chicago Wastewater Transmission RB Series 2004
PZ-40 DN (MBIA Insurance, Merrill Lynch & Co.
SBPA)
3.88%(b)(c) 05/08/06 $ 2,115 $2,115,000
Cook County Capital Improvement GO (Wachovia
Merlot Trust Receipts) Series 2002C DN
(AMBAC Insurance, Wachovia Bank N.A.
Liquidity Facility) (VMIG-1)
3.82%(b)(c) 05/08/06 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)
3.85%(b)(c) 05/08/06 15,970 15,970,000
Illinios Finance Authority RB (Landing at
Plymouth Place Project) Series 2005C DN
(LaSalle Bank LOC)
3.80%(b)(c) 05/08/06 5,000 5,000,000
Illinois Dedicated Tax RB (Macon Trust
Certificates) Series 2002N DN (AMBAC
Insurance) (A-1+)
3.90%(b)(c) 05/08/06 2,935 2,935,000
Illinois Development Finance Authority RB
(Merrill Lynch P-Floats Trust Receipts) Series
2005PZ-80 DN (Merrill Lynch & Co. Liquidity
Facility) (VMIG-1)
3.88%(b)(c) 05/08/06 12,200 12,200,000
Illinois Educational Facilities Authority RB (Macon
Trust Certificates) Series 2005D DN (Bank of
America N.A. SBPA) (A-1+)
3.84%(b)(c) 05/04/06 2,780 2,780,000
Illinois Educational Facility Authority RB (Aurora
University Project) Series 2002 DN (Fifth Third
Bank N.A. LOC) (VMIG-1)
3.87%(c) 05/08/06 1,800 1,800,000
Illinois GO (Macon Trust Certificates) Series 2006L
DN (Bank of America N.A. SBPA) (VMIG-1)
3.84%(b)(c) 05/08/06 3,500 3,500,000
Illinois GO (Wachovia Merlots Trust Reciepts)
Series 2002 DN (MBIA Insurance, Wachovia
Bank N.A. SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 2,490 2,490,000
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)
3.85%(b)(c) 05/08/06 14,865 14,865,000
Illinois Regional Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series
2002A-24 DN (Wachovia Bank N.A. SBPA)
(VMIG-1)
3.82%(b)(c) 05/08/06 13,560 13,560,000
Lake County First Preservation District GO
(Citibank Trust Receipts) Series 2003R ROC-II
DN (Citibank Liquidity Facility) (A-1+)
3.84%(b)(c) 05/08/06 1,985 1,985,000
Metropolitan Pier & Exposition Authority
Dedicated Tax Restructure RB (Merrill Lynch
P-Floats Trust Receipts) Series 2005 PZ-52 DN
(Merrill Lynch & Co. SBPA)
3.88%(b)(c) 05/08/06 7,570 7,570,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
20
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ----------------- -------------------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Metropolitan Pier & Exposition Authority
Dedicated Tax Restructure RB (Merrill Lynch
P-Floats Trust Receipts) Series 2005 PZ-84 DN
(Merrill Lynch & Co. SBPA)
3.88%(b)(c) 05/08/06 $ 1,025 $ 1,025,000
Metropolitan Pier & Exposition Authority RB
(Dedicated State Tax Receipts) Series
2005PZ-44 DN (MBIA Insurance, Merrill Lynch
Capital Services SBPA) (F-1+)
3.88%(b)(c) 05/08/06 5,610 5,610,000
Metropolitan Pier & Exposition Authority RB
(Dedicated State Tax Receipts) Series 2005Z-5
DN (MBIA Insurance, Goldman Sachs Liquidity
Facility) (F-1+)
3.87%(b)(c) 05/08/06 5,140 5,140,000
Metropolitan Pier & Exposition Authority RB
(Dedicated State Tax Receipts) Series 2006Z-1
DN (MBIA Insurance, Goldman Sachs Liquidity
Facility)
3.87%(b)(c) 05/08/06 3,110 3,110,000
Metropolitan Pier & Exposition Authority RB
(Dedicated State Tax Receipts) Series 2006Z-8
DN (MBIA Insurance, Goldman Sachs Liquidity
Facility)
3.87%(b)(c) 05/08/06 6,240 6,240,000
Regional Transportation Authority GO (Wachovia
Merlots Trust Receipts) Series 2001A-86 DN
(FGIC Insurance, Wachovia Bank N.A. LOC)
(VMIG-1)
3.82%(b)(c) 05/08/06 1,600 1,600,000
Rockford Industrial Development Authority RB
(Trinity Learning Center Project) Series 2003
DN (Marshall & Isley LOC)
3.85%(b)(c) 05/08/06 2,000 2,000,000
University of Illinois RB (Wachovia Merlots Trust
Receipts) Series 2000 DN (MBIA Insurance,
Wachovia Bank N.A. SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 3,500 3,500,000
Will County Community School District No. 365
GO (Goldman Sachs Trust Receipts) Series
2006Z TOCS-10 DN (FSA Insurance, Goldman
Sachs Liquidity Facility)
3.87%(b)(c) 05/08/06 2,065 2,065,000
Will County Community Unit School District No.
122 GO (New Lenox Project) Series 2005 PZ-48
DN (FSA Insurance, Merrill Lynch Capital
Services SBPA)
3.88%(b)(c) 05/08/06 3,345 3,345,000
Will County Community Unit School District No.
365 GO Series 2005 DN (FSA Insurance, Merrill
Lynch Capital Services SBPA) (F-1+)
3.88%(b)(c) 05/08/06 7,695 7,695,000
-----------
166,760,000
-----------
Indiana - 3.1%
Indiana Development Finance Authority RB
(Educational Facilities-Eiteljorg Museum
Project) Series 2004 DN (Bank One N.A. LOC)
(VMIG-1)
3.83%(c) 05/03/06 16,500 16,500,000
Indiana Health Facilities Financing Authority RB
(Golden Years Homestead Project) Series 2004
DN (Wells Fargo Bank LOC) (A-1+)
3.81%(c) 05/08/06 1,100 1,100,000
PAR
MATURITY (000) VALUE
---------- ----------------- -------------------
MUNICIPAL BONDS (Continued)
Indiana (continued)
Indiana Health Facilities Financing Authority RB
(Memorial Hospital Project) Series 2004A DN
(National City Bank of Indiana LOC)
3.85%(c) 05/08/06 $21,195 $21,195,000
Indiana Municipal Securities Trust Certificates RB
(Bear Stearns Municipal Trust Receipts) Series
2001A DN (Bear Stearns Capital Markets
Liquidity Facility) (A-1)
3.85%(b)(c) 05/08/06 11,115 11,115,000
Indiana State Educational Facilities Authority RB
(Wabash College Project) Series 2003 DN (Bank
One N.A. LOC) (VMIG-1)
3.83%(c) 05/08/06 2,520 2,520,000
Indiana Transportation Finance Authority Highway
RB Series 2004 DN (FGIC Insurance, Bank of
New York SBPA) (A-1+)
3.86%(b)(c) 05/08/06 4,000 4,000,000
Indianapolis Public Improvment RB (Goldman
Sachs P-Floats Trust Receipts) Series 2006
PZ-7 DN (AMBAC Insurance, Goldman Sachs
Liquidity Facilty)
3.87%(b)(c) 05/08/06 4,000 4,000,000
Jasper County Economic Development Authority
RB (Oak Grove Project) Series 2006 DN (Fifth
Third Bank LOC) (A-1+)
3.85%(c) 05/08/06 4,800 4,800,000
Porter County Industrial Jail Building Corp. RB
(Wachovia Merlots Trust Receipts) Series
2001A-43 DN (Wachovia Bank N.A. LOC) (A-1)
3.82%(b)(c) 05/08/06 7,135 7,135,000
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)
3.82%(b)(c) 05/08/06 3,300 3,300,000
-----------
75,665,000
-----------
Iowa - 0.7%
Des Moines Commercial Development RB (Grand
Office Park Project) Series 1985 DN (Principal
Life Insurance Co. Guaranty) (A-1+)
3.97%(c) 05/08/06 6,000 6,000,000
Iowa Higher Education Loan Authority RB (Private
College Project) Series 1985 DN (MBIA
Insurance) (A-1+, VMIG-1)
3.87%(c) 05/08/06 1,600 1,600,000
Urbandale IDRB (Aurora Business Park Assoc.
Project) Series 1985 DN (Principal Life
Insurance Co. Guaranty) (A-1+)
3.94%(c) 05/08/06 9,200 9,200,000
-----------
16,800,000
-----------
Kentucky - 2.2%
Fort Mitchell League of Cities RB (Funding Trust
Lease Project) Series 2002A DN (U.S. Bank N.A.
LOC) (VMIG-1)
3.82%(c) 05/08/06 4,600 4,600,000
Kentucky Assoc. of Counties Advance Revenue
COP Series 2005 TRAN (SP-1+)
4.00% 06/30/06 20,000 20,039,989
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
21
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Kentucky (continued)
Kentucky Economic Development Finance
Authority RB (Hospital Facilities Project) Series
2001-509 DN (Merrill Lynch SBPA, National
Australia Bank LOC) (A-1)
3.89%(b)(c) 05/08/06 $28,000 $28,000,000
-----------
52,639,989
-----------
Louisiana - 1.8%
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-1+)
3.90%(c) 05/08/06 22,435 22,435,000
Louisiana Local Government Environmental
Facilities Community Development Authority
RB (Capital & Equipment Programs Project)
Series 2006A DN (AMBAC Insurance, Banque
Nationale de Paribas Liquidity Facility)
(A-1+, Aaa)
3.90%(c) 05/08/06 20,000 20,000,000
Louisiana Public Facilities Authority RB (Tiger
Athletic Foundation Project) Series 1999 DN
(Regional Bank of Louisiana LOC)
3.82%(c) 05/08/06 300 300,000
-----------
42,735,000
-----------
Maine - 0.2%
Maine GO Series 2005 TAN (A-1+, MIG-1)
4.00% 06/30/06 4,000 4,008,323
-----------
Maryland - 2.0%
Baltimore County RB (St. Paul's School for Girls
Facility Project) Series 2000 DN (M&T Bank
Corp. LOC) (A-1)
3.85%(c) 05/08/06 6,505 6,505,000
Maryland Health & Higher Education Facilities
Authority RB (Adventist Healthcare Project)
Series 2003B DN (M&T Bank Corp. LOC)
(VMIG-1)
3.85%(c) 05/08/06 3,330 3,330,000
Maryland Health & Higher Education Facilities
Authority RB (Bear Stearns Municipal
Securities Trust Receipts) Series 2003 SGA-143
DN (Societe Generale Liquidity Facility) (A-1+)
3.85%(b)(c) 05/03/06 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)
3.75%(c) 05/08/06 4,150 4,150,000
Maryland Health & Higher Education Facilities
Authority RB (Doctors Community Hospital
Project) Series 1997 DN (M&T Bank Corp. LOC)
(A-1)
3.75%(c) 05/08/06 5,480 5,480,000
Maryland State Health & Higher Educational
Facilities Authority RB (Adventist Healthcare
Project) Series 2005A DN (LaSalle Bank LOC)
(VMIG-1)
3.79%(c) 05/08/06 10,000 10,000,000
Montgomery County Economic Development RB
(Brooke Grove Foundation, Inc. Project) Series
1998 DN (M&T Bank Corp. LOC) (A-1)
3.75%(c) 05/08/06 8,715 8,715,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Maryland (continued)
Montgomery County RB (Imagination Stage, Inc.
Facility Project) Series 2002 DN (M&T Bank
Corp. LOC) (A-1)
3.88%(c) 05/08/06 $ 3,865 $ 3,865,000
Montgomery County RB (Ivymount School, Inc.
Facilities Project) Series 2000 DN (M&T Bank
Corp. LOC) (A-1)
3.88%(c) 05/08/06 2,700 2,700,000
-----------
49,745,000
-----------
Massachusetts - 7.1%
Freetown Lakeville Regional School District GO
Series 2005 BAN (SP-1+)
4.25% 10/20/06 4,400 4,423,723
Gill-Montague Regional School District GO Series
2005 BAN (SP-1+)
3.62% 07/28/06 18,130 18,165,503
Hopkinton GO Series 2005 BAN (SP-1+)
4.00% 08/09/06 4,133 4,145,206
Massachusetts Development Finance Agency
Multi-Family Housing RB (Carleton Willard
Village Project) Series 2000 DN (Fleet National
Bank LOC) (A-1)
3.80%(c) 05/08/06 16,435 16,435,000
Massachusetts Health & Educational Facilities
Authority RB (Harvard University Project) Series
1999R DN (A-1+, VMIG-1)
3.61%(c) 05/01/06 33,600 33,600,000
Massachusetts Health & Educational Facilities
Authority RB (Harvard University Project) Series
2000BB DN (A-1+, VMIG-1)
3.63%(c) 05/08/06 80,375 80,375,000
Massachusetts State School Building Authority
Dedicated Sales Tax RB (Putters Series 1052)
Series 2005 DN (FSA Liquidity Facility) (A-1+)
3.40%(b)(c) 05/08/06 8,850 8,850,000
Medford GO Series 2006 BAN
4.00% 11/01/06 1,000 1,003,687
Worcester GO Series 2006 BAN (SP-1+, MIG-1)
4.25% 11/10/06 6,050 6,080,350
-----------
173,078,469
-----------
Michigan - 5.0%
Comstock Park Public Schools RB (Citigroup
Trust Receipts) Series 2005 ROC-II-R DN
(Citigroup Liquidity Facility) (VMIG-1)
3.84%(b)(c) 05/08/06 1,330 1,330,000
Detroit City School District RB (Wachovia Merlots
Trust Receipts) Series 2004B-01 DN (FGIC
Insurance, Wachovia Bank N.A. SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 14,380 14,380,000
Detroit Sewer & Disposal Authority RB (Wachovia
Merlots Trust Receipts) Series 2001A-112 DN
(MBIA Insurance) (VMIG-1)
3.82%(b)(c) 05/08/06 7,940 7,940,000
Detroit Sewer & Disposal Authority RB Series
2001E MB (FGIC Insurance) (A-1+, MIG-1)
3.00% 07/12/06 14,600 14,599,827
Garden City Hospital Finance Authority RB
(Garden City Hospital Project) Series 1996A DN
(National City Bank N.A. LOC) (A-1+)
3.82%(c) 05/08/06 2,670 2,670,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
22
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
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)
3.78%(c) 05/01/06 $ 5,200 $ 5,200,000
Kalamazoo Education Authority RB (Friendship
Village Project) Series 1997A DN (Fifth Third
Bank N.A. LOC) (A-1+)
3.80%(c) 05/08/06 3,565 3,565,000
Michigan GO Series 2005A MB (SP-1+, MIG-1)
4.50% 09/29/06 30,000 30,149,738
Michigan Housing Development Authority Limited
Obligation RB Series 1985 DN (Bank One N.A.
LOC) (VMIG-1)
3.78%(c) 05/08/06 20,600 20,600,000
Michigan Municipal Bond Authority RB Series
2005-339 DN (Citibank SBPA) (VMIG-1)
3.84%(b)(c) 05/08/06 8,910 8,910,000
Michigan Municipal Bond Authority RB Series
2005B-2 MB (J.P. Morgan Chase Bank LOC)
(SP-1+)
4.00% 08/18/06 9,100 9,128,503
Michigan Municipal Bond Authority RB Series
2005C MB (J.P. Morgan Chase Bank LOC)
(SP-1+)
4.25% 08/18/06 2,000 2,007,067
Oxford Community School GO Series 1996 MB
(AAA, Aaa)
5.40% 05/01/06 1,500 1,515,000
-----------
121,995,135
-----------
Minnesota - 2.8%
Midwest Consortium of Municipal Utilities RB
Series 2005B DN (U.S. Bank N.A. LOC) (A-1+)
3.81%(c) 05/08/06 3,000 3,000,000
Midwest Consortium of Municipal Utilities RB
Series 2005 DN (U.S. Bank N.A. LOC) (A-1+)
3.81%(c) 05/08/06 3,720 3,720,000
Minneapolis & St. Paul Airport RB (Wachovia
Merlots Trust Receipts) Series 2000A DN (FGIC
Insurance) (VMIG-1)
3.82%(b)(c) 05/08/06 4,990 4,990,000
Minneapolis GO Series 2003 DN (Dexia Bank
SBPA) (A-1+, VMIG-1)
3.66%(c) 05/04/06 1,920 1,920,000
Minneapolis RB (Convention Center Project)
Series 2000 DN (Bayerische Landesbank
Girozentrale SBPA) (A-1+, VMIG-1)
3.66%(c) 05/08/06 295 295,000
Minnesota Housing Finance Agency RB
(Residential Housing Project) Series 2005D MB
(SP-1+, MIG-1)
2.90% 05/18/06 21,000 20,995,005
Minnesota Public Facilities Authority Water PCRB
(Wachovia Merlots Trust Receipts) Series 2002A
DN (Wachovia Bank N.A. SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 14,715 14,715,000
Southern Minnesota Power Agency Power Supply
Systems RB (Merrill Lynch P-Floats) Series
2005 PZ-77 DN (MBIA Insurance) (F-1+)
3.88%(b)(c) 05/08/06 3,305 3,305,000
St. Cloud RB (Infrastructure Management Fund
Project) Series 2004 DN (Dexia Bank SBPA)
(A-1+, VMIG-1)
3.71%(c) 05/08/06 700 700,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Minnesota (continued)
Washington County Housing & Redevelopment
Authority Multi-Family RB (Federal Home Loan
Mortgage Corp. P-Float Trust Receipts) Series
2005 MT-154 DN (Federal Home Loan Mortgage
Corp. Guaranty) (A-1+)
3.87%(b)(c) 05/08/06 $ 6,995 $ 6,995,000
West St. Paul ISD Number 197 RB (CitiGroup Trust
Receipts) Series 6506-ROC-R-II DN (Citibank
SBPA) (A-1+)
3.43%(b)(c) 06/01/06 7,155 7,155,000
-----------
67,790,005
-----------
Mississippi - 2.8%
Mississippi Development Bank Special Obligation
Municipal Gas Authority RB (Natural Gas
Authority Project) Series 2005 DN (Societe
Generale Bank LOC)
3.80%(c) 05/08/06 25,000 25,000,000
Mississippi Development Bank Special Obligation
RB (Correctional Facilities Project) Series 2002
DN (AMBAC Insurance, Amsouth Bank of
Alabama SBPA) (A-1)
3.90%(c) 05/08/06 3,575 3,575,000
Mississippi Development Bank Special Obligation
RB (Mississippi Bond Program Harrison County
Project) Series 2003 DN (AMBAC Insurance,
Banque Nationale de Paribas SBPA) (A-1+)
3.90%(c) 05/08/06 8,730 8,730,000
Mississippi Development Bank Special Obligation
RB (Mississippi Bond Program Harrison County
Project) Series 2005 DN (AMBAC Insurance)
(A-1+)
3.90%(c) 05/04/06 15,000 15,000,000
Mississippi Development Bank Special Obligation
RB (Wachovia Merlots Trust Receipts) Series
2000HH DN (AMBAC Insurance, Wachovia Bank
SBPA) (Aaa, VMIG-1)
2.83%(b)(c) 07/19/06 16,475 16,475,000
-----------
68,780,000
-----------
Missouri - 2.1%
Medical Center Educational Building Corp. RB
(Adult Hospital Project) Series 2001 DN (A-1)
3.79%(c) 05/08/06 10,000 10,000,000
Missouri Board Public Buildings Special
Obligation RB (Wachovia Merlots Trust
Receipts) Series 2003A DN (Wachovia Bank N.A.
SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 4,965 4,965,000
Missouri Development Finance Board Lease RB
Series 1999 DN (TransAmerican Life Insurance)
(A-1+)
3.87%(c) 05/08/06 18,525 18,525,000
Missouri Health & Educational Facilities Medical
Research Facilities RB (Stowers Institute
Project) Series 2000 DN (MBIA Insurance LOC)
(A-1+, VMIG-1)
3.82%(c) 05/08/06 18,000 18,000,000
-----------
51,490,000
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
23
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Multi-State - 1.3%
Municipal Securities Pool Trust Receipts RB
Series 2004-17 DN (Multiple Insurances,
Societe Generale SBPA) (A-1+)
3.93%(b)(c) 05/08/06 $10,800 $10,800,000
Municipal Securities Pool Trust Receipts RB
Series 2004-18 DN (Societe Generale SBPA)
(A-1+)
3.93%(b)(c) 05/08/06 3,965 3,965,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A DN (Merrill Lynch Capital Services
SBPA) (F-1+)
3.93%(b)(c) 05/08/06 3,160 3,160,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005PZP-007 DN (Multiple LOCs)
(AAA, F-1+)
3.90%(b)(c) 05/08/06 13,260 13,260,000
-----------
31,185,000
-----------
Nebraska - 0.9%
American Public Energy Agency Gas Supply RB
(National Public Gas Agency Project) Series
2003A DN (Societe Generale SBPA)
(A-1+, VMIG-1)
3.85%(c) 05/08/06 14,700 14,700,000
Omaha GO (Citibank Eagle Trust Receipts) Series
2004A DN (Citibank SBPA) (A-1+)
3.84%(b)(c) 05/08/06 8,000 8,000,000
-----------
22,700,000
-----------
Nevada - 1.2%
Clark County Airport RB (ABN-AMRO Munitops
Trust Certificates) Series 2005-56 DN (AMBAC
Insurance, ABN-AMRO Bank N.V. SBPA)
(F-1+, AAA)
3.48%(b)(c) 09/11/06 4,995 4,995,000
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+)
3.85%(b)(c) 05/08/06 12,480 12,480,000
Clark County School District Municipal Securities
Trust Certificates RB (Putters Project-745)
Series 2006 DN (FGIC Insurance, J.P. Morgan
Chase Bank Liquidity Facility) (A-1+)
3.51%(b)(c) 05/08/06 4,785 4,785,000
Reno Capital Improvement RB (Bear Stearns
Trust Certificates) Series 2002A DN (FGIC
Insurance, Bear Stearns LOC) (A-1)
3.85%(b)(c) 05/08/06 7,600 7,600,000
-----------
29,860,000
-----------
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+)
3.86%(c) 05/08/06 7,000 7,000,000
-----------
New Jersey - 2.5%
Gloucester County Industrial Financing Authority
PCRB (Exxon Mobil Corp. Project) Series 2003
DN (Exxon Mobil Corp. Guaranty) (A-1+, VMIG-1)
3.28%(c) 05/01/06 9,100 9,100,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
New Jersey (continued)
Hudson County Improvement Authority RB
(Essential Purpose Pooled Government Project)
Series 1986 DN (Bank of New York LOC)
3.72%(c) 05/08/06 $ 3,050 $ 3,050,000
Mercer County Improvement Authority RB
(Atlantic Foundation Project) Series 1998 DN
(Bank of America N.A. LOC) (A-1+)
3.75%(c) 05/08/06 9,920 9,920,000
New Jersey Economic Development Authority RB
(Citibank P-Float Trust Receipts) Series 2004
ROC-II-R-309 DN (Assured Guaranty Corp.
Insurance, Citibank N.A. SBPA) (A-1+)
3.85%(b)(c) 05/08/06 13,100 13,100,000
New Jersey Economic Development Authority RB
(Landesbank Hessen-Thuringen Girozentrale
P-Float Trust Receipts) Series 2004 MT-035 DN
(Assured Guaranty Corp. Insurance,
Landesbank Hessen-Thuringen Girozentrale
SBPA) (A-1)
3.82%(b)(c) 05/08/06 2,200 2,200,000
New Jersey Economic Development Authority RB
(Lawrenceville School Project) Series 1996B DN
(J.P. Morgan Chase Bank SBPA) (VMIG-1)
3.25%(c) 05/01/06 9,825 9,825,000
New Jersey Economic Development Authority RB
(Stuart Country Day School Project) Series 2002
DN (M&T Bank Corp. LOC) (VMIG-1)
3.77%(c) 05/08/06 1,400 1,400,000
New Jersey Educational Facilities Authority RB
(Princeton University Project) Series 2003F DN
(A-1+, VMIG-1)
3.59%(c) 05/01/06 10,605 10,605,000
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)
3.85%(b)(c) 05/08/06 2,455 2,455,000
-----------
61,655,000
-----------
New Mexico - 0.6%
ABN AMRO Munitops Trust Receipts RB Series
2005-42 DN (AMBAC Insurance) (F-1+)
3.84%(c) 05/08/06 10,290 10,290,000
New Mexico Financial Authority RB (Cigarette Tax
Project) Series 2004B DN (MBIA Insurance,
Bank of America N.A. SBPA) (A-1+, VMIG-1)
3.83%(c) 05/08/06 3,115 3,115,000
-----------
13,405,000
-----------
New York - 2.6%
Dormitory Authority of the State of New York RB
(Teresian House Housing Corp. Project) Series
2003 DN (Lloyds Bank LOC) (A-1+)
3.80%(c) 05/08/06 10,475 10,475,000
Metropolitan Pier & Exposition Authority RB (Bear
Stearns Trust Certificates) Series 2005A-224
DN (MBIA Insurance, Bear Stearns Capital
Markets Liquidity Facility) (VMIG-1)
3.92%(b)(c) 05/08/06 4,455 4,455,000
Metropolitan Transportation Authority RB Series
2006 DN (ABN-AMRO Bank N.V. LOC)
(A-1+, P-1)
3.50% 07/11/06 13,000 13,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
24
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ ------------------
MUNICIPAL BONDS (Continued)
New York (continued)
New York City Transitional Finance Authority RB
(Citibank Trust Receipts) Series 2005R
ROC-II-465 DN (Citibank Liquidity Facility)
(A-1+)
3.83%(b)(c) 05/08/06 $ 10 $ 10,000
New York Environmental Facilities Clean Water &
Drinking RB (Citibank Trust Receipts) Series
2004R ROC-3016 DN (Citigroup SBPA) (A-1+)
3.43%(b)(c) 06/01/06 3,680 3,680,000
New York GO Series 2005E-3 DN (Bank of America
LOC) (A-1+, VMIG-1)
3.79%(c) 05/08/06 7,100 7,100,000
Triborough Bridge & Tunnel Authority RB (Merrill
Lynch P-Float Trust Receipts) Series 2002
PA-956 DN (Merrill Lynch Capital Services
Liquidity Facility) (A-1+)
3.85%(b)(c) 05/08/06 5,000 5,000,000
TSASC, Inc. RB (Merrill Lynch P-Float Trust
Receipts) Series 2006 PA-1355 DN (Merrill
Lynch Guaranty, Merrill Lynch Capital Services
SBPA) (AA-, F-1+)
3.87%(c) 05/08/06 18,000 18,000,000
Westchester Tobacco Asset Securitization Corp.
RB (Merrill Lynch P-Float Trust Receipts)
Series 2005-1338 DN (Merrill Lynch Capital
Services) (F-1+)
3.86%(b)(c) 05/08/06 1,525 1,525,000
----------
63,245,000
----------
North Carolina - 3.6%
ABN AMRO Munitops Trust Receipts RB Series
2005-52 DN (ABN AMRO Bank N.V. LOC)
(VMIG-1)
3.84%(b)(c) 05/08/06 5,995 5,995,000
Charlotte Water & Sewer System GO Series 2005
TECP (Wachovia Bank LOC) (A-1+, P-1)
2.88% 06/08/06 11,700 11,700,000
3.03% 07/11/06 7,600 7,600,000
3.21% 08/01/06 4,600 4,600,000
3.25% 08/01/06 9,450 9,450,000
Charlotte-Mecklenburg Hospital Authority RB
(Carolina's Healthcare Project) Series 2005B
DN (Bank of America SBPA) (A-1+, VMIG-1)
3.76%(c) 05/01/06 8,700 8,700,000
Guilford County Industrial Facilities PCRB
(Recreational Facilities-YMCA Project) Series
2002 DN (Branch Banking & Trust Co. LOC)
(VMIG-1)
3.82%(c) 05/08/06 315 315,000
North Carolina Capital Facilities Finance Agency
Educational Facilities RB (Country Day School
Project) Series 2005 DN (Branch Banking &
Trust Co. LOC) (VMIG-1)
3.82%(c) 05/08/06 6,900 6,900,000
North Carolina Capital Facilities Finance Agency
Educational Facilities RB Series 2001 DN
(Branch Banking & Trust Co. LOC) (VMIG-1)
3.82%(c) 05/08/06 2,045 2,045,000
North Carolina GO Series 2003A-23 DN (Wachovia
Bank N.A. SBPA) (A-1)
3.82%(b)(c) 05/08/06 6,300 6,300,000
North Carolina Medical Care Commission
Retirement Facilities RB (Aldersgate Project)
Series 2001 DN (Branch Banking & Trust Co.
LOC) (A-1)
3.90%(c) 05/08/06 5,910 5,910,000
PAR
MATURITY (000) VALUE
---------- ------------------ ------------------
MUNICIPAL BONDS (Continued)
North Carolina (continued)
North Carolina Medical Care Commission
Retirement Facilities RB (Brookwood Project)
Series 2001C DN (Branch Banking & Trust Co.
LOC) (A-1)
3.90%(c) 05/08/06 $ 4,500 $4,500,000
North Carolina Medical Care Community Hospital
RB (Southeastern Regional Medical Center
Project) Series 2005 DN (Branch Banking &
Trust LOC) (VMIG-1)
3.82%(c) 05/08/06 2,640 2,640,000
University of North Carolina RB (Eagle Trust
Receipts) Series 2005A DN (Citibank Liquidity
Facility) (A-1+)
3.84%(b)(c) 05/08/06 10,000 10,000,000
----------
86,655,000
----------
Ohio - 3.1%
Akron Income Tax RB (Community Learning
Centers Project) Series 2004A DN (FGIC
Insurance, ABN-AMRO Bank N.V. SBPA)
(A-1, F-1+)
3.84%(b)(c) 05/08/06 17,730 17,730,000
Clark County Multi-Family RB (Masonic Home
Project) Series 1999 DN (AMBAC Insurance,
KeyBank N.A. LOC) (VMIG-1)
3.83%(c) 05/08/06 7,000 7,000,000
East Liverpool City Hospital RB Series 2006 DN
(Fifth Third Bank LOC) (A-1+)
3.84%(c) 05/08/06 5,700 5,700,000
Franklin County Municipal Securities Trust
Certificates RB Series 2002A-9047 DN (AMBAC
Insurance, Bear Stearns SBPA) (A-1)
3.82%(b)(c) 05/08/06 2,600 2,600,000
Hamilton County Economic Development RB (Taft
Museum Project) Series 2002 DN (Fifth Third
Bank N.A. LOC)
3.82%(c) 05/08/06 300 300,000
Hamilton County Hospital Facilities RB (Merrill
Lynch Trust Receipts P-Float PT-507) Series
2001 DN (Merrill Lynch Guaranty) (A-1+)
3.89%(b)(c) 05/08/06 8,780 8,780,000
Jackson County RB (Hospital Facilities Project)
Series 2005 DN (Radian Insurance, Fifth Third
Bank N.A. LOC) (AA, F-1+)
3.84%(c) 05/08/06 6,190 6,190,000
Ohio University General Receipts RB Series 2005B
DN (A-1+)
3.68%(c) 05/08/06 16,000 16,000,000
Toledo City Services Special Assesment Notes
Series 2006 DN (State Street Bank & Trust Co.
LOC) (MIG-1)
3.81%(c) 05/08/06 1,200 1,200,000
Tuscarawas County Hospital Facilities RB (Merrill
Lynch Trust Receipts P-Float MT-103) Series
2005 DN (Merrill Lynch Guaranty)
3.87%(b)(c) 05/08/06 960 960,000
University of Toledo RB (Societe Generale Trust
Receipts) Series 2001 SGA-125 DN (FGIC
Insurance, Societe Generale Liquidity Facility)
(A-1+)
3.82%(b)(c) 05/08/06 5,600 5,600,000
Wood County Facilities Import Piping Industry RB
Series 2001 DN (KeyBank N.A. LOC)
3.86%(c) 05/08/06 2,595 2,595,000
----------
74,655,000
----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
25
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Oklahoma - 0.1%
Oklahoma Industrial Authority RB (Casady School
Project) Series 2001 DN (Bank One N.A. LOC)
3.90%(c) 05/08/06 $ 2,320 $ 2,320,000
-----------
Oregon - 0.5%
Forest Grove Student Housing RB (Oak Tree
Foundation Project) Series 2006A DN (KeyBank
N.A. LOC) (VMIG-1)
3.81%(c) 05/08/06 4,200 4,200,000
Oregon State Department of Administrative
Services COP (Putters Project Series 876)
Series 2006 DN (FSA Insurance, JP Morgan
Chase SBPA) (A-1+)
3.51%(b)(c) 08/17/06 7,255 7,255,000
-----------
11,455,000
-----------
Pennsylvania - 1.9%
Delaware County IDRB (The Agnes Irwin School
Project) Series 2003 DN (Citizens Bank LOC)
(VMIG-1)
3.80%(c) 05/08/06 300 300,000
Delaware Valley IDRB (Citibank Trust Receipts)
Series 2001 DN (AMBAC Insurance, Bank of
New York SBPA) (A-1+)
3.84%(b)(c) 05/08/06 5,000 5,000,000
Franklin County IDRB (Chambersburg Hospital
Project) Series 2000 DN (AMBAC Insurance,
Wachovia Bank N.A. SBPA) (A-1)
3.90%(c) 05/08/06 1,550 1,550,000
Harrisburg Authority School RB (Harrisburg
Project) Series 2003 DN (AMBAC Insurance,
Westdeutsche Landesbank Girozentrale
Liquidity Facility) (A-1+)
3.80%(c) 05/08/06 13,895 13,895,000
Pennsylvania Higher Educational Facilities
Authority RB (P-Float Trust Receipts) Series
2004 MT-042 DN (Lloyds Bank LOC, Merrill
Lynch Capital Services SBPA) (F-1+)
3.86%(b)(c) 05/08/06 7,100 7,100,000
Pennsylvania Higher Educational Facilities
Authority RB (P-Float Trust Receipts) Series
2005-2498 DN (Merrill Lynch Guaranty) (F-1+)
3.90%(b)(c) 05/08/06 7,210 7,210,000
Union County Hospital Authority RB (Evangelical
Community Hospital Project) Series 2001 MB
(Fleet National Bank SPBA, Radian Asset
Assurance, Inc.) (A-1)
3.40%(c) 02/01/07 9,610 9,610,000
Upper Merion General Authority Lease RB Series
2003 DN (Commerce Bank N.A. LOC) (VMIG-1)
3.83%(c) 05/08/06 2,400 2,400,000
-----------
47,065,000
-----------
Puerto Rico - 0.2%
Commonwealth of Puerto Rico Intrastructure
Financing Authority RB (Merlots) Series
2005A-21 DN (Wachovia Bank LOC) (VMIG-1)
3.32%(b)(c) 11/15/06 3,845 3,845,000
-----------
South Carolina - 4.1%
Charleston Waterworks & Sewer Capital
Improvement RB Series 2006B DN (Wachovia
Bank N.A. SBPA) (A-1+)
3.81%(c) 05/08/06 7,000 7,000,000
Dorchester County GO Series 2005 BAN (SP-1)
4.00% 05/25/06 12,000 12,009,136
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
South Carolina (continued)
Educational Facilities Authority Private Non-Profit
Institutions of Higher Learning RB (Allen
University Project) Series 2005A DN (National
Bank of South Carolina LOC) (F-1)
3.85%(c) 05/08/06 $ 4,000 $ 4,000,000
Greenville County School District RB (UBS Muni
Project) Series 2006-02 DN (Assured Guaranty
Credit Support, Landesbank Hessen-Thuringen
Girozentrale SBPA) (A-1)
3.87%(b)(c) 05/08/06 12,000 12,000,000
Greenville County School District RB Series
2005R-361 DN (Assured Guaranty, Citibank
Liquidity Facility) (A-1+)
3.85%(b)(c) 05/08/06 30,925 30,925,000
Medical University Hospital Authority RB Series
2005A-5 DN (MBIA Insurance, Bank of America
N.A. SBPA) (VMIG-1)
3.85%(b)(c) 05/08/06 16,000 16,000,000
South Carolina Jobs Economic Development
Authority Hospital Facilities RB (Oconee
Memorial Hospital Project) Series 2005A DN
(Radian Asset Assurance, Inc.) (VMIG-1)
3.86%(c) 05/08/06 8,000 8,000,000
South Carolina Transitional Infrastructure RB
(ABN-AMRO Munitops Trust Certificates) Series
2002A DN (AMBAC Insurance, ABN-AMRO Bank
N.V. SBPA) (VMIG-1)
3.84%(b)(c) 05/08/06 10,475 10,475,000
-----------
100,409,136
-----------
Tennessee - 1.6%
City of Chattanooga Health, Education & Housing
Facility Board RB Series 1999 DN (Amsouth
Bank of Alabama LOC) (A-1)
3.92%(c) 05/08/06 12,400 12,400,000
Cleveland IDRB (YMCA Chattan Project) Series
1999 DN (SunTrust Bank LOC)
3.80%(c) 05/08/06 1,400 1,400,000
Gallatin Industrial Development Board
Educational Facilities RB (John Vianney School
Project) Series 2002 DN (SunTrust Bank LOC)
(VMIG-1)
3.85%(c) 05/08/06 1,940 1,940,000
Knoxville Waste Water System RB (Putters
Project) Series 2006-1292 DN (MBIA Insurance)
(A-1)
3.87%(b)(c) 05/08/06 8,100 8,100,000
Memphis GO Series 1995A DN (Westdeutsche
Landesbank Girozentrale LOC) (A-1+, VMIG-1)
3.90%(c) 05/08/06 300 300,000
Metropolitan Government of Nashville & Davidson
Counties Health & Education Board RB (Merril
Lynch P-Float Trust Receipts) Series 2006
PZ-99 DN (Merril Lynch Capital Services SBPA)
(VMIG-1)
3.22%(b)(c) 05/08/06 2,950 2,950,000
Metropolitan Government of Nashville & Davidson
County Health & Education Board RB
(Ascension Health Credit Project) Series
2001B-2 DN (A-1+, VMIG-1)
3.40%(c) 01/03/07 3,500 3,500,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
26
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Tennessee (continued)
Metropolitan Government of Nashville & Davidson
County Health & Education Board RB (Belmont
University Project) Series 1997 DN (SunTrust
Bank LOC) (VMIG-1)
3.80%(c) 05/08/06 $ 3,000 $ 3,000,000
Metropolitan Government of Nashville & Davidson
County IDRB (Trevecca Nazarene Project)
Series 2003 DN (SunTrust Bank LOC)
3.80%(c) 05/08/06 5,000 5,000,000
Washington County IDRB (Springbrook Properties
Project) Series 1996 DN (SunTrust Bank LOC)
(A-1+, VMIG-1)
3.80%(c) 05/08/06 600 600,000
-----------
39,190,000
-----------
Texas - 7.4%
ABN AMRO Munitops Certificates Trust GO Series
2006-8 DN (PSF Guaranty, ABN AMRO Bank
SBPA) (VMIG-1)
3.85%(b)(c) 05/08/06 11,565 11,565,000
Austin Convention Enterprises, Inc. RB (Citibank
Trust Receipts) Series 2006R ROC-II-511CE DN
(Citigroup Guaranty) (VMIG-1)
3.86%(b)(c) 05/08/06 9,200 9,200,000
Austin Water & Wastewater System RB (Wachovia
Merlots Trust Receipts) Series 2000 DN (MBIA
Insurance) (VMIG-1)
3.82%(b)(c) 05/08/06 2,475 2,475,000
Clear Creek ISD GO Series 2005-04 DN (Wachovia
Bank N.A. LOC) (VMIG-1)
3.82%(b)(c) 05/08/06 5,100 5,100,000
Comal ISD GO Series 2005 DN (Bank of New York
LOC) (A-1, VMIG-1)
3.90%(b)(c) 05/08/06 2,260 2,260,000
Cypress Fairbanks ISD GO (Wachovia Merlot Trust
Receipts) Series 2004C-16 DN (PSF Guaranty)
(VMIG-1)
3.82%(b)(c) 05/08/06 4,500 4,500,000
De Soto ISD RB (Citigroup Trust Receipts) Series
2004R-2107-ROC-II DN (PSF Guaranty,
Citigroup Global Markets Liquidity Facility)
(A-1+)
3.84%(b)(c) 05/08/06 6,110 6,110,000
Eagle Mountain & Saginaw ISD GO (Municipal
Securities Trust Receipts) Series 2003 SGA-141
DN (PSF Guaranty, Societe Generale Liquidity
Facility) (A-1+)
3.85%(b)(c) 05/03/06 4,000 4,000,000
Harris County RB (Citibank Trust Receipts) Series
2002-1029-ROC-II DN (FSA Insurance) (A-1+)
3.84%(b)(c) 05/08/06 1,880 1,880,000
Houston ISD Putters Trust Receipts GO Series
2005 DN (PSF Guaranty) (VMIG-1)
3.84%(b)(c) 05/08/06 5,350 5,350,000
Houston Water & Sewer RB (Stars Certificates
Project) Series 2003 DN (FSA Insurance)
(VMIG-1)
3.84%(b)(c) 05/08/06 3,160 3,160,000
Lower Colorado River Authority RB (Wachovia
Merlots Trust Receipts) Series 2000 DN (FSA
Insurance, Wachovia Bank N.A. SBPA)
(Aaa, VMIG-1)
3.82%(b)(c) 05/08/06 2,000 2,000,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Texas (continued)
Lower Neches Valley Authority PCRB (Chevron
USA, Inc. Project) Series 1987 MB
(Chevron-Texaco Guaranty) (A-1+, P-1)
3.35%(c) 08/15/06 $ 9,395 $ 9,395,000
Municipal Securities Pool Trust Receipts GO
Series 2005A-234 BAN (PSF Guaranty, Bear
Stearns SBPA) (VMIG-1)
3.92%(b)(c) 05/08/06 7,155 7,155,000
Northside ISD GO (School Building Project) Series
2005 DN (Depfa Bank SBPA) (A-1+, MIG-1)
2.85%(c) 06/15/06 17,000 17,000,000
Socorro ISD GO (Citigroup Trust Receipts) Series
2005 ROC-II R-2222 DN (PSF Guaranty)
3.84%(b)(c) 05/08/06 2,495 2,495,000
Texas A&M University RB (Citibank Trust
Receipts) Series 2003R-4005 ROC-II DN
(Citibank Liquidity Facility, Texas Permanent
School Funding) (VMIG-1)
3.84%(b)(c) 05/08/06 4,965 4,965,000
Texas GO (Morgan Stanley Trust Receipts) Series
2005-1147 DN (Morgan Stanley SBPA) (F-1+)
3.84%(b)(c) 05/08/06 4,010 4,010,000
Texas GO (Municipal Trust Receipts) Series 2005A
SGB-58 DN (Societe Generale Liquidity Facility)
(A-1+)
3.84%(c) 05/08/06 5,900 5,900,000
Texas GO Series 2005 TRAN (SP-1+, MIG-1)
4.50% 08/31/06 23,900 23,993,841
Texas Student Housing Authority RB (Merrill
Lynch P-Float Trust Receipts) Series 2005
PT-3101 DN (Merrill Lynch Guaranty) (F-1+)
3.89%(b)(c) 05/08/06 4,240 4,240,000
Texas Tech University RB (Bear Stearns Trust
Receipts) Series 2002A DN (MBIA Insurance)
(A-1)
3.85%(b)(c) 05/08/06 13,630 13,630,000
University of Texas Permanent University Fund RB
(Citibank Trust Receipts) Series 2005-ROC-
II-R-2194 DN (Liquidity Facility Citigroup)
(VMIG-1)
3.84%(b)(c) 05/08/06 11,890 11,890,000
University of Texas Permanent University Fund RB
(Morgan Stanley Trust Receipts) Series
2005-1023 DN (Morgan Stanley Liquidity
Facility) (F-1+)
3.84%(b)(c) 05/08/06 4,850 4,850,000
University of Texas Permanent University Fund RB
(Municipal Trust Receipts) Series 2004-SGB-55
DN (Societe Generale SBPA) (A-1+)
3.84%(b)(c) 05/08/06 6,690 6,690,000
University of Texas RB (Wachovia Merlots Trust
Receipts) Series 2003B-14 DN (Wachovia Bank
N.A. SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 6,250 6,250,000
-----------
180,063,841
-----------
Utah - 0.1%
Jordanelle Special Services District RB (Tuhaye
Project) Series 2005 DN (Wells Fargo Bank N.A.
LOC) (A-1+)
3.81%(c) 05/08/06 2,600 2,600,000
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
27
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Vermont - 1.0%
Vermont Economic Development Authority RB
(Green Mountain College Project) Series 2003A
DN (Key Bank N.A. LOC)
3.86%(c) 05/08/06 $ 7,775 $7,775,000
Vermont Educational & Health Buildings Finance
Agency RB (Mount Ascutney Hospital Project)
Series 2004A DN (BankNorth N.A. LOC)
(VMIG-1)
3.81%(c) 05/01/06 4,315 4,315,000
Vermont Educational & Health Buildings
Financing Agency RB (North Country Hospital
Project) Series 2002A DN (TD BankNorth N.A.
LOC) (VMIG-1)
3.81%(c) 05/01/06 3,600 3,600,000
Vermont Educational & Health Buildings
Financing Agency RB (Rutland Medical Center
Project) Series 2001A DN (National
Westminster Bank LOC) (A-1)
3.86%(c) 05/08/06 3,400 3,400,000
Winooski Special Obligation Bonds Series 2006A
DN (TD BankNorth N.A. LOC) (VMIG-1)
3.75%(c) 05/08/06 4,700 4,700,000
----------
23,790,000
----------
Virginia - 2.7%
Alexandria IDRB (Goodwin House Project) Series
2005 DN (Wachovia Bank N.A. LOC) (A-1)
3.78%(c) 05/01/06 18,510 18,510,000
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-)
3.89%(b)(c) 05/08/06 9,750 9,750,000
Chesterfield County IDRB (Merrill Lynch Trust
Receipts) Series 2003 PT-886 DN (Merrill Lynch
& Co. Guaranty) (F-1+)
3.89%(b)(c) 05/08/06 24,995 24,995,000
Hampton Roads Regional Jail Authority Facilities
RB (Citibank Trust Receipts) Series 2004
ROC-RR-II-R-2156 DN (MBIA Insurance,
Citibank Liquidity Facility) (VMIG-1)
3.43%(b)(c) 06/01/06 4,960 4,960,000
Loudoun County IDRB (Howard Hughes Medical
Institute Project) Series 2003E DN
(A-1+, VMIG-1)
3.72%(c) 05/01/06 100 100,000
Tobacco Settlement Financing Corp. RB (P-Float
Trust Receipts) Series 2005 PA-1303 DN
(Merrill Lynch & Co. Guaranty, Merrill Lynch
Capital Services SBPA) (F-1+)
3.86%(b)(c) 05/08/06 2,000 2,000,000
University of Virginia RB (Wachovia Merlots Trust
Receipts) Series 2003B-31 DN (Wachovia Bank
N.A. SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 2,675 2,675,000
Virginia Public School Authority RB (Citigroup
Global Markets Trust Receipts) Series
2003R-4050-ROC-II DN (Citigroup Liquidity
Facility) (A-1+)
3.84%(b)(c) 05/08/06 1,970 1,970,000
----------
64,960,000
----------
PAR
MATURITY (000) VALUE
---------- ------------------ ------------------
MUNICIPAL BONDS (Continued)
Washington - 1.9%
King County GO (ABN-AMRO Munitops Trust
Certificates) Series 2001-1 DN (MBIA
Insurance) (VMIG-1)
3.85%(b)(c) 05/08/06 $ 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)
3.85%(b)(c) 05/08/06 11,750 11,750,000
Seattle GO (Bear Stearns Municipal Trust
Receipts) Series 2003 SGA-142 DN (Societe
Generale SBPA) (A-1+)
3.85%(b)(c) 05/08/06 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)
3.82%(b)(c) 05/08/06 7,390 7,390,000
Spokane County School District No. 081 GO
(Citibank Trust Receipts) Series 2003R-ROC-
II-4000 DN (FSA Insurance, Citibank Liquidity
Facility) (VMIG-1)
3.84%(b)(c) 05/08/06 3,560 3,560,000
Washington GO (Piper Jaffray Trust Certificates)
Series 2002G DN (Bank of New York LOC)
(VMIG-1)
3.86%(b)(c) 05/08/06 5,170 5,170,000
Washington State Health Care Facilities Authority
RB (Seattle Cancer Care Projects) Series 2005
DN (Key Bank N.A. LOC) (A-1)
3.81%(c) 05/04/06 4,250 4,250,000
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)
3.81%(c) 05/08/06 3,170 3,170,000
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)
3.81%(c) 05/08/06 4,410 4,410,000
----------
46,200,000
----------
West Virginia - 0.3%
West Virginia Economic Development Authority
RB (Juvenile Correctional Project) Series 2002A
DN (MBIA Insurance, Bear Stearns Capital
Markets Liquidity Facility) (A-1)
3.85%(b)(c) 05/08/06 4,990 4,990,000
West Virginia University RB (Merrill Lynch P-Float
Trust Receipts) Series 2005 PZ-56 DN (Merrill
Lynch SBPA, MBIA Insurance)
3.88%(b)(c) 05/08/06 2,215 2,215,000
----------
7,205,000
----------
Wisconsin - 1.6%
Appleton Redevelopment Authority RB (Fox City
Project) Series 2001B DN (Bank One N.A. LOC)
(VMIG-1)
3.83%(c) 05/08/06 8,100 8,100,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
28
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONCLUDED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ---------- ------------
MUNICIPAL BONDS (Continued)
Wisconsin (continued)
Milwaukee Redevelopment Authority RB (Yankee
Hill Apartments Project) Series 2005 DN (Wells
Fargo Bank N.A. LOC) (A-1+)
3.76%(c) 05/08/06 $1,700 $1,700,000
Southeast Wisconsin Professional Baseball Park
RB (Wachovia Merlots Trust Receipts) Series
2000Y DN (MBIA Insurance, Wachovia Bank N.A.
SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 5,280 5,280,000
Wisconsin Health & Educational Facilities
Authority RB (Edgewood College Project) Series
1997 DN (Bank One N.A. LOC)
3.87%(c) 05/08/06 5,840 5,840,000
Wisconsin Health & Educational Facilities
Authority RB (Oakwood Village Project) Series
2000B DN (Marshall & Ilsley Bank LOC) (A-1)
3.83%(c) 05/08/06 2,420 2,420,000
Wisconsin Health & Educational Facilities
Authority RB (St. John's Community Project)
Series 2005 DN (Radian Asset Assurance, Inc.)
(F-1)
3.84%(c) 05/08/06 5,000 5,000,000
Wisconsin Health & Educational Facilities
Authority RB (St. Joseph's Community Hospital
Project) Series 2001 DN (Marshall & Ilsley Bank
LOC) (A-1)
3.83%(c) 05/08/06 10,300 10,300,000
----------
38,640,000
----------
TOTAL INVESTMENTS IN SECURITIES - 99.3%
(Cost $2,414,231,555(a)) 2,414,231,555
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.7% 17,741,857
-------------
NET ASSETS - 100.0% $2,431,973,412
==============
- -------------------
(a) Aggregate cost for federal income tax purposes.
(b) 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, 2006, the Fund held 43.3% of its net assets, with a current market
value of $1,053,860,000, in securities restricted as to resale.
(c) Rates shown are the rates as of April 30, 2006 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.
29
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ ------------------
MUNICIPAL BONDS - 99.6%
Alabama - 1.0%
Brundidge IDRB (Carter Brothers Project) Series
2001 AMT DN (Southtrust Bank LOC)
3.95%(b) 05/08/06 $ 940 $ 940,000
Columbia IDRB (Alabama Power Co. Project)
Series 1998A AMT DN (The Southern Co.
Guaranty) (A-1, VMIG-1)
3.83%(b) 05/01/06 7,705 7,705,000
Dothan GO Series 2005 MB (AMBAC Insurance)
5.00% 09/01/06 400 401,699
Jefferson County Economic IDA RB (Conversion
Technologies Project) Series 2006A AMT DN
(First Commercial Bank LOC)
3.90%(b) 05/08/06 1,370 1,370,000
Tuscaloosa IDRB Series 2000A AMT DN
(Southtrust Bank LOC)
3.95%(b) 05/08/06 1,365 1,365,000
Vestavia Hills GO Series 2004B DN (Wachovia
Bank LOC) (VMIG-1)
3.90%(b) 05/08/06 1,800 1,800,000
----------
13,581,699
----------
Arizona - 1.3%
Cochise County Solid Waste Disposal PCRB
(Arizona Natural Utilities Co-op, Inc. Project)
Series 1994 AMT DN (A-1, VMIG-1)
3.40%(b) 09/01/06 10,000 10,000,000
Phoenix IDA Multi-Family Housing RB (Merrill
Lynch P-Floats Trust Receipts) Series
2005-PT-2940 AMT DN (Merrill Lynch & Co.
SBPA)
3.93%(b)(c) 05/08/06 7,465 7,465,000
----------
17,465,000
----------
California - 0.3%
California Statewide Communities Development
Authority Multi-Family RB (Merrill Lynch
P-Float Trust Receipts) Series 2003 PT-2001
AMT DN (Merrill Lynch & Co. Guaranty)
3.86%(b)(c) 05/04/06 2,480 2,480,000
Puttable Floating Tax Exempt Receipts Series
2005 DN (FGIC, MBIA & FSA Insurance, Merrill
Lynch SBPA) (F-1+)
3.93%(b)(c) 05/08/06 800 800,000
----------
3,280,000
----------
Colorado - 1.3%
Colorado Health Facilities Authority Economic
Development RB (Johnson Publishing Co.
Project) Series 1999A AMT DN (Bank One N.A.
LOC)
3.95%(b) 05/08/06 1,170 1,170,000
Colorado Housing & Finance Authority RB (Single
Family Mortgage Project) Series 2005 AMT MB
(Trinity Funding Guaranty) (SP-1+, MIG-1)
2.80% 07/05/06 15,000 15,000,000
Denver City & County Airport RB Series 1996B MB
(MBIA Insurance) (AAA, Aaa)
6.25% 11/15/06 1,300 1,320,365
----------
17,490,365
----------
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)
3.90%(b) 05/08/06 5,000 5,000,000
PAR
MATURITY (000) VALUE
---------- ------------------ --------------------
MUNICIPAL BONDS (Continued)
District of Columbia (continued)
District of Columbia Housing Finance Agency
Multi-Family RB Series 2006-2005G AMT DN
(Merrill Lynch Guaranty)
3.93%(b)(c) 05/08/06 $ 2,125 $2,125,000
District of Columbia Housing Finance Agency RB
Series 2004 PT-2391 DN (MBIA Insurance,
Merrill Lynch & Co. SBPA) (F-1+)
3.93%(b)(c) 05/04/06 2,435 2,435,000
----------
9,560,000
----------
Florida - 5.0%
Greater Orlando Aviation Authority RB (Special
Purpose Cessna Aircraft Project) Series 2001
AMT DN (Textron, Inc. Guaranty) (A-2, P-1)
4.90%(b) 05/08/06 6,000 6,000,000
Hillsborough County Utilities RB (Junior Lien
Project) Series 2001 MB (AMBAC Insurance)
5.00% 08/01/06 500 502,262
Jacksonville Economic Development Commission
IDRB (Glasfloss Industries, Inc. Project) Series
2002 AMT DN (Huntington National Bank LOC)
4.10%(b) 05/08/06 1,940 1,940,000
Jacksonville Economic Development Commission
IDRB (Tremron Jacksonville Project) Series
2000 AMT DN (Branch Banking & Trust Co.
LOC)
3.92%(b) 05/04/06 2,170 2,170,000
Jacksonville Economic Development Commission
Special Facility Airport RB (Holland Sheltair
Project) Series 2005B AMT DN (Huntington
Bank LOC)
3.90%(b) 05/08/06 2,100 2,100,000
Lee County IDRB Series 1997 AMT DN (SunTrust
Bank LOC)
3.93%(b) 05/08/06 1,785 1,785,000
Palm Beach School Board COP Series 2003A MB
(AMBAC Insurance) (AAA, Aaa)
2.00% 08/01/06 2,000 1,992,874
Pinellas County Health Facilities Authority RB
(Bay Care Health Project) Series 2003A-1 MB
(MBIA Insured) (Aaa)
5.00% 11/15/06 1,500 1,513,584
Pinellas County Housing Finance Authority RB
Series 2004A DN (CDC Funding Insurance,
Rabobank SBPA) (VMIG-1)
3.89%(b)(c) 05/08/06 8,115 8,115,000
Pinellas County Housing Finance Authority Single
Family Mortgage RB Series 2004-009 AMT DN
(CDC Funding Insurance, Rabobank SBPA)
(VMIG-1)
3.89%(b)(c) 05/08/06 5,150 5,150,000
Pinellas County Housing Finance Authority Single
Family Mortgage RB Series 2004-933 AMT DN
(Merrill Lynch Liquidity Facility, Rabobank
SBPA) (VMIG-1)
3.89%(b)(c) 05/04/06 2,725 2,725,000
Pinellas County IDRB Series 2004 AMT DN (Trinity
Insurance, Wachovia Bank N.A. LOC, Rabobank
SBPA) (VMIG-1)
3.95%(b) 05/08/06 2,350 2,350,000
Putnam County Development Authority PCRB
(Seminole Electric Co-op Project) Series 1984D
MB (National Rural Utilities LOC) (A-1)
3.27%(b) 06/15/06 12,000 12,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
30
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Florida (continued)
Putnam County Development Authority PCRB
(Seminole Electric Co-op Project) Series
1984H-3 DN (National Rural Utilities LOC)
(A-1, MIG-1)
3.43%(b) 09/15/06 $10,325 $10,325,000
Putnam County Development Authority PCRB
(Seminole Electric Co-op Project) Series
2003H-4 MB (National Rural Utilities Guaranty)
(A-1)
3.43%(b) 09/15/06 6,425 6,425,000
Sunrise Utilities System RB Series 1996A MB
(Kredietbank LOC) (AAA, Aaa)
5.75% 10/01/06 740 754,649
-----------
65,848,369
-----------
Georgia - 2.2%
Albany GO Series 2006 TAN
3.35% 12/29/06 2,295 2,295,000
Cartersville Development Authority RB (Aquafil
USA, Inc. Project) Series 2005 AMT DN (Branch
Banking & Trust Bank LOC)
3.92%(b) 05/08/06 2,000 2,000,000
Cobb County Housing Authority Multi-Family RB
(Merrill Lynch P-Float Trust Receipts) Series
2003 PT-1963 DN (Merrill Lynch & Co.
Guaranty) (F-1+)
3.93%(b)(c) 05/08/06 13,120 13,120,000
Dooly County IDRB (Hamburg Enterprises Project)
Series 2003 AMT DN (Fifth Third Bank N.A. LOC)
3.89%(b) 05/05/06 900 900,000
Gainesville Housing Authority RB Series 2003
PT-1985 DN (Merrill Lynch & Co. Guaranty)
(F-1+)
3.93%(b)(c) 05/04/06 3,450 3,450,000
Gordon County IDRB (Aladdin Manufacturing
Corp. Project) Series 1997A AMT DN (Wachovia
Bank N.A. LOC)
3.90%(b) 05/08/06 1,000 1,000,000
Gordon County IDRB (Aladdin Manufacturing
Corp. Project) Series 1997B DN (Wachovia Bank
N.A. LOC)
3.90%(b) 05/08/06 1,000 1,000,000
Griffin-Spalding County IDRB (Woodland
Industries Project) Series 2000 AMT DN
(Wachovia Bank N.A. LOC) (A-1+)
3.90%(b) 05/08/06 1,750 1,750,000
Laurens County IDRB (Aladdin Manufacturing
Corp. Project) Series 1997 AMT DN (Wachovia
Bank N.A. LOC)
3.90%(b) 05/08/06 1,000 1,000,000
Whitefield County Educational Development
Authority RB (Aladdin Solid Waste Disposal
Project) Series 1999 AMT DN (Wachovia Bank
N.A. LOC)
3.90%(b) 05/08/06 3,100 3,100,000
-----------
29,615,000
-----------
Illinois - 2.2%
Chicago IDRB (Promise Candy Project) Series
2001 AMT DN (Lasalle National Bank LOC)
3.92%(b) 05/08/06 3,295 3,295,000
Elmhurst IDRB (Randall Manufacturing Project)
Series 2002 AMT DN (Lasalle National Bank
LOC) (A-1+)
4.00%(b) 05/08/06 1,615 1,615,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Illinois (continued)
Flora RB (Heritage Woods Project) Series 2001
AMT DN (Federal Home Loan Bank Guaranty)
(A-1+)
3.94%(b) 05/08/06 $ 2,950 $ 2,950,000
Harvard Multi-Family Housing RB (Northfield
Court Project) Series 1999 AMT DN (Lasalle
National Bank LOC) (A-1+)
3.98%(b) 05/08/06 7,350 7,350,000
Illinois Development Finance Authority IDRB
(Alternative Behavior Treatment Project) Series
2005 DN (J.P. Morgan Chase Bank LOC)
3.90%(b) 05/08/06 1,500 1,500,000
Illinois Development Finance Authority IDRB
(Cano Packaging Corp. Project) Series 2001
AMT DN (Lasalle National Bank LOC)
3.92%(b) 05/08/06 2,150 2,150,000
Illinois Development Finance Authority IDRB
(Freedman Seating Co. Project) Series 2005
AMT DN (Lasalle Bank N.A. LOC) (A-1)
3.90%(b) 05/08/06 2,240 2,240,000
Illinois Development Finance Authority IDRB
(Harbortown Industries Project) Series 2000A
AMT DN (Lasalle National Bank LOC)
3.95%(b) 05/08/06 2,000 2,000,000
Illinois Development Finance Authority IDRB
(Mason Corp. Project) Series 2000A AMT DN
(Lasalle National Bank LOC)
3.95%(b) 05/08/06 4,455 4,455,000
Springfield Community Improvement RB Series
2000 AMT DN (National City Bank N.A. LOC)
4.02%(b) 05/08/06 425 425,000
Upper River Valley IDRB (Advanced Drainage
System Project) Series 2002 AMT DN (National
City Bank N.A. LOC)
3.92%(b) 05/08/06 1,700 1,700,000
-----------
29,680,000
-----------
Indiana - 2.3%
Anderson Economic Development RB (Printer
Zink, Inc. Project) Series 2004A DN (U.S.
Bancorp LOC) (A-1+)
3.97%(b) 05/08/06 2,320 2,320,000
Elkhart County Industrial Economic Development
RB (Four Seasons Manufacturing, Inc. Project)
Series 2000 AMT DN (National City Bank N.A.
LOC)
3.97%(b) 05/08/06 1,005 1,005,000
Fort Wayne Economic Development Authority RB
(Advanced Machine & Tool Project) Series 2001
AMT DN (National City Bank N.A. LOC)
3.97%(b) 05/08/06 1,670 1,670,000
Huntingburg Multi-Family RB (Lincoln Village
Apartments Project) Series 2000 AMT DN
(Federal Home Loan Bank Guaranty)
3.94%(b) 05/08/06 2,250 2,250,000
Indiana Development Finance Authority IDRB
(Republic Services, Inc. Project) Series 2005
AMT DN (VMIG-2)
4.15%(b) 05/01/06 5,300 5,300,000
Indiana Development Finance Authority Economic
Development RB (Saroyan Hardwoods, Inc.
Project) Series 1994 AMT DN (Fifth Third Bank
N.A. LOC)
4.10%(b) 05/08/06 650 650,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
31
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ --------------------
MUNICIPAL BONDS (Continued)
Indiana (continued)
Indiana Development Finance Authority Economic
Development RB (Timerland Resources Project)
Series 2001 DN (Southtrust Bank LOC)
3.95%(b) 05/08/06 $ 570 $ 570,000
Indiana Development Finance Authority IDRB
Series 2000 AMT DN (Bank One N.A. LOC)
3.91%(b) 05/08/06 5,200 5,200,000
Indiana Economic Development Finance Authority
RB (Morris Manufacturing & Sales Corp.
Project) Series 2002 AMT DN (National City
Bank N.A. LOC)
3.92%(b) 05/08/06 1,600 1,600,000
Jeffersonville Economic Development Authority
RB (Scansteel Project) Series 1998 AMT DN
(National City Bank N.A. LOC)
4.02%(b) 05/08/06 960 960,000
Kendallville Economic Developmental Authority
RB (Parts Finishing Group Project) Series 2006
DN (Huntington National Bank LOC)
4.15%(b) 05/08/06 3,000 3,000,000
Orleans Economic Development RB (Almana LLC
Project) Series 1995 AMT DN (National City
Bank N.A. LOC)
4.00%(b) 05/08/06 2,000 2,000,000
Scottsburg Economic Development Authority RB
(American Plastic Corp. Project) Series 2000
AMT DN (National City Bank N.A. LOC)
4.02%(b) 05/08/06 925 925,000
St. Joseph County Industrial Economic
Development RB (Midcorr Land Development
LLC Project) Series 2002 DN (National City
Bank N.A. LOC)
3.92%(b) 05/08/06 3,265 3,265,000
----------
30,715,000
----------
Iowa - 1.1%
Cedar Rapids Community School District Tax
Anticipation Warrants Series 2005 MB
3.75% 06/30/06 4,500 4,506,831
Clear Lake Development RB (Joe Corbis Pizza
Project) Series 2006 AMT DN (M&T Bank LOC)
3.95%(b)(c) 05/08/06 2,000 2,000,000
Dallas County IDRB (Sioux City Brick Project)
Series 2000A AMT DN (First Bank Systems LOC)
3.95%(b) 05/08/06 1,000 1,000,000
Des Moines Commercial Development RB (Grand
Office Park Project) Series 1985 DN (Principal
Life Insurance Co. Guaranty) (A-1+)
3.97%(b) 05/08/06 2,000 2,000,000
Urbandale IDRB (Meredith Drive Assoc. Project)
Series 1985 DN (Wells Fargo Bank M.N. LOC)
3.94%(b) 05/08/06 4,500 4,500,000
West Burlington IDRB (Borghi Oilhydraulic
Project) Series 2001A AMT DN (Bank One N.A.
LOC)
3.95%(b) 05/08/06 220 220,000
----------
14,226,831
----------
Kansas - 1.0%
Kansas Development Finance Authority
Multi-Family RB (Merrill Lynch P-Floats Trust
Receipts) Series 2005-2947 AMT DN (Merrill
Lynch & Co. SBPA, MBIA Insurance) (AAA, F1+)
3.93%(b)(c) 05/08/06 7,055 7,055,000
PAR
MATURITY (000) VALUE
---------- ------------------ --------------------
MUNICIPAL BONDS (Continued)
Kansas (continued)
Kansas Development Finance Authority RB
(Delaware Highlands Project) Series 2005C DN
(Federal Home Loan Bank Guaranty)
3.90%(b) 05/08/06 $ 2,250 $2,250,000
Lansing Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2005-2508 AMT DN
(Merrill Lynch & Co. Guaranty) (F-1+)
3.93%(b)(c) 05/08/06 4,270 4,270,000
----------
13,575,000
----------
Kentucky - 2.5%
Boyd County Sewer & Solid Waste RB (Air
Products & Chemicals Project) Series 2003 AMT
DN (A-1)
3.88%(b) 05/03/06 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)
3.98%(b) 05/08/06 1,010 1,010,000
Clark County PCRB (Eastern Kentucky Power
Project) Series 1984J-2 MB (National Rural
Co-op Utilities Guaranty) (A-1, MIG-1)
3.68%(b) 05/15/06 5,300 5,300,000
Clark County PCRB (Kentucky Power National
Rural Project) Series 1984J-1 DN (A-1, P-1)
3.68%(b) 10/16/06 5,305 5,305,000
Dayton IDRB (Ramkat Enterprise Project) Series
2001 AMT DN (First Bank Systems LOC)
4.03%(b) 05/08/06 1,925 1,925,000
Elsmere IDRB (International Mold Steel, Inc.
Project) Series 1996 AMT DN (Star Bank N.A.
LOC)
3.98%(b) 05/08/06 1,205 1,205,000
Henderson Industrial Building RB (Shamrock
Technologies Project) Series 1997 AMT DN
(Wachovia Bank N.A. LOC)
3.95%(b)(c) 05/08/06 586 586,000
Jefferson County Industrial Building RB (Atlas
Machine & Supply Co. Project) Series 1999 AMT
DN (Bank One N.A. LOC)
3.95%(b) 05/08/06 1,740 1,740,000
Kenton County Educational RB (Redwood
Rehabilitation Center Project) Series 2004 DN
(Fifth Third Bank LOC)
3.93%(b) 05/04/06 3,000 3,000,000
Kentucky Economic Development Finance
Authority Solid Waste Disposal RB (Republic
Services, Inc. Project) Series 2005 AMT DN
4.08%(b) 05/08/06 10,100 10,100,000
Pulaski County Solid Waste Disposal RB (National
Rural Utilities for East Kentucky Power Project)
Series 1993B AMT DN (National Rural Utilities
Guaranty) (MIG-1)
3.42%(b) 08/15/06 1,750 1,750,000
----------
33,196,000
----------
Louisiana - 1.2%
Donaldsonville IDRB (John Folse & Co., Inc.
Project) Series 2003 DN (Amsouth Bank LOC)
3.90%(b) 05/08/06 2,150 2,150,000
Lafayette Educational Development Authority RB
(Holt County Project) Series 1990 DN (Rabo
Bank Nederland LOC)
4.10%(b) 05/08/06 2,850 2,850,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
32
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Louisiana (continued)
Louisiana Housing Finance Agency RB (Housing
Restoration Project) Series 2002A AMT DN
(Regions Bank LOC)
3.95%(b) 05/08/06 $2,050 $2,050,000
Louisiana Local Government Environmental
Facilities Community Development Authority
RB (Northwestern State University Student
Housing Project) Series 2004A DN (Regions
Bank LOC) (A-1)
3.88%(b) 05/08/06 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)
4.05%(b) 05/08/06 1,430 1,430,000
Lousiana State GO Series 1993 MB (MBIA
Insurance) (AAA, Aaa)
5.50% 08/01/06 1,180 1,186,576
North Webster Parish IDRB (CSP Project) Series
2001 AMT DN (Regions Bank N.A. LOC)
3.90%(b) 05/08/06 2,630 2,630,000
----------
15,296,576
----------
Maine - 0.2%
Maine Finance Authority RB (Brunswick
Publishing Project) Series 2005 AMT DN
(Suntrust Bank LOC)
3.90%(b) 05/08/06 2,000 2,000,000
----------
Maryland - 3.1%
Maryland Community Development Adminis-
tration Department of Housing & Community
Development RB (Harbor City Project) Series
1990C DN (M&T Bank Corp. LOC)
3.87%(b) 05/08/06 3,230 3,230,000
Maryland Department of Housing & Community
Development RB (Residential Housing Project)
Series 2006D MB (MIG-1)
3.40% 03/07/07 6,000 6,000,000
Maryland Economic Development Corp. RB
(Canusa Hershman Project) Series 2005A AMT
DN (M&T Bank Corp. LOC)
3.87%(b) 05/08/06 2,345 2,345,000
Maryland Economic Development Corp. RB (Joe
Corbis Pizza Project) Series 2000 AMT DN (M&T
Bank Corp. LOC) (A-1)
3.95%(b) 05/01/06 1,065 1,065,000
Maryland Economic Development Corp. RB (John
Schmitz Project) Series 2000E AMT DN (M&T
Bank Corp. LOC) (A-1+)
3.85%(b) 05/08/06 1,985 1,985,000
Maryland Economic Development Corp. RB
(Lithographing Co. Project) Series 2001 AMT DN
(M&T Bank Corp. LOC) (A-1)
3.95%(b) 05/08/06 2,770 2,770,000
Maryland Economic Development Corp. RB
(Pharmaceutics International Project) Series
2001A AMT DN (M&T Bank Corp. LOC) (A-1)
3.95%(b) 05/08/06 5,770 5,770,000
Maryland Economic Development Corp. RB
(Redrock LLC Facilities Project) Series 2002 DN
(M&T Bank Corp. LOC) (VMIG-1)
3.95%(b) 05/08/06 2,300 2,300,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Maryland (continued)
Montgomery County Housing Opportunity
Community Single Family Mortgage RB Series
2005 DN (Trinity Insurance, Merrill Lynch SBPA)
(A-1, A-)
3.89%(b)(c) 05/08/06 $2,630 $2,630,000
Montgomery County Housing Opportunity RB
(P-Float Trust Receipts) Series 2006 PT-216
AMT DN (Danske Bank Guaranty) (A-1+)
3.90%(b)(c) 05/08/06 5,995 5,995,000
Prince Georges County RB (Parsons Paper
Facilities Project) Series 1987 DN (M&T Bank
Corp. LOC)
3.50%(b) 05/30/06 3,000 3,000,000
Washington County RB (Conservit, Inc. Facility
Project) Series 2004 DN (M&T Bank Corp. LOC)
3.95%(b) 05/05/06 2,295 2,295,000
Wicomico County Economic Development RB
(Plymouth Tube Co. Project) Series 1996 AMT
DN (Bank One N.A. LOC) (VMIG-1)
3.95%(b) 05/08/06 1,300 1,300,000
----------
40,685,000
----------
Massachusetts - 1.6%
Freetown Lakeville Regional School District GO
Series 2005 BAN (SP-1+)
4.25% 10/20/06 3,500 3,518,870
Hopkinton GO Series 2005 BAN (SP-1+)
4.00% 08/09/06 2,880 2,888,506
Massachusetts Health & Educational Facilities
Authority RB (Harvard University Project) Series
2004GG-1 DN (A-1+, VMIG-1)
3.63%(b) 05/08/06 3,000 3,000,000
Massachusetts State Development Finance
Authority RB (Chelsea Homes Project) Series
2004A-1 MB (Bank of America LOC) (AAA)
2.90% 12/15/06 1,525 1,519,387
Peabody GO Series 2006 BAN (MIG-1)
4.00% 09/26/06 5,000 5,015,156
Worcester GO Series 2006 BAN (SP-1+, MIG-1)
4.25% 11/10/06 5,000 5,025,083
----------
20,967,002
----------
Michigan - 6.4%
Cedar Springs Public School District GO Series
2005 BAN
3.40% 08/22/06 1,400 1,401,602
Detroit Economic Development Authority RB
(Wachovia Merlots Trust Receipts) Series
2001A-90 AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.87%(b)(c) 05/08/06 2,500 2,500,000
Detroit Economic Development Corp. RB (E.H.
Assoc. Ltd. Project) Series 2002 DN (First
Federal of Michigan)
3.86%(b) 05/08/06 1,210 1,210,000
Detroit Sewer & Disposal Authority RB Series
2001E MB (FGIC Insurance) (A-1+, MIG-1)
3.00% 07/12/06 4,100 4,100,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
33
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Michigan (continued)
Detroit Water Supply System Reserve RB
(P-Floats Trust Receipts) Series 2005-783 DN
(FGIC Insurance, J.P. Morgan Liquidity Facility)
(A-1+)
3.51%(b)(c) 08/17/06 $10,690 $10,690,000
Grand Valley Michigan State University RB Series
2005 DN (XLCA Insurance) (A-1+)
3.80%(b) 05/08/06 1,000 1,000,000
Hartland School District GO Series 2005 BAN
3.50% 08/24/06 6,805 6,813,297
Lakeville Community School District GO Series
2005 BAN
3.40% 06/30/06 2,000 2,001,756
Michigan Building Authority RB (Facilities
Program) Series 1996I MB (AMBAC Insurance)
(AAA, Aaa)
6.00% 10/01/06 1,000 1,011,223
Michigan Municipal Bond Authority RB Series
2005B-2 MB (J.P. Morgan Chase Bank LOC)
(SP-1+)
4.00% 08/18/06 5,900 5,918,480
Michigan Strategic Fund Limited Obligation RB
(America Group LLC Project) Series 2000 AMT
DN (Bank One N.A. LOC)
3.95%(b) 05/08/06 3,200 3,200,000
Michigan Strategic Fund Limited Obligation RB
(Bayloff Properties Project) Series 1998 AMT
DN (National City Bank N.A. LOC)
4.02%(b) 05/08/06 1,000 1,000,000
Michigan Strategic Fund Limited Obligation RB
(Conway Products Project) Series 2001 AMT DN
(Comerica Bank N.A. LOC)
3.96%(b) 05/08/06 1,925 1,925,000
Michigan Strategic Fund Limited Obligation RB
(Eureka Welding Alloys Project) Series 2000 DN
(Comerica Bank N.A. LOC)
3.93%(b) 05/08/06 2,130 2,130,000
Michigan Strategic Fund Limited Obligation RB
(G&B Tech LLC Project) Series 2005 AMT DN
(Huntington Bank LOC)
4.10%(b) 05/08/06 1,635 1,635,000
Michigan Strategic Fund Limited Obligation RB
(Hannah Technical Project) Series 2002 AMT DN
(Comerica Bank N.A. LOC)
3.96%(b) 05/08/06 3,600 3,600,000
Michigan Strategic Fund Limited Obligation RB
(K&K Management Co. Project) Series 2000
AMT DN (Huntington Bank LOC)
4.10%(b) 05/08/06 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)
3.95%(b) 05/08/06 3,100 3,100,000
Michigan Strategic Fund Limited Obligation RB
(Midwest Glass Fabricators, Inc. Project) Series
2001 DN (Bank of America N.A. LOC)
4.10%(b) 05/08/06 2,275 2,275,000
Michigan Strategic Fund Limited Obligation RB
(PFG Enterprises, Inc. Project) Series 2001 AMT
DN (Huntington National Bank LOC)
4.10%(b) 05/08/06 390 390,000
Michigan Strategic Fund Limited Obligation RB
(Saginaw Production Corp. Project) Series 2001
AMT DN (Comerica Bank N.A. LOC)
3.96%(b) 05/08/06 2,445 2,445,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Michigan (continued)
Michigan Strategic Fund Limited Obligation RB
(Total Business Systems Project) Series 1998
AMT DN (Comerica Bank N.A. LOC)
3.96%(b) 05/08/06 $ 2,310 $ 2,310,000
Oakland County Economic Development Corp. RB
(Exhibit Enterprises, Inc. Project) Series 2004
AMT DN (Commerce Bank LOC)
3.96%(b) 05/08/06 6,135 6,135,000
Oakland County Educational Limited Obligation
RB Series 2000 AMT DN (Bank One N.A. LOC)
3.92%(b) 05/08/06 4,400 4,400,000
Pinconning Area Schools GO Series 2005 BAN
3.25% 08/18/06 2,150 2,151,558
Zeeland Hospital Finance Authority RB (Zeeland
Community Hospital Project) Series 2004 DN
(Huntington National Bank LOC) (A-1)
3.96%(b) 05/08/06 10,600 10,600,000
-----------
84,942,916
-----------
Minnesota - 0.2%
Becker IDRB (Plymouth Foam Project) Series
2004 AMT DN (Amsouth Bancorp. LOC)
4.00%(b) 05/08/06 2,500 2,500,000
-----------
Missouri - 0.7%
Bridgeton IDRB (Gold Dust LLC Project) Series
2000A AMT DN (Commerce Bank N.A. LOC)
4.00%(b) 05/08/06 1,125 1,125,000
St. Charles County IDRB (Austin Machine Co.
Project) Series 2003A DN (Bank of America N.A.
LOC)
3.95%(b) 05/08/06 1,920 1,920,000
St. Charles County IDRB (Patriot Machine, Inc.
Project) Series 2002 AMT DN (U.S. Bank N.A.
LOC)
3.97%(b) 05/08/06 3,355 3,355,000
St. Louis IDRB Series 2005A DN (Marshall & Ilsley
Bank LOC)
3.95%(b) 05/08/06 3,480 3,480,000
-----------
9,880,000
-----------
Montana - 0.1%
Montana Housing Board RB (Wachovia Merlots
Trust Receipts) Series 2002A-19 AMT DN
(Wachovia Bank N.A. LOC) (VMIG-1)
3.87%(b)(c) 05/08/06 1,910 1,910,000
-----------
Multi-State - 11.3%
Charter Mac Equity Issuer Trust RB (Merrill Lynch
P-Float Trust Receipts) Series 2004-2029 AMT
DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.93%(b)(c) 05/08/06 27,375 27,375,000
Charter Mac Equity Issuer Trust RB (Merrill Lynch
P-Float Trust Receipts) Series 2004-2121 AMT
DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.93%(b)(c) 05/04/06 20,160 20,160,000
Charter Mac Equity Issuer Trust RB (Merrill Lynch
P-Float Trust Receipts) Series 2004 AMT DN
(Merrilly Lynch & Co. Guaranty) (A-1, VMIG-1)
3.88%(b)(c) 05/08/06 2,500 2,500,000
Clipper Tax-Exempt Certificates Trust RB
(Certified Partner Multi-State Project) Series
2004-11 AMT DN (Bayeriche, FSA Insurance,
Trinity Guaranty) (VMIG-1)
3.93%(b)(c) 05/08/06 34,065 34,065,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
34
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Multi-State (continued)
Clipper Tax-Exempt Certificates Trust RB
(Certified Partner Multi-State Project) Series
2005-31 AMT DN (AMBAC, FSA Insurance, State
Street Bank SBPA)
3.95%(b)(c) 05/08/06 $13,115 $13,115,000
Federal Home Loan Mortgage Corp. Variable Rate
Demand Certificates RB (Multi-Family Housing
Project) Series 2005A-M005 DN (Federal Home
Loan Mortgage Corp. Guaranty)
3.33%(b) 05/01/06 22,949 22,948,537
Municipal Securities Pool Trust Receipts RB
Series 2004-17 DN (Multiple Insurances,
Societe Generale SBPA) (A-1+)
3.93%(b)(c) 05/08/06 5,455 5,455,000
MuniMae Tax Exempt Board Subsidiary LLC RB
(P-Float Trust Receipts) Series 2005 PT-2691
AMT DN (Merrill Lynch & Co. Guaranty)
3.93%(b)(c) 05/08/06 22,660 22,660,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A DN (Merrill Lynch Capital Services
SBPA) (F-1+)
3.93%(b)(c) 05/08/06 1,760 1,760,000
-----------
150,038,537
-----------
Nevada - 0.4%
Clark County Airport RB (ABN-AMRO Munitops
Trust Certificates) Series 2005-56 DN (AMBAC
Insurance, ABN-AMRO Bank N.V. SBPA)
(F-1+, AAA)
3.48%(b)(c) 09/11/06 4,000 4,000,000
Las Vegas Valley Water District GO Series 2005A
MB (FGIC Insurance) (AAA, Aaa)
4.00% 06/01/06 1,000 1,000,696
-----------
5,000,696
-----------
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)
3.93%(b) 05/08/06 1,115 1,115,000
New Hampshire Business Finance Authority
Industrial Facility RB (JMT Properties LLC
Project) Series 2002 AMT DN (M&T Bank LOC)
3.89%(b) 05/08/06 1,965 1,965,000
-----------
3,080,000
-----------
New Jersey - 2.3%
Middle Township GO Series 2005 BAN
4.00% 07/21/06 6,190 6,205,632
New Jersey Economic Development Authority RB
(Citibank P-Float Trust Receipts) Series 2004
ROC-II-R-309 DN (Assured Guaranty Corp.
Insurance, Citibank N.A. SBPA) (A-1+)
3.85%(b)(c) 05/08/06 630 630,000
Sussex County GO Series 2005 BAN
4.00% 06/23/06 8,599 8,610,763
University Medicine & Dentistry RB Series 2002B
DN (AMBAC Insurance, University Credit
Support, Fleet National Bank SBPA) (VMIG-1)
3.80%(b) 05/08/06 15,360 15,360,000
-----------
30,806,395
-----------
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
New York - 2.3%
Dormitory Authority RB (Glen Eddy, Inc. Project)
Series 2000 DN (Fleet National Bank LOC) (A-1)
3.80%(b) 05/08/06 $11,800 $11,800,000
Lancaster IDRB (Jiffy Tite Co., Inc. Project) Series
1997 AMT DN (Key Bank N.A. LOC)
3.93%(b) 05/08/06 1,175 1,175,000
Metropolitan Pier & Exposition Authority RB (Bear
Stearns Trust Certificates) Series 2005A-224
DN (MBIA Insurance, Bear Stearns Capital
Markets Liquidity Facility) (VMIG-1)
3.92%(b)(c) 05/08/06 4,310 4,310,000
Newburgh Charter Mac Multi-Family Housing RB
(Merrill Lynch P-Float Trust Receipts) Series
2041-2504 AMT DN (Merrill Lynch & Co.
Guaranty)
3.93%(b)(c) 05/08/06 3,180 3,180,000
Riverhead IDA RB Series 2006F AMT DN
(Goldman Sach SBPA)
3.90%(b)(c) 05/08/06 7,000 7,000,000
Ulster IDRB (Viking Industries, Inc. Project) Series
1998A AMT DN (KeyBank N.A. LOC)
3.93%(b) 05/08/06 1,375 1,375,000
Yates County IDRB (Coach & Equipment
Manufacturing Corp. Project) Series 2000A AMT
DN (M&T Bank N.A. LOC)
3.82%(b) 05/08/06 1,810 1,810,000
-----------
30,650,000
-----------
North Carolina - 4.2%
Buncombe County IDRB (Lustar Dyeing, Inc.
Project) Series 1998 AMT DN (Wachovia Bank
N.A. LOC)
3.95%(b) 05/08/06 1,820 1,820,000
Charlotte Water & Sewer System GO Series 2005
TECP (Wachovia Bank LOC) (A-1+, P-1)
3.03% 07/11/06 6,500 6,500,000
3.21% 08/01/06 4,600 4,600,000
3.25% 08/01/06 9,450 9,450,000
3.32% 08/01/06 13,300 13,300,000
3.68% 08/01/06 3,650 3,650,000
Mecklenburg County Industrial Facilities PCRB
(Peidmont Plastics Project) Series 1997 AMT
DN (Branch Banking & Trust Co. LOC)
(Aa3, VMIG-1)
3.92%(b) 05/08/06 1,360 1,360,000
North Carolina Housing Finance Agency RB
Series 2005B-22 AMT MB (Societe Generale
GIC) (A-1+, MIG-1)
3.20%(b) 11/01/06 4,000 4,000,000
North Carolina Ports Authority Exempt Facilities
RB (Wilmington Bulk LLC Project) Series 2001A
AMT DN (Branch Banking & Trust Co. LOC)
(VMIG-1)
3.92%(b) 05/08/06 1,310 1,310,000
Raleigh Durham Airport Authority Airport RB
(P-Floats Trust Reciepts) Series 2005-100 AMT
DN (AMBAC Insurance, Landesbank Hessen
Liquidity Facility) (VMIG-1)
3.88%(b)(c) 05/08/06 2,145 2,145,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
35
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
North Carolina (continued)
Richmond County Industrial Facilities PCRB
(Ritz-Craft Corp., Inc.) Series 2005 DN
(Mercantile Safe Deposit & Trust Co. LOC)
(A-1+, VMIG-1)
3.85%(b) 05/08/06 $1,600 $1,600,000
Rutherford County Industrial Facilities PCRB
(Thieman Metal Technology Project) Series 1998
AMT DN (Branch Banking & Trust Co. LOC)
(VMIG-1)
3.92%(b) 05/08/06 1,950 1,950,000
Sampson County Industrial Facilities PCRB
(Dubose Strapping, Inc. Project) Series 2003
AMT DN (Wachovia Bank N.A. LOC)
3.95%(b) 05/08/06 2,640 2,640,000
Wake County Housing Finance Authority RB (Casa
Melvid Multi-Family Housing Project) Series
2001A AMT DN (SunTrust Bank LOC) (VMIG-1)
3.90%(b) 05/08/06 700 700,000
----------
55,025,000
----------
North Dakota - 0.7%
Mercer County Solid Waste Disposal RB (National
Rural Utilities United Power Project) Series
1993U AMT DN (National Rural Utilities LOC)
(A-1, P-1)
2.90%(b) 05/08/06 5,300 5,300,000
Mercer County Solid Waste Disposal RB (Rural
Utilities Untied Power Project) Series 1995A
AMT MB (A-1)
3.40%(b) 09/01/06 2,200 2,200,000
North Dakota Housing Finance Agency RB Series
2001A-19 AMT DN (Wachovia Bank N.A. LOC)
(VMIG-1)
3.87%(b)(c) 05/08/06 2,080 2,080,000
----------
9,580,000
----------
Ohio - 7.3%
American Municipal Power, Inc. GO (Ohio, Inc.
Project) Series 2005-2002 BAN
3.35% 11/02/06 2,000 2,000,000
American Municipal Power, Inc. GO (Shelby City
Project) Series 2005B RAN
3.35% 11/16/06 2,000 2,000,000
American Municipal Power, Inc. GO (Shelby City
Project) Series 2005 BAN
3.35% 11/16/06 830 830,000
American Municipal Power, Inc. GO (St. Mary's
Project) Series 2005 BAN
3.20% 10/05/06 600 600,000
Ashtabula County IDRB (Brighton Manor, Inc.
Project) Series 1986 AMT DN (KeyBank N.A.
LOC)
3.93%(b) 05/08/06 2,500 2,500,000
Berea GO Series 2005 BAN (National City Bank
N.A. LOC)
3.60% 12/20/06 1,925 1,927,372
Butler County GO (Metroparks Lodge Project)
Series 2005 BAN (MIG-1)
4.00% 06/08/06 1,370 1,371,596
Champaign County IDRB (Allied Signal, Inc.
Project) Series 1998 DN (A-1)
4.10%(b) 05/08/06 1,000 1,000,000
Cuyahoga County Economic Development RB
(Berea Children's Home Project) Series 2000
DN (Huntington National Bank LOC) (VMIG-1)
4.00%(b) 05/08/06 1,230 1,230,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Cuyahoga County Multi-Family RB (Merrill Lynch
P-Floats Trust Receipts) Series 2006-PT3391
AMT DN (Merrill Lynch SBPA; IXIS Insurance)
3.93%(b)(c) 05/08/06 $7,345 $7,345,000
Darke County GO (Real Estate Improvement
Project) Series 2005 BAN
4.00% 10/11/06 2,200 2,208,571
Defiance County GO Series 2005 MB
4.00% 07/27/06 1,700 1,704,530
Delaware County Economic Development RB (The
Columbus Zoological Park Associates, Inc.
Project) Series 2003 DN (Huntington National
Bank LOC)
4.00%(b) 05/08/06 115 115,000
Delaware County IDRB (Air Waves, Inc. Project)
Series 1995 DN (KeyBank N.A. LOC)
3.93%(b) 05/08/06 380 380,000
Franklin County Economic Development RB
(Dominican Sisters Project) Series 1994 DN
(Fifth Third Bank N.A. LOC)
3.86%(b) 05/04/06 995 995,000
Franklin County Healthcare Facilities RB
(Heritage Day Health Centers Project) Series
2002 DN (Huntington National Bank LOC)
3.90%(b) 05/08/06 770 770,000
Franklin County Municipal Securities Trust
Certificates RB Series 2002A-9047 DN (AMBAC
Insurance, Bear Stearns SBPA) (A-1)
3.82%(b)(c) 05/08/06 1,500 1,500,000
Gahanna GO Series 2005 BAN (MIG-1)
4.00% 10/05/06 850 853,549
Huber Heights GO (Brandt Oike Village Project)
Series 2006C BAN
4.00% 11/15/06 1,190 1,193,251
Huber Heights GO Series 2006B BAN
4.00% 11/15/06 1,057 1,059,887
Jackson County RB (Hospital Facilities Project)
Series 2005 DN (Radian Insurance, Fifth Third
Bank N.A. LOC) (AA, F-1+)
3.84%(b) 05/08/06 7,000 7,000,000
Lucas County Economic Development RB
(Maumee Valley Country Day School Project)
Series 1998 AMT DN (MidAmerican National
Bank & Trust Co. LOC)
4.78%(b) 05/08/06 1,425 1,425,000
Lucas County IDRB (Conforming Matrix Corp.
Project) Series 1999 AMT DN (Sky Bank LOC)
4.78%(b) 05/08/06 1,020 1,020,000
Mahoning County IDRB (Serra Land Project)
Series 1997 AMT DN (KeyBank N.A. LOC)
3.93%(b) 05/08/06 1,120 1,120,000
North Canton GO Series 2005 BAN
4.00% 05/08/06 548 549,516
North Olmstead GO (Capital Improvement Project)
Series 2005 MB
3.03% 05/03/06 1,750 1,750,023
North Olmsted GO (Clague Road Improvement
Project) Series 2006 BAN
3.80% 05/03/06 500 500,014
Ohio Higher Educational Facility Community RB
Series 1999 DN (Fifth Third Bank N.A. LOC)
3.87%(b) 05/08/06 185 185,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
36
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Ohio Higher Educational Facility RB (Cedarville
University Project) Series 2004 DN (KeyBank
N.A. LOC)
3.86%(b) 05/08/06 $ 965 $ 965,000
Ohio Highway Capital Improvement GO Series
2004H MB (AAA, Aa1)
2.00% 05/01/06 2,150 2,150,000
Ohio Housing Finance Agency Mortgage RB
(Merlots Project) Series 2005A-10 AMT DN
(Wachovia Bank SBPA)
2.80%(b)(c) 05/08/06 7,530 7,530,000
Ohio State Major New State Infrastructure RB
Series 2004-1 MB (AA, Aaa3)
5.00% 06/15/06 1,000 1,002,202
Ohio State Solid Waste RB (Republic Services, Inc.
Project) Series 2005 AMT DN (A-2)
4.08%(b) 05/08/06 8,000 8,000,000
Parma Heights GO (Street Improvement Project)
Series 2005 BAN
3.25% 09/22/06 1,126 1,127,075
Pepper Pike City GO Series 2005 BAN
3.00% 06/22/06 1,000 1,000,277
Richland Correctional Facilities GO Series 2006
BAN
4.25% 02/27/07 2,500 2,515,992
Seneca County GO Series 2005 BAN
4.00% 11/30/06 915 917,939
Stark County IDRB (Thakar Properties LLC
Project) Series 2002 AMT DN (National City
Bank N.A. LOC)
3.92%(b) 05/08/06 470 470,000
Summit County Civic Facility RB (Akron Area
Electric Junction Project) Series 2001 DN
(Keybank N.A. LOC)
3.86%(b) 05/08/06 210 210,000
Summit County IDRB (J&P Capital Project) Series
2001 AMT DN (Sky Bank LOC)
4.23%(b) 05/08/06 1,600 1,600,000
Toledo City Services Special Assesment Notes
Series 2006 DN (State Street Bank & Trust Co.
LOC) (MIG-1)
3.81%(b) 05/08/06 1,800 1,800,000
Toledo GO Certificates Trust Series 2004-18 MB
(FGIC Insurance, State Aid Withholding
Guaranty, ABN AMRO SBPA) (VMIG-1)
3.54%(b)(c) 11/30/06 9,995 9,995,000
Trumbull County IDRB (Ellwood Engineered
Project) Series 2004 AMT DN (KeyBank LOC)
3.93%(b) 05/08/06 1,800 1,800,000
University of Cincinnati RB Series 2004B DN
(AMBAC Insurance, Bayerische Landesbank
Girozentrale SBPA) (A-1+, VMIG-1)
3.80%(b) 05/08/06 500 500,000
University of Toledo RB (Societe Generale Trust
Receipts) Series 2001 SGA-125 DN (FGIC
Insurance, Societe Generale Liquidity Facility)
(A-1+)
3.82%(b)(c) 05/08/06 4,255 4,255,000
Vermilion GO Series 2005-2 BAN
3.25% 10/12/06 1,030 1,030,898
Wood County Economic Development RB (Sun
Seed Holding Co., Inc. Project) Series 2001A
AMT DN (Sky Bank LOC)
4.78%(b) 05/08/06 480 480,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Ohio (continued)
Wood County IDRB (Hammill Manufacturing
Project) Series 2001 AMT DN (Sky Bank LOC)
4.78%(b) 05/08/06 $ 630 $ 630,000
Wood County RB (Toledo YMCA Facilities
Improvement Project) Series 1998 DN (Sky
Bank LOC)
4.78%(b) 05/08/06 3,320 3,320,000
----------
96,432,692
----------
Oklahoma - 1.4%
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-)
3.93%(b)(c) 05/08/06 4,630 4,630,000
Muskogee Transport Authority IDRB (Metals USA,
Inc. Project ) Series 1998 AMT DN (Bank One
N.A. LOC)
3.91%(b) 05/08/06 2,850 2,850,000
Oklahoma City IDRB Series 1998 AMT DN (Bank
One N.A. LOC)
3.95%(b) 05/04/06 1,880 1,880,000
Oklahoma County Finance Authority Multi-Family
Housing RB (Sail Assoc. LLC Project) Series
2004 AMT DN (Federal Home Loan Bank
Guaranty) (A-1+)
3.90%(b) 05/08/06 6,900 6,900,000
Oklahoma Development Finance Authority RB
(ConocoPhillips Co. Project) Series 2002B DN
(ConocoPhillips Guaranty) (A-2, VMIG-2)
3.98%(b) 05/08/06 2,500 2,500,000
----------
18,760,000
----------
Oregon - 2.2%
Oregon Housing & Community Services RB
(Merrill Lynch P-Floats Project) Series
2005-2879 DN (Merrill Lynch Capital Services
SBPA)
3.93%(b)(c) 05/08/06 24,495 24,495,000
Portland Airport RB (Merrill Lynch P-Floats Trust
Receipts) Series 2005-149 AMT DN (Merrill
Lynch & Co. SBPA, FSA Insurance)
3.92%(b)(c) 05/08/06 4,665 4,665,000
----------
29,160,000
----------
Pennsylvania - 2.6%
Badger Tobacco Asset Securtization Corp. RB
(Merrill Lynch P-Floats Trust Receipts) Series
2006 PA-1361 DN (Merrill Lynch Capital
Services Liquidity Facility)
3.90%(b)(c) 05/08/06 3,255 3,255,000
Harrisburg Authority School RB (Harrisburg
Project) Series 2003 DN (AMBAC Insurance,
Westdeutsche Landesbank Girozentrale
Liquidity Facility) (A-1+)
3.80%(b) 05/08/06 9,260 9,260,000
Pennsylvania Economic Development Financing
Authority RB (Sunoco, Inc. Project) Series
2004A AMT DN (Sunoco, Inc. Guaranty)
(A-2, P-2)
3.92%(b) 05/08/06 5,800 5,800,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
37
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Pennsylvania (continued)
Pennsylvania Economic Development Financing
Authority Waste Water Treatment RB (Sunoco,
Inc. Project) Series 2004B AMT DN (Sunoco, Inc.
Guaranty) (A-2)
3.99%(b) 05/08/06 $ 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)
3.91%(b) 05/08/06 400 400,000
Pennsylvania Higher Educational Facilities
Authority RB (P-Float Trust Receipts) Series
2004 MT-042 DN (Lloyds Bank LOC, Merrill
Lynch Capital Services SBPA) (F-1+)
3.86%(b)(c) 05/08/06 5,945 5,945,000
Pennsylvania State Turnpike Commission RB
(Munitops Trust Certificates) Series 2004-9 DN
(AMBAC Insurance, ABN AMRO SBPA) (VMIG-1)
3.84%(b)(c) 05/04/06 650 650,000
----------
33,810,000
----------
Rhode Island - 0.1%
Rhode Island Economic Development RB
(Corporate Airport Project) Series 2004A MB
(FSA Insurance) (AAA, Aaa)
2.00% 07/01/06 870 867,536
----------
South Carolina - 1.6%
Greenwood County Exempt Facility IDRB Series
2004 AMT DN (Fuji Photo Film Co. Guaranty)
(A-1+)
3.92%(b) 05/08/06 9,700 9,700,000
South Carolina Housing Finance & Development
RB (Arrington Place Apartment Project) Series
2001 AMT DN (SunTrust Bank LOC) (VMIG-1)
3.90%(b) 05/08/06 1,100 1,100,000
South Carolina Jobs Economic Development
Authority RB (Finn Property LLC Project) Series
2006 AMT DN (Suntrust Bank LOC)
(Aa2, VMIG-1)
3.90%(b) 05/08/06 3,000 3,000,000
South Carolina Jobs Economic Development
Authority RB (Holcim U.S., Inc. Project) Series
2003 AMT DN (Comercia Bank N.A. LOC) (A-1)
3.96%(b) 05/08/06 6,250 6,250,000
South Carolina Jobs Economic Development
Authority RB (Synthetics International, Inc.
Project) Series 1995 AMT DN (Southtrust Bank
LOC)
3.90%(b) 05/04/06 500 500,000
----------
20,550,000
----------
South Dakota - 2.0%
South Dakota Housing Development Authority RB
(Homeownership Mortgage Project) Series
2005I AMT MB (SP-1+)
4.50% 12/15/06 25,950 26,115,509
----------
Tennessee - 1.7%
Chattanooga IDRB (T.B. Woods, Inc. Project)
Series 1997 AMT DN (M&T Bank LOC)
3.93%(b) 05/08/06 2,290 2,290,000
Coffee County IDRB (Comtec Polymers, Inc.
Project) Series 1997 AMT DN (Bank of America
LOC)
4.00%(b) 05/08/06 2,180 2,180,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Tennessee (continued)
Grundy County IDRB (Toyota Seat Project) Series
2001 AMT DN (Comerica Bank N.A. LOC)
4.01%(b) 05/08/06 $ 3,325 $3,325,000
Jackson Health Educational & Housing Facility
Board Multi-Family RB (East Pointe LLC
Project) Series 2006 AMT DN (A-1+)
4.15%(b) 05/08/06 5,100 5,100,000
Knox County Health Educational & Housing Board
Multi-Family RB Series 2006 PT-3365 AMT DN
(Merrill Lynch Guaranty)
3.85%(b)(c) 05/08/06 3,400 3,400,000
Metropolitan Government of Nashville & Davidson
County IDRB (Family LLC Project) Series 2002
AMT DN (SunTrust Bank LOC) (F-1+)
3.90%(b) 05/08/06 3,000 3,000,000
Morristown IDRB (Petoskey Plastic Project) Series
1999 AMT DN (Comerica Bank N.A. LOC)
4.01%(b) 05/08/06 2,540 2,540,000
----------
21,835,000
----------
Texas - 17.9%
Austin Housing Financial Corp. RB (Merrill Lynch
P-Float Trust Receipts) Series 2005 PT-2578
AMT DN (Merrill Lynch & Co. Guaranty
Services)
3.93%(b)(c) 05/08/06 14,715 14,715,000
Brazos Industrial Development Corp.
Environmental Facilities RB (ConocoPhillips Co.
Project) Series 2003 AMT MB (A-2, VMIG-2)
2.98% 08/01/06 9,800 9,800,000
Brazos River Authority PCRB (Houston Lighting &
Power Company Project) Series 1984F AMT DN
(Merrill Lynch Guaranty)
3.91%(b) 05/08/06 3,520 3,520,000
Brazos River Harbor RB (Dow Chemical Project)
Series 2005 MB (Dow Chemical Guaranty) (P-2)
3.28% 05/24/06 8,500 8,500,000
3.43% 06/07/06 3,500 3,500,000
East Housing Finance Corp. Multi-Family RB
(Merrill Lynch Trust Receipts) Series 2005-PT
2952 AMT DN (Merrill Lynch & Co. SBPA)
3.93%(b)(c) 05/08/06 4,315 4,315,000
Gulf Coast IDRB (Cinergy Solutions Project) Series
2004 AMT DN (Cinergy Co. Guaranty)
(A-2, VMIG-2)
4.05% 05/08/06 20,900 20,900,000
Gulf Coast Waste Disposal Authority
Environmental Facilities RB (Exxon Mobil
Project) Series 2000 AMT DN (A-1+, VMIG-1)
3.67%(b) 05/01/06 5,800 5,800,000
Gulf Coast Waste Disposal Authority
Environmental Facilities RB (Exxon Mobil
Project) Series 2001B AMT DN (A-1+)
3.67%(b) 05/01/06 16,000 16,000,000
Harris Health Facilities Development Corp. RB
(Herman Hospital System Project) Series 1998
MB (FSA Insurance) (AAA, Aaa)
5.25% 06/01/06 1,000 1,001,637
Houston Housing Finance Corp. RB (Merrill Lynch
P-Float Trust Receipts) Series 2004 PT-2101
AMT DN (Merrill Lynch & Co. Guaranty) (F-1+)
3.93%(b)(c) 05/08/06 4,985 4,985,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
38
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Texas (continued)
Houston Housing Finance Corp. RB (Merrill Lynch
P-Float Trust Receipts) Series 2005 PT-2597
AMT DN (Merrill Lynch & Co. Guaranty)
3.93%(b)(c) 05/08/06 $10,455 $10,455,000
Houston Utilities System RB Series 2004A MB
(MBIA Insurance) (AAA, Aaa)
2.50% 05/15/06 3,000 2,998,812
Lower Neches Valley Authority Industrial
Development Corp. Exempt Facilities RB (Exxon
Mobil Project) Series 2001B AMT DN
(A-1+, VMIG-1)
3.67%(b) 05/01/06 11,700 11,700,000
Lower Neches Valley Authority PCRB (Chevron
USA, Inc. Project) Series 1987 MB
(Chevron-Texaco Guaranty) (A-1+, P-1)
3.35%(b) 08/15/06 7,010 7,010,000
Montgomery County IDRB (Sawyer Research
Products, Inc. Project) Series 1995 AMT DN
(KeyBank N.A. LOC)
3.97%(b) 05/08/06 751 751,000
Northside ISD GO (School Building Project) Series
2005 DN (Depfa Bank SBPA) (A-1+, MIG-1)
2.85%(b) 06/15/06 11,200 11,200,000
Panhandle Regional Housing Finance RB Series
2004 PT-2086 AMT DN (Merrill Lynch & Co.
Guaranty) (F-1+)
3.93%(b)(c) 05/08/06 3,365 3,365,000
Port Corpus Christi Nueces Solid Waste Disposal
Authority RB (Flint Hills Resources Project)
Series 2006 AMT DN (A-1, P-1)
4.10%(b) 05/08/06 5,500 5,500,000
San Marcos IDRB (TB Woods, Inc. Project) Series
1999 AMT DN (M&T Bank LOC)
3.93%(b) 05/08/06 3,000 3,000,000
South Plains Housing Corp. Single Family RB
(Wachovia Merlots Trust Receipts) Series
2002A-11 AMT DN (Government National
Mortgage Association Guaranty, Wachovia Bank
N.A. SBPA)
3.87%(b)(c) 05/08/06 1,625 1,625,000
Tarrant County Housing Finance Corp. RB (Merrill
Lynch P-Floats Trust Reciepts) Series
2005-3169 AMT DN (Merrill Lynch & Co. SBPA)
3.93%(b)(c) 05/08/06 5,000 5,000,000
Texas Department of Housing & Community
Affairs Merlots RB (Single Family Housing
Project) Series 2002A-58 DN (Wachovia Bank
N.A. SBPA) (VMIG-1)
3.87%(b)(c) 05/08/06 2,675 2,675,000
Texas 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+)
3.93%(b)(c) 05/08/06 9,065 9,065,000
Texas Department of Housing & Community
Affairs Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2001 PT-1347 AMT DN
(Merrill Lynch & Co. Guaranty) (A-1+)
3.93%(b)(c) 05/08/06 10,575 10,575,000
Texas Department of Housing & Community
Affairs Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2003 PT-1868 AMT DN
(Merrill Lynch & Co. Guaranty) (F-1+)
3.93%(b)(c) 05/08/06 3,835 3,835,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Texas (continued)
Texas Department of Housing & Community
Affairs Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2005 PT-2576 AMT DN
(Merrill Lynch & Co. Guaranty)
3.93%(b)(c) 05/08/06 $13,575 $13,575,000
Texas Department of Housing & Community
Affairs Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2005 PT-2598 AMT DN
(Merrill Lynch & Co. Guaranty)
3.93%(b)(c) 05/08/06 13,760 13,760,000
Texas Department of Housing & Community
Affairs Multi-Family RB (Merrill Lynch P-Float
Trust Receipts) Series 2005 PT-2968 AMT DN
(Merrill Lynch & Co. Guaranty)
3.93%(b)(c) 05/08/06 7,495 7,495,000
Travis County Housing Financial Corp. RB (Merrill
Lynch P-Float Trust Receipts) Series 2005-2577
DN (Merrill Lynch & Co. Guaranty)
3.93%(b)(c) 05/08/06 13,130 13,130,000
Victory Street Public Facilities Corp. Multi-Family
RB Series 2003-2059 AMT DN (Merrill Lynch &
Co. Guaranty) (F-1+)
3.93%(b)(c) 05/04/06 7,300 7,300,000
-----------
237,051,449
-----------
Vermont - 0.9%
Vermont Educational & Health Buildings
Financing Agency RB (Gifford Medical Center
Project) Series 2003A DN (VMIG-1)
3.83%(b) 05/08/06 1,500 1,500,000
Vermont Educational & Health Buildings
Financing Agency RB (Springfield Hospital
Project) Series 2002A DN (VMIG-1)
3.83%(b) 05/08/06 930 930,000
Vermont Educational and Health Buildings
Finance Agency RB (Brattleboro Memorial
Project) Series 2004A DN (VMIG-1)
3.81%(b) 05/01/06 3,450 3,450,000
Vermont Educational and Health Buildings
Finance Agency RB (North Country Project)
Series 2004A DN (VMIG-1)
3.81%(b) 05/01/06 4,035 4,035,000
Vermont GO Series 1990A MB (AA+, Aa1)
5.75% 08/01/06 250 251,565
Vermont IDRB (Alpine Pipeline Co. Project) Series
1999 AMT DN (KeyBank N.A. LOC)
3.93%(b) 05/08/06 1,185 1,185,000
Vermont State Colleges RB Series 2003 MB (FGIC
Insurance) (AAA, Aaa)
2.25% 07/01/06 500 499,130
-----------
11,850,695
-----------
Virginia - 1.2%
Botetourt County IDRB (Altec Industries Project)
Series 2001 AMT DN (AmSouth Bank of
Alabama LOC) (A-1)
3.95%(b) 05/08/06 2,600 2,600,000
Cabell Lifecare Facilities RB (Foster Foundation
Project) Series 2003 DN (Huntington National
Bank LOC)
4.00%(b) 05/08/06 4,350 4,350,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
39
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONCLUDED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Virginia (continued)
Norfolk Redevelopment & Housing Authority
Multi-Family Housing RB (Residential Rental
Project) Series 2003 AMT DN (SunTrust Bank
LOC)
3.95%(b) 05/08/06 $ 1,983 $ 1,983,000
Richmond IDRB (PM Beef Co. Project) Series 1997
AMT DN (Bank of America N.A. LOC)
3.95%(b) 05/08/06 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)
3.95%(b) 05/08/06 1,720 1,720,000
Virginia Beach RB (Merrill Lynch P-Float Trust
Receipts) Series 2005-2505 AMT DN (Merrill
Lynch & Co. Guaranty) (F-1+)
3.93%(b)(c) 05/08/06 3,745 3,745,000
Virginia Small Business Financing Authority RB
(Coastal Development Group Project) Series
1989 AMT DN (Branch Banking & Trust Co.
LOC)
4.05%(b) 05/08/06 84 84,000
--------------
15,882,000
--------------
Washington - 2.2%
Pilchuck Public Development Corp. RB (Holden-
McDaniels Partners Project) Series 1996 AMT
DN (KeyBank N.A. LOC)
3.94%(b) 05/08/06 1,550 1,550,000
Port of Seattle RB Series 2003-720 AMT DN (FGIC
Insurance, Banque Nationale de Paribas SBPA)
(A-1+)
3.89%(b)(c) 05/08/06 2,500 2,500,000
Seattle Housing Authority RB (Rainier Vista
Project Phase I) Series 2003 AMT DN (KeyBank
N.A. LOC) (A-1)
3.85%(b) 05/08/06 10,850 10,850,000
Thurston County School District GO (North
Thurston School District No. 003 Project) Series
2003 MB (Aaa, AAA)
2.00% 06/01/06 465 464,548
Washington Housing Finance Community
Multi-Family Housing RB (Merrill Lynch
P-Floats Trust Receipts) Series 2005-3054 AMT
DN (Merrill Lynch Guaranty)
3.93%(b)(c) 05/08/06 8,385 8,385,000
Yakima County Public Corp. RB (Michelsen
Packaging Co. Project) Series 2000 AMT DN
(Bank of America N.A. LOC) (A-1+)
3.90%(b) 05/08/06 595 595,000
Yakima County RB (Oord Dairy Project) Series
2004 AMT DN (Key Bank N.A. LOC)
3.93%(b) 05/04/06 4,415 4,415,000
--------------
28,759,548
--------------
West Virginia - 0.6%
West Virginia Housing Development Fund RB
Series 2006B AMT DN (A-1+, VMIG-1)
3.67%(b) 05/08/06 6,000 6,000,000
West Virginia State Hospital RB (West Virginia
Hospital Pooled Financing Program) Series
2001B-2 DN (Branch Banking & Trust Co. LOC)
(VMIG-1)
4.00%(b) 05/08/06 1,320 1,320,000
--------------
7,320,000
--------------
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Wisconsin - 1.1%
Germantown IDRB (Cambridge Major Labs
Project) Series 2003 AMT DN (Bank One N.A.
LOC)
3.95%(b) 05/08/06 $ 5,300 $ 5,300,000
Kohler Village Solid Waste Disposal RB (Kohler
Project) Series 1997 AMT DN (Wachovia Bank
N.A. LOC)
3.90%(b) 05/08/06 4,000 4,000,000
Mequon IDRB (Johnson Level GRW Investment
Project) Series 1995 AMT DN (Bank One N.A.
LOC)
3.95%(b) 05/01/06 665 665,000
Oshkosh IDRB (Oshkosh Coil Spring Project)
Series 2000A AMT DN (Bank One Wisconsin
LOC)
3.95%(b) 05/08/06 2,100 2,100,000
Wisconsin Clean Water RB Series 2002-2 MB
(MBIA Insurance)
5.00% 06/01/06 550 550,858
Wisconsin Health & Educational Facilities RB
(Pooled Loan Financing Program) Series 2002E
DN (Associated Bank N.A. LOC) (VMIG-1)
4.00%(b) 05/08/06 1,995 1,995,000
--------------
14,610,858
--------------
Wyoming - 1.0%
Cheyenne IDRB (Grobet File Co., Inc. Project)
Series 2001 AMT DN (National City Bank N.A.
LOC)
3.92%(b) 05/08/06 2,300 2,300,000
Green River RB (Rhone-Poulenc LP Project)
Series 1994 AMT DN (Fleet National Bank LOC)
(VMIG-1)
4.06%(b) 05/08/06 11,400 11,400,000
--------------
13,700,000
--------------
TOTAL MUNICIPAL BONDS
(Cost $1,317,300,673)
1,317,300,673
--------------
TOTAL INVESTMENTS IN SECURITIES - 99.6%
(Cost $1,317,300,673(a))
1,317,300,673
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.4% 5,567,983
--------------
NET ASSETS - 100.0%
$1,322,868,656
==============
- -------------------
(a) Aggregate cost for federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2006 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, 2006, the Fund held 34.3% of its net assets, with a current market
value of $454,101,000, in securities restricted as to resale.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
40
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS - 99.4%
California - 97.6%
ABN AMRO Munitops Certificates Trust GO Series
2005-26 MB (CIFG-TCRS Credit Support, ABN
AMRO Bank N.V. SBPA) (F-1+)
3.54%(b)(c) 05/01/06 $24,995 $24,995,000
Alameda-Contra Costa Schools Financing
Authority COP (Capital Improvement Financing
Projects) Series 1997F DN (Kredietbank N.V.
LOC) (A-1+)
3.90%(c) 05/08/06 500 500,000
Alameda-Contra Costa Schools Financing
Authority COP (Capital Improvement Financing
Projects) Series 2005M DN (Bank of Nova Scotia
LOC) (A-1+)
3.84%(c) 05/08/06 1,800 1,800,000
Bay Area Toll Authority Toll Bridge RB Series
2006MT-238 DN (Liquidity Facility, Depfa Bank
PLC) (F-1+)
3.93%(b)(c) 05/01/06 15,000 15,000,000
Bear Stearns Municipal Securities Trust
Certificates RB (228 Trust Certificates) Series
2005A DN (FSA Insurance, Bear Stearns Capital
Markets Liquidity Facility) (VMIG-1)
3.92%(b)(c) 05/08/06 9,895 9,895,000
California COP Series 2006 MB (Multiple Bank
LOC) (A-1, P-1)
3.32% 05/11/06 18,000 18,000,000
3.25% 05/23/06 10,000 10,000,000
3.45% 06/07/06 9,500 9,500,000
3.44% 06/14/06 10,000 10,000,000
California Department of Water Power Supply RB
Series 2002C-13 DN (FSA Insurance, Morgan
Stanley Bank SBPA) (A-1+, VMIG-1)
3.73%(c) 05/08/06 5,000 5,000,000
California Department of Water Resource Power
Supply RB Series 2002 DN (Credit Locale de
France LOC) (A-1+, VMIG-1)
3.74%(c) 05/08/06 14,170 14,170,000
California Department of Water Resource Power
Supply RB Series 2002C-12 DN (Landesbank
Hessen-Thuringen Girozentrale LOC)
(A-1+, VMIG-1)
3.75%(c) 05/08/06 7,800 7,800,000
California Department of Water Resource Power
Supply RB Series 2002C-4 DN (Morgan
Guaranty Trust LOC) (A-1+, VMIG-1)
3.84%(c) 05/08/06 5,700 5,700,000
California Department of Water Resource Power
Supply RB Series 2002C-7 DN (FSA Insurance,
Dexia Credit SBPA) (A-1+, VMIG-1)
3.80%(c) 05/08/06 4,850 4,850,000
California Department of Water Resource Power
Supply RB Series 2003 PT-759 DN (MBIA
Insurance, Landesbank-Hessen SBPA)
(A-1+, VMIG-1)
3.83%(b)(c) 05/08/06 9,700 9,700,000
California Economic Recovery RB Series 2004C
DN (J.P. Morgan Chase Bank SBPA)
(A-1+, VMIG-1)
3.78%(c) 05/01/06 6,400 6,400,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
California (continued)
California Economic Recovery RB Series 2004C-1
DN (Landesbank Hessen-Thuringen
Girozentrale LOC) (A-1+, VMIG-1)
3.78%(c) 05/01/06 $ 2,500 $ 2,500,000
California Economic Recovery RB Series 2004C-14
DN (XLCA Insurance, Depfa Bank PLC SBPA)
(A-1+, VMIG-1)
3.75%(c) 05/03/06 6,000 6,000,000
California Economic Recovery RB Series 2004C-21
DN (XLCA Insurance, Dexia Credit Local SBPA)
(A-1+, VMIG-1)
3.79%(c) 05/08/06 3,400 3,400,000
California Economic Recovery RB Series 2004C-3
DN (Landesbank Hessen Thuringen
Girozentrale LOC) (A-1+, VMIG-1)
3.69%(c) 05/01/06 1,800 1,800,000
California Economic Recovery RB Series 2004C-5
DN (Bank of America SBPA) (A-1+, VMIG-1)
3.76%(c) 05/01/06 1,900 1,900,000
California Economic Recovery RB Series 2004C-6
DN (Citibank N.A. LOC) (A-1+, VMIG-1)
3.70%(c) 05/01/06 1,600 1,600,000
California Economic Recovery RB Series 2004C-7
DN (BNP Paribas LOC) (A-1+, VMIG-1)
3.70%(c) 05/01/06 19,295 19,295,000
California Educational Facilities Authority RB (Art
Center Design College Project) Series 2002A
DN (M&T Bank Corp. SBPA) (A-1+, VMIG-1)
3.85%(c) 05/08/06 3,545 3,545,000
California Educational Facilities Authority RB
(Carnegie Institution Washington) Series 2006A
DN (SunTrust Bank SBPA) (A-1+, VMIG-1)
3.84%(c) 05/08/06 6,000 6,000,000
California Educational Facilities Authority RB
(Pomona College Project) Series 2005B DN
(A-1+, VMIG-1)
3.76%(c) 05/08/06 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+)
3.82%(b)(c) 05/08/06 7,500 7,500,000
California GO (Kindergarten-University Public
Project) Series 2002B-5 DN (State Street Bank
& Trust Co. LOC) (A-1+, VMIG-1)
3.74%(c) 05/08/06 3,200 3,200,000
California GO Series 2003 DN (Landesbank
Hessen Thuringen Girozentrale LOC)
(A-1+, VMIG-1)
3.75%(c) 05/08/06 12,100 12,100,000
California GO Series 2005B-1 DN (Bank of
America LOC) (A-1+, VMIG-1)
3.74%(c) 05/08/06 17,000 17,000,000
California Health Facilities Finance Authority RB
(Sutter Health System Project) Series 1996B DN
(AMBAC Insurance, KBC Bank SBPA)
(A-1+, VMIG-1)
3.70%(c) 05/01/06 475 475,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
41
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ --------------------
MUNICIPAL BONDS (Continued)
California (continued)
California Health Facilities Financing Authority RB
Series 2002-591 DN (Morgan Stanley Liquidity
Facility) (A-1+)
3.84%(b)(c) 05/08/06 $ 7,900 $7,900,000
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)
3.80%(c) 05/08/06 2,500 2,500,000
California Infrastructure & Economic
Development Bank RB (Goodwill Industries For
Orange County) Series 2006 DN (Wells Fargo
Bank LOC) (F-1+)
3.70%(c) 05/08/06 2,000 2,000,000
California RB Series 2005 RAN (SP-1+, MIG-1)
4.50% 06/30/06 14,000 14,033,854
California School Cash Reserve Program
Authority RB Series 2005A TRAN (10% AMBAC
Insurance Guaranty) (SP-1+, MIG-1)
4.00% 07/06/06 3,250 3,258,016
California State Department of Water Resources
& Power Supply RB Series 2005G-1 DN (Bank of
Nova Scotia LOC) (A-1+, VMIG-1)
3.74%(c) 05/08/06 1,200 1,200,000
California State Department of Water Resources
& Power Supply RB Series 2005G-4 DN (FSA
Insurance, Morgan Stanley Bank SBPA)
(A-1, VMIG-1)
3.81%(c) 05/08/06 5,000 5,000,000
California State Department of Water Resources
Power Supply RB Series 2005G-11 DN (FSA
Insurance, KBC Bank & Morgan Stanley Bank
Liquidity Facility) (A-1, VMIG-1)
3.75%(c) 05/08/06 14,100 14,100,000
California State Department of Water Resources
Power Supply RB Series 2005G-6 DN (FSA
Insurance, Calyon & Societe General Liquidity
Facility) (A-1+, VMIG-1)
3.74%(c) 05/08/06 21,000 21,000,000
California State Economic Recovery GO Series
2004-933 DN (Morgan Stanley Liquidity Facility)
(A-1, AA-)
3.81%(b)(c) 05/08/06 14,350 14,350,000
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+)
3.86%(b)(c) 05/08/06 20,420 20,420,000
California Statewide Communities Development
Authority RB (Archer School for Girls, Inc.
Project) Series 2005 DN (Allied Irish Bank PLC
LOC) (VMIG-1)
3.77%(c) 05/04/06 6,035 6,035,000
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+)
3.86%(b)(c) 05/08/06 3,150 3,150,000
Clovis County Unified School District GO (Merrill
Lynch P-Float Trust Receipts) Series
2005-PZ-42 DN (FGIC Insurance, Merrill Lynch
Capital Services SBPA) (AAA, F-1+)
3.88%(b)(c) 05/08/06 1,330 1,330,000
PAR
MATURITY (000) VALUE
---------- ------------------ --------------------
MUNICIPAL BONDS (Continued)
California (continued)
Contra Costa County GO Series 2005 TRAN
(SP-1+, MIG-1)
4.50% 12/07/06 $ 7,000 $7,049,839
Coronado Community Development Agency TAN
Series 2005 ROC-RR-II-451 DN (Citibank LOC)
(A-1+)
3.83%(b)(c) 05/08/06 6,900 6,900,000
East Bay Utilities District Wastewater Systems RB
Series 2003B DN (Credit Locale de France LOC)
(A-1+, VMIG-1)
3.73%(c) 05/08/06 9,215 9,215,000
Eclipse Funding Trust GO (Solar Eclipse-
California State Project) Series 2005-0004 DN
(MBIA Insurance, U.S. Bank N.A. Liquid Facility)
(F-1+)
3.81%(b)(c) 05/08/06 9,070 9,070,000
Eclipse Funding Trust GO (Solar Eclipse-
California State Project) Series 2006-0011 DN
(Kredietbank LOC) (VMIG-1)
3.80%(b)(c) 05/08/06 23,125 23,125,000
Eclipse Funding Trust GO (Solar Eclipse-Los
Angeles Unified School District Project) Series
2006-0018 DN (FGIC Insurance, U.S. Bank N.A.
Liquidity Facility) (VMIG-1)
3.82%(c) 05/08/06 5,270 5,270,000
Eclipse Funding Trust GO (Sonoma County Junior
College District Project) Series 2006-0014 DN
(FSA Insurance, U.S. Bank N.A. Liquidity
Facility) (VMIG-1)
3.81%(b)(c) 05/08/06 10,000 10,000,000
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+)
3.83%(b)(c) 05/08/06 1,990 1,990,000
Foothill-De Anza Community College GO Series
2000Y DN (Wachovia Bank N.A. LOC) (VMIG-1)
3.81%(b)(c) 05/08/06 2,775 2,775,000
Glendale Hospital RB Series 2002-590 DN
(Morgan Stanley Group LOC) (A-1+)
3.84%(c) 05/08/06 6,690 6,690,000
Golden State Tobacco Securitization Corp. RB
(California Tobacco Settlement Project) Series
2006E DN (FGIC Insurance, Goldman Sachs SPL
Liquidity Facility) (VMIG-1, F-1+)
3.83%(b)(c) 05/08/06 13,750 13,750,000
Golden State Tobacco Securitization Corp. RB
(California Tobacco Settlement-Spears Project)
Series 2006D-195 DN (FGIC Insurance,
Deutsche Bank A.G. Liquidity Facility)
(A-1+, AAA)
3.86%(b)(c) 05/08/06 2,080 2,080,000
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+)
3.86%(b)(c) 05/08/06 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+)
3.86%(b)(c) 05/08/06 2,740 2,740,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
42
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ --------------------
MUNICIPAL BONDS (Continued)
California (continued)
Golden State Tobacco Securitization Corp. RB
(Tobacco Settlement Project) Series 2006I DN
(FGIC Insurance, Goldman Sachs Special
Services Liquidity Facility) (F-1+)
3.83%(b)(c) 05/08/06 $ 3,980 $3,980,000
Golden State Tobacco Settlement Securitization
Corp. RB (Merrill Lynch P-Float Trust Receipts)
Series 2004 PT-2338 DN (Merrill Lynch Capital
Services SBPA) (F1+)
3.86%(c) 05/08/06 2,905 2,905,000
Golden State Tobacco Settlement Securitization
Corp. RB Series 2004 ROC-RR-II-285X DN
(Citibank Liquidity Facility, XLCA Insurance)
(AAA)
3.85%(b)(c) 05/04/06 4,995 4,995,000
Golden State Tobacco Settlement Securitization
Corp. RB Series 2004 ROC-RR-II-287X DN
(Citibank Liquidity Facility) (A-1+)
3.85%(b)(c) 05/04/06 3,540 3,540,000
Golden State Tobacco Settlement Securitization
Corp. RB Series 2005 ROC-II-411 DN (Citibank
LOC) (VMIG-1)
3.85%(b)(c) 05/08/06 13,140 13,140,000
Grossmont-Cuyamaca Community College
District GO Series 2005-1130 MB (FGIC
Insurance, J.P. Morgan Chase Bank Liquidity
Facility) (VMIG-1)
3.40%(b)(c) 06/01/06 13,640 13,640,000
Grossmont-Cuyamaca Community College
District GO Series 2005-949 MB (FGIC
Insurance, J.P. Morgan Chase Bank Liquidity
Facility) (A-1+, AAA)
3.46%(b)(c) 06/15/06 6,170 6,170,000
Huntington Park Public Financing Authority RB
Series 2005 PT-2719 DN (FSA Insurance,
Merrill Lynch Capital Services SBPA)
(AAA, F-1+)
3.84%(b)(c) 05/08/06 685 685,000
Irvine Public Facilities & Infrastructure Authority
Lease RB (Capital Improvement Project) Series
1985 DN (State Street Bank & Trust Co. LOC)
(VMIG-1)
3.77%(c) 05/08/06 1,780 1,780,000
Los Angeles Department of Airports RB (Los
Angeles International Airport Project) Series
2002C-1 DN (Banque Nationale de Paribas LOC)
(A-1+, VMIG-1)
3.75%(c) 05/08/06 3,300 3,300,000
Los Angeles Department of Water & Power RB
(Eagle Tax Exempt Trust Receipts) Series 2006A
DN (AMBAC Insurance, Citibank N.A. Liquidity
Facility) (A-1+)
3.83%(b)(c) 05/08/06 4,355 4,355,000
Los Angeles TRAN Series 2005 MB (SP-1+, MIG-1)
4.00% 06/30/06 11,000 11,023,222
Los Angeles Unified School District GO (ABN
AMRO Munitops Trust Receipts) Series 2005-36
DN (Kredietbank LOC) (F-1+, AAA)
3.54%(b)(c) 10/02/06 10,000 10,000,000
Los Angeles Unified School District GO
(ABN-AMRO Munitops Trust Certificates) Series
1999C DN (MBIA Insurance, ABN-AMRO Bank
N.V. SBPA) (VMIG-1)
3.80%(b)(c) 05/08/06 1,500 1,500,000
PAR
MATURITY (000) VALUE
---------- ------------------ --------------------
MUNICIPAL BONDS (Continued)
California (continued)
Los Angeles Unified School District GO Series
2005 ROC-RR-II-R-390 DN (MBIA Insurance,
Citibank N.A. LOC) (VMIG-1)
3.83%(b)(c) 05/08/06 $ 2,890 $2,890,000
Los Angeles Wastewater Systems RB Series
2002A DN (FGIC Insurance, Bank of America
N.A. Liquidity Facility) (A-1+)
3.83%(c) 05/08/06 5,000 5,000,000
Los Angeles Water & Power Systems RB Series
2002A-1 DN (National Australia LOC)
(A-1+, VMIG-1)
3.73%(c) 05/04/06 3,400 3,400,000
Madera Financing Authority RB Series 2005A DN
(Credit Locale de France LOC) (A-1+)
3.78%(c) 05/01/06 2,000 2,000,000
Manteca Redevelopment Agency TAN Insured RB
Series 2005 DN (XLCA Insurance, State Street,
B&T Co. SBPA) (A-1+)
3.78%(c) 05/01/06 5,000 5,000,000
Metropolitan Water Distribution Southern
California Waterworks RB Series 1996A DN
(AMBAC Insurance, Lloyds Bank SBPA)
(A-1+, VMIG-1)
3.72%(c) 05/08/06 3,700 3,700,000
Metropolitan Water District for Southern
California Waterworks RB Series 2003C DN
(Credit Locale de France LOC) (A-1+, VMIG-1)
3.73%(c) 05/08/06 14,560 14,560,000
Metropolitan Water District of Southern California
Waterworks RB Series 2001C-2 DN
(Westdeutsche Landesbank Girozentrale LOC)
(A-1+, VMIG-1)
3.65%(c) 05/01/06 10,000 10,000,000
Metropolitan Water District of Southern California
Waterworks RB Series 2004A-1 DN (J.P.
Morgan Chase Bank Liquidity Facility)
(A-1+, VMIG-1)
3.73%(c) 05/08/06 8,710 8,710,000
Metropolitan Water District of Southern California
Waterworks RB Series 2005B-2 DN (Citibank
LOC) (A-1+, VMIG-1)
3.81%(c) 05/08/06 5,620 5,620,000
Orange County Sanitation District COP Series
2006 DN (Depfa Bank PLC LOC) (A-1+, VMIG-1)
3.75%(c) 05/01/06 34,100 34,100,000
Pleasant Valley School District of Ventura County
GO (Merrill Lynch P-Float Trust Receipts)
Series 2005 PT-2783 DN (MBIA Insurance,
Dexia Credit Local SBPA) (A-1+, AAA)
3.83%(b)(c) 05/08/06 5,865 5,865,000
Pleasanton COP (Assisted Living Facilities
Financing Project) Series 2005 DN (Citibank
LOC) (A-1+)
3.81%(c) 05/08/06 2,500 2,500,000
Puttable Floating Option Tax Exempt Receipts RB
Series 2005 PZP-006-Mode A DN (FGIC, MBIA,
FSA Insurance, Merrill Lynch SBPA) (F-1+)
3.93%(b)(c) 05/08/06 6,500 6,500,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A PZP-005 DN (Multiple LOCs,
Merrill Lynch & Co. Inc. SBPA) (AAA, F-1+)
3.90%(b)(c) 05/08/06 6,470 6,470,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
43
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND (CONCLUDED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
California (continued)
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A PZP-006 DN (FGIC Insurance)
(F-1+)
3.90%(b)(c) 05/08/06 $9,000 $ 9,000,000
Puttable Floating Option Tax-Exempt Receipts RB
Series 2005A PZP-03 DN (Multiple Insurers,
Merrill Lynch & Co. SBPA) (AAA, F-1+)
3.90%(b)(c) 05/08/06 3,455 3,455,000
Sacramento City Financing Authority RB Series
2006Z-3 DN (FGIC Insurance, Goldman Sachs
Special Services Liquidity Facility) (AAA, F-1+)
3.86%(b)(c) 05/08/06 5,100 5,100,000
Sacramento Municipal Utility District RB (Macon
Trust Certificates) Series 2002M DN (AMBAC
Insurance, Kredietbank N.V. LOC) (A-1+)
3.83%(c) 05/08/06 3,975 3,975,000
Sacramento Municipal Utility District RB Series
2000A DN (AMBAC Insurance, Wachovia Bank
N.A. LOC) (VMIG-1)
3.81%(b)(c) 05/01/06 1,100 1,100,000
San Diego County & School District GO
(Partnership Notes) Series 2005A TRAN
(SP-1+, MIG-1)
4.00% 07/14/06 6,000 6,016,820
San Diego Public Facilities Financing Authority
Lease RB (Merrill Lynch P-Float Trust Receipts)
Series 2002 PPT-1002C DN (Kredietbank LOC)
(A-1)
3.85%(b)(c) 05/08/06 9,875 9,875,000
San Francisco City & County Unified School
District GO Series 2005 RR-II-R-6060 DN (FSA
Insurance, Citibank N.A. Liquidity Facility)
(VMIG-1)
3.83%(b)(c) 05/08/06 1,815 1,815,000
San Francisco County Transportation GO Series
2006 TECP (Landesbank Baden-Wuttemberg
Ginozentiale SBPA) (A-1+, P-1)
3.30% 05/18/06 6,250 6,250,000
Santa Barbara County GO Series 2005A TRAN
(SP-1+)
4.00% 07/25/06 5,000 5,015,525
Tahoe Forest Hospital District RB (Health Facility
Project) Series 2002 DN (U.S. Bank N.A. LOC)
(VMIG-1)
3.78%(c) 05/01/06 5,700 5,700,000
Tobacco Settlement Financing Corp. RB (Merrill
Lynch P-Float Trust Receipts) Series 2005
PA-1288 DN (Merrill Lynch Capital Services
SBPA) (F-1+)
3.87%(b)(c) 05/08/06 2,000 2,000,000
West Covina Unified School District GO Series
2003-03-23 DN (MBIA Insurance, Banque
Nationale de Paribas Liquidity Facility) (VMIG-1)
3.83%(b)(c) 05/08/06 6,840 6,840,000
Westminster School District COP Series 2004A DN
(Union Bank of California LOC) (A-1)
3.77%(c) 05/08/06 2,500 2,500,000
Yosemite Community College District GO (Eagle
Tax Exempt Trust Receipts) Series 2005 A DN
(FGIC Insurance, Citibank Liquidity Facililty)
(A-1+, AAA)
3.83%(b)(c) 05/08/06 5,840 5,840,000
------------
732,567,276
------------
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
Puerto Rico - 1.8%
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+)
3.81%(b)(c) 05/08/06 $2,195 $ 2,195,000
Commonwealth of Puerto Rico Electric Power
Authority RB Series 1997 DN (Societe Generale
LOC) (A-1+)
3.77%(b)(c) 05/08/06 1,300 1,300,000
Commonwealth of Puerto Rico GO Series 2005
TRAN (Multiple LOCs) (SP-1+, MIG-1)
4.50% 07/28/06 4,000 4,012,061
Commonwealth of Puerto Rico Intrastructure
Financing Authority RB (Merlots) Series
2005A-21 DN (Wachovia Bank LOC) (VMIG-1)
3.32%(b)(c) 11/15/06 3,000 3,000,000
Commonweatlh of Puerto Rico Power Authority
RB Series 1997 SGA-44 DN (Societe Generale
LOC) (A-1+)
3.77%(c) 05/08/06 3,035 3,035,000
------------
13,542,061
------------
TOTAL INVESTMENTS IN SECURITIES - 99.4%
(Cost $746,109,337(a))
746,109,337
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.6% 4,351,667
------------
NET ASSETS - 100.0%
$750,461,004
============
- -------------------
(a) Aggregate cost for federal income tax purposes.
(b) 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, 2006, the Fund held 43.2% of its net assets, with a current market
value of $324,120,000, in securities restricted as to resale.
(c) Rates shown are the rates as of April 30, 2006 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.
44
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
NEW YORK MONEY FUND
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS - 97.1%
New York - 96.3%
Allegany County GO Series 2005 BAN (J.P. Morgan
Chase LOC) (VMIG-1)
4.25% 09/27/06 $ 2,500 $2,509,942
Cayuga County Hospital Improvement Corp.
Lehman COP Series 200D-L1 DN (Lehman
SBPA) (A-1+)
3.90%(b)(c) 05/08/06 3,810 3,810,000
City of New York GO (Merrill Lynch P-Float Trust
Receipts) Series 1997 DN (AMBAC Insurance,
Societe Generale Liquidity Facility) (A-1+)
3.82%(b)(c) 05/08/06 9,860 9,860,000
City of New York GO (Morgan Stanley Trust
Receipts) Series 2002-725X DN (FSA Insurance,
Morgan Stanley Group Liquidity Facility)
(VMIG-1)
3.82%(b)(c) 05/08/06 9,644 9,643,750
City of New York IDA Civic Facilities RB (Abraham
Joshua Heschel Project) Series 2002 DN (M&T
Bank Corp. LOC) (VMIG-1)
3.84%(c) 05/08/06 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)
3.85%(c) 05/08/06 2,440 2,440,000
City of New York IDA Civic Facilities RB (Hewitt
School Project) Series 2002 DN (Allied Irish
Bank LOC) (VMIG-1)
3.80%(c) 05/08/06 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)
3.80%(c) 05/08/06 2,625 2,625,000
City of New York Transitional Finance Authority
Financing RB (Citibank Eagle Trust Receipts)
Series 2000 DN (Citibank Liquidity Facility)
(A-1+)
3.83%(b)(c) 05/08/06 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+)
3.83%(b)(c) 05/08/06 3,300 3,300,000
Clifton Park IDRB (Coburg Village Housing
Project) Series 2006 DN (Federal National
Mortgage Association Guaranty, Federal
National Mortgage Association SBPA) (VMIG-1)
3.80%(c) 05/08/06 2,000 2,000,000
Dormitory Authority RB (Park Ridge Hospital
Project) Series 2005 DN (J.P. Morgan Chase
LOC) (A-1+)
3.80%(c) 05/08/06 4,835 4,835,000
Dormitory Authority RB (Wachovia Merlots Trust
Receipts) Series 2001A-30 DN (AMBAC
Insurance, Wachovia Bank N.A. SBPA) (VMIG-1)
3.81%(b)(c) 05/08/06 2,975 2,975,000
Dormitory Authority RB (Wachovia Merlots Trust
Reciepts) Series 2003 DN (FGIC Insurance,
Wachovia Bank N.A. SBPA) (VMIG-1)
3.81%(b)(c) 05/08/06 7,165 7,165,000
Dormitory Authority RB Series 2001D DN (MBIA
Insurance, Bank of America SBPA) (A-1+)
3.83%(b)(c) 05/08/06 1,900 1,900,000
Dutchess County IDA Civic Facility RB (Lutheran
Center Project) Series 2005 DN (Key Bank N.A.
LOC) (VMIG-1)
3.84%(c) 05/08/06 3,920 3,920,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
New York (continued)
Eclipse Funding Trust RB (Port Authority of New
York & New Jersey Project) Eclipse Series
2006-0016 DN (XLCA Insurance, U.S. Bank
SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 $ 7,455 $7,455,000
Erie County Civic Facilities IDRB (Hauptman-
Woodward Project) Series 2004 DN (KeyBank
N.A. LOC)
3.86%(c) 05/08/06 2,300 2,300,000
Erie County IDRB (Orchard Park CCRC, Inc.
Project) Series 2006B DN (Soveriegn Bank LOC,
Citizens Bank of Rhode Island LOC) (A-1+)
3.82%(c) 05/08/06 8,600 8,600,000
Erie County Tobacco Asset Securitization Corp. RB
Series 2005 DN (Merrill Lynch Guaranty
Agreement, Merrill Lynch SBPA) (F1+)
3.86%(b)(c) 05/08/06 14,910 14,910,000
Franklin County IDA Civic Facility RB (Paul
Smith's College Project) Series 1998 DN
(KeyBank N.A. LOC)
3.86%(c) 05/08/06 2,845 2,845,000
Half Hollow Hills Central School District of
Huntington & Babylon GO Series 2005 TAN
4.00% 06/30/06 2,000 2,003,884
Liberty Development Corp. RB Series 2006-1251
DN (Morgan Stanley SBPA) (VMIG-1)
3.82%(b)(c) 05/08/06 13,700 13,700,000
Metropolitan Transportation Authority RB (Piper
Jaffray Trust Certificates) Series 2002F DN
(Bank of New York LOC) (VMIG-1)
3.83%(b)(c) 05/08/06 5,670 5,669,500
Metropolitan Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series
2002A-43 DN (FGIC Insurance, Wachovia Bank
N.A. Liquidity Facility) (VMIG-1)
3.81%(b)(c) 05/08/06 2,420 2,420,000
Metropolitan Transportation Authority RB
(Wachovia Merlots Trust Receipts) Series
2003B-25 DN (FGIC Insurance, Wachovia Bank
N.A. Liquidity Facility) (VMIG-1)
3.81%(b)(c) 05/08/06 4,965 4,965,000
Metropolitan Transportation Authority RB Series
2006 DN (ABN-AMRO Bank N.V. LOC)
(A-1+, P-1)
3.50% 07/11/06 10,000 10,000,000
Monroe County IDA Civic Facility RB (Sigal Center
Project) Series 2004 DN (M&T Bank Corp. LOC)
(VMIG-1)
3.85%(c) 05/08/06 1,700 1,700,000
Monroe County IDA Civic Facility RB (YMCA of
Greater Rochester Project) Series 2004 DN
(M&T Bank Corp. LOC) (A-1)
3.90%(c) 05/08/06 2,665 2,665,000
Monroe County IDRB Series 2002A DN (M&T Bank
Corp. LOC) (VMIG-1)
3.79%(c) 05/08/06 12,410 12,410,000
Nassau County IDA Civic Facility RB (North Shore
Hebrew Academy Project) Series 2005 DN
(Sovereign Bank LOC, Comerica Bank LOC)
(VMIG-1)
3.80%(c) 05/08/06 2,500 2,500,000
New Rochelle School District GO Series 2005A
TAN (State Aid Withholding) (A1)
3.75% 06/30/06 3,000 3,004,022
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
45
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
NEW YORK MONEY FUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
New York (continued)
New York City GO (Merrill Lynch P-Float Trust
Receipts) Series 2005-3333 DN (Dexia Bank
N.A. LOC) (F-1+)
3.86%(b)(c) 05/08/06 $ 5,355 $5,355,000
New York City IDRB Series 2006-523CE
ROC-RR-II-R DN (Citibank Liquidity Facility,
Citigroup Guaranty) (VMIG-1)
3.84%(b)(c) 05/08/06 2,200 2,200,000
New York City Municipal Finance Authority Water
& Sewer Sysems RB (P-Float Trust Receipts)
Series 2006 PT-3401 DN (Merrill Lynch Captial
Services SBPA) (F-1+)
3.83%(b)(c) 05/08/06 10,370 10,370,000
New York City Municipal Finance Authority Water
& Sewer System RB (P-Float Trust Receipts)
Series 2006 PT-3385 DN (Merrill Lynch P-Float
Trust Receipts) (F-1+)
3.83%(b)(c) 05/08/06 6,325 6,325,000
New York City Municipal Finance Authority Water
& Sewer System RB Putter Series 2006-1263
DN (FSA Insurance, PB Capital Liquidity
Facility) (A-1)
3.86%(b)(c) 05/08/06 5,875 5,875,000
New York City Municipal Finance Authotity Water
& Sewer System RB Putter Series 2006-1226
DN (Morgan Stanley Liquidity Facility) (VMIG-1)
3.82%(b)(c) 05/08/06 8,700 8,700,000
New York City Municipal Finance Water & Sewer
System RB Series 1996B MB (MBIA Insurance)
(AAA, Aaa)
5.75% 08/12/06 1,415 1,441,141
New York City Transitional Finance Authority RB
Series 2001B DN (Landesbank
Hessen-Thuringen Girozentrale LOC)
(A-1+, VMIG-1)
3.77%(c) 05/01/06 6,700 6,700,000
New York City Water & Sewer RB (Munitops Trust
Certificates) Series 2006-3 DN (XLCA Insurance,
ABN-AMRO Bank N.V. SPA) (VMIG-1)
3.83%(b)(c) 05/08/06 8,330 8,330,000
New York Counties Tobacco Trust II RB (P-Float
Trust Receipts) Series 2006 PA-1347 DN
(Merrill SBPA, Merrill Guaranty) (F1+)
3.86%(b)(c) 05/08/06 17,950 17,950,000
New York Environmental Facility Clean Water &
Drinking RB (Merlots Trust Receipts) Series
2004B DN (Wachovia Bank N.A. SBPA) (A-1)
3.81%(b)(c) 05/08/06 5,385 5,385,000
New York GO (P-Float Trust Receipts) Series 2005
PT-3331 DN (AMBAC Insurance, Merrill Lynch
Liquidity Facility) (VMIG-1, F-1+)
3.83%(b)(c) 05/08/06 4,625 4,625,000
New York GO (P-Float Trust Receipts) Series 2006
PA-1363 DN (Merrill Lynch SBPA, Merrill Lynch
Guaranty) (F-1+)
3.86%(b)(c) 05/08/06 3,750 3,750,000
New York GO Putter Series 2006-1299 DN (FSA
Insurance, J.P. Morgan Chase Bank SBPA)
(A-1+)
3.84%(b)(c) 05/08/06 5,375 5,375,000
New York GO Series 2000B MB (Dexia Credit,
Credit Locale de France LOC) (A-1+, VMIG-1)
2.90%(c) 08/03/06 1,900 1,900,000
New York GO Series 2005E-3 DN (Bank of America
LOC) (A-1+, VMIG-1)
3.79%(c) 05/08/06 5,100 5,100,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
New York (continued)
New York RB (UBS Municipal Certificates
Floaters) Series 2005-22 DN (FSA Insurance,
Landesbank Hessen SBPA) (A-1+)
3.83%(b)(c) 05/08/06 $ 1,020 $1,020,000
New York State Environmental Facilities Corp. RB
(Citibank Eagle Trust Receipts Clean Water &
Drinking Project) Series 2003A DN (Citibank
Liquidity Facility) (A-1+)
3.83%(b)(c) 05/08/06 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)
3.43%(b)(c) 06/01/06 2,660 2,660,000
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)
3.83%(b)(c) 05/04/06 1,585 1,585,000
New York State Housing Finance Agency RB (10
Liberty-A Project) Series 2003 DN (Federal
Home Loan Mortgage Corp. Liquidity)
3.77%(c) 05/08/06 5,100 5,100,000
New York State Power Authority Revenue &
General Purpose GO Series 1985 DN (Dexia
LOC)
3.35%(c) 05/08/06 7,000 7,000,000
New York State Urban Development Corp. RB
(Merlots Trust Receipts) Series 2005 PT-3416
DN (MBIA Insurance, Wachovia Bank SBPA)
(VMIG-1)
3.81%(b)(c) 05/08/06 2,990 2,990,000
New York Tollway Authority RB Putter Series
2006-1294T DN (FSA Insurance, J.P. Morgan
Chase Bank SBPA) (VMIG-1)
3.84%(b)(c) 05/08/06 2,150 2,150,000
New York Urban Development Corp. RB (P-Float
Trust Receipts) Series 2006 PT-3416 DN (MBIA
Insurance, Bayerische Hypo-Und Vereinsbank
SBPA) (F-1)
3.82%(b)(c) 05/08/06 20,960 20,960,000
Newburgh Industrial Development Agency Civic
Facility RB (Community Development
Properties Project) Series 2005A DN (Key Bank
LOC) (VMIG-1)
3.84%(c) 05/08/06 3,500 3,500,000
North Syracuse Central School District GO Series
2005 BAN
3.75% 06/23/06 1,000 1,001,484
Oneida County IDRB (Preswick Glen Civic Facility
Project) Series 2006 DN (Sovereign Bank LOC,
Lloyds TSB Bank LOC) (A-1+)
3.78%(c) 05/08/06 5,000 5,000,000
Onondaga County IDA Civic Facility RB (Crouse
Health Hospital Project) Series 2003A DN (M&T
Bank Corp. LOC) (VMIG-1)
3.86%(c) 05/08/06 3,000 3,000,000
Onondaga County IDA Civic Facility RB (YMCA
Greater Syracuse Project) Series 2003A DN
(HSBC Bank LOC)
3.86%(c) 05/08/06 4,000 4,000,000
Perinton GO Unlimited Notes Series 2006 MB
4.25% 02/23/07 2,270 2,286,124
Pittsford Central School District GO Series 2005
BAN
4.00% 06/20/06 5,000 5,005,233
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
NEW YORK MONEY FUND (CONCLUDED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
New York (continued)
Rensselaer County Civic Facilities IDRB (The Sage
Colleges Project) Series 2002A DN (M&T Bank
Corp. LOC) (VMIG-1)
3.86%(c) 05/08/06 $ 2,600 $ 2,600,000
Rochester GO Series 2006B MB (AMBAC
Insurance) (AAA, Aaa)
3.25% 10/15/06 5,025 5,022,190
Schenectady County IDA Civic Facility RB
(Sunnyview Project) Series 2003B DN (KeyBank
N.A. LOC) (VMIG-1)
3.81%(c) 05/08/06 2,390 2,390,000
South Orangetown Central School District GO
Series 2005 TAN
3.75% 06/30/06 3,250 3,249,666
Syracuse GO Series 2005C RAN
4.00% 06/30/06 3,000 3,005,319
Tobacco Settlement Financing Corp. RB (P-Float
Trust Receipts) Series 2006 MT-232 DN (Depfa
Bank SBPA) (A-1+)
3.86%(b)(c) 05/08/06 17,495 17,495,000
Tompkins County IDA Civic Facility RB (Ithaca
College Project) Series 2004 DN (XLCA
Insurance, Bank of America N.A. SBPA)
(VMIG-1)
3.82%(c) 05/08/06 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)
3.82%(b)(c) 05/08/06 9,240 9,240,000
Triborough Bridge & Tunnel Authority RB
(Citibank Eagle Trust Receipts) Series 2003A
DN (FGIC Insurance, Citibank Liquidity Facility)
(A-1+)
3.83%(b)(c) 05/04/06 2,000 2,000,000
Triborough Bridge & Tunnel Authority RB (Morgan
Stanley Trust Receipts) Series 2004-922 DN
(Morgan Stanley Liquidity Facility) (F-1+)
3.82%(b)(c) 05/04/06 5,520 5,520,000
Triborough Bridge & Tunnel Authority RB Series
2005B-1 DN (Defpa Bank PLC SBPA)
(A-1+, VMIG-1)
3.78%(c) 05/08/06 2,250 2,250,000
TSASC, Inc. RB (P-Float Trust Receipts) Series
2006 PA-1356 DN (Merrill Lynch & Co. Guaranty
Services)
3.87%(c) 05/08/06 43,325 43,325,000
TSASC, Inc. RB (P-Float Trust Receipts) Series
2006 PA-1359 DN (Merrill Lynch SBPA, Merrill
Lynch Guaranty) (F-1+)
3.90%(b)(c) 05/08/06 10,350 10,350,000
TSASC, Inc. RB Series 2006 513CE ROC-RR-II-R
DN (Citibank Liquidity Facility, Citigroup
Financial Guaranty) (VMIG-1)
3.84%(b)(c) 05/08/06 6,420 6,420,000
TSASC, Inc. RB Series 2006-519CE ROC-RR-II-R
DN (Citibank Liquidity Facility, Citigroup
Financial Guaranty) (VMIG-1)
3.84%(b)(c) 05/08/06 5,750 5,750,000
Westchester Tobacco Asset Securitization Corp.
RB (Merrill Lynch P-Float Trust Receipts)
Series 2005-1338 DN (Merrill Lynch Capital
Services) (F-1+)
3.86%(b)(c) 05/08/06 13,865 13,865,000
PAR
MATURITY (000) VALUE
---------- ------------------ -------------------
MUNICIPAL BONDS (Continued)
New York (continued)
White Plains GO Series 2006 BAN (Aa1)
4.25% 01/26/07 $ 2,106 $ 2,120,577
------------
477,582,832
------------
Puerto Rico - 0.8%
Commonwealth of Puerto Rico Intrastructure
Financing Authority RB (Merlots) Series
2005A-21 DN (Wachovia Bank LOC) (VMIG-1)
3.32%(b)(c) 11/15/06 3,995 3,995,000
------------
TOTAL INVESTMENTS IN SECURITIES - 97.1%
(Cost $481,577,832(a)) 481,577,832
OTHER ASSETS IN EXCESS OF
LIABILITIES - 2.9%
14,554,174
------------
NET ASSETS - 100.0% $496,132,006
============
- -------------------
(a) Aggregate cost for federal income tax purposes.
(b) 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, 2006, the Fund held 59.2% of its net assets, with a current market
value of $293,623,250, in securities restricted as to resale.
(c) Rates shown are the rates as of April 30, 2006 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.
47
BLACKROCK FUNDS
Key to Investment Abbreviations for all
Schedules of Investments
AMBAC American Municipal Bond Assurance Corp.
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
CDC CDC Funding Group
COP Certificates of Participation
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
ISD Independent School District
LLC Limited Liability Co.
LOC Letter of Credit
MB Municipal Bond
MBIA Municipal Bond Insurance Association
PCRB Pollution Control Revenue Bond
PLC Public Limited Co.
RAN Revenue Anticipation Note
RB Revenue Bond
ROC Reset Option Certificate
SBPA Stand-by Bond Purchase Agreement
TAN Tax Anticipation Note
TECP Tax Exempt Commercial Paper
TRAN Tax and Revenue Anticipation Note
XLCA XL Capital Assurance
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, 2006.
48
[THIS PAGE INTENTIONALLY LEFT BLANK.]
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2006 (UNAUDITED)
TEMPFUND TEMPCASH FEDFUND
---------------------- ------------------- ------------------
ASSETS
Investments, at value1 .................... $ 31,449,129,869* $ 13,045,571,775 $ 3,552,598,742
Cash ...................................... - 19,728 -
Interest receivable ....................... 97,191,977 38,259,561 11,093,176
Investments sold receivable ............... - - -
Prepaid expenses .......................... 214,810 98,996 72,057
------------------ ---------------- ---------------
TOTAL ASSETS ............................ 31,546,536,656 13,083,950,060 3,563,763,975
------------------ ---------------- ---------------
LIABILITIES
Payable to custodian ...................... - - -
Payable to affiliates (Note C) ............ 4,807,509 - 136,116,617
Investments purchased payable ............. - - -
Management fee payable .................... 4,183,304 1,762,861 486,640
Distributions payable ..................... 70,026,056 18,138,733 6,560,415
Custodian fee payable ..................... 209,856 170,645 31,287
Transfer agent fee payable ................ 331,085 120,864 22,863
Shareholder servicing fees payable ........ 2,120,932 137,128 216,066
Distribution fees payable ................. 217,888 7 13,956
Trustees' fees and expenses payable ....... 60,490 21,489 6,549
Other accrued expenses payable ............ 366,483 101,849 84,660
------------------ ---------------- ---------------
TOTAL LIABILITIES ....................... 82,323,603 20,453,576 143,539,053
------------------ ---------------- ---------------
NET ASSETS ................................. $ 31,464,213,053 $ 13,063,496,484 $ 3,420,224,922
================== ================ ===============
1Cost of Investments ....................... $ 31,449,129,869* $ 13,045,571,775 $ 3,552,598,742
================== ================ ===============
AT APRIL 30, 2006, NET ASSETS CONSISTED
OF:
Capital Paid-in ........................... $ 31,468,987,020 $ 13,066,529,989 $ 3,420,236,976
Undistributed net investment income ....... - - -
Accumulated net realized gain (loss) on
investment transactions .................. (4,773,967) (3,033,505) (12,054)
------------------ ---------------- ---------------
NET ASSETS ................................. $ 31,464,213,053 $ 13,063,496,484 $ 3,420,224,922
================== ================ ===============
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2006 (UNAUDITED)
CALIFORNIA NEW YORK
MUNIFUND MUNICASH MONEY FUND MONEY FUND
------------------ ------------------ ---------------- ----------------
ASSETS
Investments, at value1 .................... $ 2,414,231,555 $ 1,317,300,673 $ 746,109,337 $ 481,577,832
Cash ...................................... - - 27,940 -
Interest receivable ....................... 17,705,027 7,429,976 5,825,914 3,536,102
Investments sold receivable ............... 6,402,630 - - 11,975,651
Prepaid expenses .......................... 41,589 46,354 19,156 14,445
--------------- --------------- ------------- -------------
TOTAL ASSETS ............................ 2,438,380,801 1,324,777,003 751,982,347 497,104,030
--------------- --------------- ------------- -------------
LIABILITIES
Payable to custodian ...................... 66,750 93,016 - 8,476
Payable to affiliates (Note C) ............ - - - -
Investments purchased payable ............. 2,020,000 - - -
Management fee payable .................... 353,449 206,596 107,636 75,597
Distributions payable ..................... 3,630,328 1,509,246 1,281,318 783,948
Custodian fee payable ..................... 30,927 8,474 2,179 1,358
Transfer agent fee payable ................ 35,409 30,106 13,645 9,548
Shareholder servicing fees payable ........ 227,770 14,063 76,740 62,130
Distribution fees payable ................. 5,320 4 8,755 1,475
Trustees' fees and expenses payable ....... 7,504 5,525 1,560 829
Other accrued expenses payable ............ 29,932 41,317 29,510 28,663
--------------- --------------- ------------- -------------
TOTAL LIABILITIES ....................... 6,407,389 1,908,347 1,521,343 972,024
--------------- --------------- ------------- -------------
NET ASSETS ................................. $ 2,431,973,412 $ 1,322,868,656 $ 750,461,004 $ 496,132,006
=============== =============== ============= =============
1Cost of Investments ....................... $ 2,414,231,555 $ 1,317,300,673 $ 746,109,337 $ 481,577,832
=============== =============== ============= =============
AT APRIL 30, 2006, NET ASSETS CONSISTED
OF:
Capital Paid-in ........................... $ 2,431,834,679 $ 1,323,353,290 $ 750,359,331 $ 495,756,204
Undistributed net investment income ....... 35,233 43,557 - 1,065
Accumulated net realized gain (loss) on
investment transactions .................. 103,500 (528,191) 101,673 374,737
--------------- --------------- ------------- -------------
NET ASSETS ................................. $ 2,431,973,412 $ 1,322,868,656 $ 750,461,004 $ 496,132,006
=============== =============== ============= =============
BLACKROCK LIQUIDITY FUNDS
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
TEMPFUND TEMPCASH FEDFUND
-------------------- -------------------- -------------------
Institutional Shares:
Net Assets .............................. $ 22,615,679,949 $ 12,342,657,795 $ 2,592,793,878
Shares outstanding (unlimited authorization) 22,619,360,234 12,345,474,091 2,592,830,782
Net Asset Value ......................... $ 1.00 $ 1.00 $ 1.00
Dollar Shares:
Net Assets .............................. $ 4,265,656,482 $ 697,771,378 $ 366,552,106
Shares outstanding (unlimited authorization) 4,266,404,728 697,988,587 366,525,778
Net Asset Value ......................... $ 1.00 $ 1.00 $ 1.00
Cash Management Shares:
Net Assets .............................. $ 346,708,961 $ - $ -
Shares outstanding (unlimited authorization) 346,744,556 - -
Net Asset Value ......................... $ 1.00 $ - $ -
Cash Reserve Shares:
Net Assets .............................. $ 59,306,311 $ - $ 2,497,681
Shares outstanding (unlimited authorization) 59,306,319 - 2,497,745
Net Asset Value ......................... $ 1.00 $ - $ 1.00
Administration Shares:
Net Assets .............................. $ 1,828,356,798 $ 23,067,311 $ 69,556,184
Shares outstanding (unlimited authorization) 1,828,572,642 23,067,311 69,556,183
Net Asset Value ......................... $ 1.00 $ 1.00 $ 1.00
Bear Stearns Shares:
Net Assets .............................. $ 758,295,811 $ - $ 53,434,911
Shares outstanding (unlimited authorization) 758,330,246 - 53,435,114
Net Asset Value ......................... $ 1.00 $ - $ 1.00
Bear Stearns Premier Choice Shares:
Net Assets .............................. $ 767,229 $ - $ 2,210
Shares outstanding (unlimited authorization) 767,245 - 2,212
Net Asset Value ......................... $ 1.00 $ - $ 1.00
Bear Stearns Private Client Shares:
Net Assets .............................. $ 1,246,732,285 $ - $ 268,135,291
Shares outstanding (unlimited authorization) 1,246,791,197 - 268,136,452
Net Asset Value ......................... $ 1.00 $ - $ 1.00
Bear Stearns Premier Shares:
Net Assets .............................. $ 342,709,227 $ - $ 67,252,661
Shares outstanding (unlimited authorization) 342,709,853 - 67,252,709
Net Asset Value ......................... $ 1.00 $ - $ 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
CALIFORNIA NEW YORK
MUNIFUND MUNICASH MONEY FUND MONEY FUND
------------------- ------------------- ----------------- -----------------
Institutional Shares:
Net Assets .............................. $ 1,371,251,256 $ 1,267,177,086 $ 504,227,185 $ 308,561,592
Shares outstanding (unlimited authorization) 1,371,200,566 1,267,648,134 504,226,780 308,224,087
Net Asset Value ......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
Dollar Shares:
Net Assets .............................. $ 107,025,773 $ 55,691,570 $ 49,764,417 $ 5,536,057
Shares outstanding (unlimited authorization) 107,025,399 55,708,617 49,759,824 5,530,120
Net Asset Value ......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
Cash Management Shares:
Net Assets .............................. $ 39,102,770 $ - $ 237,389 $ 7,445,552
Shares outstanding (unlimited authorization) 39,099,925 - 237,341 7,442,295
Net Asset Value ......................... $ 1.00 $ - $ 1.00 $ 1.00
Cash Reserve Shares:
Net Assets .............................. $ - $ - $ - $ -
Shares outstanding (unlimited authorization) - - - -
Net Asset Value ......................... $ - $ - $ - $ -
Administration Shares:
Net Assets .............................. $ 503,192,956 $ - $ 4,181,061 $ 16,977,353
Shares outstanding (unlimited authorization) 503,147,075 - 4,180,402 16,963,917
Net Asset Value ......................... $ 1.00 $ - $ 1.00 $ 1.00
Bear Stearns Shares:
Net Assets .............................. $ 15,756,843 $ - $ 30,638,894 $ 4,249,383
Shares outstanding (unlimited authorization) 15,755,520 - 30,632,577 4,245,679
Net Asset Value ......................... $ 1.00 $ - $ 1.00 $ 1.00
Bear Stearns Premier Choice Shares:
Net Assets .............................. $ 2,243 $ - $ 2,192 $ 2,197
Shares outstanding (unlimited authorization) 2,247 - 2,190 2,190
Net Asset Value ......................... $ 1.00 $ - $ 1.00 $ 1.00
Bear Stearns Private Client Shares:
Net Assets .............................. $ 222,284,998 $ - $ 146,455,374 $ 146,257,888
Shares outstanding (unlimited authorization) 222,265,961 - 146,422,122 146,157,254
Net Asset Value ......................... $ 1.00 $ - $ 1.00 $ 1.00
Bear Stearns Premier Shares:
Net Assets .............................. $ 173,356,573 $ - $ 14,954,492 $ 7,101,984
Shares outstanding (unlimited authorization) 173,337,986 - 14,950,035 7,097,234
Net Asset Value ......................... $ 1.00 $ - $ 1.00 $ 1.00
* Includes investment in affiliate with value and cost of $104,300,000.
BLACKROCK LIQUIDITY FUNDS
BLACKROCK LIQUIDITY FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2006 (UNAUDITED)
TEMPFUND TEMPCASH FEDFUND
---------------- ---------------- ---------------
Investment Income:
Interest income ................................... $ 747,171,368 $ 282,407,675 $ 74,131,972
------------- ------------- ------------
Expenses:
Management fee .................................... 11,294,344 5,174,445 1,650,408
Investment advisory fee ........................... 8,229,950 3,766,446 1,096,083
Administration fee ................................ 10,770,770 4,171,071 1,464,582
Custodian fee ..................................... 981,468 515,810 101,932
Transfer agent fee ................................ 1,056,160 376,552 118,796
Shareholder servicing fees - class
specific ........................................ 12,765,239 815,376 1,503,753
Distribution fees - class specific ................ 3,469,872 - 568,689
Legal fees ........................................ 146,811 49,814 15,783
Audit fees ........................................ 55,567 31,494 16,471
Printing .......................................... 30,770 9,231 9,412
Registration fees and expenses .................... 98,991 38,633 32,981
Trustees' fees and expenses ....................... 132,227 48,251 14,099
Other ............................................. 327,682 98,941 55,384
------------- ------------- ------------
Total expenses ..................................... 49,359,851 15,096,064 6,648,373
------------- ------------- ------------
Less management fee waived (Note C) ................ (1,437,539) (1,250,332) (490,188)
Less investment advisory and adminis-
tration fees waived (Note C) ...................... (2,127,946) (1,926,268) (758,108)
Less shareholder servicing fees waived -
class specific (Note C) ........................... (595,672) - (165,592)
Less distribution fees waived - class
specific (Note C) ................................. (2,186,178) - (490,834)
Less custody fees paid indirectly (Note C) ......... (34,478) - (19,626)
------------- ------------- ------------
Net expenses ....................................... 42,978,038 11,919,464 4,724,025
------------- ------------- ------------
Net investment income .............................. 704,193,330 270,488,211 69,407,947
Net realized gain (loss) from investment
transactions .................................... (4,026) (3,205) -
------------- ------------- ------------
Net increase in net assets resulting from
operations ...................................... $ 704,189,304 $ 270,485,006 $ 69,407,947
============= ============= ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52
BLACKROCK LIQUIDITY FUNDS
CALIFORNIA NEW YORK
MUNIFUND MUNICASH MONEY FUND MONEY FUND
- --------------- --------------- --------------- --------------
$ 41,883,948 $ 29,007,161 $ 10,735,956 $ 7,546,893
------------ ------------ ------------ -----------
1,486,064 1,053,339 550,153 369,286
1,328,225 979,639 404,454 289,122
1,328,225 979,639 353,897 252,982
81,962 57,532 21,251 14,855
109,296 81,044 51,447 29,413
1,485,232 73,280 491,463 402,909
487,523 - 292,317 252,840
15,389 7,328 3,511 3,578
21,177 20,996 13,937 15,204
1,991 - 543 543
36,684 20,828 9,667 5,823
13,383 8,375 2,994 1,891
48,091 24,462 9,113 7,445
------------ ------------ ------------ -----------
6,443,242 3,306,462 2,204,747 1,645,891
------------ ------------ ------------ -----------
(637,820) (493,967) (300,208) (199,022)
(1,109,223) (886,271) (422,890) (305,044)
(194,710) - (74,927) (72,531)
(447,363) - (242,992) (245,831)
(25,618) (25,008) (2,414) (1,727)
------------ ------------ ------------ -----------
4,028,508 1,901,216 1,161,316 821,736
------------ ------------ ------------ -----------
37,855,440 27,105,945 9,574,640 6,725,157
195,287 (244,265) 167,680 311,061
------------ ------------ ------------ -----------
$ 38,050,727 $ 26,861,680 $ 9,742,320 $ 7,036,218
============ ============ ============ ===========
53
BLACKROCK LIQUIDITY FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
TEMPFUND
-----------------------------------------
SIX MONTHS ENDED
APRIL 30, 2006 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2005
-------------------- --------------------
Increase (decrease) in net assets:
Operations:
Net investment income ........................................ $ 704,193,330 $ 765,421,595
Net gain (loss) on investments ............................... (4,026) (3,955,645)
---------------- ----------------
Net increase in net assets resulting from operations ......... 704,189,304 761,465,950
---------------- ----------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ......................................... (531,325,013) (594,608,980)
Dollar Shares ................................................ (93,916,452) (100,612,236)
Cash Management Shares ....................................... (5,666,410) (5,497,777)
Cash Reserve Shares .......................................... (743,251) (9,407)
Administration Shares ........................................ (30,802,214) (33,232,238)
Bear Stearns Shares .......................................... (12,752,511) (9,864,345)
Bear Stearns Premier Choice Shares ........................... (36,145) (65,038)
Bear Stearns Private Client Shares ........................... (22,504,624) (17,615,458)
Bear Stearns Premier Shares .................................. (6,446,710) (3,916,116)
---------------- ----------------
Total distributions from net investment income .............. (704,193,330) (765,421,595)
---------------- ----------------
Capital share transactions (Note D) .......................... 3,424,684,227 5,063,639,702
---------------- ----------------
Total increase (decrease) in net assets ..................... 3,424,680,201 5,059,684,057
Net assets:
Beginning of period .......................................... 28,039,532,852 22,979,848,795
---------------- ----------------
End of period ................................................ $ 31,464,213,053 $ 28,039,532,852
================ ================
End of period undistributed net investment income ............ $ - $ -
TEMPCASH
-------------------------------------------
SIX MONTHS ENDED
APRIL 30, 2006 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2005
---------------------- --------------------
Increase (decrease) in net assets:
Operations:
Net investment income ........................................ $ 270,488,211 $ 291,076,263
Net gain (loss) on investments ............................... (3,205) (2,941,546)
--------------- ----------------
Net increase in net assets resulting from operations ......... 270,485,006 288,134,717
--------------- ----------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ......................................... (257,099,773) (276,408,719)
Dollar Shares ................................................ (13,317,965) (14,667,437)
Cash Management Shares ....................................... - -
Cash Reserve Shares .......................................... - -
Administration Shares ........................................ (70,455) -
Bear Stearns Shares .......................................... - -
Bear Stearns Premier Choice Shares ........................... (9) (54)
Bear Stearns Private Client Shares ........................... - -
Bear Stearns Premier Shares .................................. (9) (53)
--------------- ----------------
Total distributions from net investment income .............. (270,488,211) (291,076,263)
--------------- ----------------
Capital share transactions (Note D) .......................... 890,635,918 3,794,268,757
--------------- ----------------
Total increase (decrease) in net assets ..................... 890,632,713 3,791,327,211
Net assets:
Beginning of period .......................................... 12,172,863,771 8,381,536,560
--------------- ----------------
End of period ................................................ $13,063,496,484 $ 12,172,863,771
=============== ================
End of period undistributed net investment income ............ $ - $ -
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
54
BLACKROCK LIQUIDITY FUNDS
FEDFUND MUNIFUND MUNICASH
- --------------------------------------- --------------------------------------- -------------------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED
APRIL 30, 2006 YEAR ENDED APRIL 30, 2006 YEAR ENDED APRIL 30, 2006 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2005 (UNAUDITED) OCTOBER 31, 2005 (UNAUDITED) OCTOBER 31, 2005
- ------------------ ------------------ ------------------ ------------------ --------------------- -------------------
$ 69,407,947 $ 71,906,333 $ 37,855,440 $ 54,933,770 $ 27,105,945 $ 47,309,424
- (12,054) 195,287 (1,993) (244,265) (193,105)
--------------- --------------- --------------- --------------- -------------- ---------------
69,407,947 71,894,279 38,050,727 54,931,777 26,861,680 47,116,319
--------------- --------------- --------------- --------------- -------------- ---------------
(52,450,117) (56,845,159) (23,866,759) (39,983,333) (26,289,519) (45,992,394)
(8,590,346) (9,224,103) (1,145,865) (1,240,562) (790,758) (1,299,056)
- - (430,311) (480,285) - -
(41,362) (96,410) - - - -
(1,214,804) (592,542) (7,295,435) (9,836,529) - -
(757,261) (714,543) (237,106) (399,042) - -
(43) (53) (29) (24) (6) (39)
(5,005,578) (3,691,614) (2,530,340) (1,897,394) - -
(1,348,436) (750,210) (2,333,618) (1,079,649) (6) (34)
--------------- --------------- --------------- --------------- --------------- ---------------
(69,407,947) (71,914,634) (37,839,463) (54,916,818) (27,080,289) (47,291,523)
--------------- --------------- --------------- --------------- --------------- ---------------
307,491,392 805,358,063 (653,180,474) 652,158,726 (917,679,455) (154,567,957)
--------------- --------------- --------------- --------------- --------------- ---------------
307,491,392 805,337,708 (652,969,210) 652,173,685 (917,898,064) (154,743,161)
3,112,733,530 2,307,395,822 3,084,942,622 2,432,768,937 2,240,766,720 2,395,509,881
--------------- --------------- --------------- --------------- --------------- ---------------
$ 3,420,224,922 $ 3,112,733,530 $ 2,431,973,412 $ 3,084,942,622 $ 1,322,868,656 $ 2,240,766,720
=============== =============== =============== =============== =============== ===============
$ - $ - $ 35,233 $ - $ 43,557 $ -
55
BLACKROCK LIQUIDITY FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONCLUDED)
CALIFORNIA MONEY FUND
-------------------------------------
SIX MONTHS ENDED
APRIL 30, 2006 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2005
------------------ ------------------
Increase (decrease) in net assets:
Operations:
Net investment income .................................... $ 9,574,640 $ 11,925,234
Net gain (loss) on investments ........................... 167,680 21,829
------------- -------------
Net increase in net assets resulting from operations ..... 9,742,320 11,947,063
------------- -------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ..................................... (6,825,841) (9,675,092)
Dollar Shares ............................................ (537,808) (405,748)
Cash Management Shares ................................... (2,720) (3,100)
Administration Shares .................................... (53,484) (64,139)
Bear Stearns Shares ...................................... (294,812) (183,547)
Bear Stearns Premier Choice Shares ....................... (28) (37)
Bear Stearns Private Client Shares ....................... (1,670,052) (1,482,500)
Bear Stearns Premier Shares .............................. (190,824) (110,142)
------------- -------------
Total distributions from net investment income .......... (9,575,569) (11,924,305)
------------- -------------
Capital share transactions (Note D) ...................... (32,584,909) 281,424,957
------------- -------------
Total increase (decrease) in net assets ................. (32,418,158) 281,447,715
Net assets:
Beginning of period ...................................... 782,879,162 501,431,447
------------- -------------
End of period ............................................ $ 750,461,004 $ 782,879,162
============= =============
End of period undistributed net investment income ........ $ - $ -
NEW YORK MONEY FUND
-----------------------------------
SIX MONTHS ENDED
APRIL 30, 2006 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2005
----------------- -----------------
Increase (decrease) in net assets:
Operations:
Net investment income .................................... $ 6,725,157 $ 7,289,171
Net gain (loss) on investments ........................... 311,061 63,676
------------- -------------
Net increase in net assets resulting from operations ..... 7,036,218 7,352,847
------------- -------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ..................................... (4,477,821) (5,286,582)
Dollar Shares ............................................ (79,038) (86,882)
Cash Management Shares ................................... (77,588) (18,131)
Administration Shares .................................... (222,515) (318,881)
Bear Stearns Shares ...................................... (42,233) (53,872)
Bear Stearns Premier Choice Shares ....................... (29) (37)
Bear Stearns Private Client Shares ....................... (1,744,364) (1,461,521)
Bear Stearns Premier Shares .............................. (80,504) (63,265)
------------- -------------
Total distributions from net investment income .......... (6,724,092) (7,289,171)
------------- -------------
Capital share transactions (Note D) ...................... 77,523,988 101,579,055
------------- -------------
Total increase (decrease) in net assets ................. 77,836,114 101,642,731
Net assets:
Beginning of period ...................................... 418,295,892 316,653,161
------------- -------------
End of period ............................................ $ 496,132,006 $ 418,295,892
============= =============
End of period undistributed net investment income ........ $ 1,065 $ -
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
56
[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
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0214 $ (0.0214) $ 1.00
10/31/05 1.00 0.0276 (0.0276) 1.00
10/31/04 1.00 0.0109 (0.0109) 1.00
10/31/0310 1.00 0.0113 (0.0113) 1.00
10/31/0210 1.00 0.0186 (0.0186) 1.00
10/31/0110 1.00 0.0477 (0.0477) 1.00
Dollar Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0201 $ (0.0201) $ 1.00
10/31/05 1.00 0.0252 (0.0252) 1.00
10/31/04 1.00 0.0084 (0.0084) 1.00
10/31/0310 1.00 0.0088 (0.0088) 1.00
10/31/0210 1.00 0.0161 (0.0161) 1.00
10/31/0110 1.00 0.0452 (0.0452) 1.00
Cash Management Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0189 $ (0.0189) $ 1.00
10/31/05 1.00 0.0227 (0.0227) 1.00
10/31/04 1.00 0.0059 (0.0059) 1.00
10/31/0310 1.00 0.0063 (0.0063) 1.00
10/31/0210 1.00 0.0136 (0.0136) 1.00
10/31/0110 1.00 0.0427 (0.0427) 1.00
Cash Reserve Shares/5/
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0194 $ (0.0194) $ 1.00
10/04/05 through 10/31/05 1.00 0.0025 (0.0025) 1.00
11/01/03 through 12/15/03 1.00 0.0007 (0.0007) 1.00
10/31/0310 1.00 0.0067 (0.0067) 1.00
10/31/0210 1.00 0.0146 (0.0146) 1.00
10/31/0110 1.00 0.0437 (0.0437) 1.00
Administration Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0209 $ (0.0209) $ 1.00
10/31/05 1.00 0.0267 (0.0267) 1.00
10/31/04 1.00 0.0099 (0.0099) 1.00
10/31/0310 1.00 0.0103 (0.0103) 1.00
04/04/021 through 10/31/02/10/ 1.00 0.0095 (0.0095) 1.00
Bear Stearns Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0173 $ (0.0173) $ 1.00
10/31/05 1.00 0.0195 (0.0195) 1.00
10/31/04 1.00 0.0032 (0.0032) 1.00
10/31/0310 1.00 0.0034 (0.0034) 1.00
05/20/021 through 10/31/02/10/ 1.00 0.0041 (0.0041) 1.00
Bear Stearns Premier Choice Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0200 $ (0.0200) $ 1.00
04/25/051 through 10/31/05 1.00 0.0154 (0.0154) 1.00
Bear Stearns Private Client Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0193 $ (0.0193) $ 1.00
10/31/05 1.00 0.0235 (0.0235) 1.00
03/26/041 through 10/31/04 1.00 0.0048 (0.0048) 1.00
Bear Stearns Premier Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0193 $ (0.0193) $ 1.00
03/02/051 through 10/31/05 1.00 0.0179 (0.0179) 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
58
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
RETURN8 PERIOD (000) ASSETS CUSTODY CREDITS) WAIVERS) ASSETS
- ---------------- -------------- ------------- ------------------ ------------- -------------
2.16%/13/ $ 22,615,680 0.18%/2/ 0.18%/2/ 0.20%/2/ 4.37%/2/
2.80 20,229,031 0.18 0.18 0.21 2.78
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
2.03%/13/ $ 4,265,656 0.43%/2/ 0.43%/2/ 0.45%/2/ 4.12%/2/
2.54 4,212,168 0.43 0.43 0.46 2.57
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
1.91%/13/ $ 346,709 0.68%/2/ 0.68%/2/ 0.70%/2/ 3.89%/2/
2.29 282,475 0.68 0.68 0.71 2.38
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
1.96%/13/ $ 59,306 0.58%/2/ 0.58%/2/ 0.60%/2/ 4.10%/2/
0.2413 3,723 0.582 0.582 0.622 3.342
0.0713 - 0.582 0.582 0.602 0.542
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
2.11%/13/ $ 1,828,357 0.28%/2/ 0.28%/2/ 0.30%/2/ 4.29%/2/
2.70 1,261,354 0.28 0.28 0.31 2.71
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
1.74%/13/ $ 758,296 1.00%/2/ 1.00%/2/ 1.02%/2/ 3.55%/2/
1.96 706,592 1.00 1.00 1.03 2.25
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
2.02%/13/ $ 767 0.45%/2/ 0.45%/2/ 0.70%/2/ 3.99%/2/
1.5513 3,619 0.452 0.452 0.722 3.092
1.95%/13/ $ 1,246,732 0.60%/2/ 0.60%/2/ 1.05%/2/ 3.96%/2/
2.37 1,018,935 0.60 0.60 1.06 2.57
0.4813 280,458 0.582 0.582 1.052 0.962
1.95%/13/ $ 342,709 0.60%/2/ 0.60%/2/ 0.80%/2/ 3.96%/2/
1.8013 321,636 0.602 0.602 0.812 2.932
59
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
(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
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0214 $ (0.0214) $ 1.00
10/31/05 1.00 0.0278 (0.0278) 1.00
10/31/04 1.00 0.0112 (0.0112) 1.00
10/31/03/10/ 1.00 0.0118 (0.0118) 1.00
10/31/02/10/ 1.00 0.0193 (0.0193) 1.00
10/31/01/10/ 1.00 0.0483 (0.0483) 1.00
Dollar Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0202 $ (0.0202) $ 1.00
10/31/05 1.00 0.0253 (0.0253) 1.00
10/31/04 1.00 0.0087 (0.0087) 1.00
10/31/03/10/ 1.00 0.0093 (0.0093) 1.00
10/31/02/10/ 1.00 0.0168 (0.0168) 1.00
10/31/01/10/ 1.00 0.0458 (0.0458) 1.00
Administration Shares
03/31/061 through 04/30/06/14/ $ 1.00 $ 0.0049 $ (0.0049) $ 1.00
Bear Stearns Premier Choice Shares/11/
11/1/05 through 12/13/05/14/ $ 1.00 $ 0.0043 $ (0.0043) $ 1.00
10/31/05 1.00 0.0251 (0.0251) 1.00
03/26/041 through 10/31/04 1.00 0.0056 (0.0056) 1.00
Bear Stearns Premier Shares/12/
11/1/05 through 12/13/0514 $ 1.00 $ 0.0042 $ (0.0042) $ 1.00
10/31/05 1.00 0.0234 (0.0234) 1.00
03/26/041 through 10/31/04 1.00 0.0041 (0.0041) 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
RETURN8 PERIOD (000) ASSETS CUSTODY CREDITS) WAIVERS) ASSETS
- ---------------- -------------- ------------- ------------------ ------------- -------------
2.16%/13/ $ 12,342,658 0.18%/2/ 0.18%/2/ 0.23%/2/ 4.41%/2/
2.82 11,576,987 0.18 0.18 0.24 2.88
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
2.04%/13/ $ 697,771 0.43%/2/ 0.43%/2/ 0.48%/2/ 4.16%/2/
2.56 595,873 0.43 0.43 0.49 2.63
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
0.39%/13/ $ 23,067 0.28%/2/ 0.28%/2/ 0.33%/2/ 4.58%/2/
0.44%/13/ $ - 0.45%/2/ 0.45%/2/ 0.73%/2/ 3.82%/2/
2.54 2 0.45 0.45 0.80 2.57
0.5613 2 0.452 0.452 0.502 1.152
0.42%/13/ $ - 0.60%/2/ 0.60%/2/ 0.83%/2/ 3.34%/2/
2.37 2 0.60 0.60 1.09 2.12
0.4113 2 0.702 0.702 0.752 0.812
61
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
(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
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0211 $ (0.0211) $ 1.00
10/31/05 1.00 0.0269 (0.0269) 1.00
10/31/04 1.00 0.0105 (0.0105) 1.00
10/31/03/10/ 1.00 0.0110 (0.0110) 1.00
10/31/02/10/ 1.00 0.0183 (0.0183) 1.00
10/31/01/10/ 1.00 0.0469 (0.0469) 1.00
Dollar Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0198 $ (0.0198) $ 1.00
10/31/05 1.00 0.0244 (0.0244) 1.00
10/31/04 1.00 0.0080 (0.0080) 1.00
10/31/03/10/ 1.00 0.0085 (0.0085) 1.00
10/31/02/10/ 1.00 0.0158 (0.0158) 1.00
10/31/01/10/ 1.00 0.0444 (0.0444) 1.00
Cash Reserve Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0191 $ (0.0191) $ 1.00
10/31/05 1.00 0.0229 (0.0229) 1.00
10/31/04 1.00 0.0065 (0.0065) 1.00
04/01/031 through 10/31/03/10/ 1.00 0.0034 (0.0034) 1.00
Administration Shares/9/
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0206 $ (0.0206) $ 1.00
11/10/041 through 10/31/05 1.00 0.0110 (0.0110) 1.00
Bear Stearns Shares
11/1/05 through 04/30/0614 $ 1.00 $ 0.0171 $ (0.0171) $ 1.00
10/31/05 1.00 0.0189 (0.0189) 1.00
10/31/04 1.00 0.0031 (0.0031) 1.00
10/31/03/10/ 1.00 0.0033 (0.0033) 1.00
05/20/021 through 10/31/02/10/ 1.00 0.0040 (0.0040) 1.00
Bear Stearns Premier Choice Shares
11/1/05 through 04/30/0614 $ 1.00 $ 0.0198 $ (0.0198) $ 1.00
10/31/05 1.00 0.0244 (0.0244) 1.00
03/26/041 through 10/31/04/10/ 1.00 0.0054 (0.0054) 1.00
Bear Stearns Private Client Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0191 $ (0.0191) $ 1.00
10/31/05 1.00 0.0229 (0.0229) 1.00
03/26/041 through 10/31/04 1.00 0.0045 (0.0045) 1.00
Bear Stearns Premier Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0191 $ (0.0191) $ 1.00
10/31/05 1.00 0.0227 (0.0227) 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
RETURN8 PERIOD (000) ASSETS CUSTODY CREDITS) WAIVERS) ASSETS
- ---------------- -------------- ------------- ------------------ ------------- -------------
2.12%/13/ $ 2,592,794 0.20%/2/ 0.20%/2/ 0.28%/2/ 4.26%/2/
2.73 2,320,001 0.20 0.20 0.29 2.73
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
2.00%/13/ $ 366,552 0.45%/2/ 0.45%/2/ 0.53%/2/ 4.00%/2/
2.47 372,460 0.45 0.45 0.54 2.49
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
1.92%/13/ $ 2,498 0.60%/2/ 0.60%/2/ 0.68%/2/ 3.89%/2/
2.32 1,547 0.60 0.60 0.70 1.94
0.65 9,276 0.60 0.60 0.69 0.62
0.592 13,492 0.602 0.602 0.692 0.582
2.08%/13/ $ 69,556 0.30%/2/ 0.30%/2/ 0.38%/2/ 4.19%/2/
1.1013 43,480 0.302 0.302 0.392 2.632
1.72%/13/ $ 53,435 1.00%/2/ 1.00%/2/ 1.08%/2/ 3.45%/2/
1.91 47,205 1.00 1.00 1.09 2.14
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
2.00%/13/ $ 2 0.45%/2/ 0.45%/2/ 0.80%/2/ 3.95%/2/
2.47 2 0.45 0.45 0.87 2.48
0.5413 2 0.452 0.452 0.542 0.922
1.92%/13/ $ 268,135 0.60%/2/ 0.60%/2/ 1.13%/2/ 3.86%/2/
2.32 241,913 0.60 0.60 1.14 2.59
0.4513 50,579 0.582 0.582 0.802 0.922
1.92%/13/ $ 67,253 0.60%/2/ 0.60%/2/ 0.88%/2/ 3.85%/2/
2.30 86,126 0.60 0.60 0.89 2.84
0.3813 2 0.702 0.702 0.792 0.602
63
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
(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
11/1/05 through 4/30/06/14/ $ 1.00 $ 0.0143 $ (0.0143) $ 1.00
10/31/05 1.00 0.0199 (0.0199) 1.00
10/31/04 1.00 0.0095 (0.0095) 1.00
10/31/03/10/ 1.00 0.0096 (0.0096) 1.00
10/31/02/10/ 1.00 0.0142 (0.0142) 1.00
10/31/01/10/ 1.00 0.0302 (0.0302) 1.00
Dollar Shares
11/1/05 through 4/30/06/14/ $ 1.00 $ 0.0131 $ (0.0131) $ 1.00
10/31/05 1.00 0.0174 (0.0174) 1.00
10/31/04 1.00 0.0070 (0.0070) 1.00
10/31/03/10/ 1.00 0.0071 (0.0071) 1.00
10/31/02/10/ 1.00 0.0117 (0.0117) 1.00
10/31/01/10/ 1.00 0.0277 (0.0277) 1.00
Cash Management Shares/3/
11/1/05 through 4/30/06/14/ $ 1.00 $ 0.0118 $ (0.0118) $ 1.00
10/31/05 1.00 0.0149 (0.0149) 1.00
10/31/04 1.00 0.0045 (0.0045) 1.00
10/31/03/10/ 1.00 0.0040 (0.0040) 1.00
10/31/02/10/ 1.00 0.0085 (0.0085) 1.00
10/31/01/10/ 1.00 0.0252 (0.0252) 1.00
Cash Reserve Shares/6/
11/01/02 through 08/06/03/10/ $ 1.00 $ 0.0047 $ (0.0047) $ 1.00
10/31/02/10/ 1.00 0.0102 (0.0102) 1.00
10/31/01/10/ 1.00 0.0262 (0.0262) 1.00
Administration Shares/7/
11/1/05 through 4/30/06/14/ $ 1.00 $ 0.0138 $ (0.0138) $ 1.00
10/31/05 1.00 0.0189 (0.0189) 1.00
05/17/04 through 10/31/04 1.00 0.0044 (0.0044) 1.00
11/01/02 through 10/06/03/10/ 1.00 0.0081 (0.0081) 1.00
04/18/021 through 10/31/02/10/ 1.00 0.0069 (0.0069) 1.00
Bear Stearns Shares
11/1/05 through 4/30/06/14/ $ 1.00 $ 0.0104 $ (0.0104) $ 1.00
10/31/05 1.00 0.0119 (0.0119) 1.00
10/31/04 1.00 0.0026 (0.0026) 1.00
10/31/0310 1.00 0.0026 (0.0026) 1.00
05/20/021 through 10/31/02/10/ 1.00 0.0024 (0.0024) 1.00
Bear Stearns Premier Choice Shares
11/1/05 through 4/30/06/14/ $ 1.00 $ 0.0131 $ (0.0131) $ 1.00
04/25/051 through 10/31/05 1.00 0.0108 (0.0108) 1.00
Bear Stearns Private Client Shares
11/1/05 through 4/30/06/14/ $ 1.00 $ 0.0123 $ (0.0123) $ 1.00
10/31/05 1.00 0.0155 (0.0155) 1.00
03/26/041 through 10/31/04 1.00 0.0033 (0.0033) 1.00
Bear Stearns Premier Shares
11/1/05 through 4/30/06/14/ $ 1.00 $ 0.0123 $ (0.0123) $ 1.00
03/02/051 through 10/31/05 1.00 0.0120 (0.0120) 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
RETURN8 PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- ---------------- -------------- ------------- ------------- ------------- -------------
1.44%/13/ $ 1,371,251 0.20%/2/ 0.20%/2/ 0.33%/2/ 2.86%/2/
2.01 2,135,257 0.20 0.19 0.33 2.02
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
1.32%/13/ $ 107,026 0.45%/2/ 0.45%/2/ 0.58%/2/ 2.64%/2/
1.76 84,763 0.45 0.44 0.58 1.75
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
1.19%/13/ $ 39,103 0.70%/2/ 0.70%/2/ 0.83%/2/ 2.39%/2/
1.51 35,774 0.70 0.69 0.83 1.58
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
0.57%/2/ $ - 0.60% 0.59% 0.75% 0.63%
1.03 8,626 0.60 0.59 0.77 1.03
2.65 12,089 0.60 0.59 0.79 2.68
1.39%/13/ $ 503,193 0.30%/2/ 0.30%/2/ 0.43%/2/ 2.79%/2/
1.91 516,607 0.30 0.29 0.43 1.90
0.44 437,590 0.302 0.302 0.432 1.012
0.872 - 0.302 0.292 0.452 0.902
1.282 13,051 0.302 0.292 0.472 1.272
1.04%/13/ $ 15,757 1.00%/2/ 1.00%/2/ 1.13%/2/ 2.06%/2/
1.20 24,225 1.00 0.99 1.13 1.15
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
1.32%/13/ $ 2 0.45%/2/ 0.45%/2/ 0.83%/2/ 2.44%/2/
1.0813 2 0.452 0.442 0.582 1.752
1.24%/13/ $ 222,285 0.60%/2/ 0.60%/2/ 1.18%/2/ 2.50%/2/
1.56 161,860 0.63 0.62 1.18 1.64
0.3313 51,799 0.682 0.682 0.832 0.672
1.24%/13/ $ 173,357 0.60%/2/ 0.60%/2/ 0.93%/2/ 2.49%/2/
1.2113 126,455 0.602 0.592 0.932 1.882
65
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
(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
11/1/05 through 4/30/06/14/ $ 1.00 $ 0.0146 $ (0.0146) $ 1.00
10/31/05 1.00 0.0206 (0.0206) 1.00
10/31/04 1.00 0.0100 (0.0100) 1.00
10/31/03/10/ 1.00 0.0108 (0.0108) 1.00
10/31/02/10/ 1.00 0.0156 (0.0156) 1.00
10/31/01/10/ 1.00 0.0325 (0.0325) 1.00
Dollar Shares
11/1/05 through 4/30/06/14/ $ 1.00 $ 0.0134 $ (0.0134) $ 1.00
10/31/05 1.00 0.0181 (0.0181) 1.00
10/31/04 1.00 0.0075 (0.0075) 1.00
10/31/03/10/ 1.00 0.0083 (0.0083) 1.00
10/31/02/10/ 1.00 0.0131 (0.0131) 1.00
10/31/01/10/ 1.00 0.0300 (0.0300) 1.00
Cash Management Shares4
11/01/01 through 10/15/02/10/ $ 1.00 $ 0.0101 $ (0.0101) $ 1.00
03/02/011 through 10/31/01/10/ 1.00 0.0163 (0.0163) 1.00
Bear Stearns Premier Choice Shares/11/
11/1/05 through 12/13/05/14/ $ 1.00 $ 0.0030 $ (0.0030) $ 1.00
10/31/05 1.00 0.0181 (0.0181) 1.00
03/26/041 through 10/31/04 1.00 0.0049 (0.0049) 1.00
Bear Stearns Premier Shares/12/
11/1/05 through 12/13/05/14/ $ 1.00 $ 0.0027 $ (0.0027) $ 1.00
10/31/05 1.00 0.0157 (0.0157) 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
RETURN8 PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- ---------------- -------------- ------------- ------------- ------------- -------------
1.47%/13/ $ 1,267,177 0.20%/2/ 0.20%/2/ 0.35%/2/ 2.93%/2/
2.09 2,181,441 0.20 0.19 0.34 2.04
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
1.35%/13/ $ 55,692 0.45%/2/ 0.45%/2/ 0.60%/2/ 2.70%/2/
1.83 59,321 0.45 0.44 0.59 1.79
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
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
0.30%/13/ $ - 0.45%/2/ 0.45%/2/ 0.85%/2/ 2.50%/2/
1.83 2 0.45 0.44 0.85 1.77
0.5013 2 0.452 0.442 0.582 0.842
0.27%/13/ $ - 0.70%/2/ 0.70%/2/ 0.93%/2/ 2.32%/2/
1.58 2 0.62 0.61 0.85 1.60
0.3513 2 0.702 0.692 0.832 0.572
67
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
(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
11/1/05 through 04/30/0614 $ 1.00 $ 0.0142 $ (0.0142) $ 1.00
10/31/05 1.00 0.0197 (0.0197) 1.00
10/31/04 1.00 0.0092 (0.0092) 1.00
10/31/0310 1.00 0.0094 (0.0094) 1.00
10/31/0210 1.00 0.0132 (0.0132) 1.00
10/31/0110 1.00 0.0271 (0.0271) 1.00
Dollar Shares
11/1/05 through 04/30/0614 $ 1.00 $ 0.0130 $ (0.0130) $ 1.00
10/31/05 1.00 0.0172 (0.0172) 1.00
10/31/04 1.00 0.0067 (0.0067) 1.00
10/31/0310 1.00 0.0069 (0.0069) 1.00
10/31/0210 1.00 0.0107 (0.0107) 1.00
10/31/0110 1.00 0.0246 (0.0246) 1.00
Cash Management Shares
11/1/05 through 04/30/0614 $ 1.00 $ 0.0118 $ (0.0118) $ 1.00
10/31/05 1.00 0.0147 (0.0147) 1.00
10/31/04 1.00 0.0042 (0.0042) 1.00
07/14/031 through 10/31/0310 1.00 0.0008 (0.0008) 1.00
Administration Shares
11/1/05 through 04/30/0614 $ 1.00 $ 0.0137 $ (0.0137) $ 1.00
10/31/05 1.00 0.0187 (0.0187) 1.00
06/17/041 through 10/31/04 1.00 0.0037 (0.0037) 1.00
Bear Stearns Shares
11/1/05 through 04/30/0614 $ 1.00 $ 0.0103 $ (0.0103) $ 1.00
10/31/05 1.00 0.0117 (0.0117) 1.00
10/31/04 1.00 0.0025 (0.0025) 1.00
10/31/0310 1.00 0.0025 (0.0025) 1.00
05/20/021 through 10/31/0210 1.00 0.0022 (0.0022) 1.00
Bear Stearns Premier Choice Shares
11/1/05 through 04/30/0614 $ 1.00 $ 0.0130 $ (0.0130) $ 1.00
10/31/05 1.00 0.0172 (0.0172) 1.00
03/26/041 through 10/31/04 1.00 0.0045 (0.0045) 1.00
Bear Stearns Private Client Shares
11/1/05 through 04/30/0614 $ 1.00 $ 0.0123 $ (0.0123) $ 1.00
10/31/05 1.00 0.0152 (0.0152) 1.00
03/26/041 through 10/31/04 1.00 0.0030 (0.0030) 1.00
Bear Stearns Premier Shares
11/1/05 through 04/30/0614 $ 1.00 $ 0.0123 $ (0.0123) $ 1.00
10/31/05 1.00 0.0154 (0.0154) 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
RETURN8 PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- ---------------- -------------- ------------- ------------- ------------- -------------
1.43%/13/ $ 504,227 0.20%/2/ 0.20%/2/ 0.41%/2/ 2.87%/2/
1.99 593,417 0.20 0.20 0.41 2.00
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
1.31%/13/ $ 49,764 0.45%/2/ 0.45%/2/ 0.66%/2/ 2.64%/2/
1.74 26,293 0.45 0.45 0.65 1.84
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
1.18%/13/ $ 237 0.70%/2/ 0.70%/2/ 0.91%/2/ 2.37%/2/
1.48 205 0.70 0.70 0.91 1.50
0.42 120 0.70 0.70 0.90 0.40
0.252 227 0.692 0.682 0.912 0.252
1.38%/13/ $ 4,181 0.30%/2/ 0.30%/2/ 0.51%/2/ 2.77%/2/
1.89 3,898 0.30 0.30 0.51 1.98
0.3713 1,738 0.302 0.302 0.512 1.002
1.03%/13/ $ 30,639 1.00%/2/ 1.00%/2/ 1.21%/2/ 2.09%/2/
1.18 15,777 1.00 1.00 1.21 1.27
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
1.31%/13/ $ 2 0.45%/2/ 0.45%/2/ 0.91%/2/ 2.73%/2/
1.74 2 0.45 0.45 0.87 1.90
0.4513 2 0.452 0.452 0.662 0.762
1.23%/13/ $ 146,455 0.60%/2/ 0.60%/2/ 1.26%/2/ 2.48%/2/
1.54 127,509 0.64 0.64 1.26 1.62
0.3213 37,216 0.682 0.682 0.912 0.632
1.23%/13/ $ 14,954 0.60%/2/ 0.60%/2/ 1.00%/2/ 2.48%/2/
1.55 15,778 0.60 0.60 1.01 1.90
0.3613 2 0.602 0.602 0.812 0.552
69
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS (CONCLUDED)
(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
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0144 $ (0.0144) $ 1.00
10/31/05 1.00 0.0197 (0.0197) 1.00
10/31/04 1.00 0.0091 (0.0091) 1.00
10/31/03/10/ 1.00 0.0096 (0.0096) 1.00
10/31/02/10/ 1.00 0.0131 (0.0131) 1.00
10/31/01/10/ 1.00 0.0285 (0.0285) 1.00
Dollar Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0131 $ (0.0131) $ 1.00
10/31/05 1.00 0.0172 (0.0172) 1.00
10/31/04 1.00 0.0066 (0.0066) 1.00
10/31/03/10/ 1.00 0.0071 (0.0071) 1.00
10/31/02/10/ 1.00 0.0106 (0.0106) 1.00
10/31/01/10/ 1.00 0.0260 (0.0260) 1.00
Cash Management Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0119 $ (0.0119) $ 1.00
03/03/051 through 10/31/05 1.00 0.0114 (0.0114) 1.00
Administration Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0139 $ (0.0139) $ 1.00
10/31/05 1.00 0.0187 (0.0187) 1.00
06/17/04 through 10/31/04 1.00 0.0035 (0.0035) 1.00
Bear Stearns Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0104 $ (0.0104) $ 1.00
10/31/05 1.00 0.0117 (0.0117) 1.00
10/31/04 1.00 0.0024 (0.0024) 1.00
10/31/03/10/ 1.00 0.0025 (0.0025) 1.00
05/20/02 through 10/31/02/10/ 1.00 0.0021 (0.0021) 1.00
Bear Stearns Premier Choice Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0131 $ (0.0131) $ 1.00
10/31/05 1.00 0.0172 (0.0172) 1.00
03/26/04 through 10/31/04 1.00 0.0043 (0.0043) 1.00
Bear Stearns Private Client Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0124 $ (0.0124) $ 1.00
10/31/05 1.00 0.0152 (0.0152) 1.00
03/26/04 through 10/31/04 1.00 0.0030 (0.0030) 1.00
Bear Stearns Premier Shares
11/1/05 through 04/30/06/14/ $ 1.00 $ 0.0124 $ (0.0124) $ 1.00
10/31/05 1.00 0.0154 (0.0154) 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 Cash Management Shares outstanding during the periods
December 18, 2001 to January 10, 2002 and December 6, 2002 to January 9,
2003.
4 There were no Cash Management Shares outstanding during the period October
16, 2002 to April 30, 2006.
5 There were no Cash Reserve Shares outstanding during the period August 7,
2003 to September 15, 2003 and December 16, 2003 to October 4, 2005.
6 There were no Cash Reserve Shares outstanding during the period August 7,
2003 to April 30, 2006.
7 There were no Administration Shares outstanding during the period October
7, 2003 to May 16, 2004.
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
RETURN8 PERIOD (000) ASSETS CREDITS) WAIVERS) ASSETS
- ---------------- -------------- ------------- ------------- ------------- -------------
1.45%/13/ $ 308,562 0.20%/2/ 0.20%/2/ 0.41%/2/ 2.90%/2/
1.99 271,454 0.20 0.20 0.41 1.98
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
1.32%/13/ $ 5,536 0.45%/2/ 0.45%/2/ 0.66%/2/ 2.65%/2/
1.74 5,515 0.45 0.45 0.66 1.67
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
1.20%/13/ $ 7,446 0.70%/2/ 0.70%/2/ 0.91%/2/ 2.45%/2/
1.14 3,585 0.702 0.702 0.912 1.802
1.40%/13/ $ 16,977 0.30%/2/ 0.30%/2/ 0.51%/2/ 2.80%/2/
1.89 16,394 0.30 0.30 0.51 1.84
0.3513 21,890 0.302 0.302 0.512 0.942
1.05%/13/ $ 4,249 1.00%/2/ 1.00%/2/ 1.21%/2/ 2.11%/2/
1.18 3,831 1.00 1.00 1.21 1.35
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
1.32%/13/ $ 2 0.45%/2/ 0.45%/2/ 0.91%/2/ 2.74%/2/
1.74 2 0.45 0.45 0.87 1.94
0.4313 2 0.452 0.442 0.652 0.692
1.25%/13/ $ 146,258 0.60%/2/ 0.60%/2/ 1.26%/2/ 2.51%/2/
1.54 111,739 0.64 0.64 1.26 1.58
0.3013 53,933 0.692 0.682 0.922 0.562
1.25%/13/ $ 7,102 0.60%/2/ 0.60%/2/ 1.00%/2/ 2.51%/2/
1.56 5,774 0.61 0.61 1.02 1.82
0.3413 2 0.602 0.592 0.802 0.552
8 Past performance is no guarantee of future results.
9 There were no Administration Shares outstanding during the period November
1, 2004 to November 9, 2004 and November 19, 2004 to July 5, 2005.
10 Audited by other auditors.
11 There were no Bear Stearns Premier Choice Shares outstanding during the
period December 14, 2005 to April 30, 2006.
12 There were no Bear Stearns Premier Shares outstanding during the period
December 14, 2005 to April 30, 2006.
13 Not Annualized.
14 Unaudited.
71
[THIS PAGE INTENTIONALLY LEFT BLANK.]
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 ten
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 offer 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 offer 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 offers 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 offer 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. As of April
30, 2006, no Plus Shares or Cash Plus Shares were outstanding.
Effective March 1, 2005 Bear Stearns Premier Select Shares was renamed to
Bear Stearns Premier Choice 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
Security Valuation - Portfolio securities are valued under the amortized
cost method which approximates current market value in accordance with Rule 2a-7
of the 1940 Act. Under this method, securities are valued at cost when purchased
and thereafter, a constant proportionate amortization of any discount or premium
is recorded until the 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 Fund 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. 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, generally first in first out, for both financial reporting and income
tax purposes. Interest income is recorded on the accrual basis.
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
73
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
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 and such differences could be material.
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 classes
on the basis of daily relative net assets.
(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 provides both investment advisory and administration
services to the Trust. 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
sub-administrator. BlackRock Distributors, Inc., ("BDI"), an indirect
subsidiary of PNC, serves as the Trust's distributor.
On February 21, 2006, The Trust entered into a Management Agreement with
BIMC under which it provides certain advisory and administrative services. BIMC
also entered into a sub-administrative agreement with PFPC under which it
provides certain administrative services.
For the advisory and administration services provided and expenses assumed
by it under the Management Agreement, BIMC is entitled to receive the following
annual fees computed daily based upon each Fund's average daily net assets and
paid monthly:
Fund TempFund
Management Fee .350% of the first $1 billion
.300% of the next $1 billion
.250% of the next $1 billion
.200% of the next $1 billion
.195% of the next $1 billion
.190% of the next $1 billion
.180% of the next $1 billion
.175% of the next $1 billion
.170% of amounts in excess of $8 billion.
TempCash, MuniFund and California Money Fund
Fund MuniCash and New York Money
Management Fee .350% of the first $1 billion .375% of the first $1 billion
.300% of the next $1 billion .350% of the next $1 billion
.250% of the next $1 billion .325% of the next $1 billion
.200% of the next $1 billion .300% of amounts in excess of $3 billion.
.195% of the next $1 billion
.190% of the next $1 billion
.185% of the next $1 billion
.180% of amounts in excess of $7 billion.
The following annual fees shall be computed daily and paid monthly to BIMC:
FedFund, T-Fund, Federal Trust Fund and Treasury Trust Fund
Calculation A Calculation B
.175% of the first $1 billion* .175% of the first $1 billion**
.150% of the next $1 billion* .150% of the next $1 billion**
.125% of the next $1 billion* .125% of the next $1 billion**
.100% of the next $1 billion* .100% of amounts in excess of $3 billion.**
.095% of the next $1 billion*
.090% of the next $1 billion*
.085% of the next $1 billion*
.080% of amounts in excess of $7 billion.*
The Management Fee is equal to Calculation A plus Calculation B.
*Based on the average net assets of FedFund combined with the average net
assets of T-Fund, Federal Trust Fund and Treasury Trust Fund, which are
other portfolios offered by the Trust.
**Based on the average net assets of each portfolio.
Prior to February 21, 2006, BIMC managed each Fund under an advisory
agreement (the "Prior Advisory Agreement"), and BIMC and PFPC provided
administrative services to the Funds, as co-administrators under an
administration agreement (the "Prior Administration Agreement"). The fees
payable by the Funds under the Management Agreement with BIMC are higher than
the advisory fee rates payable under the Prior Advisory Agreement, but equal to
the total of advisory fees payable under the Prior Advisory Agreement plus fees
payable for administrative services under the Prior Administration Agreement.
74
BLACKROCK LIQUIDITY FUNDS
Under the Prior Advisory Agreement in return for BIMC's advisory services,
the Trust paid BIMC a fee, computed daily and payable monthly, based upon an
annualized percentage of the average net assets as follows:
Fund TempFund
Advisory Fee - Prior .175% of the first $1 billion
Advisory Agreement
.150% of the next $1 billion
.125% of the next $1 billion
.100% of the next $1 billion
.095% of the next $1 billion
.090% of the next $1 billion
.080% of the next $1 billion
.075% of the next $1 billion
.070% of amounts in excess of $8 billion.
TempCash, MuniFund California Money Fund
Fund and MuniCash and New York Money
Advisory Fee - Prior .175% of the first $1 billion .200% of average net assets
Advisory Agreement
.150% of the next $1 billion
.125% of the next $1 billion
.100% of the next $1 billion
.095% of the next $1 billion
.090% of the next $1 billion
.085% of the next $1 billion
.080% of amounts in excess of $7 billion.
Under the Prior Advisory Agreement in return for BIMC's advisory services,
the Trust paid BIMC a fee, computed daily and payable monthly, based on the
combined average daily net assets as follows:
FedFund, T-Fund, Federal Trust Fund and Treasury Trust Fund
.175% of the first $1 billion
.150% of the next $1 billion
.125% of the next $1 billion
.100% of the next $1 billion
.095% of the next $1 billion
.090% of the next $1 billion
.085% of the next $1 billion
.080% of amounts in excess of $7 billion.
Under the Prior Advisory Agreement in return for BIMC's advisory services,
the Trust paid BIMC a fee, computed daily and payable monthly, based on the
combined average daily net assets as follows:
Co-Administration Fee - 0.175% of the first $1 billion
Prior Administration
0.150% of the next $1 billion
Agreement
0.125% of the next $1 billion
0.100% of amounts in excess of $3 billion
Until February 28, 2007, BIMC, as investment adviser and administrator,
has contractually agreed to reduce its fees and reimburse expenses to ensure
that the combined "Management Fees" and "Miscellaneous Expenses" do not exceed
0.18% of the average daily net assets of TempFund and TempCash and 0.20% of the
average daily net assets of FedFund, MuniFund, MuniCash, California Money Fund
and New York Money Fund. The waiver agreement may not be terminated before
February 28, 2007. Any fees waived by BIMC with respect to a particular fiscal
year are not recoverable.
For the period ended April 30, 2006, 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.
BEAR STEARNS SHARE CLASSES
-----------------------------------------------------
BEAR STEARNS PRIVATE CLIENT
SHARES SHARES
-------------------------- --------------------------
CONTRACTUAL ACTUAL CONTRACTUAL ACTUAL
FEES/1/ FEES/1/ FEES/1/ FEES/1/
----------- ------ ----------- -------
TempFund ...................... 0.85% 0.82% 0.85% 0.42%
TempCash ...................... N/A N/A 0.85% N/A
FedFund ....................... 0.85% 0.80% 0.85% 0.40%
MuniFund ...................... 0.85% 0.80% 0.85% 0.40%
MuniCash ...................... N/A N/A 0.85% N/A
California Money Fund ......... 0.85% 0.80% 0.85% 0.40%
New York Money Fund ........... 0.85% 0.80% 0.85% 0.40%
BEAR STEARNS SHARE CLASSES
-----------------------------------------------------
PREMIER CHOICE
PREMIER SHARES SHARES
-------------------------- --------------------------
CONTRACTUAL ACTUAL CONTRACTUAL ACTUAL
FEES1 FEES1 FEES1 FEES1
----------- ------ ----------- -------
TempFund ...................... 0.60% 0.42% 0.50% 0.27%
TempCash ...................... 0.60% 0.42% 0.50% 0.27%
FedFund ....................... 0.60% 0.40% 0.50% 0.25%
MuniFund ...................... 0.60% 0.40% 0.50% 0.25%
MuniCash ...................... 0.60% 0.50% 0.50% 0.25%
California Money Fund ......... 0.60% 0.40% 0.50% 0.25%
New York Money Fund ........... 0.60% 0.40% 0.50% 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.
75
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
SHARE CLASSES
SHAREHOLDER SERVICE FEES --------------------------------------------------------
CASH CASH
DOLLAR MANAGEMENT RESERVE ADMINISTRATION
-------------- ------------ ----------- ----------------
TempFund ...................... $ 5,786,046 $ 736,349 $ 74,430 $ 725,483
TempCash ...................... 813,944 - - 1,429
FedFund ....................... 542,459 - 4,254 28,987
MuniFund ...................... 108,262 90,136 - 261,655
MuniCash ...................... 73,278 - - -
California Money Fund ......... 50,909 573 - 1,932
New York Money Fund ........... 7,453 15,837 - 7,957
SHARE CLASSES
SHAREHOLDER SERVICE FEES ---------------------------------------------------------------------
BEAR BEAR
STEARNS BEAR STEARNS
BEAR PRIVATE STEARNS PREMIER
STEARNS CLIENT PREMIER CHOICE TOTAL
-------------- -------------- ------------ ---------- ---------------
TempFund ...................... $ 1,723,818 $ 2,884,338 $ 831,055 $ 3,720 $ 12,765,239
TempCash ...................... - - 2 1 815,376
FedFund ....................... 100,100 650,484 177,465 4 1,503,753
MuniFund ...................... 51,634 505,305 468,235 5 1,485,232
MuniCash ...................... - - 1 1 73,280
California Money Fund ......... 63,418 336,130 38,497 4 491,463
New York Money Fund ........... 9,012 346,600 16,046 4 402,909
SHARE CLASSES
SHAREHOLDER SERVICE FEES WAIVED -------------------------------------------------------------------
BEAR STEARNS BEAR STEARNS BEAR STEARNS
PRIVATE CLIENT PREMIER PREMIER CHOICE TOTAL
---------------- -------------- ---------------- ------------
TempFund ........................ $ 461,494 $ 132,969 $ 1,209 $ 595,672
FedFund ......................... 130,097 35,493 2 165,592
MuniFund ........................ 101,061 93,647 2 194,710
California Money Fund ........... 67,226 7,699 2 74,927
New York Money Fund ............. 69,320 3,209 2 72,531
SHARE CLASSES
DISTRIBUTION FEES --------------------------------------------------------------------------------------
BEAR BEAR STEARNS BEAR STEARNS BEAR STEARNS
STEARNS PRIVATE CLIENT PREMIER PREMIER CHOICE TOTAL
-------------- ---------------- -------------- ---------------- --------------
TempFund ...................... $ 1,283,694 $ 2,019,037 $ 166,211 $ 930 $ 3,469,872
FedFund ....................... 77,855 455,339 35,493 2 568,689
MuniFund ...................... 40,160 353,714 93,647 2 487,523
California Money Fund ......... 49,325 235,291 7,699 2 292,317
New York Money Fund ........... 7,009 242,620 3,209 2 252,840
SHARE CLASSES
DISTRIBUTION FEES WAIVED ---------------------------------------------------------------------
BEAR STEARNS BEAR STEARNS BEAR STEARNS
PRIVATE CLIENT PREMIER PREMIER CHOICE TOTAL
---------------- -------------- ---------------- --------------
TempFund ...................... $ 2,019,037 $ 166,211 $ 930 $ 2,186,178
FedFund ....................... 455,339 35,493 2 490,834
MuniFund ...................... 353,714 93,647 2 447,363
California Money Fund ......... 235,291 7,699 2 242,992
New York Money Fund ........... 242,620 3,209 2 245,831
In return for custody services provided by PFPC Trust Company, the Trust
pays PFPC Trust Company 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 and unfunded subscription charges that are
charged by PFPC Trust Company.
Pursuant to the Trust's operating procedures, custodian fees may be
reduced by amounts calculated on uninvested cash balances ("custody credits"),
which are on the Statement of Operations as custody fees paid indirectly.
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
76
BLACKROCK LIQUIDITY FUNDS
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.
As of April 30, 2006, affiliated payables were as follows:
PFPC AND OTHER
PFPC TRUST BIMC PNC
COMPANY (1) BIMC (2) AFFILIATES (3) BANK (4)
------------- -------------- ---------------- --------------
TempFund ...................... $ 924,634 $ 3,904,822 $ 4,583,248 $ 4,807,509
TempCash ...................... 368,108 1,639,992 532,989 -
FedFund ....................... 81,702 449,312 444,330 136,116,617
MuniFund ...................... 84,930 324,551 309,455 -
MuniCash ...................... 63,233 188,747 50,347 -
California Money Fund ......... 31,486 97,509 1,932 -
New York Money Fund ........... 20,659 68,452 11,957 -
(1) Payables to PFPC as of April 30, 2006 are for accounting, administration
and transfer agent services provided to the Trust. Payables to PFPC Trust
Co. as of April 30, 2006 are for custody services provided to the Trust.
(2) Payables to BIMC as of April 30, 2006 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.
(4) Payables to PNC Bank for funding of fundshare redemptions.
(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.
77
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Transactions in capital shares for each period were as follows:
TEMPFUND
-------------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
-------------------- --------------------
Shares sold:
Institutional Shares ....................... $ 200,623,946,838 $ 267,250,613,156
Dollar Shares .............................. 23,571,602,673 39,594,147,495
Cash Management Shares ..................... 548,507,148 740,139,579
Cash Reserve Shares ........................ 161,463,434 3,723,000
Administration Shares ...................... 1,405,315,495 1,774,682,764
Bear Stearns Shares ........................ 2,797,393,234 3,768,340,820
Bear Stearns Premier Choice Shares ......... 821 26,363,263
Bear Stearns Private Client Shares ......... 3,360,203,261 3,854,879,764
Bear Stearns Premier Shares ................ 1,214,163,324 1,232,058,715
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 222,821,038 243,830,113
Dollar Shares .............................. 4,718,266 7,323,840
Cash Management Shares ..................... 3,884,892 3,563,512
Cash Reserve Shares ........................ 497,212 -
Administration Shares ...................... 4,118,163 2,135,748
Bear Stearns Shares ........................ 12,568,144 9,819,343
Bear Stearns Premier Choice Shares ......... 36,145 64,687
Bear Stearns Private Client Shares ......... 22,159,996 17,549,131
Bear Stearns Premier Shares ................ 6,355,839 3,886,266
Shares redeemed:
Institutional Shares ....................... (198,462,232,787) (264,712,599,228)
Dollar Shares .............................. (23,521,499,827) (39,055,134,339)
Cash Management Shares ..................... (488,102,757) (653,575,294)
Cash Reserve Shares ........................ (106,377,327) -
Administration Shares ...................... (842,124,035) (1,715,930,390)
Bear Stearns Shares ........................ (2,758,089,477) (3,260,970,505)
Bear Stearns Premier Choice Shares ......... (2,891,074) (22,806,597)
Bear Stearns Private Client Shares ......... (3,154,356,781) (3,134,108,481)
Bear Stearns Premier Shares ................ (1,199,397,631) (914,356,660)
------------------ ------------------
Net increase ................................ $ 3,424,684,227 $ 5,063,639,702
================== ==================
78
BLACKROCK LIQUIDITY FUNDS
TEMPCASH
-------------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
-------------------- --------------------
Shares sold:
Institutional Shares ....................... $ 116,888,436,604 $ 197,892,575,885
Dollar Shares .............................. 958,610,995 1,819,674,347
Administration Shares ...................... 32,500,000 -
Bear Stearns Premier Shares ................ 10 -
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 141,892,693 151,306,272
Dollar Shares .............................. 11,833,184 13,167,445
Administration Shares ...................... 67,311 -
Bear Stearns Premier Choice Shares ......... 7 55
Bear Stearns Premier Shares ................ 7 53
Shares redeemed:
Institutional Shares ....................... (116,265,009,079) (194,313,834,478)
Dollar Shares .............................. (868,191,361) (1,768,620,756)
Administration Shares ...................... (9,500,000) -
Bear Stearns Premier Choice Shares ......... (2,174) (34)
Bear Stearns Premier Shares ................ (2,279) (32)
------------------ ------------------
Net increase ................................ $ 890,635,918 $ 3,794,268,757
================== ==================
79
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
FEDFUND
----------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
------------------ -------------------
Shares sold:
Institutional Shares ....................... $ 9,444,174,122 $ 17,230,282,799
Dollar Shares .............................. 7,503,776,382 13,959,732,471
Cash Reserve Shares ........................ 929,730 8,189,136
Administration Shares ...................... 52,992,135 96,695,162
Bear Stearns Shares ........................ 175,179,501 458,660,694
Bear Stearns Premier Choice Shares ......... 1 -
Bear Stearns Private Client Shares ......... 592,919,063 722,971,600
Bear Stearns Premier Shares ................ 309,109,647 378,310,466
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 24,651,276 22,423,147
Dollar Shares .............................. 815,081 116,322
Cash Reserve Shares ........................ 32,125 -
Bear Stearns Shares ........................ 744,216 711,846
Bear Stearns Premier Choice Shares ......... 43 54
Bear Stearns Private Client Shares ......... 4,934,443 3,673,570
Bear Stearns Premier Shares ................ 1,332,907 742,332
Shares redeemed:
Institutional Shares ....................... (9,196,010,307) (16,815,931,073)
Dollar Shares .............................. (7,510,569,336) (13,932,795,146)
Cash Reserve Shares ........................ (11,036) (15,917,781)
Administration Shares ...................... (26,912,422) (53,218,692)
Bear Stearns Shares ........................ (169,668,829) (431,029,684)
Bear Stearns Premier Choice Shares ......... - (33)
Bear Stearns Private Client Shares ......... (571,621,468) (535,320,223)
Bear Stearns Premier Shares ................ (329,305,882) (292,938,904)
---------------- -----------------
Net increase ................................ $ 307,491,392 $ 805,358,063
================ =================
80
BLACKROCK LIQUIDITY FUNDS
MUNIFUND
-------------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
------------------ ----------------------
Shares sold:
Institutional Shares ....................... $ 7,356,026,941 $ 16,067,931,197
Dollar Shares .............................. 536,849,698 1,001,535,776
Cash Management Shares ..................... 86,443,106 103,981,101
Administration Shares ...................... 596,394,612 1,068,978,306
Bear Stearns Shares ........................ 69,852,707 247,059,718
Bear Stearns Premier Choice Shares ......... - 2,200
Bear Stearns Private Client Shares ......... 770,256,702 796,821,952
Bear Stearns Premier Shares ................ 1,299,116,914 920,040,899
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 10,859,851 19,327,986
Dollar Shares .............................. 129,694 229,615
Cash Management Shares ..................... 123,944 126,487
Bear Stearns Shares ........................ 234,757 399,575
Bear Stearns Premier Choice Shares ......... 29 23
Bear Stearns Private Client Shares ......... 2,483,212 1,892,361
Bear Stearns Premier Shares ................ 2,296,877 1,072,317
Shares redeemed:
Institutional Shares ....................... (8,131,013,113) (15,764,765,942)
Dollar Shares .............................. (514,723,367) (999,324,896)
Cash Management Shares ..................... (83,241,130) (88,447,829)
Administration Shares ...................... (609,853,556) (989,961,632)
Bear Stearns Shares ........................ (78,557,182) (251,425,692)
Bear Stearns Premier Choice Shares ......... - (5)
Bear Stearns Private Client Shares ......... (712,332,704) (688,654,236)
Bear Stearns Premier Shares ................ (1,254,528,466) (794,660,555)
---------------- ----------------
Net increase (decrease) ..................... $ (653,180,474) $ 652,158,726
================ ================
81
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
MUNICASH
------------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
-------------------- -------------------
Shares sold:
Institutional Shares ....................... $ 15,179,520,886 $ 33,673,752,825
Dollar Shares .............................. 116,004,397 280,552,208
Bear Stearns Premier Choice Shares ......... 2 -
Bear Stearns Premier Shares ................ 2 -
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 12,481,987 22,757,776
Dollar Shares .............................. 759,595 1,334,219
Bear Stearns Premier Choice Shares ......... 5 39
Bear Stearns Premier Shares ................ 4 33
Shares redeemed:
Institutional Shares ....................... (16,106,055,702) (33,830,828,166)
Dollar Shares .............................. (120,386,303) (302,136,843)
Bear Stearns Premier Choice Shares ......... (2,168) (26)
Bear Stearns Premier Shares ................ (2,160) (22)
----------------- -----------------
Net decrease ................................ $ (917,679,455) $ (154,567,957)
================= =================
CALIFORNIA MONEY FUND
----------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
------------------ -------------------
Shares sold:
Institutional Shares ....................... $ 1,631,004,381 $ 2,901,688,067
Dollar Shares .............................. 254,563,029 304,347,254
Cash Management Shares ..................... 120,162 290,076
Administration Shares ...................... 4,261,346 13,855,091
Bear Stearns Shares ........................ 121,155,956 140,185,077
Bear Stearns Private Client Shares ......... 640,863,034 740,455,112
Bear Stearns Premier Shares ................ 159,532,005 104,099,037
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 579,108 1,153,066
Dollar Shares .............................. 218,509 160,964
Cash Management Shares ..................... - 716
Bear Stearns Shares ........................ 288,867 183,190
Bear Stearns Premier Choice Shares ......... 28 37
Bear Stearns Private Client Shares ......... 1,640,619 1,478,317
Bear Stearns Premier Shares ................ 187,976 109,240
Shares redeemed:
Institutional Shares ....................... (1,720,881,573) (2,764,151,755)
Dollar Shares .............................. (231,319,209) (279,562,826)
Cash Management Shares ..................... (87,844) (206,151)
Administration Shares ...................... (3,979,224) (11,694,305)
Bear Stearns Shares ........................ (106,590,490) (130,896,776)
Bear Stearns Premier Choice Shares ......... - (25)
Bear Stearns Private Client Shares ......... (623,594,167) (651,635,504)
Bear Stearns Premier Shares ................ (160,547,422) (88,432,945)
---------------- ----------------
Net increase (decrease) ..................... $ (32,584,909) $ 281,424,957
================ ================
82
BLACKROCK LIQUIDITY FUNDS
NEW YORK MONEY FUND
----------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
------------------ -------------------
Shares sold:
Institutional Shares ....................... $ 1,078,261,440 $ 1,984,632,534
Dollar Shares .............................. 8,190,410 14,244,762
Cash Management Shares ..................... 32,825,230 13,403,574
Administration Shares ...................... 5,396,043 14,481,065
Bear Stearns Shares ........................ 32,361,420 46,713,167
Bear Stearns Private Client Shares ......... 521,074,351 578,182,155
Bear Stearns Premier Shares ................ 63,466,169 42,458,702
Shares issued in reinvestment of dividends:
Institutional Shares ....................... 1,259,231 1,351,707
Dollar Shares .............................. 79,038 83,928
Bear Stearns Shares ........................ 41,445 53,766
Bear Stearns Premier Choice Shares ......... 29 37
Bear Stearns Private Client Shares ......... 1,712,713 1,459,144
Bear Stearns Premier Shares ................ 78,987 62,934
Shares redeemed:
Institutional Shares ....................... (1,042,617,687) (1,948,918,016)
Dollar Shares .............................. (8,252,360) (13,873,563)
Cash Management Shares ..................... (28,967,900) (9,818,609)
Administration Shares ...................... (4,823,952) (19,979,648)
Bear Stearns Shares ........................ (31,987,034) (44,356,347)
Bear Stearns Premier Choice Shares ......... - (25)
Bear Stearns Private Client Shares ......... (488,352,061) (521,852,034)
Bear Stearns Premier Shares ................ (62,221,524) (36,750,178)
---------------- ----------------
Net increase ................................ $ 77,523,988 $ 101,579,055
================ ================
On April 30, 2006, one shareholder held approximately 17% of the
outstanding shares of TempFund, one shareholder held approximately 10% of
TempCash, one shareholder held approximately 15% of FedFund, one shareholder
held approximately 20% of MuniFund, two shareholders held approximately 33% of
MuniCash, two shareholders held approximately 30% of California Money Fund and
two shareholders held approximately 43% of New York Money Fund. Some of the
shareholders are comprised of omnibus accounts. Although 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.
(E) 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.
Dividends from tax-free income and net investment income 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. These book/tax differences are either temporary or permanent in
nature. To the extent these differences are permanent, they are charged or
credited to paid-in-capital or accumulated net realized gain or loss, as
appropriate, in the period that the differences arise.
83
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)
The tax character of distributions paid during the year ended October 31,
2005 was as follows:
TAX-FREE ORDINARY
INCOME INCOME
------------- ---------------
TempFund
10/31/05 .................. $ - $765,421,595
TempCash
10/31/05 .................. - 291,076,263
FedFund
10/31/05 .................. - 71,914,634
MuniFund
10/31/05 .................. 54,916,818 -
MuniCash
10/31/05 .................. 47,291,523 -
California Money Fund
10/31/05 .................. 11,924,305 -
New York Money Fund
10/31/05 .................. 7,289,171 -
As of October 31, 2005, the Funds had capital loss carryforwards available
to offset future realized capital gains through the indicated expiration dates:
EXPIRING OCTOBER 31
---------------------------------------------------------------------------------------------
2008 2009 2010 2011 2012 2013 TOTAL
--------- --------- ----------- --------- ----------- ------------- -------------
TempFund ...................... $ - $ - $459,902 $ - $354,394 $3,955,645 $4,769,941
TempCash ...................... - - 888 9,501 78,365 2,941,546 3,030,300
FedFund ....................... - - - - - 12,054 12,054
MuniFund ...................... - - - - 53,660 - 53,660
MuniCash ...................... 13,010 - - - 77,299 155,490 245,799
California Money Fund ......... - 20,699 - 45,308 - - 66,007
(F) Asset Concentration
The California Money Fund and New York Money Fund invest primarily in
municipal obligations from issuers residing in those states and, as a result,
are more susceptible to adverse consequences of economic, political and other
developments than a more geographically diverse fund. Such consequences may
include declines in the market value and marketability of fund securities, as
well as impairment of the ability of certain issuers of California and New York
municipal securities to pay principal and interest on their obligations.
84
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION (UNAUDITED)
(A) Results of Special Meeting of Shareholders. The Special Meeting of
Shareholders of the Trust was held February 3, 2006 pursuant to notice
given to all shareholders of record of the Trust at the close of business
on November 23, 2005. At the Special Meeting, shareholders were asked to
approve the following:
Proposal 1. To elect Ralph L. Schlosstein, Paul L. Audet, G. Nicholas
Beckwith, III, Jerrold B. Harris, Rodney D. Johnson, Joseph P. Platt, Jr.,
Robert C. Robb, Jr., Kenneth L. Urish and Frederick W. Winter to the Board
of Trustees of BlackRock Liquidity Funds, to hold office until his
successor is elected and qualifies, or until his term as Trustee is
terminated as provided in the Trust's Declaration of Trust. With respect to
Proposal 1:
FOR AGAINST WITHHELD
TRUSTEE ---------------- --------- --------------
Ralph L. Schlosstein ............. 32,857,980,276 - 211,812,893
Paul L. Audet .................... 32,869,245,523 - 200,547,646
G. Nicholas Beckwith III ......... 32,868,718,722 - 201,074,447
Jerrold B. Harris ................ 32,836,798,490 - 200,994,679
Rodney D. Johnson ................ 32,868,862,916 - 200,930,253
Joseph P. Platt, Jr. ............. 32,857,702,592 - 212,090,577
Robert C. Robb, Jr. .............. 32,868,510,241 - 201,282,928
Kenneth L. Urish ................. 32,868,847,670 - 200,945,499
Frederick W. Winter .............. 32,867,543,077 - 202,250,092
Proposal 2. To approve a proposed new management agreement between the
Trust, on behalf of each Fund, and BlackRock Institutional Management
Corporation, as described in the proxy statement for the Special Meeting.
With respect to Proposal 2, the shares of the Funds were voted as follows:
BROKER
FOR AGAINST ABSTAIN NON-VOTES
FUND ---------------- ------------ ------------ ----------
TempFund ...................... 16,193,150,606 61,085,620 65,689,686 569,349
TempCash ...................... 7,093,892,303 - 50,119,192 -
FedFund ....................... 2,593,878,521 5,135,622 71,055,640 2
MuniFund ...................... 1,882,884,446 1,466,014 11,932,044 3
MuniCash ...................... 1,430,607,961 - 195,821 -
California Money Fund ......... 484,527,410 943,075 41,389 1
New York Money Fund ........... 338,984,740 128,992 375,101 1
(B) Trustee Action and Basis for Recommendation Regarding the Management
Agreement. The Trust's Management Agreement was approved by the Board of
Trustees, including a majority of the Trustees who are not parties to the
Management Agreement or interested persons of any such party (as such term
is defined in the 1940 Act), at an in-person meeting of the Board held on
November 2, 2005. Effective February 21, 2006, the Management Agreement
replaced the Advisory Agreement ("Advisory Agreement") and
Co-Administration Agreement ("Administration Agreement") that had been in
effect prior to such date. In determining to approve the Management
Agreement, the Trustees met with the relevant investment advisory
personnel from BlackRock Institutional Management Corporation ("BIMC") and
considered all information they deemed reasonably necessary to evaluate
the terms of the Management Agreement. The Board received materials in
advance of the meeting relating to its consideration of the Management
Agreement for each fund of the Trust with Bear Stearns shares(each, a
"Fund"), including, among other things: (i) fees and expense ratios of
each Fund in comparison to the fees and expense ratios of a peer group of
funds; (ii) information on the investment performance of each Fund in
comparison to the investment performance of a peer group of funds; (iii)
information with respect to profitability of
85
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION (UNAUDITED) (CONTINUED)
BlackRock, Inc. ("BlackRock") and PNC Bank-affiliated companies with
respect to each Fund 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 BIMC; and (v) information regarding compliance
records and regulatory matters relating to BIMC. In addition, the Board
reviewed a memorandum from its independent counsel on the Board's
obligations in considering approval of the Management Agreement. The
information reviewed was responsive to requests by the Board's independent
counsel for information to assist the Board in its considerations. The
topics discussed below were considered separately by the Trustees who are
not "interested persons" as defined in the Investment Company Act of 1940,
as amended ("Independent Trustees") in an executive session, during which
independent counsel provided guidance to the Independent Trustees.
Fees and Expenses. In approving the Management Agreement, the Independent
Trustees considered that the fees payable by the Funds under the Management
Agreement are higher than the advisory fee rates payable under the Advisory
Agreement but equal to the total of advisory fees payable under the
Advisory Agreement plus the fees payable for administrative services under
the Administration Agreement. The Administration Agreement would terminate
upon effectiveness of the Management Agreement. Consequently, the fees
paid under the Management Agreement will be identical to the fees paid
currently under the Advisory Agreement and Administration Agreement
combined. The Trustees considered a memorandum in the written materials
relating to management fee break-points, which had been provided at the
Trustees' request. The Trustees, including the Independent Trustees, also
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 Fund
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 BIMC.
In considering data based on information provided by Lipper, the Trustees
noted that of the 7 Funds, 6 classes of the Funds reviewed had contractual
management fees lower than the median. The contractual management fees of
each of the remaining 8 classes of shares did not exceed the median for its
peer group by more than 0.041%. The Trustees also noted that 12 classes of
shares had combined actual fees under the Advisory Agreement and the
Administration Agreement (which would equal the fees under the Management
Agreement) that were lower than the median. Those actual fees for each of
the two remaining classes of shares exceeded the median for their peer
groups by .005%. Further, none of the share classes had actual total
expenses higher than the median for its peer group.
The Trustees also were provided with information about the services
rendered, and the fee rates offered, to other clients advised by BIMC,
including other money market funds.
The Independent Trustees discussed economies-of-scale in light of existing
breakpoints and the growth of assets in the Funds over the past several
years.
Following consideration of this information, the Trustees concluded that
the fees to be paid pursuant to the Management Agreement were fair and
reasonable in light of the services provided.
86
BLACKROCK LIQUIDITY FUNDS
Nature, Extent and Quality of Services. The Independent Trustees considered
that the services to be provided under the Management Agreement are those
currently provided under the Advisory Agreement and Administration
Agreement. The Trustees received information concerning the investment
philosophy and investment process used by BIMC in managing the Funds. In
connection with this, the Trustees considered BIMC's in-house research
capabilities as well as other resources. The Trustees concluded that the
scope of BIMC's services to be provided to the Funds was consistent with
the Funds' operational requirements.
The Trustees also considered the quality of the services provided by BIMC
to the Funds. The Trustees considered the procedures of BIMC designed to
fulfill its fiduciary duty to the Funds 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 Management Agreement. In addition, the Trustees
took into account the time and attention devoted by senior management of
BIMC to the Funds. The Trustees also considered the business reputation of
BlackRock and its financial resources and concluded that BIMC would be able
to meet any reasonably foreseeable obligation under the Management
Agreement.
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 Fund, as
well as the performance of funds with the same investment classification
and objective ("performance universe"). The funds included within each
Fund's performance universe were selected by Lipper.
The Board was provided with performance data for the Institutional and
Dollar Shares of each Fund over the one, two, three, four, five and ten
year periods ended August 31, 2005, as compared to performance of the
performance universe.
The Trustees noted that of the 14 classes of the Funds that were included
in the Lipper performance universe, 12 classes (86%) 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 August
31, 2005. The remaining 2 classes performed below their respective
performance universe median during at least two of those periods by no more
than 0.09%. These 2 share classes are the Dollar Shares of FedFund and
MuniFund.
The Trustees discussed other factors relevant to the performance of the
Funds and concluded that each Fund'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 BIMC's and affiliates' profits in respect of their
relationship with the Funds, including the cost of services provided by
BIMC. This consideration included a broad review of BIMC's methodology in
allocating their costs to the management of a Fund. The Board of Trustees
considered the profits realized by BIMC and affiliates in connection with
the operation of each Fund. The Board of Trustees, including the
Independent Trustees, also considered BIMC's profit. The Board concluded
that BIMC's profit is a reasonable profit for the services provided to the
Funds.
Other Benefits to the Investment Adviser. The Board of Trustees, including
the Independent
87
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION (UNAUDITED) (CONCLUDED)
Trustees, also took into account not only the proposed management fees to
be payable by the Funds, but also potential benefits to BIMC, such as the
engagement of affiliates of BIMC as service providers to the Funds,
including for administrative, transfer agency and custodial services.
In determining to approve the Management Agreement, the Trustees considered
that replacing the Funds' Advisory Agreement and Administration Agreement
with a Management Agreement that covers both advisory and administrative
services will generally improve investors' ability to compare the Funds'
expenses with those of other mutual funds that do not pay separate advisory
and administrative fees.
No single factor was considered in isolation or to be determinative to the
decision of the Board to approve the Management Agreement. Rather, the
Board concluded, in light of a weighing and balancing of all factors
considered, that it was in the best interests of each Fund to approve the
recommendation to shareholders of the proposed Management Agreement,
including the fees to be charged for services thereunder.
(C) The Fund's Audit Committee approved engaging Deloitte & Touche LLP as the
independent registered public accounting firm to audit the Fund's
financial statements for the fiscal year 2005. A majority of the Fund's
Board of Trustees, including a majority of the independent Trustees,
approved the appointment of Deloitte & Touche LLP as the Fund's
independent registered public accounting firm for the Fund's fiscal 2006
Audit on November 2, 2005, subject to the right of the Fund, by a majority
vote of the shareholders at any meeting called for that purpose, to
terminate the appointment without penalty.
(D) On February 15, 2006, BlackRock, Inc. ("BlackRock") and Merrill Lynch &
Co., Inc. ("Merrill Lynch") announced that they had entered into an
agreement pursuant to which Merrill Lynch would contribute its investment
management business, Merrill Lynch Investment Managers, to BlackRock, one
of the largest publicly traded investment management firms in the United
States, to form a new asset management company that will be one of the
world's preeminent, diversified global money management organizations with
approximately $1 trillion in assets under management. Based in New York,
BlackRock currently manages assets for institutional and individual
investors worldwide through a variety of equity, fixed income, cash
management and alternative investment products. The new company will
operate under the BlackRock name and be governed by a board of directors
with a majority of independent members. The new company will offer a full
range of equity, fixed income, cash management and alternative investment
products with strong representation in both retail and institutional
channels, in the U.S. and in non-U.S. markets. It will have over 4,500
employees in 18 countries and a major presence in most key markets,
including the United States, the United Kingdom, Asia, Australia, the
Middle East and Europe. Merrill Lynch will have a 49.8% economic interest
in the new company and it will own no more than 45% of the new company's
common stock and The PNC Financial Services Group, Inc. ("PNC"), which
currently holds a majority interest in BlackRock, will retain
approximately 34% of the new company's common stock. Each of Merrill Lynch
and PNC has agreed that it will vote all of its shares on all matters in
accordance with the recommendation of BlackRock's board in order to assure
the board's independence. Completion of the transaction is subject to
various regulatory approvals, client consents, approval by BlackRock
shareholders and customary conditions. The transaction has been approved
by the boards of directors of Merrill Lynch, BlackRock and PNC and is
expected to close at the end of the third quarter of 2006.
88
BLACKROCK LIQUIDITY FUNDS
Investment Adviser
BlackRock Institutional Management Corporation
Wilmington, Delaware 19809
Administrator
BlackRock Institutional Management Corporation
Wilmington, Delaware 19809
Sub-Administrator and Transfer Agent
PFPC Inc.
Wilmington, DE 19809
Distributor
BlackRock Distributors, Inc.
King of Prussia, Pennsylvania 19406
Custodian
PFPC Trust Company
Philadelphia, Pennsylvania 19153
Counsel
Drinker Biddle & Reath LLP
Philadelphia, Pennsylvania 19103
Independent Registered Public Accountant
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 files its complete schedule of portfolio holdings for the first and
third quarters of its fiscal year 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, by calling (800) 821-7432.
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
Funds involve investment risks, including the possible loss of the principal
amount invested.
[GRAPHIC APPEARS HERE]
BRLF-SA-001
[LOGO OF SIERRA CLUB MUTUAL FUNDS]
FOUNDED 1892
FedFund - Cash Reserve Shares
Semi-Annual Report
April 30, 2006
(Unaudited)
BLACKROCK LIQUIDITY FUNDS
FedFund
TABLE OF CONTENTS
Shareholder Letter..........................................................1
Fund Profile................................................................2
Schedule of Investments...................................................5-7
Portfolio Financial Statements
Statement of Assets and Liabilities.....................................8-9
Statement of Operations..................................................10
Statement of Changes in Net Assets.......................................11
Financial Highlights..................................................12-15
Notes to Financial Statements...........................................16-24
Additional Information..................................................25-30
PRIVACY PRINCIPLES OF BLACKROCK LIQUIDITY FUNDS
BlackRock Liquidity Funds is committed to maintaining the privacy of its
shareholders and to safeguarding their nonpublic personal information. The
following information is provided to help you understand what personal
information BlackRock Liquidity Funds collects, how we protect that
information, and why in certain cases we may share such information with
select other parties.
BlackRock Liquidity Funds may receive nonpublic personal information relating
to its shareholders who purchase shares through institutions. For example, in
certain limited circumstances, BlackRock receives a limited amount of
nonpublic personal information from institutions in connection with monitoring
for inappropriate trading activity. In addition, for certain institutions,
BlackRock maintains certain nonpublic personal information relating to
beneficial owners. In the case of shareholders who are record owners of
BlackRock Liquidity Funds, BlackRock Liquidity Funds receives nonpublic
personal information on account applications or other forms.
With respect to these shareholders, BlackRock Liquidity Funds also has access
to specific information regarding their transactions in BlackRock Liquidity
Funds. BlackRock Liquidity Funds does not disclose any nonpublic personal
information about its shareholders or former shareholders to anyone, except as
permitted by law or as is necessary in order to service our shareholders'
accounts (for example, to a transfer agent).
BlackRock Liquidity Funds restricts access to nonpublic personal information
about its shareholders to BlackRock employees with a legitimate business need
for the information. BlackRock Liquidity Funds maintains physical, electronic
and procedural safeguards designed to protect the nonpublic personal
information of our shareholders.
-------------------------------------------------------------------------------
BLACKROCK LIQUIDITY FUNDS
100 Bellevue Parkway, 4th Floor
Wilmington, DE 19809
(800) 821-7432
www.blackrock.com
May 31, 2006
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 months
ended April 30, 2006.
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
FEDFUND
FUND PROFILE
(Portfolio Composition - % of Portfolio)
(Repurchase Agreements) (61.3)
(Agency Obligations) (38.7)
(Distribution - Weighted Average Maturity 20 Days)
(1-30)(86.3)
(31-60)(7.7)
(61-90)(0.0)
(91-120)(1.4)
(121-150)(0.6)
(Over150)(4.0)
--------------------------------------------------------------------
EXPENSE EXAMPLE
As a shareholder of the Fund, you incur 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, 2005 to April 30,
2006.
The information under "Actual Expenses," together with the amount you invested,
allows you to estimate actual expenses paid over the reporting
2
FEDFUND
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 Incurred 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. 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.
Actual Expenses
-------------------------------------------
Cash
Institutional Dollar Reserve
--------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,021.20 1,020.00 1,019.20
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.00 2.25 3.00
Actual Expenses
------------------------------------------------------------------------
Bear Bear
Stearns Stearns Bear
Bear Premier Private Stearns
Administration Stearns Choice Client Premier
---------------- ------------- ------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,020.80 1,017.20 1,020.00 1,019.20 1,019.20
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.50 4.99 2.25 3.00 3.00
Hypothetical Expenses
(5% return before expenses)
-------------------------------------------
Cash
Institutional Dollar Reserve
--------------- ------------- -------------
Beginning Account Value
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,024.00 1,022.75 1,022.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 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
(11/01/05) (in Dollars) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
Ending Account Value
(04/30/06) (in Dollars) 1,023.50 1,019.99 1,022.75 1,022.00 1,020.00
Expenses Incurred During
Period (11/01/05 -
04/30/06)* 1.50 5.01 2.25 3.00 3.00
3
FEDFUND
*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).
4
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
FEDFUND
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ----------- ----------------
AGENCY OBLIGATIONS - 40.2%
Federal Farm Credit Bank Variable Rate Notes - 14.4%
4.73%(b) 05/01/06 $105,000 $ 104,972,802
4.76%(b) 05/01/06 95,000 94,992,040
4.78%(b) 05/01/06 172,000 172,000,156
4.80%(b) 05/01/06 40,000 40,000,106
4.79%(b) 05/12/06 80,000 80,007,806
=============
491,972,910
-------------
Federal Home Loan Bank Bonds - 0.2%
2.10% 10/13/06 7,415 7,338,338
-------------
Federal Home Loan Bank Discount Notes - 0.0%
4.71% 05/01/06 414 414,000
-------------
Federal Home Loan Bank Variable Rate Notes - 7.3%
4.57%(b)(c) 05/02/06 100,000 99,986,132
4.82%(b)(c) 05/22/06 150,000 149,972,590
=============
249,958,722
-------------
Federal Home Loan Mortgage Corp. Discount Notes - 3.8%
4.23% 09/27/06 20,000 19,649,850
4.48% 12/01/06 33,500 32,606,862
4.50% 01/09/07 35,000 33,893,125
4.58% 01/19/07 47,500 45,910,676
=============
132,060,513
-------------
Federal Home Loan Mortgage Corp. Variable Rate Notes - 4.4%
4.78%(b) 06/19/06 150,000 149,908,151
-------------
Federal National Mortgage Assoc. Discount Notes - 8.6%
4.68% 06/01/06 125,000 124,495,712
4.54% 05/01/06 100,000 100,000,000
4.62% 08/01/06 50,000 49,409,667
4.56% 10/02/06 20,000 19,609,866
=============
293,515,245
-------------
Federal National Mortgage Assoc. Variable Rate Notes - 1.5%
4.72%(b) 05/08/06 50,000 49,986,863
-------------
TOTAL AGENCY OBLIGATIONS
(Cost $1,375,154,742) 1,375,154,742
-------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
5
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
FEDFUND (CONTINUED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- ----------- ---------------
REPURCHASE AGREEMENTS - 63.7%
Deutsche Bank Securities, Inc.
4.79% 05/01/06 $382,444 $382,444,000
(Agreement dated 04/28/06 to be repurchased at $382,596,659,
collateralized by $678,003,172 Federal Home Loan Mortgage Corp.
Adjustable Rate Mortgage Notes and Bonds and Federal National
Mortgage Assoc. Bonds and Variable Rate Notes 3.40% to 7.50% due
from 01/01/16 to 04/01/36. The market value is $393,917,320.)
Deutsche Bank Securities, Inc.
4.79% 05/01/06 200,000 200,000,000
(Agreement dated 04/28/06 to be repurchased at $200,079,833,
collateralized by $354,563,373 Federal Home Loan Mortgage Corp.
Adjustable Rate Mortgage Notes and Bonds and Federal National
Mortgage Assoc. Bonds and Variable Rate Notes 3.40% to 7.50% due
from 01/01/16 to 04/01/36. The market value is $206,000,000.)
Goldman Sachs & Co.
4.78% 05/05/06 400,000 400,000,000
(Agreement dated 04/03/06 to be repurchased at $401,699,556,
collateralized by $508,237,578 Federal Home Loan Mortgage Corp.
Bonds and Federal National Mortgage Assoc. Bonds 4.00% to 6.00%
due from 09/01/18 to 12/01/35. The market value is $412,000,000.)
Goldman Sachs & Co.
4.69% 05/09/06 100,000 100,000,000
(Agreement dated 03/02/06 to be repurchased at $100,885,889,
collateralized by $203,085,314 Federal National Mortgage Assoc.
Bonds 5.50% due from 04/01/21 to 02/01/33. The market value is
$ 103,000,000.)
Merrill Lynch Government Securities, Inc.
4.78% 05/03/06 100,000 100,000,000
(Agreement dated 04/03/06 to be repurchased at $100,398,333,
collateralized by $225,551,924 Federal Home Loan Mortgage Corp.
Adjustable Rate Mortgage Notes and Bonds and Federal National
Mortgage Assoc. Bonds and Variable Rate Mortgage Notes 4.00% to
6.00% due from 12/15/11 to 03/15/36. The market value is
$ 103,001,789.)
Morgan Stanley & Co., Inc.
4.76% 05/01/06 195,000 195,000,000
(Agreement dated 04/28/06 to be repurchased at $195,077,350,
collateralized by $342,722,505 Federal Home Loan Mortgage Corp.
Adjustable Rate Mortgage Notes and Bonds, Federal National
Mortgage Assoc. Discount Notes and Variable Rate Mortgage Notes,
and U.S. Treasury Notes and Strip Principals 0.00% to 6.71% due from
05/31/06 to 04/01/43. The market value is $201,374,253.)
Morgan Stanley & Co., Inc.
4.78% 05/01/06 300,000 300,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
6
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
FEDFUND (CONCLUDED)
APRIL 30, 2006 (UNAUDITED)
PAR
MATURITY (000) VALUE
---------- --------- ----------------
REPURCHASE AGREEMENTS (Continued)
(Agreement dated 04/28/06 to be repurchased at $300,119,500,
collateralized by $527,265,393 Federal Home Loan Mortgage Corp.
Adjustable Rate Mortgage Notes and Bonds, Federal National
Mortgage Assoc. Discount Notes and Variable Rate Mortgage Notes
and U.S. Treasury Notes and Strip Principals 0.00% to 6.71% due from
05/31/06 to 04/01/43. The market value is $309,806,544.)
Morgan Stanley & Co., Inc.
4.78% 05/05/06 200,000 200,000,000
(Agreement dated 04/04/06 to be repurchased at $200,823,222,
collateralized by $351,510,262 Federal Home Loan Mortgage Corp.
Adjustable Rate Mortgage Notes and Bonds, Federal National
Mortgage Assoc. Discount Notes and Variable Rate Mortgage Notes
and U.S. Treasury Notes and Strip Principals 0.00% to 6.71% due from
05/31/06 to 04/01/43. The market value is $206,537,696.)
UBS Securities LLC
4.79% 05/10/06 300,000 300,000,000
(Agreement dated 03/29/06 to be repurchased at $301,676,500,
collateralized by $309,003,334 Federal Home Loan Mortgage Corp.
Strips 0.00% due from 08/01/20 to 02/01/36. The market value is
$309,003,334.)
=============
TOTAL REPURCHASE AGREEMENTS
(Cost $2,177,444,000) 2,177,444,000
-------------
TOTAL INVESTMENTS IN SECURITIES - 103.9%
(Cost $3,552,598,742(a)) $3,552,598,742
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.9)% (132,373,820)
--------------
NET ASSETS - 100.0% $3,420,224,922
==============
- --------------
(a) Aggregate cost for federal income tax purposes.
(b) Rates shown are the rates as of April 30, 2006 and maturities shown are
the next interest readjustment date or the date the principal owed can be
recovered through demand.
(c) The rate shown is the effective yield on the discount notes at the time of
purchase.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
7
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2006 (UNAUDITED)
ASSETS
Investments, at value1 ........................................... $ 3,552,598,742
Interest receivable .............................................. 11,093,176
Prepaid expenses ................................................. 72,057
---------------
TOTAL ASSETS .................................................. 3,563,763,975
---------------
LIABILITIES
Payable to affiliates (Note C).................................... 136,116,617
Management fee payable ........................................... 486,640
Distributions payable ............................................ 6,560,415
Custodian fee payable ............................................ 31,287
Transfer agent fee payable ....................................... 22,863
Shareholder servicing fees payable ............................... 216,066
Distribution fees payable ........................................ 13,956
Trustees, fees and expenses payable .............................. 6,549
Other accrued expenses payable ................................... 84,660
---------------
TOTAL LIABILITIES ............................................. 143,539,053
---------------
NET ASSETS ......................................................... $ 3,420,224,922
===============
1Cost of Investments ............................................... $ 3,552,598,742
===============
AT APRIL 30, 2006, NET ASSETS CONSISTED OF:
Capital Paid-in .................................................. $ 3,420,236,976
Accumulated net realized loss on investment transactions ......... (12,054)
---------------
NET ASSETS ......................................................... $ 3,420,224,922
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
8
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF ASSETS AND LIABILITIES
(CONCLUDED)
AS OF APRIL 30, 2006 (UNAUDITED)
Institutional Shares:
Net Assets ........................................... $2,592,793,878
Shares outstanding (unlimited authorization) ......... 2,592,830,782
Net Asset Value ...................................... $ 1.00
Dollar Shares:
Net Assets ........................................... $ 366,552,106
Shares outstanding (unlimited authorization) ......... 366,525,778
Net Asset Value ...................................... $ 1.00
Cash Reserve Shares:
Net Assets ........................................... $ 2,497,681
Shares outstanding (unlimited authorization) ......... 2,497,745
Net Asset Value ...................................... $ 1.00
Administration Shares:
Net Assets ........................................... $ 69,556,184
Shares outstanding (unlimited authorization) ......... 69,556,183
Net Asset Value ...................................... $ 1.00
Bear Stearns Shares:
Net Assets ........................................... $ 53,434,911
Shares outstanding (unlimited authorization) ......... 53,435,114
Net Asset Value ...................................... $ 1.00
Bear Stearns Premier Choice Shares:
Net Assets ........................................... $ 2,210
Shares outstanding (unlimited authorization) ......... 2,212
Net Asset Value ...................................... $ 1.00
Bear Stearns Private Client Shares:
Net Assets ........................................... $ 268,135,291
Shares outstanding (unlimited authorization) ......... 268,136,452
Net Asset Value ...................................... $ 1.00
Bear Stearns Premier Shares:
Net Assets ........................................... $ 67,252,661
Shares outstanding (unlimited authorization) ......... 67,252,709
Net Asset Value ...................................... $ 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
9
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2006 (UNAUDITED)
FEDFUND
---------------
Investment Income:
Interest income .......................................... $ 74,131,972
------------
Expenses:
Management fee ........................................... 1,650,408
Investment advisory fee .................................. 1,096,083
Administration fee ....................................... 1,464,582
Custodian fee ............................................ 101,932
Transfer agent fee ....................................... 118,796
Shareholder servicing fees - class specific .............. 1,503,753
Distribution fees - class specific ....................... 568,689
Legal fees ............................................... 15,783
Audit fees ............................................... 16,471
Printing ................................................. 9,412
Registration fees and expenses ........................... 32,981
Trustees' fees and expenses .............................. 14,099
Other .................................................... 55,384
------------
Total expenses ............................................. 6,648,373
------------
Less management fee waived (Note C) ........................ (490,188)
Less investment advisory and administration fees
waived (Note C) .......................................... (758,108)
Less shareholder servicing fees waived - class
specific (Note C) ........................................ (165,592)
Less distribution fees waived - class specific (Note C)..... (490,834)
Less custody fees paid indirectly (Note C) ................. (19,626)
------------
Net expenses ............................................... 4,724,025
------------
Net investment income ...................................... 69,407,947
------------
Net increase in net assets resulting from
operations ............................................. $ 69,407,947
============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
10
BLACKROCK LIQUIDITY FUNDS
STATEMENT OF CHANGES IN NET ASSETS
FEDFUND
---------------------------------------
SIX MONTHS ENDED
APRIL 30, 2006 YEAR ENDED
(UNAUDITED) OCTOBER 31, 2005
------------------- -------------------
Increase (decrease) in net assets:
Operations:
Net investment income ....................... $ 69,407,947 $ 71,906,333
Net loss on investments ..................... - (12,054)
--------------- ---------------
Net increase in net assets resulting from
operations ................................ 69,407,947 71,894,279
--------------- ---------------
Distributions to shareholders from:
Net investment income:
Institutional Shares ........................ (52,450,117) (56,845,159)
Dollar Shares ............................... (8,590,346) (9,224,103)
Cash Reserve Shares ......................... (41,362) (96,410)
Administration Shares ....................... (1,214,804) (592,542)
Bear Stearns Shares ......................... (757,261) (714,543)
Bear Stearns Premier Choice Shares .......... (43) (53)
Bear Stearns Private Client Shares .......... (5,005,578) (3,691,614)
Bear Stearns Premier Shares ................. (1,348,436) (750,210)
--------------- ---------------
Total distributions from net investment
income ................................... (69,407,947) (71,914,634)
--------------- ---------------
Capital share transactions (Note D) ......... 307,491,392 805,358,063
--------------- ---------------
Total increase in net assets .............. 307,491,392 805,337,708
Net assets:
Beginning of period ......................... 3,112,733,530 2,307,395,822
--------------- ---------------
End of period ............................... $ 3,420,224,922 $ 3,112,733,530
=============== ===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
11
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
11/1/05 through 04/30/067 $ 1.00 $ 0.0211 $ (0.0211) $ 1.00
10/31/05 1.00 0.0269 ( 0.0269) 1.00
10/31/04 1.00 0.0105 ( 0.0105) 1.00
10/31/035 1.00 0.0110 ( 0.0110) 1.00
10/31/025 1.00 0.0183 ( 0.0183) 1.00
10/31/015 1.00 0.0469 ( 0.0469) 1.00
Dollar Shares
11/1/05 through 04/30/067 $ 1.00 $ 0.0198 $ (0.0198) $ 1.00
10/31/05 1.00 0.0244 ( 0.0244) 1.00
10/31/04 1.00 0.0080 ( 0.0080) 1.00
10/31/035 1.00 0.0085 ( 0.0085) 1.00
10/31/025 1.00 0.0158 ( 0.0158) 1.00
10/31/015 1.00 0.0444 ( 0.0444) 1.00
Cash Reserve Shares
11/1/05 through 04/30/067 $ 1.00 $ 0.0191 $ (0.0191) $ 1.00
10/31/05 1.00 0.0229 ( 0.0229) 1.00
10/31/04 1.00 0.0065 ( 0.0065) 1.00
04/01/031 through 10/31/035 1.00 0.0034 ( 0.0034) 1.00
Administration Shares4
11/1/05 through 04/30/067 $ 1.00 $ 0.0206 $ (0.0206) $ 1.00
11/10/041 through 10/31/05 1.00 0.0110 ( 0.0110) 1.00
Bear Stearns Shares
11/1/05 through 04/30/067 $ 1.00 $ 0.0171 $ (0.0171) $ 1.00
10/31/05 1.00 0.0189 ( 0.0189) 1.00
10/31/04 1.00 0.0031 ( 0.0031) 1.00
10/31/035 1.00 0.0033 ( 0.0033) 1.00
05/20/021 through 10/31/025 1.00 0.0040 ( 0.0040) 1.00
Bear Stearns Premier Choice Shares
11/1/05 through 04/30/067 $ 1.00 $ 0.0198 $ (0.0198) $ 1.00
10/31/05 1.00 0.0244 ( 0.0244) 1.00
03/26/041 through 10/31/045 1.00 0.0054 ( 0.0054) 1.00
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
============== ============== ============= ================== ============= =============
2.12%6 $ 2,592,794 0.20%2 0.20%2 0.28%2 4.26%2
2.73 2,320,001 0.20 0.20 0.29 2.73
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
2.00%6 $ 366,552 0.45%2 0.45%2 0.53%2 4.00%2
2.47 372,460 0.45 0.45 0.54 2.49
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
1.92%6 $ 2,498 0.60%2 0.60%2 0.68%2 3.89%2
2.32 1,547 0.60 0.60 0.70 1.94
0.65 9,276 0.60 0.60 0.69 0.62
0.592 13,492 0.602 0.602 0.692 0.582
2.08%6 $ 69,556 0.30%2 0.30%2 0.38%2 4.19%2
1.106 43,480 0.302 0.302 0.392 2.632
1.72%6 $ 53,435 1.00%2 1.00%2 1.08%2 3.45%2
1.91 47,205 1.00 1.00 1.09 2.14
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
2.00%6 $ 2 0.45%2 0.45%2 0.80%2 3.95%2
2.47 2 0.45 0.45 0.87 2.48
0.546 2 0.452 0.452 0.542 0.922
13
BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS (CONCLUDED)
(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
=========== ============ ============== ==========
- -------------------
Fed Fund (Continued)
- -------------------
Bear Stearns Private Client
Shares
11/1/05 through 04/30/067 $ 1.00 $ 0.0191 $ (0.0191) $ 1.00
10/31/05 1.00 0.0229 (0.0229) 1.00
03/26/041 through 10/31/04 1.00 0.0045 (0.0045) 1.00
Bear Stearns Premier Shares
11/1/05 through 04/30/067 $ 1.00 $ 0.0191 $ (0.0191) $ 1.00
10/31/05 1.00 0.0227 (0.0227) 1.00
03/26/041 through 10/31/04 1.00 0.0038 (0.0038) 1.00
1 Commencement of Operations.
2 Annualized.
3 Past performance is no guarantee of future results.
4 There were no Administration Shares outstanding during the period
November 1, 2004 to November 9, 2004 and November 19, 2004 to July
5, 2005.
5 Audited by other auditors.
6 Not Annualized.
7 Unaudited.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
14
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
============== ============== ============= ================== ============= =============
1.92%6 $ 268,135 0.60%2 0.60%2 1.13%2 3.86%2
2.32 241,913 0.60 0.60 1.14 2.59
0.456 50,579 0.582 0.582 0.802 0.922
1.926 $ 67,253 0.60%2 0.60%2 0.88%2 3.85%2
2.30 86,126 0.60 0.60 0.89 2.84
0.386 2 0.702 0.702 0.792 0.602
15
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 Cash Reserve
Shares of the Trust's FedFund portfolio.
The Fund offers 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. As of April 30, 2006,
no Cash Plus Shares were outstanding.
Effective March 1, 2005 Bear Stearns Premier Select Shares was renamed to
Bear Stearns Premier Choice 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
Security Valuation - Portfolio securities are valued under the amortized
cost method which approximates current market value in accordance with Rule
2a-7 of the 1940 Act. Under this method, securities are valued at cost when
purchased and thereafter, a constant proportionate amortization of any discount
or premium is recorded until the 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
16
BLACKROCK LIQUIDITY FUNDS
the net asset value per share of each Fund at $1.00, although there is no
assurance that it will be able to do so on a continuing basis.
Repurchase Agreements - The Fund 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, generally first in first out, for both financial reporting and income
tax purposes. Interest income is recorded on the accrual basis.
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
and such differences could be material.
Other - Expenses that are directly related to the Fund are charged
directly to it. Other operating expenses are prorated to each portfolio of the
Trust 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 classes on the basis of daily relative net assets.
17
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(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 provides both investment advisory and administration
services to the Trust. 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
sub-administrator. BlackRock Distributors, Inc., ("BDI"), an indirect
subsidiary of PNC, serves as the Trust's distributor.
On February 21, 2006, the Trust entered into a Management Agreement with
BIMC under which it provides certain advisory and administrative services. BIMC
also entered into a sub-administrative agreement with PFPC under which it
provides certain administrative services.
For the advisory and administration services provided and expenses assumed
by it under the Management Agreement, BIMC is entitled to receive the following
annual fees computed daily based upon the Fund's average daily net assets and
paid monthly:
FedFund, T-Fund, Federal Trust Fund and Treasury Trust Fund
Calculation A Calculation B
..175% of the first $1 billion* .175% of the first $1 billion**
..150% of the next $1 billion* .150% of the next $1 billion**
..125% of the next $1 billion* .125% of the next $1 billion**
..100% of the next $1 billion* .100% of amounts in excess of $3 billion.**
..095% of the next $1 billion*
..090% of the next $1 billion*
..085% of the next $1 billion*
..080% of amounts in excess of $7 billion.*
The Management Fee is equal to Calculation A plus Calculation B.
* Based on the average net assets of FedFund combined with the average net
assets of T-Fund, Federal Trust Fund and Treasury Trust Fund, which are
other portfolios offered by the Trust.
** Based on the average net assets of each portfolio.
Prior to February 21, 2006, BIMC managed the Fund under an advisory
agreement (the "Prior Advisory Agreement"), and BIMC and PFPC provided
18
BLACKROCK LIQUIDITY FUNDS
administrative services to the Fund, as co-administrators under an
administration agreement (the "Prior Administration Agreement"). The fees
payable by the Fund under the Management Agreement with BIMC are higher than
the advisory fee rates payable under the Prior Advisory Agreement, but equal to
the total of advisory fees payable under the Prior Advisory Agreement plus fees
payable for administrative services under the Prior Administration Agreement.
Under the Prior Advisory Agreement in return for BIMC's advisory services,
the Trust paid BIMC a fee, computed daily and payable monthly, based on the
combined average daily net assets as follows:
FedFund, T-Fund, Federal Trust Fund and Treasury
Trust Fund
..175% of the first $1 billion
..150% of the next $1 billion
..125% of the next $1 billion
..100% of the next $1 billion
..095% of the next $1 billion
..090% of the next $1 billion
..085% of the next $1 billion
..080% of amounts in excess of $7 billion.
Under the Prior Administration Agreement the Trust paid 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
Co-Administration Fee -
0.150% of the next $1 billion
Prior Administration
0.125% of the next $1 billion
Agreement
0.100% of amounts in excess of $3 billion
Until February 28, 2007, BIMC, as investment adviser and administrator,
has contractually agreed to reduce its fees and reimburse expenses to ensure
that the combined "Management Fees" and "Miscellaneous Expenses" do
not exceed 0.20% of the average daily net assets of the Fund. The waiver
agreement may not be terminated before February 28, 2007. Any fees waived
by BIMC with respect to a particular fiscal year are not recoverable.
19
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
For the period ended April 30, 2006, the information provided below shows
the various types of class-specific expenses borne directly by each class of
the 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.
CONTRACTUAL1 ACTUAL 1
-------------- ---------
Dollar .............................. 0.25% 0.25%
Cash Management ..................... 0.50% N/A
Cash Reserve ........................ 0.40% 0.40%
Administration ...................... 0.10% 0.10%
Cash Plus ........................... 0.85% N/A
Bear Stearns ........................ 0.85% 0.80%
Bear Stearns Private Client ......... 0.85% 0.40%
Bear Stearns Premier ................ 0.60% 0.40%
Bear Stearns Premier Choice ......... 0.50% 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.
SHAREHOLDER SHAREHOLDER DISTRIBUTION
SERVICE SERVICE DISTRIBUTION FEES
FEES FEES WAIVED FEES WAIVED
------------- ------------- -------------- -------------
Dollar .............................. $ 542,459 $ - $ - $ -
Cash Reserve ........................ 4,254 - - -
Administration ...................... 28,987 - - -
Bear Stearns ........................ 100,100 - 77,855 -
Bear Stearns Premier Choice ......... 4 2 2 2
Bear Stearns Private Client ......... 650,484 130,097 455,339 455,339
Bear Stearns Premier ................ 177,465 35,493 35,493 35,493
----------- --------- --------- ---------
$ 1,503,753 $ 165,592 $ 568,689 $ 490,834
=========== ========= ========= =========
In return for custody services provided by PFPC Trust Company, the Trust
pays PFPC Trust Company a fee, computed daily and payable
20
BLACKROCK LIQUIDITY FUNDS
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 and unfunded subscription
charges that are charged by PFPC Trust Company.
Pursuant to the Trust's operating procedures, custodian fees may be
reduced by amounts calculated on uninvested cash balances ("custody credits"),
which are on the Statement of Operations as custody fees paid indirectly.
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.
21
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
As of April 30, 2006, affiliated payables were as follows:
PFPC AND OTHER
PFPC TRUST BIMC PNC
COMPANY (1) BIMC (2) AFFILIATES (3) BANK (4)
------------- ------------ ---------------- ----------------
FedFund ......... $ 81,702 $ 449,312 $ 444,330 $ 136,116,617
(1) Payables to PFPC as of April 30, 2006 are for accounting, administration
and transfer agent services provided to the Trust. Payables to PFPC Trust
Co. as of April 30, 2006 are for custody services provided to the Trust.
(2) Payables to BIMC as of April 30, 2006 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.
(4) Payables to PNC Bank for funding of fundshare redemptions.
(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 Fund 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.
22
BLACKROCK LIQUIDITY FUNDS
Transactions in capital shares for each period were as follows:
FEDFUND
----------------------------------------
FOR THE
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, 2005
------------------ -------------------
Shares sold:
Institutional Shares ................... $ 9,444,174,122 $ 17,230,282,799
Dollar Shares .......................... 7,503,776,382 13,959,732,471
Cash Reserve Shares .................... 929,730 8,189,136
Administration Shares .................. 52,992,135 96,695,162
Bear Stearns Shares .................... 175,179,501 458,660,694
Bear Stearns Premier Choice Shares ..... 1 -
Bear Stearns Private Client Shares ..... 592,919,063 722,971,600
Bear Stearns Premier Shares ............ 309,109,647 378,310,466
Shares issued in reinvestment of
dividends:
Institutional Shares ................... 24,651,276 22,423,147
Dollar Shares .......................... 815,081 116,322
Cash Reserve Shares .................... 32,125 -
Bear Stearns Shares .................... 744,216 711,846
Bear Stearns Premier Choice Shares ..... 43 54
Bear Stearns Private Client Shares ..... 4,934,443 3,673,570
Bear Stearns Premier Shares ............ 1,332,907 742,332
Shares redeemed:
Institutional Shares ................... (9,196,010,307) (16,815,931,073)
Dollar Shares .......................... (7,510,569,336) (13,932,795,146)
Cash Reserve Shares .................... (11,036) (15,917,781)
Administration Shares .................. (26,912,422) (53,218,692)
Bear Stearns Shares .................... (169,668,829) (431,029,684)
Bear Stearns Premier Choice Shares ..... - (33)
Bear Stearns Private Client Shares ..... (571,621,468) (535,320,223)
Bear Stearns Premier Shares ............ (329,305,882) (292,938,904)
--------------- ----------------
Net increase ............................. $ 307,491,392 $ 805,358,063
=============== ================
23
BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)
On April 30, 2006, one shareholder held approximately 15% of the Fund.
Although considered a single shareholder for purposes of determining its
percentage of ownership of the Fund, each omnibus account executes transactions
in the Fund's shares on behalf of multiple underlying Fund shareholders.
(E) 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.
Dividends from tax-free income and net investment income 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. These book/tax differences are either temporary or permanent in
nature. To the extent these differences are permanent, they are charged or
credited to paid-in-capital or accumulated net realized gain or loss, as
appropriate, in the period that the differences arise.
The tax character of distributions paid during the year ended October 31,
2005 was as follows:
TAX-FREE ORDINARY
INCOME INCOME
---------- ---------------
FedFund ................ $- $ 71,914,634
As of October 31, 2005, the Fund had capital loss carryforwards available
to offset future realized capital gains through the indicated expiration dates:
EXPIRING OCTOBER 31
----------------------------------------------------------------------
2008 2009 2010 2011 2012 2013 TOTAL
------ ------ ------ ------ ------ ----------- -----------
FedFund ......... $- $- $- $- $- $ 12,054 $ 12,054
24
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION (UNAUDITED)
(A) Results of Special Meeting of Shareholders. The Special Meeting of
Shareholders of the Trust was held February 3, 2006 pursuant to notice
given to all shareholders of record of the Trust at the close of business
on November 23, 2005. At the Special Meeting, shareholders were asked to
approve the following:
Proposal 1. To elect Ralph L. Schlosstein, Paul L. Audet, G. Nicholas
Beckwith, III, Jerrold B. Harris, Rodney D. Johnson, Joseph P. Platt, Jr.,
Robert C. Robb, Jr., Kenneth L. Urish and Frederick W. Winter to the Board
of Trustees of BlackRock Liquidity Funds, to hold office until his
successor is elected and qualifies, or until his term as Trustee is
terminated as provided in the Trust's Declaration of Trust. With respect
to Proposal 1:
TRUSTEE FOR AGAINST WITHHELD
-------------- --------- --------------
Ralph L. Schlosstein ............. 32,857,980,276 - 211,812,893
Paul L. Audet .................... 32,869,245,523 - 200,547,646
G. Nicholas Beckwith III ......... 32,868,718,722 - 201,074,447
Jerrold B. Harris ................ 32,836,798,490 - 200,994,679
Rodney D. Johnson ................ 32,868,862,916 - 200,930,253
Joseph P. Platt, Jr. ............. 32,857,702,592 - 212,090,577
Robert C. Robb, Jr. .............. 32,868,510,241 - 201,282,928
Kenneth L. Urish ................. 32,868,847,670 - 200,945,499
Frederick W. Winter .............. 32,867,543,077 - 202,250,092
Proposal 2. To approve a proposed new management agreement between the
Trust, on behalf of the Fund, and BlackRock Institutional Management
Corporation, as described in the proxy statement for the Special Meeting.
With respect to Proposal 2, the shares of the Fund were voted as follows:
BROKER
FOR AGAINST ABSTAIN NON-VOTES
--------------- ----------- ------------ ----------
FedFund ......... 2,593,878,521 5,135,622 71,055,640 2
(B) Trustee Action and Basis for Recommendation Regarding the Management
Agreement. The Trust's Management Agreement was approved by the Board of
Trustees, including a majority of the Trustees who are not parties to the
Management Agreement or interested persons of any such party (as such term
is defined in the 1940 Act), at an in-person meeting of
25
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION (UNAUDITED) (CONTINUED)
the Board held on November 2, 2005. Effective February 21, 2006, the
Management Agreement replaced the Advisory Agreement ("Advisory
Agreement") and Co-Administration Agreement ("Administration Agreement")
that had been in effect prior to such date. In determining to approve the
Management Agreement, the Trustees met with the relevant investment
advisory personnel from BlackRock Institutional Management Corporation
("BIMC") and considered all information they deemed reasonably necessary
to evaluate the terms of the Management Agreement. The Board received
materials in advance of the meeting relating to its consideration of the
Management Agreement for the Fund including, among other things: (i) fees
and expense ratios of the Fund in comparison to the fees and expense
ratios of a peer group of funds; (ii) information on the investment
performance of the Fund 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 the Fund 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 BIMC; and (v) information regarding compliance
records and regulatory matters relating to BIMC. In addition, the Board
reviewed a memorandum from its independent counsel on the Board's
obligations in considering approval of the Management Agreement. The
information reviewed was responsive to requests by the Board's independent
counsel for information to assist the Board in its considerations. The
topics discussed below were considered separately by the Trustees who are
not "interested persons" as defined in the Investment Company Act of 1940,
as amended ("Independent Trustees") in an executive session, during which
independent counsel provided guidance to the Independent Trustees.
Fees and Expenses. In approving the Management Agreement, the Independent
Trustees considered that the fees payable by the Fund under the Management
Agreement are higher than the advisory fee rates payable under the
Advisory Agreement but equal to the total of advisory fees payable under
the Advisory Agreement plus the fees payable for administrative services
under the Administration Agreement. The Administration Agreement would
terminate upon effectiveness of the Management Agreement. Consequently,
the fees paid under the Management Agreement will be identical to the fees
paid currently under the Advisory Agreement and Administration
26
BLACKROCK LIQUIDITY FUNDS
Agreement combined. The Trustees considered a memorandum in the written
materials relating to management fee break-points, which had been provided
at the Trustees' request. The Trustees, including the Independent
Trustees, also 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 the Fund 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 BIMC.
In considering data based on information provided by Lipper, the Trustees
noted that both of the classes of the Fund reviewed had contractual
management fees lower than the median. The Trustees also noted that both
classes of shares had combined actual fees under the Advisory Agreement
and the Administration Agreement (which would equal the fees under the
Management Agreement) that were lower than the median.
The Trustees also were provided with information about the services
rendered, and the fee rates offered, to other clients advised by BIMC,
including other money market funds.
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.
Following consideration of this information, the Trustees concluded that
the fees to be paid pursuant to the Management Agreement were fair and
reasonable in light of the services provided.
Nature, Extent and Quality of Services. The Independent Trustees
considered that the services to be provided under the Management Agreement
are those currently provided under the Advisory Agreement and
Administration Agreement. The Trustees received information concerning the
investment philosophy and investment process used by BIMC in managing the
Fund. In connection with this, the Trustees considered BIMC's in-house
research capabilities as well as other resources. The Trustees concluded
that the scope of BIMC's services to be provided to the Fund was
consistent with the Fund's operational requirements.
27
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION (UNAUDITED) (CONTINUED)
The Trustees also considered the quality of the services provided by BIMC
to the Fund. The Trustees considered the procedures of BIMC designed to
fulfill its fiduciary duty to the Fund 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 Management Agreement. In addition, the Trustees
took into account the time and attention devoted by senior management of
BIMC to the Fund. The Trustees also considered the business reputation of
BlackRock and its financial resources and concluded that BIMC would be
able to meet any reasonably foreseeable obligation under the Management
Agreement.
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 the Fund, as
well as the performance of funds with the same investment classification
and objective ("performance universe"). The funds included within the
Fund's performance universe were selected by Lipper.
The Board was provided with performance data for the Institutional and
Dollar Shares of the Fund over the one, two, three, four, five and ten
year periods ended August 31, 2005, as compared to performance of the
performance universe.
The Trustees noted that of the two classes of the Fund that were included
in the Lipper performance universe, one had performed at or above its
respective performance universe median during the one year, three year and
five year periods ended August 31, 2005. The remaining class performed
below its respective performance universe median during two of those
periods by no more than 0.05%.
The Trustees discussed other factors relevant to the performance of the
Fund and concluded that the Fund'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 BIMC's and affiliates' profits in respect of their
relationship with the Fund, including the cost of services provided by
BIMC. This consideration included a broad review of BIMC's methodology in
allocating their costs to the management of the Fund.
28
BLACKROCK LIQUIDITY FUNDS
The Board of Trustees considered the profits realized by BIMC and
affiliates in connection with the operation of the Fund. The Board
concluded that BIMC's profit is a reasonable profit for the services
provided to the Fund.
Other Benefits to the Investment Adviser. The Board of Trustees, including
the Independent Trustees, also took into account not only the proposed
management fees to be payable by the Fund, but also potential benefits to
BIMC, such as the engagement of affiliates of BIMC as service providers to
the Fund, including for administrative, transfer agency and custodial
services.
In determining to approve the Management Agreement, the Trustees
considered that replacing the Fund's Advisory Agreement and Administration
Agreement with a Management Agreement that covers both advisory and
administrative services will generally improve investors' ability to
compare the Fund's expenses with those of other mutual funds that do not
pay separate advisory and administrative fees.
No single factor was considered in isolation or to be determinative to the
decision of the Board to approve the Management Agreement. Rather, the
Board concluded, in light of a weighing and balancing of all factors
considered, that it was in the best interests of the Fund to approve the
recommendation to shareholders of the proposed Management Agreement,
including the fees to be charged for services thereunder.
(C) The Fund's Audit Committee approved engaging Deloitte & Touche LLP as the
independent registered public accounting firm to audit the Fund's
financial statements for the fiscal year 2005. A majority of the Fund's
Board of Trustees, including a majority of the independent Trustees,
approved the appointment of Deloitte & Touche LLP as the Fund's
independent registered public accounting firm for the Fund's fiscal 2006
Audit on November 2, 2005, subject to the right of the Fund, by a majority
vote of the shareholders at any meeting called for that purpose, to
terminate the appointment without penalty.
(D) On February 15, 2006, BlackRock, Inc. ("BlackRock") and Merrill Lynch &
Co., Inc. ("Merrill Lynch") announced that they had entered into an
agreement pursuant to which Merrill Lynch would contribute its investment
management business, Merrill Lynch Investment Managers, to BlackRock, one
of the largest publicly traded investment management firms in the United
29
BLACKROCK LIQUIDITY FUNDS
ADDITIONAL INFORMATION (UNAUDITED) (CONCLUDED)
States, to form a new asset management company that will be one of the
world's preeminent, diversified global money management organizations with
approximately $1 trillion in assets under management. Based in New York,
BlackRock currently manages assets for institutional and individual
investors worldwide through a variety of equity, fixed income, cash
management and alternative investment products. The new company will
operate under the BlackRock name and be governed by a board of directors
with a majority of independent members. The new company will offer a full
range of equity, fixed income, cash management and alternative investment
products with strong representation in both retail and institutional
channels, in the U.S. and in non-U.S. markets. It will have over 4,500
employees in 18 countries and a major presence in most key markets,
including the United States, the United Kingdom, Asia, Australia, the
Middle East and Europe. Merrill Lynch will have a 49.8% economic interest
in the new company and it will own no more than 45% of the new company's
common stock and The PNC Financial Services Group, Inc. ("PNC"), which
currently holds a majority interest in BlackRock, will retain
approximately 34% of the new company's common stock. Each of Merrill Lynch
and PNC has agreed that it will vote all of its shares on all matters in
accordance with the recommendation of BlackRock's board in order to assure
the board's independence. Completion of the transaction is subject to
various regulatory approvals, client consents, approval by BlackRock
shareholders and customary conditions. The transaction has been approved
by the boards of directors of Merrill Lynch, BlackRock and PNC and is
expected to close at the end of the third quarter of 2006.
30
Investment Advisor
BlackRock Institutional
Management Corporation
Co-Administrators
BlackRock Institutional
Management Corporation
PFPC Inc.
Distributor
BlackRock Distributors, Inc.
Counsel
Drinker Biddle & Reath LLP
Independent Registered
Public Accountants
Deloitte & Touche LLP
Custodian
PFPC Trust Company
Transfer Agent
PFPC Inc.
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 uses to determine how to vote proxies
relating to portfolio securities are 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 files its complete schedule of portfolio holdings for the first and
third quarters of its fiscal year 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, by calling (800) 821-7432.
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.
We all have reasons to invest. Some of us have greater objectives. Sierra Club
Mutual Funds are for people interested in uniting their financial goals with
environmental progress.
Invest with a purpose.
Invest for our planet.
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
Funds involve investment risks, including the possible loss of the principal
amount invested.
Sierra Club Mutual Funds
www.sierraclubfunds.com
E-Mail: info@sierraclubfunds.com
Toll-Free Tel: (866) 897-5982
SCMMSANN 4/06
Printed on recycled paper [RECYCLE SYMBOL]
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
The Registrant’s Schedule of Investments 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 Trustees, 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 officer and principal financial officer have evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported within the required time periods and that information required to be disclosed by the Registrant in this Form N-CSR was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. |
| | (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. |
Item 12. Exhibits.
| | |
| (a)(1) | | Not applicable. |
| |
| (a)(2) | | Certifications of the Principal Executive and Financial Officers pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.CERT. |
| |
| (a)(3) | | Not applicable. |
| |
| (b) | | Certifications of the Principal Executive and Financial Officers pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906 CERT. |
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) |
| |
| Date | | July 7, 2006 |
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) |
| |
| Date | | July 7, 2006 |
| |
| By (Signature and Title) | | /s/ William C. McGinley |
| | William C. McGinley, Treasurer |
| | (principal financial officer) |
| |
| Date | | July 7, 2006 |
