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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, Esq. BlackRock Advisors, LLC 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, 2007
Date of reporting period: April 30, 2007
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Item 1. Reports to Stockholders.
The Registrant’s semi-annual report to shareholders is as follows:
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TempFund
TempCash
FedFund
T-Fund
Federal Trust Fund
Treasury Trust Fund
MuniFund
MuniCash
California Money Fund
New York Money Fund
NOT FDIC INSURED |  | |
MAY LOSE VALUE | ||
NO BANK GUARANTEE |
Table of Contents
TABLEOF CONTENTS
| Shareholder Letter | 1 | |
| Fund Profiles | ||
| 2 | ||
| 3 | ||
| 4 | ||
| 5 | ||
| 6 | ||
| 7 | ||
| 8 | ||
| 9 | ||
| 10 | ||
| 11 | ||
| Schedules of Investments | 12-53 | |
| 54 | ||
| Portfolio Financial Statements | ||
| 56-59 | ||
| 60-61 | ||
| 62-65 | ||
| 66-95 | ||
| Notes to Financial Statements | 96-113 |
PRIVACY PRINCIPLES OF BLACKROCK LIQUIDITY FUNDS
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our Web sites.
BlackRock does not sell or disclose to nonaffiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory inquiries or service Client accounts. These nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to nonpublic personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
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100 Bellevue Parkway
Wilmington, DE 19809
(800) 821-7432
www.blackrock.com
April 30, 2007
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of BlackRock Liquidity Funds for the six months ended April 30, 2007.
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 your investment needs in the months ahead.
Sincerely,
|
| Ralph L. Schlosstein |
| Chairman & President |
THISPAGENOTPARTOFYOURFUNDREPORT
1
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FUND PROFILE
Portfolio Composition - % of Portfolio
Distribution - Weighted Average Maturity 43 days
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, 2006 to April 30, 2007.
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 | ||||||||||||||||||
| Institutional | Dollar | Cash Management | Cash Reserve | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | ||||||||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | |||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,026.00 | 1,024.80 | 1,023.50 | 1,024.00 | 1,025.50 | 1,021.90 | 1,024.70 | 1,023.80 | 1,023.80 | |||||||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 0.90 | 2.16 | 3.41 | 2.91 | 1.41 | 5.01 | 2.26 | 3.16 | 3.16 | |||||||||
Hypothetical Expenses (5% return before expenses) | ||||||||||||||||||
| Institutional | Dollar | Cash Management | Cash Reserve | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | ||||||||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | |||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,024.10 | 1,022.84 | 1,021.59 | 1,022.09 | 1,023.59 | 1,019.98 | 1,022.74 | 1,021.84 | 1,021.84 | |||||||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 0.90 | 2.16 | 3.41 | 2.91 | 1.41 | 5.02 | 2.26 | 3.16 | 3.16 | |||||||||
| * | 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%, 0.63% and 0.63% for Institutional, Dollar, Cash Management, Cash Reserve, Administration, Bear Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client and Bear Stearns Premier classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2
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FUND PROFILE
Portfolio Composition - % of Portfolio
Distribution - Weighted Average Maturity 44 days
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, 2006 to April 30, 2007.
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 | Hypothetical Expenses (5% return before expenses) | |||||||||||||||
| Institutional | Dollar | Cash Management | Administration | Institutional | Dollar | Cash Management | Administration | |||||||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,026.10 | 1,024.80 | 1,023.50 | 1,025.60 | 1,024.10 | 1,022.84 | 1,021.59 | 1,023.59 | ||||||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 0.90 | 2.16 | 3.41 | 1.41 | 0.90 | 2.16 | 3.41 | 1.41 | ||||||||
| * | 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% and 0.28% for Institutional, Dollar, Cash Management and Administration classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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FUND PROFILE
Portfolio Composition - % of Portfolio
Distribution - Weighted Average Maturity 22 days
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, 2006 to April 30, 2007.
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 | Hypothetical Expenses (5% return before expenses) | |||||||||||||||||||||||||||||||
| Institutional | Dollar | Cash Reserve | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | Institutional | Dollar | Cash Reserve | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | |||||||||||||||||
Beginning Account Value (11/1/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,025.70 | 1,024.40 | 1,023.60 | 1,025.20 | 1,021.60 | 1,024.40 | 1,023.50 | 1,023.50 | 1,024.00 | 1,022.74 | 1,021.99 | 1,023.49 | 1,019.98 | 1,022.74 | 1,021.84 | 1,021.84 | ||||||||||||||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 1.00 | 2.26 | 3.01 | 1.51 | 5.01 | 2.26 | 3.16 | 3.16 | 1.00 | 2.26 | 3.01 | 1.51 | 5.02 | 2.26 | 3.16 | 3.16 | ||||||||||||||||
| * | 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%, 0.63% and 0.63% for Institutional, Dollar, Cash Reserve, Administration, Bear Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client and Bear Stearns Premier classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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FUND PROFILE
Portfolio Composition - % of Portfolio
Distribution - Weighted Average Maturity 25 days
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, 2006 to April 30, 2007.
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 | Hypothetical Expenses (5% return before expenses) | |||||||||||||||
| Institutional | Dollar | Cash Management | Administration | Institutional | Dollar | Cash Management | Administration | |||||||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,025.50 | 1,024.20 | 1,022.90 | 1,025.00 | 1,024.00 | 1,022.74 | 1,021.49 | 1,023.49 | ||||||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 1.00 | 2.26 | 3.51 | 1.51 | 1.00 | 2.26 | 3.51 | 1.51 | ||||||||
| * | For each class of the Fund, expenses are equal to the Fund’s annualized expense ratio for the period of 0.20%, 0.45%, 0.70% and 0.30% for Institutional, Dollar, Cash Management and Administration classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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FUND PROFILE
Portfolio Composition - % of Portfolio
Distribution - Weighted Average Maturity 30 days
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, 2006 to April 30, 2007.
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 | Hypothetical Expenses (5% return before expenses) | |||||||
| Institutional | Dollar | Institutional | Dollar | |||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||
Ending Account Value (4/30/07) (in Dollars) | 1,025.40 | 1,024.10 | 1,024.00 | 1,022.74 | ||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 1.00 | 2.26 | 1.00 | 2.26 | ||||
| * | 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 classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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FUND PROFILE
Portfolio Composition - % of Portfolio
Distribution - Weighted Average Maturity 39 days
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, 2006 to April 30, 2007.
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 | Hypothetical Expenses (5% return before expenses) | |||||||||||||||
| Institutional | Dollar | Cash Management | Administration | Institutional | Dollar | Cash Management | Administration | |||||||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,024.40 | 1,023.10 | 1,021.90 | 1,023.90 | 1,024.00 | 1,022.74 | 1,021.49 | 1,023.50 | ||||||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 1.00 | 2.26 | 3.51 | 1.50 | 1.00 | 2.26 | 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 classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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FUND PROFILE
Top 10 State Concentration (% of portfolio)
Texas | 11.4 | % | |
Illinois | 6.9 | ||
Indiana | 6.3 | ||
Washington | 6.3 | ||
Ohio | 5.7 | ||
Louisiana | 5.5 | ||
North Carolina | 5.1 | ||
Michigan | 4.6 | ||
Colorado | 4.3 | ||
Tennessee | 3.5 | ||
Total | 59.6 | % | |
Distribution - Weighted Average Maturity 18 days
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, 2006 to April 30, 2007.
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 | Hypothetical Expenses (5% return before expenses) | |||||||||||||||||||||||||||||||
| Institutional | Dollar | Cash Management | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | Institutional | Dollar | Cash Management | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | |||||||||||||||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,017.20 | 1,015.90 | 1,014.70 | 1,016.70 | 1,013.20 | 1,015.90 | 1,015.00 | 1,015.00 | 1,024.00 | 1,022.74 | 1,021.49 | 1,023.49 | 1,019.98 | 1,022.74 | 1,021.84 | 1,021.84 | ||||||||||||||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 1.00 | 2.25 | 3.50 | 1.50 | 4.99 | 2.25 | 3.15 | 3.15 | 1.00 | 2.26 | 3.51 | 1.51 | 5.02 | 2.26 | 3.16 | 3.16 | ||||||||||||||||
| * | 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%, 0.63% and 0.63% for Institutional, Dollar, Cash Management, Administration, Bear Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client and Bear Stearns Premier classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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FUND PROFILE
Top 10 State Concentration (% of portfolio)
Texas | 8.2 | % | |
Alabama | 7.0 | ||
Michigan | 6.6 | ||
Ohio | 5.9 | ||
Illinois | 5.6 | ||
Florida | 5.5 | ||
Virginia | 5.1 | ||
Georgia | 4.6 | ||
Pennsylvania | 4.5 | ||
North Carolina | 4.1 | ||
Total | 57.1 | % | |
Distribution - Weighted Average Maturity 20 days
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, 2006 to April 30, 2007.
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 | Hypothetical Expenses (5% return before expenses) | |||||||
| Institutional | Dollar | Institutional | Dollar | |||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||
Ending Account Value (4/30/07) (in Dollars) | 1,017.40 | 1,016.20 | 1,024.00 | 1,022.74 | ||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 1.00 | 2.25 | 1.00 | 2.26 | ||||
| * | For each class of the Fund, expenses are equal to the Fund’s annualized expense ratio for the period of 0.20%, 0.45% and 0.30% for Institutional, Dollar and Administration classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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FUND PROFILE
Portfolio Composition - % of Portfolio
Distribution - Weighted Average Maturity 11 days
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, 2006 to April 30, 2007.
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 | Hypothetical Expenses (5% return before expenses) | |||||||||||||||||||||||||||||||
| Institutional | Dollar | Cash Management | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | Institutional | Dollar | Cash Management | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | |||||||||||||||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,016.70 | 1,015.40 | 1,014.20 | 1,016.20 | 1,012.70 | 1,015.40 | 1,014.50 | 1,014.50 | 1,024.00 | 1,022.74 | 1,021.49 | 1,023.49 | 1,019.98 | 1,022.74 | 1,021.84 | 1,021.84 | ||||||||||||||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 1.00 | 2.25 | 3.50 | 1.50 | 4.99 | 2.25 | 3.15 | 3.15 | 1.00 | 2.26 | 3.51 | 1.51 | 5.02 | 2.26 | 3.16 | 3.16 | ||||||||||||||||
| * | 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%, 0.63% and 0.63% for Institutional, Dollar, Cash Management, Administration, Bear Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client and Bear Stearns Premier classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
10
Table of Contents
FUND PROFILE
Portfolio Composition - % of Portfolio
Distribution - Weighted Average Maturity 19 days
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, 2006 to April 30, 2007.
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 | Hypothetical Expenses (5% return before expenses) | |||||||||||||||||||||||||||||||
| Institutional | Dollar | Cash Management | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | Institutional | Dollar | Cash Management | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | |||||||||||||||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,017.10 | 1,015.80 | 1,014.60 | 1,016.60 | 1,013.00 | 1,015.80 | 1,014.90 | 1,014.90 | 1,024.00 | 1,022.74 | 1,021.49 | 1,023.49 | 1,019.98 | 1,022.74 | 1,021.84 | 1,021.79 | ||||||||||||||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 1.00 | 2.25 | 3.50 | 1.50 | 4.99 | 2.25 | 3.15 | 3.20 | 1.00 | 2.26 | 3.51 | 1.51 | 5.02 | 2.26 | 3.16 | 3.21 | ||||||||||||||||
| * | 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%, 0.63% and 0.64% for Institutional, Dollar, Cash Management, Administration, Bear Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client and Bear Stearns Premier classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
11
Table of Contents
SCHEDULE OF INVESTMENTS
TEMPFUND
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
CERTIFICATES OF DEPOSIT — 17.7% | ||||||||
Domestic — 0.7% | ||||||||
Citibank N.A. (A-1+, P-1) | ||||||||
5.30% | 06/20/07 | $ | 270,000 | $ | 270,000,000 | |||
5.30% | 07/05/07 | 15,000 | 15,000,000 | |||||
| 285,000,000 | ||||||||
Yankee — 17.0% | ||||||||
Banco Bilbao Vizcara Argentina, New York (A-1+, P-1) | ||||||||
5.31%(b) | 05/23/07 | 190,000 | 190,000,000 | |||||
5.31%(b) | 05/29/07 | 160,000 | 160,000,000 | |||||
Banque Nationale de Paris, New York (A-1+, P-1) | ||||||||
5.34%(b) | 07/30/07 | 502,775 | 502,775,000 | |||||
5.27%(b) | 10/03/07 | 550,000 | 550,000,000 | |||||
Barclays Bank Plc, New York (A-1+, P-1) | ||||||||
5.30%(b) | 07/05/07 | 700,000 | 700,000,000 | |||||
5.27%(b) | 10/02/07 | 525,500 | 525,500,000 | |||||
5.27%(b) | 10/04/07 | 231,400 | 231,400,000 | |||||
Depfa Bank Plc, New York (A-1+, P-1) | ||||||||
5.30%(b) | 07/05/07 | 258,000 | 258,000,000 | |||||
HBOS Treasury Services Plc, New York (A-1+, P-1) | ||||||||
5.32%(b) | 05/11/07 | 100,000 | 100,000,000 | |||||
5.27%(b) | 10/03/07 | 360,000 | 360,000,000 | |||||
Mizuho Corporate Bank, New York (A-1, P-1) | ||||||||
5.30%(b) | 05/10/07 | 209,000 | 209,000,260 | |||||
5.30%(b) | 05/11/07 | 209,000 | 209,000,289 | |||||
5.31%(b) | 05/21/07 | 449,000 | 449,000,000 | |||||
5.30%(b) | 05/29/07 | 118,000 | 118,000,000 | |||||
Nordea Bank Finland, New York (A-1+, P-1) | ||||||||
5.27%(b) | 10/03/07 | 87,000 | 87,000,000 | |||||
Norinchukin Bank, New York (A-1, P-1) | ||||||||
5.32%(b) | 05/25/07 | 614,805 | 614,805,096 | |||||
5.32%(b) | 05/29/07 | 500,000 | 500,000,000 | |||||
5.32%(b) | 05/29/07 | 250,000 | 250,001,919 | |||||
Skandinaviska Enskilda Bank, New York (A-1, P-1) | ||||||||
5.30%(b) | 07/23/07 | 40,900 | 40,900,000 | |||||
| 6,055,382,564 | ||||||||
TOTAL CERTIFICATES OF DEPOSIT | ||||||||
(Cost $6,340,382,564) | 6,340,382,564 | |||||||
COMMERCIAL PAPER — 54.2% | ||||||||
Asset Backed Securities — 42.3% | ||||||||
Amstel Funding Corp. (A-1+, P-1) | ||||||||
5.23% | 06/05/07 | 273,177 | 271,787,971 | |||||
5.23% | 07/25/07 | 209,619 | 207,030,496 | |||||
5.16% | 09/28/07 | 136,835 | 133,893,048 | |||||
Amsterdam Funding Corp. (A-1, P-1) | ||||||||
5.26% | 05/08/07 | 50,000 | 49,948,812 | |||||
Aquifer Funding LLC (A-1+, P-1) | ||||||||
5.29% | 05/07/07 | 598,750 | 598,574,034 | |||||
Atlantic Asset Securitization Corp. (A-1, P-1) | ||||||||
5.28% | 05/09/07 | 45,000 | 44,947,200 | |||||
5.28% | 05/10/07 | 128,864 | 128,693,900 | |||||
Atlantis One Funding Corp. (A-1+, P-1) | ||||||||
5.24% | 05/18/07 | 50,708 | 50,582,526 | |||||
Atomium Funding LLC (A-1, P-1) | ||||||||
5.24% | 07/06/07 | 119,500 | 118,352,003 | |||||
Barton Capital Corp. (A-1+, P-1) | ||||||||
5.28% | 05/08/07 | 79,816 | 79,734,056 | |||||
Beethoven Funding Corp. (A-1, P-1) | ||||||||
5.24% | 06/18/07 | 100,000 | 99,300,667 | |||||
5.24% | 06/20/07 | 151,988 | 150,881,865 | |||||
Beta Finance, Inc. (A-1+, P-1) | ||||||||
5.24% | 06/20/07 | 44,000 | 43,679,778 | |||||
5.23% | 07/05/07 | 44,500 | 44,079,784 | |||||
Bryant Park Funding Corp. (A-1, P-1) | ||||||||
5.26% | 05/25/07 | 85,000 | 84,701,933 | |||||
Cafco LLC (A-1+, P-1) | ||||||||
5.24% | 05/17/07 | 76,100 | 75,922,941 | |||||
5.26% | 06/18/07 | 32,285 | 32,058,575 | |||||
5.26% | 06/19/07 | 100,730 | 100,008,829 | |||||
5.26% | 06/22/07 | 95,100 | 94,377,451 | |||||
Cancara Asset Securitisation LLC (A-1+, P-1) | ||||||||
5.27% | 05/04/07 | 100,000 | 99,956,083 | |||||
5.27% | 05/10/07 | 131,000 | 130,827,407 | |||||
5.27% | 05/11/07 | 179,128 | 178,865,777 | |||||
5.24% | 05/23/07 | 98,780 | 98,463,551 | |||||
5.26% | 05/29/07 | 77,600 | 77,282,530 | |||||
5.24% | 06/18/07 | 131,817 | 130,896,039 | |||||
5.23% | 06/21/07 | 47,254 | 46,903,887 | |||||
5.23% | 07/03/07 | 144,000 | 142,682,040 | |||||
5.24% | 07/24/07 | 46,622 | 46,052,512 | |||||
5.24% | 07/25/07 | 292,445 | 288,830,258 | |||||
CC USA, Inc. (A-1+, P-1) | ||||||||
5.23% | 07/25/07 | 25,000 | 24,691,285 | |||||
Chariot Funding LLC (A-1, P-1) | ||||||||
5.28% | 05/08/07 | 61,570 | 61,506,788 | |||||
5.26% | 05/24/07 | 85,366 | 85,079,123 | |||||
5.24% | 06/20/07 | 46,135 | 45,799,560 | |||||
Charta Corp. (A-1, P-1) | ||||||||
5.28% | 05/08/07 | 78,677 | 78,596,225 | |||||
5.27% | 05/10/07 | 145,500 | 145,308,304 | |||||
5.24% | 05/17/07 | 100,000 | 99,767,333 | |||||
5.24% | 05/18/07 | 125,000 | 124,690,990 | |||||
5.24% | 06/20/07 | 50,000 | 49,636,458 | |||||
5.23% | 07/06/07 | 25,000 | 24,760,292 | |||||
5.24% | 07/19/07 | 101,550 | 100,383,402 | |||||
5.24% | 07/20/07 | 101,550 | 100,368,635 | |||||
Ciesco LLC (A-1+, P-1) | ||||||||
5.27% | 05/14/07 | 110,500 | 110,289,712 | |||||
5.26% | 05/16/07 | 75,000 | 74,835,625 | |||||
5.24% | 07/24/07 | 58,700 | 57,982,979 | |||||
Clipper Receivables Co. LLC (A-1, P-1) | ||||||||
5.26% | 05/07/07 | 200,000 | 199,941,556 | |||||
Concord Minutemen Capital Co. LLC, Series A (A-1, P-1) | ||||||||
5.29% | 05/02/07 | 135,604 | 135,584,074 | |||||
5.30% | 05/08/07 | 151,285 | 151,129,092 | |||||
Concord Minutemen Capital Co. LLC, Series C (A-1, P-1) | ||||||||
5.27% | 05/04/07 | 60,000 | 59,973,650 | |||||
5.27% | 05/22/07 | 80,344 | 80,097,009 | |||||
CRC Funding LLC (A-1+, P-1) | ||||||||
5.24% | 05/17/07 | 68,000 | 67,841,787 | |||||
5.23% | 06/01/07 | 97,500 | 97,060,898 | |||||
5.26% | 06/21/07 | 69,395 | 68,877,892 | |||||
5.26% | 06/22/07 | 30,000 | 29,772,067 | |||||
5.23% | 07/06/07 | 116,000 | 114,887,753 | |||||
5.24% | 07/24/07 | 38,150 | 37,683,998 | |||||
Crown Point Capital Co. LLC, Series A (A-1, P-1) | ||||||||
5.27% | 05/23/07 | 50,223 | 50,061,254 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
12
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
COMMERCIAL PAPER (Continued) | ||||||||
Asset Backed Securities (Continued) | ||||||||
5.23% | 07/06/07 | $ | 255,446 | $ | 252,996,699 | |||
5.24% | 07/10/07 | 30,324 | 30,014,737 | |||||
Crown Point Capital Co. LLC, Series C (A-1, P-1) | ||||||||
5.30% | 05/07/07 | 55,068 | 55,051,786 | |||||
5.24% | 05/10/07 | 35,454 | 35,407,511 | |||||
5.30% | 05/16/07 | 50,700 | 50,588,038 | |||||
Cullinan Finance Corp. (A-1+, P-1) | ||||||||
5.23% | 06/28/07 | 78,700 | 78,036,865 | |||||
Curzon Funding LLC (A-1+, P-1) | ||||||||
5.24% | 05/16/07 | 100,000 | 99,781,458 | |||||
5.23% | 06/22/07 | 150,000 | 148,866,833 | |||||
Dakota Notes Program (A-1, P-1) | ||||||||
5.24% | 06/14/07 | 95,000 | 94,391,578 | |||||
5.24% | 07/18/07 | 138,400 | 136,827,199 | |||||
Dorada Finance, Inc. (A-1+, P-1) | ||||||||
5.23% | 07/02/07 | 68,000 | 67,387,509 | |||||
Emerald Certificates MBNA (A-1+, P-1) | ||||||||
5.25% | 05/14/07 | 66,250 | 66,124,401 | |||||
5.26% | 05/22/07 | 86,000 | 85,736,123 | |||||
5.25% | 06/14/07 | 69,300 | 68,855,325 | |||||
Fairway Finance Co. LLC (A-1, P-1) | ||||||||
5.23% | 06/18/07 | 64,248 | 63,799,977 | |||||
5.24% | 07/09/07 | 26,797 | 26,527,612 | |||||
5.24% | 07/16/07 | 66,756 | 66,016,826 | |||||
Falcon Asset Securitization Corp. (A-1, P-1) | ||||||||
5.26% | 05/21/07 | 55,261 | 55,099,515 | |||||
5.26% | 05/23/07 | 101,419 | 101,092,994 | |||||
5.26% | 05/24/07 | 206,886 | 206,190,748 | |||||
Five Finance, Inc. (A-1+, P-1) | ||||||||
5.23% | 07/05/07 | 32,400 | 32,094,045 | |||||
Fountain Square Commercial Funding Corp. (A-1+, P-1) | ||||||||
5.23% | 05/29/07 | 36,768 | 36,618,436 | |||||
Foxboro Funding LLC (A-1, P-1) | ||||||||
5.30% | 06/29/07 | 25,398 | 25,177,390 | |||||
Govco Inc. (A-1+, P-1) | ||||||||
5.24% | 05/17/07 | 40,000 | 39,906,756 | |||||
5.24% | 05/18/07 | 38,395 | 38,299,903 | |||||
5.24% | 05/21/07 | 32,500 | 32,405,299 | |||||
Grampian Funding LLC (A-1+, P-1) | ||||||||
5.23% | 06/26/07 | 485,000 | 481,054,256 | |||||
5.20% | 08/07/07 | 74,000 | 72,951,482 | |||||
5.18% | 08/24/07 | 101,000 | 99,328,731 | |||||
Greyhawk Funding LLC (A-1+, P-1) | ||||||||
5.24% | 05/24/07 | 21,000 | 20,929,764 | |||||
5.23% | 07/06/07 | 140,000 | 138,657,633 | |||||
Hudson-Thames LLC (A-1+, P-1) | ||||||||
5.24% | 05/25/07 | 32,743 | 32,628,509 | |||||
Jupiter Securitization Corp. (A-1, P-1) | ||||||||
5.26% | 05/15/07 | 101,389 | 101,181,603 | |||||
5.26% | 05/22/07 | 101,404 | 101,092,859 | |||||
K2 (USA) LLC (A-1+, P-1) | ||||||||
5.24% | 05/24/07 | 57,375 | 57,182,738 | |||||
Kitty Hawk Funding Corp. (A-1+, P-1) | ||||||||
5.26% | 05/17/07 | 302,549 | 301,841,708 | |||||
5.24% | 06/25/07 | 75,000 | 74,399,010 | |||||
Lexington Parker Capital Co. (A-1, P-1) | ||||||||
5.26% | 05/16/07 | 55,265 | 55,143,762 | |||||
5.28% | 05/16/07 | 100,000 | 99,780,208 | |||||
5.27%(c) | 05/22/07 | 125,519 | 125,133,134 | |||||
5.23% | 07/06/07 | 101,383 | 100,410,906 | |||||
5.14% | 08/10/07 | 199,557 | 196,679,277 | |||||
Liberty Street Funding Corp. (A-1, P-1) | ||||||||
5.28% | 05/18/07 | 75,000 | 74,813,177 | |||||
Mane Funding Corp. (A-1+, P-1) | ||||||||
5.25% | 05/02/07 | 74,988 | 74,977,064 | |||||
North Sea Funding LLC (A-1+, P-1) | ||||||||
5.27% | 05/25/07 | 110,000 | 109,613,533 | |||||
Nyala Funding LLC (A-1+, P-1) | ||||||||
5.26% | 07/16/07 | 35,385 | 34,996,551 | |||||
Park Avenue Receivables Co. LLC (A-1, P-1) | ||||||||
5.28% | 05/14/07 | 105,005 | 104,804,790 | |||||
5.26% | 05/16/07 | 116,655 | 116,399,331 | |||||
Ranger Funding Co. LLC (A-1+, P-1) | ||||||||
5.24% | 06/04/07 | 104,388 | 103,870,902 | |||||
Scaldis Capital LLC (A-1+, P-1) | ||||||||
5.27% | 05/07/07 | 455,950 | 455,549,524 | |||||
5.26% | 05/23/07 | 75,000 | 74,758,917 | |||||
5.26% | 05/25/07 | 265,000 | 264,070,733 | |||||
Sedna Finance, Inc. (A-1+, P-1) | ||||||||
5.21% | 08/13/07 | 250,000 | 246,237,222 | |||||
5.20% | 08/28/07 | 200,000 | 196,562,222 | |||||
Simba Funding Corp. (A-1+, P-1) | ||||||||
5.22% | 06/01/07 | 281,900 | 280,631,646 | |||||
5.23% | 06/01/07 | 79,109 | 78,752,724 | |||||
5.24% | 06/21/07 | 99,251 | 98,514,930 | |||||
5.23% | 06/22/07 | 234,588 | 232,815,818 | |||||
5.24% | 06/22/07 | 125,000 | 124,053,889 | |||||
Solitaire Funding LLC (A-1+, P-1) | ||||||||
5.24% | 05/11/07 | 51,815 | 51,739,580 | |||||
5.28% | 05/11/07 | 115,000 | 114,831,493 | |||||
5.23% | 07/23/07 | 101,300 | 100,078,519 | |||||
5.24% | 07/23/07 | 100,000 | 98,793,042 | |||||
Surrey Funding Corp. (A-1+, P-1) | ||||||||
5.26% | 05/23/07 | 124,160 | 123,760,895 | |||||
5.25% | 06/04/07 | 109,690 | 109,146,120 | |||||
Sydney Capital Corp. (A-1+, P-1) | ||||||||
5.26% | 05/07/07 | 74,460 | 74,438,158 | |||||
5.27% | 05/24/07 | 220,000 | 219,259,272 | |||||
Tasman Funding, Inc. (A-1+, P-1) | ||||||||
5.28% | 05/07/07 | 120,387 | 120,281,059 | |||||
Thames Asset Global Securitization Corp. (A-1, P-1) | ||||||||
5.25% | 05/29/07 | 25,000 | 24,897,917 | |||||
5.24% | 06/15/07 | 40,000 | 39,738,000 | |||||
Three Rivers Funding Corp. (A-1, P-1) | ||||||||
5.28% | 05/09/07 | 54,768 | 54,703,739 | |||||
Thunder Bay Funding, Inc. LLC (A-1, P-1) | ||||||||
5.28% | 05/16/07 | 114,693 | 114,440,675 | |||||
Ticonderoga Funding LLC (A-1+, P-1) | ||||||||
5.28% | 05/16/07 | 176,075 | 175,687,635 | |||||
5.27% | 05/22/07 | 20,083 | 20,021,262 | |||||
Transamerica Secured Liquidity Notes Corp. LLC (A-1, P-1) | ||||||||
5.32% | 05/16/07 | 80,000 | 79,822,667 | |||||
Variable Funding Capital Co. (A-1+, P-1) | ||||||||
5.26% | 05/23/07 | 400,000 | 398,714,222 | |||||
Windmill Funding Corp. (A-1+, P-1) | ||||||||
5.26% | 05/08/07 | 50,000 | 49,948,812 | |||||
5.27% | 05/24/07 | 184,000 | 183,380,482 | |||||
Yorktown Capital LLC (A-1+, P-1) | ||||||||
5.28% | 05/22/07 | 132,338 | 131,930,785 | |||||
5.28% | 05/23/07 | 61,925 | 61,725,378 | |||||
5.25% | 05/29/07 | 63,250 | 62,991,729 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
COMMERCIAL PAPER (Continued) | ||||||||
Asset Backed Securities (Continued) | ||||||||
5.28% | 05/30/07 | $ | 69,707 | $ | 69,410,794 | |||
| 15,128,780,045 | ||||||||
Banks — 10.4% | ||||||||
Bank of America Corp. (A-1+, P-1) | ||||||||
5.16% | 08/31/07 | 550,000 | 540,378,606 | |||||
5.17% | 09/05/07 | 300,000 | 294,528,417 | |||||
5.13% | 09/14/07 | 200,000 | 196,122,489 | |||||
Citigroup Funding, Inc. (A-1+, P-1) | ||||||||
5.24% | 05/17/07 | 200,000 | 199,534,222 | |||||
5.24% | 05/18/07 | 150,000 | 149,628,833 | |||||
5.26% | 05/29/07 | 150,000 | 149,386,333 | |||||
Natexis Banques Populaires (A-1+, P-1) | ||||||||
5.30% | 05/01/07 | 250,000 | 250,000,000 | |||||
5.20% | 08/10/07 | 186,245 | 183,525,280 | |||||
Societe Generale N.A., Inc. (A-1+, P-1) | ||||||||
5.20% | 07/23/07 | 373,970 | 369,490,826 | |||||
5.14% | 08/08/07 | 539,615 | 531,987,542 | |||||
UBS Finance Delaware LLC (A-1+, P-1) | ||||||||
5.23% | 07/05/07 | 150,000 | 148,583,542 | |||||
5.24% | 07/24/07 | 311,000 | 307,204,763 | |||||
5.23% | 07/25/07 | 388,000 | 383,208,739 | |||||
| 3,703,579,592 | ||||||||
Security Brokers & Dealers — 1.5% | ||||||||
Bear Stearns Co., Inc. (A-1, P-1) | ||||||||
5.18% | 07/27/07 | 61,855 | 61,080,679 | |||||
5.18% | 08/10/07 | 191,725 | 188,938,703 | |||||
Greenwich Capital Holdings, Inc. (A-1+, P-1) | ||||||||
5.22% | 07/17/07 | 50,000 | 49,442,285 | |||||
5.20% | 08/13/07 | 50,000 | 49,248,889 | |||||
5.20% | 08/14/07 | 33,700 | 33,188,883 | |||||
5.20% | 08/17/07 | 50,000 | 49,220,750 | |||||
5.20% | 08/21/07 | 50,000 | 49,191,889 | |||||
5.20% | 08/24/07 | 50,000 | 49,170,243 | |||||
| 529,482,321 | ||||||||
TOTAL COMMERCIAL PAPER | 19,361,841,958 | |||||||
MASTER NOTES — 6.3% | ||||||||
Security Brokers & Dealers — 6.3% | ||||||||
Bank of America Securities LLC (A-1+, P-1) | ||||||||
5.38%(d) | 05/01/07 | 608,650 | 608,650,000 | |||||
Citigroup Global Markets, Inc. (A-1+, P-1) | ||||||||
5.38%(d) | 05/01/07 | 550,000 | 550,000,000 | |||||
Morgan Stanley Mortgage Capital, Inc. (A-1, P-1)(e) | ||||||||
5.48%(d)(f) | 05/01/07 | 1,078,157 | 1,078,157,000 | |||||
TOTAL MASTER NOTES | ||||||||
(Cost $2,236,807,000) | 2,236,807,000 | |||||||
AGENCY OBLIGATIONS — 0.0% | ||||||||
Federal Home Loan Bank Discount Notes — 0.0% | ||||||||
5.12%(g) | 07/27/07 | 1,952 | ||||||
(Cost $1,927,833) | 1,927,833 | |||||||
U.S. TREASURY OBLIGATIONS — 0.0% | ||||||||
U.S. Treasury Bills — 0.0% | ||||||||
4.75%(g) | 06/21/07 | 15,000 | ||||||
(Cost $14,899,062) | 14,899,062 | |||||||
VARIABLE RATE OBLIGATIONS — 13.5% | ||||||||
Asset Backed Securities — 1.0% | ||||||||
Cullinan Finance Corp. (AAA, Aaa) | ||||||||
5.28%(d) | 05/25/07 | 135,000 | 134,995,875 | |||||
Racers Trust, Series 04-6-MM (A-1, P-1) | ||||||||
5.37%(c)(d) | 05/22/07 | 234,650 | 234,650,000 | |||||
| 369,645,875 | ||||||||
Banks — 3.4% | ||||||||
Bank of New York Co., Inc. (A+, Aa3) | ||||||||
5.38%(c)(d) | 05/29/07 | 125,000 | 125,000,000 | |||||
Barclays Bank Plc (A-1+, P-1) | �� | |||||||
5.28%(d) | 05/07/07 | 125,000 | 124,996,717 | |||||
Calyon, New York (AA-, Aa3) | ||||||||
5.28%(d) | 06/13/07 | 374,000 | 373,971,355 | |||||
LP Pinewood SPV (Wachovia Bank N.A. LOC) (A-1+, P-1)(e) | ||||||||
5.32%(d) | 05/07/07 | 50,000 | 50,000,000 | |||||
Nordea Bank Finland, New York (AA-, Aa1) | ||||||||
5.26%(d) | 05/07/07 | 250,000 | 249,970,652 | |||||
Societe Generale, New York (A-1+, P-1) | ||||||||
5.26%(d) | 05/21/07 | 100,000 | 99,991,080 | |||||
Wells Fargo Bank N.A. (AA, Aa1) | ||||||||
5.38%(d) | 05/02/07 | 190,000 | 190,000,390 | |||||
| 1,213,930,194 | ||||||||
Insurance Carriers NEC — 0.7% | ||||||||
Travelers Insurance Co. (A-1+, P-1) | ||||||||
5.43%(d)(f) | 07/02/07 | 250,000 | 250,000,000 | |||||
Life Insurance — 3.6% | ||||||||
Allstate Life Global Funding II (AA, Aa2) | ||||||||
5.33%(c)(d) | 05/29/07 | 75,000 | 75,000,000 | |||||
Hartford Life Insurance Co. (A-1+, P-1) | ||||||||
5.42%(d)(f) | 07/02/07 | 100,000 | 100,000,000 | |||||
5.42%(d)(f) | 07/02/07 | 100,000 | 100,000,000 | |||||
ING Security Life Insurance (AA, Aa3) | ||||||||
5.43%(c)(d) | 05/09/07 | 150,000 | 150,000,000 | |||||
MetLife Global Funding I (AA, Aa2) | ||||||||
5.43%(c)(d) | 05/29/07 | 95,000 | 95,000,000 | |||||
New York Life Insurance Co. (A-1+, P-1) | ||||||||
5.41%(d)(f) | 06/13/07 | 350,000 | 350,000,000 | |||||
Transamerica Occidental Life Insurance Co. (A-1+, P-1) | ||||||||
5.44%(d)(f) | 05/01/07 | 400,000 | 400,000,000 | |||||
| 1,270,000,000 | ||||||||
Personal Credit Institutions — 1.8% | ||||||||
General Electric Capital Corp. (AAA, Aaa) | ||||||||
5.44%(d) | 05/17/07 | 447,600 | 447,600,000 | |||||
5.28%(d) | 05/24/07 | 202,000 | 202,000,000 | |||||
| 649,600,000 | ||||||||
Security Brokers & Dealers — 3.0% | ||||||||
The Goldman Sachs Group, Inc. (A-1+, P-1) | ||||||||
5.43%(c)(d)(f) | 05/01/07 | 469,300 | 469,300,000 | |||||
5.35%(c)(d)(f) | 05/21/07 | 333,000 | 333,000,000 | |||||
Morgan Stanley & Co., Inc. (A-1, P-1) | ||||||||
5.38%(d) | 05/15/07 | 250,000 | 250,000,000 | |||||
| 1,052,300,000 | ||||||||
TOTAL VARIABLE RATE OBLIGATIONS | 4,805,476,069 | |||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPFUND (CONCLUDED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | ||||||
TIME DEPOSITS — 3.7% | |||||||||
Deutsche Bank AG (A-1+, P-1) | |||||||||
5.31% | 05/01/07 | $ | 594,000 | $ | 594,000,000 | ||||
Wells Fargo Bank N.A. (A-1+, P-1) | |||||||||
5.25% | 05/01/07 | 733,000 | 733,000,000 | ||||||
TOTAL TIME DEPOSITS | |||||||||
(Cost $1,327,000,000) | 1,327,000,000 | ||||||||
REPURCHASE AGREEMENTS — 3.7% | |||||||||
Goldman Sachs & Co. | |||||||||
5.19% (Agreement dated 04/30/07 to be repurchased at $1,000,144,167, collateralized by $1,390,236,084 Federal National Mortgage Assoc. Variable Rate Notes 3.88% to 6.99% due from 10/01/33 to 04/01/37. The value of the collateral is $1,030,000,000.) | 05/01/07 | 1,000,000 | 1,000,000,000 | ||||||
Morgan Stanley & Co., Inc. | |||||||||
5.23% (Agreement dated 04/30/07 to be repurchased at $254,036,901, collateralized by $265,290,000 Federal National Mortgage Assoc. Discount Notes, Bonds and Medium Term Notes 0.00% to 5.50% due from 07/25/07 to 02/16/17. The value of the collateral is $266,238,418.) | 05/01/07 | 254,000 | 254,000,000 | ||||||
UBS Securities LLC | |||||||||
5.24% (Agreement dated 04/30/07 to be repurchased at $49,123,149, collateralized by $71,970,000 Federal Home Loan Mortgage Corp. Strips 0.00% due 04/15/37. The value of the collateral is $50,591,312.) | 05/01/07 | 49,116 | 49,116,000 | ||||||
TOTAL REPURCHASE AGREEMENTS | 1,303,116,000 | ||||||||
TOTAL MARKET VALUE OF SECURITIES BEFORE AFFILIATED INVESTMENTS — 99.1% | 35,391,450,486 | ||||||||
AFFILIATED INVESTMENTS — 1.0% | |||||||||
Merrill Lynch & Co., Inc. (A+, Aa3) | |||||||||
5.32%(d)(h) | 05/29/07 | 121,400 | 121,400,000 | ||||||
PNC Bank, N.A. | |||||||||
5.01% | 05/01/07 | 224,200 | 224,200,000 | ||||||
(Agreement dated 04/30/07 to be repurchased at $224,231,217, collateralized by $370,268,703 Federal Home Loan Mortgage Corp. Bonds and Federal National Mortgage Assoc. Bonds 5.50% to 6.50% due from 04/01/26 to 11/01/36. The value of the collateral is $368,953,384.) | |||||||||
TOTAL AFFILIATED INVESTMENTS | |||||||||
(Cost $345,600,000) | 345,600,000 | ||||||||
TOTAL INVESTMENTS IN SECURITIES — 100.1% | |||||||||
(Cost $35,737,050,486(a)) | 35,737,050,486 | ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% | (46,517,875 | ) | |||||||
NET ASSETS — 100.0% | $ | 35,690,532,611 | |||||||
| (a) | Aggregate cost for federal income tax purposes. |
| (b) | Issuer is a U.S. branch of a foreign domiciled bank. |
| (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, 2007, the Fund held 4.5% of its net assets, with a current market value of $1,607,083,134, in securities restricted as to resale. |
| (d) | Rates shown are as of April 30, 2007 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, 2007, the Fund held 8.6% of its net assets, with a current market value of $3,080,457,000 in these securities. |
| (g) | The rate shown is the effective yield at the time of purchase. |
| (h) | Security insured by an affiliate. |
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
15
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPCASH
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
CERTIFICATES OF DEPOSIT — 19.3% | ||||||||
Euro Dollar — 1.9% | ||||||||
Unicredito Italiano Bank, Ireland (A-1, P-1) | ||||||||
5.32% | 05/02/07 | $ | 180,000 | $ | 179,999,929 | |||
Yankee — 17.4% | ||||||||
Banque Nationale de Paris, New York (A-1+, P-1) | ||||||||
5.34%(b) | 07/30/07 | 123,000 | 123,000,000 | |||||
5.27%(b) | 10/03/07 | 86,755 | 86,755,000 | |||||
Barclays Bank Plc, New York (A-1+, P-1) | ||||||||
5.32%(b) | 05/08/07 | 55,000 | 55,000,000 | |||||
5.27%(b) | 10/02/07 | 200,000 | 200,000,000 | |||||
5.27%(b) | 10/04/07 | 65,000 | 65,000,000 | |||||
Calyon, New York (A-1+, P-1) | ||||||||
5.35%(b) | 08/28/07 | 180,000 | 180,000,000 | |||||
HBOS Treasury Services Plc, New York (A-1+, P-1) | ||||||||
5.27%(b) | 10/03/07 | 100,000 | 100,000,000 | |||||
Mizuho Corporate Bank, New York (A-1, P-1) | ||||||||
5.30%(b) | 05/10/07 | 58,000 | 58,000,072 | |||||
5.30%(b) | 05/11/07 | 58,000 | 58,000,080 | |||||
5.31%(b) | 05/21/07 | 85,000 | 85,000,000 | |||||
5.32%(b) | 05/21/07 | 190,000 | 190,000,000 | |||||
5.30%(b) | 05/29/07 | 33,000 | 33,000,000 | |||||
Norinchukin Bank, New York (A-1, P-1) | ||||||||
5.32%(b) | 05/25/07 | 150,310 | 150,310,000 | |||||
Skandinaviska Enskilda Bank, New York (A-1, P-1) | ||||||||
5.31%(b) | 05/21/07 | 60,000 | 60,000,000 | |||||
5.30%(b) | 07/23/07 | 11,650 | 11,650,000 | |||||
Societe Generale, New York (A-1+, P-1) | ||||||||
5.27%(b) | 05/11/07 | 250,000 | 250,000,000 | |||||
| 1,705,715,152 | ||||||||
TOTAL CERTIFICATES OF DEPOSIT | ||||||||
(Cost $1,885,715,081) | 1,885,715,081 | |||||||
COMMERCIAL PAPER — 41.7% | ||||||||
Asset Backed Securities — 21.0% | ||||||||
Amsterdam Funding Corp. (A-1, P-1) | ||||||||
5.26% | 05/23/07 | 105,000 | 104,662,483 | |||||
Beta Finance, Inc. (A-1+, P-1) | ||||||||
5.23% | 07/02/07 | 63,000 | 62,432,545 | |||||
5.22% | 07/16/07 | 67,500 | 66,756,150 | |||||
Cancara Asset Securitisation LLC (A-1+, P-1) | ||||||||
5.26% | 05/29/07 | 22,400 | 22,308,359 | |||||
CC USA, Inc. (A-1+, P-1) | ||||||||
5.23% | 07/10/07 | 79,000 | 78,196,614 | |||||
Charta Corp. (A-1, P-1) | ||||||||
5.23% | 07/06/07 | 125,000 | 123,801,458 | |||||
5.24% | 07/19/07 | 30,500 | 30,149,619 | |||||
5.24% | 07/20/07 | 30,500 | 30,145,183 | |||||
Ciesco LLC (A-1+, P-1) | ||||||||
5.24% | 07/24/07 | 17,650 | 17,434,405 | |||||
Concord Minutemen Capital Co. LLC, Series A (A-1, P-1) | ||||||||
5.30% | 05/16/07 | 67,448 | 67,299,052 | |||||
CRC Funding LLC (A-1+, P-1) | ||||||||
5.23% | 07/06/07 | 33,000 | 32,683,585 | |||||
5.24% | 07/24/07 | 11,500 | 11,359,527 | |||||
Crown Point Capital Co. LLC, Series C (A-1, P-1) | ||||||||
5.30% | 05/07/07 | 15,350 | 15,345,480 | |||||
5.30% | 05/16/07 | 15,250 | 15,216,323 | |||||
Dakota Notes Program (A-1, P-1) | ||||||||
5.24% | 07/18/07 | 41,600 | 41,127,251 | |||||
Emerald Certificates MBNA (A-1+, P-1) | ||||||||
5.25% | 06/14/07 | 81,500 | 80,977,540 | |||||
Erasmus Capital Corp. (A-1+, P-1) | ||||||||
5.25% | 06/20/07 | 30,431 | 30,209,107 | |||||
Falcon Asset Securitization Corp. (A-1, P-1) | ||||||||
5.26% | 05/25/07 | 150,667 | 150,138,661 | |||||
Five Finance, Inc. (A-1+, P-1) | ||||||||
5.24% | 06/27/07 | 60,000 | 59,502,200 | |||||
Foxboro Funding LLC (A-1, P-1) | ||||||||
5.30% | 06/29/07 | 7,320 | 7,256,418 | |||||
Grampian Funding LLC (A-1+, P-1) | ||||||||
5.24% | 07/23/07 | 45,000 | 44,456,869 | |||||
Hudson-Thames LLC (A-1+, P-1) | ||||||||
5.25% | 06/22/07 | 22,275 | 22,106,081 | |||||
Lexington Parker Capital Co. (A-1, P-1) | ||||||||
5.27% | 05/18/07 | 89,946 | 89,722,159 | |||||
5.23% | 07/10/07 | 34,700 | 34,347,120 | |||||
5.20% | 08/09/07 | 152,475 | 150,270,466 | |||||
Liberty Street Funding Corp. (A-1, P-1) | ||||||||
5.27% | 05/21/07 | 71,000 | 70,792,128 | |||||
Lockhart Funding LLC (F-1, P-1) | ||||||||
5.24% | 06/06/07 | 49,406 | 49,147,113 | |||||
Ranger Funding Co. LLC (A-1+, P-1) | ||||||||
5.28% | 05/15/07 | 32,440 | 32,373,390 | |||||
5.27% | 05/22/07 | 133,376 | 132,965,980 | |||||
5.27% | 05/23/07 | 78,163 | 77,911,272 | |||||
Solitaire Funding LLC (A-1+, P-1) | ||||||||
5.23% | 07/23/07 | 28,850 | 28,502,125 | |||||
5.24% | 07/23/07 | 157,000 | 155,105,076 | |||||
Tango Finance Corp. (A-1+, P-1) | ||||||||
5.24% | 06/25/07 | 20,000 | 19,839,889 | |||||
Three Rivers Funding Corp. (A-1, P-1) | ||||||||
5.28% | 05/09/07 | 15,450 | 15,431,872 | |||||
Thunder Bay Funding, Inc. LLC (A-1, P-1) | ||||||||
5.28% | 05/16/07 | 25,000 | 24,945,000 | |||||
Zela Finance, Inc. (A-1+, P-1) | ||||||||
5.24% | 06/25/07 | 60,000 | 59,519,667 | |||||
| 2,054,438,167 | ||||||||
Banks — 20.7% | ||||||||
Abbey National N.A. LLC (A-1+, P-1) | ||||||||
5.22% | 06/06/07 | 30,335 | 30,176,651 | |||||
Allied Irish Bank Plc (A-1, P-1) | ||||||||
5.20% | 08/06/07 | 45,875 | 45,231,622 | |||||
Banco Bilbao Vizcara Argentina (A-1, P-1) | ||||||||
5.27% | 05/23/07 | 16,200 | 16,147,827 | |||||
5.27% | 05/24/07 | 60,000 | 59,797,983 | |||||
5.26% | 06/04/07 | 32,350 | 32,189,445 | |||||
Bank of America Corp. (A-1+, P-1) | ||||||||
5.20% | 07/25/07 | 337,000 | 332,860,002 | |||||
5.17% | 09/05/07 | 25,000 | 24,544,035 | |||||
Citigroup Funding, Inc. (A-1+, P-1) | ||||||||
5.24% | 05/23/07 | 100,000 | 99,679,472 | |||||
Macquarie Bank Limited (A-1, P-1) | ||||||||
5.16% | 08/13/07 | 100,000 | 98,509,333 | |||||
5.22% | 08/13/07 | 23,365 | 23,012,993 | |||||
Natexis Banques Populaires (A-1+, P-1) | ||||||||
5.20% | 08/10/07 | 48,945 | 48,230,260 | |||||
Nationwide Building Society (A-1, P-1) | ||||||||
5.24% | 07/05/07 | 100,000 | 99,054,792 | |||||
Northern Rock Plc (A-1, P-1) | ||||||||
5.23% | 06/29/07 | 100,000 | 99,142,369 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPCASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
| COMMERCIAL PAPER (Continued) | ||||||||
| Banks (Continued) | ||||||||
Raiffeisen Zentralbank Osterreich AG (A-1, P-1) | ||||||||
5.28% | 05/18/07 | $ | 218,370 | $ | 217,826,046 | |||
Santander Central Hispano Finance Delaware Inc. (A-1+, P-1) | ||||||||
5.20% | 07/23/07 | 62,325 | 61,577,793 | |||||
Skandinaviska Enskilda Bank (A-1, P-1) | ||||||||
5.20% | 07/25/07 | 29,100 | 28,742,373 | |||||
5.20% | 08/08/07 | 33,125 | 32,650,857 | |||||
Societe Generale N.A., Inc. (A-1+, P-1) | ||||||||
5.20% | 07/23/07 | 46,870 | 46,308,621 | |||||
Swedbank Mortgage AB (A-1, P-1) | ||||||||
5.22% | 06/04/07 | 45,505 | 45,280,446 | |||||
UBS Finance Delaware LLC (A-1+, P-1) | ||||||||
5.23% | 07/05/07 | 150,000 | 148,583,542 | |||||
5.24% | 07/24/07 | 89,000 | 87,913,903 | |||||
5.23% | 07/25/07 | 112,000 | 110,616,956 | |||||
5.14% | 08/08/07 | 100,000 | 98,586,500 | |||||
Unicredito Italiano Bank, Ireland (A-1, P-1) | ||||||||
5.23% | 07/05/07 | 100,000 | 99,055,695 | |||||
5.24% | 07/09/07 | 43,500 | 43,063,532 | |||||
| 2,028,783,048 | ||||||||
TOTAL COMMERCIAL PAPER | ||||||||
(Cost $4,083,221,215) | 4,083,221,215 | |||||||
MASTER NOTES — 3.4% | ||||||||
Security Brokers & Dealers — 3.4% | ||||||||
Citigroup Global Markets, Inc. (A-1+, P-1) | ||||||||
5.38%(c) | 05/01/07 | 235,000 | 235,000,000 | |||||
Morgan Stanley Mortgage Capital, Inc. (A-1, P-1)(d) | ||||||||
5.48%(c)(e) | 05/01/07 | 97,451 | 97,450,999 | |||||
TOTAL MASTER NOTES | ||||||||
(Cost $332,450,999) | 332,450,999 | |||||||
VARIABLE RATE OBLIGATIONS — 27.0% | ||||||||
Asset Backed Securities — 3.0% | ||||||||
Arkle Master Issuer Plc (AAA, Aaa) | ||||||||
5.30%(c)(f) | 05/17/07 | 28,300 | 28,300,000 | |||||
Cullinan Finance Corp. (AAA, Aaa) | ||||||||
5.28%(c) | 05/25/07 | 57,000 | 56,998,258 | |||||
Holmes Master Issuer Plc, Series 06-1A (AAA, Aaa) | ||||||||
5.30%(c)(f) | 05/15/07 | 29,600 | 29,600,000 | |||||
Racers Trust, Series 04-6-MM (A-1, P-1) | ||||||||
5.37%(c)(f) | 05/22/07 | 129,400 | 129,400,000 | |||||
Wachovia Asset Securitization, Inc., Series 04-HM1, Class A (AAA, Aaa) | ||||||||
5.31%(c)(f) | 05/25/07 | 22,514 | 22,514,213 | |||||
Wachovia Asset Securitization, Inc., Series 04-HM2, Class A (AAA, Aaa) | ||||||||
5.31%(c)(f) | 05/25/07 | 29,026 | 29,025,773 | |||||
| 295,838,244 | ||||||||
Banks — 5.4% | ||||||||
Barclays Bank Plc (A-1+, P-1) | ||||||||
5.28%(c) | 05/07/07 | 125,000 | 124,996,717 | |||||
Gables of Germantown (Marshall & Ilsley Bank LOC) (A-1, P-1)(d) | ||||||||
5.36%(c) | 05/07/07 | 15,000 | 15,000,000 | |||||
Green Knight Economic Development, Series 04 (Fulton Bank LOC) (VMIG-1) | ||||||
5.47%(c) | 05/07/07 | 2,420 | 2,420,000 | |||
HBOS Treasury Services Plc (A-1+, P-1) | ||||||
5.39%(c) | 05/01/07 | 45,000 | 45,000,000 | |||
5.42%(c)(f) | 06/25/07 | 150,000 | 150,000,000 | |||
Laurel Grocery Co. LLC (U.S. Bank N.A. LOC) (A-1, P-1)(d) | ||||||
5.35%(c) | 05/07/07 | 1,425 | 1,425,000 | |||
MB&B Holdings LLC (Marshall & Ilsley Bank LOC) (A-1, P-1)(d) | ||||||
5.36%(c) | 05/07/07 | 6,475 | 6,475,000 | |||
5.36%(c) | 05/07/07 | 3,505 | 3,505,000 | |||
North Square Associates LLP (Marshall & Ilsley Bank LOC) (A-1, P-1)(d) | ||||||
5.36%(c) | 05/07/07 | 14,045 | 14,045,000 | |||
Oxford Capital Enterprise LLC (National City Bank N.A. LOC) (A-1, P-1)(d) | ||||||
5.35%(c) | 05/07/07 | 2,325 | 2,325,000 | |||
Paca-Pratt Associates, Inc. (M&T Bank Corp. LOC) (A-1) | ||||||
5.37%(c) | 05/07/07 | 16,000 | 16,000,000 | |||
Park Street Properties I LLC (U.S. Bank N.A. LOC) (VMIG-1) | ||||||
5.32%(c) | 05/02/07 | 4,040 | 4,040,000 | |||
Park Village (Bank One N.A. LOC) (A-1+, P-1)(d) | ||||||
5.42%(c) | 05/07/07 | 6,810 | 6,810,000 | |||
Prospect Aggregates, Inc. (Fulton Bank LOC) (VMIG-1) | ||||||
5.47%(c) | 05/07/07 | 8,440 | 8,440,000 | |||
Shipley Group LP (Fulton Bank LOC) (VMIG-1) | ||||||
5.42%(c) | 05/07/07 | 14,255 | 14,255,000 | |||
Tom Gill LLC (U.S. Bank N.A. LOC) (A-1, P-1)(d) | ||||||
5.37%(c) | 05/07/07 | 1,490 | 1,490,000 | |||
Westpac Banking Corp. (AA, Aa3)(d) | ||||||
5.40%(c) | 06/11/07 | 108,250 | 108,250,000 | |||
| 524,476,717 | ||||||
Life Insurance — 8.3% | ||||||
Allstate Life Global Funding II (AA, Aa2) | ||||||
5.41%(c)(f) | 05/16/07 | 100,000 | 100,000,000 | |||
5.33%(c)(f) | 05/29/07 | 40,000 | 40,000,000 | |||
Irish Life & Permanent Plc (A-1, P-1) | ||||||
5.34%(c)(f) | 05/22/07 | 100,000 | 100,000,000 | |||
MetLife Global Funding I (AA, Aa2) | ||||||
5.43%(c)(f) | 05/29/07 | 40,000 | 40,000,000 | |||
Monumental Life Insurance Co. (A-1+, P-1) | ||||||
5.50%(c)(e) | 06/01/07 | 200,000 | 200,000,000 | |||
New York Life Insurance Co. (A-1+, P-1) | ||||||
5.41%(c)(e) | 06/13/07 | 300,000 | 300,000,000 | |||
Transamerica Occidental Life Insurance Co. (A-1+, P-1) | ||||||
5.50%(c)(e) | 06/01/07 | 26,000 | 26,000,000 | |||
| 806,000,000 | ||||||
Municipal Bonds — 1.2% | ||||||
Bergen County New Jersey Import Authority RB (Encap Golf Holdings LLC Project) Series 2005D DN (Wachovia Bank N.A. LOC) (A-1+, VMIG-1) | ||||||
5.39%(c) | 05/07/07 | 14,230 | 14,230,000 | |||
Covington Kentucky Industrial Building RB Series 2005A DN (U.S. Bank N.A. LOC) (A-1, P-1)(d) | ||||||
5.35%(c) | 05/07/07 | 9,120 | 9,120,000 |
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPCASH (CONCLUDED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
VARIABLE RATE OBLIGATIONS (Continued) | ||||||||
Municipal Bonds (Continued) | ||||||||
Mayfield Cornerstone LLC RB Series 2005A DN (Huntington National Bank LOC) (A-1, P-1)(d) | ||||||||
5.42%(c) | 05/07/07 | $ | 4,585 | $ | 4,585,000 | |||
Mayfield Cornerstone LLC RB Series 2005B DN (Huntington National Bank LOC) (A-1, P-1)(d) | ||||||||
5.42%(c) | 05/07/07 | 1,045 | 1,045,000 | |||||
Mayfield Spine Center RB Series 2005A DN (Huntington National Bank LOC) (A-1, P-1)(d) | ||||||||
5.42%(c) | 05/07/07 | 2,800 | 2,800,000 | |||||
Mayfield Spine Center RB Series 2005B DN (Huntington National Bank LOC) (A-1, P-1)(d) | ||||||||
5.42%(c) | 05/07/07 | 1,315 | 1,315,000 | |||||
Santa Rosa California RB Series 2004 DN (Bank One N.A. LOC) (A-1+, P-1)(d) | ||||||||
5.37%(c) | 05/07/07 | 42,200 | 42,200,000 | |||||
Savannah College Georgia RB (Art & Design Project) Series 2004 DN (Bank of America N.A. LOC) (A-1+, P-1)(d) | ||||||||
5.35%(c) | 05/07/07 | 6,900 | 6,900,000 | |||||
Texas GO Series 2004E DN (Dexia Credit Local SBPA) (A-1+, VMIG-1) | ||||||||
5.31%(c) | 05/02/07 | 9,300 | 9,300,000 | |||||
Texas GO Series 2005I-C DN (Depfa Bank Plc SBPA) (A-1+, VMIG-1) | ||||||||
5.31%(c) | 05/02/07 | 13,500 | 13,500,000 | |||||
5.31%(c) | 05/02/07 | 5,270 | 5,270,000 | |||||
Utah Telecommunication Open RB (Infrastructure Agency Project) Series 2004 DN (Bank of America N.A. LOC) (A-1+, P-1)(d) | ||||||||
5.35%(c) | 05/07/07 | 7,900 | 7,900,000 | |||||
| 118,165,000 | ||||||||
Personal Credit Institutions — 3.7% | ||||||||
General Electric Capital Corp. (AAA, Aaa) | ||||||||
5.44%(c) | 05/09/07 | 116,000 | 116,000,000 | |||||
5.44%(c) | 05/17/07 | 163,760 | 163,760,000 | |||||
5.28%(c) | 05/24/07 | 83,000 | 83,000,000 | |||||
| 362,760,000 | ||||||||
Security Brokers & Dealers — 5.4% | ||||||||
Bear Stearns & Co., Inc. (A-1, P-1) | ||||||||
5.38%(c) | 05/29/07 | 64,000 | 64,000,000 | |||||
The Goldman Sachs Group, Inc. (A-1+, P-1) | ||||||||
5.43%(c)(e)(f) | 05/01/07 | 266,450 | 266,450,000 | |||||
Morgan Stanley & Co., Inc. (A-1, P-1) | ||||||||
5.38%(c) | 05/15/07 | 200,000 | 200,000,000 | |||||
| 530,450,000 | ||||||||
TOTAL VARIABLE RATE OBLIGATIONS | 2,637,689,961 | |||||||
TIME DEPOSITS — 7.9% | ||||||||
Wells Fargo Bank N.A. (A-1+, P-1) | ||||||||
5.25% | 05/01/07 | 779,000 | ||||||
(Cost $779,000,000) | 779,000,000 | |||||||
TOTAL MARKET VALUE OF SECURITIES BEFORE AFFILIATED INVESTMENTS — 99.3% | 9,718,077,256 | |||||||
AFFILIATED INVESTMENTS — 0.6% | ||||||||
Merrill Lynch & Co., Inc. (A+, Aa3) | ||||||||
5.32%(c)(g) | 05/29/07 | 52,000 | ||||||
(Cost $52,000,000) | 52,000,000 | |||||||
TOTAL INVESTMENTS IN SECURITIES — 99.9% | $ | 9,770,077,256 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | 14,146,076 | |||||||
NET ASSETS — 100.0% | $ | 9,784,223,332 | ||||||
| (a) | Aggregate cost for federal income tax purposes. |
| (b) | Issuer is a U.S. branch of a foreign domiciled bank. |
| (c) | Rates shown are as of April 30, 2007 and maturities shown are the next interest readjustment date or the date the principal owed can be recovered through demand. |
| (d) | Ratings reflect those of guarantor. |
| (e) | Illiquid Security. As of April 30, 2007, the Fund held 9.1% of its net assets, with a current market value of $889,900,999 in these securities. |
| (f) | 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, 2007, the Fund held 9.6% of its net assets, with a current market value of $935,289,986, in securities restricted as to resale. |
| (g) | Security insured by an affiliate. |
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
FEDFUND
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
AGENCY OBLIGATIONS — 23.4% | ||||||||
Federal Farm Credit Bank Variable Rate Notes — 7.6% | ||||||||
5.18%(b) | 05/01/07 | $ | 85,000 | $ | 84,981,147 | |||
5.23%(b) | 05/01/07 | 105,000 | 104,993,879 | |||||
5.24%(b) | 05/01/07 | 30,000 | 29,998,650 | |||||
| 219,973,676 | ||||||||
Federal Home Loan Bank Variable Rate Notes — 5.1% | ||||||||
5.20%(b) | 06/18/07 | 150,000 | 149,939,867 | |||||
Federal Home Loan Mortgage Corp. Discount Notes — 0.5% | ||||||||
5.03%(c) | 09/21/07 | 15,000 | 14,700,296 | |||||
Federal Home Loan Mortgage Corp. Variable Rate Notes — 5.1% | ||||||||
5.20%(b) | 06/18/07 | 150,000 | 149,974,668 | |||||
Federal National Mortgage Assoc. Discount Notes — 1.7% | ||||||||
5.05%(c) | 09/05/07 | 49,279 | 48,401,081 | |||||
Federal National Mortgage Assoc. Variable Rate Notes — 3.4% | ||||||||
5.19%(b) | 06/28/07 | 100,000 | 99,965,682 | |||||
TOTAL AGENCY OBLIGATIONS | ||||||||
(Cost $682,955,270) | 682,955,270 | |||||||
REPURCHASE AGREEMENTS — 76.8% | ||||||||
Deutsche Bank Securities Inc. | ||||||||
5.10% (Agreement dated 04/30/07 to be repurchased at $185,470,271, collateralized by $240,641,384 Federal Home Loan Mortgage Corp. Bonds, Federal National Mortgage Assoc. Variable Rate Notes and Adjustable Rate Mortgage Notes 3.87% to 6.22% due from 09/01/32 to 05/01/37. The value of the collateral is $191,007,320.) | 05/01/07 | 185,444 | 185,444,000 | |||||
Deutsche Bank Securities Inc. | ||||||||
5.23% (Agreement dated 04/30/07 to be repurchased at $100,014,528, collateralized by $129,764,988 Federal Home Loan Mortgage Corp. Bonds, Federal National Mortgage Assoc. Variable Rate Notes and Adjustable Rate Mortgage Notes 3.87% to 6.22% due from 09/01/32 to 05/01/37. The value of the collateral is $103,000,000.) | 05/01/07 | 100,000 | 100,000,000 | |||||
Deutsche Bank Securities Inc. | ||||||||
5.28% (Agreement dated 02/14/07 to be repurchased at $202,640,000, collateralized by $259,529,975 Federal Home Loan Mortgage Corp. Bonds, Federal National Mortgage Assoc. Variable Rate Notes and Adjustable Rate Mortgage Notes 3.87% to 6.22% due from 09/01/32 to 05/01/37. The value of the collateral is $206,000,000.) | 05/15/07 | 200,000 | 200,000,000 | |||||
Deutsche Bank Securities Inc. | ||||||||
5.26% (Agreement dated 03/16/07 to be repurchased at $151,972,500, collateralized by $194,647,481 Federal Home Loan Mortgage Corp. Bonds, Federal National Mortgage Assoc. Variable Rate Notes and Adjustable Rate Mortgage Notes 3.87% to 6.22% due from 09/01/32 to 05/01/37. The value of the collateral is $154,500,000.) | 06/14/07 | 150,000 | 150,000,000 | |||||
Goldman Sachs & Co. | ||||||||
5.24% (Agreement dated 04/20/07 to be repurchased at $301,352,375, collateralized by $254,953,023 Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 0.00% due from 10/15/16 to 05/15/34. The value of the collateral is $309,000,000.) | 05/21/07 | 300,000 | 300,000,000 | |||||
Greenwich Capital Markets, Inc. | ||||||||
5.24% (Agreement dated 04/30/07 to be repurchased at $500,072,778, collateralized by $1,725,309,542 Federal National Mortgage Assoc. Variable Rate Notes and Bonds 0.00% to 0.01% due from 04/01/27 to 03/01/47. The value of the collateral is $515,000,101.) | 05/01/07 | 500,000 | 500,000,000 | |||||
Lehman Brothers Inc. | ||||||||
5.20% (Agreement dated 04/30/07 to be repurchased at $56,082,100, collateralized by $370,555,000 Federal National Mortgage Assoc. Bonds and Federal Home Loan Mortgage Corp. Bonds 5.50% to 6.00% due from 09/01/13 to 02/01/37. The value of the collateral is $57,759,568.) | 05/01/07 | 56,074 | 56,074,000 | |||||
Morgan Stanley & Co., Inc. | ||||||||
5.23% (Agreement dated 04/30/07 to be repurchased at $196,028,474, collateralized by $395,781,000 Tennessee Valley Authority Bonds, Resolution Funding Corp. Strips, Federal Farm Credit Bank Discount Notes, Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes, Notes and Bonds and Federal National Mortgage Assoc. Discount Notes, Variable Rate Notes, Medium Term Notes, Notes and Bonds 0.00% to 8.50% due from 05/01/07 to 04/01/37. The value of the collateral is $205,431,879.) | 05/01/07 | 196,000 | 196,000,000 | |||||
UBS Securities LLC | ||||||||
5.28% (Agreement dated 02/01/07 to be repurchased at $355,390,000, collateralized by $536,447,904 Federal Home Loan Mortgage Corp. Strips 0.00% due from 08/01/35 to 04/15/37. The value of the collateral is $360,500,061.) | 05/17/07 | 350,000 | 350,000,000 | |||||
UBS Securities LLC | ||||||||
5.27% (Agreement dated 04/03/07 to be repurchased at $202,635,000, collateralized by $308,340,000 Federal Home Loan Mortgage Corp. Strips 0.00% due from 08/01/35 to 05/01/36. The value of the collateral is $206,002,191.) | 07/02/07 | 200,000 | 200,000,000 | |||||
TOTAL REPURCHASE AGREEMENTS | ||||||||
(Cost $2,237,518,000) | 2,237,518,000 | |||||||
TOTAL INVESTMENTS IN SECURITIES — 100.2% | ||||||||
(Cost $2,920,473,270(a)) | 2,920,473,270 | |||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)% | (6,069,649 | ) | ||||||
NET ASSETS — 100.0% | $ | 2,914,403,621 | ||||||
| (a) | Aggregate cost for federal income tax purposes. |
| (b) | Rates shown are as of April 30, 2007 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 at the time of purchase. |
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
T-FUND
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | ||||||
REPURCHASE AGREEMENTS — 100.2% | |||||||||
Deutsche Bank Securities Inc. | |||||||||
5.13% (Agreement dated 04/30/07 to be repurchased at $425,060,563, collateralized by $919,475,496 U.S. Treasury Strip Principals and Strips 0.00% due 08/15/17 to 08/15/27. The value of the collateral is $433,500,000.) | 05/01/07 | $ | 425,000 | $ | 425,000,000 | ||||
Deutsche Bank Securities Inc. | |||||||||
5.20% (Agreement dated 04/13/07 to be repurchased at $709,100,000, collateralized by $1,514,430,230 U.S. Treasury Strip Principals and Strips 0.00% due 08/15/17 to 08/15/27. The value of the collateral is $714,000,000.) | 07/12/07 | 700,000 | 700,000,000 | ||||||
Greenwich Capital Markets, Inc. | |||||||||
5.12% (Agreement dated 04/30/07 to be repurchased at $1,100,156,444, collateralized by $918,813,000 U.S. Treasury Notes and Bonds 4.62% to 9.00% due 02/29/12 to 05/15/30. The value of the collateral is $1,122,003,696.) | 05/01/07 | 1,100,000 | 1,100,000,000 | ||||||
JPMorgan Securities Inc. | |||||||||
5.00% (Agreement dated 04/30/07 to be repurchased at $250,034,722, collateralized by $254,423,000 U.S. Treasury Notes 3.62% to 4.75% due 12/31/08 to 05/15/14. The value of the collateral is $255,004,552.) | 05/01/07 | 250,000 | 250,000,000 | ||||||
Lehman Brothers Inc. | |||||||||
5.10% (Agreement dated 04/30/07 to be repurchased at $200,028,333, collateralized by $205,780,000 U.S. Treasury Notes 3.37% due 12/15/08. The value of the collateral is $204,002,038.) | 05/01/07 | 200,000 | 200,000,000 | ||||||
Morgan Stanley & Co., Inc. | |||||||||
5.00% (Agreement dated 04/30/07 to be repurchased at $139,347,351, collateralized by $143,212,445 U.S. Treasury Bills, Notes, Inflation Indexed Securities, Strip Principals and Bonds 0.00% to 9.25% due 05/10/07 to 08/15/20. The value of the collateral is $142,873,966.) | 05/01/07 | 139,328 | 139,328,000 | ||||||
Morgan Stanley & Co., Inc. | |||||||||
5.11% (Agreement dated 04/30/07 to be repurchased at $646,384,738, collateralized by $664,311,555 U.S. Treasury Bills, Notes, Inflation Indexed Securities, Strip Principals and Bonds 0.00% to 9.25% due 05/10/07 to 08/15/20. The value of the collateral is $662,741,476.) | 05/01/07 | 646,293 | 646,293,000 | ||||||
UBS Securities LLC | |||||||||
5.21% (Agreement dated 02/08/07 to be repurchased at $202,778,667, collateralized by $207,015,000 U.S. Treasury Notes 4.25% to 5.12% due 06/30/08 to 08/15/14. The value of the collateral is $204,002,450.) | 05/15/07 | 200,000 | 200,000,000 | ||||||
UBS Securities LLC | |||||||||
5.17% (Agreement dated 04/30/07 to be repurchased at $403,446,667, collateralized by $396,840,000 U.S. Treasury Notes and Bonds 4.62% to 6.00% due 08/31/11 to 02/15/26. The value of the collateral is $408,150,145.) | 06/29/07 | 400,000 | 400,000,000 | ||||||
UBS Securities LLC | |||||||||
5.21% (Agreement dated 04/10/07 to be repurchased at $481,186,875, collateralized by $476,328,000 U.S. Treasury Notes 4.37% to 5.12% due 06/30/08 to 11/15/08. The value of the collateral is $484,501,818.) | 07/09/07 | 475,000 | 475,000,000 | ||||||
TOTAL INVESTMENTS IN SECURITIES — 100.2% | |||||||||
(Cost $4,535,621,000(a)) | 4,535,621,000 | ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)% | (9,275,973 | ) | |||||||
NET ASSETS — 100.0% | $ | 4,526,345,027 | |||||||
(a) Aggregate cost for federal income tax purposes. | |||||||||
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
FEDERAL TRUST FUND
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
AGENCY OBLIGATIONS — 100.0% | ||||||||
Federal Farm Credit Bank Discount Notes — 2.4% | ||||||||
5.16%(b) | 05/29/07 | $ | 4,488 | $ | 4,470,006 | |||
5.20%(b) | 05/29/07 | 173 | 172,300 | |||||
5.18%(b) | 07/10/07 | 784 | 776,104 | |||||
5.12%(b) | 08/27/07 | 500 | 491,609 | |||||
5.12%(b) | 08/28/07 | 678 | 666,525 | |||||
5.12%(b) | 09/05/07 | 380 | 373,136 | |||||
| 6,949,680 | ||||||||
Federal Farm Credit Bank Variable Rate Notes — 39.7% | ||||||||
5.18%(c) | 05/22/07 | 40,000 | 39,992,361 | |||||
5.18%(c) | 05/01/07 | 15,000 | 14,996,673 | |||||
5.23%(c) | 05/01/07 | 20,000 | 19,998,823 | |||||
5.24%(c) | 05/01/07 | 15,000 | 14,999,325 | |||||
5.25%(c) | 05/01/07 | 10,000 | 10,001,081 | |||||
5.26%(c) | 05/07/07 | 7,000 | 7,001,228 | |||||
5.21%(c) | 06/28/07 | 10,000 | 9,999,008 | |||||
| 116,988,499 | ||||||||
Federal Home Loan Bank Discount Notes — 54.5% | ||||||||
5.13%(b) | 05/02/07 | 5,336 | 5,335,240 | |||||
5.15%(b) | 05/02/07 | 10,000 | 9,998,570 | |||||
5.12%(b) | 05/09/07 | 10,000 | 9,988,611 | |||||
5.13%(b) | 05/09/07 | 5,000 | 4,994,300 | |||||
5.14%(b) | 05/09/07 | 1,595 | 1,593,178 | |||||
5.13%(b) | 05/11/07 | 26,967 | 26,928,572 | |||||
5.14%(b) | 05/11/07 | 4,750 | 4,743,225 | |||||
5.20%(b) | 05/11/07 | 400 | 399,422 | |||||
5.16%(b) | 05/22/07 | 5,862 | 5,844,355 | |||||
5.15%(b) | 05/23/07 | 5,000 | 4,984,264 | |||||
5.16%(b) | 05/25/07 | 2,659 | 2,649,853 | |||||
5.14%(b) | 05/30/07 | 6,000 | 5,975,133 | |||||
5.14%(b) | 06/06/07 | 5,000 | 4,974,275 | |||||
5.14%(b) | 06/20/07 | 5,000 | 4,964,340 | |||||
5.12%(b) | 06/22/07 | 5,000 | 4,962,986 | |||||
5.14%(b) | 06/27/07 | 5,000 | 4,959,348 | |||||
5.14%(b) | 06/29/07 | 13,000 | 12,890,596 | |||||
5.13%(b) | 07/05/07 | 11,123 | 11,019,973 | |||||
5.12%(b) | 07/11/07 | 2,453 | 2,428,206 | |||||
5.12%(b) | 07/25/07 | 10,000 | 9,879,170 | |||||
5.12%(b) | 07/27/07 | 20,371 | 20,118,882 | |||||
5.15%(b) | 08/17/07 | 700 | 689,185 | |||||
| 160,321,684 | ||||||||
Federal Home Loan Bank Variable Rate Notes — 3.4% | ||||||||
5.20%(c) | 06/18/07 | 10,000 | 9,995,991 | |||||
TOTAL INVESTMENTS IN SECURITIES — 100.0% | ||||||||
(Cost $294,255,854(a)) | 294,255,854 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% | 116,534 | |||||||
NET ASSETS — 100.0% | $ | 294,372,388 | ||||||
| (a) | Aggregate cost for federal income tax purposes. |
| (b) | The rate shown is the effective yield at the time of purchase. |
| (c) | Rates shown are as of April 30, 2007 and maturities shown are the next interest readjustment date or the date the principal owed can be recovered through demand. |
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TREASURY TRUST FUND
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | ||||||
U.S. TREASURY OBLIGATIONS — 106.5% | |||||||||
U.S. Treasury Bills — 83.9% | |||||||||
4.98%(b) | 05/03/07 | $ | 29,258 | $ | 29,249,910 | ||||
5.00%(b) | 05/03/07 | 13,985 | 13,981,113 | ||||||
5.05%(b) | 05/03/07 | 25,389 | 25,381,877 | ||||||
5.06%(b) | 05/03/07 | 50,000 | 49,985,958 | ||||||
4.40%(b) | 05/10/07 | 12,500 | 12,486,250 | ||||||
4.91%(b) | 05/10/07 | 41,666 | 41,614,845 | ||||||
4.94%(b) | 05/10/07 | 15,636 | 15,616,709 | ||||||
4.95%(b) | 05/10/07 | 43,336 | 43,282,399 | ||||||
4.96%(b) | 05/10/07 | 68,777 | 68,691,717 | ||||||
5.00%(b) | 05/10/07 | 75,000 | 74,906,250 | ||||||
5.04%(b) | 05/10/07 | 49,642 | 49,579,507 | ||||||
5.06%(b) | 05/10/07 | 9,610 | 9,597,831 | ||||||
4.82%(b) | 05/17/07 | 23,540 | 23,489,520 | ||||||
5.03%(b) | 05/17/07 | 65,000 | 64,854,744 | ||||||
5.05%(b) | 05/17/07 | 23,869 | 23,815,459 | ||||||
4.80%(b) | 05/24/07 | 25,901 | 25,821,570 | ||||||
4.81%(b) | 05/24/07 | 5,333 | 5,316,608 | ||||||
4.82%(b) | 05/24/07 | 7,162 | 7,139,945 | ||||||
4.83%(b) | 05/24/07 | 1,739 | 1,733,632 | ||||||
5.02%(b) | 05/24/07 | 677 | 674,829 | ||||||
5.04%(b) | 05/24/07 | 34,007 | 33,897,432 | ||||||
4.94%(b) | 05/31/07 | 28,600 | 28,482,263 | ||||||
5.04%(b) | 05/31/07 | 35,000 | 34,852,942 | ||||||
4.88%(b) | 06/07/07 | 6,159 | 6,128,078 | ||||||
4.89%(b) | 06/07/07 | 4,744 | 4,720,138 | ||||||
4.90%(b) | 06/07/07 | 44,924 | 44,697,527 | ||||||
4.98%(b) | 06/07/07 | 49,604 | 49,350,340 | ||||||
4.96%(b) | 06/14/07 | 26,500 | 26,339,351 | ||||||
4.93%(b) | 06/21/07 | 33,800 | 33,563,887 | ||||||
4.76%(b) | 07/05/07 | 9,958 | 9,872,327 | ||||||
4.89%(b) | 07/05/07 | 40,906 | 40,544,813 | ||||||
4.90%(b) | 07/05/07 | 20,000 | 19,823,236 | ||||||
4.80%(b) | 07/12/07 | 15,623 | 15,473,175 | ||||||
4.84%(b) | 07/12/07 | 5,881 | 5,824,070 | ||||||
4.85%(b) | 07/12/07 | 16,846 | 16,682,678 | ||||||
4.84%(b) | 07/19/07 | 3,545 | 3,507,309 | ||||||
4.90%(b) | 07/19/07 | 52,000 | 51,440,856 | ||||||
4.81%(b) | 07/26/07 | 9,005 | 8,901,528 | ||||||
4.80%(b) | 08/02/07 | 35,000 | 34,575,333 | ||||||
4.90%(b) | 08/23/07 | 35,000 | 34,456,362 | ||||||
| 1,090,354,318 | |||||||||
U.S. Treasury Notes — 22.6% | |||||||||
4.38% | 05/15/07 | 100,000 | 99,971,517 | ||||||
3.50% | 05/31/07 | 50,000 | 49,941,406 | ||||||
3.88% | 07/31/07 | 35,000 | 34,899,512 | ||||||
2.75% | 08/15/07 | 20,000 | 19,868,694 | ||||||
3.25% | 08/15/07 | 55,515 | 55,225,404 | ||||||
6.12% | 08/15/07 | 34,000 | 34,102,365 | ||||||
| 294,008,898 | |||||||||
TOTAL INVESTMENTS IN SECURITIES — 106.5% | |||||||||
(Cost $1,384,363,216(a)) | 1,384,363,216 | ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.5)% | (84,756,319 | ) | |||||||
NET ASSETS — 100.0% | $ | 1,299,606,897 | |||||||
| (a) | Aggregate cost for federal income tax purposes. |
| (b) | The rate shown is the effective yield at the time of purchase. |
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS — 94.7% | ||||||||
Alabama — 0.8% | ||||||||
Jefferson County GO Warrants Series 2001B DN (JPMorgan Chase & Co. Guaranty, Bayerische Landesbank Girozentrale SBPA) (A-1+, VMIG-1) | ||||||||
4.01%(b) | 05/01/07 | $ | 17,665 | $ | 17,665,000 | |||
Alaska — 0.1% | ||||||||
Matanuska-Susitna Borough RB MERLOTS Trust Receipts Series 2001A-114 DN (FGIC Insurance, Wachovia Bank N.A. SBPA) (A-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 3,105 | 3,105,000 | |||||
Arizona — 1.4% | ||||||||
Arizona Agriculture Import & Power Distribution Electric System RB (Salt River Project) Series 2006 ROC-II-9019 DN (Citibank N.A. LOC) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 5,695 | 5,695,000 | |||||
Arizona School District COP Series 2006 TAN (SP-1+, MIG-1) | ||||||||
4.50% | 07/30/07 | 3,155 | 3,161,859 | |||||
Pima County Industrial Development Authority RB (Senior Living Facilities-La Posada Project) Series 2002A DN (LaSalle Bank N.A. LOC) | ||||||||
3.95%(b) | 05/07/07 | 5,445 | 5,445,000 | |||||
Pinal County Arizona Electrical RB Series 2006U-1 DN (Bank of America N.A. LOC) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 14,300 | 14,300,000 | |||||
Tempe Transportation Excise Tax RB Series 2006 DN (Royal Bank of Canada SBPA) (A-1+, VMIG-1) | ||||||||
3.94%(b) | 05/07/07 | 2,500 | 2,500,000 | |||||
| 31,101,859 | ||||||||
Arkansas — 0.9% | ||||||||
Arkansas HFA RB (Baptist Health Project) Series 1995 DN (MBIA Insurance) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 15,400 | 15,400,000 | |||||
Fort Smith Sales & Use Tax RB Series 2006 MB (FGIC Insurance) (AAA) | ||||||||
4.00% | 09/01/07 | 5,280 | 5,287,222 | |||||
| 20,687,222 | ||||||||
California — 0.8% | ||||||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2006Z-4 DN (FSA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 5,040 | 5,040,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2006Z-5 DN (AMBAC Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 450 | 450,000 | |||||
Los Angeles Unified School District GO Munitops Trust Certificates Series 2005-36 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (F-1+, AAA) | ||||||||
3.69%(b)(c) | 06/14/07 | 12,995 | 12,995,000 | |||||
| 18,485,000 | ||||||||
Colorado — 4.3% | ||||||||
Alamosa County Hospital RB (San Luis Valley Regional Medical Center Project) Series 2005 DN (U.S. Bank N.A. LOC) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 10,855 | 10,855,000 | |||||
Alamosa County Hospital RB (San Luis Valley Regional Medical Center Project) Series 2007 DN (U.S. Bank N.A. LOC) (A-1+) | ||||||||
4.00%(b) | 05/07/07 | 6,505 | 6,505,000 | |||||
Colorado Educational & Cultural Facilities Authority RB (St. John Evangelical School Project) Series 2007 DN (Commerce Bank N.A. LOC) (VMIG-1) | ||||||||
4.13%(b) | 05/07/07 | 11,815 | 11,815,000 | |||||
Colorado General Fund RB Series 2006 RAN (SP-1+) | ||||||||
4.50% | 06/27/07 | 30,000 | 30,033,383 | |||||
Colorado Health Facilities Authority RB (Total Long-Term Care Project) Series 2002 DN (U.S. Bank N.A. LOC) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 3,715 | 3,715,000 | |||||
Colorado Regional Transportation District Sales Tax RB Eagle Trust Receipts Series 2006A-0128 DN (AMBAC Insurance, Citibank N.A. LOC) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 4,400 | 4,400,000 | |||||
Colorado Regional Transportation District Sales Tax RB Eagle Trust Receipts Series 2006A-120Cl DN (AMBAC Insurance, Citibank N.A. LOC) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 8,000 | 8,000,000 | |||||
Colorado Regional Transportation District Sales Tax RB Series 2006 ROC-RR-II-R-657 DN (AMBAC Insurance, Citibank N.A. SBPA) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 10,020 | 10,020,000 | |||||
Colorado Springs Utilities RB Citibank Trust Receipts Series 2005R ROC-II-457 DN (Citibank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 7,465 | 7,465,000 | |||||
Lower Colorado River Authority RB MERLOTS Trust Receipts Series 2000 DN (FSA Insurance, Wachovia Bank N.A. SBPA) (Aaa, VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 2,000 | 2,000,000 | |||||
| 94,808,383 | ||||||||
Delaware — 0.3% | ||||||||
Delaware Economic Development Authority RB (Kentmere Nursing Care Project) Series 2006 DN (M&T Bank Corp. LOC) (A-1) | ||||||||
3.88%(b) | 05/07/07 | 2,460 | 2,460,000 | |||||
Delaware Economic Development Authority RB (St. Anne’s Episcopal School Project) Series 2001 DN (Wilmington Trust Co. LOC) (A-1) | ||||||||
4.04%(b) | 05/07/07 | 1,970 | 1,970,000 | |||||
Sussex County IDRB (Rehoboth Mall Project) Series 2001A DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.00%(b) | 05/07/07 | 2,875 | 2,875,000 | |||||
| 7,305,000 | ||||||||
District of Columbia — 0.2% | ||||||||
District of Columbia RB (Arts & Technology Academy Project) Series 2002 DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
3.97%(b) | 05/07/07 | 3,545 | 3,545,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
District of Columbia (Continued) | ||||||||
District of Columbia RB (Internships & Academic Center Project) Series 2006 DN (Branch Banking & Trust Co. LOC) (Aaa, VMIG-1) | ||||||||
3.95%(b)(c) | 05/07/07 | $ | 1,700 | $ | 1,700,000 | |||
| 5,245,000 | ||||||||
Florida — 2.3% | ||||||||
Florida Juvenile Department RB MERLOTS Trust Receipts Series 2000 DN (MBIA Insurance, Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 10,620 | 10,620,000 | |||||
Jacksonville RB Municipal Securities Trust Certificates Series 2002A-9049 DN (AMBAC Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 8,760 | 8,760,000 | |||||
Leesburg Hospital RB (Villages Regional Hospital Project) Series 2006 DN (Radian Asset Assurance, Inc. Guaranty, Bank of Nova Scotia SBPA) (A-1+, VMIG-1) | ||||||||
3.98%(b) | 05/07/07 | 12,000 | 12,000,000 | |||||
Miami Dade County Expressway Authority Toll System RB Series 2006A-121 DN (AMBAC Insurance, Citibank N.A. LOC) | ||||||||
3.99%(b)(c) | 05/07/07 | 2,740 | 2,740,000 | |||||
Port St. Lucie RB Munitops Trust Certificates Series 2006 DN (MBIA Insurance, ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 10,750 | 10,750,000 | |||||
Putnam County Development Authority PCRB (Seminole Electric Co-op Project) Series 1984H-3 DN (National Rural Utilities LOC) (A-1, P-1) | ||||||||
4.04%(b) | 05/07/07 | 5,475 | 5,475,000 | |||||
| 50,345,000 | ||||||||
Georgia — 1.8% | ||||||||
Appling County Development Authority PCRB (Oglethorpe Power Corp. Project) Series 2002 DN (MBIA Insurance, JPMorgan Chase & Co. SBPA) (A-1+) | ||||||||
4.01%(b) | 05/07/07 | 2,415 | 2,415,000 | |||||
Athens-Clarke County University Government Development Authority RB (Monsignor Donovan High School Project) Series 2006 DN (Columbus Bank & Trust LOC) (F-1) | ||||||||
3.97%(b) | 05/07/07 | 1,280 | 1,280,000 | |||||
Atlanta Water & Wastewater RB Eagle Trust Receipts Series 2005 DN (FSA Insurance, Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
Atlanta Water & Wastewater RB Eagle Trust Receipts Series 2006A DN (FSA Insurance, Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 4,600 | 4,600,000 | |||||
Brunswick & Glynn County Development Authority Economic Development RB (Epworth by the Sea Project) Series 2007 DN (Columbus Bank & Trust LOC) (A, F1) | ||||||||
3.97%(b) | 05/07/07 | 1,109 | 1,109,000 | |||||
Columbus Development Authority RB Series 2005 DN (Columbus Bank & Trust LOC) | ||||||||
3.96%(b) | 05/07/07 | 5,925 | 5,925,000 | |||||
Columbus Development Authority RB Series 2007 DN (Synovus Securities, Inc. LOC) | ||||||||
3.97%(b) | 05/07/07 | 2,200 | 2,200,000 | |||||
Columbus Hospital Authority RB (St Francis Hospital Project) Series 2000A DN (Synovus Securities, Inc. LOC) | ||||||||
3.98%(b) | 05/07/07 | 10,020 | 10,020,000 | |||||
Dekalb County Housing Authority Multi-Family Housing RB (Clairmont Crest Project) Series 1995 DN (Federal National Mortgage Assoc. Guaranty) (A-1+, VMIG-1) | ||||||||
3.93%(b) | 05/07/07 | 400 | 400,000 | |||||
Forsyth County Development Authority RB (Pinecrest Academy, Inc. Project) Series 2000D DN (SunTrust Bank LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 1,100 | 1,100,000 | |||||
Fulton County Development Authority RB (Mount Vernon Presbyterian School Project) Series 2005 DN (Branch Banking & Trust Co. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 3,000 | 3,000,000 | |||||
Georgia Local Government Certificates RB Series 2002O DN (MBIA Insurance, Bank of America N.A. Liquidity Facility) (A-1+) | ||||||||
4.00%(b)(c) | 05/07/07 | 2,310 | 2,310,000 | |||||
| 39,359,000 | ||||||||
Hawaii — 1.0% | ||||||||
Hawaii GO Eagle Trust Receipts Series 2002 DN (FSA Insurance, Citibank N.A. SBPA) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 3,600 | 3,600,000 | |||||
Hawaii GO Municipal Securities Trust Certificates Series 2002A-9051 DN (FSA Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 9,990 | 9,990,000 | |||||
Hawaii Pacific Health Special Purpose RB (Department of Budget & Finance Project) Series 2004B DN (Radian Insurance, Bank of Nova Scotia Liquidity Facility) (A-1+, F-1+) | ||||||||
4.02%(b) | 05/07/07 | 7,500 | 7,500,000 | |||||
| 21,090,000 | ||||||||
Illinois — 6.6% | ||||||||
Central Lake County Action Water Agency RB MERLOTS Trust Receipts Series 2003B-18 DN (MBIA Insurance, Wachovia Bank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 4,960 | 4,960,000 | |||||
Chicago Board of Education GO MERLOTS Trust Receipts Series 1999A-47 DN (FGIC Insurance, Wachovia Bank N.A. LOC) (A-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 3,090 | 3,090,000 | |||||
Chicago Board of Education RB Municipal Securities Trust Certificates Series 2001 DN (FSA Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 4,695 | 4,695,000 | |||||
Chicago O’Hare International Airport RB MERLOTS Trust Receipts Series 2002A-25 DN (MBIA Insurance, Wachovia Bank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,270 | 5,270,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Illinois (Continued) | ||||||||
Chicago Park District RB Eagle Trust Receipts Series 2002-1306 DN (FGIC Insurance, Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | $ | 5,345 | $ | 5,345,000 | |||
Chicago Sales Tax RB MERLOTS Trust Receipts Series 2000AAA DN (FSA Insurance, Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
Chicago Transportation Authority RB Putters Series 2006-1651 DN (AMBAC Insurance, Dresdner Bank AG LOC) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 20,960 | 20,960,000 | |||||
Du Page County RB Municipal Securities Trust Certificates Series 2001A DN (FSA Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 15,970 | 15,970,000 | |||||
Illinois Dedicated Tax RB Macon Trust Certificates Series 2002N DN (AMBAC Insurance, Bank of America N.A. SBPA) (A-1+) | ||||||||
4.02%(b)(c) | 05/07/07 | 2,935 | 2,935,000 | |||||
Illinois Development Finance Authority RB (Fairview Project) Series 2004 DN (LaSalle Bank N.A. LOC) (A-1) | ||||||||
3.97%(b) | 05/07/07 | 5,000 | 5,000,000 | |||||
Illinois Educational Facilities Authority RB (Aurora University Project) Series 2002 DN (Fifth Third Bank N.A. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 1,800 | 1,800,000 | |||||
Illinois Educational Facilities Authority RB Macon Trust Certificates Series 2005D DN (Bank of America N.A. SBPA) (A-1+) | ||||||||
3.96%(b)(c) | 05/07/07 | 2,780 | 2,780,000 | |||||
Illinois GO Macon Trust Certificates Series 2006L DN (Bank of America N.A. SBPA) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 3,500 | 3,500,000 | |||||
Illinois GO MERLOTS Trust Receipts Series 2002 DN (MBIA Insurance, Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 2,485 | 2,485,000 | |||||
Illinois Health Facilities Authority RB Municipal Securities Trust Certificates Series 2002 DN (MBIA Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 14,835 | 14,835,000 | |||||
Lake County First Preservation District GO Citibank Trust Receipts Series 2003R ROC-II DN (Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 1,975 | 1,975,000 | |||||
Metropolitan Pier & Exposition Authority Dedicated State Tax Receipts RB Municipal Securities Trust Certificates Series 2005A-224 DN (MBIA Insurance, Bear Stearns Capital Markets Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 9,210 | 9,210,000 | |||||
Metropolitan Pier & Exposition Authority Dedicated State Tax Receipts RB Series 2005 PZ-9 DN (MBIA Insurance) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 12,830 | 12,830,000 | |||||
Metropolitan Pier & Exposition Authority Dedicated State Tax Receipts RB Series 2005Z-5 TOCS DN (MBIA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 4,405 | 4,405,000 | |||||
Regional Transportation Authority GO MERLOTS Trust Receipts Series 2001A-86 DN (FGIC Insurance, Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 1,600 | 1,600,000 | |||||
Rockford Industrial Development Authority RB (Trinity Learning Center Project) Series 2003 DN (Marshall & Ilsley Bank LOC) | ||||||||
4.05%(b) | 05/07/07 | 3,635 | 3,635,000 | |||||
University of Illinois RB MERLOTS Trust Receipts Series 2000 DN (MBIA Insurance, Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 3,500 | 3,500,000 | |||||
Will County Community School District No. 365 GO Goldman Sachs Trust Receipts Series 2006Z TOCS-10 DN (FSA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 2,065 | 2,065,000 | |||||
Will County GO Municipal Securities Trust Certificates Series 2006A-3004 DN (MBIA Insurance, Bear Stearns Capital Markets SBPA) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 7,725 | 7,725,000 | |||||
| 145,570,000 | ||||||||
Indiana — 6.3% | ||||||||
Daviess County Econmic Development RB (Daviess Community Hospital Project) Series 2006 DN (Radian Insurance, KeyBank N.A. SBPA) (VMIG-1) | ||||||||
3.99%(b) | 05/07/07 | 6,205 | 6,205,000 | |||||
Elkhart County Industrial Hospital Authority RB (Oaklawn Center Project) Series 2006 DN (Citizens Financial Group LOC) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 11,000 | 11,000,000 | |||||
Indiana Bond Bank RB (Advanced Funding Program) Series 2007-A RAN (Bank of New York LOC) | ||||||||
4.25% | 01/31/08 | 11,950 | 12,002,183 | |||||
Indiana Bond Bank RB Municipal Securities Trust Certificates Series 2001-177A DN (Bear Stearns Capital Markets Liquidity Facility) (AAA/A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 17,000 | 17,000,000 | |||||
Indiana Health Facilities Financing Authority RB (Henry County Hospital Project) Series 2002 DN (Fifth Third Bank N.A. LOC) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 16,885 | 16,885,000 | |||||
Indiana Health Facilities Financing Authority RB (Memorial Hospital Project) Series 2004A DN (National City Bank N.A. LOC) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 20,435 | 20,435,000 | |||||
Indiana Transportation Finance Authority Highway RB Series 2004 DN (FGIC Insurance, Bank of New York SBPA) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 4,000 | 4,000,000 | |||||
Indianapolis Public Improvment RB Trust Receipts Series 2006 PZ-7 DN (AMBAC Insurance, The Goldman Sachs Group, Inc. Liquidity Facilty) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 4,080 | 4,080,000 | |||||
Jasper County Economic Development Authority RB (Oak Grove Project) Series 2006 DN (Fifth Third Bank N.A. LOC) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 4,600 | 4,600,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Indiana (Continued) | ||||||||
Porter County Industrial Jail Building Corp. RB MERLOTS Trust Receipts Series 2001A-43 DN (Wachovia Bank N.A. LOC) (A-1) | ||||||||
3.99%(b)(c) | 05/07/07 | $ | 7,125 | $ | 7,125,000 | |||
Tipton Economic Development RB (Tipton Memorial Hospital Project) Series 2006A DN (Fifth Third Bank N.A. LOC) | ||||||||
3.97%(b) | 05/07/07 | 24,200 | 24,200,000 | |||||
Warren Township Vision 2005 School Building Corp. RB MERLOTS Trust Receipts Series 2001A-52 DN (FGIC Insurance, Wachovia Bank N.A. SBPA) (A-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 3,300 | 3,300,000 | |||||
Winona Lake Economic Development RB (Grace College Project) Series 2006 DN (KeyBank N.A. LOC) (A-1) | ||||||||
3.97%(b) | 05/07/07 | 6,840 | 6,840,000 | |||||
| 137,672,183 | ||||||||
Iowa — 3.1% | ||||||||
Des Moines Commercial Development RB (Grand Office Park Project) Series 1985 DN (Principal Life Insurance Co. Guaranty) (A-1+) | ||||||||
4.12%(b) | 05/07/07 | 8,000 | 8,000,000 | |||||
Iowa Finance Authority Healthcare Facilities RB Putters Series 2006-1477 DN (Radian Insurance, JPMorgan Chase & Co. SBPA) | ||||||||
3.98%(b)(c) | 05/07/07 | 9,395 | 9,395,000 | |||||
Iowa GO Series 2006 TRAN (SP-1+, MIG-1) | ||||||||
4.25% | 06/29/07 | 16,600 | 16,618,982 | |||||
Iowa Higher Education Loan Authority RB (Private College Project) Series 1985 DN (MBIA Insurance) (A-1+, VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 1,600 | 1,600,000 | |||||
Iowa Higher Education Loan Authority RB Series 2006 DN (LaSalle Bank N.A. LOC) (A-1) | ||||||||
3.95%(b) | 05/07/07 | 17,035 | 17,035,000 | |||||
Urbandale IDRB (Aurora Business Park Assoc. Project) Series 1985 DN (Principal Life Insurance Co. Guaranty) (A-1+) | ||||||||
4.04%(b) | 05/07/07 | 9,200 | 9,200,000 | |||||
Urbandale IDRB (Meredith Drive Assoc. Project) Series 1985 DN (Wells Fargo Bank N.A. LOC) | ||||||||
4.07%(b) | 05/07/07 | 4,500 | 4,500,000 | |||||
Wapello County RB (Ottumwa Regional Health Center Project) Series 2006 DN (Radian Asset Assurance, Inc. Guaranty, Depfa Bank Plc SBPA) (A-1+) | ||||||||
3.60%(b) | 05/07/07 | 1,305 | 1,305,000 | |||||
| 67,653,982 | ||||||||
Kansas — 0.2% | ||||||||
Kansas Development Finance Authority RB (Water Pollution Control Revolving Project) Series 1997-11 MB (AAA, Aaa) | ||||||||
5.20% | 05/01/07 | 1,080 | 1,080,000 | |||||
Lenexa RB Series 2007-302 DN (Bank of America N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 4,000 | 4,000,000 | |||||
| 5,080,000 | ||||||||
Kentucky — 0.4% | ||||||||
Fort Mitchell League of Cities RB (Funding Trust Lease Project) Series 2002A DN (U.S. Bank N.A. LOC) (VMIG-1) | ||||||||
3.98%(b) | 05/07/07 | 4,200 | 4,200,000 | |||||
Kenton County Educational RB (Redwood Rehabilitation Center Project) Series 2004 DN (Fifth Third Bank N.A. LOC) | ||||||||
4.05%(b) | 05/07/07 | 915 | 915,000 | |||||
Louisville & Jefferson Counties Metropolitan Government Health System RB Series 2006 ROC-RR-II-R-651CE DN (Citibank N.A. Guaranty, Citibank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 2,555 | 2,555,000 | |||||
| 7,670,000 | ||||||||
Louisiana — 5.4% | ||||||||
Donaldsonville IDRB (Chef John Folse & Co. Project) Series 2007A DN (Regions Bank LOC) | ||||||||
3.97%(b) | 05/07/07 | 5,000 | 5,000,000 | |||||
Louisiana Gas & Fuel Tax RB Series 2006-0150 DN (FSA Insurance, Citibank N.A. LOC) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 23,735 | 23,735,000 | |||||
Louisiana Gas & Fuel Tax RB Series 2006A-137 DN (FSA Insurance, Citibank N.A. SBPA) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 1,040 | 1,040,000 | |||||
Louisiana Gas & Fuel Tax RB Series 2006 ROC-RR-II-R-660 DN (FGIC Insurance, Citibank N.A. LOC) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 8,500 | 8,500,000 | |||||
Louisiana GO MERLOTS Trust Receipts Series 2006C-04 DN (FSA Insurance, Bank of New York SBPA) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 8,000 | 8,000,000 | |||||
Louisiana GO Series 2005A MB (MBIA Insurance) (AAA, Aaa) | ||||||||
5.00% | 08/01/07 | 3,360 | 3,372,332 | |||||
Louisiana Housing & Finance Authority RB (Walmsley Multi-Family Housing Project) Series 2004 DN (Federal National Mortgage Assoc. Guaranty) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 2,935 | 2,935,000 | |||||
Louisiana Local Government Environmental Facilities Community Development Authority RB (BASF Corp. Project) Series 2000B DN | ||||||||
4.00%(b) | 05/07/07 | 7,500 | 7,500,000 | |||||
Louisiana Local Government Environmental Facilities Community Development Authority RB (Capital Projects & Equipment Acquisition Programs Project) Series 2007 DN (AMBAC Insurance, JPMorgan Chase & Co. SBPA) | ||||||||
4.02%(b) | 05/07/07 | 5,000 | 5,000,000 | |||||
Louisiana Local Government Environmental Facilities Community Development Authority RB (Capital Projects & Equipment Acquistion Programs Project) Series 2003A DN (AMBAC Insurance, Banque Nationale de Paribas Liquidity Facility) (A-1+) | ||||||||
4.02%(b) | 05/07/07 | 21,880 | 21,880,000 | |||||
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Louisiana (Continued) | ||||||||
Louisiana Local Government Environmental Facilities Community Development Authority RB (Capital Projects & Equipment Acquisition Programs Project) Series 2006A DN (AMBAC Insurance, Banque Nationale de Paribas Liquidity Facility) (A-1+, Aaa) | ||||||||
4.02%(b) | 05/07/07 | $ | 20,000 | $ | 20,000,000 | |||
Louisiana Local Government Environmental Facilities Community Development Authority RB (Northwestern State University Student Housing Project) Series 2004A DN (Regions Bank LOC) (A-1) | ||||||||
4.00%(b) | 05/07/07 | 4,000 | 4,000,000 | |||||
Louisiana Public Facilities Authority RB (GCGK Investments LLC Project) Series 2006 DN (AmSouth Bank LOC) (P-1) | ||||||||
3.96%(b) | 05/07/07 | 4,000 | 4,000,000 | |||||
Louisiana Public Facilities Authority RB (Loyola University Project) Series 1997 MB (AAA, Aaa) | ||||||||
5.62% | 10/01/07 | 1,000 | 1,027,888 | |||||
Louisiana Public Facilities Authority RB Putters Series 2007-1754 DN (CIFG IXIS Financial Guaranty Insurance, JPMorgan Chase & Co. Liquidity Facility) | ||||||||
3.98%(b)(c) | 05/07/07 | 3,500 | 3,500,000 | |||||
| 119,490,220 | ||||||||
Maryland — 1.6% | ||||||||
Baltimore County RB (St. Paul’s School for Girls Facility Project) Series 2000 DN (M&T Bank Corp. LOC) (A-1) | ||||||||
3.97%(b) | 05/07/07 | 5,310 | 5,310,000 | |||||
Maryland Economic Development Corp. RB (Government Insurance Trust Facility) Series 2007 DN (M&T Bank Corp. LOC) | ||||||||
3.97%(b) | 05/04/07 | 4,260 | 4,260,000 | |||||
Maryland Health & Higher Education Facilities Authority RB (Adventist Healthcare Project) Series 2003B DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 3,260 | 3,260,000 | |||||
Maryland Health & Higher Education Facilities Authority RB (Pickersgill Project) Series 2006 DN (Radian Insurance, Branch Banking & Trust Co. SBPA) (A-1, P-1) | ||||||||
3.99%(b) | 05/07/07 | 7,345 | 7,345,000 | |||||
Montgomery County Economic Development RB (Brooke Grove Foundation, Inc. Project) Series 1998 DN (M&T Bank Corp. LOC) (A-1) | ||||||||
3.83%(b) | 05/07/07 | 8,430 | 8,430,000 | |||||
Montgomery County RB (Imagination Stage, Inc. Facilities Project) Series 2002 DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.00%(b) | 05/07/07 | 3,770 | 3,770,000 | |||||
Montgomery County RB (Ivymount School, Inc. Facilities Project) Series 2000 DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.00%(b) | 05/07/07 | 2,600 | 2,600,000 | |||||
| 34,975,000 | ||||||||
Massachusetts — 1.2% | ||||||||
Chatham GO Series 2007 BAN (SP-1+) | ||||||||
4.00% | 02/01/08 | 13,800 | 13,840,279 | |||||
Massachusetts Health & Educational Facilities Authority RB (Partners Healthcare System) Series 2003D-5 DN | ||||||||
3.96%(b) | 05/01/07 | 1,700 | 1,700,000 | |||||
Melrose GO Series 2006 BAN (SP-1+, MIG-1) | ||||||||
4.35% | 08/09/07 | 11,163 | 11,183,946 | |||||
| 26,724,225 | ||||||||
Michigan — 4.6% | ||||||||
Detroit Sewer Authority RB Municipal Products, Inc. Trust Receipts Series 2006I-2 DN (FSA Insurance, Royal Bank of Canada LOC) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 3,490 | 3,490,000 | |||||
Detroit Water Supply System RB Series 2006 ROC-RR-II-R-9038 DN (FSA Insurance, Citibank N.A. LOC) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 6,895 | 6,895,000 | |||||
Grand Valley Michigan State University RB Series 2005 DN (XLCA Insurance, Depfa Bank Plc SBPA) (A-1+) | ||||||||
3.94%(b) | 05/07/07 | 2,000 | 2,000,000 | |||||
Jackson County Economic Development Limited Obligation RB (Vista Grande Villa Project) Series 2001A DN (LaSalle Bank N.A. LOC) (A-1) | ||||||||
4.05%(b) | 05/01/07 | 15,690 | 15,690,000 | |||||
Kalamazoo Education Authority RB (Friendship Village Project) Series 1997A DN (Fifth Third Bank N.A. LOC) (A-1+) | ||||||||
3.95%(b) | 05/07/07 | 2,900 | 2,900,000 | |||||
Kentwood Economic Development Corp. RB (Holland Homes Obligated Group Project) Series 2002B DN (LaSalle Bank N.A. LOC) | ||||||||
3.97%(b) | 05/07/07 | 7,900 | 7,900,000 | |||||
Macomb Hospital Finance Authority RB (Mt. Clemens General Project) Series 2003A-2 DN (Comercia Bank N.A. LOC) | ||||||||
4.07%(b) | 05/07/07 | 8,190 | 8,190,000 | |||||
Michigan Building Authority RB Eagle Trust Receipts Series 2006-0142 DN (FGIC Insurance, Citibank N.A. LOC) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 15,400 | 15,400,000 | |||||
Michigan Building Authority RB Series 1997I MB (AMBAC Insurance) (AAA, Aaa) | ||||||||
6.50% | 10/01/07 | 5,750 | 5,820,625 | |||||
Michigan Building Authority RB Series 2007 ROC-RR-II-R-9072 DN (FGIC Insurance, Citigroup Financial Products Liquidity Facility) | ||||||||
3.98%(b)(c) | 05/07/07 | 15,775 | 15,775,000 | |||||
Michigan GO Series 2006A MB (Depfa Bank Plc LOC) (SP-1+, MIG-1) | ||||||||
4.25% | 09/28/07 | 6,500 | 6,519,404 | |||||
Michigan Higher Educational Facilities Authority RB (Cleary University Project) Series 2006 DN (Comerica Bank N.A. LOC) (A-1) | ||||||||
4.03%(b) | 05/07/07 | 5,335 | 5,335,000 | |||||
Wayne State University RB Munitops Trust Certificates Series 2006-61 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (F-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
| 100,915,029 | ||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Minnesota — 3.0% | ||||||||
Minneapolis & St. Paul Metropolitan Airports Commission RB MERLOTS Trust Receipts Series 2000A DN (FGIC Insurance) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | $ | 4,985 | $ | 4,985,000 | |||
Minneapolis & St. Paul Metropolitan Airports Commission RB Municipal Securities Trust Certificates Series 2007-292 DN (AMBAC Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 2,000 | 2,000,000 | |||||
Minneapolis & St. Paul Metropolitan Airports Commission RB Series 2007-2G DN (FGIC Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 36,425 | 36,425,000 | |||||
Minnesota Public Facilities Authority Water PCRB MERLOTS Trust Receipts Series 2002A DN (Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 14,705 | 14,705,000 | |||||
West St. Paul ISD Number 197 RB Trust Receipts Series 6506-ROC-R-II DN (Citibank N.A. SBPA) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 7,115 | 7,115,000 | |||||
| 65,230,000 | ||||||||
Mississippi — 1.4% | ||||||||
Mississippi Development Bank Special Obligation RB (Correctional Facilities Project) Series 2002 DN (AMBAC Insurance, AmSouth Bank of Alabama SBPA) (A-1) | ||||||||
4.02%(b) | 05/07/07 | 3,425 | 3,425,000 | |||||
Mississippi Development Bank Special Obligation RB (Mississippi Bond Program Harrison County Project) Series 2003 DN (AMBAC Insurance, Banque Nationale de Paribas SBPA) (A-1+) | ||||||||
4.02%(b) | 05/07/07 | 11,745 | 11,745,000 | |||||
Mississippi Development Bank Special Obligation RB (Mississippi Bond Program Harrison County Project) Series 2005 DN (AMBAC Insurance, Banque Nationale de Paribas SBPA) (A-1+) | ||||||||
4.02%(b) | 05/07/07 | 15,000 | 15,000,000 | |||||
| 30,170,000 | ||||||||
Missouri — 1.5% | ||||||||
Jackson County Special Obligation RB Series 2006 ROC-RR-II-R-663 DN (AMBAC Insurance, AmSouth Bank of Alabama LOC) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 10,115 | 10,115,000 | |||||
Missouri Board Public Buildings Special Obligation RB Series 2006-1501 DN (JPMorgan Chase & Co. LOC) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 7,330 | 7,330,000 | |||||
Missouri Development Finance Board Lease RB Series 1999 DN (Transamerica Life Insurance Co. SBPA) (A-1+) | ||||||||
3.95%(b) | 05/07/07 | 14,860 | 14,860,000 | |||||
| 32,305,000 | ||||||||
Multi-State — 0.8% | ||||||||
Branch Banking & Trust GO Municipal Trust Floaters Series 2007-2004 DN (FGIC Insurance, Branch Banking & Trust Liquidity Facility) | ||||||||
4.01%(b)(c) | 05/07/07 | 12,000 | 12,000,000 | |||||
UBS Municipal Certificates GO Series 2007 DN (BNP Parisbas Liquidity Facility) (A-1+) | ||||||||
4.02%(b)(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
| 17,000,000 | ||||||||
Nebraska — 0.5% | ||||||||
Central Plains Energy RB (Nebgas Project) Series 2007A MB (-AA, Aa3) | ||||||||
5.00% | 12/01/07 | 2,725 | 2,744,905 | |||||
Omaha GO Eagle Trust Receipts Series 2004A DN (Citibank N.A. SBPA) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 8,000 | 8,000,000 | |||||
| 10,744,905 | ||||||||
Nevada — 1.2% | ||||||||
Clark County Airport RB Munitops Trust Certificates Series 2005-56 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (F-1+, AAA) | ||||||||
3.69%(b)(c) | 05/24/07 | 4,995 | 4,995,000 | |||||
Clark County School District RB Municipal Securities Trust Certificates Series 2001A DN (FSA Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 12,495 | 12,495,000 | |||||
Reno Capital Improvement RB Municipal Securities Trust Certificates Series 2002A DN (FGIC Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 7,600 | 7,600,000 | |||||
| 25,090,000 | ||||||||
New Hampshire — 0.5% | ||||||||
New Hampshire Business Finance Authority Industrial Facility RB (Taylor Home Project) Series 2005B DN (TD Banknorth N.A. LOC) (VMIG-1) | ||||||||
3.96%(b) | 05/07/07 | 4,310 | 4,310,000 | |||||
New Hampshire Health & Educational Facilities Authority RB (Southern New Hampshire Medical Center Project) Series 2004B DN (Radian Asset Assurance, Inc. Guaranty, Fleet National Bank SBPA) (A-1+) | ||||||||
3.98%(b) | 05/07/07 | 7,000 | 7,000,000 | |||||
| 11,310,000 | ||||||||
New Jersey — 1.2% | ||||||||
Mercer County Improvement Authority RB (Atlantic Foundation Project) Series 1998 DN (Bank of America N.A. LOC) (A-1+) | ||||||||
3.98%(b) | 05/07/07 | 5,630 | 5,630,000 | |||||
New Jersey Transportation Trust Fund Authority Capital Appreciation RB Municipal Securities Trust Certificates Series 2006C DN (MBIA Insurance) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 11,695 | 11,695,000 | |||||
New Jersey Transportation Trust Fund Authority RB Series 2006-10Z DN (FSA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 1,860 | 1,860,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
28
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
New Jersey (Continued) | ||||||||
New Jersey Transportation Trust Fund Authority RB Series 2007-4Z DN (AMBAC Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) | ||||||||
3.98%(b)(c) | 05/07/07 | $ | 6,500 | $ | 6,500,000 | |||
| 25,685,000 | ||||||||
New Mexico — 0.5% | ||||||||
University of New Mexico RB Munitops Trust Certificates Series 2005-42 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (F-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 10,290 | 10,290,000 | |||||
New York — 1.0% | ||||||||
New York City Municipal Water Finance Authority TECP | ||||||||
3.80% | 06/08/07 | 6,380 | 6,380,000 | |||||
3.68% | 06/13/07 | 5,000 | 5,000,000 | |||||
Rockland County IDRB (Northern Manor Multicare Project) Series 2002 DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
3.97%(b) | 05/07/07 | 11,295 | 11,295,000 | |||||
| 22,675,000 | ||||||||
North Carolina — 5.0% | ||||||||
Guilford County Industrial Facilities PCRB (Recreational Facilities-YMCA Project) Series 2002 DN (Branch Banking & Trust Co. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 295 | 295,000 | |||||
Houston Water & Sewer System TECP (A-1, P-1) | ||||||||
3.70% | 06/19/07 | 7,900 | 7,900,000 | |||||
Mecklenburg County COP Series 2007A DN (Landesbank Hessen-Thuringen Girozentrale SBPA) (A-1, VMIG-1, F-1+) | ||||||||
4.01%(b) | 05/01/07 | 45,200 | 45,200,000 | |||||
North Carolina Capital Facilities Finance Agency Educational Facilities RB (Country Day School Project) Series 2005 DN (Branch Banking & Trust Co. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 6,800 | 6,800,000 | |||||
North Carolina Capital Facilities Finance Agency Educational Facilities RB (The Downtown Middle School Project) Series 2006 DN (Branch Banking & Trust Co. LOC) | ||||||||
3.95%(b) | 05/07/07 | 1,225 | 1,225,000 | |||||
North Carolina Capital Facilities Finance Agency Educational Facilities RB (High Point University Project) Series 2006 DN (Branch Banking & Trust Co. LOC) (A-1+) | ||||||||
3.95%(b) | 05/07/07 | 4,300 | 4,300,000 | |||||
North Carolina GO (Highway Project) Series 2003 MB (AAA, Aa1) | ||||||||
5.00% | 05/01/07 | 2,500 | 2,500,000 | |||||
North Carolina GO Series 2003A-23 DN (Wachovia Bank N.A. SBPA) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,500 | 5,500,000 | |||||
North Carolina Medical Care Commission Retirement Facilities RB (Aldersgate Project) Series 2001 DN (Branch Banking & Trust Co. LOC) (A-1) | ||||||||
3.93%(b) | 05/07/07 | 5,710 | 5,710,000 | |||||
North Carolina Medical Care Community Health Care Facilities RB (Carolina Meadows, Inc. Project) Series 2004 DN (Allied Irish Bank Plc LOC) (VMIG-1) | ||||||||
3.97%(b) | 05/07/07 | 4,900 | 4,900,000 | |||||
North Carolina Medical Care Community Health Care Facilities RB (Novant Health Group Project) Series 2004A DN (JPMorgan Chase & Co. SBPA) (A-1+, VMIG-1) | ||||||||
3.97%(b) | 05/07/07 | $ | 2,400 | $ | 2,400,000 | |||
North Carolina Medical Care Community Hospital RB (Southeastern Regional Medical Center Project) Series 2005 DN (Branch Banking & Trust Co. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 2,640 | 2,640,000 | |||||
Raleigh Comb Enterprise System RB Eagle Trust Receipts Series 2007A-0010 DN (Landesbank Hessen-Thuringen Girozentrale Liquidity Facility) (A-1) | ||||||||
3.97%(b) | 05/07/07 | 4,950 | 4,950,000 | |||||
University of North Carolina RB Eagle Trust Receipts Series 2005A DN (Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 10,000 | 10,000,000 | |||||
University of North Carolina RB Munitops Trust Certificates Series 2005-52 DN (ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,995 | 5,995,000 | |||||
| 110,315,000 | ||||||||
Ohio — 5.5% | ||||||||
Akron Income Tax RB Munitops Trust Certificates (Community Learning Centers Project) Series 2004A DN (FGIC Insurance, ABN-AMRO Bank N.V. SBPA) (A-1, F-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 31,530 | 31,530,000 | |||||
Butler County Capital Funding RB (CCAO Low Cost Capital Pooled Financing Program) Series 2005A DN (U.S. Bank N.A. LOC) | ||||||||
3.95%(b) | 05/07/07 | 1,750 | 1,750,000 | |||||
Butler County Hospital Facilities RB Putters Series 2006-1596 DN (FGIC Insurance, JPMorgan Chase & Co. SBPA) | ||||||||
3.98%(b)(c) | 05/07/07 | 4,000 | 4,000,000 | |||||
Cincinnati GO Municipal Trust Receipts Series 2006K-66 DN (FGIC Insurance, Lehman Liquidity Co. Liquidity Facility) | ||||||||
4.00%(b)(c) | 05/07/07 | 1,365 | 1,365,000 | |||||
Cincinnati School District COP Eagle Trust Receipts Series 2006A-0155 DN (FSA Insurance, Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 4,400 | 4,400,000 | |||||
Cleveland Airport RB Municipal Products, Inc. Trust Receipts Series 2007I-13 DN (AMBAC Insurance, Royal Bank of Canada Liquidity Facility) | ||||||||
3.97%(b)(c) | 05/07/07 | 8,505 | 8,505,000 | |||||
Cuyahoga County Continuing Care Facilities RB Series 1999 DN (LaSalle Bank N.A. LOC) | ||||||||
3.97%(b) | 05/07/07 | 9,800 | 9,800,000 | |||||
Delaware County Port Authority Economic Development RB (Columbus Zoological Park Project) Series 2006 DN (JPMorgan Chase & Co. LOC) | ||||||||
3.97%(b) | 05/07/07 | 1,850 | 1,850,000 | |||||
East Knox Local School District Howard GO Series 2006 BAN (SP-1) | ||||||||
4.25% | 06/01/07 | 9,850 | 9,856,013 | |||||
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Ohio (Continued) | ||||||||
East Knox Local School District Howard GO Series 2007 BAN (SP-1) | ||||||||
5.00% | 06/01/07 | $ | 1,475 | $ | 1,476,739 | |||
East Liverpool City Hospital RB Series 2006 DN (Fifth Third Bank N.A. LOC) (A-1+) | ||||||||
4.00%(b) | 05/07/07 | 5,700 | 5,700,000 | |||||
Hamilton County Economic Development RB (Taft Museum Project) Series 2002 DN (Fifth Third Bank N.A. LOC) | ||||||||
3.98%(b) | 05/07/07 | 290 | 290,000 | |||||
Hamilton County Health Care Facilities RB (Import-Episcopal Project) Series 2005A DN (KeyBank N.A. LOC) (A-1, VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 1,300 | 1,300,000 | |||||
Hamilton County Hospital Facilities RB (Children’s Hospital Medical Center Project) Series 2000 DN (JPMorgan Chase & Co. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 5,090 | 5,090,000 | |||||
Hamilton County Hospital Facilities RB (Drake Center, Inc. Project) Series 1999A DN (U.S. Bank N.A. LOC) (VMIG-1) | ||||||||
3.92%(b) | 05/07/07 | 880 | 880,000 | |||||
Hamilton County Sales Tax RB Series 2006 ROC-RR-II-R-9051 DN (FSA Insurance, Citibank N.A. SBPA) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 13,665 | 13,665,000 | |||||
Madeira City School District School Improvement GO Munitops Trust Certificates Series 2006-37 MB (MBIA Insurance, ABN-AMRO Bank N.V. SBPA) (MIG-1) | ||||||||
3.60%(b)(c) | 05/07/07 | 6,995 | 6,995,000 | |||||
Montgomery County Healthcare Facilities RB Series 2002 DN (Bank One N.A. LOC) | ||||||||
3.95%(b) | 05/07/07 | 2,500 | 2,500,000 | |||||
Summit County Port Authority Port Facilities RB (Summa Wellness Institute Project) Series 2006 DN (Fifth Third Bank N.A. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 2,000 | 2,000,000 | |||||
University of Cincinnati General Receipts RB Series 2007B DN (MBIA Insurance, Bayerische Landesbank Girozentrale SBPA) (VMIG-1) | ||||||||
3.96%(b) | 05/07/07 | 5,155 | 5,155,000 | |||||
Wood County Facilities Import Piping Industry RB Series 2001 DN (KeyBank N.A. LOC) | ||||||||
4.01%(b) | 05/07/07 | 2,425 | 2,425,000 | |||||
| 120,532,752 | ||||||||
Oklahoma — 0.1% | ||||||||
Oklahoma Industrial Authority RB (Casady School Project) Series 2001 DN (Bank One N.A. LOC) | ||||||||
4.15%(b) | 05/07/07 | 2,150 | 2,150,000 | |||||
Oregon — 0.3% | ||||||||
Multnomah County Hospital Facilites Authority RB (Terwilliger Plaza Project) Series 2006C DN (Bank of America N.A. LOC) (A-1+) | ||||||||
3.96%(b) | 05/07/07 | 6,500 | 6,500,000 | |||||
Pennsylvania — 0.5% | ||||||||
Allegheny County Hospital Development Authority RB Putters Series 1281 DN (FGIC Insurance, JPMorgan Chase & Co. Liquidity Facility) (A-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 3,160 | 3,160,000 | |||||
Delaware Valley IDRB Citibank Trust Receipts Series 2001 DN (AMBAC Insurance, Bank of New York SBPA) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
York General Authority RB (Strand Capital Performing Arts Center Project) Series 2002 DN (M&T Bank Corp. LOC) (A-2) | ||||||||
4.00%(b) | 05/07/07 | 1,765 | 1,765,000 | |||||
| 9,925,000 | ||||||||
Puerto Rico — 0.2% | ||||||||
Commonwealth of Puerto Rico Infrastructure Financing Authority RB MERLOTS Trust Receipts Series 2005A-21 MB (AMBAC Insurance, Wachovia Bank N.A. SBPA) (MIG-1) | ||||||||
3.60%(b)(c) | 05/15/07 | 3,830 | 3,830,000 | |||||
Rhode Island — 0.2% | ||||||||
Cumberland GO Series 2007 TAN | ||||||||
4.00% | 06/29/07 | 3,600 | 3,601,968 | |||||
South Carolina — 2.8% | ||||||||
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) | ||||||||
3.97%(b) | 05/07/07 | 4,000 | 4,000,000 | |||||
Greenville County School District RB UBS Municipal Certificates Series 2006-02 DN (Assured Guaranty Ltd. Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA) (A-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 7,390 | 7,390,000 | |||||
Horry County School District GO Series 2007 ROC-RR-II-R-754PB DN (FSA Insurance, PB Capital Corp. Liquidity Facility) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 5,695 | 5,695,000 | |||||
Medical University Hospital Authority RB Series 2005A-5 DN (MBIA Insurance, Bank of America N.A. SBPA) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 16,000 | 16,000,000 | |||||
South Carolina Educational Facilities Authority RB (Erskine College Project) Series 2006 DN (Synovus Securities, Inc. LOC) | ||||||||
3.96%(b) | 05/07/07 | 5,750 | 5,750,000 | |||||
South Carolina Jobs Economic Development Authority Hospital Facilities RB (Community Care Inc. Project) Series 2006 DN (National Bank of South Carolina LOC) (A-1) | ||||||||
3.97%(b) | 05/07/07 | 4,000 | 4,000,000 | |||||
South Carolina Jobs Economic Development Authority Hospital Facilities RB (Oconee Memorial Hospital Project) Series 2005A DN (Radian Asset Assurance, Inc. Guaranty) (VMIG-1) | ||||||||
3.98%(b) | 05/07/07 | 8,000 | 8,000,000 | |||||
South Carolina Transitional Infrastructure RB Munitops Trust Certificates Series 2002A DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 10,475 | 10,475,000 | |||||
| 61,310,000 | ||||||||
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Tennessee — 3.5% | ||||||||
Gallatin Industrial Development Board Educational Facilities RB (John Vianney School Project) Series 2002 DN (SunTrust Bank LOC) (VMIG-1) | ||||||||
4.01%(b) | 05/07/07 | $ | 1,805 | $ | 1,805,000 | |||
Knoxville Waste Water System RB Putters Series 2006-1292 DN (MBIA Insurance) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 8,075 | 8,075,000 | |||||
Memphis GO Series 1995A DN (WestLB AG LOC) (A-1+, VMIG-1) | ||||||||
4.15%(b) | 05/07/07 | 100 | 100,000 | |||||
Municipal Energy Acquistion Corp. of Tennessee Gas RB Series 2006-1578 DN (Morgan Guaranty Trust LOC) | ||||||||
3.98%(b)(c) | 05/07/07 | 45,000 | 45,000,000 | |||||
Tennessee Energy Acquisition Corp. Gas RB MERLOTS Trust Receipts Series 2007C-07 DN (Bank of New York SBPA) (A-1+) | ||||||||
4.00%(b)(c) | 05/07/07 | 4,445 | 4,445,000 | |||||
Tennessee Energy Acquisition Corp. Gas RB Series 2006-95TP DN (Branch Banking & Trust Co. SBPA) | ||||||||
3.96%(b)(c) | 05/07/07 | 8,375 | 8,375,000 | |||||
Tennessee Energy Acquisition Corp. Gas RB Series 2006-98 DN (The Goldman Sachs Group, Inc. Guaranty) | ||||||||
3.97%(b)(c) | 05/07/07 | 8,005 | 8,005,000 | |||||
| 75,805,000 | ||||||||
Texas — 11.3% | ||||||||
Austin Water & Wastewater System RB MERLOTS Trust Receipts Series 2000 DN (MBIA Insurance) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 2,475 | 2,475,000 | |||||
Austin Water & Wastewater System RB Municipal Products, Inc. Trust Receipts Series 2006I-4 DN (MBIA Insurance, Royal Bank of Canada LOC) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 7,900 | 7,900,000 | |||||
Clear Creek ISD GO Series 2005-04 DN (Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,100 | 5,100,000 | |||||
Comal ISD GO Series 2005 DN (Bank of New York LOC) (A-1, VMIG-1) | ||||||||
4.02%(b)(c) | 05/07/07 | 2,530 | 2,530,000 | |||||
Coppell ISD RB Municipal Securities Trust Certificates Series 2006A-14 DN (PSF Guaranty, Bear Stearns Capital Markets Liquidity Facility) | ||||||||
3.98%(b)(c) | 05/07/07 | 2,145 | 2,145,000 | |||||
Dallas ISD Building GO Munitops Trust Certificates Series 2006-8 DN (PSF Guaranty, ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 11,565 | 11,565,000 | |||||
Dallas Waterworks & Sewer System RB Series 2003 MB (FSA Insurance LOC) | ||||||||
5.00% | 10/01/07 | 1,345 | 1,352,432 | |||||
De Soto ISD RB Citigroup Trust Receipts Series 2004R-2107-ROC-II DN (PSF Guaranty, Citigroup Global Markets Liquidity Facility) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 6,080 | 6,080,000 | |||||
Eagle Mountain & Saginaw ISD GO Municipal Securities Trust Receipts Series 2003 SGA-141 DN (PSF Guaranty, Societe Generale Group Liquidity Facility) (A-1+) | ||||||||
3.97%(b)(c) | 05/02/07 | 4,000 | 4,000,000 | |||||
El Paso Certificates GO Series 2000 MB (FSA Insurance) (Aaa) | ||||||||
5.88% | 08/15/07 | 1,665 | 1,675,889 | |||||
Galena Park ISD GO Series 2001SG-154 DN (PSF Guaranty, Societe Generale Group Liquidity Facility) (A-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 9,900 | 9,900,000 | |||||
Harris County RB Citibank Trust Receipts Series 2002-1029-ROC-II DN (FSA Insurance) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 1,875 | 1,875,000 | |||||
Houston GO Munitops Trust Certificates Series 2006-88 DN (FSA Insurance, ABN-AMRO Bank N.V. LOC) (AAA, F1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 7,400 | 7,400,000 | |||||
Houston ISD GO Municipal Securities Trust Certificates Series 2005A-234 DN (PSF Guaranty, Bear Stearns Capital Markets Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 7,460 | 7,460,000 | |||||
Houston ISD GO Putters Series 2005 DN (PSF Guaranty, JPMorgan Chase & Co. LOC) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 5,330 | 5,330,000 | |||||
Houston Water & Sewer System RB Municipal Securities Trust Certificates Series 2006A-5015 MB (MBIA Insurance, Branch Banking & Trust Co. Liquidity Facility) (MIG-1) | ||||||||
3.85%(b)(c) | 06/21/07 | 14,905 | 14,905,000 | |||||
Houston Water & Sewer System RB Series 2007 ROC-RR-II-R-787 DN (FSA Insurance, Citigroup Financial Products Liquidity Facility) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 1,600 | 1,600,000 | |||||
Lower Colorado River Authority RB Series 1999B MB (FSA Insurance) | ||||||||
6.00% | 05/15/07 | 3,000 | 3,002,783 | |||||
Lower Neches Valley Authority PCRB (Chevron USA, Inc. Project) Series 1987 DN (Chevron Corp. Guaranty) (A-1+, P-1) | ||||||||
3.73%(b) | 08/15/07 | 9,395 | 9,395,000 | |||||
North East ISD GO Series 2000SG-143 DN (PSF Guaranty, Societe Generale Group Liquidity Facility) | ||||||||
3.96%(b)(c) | 05/07/07 | 26,515 | 26,515,000 | |||||
Pasadena ISD GO Munitops Trust Certificates Series 2006-57 DN (PSF Guaranty, ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 10,690 | 10,690,000 | |||||
Socorro ISD GO Citigroup Trust Receipts Series 2005 ROC-II R-2222 DN (PSF Guaranty) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 2,485 | 2,485,000 | |||||
Texas A&M University RB Trust Receipts Series 2003R-4005 ROC-II DN (Citigroup Financial Products Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 4,945 | 4,945,000 | |||||
Texas GO Series 2005-1147 DN (Morgan Stanley Group SBPA) (F-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 4,010 | 4,010,000 | |||||
Texas GO Series 2006-0122 DN (Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 7,650 | 7,650,000 | |||||
Texas GO Series 2006 TRAN (SP-1+, MIG-1) | ||||||||
4.50% | 08/31/07 | 50,050 | 50,202,565 | |||||
Texas Tech University RB Municipal Securities Trust Certificates Series 2002A DN (MBIA Insurance) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 13,630 | 13,630,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Texas (Continued) | ||||||||
Travis County Housing Finance Corp. Student Housing RB (College Houses Project) Series 2006 DN (Wachovia Bank N.A. LOC) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | $ | 5,425 | $ | 5,425,000 | |||
University of Texas Permanent University Fund RB Citibank Trust Receipts Series 2005 ROC-II-R-2194 DN (Citibank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 11,830 | 11,830,000 | |||||
University of Texas RB MERLOTS Trust Receipts Series 2003B-14 DN (Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 6,235 | 6,235,000 | |||||
| 249,308,669 | ||||||||
Utah — 0.1% | ||||||||
Intermountain Power Agency Power Supply RB Series 1985F DN (AMBAC Insurance, Morgan Stanley Group SBPA) (A-1, VMIG-1) | ||||||||
3.55%(b) | 06/01/07 | 3,000 | 3,000,000 | |||||
Vermont — 1.5% | ||||||||
Vermont Economic Development Authority RB (Green Mountain College Project) Series 2003A DN (KeyBank N.A. LOC) | ||||||||
4.01%(b) | 05/07/07 | 7,775 | 7,775,000 | |||||
Vermont Educational & Health Buildings Financing Agency RB (Mt. Ascutney Hospital Project) Series 2005A DN (TD Banknorth N.A. LOC) (VMIG-1) | ||||||||
3.96%(b) | 05/07/07 | 4,830 | 4,830,000 | |||||
Winooski Special Obligation Bonds Series 2006A DN (TD Banknorth N.A. LOC) (VMIG-1) | ||||||||
4.07%(b) | 05/01/07 | 21,000 | 21,000,000 | |||||
| 33,605,000 | ||||||||
Virginia — 0.1% | ||||||||
Fairfax County Economic Development Authority RB (Retirement Greenspring Project) Series 2006B DN (Wachovia Bank N.A. LOC) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 600 | 600,000 | |||||
Hampton Roads Regional Jail Authority Facilities RB Trust Receipts Series 2004 ROC-RR-II-R-2156 DN (MBIA Insurance, Citibank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 1,395 | 1,395,000 | |||||
Virginia Public School Authority RB Trust Receipts Series 2003R-4050-ROC-II DN (Citigroup, Inc. Liquidity Facility) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 100 | 100,000 | |||||
| 2,095,000 | ||||||||
Washington — 6.2% | ||||||||
King County GO Series 1997D MB (AA1, Aaa) | ||||||||
5.70% | 05/07/07 | 1,000 | 1,024,852 | |||||
King County School District RB Municipal Securities Trust Certificates (Highline Public Schools Project) Series 2002 DN (FGIC Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 11,750 | 11,750,000 | |||||
King County Sewer RB Eagle Trust Receipts Series 2006A-0160 DN (FSA Insurance, Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 20,000 | 20,000,000 | |||||
Seattle GO Municipal Securities Trust Certificates Series 2003 SGA-142 DN (Societe Generale Group SBPA, Bear Stearns Capital Markets Liquidity Facility) (A-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 4,000 | 4,000,000 | |||||
Seattle Municipal Light & Power RB MERLOTS Trust Receipts Series 2001A-56 DN (FSA Insurance, Wachovia Bank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 7,365 | 7,365,000 | |||||
Spokane County School District No. 081 GO Citibank Trust Receipts Series 2003R-ROC- II-4000 DN (FSA Insurance, Citibank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 3,540 | 3,540,000 | |||||
Washington Economic Development Finance Authority RB Series 2006-1531 DN (Morgan Stanley Group LOC) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 2,136 | 2,136,500 | |||||
Washington GO MERLOTS Trust Receipts Series 2006 DN (Wachovia Bank N.A. SBPA) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 12,475 | 12,475,000 | |||||
Washington GO Piper Jaffray Trust Certificates Series 2002G DN (Bank of New York LOC) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,170 | 5,170,000 | |||||
Washington GO Series 2007 ROC-RR-II-R-759PB DN (FSA Insurance, PB Capital Corp. Liquidity Facility) | ||||||||
3.97%(b)(c) | 05/07/07 | 8,055 | 8,055,000 | |||||
Washington Health Care Facilities Authority RB (Seattle Cancer Care Project) Series 2005 DN (KeyBank N.A. LOC) (A-1) | ||||||||
3.97%(b) | 05/07/07 | 4,250 | 4,250,000 | |||||
Washington Health Care Facilities Authority RB (Swedish Health Services Project) Series 2006 DN (Citibank N.A. LOC) (VMIG-1) | ||||||||
4.06%(b) | 05/07/07 | 20,000 | 20,000,000 | |||||
Washington Health Care Facilities Authority RB Series 2006 ROC-RR-II-R-669 DN (Radian Insurance, Citibank N.A. Guaranty) (Aa) | ||||||||
3.99%(b)(c) | 05/07/07 | 640 | 640,000 | |||||
Washington Housing Finance Commission Non-Profit RB (Emerald Heights Project) Series 2003 DN (Bank of America N.A. LOC) (F-1+) | ||||||||
4.00%(b) | 05/01/07 | 36,555 | 36,555,000 | |||||
| 136,961,352 | ||||||||
West Virginia — 0.2% | ||||||||
West Virginia Economic Development Authority RB Municipal Securities Trust Certificates (Juvenile Correctional Project) Series 2002A DN (MBIA Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 4,990 | 4,990,000 | |||||
Wisconsin — 2.3% | ||||||||
Appleton Redevelopment Authority RB (Fox City Project) Series 2001B DN (Bank One N.A. LOC) (VMIG-1) | ||||||||
3.93%(b) | 05/07/07 | 8,100 | 8,100,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONCLUDED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Wisconsin (Continued) | ||||||||
Southeast Wisconsin Professional Baseball Park RB MERLOTS Trust Receipts Series 2000Y DN (MBIA Insurance, Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | $ | 5,280 | $ | 5,280,000 | |||
Wisconsin Health & Educational Facilities Authority RB (Oakwood Village Project) Series 2000B DN (Marshall & Ilsley Bank LOC) (A-1) | ||||||||
3.98%(b) | 05/07/07 | 2,305 | 2,305,000 | |||||
Wisconsin Health & Educational Facilities Authority RB (St. John’s Community Project) Series 2005 DN (Radian Asset Assurance, Inc. Guaranty) (F-1) | ||||||||
3.99%(b) | 05/07/07 | 4,700 | 4,700,000 | |||||
Wisconsin Health & Educational Facilities Authority RB (St. Joseph’s Community Hospital Project) Series 2001 DN (Marshall & Ilsley Bank LOC) (A-1) | ||||||||
3.98%(b) | 05/07/07 | 9,800 | 9,800,000 | |||||
Wisconsin Health & Educational Facilities Authority RB (Watertown Memorial Hospital, Inc. Project) Series 2006 DN (Radian Insurance, JPMorgan Chase & Co. SBPA) (A-1+) | ||||||||
3.99%(b) | 05/07/07 | 5,000 | 5,000,000 | |||||
Wisconsin TECP (A-1+, P-1) | ||||||||
3.67% | 06/01/07 | 6,000 | 6,000,000 | |||||
3.66% | 06/06/07 | 10,000 | 10,000,000 | |||||
| 51,185,000 | ||||||||
TOTAL MARKET VALUE OF SECURITIES BEFORE AFFILIATED INVESTMENTS — 94.7% | 2,080,561,749 | |||||||
AFFILIATED INVESTMENTS — 4.6% | ||||||||
Chesterfield County IDRB P-Float Trust Receipts Series 2003 PT-886 DN (Merrill Lynch & Co. Guaranty) (F-1+) | ||||||||
4.01%(b)(c)(d) | 05/07/07 | 24,995 | 24,995,000 | |||||
Delaware Valley Regional Finance Authority Local Government RB Series 2003 PT-749 DN (Landesbank Hessen-Thuringen Girozentrale SBPA) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 8,815 | 8,815,000 | |||||
Hamilton County Hospital Facilities RB P-Float Trust Receipts Series 2001 PT-507 DN (Merrill Lynch & Co. Guaranty) (A-1+) | ||||||||
4.01%(b)(c)(d) | 05/07/07 | 3,880 | 3,880,000 | |||||
Kentucky Economic Development Finance Authority RB P-Float Trust Receipts (Hospital Facilities Project) Series 2001-509 DN (Merrill Lynch & Co. SBPA, National Australia Bank Ltd. LOC) (A-1) | ||||||||
4.01%(b)(c)(d) | 05/07/07 | 28,000 | 28,000,000 | |||||
Metropolitan Pier & Exposition Authority Dedicated State Tax Receipts RB P-Float Trust Receipts Series 2005 PZ-44 DN (MBIA Insurance, Merrill Lynch Capital Services SBPA) (F-1+) | ||||||||
3.99%(b)(c)(d) | 05/07/07 | 5,610 | 5,610,000 | |||||
Municipal Securities Pool Trust Receipts RB Series 2004-17 DN (Multiple Insurances, Societe Generale Group SBPA) (A-1+) | ||||||||
4.05%(b)(c) | 05/07/07 | 5,370 | 5,370,000 | |||||
Municipal Securities Pool Trust Receipts RB Series 2004-18 DN (Multiple Insurances, Societe Generale Group SBPA) (A-1+) | ||||||||
4.05%(b)(c) | 05/07/07 | 2,590 | 2,590,000 | |||||
New Jersey Economic Development Authority RB P-Float Trust Receipts Series 2004 MT-035 DN (Assured Guaranty Ltd. Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA) (A-1) | ||||||||
3.95%(b)(c) | 05/07/07 | 2,200 | 2,200,000 | |||||
New Jersey Health Care Facilities Financing Authority RB P-Float Trust Receipts Series 2001 PT-1319 DN (AMBAC Insurance, Merrill Lynch Capital Services SBPA) (A-1) | ||||||||
3.97%(b)(c)(d) | 05/07/07 | 2,320 | 2,320,000 | |||||
Pennsylvania Higher Educational Facilities Authority RB P-Float Trust Receipts Series 2004 MT-042 DN (Lloyds TSB Bank Plc LOC, Merrill Lynch Capital Services SBPA) (F-1+) | ||||||||
3.98%(b)(c)(d) | 05/07/07 | 7,100 | 7,100,000 | |||||
Pinellas County HFA RB Series 2004A DN (CDC Municipal Products, Inc. SBPA, Rabobank Guaranty) (VMIG-1) | ||||||||
4.01%(b)(c) | 05/07/07 | 2,355 | 2,355,000 | |||||
Puttable Floating Option Tax-Exempt Receipts RB Series 2005A DN (Merrill Lynch Capital Services SBPA) (F-1+) | ||||||||
4.02%(b)(c)(d) | 05/07/07 | 3,160 | 3,160,000 | |||||
Triborough Bridge & Tunnel Authority RB P-Float Trust Receipts Series 2002 PA-956 DN (Merrill Lynch Capital Services Liquidity Facility) (A-1+) | ||||||||
3.97%(b)(c)(d) | 05/07/07 | 5,000 | 5,000,000 | |||||
TOTAL AFFILIATED INVESTMENTS | ||||||||
(Cost $101,395,000) | 101,395,000 | |||||||
TOTAL INVESTMENTS IN SECURITIES — 99.3% | ||||||||
(Cost $2,181,956,749(a)) | 2,181,956,749 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7% | 15,237,667 | |||||||
NET ASSETS — 100.0% | $ | 2,197,194,416 | ||||||
| (a) | Aggregate cost for federal income tax purposes. |
| (b) | Rates shown are as of April 30, 2007 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, 2007, the Fund held 52.7% of its net assets, with a current market value of $1,158,526,500, in securities restricted as to resale. |
| (d) | Security insured by an affiliate. |
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS — 95.4% | ||||||||
Alabama — 7.0% | ||||||||
Alabama Housing Financing Authority Single Family Mortgages RB Series 2006H AMT DN (Bayerische Landesbank Girozentrale Guaranty) (Aa2) | ||||||||
4.09%(b) | 05/07/07 | $ | 10,000 | $ | 10,000,000 | |||
Brundidge IDRB (Carter Brothers Project) Series 2001 AMT DN (Wachovia Bank N.A. LOC) | ||||||||
4.10%(b) | 05/07/07 | 900 | 900,000 | |||||
Columbia IDRB (Alabama Power Co. Project) Series 1995B DN (The Southern Co. Guaranty) (A-1, VMIG-1) | ||||||||
4.03%(b) | 05/01/07 | 6,800 | 6,800,000 | |||||
Columbia IDRB (Alabama Power Co. Project) Series 1998A AMT DN (The Southern Co. Guaranty) (A-1, VMIG-1) | ||||||||
4.08%(b) | 05/01/07 | 6,800 | 6,800,000 | |||||
Jefferson County Economic IDRB (Conversion Technologies Project) Series 2006A AMT DN (First Commercial Bank LOC) | ||||||||
4.02%(b) | 05/07/07 | 1,365 | 1,365,000 | |||||
Jefferson County GO Warrants Series 2001B DN (JPMorgan Chase & Co. Guaranty, Bayerische Landesbank Girozentrale SBPA) (A-1+, VMIG-1) | ||||||||
4.01%(b) | 05/01/07 | 64,300 | 64,300,000 | |||||
Tuscaloosa IDRB Series 2000A AMT DN (Wachovia Bank N.A. LOC) | ||||||||
4.10%(b) | 05/07/07 | 1,300 | 1,300,000 | |||||
Vestavia Hills GO Series 2004B DN (Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
4.02%(b) | 05/07/07 | 1,735 | 1,735,000 | |||||
| 93,200,000 | ||||||||
Arizona — 0.6% | ||||||||
Arizona School District COP Series 2006 TAN (SP-1+, MIG-1) | ||||||||
4.50% | 07/30/07 | 1,460 | 1,463,174 | |||||
Cochise County Solid Waste Disposal PCRB (Arizona Natural Utilities Co-op, Inc. Project) Series 1994 AMT DN (A-1, VMIG-1) | ||||||||
3.73%(b) | 09/04/07 | 6,200 | 6,200,000 | |||||
| 7,663,174 | ||||||||
Arkansas — 0.4% | ||||||||
Arkansas Development Finance Authority Single Family Mortgages RB (Mortgage Backed Securities Program) Series 2006E AMT DN (State Street Bank & Trust Co. LOC) (A-1+) | ||||||||
4.00%(b) | 05/07/07 | 5,000 | 5,000,000 | |||||
California — 1.9% | ||||||||
California Housing Finance Agency RB Series 2002Q AMT DN (Bank of Nova Scotia Liquidity Facility) (A-1+, VMIG-1) | ||||||||
3.99%(b) | 05/07/07 | 14,440 | 14,440,000 | |||||
California Pollution Control Financing Authority PCRB (Resource Recovery-Wadham Energy Project) Series 1987C AMT DN (A-1+) | ||||||||
3.93%(b) | 05/07/07 | 10,445 | 10,445,000 | |||||
| 24,885,000 | ||||||||
Colorado — 4.0% | ||||||||
Colorado Housing & Finance Authority Single Family Mortgage RB Series 2003B-3 AMT DN (JPMorgan Chase & Co. SBPA) (A-1+, VMIG-1) | ||||||||
4.01%(b) | 05/07/07 | 52,500 | 52,500,000 | |||||
Florida — 5.5% | ||||||||
Greater Orlando Aviation Authority RB (Special Purpose Cessna Aircraft Project) Series 2001 AMT DN (Textron, Inc. Guaranty) (A-2, P-1) | ||||||||
5.06%(b) | 05/07/07 | 7,000 | 7,000,000 | |||||
Jacksonville Economic Development Commission IDRB (Glasfloss Industries, Inc. Project) Series 2002 AMT DN (Huntington National Bank LOC) | ||||||||
4.20%(b) | 05/07/07 | 1,855 | 1,855,000 | |||||
Jacksonville Economic Development Commission IDRB (Tremron Jacksonville Project) Series 2000 AMT DN (Branch Banking & Trust Co. LOC) | ||||||||
4.05%(b) | 05/07/07 | 1,930 | 1,930,000 | |||||
Jacksonville Health Facilities Authority Hospital RB (Baptist Medical Center Project) Series 2001 DN (Wachovia Bank N.A. LOC) (A-1) | ||||||||
4.01%(b) | 05/01/07 | 18,000 | 18,000,000 | |||||
Jacksonville Health Facilities Authority Hospital RB (Charity Obligation Group Project) Series 1997C DN (MBIA Insurance, Bank of America N.A. Liquidity Facility) (A-1+, VMIG-1) | ||||||||
4.01%(b) | 05/01/07 | 9,000 | 9,000,000 | |||||
Jacksonville Port Authority RB (Mitsu O S K Lines Limited) Series 2007 AMT DN (Sumitomo Mitsui Banking LOC) (A-1, VMIG-1) | ||||||||
3.98%(b) | 05/07/07 | 10,000 | 10,000,000 | |||||
Lee County IDRB (Raymond Building Supply Corp. Project) Series 1997 AMT DN (SunTrust Bank LOC) | ||||||||
4.08%(b) | 05/07/07 | 2,160 | 2,160,000 | |||||
Miami Dade County Expressway Toll RB Series 2006-1004 DN (AMBAC Insurance, Bank of New York SBPA) (A-1+) | ||||||||
3.95%(b)(c) | 05/07/07 | 3,400 | 3,400,000 | |||||
Pinellas County IDRB Series 2004 DN (Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
4.10%(b) | 05/07/07 | 2,250 | 2,250,000 | |||||
Putnam County Development Authority PCRB (Seminole Electric Co-op Project) Series 1984D DN (National Rural Utilities LOC) (A-1) | ||||||||
3.53%(b) | 06/15/07 | 10,000 | 10,000,000 | |||||
Putnam County Development Authority PCRB (Seminole Electric Co-op Project) Series 2003H-4 DN (National Rural Utilities Guaranty) (A-1) | ||||||||
3.68%(b) | 10/26/07 | 7,475 | 7,475,000 | |||||
| 73,070,000 | ||||||||
Georgia — 4.7% | ||||||||
Burke County TECP (A-1+, VMIG-1) | ||||||||
3.65% | 09/10/07 | 12,500 | 12,500,000 | |||||
Clayton County Housing Authority Multi-Family Housing RB (Providence Place Apartments Project) Series 2006 AMT DN (AmSouth Bank of Alabama LOC) (VMIG-1) | ||||||||
4.00%(b) | 05/07/07 | 300 | 300,000 | |||||
Fulton County Development Authority RB (Robert W Woodruff Arts Center) Series 2004B DN (SunTrust Bank LOC) (VMIG-1, F-1+) | ||||||||
3.96%(b) | 05/07/07 | 37,500 | 37,500,000 | |||||
Gordon County IDRB (Aladdin Manufacturing Corp. Project) Series 1997A AMT DN (Wachovia Bank N.A. LOC) | ||||||||
4.03%(b) | 05/07/07 | 1,000 | 1,000,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
34
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Georgia (Continued) | ||||||||
Gordon County IDRB (Aladdin Manufacturing Corp. Project) Series 1997B DN (Wachovia Bank N.A. LOC) | ||||||||
4.03%(b) | 05/07/07 | $ | 1,000 | $ | 1,000,000 | |||
Laurens County IDRB (Aladdin Manufacturing Corp. Project) Series 1997 AMT DN (Wachovia Bank N.A. LOC) | ||||||||
4.03%(b) | 05/07/07 | 1,000 | 1,000,000 | |||||
Macon-Bibb County IDRB (Battle Lumber Co, Inc. Project) Series 2007 DN (U.S. Bank N.A. LOC) (VMIG-1) | ||||||||
4.02%(b) | 05/07/07 | 5,500 | 5,500,000 | |||||
Whitefield County Educational Development Authority RB (Aladdin Solid Waste Disposal Project) Series 1999 AMT DN (Wachovia Bank N.A. LOC) | ||||||||
4.03%(b) | 05/07/07 | 3,100 | 3,100,000 | |||||
| 61,900,000 | ||||||||
Illinois — 5.7% | ||||||||
Chicago IDRB (Promise Candy Project) Series 2001 AMT DN (LaSalle Bank N.A. LOC) | ||||||||
4.06%(b) | 05/07/07 | 3,060 | 3,060,000 | |||||
Chicago Multi-Family Housing RB Munitops Trust Certificates Series 2006 AMT DN (ABN-AMRO Bank N.V. LOC) (VMIG-1) | ||||||||
4.04%(b)(c) | 05/07/07 | 7,015 | 7,015,000 | |||||
Elmhurst IDRB (Randall Manufacturing Project) Series 2002 DN (LaSalle Bank N.A. LOC) (A-1+) | ||||||||
4.12%(b) | 05/07/07 | 1,565 | 1,565,000 | |||||
Illinois Development Finance Authority IDRB (Alternative Behavior Treatment Project) Series 2005 DN (JPMorgan Chase & Co. LOC) | ||||||||
4.05%(b) | 05/07/07 | 3,050 | 3,050,000 | |||||
Illinois Development Finance Authority IDRB (Cano Packaging Corp. Project) Series 2001 AMT DN (LaSalle Bank N.A. LOC) | ||||||||
4.11%(b) | 05/07/07 | 2,030 | 2,030,000 | |||||
Illinois Development Finance Authority IDRB (Freedman Seating Co. Project) Series 2005 AMT DN (LaSalle Bank N.A. LOC) (A-1) | ||||||||
4.02%(b) | 05/07/07 | 2,240 | 2,240,000 | |||||
Illinois Development Finance Authority IDRB (Harbortown Industries Project) Series 2000A AMT DN (LaSalle Bank N.A. LOC) | ||||||||
4.08%(b) | 05/07/07 | 2,000 | 2,000,000 | |||||
Illinois Development Finance Authority IDRB (Mason Corp. Project) Series 2000A AMT DN (LaSalle Bank N.A. LOC) | ||||||||
4.08%(b) | 05/07/07 | 4,155 | 4,155,000 | |||||
Illinois Development Finance Authority RB (Fairview Project) Series 2004 DN (LaSalle Bank N.A. LOC) (A-1) | ||||||||
3.97%(b) | 05/07/07 | 11,500 | 11,500,000 | |||||
Morgan Keegan Municipal Products, Inc. RB Municipal Trust Receipts Series 2007B AMT DN (Banque Nationale de Paribas LOC) (A-1+) | ||||||||
4.02%(b)(c) | 05/07/07 | 10,000 | 10,000,000 | |||||
Springfield Community Improvement RB Series 2000 AMT DN (National City Bank N.A. LOC) | ||||||||
4.16%(b) | 05/07/07 | 360 | 360,000 | |||||
Upper River Valley IDRB (Advanced Drainage System Project) Series 2002 AMT DN (National City Bank N.A. LOC) | ||||||||
4.06%(b) | 05/07/07 | 1,500 | 1,500,000 | |||||
Will County Exempt Facilities RB (Exxonmobil Project) Series 2001 AMT DN (A-1+, VMIG-1) | ||||||||
4.13%(b) | 05/01/07 | 26,815 | 26,815,000 | |||||
| 75,290,000 | ||||||||
Indiana — 3.0% | ||||||||
Anderson Economic Development RB (Printer Zink, Inc. Project) Series 2004A AMT DN (U.S. Bank N.A. LOC) (A-1+) | ||||||||
4.09%(b) | 05/07/07 | 1,960 | 1,960,000 | |||||
Elkhart County Industrial Economic Development RB (Four Seasons Manufacturing, Inc. Project) Series 2000 AMT DN (National City Bank N.A. LOC) | ||||||||
4.11%(b) | 05/07/07 | 925 | 925,000 | |||||
Fort Wayne Economic Development Authority RB (Advanced Machine & Tool Project) Series 2001 AMT DN (National City Bank N.A. LOC) | ||||||||
4.11%(b) | 05/07/07 | 1,470 | 1,470,000 | |||||
Huntingburg Multi-Family Housing RB (Lincoln Village Apartments Project) Series 2000 AMT DN (Federal Home Loan Bank Guaranty) | ||||||||
4.07%(b) | 05/07/07 | 2,250 | 2,250,000 | |||||
Indiana Bond Bank RB (Advanced Funding Program) Series 2007-A RAN (Bank of New York LOC) | ||||||||
4.25% | 01/31/08 | 3,800 | 3,816,594 | |||||
Indiana Economic Development Finance Authority IDRB (Republic Services, Inc. Project) Series 2005 AMT DN (VMIG-2) | ||||||||
4.31%(b) | 05/01/07 | 5,300 | 5,300,000 | |||||
Indiana Economic Development Finance Authority RB (IVC Industrial Coatings, Inc. Project) Series 2000 AMT DN (Bank One N.A. LOC) | ||||||||
4.00%(b) | 05/07/07 | 4,500 | 4,500,000 | |||||
Indiana Economic Development Finance Authority RB (Saroyan Hardwoods, Inc. Project) Series 1994 AMT DN (Fifth Third Bank N.A. LOC) | ||||||||
4.35%(b) | 05/07/07 | 500 | 500,000 | |||||
Indiana Finance Authority Enviromental RB (Mittal Steel USA Project) Series 2006 AMT DN (National City Bank N.A. LOC) (A-1+, VMIG-1) | ||||||||
3.98%(b) | 05/07/07 | 5,200 | 5,200,000 | |||||
Indiana Housing & Community Development Authority Single Family Mortgages RB Series 2006E-2 AMT RAN (Rabobank Guaranty) (MIG-1, F-1+) | ||||||||
3.62% | 12/20/07 | 5,000 | 5,000,000 | |||||
Jeffersonville Economic Development Authority RB (Scansteel Project) Series 1998 AMT DN (National City Bank N.A. LOC, JPMorgan Chase & Co. SBPA) | ||||||||
4.16%(b) | 05/07/07 | 840 | 840,000 | |||||
Kendallville Economic Developmental Authority RB (Parts Finishing Group Project) Series 2006 AMT DN (Huntington National Bank LOC) | ||||||||
4.20%(b) | 05/07/07 | 3,000 | 3,000,000 | |||||
Orleans Economic Development RB (Almana LLC Project) Series 1995 AMT DN (Bank One N.A. LOC) | ||||||||
4.10%(b) | 05/07/07 | 1,500 | 1,500,000 | |||||
Scottsburg Economic Development Authority RB (American Plastic Corp. Project) Series 2000 AMT DN (National City Bank N.A. LOC) | ||||||||
4.16%(b) | 05/07/07 | 825 | 825,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
35
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Indiana (Continued) | ||||||||
St. Joseph County Industrial Economic Development RB (Midcorr Land Development LLC Project) Series 2002 DN (National City Bank N.A. LOC) | ||||||||
4.06%(b) | 05/07/07 | $ | 3,135 | $ | 3,135,000 | |||
| 40,221,594 | ||||||||
Iowa — 0.3% | ||||||||
Clear Lake Development RB (Joe Corbis Pizza Project) Series 2006 AMT DN (M&T Bank Corp. LOC) | ||||||||
4.07%(b) | 05/07/07 | 3,535 | 3,535,000 | |||||
Dallas County IDRB (Sioux City Brick Project) Series 2000A AMT DN (Firstar Bank N.A. LOC) | ||||||||
4.20%(b) | 05/07/07 | 1,000 | 1,000,000 | |||||
| 4,535,000 | ||||||||
Kansas — 0.2% | ||||||||
Kansas Development Finance Authority RB (Delaware Highlands Project) Series 2005C AMT DN (Federal Home Loan Bank LOC, Arvest Bank LOC) | ||||||||
4.02%(b) | 05/07/07 | 2,250 | 2,250,000 | |||||
Kentucky — 2.6% | ||||||||
City of Wilder Industrial Building RB (Saratoga Investments LP Project) Series 1998 AMT DN (Fifth Third Bank N.A. LOC) | ||||||||
4.10%(b) | 05/07/07 | 900 | 900,000 | |||||
Clark County PCRB (Eastern Kentucky Power National Rural Co-op Utilities Project) Series 1984J-2 DN (A-1, MIG-1) | ||||||||
3.70%(b) | 10/15/07 | 10,605 | 10,605,000 | |||||
Dayton IDRB (Ramkat Enterprise Project) Series 2001 AMT DN (U.S. Bank N.A. LOC) | ||||||||
4.15%(b) | 05/07/07 | 1,610 | 1,610,000 | |||||
Elsmere IDRB (International Mold Steel, Inc. Project) Series 1996 AMT DN (U.S. Bank N.A. LOC) | ||||||||
4.10%(b) | 05/07/07 | 1,110 | 1,110,000 | |||||
Henderson Industrial Building RB (Shamrock Technologies Project) Series 1997 AMT DN (Wachovia Bank N.A. LOC) | ||||||||
4.10%(b) | 05/07/07 | 206 | 206,000 | |||||
Jefferson County Industrial Building RB (Atlas Machine & Supply Co. Project) Series 1999 AMT DN (Bank One N.A. LOC) | ||||||||
4.20%(b) | 05/07/07 | 3,320 | 3,320,000 | |||||
Kentucky Economic Development Finance Authority Solid Waste Disposal RB (Republic Services, Inc. Project) Series 2005 AMT DN | ||||||||
4.22%(b) | 05/07/07 | 7,400 | 7,400,000 | |||||
Pulaski County Solid Waste Disposal RB (National Rural Utilities for East Kentucky Power Project) Series 1993B AMT DN (National Rural Utilities Guaranty) (VMIG-1) | ||||||||
3.73%(b) | 08/15/07 | 8,800 | 8,800,000 | |||||
| 33,951,000 | ||||||||
Louisiana — 2.1% | ||||||||
Donaldsonville IDRB (John Folse & Co., Inc. Project) Series 2003 DN (AmSouth Bank LOC) | ||||||||
4.02%(b) | 05/07/07 | 2,150 | 2,150,000 | |||||
East Baton Rouge RB Morgan Keegan Municipal Products, Inc. Trust Receipts Series 2007A AMT DN (Transamerica Life Insurance Co. Guaranty, Lloyds TSB Band Plc SBPA) (A-1+) | ||||||||
4.02%(b)(c) | 05/07/07 | 3,000 | 3,000,000 | |||||
Lafayette Educational Development Authority RB (Holt County Project) Series 1990 DN (Regions Bank LOC) | ||||||||
4.17%(b) | 05/07/07 | 2,650 | 2,650,000 | |||||
Louisiana Housing Finance Agency RB (Housing Restoration Project) Series 2002A AMT DN (Regions Bank LOC) | ||||||||
4.05%(b) | 05/07/07 | 2,050 | 2,050,000 | |||||
Louisiana Local Government Enviromental Facilities Community Development Authority RB (BASF Corp. Project) Series 2000A DN (A-1+) | ||||||||
4.05%(b) | 05/07/07 | 6,000 | 6,000,000 | |||||
Louisiana Local Government Enviromental Facilities Community Development Authority RB (Ouachita Christian School, Inc. Project) Series 2002 DN (Bank One N.A. LOC) | ||||||||
4.17%(b) | 05/07/07 | 1,340 | 1,340,000 | |||||
New Orleans Finance Authority RB Morgan Keegan Municipal Products, Inc. Municipal Trust Receipts Series 2006G AMT DN (Lloyds TSB Bank Plc LOC) (A-1+) | ||||||||
4.02%(b)(c) | 05/07/07 | 2,500 | 2,500,000 | |||||
North Webster Parish IDRB (CSP Project) Series 2001 AMT DN (Regions Bank LOC) | ||||||||
4.02%(b) | 05/07/07 | 2,530 | 2,530,000 | |||||
St. Charles Parish PCRB (Shell Oil Co. Norco Project)n Series 1991 AMT DN (A-1+, VMIG-1) | ||||||||
4.10%(b) | 05/01/07 | 6,000 | 6,000,000 | |||||
| 28,220,000 | ||||||||
Maine — 0.5% | ||||||||
Maine Finance Authority RB (Brunswick Publishing Project) Series 2005 AMT DN (SunTrust Bank LOC) | ||||||||
4.02%(b) | 05/07/07 | 1,900 | 1,900,000 | |||||
Maine Housing Authority Mortgage Purchase RB Series 2006H AMT DN (A-1+, VMIG-1) | ||||||||
3.62%(b) | 12/17/07 | 4,000 | 4,000,000 | |||||
| 5,900,000 | ||||||||
Maryland — 1.7% | ||||||||
Maryland Economic Development Corp. RB (Acadia Todds Lane LLC Facilities Project) Series 2006 AMT DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.02%(b) | 05/07/07 | 5,650 | 5,650,000 | |||||
Maryland Economic Development Corp. RB (Bindagraphics, Inc. Facilities Project) Series 2007 AMT DN (Manufacturers & Traders Trust Co. LOC) (A-1) | ||||||||
4.02%(b) | 05/07/07 | 5,490 | 5,490,000 | |||||
Maryland Economic Development Corp. RB (Joe Corbis Pizza Project) Series 2000 AMT DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.07%(b) | 05/01/07 | 870 | 870,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
36
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Maryland (Continued) | ||||||||
Maryland Economic Development Corp. RB (Lithographing Co. Project) Series 2001 AMT DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.02%(b) | 05/07/07 | $ | 2,355 | $ | 2,355,000 | |||
Maryland Economic Development Corp. RB (Pharmaceutics International Project) Series 2001A AMT DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.07%(b) | 05/07/07 | 5,195 | 5,195,000 | |||||
Maryland Economic Development Corp. RB (Redrock LLC Facilities Project) Series 2002 DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
4.07%(b) | 05/07/07 | 2,200 | 2,200,000 | |||||
Wicomico County Economic Development RB (Plymouth Tube Co. Project) Series 1996 AMT DN (Bank One N.A. LOC) (VMIG-1) | ||||||||
4.20%(b) | 05/07/07 | 1,200 | 1,200,000 | |||||
| 22,960,000 | ||||||||
Massachusetts — 1.4% | ||||||||
Massachuetts Development Finance Agency RB (Brooksby Village, Inc. Project) Series 2004 DN (ABN-AMRO Bank N.V. LOC) (A-1) | ||||||||
3.95%(b) | 05/07/07 | 13,465 | 13,465,000 | |||||
Melrose GO Series 2006 BAN (SP-1+, MIG-1) | ||||||||
4.35% | 08/09/07 | 5,165 | 5,174,692 | |||||
| 18,639,692 | ||||||||
Michigan — 6.6% | ||||||||
Detroit Economic Development Authority RB MERLOTS Trust Receipts Series 2001A-90 AMT DN (AMBAC Insurance, Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
4.07%(b)(c) | 05/07/07 | 2,500 | 2,500,000 | |||||
Lakeview Communitiy Schools RB (Aid Anticipatory Notes) Series 2006 MB | ||||||||
4.25% | 08/20/07 | 2,070 | 2,072,479 | |||||
Michigan Building Authority RB Eagle Trust Receipts Series 2006-0142 DN (FGIC Insurance, Citibank N.A. LOC) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 26,300 | 26,300,000 | |||||
Michigan Strategic Fund Limited Obligation RB (America Group LLC Project) Series 2000 AMT DN (Bank One N.A. LOC) | ||||||||
4.20%(b) | 05/07/07 | 3,200 | 3,200,000 | |||||
Michigan Strategic Fund Limited Obligation RB (Bayloff Properties Project) Series 1998 AMT DN (National City Bank N.A. LOC) | ||||||||
4.16%(b) | 05/07/07 | 1,000 | 1,000,000 | |||||
Michigan Strategic Fund Limited Obligation RB (Conway Products Project) Series 2001 AMT DN (Comerica Bank N.A. LOC) | ||||||||
4.09%(b) | 05/07/07 | 1,730 | 1,730,000 | |||||
Michigan Strategic Fund Limited Obligation RB (Dow Chemical Project) Series 2003B-1 DN (A-2, P-2) | ||||||||
4.15%(b) | 05/07/07 | 450 | 450,000 | |||||
Michigan Strategic Fund Limited Obligation RB (G&B Tech LLC Project) Series 2005 AMT DN (Huntington National Bank LOC) | ||||||||
4.20%(b) | 05/07/07 | 1,570 | 1,570,000 | |||||
Michigan Strategic Fund Limited Obligation RB (Hannah Technical Project) Series 2002 AMT DN (Comerica Bank N.A. LOC) | ||||||||
4.09%(b) | 05/07/07 | 3,200 | 3,200,000 | |||||
Michigan Strategic Fund Limited Obligation RB (John A Van Bosch Co. Project) Series 2006 AMT DN (Huntington National Bank LOC) | ||||||||
4.20%(b) | 05/07/07 | 2,000 | 2,000,000 | |||||
Michigan Strategic Fund Limited Obligation RB (K&K Management Co. Project) Series 2000 AMT DN (Huntington National Bank LOC) | ||||||||
4.22%(b) | 05/07/07 | 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) | ||||||||
4.20%(b) | 05/07/07 | 2,920 | 2,920,000 | |||||
Michigan Strategic Fund Limited Obligation RB (Midwest Glass Fabricators, Inc. Project) Series 2001 DN (Huntington National Bank LOC) | ||||||||
4.20%(b) | 05/07/07 | 2,075 | 2,075,000 | |||||
Michigan Strategic Fund Limited Obligation RB (PFG Enterprises, Inc. Project) Series 2001 AMT DN (Huntington National Bank LOC) | ||||||||
4.22%(b) | 05/07/07 | 200 | 200,000 | |||||
Michigan Strategic Fund Limited Obligation RB (Saginaw Production Corp. Project) Series 2001 AMT DN (Comerica Bank N.A. LOC) | ||||||||
4.09%(b) | 05/07/07 | 2,180 | 2,180,000 | |||||
Michigan Strategic Fund Limited Obligation RB (Total Business Systems Project) Series 1998 AMT DN (Comerica Bank N.A. LOC) | ||||||||
4.09%(b) | 05/07/07 | 2,210 | 2,210,000 | |||||
Oakland County Economic Development Corp. RB (Academy of Sacred Heart Project) Series 2002 DN (Allied Irish Bank Plc LOC) (VMIG-1) | ||||||||
4.00%(b) | 05/07/07 | 7,490 | 7,490,000 | |||||
Oakland County Economic Development Corp. RB (Exhibit Enterprises, Inc. Project) Series 2004 AMT DN (Comerica Bank N.A. LOC) | ||||||||
4.09%(b) | 05/07/07 | 6,825 | 6,825,000 | |||||
Oakland County Economic Development Corp. RB (Glass & Mirror Craft Industries, Inc. Project) Series 2000 AMT DN (Bank One N.A. LOC) | ||||||||
4.06%(b) | 05/07/07 | 4,000 | 4,000,000 | |||||
Wayne State University RB Munitops Trust Certificates Series 2006-61 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (F-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 4,215 | 4,215,000 | |||||
Zeeland Hospital Finance Authority RB (Zeeland Community Hospital Project) Series 2004 DN (Huntington National Bank LOC) (A-1) | ||||||||
4.09%(b) | 05/07/07 | 10,600 | 10,600,000 | |||||
| 87,737,479 | ||||||||
Minnesota — 1.5% | ||||||||
Becker GO (Various Certificates) Series 2004 AMT DN (Bank of New York LOC) (A-1+, VMIG-1) | ||||||||
4.02%(b)(c) | 05/07/07 | 9,995 | 9,995,000 | |||||
Becker IDRB (Plymouth Foam Project) Series 2004 DN (Associated Bank N.A. LOC) | ||||||||
4.13%(b) | 05/07/07 | 2,500 | 2,500,000 | |||||
Minneapolis & St. Paul Metropolitan Airports Commission RB Series 2007-2G DN (FGIC Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 7,485 | 7,485,000 | |||||
| 19,980,000 | ||||||||
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Missouri — 1.0% | ||||||||
Bridgeton IDRB (Gold Dust LLC Project) Series 2000A AMT DN (Commerce Bank N.A. LOC) | ||||||||
4.13%(b) | 05/07/07 | $ | 1,125 | $ | 1,125,000 | |||
Palmyra IDA Solidwaste Disposal RB (BASF Corp. Project) Series 2002 AMT DN (BASF Aktieng-esellsch Liquidity Facility) (A-1+) | ||||||||
4.05%(b) | 05/07/07 | 4,000 | 4,000,000 | |||||
St. Charles County IDRB (Austin Machine Co. Project) Series 2003A DN (Bank of America N.A. LOC) | ||||||||
4.08%(b) | 05/07/07 | 1,720 | 1,720,000 | |||||
St. Charles County IDRB (Patriot Machine, Inc. Project) Series 2002 AMT DN (U.S. Bank N.A. LOC) | ||||||||
4.10%(b) | 05/07/07 | 3,275 | 3,275,000 | |||||
St. Louis IDRB Series 2005A AMT DN (Marshall & Ilsley Bank LOC) (A-1) | ||||||||
4.08%(b) | 05/07/07 | 3,480 | 3,480,000 | |||||
| 13,600,000 | ||||||||
Montana — 0.1% | ||||||||
Montana Housing Board RB MERLOTS Trust Receipts Series 2002A-19 AMT DN (Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
4.04%(b)(c) | 05/07/07 | 1,430 | 1,430,000 | |||||
Multi-State — 3.5% | ||||||||
Clipper Tax-Exempt Certificates Trust RB (Certified Partner Multi-State Project) Series 2005-31 DN (AMBAC Insurance, FSA Insurance, State Street Bank & Trust Co. SBPA) (VMIG-1) | ||||||||
4.07%(b)(c) | 05/07/07 | 11,588 | 11,588,000 | |||||
Federal Home Loan Mortgage Corp. Variable Rate Demand Certificates (Multi-Family Housing Project) Series 2005A-M005 AMT DN (Federal Home Loan Mortgage Corp. Guaranty) (AAA) | ||||||||
4.02%(b) | 05/07/07 | 22,788 | 22,788,431 | |||||
Morgan Keegan Municipal Products, Inc. RB Municipal Trust Receipts Series 2005C AMT DN (Banque Nationale de Paribas Liquidity Facility) (A-1+) | ||||||||
4.02%(b)(c) | 05/07/07 | 4,040 | 4,040,000 | |||||
UBS Municipal Certificates GO Series 2007 DN (BNP Parisbas Liquidity Facility) (A-1+) | ||||||||
4.02%(b)(c) | 05/07/07 | 7,500 | 7,500,000 | |||||
| 45,916,431 | ||||||||
Nevada — 0.3% | ||||||||
Clark County Airport RB Munitops Trust Certificates Series 2005-56 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (F-1+, AAA) | ||||||||
3.69%(b)(c) | 05/24/07 | 4,000 | 4,000,000 | |||||
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) | ||||||||
4.08%(b) | 05/07/07 | 935 | 935,000 | |||||
New Hampshire Business Finance Authority Industrial Facilities RB (JMT Properties LLC Project) Series 2002 AMT DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.05%(b) | 05/07/07 | 1,805 | 1,805,000 | |||||
| 2,740,000 | ||||||||
New Jersey — 0.9% | ||||||||
Hudson County Improvement Authority RB (Essential Purpose Pooled Government Project) Series 1986 DN (Bank of New York LOC) (A-1+) | ||||||||
3.84%(b) | 05/07/07 | 4,800 | 4,800,000 | |||||
New Jersey Economic Development Authority RB Series 2004 ROC-RR-II-R-309 DN (Assured Guaranty Ltd. Insurance, Citibank N.A. SBPA) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 3,330 | 3,330,000 | |||||
New Jersey Turnpike Authority RB Series 2003C-1 DN (Landesbank Hessen-Thuringen Girozentrale LOC) (A-1+, VMIG-1) | ||||||||
3.90%(b) | 05/07/07 | 4,100 | 4,100,000 | |||||
| 12,230,000 | ||||||||
New York — 1.3% | ||||||||
Erie County IDRB (Orchard Park CCRC, Inc. Project) Series 2006B DN (Sovereign Bank LOC, Citizens Financial Group LOC) (A-1+) | ||||||||
3.95%(b) | 05/07/07 | 5,000 | 5,000,000 | |||||
Hempstead Town IDA Civic Facility RB (Hebrew Academy Project) Series 2006 DN (Sovereign Bank LOC, KBC Bank N.V. LOC) (A-1+) | ||||||||
3.93%(b) | 05/07/07 | 3,650 | 3,650,000 | |||||
Lewis County IDRB (Climax Manufacturing Co. Project) Series 2000 AMT DN (M&T Bank Corp. LOC) (A-1, VMIG-1) | ||||||||
3.90%(b) | 05/07/07 | 1,230 | 1,230,000 | |||||
New York City IDA Special Facilities RB (Air Express International Corp. Project) Series 1997 AMT DN (Citibank N.A. LOC) (A-1+) | ||||||||
3.99%(b) | 05/07/07 | 5,000 | 5,000,000 | |||||
Ulster IDRB (Viking Industries, Inc. Project) Series 1998A AMT DN (KeyBank N.A. LOC) | ||||||||
4.08%(b) | 05/07/07 | 1,190 | 1,190,000 | |||||
Yates County IDRB (Coach & Equipment Manufacturing Corp. Project) Series 2000A AMT DN (M&T Bank Corp. LOC) (A-1+) | ||||||||
4.04%(b) | 05/07/07 | 1,595 | 1,595,000 | |||||
| 17,665,000 | ||||||||
North Carolina — 4.1% | ||||||||
Charlotte-Mecklenburg Hospital Authority RB (Carolina’s Healthcare Project) Series 2005B DN (Bank of America N.A. SBPA) (A-1+, VMIG-1) | ||||||||
4.01%(b) | 05/01/07 | 5,580 | 5,580,000 | |||||
Mecklenburg County COP Series 2007A DN (Landesbank Hessen-Thuringen Girozentrale SBPA) (A-1, VMIG-1, F-1+) | ||||||||
4.01%(b) | 05/01/07 | 5,670 | 5,670,000 | |||||
Mecklenburg County Industrial Facilities PCRB (Piedmont Plastics Project) Series 1997 AMT DN (Branch Banking & Trust Co. LOC) (Aa3, VMIG-1) | ||||||||
4.05%(b) | 05/07/07 | 1,190 | 1,190,000 | |||||
North Carolina Capital Facilities RB (Service Income Project) Series 2004 AMT DN (SunTrust Bank LOC) (VMIG-1) | ||||||||
4.10%(b) | 05/01/07 | 16,150 | 16,150,000 | |||||
North Carolina Housing Finance Agency RB (Home Ownership Project) Series 2005-22C AMT MB (A-1+, MIG-1) | ||||||||
3.65% | 10/01/07 | 7,500 | 7,500,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
North Carolina (Continued) | ||||||||
North Carolina Housing Finance Agency RB MERLOTS Trust Receipts Series 2006B-12 DN (Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
4.04%(b)(c) | 05/07/07 | $ | 9,005 | $ | 9,005,000 | |||
North Carolina Housing Finance Agency RB Series 2002 ROC-II-R-175 AMT DN (Citibank N.A. Liquidity Facility) (VMIG-1) | ||||||||
4.01%(b)(c) | 05/07/07 | 2,075 | 2,075,000 | |||||
North Carolina Port Authority RB (Wilmington Bulk LLC Project) Series 2001A AMT DN (Branch Banking & Trust Co. LOC) (VMIG-1) | ||||||||
4.05%(b) | 05/07/07 | 1,260 | 1,260,000 | |||||
North Carolina Port Authority RB Series 2006A-2 AMT DN (Bank of America N.A. LOC) (VMIG-1) | ||||||||
4.00%(b) | 05/07/07 | 1,100 | 1,100,000 | |||||
Rutherford County Industrial Facilities PCRB (Thieman Metal Technology Project) Series 1998 AMT DN (Branch Banking & Trust Co. LOC) (VMIG-1) | ||||||||
4.05%(b) | 05/07/07 | 1,800 | 1,800,000 | |||||
Sampson County Industrial Facilities PCRB (Dubose Strapping, Inc. Project) Series 2003 AMT DN (Wachovia Bank N.A. LOC) | ||||||||
4.10%(b) | 05/07/07 | 2,320 | 2,320,000 | |||||
Wake County HFA RB (Casa Melvid Multi-Family Housing Project) Series 2001A AMT DN (SunTrust Bank LOC) (VMIG-1) | ||||||||
4.06%(b) | 05/07/07 | 700 | 700,000 | |||||
| 54,350,000 | ||||||||
North Dakota — 0.6% | ||||||||
Mercer County Solid Waste Disposal RB (National Rural Utilities United Power Project) Series 1993U AMT DN (National Rural Utilities LOC) (A-1, P-1) | ||||||||
3.58%(b) | 05/07/07 | 5,000 | 5,000,000 | |||||
Mercer County Solid Waste Disposal RB (National Rural Utilities Untied Power Project) Series 1995A AMT MB (A-1) | ||||||||
3.73%(b) | 09/04/07 | 2,100 | 2,100,000 | |||||
North Dakota Housing Finance Agency RB Series 2001A-19 AMT DN (Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
4.04%(b)(c) | 05/07/07 | 1,430 | 1,430,000 | |||||
| 8,530,000 | ||||||||
Ohio — 5.9% | ||||||||
Akron Income Tax RB Munitops Trust Certificates (Community Learning Centers Project) Series 2004A DN (FGIC Insurance, ABN-AMRO Bank N.V. SBPA) (A-1, F-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 2,000 | 2,000,000 | |||||
American Municipal Power, Inc. GO (Cleveland Public Power Project) Series 2006 BAN | ||||||||
3.80% | 08/16/07 | 1,340 | 1,340,000 | |||||
Cambridge City Hospital Facilities Authority RB (Regional Medical Center Project) Series 2001 DN (National City Bank N.A. LOC) (VMIG-1) | ||||||||
3.96%(b) | 05/07/07 | 1,800 | 1,800,000 | |||||
Cuyahoga County Health Care Facilities RB (Franciscan Communities Project) Series 2004E DN (LaSalle Bank N.A. LOC) (A-1) | ||||||||
3.95%(b) | 05/07/07 | 2,100 | 2,100,000 | |||||
Darke County GO Series 2006A BAN | ||||||||
4.25% | 06/28/07 | 1,000 | 1,000,852 | |||||
Dayton-Montgomery County Port Authority RB (DHL 2007 Project) Series 2007C AMT DN (Deutsche Post Bank LOC) (A-1, VMIG-1, F-1) | ||||||||
4.10%(b) | 05/07/07 | 9,000 | 9,000,000 | |||||
Delaware County Economic Development RB (The Columbus Zoological Park Associates, Inc. Project) Series 2003 DN (Huntington National Bank LOC) | ||||||
4.10%(b) | 05/07/07 | 10 | 10,000 | |||
Delaware County IDRB (Air Waves, Inc. Project) Series 1995 DN (KeyBank N.A. LOC) | ||||||
4.08%(b) | 05/07/07 | 340 | 340,000 | |||
Franklin County Healthcare Facilities RB (Heritage Day Health Centers Project) Series 2002 DN (Huntington National Bank LOC) | ||||||
4.00%(b) | 05/07/07 | 735 | 735,000 | |||
Franklin County Healthcare Facilities RB (Ohio Presbyterian Improvement Project) Series 2006A DN (Huntington National Bank LOC) (A-1) | ||||||
3.99%(b) | 05/07/07 | 10,000 | 10,000,000 | |||
Hamilton County Hospital Facilities RB (Children’s Hospital Medical Center Project) Series 2000 DN (JPMorgan Chase & Co. LOC) (VMIG-1) | ||||||
3.95%(b) | 05/07/07 | 3,450 | 3,450,000 | |||
Hamilton County Hospital Facilities RB (Elizabeth Gamble Project) Series 2002A DN (Morgan Guaranty Trust LOC) (VMIG-1) | ||||||
3.88%(b) | 05/07/07 | 3,790 | 3,790,000 | |||
Harrison Township GO (Fire Department Project) Series 2006 BAN | ||||||
3.85% | 10/11/07 | 1,000 | 1,000,860 | |||
Licking County GO BAN | ||||||
4.25% | 11/28/07 | 480 | 481,739 | |||
Mahoning County IDRB (Serra Land Project) Series 1997 AMT DN (KeyBank N.A. LOC) | ||||||
4.08%(b) | 05/07/07 | 975 | 975,000 | |||
Ohio GO (Common Schools Project) Series 2005A DN | ||||||
3.90%(b) | 05/07/07 | 1,100 | 1,100,000 | |||
Ohio GO (Common Schools Project) Series 2006C DN | ||||||
3.93%(b) | 05/07/07 | 3,700 | 3,700,000 | |||
Ohio Housing Finance Agency Mortgage RB MERLOTS Trust Receipts Series 2005A-10 AMT DN (Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||
4.04%(b)(c) | 05/07/07 | 3,410 | 3,410,000 | |||
Ohio Solid Waste RB (Republic Services, Inc. Project) Series 2005 AMT DN (A-2) | ||||||
4.22%(b) | 05/07/07 | 8,000 | 8,000,000 | |||
Pepper Pike GO Series 2006 BAN | ||||||
4.00% | 05/31/07 | 2,614 | 2,614,517 | |||
Richland County GO (Correctional Facilities Project) Series 2007 BAN | ||||||
3.75% | 02/21/08 | 1,500 | 1,500,000 | |||
St. Mary’s MB (Sanitation Improvement Project) Series 2006 BAN | ||||||
4.05% | 06/06/07 | 867 | 867,206 | |||
Stark County IDRB (Thakar Properties LLC Project) Series 2002 AMT DN (National City Bank N.A. LOC) | ||||||
4.06%(b) | 05/07/07 | 410 | 410,000 |
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
39
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Ohio (Continued) | ||||||||
Summit County Port Authority RB (Meadow Lane Building LLC Project) Series 2003A AMT DN (KeyBank N.A. LOC) | ||||||||
4.08%(b) | 05/07/07 | $ | 2,160 | $ | 2,160,000 | |||
Toledo GO Munitops Trust Certificates Series 2004-18 DN (FGIC Insurance, State Aid Withholding Guaranty, ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.73%(b)(c) | 06/14/07 | 9,995 | 9,995,000 | |||||
Trumbull County IDRB (Ellwood Engineered Project) Series 2004 AMT DN (KeyBank N.A. LOC) | ||||||||
4.08%(b) | 05/07/07 | 400 | 400,000 | |||||
University of Cincinnati RB Series 2004B DN (AMBAC Insurance, Bayerische Landesbank Girozentrale SBPA) (A-1+, VMIG-1) | ||||||||
3.94%(b) | 05/07/07 | 6,540 | 6,540,000 | |||||
| 78,720,174 | ||||||||
Oklahoma — 1.1% | ||||||||
Muskogee Transport Authority IDRB (Metals USA, Inc. Project) Series 1998 AMT DN (Bank One N.A. LOC) | ||||||||
4.00%(b) | 05/07/07 | 2,850 | 2,850,000 | |||||
Oklahoma City IDRB Series 1998 AMT DN (Bank One N.A. LOC) | ||||||||
4.20%(b) | 05/07/07 | 1,685 | 1,685,000 | |||||
Oklahoma County Finance Authority Multi Family Housing RB (Sail Assoc. LLC Project) Series 2004 DN (Federal Home Loan Bank Guaranty) (A-1+) | ||||||||
4.02%(b) | 05/07/07 | 6,900 | 6,900,000 | |||||
Oklahoma Development Finance Authority RB (ConocoPhillips Co. Project) Series 2002B DN (ConocoPhillips Co. Guaranty) (A-2, VMIG-2) | ||||||||
4.05%(b) | 05/07/07 | 2,500 | 2,500,000 | |||||
| 13,935,000 | ||||||||
Pennsylvania — 4.6% | ||||||||
Butler County IDRB (Concordia Lutheran Project) Series 2000B DN (Radian Insurance) (A-1+) | ||||||||
3.99%(b) | 05/07/07 | 11,455 | 11,455,000 | |||||
Erie County IDRB (Fountainhead Project) Series 2006 AMT DN (Huntington National Bank LOC) | ||||||||
4.20%(b) | 05/07/07 | 2,210 | 2,210,000 | |||||
Indiana County IDRB (Conemaugh Project) Series 1997A AMT DN (Bank One N.A. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 1,800 | 1,800,000 | |||||
Pennsylvania Economic Development Financing Authority Waste Water Treatment RB (Sunoco, Inc. Project) Series 2004A AMT DN (Sunoco, Inc. Guaranty) (A-2, P-2) | ||||||||
4.00%(b) | 05/07/07 | 5,800 | 5,800,000 | |||||
Pennsylvania Economic Development Financing Authority Waste Water Treatment RB (Sunoco, Inc. Project) Series 2004B AMT DN (Sunoco, Inc. Guaranty) (A-2) | ||||||||
4.09%(b) | 05/07/07 | 8,500 | 8,500,000 | |||||
Pennsylvania Higher Educational Facilities Authority RB (Drexel University Project) Series 2003B DN (Allied Irish Bank Plc Liquidity Facility) (A-1, VMIG-1) | ||||||||
3.92%(b) | 05/07/07 | 1,655 | 1,655,000 | |||||
Pennsylvania Housing Finance Agency Single Family Mortgage RB MERLOTS Trust Receipts Series 2006B-15 AMT DN (Wachovia Bank N.A. LOC) (A-1+) | ||||||||
4.04%(b)(c) | 05/07/07 | 5,260 | 5,260,000 | |||||
Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2004-83B AMT DN (Landesbank Hessen-Thuringen Girozentrale SBPA) (A-1+, VMIG-1) | ||||||||
3.92%(b) | 05/07/07 | 4,810 | 4,810,000 | |||||
University of Pittsburgh of the Commonwealth Systems of Higher Education RB (University Capital Project) Series 2007A DN (A-1+, VMIG-1) | ||||||||
3.93%(b) | 05/07/07 | 10,300 | 10,300,000 | |||||
Venango IDRB Municipal Commercial Paper Series 2007 AMT TECP (A-1+, P-1) | ||||||||
3.70% | 05/07/07 | 8,500 | 8,500,000 | |||||
| 60,290,000 | ||||||||
South Carolina — 1.9% | ||||||||
Greenwood County Exempt Facility IDRB (Fuji Photo Film Project) Series 2004 AMT DN (Fuji Film Corp. Guaranty) (A-1+) | ||||||||
4.01%(b) | 05/07/07 | 12,200 | 12,200,000 | |||||
Ridgeland RB (Ridgeland LLC Project) Series 2006A AMT DN (Columbus Bank & Trust LOC) (F-1) | ||||||||
4.02%(b) | 05/07/07 | 2,325 | 2,325,000 | |||||
South Carolina Housing Finance & Development RB (Arrington Place Apartment Project) Series 2001 AMT DN (SunTrust Bank LOC) (VMIG-1) | ||||||||
4.06%(b) | 05/07/07 | 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) | ||||||||
4.06%(b) | 05/07/07 | 2,950 | 2,950,000 | |||||
South Carolina Jobs Economic Development Authority RB (Holcim U.S., Inc. Project) Series 2003 AMT DN (Comercia Bank N.A. LOC) (A-1) | ||||||||
4.09%(b) | 05/07/07 | 6,250 | 6,250,000 | |||||
| 24,825,000 | ||||||||
South Dakota — 0.3% | ||||||||
Spink County Solid Waste Disposal RB (United Feeders LLP) Series 2007 AMT DN (Wells Fargo Bank N.A. LOC) | ||||||||
4.02%(b) | 05/07/07 | 3,800 | 3,800,000 | |||||
Tennessee — 1.3% | ||||||||
Chattanooga IDRB (T.B. Woods Inc. Project) Series 1997 AMT DN (M&T Bank Corp. LOC) | ||||||||
4.04%(b) | 05/07/07 | 2,290 | 2,290,000 | |||||
Coffee County IDRB (Comtec Polymers, Inc. Project) Series 1997 AMT DN (Bank of America N.A. LOC) | ||||||||
4.12%(b) | 05/07/07 | 1,700 | 1,700,000 | |||||
Grundy County IDRB (Toyota Seat Project) Series 2001 AMT DN (Comerica Bank N.A. LOC) | ||||||||
4.14%(b) | 05/07/07 | 2,905 | 2,905,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
40
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Tennessee (Continued) | ||||||||
Jackson Health Educational & Housing Facility Board Multi-Family Housing RB (East Pointe LLC Project) Series 2006 AMT DN (Transamerica Occidental Life Insurance) (A-1+) | ||||||||
4.27%(b) | 05/07/07 | $ | 5,100 | $ | 5,100,000 | |||
Metropolitan Government of Nashville & Davidson County IDRB (Family LLC Project) Series 2002 AMT DN (SunTrust Bank LOC) (F-1+) | ||||||||
4.06% | 05/07/07 | 2,900 | 2,900,000 | |||||
Morristown IDRB (Petoskey Plastic Project) Series 1999 AMT DN (Comerica Bank N.A. LOC) | ||||||||
4.14%(b) | 05/07/07 | 1,810 | 1,810,000 | |||||
| 16,705,000 | ||||||||
Texas — 7.2% | ||||||||
Bell County Health Facilities Development Corp. RB (Scott & White Hospital Project) Series 2001-2 DN (MBIA Insurance, WestLB AG SBPA) | ||||||||
4.02%(b) | 05/01/07 | 11,100 | 11,100,000 | |||||
Brazos River (Dow Chemical Co. Project) TECP (P-1) | ||||||||
3.78% | 05/03/07 | 11,000 | 11,000,000 | |||||
El Paso Texas Multi-Family Housing Financing Corp. RB MERLOTS Trust Receipts Series 2006G-1 AMT DN (Wachovia Bank N.A. LOC) | ||||||||
4.04%(b)(c) | 05/07/07 | 7,565 | 7,565,000 | |||||
Lower Neches Valley Authority PCRB (Chevron USA, Inc. Project) Series 1987 DN (Chevron Corp. Guaranty) (A-1+, P-1) | ||||||||
3.73%(b) | 08/15/07 | 5,010 | 5,010,000 | |||||
Montgomery County IDRB (Sawyer Research Products, Inc. Project) Series 1995 AMT DN (KeyBank N.A. LOC) | ||||||||
4.11%(b) | 05/07/07 | 751 | 751,000 | |||||
Port Corpus Christi Nueces Solid Waste Disposal Authority RB (Flint Hills Resources Project) Series 2006 AMT DN (A-1, P-1) | ||||||||
4.26%(b) | 05/07/07 | 3,500 | 3,500,000 | |||||
San Marcos IDRB (TB Woods, Inc. Project) Series 1999 AMT DN (M&T Bank Corp. LOC) | ||||||||
4.04%(b) | 05/07/07 | 3,000 | 3,000,000 | |||||
South Plains Housing Corp. Single Family RB MERLOTS Trust Receipts Series 2002A-11 AMT DN (Government National Mortgage Assoc. Guaranty, Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||||
4.04%(b)(c) | 05/07/07 | 1,375 | 1,375,000 | |||||
Texas GO Series 2006 TRAN (SP-1+, MIG-1) | ||||||||
4.50% | 08/31/07 | 27,565 | 27,648,913 | |||||
Texas Water Development Board RB (State Revolving Fund Project) Series 2005 DN (JPMorgan Chase & Co. SBPA) (A-1+, VMIG-1) | ||||||||
4.10%(b) | 05/01/07 | 24,200 | 24,200,000 | |||||
| 95,149,913 | ||||||||
Utah — 1.4% | ||||||||
Intermountain Power Agency Power Supply RB Series 1985E MB (Morgan Stanley Group LOC) (AAA, Aaa, AAA) | ||||||||
3.64% | 09/17/07 | 15,000 | 15,000,000 | |||||
Intermountain Power Agency Power Supply RB Series 1985F DN (AMBAC Insurance, Morgan Stanley Group SBPA) (A-1, VMIG-1) | ||||||||
3.55%(b) | 06/01/07 | 3,000 | 3,000,000 | |||||
| 18,000,000 | ||||||||
Vermont — 1.6 % | ||||||||
Vermont Educational & Health Buildings Financing Agency RB (North Country Hospital Project) Series 2002A DN (TD Banknorth N.A. LOC) (VMIG-1) | ||||||||
4.06% | 05/01/07 | 12,415 | 12,415,000 | |||||
Vermont Educational & Health Buildings Financing Agency RB (Springfield Hospital Project) Series 2002A DN (TD Banknorth N.A. LOC) (VMIG-1) | ||||||||
3.96%(b) | 05/07/07 | 8,410 | 8,410,000 | |||||
| 20,825,000 | ||||||||
Virginia — 4.8% | ||||||||
Alexandria IDRB (Goodwin House Project) Series 2005 DN (Wachovia Bank N.A. LOC) (F-1+) | ||||||||
4.03%(b) | 05/01/07 | 9,295 | 9,295,000 | |||||
Botetourt County IDRB (Altec Industries Project) Series 2001 AMT DN (AmSouth Bank of Alabama LOC) (A-1) | ||||||||
4.10%(b) | 05/07/07 | 2,600 | 2,600,000 | |||||
Cabell Lifecare Facilities RB (Foster Foundation Project) Series 2003 DN (Huntington National Bank LOC) | ||||||||
4.10%(b) | 05/07/07 | 4,270 | 4,270,000 | |||||
Fairfax County IDRB (Inova Health Systems Project) Series 2005A-2 DN (A-1+, VMIG-1) | ||||||||
3.94%(b) | 05/07/07 | 2,200 | 2,200,000 | |||||
Loudoun County IDRB (Howard Hughes Medical Institute Project) Series 2003A DN (A-1+, VMIG-1) | ||||||||
4.08%(b) | 05/01/07 | 14,050 | 14,050,000 | |||||
Norfolk Redevelopment & Housing Authority Multi-Family Housing RB (Residential Rental Project) Series 2003 AMT DN (SunTrust Bank LOC) | ||||||||
4.11%(b) | 05/07/07 | 1,938 | 1,938,000 | |||||
Richmond IDRB (PM Beef Co. Project) Series 1997 AMT DN (Bank of America N.A. LOC) | ||||||||
4.12%(b) | 05/07/07 | 1,400 | 1,400,000 | |||||
Virginia Beach Development Authority Multi-Family Housing RB (Residential Rental Housing Project) Series 2002 AMT DN (SunTrust Bank LOC) | ||||||||
4.11%(b) | 05/07/07 | 1,684 | 1,684,000 | |||||
Virginia Housing Development Authority RB MERLOTS Trust Receipts Series 2006B-16 AMT DN (Wachovia Bank N.A. LOC) (A-1+) | ||||||||
4.04%(b)(c) | 05/07/07 | 5,325 | 5,325,000 | |||||
Virginia Housing Development Authority RB MERLOTS Trust Receipts Series 2006B-22 AMT DN (Wachovia Bank N.A. LOC) (A-1+) | ||||||||
4.04%(b)(c) | 05/07/07 | 4,405 | 4,405,000 | |||||
Virginia Housing Development Authority RB MERLOTS Trust Receipts Series 2006C-03 DN (Bank of New York SBPA) (A-1+) | ||||||||
4.04%(b)(c) | 05/07/07 | 6,385 | 6,385,000 | |||||
Virginia Housing Development Authority RB Municipal Securities Trust Certificates Series 2006A AMT DN (Bear Stearns Capital Markets Liquidity Facility) (VMIG-1) | ||||||||
4.00%(b)(c) | 05/07/07 | 10,000 | 10,000,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | ||||||
MUNICIPAL BONDS (Continued) | |||||||||
Virginia (Continued) | |||||||||
Virginia Small Business Financing Authority RB (Coastal Development Group Project) Series 1989 AMT DN (Branch Banking & Trust Co. LOC) | |||||||||
4.20%(b) | 05/07/07 | $ | 55 | $ | 55,000 | ||||
Winchester Authority Residential Care Facility IDRB (Westminster-Cantenbury Project) Series 2005B DN (Branch Banking & Trust Co. LOC) (VMIG-1) | |||||||||
3.95%(b) | 05/07/07 | 300 | 300,000 | ||||||
| 63,907,000 | |||||||||
Washington — 1.9% | |||||||||
King County Sewer RB Series 2006A DN (MBIA Insurance, Royal Bank of Canada Liquidity Facility) (A-1, VMIG-1) | |||||||||
3.95%(b) | 05/07/07 | 2,900 | 2,900,000 | ||||||
Port Seattle Supply Facility RB Seatac Fuel Facility Project Trust Receipts Series 2007I-11 AMT DN (MBIA Insurance, Royal Bank of Canada LOC) (A-1+) | |||||||||
4.00%(b)(c) | 05/07/07 | 7,000 | 7,000,000 | ||||||
Seattle Housing Authority RB (High Point Project Phase II) Series 2007 AMT DN (Key Bank N.A. LOC) (A-1) | |||||||||
4.01%(b) | 05/07/07 | 4,500 | 4,500,000 | ||||||
Washington Economic Development Finance Authority RB (Delta Marine Industries) Series 2007A AMT DN (Key Bank N.A. LOC) (A-1+) | |||||||||
4.05%(b) | 05/07/07 | 10,000 | 10,000,000 | ||||||
Yakima County Public Corp. RB (Michelsen Packaging Co. Project) Series 2000 AMT DN (Bank of America N.A. LOC) (A-1+) | |||||||||
4.05%(b) | 05/07/07 | 495 | 495,000 | ||||||
| 24,895,000 | |||||||||
West Virginia — 0.1% | |||||||||
West Virginia Hospital RB (West Virginia Hospital Pooled Financing Program) Series 2001B-2 DN (Branch Banking & Trust Co. LOC) (VMIG-1) | |||||||||
4.12%(b) | 05/07/07 | 1,130 | 1,130,000 | ||||||
Wisconsin — 0.6% | |||||||||
Kohler Village Solid Waste Disposal RB (Kohler Project) Series 1997 AMT DN (Wachovia Bank N.A. LOC) | |||||||||
4.00%(b) | 05/07/07 | 4,000 | 4,000,000 | ||||||
Mequon IDRB (Johnson Level GRW Investment Project) Series 1995 AMT DN (Bank One N.A. LOC) | |||||||||
4.20%(b) | 05/07/07 | 545 | 545,000 | ||||||
Oshkosh IDRB (Oshkosh Coil Spring Project) Series 2000A AMT DN (Bank One N.A. LOC) | |||||||||
4.20%(b) | 05/07/07 | 1,960 | 1,960,000 | ||||||
Wisconsin Health & Educational Facilities RB (Pooled Loan Financing Program) Series 2002E DN (Associated Bank N.A. LOC) (VMIG-1) | |||||||||
4.12%(b) | 05/07/07 | 1,890 | 1,890,000 | ||||||
| 8,395,000 | |||||||||
Wyoming — 1.0% | |||||||||
Cheyenne IDRB (Grobet File Co., Inc. Project) Series 2001 AMT DN (National City Bank N.A. LOC) | |||||||||
4.06%(b) | 05/07/07 | 2,100 | 2,100,000 | ||||||
Green River RB (Rhone-Poulenc LP Project) Series 1994 AMT DN (Commerce Bank N.A. LOC) (VMIG-1) | |||||||||
4.19%(b) | 05/07/07 | 11,400 | 11,400,000 | ||||||
| 13,500,000 | |||||||||
TOTAL MARKET VALUE OF SECURITIES BEFORE AFFILIATED INVESTMENTS — 95.4% | |||||||||
(Cost $1,262,441,457) | 1,262,441,457 | ||||||||
AFFILIATED INVESTMENTS — 5.7% | |||||||||
Austin Housing Financial Corp. RB P-Float Trust Receipts Series 2005 PT-2578 AMT DN (Merrill Lynch & Co. Guaranty) (F-1+) | |||||||||
4.03%(b)(c)(d) | 05/07/07 | 14,630 | 14,630,000 | ||||||
District of Columbia Housing Finance Agency RB Series 2004 PT-2391 AMT DN (MBIA Insurance, Merrill Lynch & Co. SBPA) (F-1+) | |||||||||
4.03%(b)(c)(d) | 05/07/07 | 2,415 | 2,415,000 | ||||||
Municipal Securities Pool Trust Receipts RB Series 2004-17 DN (Multiple Insurances, Societe Generale Group SBPA) (A-1+) | |||||||||
4.05%(b)(c) | 05/07/07 | 2,930 | 2,930,000 | ||||||
MuniMae Tax Exempt Board Subsidiary LLC RB P-Float Trust Receipts Series 2005 PT-2691 AMT DN (Merrill Lynch & Co. Guaranty) (F-1+) | |||||||||
4.03%(b)(c)(d) | 05/07/07 | 22,580 | 22,580,000 | ||||||
Oregon Homeowners RB (Trinity Draw Down Project) Series 2005 MT-134 AMT DN (Landesbank Hessen-Thuringen Girozentrale SBPA) (VMIG-1) | |||||||||
4.01%(b)(c) | 05/07/07 | 2,940 | 2,940,000 | ||||||
Oregon Housing & Community Services RB P-Float Trust Receipts Series | |||||||||
4.03%(b)(c)(d) | 05/07/07 | 24,495 | 24,495,000 | ||||||
Puttable Floating Option Tax-Exempt Receipts RB Series 2005A DN (Merrill Lynch Capital Services SBPA) (F-1+) | |||||||||
4.02%(b)(c)(d) | 05/07/07 | 1,760 | 1,760,000 | ||||||
Virginia Beach Development Authority Multi-Family Housing RB P-Float Trust Receipts Series 2005-2505 AMT DN (Merrill Lynch & Co. Guaranty) (F-1+) | |||||||||
4.03%(b)(c)(d) | 05/07/07 | 3,745 | 3,745,000 | ||||||
TOTAL AFFILIATED INVESTMENTS | |||||||||
(Cost $75,495,000) | 75,495,000 | ||||||||
TOTAL INVESTMENTS IN SECURITIES — 101.1% | |||||||||
(Cost $1,337,936,457(a)) | 1,337,936,457 | ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.1)% | (14,881,240 | ) | |||||||
NET ASSETS — 100.0% | $ | 1,323,055,217 | |||||||
| (a) | Aggregate cost for federal income tax purposes. |
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONCLUDED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS) |
| (b) | Rates shown are as of April 30, 2007 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, 2007, the Fund held 19.6% of its net assets, with a current market value of $259,023,000, in securities restricted as to resale. |
| (d) | Security insured by an affiliate. |
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
43
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS — 94.8% | ||||||||
California — 88.2% | ||||||||
Alameda-Contra Costa Schools Financing Authority COP (Capital Improvement Financing Project) Series 1997F DN (Kredietbank N.V. LOC) (A-1+) | ||||||||
3.85%(c) | 05/07/07 | $ | 500 | $ | 500,000 | |||
Alameda-Contra Costa Schools Financing Authority COP (Capital Improvement Financing Project) Series 2005M DN (Bank of Nova Scotia LOC) (A-1+) | ||||||||
3.85%(c) | 05/07/07 | 1,800 | 1,800,000 | |||||
Alameda Corridor Transportation Authority RB Series 2007-15Z DN (AMBAC Insurance, MBIA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+, AAA) | ||||||||
3.96%(b)(c) | 05/01/07 | 5,140 | 5,140,000 | |||||
Alameda County RB Morgan Stanley Trust Certificates Series 2001-521 DN (MBIA Insurance, Morgan Stanley Group Liquidity Facility) (A-1+, VMIG-1) | ||||||||
3.91%(b)(c) | 05/07/07 | 3,395 | 3,395,000 | |||||
Antelope Valley East RB Series 2007-126 DN (FGIC Insurance, Bank of America N.A. Liquidity Facility) (A-1+, AAA) | ||||||||
3.93%(b)(c) | 05/01/07 | 4,260 | 4,260,000 | |||||
Arcadia United School District GO Putters Series 2007-1716 DN (FSA Insurance, JPMorgan Chase & Co. Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.95%(b)(c) | 05/01/07 | 1,000 | 1,000,000 | |||||
Beaumont Utilities Authority RB (Waste Water Enterprise Project) Series 2001A DN (Union Bank of California N.A. LOC, CalSTRS LOC) (A-1+) | ||||||||
3.82%(c) | 05/07/07 | 4,800 | 4,800,000 | |||||
California Department of Water Resource Power Supply RB Putters Series 2004-459 DN (MBIA Insurance, JPMorgan Chase & Co. Liquidity Facility) (A-1+, AAA) | ||||||||
3.92%(b)(c) | 05/07/07 | 3,110 | 3,110,000 | |||||
California Department of Water Resource Power Supply RB Series 2002B-2 DN (Banque Nationale de Paribas LOC) (A-1+, VMIG-1) | ||||||||
4.00%(c) | 05/01/07 | 55,100 | 55,100,000 | |||||
California Department of Water Resource Power Supply RB Series 2002C-4 DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-1) | ||||||||
3.82%(c) | 05/07/07 | 25,500 | 25,500,000 | |||||
California Department of Water Resource Power Supply RB Series 2002C-7 DN (FSA Insurance, Dexia Credit Local SBPA) (A-1+, VMIG-1) | ||||||||
3.85%(c) | 05/07/07 | 4,850 | 4,850,000 | |||||
California Department of Water Resource Power Supply RB Series 2005F-3 DN (Bank of New York LOC, CALPERS LOC) (VMIG-1, F-1+) | ||||||||
3.93%(c) | 05/01/07 | 30,300 | 30,300,000 | |||||
California Department of Water Resource Power Supply RB Series 2005F-5 DN (Citibank N.A. LOC) (A-1+, VMIG-1) | ||||||||
4.00%(c) | 05/07/07 | 12,600 | 12,600,000 | |||||
California Department of Water Resource Power Supply RB Series 2005G-2 DN (Lloyds TSB Bank Plc LOC) (A-1+, VMIG-1) | ||||||||
3.82%(c) | 05/07/07 | 900 | 900,000 | |||||
California Department of Water Resource RB (Century VY Project) Series 2007-27G DN (The Goldman Sachs Group, Inc. Guaranty, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+, AA) | ||||||||
3.94%(b)(c) | 05/01/07 | 18,600 | 18,600,000 | |||||
California Economic Recovery GO Series 2004-933 DN (Morgan Stanley Group Liquidity Facility) (A-1, AA-) | ||||||||
3.91%(b)(c) | 05/07/07 | 18,745 | 18,745,000 | |||||
California Economic Recovery GO Series 2004L-27 DN (Lehman Liquidity Co. Liquidity Facility) (A-1+, VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 40,925 | 40,925,000 | |||||
California Economic Recovery RB Series 2004C DN (JPMorgan Chase & Co. SBPA) (A-1+, VMIG-1) | ||||||||
3.93%(c) | 05/01/07 | 12,000 | 12,000,000 | |||||
California Economic Recovery RB Series 2004C-16 DN (FSA Insurance, Dexia Credit Local SBPA) (A-1+, VMIG-1) | ||||||||
3.83%(c) | 05/07/07 | 3,500 | 3,500,000 | |||||
California Economic Recovery RB Series 2004C-20 DN (XLCA Insurance, Dexia Credit Local SBPA) (VMIG-1) | ||||||||
3.82%(c) | 05/07/07 | 1,295 | 1,295,000 | |||||
California Economic Recovery RB Series 2004C-21 DN (XLCA Insurance, Dexia Credit Local SBPA) (A-1+, VMIG-1) | ||||||||
3.84%(c) | 05/07/07 | 3,900 | 3,900,000 | |||||
California Educational Facilities Authority RB (Art Center Design College Project) Series 2002A DN (M&T Bank Corp. SBPA) (A-1+, VMIG-1) | ||||||||
3.83%(c) | 05/07/07 | 3,445 | 3,445,000 | |||||
California Educational Facilities Authority RB (Pomona College Project) Series 2005B DN (A-1+, VMIG-1) | ||||||||
3.85%(c) | 05/07/07 | 2,000 | 2,000,000 | |||||
California GO (Eclipse Funding Trust) Series 2005-0004 DN (MBIA Insurance, U.S. Bank N.A. Liquidity Facility) (F-1+) | ||||||||
3.91%(b)(c) | 05/07/07 | 9,070 | 9,070,000 | |||||
California GO (Eclipse Funding Trust) Series 2006-0011 DN (AMBAC Insurance, U.S. Bank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.91%(b)(c) | 05/07/07 | 22,995 | 22,995,000 | |||||
California GO (Kindergarten-University Project) Series 2002B-5 DN (State Street Bank & Trust Co. LOC) (A-1+, VMIG-1) | ||||||||
3.85%(c) | 05/07/07 | 3,200 | 3,200,000 | |||||
California GO Lehman Trust Receipts Series 2006-K83 DN (AMBAC Insurance, Lehman Liquidity Co. Liquidity Facility) (VMIG-1, Aaa) | ||||||||
3.94%(b)(c) | 05/01/07 | 5,130 | 5,130,000 | |||||
California GO Municipal Securities Trust Certificates Series 2001-119 DN (FGIC Insurance, Societe Generale Group Liquidity Facility) (A-1+, AAA) | ||||||||
4.03%(b)(c) | 05/01/07 | 24,000 | 24,000,000 | |||||
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
California (Continued) | ||||||||
California GO Munitops Trust Certificates Series 2003 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA ) (VMIG-1, F-1+) | ||||||||
3.95%(b)(c) | 05/07/07 | $ | 7,500 | $ | 7,500,000 | |||
California GO Munitops Trust Certificates Series 2005-26 DN (CIFG-TCRS, ABN-AMRO Bank N.V. SBPA) (F-1+) | ||||||||
3.69%(b)(c) | 06/14/07 | 24,995 | 24,995,000 | |||||
California GO Putters Series 2006-1255 DN (AMBAC Insurance, PB Capital Corp. Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.92%(b)(c) | 05/01/07 | 11,880 | 11,880,000 | |||||
California GO Putters Series 2007-1680 DN (AMBAC Insurance, JPMorgan Chase & Co. Liquidity Facility) (VMIG-1) | ||||||||
3.92%(b)(c) | 05/07/07 | 1,720 | 1,720,000 | |||||
California GO Series 2002 DN (XLCA Insurance, Morgan Stanley Group Liquidity Facility) (VMIG-1) | ||||||||
3.91%(b)(c) | 05/07/07 | 3,705 | 3,705,000 | |||||
California GO Series 2003A-2 DN (JPMorgan Chase & Co. LOC, WestLB AG LOC) (A-1+, VMIG-1) | ||||||||
4.05%(c) | 05/01/07 | 52,800 | 52,800,000 | |||||
California GO Series 2005B-1 DN (Bank of America N.A. LOC) (A-1+, VMIG-1) | ||||||||
3.86%(c) | 05/07/07 | 200 | 200,000 | |||||
California GO Series 2005B-5 DN (Depfa Bank Plc LOC) (A-1+, VMIG-1) | ||||||||
3.78%(c) | 05/07/07 | 100 | 100,000 | |||||
California GO Series 2007 ROC-RR-II-R-765CE DN (Citibank N.A. Guaranty, Citibank N.A. Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.95%(b)(c) | 05/01/07 | 8,500 | 8,500,000 | |||||
California GO Series 2007-1599 DN (MBIA Insurance, Depfa Bank Plc Liquidity Facility) (A-1+, AAA) | ||||||||
3.91%(b)(c) | 05/07/07 | 6,200 | 6,200,000 | |||||
California Health Facilities Financing Authority RB Series 2002-591 DN (Morgan Stanley Group Liquidity Facility) (A-1+) | ||||||||
3.96%(b)(c) | 05/07/07 | 3,500 | 3,500,000 | |||||
California Infrastructure & Economic Development Bank RB (Academy of Motion Pictures Arts & Science Project) Series 2002 DN (AMBAC Insurance, JPMorgan Chase & Co. SBPA) (A-1+, VMIG-1) | ||||||||
3.92%(c) | 05/07/07 | 2,500 | 2,500,000 | |||||
California Infrastructure & Economic Development Bank RB Bay Area Toll Bridges Project Municipal Trust Receipts Series 2006K-61 DN (AMBAC Insurance, Lehman Liquidity Co. Liquidity Facility) (VMIG-1) | ||||||||
3.94%(b)(c) | 05/02/07 | 9,300 | 9,300,000 | |||||
California Infrastructure & Economic Development Bank RB (Goodwill Industries For Orange County Project) Series 2006 DN (Wells Fargo Bank N.A. LOC) (F-1+) | ||||||||
3.74%(c) | 05/07/07 | 1,900 | 1,900,000 | |||||
California Pollution Control Financing Authority PCRB (Pacific Gas & Electric Co. Project) Series 1996C DN (Bank of America N.A. LOC) (A-1+, VMIG-1) | ||||||||
4.00%(c) | 05/01/07 | 21,990 | 21,990,000 | |||||
California Pollution Control Financing Authority PCRB (Pacific Gas & Electric Co. Project) Series 1996E DN (Banc One LOC) (A-1+) | ||||||||
3.96%(c) | 05/01/07 | 6,500 | 6,500,000 | |||||
California RB Municipal Securities Trust Receipts Series 1997 SGA-58 DN (FGIC Insurance, Societe Generale SBPA) (SP-1+, VMIG-1) | ||||||||
3.92%(b)(c) | 05/07/07 | 2,100 | 2,100,000 | |||||
California School Cash Reserve Program GO Series 2006A TRAN (AMBAC Insurance, Citigroup Financial Products Guaranty) (SP-1+, MIG-1) | ||||||||
4.50% | 07/06/07 | 15,245 | 15,267,575 | |||||
California State TECP (Multiple LOCs) (A-1, P-1) | ||||||||
3.56% | 05/02/07 | 5,700 | 5,700,000 | |||||
3.50% | 05/04/07 | 19,400 | 19,400,000 | |||||
3.55% | 05/07/07 | 5,800 | 5,800,000 | |||||
3.50% | 05/08/07 | 5,900 | 5,900,000 | |||||
3.52% | 05/09/07 | 4,300 | 4,300,000 | |||||
3.55% | 05/18/07 | 3,700 | 3,700,000 | |||||
3.75% | 07/10/07 | 12,500 | 12,500,000 | |||||
California Statewide Communities Development Authority RB (Archer School For Girls, Inc. Project) Series 2005 DN (Allied Irish Bank Plc LOC) (VMIG-1) | ||||||||
3.86%(c) | 05/07/07 | 6,035 | 6,035,000 | |||||
California Statewide Communities Development Authority RB (Kaiser Permanente Project) Series 2004J DN (A-1, F-1) | ||||||||
3.92%(c) | 05/07/07 | 8,300 | 8,300,000 | |||||
California Statewide Communities Development Authority RB (Kaiser Permanente Project) Series 2004L DN (A-1, F-1) | ||||||||
3.92%(c) | 05/07/07 | 20,500 | 20,500,000 | |||||
California Statewide Communities Development Authority RB (Kaiser Permanente Project) Series 2007 ROC-RR-II-R-763CE DN (Citibank N.A. Guaranty, Citibank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.95%(b)(c) | 05/01/07 | 3,200 | 3,200,000 | |||||
California Statewide Communities Development Authority RB (Presbyterian Homes Project) Series 2006B DN (Bank of America N.A. LOC) (A-1+) | ||||||||
3.83%(c) | 05/07/07 | 1,500 | 1,500,000 | |||||
California Statewide Communities Development Authority RB Series 2007-31G DN (The Goldman Sachs Group, Inc. Guaranty, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+, AA-) | ||||||||
3.94%(b)(c) | 05/01/07 | 3,800 | 3,800,000 | |||||
California Transportaion Financing Authority RB Series 1997 DN (FSA Insurance, Credit Suisse First Boston SBPA) (A-1) | ||||||||
3.82%(c) | 05/07/07 | 3,885 | 3,885,000 | |||||
Chabot-Las Positas Community College District GO Series 2006-87-Z DN (AMBAC Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (AAA, F-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 1,010 | 1,010,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
California (Continued) | ||||||||
Clipper Tax Exempt Certificates Trust RB (Certified Partner Multi-State Project) Series 2007-17 DN (State Street Bank & Trust Co. LOC) (VMIG-1, Aa3) | ||||||||
3.95%(b)(c) | 05/01/07 | $ | 6,085 | $ | 6,085,000 | |||
Coast Community College District GO (Stars Certificates) Series 2006-165 DN (FSA Insurance, Banque Nationale de Paribas Liquidity Facility) (VMIG-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 15,035 | 15,035,000 | |||||
Coast Community College District GO Series 2006-45 DN (FSA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 16,910 | 16,910,000 | |||||
Coast Community College District GO Series 2006Z-58 DN (FSA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (AAA, F-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 5,005 | 5,005,000 | |||||
Coronado Community Development Agency RB Series 2005 ROC-RR-II-451 DN (AMBAC Insurance, Citibank N.A. LOC) (A-1+) | ||||||||
3.95%(b)(c) | 05/07/07 | 6,900 | 6,900,000 | |||||
El Camino Hospital Authority GO Municipal Securities Trust Certificates Series 2006A-3040 DN (MBIA Insurance, Bear Stearns Capital Markets Liquidity Facility) | ||||||||
3.98%(b)(c) | 05/07/07 | 3,380 | 3,380,000 | |||||
Fontana Public Financing Authority for Tax Allocation RB Putters Series 2005-707 DN (AMBAC Insurance, JPMorgan Chase & Co. Liquidity Facility) (A-1+) | ||||||||
3.92%(b)(c) | 05/07/07 | 1,980 | 1,980,000 | |||||
Foothill Easton Transportation RB Municipal Trust Receipts Series 2006D DN (Lehman Liquidity Co. Liqudity Facility), Escrowed to Maturity (VMIG-1) | ||||||||
3.94%(b)(c) | 05/02/07 | 11,975 | 11,975,000 | |||||
Foothill-De Anza Community College GO Series 2000Y DN (Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 2,775 | 2,775,000 | |||||
Glendale Hospital RB Series 2002-590 DN (MBIA Insurance, Morgan Stanley Group LOC) (A-1+) | ||||||||
3.96%(c) | 05/07/07 | 6,690 | 6,690,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB Municipal Securities Trust Certificates Series 2005-228A DN (FSA Insurance, Bear Stearns Capital Markets Liquidity Facility) (VMIG-1) | ||||||||
3.98%(c) | 05/07/07 | 10,370 | 10,370,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB Municipal Securities Trust Certificates Series 2006A-7021 DN (FGIC Insurance, Bear Stearns Capital Markets Liquidity Facility) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB Municipal Securities Trust Certificates Series 2007-3059 DN (Bear Stearns Capital Markets Guaranty, Bear Stearns Capital Markets Liquidity Facility) (A-1, AA+) | ||||||||
3.98%(b)(c) | 05/01/07 | 1,800 | 1,800,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB Municipal Securities Trust Certificates Series 2007-7045 DN (Bear Stearns Capital Markets Guaranty, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 11,900 | 11,900,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2004 ROC-RR-II-285X DN (XLCA Insurance, Citibank N.A. Liquidity Facility) (AAA) | ||||||||
3.95%(b)(c) | 05/07/07 | 4,995 | 4,995,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2004 ROC-RR-II-287X DN (CITG-TCRS, Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.95%(b)(c) | 05/07/07 | 3,540 | 3,540,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2006Z-4 DN (FSA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) | ||||||||
3.98%(b)(c) | 05/07/07 | 119 | 119,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2006Z-5 DN (AMBAC Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 11 | 11,000 | |||||
Grossmont-Cuyamaca Community College District GO Series 2005-1130 DN (FGIC Insurance, JPMorgan Chase & Co. Liquidity Facility) (VMIG-1) | ||||||||
3.91%(b)(c) | 05/07/07 | 8,900 | 8,900,000 | |||||
Grossmont Unified High School District RB (Stars Certificates) Series 2006-163 DN (MBIA Insurance, Banque Nationale de Paribas Liquidity Facility) (VMIG-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 4,965 | 4,965,000 | |||||
Grossmont Unified High School District RB (Stars Certificates) Series 2006-164 DN (MBIA Insurance, Banque Nationale de Paribas Liquidity Facility) (VMIG-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 1,485 | 1,485,000 | |||||
Grossmont-Cuyamaca Community College District GO Series 2005-1130 DN (FGIC Insurance, JPMorgan Chase & Co. Liquidity Facility) (VMIG-1) | ||||||||
3.91%(b)(c) | 05/07/07 | 8,900 | 8,900,000 | |||||
Irvine Improvement Board ACT 1915 RB (Assesment District 04-20 Project) Series 2005A DN (Kredietbank LOC) (VMIG-1, F-1+) | ||||||||
3.95%(c) | 05/01/07 | 16,050 | 16,050,000 | |||||
Irvine Public Facilities & Infrastructure Authority Lease RB (Capital Improvement Project) Series 1985 DN (State Street Bank & Trust Co. LOC) (VMIG-1) | ||||||||
3.80%(c) | 05/07/07 | 1,485 | 1,485,000 | |||||
Los Angeles Community College District GO Munitops Trust Certificates Series 2005A DN (FSA Insurance, ABN-AMRO Bank N.V. SBPA) (AAA, F-1+) | ||||||||
3.95%(b)(c) | 05/07/07 | 9,830 | 9,830,000 | |||||
Los Angeles County GO Series 2006A TRAN (SP-1+, MIG-1) | ||||||||
4.50% | 06/29/07 | 15,400 | 15,422,435 | |||||
Los Angeles County Schools GO Series 2006A TRAN (SP-1+) | ||||||||
4.50% | 06/29/07 | 3,000 | 3,004,683 | |||||
Los Angeles Department of Airports RB (Los Angeles International Airport Project) Series 2002C-1 DN (Banque Nationale de Paribas LOC) (A-1+, VMIG-1) | ||||||||
3.80%(c) | 05/07/07 | 3,300 | 3,300,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
California (Continued) | ||||||||
Los Angeles Department of Water & Power RB Eagle Trust Receipts Series 2006A DN (AMBAC Insurance, Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.95%(b)(c) | 05/07/07 | $ | 4,355 | $ | 4,355,000 | |||
Los Angeles GO Series 2006 TRAN (SP-1+, MIG-1) | ||||||||
4.50% | 06/29/07 | 15,000 | 15,017,524 | |||||
Los Angeles Unified School District GO Munitops Trust Certificates Series 1999C DN (MBIA Insurance, ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.94%(b)(c) | 05/07/07 | 1,500 | 1,500,000 | |||||
Los Angeles Unified School District GO Munitops Trust Certificates Series 2005-36 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (F-1+, AAA) | ||||||||
3.69%(b)(c) | 06/14/07 | 10,000 | 10,000,000 | |||||
Los Angeles Unified School District GO Series 2007-9TP DN (AMBAC Insurance, Depfa Bank Plc Liquidity Facility) (A-1+, AAA) | ||||||||
3.94%(b)(c) | 05/01/07 | 1,000 | 1,000,000 | |||||
Los Angeles Unified School District GO Series 2007-1627 DN (AMBAC Insurance, Morgan Stanley Group Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.82%(b)(c) | 05/01/07 | 6,955 | 6,955,000 | |||||
Los Angeles Wastewater RB Lehman Trust Receipts Series 2006K-80 DN (MBIA Insurance, Lehman Liquidity Co. Liquidity Facility) (VMIG-1) | ||||||||
3.94%(b)(c) | 05/01/07 | 12,000 | 12,000,000 | |||||
Los Angeles Wastewater Systems RB Series 2002A DN (FGIC Insurance, Bank of America N.A. Liquidity Facility) (A-1+) | ||||||||
3.93%(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
Los Angeles Water & Power Systems RB Putters Series 2006-1262 DN (FSA Insurance, PB Capital Corp. Liquidity Facility) (A-1, AAA) | ||||||||
3.92%(b)(c) | 05/01/07 | 7,840 | 7,840,000 | |||||
Los Angeles Water & Power Systems RB Series 2002A-1 DN (National Australia Bank Ltd. SBPA, Lloyds TBS Bank Plc SBPA, Fortis Bank SBPA) (A-1+, VMIG-1) | ||||||||
3.82%(c) | 05/07/07 | 3,400 | 3,400,000 | |||||
Madera Financing Authority RB Series 2005A DN (Dexia Credit Local LOC) (A-1+) | ||||||||
3.96%(c) | 05/01/07 | 2,000 | 2,000,000 | |||||
Metropolitan Water District of Southern California Waterworks RB Series 1996A DN (AMBAC Insurance, Lloyds TSB Bank Plc SBPA) (A-1+, VMIG-1) | ||||||||
3.82%(c) | 05/07/07 | 3,500 | 3,500,000 | |||||
Metropolitan Water District of Southern California Waterworks RB Series 2000B-1 DN (WestLB AG LOC) (A-1+, VMIG-1) | ||||||||
3.93%(c) | 05/01/07 | 7,600 | 7,600,000 | |||||
Metropolitan Water District of Southern California Waterworks RB Series 2005B-2 DN (Citibank N.A. LOC) (A-1+, VMIG-1) | ||||||||
3.82%(c) | 05/07/07 | 4,200 | 4,200,000 | |||||
Newport-Mesa Unified School District GO Municipal Securities Trust Certificates Series 2007A DN (MBIA Insurance, Bear Stearns Capital Markets Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 3,180 | 3,180,000 | |||||
Norwalk-LA Mirada Unified School GO Municipal Securities Trust Certificates Series 2007-3053 DN (Bear Stearns Capital Markets Guaranty, Bear Stearns Capital Markets Liquidity Facility) (VMIG-1, Aaa) | ||||||||
3.98%(b)(c) | 05/01/07 | 1,270 | 1,270,000 | |||||
Peralta Community College District GO Series 2006X-1264 DN (FSA Insurance, Morgan Stanley Group Liquidity Facility) (VMIG-1) | ||||||||
3.91%(b)(c) | 05/07/07 | 7,745 | 7,745,000 | |||||
Pleasanton COP (Assisted Living Facilities Financing Project) Series 2005 DN (Citibank N.A. LOC) (A-1+) | ||||||||
3.86%(c) | 05/07/07 | 2,500 | 2,500,000 | |||||
Poway Unified School District GO Series 2006-171 DN (FSA Insurance, Banque Nationale de Paribas Liquidity Facility) (VMIG-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 2,960 | 2,960,000 | |||||
Rancho Santiago Community College District Capital Appreciation Election 2002 GO Municipal Securities Trust Certificates Series 2006-3029 DN (FSA Insurance, Bear Stearns Capital Markets Liqudity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 5,395 | 5,395,000 | |||||
Sacramento Financing Authority RB Series 2006Z-3 DN (FGIC Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (AAA, F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 4,189 | 4,189,000 | |||||
Sacramento Municipal Utility District RB Macon Trust Certificates Series 2002M DN (AMBAC Insurance, Kredietbank N.V. LOC) (A-1+) | ||||||||
3.93%(c) | 05/07/07 | 3,975 | 3,975,000 | |||||
Sacramento Municipal Utility District RB MERLOTS Trust Receipts Series 2000A DN (AMBAC Insurance, Bank of New York SBPA) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 1,100 | 1,100,000 | |||||
San Diego County Water Authority TECP (Dexia Credit Local LOC) (A-1+, F-1+) | ||||||||
3.55% | 05/09/07 | 4,500 | 4,500,000 | |||||
3.55% | 06/06/07 | 4,500 | 4,500,000 | |||||
San Diego Unified School District RB Series 2004 DN (MBIA Insurance, Morgan Stanley Group Liquidity Facility) (AAA, A-1) | ||||||||
3.91%(b)(c) | 05/07/07 | 5,195 | 5,195,000 | |||||
San Francisco County Transportation TECP (P-1, A-1+) | ||||||||
3.62% | 07/16/07 | 6,250 | 6,250,000 | |||||
San Joaquin Hills Transportation Corridor Agency Toll Road RB Series 2006-1524 DN (MBIA Insurance, Morgan Stanley Group Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.93%(b)(c) | 05/07/07 | 1,700 | 1,700,000 | |||||
San Jose Redevelopment Agency Tax Allocation RB Putters Series 2006-1601 DN (MBIA Insurance, JPMorgan Chase & Co. Liquidity Facility) (AAA, F-1+) | ||||||||
3.92%(b)(c) | 05/07/07 | 2,100 | 2,100,000 | |||||
San Mateo County Community College District GO Series 2006-96Z DN (MBIA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (A-1) | ||||||||
3.95%(b)(c) | 05/07/07 | 1,570 | 1,570,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
47
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
California (Continued) | ||||||||
San Mateo County Community College District GO Series 2007-1594 DN (Morgan Stanley Group Liquidity Facility) (Aa1, VMIG-1) | ||||||||
3.91%(b)(c) | 05/07/07 | $ | 5,000 | $ | 5,000,000 | |||
San Mateo County Community College District GO Series 2007-5Z DN (MBIA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (AAA, F-1+) | ||||||||
3.95%(b)(c) | 05/07/07 | 1,000 | 1,000,000 | |||||
San Mateo County GO Series 2006 ROC-II-R DN (MBIA Insurance, Wells Fargo Bank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.95%(b)(c) | 05/07/07 | 1,000 | 1,000,000 | |||||
Santa Clara County East Side Unified High School District GO MERLOTS Trust Receipts Series 2006B-28 DN (MBIA Insurance, Wachovia Bank N.A. SBPA) (A-1+) | ||||||||
3.97%(b)(c) | 05/02/07 | 4,505 | 4,505,000 | |||||
Sonoma County Junior College District GO Series 2006-1466 DN (FSA Insurance, Morgan Stanley Group Liquidity Facility) (A-1) | ||||||||
3.91%(b)(c) | 05/07/07 | 3,500 | 3,500,000 | |||||
Tahoe Forest Hospital District RB (Health Facility Project) Series 2002 DN (U.S. Bank N.A. LOC) (VMIG-1) | ||||||||
3.96%(c) | 05/01/07 | 5,600 | 5,600,000 | |||||
University of California RB Lehman Trust Receipts Series 2007-K3 DN (FSA Insurance, Lehman Liquidity Co. Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.94%(b)(c) | 05/01/07 | 21,440 | 21,440,000 | |||||
University of California RB Putters Series 2006-1231 DN (MBIA Insurance, PB Capital Corp. Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.92%(b)(c) | 05/01/07 | 3,200 | 3,200,000 | |||||
University of California RB Series 2006-1425 DN (AMBAC Insurance, Morgan Stanley Group Liquidity Facility) (A-1) | ||||||||
3.91%(c) | 05/07/07 | 18,890 | 18,890,000 | |||||
University of California RB Series 2007-117 DN (FSA Insurance, Bank of America N.A. Liquidity Facility) (A-1+, AAA) | ||||||||
3.93%(b)(c) | 05/07/07 | 6,000 | 6,000,000 | |||||
University of California RB Series 2007-119 DN (FSA Insurance, Bank of America N.A. Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.93%(b)(c) | 05/01/07 | 6,040 | 6,040,000 | |||||
Ventura County GO Series 2006 TRAN (SP-1+, MIG-1) | ||||||||
4.50% | 07/02/07 | 15,000 | 15,019,648 | |||||
Yosemite Community College District GO Eagle Trust Receipts Series 2005A DN (FGIC Insurance, Citibank N.A. Liquidity Facililty) (A-1+, AAA) | ||||||||
3.96%(b)(c) | 05/07/07 | 5,840 | 5,840,000 | |||||
| 1,026,690,865 | ||||||||
Puerto Rico — 6.6% | ||||||||
Commonwealth of Puerto Rico Aqueduct & Sewer Authority RB Series | ||||||||
3.98%(b)(c) | 05/01/07 | 20,000 | 20,000,000 | |||||
Commonwealth of Puerto Rico Electric Power Authority RB Series 1997 DN (Societe Generale Group LOC) (A-1+) | ||||||||
3.92%(b)(c) | 05/07/07 | 2,600 | 2,600,000 | |||||
Commonwealth of Puerto Rico Electric Power Authority RB Series 1997 SGA-44 DN (Societe Generale Group LOC) (A-1+) | ||||||||
3.92%(b)(c) | 05/07/07 | 3,035 | 3,035,000 | |||||
Commonwealth of Puerto Rico Electric Power Authority RB Series 2002-1 DN (MBIA Insurance, Bank of New York SBPA) (A-1+) | ||||||||
3.93%(b)(c) | 05/07/07 | 2,195 | 2,195,000 | |||||
Commonwealth of Puerto Rico Highway & Transportation Authority RB Municipal Securities Trust Certificates Series 2007-5032 DN (Assured Guaranty Ltd. Insurance, Branch Banking & Trust Co. Liquidity Facility) (Aa1, VMIG-1) | ||||||||
3.60%(b)(c) | 05/01/07 | 3,380 | 3,380,000 | |||||
Commonwealth of Puerto Rico Highway & Transportation Authority RB Series 2007-36 DN (Multiple Insurers, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+, AAA) | ||||||||
3.97%(b)(c) | 05/01/07 | 11,900 | 11,900,000 | |||||
Commonwealth of Puerto Rico Highway & Transportation Authority RB Series 2007CE ROC-II-R-789 DN (Citigroup Financial Products Guaranty, Citigroup Financial Products Liquidity Facility) (Aa1, VMIG-1) | ||||||||
3.95%(b)(c) | 05/07/07 | 5,200 | 5,200,000 | |||||
Commonwealth of Puerto Rico Infrastructure Financing Authority RB MERLOTS Trust Receipts Series 2005A-21 MB (AMBAC Insurance, Wachovia Bank N.A. SBPA) (MIG-1) | ||||||||
3.60%(b)(c) | 05/15/07 | 2,990 | 2,990,000 | |||||
Commonwealth of Puerto Rico Infrastructure Financing Authority RB Series | ||||||||
3.94%(b)(c) | 05/01/07 | 7,570 | 7,570,000 | |||||
Commonwealth of Puerto Rico RB Series 2006 TRAN (Multiple LOC’s) | ||||||||
4.50% | 07/30/07 | 9,000 | 9,021,668 | |||||
Puerto Rico HFA RB (Capital Funding Project) Municipal Trust Receipts Series 2006K-48 DN (Lehman Liquidity Co. Liquidity Facility, HUD Loan Guaranty) (Aa3, VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 9,485 | 9,485,000 | |||||
| 77,376,668 | ||||||||
TOTAL MARKET VALUE OF SECURITIES BEFORE AFFILIATED INVESTMENTS — 94.8% | ||||||||
(Cost $1,104,067,533) | 1,104,067,533 | |||||||
AFFILIATED INVESTMENTS — 4.5% | ||||||||
Bay Area Toll Authority Toll Bridge RB Series 2006MT-238 DN (Depfa Bank Plc Liquidity Facility) (AA-, F-1+) | ||||||||
4.12%(b)(c) | 05/01/07 | 15,000 | 15,000,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
48
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND (CONCLUDED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
AFFILIATED INVESTMENTS (Continued) | ||||||||
California Department of Water Resource Power Supply RB Series 2003 PT-759 DN (MBIA Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA) | ||||||||
3.92%(b)(c) | 05/07/07 | $ | 9,700 | $ | 9,700,000 | |||
Clovis County Unified School District GO P-Float Trust Receipts Series | ||||||||
3.99%(b)(c)(d) | 05/07/07 | 450 | 450,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2004 PA-1236 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA) (AA-, F-1+) | ||||||||
3.97%(b)(c)(d) | 05/07/07 | 2,200 | 2,200,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2004 PA-1237 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA) (AA-, F-1+) | ||||||||
3.97%(b)(c)(d) | 05/07/07 | 2,740 | 2,740,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2006D-195 DN (FGIC Insurance, Deutsche Bank Liquidity Facility) | ||||||||
3.97%(b)(c) | 05/07/07 | 2,070 | 2,070,000 | |||||
Los Angeles Unified School District GO (Eclipse Funding Trust) Series 2006-0018 DN (FGIC Insurance, U.S. Bank N.A. Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 5,265 | 5,265,000 | |||||
Pleasant Valley School District of Ventura County GO P-Float Trust Receipts Series 2005 PT-2783 DN (MBIA Insurance, Dexia Credit Local SBPA) (A-1+, AAA) | ||||||||
3.92%(b)(c) | 05/07/07 | 5,850 | 5,850,000 | |||||
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series | ||||||||
3.98%(b)(c)(d) | 05/07/07 | 2,000 | 2,000,000 | |||||
West Covina Unified School District GO Series 2003-23 DN (MBIA Insurance, Banque Nationale de Paribas Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.92%(b)(c) | 05/07/07 | 6,810 | 6,810,000 | |||||
TOTAL AFFILIATED INVESTMENTS | ||||||||
(Cost $52,085,000) | 52,085,000 | |||||||
TOTAL INVESTMENTS IN SECURITIES — 99.3% | ||||||||
(Cost $1,156,152,533(a)) | 1,156,152,533 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7% | 8,235,760 | |||||||
NET ASSETS — 100.0% | $ | 1,164,388,293 | ||||||
| (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, 2007, the Fund held 53.6% of its net assets, with a current market value of $624,389,000, in securities restricted as to resale. |
| (c) | Rates shown are as of April 30, 2007 and maturities shown are the next interest readjustment date or the date the principal owed can be recovered through demand. |
| (d) | Security insured by an affiliate. |
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
NEW YORK MONEY FUND
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS — 92.5% | ||||||||
New York — 91.8% | ||||||||
Averill Park Central School District GO Series 2007 RAN | ||||||||
3.80% | 07/26/07 | $ | 1,600 | $ | 1,600,368 | |||
Batavia City School District GO Series 2006 BAN | ||||||||
4.25% | 11/02/07 | 2,401 | 2,407,955 | |||||
Binghamton GO Series 2007 BAN | ||||||||
3.75% | 03/28/08 | 900 | 900,082 | |||||
Canandaigua City School District GO Series 2006 BAN (State Aid Withholding LOC) | ||||||||
4.00% | 10/18/07 | 1,700 | 1,703,436 | |||||
Catskill Central School District GO Series 2006 BAN (State Aid Withholding LOC) | ||||||||
4.25% | 06/28/07 | 1,000 | 1,001,024 | |||||
Cayuga County Hospital Improvement Corp. Lehman COP Series 200D-L1 DN (Lehman Liquidity Co. SBPA) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 2,810 | 2,810,000 | |||||
Columbia University Dormitory RB Municipal Trust Receipts Series 2006P-44U DN (Lehman Liquidity Co. Liquidity Facility) (A-1, VMIG-1) | ||||||||
3.95%(b)(c) | 05/07/07 | 3,280 | 3,280,000 | |||||
Erie County Civic Facilities IDRB (Hauptman- Woodward Project) Series 2004 DN (KeyBank N.A. LOC) | ||||||||
4.01%(c) | 05/07/07 | 2,300 | 2,300,000 | |||||
Erie County IDRB (Orchard Park CCRC, Inc. Project) Series 2006B DN (Sovereign Bank LOC, Citizens Financial Group LOC) (A-1+) | ||||||||
3.95%(c) | 05/07/07 | 600 | 600,000 | |||||
Fayetteville-Manlius Central School District GO Series 2006 BAN | ||||||||
4.00% | 11/02/07 | 400 | 400,783 | |||||
Franklin County IDA Civic Facility RB (Paul Smith’s College Project) Series 1998 DN (KeyBank N.A. LOC) | ||||||||
4.01%(c) | 05/07/07 | 2,530 | 2,530,000 | |||||
Harrison GO Series 2006 BAN | ||||||||
4.00% | 06/21/07 | 300 | 300,165 | |||||
Hempstead Town IDA Civic Facility RB (Hebrew Academy Project) Series 2006 DN (Sovereign Bank LOC, KBC Bank N.V. LOC) (A-1+) | ||||||||
3.93%(c) | 05/07/07 | 5,995 | 5,995,000 | |||||
Hudson Yards Infrastructure Corp. RB Eagle Series 2007A DN (FGIC Insurance, Landesbank Hessen-Thuringen Girozentrale Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 2,600 | 2,600,000 | |||||
Ithaca City School District GO Series 2006 RAN | ||||||||
4.38% | 06/29/07 | 1,900 | 1,901,888 | |||||
Katonah Lewisboro Unified Free School District GO Series 2006 BAN | ||||||||
4.50% | 07/20/07 | 3,050 | 3,054,827 | |||||
Liberty Development Corp. RB Series 2006-1251 DN (Morgan Stanley Group SBPA) (VMIG-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 13,700 | 13,700,000 | |||||
Long Island Power Authority RB Munitops Trust Certificates Series 2006-15 DN (XLCA Insurance, ABN-AMRO Bank N.V. SBPA) (F-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 7,500 | 7,500,000 | |||||
Lyncourt UFSD Series 2006 BAN | ||||||||
4.00% | 11/21/07 | 2,050 | 2,054,423 | |||||
Metropolitan Transportation Authority RB Series 2005 DN (Fortis Bank LOC) (VMIG-1) | ||||||||
3.96%(c) | 05/07/07 | 10,150 | 10,150,000 | |||||
Metropolitan Transportation Authority (ABN-AMRO Bank N.V. LOC) (P-1) | ||||||||
3.65% | 07/10/07 | 10,000 | 10,000,000 | |||||
Metropolitan Transportation Authority GO Series 2004A-1 DN (XLCA Insurance, Depfa Bank Plc SBPA) (A-1+, VMIG-1) | ||||||||
3.90%(c) | 05/07/07 | 8,680 | 8,680,000 | |||||
Metropolitan Transportation Authority GO Series 2004A-3 DN (XLCA Guaranty, Depfa Bank Plc SBPA) (A-1+, VMIG-1) | ||||||||
3.90%(c) | 05/07/07 | 12,620 | 12,620,000 | |||||
Metropolitan Transportation Authority RB (Dedicated Tax Fund Project) Series 2002B DN (FSA Insurance, Dexia Credit Local SBPA) (A-1+) | ||||||||
3.90%(c) | 05/07/07 | 4,000 | 4,000,000 | |||||
Metropolitan Transportation Authority RB Series 2002F DN (AMBAC Insurance, Bank of New York SBPA) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 5,664 | 5,664,500 | |||||
Milo GO Series 2006 BAN | ||||||||
3.75% | 11/21/07 | 900 | 900,040 | |||||
Monroe County IDA Civic Facility RB (Monroe Community College Project) Series 2006A DN (JPMorgan Chase & Co. LOC) (VMIG-1) | ||||||||
3.90%(c) | 05/07/07 | 2,295 | 2,295,000 | |||||
Monroe County IDA Civic Facility RB (Sigal Center Project) Series 2004 DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
3.99%(c) | 05/07/07 | 1,600 | 1,600,000 | |||||
Monroe County IDA Civic Facility RB (YMCA of Greater Rochester Project) Series 2004 DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.02%(c) | 05/07/07 | 2,575 | 2,575,000 | |||||
Mount Vernon School District GO Series 2007 RAN | ||||||||
4.00% | 08/22/07 | 800 | 800,756 | |||||
Nassau County IDA Civic Facility RB (North Shore Hebrew Academy Project) Series 2005 DN (Sovereign Bank LOC, Comerica Bank N.A. LOC) (VMIG-1) | ||||||||
3.94%(c) | 05/07/07 | 2,500 | 2,500,000 | |||||
New Rochelle City School District GO Series 2006 TAN | ||||||||
4.38% | 06/29/07 | 3,500 | 3,503,425 | |||||
New Rochelle City School District GO Series 2007 BAN (MIG-1) | ||||||||
4.00% | 04/25/08 | 600 | 601,989 | |||||
New York City Convention Center RB Series 2006-0004 DN (AMBAC Insurance, U.S. Bank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.94%(b)(c) | 05/07/07 | 10,700 | 10,700,000 | |||||
New York City GO Municipal Certificates Series 2005-22 DN (FSA Insurance, Landesbank Hessen-Thuringen Girozentrale Liquidity Facility) (A-1+) | ||||||||
3.95%(b)(c) | 05/07/07 | 1,015 | 1,015,000 | |||||
New York City GO Putters Series 2006-1299 DN (FSA Insurance, JPMorgan Chase & Co. SBPA) (A-1+) | ||||||||
3.96%(b)(c) | 05/07/07 | 5,355 | 5,355,000 | |||||
New York City GO Putters Series 2006-1318 DN (AMBAC Insurance, JPMorgan Chase & Co. Liquidity Facility) (A-1+) | ||||||||
3.96%(b)(c) | 05/07/07 | 1,995 | 1,995,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
50
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
NEW YORK MONEY FUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
New York (Continued) | ||||||||
New York City GO Series 1996J-2 DN (WestLB AG LOC) (A-1+, VMIG-1) | ||||||||
3.88%(c) | 05/07/07 | $ | 7,500 | $ | 7,500,000 | |||
New York City GO Series 1996J-3 DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-1) | ||||||||
3.88%(c) | 05/07/07 | 3,200 | 3,200,000 | |||||
New York City GO Series 2002C-3 DN (Banque Nationale de Paribas LOC) (A-1+, VMIG-1) | ||||||||
3.90%(c) | 05/07/07 | 7,500 | 7,500,000 | |||||
New York City GO Series 2005E-3 DN (Bank of America N.A. LOC) (A-1+, VMIG-1) | ||||||||
3.92%(c) | 05/07/07 | 700 | 700,000 | |||||
New York City GO Series 2006-1454 DN (Morgan Stanley Group Liquidity Facility) (A-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 7,030 | 7,030,500 | |||||
New York City GO Series 2006I-4 DN (Bank of New York LOC) (A-1+, VMIG-1) | ||||||||
3.97%(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
New York City GO Series 2006I-7 DN (Bank of New York LOC) (A-1+, VMIG-1) | ||||||||
3.98%(c) | 05/07/07 | 11,000 | 11,000,000 | |||||
New York City GO Trust Receipts Series 2002-725X DN (FSA Insurance, Morgan Stanley Group Liquidity Facility) (VMIG-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 9,644 | 9,643,750 | |||||
New York City IDA Civic Facilities RB (Abraham Joshua Heschel Project) Series 2002 DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
3.99%(c) | 05/07/07 | 2,000 | 2,000,000 | |||||
New York City IDA Civic Facilities RB (The Birch Wathen Lenox School Project) Series 2004 DN (Allied Irish Bank Plc LOC) (VMIG-1) | ||||||||
3.94%(c) | 05/07/07 | 2,625 | 2,625,000 | |||||
New York City IDA Civic Facilities RB (French Institute Alliance Project) Series 2005 DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
3.99%(c) | 05/07/07 | 2,340 | 2,340,000 | |||||
New York City IDA Civic Facilities RB (Hewitt School Project) Series 2002 DN (Allied Irish Bank Plc LOC) (VMIG-1) | ||||||||
3.94%(c) | 05/07/07 | 1,600 | 1,600,000 | |||||
New York City IDRB Series 2006-523CE ROC-RR-II-R DN (Citibank N.A. Liquidity Facility, Citigroup, Inc. Guaranty) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 2,200 | 2,200,000 | |||||
New York City Municipal Finance Authority Water & Sewer System RB Putters Series 2006-1226 DN (Morgan Stanley Group Liquidity Facility) (VMIG-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 8,700 | 8,700,000 | |||||
New York City Municipal Finance Authority Water & Sewer System RB Putters Series 2006-1263 DN (FSA Insurance, PB Capital Corp. Liquidity Facility) (A-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 5,855 | 5,855,000 | |||||
New York City Municipal Water Finance Authority RB (Water & Sewer Systems Project) Series 2002C-1 DN (State Street Bank & Trust LOC) (A-1+, VMIG-1) | ||||||||
4.08%(c) | 05/01/07 | 4,800 | 4,800,000 | |||||
New York City Transitional Finance Authority Financing RB Eagle Trust Receipts Series 2000 DN (Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 9,900 | 9,900,000 | |||||
New York City Transitional Finance Authority Financing RB Eagle Trust Receipts Series 2001 DN (Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 3,300 | 3,300,000 | |||||
New York City Transitional Finance Authority RB (Future Tax Secured Project) Series 1998A-1 DN (WestLB AG SBPA) (A-1+, VMIG-1) | ||||||||
3.91%(c) | 05/07/07 | 14,800 | 14,800,000 | |||||
New York City Transitional Finance Authority RB (Future Tax Secured Project) Series 1999B-3 DN (Bank One N.A. LOC) (A-1+, VMIG-1) | ||||||||
3.91%(c) | 05/07/07 | 900 | 900,000 | |||||
New York City Transitional Finance Authority RB (New York City Recovery Project) Series 2002-3 DN (Bank of New York SBPA) (A-1+, VMIG-1) | ||||||||
3.90%(c) | 05/07/07 | 9,100 | 9,100,000 | |||||
New York City Transitional Finance Authority RB Series 2001C DN (Landesbank Baden-Wurttenberg Girozentrale Liquidity Facility) (A-1+, VMIG-1) | ||||||||
3.90%(c) | 05/07/07 | 10,000 | 10,000,000 | |||||
New York City Transitional Finance Authority RB Series 2002-2B DN (Dexia Credit Local LOC) (A-1+, VMIG-1) | ||||||||
3.91%(c) | 05/07/07 | 1,400 | 1,400,000 | |||||
New York City Transitional Finance Authority RB Series 2002-2C DN (Lloyds TSB Bank Plc LOC) (A-1+, VMIG-1) | ||||||||
3.91%(c) | 05/07/07 | 2,600 | 2,600,000 | |||||
New York City Transitional Finance Authority RB Series 2003-2D DN (Lloyds TSB Bank Plc Liquidity Facility) (A-1+, VMIG-1) | ||||||||
3.90%(c) | 05/07/07 | 1,900 | 1,900,000 | |||||
New York City Transitional Finance Authority RB Series 2006 BAN (SP-1+, MIG-1) | ||||||||
4.25% | 06/29/07 | 3,100 | 3,103,103 | |||||
New York City Water & Sewer RB Munitops Trust Certificates Series 2006-3 DN (XLCA Insurance, ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 8,330 | 8,330,000 | |||||
New York Dormitory Authority RB (Glen Eddy, Inc. Project) Series 2000 DN (Fleet National Bank LOC) (A-1) | ||||||||
3.92%(c) | 05/07/07 | 11,180 | 11,180,000 | |||||
New York Dormitory Authority RB (Mental Health Services Facilities Project) Series 2003D-2F DN (JPMorgan Chase & Co. SBPA) (A-1+) | ||||||||
3.90%(c) | 05/07/07 | 4,065 | 4,065,000 | |||||
New York Dormitory Authority RB (Mental Health Services Facilities Project) Series 2003D-2G DN (Bank of Nova Scotia LOC) (A-1) | ||||||||
3.90%(c) | 05/07/07 | 7,100 | 7,100,000 | |||||
New York Dormitory Authority RB MERLOTS Trust Receipts Series 2003 DN (FGIC Insurance, Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 7,150 | 7,150,000 | |||||
New York Dormitory Authority RB Series 2001D DN (MBIA Insurance, Bank of America N.A. SBPA) (A-1+) | ||||||||
3.96%(b)(c) | 05/07/07 | 1,900 | 1,900,000 | |||||
New York Dormitory Authority RB Series 2005B DN (Bayerische Landesbank Girozentrale LOC) (A-1+, VMIG-1) | ||||||||
3.90%(c) | 05/07/07 | 7,500 | 7,500,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
51
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
NEW YORK MONEY FUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
New York (Continued) | ||||||||
New York Environmental Facilities Corp. Clean Water & Drinking RB Eagle Trust Receipts Series 2003A DN (Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | $ | 5,710 | $ | 5,710,000 | |||
New York Environmental Facilities Corp. Clean Water & Drinking RB Eagle Trust Receipts Series 2003R-2014-ROC-II DN (Citibank N.A. Liquidity Facility) | ||||||||
3.97%(b)(c) | 05/07/07 | 2,640 | 2,640,000 | |||||
New York Environmental Facilities Corp. Clean Water & Drinking RB Eagle Trust Receipts Series 2003R-4001-ROC-II DN (Citibank N.A. Liquidity Facility) | ||||||||
3.97%(b)(c) | 05/07/07 | 1,585 | 1,585,000 | |||||
New York Environmental Facilities Corp. Clean Water & Drinking RB MERLOTS Trust Receipts Series 2004B DN (Wachovia Bank N.A. SBPA) (A-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,375 | 5,375,000 | |||||
New York Environmental Facilities Corp. Clean Water & Drinking RB Putters Series 2006-1372 DN (JPMorgan Chase & Co. Liquidity Facility) (A-1+) | ||||||||
3.96%(b)(c) | 05/07/07 | 7,735 | 7,735,000 | |||||
New York GO Municipal Trust Receipts Series 2006-P36U DN (Lehman Liquidity Co. Liquidity Facility) (A-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 3,545 | 3,545,000 | |||||
New York Housing Finance Agency RB (Tribeca Green Housing Project) Series 2003A DN (Landesbank Hessen-Thuringen Girozentrale LOC) (VMIG-1) | ||||||||
3.85%(c) | 05/07/07 | 17,000 | 17,000,000 | |||||
New York Housing Finance Agency RB Series 2003E DN (Banque Nationale de Paribas LOC) (A-1+, F1+) | ||||||||
3.90%(c) | 05/07/07 | 2,100 | 2,100,000 | |||||
New York Municipal Water Finance Authority TECP (P-1) | ||||||||
3.72% | 07/17/07 | 5,000 | 5,000,000 | |||||
New York Power Authority GO Series 1985 DN (Dexia LOC) (A-1+, VMIG-1) | ||||||||
3.65%(c) | 05/07/07 | 1,000 | 1,000,000 | |||||
New York Power Authority GO Series 1985 MB (Dexia Bank LOC) (A-1+, MIG-1) | ||||||||
3.65%(c) | 09/04/07 | 5,100 | 5,100,000 | |||||
New York Power Authority TECP (P-1) | ||||||||
3.65% | 05/07/07 | 6,000 | 6,000,000 | |||||
New York State Thruway Authority State Personal Income Tax RB Municipal Trust Receipts Series 2006-K53 DN (Lehman Liquidity Co. Liquidity Facility) (A-1) | ||||||||
3.95%(b)(c) | 05/07/07 | 4,700 | 4,700,000 | |||||
New York Tollway Authority Second General Highway & Bridge Trust Fund RB Series 2006-1413 DN (AMBAC Insurance, JPMorgan Chase & Co. SBPA) (A-1+) | ||||||||
3.96%(b)(c) | 05/07/07 | 3,490 | 3,490,000 | |||||
North Syracuse Central School District GO Series 2006 RAN | ||||||||
4.50% | 06/22/07 | 2,000 | 2,002,114 | |||||
North Tonawanda GO Series 2007 TAN | ||||||||
4.00% | 06/20/07 | 600 | 600,293 | |||||
Oneida County IDRB (Preswick Glen Civic Facility Project) Series 2006 DN (Sovereign Bank LOC, Lloyds TSB Bank Plc LOC) (A-1+) | ||||||||
3.92%(c) | 05/07/07 | 15,000 | 15,000,000 | |||||
Onondaga County IDA Civic Facility RB (Crouse Health Hospital Project) Series 2003A DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
4.01%(c) | 05/07/07 | 3,000 | 3,000,000 | |||||
Onondaga County IDA Civic Facility RB (YMCA Greater Syracuse Project) Series 2003A DN (HSBC Bank Plc LOC) | ||||||||
4.01%(c) | 05/07/07 | 3,900 | 3,900,000 | |||||
Ontario County Civic Facilities RB (Finger Lakes Project) Series 2006A DN (Citizens Financial Group LOC) (VMIG-1) | ||||||||
3.92%(c) | 05/07/07 | 4,000 | 4,000,000 | |||||
Orange County IDA Civic Facilities RB (Cornwall Hospital Project) Series 2006 DN (Keybank N.A. LOC) (VMIG-1) | ||||||||
3.99%(c) | 05/07/07 | 4,000 | 4,000,000 | |||||
Ramapo Housing Authority RB (Fountainview College Road Project) Series 1998 DN (VMIG-1) | ||||||||
3.97%(c) | 05/07/07 | 6,970 | 6,970,000 | |||||
Rensselaer County Civic Facilities IDRB (The Sage Colleges Project) Series 2002A DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
4.01%(c) | 05/07/07 | 2,600 | 2,600,000 | |||||
Rockland County GO Series 2007C BAN | ||||||||
3.88% | 10/04/07 | 400 | 400,297 | |||||
Rockland County IDRB (Northern River Assisted Living Project) Series 1999 DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
3.97%(c) | 05/07/07 | 7,200 | 7,200,000 | |||||
Rome City School District GO Series 2006 BAN | ||||||||
4.50% | 07/27/07 | 5,100 | 5,108,315 | |||||
Schenectady County IDA Civic Facility RB (Sunnyview Project) Series 2003B DN (KeyBank N.A. LOC) (VMIG-1) | ||||||||
3.96%(c) | 05/07/07 | 2,390 | 2,390,000 | |||||
Suffolk County Water Authority GO Series 2003 BAN | ||||||||
3.90%(c) | 05/02/07 | 11,700 | 11,700,000 | |||||
Syosset New York Central School District GO Series 2006 TAN | ||||||||
4.50% | 06/28/07 | 7,500 | 7,509,775 | |||||
Tobacco Settlement Financing Corp. RB Series 2003A-1 MB (AA-, A1) | ||||||||
5.00% | 06/01/07 | 3,885 | 3,889,711 | |||||
Tobacco Settlement Financing Corp. RB Series 2003B-1 MB (AA-, A1) | ||||||||
4.00% | 06/01/07 | 400 | 400,198 | |||||
Tonawanda School District GO Series 2007 RAN | ||||||||
4.00% | 10/24/07 | 700 | 700,989 | |||||
Triborough Bridge & Tunnel Authority RB Eagle Trust Receipts Series 2003A DN (FGIC Insurance, Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 2,000 | 2,000,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
52
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
NEW YORK MONEY FUND (CONCLUDED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
New York (Continued) | ||||||||
Triborough Bridge & Tunnel Authority RB Munitops Trust Certificates Series 2002-14 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.96%(b)(c) | 05/07/07 | $ | 9,240 | $ | 9,240,000 | |||
Triborough Bridge & Tunnel Authority RB Series 2002F DN (ABN-AMRO Bank N.V. LOC) (A-1+, VMIG-1) | ||||||||
3.88%(c) | 05/07/07 | 500 | 500,000 | |||||
Triborough Bridge & Tunnel Authority RB Series 2005B-3 DN (Bank of America N.A. SBPA) (A-1+, VIMG-1) | ||||||||
3.96%(c) | 05/07/07 | 7,000 | 7,000,000 | |||||
Triborough Bridge & Tunnel Authority RB Series 2006 DN (Dexia Credit Local LOC) (A-1+, VMIG-1) | ||||||||
3.88%(c) | 05/07/07 | 2,970 | 2,970,000 | |||||
Triborough Bridge & Tunnel Authority RB Series 2006B-4 DN (Landesbank Baden-Wurttenberg Girozentrale SBPA) (A-1+, VMIG1) | ||||||||
3.90%(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
TSASC, Inc. RB Series 2006-519CE ROC-RR-II-R DN (Citibank N.A. Liquidity Facility, Citigroup, Inc. Guaranty) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 5,750 | 5,750,000 | |||||
Uslter County GO Series 2006 BAN | ||||||||
4.00% | 11/21/07 | 4,099 | 4,108,743 | |||||
Vestal Central School District GO Series 2006 BAN | ||||||||
4.25% | 06/21/07 | 12,000 | 12,009,925 | |||||
Watertown GO Series 2007 BAN | ||||||||
4.25% | 02/27/08 | 400 | 401,787 | |||||
| 528,850,161 | ||||||||
Puerto Rico — 0.7% | ||||||||
Commonwealth of Puerto Rico Infrastructure Financing Authority RB MERLOTS Trust Receipts Series 2005A-21 MB (AMBAC Insurance, Wachovia Bank N.A. SBPA) (MIG-1) | ||||||||
3.60%(b)(c) | 05/15/07 | 3,975 | 3,975,000 | |||||
TOTAL MARKET VALUE OF SECURITIES BEFORE AFFILIATED INVESTMENTS — 92.5% | ||||||||
(Cost $532,825,161) | 532,825,161 | |||||||
AFFILIATED INVESTMENTS — 7.0% | ||||||||
New York City GO P-Float Trust Receipts Series 1997 DN (AMBAC Insurance, Societe Generale Group Liquidity Facility) (A-1+) | ||||||||
3.94%(b)(c) | 05/07/07 | 9,860 | 9,860,000 | |||||
New York City GO P-Float Trust Receipts Series 2005-3333 DN (Dexia Bank LOC) (F-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 5,320 | 5,320,000 | |||||
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2006 MT-232 DN (Depfa Bank Plc SBPA) (A-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 17,495 | 17,495,000 | |||||
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2006 MT-256 DN (Svenska Handelsbank Liquidity Facility) (A-1) | ||||||||
4.01%(b)(c) | 05/07/07 | 7,495 | 7,495,000 | |||||
TOTAL AFFILIATED INVESTMENTS | ||||||||
(Cost $40,170,000) | 40,170,000 | |||||||
TOTAL INVESTMENTS IN SECURITIES — 99.5% | ||||||||
(Cost $572,995,161(a)) | 572,995,161 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5% | 2,713,920 | |||||||
NET ASSETS — 100.0% | $ | 575,709,081 | ||||||
| (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, 2007, the Fund held 37.3% of its net assets, with a current market value of $214,543,750, in securities restricted as to resale. |
| (c) | Rates shown are as of April 30, 2007 and maturities shown are the next interest readjustment date or the date the principal owed can be recovered through demand. |
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Key to Investment Abbreviations
| 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 | |
| HFA | Housing Finance Authority | |
| IDA | Industrial Development Authority | |
| IDRB | Industrial Development Revenue Bond | |
| ISD | Independent School District | |
| LLC | Limited Liability Co. | |
| LLP | Limited Liability Partnership | |
| LOC | Letter of Credit | |
| MB | Municipal Bond | |
| MBIA | Municipal Bond Insurance Association | |
| MERLOTS | Municipal Exempt Receipts-Liquidity Option Tender | |
| PCRB | Pollution Control Revenue Bond | |
| 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 ratings of the investments in the various Funds provided by the Fitch Investors Service, Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Service are believed to be the most recent ratings available at April 30, 2007.
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STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2007 (UNAUDITED)
| TEMPFUND | TEMPCASH | FEDFUND | T-FUND | FEDERAL TRUST FUND | TREASURY TRUST FUND | |||||||||||||||||
ASSETS | |||||||||||||||||||||||
Investments at value - unaffiliated1 | $ | 35,391,450,486 | $ | 9,718,077,256 | $ | 2,920,473,270 | 3 | $ | 4,535,621,000 | 3 | $ | 294,255,854 | $ | 1,384,363,216 | |||||||||
Investments at value - affiliated2 | 345,600,000 | 52,000,000 | — | — | — | — | |||||||||||||||||
Cash | — | 6,023,112 | — | — | 1,774 | 311,050 | |||||||||||||||||
Interest receivable | 66,762,566 | 30,934,739 | 13,576,102 | 6,085,643 | 676,084 | 4,005,474 | |||||||||||||||||
Prepaid expenses | 263,165 | 107,651 | 88,916 | 64,467 | 25,337 | 32,684 | |||||||||||||||||
TOTAL ASSETS | 35,804,076,217 | 9,807,142,758 | 2,934,138,288 | 4,541,771,110 | 294,959,049 | 1,388,712,424 | |||||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Cash overdraft | 13,431,642 | — | 11,986,976 | 11,906 | — | — | |||||||||||||||||
Investments purchased payable | — | — | — | — | — | 85,247,509 | |||||||||||||||||
Management fees payable | 4,766,682 | 1,341,353 | 447,367 | 653,691 | 37,291 | 190,824 | |||||||||||||||||
Distributions payable | 91,372,992 | 20,884,627 | 6,906,621 | 14,287,124 | 512,826 | 3,563,044 | |||||||||||||||||
Custodian fees payable | 209,105 | 103,855 | 40,827 | 1,774 | 5,782 | 788 | |||||||||||||||||
Transfer agent fees payable | 188,561 | 65,356 | 14,350 | 14,765 | 345 | 2,752 | |||||||||||||||||
Shareholder servicing fees payable | 2,767,515 | 188,356 | 236,394 | 301,015 | 8,391 | 65,724 | |||||||||||||||||
Distribution fees payable | 245,867 | 7 | 13,581 | — | — | — | |||||||||||||||||
Officers’ and trustees’ fees payable | 108,214 | 12,927 | 9,584 | 13,994 | 5,511 | 4,021 | |||||||||||||||||
Other accrued expenses payable | 453,028 | 322,945 | 78,967 | 141,814 | 16,515 | 30,865 | |||||||||||||||||
TOTAL LIABILITIES | 113,543,606 | 22,919,426 | 19,734,667 | 15,426,083 | 586,661 | 89,105,527 | |||||||||||||||||
NET ASSETS | $ | 35,690,532,611 | $ | 9,784,223,332 | $ | 2,914,403,621 | $ | 4,526,345,027 | $ | 294,372,388 | $ | 1,299,606,897 | |||||||||||
1 Cost of investments - unaffiliated | $ | 35,391,450,486 | $ | 9,718,077,256 | $ | 2,920,473,270 | $ | 4,535,621,000 | $ | 294,255,854 | $ | 1,384,363,216 | |||||||||||
2 Cost of investments - affiliated | 345,600,000 | 52,000,000 | — | — | — | — | |||||||||||||||||
3 Consists primarily or entirely of Repurchase Agreements collateralized by U.S. Treasury and Agency Obligations | |||||||||||||||||||||||
NET ASSETS CONSISTED OF: | |||||||||||||||||||||||
Capital Paid-in | $ | 35,694,086,121 | $ | 9,786,489,717 | $ | 2,914,415,675 | $ | 4,526,452,066 | $ | 294,372,292 | $ | 1,299,887,913 | |||||||||||
Accumulated net realized gain (loss) on investment transactions | (3,553,510 | ) | (2,266,385 | ) | (12,054 | ) | (107,039 | ) | 96 | (281,016 | ) | ||||||||||||
NET ASSETS | $ | 35,690,532,611 | $ | 9,784,223,332 | $ | 2,914,403,621 | $ | 4,526,345,027 | $ | 294,372,388 | $ | 1,299,606,897 | |||||||||||
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BLACKROCK LIQUIDITY FUNDS
| TEMPFUND | TEMPCASH | FEDFUND | T-FUND | FEDERAL TRUST FUND | TREASURY TRUST FUND | |||||||||||||
Institutional Shares: | ||||||||||||||||||
Net Assets | $ | 25,136,313,913 | $ | 8,841,483,950 | $ | 2,048,406,351 | $ | 3,286,219,897 | $ | 255,237,841 | $ | 978,889,822 | ||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 25,139,108,562 | 8,843,577,776 | 2,048,443,294 | 3,286,307,492 | 255,239,452 | 979,105,219 | ||||||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Dollar Shares: | ||||||||||||||||||
Net Assets | $ | 5,094,421,232 | $ | 935,392,313 | $ | 396,673,595 | $ | 585,465,278 | $ | 39,134,547 | $ | 181,474,319 | ||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 5,095,004,724 | 935,566,677 | 396,647,239 | 585,481,406 | 39,133,462 | 181,536,206 | ||||||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Cash Management Shares: | ||||||||||||||||||
Net Assets | $ | 531,976,526 | $ | 160,954 | $ | — | $ | 594,154,072 | $ | — | $ | 37,970,644 | ||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 532,000,280 | 160,953 | — | 594,157,390 | — | 37,970,461 | ||||||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | — | $ | 1.00 | $ | — | $ | 1.00 | ||||||
Cash Reserve Shares: | ||||||||||||||||||
Net Assets | $ | 16,607,313 | $ | — | $ | 1,506,986 | $ | — | $ | — | $ | — | ||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 16,605,101 | — | 1,507,048 | — | — | — | ||||||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | — | $ | — | $ | — | ||||||
Administration Shares: | ||||||||||||||||||
Net Assets | $ | 1,888,914,813 | $ | 7,186,115 | $ | 52,074,460 | $ | 60,505,780 | $ | — | $ | 101,272,112 | ||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 1,889,068,241 | 7,184,311 | 52,074,459 | 60,505,778 | — | 101,276,027 | ||||||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | — | $ | 1.00 | ||||||
Bear Stearns Shares: | ||||||||||||||||||
Net Assets | $ | 872,034,787 | $ | — | $ | 45,146,353 | $ | — | $ | — | $ | — | ||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 872,039,917 | — | 45,146,556 | — | — | — | ||||||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | — | $ | — | $ | — | ||||||
Bear Stearns Premier Choice Shares: | ||||||||||||||||||
Net Assets | $ | 13,732,270 | $ | — | $ | 2,185 | $ | — | $ | — | $ | — | ||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 13,731,017 | — | 2,189 | — | — | — | ||||||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | — | $ | — | $ | — | ||||||
Bear Stearns Private Client Shares: | ||||||||||||||||||
Net Assets | $ | 1,682,792,877 | $ | — | $ | 319,322,664 | $ | — | $ | — | $ | — | ||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 1,682,801,887 | — | 319,323,817 | — | — | — | ||||||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | — | $ | — | $ | — | ||||||
Bear Stearns Premier Shares: | ||||||||||||||||||
Net Assets | $ | 453,738,880 | $ | — | $ | 51,271,027 | $ | — | $ | — | $ | — | ||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 453,726,392 | — | 51,271,071 | — | — | — | ||||||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | — | $ | — | $ | — | ||||||
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BLACKROCK LIQUIDITY FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
ASOF APRIL 30, 2007 (UNAUDITED)
| MUNIFUND | MUNICASH | CALIFORNIA MONEY FUND | NEW YORK MONEY FUND | ||||||||||
ASSETS | ||||||||||||||
Investments at value - unaffiliated1 | $ | 2,080,561,749 | $ | 1,262,441,457 | $ | 1,104,067,533 | $ | 532,825,161 | ||||||
Investments at value - affiliated2 | 101,395,000 | 75,495,000 | 52,085,000 | 40,170,000 | ||||||||||
Cash | — | 39,697 | 16,495 | 83,032 | ||||||||||
Capital shares sold receivable | 1 | — | — | — | ||||||||||
Interest receivable | 19,854,116 | 7,642,193 | 10,530,692 | 5,457,926 | ||||||||||
Prepaid expenses | 85,169 | 44,557 | 23,548 | 16,552 | ||||||||||
TOTAL ASSETS | 2,201,896,035 | 1,345,662,904 | 1,166,723,268 | 578,552,671 | ||||||||||
LIABILITIES | ||||||||||||||
Cash overdraft | 168,398 | — | — | — | ||||||||||
Investments purchased payable | — | 20,000,000 | — | 1,600,368 | ||||||||||
Management fees payable | 352,641 | 222,050 | 170,123 | 84,619 | ||||||||||
Distributions payable | 3,811,445 | 2,300,653 | 1,973,968 | 1,032,888 | ||||||||||
Custodian fees payable | 17,553 | 13,442 | 6,722 | 7,241 | ||||||||||
Transfer agent fees payable | 5,383 | 3,914 | 178 | 253 | ||||||||||
Shareholder servicing fees payable | 284,761 | 22,355 | 137,000 | 93,306 | ||||||||||
Distribution fees payable | 7,640 | 4 | 12,653 | 1,587 | ||||||||||
Officers’ and trustees’ fees payable | 8,605 | 4,213 | 3,799 | 1,708 | ||||||||||
Other accrued expenses payable | 45,193 | 41,056 | 30,532 | 21,620 | ||||||||||
TOTAL LIABILITIES | 4,701,619 | 22,607,687 | 2,334,975 | 2,843,590 | ||||||||||
NET ASSETS | $ | 2,197,194,416 | $ | 1,323,055,217 | $ | 1,164,388,293 | $ | 575,709,081 | ||||||
1 Cost of investments - unaffiliated | $ | 2,080,561,749 | $ | 1,262,441,457 | $ | 1,104,067,533 | $ | 532,825,161 | ||||||
2 Cost of investments - affiliated | 101,395,000 | 75,495,000 | 52,085,000 | 40,170,000 | ||||||||||
NET ASSETS CONSISTED OF: | ||||||||||||||
Capital Paid-in | $ | 2,197,221,568 | $ | 1,323,324,757 | $ | 1,164,359,796 | $ | 575,681,940 | ||||||
Undistributed net investment income | 2,304 | 10,030 | — | — | ||||||||||
Accumulated net realized gain (loss) on investment transactions | (29,456 | ) | (279,570 | ) | 28,497 | 27,141 | ||||||||
NET ASSETS | $ | 2,197,194,416 | $ | 1,323,055,217 | $ | 1,164,388,293 | $ | 575,709,081 | ||||||
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BLACKROCK LIQUIDITY FUNDS
| MUNIFUND | MUNICASH | CALIFORNIA MONEY FUND | NEW YORK MONEY FUND | |||||||||
Institutional Shares: | ||||||||||||
Net Assets | $ | 1,179,900,137 | $ | 1,230,082,744 | $ | 795,185,036 | $ | 338,658,440 | ||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 1,179,859,803 | 1,230,354,043 | 795,163,166 | 338,316,083 | ||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||
Dollar Shares: | ||||||||||||
Net Assets | $ | 79,209,461 | $ | 92,972,473 | $ | 55,821,668 | $ | 8,033,281 | ||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 79,209,156 | 92,974,175 | 55,815,503 | 8,027,304 | ||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||
Cash Management Shares: | ||||||||||||
Net Assets | $ | 54,596,517 | $ | — | $ | 15,542,514 | $ | 13,343,334 | ||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 54,594,232 | — | 15,542,171 | 13,340,187 | ||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | ||||
Administration Shares: | ||||||||||||
Net Assets | $ | 375,923,553 | $ | — | $ | 5,486,920 | $ | 12,847,227 | ||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 375,870,251 | — | 5,486,123 | 12,833,774 | ||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | ||||
Bear Stearns Shares: | ||||||||||||
Net Assets | $ | 24,997,214 | $ | — | $ | 43,778,788 | $ | 5,026,593 | ||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 24,996,584 | — | 43,771,486 | 5,023,232 | ||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | ||||
Bear Stearns Premier Choice Shares: | ||||||||||||
Net Assets | $ | 2,224 | $ | — | $ | 2,176 | $ | 226,259 | ||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 2,230 | — | 2,176 | 226,253 | ||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | ||||
Bear Stearns Private Client Shares: | ||||||||||||
Net Assets | $ | 278,128,531 | $ | — | $ | 224,399,970 | $ | 177,267,660 | ||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 278,111,237 | — | 224,360,967 | 177,168,499 | ||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | ||||
Bear Stearns Premier Shares: | ||||||||||||
Net Assets | $ | 204,436,779 | $ | — | $ | 24,171,221 | $ | 20,306,287 | ||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 204,416,981 | — | 24,166,178 | 20,301,158 | ||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | ||||
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STATEMENTS OF OPERATIONS
FORTHE SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED)
| TEMPFUND | TEMPCASH | FEDFUND | |||||||||
Investment income: | ||||||||||||
Interest | $ | 947,115,889 | $ | 267,282,214 | $ | 81,455,496 | ||||||
Interest from affiliates (Note C) | 6,230,690 | 1,395,124 | 711,238 | |||||||||
Total investment income | 953,346,579 | 268,677,338 | 82,166,734 | |||||||||
Expenses: | ||||||||||||
Management fees | 32,477,582 | 11,004,699 | 3,979,998 | |||||||||
Custodian fees | 1,202,634 | 356,791 | 119,780 | |||||||||
Transfer agent fees | 1,164,463 | 335,169 | 138,940 | |||||||||
Shareholder servicing fees - class specific | 15,668,429 | 1,124,817 | 1,596,187 | |||||||||
Distribution fees - class specific | 4,492,602 | — | 652,744 | |||||||||
Legal and audit fees | 281,168 | 93,485 | 36,714 | |||||||||
Printing fees | 160,885 | 45,937 | 14,887 | |||||||||
Registration fees and expenses | 68,936 | 18,217 | 29,722 | |||||||||
Officers’ and trustees’ fees | 278,766 | 62,160 | 24,821 | |||||||||
Other | 301,722 | 105,969 | 41,897 | |||||||||
Total expenses | 56,097,187 | 13,147,244 | 6,635,690 | |||||||||
Less management fees waived (Note C) | (4,051,344 | ) | (3,033,582 | ) | (1,268,630 | ) | ||||||
Less custody fees paid indirectly (Note C) | (74,722 | ) | — | — | ||||||||
Less fees paid indirectly (Note C) | (17,074 | ) | (4,750 | ) | (1,489 | ) | ||||||
Less shareholder servicing fees waived - class specific (Note C) | (663,064 | ) | — | (145,002 | ) | |||||||
Less distribution fees waived - class specific (Note C) | (3,067,229 | ) | — | (572,310 | ) | |||||||
Net expenses | 48,223,754 | 10,108,912 | 4,648,259 | |||||||||
Net investment income | 905,122,825 | 258,568,426 | 77,518,475 | |||||||||
Net realized gain (loss) from: | ||||||||||||
Investment transactions | (42,991 | ) | (44,612 | ) | — | |||||||
Affiliated transactions | — | — | — | |||||||||
| (42,991 | ) | (44,612 | ) | — | ||||||||
Net increase in net assets resulting from operations | $ | 905,079,834 | $ | 258,523,814 | $ | 77,518,475 | ||||||
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BLACKROCK LIQUIDITY FUNDS
| T-FUND | FEDERAL TRUST FUND | TREASURY TRUST FUND | MUNIFUND | MUNICASH | CALIFORNIA MONEY FUND | NEW YORK MONEY FUND | ||||||||||||||||||||||
Investment income: | ||||||||||||||||||||||||||||
Interest | $ | 114,715,569 | $ | 5,709,552 | $ | 32,884,065 | $ | 46,876,314 | $ | 22,930,705 | $ | 20,636,610 | $ | 9,672,051 | ||||||||||||||
Interest from affiliates (Note C) | 358,996 | — | — | 2,438,594 | 1,663,155 | 1,115,242 | 731,199 | |||||||||||||||||||||
Total investment income | 115,074,565 | 5,709,552 | 32,884,065 | 49,314,908 | 24,593,860 | 21,751,852 | 10,403,250 | |||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||
Management fees | 5,300,364 | 304,696 | 1,798,136 | 4,123,457 | 2,247,487 | 2,277,513 | 1,079,516 | |||||||||||||||||||||
Custodian fees | 128,907 | 8,734 | 43,031 | 89,092 | 54,800 | 38,389 | 23,163 | |||||||||||||||||||||
Transfer agent fees | 141,232 | 11,932 | 62,835 | 109,135 | 51,199 | 64,017 | 31,865 | |||||||||||||||||||||
Shareholder servicing fees - class specific | 2,179,415 | 47,493 | 441,311 | 1,798,800 | 111,865 | 842,710 | 517,610 | |||||||||||||||||||||
Distribution fees - class specific | — | — | — | 669,072 | — | 486,671 | 312,549 | |||||||||||||||||||||
Legal and audit fees | 44,989 | 14,031 | 22,222 | 35,054 | 24,917 | 24,046 | 21,045 | |||||||||||||||||||||
Printing fees | 19,353 | 773 | 5,631 | 12,369 | 5,896 | 5,595 | 2,535 | |||||||||||||||||||||
Registration fees and expenses | 29,370 | 18,525 | 16,337 | 31,675 | 23,267 | 10,132 | 6,588 | |||||||||||||||||||||
Officers’ and trustees’ fees | 34,348 | 389 | 10,023 | 21,741 | 10,154 | 9,433 | 4,250 | |||||||||||||||||||||
Other | 42,632 | 3,567 | 22,656 | 26,728 | 14,124 | 10,840 | 6,924 | |||||||||||||||||||||
Total expenses | 7,920,610 | 410,140 | 2,422,182 | 6,917,123 | 2,543,709 | 3,769,346 | 2,006,045 | |||||||||||||||||||||
Less management fees waived (Note C) | (1,379,712 | ) | (145,608 | ) | (683,033 | ) | (1,739,064 | ) | (1,098,070 | ) | (1,208,768 | ) | (599,858 | ) | ||||||||||||||
Less custody fees paid indirectly (Note C) | (40,646 | ) | — | — | (17,584 | ) | (6,056 | ) | (8,623 | ) | (875 | ) | ||||||||||||||||
Less fees paid indirectly (Note C) | (2,108 | ) | (122 | ) | (625 | ) | (1,259 | ) | (661 | ) | (603 | ) | (286 | ) | ||||||||||||||
Less shareholder servicing fees waived - class specific (Note C) | — | — | — | (187,067 | ) | — | (101,586 | ) | (65,839 | ) | ||||||||||||||||||
Less distribution fees waived - class specific (Note C) | — | — | — | (622,400 | ) | — | (416,159 | ) | (305,780 | ) | ||||||||||||||||||
Net expenses | 6,498,144 | 264,410 | 1,738,524 | 4,349,749 | 1,438,922 | 2,033,607 | 1,033,407 | |||||||||||||||||||||
Net investment income | 108,576,421 | 5,445,142 | 31,145,541 | 44,965,159 | 23,154,938 | 19,718,245 | 9,369,843 | |||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||||||
Investment transactions | (81 | ) | (198 | ) | 38,711 | (31,764 | ) | 127,962 | 25,904 | 6,467 | ||||||||||||||||||
Affiliated transactions | — | — | — | 2,308 | 83,934 | — | — | |||||||||||||||||||||
| (81 | ) | (198 | ) | 38,711 | (29,456 | ) | 211,896 | 25,904 | 6,467 | |||||||||||||||||||
Net increase in net assets resulting from operations | $ | 108,576,340 | $ | 5,444,944 | $ | 31,184,252 | $ | 44,935,703 | $ | 23,366,834 | $ | 19,744,149 | $ | 9,376,310 | ||||||||||||||
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STATEMENTS OF CHANGES IN NET ASSETS
| TEMPFUND | TEMPCASH | |||||||||||||||
| SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED) | YEAR ENDED OCTOBER 31, 2006 | SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED) | YEAR ENDED OCTOBER 31, 2006 | |||||||||||||
Increase (decrease) in net assets: | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 905,122,825 | $ | 1,564,251,287 | $ | 258,568,426 | $ | 587,356,006 | ||||||||
Net gain (loss) on investments | (42,991 | ) | 1,259,422 | (44,612 | ) | 808,527 | ||||||||||
Net increase in net assets resulting from operations | 905,079,834 | 1,565,510,709 | 258,523,814 | 588,164,533 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Institutional Shares | (647,365,307 | ) | (1,170,421,389 | ) | (235,568,238 | ) | (555,133,189 | ) | ||||||||
Dollar Shares | (129,734,851 | ) | (203,745,386 | ) | (22,667,371 | ) | (31,458,015 | ) | ||||||||
Cash Management Shares | (10,749,130 | ) | (13,450,676 | ) | (2,141 | ) | (1,994 | ) | ||||||||
Cash Reserve Shares | (429,582 | ) | (1,875,502 | ) | — | — | ||||||||||
Administration Shares | (48,290,254 | ) | (74,634,676 | ) | (330,676 | ) | (762,362 | ) | ||||||||
Bear Stearns Shares | (18,379,402 | ) | (29,917,432 | ) | — | — | ||||||||||
Bear Stearns Premier Choice Shares | (407,707 | ) | (567,580 | ) | — | (9 | ) | |||||||||
Bear Stearns Private Client Shares | (39,412,927 | ) | (54,623,561 | ) | — | — | ||||||||||
Bear Stearns Premier Shares | (10,353,665 | ) | (15,015,085 | ) | — | (437 | ) | |||||||||
Total distributions from net investment income | (905,122,825 | ) | (1,564,251,287 | ) | (258,568,426 | ) | (587,356,006 | ) | ||||||||
Capital share transactions (Note D) | 94,733,112 | 7,555,050,216 | (836,725,569 | ) | (1,552,678,785 | ) | ||||||||||
Total increase (decrease) in net assets | 94,690,121 | 7,556,309,638 | (836,770,181 | ) | (1,551,870,258 | ) | ||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 35,595,842,490 | 28,039,532,852 | 10,620,993,513 | 12,172,863,771 | ||||||||||||
End of period | $ | 35,690,532,611 | $ | 35,595,842,490 | $ | 9,784,223,332 | $ | 10,620,993,513 | ||||||||
End of period undistributed net investment income | $ | — | $ | — | $ | — | $ | — | ||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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BLACKROCK LIQUIDITY FUNDS
| FEDFUND | T-FUND | FEDERAL TRUST FUND | ||||||||||||||||||||||
SIX MONTHS ENDED APRIL 30, 2007 | YEAR ENDED OCTOBER 31, 2006 | SIX MONTHS ENDED APRIL 30, 2007 | YEAR ENDED OCTOBER 31, 2006 | SIX MONTHS ENDED APRIL 30, 2007 | YEAR ENDED OCTOBER 31, 2006 | |||||||||||||||||||
Increase (decrease) in net assets: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 77,518,475 | $ | 154,392,485 | $ | 108,576,421 | $ | 199,665,293 | $ | 5,445,142 | $ | 5,755,155 | ||||||||||||
Net gain (loss) on investments | — | — | (81 | ) | — | (198 | ) | 833 | ||||||||||||||||
Net increase in net assets resulting from operations | 77,518,475 | 154,392,485 | 108,576,340 | 199,665,293 | 5,444,944 | 5,755,988 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Institutional Shares | (56,052,337 | ) | (113,702,966 | ) | (78,807,473 | ) | (138,549,498 | ) | (4,530,380 | ) | (3,708,198 | ) | ||||||||||||
Dollar Shares | (10,428,636 | ) | (21,405,041 | ) | (17,217,350 | ) | (50,935,185 | ) | (914,762 | ) | (2,046,957 | ) | ||||||||||||
Cash Management Shares | — | — | (11,589,748 | ) | (9,346,190 | ) | — | — | ||||||||||||||||
Cash Reserve Shares | (50,882 | ) | (95,349 | ) | — | — | — | — | ||||||||||||||||
Administration Shares | (1,365,596 | ) | (3,116,432 | ) | (961,850 | ) | (834,420 | ) | — | — | ||||||||||||||
Bear Stearns Shares | (1,004,582 | ) | (1,945,617 | ) | — | — | — | — | ||||||||||||||||
Bear Stearns Premier Choice Shares | (53 | ) | (97 | ) | — | — | — | — | ||||||||||||||||
Bear Stearns Private Client Shares | (7,360,766 | ) | (11,467,225 | ) | — | — | — | — | ||||||||||||||||
Bear Stearns Premier Shares | (1,255,623 | ) | (2,659,758 | ) | — | — | — | — | ||||||||||||||||
Total distributions from net investment income | (77,518,475 | ) | (154,392,485 | ) | (108,576,421 | ) | (199,665,293 | ) | (5,445,142 | ) | (5,755,155 | ) | ||||||||||||
Capital share transactions (Note D) | (398,507,229 | ) | 200,177,320 | 548,144,096 | 145,145,651 | 151,506,005 | 13,267,150 | |||||||||||||||||
Total increase (decrease) in net assets | (398,507,229 | ) | 200,177,320 | 548,144,015 | 145,145,651 | 151,505,807 | 13,267,983 | |||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of period | 3,312,910,850 | 3,112,733,530 | 3,978,201,012 | 3,833,055,361 | 142,866,581 | 129,598,598 | ||||||||||||||||||
End of period | $ | 2,914,403,621 | $ | 3,312,910,850 | $ | 4,526,345,027 | $ | 3,978,201,012 | $ | 294,372,388 | $ | 142,866,581 | ||||||||||||
End of period undistributed net investment income | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
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BLACKROCK LIQUIDITY FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONCLUDED)
| TREASURY TRUST FUND | MUNIFUND | |||||||||||||||
SIX MONTHS ENDED APRIL 30, 2007 | YEAR ENDED OCTOBER 31, 2006 | SIX MONTHS ENDED APRIL 30, 2007 | YEAR ENDED OCTOBER 31, 2006 | |||||||||||||
Increase (decrease) in net assets: | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 31,145,541 | $ | 52,315,573 | $ | 44,965,159 | $ | 81,576,936 | ||||||||
Net gain (loss) on investments | 38,711 | (28,430 | ) | (29,456 | ) | 235,929 | ||||||||||
Net increase in net assets resulting from operations | 31,184,252 | 52,287,143 | 44,935,703 | 81,812,865 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Institutional Shares | (22,735,592 | ) | (37,372,332 | ) | (27,803,447 | ) | (50,725,779 | ) | ||||||||
Dollar Shares | (4,557,424 | ) | (8,130,971 | ) | (1,504,001 | ) | (2,503,251 | ) | ||||||||
Cash Management Shares | (1,219,159 | ) | (1,367,629 | ) | (962,121 | ) | (1,146,749 | ) | ||||||||
Administration Shares | (2,633,366 | ) | (5,444,641 | ) | (6,830,801 | ) | (15,420,096 | ) | ||||||||
Bear Stearns Shares | — | — | (351,960 | ) | (558,500 | ) | ||||||||||
Bear Stearns Premier Choice Shares | — | — | (36 | ) | (65 | ) | ||||||||||
Bear Stearns Private Client Shares | — | — | (4,498,063 | ) | (6,165,813 | ) | ||||||||||
Bear Stearns Premier Shares | — | — | (3,014,730 | ) | (5,056,683 | ) | ||||||||||
Total distributions from net investment income | (31,145,541 | ) | (52,315,573 | ) | (44,965,159 | ) | (81,576,936 | ) | ||||||||
Capital share transactions (Note D) | 47,777,003 | 62,300,625 | (176,964,516 | ) | (710,990,163 | ) | ||||||||||
Total increase (decrease) in net assets | 47,815,714 | 62,272,195 | (176,993,972 | ) | (710,754,234 | ) | ||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 1,251,791,183 | 1,189,518,988 | 2,374,188,388 | 3,084,942,622 | ||||||||||||
End of period | $ | 1,299,606,897 | $ | 1,251,791,183 | $ | 2,197,194,416 | $ | 2,374,188,388 | ||||||||
End of period undistributed net investment income | $ | — | $ | — | $ | 2,304 | $ | 2,304 | ||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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BLACKROCK LIQUIDITY FUNDS
| MUNICASH | CALIFORNIA MONEY FUND | NEW YORK MONEY FUND | ||||||||||||||||||||||
| SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED) | YEAR ENDED OCTOBER 31, 2006 | SIX MONTHS ENDED APRIL 30, 2007 | YEAR ENDED OCTOBER 31, 2006 | SIX MONTHS ENDED APRIL 30, 2007 | YEAR ENDED OCTOBER 31, 2006 | |||||||||||||||||||
Increase (decrease) in net assets: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 23,154,938 | $ | 49,253,381 | $ | 19,718,245 | $ | 26,370,174 | $ | 9,369,843 | $ | 15,043,294 | ||||||||||||
Net gain (loss) on investments | 211,896 | (224,451 | ) | 25,904 | 172,566 | 6,467 | 309,020 | |||||||||||||||||
Net increase in net assets resulting from operations | 23,366,834 | 49,028,930 | 19,744,149 | 26,542,740 | 9,376,310 | 15,352,314 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Institutional Shares | (21,703,732 | ) | (47,459,280 | ) | (14,333,071 | ) | (19,513,704 | ) | (6,014,705 | ) | (9,970,513 | ) | ||||||||||||
Dollar Shares | (1,444,379 | ) | (1,783,682 | ) | (915,386 | ) | (1,271,692 | ) | (110,492 | ) | (172,645 | ) | ||||||||||||
Cash Management Shares | — | — | (177,390 | ) | (26,999 | ) | (185,744 | ) | (203,970 | ) | ||||||||||||||
Administration Shares | (6,827 | ) | (1,366 | ) | (89,331 | ) | (125,720 | ) | (264,330 | ) | (497,289 | ) | ||||||||||||
Bear Stearns Shares | — | — | (511,655 | ) | (718,541 | ) | (50,566 | ) | (88,337 | ) | ||||||||||||||
Bear Stearns Premier Choice Shares | — | (7 | ) | (33 | ) | (62 | ) | (3,589 | ) | (2,923 | ) | |||||||||||||
Bear Stearns Private Client Shares | — | — | (3,369,919 | ) | (4,259,946 | ) | (2,553,003 | ) | (3,942,213 | ) | ||||||||||||||
Bear Stearns Premier Shares | — | (6 | ) | (321,460 | ) | (454,439 | ) | (187,414 | ) | (165,404 | ) | |||||||||||||
Total distributions from net investment income | (23,154,938 | ) | (49,244,341 | ) | (19,718,245 | ) | (26,371,103 | ) | (9,369,843 | ) | (15,043,294 | ) | ||||||||||||
Capital share transactions (Note D) | (1,530,862 | ) | (916,177,126 | ) | (3,582,310 | ) | 384,893,900 | 80,384,641 | 76,713,061 | |||||||||||||||
Total increase (decrease) in net assets | ||||||||||||||||||||||||
Net assets: | (1,318,966 | ) | (916,392,537 | ) | (3,556,406 | ) | 385,065,537 | 80,391,108 | 77,022,081 | |||||||||||||||
Beginning of period | 1,324,374,183 | 2,240,766,720 | 1,167,944,699 | 782,879,162 | 495,317,973 | 418,295,892 | ||||||||||||||||||
End of period | $ | 1,323,055,217 | $ | 1,324,374,183 | $ | 1,164,388,293 | $ | 1,167,944,699 | $ | 575,709,081 | $ | 495,317,973 | ||||||||||||
End of period undistributed net investment income | $ | 10,030 | $ | 10,030 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
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FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| INSTITUTIONAL SHARES | ||||||||||||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||
TEMPFUND | 2006 | 2005 | 2004 | 20031 | 20021 | |||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0257 | 0.0470 | 0.0276 | 0.0109 | 0.0113 | 0.0186 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0257 | ) | (0.0470 | ) | (0.0276 | ) | (0.0109 | ) | (0.0113 | ) | (0.0186 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 2.60 | %3 | 4.81 | % | 2.80 | % | 1.09 | % | 1.14 | % | 1.88 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 25,136,314 | $ | 25,788,255 | $ | 20,229,031 | $ | 17,452,337 | $ | 20,081,053 | $ | 19,871,753 | ||||||||||||
Ratio of net expenses to average net assets | 0.18 | %4 | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.18 | %4 | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | ||||||||||||
Ratio of expenses to average net assets (excluding waivers) | 0.20 | %4 | 0.20 | % | 0.21 | % | 0.21 | % | 0.20 | % | 0.18 | % | ||||||||||||
Ratio of net investment income to average daily net assets | 5.16 | %4 | 4.78 | % | 2.78 | % | 1.09 | % | 1.15 | % | 1.88 | % | ||||||||||||
| DOLLAR SHARES | ||||||||||||||||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||
| 2006 | 2005 | 2004 | 20031 | 20021 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0245 | 0.0445 | 0.0252 | 0.0084 | 0.0088 | 0.0161 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0245 | ) | (0.0445 | ) | (0.0252 | ) | (0.0084 | ) | (0.0088 | ) | (0.0161 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 2.48 | %3 | 4.55 | % | 2.54 | % | 0.84 | % | 0.89 | % | 1.62 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 5,094,421 | $ | 4,971,729 | $ | 4,212,168 | $ | 3,665,117 | $ | 3,818,036 | $ | 4,309,354 | ||||||||||||
Ratio of net expenses to average net assets | 0.43 | %4 | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.43 | %4 | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||||
Ratio of expenses to average net assets (excluding waivers) | 0.45 | %4 | 0.45 | % | 0.46 | % | 0.46 | % | 0.45 | % | 0.43 | % | ||||||||||||
Ratio of net investment income to average daily net assets | 5.07 | %4 | 4.44 | % | 2.57 | % | 0.83 | % | 0.90 | % | 1.63 | % | ||||||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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BLACKROCK LIQUIDITY FUNDS
| CASH MANAGEMENT SHARES | CASH RESERVE SHARES5 | |||||||||||||||||||||||||||||||||||||||||||||||
PERIOD ENDED | YEAR ENDED OCTOBER 31 | PERIOD ENDED | YEAR ENDED 10/31/06 | YEAR ENDED OCTOBER 31 | ||||||||||||||||||||||||||||||||||||||||||||
TEMPFUND | 2006 | 2005 | 2004 | 20031 | 20021 | 10/04/05 - 10/31/05 | 11/01/03 - 12/15/03 | 20031 | 20021 | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0233 | 0.0420 | 0.0227 | 0.0059 | 0.0063 | 0.0136 | 0.0238 | 0.0430 | 0.0025 | 0.0007 | 0.0067 | 0.0146 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0233 | ) | (0.0420 | ) | (0.0227 | ) | (0.0059 | ) | (0.0063 | ) | (0.0136 | ) | (0.0238 | ) | (0.0430 | ) | (0.0025 | ) | (0.0007 | ) | (0.0067 | ) | (0.0146 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return2 | 2.35 | %3 | 4.28 | % | 2.29 | % | 0.59 | % | 0.63 | % | 1.37 | % | 2.40 | %3 | 4.39 | % | 0.24 | %3 | 0.07 | %3 | 0.76 | % | 1.47 | % | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 531,977 | $ | 358,944 | $ | 282,475 | $ | 192,325 | $ | 147,693 | $ | 65,140 | $ | 16,607 | $ | 17,173 | $ | 3,723 | $ | — | $ | 6,622 | $ | 178,398 | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.68 | %4 | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.58 | %4 | 0.58 | % | 0.58 | %4 | 0.58 | %4 | 0.58 | % | 0.58 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.68 | %4 | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.58 | %4 | 0.58 | % | 0.58 | %4 | 0.58 | %4 | 0.58 | % | 0.58 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.70 | %4 | 0.70 | % | 0.71 | % | 0.71 | % | 0.70 | % | 0.68 | % | 0.60 | %4 | 0.61 | % | 0.62 | %4 | 0.60 | %4 | 0.60 | % | 0.58 | % | ||||||||||||||||||||||||
Ratio of net investment income to average daily net assets | 4.77 | %4 | 4.24 | % | 2.38 | % | 0.58 | % | 0.57 | % | 1.34 | % | 5.21 | %4 | 4.38 | % | 3.34 | %4 | 0.54 | %4 | 0.94 | % | 1.47 | % | ||||||||||||||||||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | There were no Cash Reserve Shares outstanding during the period August 7, 2003 to September 15, 2003 and December 16, 2003 to October 3, 2005. |
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FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| ADMINISTRATION SHARES | BEAR STEARNS SHARES | |||||||||||||||||||||||||||||||||||||||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/021,2 | PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/021,3 | |||||||||||||||||||||||||||||||||||||||||||
TEMPFUND | 2006 | 2005 | 2004 | 20031 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0252 | 0.0460 | 0.0267 | 0.0099 | 0.0103 | 0.0095 | 0.0217 | 0.0388 | 0.0195 | 0.0032 | 0.0034 | 0.0041 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0252 | ) | (0.0460 | ) | (0.0267 | ) | (0.0099 | ) | (0.0103 | ) | (0.0095 | ) | (0.0217 | ) | (0.0388 | ) | (0.0195 | ) | (0.0032 | ) | (0.0034 | ) | (0.0041 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return4 | 2.55 | %5 | 4.70 | % | 2.70 | % | 0.99 | % | 1.04 | % | 1.66 | %5 | 2.19 | %5 | 3.95 | % | 1.96 | % | 0.32 | % | 0.34 | % | 0.91 | %5 | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,888,915 | $ | 1,763,132 | $ | 1,261,354 | $ | 1,200,346 | $ | 330 | $ | 124 | $ | 872,035 | $ | 810,613 | $ | 706,592 | $ | 189,266 | $ | 75,071 | $ | 22,717 | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.28 | %6 | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | %6 | 1.00 | %6 | 1.00 | % | 1.00 | % | 0.95 | % | 0.96 | % | 1.00 | %6 | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.28 | %6 | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | %6 | 1.00 | %6 | 1.00 | % | 1.00 | % | 0.95 | % | 0.96 | % | 1.00 | %6 | ||||||||||||||||||||||||
Ratio of expenses to average net assets (excluding waivers) | 0.30 | %6 | 0.30 | % | 0.31 | % | 0.31 | % | 0.30 | % | 0.29 | %6 | 1.05 | %6 | 1.05 | % | 1.03 | % | 1.03 | % | 1.02 | % | 1.01 | %6 | ||||||||||||||||||||||||
Ratio of net investment income to average daily net assets | 5.18 | %6 | 4.65 | % | 2.71 | % | 1.25 | % | 1.00 | % | 1.62 | %6 | 4.51 | %6 | 3.89 | % | 2.25 | % | 0.34 | % | 0.30 | % | 0.88 | %6 | ||||||||||||||||||||||||
| BEAR STEARNS PREMIER CHOICE SHARES | ||||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED 10/31/06 | PERIOD ENDED 10/31/057 | ||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Net investment income | 0.0244 | 0.0443 | 0.0154 | |||||||||
Dividends to shareholders from net investment income | (0.0244 | ) | (0.0443 | ) | (0.0154 | ) | ||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Total return4 | 2.47 | %5 | 4.52 | % | 1.55 | %5 | ||||||
Ratios/Supplemental data: | ||||||||||||
Net assets, end of period (000) | $ | 13,732 | $ | 10,347 | $ | 3,619 | ||||||
Ratio of net expenses to average net assets | 0.45 | %6 | 0.45 | % | 0.45 | %6 | ||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.45 | %6 | 0.45 | % | 0.45 | %6 | ||||||
Ratio of expenses to average net assets (excluding waivers) | 0.70 | %6 | 0.71 | % | 0.72 | %6 | ||||||
Ratio of net investment income to average daily net assets | 5.00 | %6 | 4.78 | % | 3.09 | %6 | ||||||
| BEAR STEARNS PRIVATE CLIENT SHARES | ||||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD 10/31/048 | ||||||||||||||
| 2006 | 2005 | |||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0235 | 0.0428 | 0.0235 | 0.0048 | ||||||||||||
Dividends to shareholders from net investment income | (0.0235 | ) | (0.0428 | ) | (0.0235 | ) | (0.0048 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return4 | 2.38 | %5 | 4.37 | % | 2.37 | % | 0.48 | %5 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 1,682,793 | $ | 1,479,708 | $ | 1,018,935 | $ | 280,458 | ||||||||
Ratio of net expenses to average net assets | 0.63 | %6 | 0.60 | % | 0.60 | % | 0.58 | %6 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %6 | 0.60 | % | 0.60 | % | 0.58 | %6 | ||||||||
Ratio of expenses to average net assets (excluding waivers) | 1.05 | %6 | 1.05 | % | 1.06 | % | 1.05 | %6 | ||||||||
Ratio of net investment income to average daily net assets | 4.85 | %6 | 4.32 | % | 2.57 | % | 0.96 | %6 | ||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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BLACKROCK LIQUIDITY FUNDS
| BEAR STEARNS PREMIER SHARES | ||||||||||||
TEMPFUND | PERIOD ENDED 4/30/07 | YEAR ENDED 10/31/06 | PERIOD ENDED 10/31/059 | |||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Net investment income | 0.0235 | 0.0428 | 0.0179 | |||||||||
Dividends to shareholders from net investment income | (0.0235 | ) | (0.0428 | ) | (0.0179 | ) | ||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Total return4 | 2.38 | %5 | 4.37 | % | 1.80 | %5 | ||||||
Ratios/Supplemental data: | ||||||||||||
Net assets, end of period (000) | $ | 453,739 | $ | 395,943 | $ | 321,636 | ||||||
Ratio of net expenses to average net assets | 0.63 | %6 | 0.60 | % | 0.60 | %6 | ||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %6 | 0.60 | % | 0.60 | %6 | ||||||
Ratio of expenses to average net assets (excluding waivers) | 0.80 | %6 | 0.80 | % | 0.81 | %6 | ||||||
Ratio of net investment income to average daily net assets | 4.87 | %6 | 4.29 | % | 2.93 | %6 | ||||||
1 | Audited by other auditors. |
2 | Commencement of operations of share class effective April 4, 2002. |
3 | Commencement of operations of share class effective May 20, 2002. |
4 | Past performance is no guarantee of future results. |
5 | Not annualized. |
6 | Annualized. |
7 | Commencement of operations of share class effective April 25, 2005. |
8 | Commencement of operations of share class effective March 26, 2004. |
9 | Commencement of operations of share class effective March 2, 2005. |
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| INSTITUTIONAL SHARES | DOLLAR SHARES | |||||||||||||||||||||||||||||||||||||||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||||||||||||||||||||||||
TEMPCASH | 2006 | 2005 | 2004 | 20031 | 20021 | 2006 | 2005 | 2004 | 20031 | 20021 | ||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0258 | 0.0471 | 0.0278 | 0.0112 | 0.0118 | 0.0193 | 0.0245 | 0.0446 | 0.0253 | 0.0087 | 0.0093 | 0.0168 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0258 | ) | (0.0471 | ) | (0.0278 | ) | (0.0112 | ) | (0.0118 | ) | (0.0193 | ) | (0.0245 | ) | (0.0446 | ) | (0.0253 | ) | (0.0087 | ) | (0.0093 | ) | (0.0168 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return2 | 2.61 | %3 | 4.82 | % | 2.82 | % | 1.13 | % | 1.18 | % | 1.95 | % | 2.48 | %3 | 4.56 | % | 2.56 | % | 0.88 | % | 0.93 | % | 1.70 | % | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 8,841,484 | $ | 9,769,075 | $ | 11,576,987 | $ | 7,850,023 | $ | 11,193,249 | $ | 7,195,494 | $ | 935,392 | $ | 826,331 | $ | 595,873 | $ | 531,509 | $ | 433,227 | $ | 402,137 | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.18 | %4 | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.43 | %4 | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.18 | %4 | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.43 | %4 | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets (excluding waivers) | 0.24 | %4 | 0.23 | % | 0.24 | % | 0.23 | % | 0.23 | % | 0.24 | % | 0.49 | %4 | 0.48 | % | 0.49 | % | 0.49 | % | 0.48 | % | 0.50 | % | ||||||||||||||||||||||||
Ratio of net investment income to average daily net assets | 5.20 | %4 | 4.79 | % | 2.88 | % | 1.11 | % | 1.18 | % | 1.92 | % | 5.07 | %4 | 4.50 | % | 2.63 | % | 0.87 | % | 0.94 | % | 1.71 | % | ||||||||||||||||||||||||
| CASH MANAGEMENT SHARES | ADMINISTRATION SHARES | |||||||||||||||
PERIOD ENDED 4/30/07 | PERIOD ENDED 10/31/065 | PERIOD ENDED 4/30/07 | PERIOD ENDED 10/31/066,7 | |||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0233 | 0.0179 | 0.0253 | 0.0301 | ||||||||||||
Dividends to shareholders from net investment income | (0.0233 | ) | (0.0179 | ) | (0.0253 | ) | (0.0301 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 2.35 | %3 | 1.80 | %3 | 2.56 | %3 | 3.04 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 161 | $ | 126 | $ | 7,186 | $ | 25,461 | ||||||||
Ratio of net expenses to average net assets | 0.68 | %4 | 0.68 | %4 | 0.28 | %4 | 0.28 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.68 | %4 | 0.68 | %4 | 0.28 | %4 | 0.28 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.73 | %4 | 0.73 | %4 | 0.34 | %4 | 0.34 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 4.77 | %4 | 4.29 | %4 | 5.18 | %4 | 5.01 | %4 | ||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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BLACKROCK LIQUIDITY FUNDS
| BEAR STEARNS PREMIER CHOICE SHARES8 | BEAR STEARNS PREMIER SHARES9 | |||||||||||||||||||||||
TEMPCASH | 11/1/05 - 12/13/05 | YEAR ENDED 10/31/05 | PERIOD ENDED 10/31/0410 | 11/1/05 - 12/13/05 | YEAR ENDED 10/31/05 | PERIOD ENDED 10/31/0410 | ||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0043 | 0.0251 | 0.0056 | 0.0042 | 0.0234 | 0.0041 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0043 | ) | (0.0251 | ) | (0.0056 | ) | (0.0042 | ) | (0.0234 | ) | (0.0041 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 0.44 | %3 | 2.54 | % | 0.56 | %3 | 0.44 | %3 | 2.37 | % | 0.41 | %3 | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | — | $ | 2 | $ | 2 | $ | — | $ | 2 | $ | 2 | ||||||||||||
Ratio of net expenses to average net assets | 0.45 | %4 | 0.45 | % | 0.45 | %4 | 0.60 | %4 | 0.60 | % | 0.70 | %4 | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.45 | %4 | 0.45 | % | 0.45 | %4 | 0.60 | %4 | 0.60 | % | 0.70 | %4 | ||||||||||||
Ratio of expenses to average net assets (excluding waivers) | 0.50 | %4 | 0.80 | % | 0.50 | %4 | 0.65 | %4 | 1.09 | % | 0.75 | %4 | ||||||||||||
Ratio of net investment income to average daily net assets | 4.52 | %4 | 2.57 | % | 1.15 | %4 | 4.37 | %4 | 2.12 | % | 0.81 | %4 | ||||||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | Commencement of operations of share class effective June 14, 2006. |
6 | Commencement of operations of share class effective November 15, 2005. |
7 | There were no Administration Shares outstanding during the period November 25, 2005 to March 30, 2006. |
8 | There were no Bear Stearns Premier Choice Shares outstanding during the period December 14, 2005 to April 30, 2007. |
9 | There were no Bear Stearns Premier Shares outstanding during the period December 14, 2005 to April 30, 2007. |
10 | Commencement of operations of share class effective March 26, 2004. |
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| INSTITUTIONAL SHARES | DOLLAR SHARES | |||||||||||||||||||||||||||||||||||||||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||||||||||||||||||||||||
FEDFUND | 2006 | 2005 | 2004 | 20031 | 20021 | 2006 | 2005 | 2004 | 20031 | 20021 | ||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0254 | 0.0463 | 0.0269 | 0.0105 | 0.0110 | 0.0183 | 0.0241 | 0.0438 | 0.0244 | 0.0080 | 0.0085 | 0.0158 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0254 | ) | (0.0463 | ) | (0.0269 | ) | (0.0105 | ) | (0.0110 | ) | (0.0183 | ) | (0.0241 | ) | (0.0438 | ) | (0.0244 | ) | (0.0080 | ) | (0.0085 | ) | (0.0158 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return2 | 2.57 | %3 | 4.73 | % | 2.73 | % | 1.05 | % | 1.10 | % | 1.85 | % | 2.44 | %3 | 4.47 | % | 2.47 | % | 0.80 | % | 0.85 | % | 1.60 | % | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,048,406 | $ | 2,417,594 | $ | 2,320,001 | $ | 1,883,220 | $ | 2,163,336 | $ | 1,955,108 | $ | 396,674 | $ | 415,040 | $ | 372,460 | $ | 345,479 | $ | 397,344 | $ | 635,685 | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.28 | %4 | 0.28 | % | 0.29 | % | 0.29 | % | 0.28 | % | 0.26 | % | 0.53 | %4 | 0.53 | % | 0.54 | % | 0.54 | % | 0.53 | % | 0.50 | % | ||||||||||||||||||||||||
Ratio of net investment income to average daily net assets | 5.11 | %4 | 4.64 | % | 2.73 | % | 1.04 | % | 1.10 | % | 1.82 | % | 4.85 | %4 | 4.46 | % | 2.49 | % | 0.79 | % | 0.87 | % | 1.61 | % | ||||||||||||||||||||||||
| CASH RESERVE SHARES | ADMINISTRATION SHARES | |||||||||||||||||||||||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/031,5 | PERIOD ENDED 4/30/07 | YEAR ENDED 10/31/06 | PERIOD 10/31/056,9 | |||||||||||||||||||||||||||
| 2006 | 2005 | 2004 | ||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Net investment income | 0.0233 | 0.0423 | 0.0229 | 0.0065 | 0.0034 | 0.0249 | 0.0453 | 0.0110 | ||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0233 | ) | (0.0423 | ) | (0.0229 | ) | (0.0065 | ) | (0.0034 | ) | (0.0249 | ) | (0.0453 | ) | (0.0110 | ) | ||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Total return2 | 2.36 | %3 | 4.31 | % | 2.32 | % | 0.65 | % | 0.59 | %3 | 2.52 | %3 | 4.63 | % | 1.10 | %3 | ||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,507 | $ | 1,082 | $ | 1,547 | $ | 9,276 | $ | 13,492 | $ | 52,074 | $ | 83,069 | $ | 43,480 | ||||||||||||||||
Ratio of expenses to average net assets | 0.60 | %4 | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %4 | 0.30 | %4 | 0.30 | % | 0.30 | %4 | ||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.60 | %4 | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %4 | 0.30 | %4 | 0.30 | % | 0.30 | %4 | ||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.68 | %4 | 0.68 | % | 0.70 | % | 0.69 | % | 0.69 | %4 | 0.38 | %4 | 0.38 | % | 0.39 | %4 | ||||||||||||||||
Ratio of net investment income to average daily net assets | 4.75 | %4 | 4.26 | % | 1.94 | % | 0.62 | % | 0.58 | %4 | 5.04 | %4 | 4.67 | % | 2.63 | %4 | ||||||||||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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BLACKROCK LIQUIDITY FUNDS
| BEAR STEARNS SHARES | BEAR STEARNS PREMIER CHOICE SHARES | |||||||||||||||||||||||||||||||||||||||
PERIOD 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/021,7 | PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/048 | |||||||||||||||||||||||||||||||||||
FEDFUND | 2006 | 2005 | 2004 | 20031 | 2006 | 2005 | ||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
Net investment income | 0.0214 | 0.0383 | 0.0189 | 0.0031 | 0.0033 | 0.0040 | 0.0241 | 0.0438 | 0.0244 | 0.0054 | ||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0214 | ) | (0.0383 | ) | (0.0189 | ) | (0.0031 | ) | (0.0033 | ) | (0.0040 | ) | (0.0241 | ) | (0.0438 | ) | (0.0244 | ) | (0.0054 | ) | ||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
Total return2 | 2.16 | %3 | 3.90 | % | 1.91 | % | 0.31 | % | 0.33 | % | 0.89 | %3 | 2.44 | %3 | 4.47 | % | 2.47 | % | 0.54 | %3 | ||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 45,146 | $ | 52,420 | $ | 47,205 | $ | 18,837 | $ | 7,889 | $ | 2,728 | $ | 2 | $ | 2 | $ | 2 | $ | 2 | ||||||||||||||||||||
Ratio of expenses to average net assets | 1.00 | %4 | 1.00 | % | 1.00 | % | 0.95 | % | 0.95 | % | 1.00 | %4 | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | %4 | ||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 1.00 | %4 | 1.00 | % | 1.00 | % | 0.95 | % | 0.95 | % | 1.00 | %4 | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | %4 | ||||||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.13 | %4 | 1.13 | % | 1.09 | % | 1.09 | % | 1.08 | % | 1.08 | %4 | 0.53 | %4 | 0.53 | % | 0.87 | % | 0.54 | %4 | ||||||||||||||||||||
Ratio of net investment income to average daily net assets | 4.37 | %4 | 3.86 | % | 2.14 | % | 0.36 | % | 0.30 | % | 0.87 | %4 | 4.86 | %4 | 4.39 | % | 2.48 | % | 0.92 | %4 | ||||||||||||||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | Commencement of operations of share class effective April 1, 2003. |
6 | Commencement of operations of share class effective November 10, 2004. |
7 | Commencement of operations of share class effective May 20, 2002. |
8 | Commencement of operations of share class effective March 26, 2004. |
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. |
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| BEAR STEARNS PRIVATE CLIENT SHARES | ||||||||||||||||
| PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/041 | ||||||||||||||
FEDFUND | 2006 | 2005 | ||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0233 | 0.0423 | 0.0229 | 0.0045 | ||||||||||||
Dividends to shareholders from net investment income | (0.0233 | ) | (0.0423 | ) | (0.0229 | ) | (0.0045 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 2.35 | %3 | 4.31 | % | 2.32 | % | 0.45 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 319,323 | $ | 295,307 | $ | 241,913 | $ | 50,579 | ||||||||
Ratio of expenses to average daily net assets | 0.63 | %4 | 0.60 | % | 0.60 | % | 0.58 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %4 | 0.60 | % | 0.60 | % | 0.58 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.13 | %4 | 1.13 | % | 1.14 | % | 0.80 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 4.72 | %4 | 4.25 | % | 2.59 | % | 0.92 | %4 | ||||||||
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BLACKROCK LIQUIDITY FUNDS
| BEAR STEARNS PREMIER SHARES | ||||||||||||||||
| PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/041 | ||||||||||||||
FEDFUND | 2006 | 2005 | ||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0233 | 0.0423 | 0.0227 | 0.0038 | ||||||||||||
Dividends to shareholders from net investment income | (0.0233 | ) | (0.0423 | ) | (0.0227 | ) | (0.0038 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 2.35 | %3 | 4.31 | % | 2.30 | % | 0.38 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 51,271 | $ | 48,396 | $ | 86,126 | $ | 2 | ||||||||
Ratio of expenses to average net assets | 0.63 | %4 | 0.60 | % | 0.60 | % | 0.70 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %4 | 0.60 | % | 0.60 | % | 0.70 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.88 | %4 | 0.88 | % | 0.89 | % | 0.79 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 4.80 | %4 | 4.15 | % | 2.84 | % | 0.60 | %4 | ||||||||
1 | Commencement of operations of share class effective March 26, 2004. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| INSTITUTIONAL SHARES | ||||||||||||||||||||||||
| PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||
T-FUND | 2006 | 2005 | 2004 | 20031 | 20021 | |||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0252 | 0.0456 | �� | 0.0260 | 0.0098 | 0.0106 | 0.0179 | |||||||||||||||||
Dividends to shareholders from net investment income | (0.0252 | ) | (0.0456 | ) | (0.0260 | ) | (0.0098 | ) | (0.0106 | ) | (0.0179 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 2.55 | %3 | 4.65 | % | 2.63 | % | 0.99 | % | 1.06 | % | 1.80 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,286,220 | $ | 2,906,319 | $ | 2,958,524 | $ | 2,438,998 | $ | 2,601,725 | $ | 2,831,278 | ||||||||||||
Ratio of net expenses to average net assets | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.26 | %4 | 0.26 | % | 0.28 | % | 0.28 | % | 0.27 | % | 0.25 | % | ||||||||||||
Ratio of net investment income to average daily net assets | 5.08 | %4 | 4.57 | % | 2.66 | % | 0.98 | % | 1.06 | % | 1.79 | % | ||||||||||||
| DOLLAR SHARES | ||||||||||||||||||||||||
| PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||
| 2006 | 2005 | 2004 | 20031 | 20021 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0240 | 0.0431 | 0.0235 | 0.0073 | 0.0081 | 0.0154 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0240 | ) | (0.0431 | ) | (0.0235 | ) | (0.0073 | ) | (0.0081 | ) | (0.0154 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 2.42 | %3 | 4.39 | % | 2.37 | % | 0.74 | % | 0.81 | % | 1.55 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 585,465 | $ | 691,792 | $ | 728,168 | $ | 1,481,069 | $ | 449,468 | $ | 448,592 | ||||||||||||
Ratio of net expenses to average net assets | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.51 | %4 | 0.51 | % | 0.53 | % | 0.53 | % | 0.52 | % | 0.50 | % | ||||||||||||
Ratio of net investment income to average daily net assets | 4.81 | %4 | 4.32 | % | 2.43 | % | 0.73 | % | 0.79 | % | 1.54 | % | ||||||||||||
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BLACKROCK LIQUIDITY FUNDS
T-FUND | CASH MANAGEMENT SHARES | ADMINISTRATION SHARES | ||||||||||||||||||||||||||||||||||||||||||||||
| PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/021,5 | ||||||||||||||||||||||||||||||||||||||||||||
| 2006 | 2005 | 2004 | 20031 | 20021 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||||||||||||||||||||||
Net asset value, | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0227 | 0.0406 | 0.0210 | 0.0048 | 0.0056 | 0.0129 | 0.0247 | 0.0446 | 0.0250 | 0.0088 | 0.0096 | 0.0089 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders | (0.0227 | ) | (0.0406 | ) | (0.0210 | ) | (0.0048 | ) | (0.0056 | ) | (0.0129 | ) | (0.0247 | ) | (0.0446 | ) | (0.0250 | ) | (0.0088 | ) | (0.0096 | ) | (0.0089 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return2 | 2.29 | %3 | 4.13 | % | 2.12 | % | 0.48 | % | 0.56 | % | 1.29 | % | 2.50 | %3 | 4.55 | % | 2.53 | % | 0.89 | % | 0.96 | % | 1.58 | %3 | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 594,154 | $ | 364,515 | $ | 126,531 | $ | 71,616 | $ | 73,714 | $ | 79,717 | $ | 60,506 | $ | 15,574 | $ | 19,832 | $ | 201 | $ | 142 | $ | 185,529 | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.70 | %4 | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | %4 | ||||||||||||||||||||||||
Ratio of expenses to average daily net | 0.70 | %4 | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | %4 | ||||||||||||||||||||||||
Ratio of expenses to average | 0.76 | %4 | 0.77 | % | 0.78 | % | 0.78 | % | 0.77 | % | 0.76 | % | 0.36 | %4 | 0.37 | % | 0.37 | % | 0.39 | % | 0.37 | % | 0.37 | %4 | ||||||||||||||||||||||||
Ratio of net investment | 4.59 | %4 | 4.25 | % | 2.21 | % | 0.49 | % | 0.56 | % | 1.27 | % | 5.00 | %4 | 4.47 | % | 2.98 | % | 0.90 | % | 0.98 | % | 1.55 | %4 | ||||||||||||||||||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | Commencement of operations of share class effective April 9, 2002. |
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| INSTITUTIONAL SHARES | ||||||||||||||||||||||||
| PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||
FEDERAL TRUST FUND | 2006 | 2005 | 2004 | 20031 | 20021 | |||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0251 | 0.0459 | 0.0263 | 0.0101 | 0.0106 | 0.0183 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0251 | ) | (0.0459 | ) | (0.0263 | ) | (0.0101 | ) | (0.0106 | ) | (0.0183 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 2.54 | %3 | 4.68 | % | 2.67 | % | 1.02 | % | 1.07 | % | 1.84 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 255,238 | $ | 105,242 | $ | 110,741 | $ | 88,886 | $ | 193,437 | $ | 194,335 | ||||||||||||
Ratio of net expenses to average net assets | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.33 | %4 | 0.36 | % | 0.38 | % | 0.35 | % | 0.35 | % | 0.30 | % | ||||||||||||
Ratio of net investment income to average daily net assets | 5.07 | %4 | 4.56 | % | 2.68 | % | 0.97 | % | 1.07 | % | 1.84 | % | ||||||||||||
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BLACKROCK LIQUIDITY FUNDS
| DOLLAR SHARES | ||||||||||||||||||||||||
PERIOD (UNAUDITED) | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||
FEDERAL TRUST FUND | 2006 | 2005 | 2004 | 20031 | 20021 | |||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0239 | 0.0434 | 0.0238 | 0.0076 | 0.0081 | 0.0158 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0239 | ) | (0.0434 | ) | (0.0238 | ) | (0.0076 | ) | (0.0081 | ) | (0.0158 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 2.41 | %3 | 4.42 | % | 2.41 | % | 0.77 | % | 0.81 | % | 1.59 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 39,135 | $ | 37,625 | $ | 18,857 | $ | 7,835 | $ | 4,555 | $ | 4,675 | ||||||||||||
Ratio of net expenses to average net assets | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.44 | % | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.44 | % | ||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.59 | %4 | 0.60 | % | 0.63 | % | 0.60 | % | 0.60 | % | 0.53 | % | ||||||||||||
Ratio of net investment income to average daily net assets | 4.82 | %4 | 4.34 | % | 2.55 | % | 0.80 | % | 0.80 | % | 1.64 | % | ||||||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| INSTITUTIONAL SHARES | DOLLAR SHARES | |||||||||||||||||||||||||||||||||||||||||||||||
PERIOD 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||||||||||||||||||||||||
TREASURY TRUST FUND | 2006 | 2005 | 2004 | 20031 | 20021 | 2006 | 2005 | 2004 | 20031 | 20021 | ||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0242 | 0.0431 | 0.0244 | 0.0091 | 0.0098 | 0.0170 | 0.0229 | 0.0406 | 0.0219 | 0.0066 | 0.0073 | 0.0145 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0242 | ) | (0.0431 | ) | (0.0244 | ) | (0.0091 | ) | (0.0098 | ) | (0.0170 | ) | (0.0229 | ) | (0.0406 | ) | (0.0219 | ) | (0.0066 | ) | (0.0073 | ) | (0.0145 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return2 | 2.44 | %3 | 4.39 | % | 2.47 | % | 0.92 | % | 0.99 | % | 1.71 | % | 2.31 | %3 | 4.14 | % | 2.21 | % | 0.67 | % | 0.74 | % | 1.46 | % | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 978,890 | $ | 882,971 | $ | 806,381 | $ | 783,247 | $ | 1,401,853 | $ | 1,053,635 | $ | 181,474 | $ | 205,317 | $ | 206,999 | $ | 343,163 | $ | 270,930 | $ | 321,730 | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.31 | %4 | 0.31 | % | 0.31 | % | 0.31 | % | 0.30 | % | 0.28 | % | 0.56 | %4 | 0.56 | % | 0.56 | % | 0.56 | % | 0.56 | % | 0.53 | % | ||||||||||||||||||||||||
Ratio of net investment income to average daily net assets | 4.87 | %4 | 4.32 | % | 2.43 | % | 0.89 | % | 0.97 | % | 1.70 | % | 4.62 | %4 | 4.06 | % | 2.09 | % | 0.68 | % | 0.75 | % | 1.46 | % | ||||||||||||||||||||||||
| CASH MANAGEMENT SHARES5 | ||||||||||||||||||||||||
PERIOD ENDED | YEAR ENDED 10/31/06 | 11/17/04 - 10/31/05 | 11/01/03 - 06/20/04 | 12/03/02 - 10/31/031 | PERIOD ENDED 10/15/021 | |||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0217 | 0.0381 | 0.0190 | 0.0018 | 0.0021 | 0.0116 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0217 | ) | (0.0381 | ) | (0.0190 | ) | (0.0018 | ) | (0.0021 | ) | (0.0116 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 2.19 | %3 | 3.88 | % | 1.92 | %3 | 0.18 | %3 | 0.39 | %3 | 1.16 | %3 | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 37,971 | $ | 50,437 | $ | 21,929 | $ | — | $ | 6,924 | $ | — | ||||||||||||
Ratio of expenses to average net assets | 0.70 | %4 | 0.70 | % | 0.70 | %4 | 0.70 | %4 | 0.70 | %4 | 0.69 | %4 | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.70 | %4 | 0.70 | % | 0.70 | %4 | 0.70 | %4 | 0.70 | %4 | 0.69 | %4 | ||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.81 | %4 | 0.80 | % | 0.81 | %4 | 0.80 | %4 | 0.80 | %4 | 0.76 | %4 | ||||||||||||
Ratio of net investment income to average daily net assets | 4.36 | %4 | 3.72 | % | 1.58 | %4 | 0.27 | %4 | 0.48 | %4 | 1.22 | %4 | ||||||||||||
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BLACKROCK LIQUIDITY FUNDS
| ADMINISTRATION SHARES6 | ||||||||||||||||||||||||
| PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | 05/25/04 - 10/31/04 | 11/01/02 - 10/02/031 | PERIOD 10/31/021,7 | ||||||||||||||||||||
TREASURY TRUST FUND | 2006 | 2005 | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0237 | 0.0421 | 0.0234 | 0.0043 | 0.0083 | 0.0063 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0237 | ) | (0.0421 | ) | (0.0234 | ) | (0.0043 | ) | (0.0083 | ) | (0.0063 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 2.39 | %3 | 4.29 | % | 2.37 | % | 0.44 | %3 | 0.91 | %3 | 1.49 | %3 | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 101,272 | $ | 113,067 | $ | 154,211 | $ | 141,449 | $ | — | $ | 33,255 | ||||||||||||
Ratio of expenses to average net assets | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | %4 | 0.30 | %4 | 0.30 | %4 | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | %4 | 0.30 | %4 | 0.30 | %4 | ||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.41 | %4 | 0.41 | % | 0.41 | % | 0.40 | %4 | 0.42 | %4 | 0.42 | %4 | ||||||||||||
Ratio of net investment income to average daily net assets | 4.77 | %4 | 4.16 | % | 2.36 | % | 1.04 | %4 | 0.91 | %4 | 1.49 | %4 | ||||||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | 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. |
6 | There were no Administration Shares outstanding during the period October 3, 2003 to May 24, 2004. |
7 | Commencement of operations of share class effective May 30, 2002. |
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| INSTITUTIONAL SHARES | DOLLAR SHARES | |||||||||||||||||||||||||||||||||||||||||||||||
PERIOD ENDED | YEAR ENDED OCTOBER 31 | PERIOD ENDED | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||||||||||||||||||||||||
MUNIFUND | 2006 | 2005 | 2004 | 20031 | 20021 | 2006 | 2005 | 2004 | 20031 | 20021 | ||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0171 | 0.0312 | 0.0199 | 0.0095 | 0.0096 | 0.0142 | 0.0158 | 0.0287 | 0.0174 | 0.0070 | 0.0071 | 0.0117 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0171 | ) | (0.0312 | ) | (0.0199 | ) | (0.0095 | ) | (0.0096 | ) | (0.0142 | ) | (0.0158 | ) | (0.0287 | ) | (0.0174 | ) | (0.0070 | ) | (0.0071 | ) | (0.0117 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return2 | 1.72 | %3 | 3.17 | % | 2.01 | % | 0.95 | % | 0.96 | % | 1.43 | % | 1.59 | %3 | 2.91 | % | 1.76 | % | 0.70 | % | 0.71 | % | 1.18 | % | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,179,900 | $ | 1,420,560 | $ | 2,135,257 | $ | 1,812,753 | $ | 1,549,951 | $ | 1,037,163 | $ | 79,209 | $ | 96,853 | $ | 84,763 | $ | 82,323 | $ | 37,749 | $ | 74,526 | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.20 | %4 | 0.20 | % | 0.19 | % | 0.19 | % | 0.19 | % | 0.19 | % | 0.45 | %4 | 0.45 | % | 0.44 | % | 0.45 | % | 0.44 | % | 0.44 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.33 | %4 | 0.33 | % | 0.33 | % | 0.34 | % | 0.35 | % | 0.37 | % | 0.58 | %4 | 0.58 | % | 0.58 | % | 0.59 | % | 0.60 | % | 0.62 | % | ||||||||||||||||||||||||
Ratio of net investment income to average daily net assets | 3.44 | %4 | 3.10 | % | 2.02 | % | 0.95 | % | 0.93 | % | 1.41 | % | 3.19 | %4 | 2.87 | % | 1.75 | % | 0.73 | % | 0.74 | % | 1.18 | % | ||||||||||||||||||||||||
| CASH MANAGEMENT SHARES5 | CASH RESERVE SHARES6 | |||||||||||||||||||||||||||||||
PERIOD ENDED | YEAR ENDED OCTOBER 31 | 11/01/02 - 08/06/031 | YEAR ENDED 10/31/021 | |||||||||||||||||||||||||||||
| 2006 | 2005 | 2004 | 20031 | 20021 | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Net investment income | 0.0146 | 0.0262 | 0.0149 | 0.0045 | 0.0040 | 0.0085 | 0.0047 | 0.0102 | ||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0146 | ) | (0.0262 | ) | (0.0149 | ) | (0.0045 | ) | (0.0040 | ) | (0.0085 | ) | (0.0047 | ) | (0.0102 | ) | ||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Total return2 | 1.47 | %3 | 2.65 | % | 1.51 | % | 0.45 | % | 0.45 | % | 0.91 | % | 0.57 | %3 | 1.03 | % | ||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 54,597 | $ | 41,699 | $ | 35,774 | $ | 20,114 | $ | 22,423 | $ | 11,197 | $ | — | $ | 8,626 | ||||||||||||||||
Ratio of net expenses to average net assets | 0.70 | %4 | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | %4 | 0.70 | %4 | 0.60 | %4 | 0.60 | % | ||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.70 | %4 | 0.70 | % | 0.69 | % | 0.69 | % | 0.69 | %4 | 0.69 | %4 | 0.59 | %4 | 0.59 | % | ||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.83 | %4 | 0.83 | % | 0.83 | % | 0.84 | % | 0.85 | %4 | 0.87 | %4 | 0.75 | %4 | 0.77 | % | ||||||||||||||||
Ratio of net investment income to average daily net assets | 2.94 | %4 | 2.65 | % | 1.58 | % | 0.43 | % | 0.40 | % | 0.90 | % | 0.63 | %4 | 1.03 | % | ||||||||||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS
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| ADMINISTRATION SHARES7 | BEAR STEARNS SHARES | |||||||||||||||||||||||||||||||||||||||||||||||
| PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | 05/17/04 - 10/31/04 | 11/01/02 - 10/06/031 | PERIOD ENDED 10/31/021,8 | PERIOD ENDED (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/021,9 | |||||||||||||||||||||||||||||||||||||||||
MUNIFUND | 2006 | 2005 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0166 | 0.0302 | 0.0189 | 0.0044 | 0.0081 | 0.0069 | 0.0131 | 0.0232 | 0.0119 | 0.0026 | 0.0026 | 0.0024 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0166 | ) | (0.0302 | ) | (0.0189 | ) | (0.0044 | ) | (0.0081 | ) | (0.0069 | ) | (0.0131 | ) | (0.0232 | ) | (0.0119 | ) | (0.0026 | ) | (0.0026 | ) | (0.0024 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return2 | 1.67 | %3 | 3.07 | % | 1.91 | % | 0.44 | %3 | 0.87 | %3 | 1.28 | %3 | 1.32 | %3 | 2.35 | % | 1.20 | % | 0.26 | % | 0.26 | % | 0.54 | %3 | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 375,924 | $ | 371,211 | $ | 516,607 | $ | 437,590 | $ | — | $ | 13,051 | $ | 24,997 | $ | 31,467 | $ | 24,225 | $ | 28,191 | $ | 5,371 | $ | 6,215 | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | %4 | 0.30 | %4 | 0.30 | %4 | 1.00 | %4 | 1.00 | % | 1.00 | % | 0.90 | % | 0.88 | % | 1.00 | %4 | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.30 | %4 | 0.30 | % | 0.29 | % | 0.30 | %4 | 0.29 | %4 | 0.29 | %4 | 1.00 | %4 | 1.00 | % | 0.99 | % | 0.89 | % | 0.87 | % | 0.99 | %4 | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.43 | %4 | 0.43 | % | 0.43 | % | 0.43 | %4 | 0.45 | %4 | 0.47 | %4 | 1.18 | %4 | 1.18 | % | 1.13 | % | 1.14 | % | 1.15 | % | 1.16 | %4 | ||||||||||||||||||||||||
Ratio of net investment income to average daily net assets | 3.34 | %4 | 3.01 | % | 1.90 | % | 1.01 | %4 | 0.90 | %4 | 1.27 | %4 | 2.64 | %4 | 2.32 | % | 1.15 | % | 0.29 | % | 0.25 | % | 0.57 | %4 | ||||||||||||||||||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | 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. |
6 | There were no Cash Reserve Shares outstanding during the period August 7, 2003 to April 30, 2007. |
7 | There were no Administration Shares outstanding during the period October 7, 2003 to May 16, 2004. |
8 | Commencement of operations of share class effective April 18, 2002. |
9 | Commencement of operations of share class effective May 20, 2002. |
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FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| BEAR STEARNS PREMIER CHOICE SHARES | ||||||||||||
MUNIFUND | PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED 10/31/06 | PERIOD ENDED 10/31/051 | |||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Net investment income | 0.0158 | 0.0287 | 0.0108 | |||||||||
Dividends to shareholders from net investment income | (0.0158 | ) | (0.0287 | ) | (0.0108 | ) | ||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Total return2 | 1.59 | %3 | 2.91 | % | 1.08 | %3 | ||||||
Ratios/Supplemental data: | ||||||||||||
Net assets, end of period (000) | $ | 2 | $ | 2 | $ | 2 | ||||||
Ratio of net expenses to average net assets | 0.45 | %4 | 0.45 | % | 0.45 | %4 | ||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.45 | %4 | 0.45 | % | 0.44 | %4 | ||||||
Ratio of expenses to average net assets (excluding waivers) | 0.58 | %4 | 0.58 | % | 0.58 | %4 | ||||||
Ratio of net investment income to average daily net assets | 3.19 | %4 | 2.85 | % | 1.75 | %4 | ||||||
| BEAR STEARNS PRIVATE CLIENT SHARES | ||||||||||||||||
PERIOD (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD 10/31/045 | ||||||||||||||
| 2006 | 2005 | |||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0150 | 0.0272 | 0.0155 | 0.0033 | ||||||||||||
Dividends to shareholders from net investment income | (0.0150 | ) | (0.0272 | ) | (0.0155 | ) | (0.0033 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 1.50 | %3 | 2.76 | % | 1.56 | % | 0.33 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 278,129 | $ | 252,344 | $ | 161,860 | $ | 51,799 | ||||||||
Ratio of net expenses to average net assets | 0.63 | %4 | 0.60 | % | 0.63 | % | 0.68 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %4 | 0.60 | % | 0.62 | % | 0.68 | %4 | ||||||||
Ratio of expenses to average net assets (excluding waivers) | 1.18 | %4 | 1.18 | % | 1.18 | % | 0.83 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 3.01 | %4 | 2.75 | % | 1.64 | % | 0.67 | %4 | ||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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| BEAR STEARNS PREMIER SHARES | ||||||||||||
MUNIFUND | PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED 10/31/06 | PERIOD ENDED 10/31/056 | |||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Net investment income | 0.0148 | 0.0272 | 0.0120 | |||||||||
Dividends to shareholders from net investment income | (0.0148 | ) | (0.0272 | ) | (0.0120 | ) | ||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Total return2 | 1.50 | %3 | 2.76 | % | 1.21 | %3 | ||||||
Ratios/Supplemental data: | ||||||||||||
Net assets, end of period (000) | $ | 204,437 | $ | 160,053 | $ | 126,455 | ||||||
Ratio of net expenses to average net assets | 0.63 | %4 | 0.60 | % | 0.60 | %4 | ||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %4 | 0.60 | % | 0.59 | %4 | ||||||
Ratio of expenses to average net assets (excluding waivers) | 0.93 | %4 | 0.93 | % | 0.93 | %4 | ||||||
Ratio of net investment income to average daily net assets | 3.01 | %4 | 2.72 | % | 1.88 | %4 | ||||||
1 | Commencement of operations of share class effective April 25, 2005. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | Commencement of operations of share class effective March 26, 2004. |
6 | Commencement of operations of share class effective March 2, 2005. |
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FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
MUNICASH | INSTITUTIONAL SHARES | |||||||||||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||
| 2006 | 2005 | 2004 | 20031 | 20021 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0173 | 0.0318 | 0.0206 | 0.0100 | 0.0108 | 0.0156 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0173 | ) | (0.0318 | ) | (0.0206 | ) | (0.0100 | ) | (0.0108 | ) | (0.0156 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 1.74 | %3 | 3.23 | % | 2.09 | % | 1.01 | % | 1.09 | % | 1.57 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,230,083 | $ | 1,232,427 | $ | 2,181,441 | $ | 2,315,927 | $ | 2,054,465 | $ | 1,257,237 | ||||||||||||
Ratio of expenses to average daily net assets | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.20 | %4 | 0.20 | % | 0.19 | % | 0.19 | % | 0.19 | % | 0.19 | % | ||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.36 | %4 | 0.36 | % | 0.34 | % | 0.33 | % | 0.34 | % | 0.36 | % | ||||||||||||
Ratio of net investment income to average daily net assets | 3.49 | %4 | 3.12 | % | 2.04 | % | 1.01 | % | 1.04 | % | 1.55 | % | ||||||||||||
| DOLLAR SHARES | CASH MANAGEMENT SHARES5 | |||||||||||||||||||||||||||
PERIOD ENDED | YEAR ENDED OCTOBER 31 | 11/01/01 - 10/15/021 | ||||||||||||||||||||||||||
| 2006 | 2005 | 2004 | 20031 | 20021 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||
Net investment income | 0.0160 | 0.0293 | 0.0181 | 0.0075 | 0.0083 | 0.0131 | 0.0101 | |||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0160 | ) | (0.0293 | ) | (0.0181 | ) | (0.0075 | ) | (0.0083 | ) | (0.0131 | ) | (0.0101 | ) | ||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||
Total return2 | 1.62 | %3 | 2.97 | % | 1.83 | % | 0.76 | % | 0.84 | % | 1.32 | % | 1.01 | %3 | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 92,972 | $ | 91,505 | $ | 59,321 | $ | 79,579 | $ | 90,241 | $ | 58,991 | $ | — | ||||||||||||||
Ratio of expenses to average daily net assets | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.70 | %4 | ||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.45 | %4 | 0.45 | % | 0.44 | % | 0.44 | % | 0.44 | % | 0.44 | % | 0.69 | %4 | ||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.62 | %4 | 0.61 | % | 0.59 | % | 0.58 | % | 0.59 | % | 0.61 | % | 0.87 | %4 | ||||||||||||||
Ratio of net investment income to average daily net assets | 3.23 | %4 | 2.93 | % | 1.79 | % | 0.75 | % | 0.81 | % | 1.30 | % | 1.07 | %4 | ||||||||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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| ADMINISTRATION SHARES6 | BEAR STEARNS PREMIER CHOICE SHARES7 | BEAR STEARNS PREMIER SHARES8 | ||||||||||||||||||||||||||||||
MUNICASH | PERIOD ENDED | PERIOD ENDED 10/31/069 | 11/01/05 - 12/13/05 | YEAR ENDED 10/31/05 | PERIOD ENDED 10/31/0410 | 11/01/05 - 12/13/05 | YEAR ENDED 10/31/05 | PERIOD ENDED 10/31/0410 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Net investment income | 0.0153 | 0.0031 | 0.0030 | 0.0181 | 0.0049 | 0.0027 | 0.0157 | 0.0035 | ||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0153 | ) | (0.0031 | ) | (0.0030 | ) | (0.0181 | ) | (0.0049 | ) | (0.0027 | ) | (0.0157 | ) | (0.0035 | ) | ||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Total return2 | 1.54 | %3 | 0.31 | %3 | 0.30 | %3 | 1.83 | % | 0.50 | %3 | 0.27 | %3 | 1.58 | % | 0.35 | %3 | ||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | — | $ | 443 | $ | — | $ | 2 | $ | 2 | $ | — | $ | 2 | $ | 2 | ||||||||||||||||
Ratio of expenses to average daily net assets | 0.30 | %4 | 0.30 | %4 | 0.45 | %4 | 0.45 | % | 0.45 | %4 | 0.70 | %4 | 0.62 | % | 0.70 | %4 | ||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.30 | %4 | 0.30 | %4 | 0.45 | %4 | 0.44 | % | 0.44 | %4 | 0.70 | %4 | 0.61 | % | 0.69 | %4 | ||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.49 | %4 | 0.46 | %4 | 0.61 | %4 | 0.85 | % | 0.58 | %4 | 0.86 | %4 | 0.85 | % | 0.83 | %4 | ||||||||||||||||
Ratio of net investment income to average daily net assets | 3.53 | %4 | 3.02 | %4 | 2.87 | %4 | 1.77 | % | 0.84 | %4 | 2.62 | %4 | 1.60 | % | 0.57 | %4 | ||||||||||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | There were no Cash Management Shares outstanding during the period October 16, 2002 to April 30, 2007. |
6 | There were no Administration Shares outstanding during the period April 14, 2007 to April 30, 2007. |
7 | There were no Bear Stearns Premier Choice Shares outstanding during the period December 14, 2005 to April 30, 2007. |
8 | There were no Bear Stearns Premier Shares outstanding during the period December 14, 2005 to April 30, 2007. |
9 | Commencement of operations of share class effective September 28, 2006. |
10 | Commencement of operations of share class effective March 26, 2004. |
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FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| INSTITUTIONAL SHARES | DOLLAR SHARES | |||||||||||||||||||||||||||||||||||||||||||||||
PERIOD ENDED | YEAR ENDED OCTOBER 31 | PERIOD ENDED | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||||||||||||||||||||||||
CALIFORNIA MONEY FUND | 2006 | 2005 | 2004 | 20031 | 20021 | 2006 | 2005 | 2004 | 20031 | 20021 | ||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0166 | 0.0308 | 0.0197 | 0.0092 | 0.0094 | 0.0132 | 0.0153 | 0.0283 | 0.0172 | 0.0067 | 0.0069 | 0.0107 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0166 | ) | (0.0308 | ) | (0.0197 | ) | (0.0092 | ) | (0.0094 | ) | (0.0132 | ) | (0.0153 | ) | (0.0283 | ) | (0.0172 | ) | (0.0067 | ) | (0.0069 | ) | (0.0107 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return2 | 1.67 | %3 | 3.13 | % | 1.99 | % | 0.92 | % | 0.94 | % | 1.33 | % | 1.54 | %3 | 2.87 | % | 1.74 | % | 0.68 | % | 0.69 | % | 1.07 | % | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 795,185 | $ | 860,859 | $ | 593,417 | $ | 454,698 | $ | 496,630 | $ | 456,081 | $ | 55,822 | $ | 40,850 | $ | 26,293 | $ | 1,347 | $ | 15,463 | $ | 29,922 | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.19 | % | 0.19 | % | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.44 | % | 0.44 | % | 0.45 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.40 | %4 | 0.40 | % | 0.41 | % | 0.41 | % | 0.40 | % | 0.42 | % | 0.65 | %4 | 0.65 | % | 0.65 | % | 0.66 | % | 0.65 | % | 0.67 | % | ||||||||||||||||||||||||
Ratio of net investment income to average daily net assets | 3.33 | %4 | 3.13 | % | 2.00 | % | 0.92 | % | 0.93 | % | 1.32 | % | 3.09 | %4 | 2.86 | % | 1.84 | % | 0.66 | % | 0.71 | % | 1.12 | % | ||||||||||||||||||||||||
| CASH MANAGEMENT SHARES | ADMINISTRATION SHARES | |||||||||||||||||||||||||||||||||||
PERIOD ENDED | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/031,5 | PERIOD ENDED (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/046 | |||||||||||||||||||||||||||||||
| 2006 | 2005 | 2004 | 2006 | 2005 | ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
Net investment income | 0.0141 | 0.0258 | 0.0147 | 0.0042 | 0.0008 | 0.0161 | 0.0298 | 0.0187 | 0.0037 | |||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0141 | ) | (0.0258 | ) | (0.0147 | ) | (0.0042 | ) | (0.0008 | ) | (0.0161 | ) | (0.0298 | ) | (0.0187 | ) | (0.0037 | ) | ||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
Total return2 | 1.42 | %3 | 2.61 | % | 1.48 | % | 0.42 | % | 0.25 | %4 | 1.62 | %3 | 3.02 | % | 1.89 | % | 0.37 | %3 | ||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 15,543 | $ | 10,122 | $ | 205 | $ | 120 | $ | 227 | $ | 5,487 | $ | 5,013 | $ | 3,898 | $ | 1,738 | ||||||||||||||||||
Ratio of expenses to average daily net assets | 0.70 | %4 | 0.70 | % | 0.70 | % | 0.70 | % | 0.69 | %4 | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | %4 | ||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.70 | %4 | 0.70 | % | 0.70 | % | 0.70 | % | 0.68 | %4 | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | %4 | ||||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.90 | %4 | 0.90 | % | 0.91 | % | 0.90 | % | 0.91 | %4 | 0.50 | %4 | 0.50 | % | 0.51 | % | 0.51 | %4 | ||||||||||||||||||
Ratio of net investment income to average daily net assets | 2.85 | %4 | 2.70 | % | 1.50 | % | 0.40 | % | 0.25 | %4 | 3.24 | %4 | 2.99 | % | 1.98 | % | 1.00 | %4 | ||||||||||||||||||
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BLACKROCK LIQUIDITY FUNDS
| BEARS STEARNS SHARES | ||||||||||||||||||||||||
PERIOD ENDED | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/021,7 | ||||||||||||||||||||||
CALIFORNIA MONEY FUND | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0126 | 0.0228 | 0.0117 | 0.0025 | 0.0025 | 0.0022 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0126 | ) | (0.0228 | ) | (0.0117 | ) | (0.0025 | ) | (0.0025 | ) | (0.0022 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 1.27 | %3 | 2.31 | % | 1.18 | % | 0.25 | % | 0.25 | % | 0.48 | %3 | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 43,779 | $ | 33,556 | $ | 15,777 | $ | 6,307 | $ | 3,103 | $ | 668 | ||||||||||||
Ratio of expenses to average daily net assets | 1.00 | %4 | 1.00 | % | 1.00 | % | 0.86 | % | 0.88 | % | 1.00 | %4 | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 1.00 | %4 | 1.00 | % | 1.00 | % | 0.86 | % | 0.87 | % | 0.99 | %4 | ||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.25 | %4 | 1.25 | % | 1.21 | % | 1.20 | % | 1.20 | % | 1.20 | %4 | ||||||||||||
Ratio of net investment income to average daily net assets | 2.54 | %4 | 2.31 | % | 1.27 | % | 0.25 | % | 0.24 | % | 0.51 | %4 | ||||||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | Commencement of operations of share class effective July 14, 2003. |
6 | Commencement of operations of share class effective June 18, 2004. |
7 | Commencement of operations of share class effective May 20, 2002. |
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FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| BEAR STEARNS PREMIER CHOICE SHARES | ||||||||||||||||
PERIOD ENDED | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/041 | ||||||||||||||
CALIFORNIA MONEY FUND | 2006 | 2005 | ||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0153 | 0.0283 | 0.0172 | 0.0045 | ||||||||||||
Dividends to shareholders from net investment income | (0.0153 | ) | (0.0283 | ) | (0.0172 | ) | (0.0045 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 1.54 | %3 | 2.87 | % | 1.74 | % | 0.45 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 2 | $ | 2 | $ | 2 | $ | 2 | ||||||||
Ratio of expenses to average daily net assets | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.90 | %4 | 0.94 | % | 0.87 | % | 0.66 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 3.05 | %4 | 2.83 | % | 1.90 | % | 0.76 | %4 | ||||||||
| BEAR STEARNS PRIVATE CLIENT SHARES | ||||||||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/041 | ||||||||||||||
| 2006 | 2005 | |||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0144 | 0.0268 | 0.0152 | 0.0030 | ||||||||||||
Dividends to shareholders from net investment income | (0.0144 | ) | (0.0268 | ) | (0.0152 | ) | (0.0030 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 1.45 | %3 | 2.72 | % | 1.54 | % | 0.32 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 224,400 | $ | 203,719 | $ | 127,509 | $ | 37,216 | ||||||||
Ratio of expenses to average daily net assets | 0.63 | %4 | 0.60 | % | 0.64 | % | 0.68 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %4 | 0.60 | % | 0.64 | % | 0.68 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.25 | %4 | 1.25 | % | 1.26 | % | 0.91 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 2.91 | %4 | 2.71 | % | 1.62 | % | 0.63 | %4 | ||||||||
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| BEAR STEARNS PREMIER SHARES | ||||||||||||||||
CALIFORNIA MONEY FUND | PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/041 | |||||||||||||
| 2006 | 2005 | |||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0144 | 0.0268 | 0.0154 | 0.0036 | ||||||||||||
Dividends to shareholders from net investment income | (0.0144 | ) | (0.0268 | ) | (0.0154 | ) | (0.0036 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 1.45 | %3 | 2.72 | % | 1.55 | % | 0.36 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 24,171 | $ | 13,822 | $ | 15,778 | $ | 2 | ||||||||
Ratio of expenses to average daily net assets | 0.63 | %4 | 0.60 | % | 0.60 | % | 0.60 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %4 | 0.60 | % | 0.60 | % | 0.60 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.00 | %4 | 1.00 | % | 1.01 | % | 0.81 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 2.91 | %4 | 2.70 | % | 1.90 | % | 0.55 | %4 | ||||||||
1 | Commencement of operations of share class effective March 26, 2004. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
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FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| INSTITUTIONAL SHARES | DOLLAR SHARES | |||||||||||||||||||||||||||||||||||||||||||||||
NEW YORK MONEY FUND | PERIOD ENDED | YEAR ENDED OCTOBER 31 | PERIOD ENDED | YEAR ENDED OCTOBER 31 | ||||||||||||||||||||||||||||||||||||||||||||
| 2006 | 2005 | 2004 | 20031 | 20021 | 2006 | 2005 | 2004 | 20031 | 20021 | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0169 | 0.0314 | 0.0197 | 0.0091 | 0.0096 | 0.0131 | 0.0157 | 0.0289 | 0.0172 | 0.0066 | 0.0071 | 0.0106 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0169 | ) | (0.0314 | ) | (0.0197 | ) | (0.0091 | ) | (0.0096 | ) | (0.0131 | ) | (0.0157 | ) | (0.0289 | ) | (0.0172 | ) | (0.0066 | ) | (0.0071 | ) | (0.0106 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return2 | 1.71 | %3 | 3.18 | % | 1.99 | % | 0.92 | % | 0.96 | % | 1.32 | % | 1.58 | %3 | 2.93 | % | 1.74 | % | 0.67 | % | 0.71 | % | 1.07 | % | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 338,658 | $ | 313,842 | $ | 271,454 | $ | 234,346 | $ | 347,960 | $ | 362,077 | $ | 8,033 | $ | 6,362 | $ | 5,515 | $ | 5,059 | $ | 5,216 | $ | 4,716 | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.19 | % | 0.19 | % | 0.19 | % | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.44 | % | 0.44 | % | 0.44 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.41 | %4 | 0.41 | % | 0.41 | % | 0.40 | % | 0.40 | % | 0.41 | % | 0.66 | %4 | 0.66 | % | 0.66 | % | 0.65 | % | 0.65 | % | 0.66 | % | ||||||||||||||||||||||||
Ratio of net investment income to average daily net assets | 3.41 | %4 | 3.14 | % | 1.98 | % | 0.90 | % | 0.95 | % | 1.31 | % | 3.17 | %4 | 2.88 | % | 1.67 | % | 0.67 | % | 0.68 | % | 1.06 | % | ||||||||||||||||||||||||
| CASH MANAGEMENT SHARES | ADMINISTRATION SHARES | |||||||||||||||||||||||||||
PERIOD ENDED | YEAR ENDED 10/31/06 | PERIOD ENDED 10/31/055 | PERIOD ENDED | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/046 | |||||||||||||||||||||||
| 2006 | 2005 | |||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||
Net investment income | 0.0145 | 0.0264 | 0.0114 | 0.0164 | 0.0304 | 0.0187 | 0.0035 | |||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0145 | ) | (0.0264 | ) | (0.0114 | ) | (0.0164 | ) | (0.0304 | ) | (0.0187 | ) | (0.0035 | ) | ||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||
Total return2 | 1.46 | %3 | 2.67 | % | 1.14 | %3 | 1.66 | %3 | 3.08 | % | 1.89 | % | 0.35 | %3 | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 13,343 | $ | 9,398 | $ | 3,585 | $ | 12,847 | $ | 16,125 | $ | 16,394 | $ | 21,890 | ||||||||||||||
Ratio of expenses to average daily net assets | 0.70 | %4 | 0.70 | % | 0.70 | %4 | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | %4 | ||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.70 | %4 | 0.70 | % | 0.70 | %4 | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | %4 | ||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.91 | %4 | 0.91 | % | 0.91 | %4 | 0.51 | %4 | 0.51 | % | 0.51 | % | 0.51 | %4 | ||||||||||||||
Ratio of net investment income to average daily net assets | 2.93 | %4 | 2.70 | % | 1.80 | %4 | 3.31 | %4 | 3.04 | % | 1.84 | % | 0.94 | %4 | ||||||||||||||
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NEW YORK MONEY FUND | BEAR STEARNS SHARES | |||||||||||||||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/021,7 | ||||||||||||||||||||||
| 2006 | 2005 | 2004 | 20031 | |||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0130 | 0.0234 | 0.0117 | 0.0024 | 0.0025 | 0.0021 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0130 | ) | (0.0234 | ) | (0.0117 | ) | (0.0024 | ) | (0.0025 | ) | (0.0021 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 1.30 | %3 | 2.36 | % | 1.18 | % | 0.24 | % | 0.25 | % | 0.46 | %3 | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 5,027 | $ | 2,686 | $ | 3,831 | $ | 1,420 | $ | 18,652 | $ | 16,997 | ||||||||||||
Ratio of expenses to average daily net assets | 1.00 | %4 | 1.00 | % | 1.00 | % | 0.83 | % | 0.91 | % | 1.00 | %4 | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 1.00 | %4 | 1.00 | % | 1.00 | % | 0.82 | % | 0.90 | % | 0.99 | %4 | ||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.26 | %4 | 1.26 | % | 1.21 | % | 1.20 | % | 1.20 | % | 1.19 | %4 | ||||||||||||
Ratio of net investment income to average daily net assets | 2.61 | %4 | 2.33 | % | 1.35 | % | 0.21 | % | 0.25 | % | 0.46 | %4 | ||||||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | Commencement of operations of share class effective March 3, 2005. |
6 | Commencement of operations of share class effective June 18, 2004. |
7 | Commencement of operations of share class effective May 20, 2002. |
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FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
NEW YORK MONEY FUND | BEAR STEARNS PREMIER CHOICE SHARES | |||||||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/041 | ||||||||||||||
| 2006 | 2005 | |||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0157 | 0.0289 | 0.0172 | 0.0043 | ||||||||||||
Dividends to shareholders from net investment income | (0.0157 | ) | (0.0289 | ) | (0.0172 | ) | (0.0043 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 1.58 | %3 | 2.93 | % | 1.74 | % | 0.43 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 226 | $ | 242 | $ | 2 | $ | 2 | ||||||||
Ratio of expenses to average daily net assets | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.44 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.91 | %4 | 0.91 | % | 0.87 | % | 0.65 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 3.16 | %4 | 3.14 | % | 1.94 | % | 0.69 | %4 | ||||||||
| BEAR STEARNS PRIVATE CLIENT SHARES | ||||||||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/041 | ||||||||||||||
| 2006 | 2005 | |||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0148 | 0.0274 | 0.0152 | 0.0030 | ||||||||||||
Dividends to shareholders from net investment income | (0.0148 | ) | (0.0274 | ) | (0.0152 | ) | (0.0030 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 1.49 | %3 | 2.77 | % | 1.54 | % | 0.30 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 177,268 | $ | 138,323 | $ | 111,739 | $ | 53,933 | ||||||||
Ratio of expenses to average daily net assets | 0.63 | %4 | 0.60 | % | 0.64 | % | 0.69 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %4 | 0.60 | % | 0.64 | % | 0.68 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.26 | %4 | 1.26 | % | 1.26 | % | 0.92 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 2.98 | %4 | 2.75 | % | 1.58 | % | 0.56 | %4 | ||||||||
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
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BLACKROCK LIQUIDITY FUNDS
NEW YORK MONEY FUND | BEAR STEARNS PREMIER SHARES | |||||||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/041 | ||||||||||||||
| 2006 | 2005 | |||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0148 | 0.0274 | 0.0154 | 0.0034 | ||||||||||||
Dividends to shareholders from net investment income | (0.0148 | ) | (0.0274 | ) | (0.0154 | ) | (0.0034 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 1.49 | %3 | 2.77 | % | 1.56 | % | 0.34 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 20,306 | $ | 8,339 | $ | 5,774 | $ | 2 | ||||||||
Ratio of expenses to average daily net assets | 0.64 | %4 | 0.60 | % | 0.61 | % | 0.60 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.64 | %4 | 0.60 | % | 0.61 | % | 0.59 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.01 | %4 | 1.01 | % | 1.02 | % | 0.80 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 2.99 | %4 | 2.72 | % | 1.82 | % | 0.55 | %4 | ||||||||
1 | Commencement of operations of share class effective March 26, 2004. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
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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 (the “1940 Act”), as amended. 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 Fund (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, 2007, no Plus Shares or Cash Plus Shares were outstanding.
Effective March 1, 2005 Bear Stearns Premier Select Shares were renamed 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
The following is a summary of significant accounting policies followed by the Trust in the preparation of their financial statements.
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.
In September 2006, “Statement of Financial Accounting Standards No. 157, Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. At this time, management is evaluating the implications of FAS 157 and its impact on the Funds’ financial statements, if any, has not been determined.
In addition, in February 2007, the Financial Accounting Standards Board issued “Statement of Financial Accounting Standards No. 159, The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), which is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. At this time, management is evaluating the implications of FAS 159 and its impact on the Funds’ financial statements, if any, has not been determined.
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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.
Investment Transactions and Investment Income — Investment transactions are accounted for on the trade date. 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 federal income tax purposes. Interest income is recorded on the accrual 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 13 months or less. The seller is required on a daily basis to maintain the value of the securities subject to the agreement at no less than the repurchase price. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a separate account by the Trust’s custodian or an authorized securities depository.
Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”) requires the use of management estimates. 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 are borne by that class. Differences in net expense ratios between classes of a Fund are due to class-specific expenses and waivers. Income, other expenses and realized and unrealized gains and losses of a Fund are allocated to the respective class on the basis of the relative net assets each day.
(C) Agreements and Other 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. PFPC Trust Company (“PTC”), an indirect, wholly owned subsidiary of The PNC Financial Services Group, Inc. (“PNC”), is the Trust’s custodian and PFPC Inc. (“PFPC”), an indirect, wholly owned subsidiary of PNC, is the Trust’s transfer agent and sub-administrator. BlackRock Distributors, Inc., (“BDI”), a direct subsidiary of PNC, serves as the Trust’s distributor. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and PNC are principal owners of BlackRock, Inc.
On September 29, 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 management 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 | TempCash, MuniFund and MuniCash | California Money Fund and New York Money | |||
Management Fee | .350% of the first $1 billion | .350% of the first $1 billion | .375% of the first $1 billion | |||
| .300% of the next $1 billion | .300% of the next $1 billion | .350% of the next $1 billion | ||||
| .250% of the next $1 billion | .250% of the next $1 billion | .325% of the next $1 billion | ||||
| .200% 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 | .195% of the next $1 billion | |||||
| .190% of the next $1 billion | .190% of the next $1 billion | |||||
| .180% of the next $1 billion | .185% of the next $1 billion | |||||
| .175% of the next $1 billion | .180% of amounts in excess of $7 billion. | |||||
| .170% of amounts in excess of $8 billion. |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
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 fund. |
Prior to September 29, 2006. BIMC managed each Fund under a Management Agreement (“Prior Management Agreement”) dated February 21, 2006. Fees under the Prior Management Agreement were identical to those set forth for the current Management Agreement. The current Management Agreement was entered into in connection with the consummation on September 29, 2006 by BlackRock, Inc. of a transaction with Merrill Lynch whereby Merrill Lynch’s investment management business combined with that of BlackRock, Inc. (the “Transaction”). The 1940 Act requires that a management agreement of an investment company provide for its automatic termination in the event of its “assignment” (as defined in the 1940 Act). A sale of a controlling block of an investment adviser’s voting securities generally is deemed to result in an assignment of an investment adviser’s management agreement. BlackRock , Inc. informed the Board of the Funds that it does not believe the Transaction was an assignment of the Prior Management Agreement under the 1940 Act. However, it is possible that the transaction could have been determined to be such an assignment, which would have resulted in the automatic termination of the Prior Management Agreement. Due to this uncertainty, the Funds obtained shareholder approval of, and have entered into, the new Management Agreement to prevent any potential disruption that might have occurred in BIMC’s ability to provide services following the Transaction.
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 fees 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 | TempCash, MuniFund and MuniCash | California Money Fund and New York Money | |||
Advisory Fee – Prior Advisory Agreement | .175% of the first $1 billion | .175% of the first $1 billion | .200% of average net assets | |||
| .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 the next $1 billion | |||||
| .095% of the next $1 billion | .095% of the next $1 billion | |||||
| .090% of the next $1 billion | .090% of the next $1 billion | |||||
| .080% of the next $1 billion | .085% of the next $1 billion | |||||
| .075% of the next $1 billion | .080% of amounts in excess of $7 billion. | |||||
| .070% of amounts in excess of $8 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 |
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FedFund, T-Fund, Federal Trust Fund and Treasury Trust Fund
| .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, 2008, BIMC, as investment advisor 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, 2008. Any fees waived by BIMC with respect to a particular fiscal year are not recoverable.
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.
The following tables provide 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 | ||||||||||||||||||
| DOLLAR SHARES | CASH MANAGEMENT SHARES | CASH RESERVE SHARES | ||||||||||||||||
| CONTRACTUAL FEES1 | ACTUAL FEES1 | CONTRACTUAL FEES1 | ACTUAL FEES1 | CONTRACTUAL FEES1 | ACTUAL FEES1 | |||||||||||||
TempFund | 0.25 | % | 0.25 | % | 0.50 | % | 0.50 | % | 0.40 | % | 0.40 | % | ||||||
TempCash | 0.25 | % | 0.25 | % | 0.50 | % | 0.50 | % | 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 | |||||||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| SHARE CLASSES | ||||||||||||||||
ADMINISTRATION SHARES | CASH PLUS SHARES | PLUS SHARES | ||||||||||||||
| CONTRACTUAL FEES1 | ACTUAL FEES1 | CONTRACTUAL FEES1 | ACTUAL FEES1 | CONTRACTUAL FEES1,2 | ACTUAL FEES1,2 | |||||||||||
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 | % | 0.10 | % | 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 SHARES | PRIVATE CLIENT SHARES | PREMIER SHARES | PREMIER CHOICE SHARES | |||||||||||||||||||||
| CONTRACTUAL FEES1 | ACTUAL FEES1 | CONTRACTUAL FEES1 | ACTUAL FEES1 | CONTRACTUAL FEES1 | ACTUAL FEES1 | CONTRACTUAL FEES1 | ACTUAL FEES1 | |||||||||||||||||
TempFund | 0.85 | % | 0.82 | % | 0.85 | % | 0.42 | % | 0.60 | % | 0.42 | % | 0.50 | % | 0.27 | % | ||||||||
TempCash | N/A | N/A | 0.85 | % | N/A | 0.60 | % | 0.42 | % | 0.50 | % | 0.27 | % | |||||||||||
FedFund | 0.85 | % | 0.80 | % | 0.85 | % | 0.40 | % | 0.60 | % | 0.40 | % | 0.50 | % | 0.25 | % | ||||||||
T-Fund | N/A | N/A | 0.85 | % | N/A | 0.60 | % | N/A | 0.50 | % | N/A | |||||||||||||
Federal Trust Fund | N/A | N/A | 0.85 | % | N/A | 0.60 | % | N/A | 0.50 | % | N/A | |||||||||||||
Treasury Trust Fund | N/A | N/A | 0.85 | % | N/A | 0.60 | % | N/A | 0.50 | % | N/A | |||||||||||||
MuniFund | 0.85 | % | 0.80 | % | 0.85 | % | 0.40 | % | 0.60 | % | 0.40 | % | 0.50 | % | 0.25 | % | ||||||||
MuniCash | N/A | N/A | 0.85 | % | N/A | 0.60 | % | 0.50 | % | 0.50 | % | 0.25 | % | |||||||||||
California Money Fund | 0.85 | % | 0.80 | % | 0.85 | % | 0.40 | % | 0.60 | % | 0.40 | % | 0.50 | % | 0.25 | % | ||||||||
New York Money Fund | 0.85 | % | 0.80 | % | 0.85 | % | 0.40 | % | 0.60 | % | 0.40 | % | 0.50 | % | 0.25 | % | ||||||||
| (1) | The difference in the level of fees among classes is related to the type and number of services that may be 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. |
For the six months ended April 30, 2007, the following shows the various types of class-specific expenses borne directly by each class of each Fund and any associated waivers of those expenses.
| SHAREHOLDER SERVICE FEES | SHARE CLASSES | ||||||||||||||||||||||||||
| DOLLAR | CASH MANAGEMENT | CASH RESERVE | ADMINISTRATION | BEAR STEARNS | BEAR STEARNS PRIVATE CLIENT | BEAR STEARNS PREMIER | BEAR STEARNS PREMIER CHOICE | TOTAL | |||||||||||||||||||
TempFund | $ | 6,379,083 | $ | 1,126,536 | $ | 33,000 | $ | 931,310 | $ | 2,036,245 | $ | 4,066,295 | $ | 1,063,334 | $ | 32,626 | $ | 15,668,429 | |||||||||
TempCash | 1,118,206 | 225 | — | 6,386 | — | — | — | — | 1,124,817 | ||||||||||||||||||
FedFund | 538,892 | — | 4,287 | 27,008 | 114,904 | 780,182 | 130,910 | 4 | 1,596,187 | ||||||||||||||||||
T-Fund | 897,385 | 1,262,789 | — | 19,241 | — | — | — | — | 2,179,415 | ||||||||||||||||||
Federal Trust Fund | 47,493 | — | — | — | — | — | — | — | 47,493 | ||||||||||||||||||
Treasury Trust Fund | 246,513 | 139,596 | — | 55,202 | — | — | — | — | 441,311 | ||||||||||||||||||
MuniFund | 117,683 | 163,646 | — | 204,436 | 66,673 | 746,256 | 500,101 | 5 | 1,798,800 | ||||||||||||||||||
MuniCash | 111,662 | — | — | 203 | — | — | — | — | 111,865 | ||||||||||||||||||
California Money Fund | 74,079 | 31,145 | — | 2,757 | 100,730 | 578,719 | 55,276 | 4 | 842,710 | ||||||||||||||||||
New York Money Fund | 8,720 | 31,710 | — | 7,979 | 9,669 | 427,705 | 31,373 | 454 | 517,610 | ||||||||||||||||||
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| SHAREHOLDER SERVICE FEES WAIVED | SHARE CLASSES | ||||||||||||||
| BEAR STEARNS | BEAR STEARNS PRIVATE CLIENT | BEAR STEARNS PREMIER | BEAR STEARNS PREMIER CHOICE | TOTAL | |||||||||||
TempFund | $ | 122,175 | $ | 419,697 | $ | 110,589 | $ | 10,603 | $ | 663,064 | |||||
FedFund | 11,490 | 114,062 | 19,448 | 2 | 145,002 | ||||||||||
MuniFund | 6,667 | 108,636 | 71,762 | 2 | 187,067 | ||||||||||
California Money Fund | 10,073 | 84,122 | 7,389 | 2 | 101,586 | ||||||||||
New York Money Fund | 967 | 60,660 | 4,042 | 170 | 65,839 | ||||||||||
| DISTRIBUTION FEES | SHARE CLASSES | ||||||||||||||
| BEAR STEARNS | BEAR STEARNS PRIVATE CLIENT | BEAR STEARNS PREMIER | BEAR STEARNS PREMIER CHOICE | TOTAL | |||||||||||
TempFund | $ | 1,425,371 | $ | 2,846,407 | $ | 212,667 | $ | 8,157 | $ | 4,492,602 | |||||
FedFund | 80,433 | 546,127 | 26,182 | 2 | 652,744 | ||||||||||
MuniFund | 46,671 | 522,379 | 100,020 | 2 | 669,072 | ||||||||||
California Money Fund | 70,511 | 405,103 | 11,055 | 2 | 486,671 | ||||||||||
New York Money Fund | 6,768 | 299,393 | 6,275 | 113 | 312,549 | ||||||||||
| DISTRIBUTION FEES WAIVED | SHARE CLASSES | |||||||||||
| BEAR STEARNS PRIVATE CLIENT | BEAR STEARNS PREMIER | BEAR STEARNS PREMIER CHOICE | TOTAL | |||||||||
TempFund | $ | 2,846,407 | $ | 212,666 | $ | 8,156 | $ | 3,067,229 | ||||
FedFund | 546,127 | 26,182 | 1 | 572,310 | ||||||||
MuniFund | 522,379 | 100,020 | 1 | 622,400 | ||||||||
California Money Fund | 405,103 | 11,055 | 1 | 416,159 | ||||||||
New York Money Fund | 299,393 | 6,274 | 113 | 305,780 | ||||||||
In return for custody services provided by PTC, the Trust pays PTC a fee, computed daily and payable monthly.
Prior to April 1, 2007, the fee was 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.
Effective April 1, 2007, the fee was based upon an annualized percentage of the average net assets of each Fund as follows: 0.0075% of the first $400 million, 0.005% of the next $1.6 billion and 0.002% of the average net assets in excess of $2 billion.
The Funds may also pay certain out-of-pocket expenses and unfunded subscription charges that are charged by PTC.
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 Transfer Agent Agreement PFPC serves as the transfer and dividend disbursing agent for the Funds. For its services, PFPC receives an annual fee of $1,750,000 for the first 40 classes plus $50,000 for each additional class beyond the first 40, plus transaction fees, per account fees and disbursements.
For the six months ended April 30, 2007, the Funds paid to affiliates the following fees in return for distribution and sales support services:
| HILLIARD LYONS | PNC | |||||
TempFund | $ | — | $ | 5,678,305 | ||
TempCash | 857,037 | 39,132 | ||||
FedFund | — | 531,154 | ||||
T-Fund | — | 193,724 | ||||
Federal Trust Fund | — | — | ||||
Treasury Trust Fund | — | 145,172 | ||||
MuniFund | — | 253,006 | ||||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| HILLIARD LYONS | PNC | |||||
MuniCash | $ | 63,985 | $ | 8,835 | ||
California Money Fund | — | 2,757 | ||||
New York Money Fund | 3,958 | 7,972 | ||||
The Funds may receive earnings credits related to cash balances in transfer agent demand deposit accounts with PFPC which are shown on the Statement of Operations as “fees paid indirectly.”
For the six months ended April 30, 2007, short term investments in companies assumed to be an affiliate of the Funds were as follows:
FUND | AFFILIATED INVESTMENTS | NET ACTIVITY | NET REALIZED GAIN/LOSS | INTEREST INCOME | MARKET VALUE AT APRIL 30, 2007 | ||||||||||
| TempFund | Merrill Lynch & Co., Inc. | $ | — | $ | — | $ | 3,257,078 | $ | 121,400,000 | ||||||
PNC Bank N.A., Repurchase Agreements | 30,800,000 | — | 2,973,612 | 224,200,000 | |||||||||||
| TempCash | Merrill Lynch & Co., Inc. | — | — | 1,395,124 | 52,000,000 | ||||||||||
| FedFund | PNC Bank N.A., Repurchase Agreements | — | — | 711,238 | — | ||||||||||
| T-Fund | Merrill Lynch & Co., Inc., Repurchase Agreements | — | — | 358,996 | — | ||||||||||
| MuniFund | Chesterfield County IDRB P-Float Trust Receipts Series 2003 PT-886 DN (Merrill Lynch & Co. Guaranty) | — | — | 459,175 | 24,995,000 | ||||||||||
Chesterfield County IDRB P-Float Trust Receipts Series 2004 PT-2133 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA) | (9,750,000 | ) | — | 104,181 | — | ||||||||||
Delaware Valley Regional Finance Authority Local Government RB Series 2003 PT-749 DN (Landesbank Hessen-Thuringen Girozentrale SBPA) | — | — | 160,626 | 8,815,000 | |||||||||||
Hamilton County Hospital Facilities RB P-Float Trust Receipts Series 2001 PT-507 DN (Merrill Lynch & Co. Guaranty) | — | — | 71,278 | 3,880,000 | |||||||||||
Kentucky Economic Development Finance Authority RB (Hospital Facilities Project) Series 2001-509 DN (Merrill Lynch & Co. SBPA, National Australia Bank Ltd. LOC) | — | — | 514,379 | 28,000,000 | |||||||||||
Metropolitan Pier & Exposition Authority Dedicated State Tax Receipts RB P-Float Trust Receipts Series 2005 PZ-44 DN (MBIA Insurance, Merrill Lynch Capital Services SBPA) | — | — | 102,503 | 5,610,000 | |||||||||||
Municipal Securities Pool Trust Receipts RB Series 2004-17 DN (Multiple Insurances, Societe Generale Group SBPA) | — | — | 99,882 | 5,370,000 | |||||||||||
Municipal Securities Pool Trust Receipts RB Series 2004-18 DN (Multiple Insurances, Societe Generale Group SBPA) | — | — | 48,174 | 2,590,000 | |||||||||||
New Jersey Economic Development Authority RB P-Float Trust Receipts Series 2004 MT-035 DN (Assured Guaranty Ltd. Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA) | — | — | 39,774 | 2,200,000 | |||||||||||
New Jersey Health Care Facilities Financing Authority RB P-Float Trust Receipts Series 2001 PT-1319 DN (AMBAC Insurance, Merrill Lynch Capital Services SBPA) | — | — | 42,232 | 2,320,000 | |||||||||||
Pennsylvania Higher Educational Facilities Authority RB P-Float Trust Receipts Series 2004 MT-042 DN (Lloyds TSB Bank Plc LOC, Merrill Lynch Capital Services SBPA) | — | — | 129,595 | 7,100,000 | |||||||||||
Pinellas County HFA RB Series 2004A DN (CDC Municipal Products, Inc. SBPA, Rabobank Guaranty) | (70,000 | ) | — | 41,828 | 2,355,000 | ||||||||||
Puttable Floating Option Tax-Exempt Receipts RB Series 2005A DN (Merrill Lynch Capital Services SBPA) | — | — | 58,306 | 3,160,000 | |||||||||||
Rhode Island State Health & Educational Building Corp. RB (Higher Education Facilities Brown University Project) Series 2001B DN | — | — | 93,083 | — | |||||||||||
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FUND | AFFILIATED INVESTMENTS | NET ACTIVITY | NET REALIZED GAIN/LOSS | INTEREST INCOME | MARKET VALUE AT APRIL 30, 2007 | ||||||||||
MuniFund | San Diego Public Facilities Financing Authority Lease RB P-Float Trust Receipts Series 2002 PPT-1002C DN (AMBAC Insurance, Merrill Lynch Capital Services SBPA) | $ | (19,755,000 | ) | $ | — | $ | 318,603 | $ | — | |||||
Triborough Bridge & Tunnel Authority RB P-Float Trust Receipts Series 2002 PA-956 DN (Merrill Lynch Capital Services Liquidity Facility) | — | — | 91,016 | 5,000,000 | |||||||||||
Washington County Housing & Redevelopment Authority Multi-Family RB P-Float Trust Receipts Series 2005 MT-154 DN (Federal Home Loan Mortgage Corp. Guaranty) | (6,995,000 | ) | 2,308 | 63,959 | — | ||||||||||
MuniCash | Austin Housing Financial Corp. RB P-Float Trust Receipts Series 2005 PT-2578 AMT DN (Merrill Lynch & Co. Guaranty) | (45,000 | ) | — | 271,184 | 14,630,000 | |||||||||
California Housing Finance Agency RB (Home Mortgage Project) Series 2003U AMT DN (FSA Insurance, Dexia Credit Local Liquidity Facility) | — | — | 21,997 | — | |||||||||||
California Housing Finance Agency RB (Home Mortgage Project) Series 2003U AMT DN (FSA Insurance, Dexia Credit Local Liquidity Facility) | — | — | 13,949 | — | |||||||||||
District of Columbia Housing Finance Agency RB Series 2004 PT-2391 AMT DN (MBIA Insurance, Merrill Lynch & Co. SBPA) | — | — | 44,647 | 2,415,000 | |||||||||||
East Housing Finance Corp. Multi-Family RB (Merrill Lynch P-Float Trust Receipts) Series 2005-PT 2952 AMT DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Captial Services SBPA) | (4,315,000 | ) | — | 58,677 | — | ||||||||||
MuniMae Tax Exempt Board Subsidiary LLC RB P-Float Trust Receipts Series 2005 PT-2691 AMT DN (Merrill Lynch & Co. Guaranty) | (50,000 | ) | — | 418,157 | 22,580,000 | ||||||||||
Municipal Securities Pool Trust Receipts RB Series 2004-17 DN (Multiple Insurances, Societe Generale Group SBPA) | 220,000 | — | 51,819 | 2,930,000 | |||||||||||
Oregon Homeowners RB (Trinity Draw Down Project) Series 2005 MT-134 AMT DN (Landesbank Hessen-Thuringen Girozentrale SBPA) | (670,000 | ) | — | 55,916 | 2,940,000 | ||||||||||
Oregon Housing & Community Services RB P-Float Trust Receipts Series 2005-2879 AMT DN (Merrill Lynch Capital Services SBPA) | — | — | 453,178 | 24,495,000 | |||||||||||
Panhandle Regional Housing Finance RB Series 2004 PT-2086 AMT DN (Merrill Lynch & Co. Guaranty) | — | — | 45,781 | — | |||||||||||
Puttable Floating Option Tax-Exempt Receipts RB Series 2005A DN (Merrill Lynch Capital Services SBPA) | — | — | 32,474 | 1,760,000 | |||||||||||
Virginia Beach Development Authority Multi-Family Housing RB P-Float Trust Receipts Series 2005-2505 AMT DN (Merrill Lynch & Co. Guaranty) | — | — | 69,286 | 3,745,000 | |||||||||||
Washington Housing Finance Community Multi-Family Housing RB (Merrill Lynch P-Floats Trust Receipts) Series 2005-3054 AMT DN (Merrill Lynch & Co. Guaranty) | (8,385,000 | ) | 83,934 | 126,090 | — | ||||||||||
California Money Fund | Bay Area Toll Authority Toll Bridge RB Series 2006MT-238 DN (Depfa Bank Plc Liquidity Facility) | — | — | 277,841 | 15,000,000 | ||||||||||
California Department of Water Resource Power Supply RB Series 2003 PT-759 DN (MBIA Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA) | — | — | 174,061 | 9,700,000 | |||||||||||
Clovis County Unified School District GO P-Float Trust Receipts Series 2005-PZ-42 DN (FGIC Insurance, Merrill Lynch Capital Services SBPA) | (880,000 | ) | — | 17,574 | 450,000 | ||||||||||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
FUND | AFFILIATED INVESTMENTS | NET ACTIVITY | NET REALIZED GAIN/LOSS | INTEREST INCOME | MARKET VALUE AT APRIL 30, 2007 | ||||||||||
California Money Fund | Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2004 PA-1236 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA) | $ | — | $ | — | $ | 40,047 | $ | 2,200,000 | ||||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2004 PA-1237 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA) | — | — | 49,877 | 2,740,000 | |||||||||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2006D-195 DN (FGIC Insurance, Deutsche Bank Liquidity Facility) | (5,000 | ) | — | 37,697 | 2,070,000 | ||||||||||
Los Angeles Unified School District GO (Eclipse Funding Trust) Series 2006-0018 DN (FGIC Insurance, U.S. Bank N.A. Liquidity Facility) | — | — | 95,079 | 5,265,000 | |||||||||||
Pleasant Valley School District of Ventura County GO P-Float Trust Receipts Series 2005 PT-2783 DN (MBIA Insurance, Dexia Credit Local SBPA) | — | — | 104,975 | 5,850,000 | |||||||||||
San Diego Public Facilities Financing Authority Lease RB (Merrill Lynch P-Float Trust Receipts) Series 2002 PPT-1002C DN (AMBAC Insured, Merrill Lynch Capital Services SBPA) | (9,875,000 | ) | — | 159,247 | — | ||||||||||
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2005 PA-1288 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA) | — | — | 36,506 | 2,000,000 | |||||||||||
West Covina Unified School District GO Series 2003-23 DN (MBIA Insurance, Banque Nationale de Paribas Liquidity Facility) | (15,000 | ) | — | 122,338 | 6,810,000 | ||||||||||
New York Money Fund | New York City GO P-Float Trust Receipts Series 1997 DN (AMBAC Insurance, Societe Generale Group Liquidity Facility) | — | — | 178,018 | 9,860,000 | ||||||||||
New York City GO P-Float Trust Receipts Series 2005-3333 DN (Dexia Bank LOC) | (20,000 | ) | — | 97,026 | 5,320,000 | ||||||||||
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2006 MT-232 DN (Depfa Bank Plc SBPA) | — | — | 318,467 | 17,495,000 | |||||||||||
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2006 MT-256 DN (Svenska Handelsbank Liquidity Facility) | — | — | 137,688 | 7,495,000 | |||||||||||
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(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, reinvestments and redemptions is the same as the dollar amounts shown on the following pages for such transactions.
Transactions in capital shares for each period were as follows:
| TEMPFUND | ||||||||
FOR THE SIX MONTHS ENDED | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 186,017,914,355 | $ | 389,651,161,121 | ||||
Dollar Shares | 23,285,797,653 | 43,075,160,298 | ||||||
Cash Management Shares | 1,418,697,308 | 1,029,248,488 | ||||||
Cash Reserve Shares | 14,407,185 | 199,267,069 | ||||||
Administration Shares | 970,468,140 | 2,293,616,197 | ||||||
Bear Stearns Shares | 582,574,916 | 5,110,954,951 | ||||||
Bear Stearns Premier Choice Shares | 36,384,998 | 72,074,199 | ||||||
Bear Stearns Private Client Shares | 748,165,075 | 6,599,860,689 | ||||||
Bear Stearns Premier Shares | 561,320,961 | 2,404,474,385 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 234,270,463 | 474,991,356 | ||||||
Dollar Shares | 8,298,058 | 11,048,042 | ||||||
Cash Management Shares | 7,091,825 | 9,080,551 | ||||||
Cash Reserve Shares | 285,758 | 908,498 | ||||||
Administration Shares | 10,995,133 | 14,292,510 | ||||||
Bear Stearns Shares | 17,791,703 | 29,878,151 | ||||||
Bear Stearns Premier Choice Shares | 401,487 | 566,535 | ||||||
Bear Stearns Private Client Shares | 38,566,392 | 54,524,638 | ||||||
Bear Stearns Premier Shares | 10,090,426 | 14,993,164 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (186,904,096,896 | ) | (384,569,956,982 | ) | ||||
Dollar Shares | (23,171,395,263 | ) | (42,325,487,680 | ) | ||||
Cash Management Shares | (1,252,755,429 | ) | (961,817,736 | ) | ||||
Cash Reserve Shares | (15,258,542 | ) | (186,727,867 | ) | ||||
Administration Shares | (855,678,108 | ) | (1,805,888,650 | ) | ||||
Bear Stearns Shares | (538,943,565 | ) | (5,036,674,584 | ) | ||||
Bear Stearns Premier Choice Shares | (33,401,164 | ) | (65,916,391 | ) | ||||
Bear Stearns Private Client Shares | (583,644,682 | ) | (6,193,454,946 | ) | ||||
Bear Stearns Premier Shares | (513,615,075 | ) | (2,345,125,790 | ) | ||||
Net increase | $ | 94,733,112 | $ | 7,555,050,216 | ||||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| TEMPCASH | ||||||||
FORTHE SIX MONTHS ENDED | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 89,382,355,492 | $ | 225,678,041,325 | ||||
Dollar Shares | 1,004,207,217 | 1,987,142,364 | ||||||
Cash Management Shares | 528,753 | 537,316 | ||||||
Administration Shares | 18,000,000 | 41,292,406 | ||||||
Bear Stearns Premier Shares | — | 3,480,782 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 109,822,151 | 302,604,718 | ||||||
Dollar Shares | 20,267,847 | 28,226,617 | ||||||
Cash Management Shares | 2,110 | 1,724 | ||||||
Administration Shares | 325,093 | 666,812 | ||||||
Bear Stearns Premier Choice Shares | — | 7 | ||||||
Bear Stearns Premier Shares | — | 7 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (90,419,728,718 | ) | (227,789,671,065 | ) | ||||
Dollar Shares | (915,409,300 | ) | (1,784,603,837 | ) | ||||
Cash Management Shares | (496,214 | ) | (412,736 | ) | ||||
Administration Shares | (36,600,000 | ) | (16,500,000 | ) | ||||
Bear Stearns Premier Choice Shares | — | (2,174 | ) | |||||
Bear Stearns Premier Shares | — | (3,483,051 | ) | |||||
Net decrease | $ | (836,725,569 | ) | $ | (1,552,678,785 | ) | ||
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| FEDFUND | ||||||||
FORTHE SIX MONTHS ENDED | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 8,284,024,295 | $ | 18,944,064,247 | ||||
Dollar Shares | 5,650,364,022 | 16,761,103,640 | ||||||
Cash Reserve Shares | 10,468,641 | 25,045,901 | ||||||
Administration Shares | 33,899,563 | 199,877,492 | ||||||
Bear Stearns Shares | 65,506,387 | 361,094,648 | ||||||
Bear Stearns Premier Choice Shares | 1 | — | ||||||
Bear Stearns Private Client Shares | 196,897,556 | 1,100,718,969 | ||||||
Bear Stearns Premier Shares | 89,760,869 | 490,156,719 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 24,894,859 | 51,605,902 | ||||||
Dollar Shares | 710,418 | 1,778,083 | ||||||
Cash Reserve Shares | 50,572 | 86,112 | ||||||
Bear Stearns Shares | 990,654 | 1,942,735 | ||||||
Bear Stearns Premier Choice Shares | 53 | 97 | ||||||
Bear Stearns Private Client Shares | 7,321,624 | 11,450,901 | ||||||
Bear Stearns Premier Shares | 1,230,109 | 2,661,307 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (8,678,107,024 | ) | (18,898,054,675 | ) | ||||
Dollar Shares | (5,669,440,531 | ) | (16,720,372,044 | ) | ||||
Cash Reserve Shares | (10,094,660 | ) | (25,596,444 | ) | ||||
Administration Shares | (64,894,184 | ) | (160,284,882 | ) | ||||
Bear Stearns Shares | (73,771,005 | ) | (357,797,089 | ) | ||||
Bear Stearns Premier Choice Shares | (129 | ) | (1 | ) | ||||
Bear Stearns Private Client Shares | (180,203,227 | ) | (1,058,766,420 | ) | ||||
Bear Stearns Premier Shares | (88,116,092 | ) | (530,537,878 | ) | ||||
Net increase (decrease) | $ | (398,507,229 | ) | $ | 200,177,320 | |||
| T-FUND | ||||||||
FOR THE SIX MONTHS ENDED | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 12,604,387,857 | $ | 26,385,071,669 | ||||
Dollar Shares | 2,877,143,145 | 9,124,084,315 | ||||||
Cash Management Shares | 576,176,191 | 414,487,659 | ||||||
Administration Shares | 563,712,170 | 545,674,293 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 14,719,381 | 33,713,980 | ||||||
Dollar Shares | 4,528,144 | 9,870,292 | ||||||
Cash Management Shares | 577,971 | 464,445 | ||||||
Administration Shares | 834,471 | 611,007 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (12,239,206,718 | ) | (26,470,897,010 | ) | ||||
Dollar Shares | (2,987,998,257 | ) | (9,170,426,772 | ) | ||||
Cash Management Shares | (347,115,197 | ) | (176,964,518 | ) | ||||
Administration Shares | (519,615,062 | ) | (550,543,709 | ) | ||||
Net increase | $ | 548,144,096 | $ | 145,145,651 | ||||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| FEDERAL TRUST FUND | ||||||||
FORTHE SIX MONTHS ENDED APRIL 30, 2007 | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 261,590,438 | $ | 135,991,055 | ||||
Dollar Shares | 69,189,183 | 129,837,419 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 3,014,081 | 3,221,013 | ||||||
Dollar Shares | — | 160,970 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (114,608,258 | ) | (144,712,323 | ) | ||||
Dollar Shares | (67,679,439 | ) | (111,230,984 | ) | ||||
Net increase | $ | 151,506,005 | $ | 13,267,150 | ||||
| TREASURY TRUST FUND | ||||||||
FORTHE SIX MONTHS ENDED APRIL 30, 2007 | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 3,663,936,510 | $ | 5,302,373,373 | ||||
Dollar Shares | 258,292,834 | 905,433,267 | ||||||
Cash Management Shares | 53,347,220 | 217,781,681 | ||||||
Administration Shares | 76,108,880 | 186,685,698 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 8,020,235 | 17,768,738 | ||||||
Dollar Shares | 2,699,516 | 5,599,324 | ||||||
Cash Management Shares | 95,641 | 79,241 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (3,576,066,399 | ) | (5,243,530,596 | ) | ||||
Dollar Shares | (284,840,413 | ) | (912,711,350 | ) | ||||
Cash Management Shares | (65,910,444 | ) | (189,351,344 | ) | ||||
Administration Shares | (87,906,577 | ) | (227,827,407 | ) | ||||
Net increase | $ | 47,777,003 | $ | 62,300,625 | ||||
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| MUNIFUND | ||||||||
FOR THE SIX MONTHS ENDED | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 5,861,349,433 | $ | 13,901,180,607 | ||||
Dollar Shares | 529,778,421 | 1,139,417,855 | ||||||
Cash Management Shares | 116,283,125 | 166,170,301 | ||||||
Administration Shares | 399,098,754 | 1,128,586,539 | ||||||
Bear Stearns Shares | 82,527,357 | 149,955,504 | ||||||
Bear Stearns Premier Choice Shares | 1 | 1 | ||||||
Bear Stearns Private Client Shares | 1,266,598,115 | 1,650,176,109 | ||||||
Bear Stearns Premier Shares | 1,418,830,721 | 2,523,021,114 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 11,805,421 | 22,775,331 | ||||||
Dollar Shares | 124,767 | 269,923 | ||||||
Cash Management Shares | 153,922 | 249,589 | ||||||
Bear Stearns Shares | 350,332 | 557,408 | ||||||
Bear Stearns Premier Choice Shares | 36 | 64 | ||||||
Bear Stearns Private Client Shares | 4,495,223 | 6,154,545 | ||||||
Bear Stearns Premier Shares | 3,009,622 | 5,048,991 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (6,113,793,121 | ) | (14,638,784,755 | ) | ||||
Dollar Shares | (547,546,231 | ) | (1,127,604,953 | ) | ||||
Cash Management Shares | (103,538,275 | ) | (160,498,435 | ) | ||||
Administration Shares | (394,382,892 | ) | (1,274,038,169 | ) | ||||
Bear Stearns Shares | (89,347,522 | ) | (143,271,733 | ) | ||||
Bear Stearns Premier Choice Shares | (90 | ) | — | |||||
Bear Stearns Private Client Shares | (1,245,305,860 | ) | (1,565,865,646 | ) | ||||
Bear Stearns Premier Shares | (1,377,455,775 | ) | (2,494,490,353 | ) | ||||
Net decrease | $ | (176,964,516 | ) | $ | (710,990,163 | ) | ||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| MUNICASH | ||||||||
FORTHE SIX MONTHS ENDED | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 13,292,226,128 | $ | 24,446,416,588 | ||||
Dollar Shares | 180,708,330 | 268,637,530 | ||||||
Administration Shares | — | 441,583 | ||||||
Bear Stearns Premier Choice Shares | — | 2 | ||||||
Bear Stearns Premier Shares | — | 2 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 7,246,946 | 22,441,985 | ||||||
Dollar Shares | 1,327,192 | 1,713,870 | ||||||
Administration Shares | 6,202 | 1,366 | ||||||
Bear Stearns Premier Choice Shares | — | 5 | ||||||
Bear Stearns Premier Shares | — | 5 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (13,302,013,442 | ) | (25,417,665,125 | ) | ||||
Dollar Shares | (180,583,067 | ) | (238,160,608 | ) | ||||
Administration Shares | (449,151 | ) | — | |||||
Bear Stearns Premier Choice Shares | — | (2,168 | ) | |||||
Bear Stearns Premier Shares | — | (2,161 | ) | |||||
Net decrease | $ | (1,530,862 | ) | $ | (916,177,126 | ) | ||
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| CALIFORNIA MONEY FUND | ||||||||
FORTHE SIX MONTHS ENDED | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 1,597,068,150 | $ | 3,502,352,706 | ||||
Dollar Shares | 520,772,979 | 593,706,629 | ||||||
Cash Management Shares | 5,318,472 | 10,219,362 | ||||||
Administration Shares | 4,423,348 | 6,627,586 | ||||||
Bear Stearns Shares | 132,839,839 | 250,423,612 | ||||||
Bear Stearns Premier Choice Shares | 1 | 1 | ||||||
Bear Stearns Private Client Shares | 1,158,323,353 | 1,568,793,698 | ||||||
Bear Stearns Premier Shares | 254,221,879 | 391,575,753 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 3,243,664 | 3,315,334 | ||||||
Dollar Shares | 576,157 | 551,463 | ||||||
Cash Management Shares | 176,142 | 22,747 | ||||||
Bear Stearns Shares | 510,522 | 716,986 | ||||||
Bear Stearns Premier Choice Shares | 34 | 62 | ||||||
Bear Stearns Private Client Shares | 3,366,249 | 4,251,120 | ||||||
Bear Stearns Premier Shares | 320,677 | 454,172 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (1,666,003,793 | ) | (3,238,337,759 | ) | ||||
Dollar Shares | (506,379,252 | ) | (579,709,968 | ) | ||||
Cash Management Shares | (74,526 | ) | (325,049 | ) | ||||
Administration Shares | (3,949,559 | ) | (5,513,532 | ) | ||||
Bear Stearns Shares | (123,128,502 | ) | (233,369,215 | ) | ||||
Bear Stearns Premier Choice Shares | (83 | ) | (1 | ) | ||||
Bear Stearns Private Client Shares | (1,141,013,954 | ) | (1,496,872,135 | ) | ||||
Bear Stearns Premier Shares | (244,194,107 | ) | (393,989,672 | ) | ||||
Net increase (decrease) | $ | (3,582,310 | ) | $ | 384,893,900 | |||
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BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)
| NEW YORK MONEY FUND | ||||||||
FORTHE SIX MONTHS ENDED APRIL 30, 2007 | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 1,199,534,973 | $ | 2,079,000,527 | ||||
Dollar Shares | 8,779,186 | 14,953,044 | ||||||
Cash Management Shares | 31,906,163 | 59,697,237 | ||||||
Administration Shares | 4,863,332 | 9,494,781 | ||||||
Bear Stearns Shares | 19,717,324 | 48,274,053 | ||||||
Bear Stearns Premier Choice Shares | 223,888 | 241,501 | ||||||
Bear Stearns Private Client Shares | 656,417,185 | 953,691,417 | ||||||
Bear Stearns Premier Shares | 146,592,046 | 111,462,650 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 971,127 | 2,281,043 | ||||||
Dollar Shares | 110,395 | 172,646 | ||||||
Bear Stearns Shares | 50,385 | 88,326 | ||||||
Bear Stearns Premier Choice Shares | 3,589 | 2,902 | ||||||
Bear Stearns Private Client Shares | 2,550,399 | 3,937,374 | ||||||
Bear Stearns Premier Shares | 186,209 | 165,055 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (1,175,695,328 | ) | (2,039,097,362 | ) | ||||
Dollar Shares | (7,218,335 | ) | (14,282,664 | ) | ||||
Cash Management Shares | (27,961,145 | ) | (53,887,033 | ) | ||||
Administration Shares | (8,141,097 | ) | (9,775,068 | ) | ||||
Bear Stearns Shares | (17,426,619 | ) | (49,510,085 | ) | ||||
Bear Stearns Premier Choice Shares | (243,677 | ) | (4,111 | ) | ||||
Bear Stearns Private Client Shares | (620,023,697 | ) | (931,126,430 | ) | ||||
Bear Stearns Premier Shares | (134,811,662 | ) | (109,066,742 | ) | ||||
Net increase | $ | 80,384,641 | $ | 76,713,061 | ||||
On April 30, 2007, two shareholders held approximately 27% of the outstanding shares of TempFund, one shareholder held approximately 16% of the outstanding shares of TempCash, three shareholders held approximately 56% of the outstanding shares of FedFund, one shareholder held approximately 56% of the outstanding shares of T-Fund, three shareholders held approximately 66% of the outstanding shares of Federal Trust Fund, three shareholders held approximately 52% of the outstanding shares of Treasury Trust Fund, two shareholders held approximately 51% of the outstanding shares of MuniFund, two shareholders held approximately 56% of the outstanding shares of MuniCash, three shareholders held approximately 51% of the outstanding shares of California Money Fund and two shareholders held approximately 45% of the outstanding shares 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.
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BLACKROCK LIQUIDITY FUNDS
The tax character of distributions paid during the year ended October 31, 2006 were as follows:
| TAX-FREE INCOME | ORDINARY INCOME | LONG-TERM CAPITAL GAIN | TOTAL DISTRIBUTIONS | |||||||||||
TempFund | 10/31/2006 | $ | — | $ | 1,564,251,287 | $ | — | $ | 1,564,251,287 | |||||
TempCash | 10/31/2006 | — | 587,356,006 | — | 587,356,006 | |||||||||
FedFund | 10/31/2006 | — | 154,392,485 | — | 154,392,485 | |||||||||
T-Fund | 10/31/2006 | — | 199,665,293 | — | 199,665,293 | |||||||||
Federal Trust Fund | 10/31/2006 | — | 5,755,694 | — | 5,755,694 | |||||||||
Treasury Trust Fund | 10/31/2006 | — | 52,315,573 | — | 52,315,573 | |||||||||
MuniFund | 10/31/2006 | 81,576,936 | — | 161,094 | 81,738,030 | |||||||||
MuniCash | 10/31/2006 | 49,244,341 | — | — | 49,244,341 | |||||||||
California Money Fund | 10/31/2006 | 26,371,103 | — | 103,966 | 26,475,069 | |||||||||
New York Money Fund | 10/31/2006 | 15,043,294 | 210,280 | 116,489 | 15,370,063 | |||||||||
As of October 31, 2006, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:
| EXPIRING OCTOBER 31 | ||||||||||||||||||
| 2008 | 2009 | 2012 | 2013 | 2014 | TOTAL | |||||||||||||
TempFund | $ | — | $ | — | $ | — | $ | 3,510,519 | $ | — | $ | 3,510,519 | ||||||
TempCash | — | — | — | 2,221,773 | — | 2,221,773 | ||||||||||||
FedFund | — | — | — | 12,054 | — | 12,054 | ||||||||||||
T-Fund | 15,846 | — | — | 91,112 | — | 106,958 | ||||||||||||
Treasury Trust Fund | 111,459 | 91,820 | — | 86,297 | 30,151 | 319,727 | ||||||||||||
MuniCash | 13,010 | — | 77,299 | 137,589 | 263,568 | 491,466 | ||||||||||||
In July 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes”. FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Trusts’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be booked as a tax expense in the current year and recognized as: a liability for unrecognized tax benefits; a reduction of an income tax refund receivable; a reduction of deferred tax asset; an increase in deferred tax liability; or a combination thereof. Adoption of FIN 48 is required for the last net asset value calculation in the first required financial statement reporting period for fiscal years beginning after December 15, 2006. At this time, management is evaluating the implications of FIN 48 and its impact in the financial statements has not yet been determined.
(F) Asset Concentration
The California Money Fund and New York Money Fund invest primarily in municipal obligations from issuers residing in those states, respectively, 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.
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| Investment Advisor | Distributor | |
BlackRock Institutional Management Corporation | BlackRock Distributors, Inc. | |
Wilmington, Delaware 19809 | King of Prussia, Pennsylvania 19406 | |
| Administrator | Custodian | |
BlackRock Institutional Management Corporation | PFPC Trust Company | |
Wilmington, Delaware 19809 | Philadelphia, Pennsylvania 19153 | |
| Sub-Administrator and Transfer Agent | Counsel | |
PFPC Inc. | Drinker Biddle & Reath LLP | |
Wilmington, DE 19809 | Philadelphia, Pennsylvania 19103 | |
| Independent Registered Public Accounting | ||
| Firm | ||
Deloitte & Touche LLP | ||
Philadelphia, Pennsylvania 19103 | ||
Electronic copies of most financial reports and prospectuses are available on the Fund’s website.
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 1-800-821-7432, 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 1-800-821-7432 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 1-800-821-7432.
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.
Table of Contents
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.
BRLF-SA-001
Table of Contents
Bear Stearns
Money Market Funds
Semi-Annual Report Dated
April 30, 2007
(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.
Table of Contents
TABLEOF CONTENTS
| 1 | ||
Fund Profiles | ||
| 2 | ||
| 3 | ||
| 4 | ||
| 5 | ||
| 6 | ||
| 7 | ||
| 8 | ||
| 9-47 | ||
| 48 | ||
Portfolio Financial Statements | ||
| 50-51 | ||
| 52-53 | ||
| 54-56 | ||
| 58-81 | ||
| 82-97 |
PRIVACY PRINCIPLES OF BLACKROCK LIQUIDITY FUNDS
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our Web sites.
BlackRock does not sell or disclose to nonaffiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory inquiries or service Client accounts. These nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to nonpublic personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
Table of Contents
100 Bellevue Parkway
Wilmington, DE 19809
(800)821-7432
www.blackrock.com
April 30, 2007
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of Bear Stearns Shares, Bear Stearns Private Client Shares, Bear Stearns Premier Shares and Bear Stearns Premier Choice Shares for the six-month ended April 30, 2007.
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 your investment needs in the months ahead.
Sincerely,
|
Ralph L. Schlosstein |
| Chairman & President |
1
Table of Contents
FUND PROFILE
Portfolio Com position - % of Portfolio | Distribution - Weighted Average Maturity 43 days | |
 |  |
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, 2006 to April 30, 2007.
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 | ||||||||||||||||||
| Institutional | Dollar | Cash Management | Cash Reserve | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | ||||||||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | |||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,026.00 | 1,024.80 | 1,023.50 | 1,024.00 | 1,025.50 | 1,021.90 | 1,024.70 | 1,023.80 | 1,023.80 | |||||||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 0.90 | 2.16 | 3.41 | 2.91 | 1.41 | 5.01 | 2.26 | 3.16 | 3.16 | |||||||||
Hypothetical Expenses (5% return before expenses) | ||||||||||||||||||
| Institutional | Dollar | Cash Management | Cash Reserve | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | ||||||||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | |||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,024.10 | 1,022.84 | 1,021.59 | 1,022.09 | 1,023.59 | 1,019.98 | 1,022.74 | 1,021.84 | 1,021.84 | |||||||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 0.90 | 2.16 | 3.41 | 2.91 | 1.41 | 5.02 | 2.26 | 3.16 | 3.16 | |||||||||
| * | 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%, 0.63% and 0.63% for Institutional, Dollar, Cash Management, Cash Reserve, Administration, Bear Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client and Bear Stearns Premier classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2
Table of Contents
FUND PROFILE
Portfolio Composition - % of Portfolio | Distribution - Weighted Average Maturity 44 days | |
 |  |
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, 2006 to April 30, 2007.
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 | Hypothetical Expenses (5% return before expenses) | |||||||||||||||
| Institutional | Dollar | Cash Management | Administration | Institutional | Dollar | Cash Management | Administration | |||||||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,026.10 | 1,024.80 | 1,023.50 | 1,025.60 | 1,024.10 | 1,022.84 | 1,021.59 | 1,023.59 | ||||||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 0.90 | 2.16 | 3.41 | 1.41 | 0.90 | 2.16 | 3.41 | 1.41 | ||||||||
| * | 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% and 0.28% for Institutional, Dollar, Cash Management and Administration classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
3
Table of Contents
FUND PROFILE
Portfolio Composition - % of Portfolio | Distribution - Weighted Average Maturity 22 days | |
 |  |
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, 2006 to April 30, 2007.
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 | Hypothetical Expenses (5% return before expenses) | |||||||||||||||||||||||||||||||
| Institutional | Dollar | Cash Reserve | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | Institutional | Dollar | Cash Reserve | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | |||||||||||||||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,025.70 | 1,024.40 | 1,023.60 | 1,025.20 | 1,021.60 | 1,024.40 | 1,023.50 | 1,023.50 | 1,024.00 | 1,022.74 | 1,021.99 | 1,023.49 | 1,019.98 | 1,022.74 | 1,021.84 | 1,021.84 | ||||||||||||||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 1.00 | 2.26 | 3.01 | 1.51 | 5.01 | 2.26 | 3.16 | 3.16 | 1.00 | 2.26 | 3.01 | 1.51 | 5.02 | 2.26 | 3.16 | 3.16 | ||||||||||||||||
| * | 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%, 0.63% and 0.63% for Institutional, Dollar, Cash Reserve, Administration, Bear Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client and Bear Stearns Premier classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
4
Table of Contents
FUND PROFILE
Top 10 State Concentration (% of portfolio) | |||
Texas | 11.4 | % | |
Illinois | 6.9 | ||
Indiana | 6.3 | ||
Washington | 6.3 | ||
Ohio | 5.7 | ||
Louisiana | 5.5 | ||
North Carolina | 5.1 | ||
Michigan | 4.6 | ||
Colorado | 4.3 | ||
Tennessee | 3.5 | ||
Total | 59.6 | ||
Distribution - Weighted Average Maturity 18 days
|
 |
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, 2006 to April 30, 2007.
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 | Hypothetical Expenses (5% return before expenses) | |||||||||||||||||||||||||||||||
| Institutional | Dollar | Cash Management | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | Institutional | Dollar | Cash Management | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | |||||||||||||||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,017.20 | 1,015.90 | 1,014.70 | 1,016.70 | 1,013.20 | 1,015.90 | 1,015.00 | 1,015.00 | 1,024.00 | 1,022.74 | 1,021.49 | 1,023.49 | 1,019.98 | 1,022.74 | 1,021.84 | 1,021.84 | ||||||||||||||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 1.00 | 2.25 | 3.50 | 1.50 | 4.99 | 2.25 | 3.15 | 3.15 | 1.00 | 2.26 | 3.51 | 1.51 | 5.02 | 2.26 | 3.16 | 3.16 | ||||||||||||||||
| * | 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%, 0.63% and 0.63% for Institutional, Dollar, Cash Management, Administration, Bear Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client and Bear Stearns Premier classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
5
Table of Contents
FUND PROFILE
Top 10 State Concentration (% of portfolio) | |||
Texas | 8.2 | % | |
Alabama | 7.0 | ||
Michigan | 6.6 | ||
Ohio | 5.9 | ||
Illinois | 5.6 | ||
Florida | 5.5 | ||
Virginia | 5.1 | ||
Georgia | 4.6 | ||
Pennsylvania | 4.5 | ||
| North Carolina | 4.1 | ||
Total | 57.1 | % | |
Distribution - Weighted Average Maturity 20 days |
 |
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, 2006 to April 30, 2007.
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 | Hypothetical Expenses (5% return before expenses) | |||||||
| Institutional | Dollar | Institutional | Dollar | |||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||
Ending Account Value (4/30/07) (in Dollars) | 1,017.40 | 1,016.20 | 1,024.00 | 1,022.74 | ||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 1.00 | 2.25 | 1.00 | 2.26 | ||||
| * | For each class of the Fund, expenses are equal to the Fund’s annualized expense ratio for the period of 0.20%, 0.45% and 0.30% for Institutional, Dollar and Administration classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
6
Table of Contents
FUND PROFILE
Portfolio Composition - % of Portfolio | Distribution - Weighted Average Maturity 11 days | |
 |  |
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, 2006 to April 30, 2007.
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 | Hypothetical Expenses (5% return before expenses) | |||||||||||||||||||||||||||||||
| Institutional | Dollar | Cash Management | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | Institutional | Dollar | Cash Management | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | |||||||||||||||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,016.70 | 1,015.40 | 1,014.20 | 1,016.20 | 1,012.70 | 1,015.40 | 1,014.50 | 1,014.50 | 1,024.00 | 1,022.74 | 1,021.49 | 1,023.49 | 1,019.98 | 1,022.74 | 1,021.84 | 1,021.84 | ||||||||||||||||
Expenses Incurred During Period (11/01/06 - 4/30/07)* | 1.00 | 2.25 | 3.50 | 1.50 | 4.99 | 2.25 | 3.15 | 3.15 | 1.00 | 2.26 | 3.51 | 1.51 | 5.02 | 2.26 | 3.16 | 3.16 | ||||||||||||||||
| * | 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%, 0.63% and 0.63% for Institutional, Dollar, Cash Management, Administration, Bear Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client and Bear Stearns Premier classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
7
Table of Contents
FUND PROFILE
Portfolio Composition - % of Portfolio | Distribution - Weighted Average Maturity 19 days | |
 |  |
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, 2006 to April 30, 2007.
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 | Hypothetical Expenses (5% return before expenses) | |||||||||||||||||||||||||||||||
| Institutional | Dollar | Cash Management | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | Institutional | Dollar | Cash Management | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | |||||||||||||||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,017.10 | 1,015.80 | 1,014.60 | 1,016.60 | 1,013.00 | 1,015.80 | 1,014.90 | 1,014.90 | 1,024.00 | 1,022.74 | 1,021.49 | 1,023.49 | 1,019.98 | 1,022.74 | 1,021.84 | 1,021.79 | ||||||||||||||||
Expenses Incurred During Period (11/01/06—4/30/07)* | 1.00 | 2.25 | 3.50 | 1.50 | 4.99 | 2.25 | 3.15 | 3.20 | 1.00 | 2.26 | 3.51 | 1.51 | 5.02 | 2.26 | 3.16 | 3.21 | ||||||||||||||||
| * | 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%, 0.63% and 0.64% for Institutional, Dollar, Cash Management, Administration, Bear Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client and Bear Stearns Premier classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
8
Table of Contents
SCHEDULE OF INVESTMENTS
TEMPFUND
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
CERTIFICATES OF DEPOSIT — 17.7% | ||||||||
Domestic — 0.7% | ||||||||
Citibank N.A. (A-1+, P-1) | ||||||||
5.30% | 06/20/07 | $ | 270,000 | $ | 270,000,000 | |||
5.30% | 07/05/07 | 15,000 | 15,000,000 | |||||
| 285,000,000 | ||||||||
Yankee — 17.0% | ||||||||
Banco Bilbao Vizcara Argentina, New York (A-1+, P-1) | ||||||||
5.31%(b) | 05/23/07 | 190,000 | 190,000,000 | |||||
5.31%(b) | 05/29/07 | 160,000 | 160,000,000 | |||||
Banque Nationale de Paris, New York (A-1+, P-1) | ||||||||
5.34%(b) | 07/30/07 | 502,775 | 502,775,000 | |||||
5.27%(b) | 10/03/07 | 550,000 | 550,000,000 | |||||
Barclays Bank Plc, New York (A-1+, P-1) | ||||||||
5.30%(b) | 07/05/07 | 700,000 | 700,000,000 | |||||
5.27%(b) | 10/02/07 | 525,500 | 525,500,000 | |||||
5.27%(b) | 10/04/07 | 231,400 | 231,400,000 | |||||
Depfa Bank Plc, New York (A-1+, P-1) | ||||||||
5.30%(b) | 07/05/07 | 258,000 | 258,000,000 | |||||
HBOS Treasury Services Plc, New York (A-1+, P-1) | ||||||||
5.32%(b) | 05/11/07 | 100,000 | 100,000,000 | |||||
5.27%(b) | 10/03/07 | 360,000 | 360,000,000 | |||||
Mizuho Corporate Bank, New York (A-1, P-1) | ||||||||
5.30%(b) | 05/10/07 | 209,000 | 209,000,260 | |||||
5.30%(b) | 05/11/07 | 209,000 | 209,000,289 | |||||
5.31%(b) | 05/21/07 | 449,000 | 449,000,000 | |||||
5.30%(b) | 05/29/07 | 118,000 | 118,000,000 | |||||
Nordea Bank Finland, New York (A-1+, P-1) | ||||||||
5.27%(b) | 10/03/07 | 87,000 | 87,000,000 | |||||
Norinchukin Bank, New York (A-1, P-1) | ||||||||
5.32%(b) | 05/25/07 | 614,805 | 614,805,096 | |||||
5.32%(b) | 05/29/07 | 500,000 | 500,000,000 | |||||
5.32%(b) | 05/29/07 | 250,000 | 250,001,919 | |||||
Skandinaviska Enskilda Bank, New York (A-1, P-1) | ||||||||
5.30%(b) | 07/23/07 | 40,900 | 40,900,000 | |||||
| 6,055,382,564 | ||||||||
| TOTAL CERTIFICATES OF DEPOSIT | ||||||||
(Cost $6,340,382,564) | 6,340,382,564 | |||||||
COMMERCIAL PAPER — 54.2% | ||||||||
Asset Backed Securities — 42.3% | ||||||||
Amstel Funding Corp. (A-1+, P-1) | ||||||||
5.23% | 06/05/07 | 273,177 | 271,787,971 | |||||
5.23% | 07/25/07 | 209,619 | 207,030,496 | |||||
5.16% | 09/28/07 | 136,835 | 133,893,048 | |||||
Amsterdam Funding Corp. (A-1, P-1) | ||||||||
5.26% | 05/08/07 | 50,000 | 49,948,812 | |||||
Aquifer Funding LLC (A-1+, P-1) | ||||||||
5.29% | 05/07/07 | 598,750 | 598,574,034 | |||||
Atlantic Asset Securitization Corp. (A-1, P-1) | ||||||||
5.28% | 05/09/07 | 45,000 | 44,947,200 | |||||
5.28% | 05/10/07 | 128,864 | 128,693,900 | |||||
Atlantis One Funding Corp. (A-1+, P-1) | ||||||||
5.24% | 05/18/07 | 50,708 | 50,582,526 | |||||
Atomium Funding LLC (A-1, P-1) | ||||||||
5.24% | 07/06/07 | 119,500 | 118,352,003 | |||||
Barton Capital Corp. (A-1+, P-1) | ||||||||
5.28% | 05/08/07 | 79,816 | 79,734,056 | |||||
Beethoven Funding Corp. (A-1, P-1) | ||||||||
5.24% | 06/18/07 | 100,000 | 99,300,667 | |||||
5.24% | 06/20/07 | 151,988 | 150,881,865 | |||||
Beta Finance, Inc. (A-1+, P-1) | ||||||||
5.24% | 06/20/07 | 44,000 | 43,679,778 | |||||
5.23% | 07/05/07 | 44,500 | 44,079,784 | |||||
Bryant Park Funding Corp. (A-1, P-1) | ||||||||
5.26% | 05/25/07 | 85,000 | 84,701,933 | |||||
Cafco LLC (A-1+, P-1) | ||||||||
5.24% | 05/17/07 | 76,100 | 75,922,941 | |||||
5.26% | 06/18/07 | 32,285 | 32,058,575 | |||||
5.26% | 06/19/07 | 100,730 | 100,008,829 | |||||
5.26% | 06/22/07 | 95,100 | 94,377,451 | |||||
Cancara Asset Securitisation LLC (A-1+, P-1) | ||||||||
5.27% | 05/04/07 | 100,000 | 99,956,083 | |||||
5.27% | 05/10/07 | 131,000 | 130,827,407 | |||||
5.27% | 05/11/07 | 179,128 | 178,865,777 | |||||
5.24% | 05/23/07 | 98,780 | 98,463,551 | |||||
5.26% | 05/29/07 | 77,600 | 77,282,530 | |||||
5.24% | 06/18/07 | 131,817 | 130,896,039 | |||||
5.23% | 06/21/07 | 47,254 | 46,903,887 | |||||
5.23% | 07/03/07 | 144,000 | 142,682,040 | |||||
5.24% | 07/24/07 | 46,622 | 46,052,512 | |||||
5.24% | 07/25/07 | 292,445 | 288,830,258 | |||||
CC USA, Inc. (A-1+, P-1) | ||||||||
5.23% | 07/25/07 | 25,000 | 24,691,285 | |||||
Chariot Funding LLC (A-1, P-1) | ||||||||
5.28% | 05/08/07 | 61,570 | 61,506,788 | |||||
5.26% | 05/24/07 | 85,366 | 85,079,123 | |||||
5.24% | 06/20/07 | 46,135 | 45,799,560 | |||||
Charta Corp. (A-1, P-1) | ||||||||
5.28% | 05/08/07 | 78,677 | 78,596,225 | |||||
5.27% | 05/10/07 | 145,500 | 145,308,304 | |||||
5.24% | 05/17/07 | 100,000 | 99,767,333 | |||||
5.24% | 05/18/07 | 125,000 | 124,690,990 | |||||
5.24% | 06/20/07 | 50,000 | 49,636,458 | |||||
5.23% | 07/06/07 | 25,000 | 24,760,292 | |||||
5.24% | 07/19/07 | 101,550 | 100,383,402 | |||||
5.24% | 07/20/07 | 101,550 | 100,368,635 | |||||
Ciesco LLC (A-1+, P-1) | ||||||||
5.27% | 05/14/07 | 110,500 | 110,289,712 | |||||
5.26% | 05/16/07 | 75,000 | 74,835,625 | |||||
5.24% | 07/24/07 | 58,700 | 57,982,979 | |||||
Clipper Receivables Co. LLC (A-1, P-1) | ||||||||
5.26% | 05/07/07 | 200,000 | 199,941,556 | |||||
Concord Minutemen Capital Co. LLC, Series A (A-1, P-1) | ||||||||
5.29% | 05/02/07 | 135,604 | 135,584,074 | |||||
5.30% | 05/08/07 | 151,285 | 151,129,092 | |||||
Concord Minutemen Capital Co. LLC, Series C (A-1, P-1) | ||||||||
5.27% | 05/04/07 | 60,000 | 59,973,650 | |||||
5.27% | 05/22/07 | 80,344 | 80,097,009 | |||||
CRC Funding LLC (A-1+, P-1) | ||||||||
5.24% | 05/17/07 | 68,000 | 67,841,787 | |||||
5.23% | 06/01/07 | 97,500 | 97,060,898 | |||||
5.26% | 06/21/07 | 69,395 | 68,877,892 | |||||
5.26% | 06/22/07 | 30,000 | 29,772,067 | |||||
5.23% | 07/06/07 | 116,000 | 114,887,753 | |||||
5.24% | 07/24/07 | 38,150 | 37,683,998 | |||||
Crown Point Capital Co. LLC, Series A (A-1, P-1) | ||||||||
5.27% | 05/23/07 | 50,223 | 50,061,254 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
9
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
| COMMERCIAL PAPER (Continued) | ||||||||
| Asset Backed Securities (Continued) | ||||||||
5.23% | 07/06/07 | $ | 255,446 | $ | 252,996,699 | |||
5.24% | 07/10/07 | 30,324 | 30,014,737 | |||||
Crown Point Capital Co. LLC, Series C (A-1, P-1) | ||||||||
5.30% | 05/07/07 | 55,068 | 55,051,786 | |||||
5.24% | 05/10/07 | 35,454 | 35,407,511 | |||||
5.30% | 05/16/07 | 50,700 | 50,588,038 | |||||
Cullinan Finance Corp. (A-1+, P-1) | ||||||||
5.23% | 06/28/07 | 78,700 | 78,036,865 | |||||
Curzon Funding LLC (A-1+, P-1) | ||||||||
5.24% | 05/16/07 | 100,000 | 99,781,458 | |||||
5.23% | 06/22/07 | 150,000 | 148,866,833 | |||||
Dakota Notes Program (A-1, P-1) | ||||||||
5.24% | 06/14/07 | 95,000 | 94,391,578 | |||||
5.24% | 07/18/07 | 138,400 | 136,827,199 | |||||
Dorada Finance, Inc. (A-1+, P-1) | ||||||||
5.23% | 07/02/07 | 68,000 | 67,387,509 | |||||
Emerald Certificates MBNA (A-1+, P-1) | ||||||||
5.25% | 05/14/07 | 66,250 | 66,124,401 | |||||
5.26% | 05/22/07 | 86,000 | 85,736,123 | |||||
5.25% | 06/14/07 | 69,300 | 68,855,325 | |||||
Fairway Finance Co. LLC (A-1, P-1) | ||||||||
5.23% | 06/18/07 | 64,248 | 63,799,977 | |||||
5.24% | 07/09/07 | 26,797 | 26,527,612 | |||||
5.24% | 07/16/07 | 66,756 | 66,016,826 | |||||
Falcon Asset Securitization Corp. (A-1, P-1) | ||||||||
5.26% | 05/21/07 | 55,261 | 55,099,515 | |||||
5.26% | 05/23/07 | 101,419 | 101,092,994 | |||||
5.26% | 05/24/07 | 206,886 | 206,190,748 | |||||
Five Finance, Inc. (A-1+, P-1) | ||||||||
5.23% | 07/05/07 | 32,400 | 32,094,045 | |||||
Fountain Square Commercial Funding Corp. (A-1+, P-1) | ||||||||
5.23% | 05/29/07 | 36,768 | 36,618,436 | |||||
Foxboro Funding LLC (A-1, P-1) | ||||||||
5.30% | 06/29/07 | 25,398 | 25,177,390 | |||||
Govco Inc. (A-1+, P-1) | ||||||||
5.24% | 05/17/07 | 40,000 | 39,906,756 | |||||
5.24% | 05/18/07 | 38,395 | 38,299,903 | |||||
5.24% | 05/21/07 | 32,500 | 32,405,299 | |||||
Grampian Funding LLC (A-1+, P-1) | ||||||||
5.23% | 06/26/07 | 485,000 | 481,054,256 | |||||
5.20% | 08/07/07 | 74,000 | 72,951,482 | |||||
5.18% | 08/24/07 | 101,000 | 99,328,731 | |||||
Greyhawk Funding LLC (A-1+, P-1) | ||||||||
5.24% | 05/24/07 | 21,000 | 20,929,764 | |||||
5.23% | 07/06/07 | 140,000 | 138,657,633 | |||||
Hudson-Thames LLC (A-1+, P-1) | ||||||||
5.24% | 05/25/07 | 32,743 | 32,628,509 | |||||
Jupiter Securitization Corp. (A-1, P-1) | ||||||||
5.26% | 05/15/07 | 101,389 | 101,181,603 | |||||
5.26% | 05/22/07 | 101,404 | 101,092,859 | |||||
K2 (USA) LLC (A-1+, P-1) | ||||||||
5.24% | 05/24/07 | 57,375 | 57,182,738 | |||||
Kitty Hawk Funding Corp. (A-1+, P-1) | ||||||||
5.26% | 05/17/07 | 302,549 | 301,841,708 | |||||
5.24% | 06/25/07 | 75,000 | 74,399,010 | |||||
Lexington Parker Capital Co. (A-1, P-1) | ||||||||
5.26% | 05/16/07 | 55,265 | 55,143,762 | |||||
5.28% | 05/16/07 | 100,000 | 99,780,208 | |||||
5.27%(c) | 05/22/07 | 125,519 | 125,133,134 | |||||
5.23% | 07/06/07 | 101,383 | 100,410,906 | |||||
5.14% | 08/10/07 | 199,557 | 196,679,277 | |||||
Liberty Street Funding Corp. (A-1, P-1) | ||||||||
5.28% | 05/18/07 | 75,000 | 74,813,177 | |||||
Mane Funding Corp. (A-1+, P-1) | ||||||||
5.25% | 05/02/07 | 74,988 | 74,977,064 | |||||
North Sea Funding LLC (A-1+, P-1) | ||||||||
5.27% | 05/25/07 | 110,000 | 109,613,533 | |||||
Nyala Funding LLC (A-1+, P-1) | ||||||||
5.26% | 07/16/07 | 35,385 | 34,996,551 | |||||
Park Avenue Receivables Co. LLC (A-1, P-1) | ||||||||
5.28% | 05/14/07 | 105,005 | 104,804,790 | |||||
5.26% | 05/16/07 | 116,655 | 116,399,331 | |||||
Ranger Funding Co. LLC (A-1+, P-1) | ||||||||
5.24% | 06/04/07 | 104,388 | 103,870,902 | |||||
Scaldis Capital LLC (A-1+, P-1) | ||||||||
5.27% | 05/07/07 | 455,950 | 455,549,524 | |||||
5.26% | 05/23/07 | 75,000 | 74,758,917 | |||||
5.26% | 05/25/07 | 265,000 | 264,070,733 | |||||
Sedna Finance, Inc. (A-1+, P-1) | ||||||||
5.21% | 08/13/07 | 250,000 | 246,237,222 | |||||
5.20% | 08/28/07 | 200,000 | 196,562,222 | |||||
Simba Funding Corp. (A-1+, P-1) | ||||||||
5.22% | 06/01/07 | 281,900 | 280,631,646 | |||||
5.23% | 06/01/07 | 79,109 | 78,752,724 | |||||
5.24% | 06/21/07 | 99,251 | 98,514,930 | |||||
5.23% | 06/22/07 | 234,588 | 232,815,818 | |||||
5.24% | 06/22/07 | 125,000 | 124,053,889 | |||||
Solitaire Funding LLC (A-1+, P-1) | ||||||||
5.24% | 05/11/07 | 51,815 | 51,739,580 | |||||
5.28% | 05/11/07 | 115,000 | 114,831,493 | |||||
5.23% | 07/23/07 | 101,300 | 100,078,519 | |||||
5.24% | 07/23/07 | 100,000 | 98,793,042 | |||||
Surrey Funding Corp. (A-1+, P-1) | ||||||||
5.26% | 05/23/07 | 124,160 | 123,760,895 | |||||
5.25% | 06/04/07 | 109,690 | 109,146,120 | |||||
Sydney Capital Corp. (A-1+, P-1) | ||||||||
5.26% | 05/07/07 | 74,460 | 74,438,158 | |||||
5.27% | 05/24/07 | 220,000 | 219,259,272 | |||||
Tasman Funding, Inc. (A-1+, P-1) | ||||||||
5.28% | 05/07/07 | 120,387 | 120,281,059 | |||||
Thames Asset Global Securitization Corp. (A-1, P-1) | ||||||||
5.25% | 05/29/07 | 25,000 | 24,897,917 | |||||
5.24% | 06/15/07 | 40,000 | 39,738,000 | |||||
Three Rivers Funding Corp. (A-1, P-1) | ||||||||
5.28% | 05/09/07 | 54,768 | 54,703,739 | |||||
Thunder Bay Funding, Inc. LLC (A-1, P-1) | ||||||||
5.28% | 05/16/07 | 114,693 | 114,440,675 | |||||
Ticonderoga Funding LLC (A-1+, P-1) | ||||||||
5.28% | 05/16/07 | 176,075 | 175,687,635 | |||||
5.27% | 05/22/07 | 20,083 | 20,021,262 | |||||
Transamerica Secured Liquidity Notes Corp. LLC (A-1, P-1) | ||||||||
5.32% | 05/16/07 | 80,000 | 79,822,667 | |||||
Variable Funding Capital Co. (A-1+, P-1) | ||||||||
5.26% | 05/23/07 | 400,000 | 398,714,222 | |||||
Windmill Funding Corp. (A-1+, P-1) | ||||||||
5.26% | 05/08/07 | 50,000 | 49,948,812 | |||||
5.27% | 05/24/07 | 184,000 | 183,380,482 | |||||
Yorktown Capital LLC (A-1+, P-1) | ||||||||
5.28% | 05/22/07 | 132,338 | 131,930,785 | |||||
5.28% | 05/23/07 | 61,925 | 61,725,378 | |||||
5.25% | 05/29/07 | 63,250 | 62,991,729 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
COMMERCIAL PAPER (Continued) | ||||||||
Asset Backed Securities (Continued) | ||||||||
5.28% | 05/30/07 | $ | 69,707 | $ | 69,410,794 | |||
| 15,128,780,045 | ||||||||
Banks — 10.4% | ||||||||
Bank of America Corp. (A-1+, P-1) | ||||||||
5.16% | 08/31/07 | 550,000 | 540,378,606 | |||||
5.17% | 09/05/07 | 300,000 | 294,528,417 | |||||
5.13% | 09/14/07 | 200,000 | 196,122,489 | |||||
Citigroup Funding, Inc. (A-1+, P-1) | ||||||||
5.24% | 05/17/07 | 200,000 | 199,534,222 | |||||
5.24% | 05/18/07 | 150,000 | 149,628,833 | |||||
5.26% | 05/29/07 | 150,000 | 149,386,333 | |||||
Natexis Banques Populaires (A-1+, P-1) | ||||||||
5.30% | 05/01/07 | 250,000 | 250,000,000 | |||||
5.20% | 08/10/07 | 186,245 | 183,525,280 | |||||
Societe Generale N.A., Inc. (A-1+, P-1) | ||||||||
5.20% | 07/23/07 | 373,970 | 369,490,826 | |||||
5.14% | 08/08/07 | 539,615 | 531,987,542 | |||||
UBS Finance Delaware LLC (A-1+, P-1) | ||||||||
5.23% | 07/05/07 | 150,000 | 148,583,542 | |||||
5.24% | 07/24/07 | 311,000 | 307,204,763 | |||||
5.23% | 07/25/07 | 388,000 | 383,208,739 | |||||
| 3,703,579,592 | ||||||||
Security Brokers & Dealers — 1.5% | ||||||||
Bear Stearns Co., Inc. (A-1, P-1) | ||||||||
5.18% | 07/27/07 | 61,855 | 61,080,679 | |||||
5.18% | 08/10/07 | 191,725 | 188,938,703 | |||||
Greenwich Capital Holdings, Inc. (A-1+, P-1) | ||||||||
5.22% | 07/17/07 | 50,000 | 49,442,285 | |||||
5.20% | 08/13/07 | 50,000 | 49,248,889 | |||||
5.20% | 08/14/07 | 33,700 | 33,188,883 | |||||
5.20% | 08/17/07 | 50,000 | 49,220,750 | |||||
5.20% | 08/21/07 | 50,000 | 49,191,889 | |||||
5.20% | 08/24/07 | 50,000 | 49,170,243 | |||||
| 529,482,321 | ||||||||
TOTAL COMMERCIAL PAPER | ||||||||
(Cost $19,361,841,958) | 19,361,841,958 | |||||||
MASTER NOTES — 6.3% | ||||||||
Security Brokers & Dealers — 6.3% | ||||||||
Bank of America Securities LLC (A-1+, P-1) | ||||||||
5.38%(d) | 05/01/07 | 608,650 | 608,650,000 | |||||
Citigroup Global Markets, Inc. (A-1+, P-1) | ||||||||
5.38%(d) | 05/01/07 | 550,000 | 550,000,000 | |||||
Morgan Stanley Mortgage Capital, Inc. (A-1, P-1)(e) | ||||||||
5.48%(d)(f) | 05/01/07 | 1,078,157 | 1,078,157,000 | |||||
TOTAL MASTER NOTES | ||||||||
(Cost $2,236,807,000) | 2,236,807,000 | |||||||
AGENCY OBLIGATIONS — 0.0% | ||||||||
Federal Home Loan Bank Discount Notes — 0.0% | ||||||||
5.12%(g) | 07/27/07 | 1,952 | ||||||
(Cost $1,927,833) | 1,927,833 | |||||||
U.S. TREASURY OBLIGATIONS — 0.0% | ||||||||
U.S. Treasury Bills — 0.0% | ||||||||
4.75%(g) | 06/21/07 | 15,000 | ||||||
(Cost $14,899,062) | 14,899,062 | |||||||
VARIABLE RATE OBLIGATIONS — 13.5% | ||||||||
Asset Backed Securities — 1.0% | ||||||||
Cullinan Finance Corp. (AAA, Aaa) | ||||||||
5.28%(d) | 05/25/07 | 135,000 | 134,995,875 | |||||
Racers Trust, Series 04-6-MM (A-1, P-1) | ||||||||
5.37%(c)(d) | 05/22/07 | 234,650 | 234,650,000 | |||||
| 369,645,875 | ||||||||
Banks — 3.4% | ||||||||
Bank of New York Co., Inc. (A+, Aa3) | ||||||||
5.38%(c)(d) | 05/29/07 | 125,000 | 125,000,000 | |||||
Barclays Bank Plc (A-1+, P-1) | ||||||||
5.28%(d) | 05/07/07 | 125,000 | 124,996,717 | |||||
Calyon, New York (AA-, Aa3) | ||||||||
5.28%(d) | 06/13/07 | 374,000 | 373,971,355 | |||||
LP Pinewood SPV (Wachovia Bank N.A. LOC) (A-1+, P-1)(e) | ||||||||
5.32%(d) | 05/07/07 | 50,000 | 50,000,000 | |||||
Nordea Bank Finland, New York (AA-, Aa1) | ||||||||
5.26%(d) | 05/07/07 | 250,000 | 249,970,652 | |||||
Societe Generale, New York (A-1+, P-1) | ||||||||
5.26%(d) | 05/21/07 | 100,000 | 99,991,080 | |||||
Wells Fargo Bank N.A. (AA, Aa1) | ||||||||
5.38%(d) | 05/02/07 | 190,000 | 190,000,390 | |||||
| 1,213,930,194 | ||||||||
Insurance Carriers NEC — 0.7% | ||||||||
Travelers Insurance Co. (A-1+, P-1) | ||||||||
5.43%(d)(f) | 07/02/07 | 250,000 | 250,000,000 | |||||
Life Insurance — 3.6% | ||||||||
Allstate Life Global Funding II (AA, Aa2) | ||||||||
5.33%(c)(d) | 05/29/07 | 75,000 | 75,000,000 | |||||
Hartford Life Insurance Co. (A-1+, P-1) | ||||||||
5.42%(d)(f) | 07/02/07 | 100,000 | 100,000,000 | |||||
5.42%(d)(f) | 07/02/07 | 100,000 | 100,000,000 | |||||
ING Security Life Insurance (AA, Aa3) | ||||||||
5.43%(c)(d) | 05/09/07 | 150,000 | 150,000,000 | |||||
MetLife Global Funding I (AA, Aa2) | ||||||||
5.43%(c)(d) | 05/29/07 | 95,000 | 95,000,000 | |||||
New York Life Insurance Co. (A-1+, P-1) | ||||||||
5.41%(d)(f) | 06/13/07 | 350,000 | 350,000,000 | |||||
Transamerica Occidental Life Insurance Co. (A-1+, P-1) | ||||||||
5.44%(d)(f) | 05/01/07 | 400,000 | 400,000,000 | |||||
| 1,270,000,000 | ||||||||
Personal Credit Institutions — 1.8% | ||||||||
General Electric Capital Corp. (AAA, Aaa) | ||||||||
5.44%(d) | 05/17/07 | 447,600 | 447,600,000 | |||||
5.28%(d) | 05/24/07 | 202,000 | 202,000,000 | |||||
| 649,600,000 | ||||||||
Security Brokers & Dealers — 3.0% | ||||||||
The Goldman Sachs Group, Inc. (A-1+, P-1) | ||||||||
5.43%(c)(d)(f) | 05/01/07 | 469,300 | 469,300,000 | |||||
5.35%(c)(d)(f) | 05/21/07 | 333,000 | 333,000,000 | |||||
Morgan Stanley & Co., Inc. (A-1, P-1) | ||||||||
5.38%(d) | 05/15/07 | 250,000 | 250,000,000 | |||||
| 1,052,300,000 | ||||||||
TOTAL VARIABLE RATE OBLIGATIONS | ||||||||
(Cost $4,805,476,069) | 4,805,476,069 | |||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPFUND (CONCLUDED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | ||||||
TIME DEPOSITS — 3.7% | |||||||||
Deutsche Bank AG (A-1+, P-1) | |||||||||
5.31% | 05/01/07 | $ | 594,000 | $ | 594,000,000 | ||||
Wells Fargo Bank N.A. (A-1+, P-1) | |||||||||
5.25% | 05/01/07 | 733,000 | 733,000,000 | ||||||
TOTAL TIME DEPOSITS | |||||||||
(Cost $1,327,000,000) | 1,327,000,000 | ||||||||
REPURCHASE AGREEMENTS — 3.7% | |||||||||
Goldman Sachs & Co. | |||||||||
5.19% | 05/01/07 | 1,000,000 | 1,000,000,000 | ||||||
(Agreement dated 04/30/07 to be repurchased at $1,000,144,167, collateralized by $1,390,236,084 Federal National Mortgage Assoc. Variable Rate Notes 3.88% to 6.99% due from 10/01/33 to 04/01/37. The value of the collateral is $1,030,000,000.) | |||||||||
Morgan Stanley & Co., Inc. | |||||||||
5.23% | 05/01/07 | 254,000 | 254,000,000 | ||||||
(Agreement dated 04/30/07 to be repurchased at $254,036,901, collateralized by $265,290,000 Federal National Mortgage Assoc. Discount Notes, Bonds and Medium Term Notes 0.00% to 5.50% due from 07/25/07 to 02/16/17. The value of the collateral is $266,238,418.) | |||||||||
UBS Securities LLC | |||||||||
5.24% | 05/01/07 | 49,116 | 49,116,000 | ||||||
(Agreement dated 04/30/07 to be repurchased at $49,123,149, collateralized by $71,970,000 Federal Home Loan Mortgage Corp. Strips 0.00% due 04/15/37. The value of the collateral is $50,591,312.) | |||||||||
TOTAL REPURCHASE AGREEMENTS | |||||||||
(Cost $1,303,116,000) | 1,303,116,000 | ||||||||
TOTAL MARKET VALUE OF SECURITIES BEFORE AFFILIATED INVESTMENTS — 99.1% | |||||||||
(Cost $35,391,450,486) | 35,391,450,486 | ||||||||
AFFILIATED INVESTMENTS — 1.0% | |||||||||
Merrill Lynch & Co., Inc. (A+, Aa3) | |||||||||
5.32%(d)(h) | 05/29/07 | 121,400 | 121,400,000 | ||||||
PNC Bank, N.A. | |||||||||
5.01% | 05/01/07 | 224,200 | 224,200,000 | ||||||
(Agreement dated 04/30/07 to be repurchased at $224,231,217, collateralized by $370,268,703 Federal Home Loan Mortgage Corp. Bonds and Federal National Mortgage Assoc. Bonds 5.50% to 6.50% due from 04/01/26 to 11/01/36. The value of the collateral is $368,953,384.) | |||||||||
TOTAL AFFILIATED INVESTMENTS | |||||||||
(Cost $345,600,000) | 345,600,000 | ||||||||
TOTAL INVESTMENTS IN SECURITIES — 100.1% | |||||||||
(Cost $35,737,050,486(a)) | 35,737,050,486 | ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% | (46,517,875 | ) | |||||||
NET ASSETS — 100.0% | $ | 35,690,532,611 | |||||||
| (a) | Aggregate cost for federal income tax purposes. |
| (b) | Issuer is a U.S. branch of a foreign domiciled bank. |
| (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, 2007, the Fund held 4.5% of its net assets, with a current market value of $1,607,083,134, in securities restricted as to resale. |
| (d) | Rates shown are as of April 30, 2007 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, 2007, the Fund held 8.6% of its net assets, with a current market value of $3,080,457,000 in these securities. |
| (g) | The rate shown is the effective yield at the time of purchase. |
| (h) | Security insured by an affiliate. |
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPCASH
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
CERTIFICATES OF DEPOSIT — 19.3% | ||||||||
Euro Dollar — 1.9% | ||||||||
Unicredito Italiano Bank, Ireland (A-1, P-1) | ||||||||
5.32% | 05/02/07 | $ | 180,000 | $ | 179,999,929 | |||
Yankee — 17.4% | ||||||||
Banque Nationale de Paris, New York (A-1+, P-1) | ||||||||
5.34%(b) | 07/30/07 | 123,000 | 123,000,000 | |||||
5.27%(b) | 10/03/07 | 86,755 | 86,755,000 | |||||
Barclays Bank Plc, New York (A-1+, P-1) | ||||||||
5.32%(b) | 05/08/07 | 55,000 | 55,000,000 | |||||
5.27%(b) | 10/02/07 | 200,000 | 200,000,000 | |||||
5.27%(b) | 10/04/07 | 65,000 | 65,000,000 | |||||
Calyon, New York (A-1+, P-1) | ||||||||
5.35%(b) | 08/28/07 | 180,000 | 180,000,000 | |||||
HBOS Treasury Services Plc, New York (A-1+, P-1) | ||||||||
5.27%(b) | 10/03/07 | 100,000 | 100,000,000 | |||||
Mizuho Corporate Bank, New York (A-1, P-1) | ||||||||
5.30%(b) | 05/10/07 | 58,000 | 58,000,072 | |||||
5.30%(b) | 05/11/07 | 58,000 | 58,000,080 | |||||
5.31%(b) | 05/21/07 | 85,000 | 85,000,000 | |||||
5.32%(b) | 05/21/07 | 190,000 | 190,000,000 | |||||
5.30%(b) | 05/29/07 | 33,000 | 33,000,000 | |||||
Norinchukin Bank, New York (A-1, P-1) | ||||||||
5.32%(b) | 05/25/07 | 150,310 | 150,310,000 | |||||
Skandinaviska Enskilda Bank, New York (A-1, P-1) | ||||||||
5.31%(b) | 05/21/07 | 60,000 | 60,000,000 | |||||
5.30%(b) | 07/23/07 | 11,650 | 11,650,000 | |||||
Societe Generale, New York (A-1+, P-1) | ||||||||
5.27%(b) | 05/11/07 | 250,000 | 250,000,000 | |||||
| 1,705,715,152 | ||||||||
TOTAL CERTIFICATES OF DEPOSIT | ||||||||
(Cost $1,885,715,081) | 1,885,715,081 | |||||||
COMMERCIAL PAPER — 41.7% | ||||||||
Asset Backed Securities — 21.0% | ||||||||
Amsterdam Funding Corp. (A-1, P-1) | ||||||||
5.26% | 05/23/07 | 105,000 | 104,662,483 | |||||
Beta Finance, Inc. (A-1+, P-1) | ||||||||
5.23% | 07/02/07 | 63,000 | 62,432,545 | |||||
5.22% | 07/16/07 | 67,500 | 66,756,150 | |||||
Cancara Asset Securitisation LLC (A-1+, P-1) | ||||||||
5.26% | 05/29/07 | 22,400 | 22,308,359 | |||||
CC USA, Inc. (A-1+, P-1) | ||||||||
5.23% | 07/10/07 | 79,000 | 78,196,614 | |||||
Charta Corp. (A-1, P-1) | ||||||||
5.23% | 07/06/07 | 125,000 | 123,801,458 | |||||
5.24% | 07/19/07 | 30,500 | 30,149,619 | |||||
5.24% | 07/20/07 | 30,500 | 30,145,183 | |||||
Ciesco LLC (A-1+, P-1) | ||||||||
5.24% | 07/24/07 | 17,650 | 17,434,405 | |||||
Concord Minutemen Capital Co. LLC, Series A (A-1, P-1) | ||||||||
5.30% | 05/16/07 | 67,448 | 67,299,052 | |||||
CRC Funding LLC (A-1+, P-1) | ||||||||
5.23% | 07/06/07 | 33,000 | 32,683,585 | |||||
5.24% | 07/24/07 | 11,500 | 11,359,527 | |||||
Crown Point Capital Co. LLC, Series C (A-1, P-1) | ||||||||
5.30% | 05/07/07 | 15,350 | 15,345,480 | |||||
5.30% | 05/16/07 | 15,250 | 15,216,323 | |||||
Dakota Notes Program (A-1, P-1) | ||||||||
5.24% | 07/18/07 | 41,600 | 41,127,251 | |||||
Emerald Certificates MBNA (A-1+, P-1) | ||||||||
5.25% | 06/14/07 | 81,500 | 80,977,540 | |||||
Erasmus Capital Corp. (A-1+, P-1) | ||||||||
5.25% | 06/20/07 | 30,431 | 30,209,107 | |||||
Falcon Asset Securitization Corp. (A-1, P-1) | ||||||||
5.26% | 05/25/07 | 150,667 | 150,138,661 | |||||
Five Finance, Inc. (A-1+, P-1) | ||||||||
5.24% | 06/27/07 | 60,000 | 59,502,200 | |||||
Foxboro Funding LLC (A-1, P-1) | ||||||||
5.30% | 06/29/07 | 7,320 | 7,256,418 | |||||
Grampian Funding LLC (A-1+, P-1) | ||||||||
5.24% | 07/23/07 | 45,000 | 44,456,869 | |||||
Hudson-Thames LLC (A-1+, P-1) | ||||||||
5.25% | 06/22/07 | 22,275 | 22,106,081 | |||||
Lexington Parker Capital Co. (A-1, P-1) | ||||||||
5.27% | 05/18/07 | 89,946 | 89,722,159 | |||||
5.23% | 07/10/07 | 34,700 | 34,347,120 | |||||
5.20% | 08/09/07 | 152,475 | 150,270,466 | |||||
Liberty Street Funding Corp. (A-1, P-1) | ||||||||
5.27% | 05/21/07 | 71,000 | 70,792,128 | |||||
Lockhart Funding LLC (F-1, P-1) | ||||||||
5.24% | 06/06/07 | 49,406 | 49,147,113 | |||||
Ranger Funding Co. LLC (A-1+, P-1) | ||||||||
5.28% | 05/15/07 | 32,440 | 32,373,390 | |||||
5.27% | 05/22/07 | 133,376 | 132,965,980 | |||||
5.27% | 05/23/07 | 78,163 | 77,911,272 | |||||
Solitaire Funding LLC (A-1+, P-1) | ||||||||
5.23% | 07/23/07 | 28,850 | 28,502,125 | |||||
5.24% | 07/23/07 | 157,000 | 155,105,076 | |||||
Tango Finance Corp. (A-1+, P-1) | ||||||||
5.24% | 06/25/07 | 20,000 | 19,839,889 | |||||
Three Rivers Funding Corp. (A-1, P-1) | ||||||||
5.28% | 05/09/07 | 15,450 | 15,431,872 | |||||
Thunder Bay Funding, Inc. LLC (A-1, P-1) | ||||||||
5.28% | 05/16/07 | 25,000 | 24,945,000 | |||||
Zela Finance, Inc. (A-1+, P-1) | ||||||||
5.24% | 06/25/07 | 60,000 | 59,519,667 | |||||
| 2,054,438,167 | ||||||||
Banks — 20.7% | ||||||||
Abbey National N.A. LLC (A-1+, P-1) | ||||||||
5.22% | 06/06/07 | 30,335 | 30,176,651 | |||||
Allied Irish Bank Plc (A-1, P-1) | ||||||||
5.20% | 08/06/07 | 45,875 | 45,231,622 | |||||
Banco Bilbao Vizcara Argentina (A-1, P-1) | ||||||||
5.27% | 05/23/07 | 16,200 | 16,147,827 | |||||
5.27% | 05/24/07 | 60,000 | 59,797,983 | |||||
5.26% | 06/04/07 | 32,350 | 32,189,445 | |||||
Bank of America Corp. (A-1+, P-1) | ||||||||
5.20% | 07/25/07 | 337,000 | 332,860,002 | |||||
5.17% | 09/05/07 | 25,000 | 24,544,035 | |||||
Citigroup Funding, Inc. (A-1+, P-1) | ||||||||
5.24% | 05/23/07 | 100,000 | 99,679,472 | |||||
Macquarie Bank Limited (A-1, P-1) | ||||||||
5.16% | 08/13/07 | 100,000 | 98,509,333 | |||||
5.22% | 08/13/07 | 23,365 | 23,012,993 | |||||
Natexis Banques Populaires (A-1+, P-1) | ||||||||
5.20% | 08/10/07 | 48,945 | 48,230,260 | |||||
Nationwide Building Society (A-1, P-1) | ||||||||
5.24% | 07/05/07 | 100,000 | 99,054,792 | |||||
Northern Rock Plc (A-1, P-1) | ||||||||
5.23% | 06/29/07 | 100,000 | 99,142,369 | |||||
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPCASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
COMMERCIAL PAPER (Continued) | ||||||||
Banks (Continued) | ||||||||
Raiffeisen Zentralbank Osterreich AG (A-1, P-1) | ||||||||
5.28% | 05/18/07 | $ | 218,370 | $ | 217,826,046 | |||
Santander Central Hispano Finance Delaware Inc. (A-1+, P-1) | ||||||||
5.20% | 07/23/07 | 62,325 | 61,577,793 | |||||
Skandinaviska Enskilda Bank (A-1, P-1) | ||||||||
5.20% | 07/25/07 | 29,100 | 28,742,373 | |||||
5.20% | 08/08/07 | 33,125 | 32,650,857 | |||||
Societe Generale N.A., Inc. (A-1+, P-1) | ||||||||
5.20% | 07/23/07 | 46,870 | 46,308,621 | |||||
Swedbank Mortgage AB (A-1, P-1) | ||||||||
5.22% | 06/04/07 | 45,505 | 45,280,446 | |||||
UBS Finance Delaware LLC (A-1+, P-1) | ||||||||
5.23% | 07/05/07 | 150,000 | 148,583,542 | |||||
5.24% | 07/24/07 | 89,000 | 87,913,903 | |||||
5.23% | 07/25/07 | 112,000 | 110,616,956 | |||||
5.14% | 08/08/07 | 100,000 | 98,586,500 | |||||
Unicredito Italiano Bank, Ireland (A-1, P-1) | ||||||||
5.23% | 07/05/07 | 100,000 | 99,055,695 | |||||
5.24% | 07/09/07 | 43,500 | 43,063,532 | |||||
| 2,028,783,048 | ||||||||
TOTAL COMMERCIAL PAPER | ||||||||
(Cost $4,083,221,215) | 4,083,221,215 | |||||||
MASTER NOTES — 3.4% | ||||||||
Security Brokers & Dealers — 3.4% | ||||||||
Citigroup Global Markets, Inc. (A-1+, P-1) | ||||||||
5.38%(c) | 05/01/07 | 235,000 | 235,000,000 | |||||
Morgan Stanley Mortgage Capital, Inc. (A-1, P-1)(d) | ||||||||
5.48%(c)(e) | 05/01/07 | 97,451 | 97,450,999 | |||||
TOTAL MASTER NOTES | ||||||||
(Cost $332,450,999) | 332,450,999 | |||||||
VARIABLE RATE OBLIGATIONS — 27.0% | ||||||||
Asset Backed Securities — 3.0% | ||||||||
Arkle Master Issuer Plc (AAA, Aaa) | ||||||||
5.30%(c)(f) | 05/17/07 | 28,300 | 28,300,000 | |||||
Cullinan Finance Corp. (AAA, Aaa) | ||||||||
5.28%(c) | 05/25/07 | 57,000 | 56,998,258 | |||||
Holmes Master Issuer Plc, Series 06-1A (AAA, Aaa) | ||||||||
5.30%(c)(f) | 05/15/07 | 29,600 | 29,600,000 | |||||
Racers Trust, Series 04-6-MM (A-1, P-1) | ||||||||
5.37%(c)(f) | 05/22/07 | 129,400 | 129,400,000 | |||||
Wachovia Asset Securitization, Inc., Series 04-HM1, Class A (AAA, Aaa) | ||||||||
5.31%(c)(f) | 05/25/07 | 22,514 | 22,514,213 | |||||
Wachovia Asset Securitization, Inc., Series 04-HM2, Class A (AAA, Aaa) | ||||||||
5.31%(c)(f) | 05/25/07 | 29,026 | 29,025,773 | |||||
| 295,838,244 | ||||||||
Banks — 5.4% | ||||||||
Barclays Bank Plc (A-1+, P-1) | ||||||||
5.28%(c) | 05/07/07 | 125,000 | 124,996,717 | |||||
Gables of Germantown (Marshall & Ilsley Bank LOC) (A-1, P-1)(d) | ||||||||
5.36%(c) | 05/07/07 | 15,000 | 15,000,000 | |||||
Green Knight Economic Development, Series 04 (Fulton Bank LOC) (VMIG-1) | ||||||||
5.47%(c) | 05/07/07 | 2,420 | 2,420,000 | |||||
HBOS Treasury Services Plc (A-1+, P-1) | ||||||||
5.39%(c) | 05/01/07 | 45,000 | 45,000,000 | |||||
5.42%(c)(f) | 06/25/07 | 150,000 | 150,000,000 | |||||
Laurel Grocery Co. LLC (U.S. Bank N.A. LOC) (A-1, P-1)(d) | ||||||||
5.35%(c) | 05/07/07 | 1,425 | 1,425,000 | |||||
MB&B Holdings LLC (Marshall & Ilsley Bank LOC) (A-1, P-1)(d) | ||||||||
5.36%(c) | 05/07/07 | 6,475 | 6,475,000 | |||||
5.36%(c) | 05/07/07 | 3,505 | 3,505,000 | |||||
North Square Associates LLP (Marshall & Ilsley Bank LOC) (A-1, P-1)(d) | ||||||||
5.36%(c) | 05/07/07 | 14,045 | 14,045,000 | |||||
Oxford Capital Enterprise LLC (National City Bank N.A. LOC) (A-1, P-1)(d) | ||||||||
5.35%(c) | 05/07/07 | 2,325 | 2,325,000 | |||||
Paca-Pratt Associates, Inc. (M&T Bank Corp. LOC) (A-1) | ||||||||
5.37%(c) | 05/07/07 | 16,000 | 16,000,000 | |||||
Park Street Properties I LLC (U.S. Bank N.A. LOC) (VMIG-1) | ||||||||
5.32%(c) | 05/02/07 | 4,040 | 4,040,000 | |||||
Park Village (Bank One N.A. LOC) (A-1+, P-1)(d) | ||||||||
5.42%(c) | 05/07/07 | 6,810 | 6,810,000 | |||||
Prospect Aggregates, Inc. (Fulton Bank LOC) (VMIG-1) | ||||||||
5.47%(c) | 05/07/07 | 8,440 | 8,440,000 | |||||
Shipley Group LP (Fulton Bank LOC) (VMIG-1) | ||||||||
5.42%(c) | 05/07/07 | 14,255 | 14,255,000 | |||||
Tom Gill LLC (U.S. Bank N.A. LOC) (A-1, P-1)(d) | ||||||||
5.37%(c) | 05/07/07 | 1,490 | 1,490,000 | |||||
Westpac Banking Corp. (AA, Aa3)(d) | ||||||||
5.40%(c) | 06/11/07 | 108,250 | 108,250,000 | |||||
| 524,476,717 | ||||||||
Life Insurance — 8.3% | ||||||||
Allstate Life Global Funding II (AA, Aa2) | ||||||||
5.41%(c)(f) | 05/16/07 | 100,000 | 100,000,000 | |||||
5.33%(c)(f) | 05/29/07 | 40,000 | 40,000,000 | |||||
Irish Life & Permanent Plc (A-1, P-1) | ||||||||
5.34%(c)(f) | 05/22/07 | 100,000 | 100,000,000 | |||||
MetLife Global Funding I (AA, Aa2) | ||||||||
5.43%(c)(f) | 05/29/07 | 40,000 | 40,000,000 | |||||
Monumental Life Insurance Co. (A-1+, P-1) | ||||||||
5.50%(c)(e) | 06/01/07 | 200,000 | 200,000,000 | |||||
New York Life Insurance Co. (A-1+, P-1) | ||||||||
5.41%(c)(e) | 06/13/07 | 300,000 | 300,000,000 | |||||
Transamerica Occidental Life Insurance Co. (A-1+, P-1) | ||||||||
5.50%(c)(e) | 06/01/07 | 26,000 | 26,000,000 | |||||
| 806,000,000 | ||||||||
Municipal Bonds — 1.2% | ||||||||
Bergen County New Jersey Import Authority RB (Encap Golf Holdings LLC Project) Series 2005D DN (Wachovia Bank N.A. LOC) (A-1+, VMIG-1) | ||||||||
5.39%(c) | 05/07/07 | 14,230 | 14,230,000 | |||||
Covington Kentucky Industrial Building RB Series 2005A DN (U.S. Bank N.A. LOC) (A-1, P-1)(d) | ||||||||
5.35%(c) | 05/07/07 | 9,120 | 9,120,000 | |||||
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BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
TEMPCASH (CONCLUDED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
VARIABLE RATE OBLIGATIONS (Continued) | ||||||||
Municipal Bonds (Continued) | ||||||||
Mayfield Cornerstone LLC RB Series 2005A DN (Huntington National Bank LOC) (A-1, P-1)(d) | ||||||||
5.42%(c) | 05/07/07 | $ | 4,585 | $ | 4,585,000 | |||
Mayfield Cornerstone LLC RB Series 2005B DN (Huntington National Bank LOC) (A-1, P-1)(d) | ||||||||
5.42%(c) | 05/07/07 | 1,045 | 1,045,000 | |||||
Mayfield Spine Center RB Series 2005A DN (Huntington National Bank LOC) (A-1, P-1)(d) | ||||||||
5.42%(c) | 05/07/07 | 2,800 | 2,800,000 | |||||
Mayfield Spine Center RB Series 2005B DN (Huntington National Bank LOC) (A-1, P-1)(d) | ||||||||
5.42%(c) | 05/07/07 | 1,315 | 1,315,000 | |||||
Santa Rosa California RB Series 2004 DN (Bank One N.A. LOC) (A-1+, P-1)(d) | ||||||||
5.37%(c) | 05/07/07 | 42,200 | 42,200,000 | |||||
Savannah College Georgia RB (Art & Design Project) Series 2004 DN (Bank of America N.A. LOC) (A-1+, P-1)(d) | ||||||||
5.35%(c) | 05/07/07 | 6,900 | 6,900,000 | |||||
Texas GO Series 2004E DN (Dexia Credit Local SBPA) (A-1+, VMIG-1) | ||||||||
5.31%(c) | 05/02/07 | 9,300 | 9,300,000 | |||||
Texas GO Series 2005I-C DN (Depfa Bank Plc SBPA) (A-1+, VMIG-1) | ||||||||
5.31%(c) | 05/02/07 | 13,500 | 13,500,000 | |||||
5.31%(c) | 05/02/07 | 5,270 | 5,270,000 | |||||
Utah Telecommunication Open RB (Infrastructure Agency Project) Series 2004 DN (Bank of America N.A. LOC) (A-1+, P-1)(d) | ||||||||
5.35%(c) | 05/07/07 | 7,900 | 7,900,000 | |||||
| 118,165,000 | ||||||||
Personal Credit Institutions — 3.7% | ||||||||
General Electric Capital Corp. (AAA, Aaa) | ||||||||
5.44%(c) | 05/09/07 | 116,000 | 116,000,000 | |||||
5.44%(c) | 05/17/07 | 163,760 | 163,760,000 | |||||
5.28%(c) | 05/24/07 | 83,000 | 83,000,000 | |||||
| 362,760,000 | ||||||||
Security Brokers & Dealers — 5.4% | ||||||||
Bear Stearns & Co., Inc. (A-1, P-1) | ||||||||
5.38%(c) | 05/29/07 | 64,000 | 64,000,000 | |||||
The Goldman Sachs Group, Inc. (A-1+, P-1) | ||||||||
5.43%(c)(e)(f) | 05/01/07 | 266,450 | 266,450,000 | |||||
Morgan Stanley & Co., Inc. (A-1, P-1) | ||||||||
5.38%(c) | 05/15/07 | 200,000 | 200,000,000 | |||||
| 530,450,000 | ||||||||
TOTAL VARIABLE RATE OBLIGATIONS | ||||||||
(Cost $2,637,689,961) | 2,637,689,961 | |||||||
TIME DEPOSITS — 7.9% | ||||||||
Wells Fargo Bank N.A. (A-1+, P-1) | ||||||||
5.25% | 05/01/07 | 779,000 | ||||||
(Cost $779,000,000) | 779,000,000 | |||||||
TOTAL MARKET VALUE OF SECURITIES BEFORE AFFILIATED INVESTMENTS — 99.3% | ||||||||
(Cost $9,718,077,256) | 9,718,077,256 | |||||||
AFFILIATED INVESTMENTS — 0.6% | ||||||||
Merrill Lynch & Co., Inc. (A+, Aa3) | ||||||||
5.32%(c)(g) | 05/29/07 | 52,000 | ||||||
(Cost $52,000,000) | 52,000,000 | |||||||
TOTAL INVESTMENTS IN SECURITIES — 99.9% | ||||||||
(Cost $9,770,077,256(a)) | $ | 9,770,077,256 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | 14,146,076 | |||||||
NET ASSETS — 100.0% | $ | 9,784,223,332 | ||||||
| (a) | Aggregate cost for federal income tax purposes. |
| (b) | Issuer is a U.S. branch of a foreign domiciled bank. |
| (c) | Rates shown are as of April 30, 2007 and maturities shown are the next interest readjustment date or the date the principal owed can be recovered through demand. |
| (d) | Ratings reflect those of guarantor. |
| (e) | Illiquid Security. As of April 30, 2007, the Fund held 9.1% of its net assets, with a current market value of $889,900,999 in these securities. |
| (f) | 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, 2007, the Fund held 9.6% of its net assets, with a current market value of $935,289,986, in securities restricted as to resale. |
| (g) | Security insured by an affiliate. |
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
FEDFUND
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | ||||||
AGENCY OBLIGATIONS — 23.4% | |||||||||
Federal Farm Credit Bank Variable Rate Notes — 7.6% | |||||||||
5.18%(b) | 05/01/07 | $ | 85,000 | $ | 84,981,147 | ||||
5.23%(b) | 05/01/07 | 105,000 | 104,993,879 | ||||||
5.24%(b) | 05/01/07 | 30,000 | 29,998,650 | ||||||
| 219,973,676 | |||||||||
Federal Home Loan Bank Variable Rate Notes — 5.1% | |||||||||
5.20%(b) | 06/18/07 | 150,000 | 149,939,867 | ||||||
Federal Home Loan Mortgage Corp. Discount Notes — 0.5% | |||||||||
5.03%(c) | 09/21/07 | 15,000 | 14,700,296 | ||||||
Federal Home Loan Mortgage Corp. Variable Rate Notes — 5.1% | |||||||||
5.20%(b) | 06/18/07 | 150,000 | 149,974,668 | ||||||
Federal National Mortgage Assoc. Discount Notes — 1.7% | |||||||||
5.05%(c) | 09/05/07 | 49,279 | 48,401,081 | ||||||
Federal National Mortgage Assoc. Variable Rate Notes — 3.4% | |||||||||
5.19%(b) | 06/28/07 | 100,000 | 99,965,682 | ||||||
TOTAL AGENCY OBLIGATIONS (Cost $682,955,270) | 682,955,270 | ||||||||
REPURCHASE AGREEMENTS — 76.8% | |||||||||
Deutsche Bank Securities Inc. | |||||||||
5.10% | 05/01/07 | 185,444 | 185,444,000 | ||||||
(Agreement dated 04/30/07 to be repurchased at $185,470,271, collateralized by $240,641,384 Federal Home Loan Mortgage Corp. Bonds, Federal National Mortgage Assoc. Variable Rate Notes and Adjustable Rate Mortgage Notes 3.87% to 6.22% due from 09/01/32 to 05/01/37. The value of the collateral is $191,007,320.) | |||||||||
Deutsche Bank Securities Inc. | |||||||||
5.23% | 05/01/07 | 100,000 | 100,000,000 | ||||||
(Agreement dated 04/30/07 to be repurchased at $100,014,528, collateralized by $129,764,988 Federal Home Loan Mortgage Corp. Bonds, Federal National Mortgage Assoc. Variable Rate Notes and Adjustable Rate Mortgage Notes 3.87% to 6.22% due from 09/01/32 to 05/01/37. The value of the collateral is $103,000,000.) | |||||||||
Deutsche Bank Securities Inc. | |||||||||
5.28% | 05/15/07 | 200,000 | 200,000,000 | ||||||
(Agreement dated 02/14/07 to be repurchased at $202,640,000, collateralized by $259,529,975 Federal Home Loan Mortgage Corp. Bonds, Federal National Mortgage Assoc. Variable Rate Notes and Adjustable Rate Mortgage Notes 3.87% to 6.22% due from 09/01/32 to 05/01/37. The value of the collateral is $206,000,000.) | |||||||||
Deutsche Bank Securities Inc. | |||||||||
5.26% | 06/14/07 | 150,000 | 150,000,000 | ||||||
(Agreement dated 03/16/07 to be repurchased at $151,972,500, collateralized by $194,647,481 Federal Home Loan Mortgage Corp. Bonds, Federal National Mortgage Assoc. Variable Rate Notes and Adjustable Rate Mortgage Notes 3.87% to 6.22% due from 09/01/32 to 05/01/37. The value of the collateral is $154,500,000.) | |||||||||
Goldman Sachs & Co. | |||||||||
5.24% | 05/21/07 | 300,000 | 300,000,000 | ||||||
(Agreement dated 04/20/07 to be repurchased at $301,352,375, collateralized by $254,953,023 Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 0.00% due from 10/15/16 to 05/15/34. The value of the collateral is $309,000,000.) | |||||||||
Greenwich Capital Markets, Inc. | |||||||||
5.24% | 05/01/07 | 500,000 | 500,000,000 | ||||||
(Agreement dated 04/30/07 to be repurchased at $500,072,778, collateralized by $1,725,309,542 Federal National Mortgage Assoc. Variable Rate Notes and Bonds 0.00% to 0.01% due from 04/01/27 to 03/01/47. The value of the collateral is $515,000,101.) | |||||||||
Lehman Brothers Inc. | |||||||||
5.20% | 05/01/07 | 56,074 | 56,074,000 | ||||||
(Agreement dated 04/30/07 to be repurchased at $56,082,100, collateralized by $370,555,000 Federal National Mortgage Assoc. Bonds and Federal Home Loan Mortgage Corp. Bonds 5.50% to 6.00% due from 09/01/13 to 02/01/37. The value of the collateral is $57,759,568.) | |||||||||
Morgan Stanley & Co., Inc. | |||||||||
5.23% | 05/01/07 | 196,000 | 196,000,000 | ||||||
(Agreement dated 04/30/07 to be repurchased at $196,028,474, collateralized by $395,781,000 Tennessee Valley Authority Bonds, Resolution Funding Corp. Strips, Federal Farm Credit Bank Discount Notes, Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes, Notes and Bonds and Federal National Mortgage Assoc. Discount Notes, Variable Rate Notes, Medium Term Notes, Notes and Bonds 0.00% to 8.50% due from 05/01/07 to 04/01/37. The value of the collateral is $205,431,879.) | |||||||||
UBS Securities LLC | |||||||||
5.28% | 05/17/07 | 350,000 | 350,000,000 | ||||||
(Agreement dated 02/01/07 to be repurchased at $355,390,000, collateralized by $536,447,904 Federal Home Loan Mortgage Corp. Strips 0.00% due from 08/01/35 to 04/15/37. The value of the collateral is $360,500,061.) | |||||||||
UBS Securities LLC | |||||||||
5.27% | 07/02/07 | 200,000 | 200,000,000 | ||||||
(Agreement dated 04/03/07 to be repurchased at $202,635,000, collateralized by $308,340,000 Federal Home Loan Mortgage Corp. Strips 0.00% due from 08/01/35 to 05/01/36. The value of the collateral is $206,002,191.) | |||||||||
TOTAL REPURCHASE AGREEMENTS (Cost $2,237,518,000) | 2,237,518,000 | ||||||||
TOTAL INVESTMENTS IN SECURITIES — 100.2% (Cost $2,920,473,270(a)) | 2,920,473,270 | ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)% | (6,069,649 | ) | |||||||
NET ASSETS — 100.0% | $ | 2,914,403,621 | |||||||
| (a) | Aggregate cost for federal income tax purposes. |
| (b) | Rates shown are as of April 30, 2007 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 at the time of purchase. |
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS — 94.7% | ||||||||
Alabama — 0.8% | ||||||||
Jefferson County GO Warrants Series 2001B DN (JPMorgan Chase & Co. Guaranty, Bayerische Landesbank Girozentrale SBPA) (A-1+, VMIG-1) | ||||||||
4.01%(b) | 05/01/07 | $ | 17,665 | $ | 17,665,000 | |||
Alaska — 0.1% | ||||||||
Matanuska-Susitna Borough RB MERLOTS Trust Receipts Series 2001A-114 DN (FGIC Insurance, Wachovia Bank N.A. SBPA) (A-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 3,105 | 3,105,000 | |||||
Arizona — 1.4% | ||||||||
Arizona Agriculture Import & Power Distribution Electric System RB (Salt River Project) Series 2006 ROC-II-9019 DN (Citibank N.A. LOC) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 5,695 | 5,695,000 | |||||
Arizona School District COP Series 2006 TAN (SP-1+, MIG-1) | ||||||||
4.50% | 07/30/07 | 3,155 | 3,161,859 | |||||
Pima County Industrial Development Authority RB (Senior Living Facilities-La Posada Project) Series 2002A DN (LaSalle Bank N.A. LOC) | ||||||||
3.95%(b) | 05/07/07 | 5,445 | 5,445,000 | |||||
Pinal County Arizona Electrical RB Series 2006U-1 DN (Bank of America N.A. LOC) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 14,300 | 14,300,000 | |||||
Tempe Transportation Excise Tax RB Series 2006 DN (Royal Bank of Canada SBPA) (A-1+, VMIG-1) | ||||||||
3.94%(b) | 05/07/07 | 2,500 | 2,500,000 | |||||
| 31,101,859 | ||||||||
Arkansas — 0.9% | ||||||||
Arkansas HFA RB (Baptist Health Project) Series 1995 DN (MBIA Insurance) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 15,400 | 15,400,000 | |||||
Fort Smith Sales & Use Tax RB Series 2006 MB (FGIC Insurance) (AAA) | ||||||||
4.00% | 09/01/07 | 5,280 | 5,287,222 | |||||
| 20,687,222 | ||||||||
California — 0.8% | ||||||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2006Z-4 DN (FSA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 5,040 | 5,040,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2006Z-5 DN (AMBAC Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 450 | 450,000 | |||||
Los Angeles Unified School District GO Munitops Trust Certificates Series 2005-36 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (F-1+, AAA) | ||||||||
3.69%(b)(c) | 06/14/07 | 12,995 | 12,995,000 | |||||
| 18,485,000 | ||||||||
Colorado — 4.3% | ||||||||
Alamosa County Hospital RB (San Luis Valley Regional Medical Center Project) Series 2005 DN (U.S. Bank N.A. LOC) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 10,855 | 10,855,000 | |||||
Alamosa County Hospital RB (San Luis Valley Regional Medical Center Project) Series 2007 DN (U.S. Bank N.A. LOC) (A-1+) | ||||||||
4.00%(b) | 05/07/07 | 6,505 | 6,505,000 | |||||
Colorado Educational & Cultural Facilities Authority RB (St. John Evangelical School Project) Series 2007 DN (Commerce Bank N.A. LOC) (VMIG-1) | ||||||||
4.13%(b) | 05/07/07 | 11,815 | 11,815,000 | |||||
Colorado General Fund RB Series 2006 RAN (SP-1+) | ||||||||
4.50% | 06/27/07 | 30,000 | 30,033,383 | |||||
Colorado Health Facilities Authority RB (Total Long-Term Care Project) Series 2002 DN (U.S. Bank N.A. LOC) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 3,715 | 3,715,000 | |||||
Colorado Regional Transportation District Sales Tax RB Eagle Trust Receipts Series 2006A-0128 DN (AMBAC Insurance, Citibank N.A. LOC) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 4,400 | 4,400,000 | |||||
Colorado Regional Transportation District Sales Tax RB Eagle Trust Receipts Series 2006A-120Cl DN (AMBAC Insurance, Citibank N.A. LOC) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 8,000 | 8,000,000 | |||||
Colorado Regional Transportation District Sales Tax RB Series 2006 ROC-RR-II-R-657 DN (AMBAC Insurance, Citibank N.A. SBPA) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 10,020 | 10,020,000 | |||||
Colorado Springs Utilities RB Citibank Trust Receipts Series 2005R ROC-II-457 DN (Citibank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 7,465 | 7,465,000 | |||||
Lower Colorado River Authority RB MERLOTS Trust Receipts Series 2000 DN (FSA Insurance, Wachovia Bank N.A. SBPA) (Aaa, VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 2,000 | 2,000,000 | |||||
| 94,808,383 | ||||||||
Delaware — 0.3% | ||||||||
Delaware Economic Development Authority RB (Kentmere Nursing Care Project) Series 2006 DN (M&T Bank Corp. LOC) (A-1) | ||||||||
3.88%(b) | 05/07/07 | 2,460 | 2,460,000 | |||||
Delaware Economic Development Authority RB (St. Anne’s Episcopal School Project) Series 2001 DN (Wilmington Trust Co. LOC) (A-1) | ||||||||
4.04%(b) | 05/07/07 | 1,970 | 1,970,000 | |||||
Sussex County IDRB (Rehoboth Mall Project) Series 2001A DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.00%(b) | 05/07/07 | 2,875 | 2,875,000 | |||||
| 7,305,000 | ||||||||
District of Columbia — 0.2% | ||||||||
District of Columbia RB (Arts & Technology Academy Project) Series 2002 DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
3.97%(b) | 05/07/07 | 3,545 | 3,545,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
District of Columbia (Continued) | ||||||||
District of Columbia RB (Internships & Academic Center Project) Series 2006 DN (Branch Banking & Trust Co. LOC) (Aaa, VMIG-1) | ||||||||
3.95%(b)(c) | 05/07/07 | $ | 1,700 | $ | 1,700,000 | |||
| 5,245,000 | ||||||||
Florida — 2.3% | ||||||||
Florida Juvenile Department RB MERLOTS Trust Receipts Series 2000 DN (MBIA Insurance, Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 10,620 | 10,620,000 | |||||
Jacksonville RB Municipal Securities Trust Certificates Series 2002A-9049 DN (AMBAC Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 8,760 | 8,760,000 | |||||
Leesburg Hospital RB (Villages Regional Hospital Project) Series 2006 DN (Radian Asset Assurance, Inc. Guaranty, Bank of Nova Scotia SBPA) (A-1+, VMIG-1) | ||||||||
3.98%(b) | 05/07/07 | 12,000 | 12,000,000 | |||||
Miami Dade County Expressway Authority Toll System RB Series 2006A-121 DN (AMBAC Insurance, Citibank N.A. LOC) | ||||||||
3.99%(b)(c) | 05/07/07 | 2,740 | 2,740,000 | |||||
Port St. Lucie RB Munitops Trust Certificates Series 2006 DN (MBIA Insurance, ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 10,750 | 10,750,000 | |||||
Putnam County Development Authority PCRB (Seminole Electric Co-op Project) Series 1984H-3 DN (National Rural Utilities LOC) (A-1, P-1) | ||||||||
4.04%(b) | 05/07/07 | 5,475 | 5,475,000 | |||||
| 50,345,000 | ||||||||
Georgia — 1.8% | ||||||||
Appling County Development Authority PCRB (Oglethorpe Power Corp. Project) Series 2002 DN (MBIA Insurance, JPMorgan Chase & Co. SBPA) (A-1+) | ||||||||
4.01%(b) | 05/07/07 | 2,415 | 2,415,000 | |||||
Athens-Clarke County University Government Development Authority RB (Monsignor Donovan High School Project) Series 2006 DN (Columbus Bank & Trust LOC) (F-1) | ||||||||
3.97%(b) | 05/07/07 | 1,280 | 1,280,000 | |||||
Atlanta Water & Wastewater RB Eagle Trust Receipts Series 2005 DN (FSA Insurance, Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
Atlanta Water & Wastewater RB Eagle Trust Receipts Series 2006A DN (FSA Insurance, Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 4,600 | 4,600,000 | |||||
Brunswick & Glynn County Development Authority Economic Development RB (Epworth by the Sea Project) Series 2007 DN (Columbus Bank & Trust LOC) (A, F1) | ||||||||
3.97%(b) | 05/07/07 | 1,109 | 1,109,000 | |||||
Columbus Development Authority RB Series 2005 DN (Columbus Bank & Trust LOC) | ||||||||
3.96%(b) | 05/07/07 | 5,925 | 5,925,000 | |||||
Columbus Development Authority RB Series 2007 DN (Synovus Securities, Inc. LOC) | ||||||||
3.97%(b) | 05/07/07 | 2,200 | 2,200,000 | |||||
Columbus Hospital Authority RB (St Francis Hospital Project) Series 2000A DN (Synovus Securities, Inc. LOC) | ||||||||
3.98%(b) | 05/07/07 | 10,020 | 10,020,000 | |||||
Dekalb County Housing Authority Multi-Family Housing RB (Clairmont Crest Project) Series 1995 DN (Federal National Mortgage Assoc. Guaranty) (A-1+, VMIG-1) | ||||||||
3.93%(b) | 05/07/07 | 400 | 400,000 | |||||
Forsyth County Development Authority RB (Pinecrest Academy, Inc. Project) Series 2000D DN (SunTrust Bank LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 1,100 | 1,100,000 | |||||
Fulton County Development Authority RB (Mount Vernon Presbyterian School Project) Series 2005 DN (Branch Banking & Trust Co. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 3,000 | 3,000,000 | |||||
Georgia Local Government Certificates RB Series 2002O DN (MBIA Insurance, Bank of America N.A. Liquidity Facility) (A-1+) | ||||||||
4.00%(b)(c) | 05/07/07 | 2,310 | 2,310,000 | |||||
| 39,359,000 | ||||||||
Hawaii — 1.0% | ||||||||
Hawaii GO Eagle Trust Receipts Series 2002 DN (FSA Insurance, Citibank N.A. SBPA) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 3,600 | 3,600,000 | |||||
Hawaii GO Municipal Securities Trust Certificates Series 2002A-9051 DN (FSA Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 9,990 | 9,990,000 | |||||
Hawaii Pacific Health Special Purpose RB (Department of Budget & Finance Project) Series 2004B DN (Radian Insurance, Bank of Nova Scotia Liquidity Facility) (A-1+, F-1+) | ||||||||
4.02%(b) | 05/07/07 | 7,500 | 7,500,000 | |||||
| 21,090,000 | ||||||||
Illinois — 6.6% | ||||||||
Central Lake County Action Water Agency RB MERLOTS Trust Receipts Series 2003B-18 DN (MBIA Insurance, Wachovia Bank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 4,960 | 4,960,000 | |||||
Chicago Board of Education GO MERLOTS Trust Receipts Series 1999A-47 DN (FGIC Insurance, Wachovia Bank N.A. LOC) (A-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 3,090 | 3,090,000 | |||||
Chicago Board of Education RB Municipal Securities Trust Certificates Series 2001 DN (FSA Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 4,695 | 4,695,000 | |||||
Chicago O’Hare International Airport RB MERLOTS Trust Receipts Series 2002A-25 DN (MBIA Insurance, Wachovia Bank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,270 | 5,270,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Illinois (Continued) | ||||||||
Chicago Park District RB Eagle Trust Receipts Series 2002-1306 DN (FGIC Insurance, Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | $ | 5,345 | $ | 5,345,000 | |||
Chicago Sales Tax RB MERLOTS Trust Receipts Series 2000AAA DN (FSA Insurance, Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
Chicago Transportation Authority RB Putters Series 2006-1651 DN (AMBAC Insurance, Dresdner Bank AG LOC) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 20,960 | 20,960,000 | |||||
Du Page County RB Municipal Securities Trust Certificates Series 2001A DN (FSA Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 15,970 | 15,970,000 | |||||
Illinois Dedicated Tax RB Macon Trust Certificates Series 2002N DN (AMBAC Insurance, Bank of America N.A. SBPA) (A-1+) | ||||||||
4.02%(b)(c) | 05/07/07 | 2,935 | 2,935,000 | |||||
Illinois Development Finance Authority RB (Fairview Project) Series 2004 DN (LaSalle Bank N.A. LOC) (A-1) | ||||||||
3.97%(b) | 05/07/07 | 5,000 | 5,000,000 | |||||
Illinois Educational Facilities Authority RB (Aurora University Project) Series 2002 DN (Fifth Third Bank N.A. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 1,800 | 1,800,000 | |||||
Illinois Educational Facilities Authority RB Macon Trust Certificates Series 2005D DN (Bank of America N.A. SBPA) (A-1+) | ||||||||
3.96%(b)(c) | 05/07/07 | 2,780 | 2,780,000 | |||||
Illinois GO Macon Trust Certificates Series 2006L DN (Bank of America N.A. SBPA) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 3,500 | 3,500,000 | |||||
Illinois GO MERLOTS Trust Receipts Series 2002 DN (MBIA Insurance, Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 2,485 | 2,485,000 | |||||
Illinois Health Facilities Authority RB Municipal Securities Trust Certificates Series 2002 DN (MBIA Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 14,835 | 14,835,000 | |||||
Lake County First Preservation District GO Citibank Trust Receipts Series 2003R ROC-II DN (Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 1,975 | 1,975,000 | |||||
Metropolitan Pier & Exposition Authority Dedicated State Tax Receipts RB Municipal Securities Trust Certificates Series 2005A-224 DN (MBIA Insurance, Bear Stearns Capital Markets Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 9,210 | 9,210,000 | |||||
Metropolitan Pier & Exposition Authority Dedicated State Tax Receipts RB Series 2005 PZ-9 DN (MBIA Insurance) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 12,830 | 12,830,000 | |||||
Metropolitan Pier & Exposition Authority Dedicated State Tax Receipts RB Series 2005Z-5 TOCS DN (MBIA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 4,405 | 4,405,000 | |||||
Regional Transportation Authority GO MERLOTS Trust Receipts Series 2001A-86 DN (FGIC Insurance, Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 1,600 | 1,600,000 | |||||
Rockford Industrial Development Authority RB (Trinity Learning Center Project) Series 2003 DN (Marshall & Ilsley Bank LOC) | ||||||||
4.05%(b) | 05/07/07 | 3,635 | 3,635,000 | |||||
University of Illinois RB MERLOTS Trust Receipts Series 2000 DN (MBIA Insurance, Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 3,500 | 3,500,000 | |||||
Will County Community School District No. 365 GO Goldman Sachs Trust Receipts Series 2006Z TOCS-10 DN (FSA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 2,065 | 2,065,000 | |||||
Will County GO Municipal Securities Trust Certificates Series 2006A-3004 DN (MBIA Insurance, Bear Stearns Capital Markets SBPA) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 7,725 | 7,725,000 | |||||
| 145,570,000 | ||||||||
Indiana — 6.3% | ||||||||
Daviess County Econmic Development RB (Daviess Community Hospital Project) Series 2006 DN (Radian Insurance, KeyBank N.A. SBPA) (VMIG-1) | ||||||||
3.99%(b) | 05/07/07 | 6,205 | 6,205,000 | |||||
Elkhart County Industrial Hospital Authority RB (Oaklawn Center Project) Series 2006 DN (Citizens Financial Group LOC) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 11,000 | 11,000,000 | |||||
Indiana Bond Bank RB (Advanced Funding Program) Series 2007-A RAN (Bank of New York LOC) | ||||||||
4.25% | 01/31/08 | 11,950 | 12,002,183 | |||||
Indiana Bond Bank RB Municipal Securities Trust Certificates Series 2001-177A DN (Bear Stearns Capital Markets Liquidity Facility) (AAA/A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 17,000 | 17,000,000 | |||||
Indiana Health Facilities Financing Authority RB (Henry County Hospital Project) Series 2002 DN (Fifth Third Bank N.A. LOC) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 16,885 | 16,885,000 | |||||
Indiana Health Facilities Financing Authority RB (Memorial Hospital Project) Series 2004A DN (National City Bank N.A. LOC) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 20,435 | 20,435,000 | |||||
Indiana Transportation Finance Authority Highway RB Series 2004 DN (FGIC Insurance, Bank of New York SBPA) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 4,000 | 4,000,000 | |||||
Indianapolis Public Improvment RB Trust Receipts Series 2006 PZ-7 DN (AMBAC Insurance, The Goldman Sachs Group, Inc. Liquidity Facilty) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 4,080 | 4,080,000 | |||||
Jasper County Economic Development Authority RB (Oak Grove Project) Series 2006 DN (Fifth Third Bank N.A. LOC) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 4,600 | 4,600,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
19
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Indiana (Continued) | ||||||||
Porter County Industrial Jail Building Corp. RB MERLOTS Trust Receipts Series 2001A-43 DN (Wachovia Bank N.A. LOC) (A-1) | ||||||||
3.99%(b)(c) | 05/07/07 | $ | 7,125 | $ | 7,125,000 | |||
Tipton Economic Development RB (Tipton Memorial Hospital Project) Series 2006A DN (Fifth Third Bank N.A. LOC) | ||||||||
3.97%(b) | 05/07/07 | 24,200 | 24,200,000 | |||||
Warren Township Vision 2005 School Building Corp. RB MERLOTS Trust Receipts Series 2001A-52 DN (FGIC Insurance, Wachovia Bank N.A. SBPA) (A-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 3,300 | 3,300,000 | |||||
Winona Lake Economic Development RB (Grace College Project) Series 2006 DN (KeyBank N.A. LOC) (A-1) | ||||||||
3.97%(b) | 05/07/07 | 6,840 | 6,840,000 | |||||
| 137,672,183 | ||||||||
Iowa — 3.1% | ||||||||
Des Moines Commercial Development RB (Grand Office Park Project) Series 1985 DN (Principal Life Insurance Co. Guaranty) (A-1+) | ||||||||
4.12%(b) | 05/07/07 | 8,000 | 8,000,000 | |||||
Iowa Finance Authority Healthcare Facilities RB Putters Series 2006-1477 DN (Radian Insurance, JPMorgan Chase & Co. SBPA) | ||||||||
3.98%(b)(c) | 05/07/07 | 9,395 | 9,395,000 | |||||
Iowa GO Series 2006 TRAN (SP-1+, MIG-1) | ||||||||
4.25% | 06/29/07 | 16,600 | 16,618,982 | |||||
Iowa Higher Education Loan Authority RB (Private College Project) Series 1985 DN (MBIA Insurance) (A-1+, VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 1,600 | 1,600,000 | |||||
Iowa Higher Education Loan Authority RB Series 2006 DN (LaSalle Bank N.A. LOC) (A-1) | ||||||||
3.95%(b) | 05/07/07 | 17,035 | 17,035,000 | |||||
Urbandale IDRB (Aurora Business Park Assoc. Project) Series 1985 DN (Principal Life Insurance Co. Guaranty) (A-1+) | ||||||||
4.04%(b) | 05/07/07 | 9,200 | 9,200,000 | |||||
Urbandale IDRB (Meredith Drive Assoc. Project) Series 1985 DN (Wells Fargo Bank N.A. LOC) | ||||||||
4.07%(b) | 05/07/07 | 4,500 | 4,500,000 | |||||
Wapello County RB (Ottumwa Regional Health Center Project) Series 2006 DN (Radian Asset Assurance, Inc. Guaranty, Depfa Bank Plc SBPA) (A-1+) | ||||||||
3.60%(b) | 05/07/07 | 1,305 | 1,305,000 | |||||
| 67,653,982 | ||||||||
Kansas — 0.2% | ||||||||
Kansas Development Finance Authority RB (Water Pollution Control Revolving Project) Series 1997-11 MB (AAA, Aaa) | ||||||||
5.20% | 05/01/07 | 1,080 | 1,080,000 | |||||
Lenexa RB Series 2007-302 DN (Bank of America N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 4,000 | 4,000,000 | |||||
| 5,080,000 | ||||||||
Kentucky — 0.4% | ||||||||
Fort Mitchell League of Cities RB (Funding Trust Lease Project) Series 2002A DN (U.S. Bank N.A. LOC) (VMIG-1) | ||||||||
3.98%(b) | 05/07/07 | 4,200 | 4,200,000 | |||||
Kenton County Educational RB (Redwood Rehabilitation Center Project) Series 2004 DN (Fifth Third Bank N.A. LOC) | ||||||||
4.05%(b) | 05/07/07 | 915 | 915,000 | |||||
Louisville & Jefferson Counties Metropolitan Government Health System RB Series 2006 ROC-RR-II-R-651CE DN (Citibank N.A. Guaranty, Citibank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 2,555 | 2,555,000 | |||||
| 7,670,000 | ||||||||
Louisiana — 5.4% | ||||||||
Donaldsonville IDRB (Chef John Folse & Co. Project) Series 2007A DN (Regions Bank LOC) | ||||||||
3.97%(b) | 05/07/07 | 5,000 | 5,000,000 | |||||
Louisiana Gas & Fuel Tax RB Series 2006-0150 DN (FSA Insurance, Citibank N.A. LOC) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 23,735 | 23,735,000 | |||||
Louisiana Gas & Fuel Tax RB Series 2006A-137 DN (FSA Insurance, Citibank N.A. SBPA) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 1,040 | 1,040,000 | |||||
Louisiana Gas & Fuel Tax RB Series 2006 ROC-RR-II-R-660 DN (FGIC Insurance, Citibank N.A. LOC) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 8,500 | 8,500,000 | |||||
Louisiana GO MERLOTS Trust Receipts Series 2006C-04 DN (FSA Insurance, Bank of New York SBPA) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 8,000 | 8,000,000 | |||||
Louisiana GO Series 2005A MB (MBIA Insurance) (AAA, Aaa) | ||||||||
5.00% | 08/01/07 | 3,360 | 3,372,332 | |||||
Louisiana Housing & Finance Authority RB (Walmsley Multi-Family Housing Project) Series 2004 DN (Federal National Mortgage Assoc. Guaranty) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 2,935 | 2,935,000 | |||||
Louisiana Local Government Environmental Facilities Community Development Authority RB (BASF Corp. Project) Series 2000B DN | ||||||||
4.00%(b) | 05/07/07 | 7,500 | 7,500,000 | |||||
Louisiana Local Government Environmental Facilities Community Development Authority RB (Capital Projects & Equipment Acquisition Programs Project) Series 2007 DN (AMBAC Insurance, JPMorgan Chase & Co. SBPA) | ||||||||
4.02%(b) | 05/07/07 | 5,000 | 5,000,000 | |||||
Louisiana Local Government Environmental Facilities Community Development Authority RB (Capital Projects & Equipment Acquistion Programs Project) Series 2003A DN (AMBAC Insurance, Banque Nationale de Paribas Liquidity Facility) (A-1+) | ||||||||
4.02%(b) | 05/07/07 | 21,880 | 21,880,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
20
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (Continued)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Louisiana (Continued) | ||||||||
Louisiana Local Government Environmental Facilities Community Development Authority RB (Capital Projects & Equipment Acquistion Programs Project) Series 2006A DN (AMBAC Insurance, Banque Nationale de Paribas Liquidity Facility) (A-1+, Aaa) | ||||||||
4.02%(b) | 05/07/07 | $ | 20,000 | $ | 20,000,000 | |||
Louisiana Local Government Environmental Facilities Community Development Authority RB (Northwestern State University Student Housing Project) Series 2004A DN (Regions Bank LOC) (A-1) | ||||||||
4.00%(b) | 05/07/07 | 4,000 | 4,000,000 | |||||
Louisiana Public Facilities Authority RB (GCGK Investments LLC Project) Series 2006 DN (AmSouth Bank LOC) (P-1) | ||||||||
3.96%(b) | 05/07/07 | 4,000 | 4,000,000 | |||||
Louisiana Public Facilities Authority RB (Loyola University Project) Series 1997 MB (AAA, Aaa) | ||||||||
5.62% | 10/01/07 | 1,000 | 1,027,888 | |||||
Louisiana Public Facilities Authority RB Putters Series 2007-1754 DN (CIFG IXIS Financial Guaranty Insurance, JPMorgan Chase & Co. Liquidity Facility) | ||||||||
3.98%(b)(c) | 05/07/07 | 3,500 | 3,500,000 | |||||
| 119,490,220 | ||||||||
Maryland — 1.6% | ||||||||
Baltimore County RB (St. Paul’s School for Girls Facility Project) Series 2000 DN (M&T Bank Corp. LOC) (A-1) | ||||||||
3.97%(b) | 05/07/07 | 5,310 | 5,310,000 | |||||
Maryland Economic Development Corp. RB (Government Insurance Trust Facility) Series 2007 DN (M&T Bank Corp. LOC) | ||||||||
3.97%(b) | 05/04/07 | 4,260 | 4,260,000 | |||||
Maryland Health & Higher Education Facilities Authority RB (Adventist Healthcare Project) Series 2003B DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 3,260 | 3,260,000 | |||||
Maryland Health & Higher Education Facilities Authority RB (Pickersgill Project) Series 2006 DN (Radian Insurance, Branch Banking & Trust Co. SBPA) (A-1, P-1) | ||||||||
3.99%(b) | 05/07/07 | 7,345 | 7,345,000 | |||||
Montgomery County Economic Development RB (Brooke Grove Foundation, Inc. Project) Series 1998 DN (M&T Bank Corp. LOC) (A-1) | ||||||||
3.83%(b) | 05/07/07 | 8,430 | 8,430,000 | |||||
Montgomery County RB (Imagination Stage, Inc. Facilities Project) Series 2002 DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.00%(b) | 05/07/07 | 3,770 | 3,770,000 | |||||
Montgomery County RB (Ivymount School, Inc. Facilities Project) Series 2000 DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.00%(b) | 05/07/07 | 2,600 | 2,600,000 | |||||
| 34,975,000 | ||||||||
Massachusetts — 1.2% | ||||||||
Chatham GO Series 2007 BAN (SP-1+) | ||||||||
4.00% | 02/01/08 | 13,800 | 13,840,279 | |||||
Massachusetts Health & Educational Facilities Authority RB (Partners Healthcare System) Series 2003D-5 DN | ||||||||
3.96%(b) | 05/01/07 | $ | 1,700 | $ | 1,700,000 | |||
Melrose GO Series 2006 BAN (SP-1+, MIG-1) | ||||||||
4.35% | 08/09/07 | 11,163 | 11,183,946 | |||||
| 26,724,225 | ||||||||
Michigan — 4.6% | ||||||||
Detroit Sewer Authority RB Municipal Products, Inc. Trust Receipts Series 2006I-2 DN (FSA Insurance, Royal Bank of Canada LOC) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 3,490 | 3,490,000 | |||||
Detroit Water Supply System RB Series 2006 ROC-RR-II-R-9038 DN (FSA Insurance, Citibank N.A. LOC) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 6,895 | 6,895,000 | |||||
Grand Valley Michigan State University RB Series 2005 DN (XLCA Insurance, Depfa Bank Plc SBPA) (A-1+) | ||||||||
3.94%(b) | 05/07/07 | 2,000 | 2,000,000 | |||||
Jackson County Economic Development Limited Obligation RB (Vista Grande Villa Project) Series 2001A DN (LaSalle Bank N.A. LOC) (A-1) | ||||||||
4.05%(b) | 05/01/07 | 15,690 | 15,690,000 | |||||
Kalamazoo Education Authority RB (Friendship Village Project) Series 1997A DN (Fifth Third Bank N.A. LOC) (A-1+) | ||||||||
3.95%(b) | 05/07/07 | 2,900 | 2,900,000 | |||||
Kentwood Economic Development Corp. RB (Holland Homes Obligated Group Project) Series 2002B DN (LaSalle Bank N.A. LOC) | ||||||||
3.97%(b) | 05/07/07 | 7,900 | 7,900,000 | |||||
Macomb Hospital Finance Authority RB (Mt. Clemens General Project) Series 2003A-2 DN (Comercia Bank N.A. LOC) | ||||||||
4.07%(b) | 05/07/07 | 8,190 | 8,190,000 | |||||
Michigan Building Authority RB Eagle Trust Receipts Series 2006-0142 DN (FGIC Insurance, Citibank N.A. LOC) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 15,400 | 15,400,000 | |||||
Michigan Building Authority RB Series 1997I MB (AMBAC Insurance) (AAA, Aaa) | ||||||||
6.50% | 10/01/07 | 5,750 | 5,820,625 | |||||
Michigan Building Authority RB Series 2007 ROC-RR-II-R-9072 DN (FGIC Insurance, Citigroup Financial Products Liquidity Facility) | ||||||||
3.98%(b)(c) | 05/07/07 | 15,775 | 15,775,000 | |||||
Michigan GO Series 2006A MB (Depfa Bank Plc LOC) (SP-1+, MIG-1) | ||||||||
4.25% | 09/28/07 | 6,500 | 6,519,404 | |||||
Michigan Higher Educational Facilities Authority RB (Cleary University Project) Series 2006 DN (Comerica Bank N.A. LOC) (A-1) | ||||||||
4.03%(b) | 05/07/07 | 5,335 | 5,335,000 | |||||
Wayne State University RB Munitops Trust Certificates Series 2006-61 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (F-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
| 100,915,029 | ||||||||
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Minnesota — 3.0% | ||||||||
Minneapolis & St. Paul Metropolitan Airports Commission RB MERLOTS Trust Receipts Series 2000A DN (FGIC Insurance) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | $ | 4,985 | $ | 4,985,000 | |||
Minneapolis & St. Paul Metropolitan Airports Commission RB Municipal Securities Trust Certificates Series 2007-292 DN (AMBAC Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 2,000 | 2,000,000 | |||||
Minneapolis & St. Paul Metropolitan Airports Commission RB Series 2007-2G DN (FGIC Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 36,425 | 36,425,000 | |||||
Minnesota Public Facilities Authority Water PCRB MERLOTS Trust Receipts Series 2002A DN (Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 14,705 | 14,705,000 | |||||
West St. Paul ISD Number 197 RB Trust Receipts Series 6506-ROC-R-II DN (Citibank N.A. SBPA) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 7,115 | 7,115,000 | |||||
| 65,230,000 | ||||||||
Mississippi — 1.4% | ||||||||
Mississippi Development Bank Special Obligation RB (Correctional Facilities Project) Series 2002 DN (AMBAC Insurance, AmSouth Bank of Alabama SBPA) (A-1) | ||||||||
4.02%(b) | 05/07/07 | 3,425 | 3,425,000 | |||||
Mississippi Development Bank Special Obligation RB (Mississippi Bond Program Harrison County Project) Series 2003 DN (AMBAC Insurance, Banque Nationale de Paribas SBPA) (A-1+) | ||||||||
4.02%(b) | 05/07/07 | 11,745 | 11,745,000 | |||||
Mississippi Development Bank Special Obligation RB (Mississippi Bond Program Harrison County Project) Series 2005 DN (AMBAC Insurance, Banque Nationale de Paribas SBPA) (A-1+) | ||||||||
4.02%(b) | 05/07/07 | 15,000 | 15,000,000 | |||||
| 30,170,000 | ||||||||
Missouri — 1.5% | ||||||||
Jackson County Special Obligation RB Series 2006 ROC-RR-II-R-663 DN (AMBAC Insurance, AmSouth Bank of Alabama LOC) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 10,115 | 10,115,000 | |||||
Missouri Board Public Buildings Special Obligation RB Series 2006-1501 DN (JPMorgan Chase & Co. LOC) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 7,330 | 7,330,000 | |||||
Missouri Development Finance Board Lease RB Series 1999 DN (Transamerica Life Insurance Co. SBPA) (A-1+) | ||||||||
3.95%(b) | 05/07/07 | 14,860 | 14,860,000 | |||||
| 32,305,000 | ||||||||
Multi-State — 0.8% | ||||||||
Branch Banking & Trust GO Municipal Trust Floaters Series 2007-2004 DN (FGIC Insurance, Branch Banking & Trust Liquidity Facility) | ||||||||
4.01%(b)(c) | 05/07/07 | 12,000 | 12,000,000 | |||||
UBS Municipal Certificates GO Series 2007 DN (BNP Parisbas Liquidity Facility) (A-1+) | ||||||||
4.02%(b)(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
| 17,000,000 | ||||||||
Nebraska — 0.5% | ||||||||
Central Plains Energy RB (Nebgas Project) Series 2007A MB (-AA, Aa3) | ||||||||
5.00% | 12/01/07 | 2,725 | 2,744,905 | |||||
Omaha GO Eagle Trust Receipts Series 2004A DN (Citibank N.A. SBPA) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 8,000 | 8,000,000 | |||||
| 10,744,905 | ||||||||
Nevada — 1.2% | ||||||||
Clark County Airport RB Munitops Trust Certificates Series 2005-56 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (F-1+, AAA) | ||||||||
3.69%(b)(c) | 05/24/07 | 4,995 | 4,995,000 | |||||
Clark County School District RB Municipal Securities Trust Certificates Series 2001A DN (FSA Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 12,495 | 12,495,000 | |||||
Reno Capital Improvement RB Municipal Securities Trust Certificates Series 2002A DN (FGIC Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 7,600 | 7,600,000 | |||||
| 25,090,000 | ||||||||
New Hampshire — 0.5% | ||||||||
New Hampshire Business Finance Authority Industrial Facility RB (Taylor Home Project) Series 2005B DN (TD Banknorth N.A. LOC) (VMIG-1) | ||||||||
3.96%(b) | 05/07/07 | 4,310 | 4,310,000 | |||||
New Hampshire Health & Educational Facilities Authority RB (Southern New Hampshire Medical Center Project) Series 2004B DN (Radian Asset Assurance, Inc. Guaranty, Fleet National Bank SBPA) (A-1+) | ||||||||
3.98%(b) | 05/07/07 | 7,000 | 7,000,000 | |||||
| 11,310,000 | ||||||||
New Jersey — 1.2% | ||||||||
Mercer County Improvement Authority RB (Atlantic Foundation Project) Series 1998 DN (Bank of America N.A. LOC) (A-1+) | ||||||||
3.98%(b) | 05/07/07 | 5,630 | 5,630,000 | |||||
New Jersey Transportation Trust Fund Authority Capital Appreciation RB Municipal Securities Trust Certificates Series 2006C DN (MBIA Insurance) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 11,695 | 11,695,000 | |||||
New Jersey Transportation Trust Fund Authority RB Series 2006-10Z DN (FSA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 1,860 | 1,860,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
New Jersey (Continued) | ||||||||
New Jersey Transportation Trust Fund Authority RB Series 2007-4Z DN (AMBAC Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) | ||||||||
3.98%(b)(c) | 05/07/07 | $ | 6,500 | $ | 6,500,000 | |||
| 25,685,000 | ||||||||
New Mexico — 0.5% | ||||||||
University of New Mexico RB Munitops Trust Certificates Series 2005-42 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (F-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 10,290 | 10,290,000 | |||||
New York — 1.0% | ||||||||
New York City Municipal Water Finance Authority TECP | ||||||||
3.80% | 06/08/07 | 6,380 | 6,380,000 | |||||
3.68% | 06/13/07 | 5,000 | 5,000,000 | |||||
Rockland County IDRB (Northern Manor Multicare Project) Series 2002 DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
3.97%(b) | 05/07/07 | 11,295 | 11,295,000 | |||||
| 22,675,000 | ||||||||
North Carolina — 5.0% | ||||||||
Guilford County Industrial Facilities PCRB (Recreational Facilities-YMCA Project) Series 2002 DN (Branch Banking & Trust Co. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 295 | 295,000 | |||||
Houston Water & Sewer System TECP (A-1, P-1) | ||||||||
3.70% | 06/19/07 | 7,900 | 7,900,000 | |||||
Mecklenburg County COP Series 2007A DN (Landesbank Hessen-Thuringen Girozentrale SBPA) (A-1, VMIG-1, F-1+) | ||||||||
4.01%(b) | 05/01/07 | 45,200 | 45,200,000 | |||||
North Carolina Capital Facilities Finance Agency Educational Facilities RB (Country Day School Project) Series 2005 DN (Branch Banking & Trust Co. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 6,800 | 6,800,000 | |||||
North Carolina Capital Facilities Finance Agency Educational Facilities RB (The Downtown Middle School Project) Series 2006 DN (Branch Banking & Trust Co. LOC) | ||||||||
3.95%(b) | 05/07/07 | 1,225 | 1,225,000 | |||||
North Carolina Capital Facilities Finance Agency Educational Facilities RB (High Point University Project) Series 2006 DN (Branch Banking & Trust Co. LOC) (A-1+) | ||||||||
3.95%(b) | 05/07/07 | 4,300 | 4,300,000 | |||||
North Carolina GO (Highway Project) Series 2003 MB (AAA, Aa1) | ||||||||
5.00% | 05/01/07 | 2,500 | 2,500,000 | |||||
North Carolina GO Series 2003A-23 DN (Wachovia Bank N.A. SBPA) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,500 | 5,500,000 | |||||
North Carolina Medical Care Commission Retirement Facilities RB (Aldersgate Project) Series 2001 DN (Branch Banking & Trust Co. LOC) (A-1) | ||||||||
3.93%(b) | 05/07/07 | 5,710 | 5,710,000 | |||||
North Carolina Medical Care Community Health Care Facilities RB (Carolina Meadows, Inc. Project) Series 2004 DN (Allied Irish Bank Plc LOC) (VMIG-1) | ||||||||
3.97%(b) | 05/07/07 | 4,900 | 4,900,000 | |||||
North Carolina Medical Care Community Health Care Facilities RB (Novant Health Group Project) Series 2004A DN (JPMorgan Chase & Co. SBPA) (A-1+, VMIG-1) | ||||||||
3.97%(b) | 05/07/07 | 2,400 | 2,400,000 | |||||
North Carolina Medical Care Community Hospital RB (Southeastern Regional Medical Center Project) Series 2005 DN (Branch Banking & Trust Co. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 2,640 | 2,640,000 | |||||
Raleigh Comb Enterprise System RB Eagle Trust Receipts Series 2007A-0010 DN (Landesbank Hessen-Thuringen Girozentrale Liquidity Facility) (A-1) | ||||||||
3.97%(b) | 05/07/07 | 4,950 | 4,950,000 | |||||
University of North Carolina RB Eagle Trust Receipts Series 2005A DN (Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 10,000 | 10,000,000 | |||||
University of North Carolina RB Munitops Trust Certificates Series 2005-52 DN (ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,995 | 5,995,000 | |||||
| 110,315,000 | ||||||||
Ohio — 5.5% | ||||||||
Akron Income Tax RB Munitops Trust Certificates (Community Learning Centers Project) Series 2004A DN (FGIC Insurance, ABN-AMRO Bank N.V. SBPA) (A-1, F-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 31,530 | 31,530,000 | |||||
Butler County Capital Funding RB (CCAO Low Cost Capital Pooled Financing Program) Series 2005A DN (U.S. Bank N.A. LOC) | ||||||||
3.95%(b) | 05/07/07 | 1,750 | 1,750,000 | |||||
Butler County Hospital Facilities RB Putters Series 2006-1596 DN (FGIC Insurance, JPMorgan Chase & Co. SBPA) | ||||||||
3.98%(b)(c) | 05/07/07 | 4,000 | 4,000,000 | |||||
Cincinnati GO Municipal Trust Receipts Series 2006K-66 DN (FGIC Insurance, Lehman Liquidity Co. Liquidity Facility) | ||||||||
4.00%(b)(c) | 05/07/07 | 1,365 | 1,365,000 | |||||
Cincinnati School District COP Eagle Trust Receipts Series 2006A-0155 DN (FSA Insurance, Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 4,400 | 4,400,000 | |||||
Cleveland Airport RB Municipal Products, Inc. Trust Receipts Series 2007I-13 DN (AMBAC Insurance, Royal Bank of Canada Liquidity Facility) | ||||||||
3.97%(b)(c) | 05/07/07 | 8,505 | 8,505,000 | |||||
Cuyahoga County Continuing Care Facilities RB Series 1999 DN (LaSalle Bank N.A. LOC) | ||||||||
3.97%(b) | 05/07/07 | 9,800 | 9,800,000 | |||||
Delaware County Port Authority Economic Development RB (Columbus Zoological Park Project) Series 2006 DN (JPMorgan Chase & Co. LOC) | ||||||||
3.97%(b) | 05/07/07 | 1,850 | 1,850,000 | |||||
East Knox Local School District Howard GO Series 2006 BAN (SP-1) | ||||||||
4.25% | 06/01/07 | 9,850 | 9,856,013 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
23
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Ohio (Continued) | ||||||||
East Knox Local School District Howard GO Series 2007 BAN (SP-1) | ||||||||
5.00% | 06/01/07 | $ | 1,475 | $ | 1,476,739 | |||
East Liverpool City Hospital RB Series 2006 DN (Fifth Third Bank N.A. LOC) (A-1+) | ||||||||
4.00%(b) | 05/07/07 | 5,700 | 5,700,000 | |||||
Hamilton County Economic Development RB (Taft Museum Project) Series 2002 DN (Fifth Third Bank N.A. LOC) | ||||||||
3.98%(b) | 05/07/07 | 290 | 290,000 | |||||
Hamilton County Health Care Facilities RB (Import-Episcopal Project) Series 2005A DN (KeyBank N.A. LOC) (A-1, VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 1,300 | 1,300,000 | |||||
Hamilton County Hospital Facilities RB (Children’s Hospital Medical Center Project) Series 2000 DN (JPMorgan Chase & Co. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 5,090 | 5,090,000 | |||||
Hamilton County Hospital Facilities RB (Drake Center, Inc. Project) Series 1999A DN (U.S. Bank N.A. LOC) (VMIG-1) | ||||||||
3.92%(b) | 05/07/07 | 880 | 880,000 | |||||
Hamilton County Sales Tax RB Series 2006 ROC-RR-II-R-9051 DN (FSA Insurance, Citibank N.A. SBPA) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 13,665 | 13,665,000 | |||||
Madeira City School District School Improvement GO Munitops Trust Certificates Series 2006-37 MB (MBIA Insurance, ABN-AMRO Bank N.V. SBPA) (MIG-1) | ||||||||
3.60%(b)(c) | 05/07/07 | 6,995 | 6,995,000 | |||||
Montgomery County Healthcare Facilities RB Series 2002 DN (Bank One N.A. LOC) | ||||||||
3.95%(b) | 05/07/07 | 2,500 | 2,500,000 | |||||
Summit County Port Authority Port Facilities RB (Summa Wellness Institute Project) Series 2006 DN (Fifth Third Bank N.A. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 2,000 | 2,000,000 | |||||
University of Cincinnati General Receipts RB Series 2007B DN (MBIA Insurance, Bayerische Landesbank Girozentrale SBPA) (VMIG-1) | ||||||||
3.96%(b) | 05/07/07 | 5,155 | 5,155,000 | |||||
Wood County Facilities Import Piping Industry RB Series 2001 DN (KeyBank N.A. LOC) | ||||||||
4.01%(b) | 05/07/07 | 2,425 | 2,425,000 | |||||
| 120,532,752 | ||||||||
Oklahoma — 0.1% | ||||||||
Oklahoma Industrial Authority RB (Casady School Project) Series 2001 DN (Bank One N.A. LOC) | ||||||||
4.15%(b) | 05/07/07 | 2,150 | 2,150,000 | |||||
Oregon — 0.3% | ||||||||
Multnomah County Hospital Facilites Authority RB (Terwilliger Plaza Project) Series 2006C DN (Bank of America N.A. LOC) (A-1+) | ||||||||
3.96%(b) | 05/07/07 | 6,500 | 6,500,000 | |||||
Pennsylvania — 0.5% | ||||||||
Allegheny County Hospital Development Authority RB Putters Series 1281 DN (FGIC Insurance, JPMorgan Chase & Co. Liquidity Facility) (A-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 3,160 | 3,160,000 | |||||
Delaware Valley IDRB Citibank Trust Receipts Series 2001 DN (AMBAC Insurance, Bank of New York SBPA) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
York General Authority RB (Strand Capital Performing Arts Center Project) Series 2002 DN (M&T Bank Corp. LOC) (A-2) | ||||||||
4.00%(b) | 05/07/07 | 1,765 | 1,765,000 | |||||
| 9,925,000 | ||||||||
Puerto Rico — 0.2% | ||||||||
Commonwealth of Puerto Rico Infrastructure Financing Authority RB MERLOTS Trust Receipts Series 2005A-21 MB (AMBAC Insurance, Wachovia Bank N.A. SBPA) (MIG-1) | ||||||||
3.60%(b)(c) | 05/15/07 | 3,830 | 3,830,000 | |||||
Rhode Island — 0.2% | ||||||||
Cumberland GO Series 2007 TAN | ||||||||
4.00% | 06/29/07 | 3,600 | 3,601,968 | |||||
South Carolina — 2.8% | ||||||||
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) | ||||||||
3.97%(b) | 05/07/07 | 4,000 | 4,000,000 | |||||
Greenville County School District RB UBS Municipal Certificates Series 2006-02 DN (Assured Guaranty Ltd. Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA) (A-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 7,390 | 7,390,000 | |||||
Horry County School District GO Series 2007 ROC-RR-II-R-754PB DN (FSA Insurance, PB Capital Corp. Liquidity Facility) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 5,695 | 5,695,000 | |||||
Medical University Hospital Authority RB Series 2005A-5 DN (MBIA Insurance, Bank of America N.A. SBPA) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 16,000 | 16,000,000 | |||||
South Carolina Educational Facilities Authority RB (Erskine College Project) Series 2006 DN (Synovus Securities, Inc. LOC) | ||||||||
3.96%(b) | 05/07/07 | 5,750 | 5,750,000 | |||||
South Carolina Jobs Economic Development Authority Hospital Facilities RB (Community Care Inc. Project) Series 2006 DN (National Bank of South Carolina LOC) (A-1) | ||||||||
3.97%(b) | 05/07/07 | 4,000 | 4,000,000 | |||||
South Carolina Jobs Economic Development Authority Hospital Facilities RB (Oconee Memorial Hospital Project) Series 2005A DN (Radian Asset Assurance, Inc. Guaranty) (VMIG-1) | ||||||||
3.98%(b) | 05/07/07 | 8,000 | 8,000,000 | |||||
South Carolina Transitional Infrastructure RB Munitops Trust Certificates Series 2002A DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 10,475 | 10,475,000 | |||||
| 61,310,000 | ||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
24
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Tennessee — 3.5% | ||||||||
Gallatin Industrial Development Board Educational Facilities RB (John Vianney School Project) Series 2002 DN (SunTrust Bank LOC) (VMIG-1) | ||||||||
4.01%(b) | 05/07/07 | $ | 1,805 | $ | 1,805,000 | |||
Knoxville Waste Water System RB Putters Series 2006-1292 DN (MBIA Insurance) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 8,075 | 8,075,000 | |||||
Memphis GO Series 1995A DN (WestLB AG LOC) (A-1+, VMIG-1) | ||||||||
4.15%(b) | 05/07/07 | 100 | 100,000 | |||||
Municipal Energy Acquistion Corp. of Tennessee Gas RB Series 2006-1578 DN (Morgan Guaranty Trust LOC) | ||||||||
3.98%(b)(c) | 05/07/07 | 45,000 | 45,000,000 | |||||
Tennessee Energy Acquisition Corp. Gas RB MERLOTS Trust Receipts Series 2007C-07 DN (Bank of New York SBPA) (A-1+) | ||||||||
4.00%(b)(c) | 05/07/07 | 4,445 | 4,445,000 | |||||
Tennessee Energy Acquisition Corp. Gas RB Series 2006-95TP DN (Branch Banking & Trust Co. SBPA) | ||||||||
3.96%(b)(c) | 05/07/07 | 8,375 | 8,375,000 | |||||
Tennessee Energy Acquisition Corp. Gas RB Series 2006-98 DN (The Goldman Sachs Group, Inc. Guaranty) | ||||||||
3.97%(b)(c) | 05/07/07 | 8,005 | 8,005,000 | |||||
| 75,805,000 | ||||||||
Texas — 11.3% | ||||||||
Austin Water & Wastewater System RB MERLOTS Trust Receipts Series 2000 DN (MBIA Insurance) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 2,475 | 2,475,000 | |||||
Austin Water & Wastewater System RB Municipal Products, Inc. Trust Receipts Series 2006I-4 DN (MBIA Insurance, Royal Bank of Canada LOC) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 7,900 | 7,900,000 | |||||
Clear Creek ISD GO Series 2005-04 DN (Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,100 | 5,100,000 | |||||
Comal ISD GO Series 2005 DN (Bank of New York LOC) (A-1, VMIG-1) | ||||||||
4.02%(b)(c) | 05/07/07 | 2,530 | 2,530,000 | |||||
Coppell ISD RB Municipal Securities Trust Certificates Series 2006A-14 DN (PSF Guaranty, Bear Stearns Capital Markets Liquidity Facility) | ||||||||
3.98%(b)(c) | 05/07/07 | 2,145 | 2,145,000 | |||||
Dallas ISD Building GO Munitops Trust Certificates Series 2006-8 DN (PSF Guaranty, ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 11,565 | 11,565,000 | |||||
Dallas Waterworks & Sewer System RB Series 2003 MB (FSA Insurance LOC) | ||||||||
5.00% | 10/01/07 | 1,345 | 1,352,432 | |||||
De Soto ISD RB Citigroup Trust Receipts Series 2004R-2107-ROC-II DN (PSF Guaranty, Citigroup Global Markets Liquidity Facility) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 6,080 | 6,080,000 | |||||
Eagle Mountain & Saginaw ISD GO Municipal Securities Trust Receipts Series 2003 SGA-141 DN (PSF Guaranty, Societe Generale Group Liquidity Facility) (A-1+) | ||||||||
3.97%(b)(c) | 05/02/07 | 4,000 | 4,000,000 | |||||
El Paso Certificates GO Series 2000 MB (FSA Insurance) (Aaa) | ||||||||
5.88% | 08/15/07 | 1,665 | 1,675,889 | |||||
Galena Park ISD GO Series 2001SG-154 DN (PSF Guaranty, Societe Generale Group Liquidity Facility) (A-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 9,900 | 9,900,000 | |||||
Harris County RB Citibank Trust Receipts Series 2002-1029-ROC-II DN (FSA Insurance) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 1,875 | 1,875,000 | |||||
Houston GO Munitops Trust Certificates Series 2006-88 DN (FSA Insurance, ABN-AMRO Bank N.V. LOC) (AAA, F1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 7,400 | 7,400,000 | |||||
Houston ISD GO Municipal Securities Trust Certificates Series 2005A-234 DN (PSF Guaranty, Bear Stearns Capital Markets Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 7,460 | 7,460,000 | |||||
Houston ISD GO Putters Series 2005 DN (PSF Guaranty, JPMorgan Chase & Co. LOC) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 5,330 | 5,330,000 | |||||
Houston Water & Sewer System RB Municipal Securities Trust Certificates Series 2006A-5015 MB (MBIA Insurance, Branch Banking & Trust Co. Liquidity Facility) (MIG-1) | ||||||||
3.85%(b)(c) | 06/21/07 | 14,905 | 14,905,000 | |||||
Houston Water & Sewer System RB Series 2007 ROC-RR-II-R-787 DN (FSA Insurance, Citigroup Financial Products Liquidity Facility) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 1,600 | 1,600,000 | |||||
Lower Colorado River Authority RB Series 1999B MB (FSA Insurance) | ||||||||
6.00% | 05/15/07 | 3,000 | 3,002,783 | |||||
Lower Neches Valley Authority PCRB (Chevron USA, Inc. Project) Series 1987 DN (Chevron Corp. Guaranty) (A-1+, P-1) | ||||||||
3.73%(b) | 08/15/07 | 9,395 | 9,395,000 | |||||
North East ISD GO Series 2000SG-143 DN (PSF Guaranty, Societe Generale Group Liquidity Facility) | ||||||||
3.96%(b)(c) | 05/07/07 | 26,515 | 26,515,000 | |||||
Pasadena ISD GO Munitops Trust Certificates Series 2006-57 DN (PSF Guaranty, ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 10,690 | 10,690,000 | |||||
Socorro ISD GO Citigroup Trust Receipts Series 2005 ROC-II R-2222 DN (PSF Guaranty) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 2,485 | 2,485,000 | |||||
Texas A&M University RB Trust Receipts Series 2003R-4005 ROC-II DN (Citigroup Financial Products Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 4,945 | 4,945,000 | |||||
Texas GO Series 2005-1147 DN (Morgan Stanley Group SBPA) (F-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 4,010 | 4,010,000 | |||||
Texas GO Series 2006-0122 DN (Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 7,650 | 7,650,000 | |||||
Texas GO Series 2006 TRAN (SP-1+, MIG-1) | ||||||||
4.50% | 08/31/07 | 50,050 | 50,202,565 | |||||
Texas Tech University RB Municipal Securities Trust Certificates Series 2002A DN (MBIA Insurance) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 13,630 | 13,630,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Texas (Continued) | ||||||||
Travis County Housing Finance Corp. Student Housing RB (College Houses Project) Series 2006 DN (Wachovia Bank N.A. LOC) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | $ | 5,425 | $ | 5,425,000 | |||
University of Texas Permanent University Fund RB Citibank Trust Receipts Series 2005 ROC-II-R-2194 DN (Citibank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 11,830 | 11,830,000 | |||||
University of Texas RB MERLOTS Trust Receipts Series 2003B-14 DN (Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 6,235 | 6,235,000 | |||||
| 249,308,669 | ||||||||
Utah — 0.1% | ||||||||
Intermountain Power Agency Power Supply RB Series 1985F DN (AMBAC Insurance, Morgan Stanley Group SBPA) (A-1, VMIG-1) | ||||||||
3.55%(b) | 06/01/07 | 3,000 | 3,000,000 | |||||
Vermont — 1.5% | ||||||||
Vermont Economic Development Authority RB (Green Mountain College Project) Series 2003A DN (KeyBank N.A. LOC) | ||||||||
4.01%(b) | 05/07/07 | 7,775 | 7,775,000 | |||||
Vermont Educational & Health Buildings Financing Agency RB (Mt. Ascutney Hospital Project) Series 2005A DN (TD Banknorth N.A. LOC) (VMIG-1) | ||||||||
3.96%(b) | 05/07/07 | 4,830 | 4,830,000 | |||||
Winooski Special Obligation Bonds Series 2006A DN (TD Banknorth N.A. LOC) (VMIG-1) | ||||||||
4.07%(b) | 05/01/07 | 21,000 | 21,000,000 | |||||
| 33,605,000 | ||||||||
Virginia — 0.1% | ||||||||
Fairfax County Economic Development Authority RB (Retirement Greenspring Project) Series 2006B DN (Wachovia Bank N.A. LOC) (A-1+) | ||||||||
3.97%(b) | 05/07/07 | 600 | 600,000 | |||||
Hampton Roads Regional Jail Authority Facilities RB Trust Receipts Series 2004 ROC-RR-II-R-2156 DN (MBIA Insurance, Citibank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 1,395 | 1,395,000 | |||||
Virginia Public School Authority RB Trust Receipts Series 2003R-4050-ROC-II DN (Citigroup, Inc. Liquidity Facility) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 100 | 100,000 | |||||
| 2,095,000 | ||||||||
Washington — 6.2% | ||||||||
King County GO Series 1997D MB (AA1, Aaa) | ||||||||
5.70% | 05/07/07 | 1,000 | 1,024,852 | |||||
King County School District RB Municipal Securities Trust Certificates (Highline Public Schools Project) Series 2002 DN (FGIC Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 11,750 | 11,750,000 | |||||
King County Sewer RB Eagle Trust Receipts Series 2006A-0160 DN (FSA Insurance, Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 20,000 | 20,000,000 | |||||
Seattle GO Municipal Securities Trust Certificates Series 2003 SGA-142 DN (Societe Generale Group SBPA, Bear Stearns Capital Markets Liquidity Facility) (A-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 4,000 | 4,000,000 | |||||
Seattle Municipal Light & Power RB MERLOTS Trust Receipts Series 2001A-56 DN (FSA Insurance, Wachovia Bank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 7,365 | 7,365,000 | |||||
Spokane County School District No. 081 GO Citibank Trust Receipts Series 2003R-ROC- II-4000 DN (FSA Insurance, Citibank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 3,540 | 3,540,000 | |||||
Washington Economic Development Finance Authority RB Series 2006-1531 DN (Morgan Stanley Group LOC) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 2,136 | 2,136,500 | |||||
Washington GO MERLOTS Trust Receipts Series 2006 DN (Wachovia Bank N.A. SBPA) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 12,475 | 12,475,000 | |||||
Washington GO Piper Jaffray Trust Certificates Series 2002G DN (Bank of New York LOC) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,170 | 5,170,000 | |||||
Washington GO Series 2007 ROC-RR-II-R-759PB DN (FSA Insurance, PB Capital Corp. Liquidity Facility) | ||||||||
3.97%(b)(c) | 05/07/07 | 8,055 | 8,055,000 | |||||
Washington Health Care Facilities Authority RB (Seattle Cancer Care Project) Series 2005 DN (KeyBank N.A. LOC) (A-1) | ||||||||
3.97%(b) | 05/07/07 | 4,250 | 4,250,000 | |||||
Washington Health Care Facilities Authority RB (Swedish Health Services Project) Series 2006 DN (Citibank N.A. LOC) (VMIG-1) | ||||||||
4.06%(b) | 05/07/07 | 20,000 | 20,000,000 | |||||
Washington Health Care Facilities Authority RB Series 2006 ROC-RR-II-R-669 DN (Radian Insurance, Citibank N.A. Guaranty) (Aa) | ||||||||
3.99%(b)(c) | 05/07/07 | 640 | 640,000 | |||||
Washington Housing Finance Commission Non-Profit RB (Emerald Heights Project) Series 2003 DN (Bank of America N.A. LOC) (F-1+) | ||||||||
4.00%(b) | 05/01/07 | 36,555 | 36,555,000 | |||||
| 136,961,352 | ||||||||
West Virginia — 0.2% | ||||||||
West Virginia Economic Development Authority RB Municipal Securities Trust Certificates (Juvenile Correctional Project) Series 2002A DN (MBIA Insurance, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 4,990 | 4,990,000 | |||||
Wisconsin — 2.3% | ||||||||
Appleton Redevelopment Authority RB (Fox City Project) Series 2001B DN (Bank One N.A. LOC) (VMIG-1) | ||||||||
3.93%(b) | 05/07/07 | 8,100 | 8,100,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNIFUND (CONCLUDED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
Wisconsin (Continued) | ||||||||
Southeast Wisconsin Professional Baseball Park RB MERLOTS Trust Receipts Series 2000Y DN (MBIA Insurance, Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | $ | 5,280 | $ | 5,280,000 | |||
Wisconsin Health & Educational Facilities Authority RB (Oakwood Village Project) Series 2000B DN (Marshall & Ilsley Bank LOC) (A-1) | ||||||||
3.98%(b) | 05/07/07 | 2,305 | 2,305,000 | |||||
Wisconsin Health & Educational Facilities Authority RB (St. John’s Community Project) Series 2005 DN (Radian Asset Assurance, Inc. Guaranty) (F-1) | ||||||||
3.99%(b) | 05/07/07 | 4,700 | 4,700,000 | |||||
Wisconsin Health & Educational Facilities Authority RB (St. Joseph’s Community Hospital Project) Series 2001 DN (Marshall & Ilsley Bank LOC) (A-1) | ||||||||
3.98%(b) | 05/07/07 | 9,800 | 9,800,000 | |||||
Wisconsin Health & Educational Facilities Authority RB (Watertown Memorial Hospital, Inc. Project) Series 2006 DN (Radian Insurance, JPMorgan Chase & Co. SBPA) (A-1+) | ||||||||
3.99%(b) | 05/07/07 | 5,000 | 5,000,000 | |||||
Wisconsin TECP (A-1+, P-1) | ||||||||
3.67% | 06/01/07 | 6,000 | 6,000,000 | |||||
3.66% | 06/06/07 | 10,000 | 10,000,000 | |||||
| 51,185,000 | ||||||||
TOTAL MARKET VALUE OF SECURITIES BEFORE AFFILIATED INVESTMENTS — 94.7% | ||||||||
(Cost $2,080,561,749) | 2,080,561,749 | |||||||
AFFILIATED INVESTMENTS — 4.6% | ||||||||
Chesterfield County IDRB P-Float Trust Receipts Series 2003 PT-886 DN (Merrill Lynch & Co. Guaranty) (F-1+) | ||||||||
4.01%(b)(c)(d) | 05/07/07 | 24,995 | 24,995,000 | |||||
Delaware Valley Regional Finance Authority Local Government RB Series 2003 PT-749 DN (Landesbank Hessen-Thuringen Girozentrale SBPA) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 8,815 | 8,815,000 | |||||
Hamilton County Hospital Facilities RB P-Float Trust Receipts Series 2001 PT-507 DN (Merrill Lynch & Co. Guaranty) (A-1+) | ||||||||
4.01%(b)(c)(d) | 05/07/07 | 3,880 | 3,880,000 | |||||
Kentucky Economic Development Finance Authority RB P-Float Trust Receipts (Hospital Facilities Project) Series 2001-509 DN (Merrill Lynch & Co. SBPA, National Australia Bank Ltd. LOC) (A-1) | ||||||||
4.01%(b)(c)(d) | 05/07/07 | 28,000 | 28,000,000 | |||||
Metropolitan Pier & Exposition Authority Dedicated State Tax Receipts RB P-Float Trust Receipts Series 2005 PZ-44 DN (MBIA Insurance, Merrill Lynch Capital Services SBPA) (F-1+) | ||||||||
3.99%(b)(c)(d) | 05/07/07 | 5,610 | 5,610,000 | |||||
Municipal Securities Pool Trust Receipts RB Series 2004-17 DN (Multiple Insurances, Societe Generale Group SBPA) (A-1+) | ||||||||
4.05%(b)(c) | 05/07/07 | 5,370 | 5,370,000 | |||||
Municipal Securities Pool Trust Receipts RB Series 2004-18 DN (Multiple Insurances, Societe Generale Group SBPA) (A-1+) | ||||||||
4.05%(b)(c) | 05/07/07 | 2,590 | 2,590,000 | |||||
New Jersey Economic Development Authority RB P-Float Trust Receipts Series 2004 MT-035 DN (Assured Guaranty Ltd. Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA) (A-1) | ||||||||
3.95%(b)(c) | 05/07/07 | 2,200 | 2,200,000 | |||||
New Jersey Health Care Facilities Financing Authority RB P-Float Trust Receipts Series 2001 PT-1319 DN (AMBAC Insurance, Merrill Lynch Capital Services SBPA) (A-1) | ||||||||
3.97%(b)(c)(d) | 05/07/07 | 2,320 | 2,320,000 | |||||
Pennsylvania Higher Educational Facilities Authority RB P-Float Trust Receipts Series 2004 MT-042 DN (Lloyds TSB Bank Plc LOC, Merrill Lynch Capital Services SBPA) (F-1+) | ||||||||
3.98%(b)(c)(d) | 05/07/07 | 7,100 | 7,100,000 | |||||
Pinellas County HFA RB Series 2004A DN (CDC Municipal Products, Inc. SBPA, Rabobank Guaranty) (VMIG-1) | ||||||||
4.01%(b)(c) | 05/07/07 | 2,355 | 2,355,000 | |||||
Puttable Floating Option Tax-Exempt Receipts RB Series 2005A DN (Merrill Lynch Capital Services SBPA) (F-1+) | ||||||||
4.02%(b)(c)(d) | 05/07/07 | 3,160 | 3,160,000 | |||||
Triborough Bridge & Tunnel Authority RB P-Float Trust Receipts Series 2002 PA-956 DN (Merrill Lynch Capital Services Liquidity Facility) (A-1+) | ||||||||
3.97%(b)(c)(d) | 05/07/07 | 5,000 | 5,000,000 | |||||
TOTAL AFFILIATED INVESTMENTS (Cost $101,395,000) | 101,395,000 | |||||||
TOTAL INVESTMENTS IN SECURITIES — 99.3% (Cost $2,181,956,749(a)) | 2,181,956,749 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7% | 15,237,667 | |||||||
NET ASSETS — 100.0% | $ | 2,197,194,416 | ||||||
| (a) | Aggregate cost for federal income tax purposes. |
| (b) | Rates shown are as of April 30, 2007 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, 2007, the Fund held 52.7% of its net assets, with a current market value of $1,158,526,500, in securities restricted as to resale. |
| (d) | Security insured by an affiliate. |
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
27
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
| MUNICIPAL BONDS — 95.4% | ||||||||
| Alabama — 7.0% | ||||||||
Alabama Housing Financing Authority Single Family Mortgages RB Series 2006H AMT DN (Bayerische Landesbank Girozentrale Guaranty) (Aa2) | ||||||||
4.09%(b) | 05/07/07 | $ | 10,000 | $ | 10,000,000 | |||
Brundidge IDRB (Carter Brothers Project) Series 2001 AMT DN (Wachovia Bank N.A. LOC) | ||||||||
4.10%(b) | 05/07/07 | 900 | 900,000 | |||||
Columbia IDRB (Alabama Power Co. Project) Series 1995B DN (The Southern Co. Guaranty) (A-1, VMIG-1) | ||||||||
4.03%(b) | 05/01/07 | 6,800 | 6,800,000 | |||||
Columbia IDRB (Alabama Power Co. Project) Series 1998A AMT DN (The Southern Co. Guaranty) (A-1, VMIG-1) | ||||||||
4.08%(b) | 05/01/07 | 6,800 | 6,800,000 | |||||
Jefferson County Economic IDRB (Conversion Technologies Project) Series 2006A AMT DN (First Commercial Bank LOC) | ||||||||
4.02%(b) | 05/07/07 | 1,365 | 1,365,000 | |||||
Jefferson County GO Warrants Series 2001B DN (JPMorgan Chase & Co. Guaranty, Bayerische Landesbank Girozentrale SBPA) (A-1+, VMIG-1) | ||||||||
4.01%(b) | 05/01/07 | 64,300 | 64,300,000 | |||||
Tuscaloosa IDRB Series 2000A AMT DN (Wachovia Bank N.A. LOC) | ||||||||
4.10%(b) | 05/07/07 | 1,300 | 1,300,000 | |||||
Vestavia Hills GO Series 2004B DN (Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
4.02%(b) | 05/07/07 | 1,735 | 1,735,000 | |||||
| 93,200,000 | ||||||||
| Arizona — 0.6% | ||||||||
Arizona School District COP Series 2006 TAN (SP-1+, MIG-1) | ||||||||
4.50% | 07/30/07 | 1,460 | 1,463,174 | |||||
Cochise County Solid Waste Disposal PCRB (Arizona Natural Utilities Co-op, Inc. Project) Series 1994 AMT DN (A-1, VMIG-1) | ||||||||
3.73%(b) | 09/04/07 | 6,200 | 6,200,000 | |||||
| 7,663,174 | ||||||||
| Arkansas — 0.4% | ||||||||
Arkansas Development Finance Authority Single Family Mortgages RB (Mortgage Backed Securities Program) Series 2006E AMT DN (State Street Bank & Trust Co. LOC) (A-1+) | ||||||||
4.00%(b) | 05/07/07 | 5,000 | 5,000,000 | |||||
| California — 1.9% | ||||||||
California Housing Finance Agency RB Series 2002Q AMT DN (Bank of Nova Scotia Liquidity Facility) (A-1+, VMIG-1) | ||||||||
3.99%(b) | 05/07/07 | 14,440 | 14,440,000 | |||||
California Pollution Control Financing Authority PCRB (Resource Recovery-Wadham Energy Project) Series 1987C AMT DN (A-1+) | ||||||||
3.93%(b) | 05/07/07 | 10,445 | 10,445,000 | |||||
| 24,885,000 | ||||||||
| Colorado — 4.0% | ||||||||
Colorado Housing & Finance Authority Single Family Mortgage RB Series 2003B-3 AMT DN (JPMorgan Chase & Co. SBPA) (A-1+, VMIG-1) | ||||||||
4.01%(b) | 05/07/07 | 52,500 | 52,500,000 | |||||
| Florida — 5.5% | ||||||||
Greater Orlando Aviation Authority RB (Special Purpose Cessna Aircraft Project) Series 2001 AMT DN (Textron, Inc. Guaranty) (A-2, P-1) | ||||||||
5.06%(b) | 05/07/07 | 7,000 | 7,000,000 | |||||
Jacksonville Economic Development Commission IDRB (Glasfloss Industries, Inc. Project) Series 2002 AMT DN (Huntington National Bank LOC) | ||||||||
4.20%(b) | 05/07/07 | 1,855 | 1,855,000 | |||||
Jacksonville Economic Development Commission IDRB (Tremron Jacksonville Project) Series 2000 AMT DN (Branch Banking & Trust Co. LOC) | ||||||||
4.05%(b) | 05/07/07 | 1,930 | 1,930,000 | |||||
Jacksonville Health Facilities Authority Hospital RB (Baptist Medical Center Project) Series 2001 DN (Wachovia Bank N.A. LOC) (A-1) | ||||||||
4.01%(b) | 05/01/07 | 18,000 | 18,000,000 | |||||
Jacksonville Health Facilities Authority Hospital RB (Charity Obligation Group Project) Series 1997C DN (MBIA Insurance, Bank of America N.A. Liquidity Facility) (A-1+, VMIG-1) | ||||||||
4.01%(b) | 05/01/07 | 9,000 | 9,000,000 | |||||
Jacksonville Port Authority RB (Mitsu O S K Lines Limited) Series 2007 AMT DN (Sumitomo Mitsui Banking LOC) (A-1, VMIG-1) | ||||||||
3.98%(b) | 05/07/07 | 10,000 | 10,000,000 | |||||
Lee County IDRB (Raymond Building Supply Corp. Project) Series 1997 AMT DN (SunTrust Bank LOC) | ||||||||
4.08%(b) | 05/07/07 | 2,160 | 2,160,000 | |||||
Miami Dade County Expressway Toll RB Series 2006-1004 DN (AMBAC Insurance, Bank of New York SBPA) (A-1+) | ||||||||
3.95%(b)(c) | 05/07/07 | 3,400 | 3,400,000 | |||||
Pinellas County IDRB Series 2004 DN (Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
4.10%(b) | 05/07/07 | 2,250 | 2,250,000 | |||||
Putnam County Development Authority PCRB (Seminole Electric Co-op Project) Series 1984D DN (National Rural Utilities LOC) (A-1) | ||||||||
3.53%(b) | 06/15/07 | 10,000 | 10,000,000 | |||||
Putnam County Development Authority PCRB (Seminole Electric Co-op Project) Series 2003H-4 DN (National Rural Utilities Guaranty) (A-1) | ||||||||
3.68%(b) | 10/26/07 | 7,475 | 7,475,000 | |||||
| 73,070,000 | ||||||||
| Georgia — 4.7% | ||||||||
Burke County TECP (A-1+, VMIG-1) | ||||||||
3.65% | 09/10/07 | 12,500 | 12,500,000 | |||||
Clayton County Housing Authority Multi-Family Housing RB (Providence Place Apartments Project) Series 2006 AMT DN (AmSouth Bank of Alabama LOC) (VMIG-1) | ||||||||
4.00%(b) | 05/07/07 | 300 | 300,000 | |||||
Fulton County Development Authority RB (Robert W Woodruff Arts Center) Series 2004B DN (SunTrust Bank LOC) (VMIG-1, F-1+) | ||||||||
3.96%(b) | 05/07/07 | 37,500 | 37,500,000 | |||||
Gordon County IDRB (Aladdin Manufacturing Corp. Project) Series 1997A AMT DN (Wachovia Bank N.A. LOC) | ||||||||
4.03%(b) | 05/07/07 | 1,000 | 1,000,000 | |||||
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
| MUNICIPAL BONDS (Continued) | ||||||||
| Georgia (Continued) | ||||||||
Gordon County IDRB (Aladdin Manufacturing Corp. Project) Series 1997B DN (Wachovia Bank N.A. LOC) | ||||||||
4.03%(b) | 05/07/07 | $ | 1,000 | $ | 1,000,000 | |||
Laurens County IDRB (Aladdin Manufacturing Corp. Project) Series 1997 AMT DN (Wachovia Bank N.A. LOC) | ||||||||
4.03%(b) | 05/07/07 | 1,000 | 1,000,000 | |||||
Macon-Bibb County IDRB (Battle Lumber Co, Inc. Project) Series 2007 DN (U.S. Bank N.A. LOC) (VMIG-1) | ||||||||
4.02%(b) | 05/07/07 | 5,500 | 5,500,000 | |||||
Whitefield County Educational Development Authority RB (Aladdin Solid Waste Disposal Project) Series 1999 AMT DN (Wachovia Bank N.A. LOC) | ||||||||
4.03%(b) | 05/07/07 | 3,100 | 3,100,000 | |||||
| 61,900,000 | ||||||||
| Illinois — 5.7% | ||||||||
Chicago IDRB (Promise Candy Project) Series 2001 AMT DN (LaSalle Bank N.A. LOC) | ||||||||
4.06%(b) | 05/07/07 | 3,060 | 3,060,000 | |||||
Chicago Multi-Family Housing RB Munitops Trust Certificates Series 2006 AMT DN (ABN-AMRO Bank N.V. LOC) (VMIG-1) | ||||||||
4.04%(b)(c) | 05/07/07 | 7,015 | 7,015,000 | |||||
Elmhurst IDRB (Randall Manufacturing Project) Series 2002 DN (LaSalle Bank N.A. LOC) (A-1+) | ||||||||
4.12%(b) | 05/07/07 | 1,565 | 1,565,000 | |||||
Illinois Development Finance Authority IDRB (Alternative Behavior Treatment Project) Series 2005 DN (JPMorgan Chase & Co. LOC) | ||||||||
4.05%(b) | 05/07/07 | 3,050 | 3,050,000 | |||||
Illinois Development Finance Authority IDRB (Cano Packaging Corp. Project) Series 2001 AMT DN (LaSalle Bank N.A. LOC) | ||||||||
4.11%(b) | 05/07/07 | 2,030 | 2,030,000 | |||||
Illinois Development Finance Authority IDRB (Freedman Seating Co. Project) Series 2005 AMT DN (LaSalle Bank N.A. LOC) (A-1) | ||||||||
4.02%(b) | 05/07/07 | 2,240 | 2,240,000 | |||||
Illinois Development Finance Authority IDRB (Harbortown Industries Project) Series 2000A AMT DN (LaSalle Bank N.A. LOC) | ||||||||
4.08%(b) | 05/07/07 | 2,000 | 2,000,000 | |||||
Illinois Development Finance Authority IDRB (Mason Corp. Project) Series 2000A AMT DN (LaSalle Bank N.A. LOC) | ||||||||
4.08%(b) | 05/07/07 | 4,155 | 4,155,000 | |||||
Illinois Development Finance Authority RB (Fairview Project) Series 2004 DN (LaSalle Bank N.A. LOC) (A-1) | ||||||||
3.97%(b) | 05/07/07 | 11,500 | 11,500,000 | |||||
Morgan Keegan Municipal Products, Inc. RB Municipal Trust Receipts Series 2007B AMT DN (Banque Nationale de Paribas LOC) (A-1+) | ||||||||
4.02%(b)(c) | 05/07/07 | 10,000 | 10,000,000 | |||||
Springfield Community Improvement RB Series 2000 AMT DN (National City Bank N.A. LOC) | ||||||||
4.16%(b) | 05/07/07 | 360 | 360,000 | |||||
Upper River Valley IDRB (Advanced Drainage System Project) Series 2002 AMT DN (National City Bank N.A. LOC) | ||||||||
4.06%(b) | 05/07/07 | 1,500 | 1,500,000 | |||||
Will County Exempt Facilities RB (Exxonmobil Project) Series 2001 AMT DN (A-1+, VMIG-1) | ||||||||
4.13%(b) | 05/01/07 | 26,815 | 26,815,000 | |||||
| 75,290,000 | ||||||||
| Indiana — 3.0% | ||||||||
Anderson Economic Development RB (Printer Zink, Inc. Project) Series 2004A AMT DN (U.S. Bank N.A. LOC) (A-1+) | ||||||||
4.09%(b) | 05/07/07 | 1,960 | 1,960,000 | |||||
Elkhart County Industrial Economic Development RB (Four Seasons Manufacturing, Inc. Project) Series 2000 AMT DN (National City Bank N.A. LOC) | ||||||||
4.11%(b) | 05/07/07 | 925 | 925,000 | |||||
Fort Wayne Economic Development Authority RB (Advanced Machine & Tool Project) Series 2001 AMT DN (National City Bank N.A. LOC) | ||||||||
4.11%(b) | 05/07/07 | 1,470 | 1,470,000 | |||||
Huntingburg Multi-Family Housing RB (Lincoln Village Apartments Project) Series 2000 AMT DN (Federal Home Loan Bank Guaranty) | ||||||||
4.07%(b) | 05/07/07 | 2,250 | 2,250,000 | |||||
Indiana Bond Bank RB (Advanced Funding Program) Series 2007-A RAN (Bank of New York LOC) | ||||||||
4.25% | 01/31/08 | 3,800 | 3,816,594 | |||||
Indiana Economic Development Finance Authority IDRB (Republic Services, Inc. Project) Series 2005 AMT DN (VMIG-2) | ||||||||
4.31%(b) | 05/01/07 | 5,300 | 5,300,000 | |||||
Indiana Economic Development Finance Authority RB (IVC Industrial Coatings, Inc. Project) Series 2000 AMT DN (Bank One N.A. LOC) | ||||||||
4.00%(b) | 05/07/07 | 4,500 | 4,500,000 | |||||
Indiana Economic Development Finance Authority RB (Saroyan Hardwoods, Inc. Project) Series 1994 AMT DN (Fifth Third Bank N.A. LOC) | ||||||||
4.35%(b) | 05/07/07 | 500 | 500,000 | |||||
Indiana Finance Authority Enviromental RB (Mittal Steel USA Project) Series 2006 AMT DN (National City Bank N.A. LOC) (A-1+, VMIG-1) | ||||||||
3.98%(b) | 05/07/07 | 5,200 | 5,200,000 | |||||
Indiana Housing & Community Development Authority Single Family Mortgages RB Series 2006E-2 AMT RAN (Rabobank Guaranty) (MIG-1, F-1+) | ||||||||
3.62% | 12/20/07 | 5,000 | 5,000,000 | |||||
Jeffersonville Economic Development Authority RB (Scansteel Project) Series 1998 AMT DN (National City Bank N.A. LOC, JPMorgan Chase & Co. SBPA) | ||||||||
4.16%(b) | 05/07/07 | 840 | 840,000 | |||||
Kendallville Economic Developmental Authority RB (Parts Finishing Group Project) Series 2006 AMT DN (Huntington National Bank LOC) | ||||||||
4.20%(b) | 05/07/07 | 3,000 | 3,000,000 | |||||
Orleans Economic Development RB (Almana LLC Project) Series 1995 AMT DN (Bank One N.A. LOC) | ||||||||
4.10%(b) | 05/07/07 | 1,500 | 1,500,000 | |||||
Scottsburg Economic Development Authority RB (American Plastic Corp. Project) Series 2000 AMT DN (National City Bank N.A. LOC) | ||||||||
4.16%(b) | 05/07/07 | 825 | 825,000 | |||||
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
| MUNICIPAL BONDS (Continued) | ||||||||
| Indiana (Continued) | ||||||||
St. Joseph County Industrial Economic Development RB (Midcorr Land Development LLC Project) Series 2002 DN (National City Bank N.A. LOC) | ||||||||
4.06%(b) | 05/07/07 | $ | 3,135 | $ | 3,135,000 | |||
| 40,221,594 | ||||||||
| Iowa — 0.3% | ||||||||
Clear Lake Development RB (Joe Corbis Pizza Project) Series 2006 AMT DN (M&T Bank Corp. LOC) | ||||||||
4.07%(b) | 05/07/07 | 3,535 | 3,535,000 | |||||
Dallas County IDRB (Sioux City Brick Project) Series 2000A AMT DN (Firstar Bank N.A. LOC) | ||||||||
4.20%(b) | 05/07/07 | 1,000 | 1,000,000 | |||||
| 4,535,000 | ||||||||
| Kansas — 0.2% | ||||||||
Kansas Development Finance Authority RB (Delaware Highlands Project) Series 2005C AMT DN (Federal Home Loan Bank LOC, Arvest Bank LOC) | ||||||||
4.02%(b) | 05/07/07 | 2,250 | 2,250,000 | |||||
| Kentucky — 2.6% | ||||||||
City of Wilder Industrial Building RB (Saratoga Investments LP Project) Series 1998 AMT DN (Fifth Third Bank N.A. LOC) | ||||||||
4.10%(b) | 05/07/07 | 900 | 900,000 | |||||
Clark County PCRB (Eastern Kentucky Power National Rural Co-op Utilities Project) Series 1984J-2 DN (A-1, MIG-1) | ||||||||
3.70%(b) | 10/15/07 | 10,605 | 10,605,000 | |||||
Dayton IDRB (Ramkat Enterprise Project) Series 2001 AMT DN (U.S. Bank N.A. LOC) | ||||||||
4.15%(b) | 05/07/07 | 1,610 | 1,610,000 | |||||
Elsmere IDRB (International Mold Steel, Inc. Project) Series 1996 AMT DN (U.S. Bank N.A. LOC) | ||||||||
4.10%(b) | 05/07/07 | 1,110 | 1,110,000 | |||||
Henderson Industrial Building RB (Shamrock Technologies Project) Series 1997 AMT DN (Wachovia Bank N.A. LOC) | ||||||||
4.10%(b) | 05/07/07 | 206 | 206,000 | |||||
Jefferson County Industrial Building RB (Atlas Machine & Supply Co. Project) Series 1999 AMT DN (Bank One N.A. LOC) | ||||||||
4.20%(b) | 05/07/07 | 3,320 | 3,320,000 | |||||
Kentucky Economic Development Finance Authority Solid Waste Disposal RB (Republic Services, Inc. Project) Series 2005 AMT DN | ||||||||
4.22%(b) | 05/07/07 | 7,400 | 7,400,000 | |||||
Pulaski County Solid Waste Disposal RB (National Rural Utilities for East Kentucky Power Project) Series 1993B AMT DN (National Rural Utilities Guaranty) (VMIG-1) | ||||||||
3.73%(b) | 08/15/07 | 8,800 | 8,800,000 | |||||
| 33,951,000 | ||||||||
| Louisiana — 2.1% | ||||||||
Donaldsonville IDRB (John Folse & Co., Inc. Project) Series 2003 DN (AmSouth Bank LOC) | ||||||||
4.02%(b) | 05/07/07 | 2,150 | 2,150,000 | |||||
East Baton Rouge RB Morgan Keegan Municipal Products, Inc. Trust Receipts Series 2007A AMT DN (Transamerica Life Insurance Co. Guaranty, Lloyds TSB Band Plc SBPA) (A-1+) | ||||||||
4.02%(b)(c) | 05/07/07 | 3,000 | 3,000,000 | |||||
Lafayette Educational Development Authority RB (Holt County Project) Series 1990 DN (Regions Bank LOC) | ||||||||
4.17%(b) | 05/07/07 | 2,650 | 2,650,000 | |||||
Louisiana Housing Finance Agency RB (Housing Restoration Project) Series 2002A AMT DN (Regions Bank LOC) | ||||||||
4.05%(b) | 05/07/07 | 2,050 | 2,050,000 | |||||
Louisiana Local Government Enviromental Facilities Community Development Authority RB (BASF Corp. Project) Series 2000A DN (A-1+) | ||||||||
4.05%(b) | 05/07/07 | 6,000 | 6,000,000 | |||||
Louisiana Local Government Enviromental Facilities Community Development Authority RB (Ouachita Christian School, Inc. Project) Series 2002 DN (Bank One N.A. LOC) | ||||||||
4.17%(b) | 05/07/07 | 1,340 | 1,340,000 | |||||
New Orleans Finance Authority RB Morgan Keegan Municipal Products, Inc. Municipal Trust Receipts Series 2006G AMT DN (Lloyds TSB Bank Plc LOC) (A-1+) | ||||||||
4.02%(b)(c) | 05/07/07 | 2,500 | 2,500,000 | |||||
North Webster Parish IDRB (CSP Project) Series 2001 AMT DN (Regions Bank LOC) | ||||||||
4.02%(b) | 05/07/07 | 2,530 | 2,530,000 | |||||
St. Charles Parish PCRB (Shell Oil Co. Norco Project)n Series 1991 AMT DN (A-1+, VMIG-1) | ||||||||
4.10%(b) | 05/01/07 | 6,000 | 6,000,000 | |||||
| 28,220,000 | ||||||||
| Maine — 0.5% | ||||||||
Maine Finance Authority RB (Brunswick Publishing Project) Series 2005 AMT DN (SunTrust Bank LOC) | ||||||||
4.02%(b) | 05/07/07 | 1,900 | 1,900,000 | |||||
Maine Housing Authority Mortgage Purchase RB Series 2006H AMT DN (A-1+, VMIG-1) | ||||||||
3.62%(b) | 12/17/07 | 4,000 | 4,000,000 | |||||
| 5,900,000 | ||||||||
| Maryland — 1.7% | ||||||||
Maryland Economic Development Corp. RB (Acadia Todds Lane LLC Facilities Project) Series 2006 AMT DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.02%(b) | 05/07/07 | 5,650 | 5,650,000 | |||||
Maryland Economic Development Corp. RB (Bindagraphics, Inc. Facilities Project) Series 2007 AMT DN (Manufacturers & Traders Trust Co. LOC) (A-1) | ||||||||
4.02%(b) | 05/07/07 | 5,490 | 5,490,000 | |||||
Maryland Economic Development Corp. RB (Joe Corbis Pizza Project) Series 2000 AMT DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.07%(b) | 05/01/07 | 870 | 870,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
30
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
| MUNICIPAL BONDS (Continued) | ||||||||
| Maryland (Continued) | ||||||||
Maryland Economic Development Corp. RB (Lithographing Co. Project) Series 2001 AMT DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.02%(b) | 05/07/07 | $ | 2,355 | $ | 2,355,000 | |||
Maryland Economic Development Corp. RB (Pharmaceutics International Project) Series 2001A AMT DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.07%(b) | 05/07/07 | 5,195 | 5,195,000 | |||||
Maryland Economic Development Corp. RB (Redrock LLC Facilities Project) Series 2002 DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
4.07%(b) | 05/07/07 | 2,200 | 2,200,000 | |||||
Wicomico County Economic Development RB (Plymouth Tube Co. Project) Series 1996 AMT DN (Bank One N.A. LOC) (VMIG-1) | ||||||||
4.20%(b) | 05/07/07 | 1,200 | 1,200,000 | |||||
| 22,960,000 | ||||||||
| Massachusetts — 1.4% | ||||||||
Massachuetts Development Finance Agency RB (Brooksby Village, Inc. Project) Series 2004 DN (ABN-AMRO Bank N.V. LOC) (A-1) | ||||||||
3.95%(b) | 05/07/07 | 13,465 | 13,465,000 | |||||
Melrose GO Series 2006 BAN (SP-1+, MIG-1) | ||||||||
4.35% | 08/09/07 | 5,165 | 5,174,692 | |||||
| 18,639,692 | ||||||||
| Michigan — 6.6% | ||||||||
Detroit Economic Development Authority RB MERLOTS Trust Receipts Series 2001A-90 AMT DN (AMBAC Insurance, Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
4.07%(b)(c) | 05/07/07 | 2,500 | 2,500,000 | |||||
Lakeview Communitiy Schools RB (Aid Anticipatory Notes) Series 2006 MB | ||||||||
4.25% | 08/20/07 | 2,070 | 2,072,479 | |||||
Michigan Building Authority RB Eagle Trust Receipts Series 2006-0142 DN (FGIC Insurance, Citibank N.A. LOC) (A-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 26,300 | 26,300,000 | |||||
Michigan Strategic Fund Limited Obligation RB (America Group LLC Project) Series 2000 AMT DN (Bank One N.A. LOC) | ||||||||
4.20%(b) | 05/07/07 | 3,200 | 3,200,000 | |||||
Michigan Strategic Fund Limited Obligation RB (Bayloff Properties Project) Series 1998 AMT DN (National City Bank N.A. LOC) | ||||||||
4.16%(b) | 05/07/07 | 1,000 | 1,000,000 | |||||
Michigan Strategic Fund Limited Obligation RB (Conway Products Project) Series 2001 AMT DN (Comerica Bank N.A. LOC) | ||||||||
4.09%(b) | 05/07/07 | 1,730 | 1,730,000 | |||||
Michigan Strategic Fund Limited Obligation RB (Dow Chemical Project) Series 2003B-1 DN (A-2, P-2) | ||||||||
4.15%(b) | 05/07/07 | 450 | 450,000 | |||||
Michigan Strategic Fund Limited Obligation RB (G&B Tech LLC Project) Series 2005 AMT DN (Huntington National Bank LOC) | ||||||||
4.20%(b) | 05/07/07 | 1,570 | 1,570,000 | |||||
Michigan Strategic Fund Limited Obligation RB (Hannah Technical Project) Series 2002 AMT DN (Comerica Bank N.A. LOC) | ||||||||
4.09%(b) | 05/07/07 | 3,200 | 3,200,000 | |||||
Michigan Strategic Fund Limited Obligation RB (John A Van Bosch Co. Project) Series 2006 AMT DN (Huntington National Bank LOC) | ||||||||
4.20%(b) | 05/07/07 | 2,000 | 2,000,000 | |||||
Michigan Strategic Fund Limited Obligation RB (K&K Management Co. Project) Series 2000 AMT DN (Huntington National Bank LOC) | ||||||||
4.22%(b) | 05/07/07 | 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) | ||||||||
4.20%(b) | 05/07/07 | 2,920 | 2,920,000 | |||||
Michigan Strategic Fund Limited Obligation RB (Midwest Glass Fabricators, Inc. Project) Series 2001 DN (Huntington National Bank LOC) | ||||||||
4.20%(b) | 05/07/07 | 2,075 | 2,075,000 | |||||
Michigan Strategic Fund Limited Obligation RB (PFG Enterprises, Inc. Project) Series 2001 AMT DN (Huntington National Bank LOC) | ||||||||
4.22%(b) | 05/07/07 | 200 | 200,000 | |||||
Michigan Strategic Fund Limited Obligation RB (Saginaw Production Corp. Project) Series 2001 AMT DN (Comerica Bank N.A. LOC) | ||||||||
4.09%(b) | 05/07/07 | 2,180 | 2,180,000 | |||||
Michigan Strategic Fund Limited Obligation RB (Total Business Systems Project) Series 1998 AMT DN (Comerica Bank N.A. LOC) | ||||||||
4.09%(b) | 05/07/07 | 2,210 | 2,210,000 | |||||
Oakland County Economic Development Corp. RB (Academy of Sacred Heart Project) Series 2002 DN (Allied Irish Bank Plc LOC) (VMIG-1) | ||||||||
4.00%(b) | 05/07/07 | 7,490 | 7,490,000 | |||||
Oakland County Economic Development Corp. RB (Exhibit Enterprises, Inc. Project) Series 2004 AMT DN (Comerica Bank N.A. LOC) | ||||||||
4.09%(b) | 05/07/07 | 6,825 | 6,825,000 | |||||
Oakland County Economic Development Corp. RB (Glass & Mirror Craft Industries, Inc. Project) Series 2000 AMT DN (Bank One N.A. LOC) | ||||||||
4.06%(b) | 05/07/07 | 4,000 | 4,000,000 | |||||
Wayne State University RB Munitops Trust Certificates Series 2006-61 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (F-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 4,215 | 4,215,000 | |||||
Zeeland Hospital Finance Authority RB (Zeeland Community Hospital Project) Series 2004 DN (Huntington National Bank LOC) (A-1) | ||||||||
4.09%(b) | 05/07/07 | 10,600 | 10,600,000 | |||||
| 87,737,479 | ||||||||
| Minnesota — 1.5% | ||||||||
Becker GO (Various Certificates) Series 2004 AMT DN (Bank of New York LOC) (A-1+, VMIG-1) | ||||||||
4.02%(b)(c) | 05/07/07 | 9,995 | 9,995,000 | |||||
Becker IDRB (Plymouth Foam Project) Series 2004 DN (Associated Bank N.A. LOC) | ||||||||
4.13%(b) | 05/07/07 | 2,500 | 2,500,000 | |||||
Minneapolis & St. Paul Metropolitan Airports Commission RB Series 2007-2G DN (FGIC Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 7,485 | 7,485,000 | |||||
| 19,980,000 | ||||||||
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31
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
| MUNICIPAL BONDS (Continued) | ||||||||
| Missouri — 1.0% | ||||||||
Bridgeton IDRB (Gold Dust LLC Project) Series 2000A AMT DN (Commerce Bank N.A. LOC) | ||||||||
4.13%(b) | 05/07/07 | $ | 1,125 | $ | 1,125,000 | |||
Palmyra IDA Solidwaste Disposal RB (BASF Corp. Project) Series 2002 AMT DN (BASF Aktieng- esellsch Liquidity Facility) (A-1+) | ||||||||
4.05%(b) | 05/07/07 | 4,000 | 4,000,000 | |||||
St. Charles County IDRB (Austin Machine Co. Project) Series 2003A DN (Bank of America N.A. LOC) | ||||||||
4.08%(b) | 05/07/07 | 1,720 | 1,720,000 | |||||
St. Charles County IDRB (Patriot Machine, Inc. Project) Series 2002 AMT DN (U.S. Bank N.A. LOC) | ||||||||
4.10%(b) | 05/07/07 | 3,275 | 3,275,000 | |||||
St. Louis IDRB Series 2005A AMT DN (Marshall & Ilsley Bank LOC) (A-1) | ||||||||
4.08%(b) | 05/07/07 | 3,480 | 3,480,000 | |||||
| 13,600,000 | ||||||||
| Montana — 0.1% | ||||||||
Montana Housing Board RB MERLOTS Trust Receipts Series 2002A-19 AMT DN (Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
4.04%(b)(c) | 05/07/07 | 1,430 | 1,430,000 | |||||
| Multi-State — 3.5% | ||||||||
Clipper Tax-Exempt Certificates Trust RB (Certified Partner Multi-State Project) Series 2005-31 DN (AMBAC Insurance, FSA Insurance, State Street Bank & Trust Co. SBPA) (VMIG-1) | ||||||||
4.07%(b)(c) | 05/07/07 | 11,588 | 11,588,000 | |||||
Federal Home Loan Mortgage Corp. Variable Rate Demand Certificates (Multi-Family Housing Project) Series 2005A-M005 AMT DN (Federal Home Loan Mortgage Corp. Guaranty) (AAA) | ||||||||
4.02%(b) | 05/07/07 | 22,788 | 22,788,431 | |||||
Morgan Keegan Municipal Products, Inc. RB Municipal Trust Receipts Series 2005C AMT DN (Banque Nationale de Paribas Liquidity Facility) (A-1+) | ||||||||
4.02%(b)(c) | 05/07/07 | 4,040 | 4,040,000 | |||||
UBS Municipal Certificates GO Series 2007 DN (BNP Parisbas Liquidity Facility) (A-1+) | ||||||||
4.02%(b)(c) | 05/07/07 | 7,500 | 7,500,000 | |||||
| 45,916,431 | ||||||||
| Nevada — 0.3% | ||||||||
Clark County Airport RB Munitops Trust Certificates Series 2005-56 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (F-1+, AAA) | ||||||||
3.69%(b)(c) | 05/24/07 | 4,000 | 4,000,000 | |||||
| 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) | ||||||||
4.08%(b) | 05/07/07 | 935 | 935,000 | |||||
New Hampshire Business Finance Authority Industrial Facilities RB (JMT Properties LLC Project) Series 2002 AMT DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.05%(b) | 05/07/07 | 1,805 | 1,805,000 | |||||
| 2,740,000 | ||||||||
New Jersey — 0.9% | ||||||||
Hudson County Improvement Authority RB (Essential Purpose Pooled Government Project) Series 1986 DN (Bank of New York LOC) (A-1+) | ||||||||
3.84%(b) | 05/07/07 | 4,800 | 4,800,000 | |||||
New Jersey Economic Development Authority RB Series 2004 ROC-RR-II-R-309 DN (Assured Guaranty Ltd. Insurance, Citibank N.A. SBPA) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 3,330 | 3,330,000 | |||||
New Jersey Turnpike Authority RB Series 2003C-1 DN (Landesbank Hessen-Thuringen Girozentrale LOC) (A-1+, VMIG-1) | ||||||||
3.90%(b) | 05/07/07 | 4,100 | 4,100,000 | |||||
| 12,230,000 | ||||||||
| New York — 1.3% | ||||||||
Erie County IDRB (Orchard Park CCRC, Inc. Project) Series 2006B DN (Sovereign Bank LOC, Citizens Financial Group LOC) (A-1+) | ||||||||
3.95%(b) | 05/07/07 | 5,000 | 5,000,000 | |||||
Hempstead Town IDA Civic Facility RB (Hebrew Academy Project) Series 2006 DN (Sovereign Bank LOC, KBC Bank N.V. LOC) (A-1+) | ||||||||
3.93%(b) | 05/07/07 | 3,650 | 3,650,000 | |||||
Lewis County IDRB (Climax Manufacturing Co. Project) Series 2000 AMT DN (M&T Bank Corp. LOC) (A-1, VMIG-1) | ||||||||
3.90%(b) | 05/07/07 | 1,230 | 1,230,000 | |||||
New York City IDA Special Facilities RB (Air Express International Corp. Project) Series 1997 AMT DN (Citibank N.A. LOC) (A-1+) | ||||||||
3.99%(b) | 05/07/07 | 5,000 | 5,000,000 | |||||
Ulster IDRB (Viking Industries, Inc. Project) Series 1998A AMT DN (KeyBank N.A. LOC) | ||||||||
4.08%(b) | 05/07/07 | 1,190 | 1,190,000 | |||||
Yates County IDRB (Coach & Equipment Manufacturing Corp. Project) Series 2000A AMT DN (M&T Bank Corp. LOC) (A-1+) | ||||||||
4.04%(b) | 05/07/07 | 1,595 | 1,595,000 | |||||
| 17,665,000 | ||||||||
| North Carolina — 4.1% | ||||||||
Charlotte-Mecklenburg Hospital Authority RB (Carolina’s Healthcare Project) Series 2005B DN (Bank of America N.A. SBPA) (A-1+, VMIG-1) | ||||||||
4.01%(b) | 05/01/07 | 5,580 | 5,580,000 | |||||
Mecklenburg County COP Series 2007A DN (Landesbank Hessen-Thuringen Girozentrale SBPA) (A-1, VMIG-1, F-1+) | ||||||||
4.01%(b) | 05/01/07 | 5,670 | 5,670,000 | |||||
Mecklenburg County Industrial Facilities PCRB (Piedmont Plastics Project) Series 1997 AMT DN (Branch Banking & Trust Co. LOC) (Aa3, VMIG-1) | ||||||||
4.05%(b) | 05/07/07 | 1,190 | 1,190,000 | |||||
North Carolina Capital Facilities RB (Service Income Project) Series 2004 AMT DN (SunTrust Bank LOC) (VMIG-1) | ||||||||
4.10%(b) | 05/01/07 | 16,150 | 16,150,000 | |||||
North Carolina Housing Finance Agency RB (Home Ownership Project) Series 2005-22C AMT MB (A-1+, MIG-1) | ||||||||
3.65% | 10/01/07 | 7,500 | 7,500,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
| MUNICIPAL BONDS (Continued) | ||||||||
| North Carolina (Continued) | ||||||||
North Carolina Housing Finance Agency RB MERLOTS Trust Receipts Series 2006B-12 DN (Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
4.04%(b)(c) | 05/07/07 | $ | 9,005 | $ | 9,005,000 | |||
North Carolina Housing Finance Agency RB Series 2002 ROC-II-R-175 AMT DN (Citibank N.A. Liquidity Facility) (VMIG-1) | ||||||||
4.01%(b)(c) | 05/07/07 | 2,075 | 2,075,000 | |||||
North Carolina Port Authority RB (Wilmington Bulk LLC Project) Series 2001A AMT DN (Branch Banking & Trust Co. LOC) (VMIG-1) | ||||||||
4.05%(b) | 05/07/07 | 1,260 | 1,260,000 | |||||
North Carolina Port Authority RB Series 2006A-2 AMT DN (Bank of America N.A. LOC) (VMIG-1) | ||||||||
4.00%(b) | 05/07/07 | 1,100 | 1,100,000 | |||||
Rutherford County Industrial Facilities PCRB (Thieman Metal Technology Project) Series 1998 AMT DN (Branch Banking & Trust Co. LOC) (VMIG-1) | ||||||||
4.05%(b) | 05/07/07 | 1,800 | 1,800,000 | |||||
Sampson County Industrial Facilities PCRB (Dubose Strapping, Inc. Project) Series 2003 AMT DN (Wachovia Bank N.A. LOC) | ||||||||
4.10%(b) | 05/07/07 | 2,320 | 2,320,000 | |||||
Wake County HFA RB (Casa Melvid Multi-Family Housing Project) Series 2001A AMT DN (SunTrust Bank LOC) (VMIG-1) | ||||||||
4.06%(b) | 05/07/07 | 700 | 700,000 | |||||
| 54,350,000 | ||||||||
| North Dakota — 0.6% | ||||||||
Mercer County Solid Waste Disposal RB (National Rural Utilities United Power Project) Series 1993U AMT DN (National Rural Utilities LOC) (A-1, P-1) | ||||||||
3.58%(b) | 05/07/07 | 5,000 | 5,000,000 | |||||
Mercer County Solid Waste Disposal RB (National Rural Utilities Untied Power Project) Series 1995A AMT MB (A-1) | ||||||||
3.73%(b) | 09/04/07 | 2,100 | 2,100,000 | |||||
North Dakota Housing Finance Agency RB Series 2001A-19 AMT DN (Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
4.04%(b)(c) | 05/07/07 | 1,430 | 1,430,000 | |||||
| 8,530,000 | ||||||||
| Ohio — 5.9% | ||||||||
Akron Income Tax RB Munitops Trust Certificates (Community Learning Centers Project) Series 2004A DN (FGIC Insurance, ABN-AMRO Bank N.V. SBPA) (A-1, F-1+) | ||||||||
3.99%(b)(c) | 05/07/07 | 2,000 | 2,000,000 | |||||
American Municipal Power, Inc. GO (Cleveland Public Power Project) Series 2006 BAN | ||||||||
3.80% | 08/16/07 | 1,340 | 1,340,000 | |||||
Cambridge City Hospital Facilities Authority RB (Regional Medical Center Project) Series 2001 DN (National City Bank N.A. LOC) (VMIG-1) | ||||||||
3.96%(b) | 05/07/07 | 1,800 | 1,800,000 | |||||
Cuyahoga County Health Care Facilities RB (Franciscan Communities Project) Series 2004E DN (LaSalle Bank N.A. LOC) (A-1) | ||||||||
3.95%(b) | 05/07/07 | 2,100 | 2,100,000 | |||||
Darke County GO Series 2006A BAN | ||||||||
4.25% | 06/28/07 | 1,000 | 1,000,852 | |||||
Dayton-Montgomery County Port Authority RB (DHL 2007 Project) Series 2007C AMT DN (Deutsche Post Bank LOC) (A-1, VMIG-1, F-1) | ||||||||
4.10%(b) | 05/07/07 | 9,000 | 9,000,000 | |||||
Delaware County Economic Development RB (The Columbus Zoological Park Associates, Inc. Project) Series 2003 DN (Huntington National Bank LOC) | ||||||||
4.10%(b) | 05/07/07 | 10 | 10,000 | |||||
Delaware County IDRB (Air Waves, Inc. Project) Series 1995 DN (KeyBank N.A. LOC) | ||||||||
4.08%(b) | 05/07/07 | 340 | 340,000 | |||||
Franklin County Healthcare Facilities RB (Heritage Day Health Centers Project) Series 2002 DN (Huntington National Bank LOC) | ||||||||
4.00%(b) | 05/07/07 | 735 | 735,000 | |||||
Franklin County Healthcare Facilities RB (Ohio Presbyterian Improvement Project) Series 2006A DN (Huntington National Bank LOC) (A-1) | ||||||||
3.99%(b) | 05/07/07 | 10,000 | 10,000,000 | |||||
Hamilton County Hospital Facilities RB (Children’s Hospital Medical Center Project) Series 2000 DN (JPMorgan Chase & Co. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 3,450 | 3,450,000 | |||||
Hamilton County Hospital Facilities RB (Elizabeth Gamble Project) Series 2002A DN (Morgan Guaranty Trust LOC) (VMIG-1) | ||||||||
3.88%(b) | 05/07/07 | 3,790 | 3,790,000 | |||||
Harrison Township GO (Fire Department Project) Series 2006 BAN | ||||||||
3.85% | 10/11/07 | 1,000 | 1,000,860 | |||||
Licking County GO BAN | ||||||||
4.25% | 11/28/07 | 480 | 481,739 | |||||
Mahoning County IDRB (Serra Land Project) Series 1997 AMT DN (KeyBank N.A. LOC) | ||||||||
4.08%(b) | 05/07/07 | 975 | 975,000 | |||||
Ohio GO (Common Schools Project) Series 2005A DN | ||||||||
3.90%(b) | 05/07/07 | 1,100 | 1,100,000 | |||||
Ohio GO (Common Schools Project) Series 2006C DN | ||||||||
3.93%(b) | 05/07/07 | 3,700 | 3,700,000 | |||||
Ohio Housing Finance Agency Mortgage RB MERLOTS Trust Receipts Series 2005A-10 AMT DN (Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||||
4.04%(b)(c) | 05/07/07 | 3,410 | 3,410,000 | |||||
Ohio Solid Waste RB (Republic Services, Inc. Project) Series 2005 AMT DN (A-2) | ||||||||
4.22%(b) | 05/07/07 | 8,000 | 8,000,000 | |||||
Pepper Pike GO Series 2006 BAN | ||||||||
4.00% | 05/31/07 | 2,614 | 2,614,517 | |||||
Richland County GO (Correctional Facilities Project) Series 2007 BAN | ||||||||
3.75% | 02/21/08 | 1,500 | 1,500,000 | |||||
St. Mary’s MB (Sanitation Improvement Project) Series 2006 BAN | ||||||||
4.05% | 06/06/07 | 867 | 867,206 | |||||
Stark County IDRB (Thakar Properties LLC Project) Series 2002 AMT DN (National City Bank N.A. LOC) | ||||||||
4.06%(b) | 05/07/07 | 410 | 410,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
33
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
| MUNICIPAL BONDS (Continued) | ||||||||
| Ohio (Continued) | ||||||||
Summit County Port Authority RB (Meadow Lane Building LLC Project) Series 2003A AMT DN (KeyBank N.A. LOC) | ||||||||
4.08%(b) | 05/07/07 | $ | 2,160 | $ | 2,160,000 | |||
Toledo GO Munitops Trust Certificates Series 2004-18 DN (FGIC Insurance, State Aid Withholding Guaranty, ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.73%(b)(c) | 06/14/07 | 9,995 | 9,995,000 | |||||
Trumbull County IDRB (Ellwood Engineered Project) Series 2004 AMT DN (KeyBank N.A. LOC) | ||||||||
4.08%(b) | 05/07/07 | 400 | 400,000 | |||||
University of Cincinnati RB Series 2004B DN (AMBAC Insurance, Bayerische Landesbank Girozentrale SBPA) (A-1+, VMIG-1) | ||||||||
3.94%(b) | 05/07/07 | 6,540 | 6,540,000 | |||||
| 78,720,174 | ||||||||
Oklahoma — 1.1% | ||||||||
Muskogee Transport Authority IDRB (Metals USA, Inc. Project ) Series 1998 AMT DN (Bank One N.A. LOC) | ||||||||
4.00%(b) | 05/07/07 | 2,850 | 2,850,000 | |||||
Oklahoma City IDRB Series 1998 AMT DN (Bank One N.A. LOC) | ||||||||
4.20%(b) | 05/07/07 | 1,685 | 1,685,000 | |||||
Oklahoma County Finance Authority Multi Family Housing RB (Sail Assoc. LLC Project) Series 2004 DN (Federal Home Loan Bank Guaranty) (A-1+) | ||||||||
4.02%(b) | 05/07/07 | 6,900 | 6,900,000 | |||||
Oklahoma Development Finance Authority RB (ConocoPhillips Co. Project) Series 2002B DN (ConocoPhillips Co. Guaranty) (A-2, VMIG-2) | ||||||||
4.05%(b) | 05/07/07 | 2,500 | 2,500,000 | |||||
| 13,935,000 | ||||||||
| Pennsylvania — 4.6% | ||||||||
Butler County IDRB (Concordia Lutheran Project) Series 2000B DN (Radian Insurance) (A-1+) | ||||||||
3.99%(b) | 05/07/07 | 11,455 | 11,455,000 | |||||
Erie County IDRB (Fountainhead Project) Series 2006 AMT DN (Huntington National Bank LOC) | ||||||||
4.20%(b) | 05/07/07 | 2,210 | 2,210,000 | |||||
Indiana County IDRB (Conemaugh Project) Series 1997A AMT DN (Bank One N.A. LOC) (VMIG-1) | ||||||||
3.95%(b) | 05/07/07 | 1,800 | 1,800,000 | |||||
Pennsylvania Economic Development Financing Authority Waste Water Treatment RB (Sunoco, Inc. Project) Series 2004A AMT DN (Sunoco, Inc. Guaranty) (A-2, P-2) | ||||||||
4.00%(b) | 05/07/07 | 5,800 | 5,800,000 | |||||
Pennsylvania Economic Development Financing Authority Waste Water Treatment RB (Sunoco, Inc. Project) Series 2004B AMT DN (Sunoco, Inc. Guaranty) (A-2) | ||||||||
4.09%(b) | 05/07/07 | 8,500 | 8,500,000 | |||||
Pennsylvania Higher Educational Facilities Authority RB (Drexel University Project) Series 2003B DN (Allied Irish Bank Plc Liquidity Facility) (A-1, VMIG-1) | �� | |||||||
3.92%(b) | 05/07/07 | 1,655 | 1,655,000 | |||||
Pennsylvania Housing Finance Agency Single Family Mortgage RB MERLOTS Trust Receipts Series 2006B-15 AMT DN (Wachovia Bank N.A. LOC) (A-1+) | ||||||||
4.04%(b)(c) | 05/07/07 | 5,260 | 5,260,000 | |||||
Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2004-83B AMT DN (Landesbank Hessen-Thuringen Girozentrale SBPA) (A-1+, VMIG-1) | ||||||||
3.92%(b) | 05/07/07 | 4,810 | 4,810,000 | |||||
University of Pittsburgh of the Commonwealth Systems of Higher Education RB (University Capital Project) Series 2007A DN (A-1+, VMIG-1) | ||||||||
3.93%(b) | 05/07/07 | 10,300 | 10,300,000 | |||||
Venango IDRB Municipal Commercial Paper Series 2007 AMT TECP (A-1+, P-1) | ||||||||
3.70% | 05/07/07 | 8,500 | 8,500,000 | |||||
| 60,290,000 | ||||||||
| South Carolina — 1.9% | ||||||||
Greenwood County Exempt Facility IDRB (Fuji Photo Film Project) Series 2004 AMT DN (Fuji Film Corp. Guaranty) (A-1+) | ||||||||
4.01%(b) | 05/07/07 | 12,200 | 12,200,000 | |||||
Ridgeland RB (Ridgeland LLC Project) Series 2006A AMT DN (Columbus Bank & Trust LOC) (F-1) | ||||||||
4.02%(b) | 05/07/07 | 2,325 | 2,325,000 | |||||
South Carolina Housing Finance & Development RB (Arrington Place Apartment Project) Series 2001 AMT DN (SunTrust Bank LOC) (VMIG-1) | ||||||||
4.06%(b) | 05/07/07 | 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) | ||||||||
4.06%(b) | 05/07/07 | 2,950 | 2,950,000 | |||||
South Carolina Jobs Economic Development Authority RB (Holcim U.S., Inc. Project) Series 2003 AMT DN (Comercia Bank N.A. LOC) (A-1) | ||||||||
4.09%(b) | 05/07/07 | 6,250 | 6,250,000 | |||||
| 24,825,000 | ||||||||
| South Dakota — 0.3% | ||||||||
Spink County Solid Waste Disposal RB (United Feeders LLP) Series 2007 AMT DN (Wells Fargo Bank N.A. LOC) | ||||||||
4.02%(b) | 05/07/07 | 3,800 | 3,800,000 | |||||
| Tennessee — 1.3% | ||||||||
Chattanooga IDRB (T.B. Woods Inc. Project) Series 1997 AMT DN (M&T Bank Corp. LOC) | ||||||||
4.04%(b) | 05/07/07 | 2,290 | 2,290,000 | |||||
Coffee County IDRB (Comtec Polymers, Inc. Project) Series 1997 AMT DN (Bank of America N.A. LOC) | ||||||||
4.12%(b) | 05/07/07 | 1,700 | 1,700,000 | |||||
Grundy County IDRB (Toyota Seat Project) Series 2001 AMT DN (Comerica Bank N.A. LOC) | ||||||||
4.14%(b) | 05/07/07 | 2,905 | 2,905,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
34
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
| MUNICIPAL BONDS (Continued) | ||||||||
| Tennessee (Continued) | ||||||||
Jackson Health Educational & Housing Facility Board Multi-Family Housing RB (East Pointe LLC Project) Series 2006 AMT DN (Transamerica Occidental Life Insurance) (A-1+) | ||||||||
4.27%(b) | 05/07/07 | $ | 5,100 | $ | 5,100,000 | |||
Metropolitan Government of Nashville & Davidson County IDRB (Family LLC Project) Series 2002 AMT DN (SunTrust Bank LOC) (F-1+) | ||||||||
4.06% | 05/07/07 | 2,900 | 2,900,000 | |||||
Morristown IDRB (Petoskey Plastic Project) Series 1999 AMT DN (Comerica Bank N.A. LOC) | ||||||||
4.14%(b) | 05/07/07 | 1,810 | 1,810,000 | |||||
| 16,705,000 | ||||||||
| Texas — 7.2% | ||||||||
Bell County Health Facilities Development Corp. RB (Scott & White Hospital Project) Series 2001-2 DN (MBIA Insurance, WestLB AG SBPA) | ||||||||
4.02%(b) | 05/01/07 | 11,100 | 11,100,000 | |||||
Brazos River (Dow Chemical Co. Project) TECP (P-1) | ||||||||
3.78% | 05/03/07 | 11,000 | 11,000,000 | |||||
El Paso Texas Multi-Family Housing Financing Corp. RB MERLOTS Trust Receipts Series 2006G-1 AMT DN (Wachovia Bank N.A. LOC) | ||||||||
4.04%(b)(c) | 05/07/07 | 7,565 | 7,565,000 | |||||
Lower Neches Valley Authority PCRB (Chevron USA, Inc. Project) Series 1987 DN (Chevron Corp. Guaranty) (A-1+, P-1) | ||||||||
3.73%(b) | 08/15/07 | 5,010 | 5,010,000 | |||||
Montgomery County IDRB (Sawyer Research Products, Inc. Project) Series 1995 AMT DN (KeyBank N.A. LOC) | ||||||||
4.11%(b) | 05/07/07 | 751 | 751,000 | |||||
Port Corpus Christi Nueces Solid Waste Disposal Authority RB (Flint Hills Resources Project) Series 2006 AMT DN (A-1, P-1) | ||||||||
4.26%(b) | 05/07/07 | 3,500 | 3,500,000 | |||||
San Marcos IDRB (TB Woods, Inc. Project) Series 1999 AMT DN (M&T Bank Corp. LOC) | ||||||||
4.04%(b) | 05/07/07 | 3,000 | 3,000,000 | |||||
South Plains Housing Corp. Single Family RB MERLOTS Trust Receipts Series 2002A-11 AMT DN (Government National Mortgage Assoc. Guaranty, Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||||
4.04%(b)(c) | 05/07/07 | 1,375 | 1,375,000 | |||||
Texas GO Series 2006 TRAN (SP-1+, MIG-1) | ||||||||
4.50% | 08/31/07 | 27,565 | 27,648,913 | |||||
Texas Water Development Board RB (State Revolving Fund Project) Series 2005 DN (JPMorgan Chase & Co. SBPA) (A-1+, VMIG-1) | ||||||||
4.10%(b) | 05/01/07 | 24,200 | 24,200,000 | |||||
| 95,149,913 | ||||||||
| Utah — 1.4% | ||||||||
Intermountain Power Agency Power Supply RB Series 1985E MB (Morgan Stanley Group LOC) (AAA, Aaa, AAA) | ||||||||
3.64% | 09/17/07 | 15,000 | 15,000,000 | |||||
Intermountain Power Agency Power Supply RB Series 1985F DN (AMBAC Insurance, Morgan Stanley Group SBPA) (A-1, VMIG-1) | ||||||||
3.55%(b) | 06/01/07 | 3,000 | 3,000,000 | |||||
| 18,000,000 | ||||||||
| Vermont — 1.6% | ||||||||
Vermont Educational & Health Buildings Financing Agency RB (North Country Hospital Project) Series 2002A DN (TD Banknorth N.A. LOC) (VMIG-1) | ||||||||
4.06% | 05/01/07 | 12,415 | 12,415,000 | |||||
Vermont Educational & Health Buildings Financing Agency RB (Springfield Hospital Project) Series 2002A DN (TD Banknorth N.A. LOC) (VMIG-1) | ||||||||
3.96%(b) | 05/07/07 | 8,410 | 8,410,000 | |||||
| 20,825,000 | ||||||||
| Virginia — 4.8% | ||||||||
Alexandria IDRB (Goodwin House Project) Series 2005 DN (Wachovia Bank N.A. LOC) (F-1+) | ||||||||
4.03%(b) | 05/01/07 | 9,295 | 9,295,000 | |||||
Botetourt County IDRB (Altec Industries Project) Series 2001 AMT DN (AmSouth Bank of Alabama LOC) (A-1) | ||||||||
4.10%(b) | 05/07/07 | 2,600 | 2,600,000 | |||||
Cabell Lifecare Facilities RB (Foster Foundation Project) Series 2003 DN (Huntington National Bank LOC) | ||||||||
4.10%(b) | 05/07/07 | 4,270 | 4,270,000 | |||||
Fairfax County IDRB (Inova Health Systems Project) Series 2005A-2 DN (A-1+, VMIG-1) | ||||||||
3.94%(b) | 05/07/07 | 2,200 | 2,200,000 | |||||
Loudoun County IDRB (Howard Hughes Medical Institute Project) Series 2003A DN (A-1+, VMIG-1) | ||||||||
4.08%(b) | 05/01/07 | 14,050 | 14,050,000 | |||||
Norfolk Redevelopment & Housing Authority Multi-Family Housing RB (Residential Rental Project) Series 2003 AMT DN (SunTrust Bank LOC) | ||||||||
4.11%(b) | 05/07/07 | 1,938 | 1,938,000 | |||||
Richmond IDRB (PM Beef Co. Project) Series 1997 AMT DN (Bank of America N.A. LOC) | ||||||||
4.12%(b) | 05/07/07 | 1,400 | 1,400,000 | |||||
Virginia Beach Development Authority Multi-Family Housing RB (Residential Rental Housing Project) Series 2002 AMT DN (SunTrust Bank LOC) | ||||||||
4.11%(b) | 05/07/07 | 1,684 | 1,684,000 | |||||
Virginia Housing Development Authority RB MERLOTS Trust Receipts Series 2006B-16 AMT DN (Wachovia Bank N.A. LOC) (A-1+) | ||||||||
4.04%(b)(c) | 05/07/07 | 5,325 | 5,325,000 | |||||
Virginia Housing Development Authority RB MERLOTS Trust Receipts Series 2006B-22 AMT DN (Wachovia Bank N.A. LOC) (A-1+) | ||||||||
4.04%(b)(c) | 05/07/07 | 4,405 | 4,405,000 | |||||
Virginia Housing Development Authority RB MERLOTS Trust Receipts Series 2006C-03 DN (Bank of New York SBPA) (A-1+) | ||||||||
4.04%(b)(c) | 05/07/07 | 6,385 | 6,385,000 | |||||
Virginia Housing Development Authority RB Municipal Securities Trust Certificates Series 2006A AMT DN (Bear Stearns Capital Markets Liquidity Facility) (VMIG-1) | ||||||||
4.00%(b)(c) | 05/07/07 | 10,000 | 10,000,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
35
Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | ||||||
| MUNICIPAL BONDS (Continued) | |||||||||
| Virginia (Continued) | |||||||||
Virginia Small Business Financing Authority RB (Coastal Development Group Project) Series 1989 AMT DN (Branch Banking & Trust Co. LOC) | |||||||||
4.20%(b) | 05/07/07 | $ | 55 | $ | 55,000 | ||||
Winchester Authority Residential Care Facility IDRB (Westminster-Cantenbury Project) Series 2005B DN (Branch Banking & Trust Co. LOC) (VMIG-1) | |||||||||
3.95%(b) | 05/07/07 | 300 | 300,000 | ||||||
| 63,907,000 | |||||||||
| Washington — 1.9% | |||||||||
King County Sewer RB Series 2006A DN (MBIA Insurance, Royal Bank of Canada Liquidity Facility) (A-1, VMIG-1) | |||||||||
3.95%(b) | 05/07/07 | 2,900 | 2,900,000 | ||||||
Port Seattle Supply Facility RB Seatac Fuel Facility Project Trust Receipts Series 2007I-11 AMT DN (MBIA Insurance, Royal Bank of Canada LOC) (A-1+) | |||||||||
4.00%(b)(c) | 05/07/07 | 7,000 | 7,000,000 | ||||||
Seattle Housing Authority RB (High Point Project Phase II) Series 2007 AMT DN (Key Bank N.A. LOC) (A-1) | |||||||||
4.01%(b) | 05/07/07 | 4,500 | 4,500,000 | ||||||
Washington Economic Development Finance Authority RB (Delta Marine Industries) Series 2007A AMT DN (Key Bank N.A. LOC) (A-1+) | |||||||||
4.05%(b) | 05/07/07 | 10,000 | 10,000,000 | ||||||
Yakima County Public Corp. RB (Michelsen Packaging Co. Project) Series 2000 AMT DN (Bank of America N.A. LOC) (A-1+) | |||||||||
4.05%(b) | 05/07/07 | 495 | 495,000 | ||||||
| 24,895,000 | |||||||||
| West Virginia — 0.1% | |||||||||
West Virginia Hospital RB (West Virginia Hospital Pooled Financing Program) Series 2001B-2 DN (Branch Banking & Trust Co. LOC) (VMIG-1) | |||||||||
4.12%(b) | 05/07/07 | 1,130 | 1,130,000 | ||||||
| Wisconsin — 0.6% | |||||||||
Kohler Village Solid Waste Disposal RB (Kohler Project) Series 1997 AMT DN (Wachovia Bank N.A. LOC) | |||||||||
4.00%(b) | 05/07/07 | 4,000 | 4,000,000 | ||||||
Mequon IDRB (Johnson Level GRW Investment Project) Series 1995 AMT DN (Bank One N.A. LOC) | |||||||||
4.20%(b) | 05/07/07 | 545 | 545,000 | ||||||
Oshkosh IDRB (Oshkosh Coil Spring Project) Series 2000A AMT DN (Bank One N.A. LOC) | |||||||||
4.20%(b) | 05/07/07 | 1,960 | 1,960,000 | ||||||
Wisconsin Health & Educational Facilities RB (Pooled Loan Financing Program) Series 2002E DN (Associated Bank N.A. LOC) (VMIG-1) | |||||||||
4.12%(b) | 05/07/07 | 1,890 | 1,890,000 | ||||||
| 8,395,000 | |||||||||
| Wyoming — 1.0% | |||||||||
Cheyenne IDRB (Grobet File Co., Inc. Project) Series 2001 AMT DN (National City Bank N.A. LOC) | |||||||||
4.06%(b) | 05/07/07 | 2,100 | 2,100,000 | ||||||
Green River RB (Rhone-Poulenc LP Project) Series 1994 AMT DN (Commerce Bank N.A. LOC) (VMIG-1) | |||||||||
4.19%(b) | 05/07/07 | 11,400 | 11,400,000 | ||||||
| 13,500,000 | |||||||||
TOTAL MARKET VALUE OF SECURITIES BEFORE AFFILIATED INVESTMENTS — 95.4% | |||||||||
(Cost $ 1,262,441,457) | 1,262,441,457 | ||||||||
| AFFILIATED INVESTMENTS — 5.7% | |||||||||
Austin Housing Financial Corp. RB P-Float Trust Receipts Series 2005 PT-2578 AMT DN (Merrill Lynch & Co. Guaranty) (F-1+) | |||||||||
4.03%(b)(c)(d) | 05/07/07 | 14,630 | 14,630,000 | ||||||
District of Columbia Housing Finance Agency RB Series 2004 PT-2391 AMT DN (MBIA Insurance, Merrill Lynch & Co. SBPA) (F-1+) | |||||||||
4.03%(b)(c)(d) | 05/07/07 | 2,415 | 2,415,000 | ||||||
Municipal Securities Pool Trust Receipts RB Series 2004-17 DN (Multiple Insurances, Societe Generale Group SBPA) (A-1+) | |||||||||
4.05%(b)(c) | 05/07/07 | 2,930 | 2,930,000 | ||||||
MuniMae Tax Exempt Board Subsidiary LLC RB P-Float Trust Receipts Series 2005 PT-2691 AMT DN (Merrill Lynch & Co. Guaranty) (F-1+) | |||||||||
4.03%(b)(c)(d) | 05/07/07 | 22,580 | 22,580,000 | ||||||
Oregon Homeowners RB (Trinity Draw Down Project) Series 2005 MT-134 AMT DN (Landesbank Hessen-Thuringen Girozentrale SBPA) (VMIG-1) | |||||||||
4.01%(b)(c) | 05/07/07 | 2,940 | 2,940,000 | ||||||
Oregon Housing & Community Services RB P-Float Trust Receipts Series 2005-2879 AMT DN (Merrill Lynch Capital Services SBPA) | |||||||||
4.03%(b)(c)(d) | 05/07/07 | 24,495 | 24,495,000 | ||||||
Puttable Floating Option Tax-Exempt Receipts RB Series 2005A DN (Merrill Lynch Capital Services SBPA) (F-1+) | |||||||||
4.02%(b)(c)(d) | 05/07/07 | 1,760 | 1,760,000 | ||||||
Virginia Beach Development Authority Multi-Family Housing RB P-Float Trust Receipts Series 2005-2505 AMT DN (Merrill Lynch & Co. Guaranty) (F-1+) | |||||||||
4.03%(b)(c)(d) | 05/07/07 | 3,745 | 3,745,000 | ||||||
| TOTAL AFFILIATED INVESTMENTS | |||||||||
(Cost $ 75,495,000) | 75,495,000 | ||||||||
| TOTAL INVESTMENTS IN SECURITIES — 101.1% | |||||||||
(Cost $1,337,936,457(a)) | 1,337,936,457 | ||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS — (1.1)% | (14,881,240 | ) | |||||||
| NET ASSETS — 100.0% | $ | 1,323,055,217 | |||||||
| (a) | Aggregate cost for federal income tax purposes. |
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
MUNICASH (CONCLUDED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
|
| (b) | Rates shown are as of April 30, 2007 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, 2007, the Fund held 19.6% of its net assets, with a current market value of $259,023,000, in securities restricted as to resale. |
| (d) | Security insured by an affiliate. |
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS — 94.8% | ||||||||
California — 88.2% | ||||||||
Alameda-Contra Costa Schools Financing Authority COP (Capital Improvement Financing Project) Series 1997F DN (Kredietbank N.V. LOC) (A-1+) | ||||||||
3.85%(c) | 05/07/07 | $ | 500 | $ | 500,000 | |||
Alameda-Contra Costa Schools Financing Authority COP (Capital Improvement Financing Project) Series 2005M DN (Bank of Nova Scotia LOC) (A-1+) | ||||||||
3.85%(c) | 05/07/07 | 1,800 | 1,800,000 | |||||
Alameda Corridor Transportation Authority RB Series 2007-15Z DN (AMBAC Insurance, MBIA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+, AAA) | ||||||||
3.96%(b)(c) | 05/01/07 | 5,140 | 5,140,000 | |||||
Alameda County RB Morgan Stanley Trust Certificates Series 2001-521 DN (MBIA Insurance, Morgan Stanley Group Liquidity Facility) (A-1+, VMIG-1) | ||||||||
3.91%(b)(c) | 05/07/07 | 3,395 | 3,395,000 | |||||
Antelope Valley East RB Series 2007-126 DN (FGIC Insurance, Bank of America N.A. Liquidity Facility) (A-1+, AAA) | ||||||||
3.93%(b)(c) | 05/01/07 | 4,260 | 4,260,000 | |||||
Arcadia United School District GO Putters Series 2007-1716 DN (FSA Insurance, JPMorgan Chase & Co. Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.95%(b)(c) | 05/01/07 | 1,000 | 1,000,000 | |||||
Beaumont Utilities Authority RB (Waste Water Enterprise Project) Series 2001A DN (Union Bank of California N.A. LOC, CalSTRS LOC) (A-1+) | ||||||||
3.82%(c) | 05/07/07 | 4,800 | 4,800,000 | |||||
California Department of Water Resource Power Supply RB Putters Series 2004-459 DN (MBIA Insurance, JPMorgan Chase & Co. Liquidity Facility) (A-1+, AAA) | ||||||||
3.92%(b)(c) | 05/07/07 | 3,110 | 3,110,000 | |||||
California Department of Water Resource Power Supply RB Series 2002B-2 DN (Banque Nationale de Paribas LOC) (A-1+, VMIG-1) | ||||||||
4.00%(c) | 05/01/07 | 55,100 | 55,100,000 | |||||
California Department of Water Resource Power Supply RB Series 2002C-4 DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-1) | ||||||||
3.82%(c) | 05/07/07 | 25,500 | 25,500,000 | |||||
California Department of Water Resource Power Supply RB Series 2002C-7 DN (FSA Insurance, Dexia Credit Local SBPA) (A-1+, VMIG-1) | ||||||||
3.85%(c) | 05/07/07 | 4,850 | 4,850,000 | |||||
California Department of Water Resource Power Supply RB Series 2005F-3 DN (Bank of New York LOC, CALPERS LOC) (VMIG-1, F-1+) | ||||||||
3.93%(c) | 05/01/07 | 30,300 | 30,300,000 | |||||
California Department of Water Resource Power Supply RB Series 2005F-5 DN (Citibank N.A. LOC) (A-1+, VMIG-1) | ||||||||
4.00%(c) | 05/07/07 | 12,600 | 12,600,000 | |||||
California Department of Water Resource Power Supply RB Series 2005G-2 DN (Lloyds TSB Bank Plc LOC) (A-1+, VMIG-1) | ||||||||
3.82%(c) | 05/07/07 | 900 | 900,000 | |||||
California Department of Water Resource RB (Century VY Project) Series 2007-27G DN (The Goldman Sachs Group, Inc. Guaranty, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+, AA) | ||||||||
3.94%(b)(c) | 05/01/07 | 18,600 | 18,600,000 | |||||
California Economic Recovery GO Series 2004-933 DN (Morgan Stanley Group Liquidity Facility) (A-1, AA-) | ||||||||
3.91%(b)(c) | 05/07/07 | 18,745 | 18,745,000 | |||||
California Economic Recovery GO Series 2004L-27 DN (Lehman Liquidity Co. Liquidity Facility) (A-1+, VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 40,925 | 40,925,000 | |||||
California Economic Recovery RB Series 2004C DN (JPMorgan Chase & Co. SBPA) (A-1+, VMIG-1) | ||||||||
3.93%(c) | 05/01/07 | 12,000 | 12,000,000 | |||||
California Economic Recovery RB Series 2004C-16 DN (FSA Insurance, Dexia Credit Local SBPA) (A-1+, VMIG-1) | ||||||||
3.83%(c) | 05/07/07 | 3,500 | 3,500,000 | |||||
California Economic Recovery RB Series 2004C-20 DN (XLCA Insurance, Dexia Credit Local SBPA) (VMIG-1) | ||||||||
3.82%(c) | 05/07/07 | 1,295 | 1,295,000 | |||||
California Economic Recovery RB Series 2004C-21 DN (XLCA Insurance, Dexia Credit Local SBPA) (A-1+, VMIG-1) | ||||||||
3.84%(c) | 05/07/07 | 3,900 | 3,900,000 | |||||
California Educational Facilities Authority RB (Art Center Design College Project) Series 2002A DN (M&T Bank Corp. SBPA) (A-1+, VMIG-1) | ||||||||
3.83%(c) | 05/07/07 | 3,445 | 3,445,000 | |||||
California Educational Facilities Authority RB (Pomona College Project) Series 2005B DN (A-1+, VMIG-1) | ||||||||
3.85%(c) | 05/07/07 | 2,000 | 2,000,000 | |||||
California GO (Eclipse Funding Trust) Series 2005-0004 DN (MBIA Insurance, U.S. Bank N.A. Liquidity Facility) (F-1+) | ||||||||
3.91%(b)(c) | 05/07/07 | 9,070 | 9,070,000 | |||||
California GO (Eclipse Funding Trust) Series 2006-0011 DN (AMBAC Insurance, U.S. Bank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.91%(b)(c) | 05/07/07 | 22,995 | 22,995,000 | |||||
California GO (Kindergarten-University Project) Series 2002B-5 DN (State Street Bank & Trust Co. LOC) (A-1+, VMIG-1) | ||||||||
3.85%(c) | 05/07/07 | 3,200 | 3,200,000 | |||||
California GO Lehman Trust Receipts Series 2006-K83 DN (AMBAC Insurance, Lehman Liquidity Co. Liquidity Facility) (VMIG-1, Aaa) | ||||||||
3.94%(b)(c) | 05/01/07 | 5,130 | 5,130,000 | |||||
California GO Municipal Securities Trust Certificates Series 2001-119 DN (FGIC Insurance, Societe Generale Group Liquidity Facility) (A-1+, AAA) | ||||||||
4.03%(b)(c) | 05/01/07 | 24,000 | 24,000,000 | |||||
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
California (Continued) | ||||||||
California GO Munitops Trust Certificates Series 2003 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA ) (VMIG-1, F-1+) | ||||||||
3.95%(b)(c) | 05/07/07 | $ | 7,500 | $ | 7,500,000 | |||
California GO Munitops Trust Certificates Series 2005-26 DN (CIFG-TCRS, ABN-AMRO Bank N.V. SBPA) (F-1+) | ||||||||
3.69%(b)(c) | 06/14/07 | 24,995 | 24,995,000 | |||||
California GO Putters Series 2006-1255 DN (AMBAC Insurance, PB Capital Corp. Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.92%(b)(c) | 05/01/07 | 11,880 | 11,880,000 | |||||
California GO Putters Series 2007-1680 DN (AMBAC Insurance, JPMorgan Chase & Co. Liquidity Facility) (VMIG-1) | ||||||||
3.92%(b)(c) | 05/07/07 | 1,720 | 1,720,000 | |||||
California GO Series 2002 DN (XLCA Insurance, Morgan Stanley Group Liquidity Facility) (VMIG-1) | ||||||||
3.91%(b)(c) | 05/07/07 | 3,705 | 3,705,000 | |||||
California GO Series 2003A-2 DN (JPMorgan Chase & Co. LOC, WestLB AG LOC) (A-1+, VMIG-1) | ||||||||
4.05%(c) | 05/01/07 | 52,800 | 52,800,000 | |||||
California GO Series 2005B-1 DN (Bank of America N.A. LOC) (A-1+, VMIG-1) | ||||||||
3.86%(c) | 05/07/07 | 200 | 200,000 | |||||
California GO Series 2005B-5 DN (Depfa Bank Plc LOC) (A-1+, VMIG-1) | ||||||||
3.78%(c) | 05/07/07 | 100 | 100,000 | |||||
California GO Series 2007 ROC-RR-II-R-765CE DN (Citibank N.A. Guaranty, Citibank N.A. Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.95%(b)(c) | 05/01/07 | 8,500 | 8,500,000 | |||||
California GO Series 2007-1599 DN (MBIA Insurance, Depfa Bank Plc Liquidity Facility) (A-1+, AAA) | ||||||||
3.91%(b)(c) | 05/07/07 | 6,200 | 6,200,000 | |||||
California Health Facilities Financing Authority RB Series 2002-591 DN (Morgan Stanley Group Liquidity Facility) (A-1+) | ||||||||
3.96%(b)(c) | 05/07/07 | 3,500 | 3,500,000 | |||||
California Infrastructure & Economic Development Bank RB (Academy of Motion Pictures Arts & Science Project) Series 2002 DN (AMBAC Insurance, JPMorgan Chase & Co. SBPA) (A-1+, VMIG-1) | ||||||||
3.92%(c) | 05/07/07 | 2,500 | 2,500,000 | |||||
California Infrastructure & Economic Development Bank RB Bay Area Toll Bridges Project Municipal Trust Receipts Series 2006K-61 DN (AMBAC Insurance, Lehman Liquidity Co. Liquidity Facility) (VMIG-1) | ||||||||
3.94%(b)(c) | 05/02/07 | 9,300 | 9,300,000 | |||||
California Infrastructure & Economic Development Bank RB (Goodwill Industries For Orange County Project) Series 2006 DN (Wells Fargo Bank N.A. LOC) (F-1+) | ||||||||
3.74%(c) | 05/07/07 | 1,900 | 1,900,000 | |||||
California Pollution Control Financing Authority PCRB (Pacific Gas & Electric Co. Project) Series 1996C DN (Bank of America N.A. LOC) (A-1+, VMIG-1) | ||||||||
4.00%(c) | 05/01/07 | 21,990 | 21,990,000 | |||||
California Pollution Control Financing Authority PCRB (Pacific Gas & Electric Co. Project) Series 1996E DN (Banc One LOC) (A-1+) | ||||||||
3.96%(c) | 05/01/07 | 6,500 | 6,500,000 | |||||
California RB Municipal Securities Trust Receipts Series 1997 SGA-58 DN (FGIC Insurance, Societe Generale SBPA) (SP-1+, VMIG-1) | ||||||||
3.92%(b)(c) | 05/07/07 | 2,100 | 2,100,000 | |||||
California School Cash Reserve Program GO Series 2006A TRAN (AMBAC Insurance, Citigroup Financial Products Guaranty) (SP-1+, MIG-1) | ||||||||
4.50% | 07/06/07 | 15,245 | 15,267,575 | |||||
California State TECP (Multiple LOCs) (A-1, P-1) | ||||||||
3.56% | 05/02/07 | 5,700 | 5,700,000 | |||||
3.50% | 05/04/07 | 19,400 | 19,400,000 | |||||
3.55% | 05/07/07 | 5,800 | 5,800,000 | |||||
3.50% | 05/08/07 | 5,900 | 5,900,000 | |||||
3.52% | 05/09/07 | 4,300 | 4,300,000 | |||||
3.55% | 05/18/07 | 3,700 | 3,700,000 | |||||
3.75% | 07/10/07 | 12,500 | 12,500,000 | |||||
California Statewide Communities Development Authority RB (Archer School For Girls, Inc. Project) Series 2005 DN (Allied Irish Bank Plc LOC) (VMIG-1) | ||||||||
3.86%(c) | 05/07/07 | 6,035 | 6,035,000 | |||||
California Statewide Communities Development Authority RB (Kaiser Permanente Project) Series 2004J DN (A-1, F-1) | ||||||||
3.92%(c) | 05/07/07 | 8,300 | 8,300,000 | |||||
California Statewide Communities Development Authority RB (Kaiser Permanente Project) Series 2004L DN (A-1, F-1) | ||||||||
3.92%(c) | 05/07/07 | 20,500 | 20,500,000 | |||||
California Statewide Communities Development Authority RB (Kaiser Permanente Project) Series 2007 ROC-RR-II-R-763CE DN (Citibank N.A. Guaranty, Citibank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.95%(b)(c) | 05/01/07 | 3,200 | 3,200,000 | |||||
California Statewide Communities Development Authority RB (Presbyterian Homes Project) Series 2006B DN (Bank of America N.A. LOC) (A-1+) | ||||||||
3.83%(c) | 05/07/07 | 1,500 | 1,500,000 | |||||
California Statewide Communities Development Authority RB Series 2007-31G DN (The Goldman Sachs Group, Inc. Guaranty, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+, AA-) | ||||||||
3.94%(b)(c) | 05/01/07 | 3,800 | 3,800,000 | |||||
California Transportaion Financing Authority RB Series 1997 DN (FSA Insurance, Credit Suisse First Boston SBPA) (A-1) | ||||||||
3.82%(c) | 05/07/07 | 3,885 | 3,885,000 | |||||
Chabot-Las Positas Community College District GO Series 2006-87-Z DN (AMBAC Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (AAA, F-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 1,010 | 1,010,000 | |||||
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
California (Continued) | ||||||||
Clipper Tax Exempt Certificates Trust RB (Certified Partner Multi-State Project) Series 2007-17 DN (State Street Bank & Trust Co. LOC) (VMIG-1, Aa3) | ||||||||
3.95%(b)(c) | 05/01/07 | $ | 6,085 | $ | 6,085,000 | |||
Coast Community College District GO (Stars Certificates) Series 2006-165 DN (FSA Insurance, Banque Nationale de Paribas Liquidity Facility) (VMIG-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 15,035 | 15,035,000 | |||||
Coast Community College District GO Series 2006-45 DN (FSA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 16,910 | 16,910,000 | |||||
Coast Community College District GO Series 2006Z-58 DN (FSA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (AAA, F-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 5,005 | 5,005,000 | |||||
Coronado Community Development Agency RB Series 2005 ROC-RR-II-451 DN (AMBAC Insurance, Citibank N.A. LOC) (A-1+) | ||||||||
3.95%(b)(c) | 05/07/07 | 6,900 | 6,900,000 | |||||
El Camino Hospital Authority GO Municipal Securities Trust Certificates Series 2006A-3040 DN (MBIA Insurance, Bear Stearns Capital Markets Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 3,380 | 3,380,000 | |||||
Fontana Public Financing Authority for Tax Allocation RB Putters Series 2005-707 DN (AMBAC Insurance, JPMorgan Chase & Co. Liquidity Facility) (A-1+) | ||||||||
3.92%(b)(c) | 05/07/07 | 1,980 | 1,980,000 | |||||
Foothill Easton Transportation RB Municipal Trust Receipts Series 2006D DN (Lehman Liquidity Co. Liqudity Facility), Escrowed to Maturity (VMIG-1) | ||||||||
3.94%(b)(c) | 05/02/07 | 11,975 | 11,975,000 | |||||
Foothill-De Anza Community College GO Series 2000Y DN (Wachovia Bank N.A. LOC) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 2,775 | 2,775,000 | |||||
Glendale Hospital RB Series 2002-590 DN (MBIA Insurance, Morgan Stanley Group LOC) (A-1+) | ||||||||
3.96%(c) | 05/07/07 | 6,690 | 6,690,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB Municipal Securities Trust Certificates Series 2005-228A DN (FSA Insurance, Bear Stearns Capital Markets Liquidity Facility) (VMIG-1) | ||||||||
3.98%(c) | 05/07/07 | 10,370 | 10,370,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB Municipal Securities Trust Certificates Series 2006A-7021 DN (FGIC Insurance, Bear Stearns Capital Markets Liquidity Facility) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB Municipal Securities Trust Certificates Series 2007-3059 DN (Bear Stearns Capital Markets Guaranty, Bear Stearns Capital Markets Liquidity Facility) (A-1, AA+) | ||||||||
3.98%(b)(c) | 05/01/07 | 1,800 | 1,800,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB Municipal Securities Trust Certificates Series 2007-7045 DN (Bear Stearns Capital Markets Guaranty, Bear Stearns Capital Markets Liquidity Facility) (A-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 11,900 | 11,900,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2004 ROC-RR-II-285X DN (XLCA Insurance, Citibank N.A. Liquidity Facility) (AAA) | ||||||||
3.95%(b)(c) | 05/07/07 | 4,995 | 4,995,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2004 ROC-RR-II-287X DN (CITG-TCRS, Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.95%(b)(c) | 05/07/07 | 3,540 | 3,540,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2006Z-4 DN (FSA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 119 | 119,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2006Z-5 DN (AMBAC Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 11 | 11,000 | |||||
Grossmont-Cuyamaca Community College District GO Series 2005-1130 DN (FGIC Insurance, JPMorgan Chase & Co. Liquidity Facility) (VMIG-1) | ||||||||
3.91%(b)(c) | 05/07/07 | 8,900 | 8,900,000 | |||||
Grossmont Unified High School District RB (Stars Certificates) Series 2006-163 DN (MBIA Insurance, Banque Nationale de Paribas Liquidity Facility) (VMIG-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 4,965 | 4,965,000 | |||||
Grossmont Unified High School District RB (Stars Certificates) Series 2006-164 DN (MBIA Insurance, Banque Nationale de Paribas Liquidity Facility) (VMIG-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 1,485 | 1,485,000 | |||||
Grossmont-Cuyamaca Community College District GO Series 2005-1130 DN (FGIC Insurance, JPMorgan Chase & Co. Liquidity Facility) (VMIG-1) | ||||||||
3.91%(b)(c) | 05/07/07 | 8,900 | 8,900,000 | |||||
Irvine Improvement Board ACT 1915 RB (Assesment District 04-20 Project) Series 2005A DN (Kredietbank LOC) (VMIG-1, F-1+) | ||||||||
3.95%(c) | 05/01/07 | 16,050 | 16,050,000 | |||||
Irvine Public Facilities & Infrastructure Authority Lease RB (Capital Improvement Project) Series 1985 DN (State Street Bank & Trust Co. LOC) (VMIG-1) | ||||||||
3.80%(c) | 05/07/07 | 1,485 | 1,485,000 | |||||
Los Angeles Community College District GO Munitops Trust Certificates Series 2005A DN (FSA Insurance, ABN-AMRO Bank N.V. SBPA) (AAA, F-1+) | ||||||||
3.95%(b)(c) | 05/07/07 | 9,830 | 9,830,000 | |||||
Los Angeles County GO Series 2006A TRAN (SP-1+, MIG-1) | ||||||||
4.50% | 06/29/07 | 15,400 | 15,422,435 | |||||
Los Angeles County Schools GO Series 2006A TRAN (SP-1+) | ||||||||
4.50% | 06/29/07 | 3,000 | 3,004,683 | |||||
Los Angeles Department of Airports RB (Los Angeles International Airport Project) Series 2002C-1 DN (Banque Nationale de Paribas LOC) (A-1+, VMIG-1) | ||||||||
3.80%(c) | 05/07/07 | 3,300 | 3,300,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
California (Continued) | ||||||||
Los Angeles Department of Water & Power RB Eagle Trust Receipts Series 2006A DN (AMBAC Insurance, Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.95%(b)(c) | 05/07/07 | $ | 4,355 | $ | 4,355,000 | |||
Los Angeles GO Series 2006 TRAN (SP-1+, MIG-1) | ||||||||
4.50% | 06/29/07 | 15,000 | 15,017,524 | |||||
Los Angeles Unified School District GO Munitops Trust Certificates Series 1999C DN (MBIA Insurance, ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.94%(b)(c) | 05/07/07 | 1,500 | 1,500,000 | |||||
Los Angeles Unified School District GO Munitops Trust Certificates Series 2005-36 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (F-1+, AAA) | ||||||||
3.69%(b)(c) | 06/14/07 | 10,000 | 10,000,000 | |||||
Los Angeles Unified School District GO Series 2007-9TP DN (AMBAC Insurance, Depfa Bank Plc Liquidity Facility) (A-1+, AAA) | ||||||||
3.94%(b)(c) | 05/01/07 | 1,000 | 1,000,000 | |||||
Los Angeles Unified School District GO Series 2007-1627 DN (AMBAC Insurance, Morgan Stanley Group Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.82%(b)(c) | 05/01/07 | 6,955 | 6,955,000 | |||||
Los Angeles Wastewater RB Lehman Trust Receipts Series 2006K-80 DN (MBIA Insurance, Lehman Liquidity Co. Liquidity Facility) (VMIG-1) | ||||||||
3.94%(b)(c) | 05/01/07 | 12,000 | 12,000,000 | |||||
Los Angeles Wastewater Systems RB Series 2002A DN (FGIC Insurance, Bank of America N.A. Liquidity Facility) (A-1+) | ||||||||
3.93%(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
Los Angeles Water & Power Systems RB Putters Series 2006-1262 DN (FSA Insurance, PB Capital Corp. Liquidity Facility) (A-1, AAA) | ||||||||
3.92%(b)(c) | 05/01/07 | 7,840 | 7,840,000 | |||||
Los Angeles Water & Power Systems RB Series 2002A-1 DN (National Australia Bank Ltd. SBPA, Lloyds TBS Bank Plc SBPA, Fortis Bank SBPA) (A-1+, VMIG-1) | ||||||||
3.82%(c) | 05/07/07 | 3,400 | 3,400,000 | |||||
Madera Financing Authority RB Series 2005A DN (Dexia Credit Local LOC) (A-1+) | ||||||||
3.96%(c) | 05/01/07 | 2,000 | 2,000,000 | |||||
Metropolitan Water District of Southern California Waterworks RB Series 1996A DN (AMBAC Insurance, Lloyds TSB Bank Plc SBPA) (A-1+, VMIG-1) | ||||||||
3.82%(c) | 05/07/07 | 3,500 | 3,500,000 | |||||
Metropolitan Water District of Southern California Waterworks RB Series 2000B-1 DN (WestLB AG LOC) (A-1+, VMIG-1) | ||||||||
3.93%(c) | 05/01/07 | 7,600 | 7,600,000 | |||||
Metropolitan Water District of Southern California Waterworks RB Series 2005B-2 DN (Citibank N.A. LOC) (A-1+, VMIG-1) | ||||||||
3.82%(c) | 05/07/07 | 4,200 | 4,200,000 | |||||
Newport-Mesa Unified School District GO Municipal Securities Trust Certificates Series 2007A DN (MBIA Insurance, Bear Stearns Capital Markets Liquidity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 3,180 | 3,180,000 | |||||
Norwalk-LA Mirada Unified School GO Municipal Securities Trust Certificates Series 2007-3053 DN (Bear Stearns Capital Markets Guaranty, Bear Stearns Capital Markets Liquidity Facility) (VMIG-1, Aaa) | ||||||||
3.98%(b)(c) | 05/01/07 | 1,270 | 1,270,000 | |||||
Peralta Community College District GO Series 2006X-1264 DN (FSA Insurance, Morgan Stanley Group Liquidity Facility) (VMIG-1) | ||||||||
3.91%(b)(c) | 05/07/07 | 7,745 | 7,745,000 | |||||
Pleasanton COP (Assisted Living Facilities Financing Project) Series 2005 DN (Citibank N.A. LOC) (A-1+) | ||||||||
3.86%(c) | 05/07/07 | 2,500 | 2,500,000 | |||||
Poway Unified School District GO Series 2006-171 DN (FSA Insurance, Banque Nationale de Paribas Liquidity Facility) (VMIG-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 2,960 | 2,960,000 | |||||
Rancho Santiago Community College District Capital Appreciation Election 2002 GO Municipal Securities Trust Certificates Series 2006-3029 DN (FSA Insurance, Bear Stearns Capital Markets Liqudity Facility) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 5,395 | 5,395,000 | |||||
Sacramento Financing Authority RB Series 2006Z-3 DN (FGIC Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (AAA, F-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 4,189 | 4,189,000 | |||||
Sacramento Municipal Utility District RB Macon Trust Certificates Series 2002M DN (AMBAC Insurance, Kredietbank N.V. LOC) (A-1+) | ||||||||
3.93%(c) | 05/07/07 | 3,975 | 3,975,000 | |||||
Sacramento Municipal Utility District RB MERLOTS Trust Receipts Series 2000A DN (AMBAC Insurance, Bank of New York SBPA) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 1,100 | 1,100,000 | |||||
San Diego County Water Authority TECP (Dexia Credit Local LOC) (A-1+, F-1+) | ||||||||
3.55% | 05/09/07 | 4,500 | 4,500,000 | |||||
3.55% | 06/06/07 | 4,500 | 4,500,000 | |||||
San Diego Unified School District RB Series 2004 DN (MBIA Insurance, Morgan Stanley Group Liquidity Facility) (AAA, A-1) | ||||||||
3.91%(b)(c) | 05/07/07 | 5,195 | 5,195,000 | |||||
San Francisco County Transportation TECP (P-1, A-1+) | ||||||||
3.62% | 07/16/07 | 6,250 | 6,250,000 | |||||
San Joaquin Hills Transportation Corridor Agency Toll Road RB Series 2006-1524 DN (MBIA Insurance, Morgan Stanley Group Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.93%(b)(c) | 05/07/07 | 1,700 | 1,700,000 | |||||
San Jose Redevelopment Agency Tax Allocation RB Putters Series 2006-1601 DN (MBIA Insurance, JPMorgan Chase & Co. Liquidity Facility) (AAA, F-1+) | ||||||||
3.92%(b)(c) | 05/07/07 | 2,100 | 2,100,000 | |||||
San Mateo County Community College District GO Series 2006-96Z DN (MBIA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (A-1) | ||||||||
3.95%(b)(c) | 05/07/07 | 1,570 | 1,570,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
California (Continued) | ||||||||
San Mateo County Community College District GO Series 2007-1594 DN (Morgan Stanley Group Liquidity Facility) (Aa1, VMIG-1) | ||||||||
3.91%(b)(c) | 05/07/07 | $ | 5,000 | $ | 5,000,000 | |||
San Mateo County Community College District GO Series 2007-5Z DN (MBIA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (AAA, F-1+) | ||||||||
3.95%(b)(c) | 05/07/07 | 1,000 | 1,000,000 | |||||
San Mateo County GO Series 2006 ROC-II-R DN (MBIA Insurance, Wells Fargo Bank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.95%(b)(c) | 05/07/07 | 1,000 | 1,000,000 | |||||
Santa Clara County East Side Unified High School District GO MERLOTS Trust Receipts Series 2006B-28 DN (MBIA Insurance, Wachovia Bank N.A. SBPA) (A-1+) | ||||||||
3.97%(b)(c) | 05/02/07 | 4,505 | 4,505,000 | |||||
Sonoma County Junior College District GO Series 2006-1466 DN (FSA Insurance, Morgan Stanley Group Liquidity Facility) (A-1) | ||||||||
3.91%(b)(c) | 05/07/07 | 3,500 | 3,500,000 | |||||
Tahoe Forest Hospital District RB (Health Facility Project) Series 2002 DN (U.S. Bank N.A. LOC) (VMIG-1) | ||||||||
3.96%(c) | 05/01/07 | 5,600 | 5,600,000 | |||||
University of California RB Lehman Trust Receipts Series 2007-K3 DN (FSA Insurance, Lehman Liquidity Co. Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.94%(b)(c) | 05/01/07 | 21,440 | 21,440,000 | |||||
University of California RB Putters Series 2006-1231 DN (MBIA Insurance, PB Capital Corp. Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.92%(b)(c) | 05/01/07 | 3,200 | 3,200,000 | |||||
University of California RB Series 2006-1425 DN (AMBAC Insurance, Morgan Stanley Group Liquidity Facility) (A-1) | ||||||||
3.91%(c) | 05/07/07 | 18,890 | 18,890,000 | |||||
University of California RB Series 2007-117 DN (FSA Insurance, Bank of America N.A. Liquidity Facility) (A-1+, AAA) | ||||||||
3.93%(b)(c) | 05/07/07 | 6,000 | 6,000,000 | |||||
University of California RB Series 2007-119 DN (FSA Insurance, Bank of America N.A. Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.93%(b)(c) | 05/01/07 | 6,040 | 6,040,000 | |||||
Ventura County GO Series 2006 TRAN (SP-1+, MIG-1) | ||||||||
4.50% | 07/02/07 | 15,000 | 15,019,648 | |||||
Yosemite Community College District GO Eagle Trust Receipts Series 2005A DN (FGIC Insurance, Citibank N.A. Liquidity Facility) (A-1+, AAA) | ||||||||
3.96%(b)(c) | 05/07/07 | 5,840 | 5,840,000 | |||||
| 1,026,690,865 | ||||||||
Puerto Rico — 6.6% | ||||||||
Commonwealth of Puerto Rico Aqueduct & Sewer Authority RB Series 2006R-709CE DN (Citigroup Financial Products Liquidity Facility, Citigroup Global Markets Holdings, Inc. Guaranty) (Aa1, VMIG-1) | ||||||||
3.98%(b)(c) | 05/01/07 | 20,000 | 20,000,000 | |||||
Commonwealth of Puerto Rico Electric Power Authority RB Series 1997 DN (Societe Generale Group LOC) (A-1+) | ||||||||
3.92%(b)(c) | 05/07/07 | 2,600 | 2,600,000 | |||||
Commonwealth of Puerto Rico Electric Power Authority RB Series 1997 SGA-44 DN (Societe Generale Group LOC) (A-1+) | ||||||||
3.92%(b)(c) | 05/07/07 | 3,035 | 3,035,000 | |||||
Commonwealth of Puerto Rico Electric Power Authority RB Series 2002-1 DN (MBIA Insurance, Bank of New York SBPA) (A-1+) | ||||||||
3.93%(b)(c) | 05/07/07 | 2,195 | 2,195,000 | |||||
Commonwealth of Puerto Rico Highway & Transportation Authority RB Municipal Securities Trust Certificates Series 2007-5032 DN (Assured Guaranty Ltd. Insurance, Branch Banking & Trust Co. Liquidity Facility) (Aa1, VMIG-1) | ||||||||
3.60%(b)(c) | 05/01/07 | 3,380 | 3,380,000 | |||||
Commonwealth of Puerto Rico Highway & Transportation Authority RB Series 2007-36 DN (Multiple Insurers, The Goldman Sachs Group, Inc. Liquidity Facility) (F-1+, AAA) | ||||||||
3.97%(b)(c) | 05/01/07 | 11,900 | 11,900,000 | |||||
Commonwealth of Puerto Rico Highway & Transportation Authority RB Series 2007CE ROC-II-R-789 DN (Citigroup Financial Products Guaranty, Citigroup Financial Products Liquidity Facility) (Aa1, VMIG-1) | ||||||||
3.95%(b)(c) | 05/07/07 | 5,200 | 5,200,000 | |||||
Commonwealth of Puerto Rico Infrastructure Financing Authority RB MERLOTS Trust Receipts Series 2005A-21 MB (AMBAC Insurance, Wachovia Bank N.A. SBPA) (MIG-1) | ||||||||
3.60%(b)(c) | 05/15/07 | 2,990 | 2,990,000 | |||||
Commonwealth of Puerto Rico Infrastructure Financing Authority RB Series 2007-21Z DN (AMBAC Insurance, FGIC Insurance, The Goldman Sachs Group, Inc. Liquidity Facility) (AAA, F-1+) | ||||||||
3.94%(b)(c) | 05/01/07 | 7,570 | 7,570,000 | |||||
Commonwealth of Puerto Rico RB Series 2006 TRAN (Multiple LOC’s) (SP-1+, MIG-1) | ||||||||
4.50% | 07/30/07 | 9,000 | 9,021,668 | |||||
Puerto Rico HFA RB (Capital Funding Project) Municipal Trust Receipts Series 2006K-48 DN (Lehman Liquidity Co. Liquidity Facility, HUD Loan Guaranty) (Aa3, VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 9,485 | 9,485,000 | |||||
| 77,376,668 | ||||||||
TOTAL MARKET VALUE OF SECURITIES BEFORE AFFILIATED INVESTMENTS — 94.8% | ||||||||
(Cost $1,104,067,533) | 1,104,067,533 | |||||||
AFFILIATED INVESTMENTS — 4.5% | ||||||||
Bay Area Toll Authority Toll Bridge RB Series 2006MT-238 DN (Depfa Bank Plc Liquidity Facility) (AA-, F-1+) | ||||||||
4.12%(b)(c) | 05/01/07 | 15,000 | 15,000,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
CALIFORNIA MONEY FUND (CONCLUDED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
AFFILIATED INVESTMENTS (Continued) | ||||||||
California Department of Water Resource Power Supply RB Series 2003 PT-759 DN (MBIA Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA) (A-1, AAA) | ||||||||
3.92%(b)(c) | 05/07/07 | $ | 9,700 | $ | 9,700,000 | |||
Clovis County Unified School District GO P-Float Trust Receipts Series 2005-PZ-42 DN (FGIC Insurance, Merrill Lynch Capital Services SBPA) (AAA, F-1+) | ||||||||
3.99%(b)(c)(d) | 05/07/07 | 450 | 450,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2004 PA-1236 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA) (AA-, F-1+) | ||||||||
3.97%(b)(c)(d) | 05/07/07 | 2,200 | 2,200,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2004 PA-1237 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA) (AA-, F-1+) | ||||||||
3.97%(b)(c)(d) | 05/07/07 | 2,740 | 2,740,000 | |||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2006D-195 DN (FGIC Insurance, Deutsche Bank Liquidity Facility) (A-1+, AAA) | ||||||||
3.97%(b)(c) | 05/07/07 | 2,070 | 2,070,000 | |||||
Los Angeles Unified School District GO (Eclipse Funding Trust) Series 2006-0018 DN (FGIC Insurance, U.S. Bank N.A. Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 5,265 | 5,265,000 | |||||
Pleasant Valley School District of Ventura County GO P-Float Trust Receipts Series 2005 PT-2783 DN (MBIA Insurance, Dexia Credit Local SBPA) (A-1+, AAA) | ||||||||
3.92%(b)(c) | 05/07/07 | 5,850 | 5,850,000 | |||||
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2005 PA-1288 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA) (AA-, F-1) | ||||||||
3.98%(b)(c)(d) | 05/07/07 | 2,000 | 2,000,000 | |||||
West Covina Unified School District GO Series 2003-23 DN (MBIA Insurance, Banque Nationale de Paribas Liquidity Facility) (Aaa, VMIG-1) | ||||||||
3.92%(b)(c) | 05/07/07 | 6,810 | 6,810,000 | |||||
TOTAL AFFILIATED INVESTMENTS | ||||||||
(Cost $ 52,085,000) | 52,085,000 | |||||||
TOTAL INVESTMENTS IN SECURITIES — 99.3% | ||||||||
(Cost $ 1,156,152,533(a)) | 1,156,152,533 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7% | 8,235,760 | |||||||
NET ASSETS — 100.0% | $ | 1,164,388,293 | ||||||
| (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, 2007, the Fund held 53.6% of its net assets, with a current market value of $624,389,000, in securities restricted as to resale. |
| (c) | Rates shown are as of April 30, 2007 and maturities shown are the next interest readjustment date or the date the principal owed can be recovered through demand. |
| (d) | Security insured by an affiliate. |
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
NEW YORK MONEY FUND
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS — 92.5% | ||||||||
New York — 91.8% | ||||||||
Averill Park Central School District GO Series 2007 RAN | ||||||||
3.80% | 07/26/07 | $ | 1,600 | $ | 1,600,368 | |||
Batavia City School District GO Series 2006 BAN | ||||||||
4.25% | 11/02/07 | 2,401 | 2,407,955 | |||||
Binghamton GO Series 2007 BAN | ||||||||
3.75% | 03/28/08 | 900 | 900,082 | |||||
Canandaigua City School District GO Series 2006 BAN (State Aid Withholding LOC) | ||||||||
4.00% | 10/18/07 | 1,700 | 1,703,436 | |||||
Catskill Central School District GO Series 2006 BAN (State Aid Withholding LOC) | ||||||||
4.25% | 06/28/07 | 1,000 | 1,001,024 | |||||
Cayuga County Hospital Improvement Corp. Lehman COP Series 200D-L1 DN (Lehman Liquidity Co. SBPA) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 2,810 | 2,810,000 | |||||
Columbia University Dormitory RB Municipal Trust Receipts Series 2006P-44U DN (Lehman Liquidity Co. Liquidity Facility) (A-1, VMIG-1) | ||||||||
3.95%(b)(c) | 05/07/07 | 3,280 | 3,280,000 | |||||
Erie County Civic Facilities IDRB (Hauptman-Woodward Project) Series 2004 DN (KeyBank N.A. LOC) | ||||||||
4.01%(c) | 05/07/07 | 2,300 | 2,300,000 | |||||
Erie County IDRB (Orchard Park CCRC, Inc. Project) Series 2006B DN (Sovereign Bank LOC, Citizens Financial Group LOC) (A-1+) | ||||||||
3.95%(c) | 05/07/07 | 600 | 600,000 | |||||
Fayetteville-Manlius Central School District GO Series 2006 BAN | ||||||||
4.00% | 11/02/07 | 400 | 400,783 | |||||
Franklin County IDA Civic Facility RB (Paul Smith’s College Project) Series 1998 DN (KeyBank N.A. LOC) | ||||||||
4.01%(c) | 05/07/07 | 2,530 | 2,530,000 | |||||
Harrison GO Series 2006 BAN | ||||||||
4.00% | 06/21/07 | 300 | 300,165 | |||||
Hempstead Town IDA Civic Facility RB (Hebrew Academy Project) Series 2006 DN (Sovereign Bank LOC, KBC Bank N.V. LOC) (A-1+) | ||||||||
3.93%(c) | 05/07/07 | 5,995 | 5,995,000 | |||||
Hudson Yards Infrastructure Corp. RB Eagle Series 2007A DN (FGIC Insurance, Landesbank Hessen-Thuringen Girozentrale Liquidity Facility) (A-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 2,600 | 2,600,000 | |||||
Ithaca City School District GO Series 2006 RAN | ||||||||
4.38% | 06/29/07 | 1,900 | 1,901,888 | |||||
Katonah Lewisboro Unified Free School District GO Series 2006 BAN | ||||||||
4.50% | 07/20/07 | 3,050 | 3,054,827 | |||||
Liberty Development Corp. RB Series 2006-1251 DN (Morgan Stanley Group SBPA) (VMIG-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 13,700 | 13,700,000 | |||||
Long Island Power Authority RB Munitops Trust Certificates Series 2006-15 DN (XLCA Insurance, ABN-AMRO Bank N.V. SBPA) (F-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 7,500 | 7,500,000 | |||||
Lyncourt UFSD Series 2006 BAN | ||||||||
4.00% | 11/21/07 | 2,050 | 2,054,423 | |||||
Metropolitan Transportation Authority RB Series 2005 DN (Fortis Bank LOC) (VMIG-1) | ||||||||
3.96%(c) | 05/07/07 | 10,150 | 10,150,000 | |||||
Metropolitan Transportation Authority (ABN-AMRO Bank N.V. LOC) (P-1) | ||||||||
3.65% | 07/10/07 | 10,000 | 10,000,000 | |||||
Metropolitan Transportation Authority GO Series 2004A-1 DN (XLCA Insurance, Depfa Bank Plc SBPA) (A-1+, VMIG-1) | ||||||||
3.90%(c) | 05/07/07 | 8,680 | 8,680,000 | |||||
Metropolitan Transportation Authority GO Series 2004A-3 DN (XLCA Guaranty, Depfa Bank Plc SBPA) (A-1+, VMIG-1) | ||||||||
3.90%(c) | 05/07/07 | 12,620 | 12,620,000 | |||||
Metropolitan Transportation Authority RB (Dedicated Tax Fund Project) Series 2002B DN (FSA Insurance, Dexia Credit Local SBPA) (A-1+) | ||||||||
3.90%(c) | 05/07/07 | 4,000 | 4,000,000 | |||||
Metropolitan Transportation Authority RB Series 2002F DN (AMBAC Insurance, Bank of New York SBPA) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 5,664 | 5,664,500 | |||||
Milo GO Series 2006 BAN | ||||||||
3.75% | 11/21/07 | 900 | 900,040 | |||||
Monroe County IDA Civic Facility RB (Monroe Community College Project) Series 2006A DN (JPMorgan Chase & Co. LOC) (VMIG-1) | ||||||||
3.90%(c) | 05/07/07 | 2,295 | 2,295,000 | |||||
Monroe County IDA Civic Facility RB (Sigal Center Project) Series 2004 DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
3.99%(c) | 05/07/07 | 1,600 | 1,600,000 | |||||
Monroe County IDA Civic Facility RB (YMCA of Greater Rochester Project) Series 2004 DN (M&T Bank Corp. LOC) (A-1) | ||||||||
4.02%(c) | 05/07/07 | 2,575 | 2,575,000 | |||||
Mount Vernon School District GO Series 2007 RAN | ||||||||
4.00% | 08/22/07 | 800 | 800,756 | |||||
Nassau County IDA Civic Facility RB (North Shore Hebrew Academy Project) Series 2005 DN (Sovereign Bank LOC, Comerica Bank N.A. LOC) (VMIG-1) | ||||||||
3.94%(c) | 05/07/07 | 2,500 | 2,500,000 | |||||
New Rochelle City School District GO Series 2006 TAN | ||||||||
4.38% | 06/29/07 | 3,500 | 3,503,425 | |||||
New Rochelle City School District GO Series 2007 BAN (MIG-1) | ||||||||
4.00% | 04/25/08 | 600 | 601,989 | |||||
New York City Convention Center RB Series 2006-0004 DN (AMBAC Insurance, U.S. Bank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.94%(b)(c) | 05/07/07 | 10,700 | 10,700,000 | |||||
New York City GO Municipal Certificates Series 2005-22 DN (FSA Insurance, Landesbank Hessen-Thuringen Girozentrale Liquidity Facility) (A-1+) | ||||||||
3.95%(b)(c) | 05/07/07 | 1,015 | 1,015,000 | |||||
New York City GO Putters Series 2006-1299 DN (FSA Insurance, JPMorgan Chase & Co. SBPA) (A-1+) | ||||||||
3.96%(b)(c) | 05/07/07 | 5,355 | 5,355,000 | |||||
New York City GO Putters Series 2006-1318 DN (AMBAC Insurance, JPMorgan Chase & Co. Liquidity Facility) (A-1+) | ||||||||
3.96%(b)(c) | 05/07/07 | 1,995 | 1,995,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
NEW YORK MONEY FUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
New York (Continued) | ||||||||
New York City GO Series 1996J-2 DN (WestLB AG LOC) (A-1+, VMIG-1) | ||||||||
3.88%(c) | 05/07/07 | $ | 7,500 | $ | 7,500,000 | |||
New York City GO Series 1996J-3 DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-1) | ||||||||
3.88%(c) | 05/07/07 | 3,200 | 3,200,000 | |||||
New York City GO Series 2002C-3 DN (Banque Nationale de Paribas LOC) (A-1+, VMIG-1) | ||||||||
3.90%(c) | 05/07/07 | 7,500 | 7,500,000 | |||||
New York City GO Series 2005E-3 DN (Bank of America N.A. LOC) (A-1+, VMIG-1) | ||||||||
3.92%(c) | 05/07/07 | 700 | 700,000 | |||||
New York City GO Series 2006-1454 DN (Morgan Stanley Group Liquidity Facility) (A-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 7,030 | 7,030,500 | |||||
New York City GO Series 2006I-4 DN (Bank of New York LOC) (A-1+, VMIG-1) | ||||||||
3.97%(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
New York City GO Series 2006I-7 DN (Bank of New York LOC) (A-1+, VMIG-1) | ||||||||
3.98%(c) | 05/07/07 | 11,000 | 11,000,000 | |||||
New York City GO Trust Receipts Series 2002-725X DN (FSA Insurance, Morgan Stanley Group Liquidity Facility) (VMIG-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 9,644 | 9,643,750 | |||||
New York City IDA Civic Facilities RB (Abraham Joshua Heschel Project) Series 2002 DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
3.99%(c) | 05/07/07 | 2,000 | 2,000,000 | |||||
New York City IDA Civic Facilities RB (The Birch Wathen Lenox School Project) Series 2004 DN (Allied Irish Bank Plc LOC) (VMIG-1) | ||||||||
3.94%(c) | 05/07/07 | 2,625 | 2,625,000 | |||||
New York City IDA Civic Facilities RB (French Institute Alliance Project) Series 2005 DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
3.99%(c) | 05/07/07 | 2,340 | 2,340,000 | |||||
New York City IDA Civic Facilities RB (Hewitt School Project) Series 2002 DN (Allied Irish Bank Plc LOC) (VMIG-1) | ||||||||
3.94%(c) | 05/07/07 | 1,600 | 1,600,000 | |||||
New York City IDRB Series 2006-523CE ROC-RR-II-R DN (Citibank N.A. Liquidity Facility, Citigroup, Inc. Guaranty) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 2,200 | 2,200,000 | |||||
New York City Municipal Finance Authority Water & Sewer System RB Putters Series 2006-1226 DN (Morgan Stanley Group Liquidity Facility) (VMIG-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 8,700 | 8,700,000 | |||||
New York City Municipal Finance Authority Water & Sewer System RB Putters Series 2006-1263 DN (FSA Insurance, PB Capital Corp. Liquidity Facility) (A-1) | ||||||||
3.96%(b)(c) | 05/07/07 | 5,855 | 5,855,000 | |||||
New York City Municipal Water Finance Authority RB (Water & Sewer Systems Project) Series 2002C-1 DN (State Street Bank & Trust LOC) (A-1+, VMIG-1) | ||||||||
4.08%(c) | 05/01/07 | 4,800 | 4,800,000 | |||||
New York City Transitional Finance Authority Financing RB Eagle Trust Receipts Series 2000 DN (Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 9,900 | 9,900,000 | |||||
New York City Transitional Finance Authority Financing RB Eagle Trust Receipts Series 2001 DN (Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 3,300 | 3,300,000 | |||||
New York City Transitional Finance Authority RB (Future Tax Secured Project) Series 1998A-1 DN (WestLB AG SBPA) (A-1+, VMIG-1) | ||||||||
3.91%(c) | 05/07/07 | 14,800 | 14,800,000 | |||||
New York City Transitional Finance Authority RB (Future Tax Secured Project) Series 1999B-3 DN (Bank One N.A. LOC) (A-1+, VMIG-1) | ||||||||
3.91%(c) | 05/07/07 | 900 | 900,000 | |||||
New York City Transitional Finance Authority RB (New York City Recovery Project) Series 2002-3 DN (Bank of New York SBPA) (A-1+, VMIG-1) | ||||||||
3.90%(c) | 05/07/07 | 9,100 | 9,100,000 | |||||
New York City Transitional Finance Authority RB Series 2001C DN (Landesbank Baden-Wurttenberg Girozentrale Liquidity Facility) (A-1+, VMIG-1) | ||||||||
3.90%(c) | 05/07/07 | 10,000 | 10,000,000 | |||||
New York City Transitional Finance Authority RB Series 2002-2B DN (Dexia Credit Local LOC) (A-1+, VMIG-1) | ||||||||
3.91%(c) | 05/07/07 | 1,400 | 1,400,000 | |||||
New York City Transitional Finance Authority RB Series 2002-2C DN (Lloyds TSB Bank Plc LOC) (A-1+, VMIG-1) | ||||||||
3.91%(c) | 05/07/07 | 2,600 | 2,600,000 | |||||
New York City Transitional Finance Authority RB Series 2003-2D DN (Lloyds TSB Bank Plc Liquidity Facility) (A-1+, VMIG-1) | ||||||||
3.90%(c) | 05/07/07 | 1,900 | 1,900,000 | |||||
New York City Transitional Finance Authority RB Series 2006 BAN (SP-1+, MIG-1) | ||||||||
4.25% | 06/29/07 | 3,100 | 3,103,103 | |||||
New York City Water & Sewer RB Munitops Trust Certificates Series 2006-3 DN (XLCA Insurance, ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 8,330 | 8,330,000 | |||||
New York Dormitory Authority RB (Glen Eddy, Inc. Project) Series 2000 DN (Fleet National Bank LOC) (A-1) | ||||||||
3.92%(c) | 05/07/07 | 11,180 | 11,180,000 | |||||
New York Dormitory Authority RB (Mental Health Services Facilities Project) Series 2003D-2F DN (JPMorgan Chase & Co. SBPA) (A-1+) | ||||||||
3.90%(c) | 05/07/07 | 4,065 | 4,065,000 | |||||
New York Dormitory Authority RB (Mental Health Services Facilities Project) Series 2003D-2G DN (Bank of Nova Scotia LOC) (A-1) | ||||||||
3.90%(c) | 05/07/07 | 7,100 | 7,100,000 | |||||
New York Dormitory Authority RB MERLOTS Trust Receipts Series 2003 DN (FGIC Insurance, Wachovia Bank N.A. SBPA) (VMIG-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 7,150 | 7,150,000 | |||||
New York Dormitory Authority RB Series 2001D DN (MBIA Insurance, Bank of America N.A. SBPA) (A-1+) | ||||||||
3.96%(b)(c) | 05/07/07 | 1,900 | 1,900,000 | |||||
New York Dormitory Authority RB Series 2005B DN (Bayerische Landesbank Girozentrale LOC) (A-1+, VMIG-1) | ||||||||
3.90%(c) | 05/07/07 | 7,500 | 7,500,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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Table of Contents
BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
NEW YORK MONEY FUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
New York (Continued) | ||||||||
New York Environmental Facilities Corp. Clean Water & Drinking RB Eagle Trust Receipts Series 2003A DN (Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | $ | 5,710 | $ | 5,710,000 | |||
New York Environmental Facilities Corp. Clean Water & Drinking RB Eagle Trust Receipts Series 2003R-2014-ROC-II DN (Citibank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 2,640 | 2,640,000 | |||||
New York Environmental Facilities Corp. Clean Water & Drinking RB Eagle Trust Receipts Series 2003R-4001-ROC-II DN (Citibank N.A. Liquidity Facility) (VMIG-1) | ||||||||
3.97%(b)(c) | 05/07/07 | 1,585 | 1,585,000 | |||||
New York Environmental Facilities Corp. Clean Water & Drinking RB MERLOTS Trust Receipts Series 2004B DN (Wachovia Bank N.A. SBPA) (A-1) | ||||||||
3.99%(b)(c) | 05/07/07 | 5,375 | 5,375,000 | |||||
New York Environmental Facilities Corp. Clean Water & Drinking RB Putters Series 2006-1372 DN (JPMorgan Chase & Co. Liquidity Facility) (A-1+) | ||||||||
3.96%(b)(c) | 05/07/07 | 7,735 | 7,735,000 | |||||
New York GO Municipal Trust Receipts Series 2006-P36U DN (Lehman Liquidity Co. Liquidity Facility) (A-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 3,545 | 3,545,000 | |||||
New York Housing Finance Agency RB (Tribeca Green Housing Project) Series 2003A DN (Landesbank Hessen-Thuringen Girozentrale LOC) (VMIG-1) | ||||||||
3.85%(c) | 05/07/07 | 17,000 | 17,000,000 | |||||
New York Housing Finance Agency RB Series 2003E DN (Banque Nationale de Paribas LOC) (A-1+, F1+) | ||||||||
3.90%(c) | 05/07/07 | 2,100 | 2,100,000 | |||||
New York Municipal Water Finance Authority TECP (P-1) | ||||||||
3.72% | 07/17/07 | 5,000 | 5,000,000 | |||||
New York Power Authority GO Series 1985 DN (Dexia LOC) (A-1+, VMIG-1) | ||||||||
3.65%(c) | 05/07/07 | 1,000 | 1,000,000 | |||||
New York Power Authority GO Series 1985 MB (Dexia Bank LOC) (A-1+, MIG-1) | ||||||||
3.65%(c) | 09/04/07 | 5,100 | 5,100,000 | |||||
New York Power Authority TECP (P-1) | ||||||||
3.65% | 05/07/07 | 6,000 | 6,000,000 | |||||
New York State Thruway Authority State Personal Income Tax RB Municipal Trust Receipts Series 2006-K53 DN (Lehman Liquidity Co. Liquidity Facility) (A-1) | ||||||||
3.95%(b)(c) | 05/07/07 | 4,700 | 4,700,000 | |||||
New York Tollway Authority Second General Highway & Bridge Trust Fund RB Series 2006-1413 DN (AMBAC Insurance, JPMorgan Chase & Co. SBPA) (A-1+) | ||||||||
3.96%(b)(c) | 05/07/07 | 3,490 | 3,490,000 | |||||
North Syracuse Central School District GO Series 2006 RAN | ||||||||
4.50% | 06/22/07 | 2,000 | 2,002,114 | |||||
North Tonawanda GO Series 2007 TAN | ||||||||
4.00% | 06/20/07 | 600 | 600,293 | |||||
Oneida County IDRB (Preswick Glen Civic Facility Project) Series 2006 DN (Sovereign Bank LOC, Lloyds TSB Bank Plc LOC) (A-1+) | ||||||||
3.92%(c) | 05/07/07 | 15,000 | 15,000,000 | |||||
Onondaga County IDA Civic Facility RB (Crouse Health Hospital Project) Series 2003A DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
4.01%(c) | 05/07/07 | 3,000 | 3,000,000 | |||||
Onondaga County IDA Civic Facility RB (YMCA Greater Syracuse Project) Series 2003A DN (HSBC Bank Plc LOC) | ||||||||
4.01%(c) | 05/07/07 | 3,900 | 3,900,000 | |||||
Ontario County Civic Facilities RB (Finger Lakes Project) Series 2006A DN (Citizens Financial Group LOC) (VMIG-1) | ||||||||
3.92%(c) | 05/07/07 | 4,000 | 4,000,000 | |||||
Orange County IDA Civic Facilities RB (Cornwall Hospital Project) Series 2006 DN (Keybank N.A. LOC) (VMIG-1) | ||||||||
3.99%(c) | 05/07/07 | 4,000 | 4,000,000 | |||||
Ramapo Housing Authority RB (Fountainview College Road Project) Series 1998 DN (VMIG-1) | ||||||||
3.97%(c) | 05/07/07 | 6,970 | 6,970,000 | |||||
Rensselaer County Civic Facilities IDRB (The Sage Colleges Project) Series 2002A DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
4.01%(c) | 05/07/07 | 2,600 | 2,600,000 | |||||
Rockland County GO Series 2007C BAN | ||||||||
3.88% | 10/04/07 | 400 | 400,297 | |||||
Rockland County IDRB (Northern River Assisted Living Project) Series 1999 DN (M&T Bank Corp. LOC) (VMIG-1) | ||||||||
3.97%(c) | 05/07/07 | 7,200 | 7,200,000 | |||||
Rome City School District GO Series 2006 BAN | ||||||||
4.50% | 07/27/07 | 5,100 | 5,108,315 | |||||
Schenectady County IDA Civic Facility RB (Sunnyview Project) Series 2003B DN (KeyBank N.A. LOC) (VMIG-1) | ||||||||
3.96%(c) | 05/07/07 | 2,390 | 2,390,000 | |||||
Suffolk County Water Authority GO Series 2003 BAN | ||||||||
3.90%(c) | 05/02/07 | 11,700 | 11,700,000 | |||||
Syosset New York Central School District GO Series 2006 TAN | ||||||||
4.50% | 06/28/07 | 7,500 | 7,509,775 | |||||
Tobacco Settlement Financing Corp. RB Series 2003A-1 MB (AA-, A1) | ||||||||
5.00% | 06/01/07 | 3,885 | 3,889,711 | |||||
Tobacco Settlement Financing Corp. RB Series 2003B-1 MB (AA-, A1) | ||||||||
4.00% | 06/01/07 | 400 | 400,198 | |||||
Tonawanda School District GO Series 2007 RAN | ||||||||
4.00% | 10/24/07 | 700 | 700,989 | |||||
Triborough Bridge & Tunnel Authority RB Eagle Trust Receipts Series 2003A DN (FGIC Insurance, Citibank N.A. Liquidity Facility) (A-1+) | ||||||||
3.98%(b)(c) | 05/07/07 | 2,000 | 2,000,000 | |||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
NEW YORK MONEY FUND (CONCLUDED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
MUNICIPAL BONDS (Continued) | ||||||||
New York (Continued) | ||||||||
Triborough Bridge & Tunnel Authority RB Munitops Trust Certificates Series 2002-14 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA) (VMIG-1) | ||||||||
3.96%(b)(c) | 05/07/07 | $ | 9,240 | $ | 9,240,000 | |||
Triborough Bridge & Tunnel Authority RB Series 2002F DN (ABN-AMRO Bank N.V. LOC) (A-1+, VMIG-1) | ||||||||
3.88%(c) | 05/07/07 | 500 | 500,000 | |||||
Triborough Bridge & Tunnel Authority RB Series 2005B-3 DN (Bank of America N.A. SBPA) (A-1+, VIMG-1) | ||||||||
3.96%(c) | 05/07/07 | 7,000 | 7,000,000 | |||||
Triborough Bridge & Tunnel Authority RB Series 2006 DN (Dexia Credit Local LOC) (A-1+, VMIG-1) | ||||||||
3.88%(c) | 05/07/07 | 2,970 | 2,970,000 | |||||
Triborough Bridge & Tunnel Authority RB Series 2006B-4 DN (Landesbank Baden-Wurttenberg Girozentrale SBPA) (A-1+, VMIG1) | ||||||||
3.90%(c) | 05/07/07 | 5,000 | 5,000,000 | |||||
TSASC, Inc. RB Series 2006-519CE ROC-RR-II-R DN (Citibank N.A. Liquidity Facility, Citigroup, Inc. Guaranty) (VMIG-1) | ||||||||
3.98%(b)(c) | 05/07/07 | 5,750 | 5,750,000 | |||||
Uslter County GO Series 2006 BAN | ||||||||
4.00% | 11/21/07 | 4,099 | 4,108,743 | |||||
Vestal Central School District GO Series 2006 BAN | ||||||||
4.25% | 06/21/07 | 12,000 | 12,009,925 | |||||
Watertown GO Series 2007 BAN | ||||||||
4.25% | 02/27/08 | 400 | 401,787 | |||||
| 528,850,161 | ||||||||
Puerto Rico — 0.7% | ||||||||
Commonwealth of Puerto Rico Infrastructure Financing Authority RB MERLOTS Trust Receipts Series 2005A-21 MB (AMBAC Insurance, Wachovia Bank N.A. SBPA) (MIG-1) | ||||||||
3.60%(b)(c) | 05/15/07 | 3,975 | 3,975,000 | |||||
TOTAL MARKET VALUE OF SECURITIES BEFORE AFFILIATED INVESTMENTS — 92.5% | ||||||||
(Cost $532,825,161) | 532,825,161 | |||||||
AFFILIATED INVESTMENTS — 7.0% | ||||||||
New York City GO P-Float Trust Receipts Series 1997 DN (AMBAC Insurance, Societe Generale Group Liquidity Facility) (A-1+) | ||||||||
3.94%(b)(c) | 05/07/07 | 9,860 | 9,860,000 | |||||
New York City GO P-Float Trust Receipts Series 2005-3333 DN (Dexia Bank LOC) (F-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 5,320 | 5,320,000 | |||||
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2006 MT-232 DN (Depfa Bank Plc SBPA) (A-1+) | ||||||||
3.97%(b)(c) | 05/07/07 | 17,495 | 17,495,000 | |||||
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2006 MT-256 DN (Svenska Handelsbank Liquidity Facility) (A-1) | ||||||||
4.01%(b)(c) | 05/07/07 | 7,495 | 7,495,000 | |||||
TOTAL AFFILIATED INVESTMENTS | ||||||||
(Cost $40,170,000) | 40,170,000 | |||||||
TOTAL INVESTMENTS IN SECURITIES — 99.5% | ||||||||
(Cost $572,995,161(a)) | $ | 572,995,161 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5% | 2,713,920 | |||||||
NET ASSETS — 100.0% | $ | 575,709,081 | ||||||
| (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, 2007, the Fund held 37.3% of its net assets, with a current market value of $214,543,750, in securities restricted as to resale. |
| (c) | Rates shown are as of April 30, 2007 and maturities shown are the next interest readjustment date or the date the principal owed can be recovered through demand. |
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
47
Table of Contents
Key to Investment Abbreviations
| 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 | |||||||
| HFA | Housing Finance Authority | |||||||
| IDA | Industrial Development Authority | |||||||
| IDRB | Industrial Development Revenue Bond | |||||||
| ISD | Independent School District | |||||||
| LLC | Limited Liability Co. | |||||||
| LLP | Limited Liability Partnership | |||||||
| LOC | Letter of Credit | |||||||
| MB | Municipal Bond | |||||||
| MBIA | Municipal Bond Insurance Association | |||||||
| MERLOTS | Municipal Exempt Receipts-Liquidity Option Tender | |||||||
| PCRB | Pollution Control Revenue Bond | |||||||
| 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 ratings of the investments in the various Funds provided by the Fitch Investors Service, Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Service are believed to be the most recent ratings available at April 30, 2007.
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Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2007 (UNAUDITED)
| TEMPFUND | TEMPCASH | FEDFUND | MUNIFUND | MUNICASH | CALIFORNIA MONEY FUND | NEW YORK MONEY FUND | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Investments at value—unaffiliated1 | $ | 35,391,450,486 | $ | 9,718,077,256 | $ | 2,920,473,270 | 3 | $ | 2,080,561,749 | $ | 1,262,441,457 | $ | 1,104,067,533 | $ | 532,825,161 | |||||||||||
Investments at value—affiliated2 | 345,600,000 | 52,000,000 | — | 101,395,000 | 75,495,000 | 52,085,000 | 40,170,000 | |||||||||||||||||||
Cash | — | 6,023,112 | — | — | 39,697 | 16,495 | 83,032 | |||||||||||||||||||
Capital shares sold receivable | — | — | — | 1 | — | — | — | |||||||||||||||||||
Interest receivable | 66,762,566 | 30,934,739 | 13,576,102 | 19,854,116 | 7,642,193 | 10,530,692 | 5,457,926 | |||||||||||||||||||
Prepaid expenses | 263,165 | 107,651 | 88,916 | 85,169 | 44,557 | 23,548 | 16,552 | |||||||||||||||||||
TOTAL ASSETS | 35,804,076,217 | 9,807,142,758 | 2,934,138,288 | 2,201,896,035 | 1,345,662,904 | 1,166,723,268 | 578,552,671 | |||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Cash overdraft | 13,431,642 | — | 11,986,976 | 168,398 | — | — | — | |||||||||||||||||||
Investments purchased payable | — | — | — | — | 20,000,000 | — | 1,600,368 | |||||||||||||||||||
Management fees payable | 4,766,682 | 1,341,353 | 447,367 | 352,641 | 222,050 | 170,123 | 84,619 | |||||||||||||||||||
Distributions payable | 91,372,992 | 20,884,627 | 6,906,621 | 3,811,445 | 2,300,653 | 1,973,968 | 1,032,888 | |||||||||||||||||||
Custodian fees payable | 209,105 | 103,855 | 40,827 | 17,553 | 13,442 | 6,722 | 7,241 | |||||||||||||||||||
Transfer agent fees payable | 188,561 | 65,356 | 14,350 | 5,383 | 3,914 | 178 | 253 | |||||||||||||||||||
Shareholder servicing fees payable | 2,767,515 | 188,356 | 236,394 | 284,761 | 22,355 | 137,000 | 93,306 | |||||||||||||||||||
Distribution fees payable | 245,867 | 7 | 13,581 | 7,640 | 4 | 12,653 | 1,587 | |||||||||||||||||||
Officers’ and trustees’ fees payable | 108,214 | 12,927 | 9,584 | 8,605 | 4,213 | 3,799 | 1,708 | |||||||||||||||||||
Other accrued expenses payable | 453,028 | 322,945 | 78,967 | 45,193 | 41,056 | 30,532 | 21,620 | |||||||||||||||||||
TOTAL LIABILITIES | 113,543,606 | 22,919,426 | 19,734,666 | 4,701,619 | 22,607,687 | 2,334,975 | 2,843,590 | |||||||||||||||||||
NET ASSETS | $ | 35,690,532,611 | $ | 9,784,223,332 | $ | 2,914,403,622 | $ | 2,197,194,416 | $ | 1,323,055,217 | $ | 1,164,388,293 | $ | 575,709,081 | ||||||||||||
1Cost of investments—unaffiliated | $ | 35,391,450,486 | $ | 9,718,077,256 | $ | 2,920,473,270 | $ | 2,080,561,749 | $ | 1,262,441,457 | $ | 1,104,067,533 | $ | 532,825,161 | ||||||||||||
2Cost of investments—affiliated | 345,600,000 | 52,000,000 | — | 101,395,000 | 75,495,000 | 52,085,000 | 40,170,000 | |||||||||||||||||||
3Consists primarily or entirely of Repurchase Agreements collateralized by U.S. Treasury and Agency Obligations | ||||||||||||||||||||||||||
NET ASSETS CONSISTED OF: | ||||||||||||||||||||||||||
Capital Paid-in . | $ | 35,694,086,121 | $ | 9,786,489,717 | $ | 2,914,415,675 | $ | 2,197,221,568 | $ | 1,323,324,757 | $ | 1,164,359,796 | $ | 575,681,940 | ||||||||||||
Undistributed net investment income | — | — | — | 2,304 | 10,030 | — | — | |||||||||||||||||||
Accumulated net realized gain (loss) on investment transactions | (3,553,510 | ) | (2,266,385 | ) | (12,054 | ) | (29,456 | ) | (279,570 | ) | 28,497 | 27,141 | ||||||||||||||
NET ASSETS | $ | 35,690,532,611 | $ | 9,784,223,332 | $ | 2,914,403,621 | $ | 2,197,194,416 | $ | 1,323,055,217 | $ | 1,164,388,293 | $ | 575,709,081 | ||||||||||||
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BLACKROCK LIQUIDITY FUNDS
| TEMPFUND | TEMPCASH | FEDFUND | MUNIFUND | MUNICASH | CALIFORNIA MONEY FUND | NEW YORK MONEY FUND | |||||||||||||||
Institutional Shares: | |||||||||||||||||||||
Net Assets | $ | 25,136,313,913 | $ | 8,841,483,950 | $ | 2,048,406,351 | $ | 1,179,900,137 | $ | 1,230,082,744 | $ | 795,185,036 | $ | 338,658,440 | |||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 25,139,108,562 | 8,843,577,776 | 2,048,443,294 | 1,179,859,803 | 1,230,354,043 | 795,163,166 | 338,316,083 | ||||||||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||
Dollar Shares: | |||||||||||||||||||||
Net Assets | $ | 5,094,421,232 | $ | 935,392,313 | $ | 396,673,595 | $ | 79,209,461 | $ | 92,972,473 | $ | 55,821,668 | $ | 8,033,281 | |||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 5,095,004,724 | 935,566,677 | 396,647,239 | 79,209,156 | 92,974,175 | 55,815,503 | 8,027,304 | ||||||||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||
Cash Management Shares: | |||||||||||||||||||||
Net Assets | $ | 531,976,526 | $ | 160,954 | $ | — | $ | 54,596,517 | $ | — | $ | 15,542,514 | $ | 13,343,334 | |||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 532,000,280 | 160,953 | — | 54,594,232 | — | 15,542,171 | 13,340,187 | ||||||||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | — | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | |||||||
Cash Reserve Shares: | |||||||||||||||||||||
Net Assets | $ | 16,607,313 | $ | — | $ | 1,506,986 | �� | $ | — | $ | — | $ | — | $ | — | ||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 16,605,101 | — | 1,507,048 | — | — | — | — | ||||||||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | — | $ | — | $ | — | $ | — | |||||||
Administration Shares: | |||||||||||||||||||||
Net Assets | $ | 1,888,914,813 | $ | 7,186,115 | $ | 52,074,460 | $ | 375,923,553 | $ | — | $ | 5,486,920 | $ | 12,847,227 | |||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 1,889,068,241 | 7,184,311 | 52,074,459 | 375,870,251 | — | 5,486,123 | 12,833,774 | ||||||||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | |||||||
Bear Stearns Shares: | |||||||||||||||||||||
Net Assets | $ | 872,034,787 | $ | — | $ | 45,146,353 | $ | 24,997,214 | $ | — | $ | 43,778,788 | $ | 5,026,593 | |||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 872,039,917 | — | 45,146,556 | 24,996,584 | — | 43,771,486 | 5,023,232 | ||||||||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | |||||||
Bear Stearns Premier Choice Shares: | |||||||||||||||||||||
Net Assets | $ | 13,732,270 | $ | — | $ | 2,185 | $ | 2,224 | $ | — | $ | 2,176 | $ | 226,259 | |||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 13,731,017 | — | 2,189 | 2,230 | — | 2,176 | 226,253 | ||||||||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | |||||||
Bear Stearns Private Client Shares: | |||||||||||||||||||||
Net Assets | $ | 1,682,792,877 | $ | — | $ | 319,322,664 | $ | 278,128,531 | $ | — | $ | 224,399,970 | $ | 177,267,660 | |||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 1,682,801,887 | — | 319,323,817 | 278,111,237 | — | 224,360,967 | 177,168,499 | ||||||||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | |||||||
Bear Stearns Premier Shares: | |||||||||||||||||||||
Net Assets | $ | 453,738,880 | $ | — | $ | 51,271,027 | $ | 204,436,779 | $ | — | $ | 24,171,221 | $ | 20,306,287 | |||||||
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 453,726,392 | — | 51,271,071 | 204,416,981 | — | 24,166,178 | 20,301,158 | ||||||||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | |||||||
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STATEMENTS OF OPERATIONS
FORTHE SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED)
| TEMPFUND | TEMPCASH | FEDFUND | |||||||||
Investment income: | ||||||||||||
Interest | $ | 947,115,889 | $ | 267,282,214 | $ | 81,455,496 | ||||||
Interest from affiliates (Note C) | 6,230,690 | 1,395,124 | 711,238 | |||||||||
Total investment income | 953,346,579 | 268,677,338 | 82,166,734 | |||||||||
Expenses: | ||||||||||||
Management fees | 32,477,582 | 11,004,699 | 3,979,998 | |||||||||
Custodian fees | 1,202,634 | 356,791 | 119,780 | |||||||||
Transfer agent fees | 1,164,463 | 335,169 | 138,940 | |||||||||
Shareholder servicing fees—class specific | 15,668,429 | 1,124,817 | 1,596,187 | |||||||||
Distribution fees—class specific | 4,492,602 | — | 652,744 | |||||||||
Legal and audit fees | 281,168 | 93,485 | 36,714 | |||||||||
Printing fees | 160,885 | 45,937 | 14,887 | |||||||||
Registration fees and expenses | 68,936 | 18,217 | 29,722 | |||||||||
Officers’ and trustees’ fees | 278,766 | 62,160 | 24,821 | |||||||||
Other | 301,722 | 105,969 | 41,897 | |||||||||
Total expenses | 56,097,187 | 13,147,244 | 6,635,690 | |||||||||
Less management fees waived (Note C) | (4,051,344 | ) | (3,033,582 | ) | (1,268,630 | ) | ||||||
Less custody fees paid indirectly (Note C) | (74,722 | ) | — | — | ||||||||
Less fees paid indirectly (Note C) | (17,074 | ) | (4,750 | ) | (1,489 | ) | ||||||
Less shareholder servicing fees waived—class specific (Note C) | (663,064 | ) | — | (145,002 | ) | |||||||
Less distribution fees waived—class specific (Note C) | (3,067,229 | ) | — | (572,310 | ) | |||||||
Net expenses | 48,223,754 | 10,108,912 | 4,648,259 | |||||||||
Net investment income | 905,122,825 | 258,568,426 | 77,518,475 | |||||||||
Net realized gain (loss) from: | ||||||||||||
Investment transactions | (42,991 | ) | (44,612 | ) | — | |||||||
Affiliated transactions | — | — | — | |||||||||
| (42,991 | ) | (44,612 | ) | — | ||||||||
Net increase in net assets resulting from operations | $ | 905,079,834 | $ | 258,523,814 | $ | 77,518,475 | ||||||
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BLACKROCK LIQUIDITY FUNDS
| MUNIFUND | MUNICASH | CALIFORNIA MONEY FUND | NEW YORK MONEY FUND | |||||||||||
| $ | 46,876,314 | $ | 22,930,705 | $ | 20,636,610 | $ | 9,672,051 | |||||||
| 2,438,594 | 1,663,155 | 1,115,242 | 731,199 | |||||||||||
| 49,314,908 | 24,593,860 | 21,751,852 | 10,403,250 | |||||||||||
| �� | ||||||||||||||
| 4,123,457 | 2,247,487 | 2,277,513 | 1,079,516 | |||||||||||
| 89,092 | 54,800 | 38,389 | 23,163 | |||||||||||
| 109,135 | 51,199 | 64,017 | 31,865 | |||||||||||
| 1,798,800 | 111,865 | 842,710 | 517,610 | |||||||||||
| 669,072 | — | 486,671 | 312,549 | |||||||||||
| 35,054 | 24,917 | 24,046 | 21,045 | |||||||||||
| 12,369 | 5,896 | 5,595 | 2,535 | |||||||||||
| 31,675 | 23,267 | 10,132 | 6,588 | |||||||||||
| 21,741 | 10,154 | 9,433 | 4,250 | |||||||||||
| 26,728 | 14,124 | 10,840 | 6,924 | |||||||||||
| 6,917,123 | 2,543,709 | 3,769,346 | 2,006,045 | |||||||||||
| (1,739,064 | ) | (1,098,070 | ) | (1,208,768 | ) | (599,858 | ) | |||||||
| (17,584 | ) | (6,056 | ) | (8,623 | ) | (875 | ) | |||||||
| (1,259 | ) | (661 | ) | (603 | ) | (286 | ) | |||||||
| (187,067 | ) | — | (101,586 | ) | (65,839 | ) | ||||||||
| (622,400 | ) | — | (416,159 | ) | (305,780 | ) | ||||||||
| 4,349,749 | 1,438,922 | 2,033,607 | 1,033,407 | |||||||||||
| 44,965,159 | 23,154,938 | 19,718,245 | 9,369,843 | |||||||||||
| (31,764 | ) | 127,962 | 25,904 | 6,467 | ||||||||||
| 2,308 | 83,934 | — | — | |||||||||||
| (29,456 | ) | 211,896 | 25,904 | 6,467 | ||||||||||
| $ | 44,935,703 | $ | 23,366,834 | $ | 19,744,149 | $ | 9,376,310 | |||||||
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STATEMENTS OF CHANGES IN NET ASSETS
| TEMPFUND | TEMPCASH | |||||||||||||||
| SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED) | YEAR ENDED OCTOBER 31, 2006 | SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED) | YEAR ENDED OCTOBER 31, 2006 | |||||||||||||
Increase (decrease) in net assets: | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 905,122,825 | $ | 1,564,251,287 | $ | 258,568,426 | $ | 587,356,006 | ||||||||
Net gain (loss) on investments | (42,991 | ) | 1,259,422 | (44,612 | ) | 808,527 | ||||||||||
Net increase in net assets resulting from operations | 905,079,834 | 1,565,510,709 | 258,523,814 | 588,164,533 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Institutional Shares | (647,365,307 | ) | (1,170,421,389 | ) | (235,568,238 | ) | (555,133,189 | ) | ||||||||
Dollar Shares | (129,734,851 | ) | (203,745,386 | ) | (22,667,371 | ) | (31,458,015 | ) | ||||||||
Cash Management Shares | (10,749,130 | ) | (13,450,676 | ) | (2,141 | ) | (1,994 | ) | ||||||||
Cash Reserve Shares | (429,582 | ) | (1,875,502 | ) | — | — | ||||||||||
Administration Shares | (48,290,254 | ) | (74,634,676 | ) | (330,676 | ) | (762,362 | ) | ||||||||
Bear Stearns Shares | (18,379,402 | ) | (29,917,432 | ) | — | — | ||||||||||
Bear Stearns Premier Choice Shares | (407,707 | ) | (567,580 | ) | — | (9 | ) | |||||||||
Bear Stearns Private Client Shares | (39,412,927 | ) | (54,623,561 | ) | — | — | ||||||||||
Bear Stearns Premier Shares | (10,353,665 | ) | (15,015,085 | ) | — | (437 | ) | |||||||||
Total distributions from net investment income | (905,122,825 | ) | (1,564,251,287 | ) | (258,568,426 | ) | (587,356,006 | ) | ||||||||
Capital share transactions (Note D) | 94,733,112 | 7,555,050,216 | (836,725,569 | ) | (1,552,678,785 | ) | ||||||||||
Total increase (decrease) in net assets | 94,690,121 | 7,556,309,638 | (836,770,181 | ) | (1,551,870,258 | ) | ||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 35,595,842,490 | 28,039,532,852 | 10,620,993,513 | 12,172,863,771 | ||||||||||||
End of period | $ | 35,690,532,611 | $ | 35,595,842,490 | $ | 9,784,223,332 | $ | 10,620,993,513 | ||||||||
End of period undistributed net investment income | $ | — | $ | — | $ | — | $ | — | ||||||||
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BLACKROCK LIQUIDITY FUNDS
| FEDFUND | MUNIFUND | MUNICASH | ||||||||||||||||||||
SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED) | YEAR ENDED OCTOBER 31, 2006 | SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED) | YEAR ENDED OCTOBER 31, 2006 | SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED) | YEAR ENDED OCTOBER 31, 2006 | |||||||||||||||||
| $ | 77,518,475 | $ | 154,392,485 | $ | 44,965,159 | $ | 81,576,936 | $ | 23,154,938 | $ | 49,253,381 | |||||||||||
| — | — | (29,456 | ) | 235,929 | 211,896 | (224,451 | ) | |||||||||||||||
| 77,518,475 | 154,392,485 | 44,935,703 | 81,812,865 | 23,366,834 | 49,028,930 | |||||||||||||||||
| (56,052,337 | ) | (113,702,966 | ) | (27,803,447 | ) | (50,725,779 | ) | (21,703,732 | ) | (47,459,280 | ) | |||||||||||
| (10,428,636 | ) | (21,405,041 | ) | (1,504,001 | ) | (2,503,251 | ) | (1,444,379 | ) | (1,783,682 | ) | |||||||||||
| — | — | (962,121 | ) | (1,146,749 | ) | — | — | |||||||||||||||
| (50,882 | ) | (95,349 | ) | — | — | — | — | |||||||||||||||
| (1,365,596 | ) | (3,116,432 | ) | (6,830,801 | ) | (15,420,096 | ) | (6,827 | ) | (1,366 | ) | |||||||||||
| (1,004,582 | ) | (1,945,617 | ) | (351,960 | ) | (558,500 | ) | — | — | |||||||||||||
| (53 | ) | (97 | ) | (36 | ) | (65 | ) | — | (7 | ) | ||||||||||||
| (7,360,766 | ) | (11,467,225 | ) | (4,498,063 | ) | (6,165,813 | ) | — | — | |||||||||||||
| (1,255,623 | ) | (2,659,758 | ) | (3,014,730 | ) | (5,056,683 | ) | — | (6 | ) | ||||||||||||
| (77,518,475 | ) | (154,392,485 | ) | (44,965,159 | ) | (81,576,936 | ) | (23,154,938 | ) | (49,244,341 | ) | |||||||||||
| (398,507,229 | ) | 200,177,320 | (176,964,516 | ) | (710,990,163 | ) | (1,530,862 | ) | (916,177,126 | ) | ||||||||||||
| (398,507,229 | ) | 200,177,320 | (176,993,972 | ) | (710,754,234 | ) | (1,318,966 | ) | (916,392,537 | ) | ||||||||||||
| 3,312,910,850 | 3,112,733,530 | 2,374,188,388 | 3,084,942,622 | 1,324,374,183 | 2,240,766,720 | |||||||||||||||||
| $ | 2,914,403,621 | $ | 3,312,910,850 | $ | 2,197,194,416 | $ | 2,374,188,388 | $ | 1,323,055,217 | $ | 1,324,374,183 | |||||||||||
| $ | — | $ | — | $ | 2,304 | $ | 2,304 | $ | 10,030 | $ | 10,030 | |||||||||||
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BLACKROCK LIQUIDITY FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONCLUDED)
| CALIFORNIA MONEY FUND | NEW YORK MONEY FUND | |||||||||||||||
SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED) | YEAR ENDED OCTOBER 31, 2006 | SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED) | YEAR ENDED OCTOBER 31, 2006 | |||||||||||||
Increase (decrease) in net assets: | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 19,718,245 | $ | 26,370,174 | $ | 9,369,843 | $ | 15,043,294 | ||||||||
Net gain (loss) on investments | 25,904 | 172,566 | 6,467 | 309,020 | ||||||||||||
Net increase in net assets resulting from operations | 19,744,149 | 26,542,740 | 9,376,310 | 15,352,314 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Institutional Shares | (14,333,071 | ) | (19,513,704 | ) | (6,014,705 | ) | (9,970,513 | ) | ||||||||
Dollar Shares | (915,386 | ) | (1,271,692 | ) | (110,492 | ) | (172,645 | ) | ||||||||
Cash Management Shares | (177,390 | ) | (26,999 | ) | (185,744 | ) | (203,970 | ) | ||||||||
Administration Shares | (89,331 | ) | (125,720 | ) | (264,330 | ) | (497,289 | ) | ||||||||
Bear Stearns Shares | (511,655 | ) | (718,541 | ) | (50,566 | ) | (88,337 | ) | ||||||||
Bear Stearns Premier Choice Shares | (33 | ) | (62 | ) | (3,589 | ) | (2,923 | ) | ||||||||
Bear Stearns Private Client Shares | (3,369,919 | ) | (4,259,946 | ) | (2,553,003 | ) | (3,942,213 | ) | ||||||||
Bear Stearns Premier Shares | (321,460 | ) | (454,439 | ) | (187,414 | ) | (165,404 | ) | ||||||||
Total distributions from net investment income | (19,718,245 | ) | (26,371,103 | ) | (9,369,843 | ) | (15,043,294 | ) | ||||||||
Capital share transactions (Note D) | (3,582,310 | ) | 384,893,900 | 80,384,641 | 76,713,061 | |||||||||||
Total increase (decrease) in net assets | (3,556,406 | ) | 385,065,537 | 80,391,108 | 77,022,081 | |||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 1,167,944,699 | 782,879,162 | 495,317,973 | 418,295,892 | ||||||||||||
End of period | $ | 1,164,388,293 | $ | 1,167,944,699 | $ | 575,709,081 | $ | 495,317,973 | ||||||||
End of period undistributed net investment income | $ | — | $ | — | $ | — | $ | — | ||||||||
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FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| INSTITUTIONAL SHARES | ||||||||||||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||
TEMPFUND | 2006 | 2005 | 2004 | 20031 | 20021 | |||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0257 | 0.0470 | 0.0276 | 0.0109 | 0.0113 | 0.0186 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0257 | ) | (0.0470 | ) | (0.0276 | ) | (0.0109 | ) | (0.0113 | ) | (0.0186 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 2.60 | %3 | 4.81 | % | 2.80 | % | 1.09 | % | 1.14 | % | 1.88 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 25,136,314 | $ | 25,788,255 | $ | 20,229,031 | $ | 17,452,337 | $ | 20,081,053 | $ | 19,871,753 | ||||||||||||
Ratio of net expenses to average net assets | 0.18 | %4 | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.18 | %4 | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | ||||||||||||
Ratio of expenses to average net assets (excluding waivers) | 0.20 | %4 | 0.20 | % | 0.21 | % | 0.21 | % | 0.20 | % | 0.18 | % | ||||||||||||
Ratio of net investment income to average daily net assets | 5.16 | %4 | 4.78 | % | 2.78 | % | 1.09 | % | 1.15 | % | 1.88 | % | ||||||||||||
| DOLLAR SHARES | ||||||||||||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||
| 2006 | 2005 | 2004 | 20031 | 20021 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0245 | 0.0445 | 0.0252 | 0.0084 | 0.0088 | 0.0161 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0245 | ) | (0.0445 | ) | (0.0252 | ) | (0.0084 | ) | (0.0088 | ) | (0.0161 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 2.48 | %3 | 4.55 | % | 2.54 | % | 0.84 | % | 0.89 | % | 1.62 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 5,094,421 | $ | 4,971,729 | $ | 4,212,168 | $ | 3,665,117 | $ | 3,818,036 | $ | 4,309,354 | ||||||||||||
Ratio of net expenses to average net assets | 0.43 | %4 | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.43 | %4 | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||||
Ratio of expenses to average net assets (excluding waivers) | 0.45 | %4 | 0.45 | % | 0.46 | % | 0.46 | % | 0.45 | % | 0.43 | % | ||||||||||||
Ratio of net investment income to average daily net assets | 5.07 | %4 | 4.44 | % | 2.57 | % | 0.83 | % | 0.90 | % | 1.63 | % | ||||||||||||
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BLACKROCK LIQUIDITY FUNDS
| CASH MANAGEMENT SHARES | CASH RESERVE SHARES5 | |||||||||||||||||||||||||||||||||||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED 10/31/06 | YEAR ENDED OCTOBER 31 | ||||||||||||||||||||||||||||||||||||||||||||
TEMPFUND | 2006 | 2005 | 2004 | 20031 | 20021 | 10/04/05 - 10/31/05 | 11/01/03 - 12/15/03 | 20031 | 20021 | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0233 | 0.0420 | 0.0227 | 0.0059 | 0.0063 | 0.0136 | 0.0238 | 0.0430 | 0.0025 | 0.0007 | 0.0067 | 0.0146 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0233 | ) | (0.0420 | ) | (0.0227 | ) | (0.0059 | ) | (0.0063 | ) | (0.0136 | ) | (0.0238 | ) | (0.0430 | ) | (0.0025 | ) | (0.0007 | ) | (0.0067 | ) | (0.0146 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return2 | 2.35 | %3 | 4.28 | % | 2.29 | % | 0.59 | % | 0.63 | % | 1.37 | % | 2.40 | %3 | 4.39 | % | 0.24 | %3 | 0.07 | %3 | 0.76 | % | 1.47 | % | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 531,977 | $ | 358,944 | $ | 282,475 | $ | 192,325 | $ | 147,693 | $ | 65,140 | $ | 16,607 | $ | 17,173 | $ | 3,723 | $ | — | $ | 6,622 | $ | 178,398 | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.68 | %4 | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.58 | %4 | 0.58 | % | 0.58 | %4 | 0.58 | %4 | 0.58 | % | 0.58 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.68 | %4 | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.58 | %4 | 0.58 | % | 0.58 | %4 | 0.58 | %4 | 0.58 | % | 0.58 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.70 | %4 | 0.70 | % | 0.71 | % | 0.71 | % | 0.70 | % | 0.68 | % | 0.60 | %4 | 0.61 | % | 0.62 | %4 | 0.60 | %4 | 0.60 | % | 0.58 | % | ||||||||||||||||||||||||
Ratio of net investment income to average daily net assets | 4.77 | %4 | 4.24 | % | 2.38 | % | 0.58 | % | 0.57 | % | 1.34 | % | 5.21 | %4 | 4.38 | % | 3.34 | %4 | 0.54 | %4 | 0.94 | % | 1.47 | % | ||||||||||||||||||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | There were no Cash Reserve Shares outstanding during the period August 7, 2003 to September 15, 2003 and December 16, 2003 to October 3, 2005. |
59
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| ADMINISTRATION SHARES | BEAR STEARNS SHARES | |||||||||||||||||||||||||||||||||||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/021,2 | PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/021,3 | |||||||||||||||||||||||||||||||||||||||||||
TEMPFUND | 2006 | 2005 | 2004 | 20031 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0252 | 0.0460 | 0.0267 | 0.0099 | 0.0103 | 0.0095 | 0.0217 | 0.0388 | 0.0195 | 0.0032 | 0.0034 | 0.0041 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0252 | ) | (0.0460 | ) | (0.0267 | ) | (0.0099 | ) | (0.0103 | ) | (0.0095 | ) | (0.0217 | ) | (0.0388 | ) | (0.0195 | ) | (0.0032 | ) | (0.0034 | ) | (0.0041 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return4 | 2.55 | %5 | 4.70 | % | 2.70 | % | 0.99 | % | 1.04 | % | 1.66 | %5 | 2.19 | % | 5 3.95 | % | 1.96 | % | 0.32 | % | 0.34 | % | 0.91 | %5 | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,888,915 | $ | 1,763,132 | $ | 1,261,354 | $ | 1,200,346 | $ | 330 | $ | 124 | $ | 872,035 | $ | 810,613 | $ | 706,592 | $ | 189,266 | $ | 75,071 | $ | 22,717 | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.28 | %6 | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | %6 | 1.00 | %6 | 1.00 | % | 1.00 | % | 0.95 | % | 0.96 | % | 1.00 | %6 | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.28 | %6 | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | %6 | 1.00 | %6 | 1.00 | % | 1.00 | % | 0.95 | % | 0.96 | % | 1.00 | %6 | ||||||||||||||||||||||||
Ratio of expenses to average net assets (excluding waivers) | 0.30 | %6 | 0.30 | % | 0.31 | % | 0.31 | % | 0.30 | % | 0.29 | %6 | 1.05 | %6 | 1.05 | % | 1.03 | % | 1.03 | % | 1.02 | % | 1.01 | %6 | ||||||||||||||||||||||||
Ratio of net investment income to average daily net assets | 5.18 | %6 | 4.65 | % | 2.71 | % | 1.25 | % | 1.00 | % | 1.62 | %6 | 4.51 | %6 | 3.89 | % | 2.25 | % | 0.34 | % | 0.30 | % | 0.88 | %6 | ||||||||||||||||||||||||
| BEAR STEARNS PREMIER CHOICE SHARES | ||||||||||||
| PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED 10/31/06 | PERIOD ENDED 10/31/057 | ||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Net investment income | 0.0244 | 0.0443 | 0.0154 | |||||||||
Dividends to shareholders from net investment income | (0.0244 | ) | (0.0443 | ) | (0.0154 | ) | ||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Total return4 | 2.47 | %5 | 4.52 | % | 1.55 | %5 | ||||||
Ratios/Supplemental data: | ||||||||||||
Net assets, end of period (000) | $ | 13,732 | $ | 10,347 | $ | 3,619 | ||||||
Ratio of net expenses to average net assets | 0.45 | %6 | 0.45 | % | 0.45 | %6 | ||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.45 | %6 | 0.45 | % | 0.45 | %6 | ||||||
Ratio of expenses to average net assets (excluding waivers) | 0.70 | %6 | 0.71 | % | 0.72 | %6 | ||||||
Ratio of net investment income to average daily net assets | 5.00 | %6 | 4.78 | % | 3.09 | %6 | ||||||
| BEAR STEARNS PRIVATE CLIENT SHARES | ||||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED | ||||||||||||||
| 2005 | 2006 | 10/31/048 | ||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0235 | 0.0428 | 0.0235 | 0.0048 | ||||||||||||
Dividends to shareholders from net investment income | (0.0235 | ) | (0.0428 | ) | (0.0235 | ) | (0.0048 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return4 | 2.38 | %5 | 4.37 | % | 2.37 | % | 0.48 | %5 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 1,682,793 | $ | 1,479,708 | $ | 1,018,935 | $ | 280,458 | ||||||||
Ratio of net expenses to average net assets | 0.63 | %6 | 0.60 | % | 0.60 | % | 0.58 | %6 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %6 | 0.60 | % | 0.60 | % | 0.58 | %6 | ||||||||
Ratio of expenses to average net assets (excluding waivers) | 1.05 | %6 | 1.05 | % | 1.06 | % | 1.05 | %6 | ||||||||
Ratio of net investment income to average daily net assets | 4.85 | %6 | 4.32 | % | 2.57 | % | 0.96 | %6 | ||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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BLACKROCK LIQUIDITY FUNDS
TEMPFUND | BEAR STEARNS PREMIER SHARES | |||||||||||
| PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED 10/31/06 | PERIOD ENDED 10/31/059 | ||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Net investment income | 0.0235 | 0.0428 | 0.0179 | |||||||||
Dividends to shareholders from net investment income | (0.0235 | ) | (0.0428 | ) | (0.0179 | ) | ||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Total return4 | 2.38 | %5 | 4.37 | % | 1.80 | %5 | ||||||
Ratios/Supplemental data: | ||||||||||||
Net assets, end of period (000) | $ | 453,739 | $ | 395,943 | $ | 321,636 | ||||||
Ratio of net expenses to average net assets | 0.63 | %6 | 0.60 | % | 0.60 | %6 | ||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %6 | 0.60 | % | 0.60 | %6 | ||||||
Ratio of expenses to average net assets (excluding waivers) | 0.80 | %6 | 0.80 | % | 0.81 | %6 | ||||||
Ratio of net investment income to average daily net assets | 4.87 | %6 | 4.29 | % | 2.93 | %6 | ||||||
1 | Audited by other auditors. |
2 | Commencement of operations of share class effective April 4, 2002. |
3 | Commencement of operations of share class effective May 20, 2002. |
4 | Past performance is no guarantee of future results. |
5 | Not annualized. |
6 | Annualized. |
7 | Commencement of operations of share class effective April 25, 2005. |
8 | Commencement of operations of share class effective March 26, 2004. |
9 | Commencement of operations of share class effective March 2, 2005. |
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
TEMPCASH | INSTITUTIONAL SHARES | DOLLAR SHARES | ||||||||||||||||||||||||||||||||||||||||||||||
PERIOD ENDED | YEAR ENDED OCTOBER 31 | PERIOD ENDED | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||||||||||||||||||||||||
| 2006 | 2005 | 2004 | 20031 | 20021 | 2006 | 2005 | 2004 | 20031 | 20021 | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0258 | 0.0471 | 0.0278 | 0.0112 | 0.0118 | 0.0193 | 0.0245 | 0.0446 | 0.0253 | 0.0087 | 0.0093 | 0.0168 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0258 | ) | (0.0471 | ) | (0.0278 | ) | (0.0112 | ) | (0.0118 | ) | (0.0193 | ) | (0.0245 | ) | (0.0446 | ) | (0.0253 | ) | (0.0087 | ) | (0.0093 | ) | (0.0168 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return2 | 2.61 | %3 | 4.82 | % | 2.82 | % | 1.13 | % | 1.18 | % | 1.95 | % | 2.48 | %3 | 4.56 | % | 2.56 | % | 0.88 | % | 0.93 | % | 1.70 | % | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 8,841,484 | $ | 9,769,075 | $ | 11,576,987 | $ | 7,850,023 | $ | 11,193,249 | $ | 7,195,494 | $ | 935,392 | $ | 826,331 | $ | 595,873 | $ | 531,509 | $ | 433,227 | $ | 402,137 | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.18 | %4 | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.43 | %4 | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.18 | %4 | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.43 | %4 | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets (excluding waivers) | 0.24 | %4 | 0.23 | % | 0.24 | % | 0.23 | % | 0.23 | % | 0.24 | % | 0.49 | %4 | 0.48 | % | 0.49 | % | 0.49 | % | 0.48 | % | 0.50 | % | ||||||||||||||||||||||||
Ratio of net investment income to average daily net assets | 5.20 | %4 | 4.79 | % | 2.88 | % | 1.11 | % | 1.18 | % | 1.92 | % | 5.07 | %4 | 4.50 | % | 2.63 | % | 0.87 | % | 0.94 | % | 1.71 | % | ||||||||||||||||||||||||
| CASH MANAGEMENT SHARES | ADMINISTRATION SHARES | |||||||||||||||
PERIOD ENDED 4/30/07 | PERIOD ENDED 10/31/065 | PERIOD ENDED | PERIOD ENDED 10/31/066,7 | |||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0233 | 0.0179 | 0.0253 | 0.0301 | ||||||||||||
Dividends to shareholders from net investment income | (0.0233 | ) | (0.0179 | ) | (0.0253 | ) | (0.0301 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 2.35 | %3 | 1.80 | %3 | 2.56 | %3 | 3.04 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 161 | $ | 126 | $ | 7,186 | $ | 25,461 | ||||||||
Ratio of net expenses to average net assets | 0.68 | %4 | 0.68 | %4 | 0.28 | %4 | 0.28 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.68 | %4 | 0.68 | %4 | 0.28 | %4 | 0.28 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.73 | %4 | 0.73 | %4 | 0.34 | %4 | 0.34 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 4.77 | %4 | 4.29 | %4 | 5.18 | %4 | 5.01 | %4 | ||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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TEMPCASH | BEAR STEARNS PREMIER CHOICE SHARES8 | BEAR STEARNS PREMIER SHARES 9 | ||||||||||||||||||||||
| 11/1/05 - 12/13/05 | YEAR ENDED | PERIOD ENDED 10/31/0410 | 11/1/05 - 12/13/05 | YEAR ENDED | PERIOD ENDED 10/31/0410 | |||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0043 | 0.0251 | 0.0056 | 0.0042 | 0.0234 | 0.0041 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0043 | ) | (0.0251 | ) | (0.0056 | ) | (0.0042 | ) | (0.0234 | ) | (0.0041 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 0.44 | %3 | 2.54 | % | 0.56 | %3 | 0.44 | %3 | 2.37 | % | 0.41 | %3 | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | — | $ | 2 | $ | 2 | $ | — | $ | 2 | $ | 2 | ||||||||||||
Ratio of net expenses to average net assets | 0.45 | %4 | 0.45 | % | 0.45 | %4 | 0.60 | %4 | 0.60 | % | 0.70 | %4 | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.45 | %4 | 0.45 | % | 0.45 | %4 | 0.60 | %4 | 0.60 | % | 0.70 | %4 | ||||||||||||
Ratio of expenses to average net assets (excluding waivers) | 0.50 | %4 | 0.80 | % | 0.50 | %4 | 0.65 | %4 | 1.09 | % | 0.75 | %4 | ||||||||||||
Ratio of net investment income to average daily net assets | 4.52 | %4 | 2.57 | % | 1.15 | %4 | 4.37 | %4 | 2.12 | % | 0.81 | %4 | ||||||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | Commencement of operations of share class effective June 14, 2006. |
6 | Commencement of operations of share class effective November 15, 2005. |
7 | There were no Administration Shares outstanding during the period November 25, 2005 to March 30, 2006. |
8 | There were no Bear Stearns Premier Choice Shares outstanding during the period December 14, 2005 to April 30, 2007. |
9 | There were no Bear Stearns Premier Shares outstanding during the period December 14, 2005 to April 30, 2007. |
10 | Commencement of operations of share class effective March 26, 2004. |
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
FEDFUND | INSTITUTIONAL SHARES | DOLLAR SHARES | ||||||||||||||||||||||||||||||||||||||||||||||
PERIOD ENDED | YEAR ENDED OCTOBER 31 | PERIOD ENDED | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||||||||||||||||||||||||
| 2006 | 2005 | 2004 | 20031 | 20021 | 2006 | 2005 | 2004 | 20031 | 20021 | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0254 | 0.0463 | 0.0269 | 0.0105 | 0.0110 | 0.0183 | 0.0241 | 0.0438 | 0.0244 | 0.0080 | 0.0085 | 0.0158 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0254 | ) | (0.0463 | ) | (0.0269 | ) | (0.0105 | ) | (0.0110 | ) | (0.0183 | ) | (0.0241 | ) | (0.0438 | ) | (0.0244 | ) | (0.0080 | ) | (0.0085 | ) | (0.0158 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return2 | 2.57 | %3 | 4.73 | % | 2.73 | % | 1.05 | % | 1.10 | % | 1.85 | % | 2.44 | %3 | 4.47 | % | 2.47 | % | 0.80 | % | 0.85 | % | 1.60 | % | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,048,406 | $ | 2,417,594 | $ | 2,320,001 | $ | 1,883,220 | $ | 2,163,336 | $ | 1,955,108 | $ | 396,674 | $ | 415,040 | $ | 372,460 | $ | 345,479 | $ | 397,344 | $ | 635,685 | ||||||||||||||||||||||||
Ratio of expenses to average net assets | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.28 | %4 | 0.28 | % | 0.29 | % | 0.29 | % | 0.28 | % | 0.26 | % | 0.53 | %4 | 0.53 | % | 0.54 | % | 0.54 | % | 0.53 | % | 0.50 | % | ||||||||||||||||||||||||
Ratio of net investment income to average daily net assets | 5.11 | %4 | 4.64 | % | 2.73 | % | 1.04 | % | 1.10 | % | 1.82 | % | 4.85 | %4 | 4.46 | % | 2.49 | % | 0.79 | % | 0.87 | % | 1.61 | % | ||||||||||||||||||||||||
| CASH RESERVE SHARES | ADMINISTRATION SHARES | |||||||||||||||||||||||||||||||
PERIOD ENDED | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/031,5 | PERIOD ENDED | YEAR ENDED 10/31/06 | PERIOD ENDED 10/31/056,9 | |||||||||||||||||||||||||||
| 2006 | 2005 | 2004 | ||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Net investment income | 0.0233 | 0.0423 | 0.0229 | 0.0065 | 0.0034 | 0.0249 | 0.0453 | 0.0110 | ||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0233 | ) | (0.0423 | ) | (0.0229 | ) | (0.0065 | ) | (0.0034 | ) | (0.0249 | ) | (0.0453 | ) | (0.0110 | ) | ||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Total return2 | 2.36 | %3 | 4.31 | % | 2.32 | % | 0.65 | % | 0.59 | %3 | 2.52 | %3 | 4.63 | % | 1.10 | %3 | ||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,507 | $ | 1,082 | $ | 1,547 | $ | 9,276 | $ | 13,492 | $ | 52,074 | $ | 83,069 | $ | 43,480 | ||||||||||||||||
Ratio of expenses to average net assets | 0.60 | %4 | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %4 | 0.30 | %4 | 0.30 | % | 0.30 | %4 | ||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.60 | %4 | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %4 | 0.30 | %4 | 0.30 | % | 0.30 | %4 | ||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.68 | %4 | 0.68 | % | 0.70 | % | 0.69 | % | 0.69 | %4 | 0.38 | %4 | 0.38 | % | 0.39 | %4 | ||||||||||||||||
Ratio of net investment income to average daily net assets | 4.75 | %4 | 4.26 | % | 1.94 | % | 0.62 | % | 0.58 | %4 | 5.04 | %4 | 4.67 | % | 2.63 | %4 | ||||||||||||||||
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FEDFUND | BEAR STEARNS SHARES | BEAR STEARNS PREMIER CHOICE SHARES | ||||||||||||||||||||||||||||||||||||||
PERIOD ENDED | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/021,7 | PERIOD ENDED | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/048 | |||||||||||||||||||||||||||||||||||
| 2006 | 2005 | 2004 | 20031 | 2006 | 2005 | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
Net investment income | 0.0214 | 0.0383 | 0.0189 | 0.0031 | 0.0033 | 0.0040 | 0.0241 | 0.0438 | 0.0244 | 0.0054 | ||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0214 | ) | (0.0383 | ) | (0.0189 | ) | (0.0031 | ) | (0.0033 | ) | (0.0040 | ) | (0.0241 | ) | (0.0438 | ) | (0.0244 | ) | (0.0054 | ) | ||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
Total return2 | 2.16 | %3 | 3.90 | % | 1.91 | % | 0.31 | % | 0.33 | % | 0.89 | %3 | 2.44 | %3 | 4.47 | % | 2.47 | % | 0.54 | %3 | ||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 45,146 | $ | 52,420 | $ | 47,205 | $ | 18,837 | $ | 7,889 | $ | 2,728 | $ | 2 | $ | 2 | $ | 2 | $ | 2 | ||||||||||||||||||||
Ratio of expenses to average net assets | 1.00 | %4 | 1.00 | % | 1.00 | % | 0.95 | % | 0.95 | % | 1.00 | %4 | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | %4 | ||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 1.00 | %4 | 1.00 | % | 1.00 | % | 0.95 | % | 0.95 | % | 1.00 | %4 | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | %4 | ||||||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.13 | %4 | 1.13 | % | 1.09 | % | 1.09 | % | 1.08 | % | 1.08 | %4 | 0.53 | %4 | 0.53 | % | 0.87 | % | 0.54 | %4 | ||||||||||||||||||||
Ratio of net investment income to average daily net assets | 4.37 | %4 | 3.86 | % | 2.14 | % | 0.36 | % | 0.30 | % | 0.87 | %4 | 4.86 | %4 | 4.39 | % | 2.48 | % | 0.92 | %4 | ||||||||||||||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | Commencement of operations of share class effective April 1, 2003. |
6 | Commencement of operations of share class effective November 10, 2004. |
7 | Commencement of operations of share class effective May 20, 2002. |
8 | Commencement of operations of share class effective March 26, 2004. |
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. |
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FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
FEDFUND | BEAR STEARNS PRIVATE CLIENT SHARES | |||||||||||||||
PERIOD ENDED | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/041 | ||||||||||||||
| 2006 | 2005 | |||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0233 | 0.0423 | 0.0229 | 0.0045 | ||||||||||||
Dividends to shareholders from net investment income | (0.0233 | ) | (0.0423 | ) | (0.0229 | ) | (0.0045 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 2.35 | %3 | 4.31 | % | 2.32 | % | 0.45 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 319,323 | $ | 295,307 | $ | 241,913 | $ | 50,579 | ||||||||
Ratio of expenses to average daily net assets | 0.63 | %4 | 0.60 | % | 0.60 | % | 0.58 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %4 | 0.60 | % | 0.60 | % | 0.58 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.13 | %4 | 1.13 | % | 1.14 | % | 0.80 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 4.72 | %4 | 4.25 | % | 2.59 | % | 0.92 | %4 | ||||||||
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FEDFUND | BEAR STEARNS PREMIER SHARES | |||||||||||||||
| PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/041 | ||||||||||||||
| 2006 | 2005 | |||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0233 | 0.0423 | 0.0227 | 0.0038 | ||||||||||||
Dividends to shareholders from net investment income | (0.0233 | ) | (0.0423 | ) | (0.0227 | ) | (0.0038 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 2.35 | %3 | 4.31 | % | 2.30 | % | 0.38 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 51,271 | $ | 48,396 | $ | 86,126 | $ | 2 | ||||||||
Ratio of expenses to average net assets | 0.63 | %4 | 0.60 | % | 0.60 | % | 0.70 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %4 | 0.60 | % | 0.60 | % | 0.70 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.88 | %4 | 0.88 | % | 0.89 | % | 0.79 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 4.80 | %4 | 4.15 | % | 2.84 | % | 0.60 | %4 | ||||||||
1 | Commencement of operations of share class effective March 26, 2004. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
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FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
MUNIFUND | INSTITUTIONAL SHARES | DOLLAR SHARES | ||||||||||||||||||||||||||||||||||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||||||||||||||||||||||||
| 2006 | 2005 | 2004 | 20031 | 20021 | 2006 | 2005 | 2004 | 20031 | 20021 | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0171 | 0.0312 | 0.0199 | 0.0095 | 0.0096 | 0.0142 | 0.0158 | 0.0287 | 0.0174 | 0.0070 | 0.0071 | 0.0117 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0171 | ) | (0.0312 | ) | (0.0199 | ) | (0.0095 | ) | (0.0096 | ) | (0.0142 | ) | (0.0158 | ) | (0.0287 | ) | (0.0174 | ) | (0.0070 | ) | (0.0071 | ) | (0.0117 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return2 | 1.72 | %3 | 3.17 | % | 2.01 | % | 0.95 | % | 0.96 | % | 1.43 | % | 1.59 | %3 | 2.91 | % | 1.76 | % | 0.70 | % | 0.71 | % | 1.18 | % | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,179,900 | $ | 1,420,560 | $ | 2,135,257 | $ | 1,812,753 | $ | 1,549,951 | $ | 1,037,163 | $ | 79,209 | $ | 96,853 | $ | 84,763 | $ | 82,323 | $ | 37,749 | $ | 74,526 | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.20 | %4 | 0.20 | % | 0.19 | % | 0.19 | % | 0.19 | % | 0.19 | % | 0.45 | %4 | 0.45 | % | 0.44 | % | 0.45 | % | 0.44 | % | 0.44 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.33 | %4 | 0.33 | % | 0.33 | % | 0.34 | % | 0.35 | % | 0.37 | % | 0.58 | %4 | 0.58 | % | 0.58 | % | 0.59 | % | 0.60 | % | 0.62 | % | ||||||||||||||||||||||||
Ratio of net investment income to average daily net assets | 3.44 | %4 | 3.10 | % | 2.02 | % | 0.95 | % | 0.93 | % | 1.41 | % | 3.19 | %4 | 2.87 | % | 1.75 | % | 0.73 | % | 0.74 | % | 1.18 | % | ||||||||||||||||||||||||
| CASH MANAGEMENT SHARES5 | CASH RESERVE SHARES6 | |||||||||||||||||||||||||||||||
PERIOD (UNAUDITED) | YEAR ENDED OCTOBER 31 | 11/01/02- 08/06/031 | YEAR ENDED 10/31/021 | |||||||||||||||||||||||||||||
| 2006 | 2005 | 2004 | 20031 | 20021 | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Net investment income | 0.0146 | 0.0262 | 0.0149 | 0.0045 | 0.0040 | 0.0085 | 0.0047 | 0.0102 | ||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0146 | ) | (0.0262 | ) | (0.0149 | ) | (0.0045 | ) | (0.0040 | ) | (0.0085 | ) | (0.0047 | ) | (0.0102 | ) | ||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Total return2 | 1.47 | %3 | 2.65 | % | 1.51 | % | 0.45 | % | 0.45 | % | 0.91 | % | 0.57 | %3 | 1.03 | % | ||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 54,597 | $ | 41,699 | $ | 35,774 | $ | 20,114 | $ | 22,423 | $ | 11,197 | $ | — | $ | 8,626 | ||||||||||||||||
Ratio of net expenses to average net assets | 0.70 | %4 | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | %4 | 0.70 | %4 | 0.60 | %4 | 0.60 | % | ||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.70 | %4 | 0.70 | % | 0.69 | % | 0.69 | % | 0.69 | %4 | 0.69 | %4 | 0.59 | %4 | 0.59 | % | ||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.83 | %4 | 0.83 | % | 0.83 | % | 0.84 | % | 0.85 | %4 | 0.87 | %4 | 0.75 | %4 | 0.77 | % | ||||||||||||||||
Ratio of net investment income to average daily net assets | 2.94 | %4 | 2.65 | % | 1.58 | % | 0.43 | % | 0.40 | % | 0.90 | % | 0.63 | %4 | 1.03 | % | ||||||||||||||||
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MUNIFUND | ADMINISTRATION SHARES7 | BEAR STEARNS SHARES | ||||||||||||||||||||||||||||||||||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | 05/17/04 - 10/31/04 | 11/01/02 - 10/06/031 | PERIOD ENDED 10/31/021,8 | PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/021,9 | |||||||||||||||||||||||||||||||||||||||||
| 2006 | 2005 | 2006 | 2005 | 2004 | 20031 | |||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0166 | 0.0302 | 0.0189 | 0.0044 | 0.0081 | 0.0069 | 0.0131 | 0.0232 | 0.0119 | 0.0026 | 0.0026 | 0.0024 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0166 | ) | (0.0302 | ) | (0.0189 | ) | (0.0044 | ) | (0.0081 | ) | (0.0069 | ) | (0.0131 | ) | (0.0232 | ) | (0.0119 | ) | (0.0026 | ) | (0.0026 | ) | (0.0024 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return2 | 1.67 | %3 | 3.07 | % | 1.91 | % | 0.44 | %3 | 0.87 | %3 | 1.28 | %3 | 1.32 | %3 | 2.35 | % | 1.20 | % | 0.26 | % | 0.26 | % | 0.54 | %3 | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 375,924 | $ | 371,211 | $ | 516,607 | $ | 437,590 | $ | — | $ | 13,051 | $ | 24,997 | $ | 31,467 | $ | 24,225 | $ | 28,191 | $ | 5,371 | $ | 6,215 | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | %4 | 0.30 | %4 | 0.30 | %4 | 1.00 | %4 | 1.00 | % | 1.00 | % | 0.90 | % | 0.88 | % | 1.00 | %4 | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.30 | %4 | 0.30 | % | 0.29 | % | 0.30 | %4 | 0.29 | %4 | 0.29 | %4 | 1.00 | %4 | 1.00 | % | 0.99 | % | 0.89 | % | 0.87 | % | 0.99 | %4 | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.43 | %4 | 0.43 | % | 0.43 | % | 0.43 | %4 | 0.45 | %4 | 0.47 | %4 | 1.18 | %4 | 1.18 | % | 1.13 | % | 1.14 | % | 1.15 | % | 1.16 | %4 | ||||||||||||||||||||||||
Ratio of net investment income to average daily net assets | 3.34 | %4 | 3.01 | % | 1.90 | % | 1.01 | %4 | 0.90 | %4 | 1.27 | %4 | 2.64 | %4 | 2.32 | % | 1.15 | % | 0.29 | % | 0.25 | % | 0.57 | %4 | ||||||||||||||||||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | 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. |
6 | There were no Cash Reserve Shares outstanding during the period August 7, 2003 to April 30, 2007. |
7 | There were no Administration Shares outstanding during the period October 7, 2003 to May 16, 2004. |
8 | Commencement of operations of share class effective April 18, 2002. |
9 | Commencement of operations of share class effective May 20, 2002. |
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
MUNIFUND | BEAR STEARNS PREMIER CHOICE SHARES | |||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED 10/31/06 | PERIOD ENDED 10/31/051 | ||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Net investment income | 0.0158 | 0.0287 | 0.0108 | |||||||||
Dividends to shareholders from net investment income | (0.0158 | ) | (0.0287 | ) | (0.0108 | ) | ||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Total return2 | 1.59 | %3 | 2.91 | % | 1.08 | %3 | ||||||
Ratios/Supplemental data: | ||||||||||||
Net assets, end of period (000) | $ | 2 | $ | 2 | $ | 2 | ||||||
Ratio of net expenses to average net assets | 0.45 | %4 | 0.45 | % | 0.45 | %4 | ||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.45 | %4 | 0.45 | % | 0.44 | %4 | ||||||
Ratio of expenses to average net assets (excluding waivers) | 0.58 | %4 | 0.58 | % | 0.58 | %4 | ||||||
Ratio of net investment income to average daily net assets | 3.19 | %4 | 2.85 | % | 1.75 | %4 | ||||||
| BEAR STEARNS PRIVATE CLIENT SHARES | ||||||||||||||||
| PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/045 | ||||||||||||||
| 2006 | 2005 | |||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0150 | 0.0272 | 0.0155 | 0.0033 | ||||||||||||
Dividends to shareholders from net investment income | (0.0150 | ) | (0.0272 | ) | (0.0155 | ) | (0.0033 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 1.50 | %3 | 2.76 | % | 1.56 | % | 0.33 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 278,129 | $ | 252,344 | $ | 161,860 | $ | 51,799 | ||||||||
Ratio of net expenses to average net assets | 0.63 | %4 | 0.60 | % | 0.63 | % | 0.68 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %4 | 0.60 | % | 0.62 | % | 0.68 | %4 | ||||||||
Ratio of expenses to average net assets (excluding waivers) | 1.18 | %4 | 1.18 | % | 1.18 | % | 0.83 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 3.01 | %4 | 2.75 | % | 1.64 | % | 0.67 | %4 | ||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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| BEAR STEARNS PREMIER SHARES | ||||||||||||
MUNIFUND | PERIOD (UNAUDITED) | YEAR ENDED 10/31/06 | PERIOD ENDED 10/31/056 | |||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Net investment income | 0.0148 | 0.0272 | 0.0120 | |||||||||
Dividends to shareholders from net investment income | (0.0148 | ) | (0.0272 | ) | (0.0120 | ) | ||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Total return2 | 1.50 | %3 | 2.76 | % | 1.21 | %3 | ||||||
Ratios/Supplemental data: | ||||||||||||
Net assets, end of period (000) | $ | 204,437 | $ | 160,053 | $ | 126,455 | ||||||
Ratio of net expenses to average net assets | 0.63 | %4 | 0.60 | % | 0.60 | %4 | ||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %4 | 0.60 | % | 0.59 | %4 | ||||||
Ratio of expenses to average net assets (excluding waivers) | 0.93 | %4 | 0.93 | % | 0.93 | %4 | ||||||
Ratio of net investment income to average daily net assets | 3.01 | %4 | 2.72 | % | 1.88 | %4 | ||||||
1 | Commencement of operations of share class effective April 25, 2005. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | Commencement of operations of share class effective March 26, 2004. |
6 | Commencement of operations of share class effective March 2, 2005. |
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| INSTITUTIONAL SHARES | ||||||||||||||||||||||||
PERIOD (UNAUDITED) | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||
MUNICASH | 2006 | 2005 | 2004 | 20031 | 20021 | |||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0173 | 0.0318 | 0.0206 | 0.0100 | 0.0108 | 0.0156 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0173 | ) | (0.0318 | ) | (0.0206 | ) | (0.0100 | ) | (0.0108 | ) | (0.0156 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 1.74 | %3 | 3.23 | % | 2.09 | % | 1.01 | % | 1.09 | % | 1.57 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,230,083 | $ | 1,232,427 | $ | 2,181,441 | $ | 2,315,927 | $ | 2,054,465 | $ | 1,257,237 | ||||||||||||
Ratio of expenses to average daily net assets | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.20 | %4 | 0.20 | % | 0.19 | % | 0.19 | % | 0.19 | % | 0.19 | % | ||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.36 | %4 | 0.36 | % | 0.34 | % | 0.33 | % | 0.34 | % | 0.36 | % | ||||||||||||
Ratio of net investment income to average daily net assets | 3.49 | %4 | 3.12 | % | 2.04 | % | 1.01 | % | 1.04 | % | 1.55 | % | ||||||||||||
| DOLLAR SHARES | CASH MANAGEMENT SHARES5 | |||||||||||||||||||||||||||
| PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | 11/01/01 - 10/15/021 | ||||||||||||||||||||||||||
| 2006 | 2005 | 2004 | 20031 | 20021 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||
Net investment income | 0.0160 | 0.0293 | 0.0181 | 0.0075 | 0.0083 | 0.0131 | 0.0101 | |||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0160 | ) | (0.0293 | ) | (0.0181 | ) | (0.0075 | ) | (0.0083 | ) | (0.0131 | ) | (0.0101 | ) | ||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||
Total return2 | 1.62 | %3 | 2.97 | % | 1.83 | % | 0.76 | % | 0.84 | % | 1.32 | % | 1.01 | %3 | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 92,972 | $ | 91,505 | $ | 59,321 | $ | 79,579 | $ | 90,241 | $ | 58,991 | $ | — | ||||||||||||||
Ratio of expenses to average daily net assets | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.70 | %4 | ||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.45 | %4 | 0.45 | % | 0.44 | % | 0.44 | % | 0.44 | % | 0.44 | % | 0.69 | %4 | ||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.62 | %4 | 0.61 | % | 0.59 | % | 0.58 | % | 0.59 | % | 0.61 | % | 0.87 | %4 | ||||||||||||||
Ratio of net investment income to average daily net assets | 3.23 | %4 | 2.93 | % | 1.79 | % | 0.75 | % | 0.81 | % | 1.30 | % | 1.07 | %4 | ||||||||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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BLACKROCK LIQUIDITY FUNDS
| ADMINISTRATION SHARES6 | BEAR STEARNS PREMIER CHOICE SHARES7 | BEAR STEARNS PREMIER SHARES8 | ||||||||||||||||||||||||||||||
MUNICASH | PERIOD ENDED 4/13/07 (UNAUDITED) | PERIOD ENDED 10/31/069 | 11/01/05 - 12/13/05 | YEAR ENDED | PERIOD ENDED 10/31/0410 | 11/01/05 - 12/13/05 | YEAR ENDED 10/31/05 | PERIOD ENDED 10/31/0410 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Net investment income | 0.0153 | 0.0031 | 0.0030 | 0.0181 | 0.0049 | 0.0027 | 0.0157 | 0.0035 | ||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0153 | ) | (0.0031 | ) | (0.0030 | ) | (0.0181 | ) | (0.0049 | ) | (0.0027 | ) | (0.0157 | ) | (0.0035 | ) | ||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Total return2 | 1.54 | %3 | 0.31 | %3 | 0.30 | %3 | 1.83 | % | 0.50 | %3 | 0.27 | %3 | 1.58 | % | 0.35 | %3 | ||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | — | $ | 443 | $ | — | $ | 2 | $ | 2 | $ | — | $ | 2 | $ | 2 | ||||||||||||||||
Ratio of expenses to average daily net assets | 0.30 | %4 | 0.30 | %4 | 0.45 | %4 | 0.45 | % | 0.45 | %4 | 0.70 | %4 | 0.62 | % | 0.70 | %4 | ||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.30 | %4 | 0.30 | %4 | 0.45 | %4 | 0.44 | % | 0.44 | %4 | 0.70 | %4 | 0.61 | % | 0.69 | %4 | ||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.49 | %4 | 0.46 | %4 | 0.61 | %4 | 0.85 | % | 0.58 | %4 | 0.86 | %4 | 0.85 | % | 0.83 | %4 | ||||||||||||||||
Ratio of net investment income to average daily net assets | 3.53 | %4 | 3.02 | %4 | 2.87 | %4 | 1.77 | % | 0.84 | %4 | 2.62 | %4 | 1.60 | % | 0.57 | %4 | ||||||||||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | There were no Cash Management Shares outstanding during the period October 16, 2002 to April 30, 2007. |
6 | There were no Administration Shares outstanding during the period April 14, 2007 to April 30, 2007. |
7 | There were no Bear Stearns Premier Choice Shares outstanding during the period December 14, 2005 to April 30, 2007. |
8 | There were no Bear Stearns Premier Shares outstanding during the period December 14, 2005 to April 30, 2007. |
9 | Commencement of operations of share class effective September 28, 2006. |
10 | Commencement of operations of share class effective March 26, 2004. |
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| INSTITUTIONAL SHARES | DOLLAR SHARES | |||||||||||||||||||||||||||||||||||||||||||||||
PERIOD ENDED | YEAR ENDED OCTOBER 31 | PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||||||||||||||||||||||||
CALIFORNIA MONEY FUND | 2006 | 2005 | 2004 | 20031 | 20021 | 2006 | 2005 | 2004 | 20031 | 20021 | ||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0166 | 0.0308 | 0.0197 | 0.0092 | 0.0094 | 0.0132 | 0.0153 | 0.0283 | 0.0172 | 0.0067 | 0.0069 | 0.0107 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0166 | ) | (0.0308 | ) | (0.0197 | ) | (0.0092 | ) | (0.0094 | ) | (0.0132 | ) | (0.0153 | ) | (0.0283 | ) | (0.0172 | ) | (0.0067 | ) | (0.0069 | ) | (0.0107 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return2 | 1.67 | %3 | 3.13 | % | 1.99 | % | 0.92 | % | 0.94 | % | 1.33 | % | 1.54 | %3 | 2.87 | % | 1.74 | % | 0.68 | % | 0.69 | % | 1.07 | % | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 795,185 | $ | 860,859 | $ | 593,417 | $ | 454,698 | $ | 496,630 | $ | 456,081 | $ | 55,822 | $ | 40,850 | $ | 26,293 | $ | 1,347 | $ | 15,463 | $ | 29,922 | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.19 | % | 0.19 | % | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.44 | % | 0.44 | % | 0.45 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.40 | %4 | 0.40 | % | 0.41 | % | 0.41 | % | 0.40 | % | 0.42 | % | 0.65 | %4 | 0.65 | % | 0.65 | % | 0.66 | % | 0.65 | % | 0.67 | % | ||||||||||||||||||||||||
Ratio of net investment income to average daily net assets | 3.33 | %4 | 3.13 | % | 2.00 | % | 0.92 | % | 0.93 | % | 1.32 | % | 3.09 | %4 | 2.86 | % | 1.84 | % | 0.66 | % | 0.71 | % | 1.12 | % | ||||||||||||||||||||||||
| CASH MANAGEMENT SHARES | ADMINISTRATION SHARES | |||||||||||||||||||||||||||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD | PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD | |||||||||||||||||||||||||||||||
| 2006 | 2005 | 2004 | 2006 | 2005 | ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
Net investment income | 0.0141 | 0.0258 | 0.0147 | 0.0042 | 0.0008 | 0.0161 | 0.0298 | 0.0187 | 0.0037 | |||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0141 | ) | (0.0258 | ) | (0.0147 | ) | (0.0042 | ) | (0.0008 | ) | (0.0161 | ) | (0.0298 | ) | (0.0187 | ) | (0.0037 | ) | ||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
Total return2 | 1.42 | %3 | 2.61 | % | 1.48 | % | 0.42 | % | 0.25 | %4 | 1.62 | %3 | 3.02 | % | 1.89 | % | 0.37 | %3 | ||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 15,543 | $ | 10,122 | $ | 205 | $ | 120 | $ | 227 | $ | 5,487 | $ | 5,013 | $ | 3,898 | $ | 1,738 | ||||||||||||||||||
Ratio of expenses to average daily net assets | 0.70 | %4 | 0.70 | % | 0.70 | % | 0.70 | % | 0.69 | %4 | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | %4 | ||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.70 | %4 | 0.70 | % | 0.70 | % | 0.70 | % | 0.68 | %4 | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | %4 | ||||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.90 | %4 | 0.90 | % | 0.91 | % | 0.90 | % | 0.91 | %4 | 0.50 | %4 | 0.50 | % | 0.51 | % | 0.51 | %4 | ||||||||||||||||||
Ratio of net investment income to average daily net assets | 2.85 | %4 | 2.70 | % | 1.50 | % | 0.40 | % | 0.25 | %4 | 3.24 | %4 | 2.99 | % | 1.98 | % | 1.00 | %4 | ||||||||||||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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BLACKROCK LIQUIDITY FUNDS
| BEAR STEARNS SHARES | ||||||||||||||||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD | ||||||||||||||||||||||
CALIFORNIA MONEY FUND | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0126 | 0.0228 | 0.0117 | 0.0025 | 0.0025 | 0.0022 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0126 | ) | (0.0228 | ) | (0.0117 | ) | (0.0025 | ) | (0.0025 | ) | (0.0022 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 1.27 | %3 | 2.31 | % | 1.18 | % | 0.25 | % | 0.25 | % | 0.48 | %3 | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 43,779 | $ | 33,556 | $ | 15,777 | $ | 6,307 | $ | 3,103 | $ | 668 | ||||||||||||
Ratio of expenses to average daily net assets | 1.00 | %4 | 1.00 | % | 1.00 | % | 0.86 | % | 0.88 | % | 1.00 | %4 | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 1.00 | %4 | 1.00 | % | 1.00 | % | 0.86 | % | 0.87 | % | 0.99 | %4 | ||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.25 | %4 | 1.25 | % | 1.21 | % | 1.20 | % | 1.20 | % | 1.20 | %4 | ||||||||||||
Ratio of net investment income to average daily net assets | 2.54 | %4 | 2.31 | % | 1.27 | % | 0.25 | % | 0.24 | % | 0.51 | %4 | ||||||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | Commencement of operations of share class effective July 14, 2003. |
6 | Commencement of operations of share class effective June 18, 2004. |
7 | Commencement of operations of share class effective May 20, 2002. |
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| BEAR STEARNS PREMIER CHOICE SHARES | ||||||||||||||||
| PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD | ||||||||||||||
CALIFORNIA MONEY FUND | 2006 | 2005 | ||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0153 | 0.0283 | 0.0172 | 0.0045 | ||||||||||||
Dividends to shareholders from net investment income | (0.0153 | ) | (0.0283 | ) | (0.0172 | ) | (0.0045 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 1.54 | %3 | 2.87 | % | 1.74 | % | 0.45 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 2 | $ | 2 | $ | 2 | $ | 2 | ||||||||
Ratio of expenses to average daily net assets | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.90 | %4 | 0.94 | % | 0.87 | % | 0.66 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 3.05 | %4 | 2.83 | % | 1.90 | % | 0.76 | %4 | ||||||||
| BEAR STEARNS PRIVATE CLIENT SHARES | ||||||||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/041 | ||||||||||||||
| 2006 | 2005 | |||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0144 | 0.0268 | 0.0152 | 0.0030 | ||||||||||||
Dividends to shareholders from net investment income | (0.0144 | ) | (0.0268 | ) | (0.0152 | ) | (0.0030 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 1.45 | %3 | 2.72 | % | 1.54 | % | 0.32 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 224,400 | $ | 203,719 | $ | 127,509 | $ | 37,216 | ||||||||
Ratio of expenses to average daily net assets | 0.63 | %4 | 0.60 | % | 0.64 | % | 0.68 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %4 | 0.60 | % | 0.64 | % | 0.68 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.25 | %4 | 1.25 | % | 1.26 | % | 0.91 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 2.91 | %4 | 2.71 | % | 1.62 | % | 0.63 | %4 | ||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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BLACKROCK LIQUIDITY FUNDS
| BEAR STEARNS PREMIER SHARES | ||||||||||||||||
PERIOD ENDED | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/041 | ||||||||||||||
CALIFORNIA MONEY FUND | 2006 | 2005 | ||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0144 | 0.0268 | 0.0154 | 0.0036 | ||||||||||||
Dividends to shareholders from net investment income | (0.0144 | ) | (0.0268 | ) | (0.0154 | ) | (0.0036 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 1.45 | %3 | 2.72 | % | 1.55 | % | 0.36 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 24,171 | $ | 13,822 | $ | 15,778 | $ | 2 | ||||||||
Ratio of expenses to average daily net assets | 0.63 | %4 | 0.60 | % | 0.60 | % | 0.60 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %4 | 0.60 | % | 0.60 | % | 0.60 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.00 | %4 | 1.00 | % | 1.01 | % | 0.81 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 2.91 | %4 | 2.70 | % | 1.90 | % | 0.55 | %4 | ||||||||
1 | Commencement of operations of share class effective March 26, 2004. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| INSTITUTIONAL SHARES | DOLLAR SHARES | |||||||||||||||||||||||||||||||||||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||||||||||||||||||||||||
NEW YORK MONEY FUND | 2006 | 2005 | 2004 | 20031 | 20021 | 2006 | 2005 | 2004 | 20031 | 20021 | ||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Net investment income | 0.0169 | 0.0314 | 0.0197 | 0.0091 | 0.0096 | 0.0131 | 0.0157 | 0.0289 | 0.0172 | 0.0066 | 0.0071 | 0.0106 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0169 | ) | (0.0314 | ) | (0.0197 | ) | (0.0091 | ) | (0.0096 | ) | (0.0131 | ) | (0.0157 | ) | (0.0289 | ) | (0.0172 | ) | (0.0066 | ) | (0.0071 | ) | (0.0106 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Total return2 | 1.71 | %3 | 3.18 | % | 1.99 | % | 0.92 | % | 0.96 | % | 1.32 | % | 1.58 | %3 | 2.93 | % | 1.74 | % | 0.67 | % | 0.71 | % | 1.07 | % | ||||||||||||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 338,658 | $ | 313,842 | $ | 271,454 | $ | 234,346 | $ | 347,960 | $ | 362,077 | $ | 8,033 | $ | 6,362 | $ | 5,515 | $ | 5,059 | $ | 5,216 | $ | 4,716 | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.19 | % | 0.19 | % | 0.19 | % | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.44 | % | 0.44 | % | 0.44 | % | ||||||||||||||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.41 | %4 | 0.41 | % | 0.41 | % | 0.40 | % | 0.40 | % | 0.41 | % | 0.66 | %4 | 0.66 | % | 0.66 | % | 0.65 | % | 0.65 | % | 0.66 | % | ||||||||||||||||||||||||
Ratio of net investment income to average daily net assets | 3.41 | %4 | 3.14 | % | 1.98 | % | 0.90 | % | 0.95 | % | 1.31 | % | 3.17 | %4 | 2.88 | % | 1.67 | % | 0.67 | % | 0.68 | % | 1.06 | % | ||||||||||||||||||||||||
| CASH MANAGEMENT SHARES | ADMINISTRATION SHARES | |||||||||||||||||||||||||||
PERIOD 4/30/07 (UNAUDITED) | YEAR ENDED 10/31/06 | PERIOD ENDED 10/31/055 | PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/046 | |||||||||||||||||||||||
| 2006 | 2005 | |||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||
Net investment income | 0.0145 | 0.0264 | 0.0114 | 0.0164 | 0.0304 | 0.0187 | 0.0035 | |||||||||||||||||||||
Dividends to shareholders from net investment income | (0.0145 | ) | (0.0264 | ) | (0.0114 | ) | (0.0164 | ) | (0.0304 | ) | (0.0187 | ) | (0.0035 | ) | ||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||
Total return2 | 1.46 | %3 | 2.67 | % | 1.14 | %3 | 1.66 | %3 | 3.08 | % | 1.89 | % | 0.35 | %3 | ||||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 13,343 | $ | 9,398 | $ | 3,585 | $ | 12,847 | $ | 16,125 | $ | 16,394 | $ | 21,890 | ||||||||||||||
Ratio of expenses to average daily net assets | 0.70 | %4 | 0.70 | % | 0.70 | %4 | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | %4 | ||||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.70 | %4 | 0.70 | % | 0.70 | %4 | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | %4 | ||||||||||||||
Ratio of expenses to average daily net assets | ||||||||||||||||||||||||||||
(excluding waivers) | 0.91 | %4 | 0.91 | % | 0.91 | %4 | 0.51 | %4 | 0.51 | % | 0.51 | % | 0.51 | %4 | ||||||||||||||
Ratio of net investment income to average daily net assets | 2.93 | %4 | 2.70 | % | 1.80 | %4 | 3.31 | %4 | 3.04 | % | 1.84 | % | 0.94 | %4 | ||||||||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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| BEAR STEARNS SHARES | ||||||||||||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/021,7 | ||||||||||||||||||||||
NEW YORK MONEY FUND | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0130 | 0.0234 | 0.0117 | 0.0024 | 0.0025 | 0.0021 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0130 | ) | (0.0234 | ) | (0.0117 | ) | (0.0024 | ) | (0.0025 | ) | (0.0021 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 1.30 | %3 | 2.36 | % | 1.18 | % | 0.24 | % | 0.25 | % | 0.46 | %3 | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 5,027 | $ | 2,686 | $ | 3,831 | $ | 1,420 | $ | 18,652 | $ | 16,997 | ||||||||||||
Ratio of expenses to average daily net assets | 1.00 | %4 | 1.00 | % | 1.00 | % | 0.83 | % | 0.91 | % | 1.00 | %4 | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 1.00 | %4 | 1.00 | % | 1.00 | % | 0.82 | % | 0.90 | % | 0.99 | %4 | ||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.26 | %4 | 1.26 | % | 1.21 | % | 1.20 | % | 1.20 | % | 1.19 | %4 | ||||||||||||
Ratio of net investment income to average daily net assets | 2.61 | %4 | 2.33 | % | 1.35 | % | 0.21 | % | 0.25 | % | 0.46 | %4 | ||||||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | Commencement of operations of share class effective March 3, 2005. |
6 | Commencement of operations of share class effective June 18, 2004. |
7 | Commencement of operations of share class effective May 20, 2002. |
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FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| BEAR STEARNS PREMIER CHOICE SHARES | ||||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD 10/31/041 | ||||||||||||||
NEW YORK MONEY FUND | 2006 | 2005 | ||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0157 | 0.0289 | 0.0172 | 0.0043 | ||||||||||||
Dividends to shareholders from net investment income | (0.0157 | ) | (0.0289 | ) | (0.0172 | ) | (0.0043 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 1.58 | %3 | 2.93 | % | 1.74 | % | 0.43 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 226 | $ | 242 | $ | 2 | $ | 2 | ||||||||
Ratio of expenses to average daily net assets | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.44 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.91 | %4 | 0.91 | % | 0.87 | % | 0.65 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 3.16 | %4 | 3.14 | % | 1.94 | % | 0.69 | %4 | ||||||||
| BEAR STEARNS PRIVATE CLIENT SHARES | ||||||||||||||||
PERIOD ENDED | YEAR ENDED OCTOBER 31 | PERIOD 10/31/041 | ||||||||||||||
| 2006 | 2005 | |||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0148 | 0.0274 | 0.0152 | 0.0030 | ||||||||||||
Dividends to shareholders from net investment income | (0.0148 | ) | (0.0274 | ) | (0.0152 | ) | (0.0030 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 1.49 | %3 | 2.77 | % | 1.54 | % | 0.30 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 177,268 | $ | 138,323 | $ | 111,739 | $ | 53,933 | ||||||||
Ratio of expenses to average daily net assets | 0.63 | %4 | 0.60 | % | 0.64 | % | 0.69 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %4 | 0.60 | % | 0.64 | % | 0.68 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.26 | %4 | 1.26 | % | 1.26 | % | 0.92 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 2.98 | %4 | 2.75 | % | 1.58 | % | 0.56 | %4 | ||||||||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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| BEAR STEARNS PREMIER SHARES | ||||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/041 | ||||||||||||||
NEW YORK MONEY FUND | 2006 | 2005 | ||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0148 | 0.0274 | 0.0154 | 0.0034 | ||||||||||||
Dividends to shareholders from net investment income | (0.0148 | ) | (0.0274 | ) | (0.0154 | ) | (0.0034 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 1.49 | %3 | 2.77 | % | 1.56 | % | 0.34 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 20,306 | $ | 8,339 | $ | 5,774 | $ | 2 | ||||||||
Ratio of expenses to average daily net assets | 0.64 | %4 | 0.60 | % | 0.61 | % | 0.60 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.64 | %4 | 0.60 | % | 0.61 | % | 0.59 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.01 | %4 | 1.01 | % | 1.02 | % | 0.80 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 2.99 | %4 | 2.72 | % | 1.82 | % | 0.55 | %4 | ||||||||
1 | Commencement of operations of share class effective March 26, 2004. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
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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 (the “1940 Act”), as amended. The financial statements and these accompanying notes relate to the Trust’s seven portfolios: TempFund, TempCash, FedFund, MuniFund, MuniCash, California Money Fund and New York Money Fund (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, 2007, no Plus Shares or Cash Plus Shares were outstanding.
Effective March 1, 2005 Bear Stearns Premier Select Shares were renamed 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 |
The following is a summary of significant accounting policies followed by the Trust in the preparation of their financial statements.
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.
In September 2006, “Statement of Financial Accounting Standards No. 157, Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. At this time, management is evaluating the implications of FAS 157 and its impact on the Funds’ financial statements, if any, has not been determined.
In addition, in February 2007, the Financial Accounting Standards Board issued “Statement of Financial Accounting Standards No. 159, The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), which is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. At this time, management is evaluating the implications of FAS 159 and its impact on the Funds’ financial statements, if any, has not been determined.
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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.
Investment Transactions and Investment Income — Investment transactions are accounted for on the trade date. 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 federal income tax purposes. Interest income is recorded on the accrual 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 13 months or less. The seller is required on a daily basis to maintain the value of the securities subject to the agreement at no less than the repurchase price. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a separate account by the Trust’s custodian or an authorized securities depository.
Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”) requires the use of management estimates. 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 are borne by that class. Differences in net expense ratios between classes of a Fund are due to class-specific expenses and waivers. Income, other expenses and realized and unrealized gains and losses of a Fund are allocated to the respective class on the basis of the relative net assets each day.
(C) Agreements and Other 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. PFPC Trust Company (“PTC”), an indirect, wholly owned subsidiary of The PNC Financial Services Group, Inc. (“PNC”), is the Trust’s custodian and PFPC Inc. (“PFPC”), an indirect, wholly owned subsidiary of PNC, is the Trust’s transfer agent and sub-administrator. BlackRock Distributors, Inc., (“BDI”), a direct subsidiary of PNC, serves as the Trust’s distributor. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and PNC are principal owners of BlackRock, Inc.
On September 29, 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 management 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 | TempCash, MuniFund and MuniCash | California Money Fund and New York Money | |||
| Management Fee | .350% of the first $1 billion | .350% of the first $1 billion | .375% of the first $1 billion | |||
.300% of the next $1 billion | .300% of the next $1 billion | .350% of the next $1 billion | ||||
.250% of the next $1 billion | .250% of the next $1 billion | .325% of the next $1 billion | ||||
.200% 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 | .195% of the next $1 billion | |||||
.190% of the next $1 billion | .190% of the next $1 billion | |||||
.180% of the next $1 billion | .185% of the next $1 billion | |||||
.175% of the next $1 billion | .180% of amounts in excess of $7 billion. | |||||
.170% of amounts in excess of $8 billion. |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
The following annual fees shall be computed daily and paid monthly to BIMC:
FedFund
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 fund. |
Prior to September 29, 2006. BIMC managed each Fund under a Management Agreement (“Prior Management Agreement”) dated February 21, 2006. Fees under the Prior Management Agreement were identical to those set forth for the current Management Agreement. The current Management Agreement was entered into in connection with the consummation on September 29, 2006 by BlackRock, Inc. of a transaction with Merrill Lynch whereby Merrill Lynch’s investment management business combined with that of BlackRock, Inc. (the “Transaction”). The 1940 Act requires that a management agreement of an investment company provide for its automatic termination in the event of its “assignment” (as defined in the 1940 Act). A sale of a controlling block of an investment adviser’s voting securities generally is deemed to result in an assignment of an investment adviser’s management agreement. BlackRock , Inc. informed the Board of the Funds that it does not believe the Transaction was an assignment of the Prior Management Agreement under the 1940 Act. However, it is possible that the transaction could have been determined to be such an assignment, which would have resulted in the automatic termination of the Prior Management Agreement. Due to this uncertainty, the Funds obtained shareholder approval of, and have entered into, the new Management Agreement to prevent any potential disruption that might have occurred in BIMC’s ability to provide services following the Transaction.
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 fees 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 | TempCash, MuniFund and MuniCash | California Money Fund and New York Money | |||
Advisory Fee – Prior | .175% of the first $1 billion | .175% of the first $1 billion | .200% of average net assets | |||
Advisory Agreement | .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 the next $1 billion | |||||
.095% of the next $1 billion | .095% of the next $1 billion | |||||
.090% of the next $1 billion | .090% of the next $1 billion | |||||
.080% of the next $1 billion | .085% of the next $1 billion | |||||
.075% of the next $1 billion | .080% of amounts in excess of $7 billion. | |||||
.070% of amounts in excess of $8 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
.175% of the first $1 billion |
.150% of the next $1 billion |
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FedFund
.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 – Prior Administration Agreement | 0.175% of the first $1 billion 0.150% of the next $1 billion 0.125% of the next $1 billion | |
| 0.100% of amounts in excess of $3 billion. |
Until February 28, 2008, BIMC, as investment advisor 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, 2008. Any fees waived by BIMC with respect to a particular fiscal year are not recoverable.
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.
The following tables provide 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.
| BEAR STEARNS SHARE CLASSES | ||||||||||||||||||||||||
BEAR STEARNS SHARES | PRIVATE CLIENT SHARES | PREMIER SHARES | PREMIER CHOICE SHARES | |||||||||||||||||||||
| CONTRACTUAL FEES1 | ACTUAL FEES1 | CONTRACTUAL FEES1 | ACTUAL FEES1 | CONTRACTUAL FEES1 | ACTUAL FEES1 | CONTRACTUAL FEES1 | ACTUAL FEES1 | |||||||||||||||||
TempFund | 0.85 | % | 0.82 | % | 0.85 | % | 0.42 | % | 0.60 | % | 0.42 | % | 0.50 | % | 0.27 | % | ||||||||
TempCash | N/A | N/A | 0.85 | % | N/A | 0.60 | % | 0.42 | % | 0.50 | % | 0.27 | % | |||||||||||
FedFund | 0.85 | % | 0.80 | % | 0.85 | % | 0.40 | % | 0.60 | % | 0.40 | % | 0.50 | % | 0.25 | % | ||||||||
MuniFund | 0.85 | % | 0.80 | % | 0.85 | % | 0.40 | % | 0.60 | % | 0.40 | % | 0.50 | % | 0.25 | % | ||||||||
MuniCash | N/A | N/A | 0.85 | % | N/A | 0.60 | % | 0.50 | % | 0.50 | % | 0.25 | % | |||||||||||
California Money Fund | 0.85 | % | 0.80 | % | 0.85 | % | 0.40 | % | 0.60 | % | 0.40 | % | 0.50 | % | 0.25 | % | ||||||||
New York Money Fund | 0.85 | % | 0.80 | % | 0.85 | % | 0.40 | % | 0.60 | % | 0.40 | % | 0.50 | % | 0.25 | % | ||||||||
| (1) | The difference in the level of fees among classes is related to the type and number of services that may be provided by the Servicing Organization. Dividends paid to shareholders of all share classes, except Institutional Shares, are reduced by such fees. |
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BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
For the six months ended April 30, 2007, the following shows the various types of class-specific expenses borne directly by each class of each Fund and any associated waivers of those expenses.
SHAREHOLDER SERVICE FEES | SHARE CLASSES | ||||||||||||||||||||||||||
| DOLLAR | CASH MANAGEMENT | CASH RESERVE | ADMINISTRATION | BEAR STEARNS | BEAR STEARNS PRIVATE CLIENT | BEAR STEARNS PREMIER | BEAR STEARNS PREMIER CHOICE | TOTAL | |||||||||||||||||||
TempFund | $ | 6,379,083 | $ | 1,126,536 | $ | 33,000 | $ | 931,310 | $ | 2,036,245 | $ | 4,066,295 | $ | 1,063,334 | $ | 32,626 | $ | 15,668,429 | |||||||||
TempCash | 1,118,206 | 225 | — | 6,386 | — | — | — | — | 1,124,817 | ||||||||||||||||||
FedFund | 538,892 | — | 4,287 | 27,008 | 114,904 | 780,182 | 130,910 | 4 | 1,596,187 | ||||||||||||||||||
MuniFund | 117,683 | 163,646 | — | 204,436 | 66,673 | 746,256 | 500,101 | 5 | 1,798,800 | ||||||||||||||||||
MuniCash | 111,662 | — | — | 203 | — | — | — | — | 111,865 | ||||||||||||||||||
California Money Fund | 74,079 | 31,145 | — | 2,757 | 100,730 | 578,719 | 55,276 | 4 | 842,710 | ||||||||||||||||||
New York Money Fund | 8,720 | 31,710 | — | 7,979 | 9,669 | 427,705 | 31,373 | 454 | 517,610 | ||||||||||||||||||
SHAREHOLDER SERVICE FEES WAIVED | SHARE CLASSES | ||||||||||||||
| BEAR STEARNS | BEAR STEARNS PRIVATE CLIENT | BEAR STEARNS PREMIER | BEAR STEARNS PREMIER CHOICE | TOTAL | |||||||||||
TempFund | $ | 122,175 | $ | 419,697 | $ | 110,589 | $ | 10,603 | $ | 663,064 | |||||
FedFund | 11,490 | 114,062 | 19,448 | 2 | 145,002 | ||||||||||
MuniFund | 6,667 | 108,636 | 71,762 | 2 | 187,067 | ||||||||||
California Money Fund | 10,073 | 84,122 | 7,389 | 2 | 101,586 | ||||||||||
New York Money Fund | 967 | 60,660 | 4,042 | 170 | 65,839 | ||||||||||
DISTRIBUTION FEES | SHARE CLASSES | ||||||||||||||
| BEAR STEARNS | BEAR STEARNS PRIVATE CLIENT | BEAR STEARNS PREMIER | BEAR STEARNS PREMIER CHOICE | TOTAL | |||||||||||
TempFund | $ | 1,425,371 | $ | 2,846,407 | $ | 212,667 | $ | 8,157 | $ | 4,492,602 | |||||
FedFund | 80,433 | 546,127 | 26,182 | 2 | 652,744 | ||||||||||
MuniFund | 46,671 | 522,379 | 100,020 | 2 | 669,072 | ||||||||||
California Money Fund | 70,511 | 405,103 | 11,055 | 2 | 486,671 | ||||||||||
New York Money Fund | 6,768 | 299,393 | 6,275 | 113 | 312,549 | ||||||||||
DISTRIBUTION FEES WAIVED | SHARE CLASSES | |||||||||||
| BEAR STEARNS PRIVATE CLIENT | BEAR STEARNS PREMIER | BEAR STEARNS PREMIER CHOICE | TOTAL | |||||||||
TempFund | $ | 2,846,407 | $ | 212,666 | $ | 8,156 | $ | 3,067,229 | ||||
FedFund | 546,127 | 26,182 | 1 | 572,310 | ||||||||
MuniFund | 522,379 | 100,020 | 1 | 622,400 | ||||||||
California Money Fund | 405,103 | 11,055 | 1 | 416,159 | ||||||||
New York Money Fund | 299,393 | 6,274 | 113 | 305,780 | ||||||||
In return for custody services provided by PTC, the Trust pays PTC a fee, computed daily and payable monthly.
Prior to April 1, 2007, the fee was 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.
Effective April 1, 2007, the fee was based upon an annualized percentage of the average net assets of each Fund as follows: 0.0075% of the first $400 million, 0.005% of the next $1.6 billion and 0.002% of the average net assets in excess of $2 billion.
The Funds may also pay certain out-of-pocket expenses and unfunded subscription charges that are charged by PTC.
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.
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Pursuant to the Transfer Agent Agreement PFPC serves as the transfer and dividend disbursing agent for the Funds. For its services, PFPC receives an annual fee of $1,750,000 for the first 40 classes plus $50,000 for each additional class beyond the first 40, plus transaction fees, per account fees and disbursements.
For the six months ended April 30, 2007, the Funds paid to affiliates the following fees in return for distribution and sales support services:
| HILLIARD LYONS | PNC | |||||
TempFund | $ | — | $ | 5,678,305 | ||
TempCash | 857,037 | 39,132 | ||||
FedFund | — | 531,154 | ||||
MuniFund | — | 253,006 | ||||
MuniCash | 63,985 | 8,835 | ||||
California Money Fund | — | 2,757 | ||||
New York Money Fund | 3,958 | 7,972 | ||||
The Funds may receive earnings credits related to cash balances in transfer agent demand deposit accounts with PFPC which are shown on the Statement of Operations as “fees paid indirectly.”
For the six months ended April 30, 2007, short term investments in companies assumed to be an affiliate of the Funds were as follows:
FUND | AFFILIATED INVESTMENTS | NET ACTIVITY | NET REALIZED GAIN/LOSS | INTEREST INCOME | MARKET VALUE AT APRIL 30, 2007 | ||||||||||
TempFund | Merrill Lynch & Co., Inc. | $ | — | $ | — | $ | 3,257,078 | $ | 121,400,000 | ||||||
PNC Bank N.A., Repurchase Agreements | 30,800,000 | — | 2,973,612 | 224,200,000 | |||||||||||
TempCash | Merrill Lynch & Co., Inc. | — | — | 1,395,124 | 52,000,000 | ||||||||||
FedFund | PNC Bank N.A., Repurchase Agreements | — | — | 711,238 | — | ||||||||||
MuniFund | Chesterfield County IDRB P-Float Trust Receipts Series 2003 PT-886 DN (Merrill Lynch & Co. Guaranty) | — | — | 459,175 | 24,995,000 | ||||||||||
Chesterfield County IDRB P-Float Trust Receipts Series 2004 PT-2133 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA) | (9,750,000 | ) | — | 104,181 | — | ||||||||||
Delaware Valley Regional Finance Authority Local Government RB Series 2003 PT-749 DN (Landesbank Hessen-Thuringen Girozentrale SBPA) | — | — | 160,626 | 8,815,000 | |||||||||||
Hamilton County Hospital Facilities RB P-Float Trust Receipts Series 2001 PT-507 DN (Merrill Lynch & Co. Guaranty) | — | — | 71,278 | 3,880,000 | |||||||||||
Kentucky Economic Development Finance Authority RB (Hospital Facilities Project) Series 2001-509 DN (Merrill Lynch & Co. SBPA, National Australia Bank Ltd. LOC) | — | — | 514,379 | 28,000,000 | |||||||||||
Metropolitan Pier & Exposition Authority Dedicated State Tax Receipts RB P-Float Trust Receipts Series 2005 PZ-44 DN (MBIA Insurance, Merrill Lynch Capital Services SBPA) | — | — | 102,503 | 5,610,000 | |||||||||||
Municipal Securities Pool Trust Receipts RB Series 2004-17 DN (Multiple Insurances, Societe Generale Group SBPA) | — | — | 99,882 | 5,370,000 | |||||||||||
Municipal Securities Pool Trust Receipts RB Series 2004-18 DN (Multiple Insurances, Societe Generale Group SBPA) | — | — | 48,174 | 2,590,000 | |||||||||||
New Jersey Economic Development Authority RB P-Float Trust Receipts Series 2004 MT-035 DN (Assured Guaranty Ltd. Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA) | — | — | 39,774 | 2,200,000 | |||||||||||
New Jersey Health Care Facilities Financing Authority RB P-Float Trust Receipts Series 2001 PT-1319 DN (AMBAC Insurance, Merrill Lynch Capital Services SBPA) | — | — | 42,232 | 2,320,000 | |||||||||||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
FUND | AFFILIATED INVESTMENTS | NET ACTIVITY | NET REALIZED GAIN/LOSS | INTEREST INCOME | MARKET VALUE AT APRIL 30, 2007 | ||||||||||
MuniFund (concluded) | Pennsylvania Higher Educational Facilities Authority RB P-Float Trust Receipts Series 2004 MT-042 DN (Lloyds TSB Bank Plc LOC, Merrill Lynch Capital Services SBPA) | $ | — | $ | — | $ | 129,595 | $ | 7,100,000 | ||||||
Pinellas County HFA RB Series 2004A DN (CDC Municipal Products, Inc. SBPA, Rabobank Guaranty) | (70,000 | ) | — | 41,828 | 2,355,000 | ||||||||||
Puttable Floating Option Tax-Exempt Receipts RB Series 2005A DN (Merrill Lynch Capital Services SBPA) | — | — | 58,306 | 3,160,000 | |||||||||||
Rhode Island State Health & Educational Building Corp. RB (Higher Education Facilities Brown University Project) Series 2001B DN | — | — | 93,083 | — | |||||||||||
San Diego Public Facilities Financing Authority Lease RB P-Float Trust Receipts Series 2002 PPT-1002C DN (AMBAC Insurance, Merrill Lynch Capital Services SBPA) | (19,755,000 | ) | — | 318,603 | — | ||||||||||
Triborough Bridge & Tunnel Authority RB P-Float Trust Receipts Series 2002 PA-956 DN (Merrill Lynch Capital Services Liquidity Facility) | — | — | 91,016 | 5,000,000 | |||||||||||
Washington County Housing & Redevelopment Authority Multi-Family RB P-Float Trust Receipts Series 2005 MT-154 DN (Federal Home Loan Mortgage Corp. Guaranty) | (6,995,000 | ) | 2,308 | 63,959 | — | ||||||||||
MuniCash | Austin Housing Financial Corp. RB P-Float Trust Receipts Series 2005 PT-2578 AMT DN (Merrill Lynch & Co. Guaranty) | (45,000 | ) | — | 271,184 | 14,630,000 | |||||||||
California Housing Finance Agency RB (Home Mortgage Project) Series 2003U AMT DN (FSA Insurance, Dexia Credit Local Liquidity Facility) | — | — | 21,997 | — | |||||||||||
California Housing Finance Agency RB (Home Mortgage Project) Series 2003U AMT DN (FSA Insurance, Dexia Credit Local Liquidity Facility) | — | — | 13,949 | — | |||||||||||
District of Columbia Housing Finance Agency RB Series 2004 PT-2391 AMT DN (MBIA Insurance, Merrill Lynch & Co. SBPA) | — | — | 44,647 | 2,415,000 | |||||||||||
East Housing Finance Corp. Multi-Family RB (Merrill Lynch P-Float Trust Receipts) Series 2005-PT 2952 AMT DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Captial Services SBPA) | (4,315,000 | ) | — | 58,677 | — | ||||||||||
MuniMae Tax Exempt Board Subsidiary LLC RB P-Float Trust Receipts Series 2005 PT-2691 AMT DN (Merrill Lynch & Co. Guaranty) | (50,000 | ) | — | 418,157 | 22,580,000 | ||||||||||
Municipal Securities Pool Trust Receipts RB Series 2004-17 DN (Multiple Insurances, Societe Generale Group SBPA) | 220,000 | — | 51,819 | 2,930,000 | |||||||||||
Oregon Homeowners RB (Trinity Draw Down Project) Series 2005 MT-134 AMT DN (Landesbank Hessen-Thuringen Girozentrale SBPA) | (670,000 | ) | — | 55,916 | 2,940,000 | ||||||||||
Oregon Housing & Community Services RB P-Float Trust Receipts Series 2005-2879 AMT DN (Merrill Lynch Capital Services SBPA) | — | — | 453,178 | 24,495,000 | |||||||||||
Panhandle Regional Housing Finance RB Series 2004 PT-2086 AMT DN (Merrill Lynch & Co. Guaranty) | — | — | 45,781 | — | |||||||||||
Puttable Floating Option Tax-Exempt Receipts RB Series 2005A DN (Merrill Lynch Capital Services SBPA) | — | — | 32,474 | 1,760,000 | |||||||||||
Virginia Beach Development Authority Multi-Family Housing RB P-Float Trust Receipts Series 2005-2505 AMT DN (Merrill Lynch & Co. Guaranty) | — | — | 69,286 | 3,745,000 | |||||||||||
Washington Housing Finance Community Multi-Family Housing RB (Merrill Lynch P-Floats Trust Receipts) Series 2005-3054 AMT DN (Merrill Lynch & Co. Guaranty) | (8,385,000 | ) | 83,934 | 126,090 | — | ||||||||||
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FUND | AFFILIATED INVESTMENTS | NET ACTIVITY | NET REALIZED GAIN /LOSS | INTEREST INCOME | MARKET VALUE AT APRIL 30, 2007 | ||||||||||
California Money Fund | Bay Area Toll Authority Toll Bridge RB Series 2006MT-238 DN (Depfa Bank Plc Liquidity Facility) | $ | — | $ | — | $ | 277,841 | $ | 15,000,000 | ||||||
California Department of Water Resource Power Supply RB Series 2003 PT-759 DN (MBIA Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA) | — | — | 174,061 | 9,700,000 | |||||||||||
Clovis County Unified School District GO P-Float Trust Receipts Series 2005-PZ-42 DN (FGIC Insurance, Merrill Lynch Capital Services SBPA) | (880,000 | ) | — | 17,574 | 450,000 | ||||||||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2004 PA-1236 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA) | — | — | 40,047 | 2,200,000 | |||||||||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2004 PA-1237 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA) | — | — | 49,877 | 2,740,000 | |||||||||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2006D-195 DN (FGIC Insurance, Deutsche Bank Liquidity Facility) | (5,000 | ) | — | 37,697 | 2,070,000 | ||||||||||
Los Angeles Unified School District GO (Eclipse Funding Trust) Series 2006-0018 DN (FGIC Insurance, U.S. Bank N.A. Liquidity Facility) | — | — | 95,079 | 5,265,000 | |||||||||||
Pleasant Valley School District of Ventura County GO P-Float Trust Receipts Series 2005 PT-2783 DN (MBIA Insurance, Dexia Credit Local SBPA) | — | — | 104,975 | 5,850,000 | |||||||||||
San Diego Public Facilities Financing Authority Lease RB (Merrill Lynch P-Float Trust Receipts) Series 2002 PPT-1002C DN (AMBAC Insured, Merrill Lynch Capital Services SBPA) | (9,875,000 | ) | — | 159,247 | — | ||||||||||
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2005 PA-1288 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA) | — | — | 36,506 | 2,000,000 | |||||||||||
West Covina Unified School District GO Series 2003-23 DN (MBIA Insurance, Banque Nationale de Paribas Liquidity Facility) | (15,000 | ) | — | 122,338 | 6,810,000 | ||||||||||
New York Money Fund | New York City GO P-Float Trust Receipts Series 1997 DN (AMBAC Insurance, Societe Generale Group Liquidity Facility) | — | — | 178,018 | 9,860,000 | ||||||||||
New York City GO P-Float Trust Receipts Series 2005-3333 DN (Dexia Bank LOC) | (20,000 | ) | — | 97,026 | 5,320,000 | ||||||||||
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2006 MT-232 DN (Depfa Bank Plc SBPA) | — | — | 318,467 | 17,495,000 | |||||||||||
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2006 MT-256 DN (Svenska Handelsbank Liquidity Facility) | — | — | 137,688 | 7,495,000 | |||||||||||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(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, reinvestments and redemptions is the same as the dollar amounts shown on the following pages for such transactions.
Transactions in capital shares for each period were as follows:
| TEMPFUND | ||||||||
FORTHE SIX MONTHS ENDED | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 186,017,914,355 | $ | 389,651,161,121 | ||||
Dollar Shares | 23,285,797,653 | 43,075,160,298 | ||||||
Cash Management Shares | 1,418,697,308 | 1,029,248,488 | ||||||
Cash Reserve Shares | 14,407,185 | 199,267,069 | ||||||
Administration Shares | 970,468,140 | 2,293,616,197 | ||||||
Bear Stearns Shares | 582,574,916 | 5,110,954,951 | ||||||
Bear Stearns Premier Choice Shares | 36,384,998 | 72,074,199 | ||||||
Bear Stearns Private Client Shares | 748,165,075 | 6,599,860,689 | ||||||
Bear Stearns Premier Shares | 561,320,961 | 2,404,474,385 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 234,270,463 | 474,991,356 | ||||||
Dollar Shares | 8,298,058 | 11,048,042 | ||||||
Cash Management Shares | 7,091,825 | 9,080,551 | ||||||
Cash Reserve Shares | 285,758 | 908,498 | ||||||
Administration Shares | 10,995,133 | 14,292,510 | ||||||
Bear Stearns Shares | 17,791,703 | 29,878,151 | ||||||
Bear Stearns Premier Choice Shares | 401,487 | 566,535 | ||||||
Bear Stearns Private Client Shares | 38,566,392 | 54,524,638 | ||||||
Bear Stearns Premier Shares | 10,090,426 | 14,993,164 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (186,904,096,896 | ) | (384,569,956,982 | ) | ||||
Dollar Shares | (23,171,395,263 | ) | (42,325,487,680 | ) | ||||
Cash Management Shares | (1,252,755,429 | ) | (961,817,736 | ) | ||||
Cash Reserve Shares | (15,258,542 | ) | (186,727,867 | ) | ||||
Administration Shares | (855,678,108 | ) | (1,805,888,650 | ) | ||||
Bear Stearns Shares | (538,943,565 | ) | (5,036,674,584 | ) | ||||
Bear Stearns Premier Choice Shares | (33,401,164 | ) | (65,916,391 | ) | ||||
Bear Stearns Private Client Shares | (583,644,682 | ) | (6,193,454,946 | ) | ||||
Bear Stearns Premier Shares | (513,615,075 | ) | (2,345,125,790 | ) | ||||
Net increase | $ | 94,733,112 | $ | 7,555,050,216 | ||||
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| TEMPCASH | ||||||||
FOR THE SIX MONTHS ENDED | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 89,382,355,492 | $ | 225,678,041,325 | ||||
Dollar Shares | 1,004,207,217 | 1,987,142,364 | ||||||
Cash Management Shares | 528,753 | 537,316 | ||||||
Administration Shares | 18,000,000 | 41,292,406 | ||||||
Bear Stearns Premier Shares | — | 3,480,782 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 109,822,151 | 302,604,718 | ||||||
Dollar Shares | 20,267,847 | 28,226,617 | ||||||
Cash Management Shares | 2,110 | 1,724 | ||||||
Administration Shares | 325,093 | 666,812 | ||||||
Bear Stearns Premier Choice Shares | — | 7 | ||||||
Bear Stearns Premier Shares | — | 7 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (90,419,728,718 | ) | (227,789,671,065 | ) | ||||
Dollar Shares | (915,409,300 | ) | (1,784,603,837 | ) | ||||
Cash Management Shares | (496,214 | ) | (412,736 | ) | ||||
Administration Shares | (36,600,000 | ) | (16,500,000 | ) | ||||
Bear Stearns Premier Choice Shares | — | (2,174 | ) | |||||
Bear Stearns Premier Shares | — | (3,483,051 | ) | |||||
Net decrease | $ | (836,725,569 | ) | $ | (1,552,678,785 | ) | ||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| FEDFUND | ||||||||
FORTHE SIX MONTHS ENDED APRIL 30, 2007 | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 8,284,024,295 | $ | 18,944,064,247 | ||||
Dollar Shares | 5,650,364,022 | 16,761,103,640 | ||||||
Cash Reserve Shares | 10,468,641 | 25,045,901 | ||||||
Administration Shares | 33,899,563 | 199,877,492 | ||||||
Bear Stearns Shares | 65,506,387 | 361,094,648 | ||||||
Bear Stearns Premier Choice Shares | 1 | — | ||||||
Bear Stearns Private Client Shares | 196,897,556 | 1,100,718,969 | ||||||
Bear Stearns Premier Shares | 89,760,869 | 490,156,719 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 24,894,859 | 51,605,902 | ||||||
Dollar Shares | 710,418 | 1,778,083 | ||||||
Cash Reserve Shares | 50,572 | 86,112 | ||||||
Bear Stearns Shares | 990,654 | 1,942,735 | ||||||
Bear Stearns Premier Choice Shares | 53 | 97 | ||||||
Bear Stearns Private Client Shares | 7,321,624 | 11,450,901 | ||||||
Bear Stearns Premier Shares | 1,230,109 | 2,661,307 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (8,678,107,024 | ) | (18,898,054,675 | ) | ||||
Dollar Shares | (5,669,440,531 | ) | (16,720,372,044 | ) | ||||
Cash Reserve Shares | (10,094,660 | ) | (25,596,444 | ) | ||||
Administration Shares | (64,894,184 | ) | (160,284,882 | ) | ||||
Bear Stearns Shares | (73,771,005 | ) | (357,797,089 | ) | ||||
Bear Stearns Premier Choice Shares | (129 | ) | (1 | ) | ||||
Bear Stearns Private Client Shares | (180,203,227 | ) | (1,058,766,420 | ) | ||||
Bear Stearns Premier Shares | (88,116,092 | ) | (530,537,878 | ) | ||||
Net increase (decrease) | $ | (398,507,229 | ) | $ | 200,177,320 | |||
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| MUNIFUND | ||||||||
FORTHE SIX MONTHS ENDED | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 5,861,349,433 | $ | 13,901,180,607 | ||||
Dollar Shares | 529,778,421 | 1,139,417,855 | ||||||
Cash Management Shares | 116,283,125 | 166,170,301 | ||||||
Administration Shares | 399,098,754 | 1,128,586,539 | ||||||
Bear Stearns Shares | 82,527,357 | 149,955,504 | ||||||
Bear Stearns Premier Choice Shares | 1 | 1 | ||||||
Bear Stearns Private Client Shares | 1,266,598,115 | 1,650,176,109 | ||||||
Bear Stearns Premier Shares | 1,418,830,721 | 2,523,021,114 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 11,805,421 | 22,775,331 | ||||||
Dollar Shares | 124,767 | 269,923 | ||||||
Cash Management Shares | 153,922 | 249,589 | ||||||
Bear Stearns Shares | 350,332 | 557,408 | ||||||
Bear Stearns Premier Choice Shares | 36 | 64 | ||||||
Bear Stearns Private Client Shares | 4,495,223 | 6,154,545 | ||||||
Bear Stearns Premier Shares | 3,009,622 | 5,048,991 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (6,113,793,121 | ) | (14,638,784,755 | ) | ||||
Dollar Shares | (547,546,231 | ) | (1,127,604,953 | ) | ||||
Cash Management Shares | (103,538,275 | ) | (160,498,435 | ) | ||||
Administration Shares | (394,382,892 | ) | (1,274,038,169 | ) | ||||
Bear Stearns Shares | (89,347,522 | ) | (143,271,733 | ) | ||||
Bear Stearns Premier Choice Shares | (90 | ) | — | |||||
Bear Stearns Private Client Shares | (1,245,305,860 | ) | (1,565,865,646 | ) | ||||
Bear Stearns Premier Shares | (1,377,455,775 | ) | (2,494,490,353 | ) | ||||
Net decrease | $ | (176,964,516 | ) | $ | (710,990,163 | ) | ||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
| MUNICASH | ||||||||
FORTHE SIX MONTHS ENDED | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 13,292,226,128 | $ | 24,446,416,588 | ||||
Dollar Shares | 180,708,330 | 268,637,530 | ||||||
Administration Shares | — | 441,583 | ||||||
Bear Stearns Premier Choice Shares | — | 2 | ||||||
Bear Stearns Premier Shares | — | 2 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 7,246,946 | 22,441,985 | ||||||
Dollar Shares | 1,327,192 | 1,713,870 | ||||||
Administration Shares | 6,202 | 1,366 | ||||||
Bear Stearns Premier Choice Shares | — | 5 | ||||||
Bear Stearns Premier Shares | — | 5 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (13,302,013,442 | ) | (25,417,665,125 | ) | ||||
Dollar Shares | (180,583,067 | ) | (238,160,608 | ) | ||||
Administration Shares | (449,151 | ) | — | |||||
Bear Stearns Premier Choice Shares | — | (2,168 | ) | |||||
Bear Stearns Premier Shares | — | (2,161 | ) | |||||
Net decrease | $ | (1,530,862 | ) | $ | (916,177,126 | ) | ||
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BLACKROCK LIQUIDITY FUNDS
| CALIFORNIA MONEY FUND | ||||||||
FORTHE SIX MONTHS ENDED | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 1,597,068,150 | $ | 3,502,352,706 | ||||
Dollar Shares | 520,772,979 | 593,706,629 | ||||||
Cash Management Shares | 5,318,472 | 10,219,362 | ||||||
Administration Shares | 4,423,348 | 6,627,586 | ||||||
Bear Stearns Shares | 132,839,839 | 250,423,612 | ||||||
Bear Stearns Premier Choice Shares | 1 | 1 | ||||||
Bear Stearns Private Client Shares | 1,158,323,353 | 1,568,793,698 | ||||||
Bear Stearns Premier Shares | 254,221,879 | 391,575,753 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 3,243,664 | 3,315,334 | ||||||
Dollar Shares | 576,157 | 551,463 | ||||||
Cash Management Shares | 176,142 | 22,747 | ||||||
Bear Stearns Shares | 510,522 | 716,986 | ||||||
Bear Stearns Premier Choice Shares | 34 | 62 | ||||||
Bear Stearns Private Client Shares | 3,366,249 | 4,251,120 | ||||||
Bear Stearns Premier Shares | 320,677 | 454,172 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (1,666,003,793 | ) | (3,238,337,759 | ) | ||||
Dollar Shares | (506,379,252 | ) | (579,709,968 | ) | ||||
Cash Management Shares | (74,526 | ) | (325,049 | ) | ||||
Administration Shares | (3,949,559 | ) | (5,513,532 | ) | ||||
Bear Stearns Shares | (123,128,502 | ) | (233,369,215 | ) | ||||
Bear Stearns Premier Choice Shares | (83 | ) | (1 | ) | ||||
Bear Stearns Private Client Shares | (1,141,013,954 | ) | (1,496,872,135 | ) | ||||
Bear Stearns Premier Shares | (244,194,107 | ) | (393,989,672 | ) | ||||
Net increase (decrease) | $ | (3,582,310 | ) | $ | 384,893,900 | |||
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BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)
| NEW YORK MONEY FUND | ||||||||
FORTHE SIX MONTHS ENDED | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 1,199,534,973 | $ | 2,079,000,527 | ||||
Dollar Shares | 8,779,186 | 14,953,044 | ||||||
Cash Management Shares | 31,906,163 | 59,697,237 | ||||||
Administration Shares | 4,863,332 | 9,494,781 | ||||||
Bear Stearns Shares | 19,717,324 | 48,274,053 | ||||||
Bear Stearns Premier Choice Shares | 223,888 | 241,501 | ||||||
Bear Stearns Private Client Shares | 656,417,185 | 953,691,417 | ||||||
Bear Stearns Premier Shares | 146,592,046 | 111,462,650 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 971,127 | 2,281,043 | ||||||
Dollar Shares | 110,395 | 172,646 | ||||||
Bear Stearns Shares | 50,385 | 88,326 | ||||||
Bear Stearns Premier Choice Shares | 3,589 | 2,902 | ||||||
Bear Stearns Private Client Shares | 2,550,399 | 3,937,374 | ||||||
Bear Stearns Premier Shares | 186,209 | 165,055 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (1,175,695,328 | ) | (2,039,097,362 | ) | ||||
Dollar Shares | (7,218,335 | ) | (14,282,664 | ) | ||||
Cash Management Shares | (27,961,145 | ) | (53,887,033 | ) | ||||
Administration Shares | (8,141,097 | ) | (9,775,068 | ) | ||||
Bear Stearns Shares | (17,426,619 | ) | (49,510,085 | ) | ||||
Bear Stearns Premier Choice Shares | (243,677 | ) | (4,111 | ) | ||||
Bear Stearns Private Client Shares | (620,023,697 | ) | (931,126,430 | ) | ||||
Bear Stearns Premier Shares | (134,811,662 | ) | (109,066,742 | ) | ||||
Net increase | $ | 80,384,641 | $ | 76,713,061 | ||||
On April 30, 2007, two shareholders held approximately 27% of the outstanding shares of TempFund, one shareholder held approximately 16% of the outstanding shares of TempCash, three shareholders held approximately 56% of the outstanding shares of FedFund, two shareholders held approximately 51% of the outstanding shares of MuniFund, two shareholders held approximately 56% of the outstanding shares of MuniCash, three shareholders held approximately 51% of the outstanding shares of California Money Fund and two shareholders held approximately 45% of the outstanding shares 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.
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The tax character of distributions paid during the year ended October 31, 2006 were as follows:
| TAX-FREE INCOME | ORDINARY INCOME | LONG-TERM CAPITAL GAIN | TOTAL DISTRIBUTIONS | |||||||||||
TempFund | 10/31/2006 | $ | — | $ | 1,564,251,287 | $ | — | $ | 1,564,251,287 | |||||
TempCash | 10/31/2006 | — | 587,356,006 | — | 587,356,006 | |||||||||
FedFund | 10/31/2006 | — | 154,392,485 | — | 154,392,485 | |||||||||
MuniFund | 10/31/2006 | 81,576,936 | — | 161,094 | 81,738,030 | |||||||||
MuniCash | 10/31/2006 | 49,244,341 | — | — | 49,244,341 | |||||||||
California Money Fund | 10/31/2006 | 26,371,103 | — | 103,966 | 26,475,069 | |||||||||
New York Money Fund | 10/31/2006 | 15,043,294 | 210,280 | 116,489 | 15,370,063 | |||||||||
As of October 31, 2006, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:
| EXPIRING OCTOBER 31 | ||||||||||||||||||
| 2008 | 2009 | 2012 | 2013 | 2014 | TOTAL | |||||||||||||
TempFund | $ | — | $ | — | $ | — | $ | 3,510,519 | $ | — | $ | 3,510,519 | ||||||
TempCash | — | — | — | 2,221,773 | — | 2,221,773 | ||||||||||||
FedFund | — | — | — | 12,054 | — | 12,054 | ||||||||||||
Treasury Trust Fund | 111,459 | 91,820 | — | 86,297 | 30,151 | 319,727 | ||||||||||||
MuniCash | 13,010 | — | 77,299 | 137,589 | 263,568 | 491,466 | ||||||||||||
In July 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 (”FIN 48“), “Accounting for Uncertainty in Income Taxes”. FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Trusts’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be booked as a tax expense in the current year and recognized as: a liability for unrecognized tax benefits; a reduction of an income tax refund receivable; a reduction of deferred tax asset; an increase in deferred tax liability; or a combination thereof. Adoption of FIN 48 is required for the last net asset value calculation in the first required financial statement reporting period for fiscal years beginning after December 15, 2006. At this time, management is evaluating the implications of FIN 48 and its impact in the financial statements has not yet been determined.
(F) Asset Concentration
The California Money Fund and New York Money Fund invest primarily in municipal obligations from issuers residing in those states, respectively, 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.
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| Investment Advisor | Distributor | |||
BlackRock Institutional Management Corporation | BlackRock Distributors, Inc. | |||
Wilmington, Delaware 19809 | King of Prussia, Pennsylvania 19406 | |||
| Administrator | Custodian | |||
BlackRock Institutional Management Corporation | PFPC Trust Company | |||
Wilmington, Delaware 19809 | Philadelphia, Pennsylvania 19153 | |||
| Sub-Administrator and Transfer Agent | Counsel | |||
PFPC Inc. | Drinker Biddle & Reath LLP | |||
Wilmington, DE 19809 | Philadelphia, Pennsylvania 19103 | |||
| Independent Registered Public Accounting | ||||
| Firm | ||||
Deloitte & Touche LLP | ||||
Philadelphia, Pennsylvania 19103 | ||||
Electronic copies of most financial reports and prospectuses are available on the Fund’s website
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 1-800-821-7432, 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 1-800-821-7432 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 1-800-821-7432.
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.
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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.
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FedFund - Cash Reserve Shares
Semi-Annual Report
April 30, 2007
(Unaudited)
Table of Contents
BLACKROCK LIQUIDITY FUNDS
*FedFund
| 1 | ||
| 2-4 | ||
| 5-7 | ||
Portfolio Financial Statements | ||
| 8-10 | ||
| 11 | ||
| 12 | ||
| 13-20 | ||
| 21-32 |
PRIVACY PRINCIPLES OF BLACKROCK LIQUIDITY FUNDS
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share information with select parties. If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our Web sites.
BlackRock does not sell or disclose to nonaffiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory inquiries or service Client accounts. These nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to nonpublic personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
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100 Bellevue Parkway
Wilmington, DE 19809
(800)821-7432
www.blackrock.com
April 30, 2007
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of BlackRock Liquidity Funds for the six months ended April 30, 2007.
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 your investment needs in the months ahead.
Sincerely,
|
Ralph L. Schlosstein |
Chairman & President |
THISPAGENOTPARTOFYOURFUNDREPORT
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FEDFUND
Portfolio Composition — % of Portfolio
Distribution — Weighted Average Maturity 22 days
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, 2006 to April 30, 2007.
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
2
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FEDFUND
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 | ||||||||||||||||
| Institutional | Dollar | Cash Reserve | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | |||||||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,025.70 | 1,024.40 | 1,023.60 | 1,025.20 | 1,021.60 | 1,024.40 | 1,023.50 | 1,023.50 | ||||||||
Expenses Incurred During Period (11/01/06 — 4/30/07)* | 1.00 | 2.26 | 3.01 | 1.51 | 5.01 | 2.26 | 3.16 | 3.16 | ||||||||
Hypothetical Expenses (5% return before expenses) | ||||||||||||||||
| Institutional | Dollar | Cash Reserve | Administration | Bear Stearns | Bear Stearns Premier Choice | Bear Stearns Private Client | Bear Stearns Premier | |||||||||
Beginning Account Value (11/01/06) (in Dollars) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | ||||||||
Ending Account Value (4/30/07) (in Dollars) | 1,024.00 | 1,022.74 | 1,021.99 | 1,023.49 | 1,019.98 | 1,022.74 | 1,021.84 | 1,021.84 | ||||||||
Expenses Incurred During Period (11/01/06 — 4/30/07)* | 1.02 | 2.26 | 3.01 | 1.51 | 5.02 | 2.26 | 3.16 | 3.16 | ||||||||
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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%, 0.63% and 0.63% for Institutional, Dollar, Cash Reserve, Administration, Bear Stearns, Bear Stearns Premier Choice, Bear Stearns Private Client and Bear Stearns Premier classes, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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BLACKROCK LIQUIDITY FUNDS
FEDFUND
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
AGENCY OBLIGATIONS — 23.4% | ||||||||
Federal Farm Credit Bank Variable Rate Notes — 7.6% | ||||||||
5.18%(b) | 05/01/07 | $ | 85,000 | $ | 84,981,147 | |||
5.23%(b) | 05/01/07 | 105,000 | 104,993,879 | |||||
5.24%(b) | 05/01/07 | 30,000 | 29,998,650 | |||||
| 219,973,676 | ||||||||
Federal Home Loan Bank Variable Rate Notes — 5.1% | ||||||||
5.20%(b) | 06/18/07 | 150,000 | 149,939,867 | |||||
Federal Home Loan Mortgage Corp. Discount Notes — 0.5% | ||||||||
5.03%(c) | 09/21/07 | 15,000 | 14,700,296 | |||||
Federal Home Loan Mortgage Corp. Variable Rate Notes — 5.1% | ||||||||
5.20%(b) | 06/18/07 | 150,000 | 149,974,668 | |||||
Federal National Mortgage Assoc. Discount Notes — 1.7% | ||||||||
5.05%(c) | 09/05/07 | 49,279 | 48,401,081 | |||||
Federal National Mortgage Assoc. Variable Rate Notes — 3.4% | ||||||||
5.19%(b) | 06/28/07 | 100,000 | 99,965,682 | |||||
TOTAL AGENCY OBLIGATIONS (Cost $ 682,955,270) | 682,955,270 | |||||||
REPURCHASE AGREEMENTS — 76.8% | ||||||||
Deutsche Bank Securities Inc. | ||||||||
5.10% | 05/01/07 | 185,444 | 185,444,000 | |||||
(Agreement dated 04/30/07 to be repurchased at $185,470,271, collateralized by $240,641,384 Federal Home Loan Mortgage Corp. Bonds, Federal National Mortgage Assoc. Variable Rate Notes and Adjustable Rate Mortgage Notes 3.87% to 6.22% due from 09/01/32 to 05/01/37. The value of the collateral is $191,007,320.) | ||||||||
Deutsche Bank Securities Inc. | ||||||||
5.23% | 05/01/07 | 100,000 | 100,000,000 | |||||
(Agreement dated 04/30/07 to be repurchased at $100,014,528, collateralized by $129,764,988 Federal Home Loan Mortgage Corp. Bonds, Federal National Mortgage Assoc. Variable Rate Notes and Adjustable Rate Mortgage Notes 3.87% to 6.22% due from 09/01/32 to 05/01/37. The value of the collateral is $103,000,000.) | ||||||||
Deutsche Bank Securities Inc. | ||||||||
5.28% | 05/15/07 | 200,000 | 200,000,000 | |||||
(Agreement dated 02/14/07 to be repurchased at $202,640,000, collateralized by $259,529,975 Federal Home Loan Mortgage Corp. Bonds, Federal National Mortgage Assoc. Variable Rate Notes and Adjustable Rate Mortgage Notes 3.87% to 6.22% due from 09/01/32 to 05/01/37. The value of the collateral is $206,000,000.) | ||||||||
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BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
FEDFUND (CONTINUED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGESSHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | |||||
REPURCHASE AGREEMENTS (Continued) | ||||||||
Deutsche Bank Securities Inc. | ||||||||
5.26% | 06/14/07 | $ | 150,000 | $ | 150,000,000 | |||
(Agreement dated 03/16/07 to be repurchased at $151,972,500, collateralized by $194,647,481 Federal Home Loan Mortgage Corp. Bonds, Federal National Mortgage Assoc. Variable Rate Notes and Adjustable Rate Mortgage Notes 3.87% to 6.22% due from 09/01/32 to 05/01/37. The value of the collateral is $154,500,000.) | ||||||||
Goldman Sachs & Co. | ||||||||
5.24% | 05/21/07 | 300,000 | 300,000,000 | |||||
(Agreement dated 04/20/07 to be repurchased at $301,352,375, collateralized by $254,953,023 Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 0.00% due from 10/15/16 to 05/15/34. The value of the collateral is $ 309,000,000.) | ||||||||
Greenwich Capital Markets, Inc. | ||||||||
5.24% | 05/01/07 | 500,000 | 500,000,000 | |||||
(Agreement dated 04/30/07 to be repurchased at $500,072,778, collateralized by $1,725,309,542 Federal National Mortgage Assoc. Variable Rate Notes and Bonds 0.00% to 0.01% due from 04/01/27 to 03/01/47. The value of the collateral is $ 515,000,101.) | ||||||||
Lehman Brothers Inc. | ||||||||
5.20% | 05/01/07 | 56,074 | 56,074,000 | |||||
(Agreement dated 04/30/07 to be repurchased at $56,082,100, collateralized by $370,555,000 Federal National Mortgage Assoc. Bonds and Federal Home Loan Mortgage Corp. Bonds 5.50% to 6.00% due from 09/01/13 to 02/01/37. The value of the collateral is $57,759,568.) | ||||||||
Morgan Stanley & Co., Inc. | ||||||||
5.23% | 05/01/07 | 196,000 | 196,000,000 | |||||
(Agreement dated 04/30/07 to be repurchased at $196,028,474, collateralized by $395,781,000 Tennessee Valley Authority Bonds, Resolution Funding Corp. Strips, Federal Farm Credit Bank Discount Notes, Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes, Notes and Bonds and Federal National Mortgage Assoc. Discount Notes, Variable Rate Notes, Medium Term Notes, Notes and Bonds 0.00% to 8.50% due from 05/01/07 to 04/01/37. The value of the collateral is $205,431,879.) | ||||||||
UBS Securities LLC | ||||||||
5.28% | 05/17/07 | 350,000 | 350,000,000 | |||||
(Agreement dated 02/01/07 to be repurchased at $355,390,000, collateralized by $536,447,904 Federal Home Loan Mortgage Corp. Strips 0.00% due from 08/01/35 to 04/15/37. The value of the collateral is $360,500,061.) | ||||||||
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BLACKROCK LIQUIDITY FUNDS
SCHEDULE OF INVESTMENTS
FEDFUND (CONCLUDED)
APRIL 30, 2007 (UNAUDITED) (PERCENTAGES SHOWNAREBASEDON NET ASSETS)
| MATURITY | PAR (000) | VALUE | ||||||
REPURCHASE AGREEMENTS (Continued) | |||||||||
UBS Securities LLC 5.27% | 07/02/07 | $ | 200,000 | $ | 200,000,000 | ||||
(Agreement dated 04/03/07 to be repurchased at $202,635,000, collateralized by $308,340,000 Federal Home Loan Mortgage Corp. Strips 0.00% due from 08/01/35 to 05/01/36. The value of the collateral is $206,002,191.) | |||||||||
TOTAL REPURCHASE AGREEMENTS (Cost $2,237,518,000) | 2,237,518,000 | ||||||||
TOTAL INVESTMENTS IN SECURITIES — 100.2% (Cost $2,920,473,270(a)) | $ | 2,920,473,270 | |||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)% | $ | (6,069,649 | ) | ||||||
NET ASSETS — 100.0% | $ | 2,914,403,621 | |||||||
| (a) | Aggregate cost for federal income tax purposes. |
| (b) | Rates shown are as of April 30, 2007 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 at the time of purchase. |
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BLACKROCK LIQUIDITY FUNDS
STATEMENT OF ASSETS AND LIABILITIES
ASOF APRIL 30, 2007 (UNAUDITED)
| FEDFUND | |||
ASSETS | ||||
Investments at value — unaffiliated1 | $ | 2,920,473,270 | 2 | |
Interest receivable | 13,576,102 | |||
Prepaid expenses | 88,916 | |||
TOTAL ASSETS | 2,934,138,288 | |||
LIABILITIES | ||||
Cash overdraft | 11,986,976 | |||
Management fees payable | 447,367 | |||
Distributions payable | 6,906,621 | |||
Custodian fees payable | 40,827 | |||
Transfer agent fees payable | 14,350 | |||
Shareholder servicing fees payable | 236,394 | |||
Distribution fees payable | 13,581 | |||
Officers’ and trustees’ fees payable | 9,584 | |||
Other accrued expenses payable | 78,967 | |||
TOTAL LIABILITIES | 19,734,667 | |||
NET ASSETS | $ | 2,914,403,621 | ||
1Cost of investments — unaffiliated | $ | 2,920,473,270 | ||
2Consists primarily of Repurchase Agreements collateralized by U.S. Treasury and Agency Obligations | ||||
NET ASSETS CONSISTED OF: | ||||
Capital Paid-in | $ | 2,914,415,675 | ||
Undistributed net investment income | ||||
Accumulated net realized loss on investment transactions | (12,054 | ) | ||
NET ASSETS | $ | 2,914,403,621 | ||
SEEACCOMPANYINGNOTESTOFINANCIALSTATEMENTS.
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BLACKROCK LIQUIDITY FUNDS
STATEMENT OF ASSETS AND LIABILITIES
(CONTINUED)
ASOF APRIL 30, 2007 (UNAUDITED)
| FEDFUND | ||
Institutional Shares: | |||
Net Assets | $ | 2,048,406,351 | |
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 2,048,443,294 | ||
Net Asset Value | $ | 1.00 | |
Dollar Shares: | |||
Net Assets | $ | 396,673,595 | |
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 396,647,239 | ||
Net Asset Value | $ | 1.00 | |
Cash Management Shares: | |||
Cash Reserve Shares: | |||
Net Assets | $ | 1,506,986 | |
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 1,507,048 | ||
Net Asset Value | $ | 1.00 | |
Administration Shares: | |||
Net Assets | $ | 52,074,460 | |
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 52,074,459 | ||
Net Asset Value | $ | 1.00 | |
Bear Stearns Shares: | |||
Net Assets | $ | 45,146,353 | |
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 45,146,556 | ||
Net Asset Value | $ | 1.00 | |
Bear Stearns Premier Choice Shares: | |||
Net Assets | $ | 2,185 | |
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 2,189 | ||
Net Asset Value | $ | 1.00 | |
Bear Stearns Private Client Shares: | |||
Net Assets | $ | 319,322,664 | |
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 319,323,817 | ||
Net Asset Value | $ | 1.00 | |
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BLACKROCK LIQUIDITY FUNDS
STATEMENT OF ASSETS AND LIABILITIES
(CONCLUDED)
ASOF APRIL 30, 2007 (UNAUDITED)
| FEDFUND | ||
Bear Stearns Premier Shares: | |||
Net Assets | $ | 51,271,027 | |
Shares outstanding, unlimited number of shares authorized, $0.001 par value | 51,271,071 | ||
Net Asset Value | $ | 1.00 | |
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BLACKROCK LIQUIDITY FUNDS
FORTHE SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED)
| FEDFUND | |||
Investment income: | ||||
Interest | $ | 81,455,496 | ||
Interest from affiliates (Note C) | 711,238 | |||
Total investment income | 82,166,734 | |||
Expenses: | ||||
Management fees | 3,979,998 | |||
Custodian fees | 119,780 | |||
Transfer agent fees | 138,940 | |||
Shareholder servicing fees — class specific | 1,596,187 | |||
Distribution fees — class specific | 652,744 | |||
Legal and audit fees | 36,714 | |||
Printing fees | 14,887 | |||
Registration fees and expenses | 29,722 | |||
Officers’ and trustees’ fees | 24,821 | |||
Other | 41,897 | |||
Total expenses | 6,635,690 | |||
Less management fees waived (Note C) | (1,268,630 | ) | ||
Less fees paid indirectly (Note C) | (1,489 | ) | ||
Less shareholder servicing fees waived — class specific (Note C) | (145,002 | ) | ||
Less distribution fees waived — class specific (Note C) | (572,310 | ) | ||
Net expenses | 4,648,259 | |||
Net investment income | 77,518,475 | |||
Net increase in net assets resulting from operations | $ | 77,518,475 | ||
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BLACKROCK LIQUIDITY FUNDS
STATEMENT OF CHANGES IN NET ASSETS
| FEDFUND | ||||||||
| SIX MONTHS ENDED APRIL 30, 2007 (UNAUDITED) | YEAR ENDED OCTOBER 31, 2006 | |||||||
Increase (decrease) in net assets: | ||||||||
Operations: | ||||||||
Net investment income | $ | 77,518,475 | $ | 154,392,485 | ||||
Net increase in net assets resulting from operations | 77,518,475 | 154,392,485 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income: | ||||||||
Institutional Shares | (56,052,337 | ) | (113,702,966 | ) | ||||
Dollar Shares | (10,428,636 | ) | (21,405,041 | ) | ||||
Cash Reserve Shares | (50,882 | ) | (95,349 | ) | ||||
Administration Shares | (1,365,596 | ) | (3,116,432 | ) | ||||
Bear Stearns Shares | (1,004,582 | ) | (1,945,617 | ) | ||||
Bear Stearns Premier Choice Shares | (53 | ) | (97 | ) | ||||
Bear Stearns Private Client Shares | (7,360,766 | ) | (11,467,225 | ) | ||||
Bear Stearns Premier Shares | (1,255,623 | ) | (2,659,758 | ) | ||||
Total distributions from net investment income | (77,518,475 | ) | (154,392,485 | ) | ||||
Capital share transactions (Note D) | (398,507,229 | ) | 200,177,320 | |||||
Total increase (decrease) in net assets | (398,507,229 | ) | 200,177,320 | |||||
Net assets: | ||||||||
Beginning of period | 3,312,910,850 | 3,112,733,530 | ||||||
End of period | $ | 2,914,403,621 | $ | 3,312,910,850 | ||||
End of period undistributed net investment income | $ | — | $ | — | ||||
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BLACKROCK LIQUIDITY FUNDS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
| INSTITUTIONAL SHARES | ||||||||||||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||
FEDFUND | 2006 | 2005 | 2004 | 20031 | 20021 | |||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0254 | 0.0463 | 0.0269 | 0.0105 | 0.0110 | 0.0183 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0254 | ) | (0.0463 | ) | (0.0269 | ) | (0.0105 | ) | (0.0110 | ) | (0.0183 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 2.57 | %3 | 4.73 | % | 2.73 | % | 1.05 | % | 1.10 | % | 1.85 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,048,406 | $ | 2,417,594 | $ | 2,320,001 | $ | 1,883,220 | $ | 2,163,336 | $ | 1,955,108 | ||||||||||||
Ratio of expenses to average net assets | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.20 | %4 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.28 | %4 | 0.28 | % | 0.29 | % | 0.29 | % | 0.28 | % | 0.26 | % | ||||||||||||
Ratio of net investment income to average daily net assets | 5.11 | %4 | 4.64 | % | 2.73 | % | 1.04 | % | 1.10 | % | 1.82 | % | ||||||||||||
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
FEDFUND | DOLLAR SHARES | |||||||||||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | |||||||||||||||||||||||
| 2006 | 2005 | 2004 | 20031 | 20021 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0241 | 0.0438 | 0.0244 | 0.0080 | 0.0085 | 0.0158 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0241 | ) | (0.0438 | ) | (0.0244 | ) | (0.0080 | ) | (0.0085 | ) | (0.0158 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 2.44 | %3 | 4.47 | % | 2.47 | % | 0.80 | % | 0.85 | % | 1.60 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 396,674 | $ | 415,040 | $ | 372,460 | $ | 345,479 | $ | 397,344 | $ | 635,685 | ||||||||||||
Ratio of expenses to average net assets | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.53 | %4 | 0.53 | % | 0.54 | % | 0.54 | % | 0.53 | % | 0.50 | % | ||||||||||||
Ratio of net investment income to average daily net assets | 4.85 | %4 | 4.46 | % | 2.49 | % | 0.79 | % | 0.87 | % | 1.61 | % | ||||||||||||
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FEDFUND | CASH RESERVE SHARES | |||||||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED | ||||||||||||||||||
| 2006 | 2005 | 2004 | ||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Net investment income | 0.0233 | 0.0423 | 0.0229 | 0.0065 | 0.0034 | |||||||||||||||
Dividends to shareholders from net investment income | (0.0233 | ) | (0.0423 | ) | (0.0229 | ) | (0.0065 | ) | (0.0034 | ) | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total return2 | 2.36 | %3 | 4.31 | % | 2.32 | % | 0.65 | % | 0.59 | %3 | ||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (000) | $ | 1,507 | $ | 1,082 | $ | 1,547 | $ | 9,276 | $ | 13,492 | ||||||||||
Ratio of expenses to average net assets | 0.60 | %4 | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %4 | ||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.60 | %4 | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %4 | ||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.68 | %4 | 0.68 | % | 0.70 | % | 0.69 | % | 0.69 | %4 | ||||||||||
Ratio of net investment income to average daily net assets | 4.75 | %4 | 4.26 | % | 1.94 | % | 0.62 | % | 0.58 | %4 | ||||||||||
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
FEDFUND | ADMINISTRATION SHARES | |||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED 10/31/06 | PERIOD ENDED 10/31/056,9 | ||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Net investment income | 0.0249 | 0.0453 | 0.0110 | |||||||||
Dividends to shareholders from net investment income | (0.0249 | ) | (0.0453 | ) | (0.0110 | ) | ||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Total return2 | 2.52 | %3 | 4.63 | % | 1.10 | %3 | ||||||
Ratios/Supplemental data: | ||||||||||||
Net assets, end of period (000) | $ | 52,074 | $ | 83,069 | $ | 43,480 | ||||||
Ratio of expenses to average net assets | 0.30 | %4 | 0.30 | % | 0.30 | %4 | ||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.30 | %4 | 0.30 | % | 0.30 | %4 | ||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.38 | %4 | 0.38 | % | 0.39 | %4 | ||||||
Ratio of net investment income to average daily net assets | 5.04 | %4 | 4.67 | % | 2.63 | %4 | ||||||
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FEDFUND | BEAR STEARNS SHARES | |||||||||||||||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/021,7 | ||||||||||||||||||||||
| 2006 | 2005 | 2004 | 20031 | |||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0214 | 0.0383 | 0.0189 | 0.0031 | 0.0033 | 0.0040 | ||||||||||||||||||
Dividends to shareholders from net investment income | (0.0214 | ) | (0.0383 | ) | (0.0189 | ) | (0.0031 | ) | (0.0033 | ) | (0.0040 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total return2 | 2.16 | %3 | 3.90 | % | 1.91 | % | 0.31 | % | 0.33 | % | 0.89 | %3 | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 45,146 | $ | 52,420 | $ | 47,205 | $ | 18,837 | $ | 7,889 | $ | 2,728 | ||||||||||||
Ratio of expenses to average net assets | 1.00 | %4 | 1.00 | % | 1.00 | % | 0.95 | % | 0.95 | % | 1.00 | %4 | ||||||||||||
Ratio of expenses to average daily net assets (including custody credits) | 1.00 | %4 | 1.00 | % | 1.00 | % | 0.95 | % | 0.95 | % | 1.00 | %4 | ||||||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.13 | %4 | 1.13 | % | 1.09 | % | 1.09 | % | 1.08 | % | 1.08 | %4 | ||||||||||||
Ratio of net investment income to average daily net assets | 4.37 | %4 | 3.86 | % | 2.14 | % | 0.36 | % | 0.30 | % | 0.87 | %4 | ||||||||||||
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
FEDFUND | BEAR STEARNS PREMIER CHOICE SHARES | |||||||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/048 | ||||||||||||||
| 2006 | 2005 | |||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0241 | 0.0438 | 0.0244 | 0.0054 | ||||||||||||
Dividends to shareholders from net investment income | (0.0241 | ) | (0.0438 | ) | (0.0244 | ) | (0.0054 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 2.44 | %3 | 4.47 | % | 2.47 | % | 0.54 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 2 | $ | 2 | $ | 2 | $ | 2 | ||||||||
Ratio of expenses to average net assets | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.53 | %4 | 0.53 | % | 0.87 | % | 0.54 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 4.86 | %4 | 4.39 | % | 2.48 | % | 0.92 | %4 | ||||||||
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FEDFUND | BEAR STEARNS PRIVATE CLIENT SHARES | |||||||||||||||
PERIOD ENDED 4/30/07 (UNAUDITED) | YEAR ENDED OCTOBER 31 | PERIOD ENDED 10/31/048 | ||||||||||||||
| 2006 | 2005 | |||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0233 | 0.0423 | 0.0229 | 0.0045 | ||||||||||||
Dividends to shareholders from net investment income | (0.0233 | ) | (0.0423 | ) | (0.0229 | ) | (0.0045 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 2.35 | %3 | 4.31 | % | 2.32 | % | 0.45 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 319,323 | $ | 295,307 | $ | 241,913 | $ | 50,579 | ||||||||
Ratio of expenses to average daily net assets | 0.63 | %4 | 0.60 | % | 0.60 | % | 0.58 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %4 | 0.60 | % | 0.60 | % | 0.58 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 1.13 | %4 | 1.13 | % | 1.14 | % | 0.80 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 4.72 | %4 | 4.25 | % | 2.59 | % | 0.92 | %4 | ||||||||
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BLACKROCK LIQUIDITY FUNDS
FINANCIAL HIGHLIGHTS (CONCLUDED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
FEDFUND | BEAR STEARNS PREMIER SHARES | |||||||||||||||
PERIOD ENDED 4/30/07 | YEAR ENDED OCTOBER 31 | PERIOD ENDED | ||||||||||||||
| 2006 | 2005 | |||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0233 | 0.0423 | 0.0227 | 0.0038 | ||||||||||||
Dividends to shareholders from net investment income | (0.0233 | ) | (0.0423 | ) | (0.0227 | ) | (0.0038 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total return2 | 2.35 | %3 | 4.31 | % | 2.30 | % | 0.38 | %3 | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000) | $ | 51,271 | $ | 48,396 | $ | 86,126 | $ | 2 | ||||||||
Ratio of expenses to average net assets | 0.63 | %4 | 0.60 | % | 0.60 | % | 0.70 | %4 | ||||||||
Ratio of expenses to average daily net assets (including custody credits) | 0.63 | %4 | 0.60 | % | 0.60 | % | 0.70 | %4 | ||||||||
Ratio of expenses to average daily net assets (excluding waivers) | 0.88 | %4 | 0.88 | % | 0.89 | % | 0.79 | %4 | ||||||||
Ratio of net investment income to average daily net assets | 4.80 | %4 | 4.15 | % | 2.84 | % | 0.60 | %4 | ||||||||
1 | Audited by other auditors. |
2 | Past performance is no guarantee of future results. |
3 | Not annualized. |
4 | Annualized. |
5 | Commencement of operations of share class effective April 1, 2003. |
6 | Commencement of operations of share class effective November 10, 2004. |
7 | Commencement of operations of share class effective May 20, 2002. |
8 | Commencement of operations of share class effective March 26, 2004. |
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. |
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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 (the “1940 Act”), as amended. The financial statements and these accompanying notes relate to FedFund (the “Fund”).
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. As of April 30, 2007, no Cash Mamagement Shares or Cash Plus Shares were outstanding.
Effective March 1, 2005 Bear Stearns Premier Select Shares were renamed 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
The following is a summary of significant accounting policies followed by the Trust in the preparation of their financial statements.
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 the Fund at $1.00, although there is no assurance that it will be able to do so on a continuing basis.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
In September 2006, “Statement of Financial Accounting Standards No. 157, Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. At this time, management is evaluating the implications of FAS 157 and its impact on the Fund’s financial statements, if any, has not been determined.
In addition, in February 2007, the Financial Accounting Standards Board issued “Statement of Financial Accounting Standards No. 159, The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), which is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. At this time, management is evaluating the implications of FAS 159 and its impact on the Fund’s financial statements, if any, has not been determined.
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.
Investment Transactions and Investment Income — Investment transactions are accounted for on the trade date. 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 federal income tax purposes. Interest income is recorded on the accrual basis.
Repurchase Agreements — FedFund 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
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13 months or less. The seller is required on a daily basis to maintain the value of the securities subject to the agreement at no less than the repurchase price. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a separate account by the Trust’s custodian or an authorized securities depository.
Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”) requires the use of management estimates. Actual results could differ from these estimates and such differences could be material.
Other — Expenses that are directly related to FedFund are charged directly. Other operating expenses are prorated to the Fund on the basis of relative net assets. Class-specific expenses are borne by that class. Differences in net expense ratios between classes of the Fund are due to class-specific expenses and waivers. Income, other expenses and realized and unrealized gains and losses of the Fund are allocated to the respective class on the basis of the relative net assets each day.
(C) Agreements and Other 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. PFPC Trust Company (“PTC”), an indirect, wholly owned subsidiary of The PNC Financial Services Group, Inc. (“PNC”), is the Trust’s custodian and PFPC Inc. (“PFPC”), an indirect, wholly owned subsidiary of PNC, is the Trust’s transfer agent and sub-administrator. BlackRock Distributors, Inc., (“BDI”), a direct subsidiary of PNC, serves as the Trust’s distributor. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and PNC are principal owners of BlackRock, Inc.
On September 29, 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 management 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 to BIMC:
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BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
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 fund. |
Prior to September 29, 2006. BIMC managed each Fund under a Management Agreement (“Prior Management Agreement”) dated February 21, 2006. Fees under the Prior Management Agreement were identical to those set forth for the current Management Agreement. The current Management Agreement was entered into in connection with the consummation on September 29, 2006 by BlackRock, Inc. of a transaction with Merrill Lynch whereby Merrill Lynch’s investment management business combined with that of BlackRock, Inc. (the “Transaction”). The 1940 Act requires that a management agreement of an investment company provide for its automatic termination in the event of its “assignment” (as defined in the 1940 Act). A sale of a controlling block of an investment adviser’s voting securities generally is deemed to result in an assignment of an investment adviser’s management agreement. BlackRock, Inc. informed the Board of the Funds that it does not believe the Transaction was an assignment of the Prior Management Agreement under the 1940 Act. However, it is possible that the transaction could have been determined to be such an assignment, which would have resulted in the automatic termination of the Prior Management Agreement. Due to this uncertainty, the Funds obtained shareholder approval of, and have entered into, the new Management Agreement to prevent any potential disruption that might have occurred in BIMC’s ability to provide services following the Transaction.
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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 fees 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:
Co-Administration Fee – Prior Administration Agreement | 0.175% of the first $1 billion 0.150% of the next $1 billion 0.125% of the next $1 billion | |
| 0.100% of amounts in excess of $3 billion. |
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BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Until February 28, 2008, BIMC, as investment advisor 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, 2008. Any fees waived by BIMC with respect to a particular fiscal year are not recoverable.
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.
The following tables provide 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.
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BLACKROCK LIQUIDITY FUNDS
| CONTRACTUAL FEES(1) | ACTUAL FEES(1) | |||||
Institutional | — | — | ||||
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 among classes is related to the type and number of services that may be provided by the Servicing Organization. Dividends paid to shareholders of all share classes, except Institutional Shares, are reduced by such fees. |
For the six months ended April 30, 2007, the following shows the various types of class-specific expenses borne directly by each class of the Fund and any associated waivers of those expenses.
SHAREHOLDER FEES | SHAREHOLDER FEES WAIVED | DISTRIBUTION FEES | DISTRIBUTION WAIVED | |||||||||
Dollar | $ | 538,892 | $ | — | $ | — | $ | — | ||||
Cash Reserve | 4,287 | — | — | — | ||||||||
Administration | 27,008 | — | — | — | ||||||||
Bear Stearns | 114,904 | 11,490 | 80,433 | — | ||||||||
Bear Stearns Private Client | 780,182 | 114,062 | 546,127 | 546,127 | ||||||||
Bear Stearns Premier | 130,910 | 19,448 | 26,182 | 26,182 | ||||||||
Bear Stearns Premier Choice | 4 | 2 | 2 | 1 | ||||||||
Total | $ | 1,596,187 | $ | 145,002 | $ | 652,744 | $ | 572,310 | ||||
In return for custody services provided by PTC, the Trust pays PTC a fee, computed daily and payable monthly.
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BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Prior to April 1, 2007, the fee was 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.
Effective April 1, 2007, the fee was based upon an annualized percentage of the average net assets of each Fund as follows: 0.0075% of the first $400 million, 0.005% of the next $1.6 billion and 0.002% of the average net assets in excess of $2 billion.
The Fund may also pay certain out-of-pocket expenses and unfunded subscription charges that are charged by PTC.
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 Transfer Agent Agreement PFPC serves as the transfer and dividend disbursing agent for the Funds. For its services, PFPC receives an annual fee of $1,750,000 for the first 40 classes plus $50,000 for each additional class beyond the first 40, plus transaction fees, per account fees and disbursements.
For the six months ended April 30, 2007, the Fund paid to affiliates the following fees in return for distribution and sales support services:
| HILLIARD LYONS | PNC | |||||
FedFund | $ | — | $ | 531,154 | ||
The Fund may receive earnings credits related to cash balances in transfer agent demand deposit accounts with PFPC which are shown on the Statement of Operations as “fees paid indirectly.”
For the six months ended April 30, 2007, short term investments in companies assumed to be an affiliate of the Fund were as follows:
FUND | AFFILIATED | NET ACTIVITY | NET REALIZED GAIN/LOSS | INTEREST INCOME | MARKET VALUE AT APRIL 30, 2007 | ||||||||
FedFund | PNC Bank N.A., Repurchase Agreements | — | $ | — | $ | 711,238 | $ | — | |||||
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BLACKROCK LIQUIDITY FUNDS
(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, reinvestments and redemptions is the same as the dollar amounts shown on the following pages for such transactions.
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BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Transactions in capital shares for each period were as follows:
| FEDFUND | ||||||||
FOR THE SIX MONTHS ENDED | YEAR ENDED OCTOBER 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional Shares | $ | 8,284,024,295 | $ | 18,944,064,247 | ||||
Dollar Shares | 5,650,364,022 | 16,761,103,640 | ||||||
Cash Reserve Shares | 10,468,641 | 25,045,901 | ||||||
Administration Shares | 33,899,563 | 199,877,492 | ||||||
Bear Stearns Shares | 65,506,387 | 361,094,648 | ||||||
Bear Stearns Premier Choice Shares | 1 | — | ||||||
Bear Stearns Private Client Shares | 196,897,556 | 1,100,718,969 | ||||||
Bear Stearns Premier Shares | 89,760,869 | 490,156,719 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional Shares | 24,894,859 | 51,605,902 | ||||||
Dollar Shares | 710,418 | 1,778,083 | ||||||
Cash Reserve Shares | 50,572 | 86,112 | ||||||
Bear Stearns Shares | 990,654 | 1,942,735 | ||||||
Bear Stearns Premier Choice Shares | 53 | 97 | ||||||
Bear Stearns Private Client Shares | 7,321,624 | 11,450,901 | ||||||
Bear Stearns Premier Shares | 1,230,109 | 2,661,307 | ||||||
Shares redeemed: | ||||||||
Institutional Shares | (8,678,107,024 | ) | (18,898,054,675 | ) | ||||
Dollar Shares | (5,669,440,531 | ) | (16,720,372,044 | ) | ||||
Cash Reserve Shares | (10,094,660 | ) | (25,596,444 | ) | ||||
Administration Shares | (64,894,184 | ) | (160,284,882 | ) | ||||
Bear Stearns Shares | (73,771,005 | ) | (357,797,089 | ) | ||||
Bear Stearns Premier Choice Shares | (129 | ) | (1 | ) | ||||
Bear Stearns Private Client Shares | (180,203,227 | ) | (1,058,766,420 | ) | ||||
Bear Stearns Premier Shares | (88,116,092 | ) | (530,537,878 | ) | ||||
Net increase (decrease) | $ | (398,507,229 | ) | $ | 200,177,320 | |||
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BLACKROCK LIQUIDITY FUNDS
On April 30, 2007, three shareholders held approximately 56% of the outstanding shares of FedFund. The shareholders may be comprised of omnibus accounts. 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 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.
The tax character of distributions paid during the year ended October 31, 2006 were as follows:
ORDINARY INCOME | TOTAL DISTRIBUTIONS | |||||||
FedFund | 10/31/2006 | $ | 154,392,485 | $ | 154,392,485 | |||
As of October 31, 2006, the Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:
| EXPIRING OCTOBER 31 | ||||||
| 2013 | TOTAL | |||||
FedFund | $ | 12,054 | $ | 12,054 | ||
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BLACKROCK LIQUIDITY FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)
In July 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes”. FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Trusts’ tax returns to determine whether the tax positions are “more-likely-than-not��� of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be booked as a tax expense in the current year and recognized as: a liability for unrecognized tax benefits; a reduction of an income tax refund receivable; a reduction of deferred tax asset; an increase in deferred tax liability; or a combination thereof. Adoption of FIN 48 is required for the last net asset value calculation in the first required financial statement reporting period for fiscal years beginning after December 15, 2006. At this time, management is evaluating the implications of FIN 48 and its impact in the financial statements has not yet been determined.
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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 1-800-821-7432, 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 1-800-821-7432 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.
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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 4/07
|
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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.
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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 shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
| (a) | The Registrant's principal executive and principal financial officers or persons performing similar functions have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (“the 1940 Act”)) are effective as of a date within 90 days of this filing of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended. |
| (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 have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Exhibits.
| (a)(1) | Not applicable for semi-annual reports. |
| (a)(2) | Separate certifications of Principal Executive and Financial Officers pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 filed as EX-99.CERT. |
| (b) | Certification of Principal Executive and Financial Officers pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 furnished as EX-99.906 CERT. |
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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 3, 2007 |
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 3, 2007 |
| By (Signature and Title)* | /s/ Donald C. Burke | |||
| Donald C. Burke, Treasurer | ||||
| (principal financial officer) |
| Date | July 3, 2007 |
| * | Print the name and title of each signing officer under his or her signature. |